The Canadian gold producer met full-year production targets following record fourth-quarter output across its operational portfolio. Management has initiated a capital allocation strategy focused on debt reduction and share repurchases while advancing expansion plans for its core Ontario asset.
Earnings Highlights
Iamgold Corporation (IAG) reported full-year 2025 attributable gold production of 765,900 ounces, meeting the mid-point of its annual guidance of 735,000 to 820,000 ounces. The results were bolstered by a record fourth quarter, during which production reached 242,400 ounces. Financial performance was supported by favorable gold market conditions, resulting in an adjusted EBITDA of 1.5 billion for the year and 710.1 million for the fourth quarter. The company achieved record mine-site free cash flow of 1.199 billion in 2025, enabling a significant reduction in net debt to 344.4 million.
Key Development
The primary operational driver in 2025 was the ramp-up of the Côté Gold Mine in Ontario, which achieved its nameplate plant throughput of 36,000 tonnes per day in June 2025, ahead of the original schedule. Côté produced 279,900 attributable ounces for the full year, reaching the top end of its guidance range. Concurrently, Iamgold consolidated its regional position in Quebec by completing the acquisitions of Northern Superior Resources and Mines d’Or Orbec in December 2025. This transaction established the Nelligan Mining Complex as one of the largest pre-production gold camps in Canada, with Measured and Indicated resources of 4.3 million ounces.
Financial Performance
Total revenues for 2025 reached $2.853 billion, an increase from $1.633 billion in 2024, driven by a record sales volume of 817,800 ounces. The company’s average realized gold price was 3,482 per ounce for the year, rising to 4,191 per ounce in the fourth quarter. Adjusted net earnings attributable to equity holders were $709.2 million, or $1.23 per share.
Operating costs remained a focal point as the company transitioned to full production at Côté. Full-year all-in sustaining costs (AISC) were $1,900 per ounce sold, positioned within the guidance range of $1,830 to $1,930. Cash costs (including royalties) averaged $1,484 per ounce. As of December 31, 2025, the company maintained a liquidity position of $868.6 million, including $421.9 million in cash and equivalents.
Business Outlook & Strategy
Management’s strategy for 2026 focuses on operational discipline and shareholder returns. The company has initiated a Normal Course Issuer Bid (NCIB) to repurchase up to 10% of its outstanding common shares, with 100 million acquired as of early 2026. Capital allocation priorities include further de-levering the balance sheet following the full repayment of a 400 million second lien term loan in late 2025.
Operational priorities include optimizing the cost structure at Côté Gold and preparing for a planned expansion to 50,000+ tonnes per day. An updated technical report for Côté, incorporating the Gosselin zone into a larger “Super Pit” mine plan, is expected in the fourth quarter of 2026. Greenfield exploration remains focused on the Nelligan Complex, with a $24 million budget for 2026 to support a potential preliminary economic assessment in 2027.
Sector and Macro Context
Iamgold’s performance is situated within a broader industry trend of consolidation and a strong precious metals price environment. However, geopolitical and regulatory factors present ongoing challenges. At the Essakane Mine in Burkina Faso, security concerns in the Sahel region continue to pressure local supply chains and increase the cost of business. Additionally, the Burkinabe government implemented a new royalty decree in April 2025, which increased rates for gold prices above $3,000/oz, impacting the mine’s AISC.
Guidance and Segment Updates
- 2026 Guidance: Attributable production is forecast between 720,000 and 820,000 ounces. Consolidated cash costs (excluding royalties) are expected to be between $1,100 and 1,250 per ounce, with AISC forecast at 2,000 to $2,150 per ounce.
- Côté Gold: Attributable 2026 production is forecast at 270,000 to 310,000 ounces. The site will phase out temporary aggregate crushing in early 2026 following the installation of a second cone crusher in late 2025.
- Westwood Complex: Produced a record 37,900 ounces in Q4 2025. The Grand Duc open pit life has been extended into 2027, and a new collective bargaining agreement has been ratified through 2030.
- Essakane: Declared a $855 million record dividend in mid-2025. Attributable production for 2026 is forecast at 340,000 to 380,000 ounces, with efforts underway to extend the mine life beyond current guidance.
Market Capitalization and Current Standing
Iamgold currently stands as an intermediate gold producer with a strong Canadian focus, supported by its 70% interest in Côté Gold and its 100% interest in Westwood. While the company has successfully de-leveraged its balance sheet, operational risks persist, including higher projected royalties and sustaining capital requirements for 2026. Investors may monitor the repatriation of cash from Burkina Faso, where a new structure has been established to facilitate regular transfers of excess cash from Essakane.
Business Model and Market Situation
Iamgold operates as an intermediate gold producer with a portfolio increasingly weighted toward Canadian jurisdictions, which now account for its core growth assets. The business model focuses on leveraging high-margin production from Tier-1 assets like Côté Gold to fund organic exploration while maintaining a repatriation structure to transfer excess cash from its West African operations.
Where Does Iamgold Stand Today?
The company stands in its strongest liquidity position in several years, reporting total liquidity of $868.6 million as of December 31, 2025. While the successful ramp-up of Côté Gold has de-risked the company’s primary production engine, it remains exposed to geopolitical risks in Burkina Faso and inflationary pressures on sustaining capital requirements, which are expected to rise in 2026 to optimize newly commissioned infrastructure.