IAMGOLD (IAG) Q3 2025 earnings summary

Executive summary

• Attributable gold production reached 190,000 oz in Q3 2025 and 524,000 oz YTD, positioning the company to meet annual guidance of 735,000–825,000 oz, driven by record output at Côté Gold and Essakane, and supported by high gold prices.

• Côté Gold achieved nameplate throughput and delivered a record 106,000 oz in Q3, while Essakane maintained strong output amid regional challenges.

• Board approved a share buyback program for up to 10% of outstanding shares, reflecting confidence in long-term value and capital discipline.

• Strategic acquisitions in Quebec, including Northern Superior and Orbec/Orford Mines, consolidated the Nelligan Mining Complex, now a leading Canadian gold camp.

• Accelerated debt repayment, reducing second lien notes by $270 million YTD, with net debt at $813.2 million.

Financial highlights

• Q3 2025 revenues were $706.7 million, up 61% year-over-year, with sales of 203,000 oz at a record average realized price of $3,492/oz.

• Adjusted EBITDA reached $359.5 million in Q3, with trailing twelve-month EBITDA exceeding $1 billion.

• Adjusted net earnings were $170.9 million in Q3 and $303.4 million YTD; adjusted EPS for Q3 was $0.30.

• Net debt reduced to $813.2 million; available liquidity at quarter-end was $707.2 million.

• Record mine-site free cash flow of $292.5 million in Q3, including $135.6 million from Côté and $150.5 million from Essakane.

Outlook and guidance

• Full-year attributable gold production guidance reaffirmed at 735,000–825,000 oz, with Q4 production expected to be the highest.

• Cash costs and AISC for the year expected at the top end of guidance due to higher royalties and operational costs.

• Côté Gold production guidance maintained at 360,000–400,000 oz (100% basis), with costs above guidance due to supplementary crushing and expensed supplies.

• Westwood production expected below guidance, with costs above guided ranges due to lower grades and higher dilution.

• Essakane production on track at midpoint of 400,000–440,000 oz (100% basis), with costs at the higher end of guidance.