IAMGOLD Reports Second Quarter 2025 Results
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD REPORTS SECOND QUARTER 2025 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, August 7, 2025 – IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (“IAMGOLD” or the “Company”) today reported its financial and operating results for the second quarter 2025.
“This is an exciting time for IAMGOLD. With the gold prepayment facilities behind us and improving operations, IAMGOLD is positioned to generate significant cash flows, allowing us to advance our strategy to de-lever the balance sheet and unlock the significant value and growth potential of our Canadian portfolio,” said Renaud Adams, President and CEO of IAMGOLD. “Year to date, the Company has produced 334,000 ounces of gold and reported $481 million in adjusted EBITDA. Most importantly, we have completed the successful ramp-up of Côté Gold to nameplate capacity, with the mine having a strong full quarter of production in Q2. Looking ahead, we expect stronger performance in the second half of the year, with higher production forecast at all our operations and the full benefit of gold prices.
“At the same time, changes in market conditions, regulatory dynamics and higher operating costs have led us to revise our cost guidance. IAMGOLD's annual cash costs are now expected to be in the range of $1,375 to $1,475 per ounce sold, or approximately $150 per ounce higher, and all-in sustaining costs ("AISC") are projected to be between $1,830 and $1,930 per ounce. The external drivers to the cost revision include higher royalties being paid as gold prices rise, the increase in the royalty structure at Essakane, and the impact of a strengthening Euro on its costs. Operationally, at Côté, we are seeing temporary higher costs at the mine and mill associated with ramp up and stabilization activities. Processing costs at the mine are expected to fall following the installation of the additional secondary crusher in the fourth quarter, and mining costs are expected to improve as rehandling is reduced. At all our sites, our teams remain focused on disciplined capital allocation while targeting operational efficiencies to ensure longterm value creation.
“With a strong balance sheet outlook, growing production profile, significant organic growth opportunities and a safetyfirst culture, IAMGOLD is quickly repositioning itself as a leading mid-tier gold producer to create enduring value for all stakeholders.”
HIGHLIGHTS:
Operating and Financial
- Attributable gold production was 173,000 ounces in the second quarter and 334,000 ounces year-to-date (“YTD”). Production is expected to be higher in the second half of the year, resulting from the consistent operation of Côté Gold near nameplate throughput and expected grade improvements at both Westwood and Essakane. The Company remains on track to achieve its full year production guidance.
- Côté produced 67,000 attributable ounces (96,000 ounces on a 100% basis) in the second quarter and 118,000 attributable ounces YTD (169,000 ounces on a 100% basis). On June 21, 2025, Côté reached a major milestone as the processing plant operated at 100% nameplate throughput capacity of 36,000 tonnes per day (“tpd”) on average over thirty consecutive days.
- Essakane and Westwood produced attributable production of 77,000 ounces and 29,000 ounces, respectively, in the second quarter.
- Revenues were $580.9 million from sales of 182,000 ounces at an average realized gold price1 of $3,182 per ounce for the quarter2 and $1,058.0 million YTD from sales of 356,000 ounces at an average realized gold price of $2,961 per ounce.
- Cost of sales per ounce sold was $1,561 ($1,514 YTD), cash cost1 per ounce sold was $1,556 ($1,509 YTD) and all-in-sustaining cost1 (“AISC”)1 per ounce sold was $2,041 ($1,976 YTD). The annual attributable cash cost1
guidance has been revised to $1,375 to $1,475 per ounce sold from $1,200 to $1,350 per ounce sold and AISC guidance has been revised to $1,830 to $1,930 per ounce sold from $1,625 to $1,800 per ounce sold. The revision is primarily attributed to higher royalties due to the higher gold prices, a change in the royalty structure and the impact of a strengthening Euro on costs at Essakane and higher operating and non-recurring capital costs at Côté during ramp-up to support the long-term availability of the operation.
- Net earnings and adjusted net earnings attributable to equity holders1 for the second quarter of $78.7 million ($118.4 million YTD) and $77.3 million ($132.5 million YTD), respectively.
- Net earnings and adjusted net earnings per share attributable to equity holders1 for the second quarter of $0.14 ($0.21 YTD) and $0.13 ($0.23 YTD), respectively.
- Net cash from operating activities was $85.8 million for the second quarter ($160.1 million YTD), net of the impact of delivering 37,500 ounces into gold prepay obligations. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $127.3 million for the second quarter ($232.2 million YTD), net of the impact of delivering 37,500 ounces into gold prepay obligations.
- Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $283.8 million for the second quarter ($479.0 million YTD) and adjusted EBITDA1 was $276.4 million ($480.9 million YTD).
- Mine-site free cash flow1 was $140.5 million during the second quarter ($280.1 million YTD), including record attributable mine-site free cash flow from Côté of $93.9 million during the second quarter. The Company expects higher free cash flow at current gold prices through the remainder of 2025.
- The Company has available liquidity1 of $616.5 million, mainly comprised of cash and cash equivalents of $223.8 million and the available balance of the revolving credit facility (“Credit Facility”) of $391.7 million as at June 30, 2025.
- In health and safety, the Company reported a total recordable injuries frequency rate (“TRIFR”) of 0.41 for the quarter, tracking below the prior year performance.
Corporate
- During the second quarter of 2025, the Company completed the final delivery of gold ounces into its gold prepay arrangements, thereby concluding the 150,000 ounce gold prepay arrangements that were implemented as part of a previous financing package for the construction of Côté Gold. Deliveries into the gold prepayment arrangements in the second quarter 2025 totaled 37,500 ounces.
- During the second quarter of 2025, Franco-Nevada Corporation (“Franco-Nevada”) announced the acquisition of the pre-existing 7.5% gross margin royalty (“Gross Margin Royalty”) on the Côté Gold Mine from a private third party for the total cash consideration of $1.05 billion. The payment calculation methodology of the Gross Margin Royalty remains economically unchanged from the prior agreement in place with the third party. Franco-Nevada granted an option to IAMGOLD and SMM to buy up to 50% of the Gross Margin Royalty at Franco-Nevada’s attributable costs in two equal tranches of 25% over two and three years, respectively, in exchange for support in Franco-Nevada's detailed due diligence efforts.
- Effective June 20, 2025, in accordance with the 2024 Mining Code, the Government of Burkina Faso increased its ownership interest in the Essakane mine from 10% to 15%. As a result, the Company’s interest decreased from 90% to 85%.
- Essakane declared a record dividend of approximately $855 million in 2025. This dividend 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 framework that enables payments to be made at any time of the year, based on the cash generated by Essakane. This framework allows for improved management of in-country cash and aligns the interests of both IAMGOLD and the Government of Burkina Faso, including a preference for increased and/or more regular cash flow movements from Essakane.
- Subsequent to quarter end, the Company continued to execute on its debt reduction strategy and repaid $40 million on its second lien notes, reducing the principal balance to $360 million.
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QUARTERLY REVIEW
For more details and the Company's overall outlook for 2025, see “Outlook”, and for individual mines performance, see “Operations”. The following table summarizes certain operating and financial results for the three months ended June 30, 2025 (Q2 2025), June 30, 2024 (Q2 2024) and the six months ended June 30 (or YTD) 2025 and 2024 and certain measures of the Company's financial position as at December 31, 2024.
| Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | ||
|---|---|---|---|---|---|
| Key Operating Statistics ($ millions) Gold production – attributable (000s oz) | 166 | 317 | |||
| 173 | 334 | ||||
| - Côté Gold1 | 67 | 20 35 111 | 118 | 21 67 229 | |
| - Westwood | 29 | 53 | |||
| - Essakane2 | 77 | 163 | |||
| Gold sales – attributable (000s oz) | 173 | 156 | 338 | 306 | |
| - Côté Gold1 | 68 | 14 35 107 | 120 | 14 68 224 | |
| - Westwood | 29 | 56 | |||
| - Essakane2 | 76 | 162 | |||
| Cost of sales3 ($/oz sold) – attributable | $ 1,561 | $ 1,076 | $ 1,514 | $ 1,066 | |
| - Côté Gold1 | $ 1,222 | $ 839 | $ 1,240 | $ 839 | |
| - Westwood | $ 1,577 | $ 1,142 | $ 1,562 | $ 1,191 | |
