IAMGOLD Reports Third Quarter 2025 Results
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, November 4, 2025 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”) today reported its financial and operating results for the third quarter 2025.
“The third quarter of 2025 marks a pivotal moment for IAMGOLD as we continue to deliver on our commitment to operational excellence, financial discipline and responsible growth,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD. “Attributable gold production for the quarter was 190,000 ounces, bringing our yearto-date total to 524,000 ounces. Our flagship Côté Gold Mine produced a record 106,000 ounces in the quarter, marking the second consecutive quarter averaging over 30,000 ounces per month. Operating costs continue to see pressure in this strong gold price environment, and while it is important to realize the current gold prices today, we understand the importance of implementing diligent cost controls particularly ahead of the next stage of organic growth.”
"Financially, with a strong third quarter and rising gold prices, the Company has been able to accelerate our strategic initiatives. Our trailing twelve-month EBITDA now exceeds $1 billion, and we have repaid approximately $270 million of our second lien notes, further strengthening our balance sheet and financial flexibility.”
"Looking ahead, subject to regulatory approvals, we are initiating a share buyback program for up to 10% of outstanding common shares, underscoring our confidence in the Company’s future and our commitment to delivering value to shareholders. We are advancing expansion plans at Côté Gold, and with the recent announcement of acquisitions to consolidate the Chibougamau region in Quebec to create the Nelligan Complex, we have further positioned IAMGOLD as a leading, modern Canadian-focused multi-asset gold mining company. I am proud of our team’s achievements and remain confident in our ability to deliver enduring value for our investors, while maintaining a steadfast commitment to safety and accountability.”
HIGHLIGHTS:
Operating and Financial
- Attributable gold production was 190,000 ounces in the third quarter and 524,000 ounces year-to-date (“YTD”). The Company remains on track to achieve its full year attributable production guidance.
- Côté produced 75,000 attributable ounces (106,000 ounces on a 100% basis) in the third quarter and 193,000 attributable ounces YTD (275,000 ounces on a 100% basis).
- Westwood produced 23,000 ounces in the third quarter and 76,000 ounces YTD.
- Essakane produced attributable production of 92,000 ounces (108,000 ounces on a 100% basis) in the third quarter and 255,000 ounces YTD (289,000 ounces on a 100% basis).
- Revenues were $706.7 million from sales of 203,000 ounces at an average realized gold price1 of $3,492 per ounce for the quarter and $1,764.7 million YTD from sales of 559,000 ounces at an average realized gold price of $3,153 per ounce2.
- Cost of sales per ounce sold was $1,593 ($1,542 YTD), cash cost1 per ounce sold was $1,588 ($1,537 YTD) and all-in-sustaining cost (“AISC”)1 per ounce sold was $1,956 ($1,969 YTD). The Company expects to achieve the top end of the revised annual attributable cash cost1 guidance of $1,375 to $1,475 per ounce sold and AISC1 guidance of $1,830 to $1,930 per ounce sold.
- Net earnings and adjusted net earnings attributable to equity holders1 for the third quarter of $139.4 million ($257.8 million YTD) and $170.9 million ($303.4 million YTD), respectively.
- Net earnings and adjusted net earnings per share attributable to equity holders1 for the third quarter of $0.24 ($0.45 YTD) and $0.30 ($0.53 YTD), respectively.
- Net cash from operating activities was $280.8 million for the third quarter ($440.9 million YTD). Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $280.6 million for the third quarter ($512.8 million YTD), net of the impact of delivering 75,000 ounces into the gold prepay obligations.
- Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $338.4 million for the third quarter ($817.4 million YTD) and adjusted EBITDA1 was $359.5 million ($840.4 million YTD). Twelve month trailing EBITDA more than $1 billion.
- Record mine-site free cash flow1 of $292.3 million during the third quarter ($572.4 million YTD), including record attributable mine-site free cash flow from Côté of $135.6 million during the third quarter.
- The Company has available liquidity1 of $707.2 million, mainly comprised of cash and cash equivalents of $314.3 million and the available balance of the revolving credit facility (“Credit Facility”) of $391.9 million as at September 30, 2025. Net debt was $813.2 million at September, a reduction of $201.7 million during the quarter.
- In health and safety, the Company reported a total recordable injuries frequency rate (“TRIFR”) of 0.56 for the quarter, tracking above the prior year performance. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents.
Corporate
- Debt repayment accelerated as the Company executes on its debt reduction strategy and repaid $100 million on its second lien notes, reducing the principal balance to $300 million as at September 30, 2025. Subsequent to the third quarter 2025, the Company made further payments of $170 million against the second lien notes, bringing the total repayment year to date to $270 million and reducing the outstanding balance to $130 million.
