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 ounce1. 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 ounce1. The average realized gold price for the year ended 2025, excluding the impact of the 2024 gold prepay arrangement, was $3,549 per ounce.
- 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 cost1 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 holders1 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 stockpiles1, 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 EBITDA1 was $710.1 million for the fourth quarter and $1,550.5 million for the year.
- Record mine-site free cash flow1 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 liquidity1 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 costs1, 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) | 176.7 | 666.5 465.0 | ||||
| 242.4 | 765.9 | |||||
| - Côté Gold1 | 87.2 | 62.4 34.6 79.7 | 279.9 | 124.0 — 133.7 93.4 408.8 371.6 | ||
| - Westwood | 37.9 | 113.9 | ||||
| - Essakane2 | 117.3 | 372.1 | ||||
| Gold sales – attributable (000s oz) | 238.9 | 176.5 | 763.7 | 653.7 462.1 | ||
| - Côté Gold1 | 87.7 | 55.8 36.7 84.0 | 283.6 | 111.1 — 133.9 90.2 408.7 371.9 | ||
| - Westwood | 37.1 | 113.6 | ||||
| - Essakane2 | 114.1 | 366.5 | ||||
| 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 $ 1,182 $ 1,216 | ||
| - Essakane2 | $ 1,475 | $ 1,504 | $ 1,640 | |||
| Cash costs4 – excluding royalties ($/oz sold) | $ 1,031 | $ 1,138 | $ 1,230 | $ 1,007 $ 1,158 | ||
| - Côté Gold1 | $ 949 | $ 902 $ 1,148 $ 1,291 | $ 1,020 | $ 875 $ — $ 1,164 $ 1,588 $ 991 $ 1,053 | ||
| - Westwood | $ 1,288 | $ 1,530 | ||||
| - Essakane2 | $ 1,011 | $ 1,300 | ||||
| Cash costs4 ($/oz sold) | $ 1,367 | $ 1,294 | $ 1,484 | $ 1,152 | $ 1,261 | |
| - Côté Gold1 | $ 1,265 | $ 1,080 | $ 1,268 | $ 1,032 $ 1,167 $ 1,179 | $ — | |
| - Westwood | $ 1,288 | $ 1,148 | $ 1,530 | $ 1,591 | ||
| - Essakane2 | $ 1,471 | $ 1,501 | $ 1,636 | $ 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 $ 1,702 $ 1,625 | $ — | |
| - Westwood | $ 1,719 | $ 1,688 | $ 2,117 | $ 2,344 | ||
| - Essakane2 | $ 1,674 | $ 2,118 | $ 1,888 | $ 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 throughout this MD&A. | ||||||
| 3. Throughout this MD&A, cost of sales, excluding depreciation, and cost of sales, excluding depreciation and royalties are disclosed 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 Gross profit EBITDA1 | $ 1,633.0 $ 987.1 $ 549.9 $ 124.1 $ 1,323.0 $ 381.0 | ||||
| $ 1,088.1 | $ 469.9 $ 130.9 $ 259.5 | $ 2,852.8 | $ 987.1 | ||
| $ 593.6 | $ 1,206.2 | $ 124.1 | |||
| $ 685.5 | $ 1,502.9 | $ 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 | $ 57.2 | $ 296.0 | |||
| $ 405.8 | $ 709.2 | $ 59.3 | |||
| equity holders1 | |||||
| - 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 Adjusted net earnings (loss) per share attributable to equity holders1 Net cash from operating activities before changes in working capital1 – continuing operations Net cash from operating activities | $ 0.15 $ 0.10 $ 127.2 $ 102.6 | $ 1.52 $ 0.55 $ 600.4 $ 486.0 | |||
| $ 0.70 | $ 1.16 | $ 0.18 | |||
| $ 0.70 | $ 1.23 | $ 0.09 | |||
| $ 691.6 | $ 1,204.4 | $ 158.9 | |||
| $ 701.7 | $ 1,142.6 | $ 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 Capital expenditures1,2 – expansion | $ 74.7 | $ 93.6 | $ 274.7 | $ 290.8 | $ 200.3 |
| $ 8.0 | $ 7.4 | $ 32.6 | $ 196.1 | $ 656.8 |
| December 31 | December 31 December 31 2024 2023 | ||
|---|---|---|---|
| 2025 | |||
| Financial Position ($ millions) Cash and cash equivalents Long-term debt | $ 347.5 $ 367.1 | ||
| $ 421.9 | $ 367.1 | ||
| $ 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 exploration 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%) Westwood – (100%) Essakane – (90% H1 2025 | 85% - H2 2025 and thereafter) | 279.9 | 270 – 310 |
| 113.9 | 110 – 130 | |
| 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 ($/oz sold) Cash costs – including royalties ($/oz sold) AISC ($/oz sold) | $1,020 | $900 – $1,050 | |
| $1,268 | $1,200 – $1,350 | ||
| $1,636 | $1,775 – $1,925 | ||
| Westwood | |||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,530 | $1,500 – $1,650 | |
| $2,117 | $1,950 – $2,100 | ||