| - Essakane2 | $ 1,858 | $ 1,084 | $ 1,700 | $ 1,042 | |
| Cash costs3 ($/oz sold) – attributable | $ 1,556 | $ 1,071 | $ 1,509 | $ 1,062 | |
| - Côté Gold1 | $ 1,219 | $ 836 | $ 1,237 | $ 836 $ 1,182 $ 1,040 | |
| - Westwood | $ 1,562 | $ 1,131 | $ 1,545 | ||
| - Essakane2 | $ 1,855 | $ 1,081 | $ 1,697 | ||
| AISC3 ($/oz sold) – attributable | $ 2,041 | $ 1,617 | $ 1,976 | $ 1,553 | |
| - Côté Gold1 | $ 1,611 | $ — | $ 1,625 | $ — $ 1,747 $ 1,393 | |
| - Westwood | $ 2,140 | $ 1,663 | $ 2,132 | ||
| - Essakane2 | $ 2,224 | $ 1,481 | $ 2,024 | ||
| Average realized gold price4,5 ($/oz) | $ 3,182 | $ 2,294 | $ 2,961 | $ 2,187 | |
| 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%. Se | ||||
| “Operations – Côté Gold, Canada” for more details. | |||||
| 2. IAMGOLD’s ownership interest decreased from 90% to 85% effective June 20, 2025. See “Operations – Essakane, Burkina Faso” for more details. Th | |||||
| attributable portion for Essakane is presented as 90% for the second quarter and YTD 2025 throughout the MD&A. | |||||
| 3. Throughout this MD&A, 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 the MD&A for a description and calculation of these measures. | |||||
| 5. The average realized gold price in the second quarter 2025, excluding the impact of the 2024 prepay arrangement (see “Liquidity and Capital Resources | |||||
| Gold prepay arrangements”), was $3,310 per ounce ($3,114 YTD). |
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| Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | |
|---|---|---|---|---|
| Financial Results ($ millions) Revenues Gross profit EBITDA1 Adjusted EBITDA1 | ||||
| $ 580.9 | $ 385.3 | $ 1,058.0 | $ 724.2 | |
| $ 198.8 | $ 150.7 | $ 340.0 | $ 256.4 | |
| $ 283.8 | $ 189.9 | $ 479.0 | $ 344.0 | |
| $ 276.4 | $ 191.1 | $ 480.9 | $ 343.6 | |
| Net earnings (loss) attributable to equity holders | $ 78.7 | $ 84.5 | $ 118.4 | $ 139.3 |
| Adjusted net earnings (loss) attributable to equity holders1 | $ 77.3 | $ 84.8 | $ 132.5 | $ 137.8 |
| 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 | $ 0.14 | $ 0.16 | $ 0.21 | $ 0.27 |
| $ 0.13 | $ 0.16 | $ 0.23 | $ 0.27 | |
| $ 127.3 | $ 169.2 | $ 232.2 | $ 312.0 | |
| $ 85.8 | $ 160.1 | $ 160.1 | $ 237.2 | |
| $ 140.5 | $ 140.0 | $ 280.1 | $ 186.2 | |
| $ 78.4 | $ 57.4 | $ 140.1 | $ 112.5 | |
| $ 8.9 | $ 62.3 | $ 14.2 | $ 177.5 | |
| June 30 | December 31 | June 30 | December 31 2024 | |
| 2025 | 2024 | 2025 | ||
| Financial Position ($ millions) Cash and cash equivalents Long-term debt | $ 347.5 | |||
| $ 223.8 | $ 347.5 | $ 223.8 | ||
| $ 1,062.1 | $ 1,028.9 | $ 1,062.1 | $ 1,028.9 | |
| Net cash (debt)1 | $ (1,014.9) | $ (859.3) | $ (1,014.9) | $ (859.3) |
| Available Credit Facility | $ 391.7 | $ 418.5 | $ 391.7 | $ 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. |
OUTLOOK Production (000 oz)
| Full Year Guidance 2025 | ||
|---|---|---|
| YTD 2025 | ||
| Côté Gold – (70%) Westwood – (100%) Essakane – (90% YTD, 85% - see below) | 118 | 250 – 280 |
| 53 | 125 – 140 | |
| 163 | 360 – 400 | |
| Total attributable production (000s oz) | 334 | 735 – 820 |
Total attributable production in the first half of the year was 334,000 ounces. The Company expects attributable production in the second half of the year to be approximately 400,000 to 485,000 ounces, positioning the Company to achieve its full year production guidance of 735,000 to 820,000 ounces. The stronger second half is due to continued improvements at the Côté Gold mine during its first full year of operations, coupled with an increase in expected grades at both Essakane and Westwood based on the respective mining sequences. 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 in the project. The full year attributable guidance has not been revised, however, with the change in IAMGOLD's ownership in Essakane decreasing to 85% at the end of the second quarter 2025, the Company expects Essakane's attributable production to fall towards the lower end of the original guidance range. See “Operations – Essakane, Burkina Faso” for more details.