- $154 million of cash repatriated from Essakane up to November 4, 2025, using the new structure that was implemented as part of Essakane declaring a record dividend of approximately $855 million in June 2025, which represents the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD’s 85% portion of the dividend, net of taxes, is approximately $680 million and will be paid through a revised structure that enables payments to be made at any time of the year, based on the cash generated in excess of working capital requirements by Essakane.
- A share buyback program has been approved by the Company’s Board of Directors and the Company is in the process of implementing a normal course issuer bid (“NCIB”) allowing for the purchase of up to approximately 10% of IAMGOLD’s outstanding common shares. All common shares purchased under the NCIB will be either cancelled or placed under trust to satisfy future obligations under the Company’s share incentive plan. IAMGOLD will file a notice of intention to implement an NCIB with the TSX and, subject to TSX approval, IAMGOLD may purchase its common shares over a twelve month period through the facilities of the TSX, the New York Stock Exchange (“NYSE”), or any other eligible Canadian alternative trading system on which the common shares are listed. This initiative reflects management’s confidence in the Company’s long-term value and its commitment to disciplined capital allocation. The program is expected to be funded from operating cash flows following the repayment of the second lien notes.
- On October 10, 2025, the Company’s issuer credit rating was upgraded by S&P from B to BB-, with a stable outlook.
- On October 20, 2025, the Company announced that it had entered into definitive agreements to acquire each of Northern Superior Resources Inc. (“Northern Superior”) and Mines d’Or Orbec Inc. (“Orbec”), whereby IAMGOLD is to acquire all of the issued and outstanding shares of each of Northern Superior and Orbec by way of a plan of arrangement (the “Proposed Arrangements”) for consideration of approximately $267.4 million and $12.6 million (C$17.2 million), respectively, in shares of the Company and cash. Each transaction is subject to approval by the respective shareholders of Northern Superior and Orbec, as well as court approval. The combined assets,
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together the “Nelligan Mining Complex”, consolidates the Chibougamau region with a dominant land position of approximately 134,000 hectares. The Northern Superior acquisition will combine its Philibert, Chevrier and Croteau projects with IAMGOLD’s Nelligan and Monster Lake Projects. The combined assets, together, will rank as one of the largest pre-production gold camps in Canada with Measured and Indicated Mineral Resources of 3.75 million ounces (“Moz Au”) and Inferred Mineral Resources of 8.65 Moz Au. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.
QUARTERLY REVIEW
For more details and the Company’s overall outlook for 2025, see “Outlook”, and for individual mines performance, see “Operations”. The following table summarizes certain operating and financial results for the three months ended September 30, 2025 (Q3 2025), September 30, 2024 (Q3 2024) and the nine months ended September 30 (or YTD) 2025 and 2024 and certain measures of the Company’s financial position as at December 31, 2024.
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | ||
|---|---|---|---|---|---|
| Key Operating Statistics ($ millions) Gold production – attributable (000s oz) | 173 | 490 | |||
| 190 | 524 | ||||
| - Côté Gold1 | 75 | 41 32 100 | 193 | 62 99 329 | |
| - Westwood | 23 | 76 | |||
| - Essakane2 | 92 | 255 | |||
| Gold sales – attributable (000s oz) | 187 | 171 | 525 | 477 | |
| - Côté Gold1 | 76 | 41 29 101 | 196 | 55 97 325 | |
| - Westwood | 21 | 77 | |||
| - Essakane2 | 90 | 252 | |||
| Cost of sales3 ($/oz sold) – attributable | $ 1,593 | $ 1,170 | $ 1,542 | $ 1,103 | |
| - Côté Gold1 | $ 1,323 | $ 1,033 | $ 1,272 | $ 984 | |
| - Westwood | $ 1,937 | $ 1,171 | $ 1,664 | $ 1,185 | |
| - Essakane2 | $ 1,740 | $ 1,226 | $ 1,714 | $ 1,099 | |
| Cash costs3 ($/oz sold) – attributable | $ 1,588 | $ 1,165 | $ 1,537 | $ 1,099 | |
| - Côté Gold1 | $ 1,320 | $ 1,030 | $ 1,269 | $ 982 $ 1,174 $ 1,097 | |
| - Westwood | $ 1,924 | $ 1,157 | $ 1,648 | ||
| - Essakane2 | $ 1,737 | $ 1,223 | $ 1,711 | ||
| AISC3 ($/oz sold) – attributable | $ 1,956 | $ 1,756 | $ 1,969 | $ 1,625 | |
| - Côté Gold1 | $ 1,594 | $ 1,602 | $ 1,613 | $ 1,602 $ 1,708 $ 1,498 | |
