Iamgold Reports Fourth Quarter and Year-End 2025 Results
IAMGOLD REPORTS FOURTH QUARTER AND YEAR-END 2025 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, February 17, 2026 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the
“Company”) today reported its financial and operating results for the fourth quarter and year ended December 31,
2025. Preliminary operating results for the fourth quarter and year ended 2025, alongside operating guidance
estimates for 2026, were previously disclosed on January 19, 2026.
"I would like to congratulate the teams across IAMGOLD for another year of strong and safe operating performance,"
said Renaud Adams, President and Chief Executive Officer of IAMGOLD. “The timing has been highly favourable for
the Company, as we deliver record margins and cashflow while our mines move into robust production phases, further
supported by strong gold market conditions. In 2025, IAMGOLD reported adjusted EBITDA of $1.5 billion, with a
monumental fourth quarter in which adjusted EBITDA was $710.1 million. The combination of strong operating results
and cash flows has allowed the Company to enact on its strategy to de -lever the balance sheet and deliver value to
shareholders through the share buyback program which has purchased approximately $100 million in IAMGOLD
shares since being deployed in December."
"Looking ahead, 2026 will be very exciting for IAMGOLD, as we continue to grow the value of our assets while
demonstrating a commitment to operational excellence and discipline. Our share buyback program will continue this
year, with a direct link to the cashflows generated by Essakane as a base of the program. At Côté, operations will
prioritize unit cost improvement through optimized mining, milling and maintenance practices to position the project for
the upcoming expansion. The details of the expansion and mine plan will be released in the fourth quarter and will
outline an increase to the plant throughput targeting the Côté and Gosselin deposits together as a single pit based on
a subset of the growing global resource base. Finally, we are excited to further advance our organic growth pipeline
with a comprehensive drill program at our newly consolidated Nelligan Complex, which is already establishing itself as
among the largest pre-production projects in Canada."
HIGHLIGHTS:
Operating and Financial
• Attributable gold production for the fourth quarter was 242,400 ounces and 765,900 ounces for the year,
achieving the mid -point of the Company's 2025 production guidance of 735,000 to 820,000 ounces, following
record quarterly production at all of its operations, including at Côté Gold which achieved the top end of its
guidance target.
• Côté produced a record 87,200 attributable ounces ( 124,600 ounces | 100%) in the fourth quarter, and
279,900 attributable ounces (399,800 ounces | 100%) for the full year , achieving the top end of the
attributable 2025 production guidance range of 250,000 to 280,000 ounces (360,000 to 400,000 ounces |
100%).
• Westwood produced a record 37,900 ounces in the fourth quarter and 113,900 ounces for the full year, below
the bottom end of the 2025 guidance range of 125,000 to 140,000 ounces.
• Essakane produced 117,300 attributable ounces (a record 138,100 ounces | 100%) in the fourth quarter and
372,100 attributable ounces ( 427,200 ounces | 100%) for the full year, exceeding the mid -point of the
production guidance range on a 100% basis.
• Revenues in the fourth quarter totaled $1,088.1 million from sales of 259,000 ounces at an average realized gold
price of $4,191 per ounce 1. For the year, revenues were $2,852.8 million from sales of 817,800 ounces at an
average realized gold price of $3,482 per ounce 1. The average realized gold price for the year ended 2025,
excluding the impact of the 2024 gold prepay arrangement, was $3,549 per ounce.
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• Cost of sales per ounce sold was $1,374 for the fourth quarter and $1,489 for the year.
• Cash cost1 per ounce sold, excluding royalties, was $1,031 for the fourth quarter and $1,230 for the year.
• Cash cost 1 per ounce sold, including royalties, was $1,367 for the fourth quarter and $1,484 for the year,
compared to the guidance range of $1,375 to $1,475.
• AISC1 per ounce sold was $1,750 for the fourth quarter and $1,900 for the year, within the guidance range of
$1,830 to $1,930.
• Net earnings and adjusted net earnings attributable to equity holders1 was $406.6 million and $405.8 million for
the fourth quarter, and $664.4 million and $709.2 million for the year, respectively.
• Net earnings and adjusted net earnings per share attributable to equity holders 1 of $0.70 and $0.70 for the
fourth quarter, respectively; for the year, net earnings and adjusted net earnings per share attributable to equity
holders1 of $1.16 and $1.23 respectively.
• Net cash from operating activities was $701.7 million for the fourth quarter, and $1,142.6 million for the year.