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Costs
| Updated Full Year Previous Full Year Guidance 2025 Guidance 2025 | |||
|---|---|---|---|
| YTD 2025 | |||
| Côté Gold | |||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,237 | $1,100 – $1,200 | $950 – $1,100 $1,350 – $1,500 |
| $1,625 | $1,600 – $1,700 | ||
| Westwood | |||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,545 | $1,275 – $1,375 | $1,175 – $1,325 $1,675 – $1,825 |
| $2,132 | $1,800 – $1,900 | ||
| Essakane | |||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,697 | $1,600 – $1,700 | $1,400 – $1,550 $1,675 – $1,825 |
| $2,024 | $1,850 – $1,950 | ||
| Consolidated | |||
| Cost of sales1 ($/oz sold) Cash costs1,2 ($/oz sold) AISC1,2 ($/oz sold) | $1,514 | $1,375 – $1,475 | $1,200 – $1,350 $1,200 – $1,350 $1,625 – $1,800 |
| $1,509 | $1,375 – $1,475 | ||
| $1,976 | $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 and 85% thereafter.
2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
Cost guidance has been revised and cash costs on a consolidated basis for the full year are now expected to be in the range of $1,375 to $1,475 per ounce sold, due to:
- Higher royalties at Côté and Essakane driven by increased realized gold prices, along with a revised royalty structure at Essakane, contributing to a combined increase of approximately $60 to $70 per ounce on a consolidated basis;
- Higher mining and milling costs at Côté in the first half of the year due to more than planned rehandling at the mine and additional contractor and maintenance costs to support the ramp up and availability of the plant. The costs are expected to remain higher than originally guided during the remainder of the year as the mine is transitioning to a bulk mine plan and additional contractor costs are incurred until the additional secondary crusher is installed in the fourth quarter 2025. The increasing costs increased cash cost by approximately $50 per ounce on a consolidated basis; and
- The expected impact of a strengthening Euro on costs at Essakane during the remainder of the year.
AISC for the full year is now expected to be in the range of $1,830 and $1,930 per ounce sold due to higher cash costs described above and an increase of approximately $20 million in capital expenditures at Côté for plant improvements that are non-recurring, increasing the consolidated costs by approximately $25 per ounce.
The revised guidance was based on the following assumptions for the second half of 2025, before the impact of hedging: average realized gold price of $3,300 per ounce (versus the original guidance assumption of $2,500 per ounce), USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.17 (original guidance assumed an average EUR/USD of 1.11), average Brent oil price of $80 per barrel and West Texas Intermediate (WTI) price of $75 per barrel (original guidance $75 and $70 per barrel, respectively).
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Capital Expenditures
| ($ millions) | Updated Full Year Guidance | Previous Full Year Guidance 2025 | |||||
|---|---|---|---|---|---|---|---|
| YTD 20251 | |||||||
| 20252 | |||||||
| Sustaining | Expansion | Total | Sustaining | Expansion | Total | Sustaining3 Expansion Total | |
| Côté Gold (IMG share) Westwood Essakane | $ 110 $ 15 $ 125 70 — 70 110 5 115 | ||||||
| $ 45.4 | $ 9.7 | $ 55.1 | $ 130 | $ 20 | $ 150 | ||
| 31.1 | — | 31.1 | 70 | — | 70 | ||
| 62.9 | 4.5 | 67.4 | 110 | 5 | 115 | ||
| Corporate Total3 | $ 139.4 | $ 14.2 | $ 153.6 | $ 310 | $ 25 | $ 335 | $ 290 $ 20 $ 310 — — — |
| 0.7 | — | 0.7 | — | — | — | ||
| $ 140.1 | $ 14.2 | $ 154.3 | $ 310 | $ 25 | $ 335 | $ 290 $ 20 $ 310 |
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 now expected to total $335 million, 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 | $ 11.6 | $ 11.8 | $ — | $ 25 | $ 25 |
| 6.0 | 1.0 | 7.0 | 11 | 2 | 13 | |
| $ 6.2 | $ 12.6 | $ 18.8 | $ 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 will be at Côté Gold of approximately $13 million attributable to IAMGOLD including the Gosselin resource delineation drilling program, Essakane at approximately $7 million, followed by Nelligan Gold Project/Monster Lake Gold Project at approximately $6 million.