| - Westwood | $ 2,793 | $ 1,617 | $ 2,310 | ||
| - Essakane2 | $ 1,914 | $ 1,730 | $ 1,985 | ||
| Average realized gold price4,5 ($/oz) | $ 3,492 | $ 2,391 | $ 3,153 | $ 2,260 | |
| 1. | Attributable portion for Côté Gold is based on IAMGOLD’s ownership of 70%. Prior to November 30, 2024, IAMGOLD’s ownership was 60.3%. See | ||||
| “Operations – Côté Gold, Canada” for more details. | |||||
| 2. IAMGOLD’s Essakane ownership interest decreased from 90% to 85% effective June 20, 2025. See “Operations – Essakane, Burkina Faso” for more | |||||
| details. The attributable portion for Essakane is presented as 90% for the first half of 2025 and 85% for the second half of 2025 throughout this news | |||||
| release. | |||||
| 3. Throughout this news release, cost of sales, excluding depreciation, is disclosed in the segment note in the consolidated interim financial statements. | |||||
| 4. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this news release for a description and calculation of these measures. | |||||
| 5. All prepay delivery obligations were completed by the end of the second quarter 2025. The average realized gold price YTD 2025, excluding the impact of | |||||
| the 2024 prepay arrangement (see “Liquidity and Capital Resources – Gold prepay arrangements”), was $3,251 per ounce. |
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| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | |
|---|---|---|---|---|
| Financial Results ($ millions) Revenues Gross profit EBITDA1 Adjusted EBITDA1 | ||||
| $ 706.7 | $ 438.9 | $ 1,764.7 | $ 1,163.1 | |
| $ 272.6 | $ 162.6 | $ 612.6 | $ 419.0 | |
| $ 338.4 | $ 719.6 | $ 817.4 | $ 1,063.5 | |
| $ 359.5 | $ 221.7 | $ 840.4 | $ 565.2 | |
| Net earnings (loss) attributable to equity holders | $ 139.4 | $ 594.1 | $ 257.8 | $ 733.4 |
| Adjusted net earnings (loss) attributable to equity holders1 | $ 170.9 | $ 101.0 | $ 303.4 | $ 238.8 |
| Net earnings (loss) per share attributable to equity holders Adjusted net earnings (loss) per share attributable to equity holders1 Net cash from operating activities before changes in working capital1 Net cash from operating activities Mine-site free cash flow1 Capital expenditures1,2 – sustaining Capital expenditures1,2 – expansion | $ 0.24 | $ 1.04 | $ 0.45 | $ 1.39 |
| $ 0.30 | $ 0.18 | $ 0.53 | $ 0.45 | |
| $ 280.6 | $ 161.2 | $ 512.8 | $ 473.2 | |
| $ 280.8 | $ 146.2 | $ 440.9 | $ 383.4 | |
| $ 292.3 | $ 120.7 | $ 572.4 | $ 306.9 | |
| $ 59.9 | $ 84.7 | $ 200.0 | $ 197.2 | |
| $ 10.4 | $ 11.2 | $ 24.6 | $ 188.7 | |
| September 30 | December 31 | September 30 | December 31 2024 | |
| 2025 | 2024 | 2025 | ||
| Financial Position ($ millions) Cash and cash equivalents Long-term debt | $ 347.5 | |||
| $ 314.3 | $ 347.5 | $ 314.3 | ||
| $ 972.5 | $ 1,028.9 | $ 972.5 | $ 1,028.9 | |
| Net cash (debt)1 | $ (813.2) | $ (859.3) | $ (813.2) | $ (859.3) |
| Available Credit Facility | $ 391.9 | $ 418.5 | $ 391.9 | $ 418.5 |
1. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this news release for a description and calculation of these measures.
2. Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use assets and working capital impacts.
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OUTLOOK
Production (000 oz)
| YTD 2025 | Full Year Guidance 2025 | |
|---|---|---|
| Côté Gold – (70%) Westwood – (100%) Essakane – (90% H1 2025, 85% - Q3 2025; see below) | 193 | 250 – 280 |
| 76 | 125 – 140 | |
| 255 | 360 – 400 | |
| Total attributable production (000s oz) | 524 | 735 – 820 |
The Company remains on track to achieve its full year attributable production guidance. Total attributable production was 190,000 ounces in the third quarter and 524,000 ounces YTD. The Company expects fourth quarter attributable production from Côté to be in line with its third quarter and Essakane and Westwood to be higher in the fourth quarter, mainly due to increased grades, positioning the Company to achieve its full year consolidated attributable production guidance. For further details, refer to the “Operations” section of each mine below.
The attributable guidance for Essakane was estimated at the beginning of the year, assuming IAMGOLD’s 90% ownership interest. The full year attributable guidance is maintained, however, with the change in IAMGOLD’s ownership in Essakane decreasing to 85% at the end of the second quarter 2025, Essakane’s production in the second half of the year will have a 5% lower impact on the Company’s attributable production. See “Operations – Essakane, Burkina Faso” for more details.