Net cash from operating activities, before movements in working capital and non -current ore stockpiles 1, was
$691.6 million for the fourth quarter and $1,204.4 million for the year.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $685.5 million for the
fourth quarter and $1,502.9 million for the year, and Adjusted EBITDA 1 was $710.1 million for the fourth quarter
and $1,550.5 million for the year.
• Record mine -site free cash flow 1 of $626.6 million for the fourth quarter and $1,199.0 million for the year,
including attributable mine-site free cash flow from Côté of $197.0 million for the fourth quarter.
• The Company has available liquidity 1 of $868.6 million, mainly comprised of cash and cash equivalents of
$421.9 million and the available balance of the revolving credit facility (“Credit Facility”) of $445.7 as at
December 31, 2025. Net debt was $344.4 million at December 31, 2025, a reduction of $514.9 million during the
year.
• In health and safety , for the year ended December 31, 2025, the Company reported a total recordable injuries
frequency rate (“TRIFR”) of 0.60 for the year, tracking below the prior year performance. IAMGOLD is continuing
to advance its critical risk management and visible leadership to improve safety and reduce high -potential
incidents.
2026 Outlook
• Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000
ounces, as operations at Côté Gold focus on sustainable operations at nameplate operating rates ahead of the
technical report outlining the expansion plans which is expected to be announced in the fourth quarter 2026.
• Cash costs1, excluding royalties, are expected to average $1,100 to $1,250 per ounce sold . With the current
strong gold price environment, royalties account for an average of approximately $325 per ounce sold – based on
a gold price assumption for 2026 of $4,000 per ounce. Cash costs 1, including royalties, are expected to
average $1,425 to $1,575 per ounce sold.
Mineral Reserves and Resources Update
• On February 17, 2026, IAMGOLD announced its updated Mineral Reserves and Resources statement as of
December 31, 2025.
• Proven and Probable ("P&P") Mineral Reserves (100% basis) total 9.9 million ounces of gold in 279.6 million
tonnes (“Mt”) at 1.10 g/t Au (7.5 million ounces attributable). P&P Mineral Reserves decreased 7%, or 796,000
ounces, from the prior year, primarily due to depletion at Côté Gold and Essakane partially offset by an increase in
Mineral Reserves at Westwood.
• Measured and Indicated ("M&I") Mineral Resources (100% basis) increased 16% to 31.0 million ounces of gold in
1.0 billion tonnes (“Bt”) at 0.94 g/t Au (24.6 million ounces attributable). The increase was primarily associated
with the conversion of Inferred Mineral Resources in the Gosselin deposit at Côté Gold and Nelligan deposit,
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coupled with the inclusion of the Philibert and Chevrier deposits as part of the Northern Superior transaction
towards the end of the year.
Corporate
• Allocated $400 million of free cash flows generated in the fourth quarter to repay the remaining balance of
$300 million of the second lien term loan, repay $50 million of the Credit Facility and purchased 3 million shares
for $50 million as part of the share buyback program. Subsequent to quarter end, the Company has purchased an
additional 2.6 million shares for $50 million. Essakane’s attributable free cash flow for 2026 is expected to be
approximately $400 to $500 million at a $4,000 per ounce gold price. The Company intends to use this free cash
flow to repurchase shares under its share buyback program as the cash is generated and repatriated from
Essakane over the course of 2026.
• $291 million of cash was repatriated from Essakane in the fourth quarter and an additional $171 million
subsequent to quarter end , using the new structure that enables payments to be made at any time of the year
based on the cash generated in excess of working capital requirements by Essakane.
• Consolidation of Nelligan Mining Complex with the closing of the previously announced acquisitions of all of
the issued and outstanding shares of each of Northern Superior Resources Inc. (“Northern Superior”) and Mines
d’Or Orbec Inc. (“Orbec”) by way of a plan of arrangement on December 19, 2025, and December 22, 2025,
respectively. The transactions consolidated the Chibougamau region with a dominant land position of
approximately 134,000 hectares. The Northern Superior acquisition with the Philibert, Chevrier and Croteau
projects together with Orbec acquisition with the Muus project are combined with IAMGOLD’s Nelligan and
Monster Lake Projects (together, the “Nelligan Mining Complex”). The newly combined assets, together, rank as
one of the largest pre -production gold camps in Canada with Measured and Indicated Mineral Resources of 4.3
million ounces (“Moz Au”) and Inferred Mineral Resources of 7.5 Moz Au. The close proximity of the primary
deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore
sources within a 17-kilometre radius.
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QUARTERLY REVIEW
For more details and the Company’s overall outlook for 2026, see “Outlook”, and for individual mines performance,
see “Operations”. The following table summarizes certain operating and financial results for the three months ended
December 31, 2025 (Q4 2025), December 31, 2024 (Q4 2024) and the years ended December 31 for 2025, 2024 and
2023.