Income Taxes Paid and Depreciation Outlook
| ($ millions) | YTD 2025 | Updated Full Year | Previous Full Year Guidance 2025 |
|---|---|---|---|
| Guidance 2025 | |||
| Depreciation expense Income taxes paid | $174.7 | $450 (±5%) | $450 (±5%) |
| $77.4 | $165 – $175 | $120 – $130 |
The Company expects to pay cash taxes in the range of $165 to $175 million during 2025, revised upwards from previous guidance of $120 to $130 million primarily due to higher 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”).
The Company maintains its expected consolidated depreciation expense for 2025 of approximately $450 million (±5%). In line with production levels, depreciation expense is expected to be higher in the second half of the year 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”).
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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 0.41 for the second quarter 2025, compared to 0.70 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 Action, 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 second quarter 2025, IAMGOLD partnered with an Indigenous business to provide training to employees regarding Indigenous history, context, and reconciliation opportunities. This initial in-person training was offered to corporate employees.
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 second quarter 2025, IAMGOLD’s executive leadership group had a 40% female representation.
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OPERATIONS
Côté Gold Mine (IAMGOLD interest – 70% for Q2 and YTD 2025, 60.3% for Q2 and YTD 2024) | Ontario, Canada
| Q2 2025 | Q2 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) Material mined (000s t) – total 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) | 2,109 0.93 3,480 4,925 10,514 4.0 834 1.39 90 34 20 23 14 | 4,053 0.83 6,688 7,370 18,111 3.5 882 1.35 90 35 21 23 14 | ||
| 3,170 | 6,285 | |||
| 0.95 | 0.87 | |||
| 5,838 | 11,505 | |||
| 2,800 | 4,773 | |||
| 11,808 | 22,563 | |||
| 2.7 | 2.6 | |||
| 2,930 | 5,027 | |||
| 1.10 | 1.13 | |||
| 93 | 93 | |||
| 96 | 169 | |||
| 67 | 118 | |||
| 98 | 172 | |||
| 68 | 120 | |||
| $ 3,336 | $ 2,341 | $ 3,160 | $ 2,341 | |
| Financial Results ($ millions – attributable interest) Revenues4 Cost of sales4 Production costs (Increase)/decrease in finished goods Royalties5 Cash costs2 Sustaining capital expenditures2,6 Expansion capital expenditures2,6 Total sustaining and expansion capital expenditures2,6 Earnings from operations Mine-site free cash flow2 | ||||
| $ 229.2 | $ 32.0 | $ 380.4 | $ 32.0 | |
| 83.9 | 11.4 | 149.1 | 11.4 | |
| 68.0 | 14.5 | 124.4 | 15.3 | |
| 0.7 | (4.1) | (0.1) | (4.9) | |
| 15.2 | 1.0 | 24.8 | 1.0 | |
| 83.6 | 11.4 | 148.7 | 11.4 | |
| 27.2 | — | 45.4 | — | |
| 6.6 | 60.6 | 9.7 | 175.3 | |
| 33.8 | 60.6 | 55.1 | 175.3 | |
| 101.5 | 18.7 | 151.2 | 17.4 | |
| 93.9 | — | 151.5 | — | |
| Unit costs per tonne2 Mine costs per operating tonne mined Mill costs per tonne milled2 G&A costs per tonne milled2 | ||||
| $ 3.88 | $ 3.92 | $ 3.69 | $ 3.64 | |
| $ 16.94 | $ — | $ 18.30 | $ — | |
| $ 5.80 | $ — | $ 7.09 | $ — | |
| Operating costs per ounce7 Cost of sales excluding depreciation ($/oz sold) Cash costs2 ($/oz sold) | ||||
| $ 1,222 | $ 839 | $ 1,240 | $ 839 | |
| $ 1,219 | $ 836 | $ 1,237 | $ 836 | |
| AISC2,7 ($/oz sold) | $ 1,611 | $ — | $ 1,625 | $ — |
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. All-in sustaining cost and sustaining capital expenditure for the second quarter and YTD 2024 are $nil as commercial production was achieved starting August 1, 2024. Expansion capital expenditures include Project Expenditures.