Costs
| YTD 2025 | Full Year Guidance 2025 | |
|---|---|---|
| Côté Gold | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,269 | $1,100 – $1,200 |
| $1,613 | $1,600 – $1,700 | |
| Westwood | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,648 | $1,275 – $1,375 |
| $2,310 | $1,800 – $1,900 | |
| Essakane | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,711 | $1,600 – $1,700 |
| $1,985 | $1,850 – $1,950 | |
| Consolidated | ||
| Cost of sales1 ($/oz sold) Cash costs1,2 ($/oz sold) AISC1,2 ($/oz sold) | $1,542 | $1,375 – $1,475 |
| $1,537 | $1,375 – $1,475 | |
| $1,969 | $1,830 – $1,930 |
1. Consists of Côté Gold and Westwood on an attributable basis of 70% and 100%, respectively, and an attributable basis of 90% at Essakane for the first half of the year (“H1”) and 85% thereafter.
2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
Cash costs and AISC per ounce sold for the full year are expected at the top end of the guidance ranges, and are impacted by:
- Higher royalties at Côté and Essakane as a result of the increase in realized gold prices since issuing the revised operating outlook at the end of the second quarter; and
- Lower production at Westwood.
The commodity and foreign exchange assumptions included (before the impact of hedging): an average realized gold price of $3,300 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.17, average Brent oil
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price of $80 per barrel and West Texas Intermediate (WTI) price of $75 per barrel. For expected impacts from fluctuation in these assumptions, refer to the Sensitivity Impact table included in the “Financial Condition” section.
Due to gold price linked payments and royalties, at realized gold prices between $3,500 and $4,000 per ounce, consolidated cash cost increases by approximately $11 per ounce for every ±$100/oz change in gold price. The impact increases by an additional $1/oz for a total of approximately $12 per ounce for every $100/oz change in gold price if the price is between $4,000 and $4,500 due to the step structure of the Essakane gold-price linked royalty. See “Operations - Essakane, Burkina Faso”.
Capital Expenditures
| ($ millions) | YTD 20251 | Full Year Guidance 20252 | ||||
|---|---|---|---|---|---|---|
| Sustaining | Expansion | Total | Sustaining | Expansion | Total | |
| Côté Gold (IMG share) Westwood Essakane | $ 73.1 | $ 18.0 | $ 91.1 | $ 130 | $ 20 | $ 150 |
| 48.8 | — | 48.8 | 70 | — | 70 | |
| 78.0 | 6.6 | 84.6 | 110 | 5 | 115 | |
| Corporate Total3 | $ 199.9 | $ 24.6 | $ 224.5 | $ 310 | $ 25 | $ 335 |
| 0.1 | — | 0.1 | — | — | — | |
| $ 200.0 | $ 24.6 | $ 224.6 | $ 310 | $ 25 | $ 335 |
1. 100% basis, for Westwood and Essakane, and reflects IAMGOLD’s 70% interest in Côté Gold UJV on an incurred basis.
2. Capital expenditures guidance (±5%).
3. Includes $11 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
Capital expenditures in 2025 are expected to total $335 million (±5%), of which $310 million is categorized as sustaining capital.
Exploration Outlook
| ($ millions) | YTD 2025 | Full Year Guidance 2025 | ||||
|---|---|---|---|---|---|---|
| Capitalized | Expensed | Total | Capitalized Expensed Total | |||
| Exploration projects – greenfield Exploration projects – brownfield | $ 0.2 | $ 17.3 | $ 17.5 | $ — | $ 25 | $ 25 |
| 8.8 | 1.6 | 10.4 | 11 | 2 | 13 | |
| $ 9.0 | $ 18.9 | $ 27.9 | $ 11 | $ 27 | $ 38 |
Exploration expenditures for 2025 are expected to be approximately $38 million, the majority of which will be expensed. The largest exploration spend is at Côté Gold which is estimated at approximately $13 million attributable to IAMGOLD for the year. This program includes the Gosselin resource delineation drilling program in support of the updated technical report to be announced in 2026.
Drilling at Nelligan and Monster Lake this year was budgeted at approximately $6 million. The program is expected to be expanded in 2026 with the goal to expand and extend the mineralized envelope at all the primary assets within the region.
Income Taxes Paid and Depreciation Outlook
| ($ millions) | YTD 2025 | Full Year Guidance 2025 |
|---|---|---|
| Depreciation expense Income taxes paid | $284.6 | $450 (±5%) |
| $146.7 | $165 – $175 |
The Company expects to pay cash taxes in the range of $165 to $175 million during 2025, which is higher than prior periods primarily due to the withholding taxes resulting from the increase in the Essakane dividend. Cash tax payments do not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments for the current year, both required to be made at times as prescribed by different countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes (“GloBE”).