Q4 2025 Q4 2024 2025 2024 2023
Key Operating Statistics
($ millions)
Gold production – attributable (000s oz) 242.4 176.7 765.9 666.5 465.0
- Côté Gold1 87.2 62.4 279.9 124.0 —
- Westwood 37.9 34.6 113.9 133.7 93.4
- Essakane2 117.3 79.7 372.1 408.8 371.6
Gold sales – attributable (000s oz) 238.9 176.5 763.7 653.7 462.1
- Côté Gold1 87.7 55.8 283.6 111.1 —
- Westwood 37.1 36.7 113.6 133.9 90.2
- Essakane2 114.1 84.0 366.5 408.7 371.9
Cost of sales3 ($/oz sold) $ 1,374 $ 1,298 $ 1,489 $ 1,156 $ 1,291
- Côté Gold1 $ 1,271 $ 1,083 $ 1,272 $ 1,035 $ —
- Westwood $ 1,307 $ 1,155 $ 1,547 $ 1,177 $ 1,600
- Essakane2 $ 1,475 $ 1,504 $ 1,640 $ 1,182 $ 1,216
Cash costs4 – excluding royalties ($/oz sold) $ 1,031 $ 1,138 $ 1,230 $ 1,007 $ 1,158
- Côté Gold1 $ 949 $ 902 $ 1,020 $ 875 $ —
- Westwood $ 1,288 $ 1,148 $ 1,530 $ 1,164 $ 1,588
- Essakane2 $ 1,011 $ 1,291 $ 1,300 $ 991 $ 1,053
Cash costs4 ($/oz sold) $ 1,367 $ 1,294 $ 1,484 $ 1,152 $ 1,261
- Côté Gold1 $ 1,265 $ 1,080 $ 1,268 $ 1,032 $ —
- Westwood $ 1,288 $ 1,148 $ 1,530 $ 1,167 $ 1,591
- Essakane2 $ 1,471 $ 1,501 $ 1,636 $ 1,179 $ 1,181
AISC4 ($/oz sold) $ 1,750 $ 1,949 $ 1,900 $ 1,716 $ 1,783
- Côté Gold1 $ 1,688 $ 1,685 $ 1,636 $ 1,658 $ —
- Westwood $ 1,719 $ 1,688 $ 2,117 $ 1,702 $ 2,344
- Essakane2 $ 1,674 $ 2,118 $ 1,888 $ 1,625 $ 1,521
Average realized gold price4,5 ($/oz) $ 4,191 $ 2,525 $ 3,482 $ 2,330 $ 1,955
1. Attributable portion for Côté Gold is based on IAMGOLD’s ownership of 70%. Prior to November 30, 2024, IAMGOLD’s attributable portion 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 thro ughout this MD&A.
3. Throughout this MD&A, cost of sales, excluding depreciation, and cost of sales, excluding depreciation and royalties are disc losed in the segment note in the
consolidated financial statements.
4. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this MD&A 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 for the year ended 2025, excluding the
impact of the 2024 prepay arrangement.
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Q4 2025 Q4 2024 2025 2024 2023
Financial Results
($ millions)
Revenues $ 1,088.1 $ 469.9 $ 2,852.8 $ 1,633.0 $ 987.1
Gross profit $ 593.6 $ 130.9 $ 1,206.2 $ 549.9 $ 124.1
EBITDA1 $ 685.5 $ 259.5 $ 1,502.9 $ 1,323.0 $ 381.0
- Continuing operations $ 685.5 $ 259.5 $ 1,502.9 $ 1,323.0 $ 366.6
- Discontinued operations $ — $ — $ — $ — $ 14.4
Adjusted EBITDA1 $ 710.1 $ 215.4 $ 1,550.5 $ 780.6 $ 338.5
- Continuing operations $ 710.1 $ 215.4 $ 1,550.5 $ 780.6 $ 315.1
- Discontinued operations $ — $ — $ — $ — $ 23.4
Net earnings (loss) attributable to equity holders $ 406.6 $ 86.2 $ 664.4 $ 819.6 $ 94.3
- Continuing operations $ 406.6 $ 86.2 $ 664.4 $ 819.6 $ 88.7
- Discontinued operations $ — $ — $ — $ — $ 5.6
Adjusted net earnings (loss) attributable to
equity holders1 $ 405.8 $ 57.2 $ 709.2 $ 296.0 $ 59.3
- Continuing operations $ 405.8 $ 57.2 $ 709.2 $ 296.0 $ 44.7
- Discontinued operations $ — $ — $ — $ — $ 14.6
Net earnings (loss) per share attributable to
equity holders $ 0.70 $ 0.15 $ 1.16 $ 1.52 $ 0.18
Adjusted net earnings (loss) per share
attributable to equity holders1 $ 0.70 $ 0.10 $ 1.23 $ 0.55 $ 0.09
Net cash from operating activities before
changes in working capital1 – continuing
operations $ 691.6 $ 127.2 $ 1,204.4 $ 600.4 $ 158.9
Net cash from operating activities $ 701.7 $ 102.6 $ 1,142.6 $ 486.0 $ 159.4
- Continuing operations $ 701.7 $ 102.6 $ 1,142.6 $ 486.0 $ 144.0