7. 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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Operations Attributable gold production was 67,000 ounces in the second quarter 2025 (96,000 ounces on a 100% basis). The ramp-up of Côté achieved a significant milestone in June, as the processing plant operated at 100% of its nameplate capacity of 36,000 tpd on average over thirty consecutive days, and produced 25,000 attributable ounces (35,000 ounces on a 100% basis).
Mining activity totaled 11.8 million tonnes in the second quarter 2025, an increase of 12% over the prior year period. Ore tonnes mined increased to 3.2 million tonnes with an associated strip ratio of 2.7:1 waste to ore. The average grade mined was 0.95 g/t in the second quarter 2025, in line with the updated mining schedule.
Mill throughput in the second quarter 2025 totaled 2.9 million tonnes, with successive increases in throughput each month during the quarter. Head grades of 1.10 g/t were in line with plan, with feed material comprised of a combination of direct-feed ore and stockpiles. Recoveries in the plant averaged 93% in the quarter. The reconciliation between the reserve models, grade control models, mill feed and production continues to be in line with expected tolerances.
Preparation work for the installation of the additional secondary cone crusher commenced in the 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 high-pressure grinding roll (HPGR) and ball mill feed which is expected to improve maintenance cycles, as well as unlock further capacity of the crushing and grinding circuit. Mill throughput has been adjusted for by annual maintenance in the third quarter and by the installation of the additional secondary crusher in the fourth quarter.
Financial Performance (attributable basis)
Revenue and cost of sales were recognized in accordance with IAMGOLD's ownership level of 70%, following the November 30, 2024, repurchase of the 9.7% transferred interest from SMM.
Production costs were $68.0 and $124.4 million during the three and six months ended June 30, 2025, respectively.
- Mining cost was $3.88 and $3.69 per tonne mined during the three and six months ended June 30, 2025, respectively. Costs are expected to decrease over the course of the year as mining operations continue to ramp-up and rehandling is reduced. Mining costs increased in the quarter due to higher diesel consumption, also impacted by higher rehandling contractor costs and consumable parts related to an increase in drilling, loading and blasting activities, partially offset by lower maintenance and technology related costs.
- Milling cost was $16.94 and $18.30 per tonne milled during the three and six months ended June 30, 2025, respectively. Unit costs improved in the second quarter as throughput levels increased, partially offset by higher maintenance costs and additional contractor and rental costs for the supplementary crushing and coarse ore refeed activities during shutdowns. Unit costs are expected to decline following the installation of the additional cone crusher that should reduce the use of the re-feed circuit and related costs.
- G&A cost was $5.80 and $7.09 per tonne milled during the three and six months ended June 30, 2025, respectively. Unit costs improved during the second quarter due to the increasing levels of throughput.
Cost of sales, excluding depreciation, during the three and six months ended June 30, 2025, totaled $83.9 million and $149.1 million, respectively. Cost of sales includes $15.2 million and $24.8 million, respectively, of royalties for the three and six months ended June 30, 2025. Cost of sales per ounce sold, excluding depreciation, for the three and six months ended June 30, 2025, was $1,222 and $1,240, respectively.
Cash costs during the three and six months ended June 30, 2025, totaled $83.6 million and $148.7 million, respectively, and cash cost per ounce sold was $1,219 and $1,237 million, respectively.
AISC during the three and six months ended June 30, 2025, was $1,611 and $1,625 per ounce sold, respectively. Capital expenditures, on a 100% and incurred basis, totaled $48.2 million in the second quarter 2025. Sustaining capital expenditures totaled $38.8 million ($27.2 million on a 70% basis), including $18.1 million of mobile equipment
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and critical spares, $9.7 million of capitalized stripping, $9.6 million of tailings infrastructure and related earthworks, and $1.4 million of other capital projects. Expansion capital of $9.4 million ($6.6 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 $93.9 million on an attributable basis for the three months ended June 30, 2025, consisting of operating cash flow of $125.4 million offset by capital expenditures totaling $31.5 million. For the six months ended June 30, 2025, mine-site free cash flow was $151.5 million on an attributable basis, consisting of operating cash flow of $203.5 million offset by capital expenditures totaling $52.0 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 continues to be the stabilization of the processing plant to continuously operate at or above the design capacity of 36,000 tpd.
Mining activities are expected to increase in the second half of the year, averaging approximately 12 to 13 million tonnes per quarter over this period, with a strip ratio trending lower than the second quarter as ore mined increases. Plant throughput is expected to total approximately 11 million tonnes in 2025, resulting from the annual maintenance planned in the third quarter 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 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.