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The Company expects depreciation to come in at or below the lower end of the 2025 depreciation estimate of approximately $450 million (±5%). In line with production levels, depreciation expense is expected to be higher in the fourth quarter due to the large proportion of depreciable assets that are depreciated on a units of production basis. On an annual basis, the expected depreciation expense this year is higher than last year due to the increase in the value of depreciable property, plant and equipment following the completion of construction and commencement of commercial operations at Côté Gold and the 2024 impairment reversal at the Westwood cash generating unit (“CGU”).
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company released its 2024 Sustainability Report on May 6, 2025. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative (“GRI”) and Sustainability Accounting Standards Board (“SASB”).
Health and Safety
The TRIFR was 0.56 for the third quarter 2025, compared to 0.53 in the prior year period, and tracking at 0.54 for the year. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents. This includes the integration of contractors in the critical risk management program.
The Company continues to track a range of leading indicators around critical risk management, contractor management, and incident investigation quality.
Environmental
There were zero significant environmental or community incidents reported for the quarter.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to Action2, IAMGOLD launched a company-wide initiative in the first quarter 2025, that will help the Company articulate how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company’s experiences and reflects its values. This work will lead to the creation of a coherent vision for reconciliation and a roadmap to help guide the Company’s actions as an organization. During the third quarter 2025, IAMGOLD continued its work with two Indigenous-owned businesses to provide training to employees regarding Indigenous history, context, and reconciliation opportunities and host a series of workshops that will inform the Company’s approach to reconciliation.
Equity, Diversity and Inclusion
IAMGOLD includes annual objectives to support its efforts in integrating Equity, Diversity and Inclusion (“EDI”) into the strategy and corporate scorecard, for the annual objectives, and tracks EDI metrics in site and corporate reports for visibility and measurement. During the third quarter 2025, IAMGOLD’s executive leadership group had a 40% female representation.
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Côté Gold Mine (IAMGOLD interest – 70% for Q3 and YTD 2025, 60.3% for Q3 and YTD 2024) | Ontario, Canada
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | |
|---|---|---|---|---|
| Key Operating Statistics (100% basis, unless otherwise stated) Ore mined (000s t) Grade mined (g/t) Operating waste mined (000s t) Capital waste mined (000s t) Total material mined (000s t) Strip ratio1 Ore milled (000s t) Head grade (g/t) Recovery (%) Gold production (000s oz) – 100% Gold production (000s oz) – attributable Gold sales (000s oz) – 100% Gold sales (000s oz) – attributable Average realized gold price2,3 ($/oz) | 3,159 1.02 5,213 2,006 10,378 2.3 1,633 1.41 93 68 41 69 41 | 7,212 0.91 11,901 9,376 28,489 3.0 2,515 1.39 92 103 62 92 55 | ||
| 3,841 | 10,126 | |||
| 0.96 | 0.90 | |||
| 6,770 | 18,275 | |||
| 853 | 5,626 | |||
| 11,464 | 34,027 | |||
| 2.0 | 2.4 | |||
| 2,988 | 8,015 | |||
| 1.18 | 1.15 | |||
| 94 | 93 | |||
| 106 | 275 | |||
| 75 | 193 | |||
| 108 | 280 | |||
| 76 | 196 | |||
| $ 3,484 | $ 2,505 | $ 3,285 | $ 2,464 | |
| Financial Results ($ millions – attributable interest) Revenues4 Cost of sales4 Production costs (Increase)/decrease in finished goods Royalties5 Cash costs2 Sustaining capital expenditures2 Expansion capital expenditures2 Total sustaining and expansion capital expenditures2 Earnings from operations Mine-site free cash flow2 | ||||
| $ 263.6 | $ 104.4 | $ 644.0 | $ 136.4 | |
| 100.0 | 43.0 | 249.1 | 54.4 | |
| 81.8 | 39.1 | 206.2 | 54.4 | |
| 0.3 | (2.6) | 0.2 | (7.5) | |
| 17.9 | 6.5 | 42.7 | 7.5 | |
| 99.8 | 42.9 | 248.5 | 54.3 | |
| 27.7 | 17.1 | 73.1 | 17.1 | |
| 8.3 | 10.3 | 18.0 | 185.6 | |
| 36.0 | 27.4 | 91.1 | 202.7 | |
| 110.4 | 44.0 | 261.6 | 61.4 | |
| 135.6 | 23.3 | 287.1 | 23.3 | |
| Unit costs per tonne2 Mine costs per operating tonne mined Mill costs per tonne milled2 G&A costs per tonne milled2 | ||||
| $ 4.51 | $ 3.95 | $ 4.00 | $ 3.77 | |
| $ 22.01 | $ 19.34 | $ 19.68 | $ 17.06 | |
| $ 6.14 | $ 10.46 | $ 6.73 | $ 9.60 | |
| Operating costs per ounce6 Cost of sales excluding depreciation ($/oz sold) Cash costs2 ($/oz sold) | ||||
| $ 1,323 | $ 1,033 | $ 1,272 | $ 984 | |
| $ 1,320 | $ 1,030 | $ 1,269 | $ 982 | |
| AISC2 ($/oz sold) | $ 1,594 | $ 1,602 | $ 1,613 | $ 1,602 |
1. Strip ratio is calculated as waste mined divided by ore mined.
2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
3. Average gold price realized on the attributable portion of sales excludes the impact of gold delivered into prepayment arrangements.
