Iamgold Reports Third Quarter 2025 Results
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 year -
to-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 price 1 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 holders 1 for the third quarter of $139.4 million
($257.8 million YTD) and $170.9 million ($303.4 million YTD), respectively.
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• Net earnings and adjusted net earnings per share attributable to equity holders 1 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 stockpiles 1, 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 flow 1 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 liquidity 1 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) 190 173 524 490
- Côté Gold1 75 41 193 62
- Westwood 23 32 76 99
- Essakane2 92 100 255 329
Gold sales – attributable (000s oz) 187 171 525 477
- Côté Gold1 76 41 196 55
- Westwood 21 29 77 97
- Essakane2 90 101 252 325
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
- Westwood $ 1,924 $ 1,157 $ 1,648 $ 1,174
- Essakane2 $ 1,737 $ 1,223 $ 1,711 $ 1,097
AISC3 ($/oz sold) – attributable $ 1,956 $ 1,756 $ 1,969 $ 1,625
- Côté Gold1 $ 1,594 $ 1,602 $ 1,613 $ 1,602
- Westwood $ 2,793 $ 1,617 $ 2,310 $ 1,708
- Essakane2 $ 1,914 $ 1,730 $ 1,985 $ 1,498
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 int erim 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 202 5, 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 $ 706.7 $ 438.9 $ 1,764.7 $ 1,163.1
Gross profit $ 272.6 $ 162.6 $ 612.6 $ 419.0
EBITDA1 $ 338.4 $ 719.6 $ 817.4 $ 1,063.5
Adjusted EBITDA1 $ 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 $ 0.24 $ 1.04 $ 0.45 $ 1.39
Adjusted net earnings (loss) per share attributable to equity
holders1 $ 0.30 $ 0.18 $ 0.53 $ 0.45
Net cash from operating activities before changes in working
capital1 $ 280.6 $ 161.2 $ 512.8 $ 473.2
Net cash from operating activities $ 280.8 $ 146.2 $ 440.9 $ 383.4
Mine-site free cash flow1 $ 292.3 $ 120.7 $ 572.4 $ 306.9
Capital expenditures1,2 – sustaining $ 59.9 $ 84.7 $ 200.0 $ 197.2
Capital expenditures1,2 – expansion $ 10.4 $ 11.2 $ 24.6 $ 188.7
September 30 December 31 September 30 December 31
2025 2024 2025 2024
Financial Position ($ millions)
Cash and cash equivalents $ 314.3 $ 347.5 $ 314.3 $ 347.5
Long-term debt $ 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 explorati on 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%) 193 250 – 280
Westwood – (100%) 76 125 – 140
Essakane – (90% H1 2025, 85% - Q3 2025; see below) 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) $1,269 $1,100 – $1,200
AISC ($/oz sold) $1,613 $1,600 – $1,700
Westwood
Cash costs ($/oz sold) $1,648 $1,275 – $1,375
AISC ($/oz sold) $2,310 $1,800 – $1,900
Essakane
Cash costs ($/oz sold) $1,711 $1,600 – $1,700
AISC ($/oz sold) $1,985 $1,850 – $1,950
Consolidated
Cost of sales1 ($/oz sold) $1,542 $1,375 – $1,475
Cash costs1,2 ($/oz sold) $1,537 $1,375 – $1,475
AISC1,2 ($/oz sold) $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% a t 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 $4,500 due to the step structure of the Essakane gold -price linked royalty.
See “Operations - Essakane, Burkina Faso”.
Capital Expenditures
YTD 20251 Full Year Guidance 20252
($ millions) Sustaining Expansion Total Sustaining Expansion Total
Côté Gold (IMG share) $ 73.1 $ 18.0 $ 91.1 $ 130 $ 20 $ 150
Westwood 48.8 — 48.8 70 — 70
Essakane 78.0 6.6 84.6 110 5 115
$ 199.9 $ 24.6 $ 224.5 $ 310 $ 25 $ 335
Corporate 0.1 — 0.1 — — —
Total3 $ 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 $310 million is categorized as
sustaining capital.
Exploration Outlook
YTD 2025 Full Year Guidance 2025
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects – greenfield $ 0.2 $ 17.3 $ 17.5 $ — $ 25 $ 25
Exploration projects – brownfield 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 $284.6 $450 (±5%)
Income taxes paid $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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OPERATIONS
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) 3,841 3,159 10,126 7,212
Grade mined (g/t) 0.96 1.02 0.90 0.91
Operating waste mined (000s t) 6,770 5,213 18,275 11,901
Capital waste mined (000s t) 853 2,006 5,626 9,376
Total material mined (000s t) 11,464 10,378 34,027 28,489
Strip ratio1 2.0 2.3 2.4 3.0
Ore milled (000s t) 2,988 1,633 8,015 2,515
Head grade (g/t) 1.18 1.41 1.15 1.39
Recovery (%) 94 93 93 92
Gold production (000s oz) – 100% 106 68 275 103
Gold production (000s oz) – attributable 75 41 193 62
Gold sales (000s oz) – 100% 108 69 280 92
Gold sales (000s oz) – attributable 76 41 196 55
Average realized gold price2,3 ($/oz) $ 3,484 $ 2,505 $ 3,285 $ 2,464
Financial Results ($ millions – attributable interest)
Revenues4 $ 263.6 $ 104.4 $ 644.0 $ 136.4
Cost of sales4 100.0 43.0 249.1 54.4
Production costs 81.8 39.1 206.2 54.4
(Increase)/decrease in finished goods 0.3 (2.6) 0.2 (7.5)
Royalties5 17.9 6.5 42.7 7.5
Cash costs2 99.8 42.9 248.5 54.3
Sustaining capital expenditures2 27.7 17.1 73.1 17.1
Expansion capital expenditures2 8.3 10.3 18.0 185.6
Total sustaining and expansion capital expenditures2 36.0 27.4 91.1 202.7
Earnings from operations 110.4 44.0 261.6 61.4
Mine-site free cash flow2 135.6 23.3 287.1 23.3
Unit costs per tonne2
Mine costs per operating tonne mined $ 4.51 $ 3.95 $ 4.00 $ 3.77
Mill costs per tonne milled2 $ 22.01 $ 19.34 $ 19.68 $ 17.06
G&A costs per tonne milled2 $ 6.14 $ 10.46 $ 6.73 $ 9.60
Operating costs per ounce6
Cost of sales excluding depreciation ($/oz sold) $ 1,323 $ 1,033 $ 1,272 $ 984
Cash costs2 ($/oz sold) $ 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 arrang ements.
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 round ing.