- Discontinued operations $ — $ — $ — $ — $ 15.4
Mine-site free cash flow1 $ 626.6 $ 78.2 $ 1,199.0 $ 385.1 $ 54.1
- Continuing operations $ 626.6 $ 78.2 $ 1,199.0 $ 385.1 $ 48.2
- Discontinued operations $ — $ — $ — $ — $ 5.9
Capital expenditures1,2 – sustaining $ 74.7 $ 93.6 $ 274.7 $ 290.8 $ 200.3
Capital expenditures1,2 – expansion $ 8.0 $ 7.4 $ 32.6 $ 196.1 $ 656.8
December 31 December 31 December 31
2025 2024 2023
Financial Position ($ millions)
Cash and cash equivalents $ 421.9 $ 347.5 $ 367.1
Long-term debt $ 649.8 $ 1,028.9 $ 830.8
Net cash (debt)1 $ (344.4) $ (859.3) $ (649.5)
Available Credit Facility $ 445.7 $ 418.5 $ 387.0
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 explorati on and evaluation assets, and
exclude right-of-use assets and working capital impacts.
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OUTLOOK
Production (000 oz)
Actual 2025 Full Year Guidance 2026
Côté Gold – (70%) 279.9 270 – 310
Westwood – (100%) 113.9 110 – 130
Essakane – (90% H1 2025 | 85% - H2 2025 and thereafter) 372.1 340 – 380
Total attributable production (000s oz) 765.9 720 – 820
Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces, as
operations at Côté Gold focus on sustainable operations at nameplate operating rates ahead of the technical report
outlining the expansion plans which is expected to be announced in the fourth quarter 2026. For further details, refer
to the “Operations” section of each mine below.
The attributable guidance for Essakane is estimated according to IAMGOLD’s 85% ownership interest. See
“Operations – Essakane, Burkina Faso” for more details.
Costs
Actual 2025 Full Year Guidance 2026
Côté Gold
Cash costs – excluding royalties ($/oz sold) $1,020 $900 – $1,050
Cash costs – including royalties ($/oz sold) $1,268 $1,200 – $1,350
AISC ($/oz sold) $1,636 $1,775 – $1,925
Westwood
Cash costs ($/oz sold) $1,530 $1,500 – $1,650
AISC ($/oz sold) $2,117 $1,950 – $2,100
Essakane
Cash costs – excluding royalties ($/oz sold) $1,300 $1,150 – $1,300
Cash costs – including royalties ($/oz sold) $1,636 $1,600 – $1,750
AISC ($/oz sold) $1,888 $2,000 – $2,150
Consolidated
Cost of sales1 ($/oz sold) $1,489 $1,425 – $1,575
Cash costs1,2 – excluding royalties ($/oz sold) $1,230 $1,100 – $1,250
Cash costs1,2 – including royalties ($/oz sold) $1,484 $1,425 – $1,575
AISC1,2 ($/oz sold) $1,900 $2,000 – $2,150
1. Consists of Côté Gold and Westwood on an attributable basis of 70% and 100%, respectively, and an attributable basis of 90% a t Essakane for the first half
of 2025 and 85% thereafter.
2. This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
Cash costs on a consolidated basis, excluding royalties, are expected to be in the range of $1,100 to $1,250 per
ounce sold. With the current strong gold price environment, royalties account for an average of approximately $325
per ounce sold – based on a gold price assumption for 2026 of $4,000 per ounce. Cash costs, including royalties, are
expected to average $1,425 to $1,575 per ounce sold. AISC for IAMGOLD are expected to be in the range of $2,000
and $2,150 per ounce sold.
The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average
realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average
Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel. For expected impacts from
fluctuation in these assumptions, refer to the Sensitivity Impact table included in the “Financial Condition” section.