4. As per note 25 of the consolidated interim financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
5. Includes the 7.5% gross margin royalty and various net smelter return royalties.
6. Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
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Attributable gold production was 75,000 ounces in the third quarter 2025 (106,000 ounces on a 100% basis), a record quarter of production for Côté, and an 83% increase from the prior year period. Year to date, Côté’s attributable production is 193,000 ounces (275,000 ounces on a 100% basis), positioning the mine well to achieve its annual attributable production guidance of 250,000 to 280,000 ounces (360,000 to 400,000 ounces on a 100% basis).
Mining activity totaled 11.5 million tonnes in the third quarter 2025, an increase of 10% over the prior year period. Ore tonnes mined increased to 3.8 million tonnes with an associated strip ratio of 2:1 waste to ore. The average grade mined was 0.96 g/t in the third quarter 2025, in line with the updated mining schedule.
Mill throughput in the third quarter 2025 totaled 3.0 million tonnes, an increase of 83% over the prior year period. The processing plant continued to perform in line with expectations following the achievement in June 2025 of operating at 100% of its nameplate capacity of 36,000 tonnes per day (“tpd”) on average over thirty consecutive days. The first full maintenance shutdown in August 2025 included the replacement of the high-pressure grinding roll (“HPGR”) tires, relining of the ball mill, changes to the primary crusher outer shell and additional maintenance work on the electrical infrastructure.
Head grades of 1.18 g/t were in line with plan and consisted of a combination of direct-feed and stockpiles. Recoveries in the plant averaged a record 94% in the quarter. The reconciliation between the reserve models, grade control models, mill feed and production continues to be in line with expected tolerances.
The processing plant utilizes a single secondary cone crusher as part of the crushing circuit. In order to sustainably achieve the nameplate throughput rate of 36,000 tpd, and provide redundancy during shutdowns, a temporary contractor aggregate crusher is being operated. This aggregate plant supports Côté at an important time in a high gold price environment and during a key time for the project, allowing teams to test and refine the stabilization of the full processing plant circuit. The use of the temporary contractor aggregate crusher is expected to be reduced following the installation of a secondary cone crusher in the fourth quarter and eventually eliminated.
Installation of the additional secondary cone crusher started in the quarter with the expected commissioning on track for the fourth quarter. The additional secondary cone crusher will provide further capacity and redundancy, while minimizing supplementary crushing and coarse ore refeed activities currently used to maximize throughput. The additional secondary crusher is also expected to optimize the grind size entering the HPGR and ball mill feed which is expected to improve maintenance cycles, as well as unlock further capacity of the crushing and grinding circuit.
Financial Performance (attributable basis)
Revenue and cost of sales for the third quarter and YTD 2025 are recognized in accordance with IAMGOLD's ownership level of 70%.
Production costs were $81.8 million and $206.2 million during the three and nine months ended September 30, 2025, respectively. As outlined below, mining and milling per tonne unit costs continue to be elevated in part due to the ongoing reliance on the aggregate system, which is used to supplement crushing availability until the installation of the second cone crusher in the fourth quarter.
- Mining costs averaged $4.51 and $4.00 per tonne mined during the three and nine months ended September 30, 2025, respectively. Mining costs were elevated due to the increased proportion of material processed during the quarter using the aggregate crusher and refeed systems, resulting in higher amounts of rehandling and utilization of haul trucks. Additional higher mining costs due to lower than expected average life on haul truck tires and higher amounts of redrilling required. Costs are expected to decrease as operational improvements are made and as mining operations transition to bulk mining over the next year and the elimination of the temporary aggregate crusher.
- Milling costs were $22.01 and $19.68 per tonne milled during the three and nine months ended September 30, 2025, respectively. Unit costs were higher in the third quarter as the temporary aggregate crusher processed a higher proportion of ore feed as the operation completed the first full annual mill shutdown.
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Maintenance cost to replace the HPGR tire and wear components accounted for $1.87 per tonne during the quarter. Milling costs were also higher due to the expensing of certain capital spares as the life of the spares is expected to be less than a year until the installation of the second secondary crusher. Unit costs are expected to decline over the course of 2026 following the installation of the additional cone crusher that should reduce the use of the re-feed circuit and related costs.
- G&A costs were $6.14 and $6.73 per tonne milled during the three and nine months ended September 30, 2025, respectively.