Cost guidance has been revised and cash costs are now expected to be in the range of $1,100 to $1,200 per ounce sold, revised from $950 to $1,100 per ounce sold and AISC is now expected to be $1,600 to $1,700 per ounce sold, revised from $1,350 to $1,500 per ounce sold. Costs have increased due to: (i) royalties expected to be higher by approximately $50 to $60 per ounce due to the higher gold prices, (ii) higher than planned mining unit costs mainly attributed to higher than planned rehandling (iii) higher than planned contractor and rental costs for the temporary coarse ore refeed crushing circuit and higher maintenance costs expected to contribute approximately $150 per ounce over the course of the year, and (iv) approximately $20 million, or $40 per ounce for the additional capital to improve long-term plant availability (see below). Mining costs are expected to decline as mining operations transition to bulk mining that is expected to reduce rehandling. Milling costs are expected to reduce exiting 2025 following the installation of the additional secondary crusher 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 has been increased to $130 million ($186 million on a 100% basis). The increase is attributed to plant improvements to support overall plant availability and operating conditions, including dust mitigation systems inside the facilities. These sustaining capital expenses related to plant improvements this year are non-recurring. Overall sustaining capital continues to be higher than the life-ofmine 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 could increase. Approximately 19,700 metres were completed in the second quarter 2025 (31,700 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
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at Swayze West – Jerome area.
The results of the Gosselin exploration program will be included in an updated Mineral Reserve and Resource estimate 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.
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 6,500 metres completed. This infill drilling program is planned to improve resource confidence within the northeastern extension of the Côté deposit and convert other areas of 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
| Q2 2025 | Q2 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) | 1,166 89 | 2,473 172 | ||
| 981 | 2,128 | |||
| 98 | 187 | |||
| 315 | 128 | 507 | 248 | |
| 413 | 217 | 694 | 420 | |
| 7.25 | 9.05 | 6.80 | 8.98 | |
| 1.11 | 2.35 | 1.18 | 2.32 | |
| 2.57 | 5.08 | 2.70 | 5.04 | |
| 323 | 302 | 605 | 551 | |
| 7.38 | 9.22 | 6.86 | 9.02 | |
| 1.16 | 1.60 | 1.26 | 1.87 | |
| 3.07 | 3.92 | 2.99 | 4.08 | |
| 92 | 92 | 92 | 93 | |
| 29 | 35 | 53 | 67 | |
| 29 | 35 | 56 | 68 | |
| $ 3,323 | $ 2,360 | $ 3,123 | $ 2,228 | |
| 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 | ||||
| $ 95.4 | $ 83.3 | $ 175.2 | $ 152.2 | |
| 45.1 | 40.1 | 87.2 | 81.0 | |
| 46.4 | 40.6 (0.5) | 87.4 | 79.2 1.5 | |
| (1.3) | (0.2) | |||
| — | — | — | 0.3 | |
| 44.6 | 39.7 | 86.2 | 80.4 | |
| 16.0 | 16.8 | 31.1 | 35.8 | |
| 35.0 | 27.4 | 56.1 | 43.5 | |
| 36.6 | 21.8 | 53.2 | 32.3 | |
| 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 | ||||
| $ 302.08 | $ 266.75 | $ 289.11 | $ 257.28 | |
| $ 6.80 | $ 10.17 | $ 7.02 | $ 11.75 | |
| $ 25.46 | $ 22.09 | $ 24.43 | $ 23.25 | |
| $ 13.98 | $ 16.73 | $ 18.04 | $ 18.46 | |
| Operating costs per ounce4 Cost of sales excluding depreciation ($/oz sold) Cash costs1 ($/oz sold) AISC1 ($/oz sold) | ||||
| $ 1,577 | $ 1,142 $ 1,131 $ 1,663 | $ 1,562 | $ 1,191 $ 1,182 $ 1,747 | |
| $ 1,562 | $ 1,545 | |||
| $ 2,140 | $ 2,132 |
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.
Operations Production in the second quarter 2025 was 29,000 ounces, lower by 6,000 ounces or 17% compared with the same prior year period, due to the lower grade stopes being mined as part of the underground mine sequence in line with the updated 2025 mine plan. The mine is planned to sequence through higher grade stopes in the second half of the year.
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