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Royalty Sensitivities
$ per ounce sold
Gold Price Consolidated Côté Gold Essakane
$3,500 $270 $245 $350
$4,000 (guidance price) $325 $300 $450
$4,500 $390 $340 $540
$5,000 $440 $385 $600
Capital Expenditures
Actual 20251 Full Year Guidance 20262
($ millions) Sustaining Expansion Total Sustaining Expansion Total
Côté Gold (IMG share) $ 103.8 $ 23.7 $ 127.5 $ 160 $ 85 $ 245
Westwood 63.9 1.5 65.4 55 30 85
Essakane 106.9 7.4 114.3 165 5 170
$ 274.6 $ 32.6 $ 307.2 $ 380 $ 120 $ 500
Corporate 0.1 — 0.1 — — —
Total3 $ 274.7 $ 32.6 $ 307.3 $ 380 $ 120 $ 500
1. 100% basis, for Westwood and Essakane, 70% for Côté Gold, all on an incurred basis.
2. Capital expenditures guidance (±5%).
3. Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold,
on an attributable basis, is expected to total $160 million ±5%, an increase from the prior year due to additional non -
recurring plant and infrastructure design changes and improvements identified during the ramp -up to optimize
operations and operating costs.
Expansion capital expenditures are expected to total $120 million ±5% in 2026. The Company intends to accelerate
spending to de -risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant
pushback to expand the operating area of the pit. Additional expansion capital is associated with development works
at Westwood to support the study of options to expand the mine in the eastern parts of Westwood underground that
could be amenable to bulk mining.
Exploration Outlook
Actual 2025 Full Year Guidance 2026
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects – greenfield $ 0.2 $ 22.0 $ 22.2 $ 11 $ 34 $ 45
Exploration projects – brownfield 10.8 2.1 12.9 7 2 9
$ 11.0 $ 24.1 $ 35.1 $ 18 $ 36 $ 54
Exploration expenditures for 2026 are expected to be approximately $54 million , the majority of which will be
expensed. The largest exploration spend in 2026 is expected to be the Nelligan complex of approximately $24 million
including the construction of certain infrastructure to support an expanding program, Côté Gold of approximately $5
million attributed to IAMGOLD, and Essakane at approximately $6 million.
Income Taxes Paid and Depreciation Outlook
($ millions) Actual 2025 Full Year Guidance 2026
Depreciation expense $420.9 $480 (±5%)
Income taxes paid $171.5 $205 – $215
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The Company expects to pay cash taxes in the range of $205 to $215 million during 2026. 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”).
Depreciation expense for 2026 is expected to be $480 million (±5%) corresponding with production levels and
depletion of certain pit phases for which waste stripping costs have been capitalized
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company is committed to maintaining its culture of accountable mining through high standards of Environmental,
Social and Governance practices, in every aspect of its business. The Company tracks its ESG performance to
understand progress and achievements across a range of material topics and indicators and draws upon various ESG
frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative and
Sustainability Accounting Standards Board to guide its Sustainability Report:
• On May 6, 2025, the Company released its annual Sustainability Report, outlining the Company’s 2024
sustainability performance.
• On December 16, 2025, the Company released its 2024 Scope 3 Emissions Report. As a member of the Mining
Association of Canada (“MAC”), the Company participates in the Towards Sustainable Mining (“TSM”) initiative at
its Westwood operation, as well as internationally at Essakane (Burkina Faso), which exceeds MAC’s
requirements of reporting only on Canadian operations. The Company conducted internal assessments of the
2024 TSM results for the Westwood and Essakane mines that were also externally verified and achieved an ‘A’
level or higher for all indicators within all protocols. The 2025 self -assessment reported improvement on some
indicators.
In 2025, the Company set and achieved most of its ESG targets related to health and safety; equity, diversity, and
inclusion; and environment, including:
• Integration of Critical Risk Management into operational processes including the development of a control
verification tool,
• Embed cost of carbon into decision-making processes,
• Advance the catchment-based Water Framework at sites through the development of roadmaps, and
• Zero significant environmental and community incidents.
Health and Safety
IAMGOLD's TRIFR was 0.60 as of December 31, 2025, compared to 0.63 as of December 31, 2024. 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
In 2025, the Company’s key environmental focus areas were water and biodiversity. Building on the water stewardship
framework developed in 2024, activities during the year focused on advancing initiatives identified in site ‑level water
roadmaps, developing water performance scorecards, and re ‑assessing each operation’s maturity against the
Company’s water stewardship framework. Following the establishment of the corporate biodiversity roadmap in 2024,
the Company initiated work in 2025 on the development of site -specific regional biodiversity strategies. The Company
also initiated work on determining a value of carbon approach for incorporating carbon considerations into
decision‑making.