Cost of sales, excluding depreciation, during the three and nine months ended September 30, 2025, totaled $100.0 million and $249.1 million, respectively. Cost of sales includes $17.9 million (18%) and $42.7 million (17%), respectively, of royalties for the three and nine months ended September 30, 2025. Cost of sales per ounce sold, excluding depreciation, for the three and nine months ended September 30, 2025, was $1,323 and $1,272, respectively.
Cash costs during the three and nine months ended September 30, 2025, totaled $99.8 million and $248.5 million, respectively, and cash cost per ounce sold was $1,320 and $1,269, respectively.
AISC during the three and nine months ended September 30, 2025, was $1,594 and $1,613 per ounce sold, respectively.
Capital expenditures, on a 100% and incurred basis, totaled $51.5 million in the third quarter 2025. Sustaining capital expenditures totaled $39.7 million ($27.7 million on a 70% basis), including $22.3 million of tailings infrastructure and related earthworks, $5.3 million of mobile equipment and critical spares, $5.1 million of capital projects related to operational improvements and ramp-up, $4.2 million of capitalized stripping, and $2.8 million of other capital projects. Expansion capital of $11.8 million ($8.3 million on a 70% basis) was primarily associated with the installation progress of the additional secondary cone crusher which will be commissioned in the fourth quarter of this year.
Capital expenditures, on a 100% and incurred basis, totaled $129.9 million YTD 2025. Sustaining capital expenditures totaled $104.3 million, ($73.1 million on a 70% basis), including $26.7 million of mobile equipment and critical spares, $35.4 million of tailings expansion and related earthworks, $21.1 million of capitalized stripping, $16.8 million of capital projects related to operational improvements and ramp-up and $4.3 million of other capital projects. Expansion capital of $25.6 million ($18.0 million on a 70% basis) was primarily associated with the installation progress of the additional secondary cone crusher which will be commissioned in the fourth quarter of this year.
Mine-site free cash flow was a record $135.6 million on an attributable basis for the three months ended September 30, 2025, consisting of operating cash flow of $161.5 million offset by capital expenditures totaling $25.9 million. For the nine months ended September 30, 2025, mine-site free cash flow was $287.1 million on an attributable basis, consisting of operating cash flow of $365.0 million offset by capital expenditures totaling $77.9 million.
2025 Outlook
Production at Côté Gold is expected to be in the range of 360,000 to 400,000 ounces on a 100% basis (250,000 to 280,000 ounces on an attributable basis). The primary focus for the remainder of the year is the stabilization of the processing plant to continuously operate at or above the design capacity of 36,000 tpd to position the project and to refine operating practices and costs for the next phase of growth.
Mining activities are expected to remain at levels similar to those seen in the third quarter throughout the fourth quarter of the year. Plant throughput is expected to total approximately 11 million tonnes in 2025, resulting from yearto-date performance achieved and the installation of the additional cone crusher in the fourth quarter. The additional secondary crusher will provide further capacity and redundancy in the dry side of the plant resulting in overall higher availability and throughput. Plant head grades are expected to continue to average approximately 1.1 to 1.2 g/t Au, as mining and stockpiling activities shift towards a more efficient mine plan to reduce rehandling of stockpiled ore and optimize for potential future expansions.
Cash costs are expected to exceed the top-end of the revised guidance range of $1,100 to $1,200 per ounce sold primarily due to higher royalties impacted by the increase in the gold price, an increase in the expected usage of the
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supplementary crushing during the year to support the mill feed and the expensing of certain parts and supplies that were previously expected to be capitalized. AISC is expected to be within the guidance range of $1,600 to $1,700 per ounce sold, assuming gold prices remain within range of price assumptions.
Mining unit costs are expected to remain high until the end of the year but are expected to reduce over the course of 2026 as operational improvements are made, the size of the pit is increased, and with the elimination of mining activities required to support the temporary aggregate crushing system. Milling costs are expected to reduce over the course of 2026 following the installation of the additional secondary crusher in the fourth quarter 2025 which is expected to significantly reduce costs related to the use of the coarse ore refeed circuit and maintenance intervals in the crushing and grinding circuit.
Sustaining capital expenditures guidance (±5%) attributable to IAMGOLD is expected to approximate $130 million ($186 million on a 100% basis). Overall sustaining capital continues to be higher than the life-of-mine average as the mine progresses the completion of construction of the full tailings dam footprint and related earthworks projects and incurs higher capital waste spending of approximately $20 million ($28 million on a 100% basis) to complete the final year of the initial pit pushback. Expansion capital of $20 million ($29 million on a 100% basis) is primarily associated with the planned installation of the additional secondary crusher in the fourth quarter of this year.
Exploration
The Gosselin zone is located immediately to the northeast of the Côté zone. Following the completion of the expansion and delineation diamond drilling program in 2024, the 2025 drilling plan will continue with diamond drilling activities aimed at increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category. A total of 45,000 metres is currently planned but this program has been increased. Approximately 18,500 metres were completed in the third quarter 2025 (50,150 metres YTD). In addition, 6,500 metres are planned this year to test high potential targets along the favourable structural corridor towards the Jack Rabbit area to the north-east of the Gosselin zone and develop models and targets within the larger Côté District at Swayze West – Jerome area.
