Iamgold (NYSE:IAG) executives told investors the company delivered record financial results in 2025, citing a strong gold price environment, record quarterly production across its operating sites in the fourth quarter, and major progress in strengthening the balance sheet and returning capital to shareholders.
Record year driven by operations and higher gold prices
President and CEO Renaud Adams said 2025 was “a monumental year,” with record revenue of nearly $3 billion, gross margin of more than 40%, and operating cash flow of over $1 billion, including $702 million generated in the fourth quarter. Adams highlighted that gold prices rose nearly $1,700 per ounce during 2025 and ended the year at just over $4,300 per ounce.
Adams said costs faced upward pressure from royalties tied to record gold prices. He noted royalties represented about $330 per ounce, or 24% of cash costs, in the fourth quarter of 2025 on a consolidated basis.
Cash flow used to reduce debt and fund buybacks
CFO Maarten Theunissen said the company generated record mine-site free cash flow of $626.6 million in the fourth quarter, taking the full-year total to $1.2 billion. He attributed $340.4 million of fourth-quarter mine-site free cash flow to Essakane and $197.0 million to Côté (both on an attributable basis).
Theunissen said net debt fell by $468.8 million during 2025 to $344.4 million at year-end. He added that IAMGOLD repaid its $400 million term loan and made a $50 million payment on its credit facility, reducing that facility balance to $200 million as of the end of December. IAMGOLD ended the year with $422 million in cash and cash equivalents and approximately $446 million available on the credit facility, for total liquidity of about $868 million.
Executives also emphasized a new framework for cash repatriation from Essakane. Theunissen said the shareholder account structure introduced in 2025 allowed faster movement of funds, resulting in IAMGOLD receiving $291 million from Essakane during the fourth quarter. He said $197.5 million of consolidated cash was held by Essakane at year-end, and that after year-end, IAMGOLD had received another $171 million so far in 2026.
The company also outlined significant buyback activity and plans:
- In December, IAMGOLD repurchased and canceled about 3 million shares for approximately $50 million at an average price of $16.87 per share.
- After quarter-end, the company purchased an additional 2.6 million shares for $50 million.
- Theunissen said the company plans to use cash repatriated from Essakane to fund the buyback program through 2026, estimating at a $4,000 per ounce gold price this could total between $400 million and $500 million during the year, subject to market and company conditions.
For 2025, Theunissen reported revenue of $2.9 billion from sales of 817,800 ounces (on a 100% basis) at an average realized price of $3,549 per ounce, excluding the impact of the gold prepay arrangement. Adjusted EBITDA was approximately $1.6 billion in 2025, compared to $780.6 million in 2024. Adjusted earnings per share for 2025 were $1.23, up from $0.55 the prior year.
Operations: Côté, Westwood, and Essakane performance
Chief Operating Officer Bruno Lemelin described a strong finish at Côté Gold, with fourth-quarter attributable production of 87,200 ounces (124,600 ounces on a 100% basis). For its first full year of operation, Côté produced 399,800 ounces on a 100% basis. Lemelin said the operation achieved nameplate throughput of 36,000 tonnes per day for 30 consecutive days ahead of schedule in June.
He noted unit costs remain above desired levels, driven in part by a temporary contractor aggregate crusher used to supplement crushing capacity. With a second secondary cone crusher now operating, the company expects to phase out the temporary crushing circuit in the first half of 2026 and forecast processing cost reductions of $4 to $5 per tonne after removal. For the fourth quarter, Côté reported cash costs of $1,265 per ounce and AISC of $1,688 per ounce.
At Westwood in Quebec, Lemelin said the mine produced a record 37,900 ounces in the fourth quarter since restart. He reported an average underground mine grade of 9.87 grams per tonne in the quarter, with improved plant utilization of 92% versus 75% in the third quarter. Fourth-quarter cash costs averaged $1,288 per ounce and AISC averaged $1,719 per ounce, well below the roughly $2,100 per ounce average for the year. For 2026, Westwood guidance calls for production of 110,000 to 113,000 ounces, cash costs of $1,500 to $1,650 per ounce sold, and AISC of $1,950 to $2,100 per ounce sold.
At Essakane, the company reported record fourth-quarter production of 138,100 ounces on a 100% basis (117,300 ounces attributable on an 85% interest). Lemelin said fourth-quarter recoveries were 88%, below the 90% average for the year, which he linked to higher graphitic carbon in higher-grade zones. Essakane posted fourth-quarter cash costs of $1,471 per ounce and AISC of $1,674 per ounce.
Management emphasized the impact of Burkina Faso’s updated royalty structure, implemented in 2025, with royalties uncapped and tied to the gold price. Lemelin said royalties accounted for $460 per ounce, or about 36% of Essakane’s cash costs in the fourth quarter. For 2026 guidance (using a $4,000 per ounce gold assumption), Essakane cash costs are expected to be $1,150 to $1,300 per ounce sold excluding royalties and $1,600 to $1,750 including royalties, with AISC of $2,000 to $2,150 per ounce sold.
Growth projects and updated resource discussion
Executives said updated technical and growth work is underway at multiple assets. Lemelin said an updated Côté-Gosselin expansion mine plan is expected to be released in the fourth quarter, targeting a larger ore base from both Côté and Gosselin. IAMGOLD also discussed its updated mineral resources and reserves estimates, including an upgrade at Gosselin to 6.9 million ounces of indicated resources and 1.0 million ounces inferred.
Combined, the company said the Côté Gold project is estimated to have 18.2 million ounces of measured and indicated resources (inclusive of reserves) on a 100% basis, plus 2.2 million ounces inferred. Management said additional drilling results and block model work are expected to be incorporated in an additional update targeted around late first quarter/early second quarter.
On Essakane mine life, Adams told analysts the company sees potential to add roughly five more years, extending operations toward 2032, citing additional resources north of Phase 7 and potential connectivity to southern zones. He said the company expects to engage with the government regarding a license extension.
Nelligan mining complex formed through Quebec consolidation
Adams also highlighted a Quebec development, saying IAMGOLD acquired Northern Superior and Mines D’Or Orbec in the fourth quarter, consolidating assets in the Chibougamau-Chapais region to form the Nelligan mining complex. He listed deposits and targets within the complex as Nelligan, Monster Lake, Philibert, Chevrier, Lac Supérieur, Croteau, and Mart.
Adams said the Nelligan mining complex holds more than 4.3 million measured and indicated ounces and 7.5 million inferred ounces, positioning it among the largest pre-production stage gold projects in Canada. He said IAMGOLD is substantially increasing its exploration budget in 2026 to expand the mineralized footprint and test targets, with a preliminary economic assessment planned for 2027.
About Iamgold (NYSE:IAG)
IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.
The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.