The results of the Gosselin exploration program will be included in an updated Mineral Reserve and Resource estimate in the second quarter next year and will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a conceptual mine plan targeting both the Côté and Gosselin zones over the life of mine. This updated technical report is expected to be completed by the end of 2026.
Côté Zone Drilling
An infill drilling program of 20,000 metres is also planned on the Côté zone and has been initiated in the second quarter of 2025 with approximately 12,800 metres completed in the third quarter 2025 (19,300 metres YTD). This infill drilling program is planned to improve resource confidence within the northeastern extension of the Côté deposit and convert Inferred Resources into the Indicated Resources category.
Funding Agreement with SMM
On December 19, 2022, the Company announced it had entered into the JV Funding and Amending Agreement with SMM, whereby SMM contributed the Company's funding obligations to the Côté Gold UJV and as a result, the Company transferred 9.7% of its interest in Côté Gold to SMM with a right to repurchase these transferred interests to return to its full 70% interest in the Côté Gold Mine.
On November 30, 2024, the Company exercised its right to repurchase the 9.7% interest in Côté Gold returning IAMGOLD to its full 70% interest in Côté Gold.
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Westwood Complex (IAMGOLD interest – 100%) | Quebec, Canada
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | |
|---|---|---|---|---|
| Key Operating Statistics Underground lateral development (metres) Ore mined (000s t) – underground Ore mined (000s t) – open pit Ore mined (000s t) – total Grade mined (g/t) – underground Grade mined (g/t) – open pit Grade mined (g/t) – total Ore milled (000s t) Head grade (g/t) – underground Head grade (g/t) – open pit Head grade (g/t) – total Recovery (%) Gold production (000s oz) Gold sales (000s oz) Average realized gold price1,2 ($/oz) | 1,032 84 | 3,505 256 | ||
| 837 | 2,965 | |||
| 90 | 277 | |||
| 315 | 131 | 822 | 379 | |
| 405 | 215 | 1,099 | 635 | |
| 6.42 | 9.08 | 6.67 | 9.01 | |
| 0.99 | 1.59 | 1.11 | 2.06 | |
| 2.19 | 4.51 | 2.51 | 4.86 | |
| 250 | 289 | 855 | 840 | |
| 6.52 | 9.09 | 6.75 | 9.04 | |
| 1.13 | 1.43 | 1.22 | 1.72 | |
| 3.04 | 3.67 | 3.00 | 3.94 | |
| 93 | 93 | 92 | 93 | |
| 23 | 32 | 76 | 99 | |
| 21 | 29 | 77 | 97 | |
| $ 3,515 | $ 2,497 | $ 3,229 | $ 2,309 | |
| Financial Results ($ millions) Revenues3 Cost of sales3 Production costs (Increase)/decrease in finished goods Royalties Cash costs1 Sustaining capital expenditures1 Earnings/(loss) from operations Mine-site free cash flow1 | ||||
| $ 72.8 | $ 73.1 | $ 248.0 | $ 225.4 | |
| 40.0 | 34.2 | 127.2 | 115.2 | |
| 44.8 | 37.1 (2.9) | 132.2 | 116.3 (1.4) | |
| (4.8) | (5.0) | |||
| — | — | — | 0.3 | |
| 39.8 | 33.7 | 126.0 | 114.1 | |
| 17.7 | 11.8 | 48.8 | 47.6 | |
| 24.1 | 490.3 | 80.2 | 533.8 | |
| 6.2 | 20.8 | 59.4 | 53.1 | |
| Unit costs per tonne1 Underground mining cost per tonne mined Open pit mining cost per operating tonne mined Milling cost per tonne milled G&A cost per tonne milled | ||||
| $ 312.22 | $ 257.73 | $ 296.60 | $ 257.43 | |
| $ 8.18 | $ 6.20 | $ 7.38 | $ 9.59 | |
| $ 36.43 | $ 22.18 | $ 27.94 | $ 22.88 | |
| $ 22.95 | $ 17.24 | $ 19.48 | $ 18.04 | |
| Operating costs per ounce4 Cost of sales excluding depreciation ($/oz sold) Cash costs1 ($/oz sold) AISC1 ($/oz sold) | ||||
| $ 1,937 | $ 1,171 $ 1,157 $ 1,617 | $ 1,664 | $ 1,185 $ 1,174 $ 1,708 | |
| $ 1,924 | $ 1,648 | |||
| $ 2,793 | $ 2,310 |
1. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
2. Average realized gold price excludes the impact of gold delivered into prepayment arrangements.
3. As per note 25 of the consolidated interim financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
4. Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
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