| Essakane | |||
| Cash costs – excluding royalties ($/oz sold) Cash costs – including royalties ($/oz sold) AISC ($/oz sold) | $1,300 | $1,150 – $1,300 | |
| $1,636 | $1,600 – $1,750 | ||
| $1,888 | $2,000 – $2,150 | ||
| Consolidated | |||
| Cost of sales1 ($/oz sold) Cash costs1,2 – excluding royalties ($/oz sold) Cash costs1,2 – including royalties ($/oz sold) AISC1,2 ($/oz sold) | $1,489 | $1,425 – $1,575 | |
| $1,230 | $1,100 – $1,250 | ||
| $1,484 | $1,425 – $1,575 | ||
| $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% at 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 | ||
| Consolidated | Côté Gold | Essakane |
Gold Price
| $3,500 | $270 | $245 | $350 |
| $4,000 (guidance price) | $325 | $300 | $450 |
| $4,500 | $390 | $340 | $540 |
| $5,000 | $440 | $385 | $600 |
Capital Expenditures
| ($ millions) | Actual 20251 | Full Year Guidance 20262 | ||||
|---|---|---|---|---|---|---|
| Sustaining | Expansion | Total | Sustaining | Expansion | Total | |
| Côté Gold (IMG share) Westwood Essakane | $ 103.8 | $ 23.7 | $ 127.5 | $ 160 | $ 85 | $ 245 |
| 63.9 | 1.5 | 65.4 | 55 | 30 | 85 | |
| 106.9 | 7.4 | 114.3 | 165 | 5 | 170 | |
| Corporate | $ 274.6 | $ 32.6 | $ 307.2 | $ 380 | $ 120 | $ 500 |
| 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 nonrecurring 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 $120 million ±5% in 2026. The Company intends to accelerate spending to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining.
Exploration Outlook
| ($ millions) | Actual 2025 | Full Year Guidance 2026 | ||||
|---|---|---|---|---|---|---|
| Capitalized | Expensed | Total | Capitalized Expensed Total | |||
| Exploration projects – greenfield Exploration projects – brownfield | $ 0.2 | $ 22.0 | $ 22.2 | $ 11 | $ 34 | $ 45 |
| 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 Income taxes paid | $420.9 | $480 (±5%) |
| $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.
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The Company's three operating sites all have closure plans filed with the authorities supported by associated financial assurance to secure future restoration funds. In 2025, work to update each closure plan was undertaken to reflect current disturbance conditions and restoration concepts.
Essakane has been certified ISO 14001 for many years and conducted a management review of its environmental management system. The site continued to run an environmental 'stop incident' campaign to educate and empower employees to recognize and respond to environmental risks.
Westwood completed the pilot water recycling projects to reduce water withdrawal from the Bousquet River, and fullscale implementation is planned for 2026.
There were zero significant environmental or community incidents reported during 2025.
Social Performance
Throughout 2025, each operation continued to engage with their communities of interest and support community investment initiatives.
At Essakane, key engagements and activities included discussions on economic, social, security, and resettlement topics. In the fourth quarter 2024, IAMGOLD partnered with Project CURE to deliver two 40-foot containers of medical supplies to seven health centers in the Dori and Gorom-Gorom districts. After a needs assessment, IAMGOLD committed to funding two additional containers and four containers will be distributed in 2026 – three funded by IAMGOLD and one by Resource Capital Funds Foundation.
At Côté Gold, the Company hosted site tours with both elected local municipal and provincial officials, as well as Indigenous partner communities to share information about the mine and IAMGOLD’s approach to responsible mining. The Company maintained ongoing communication with our neighbouring First Nation communities, local land users, communities' groups and government agencies through meetings, email, social media and school presentations.
At Westwood, the team continued to meet with Abitibiwinni First Nation related to the negotiation of an Impact Benefit Agreement.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to Action1, 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 fourth quarter 2025, IAMGOLD continued its work, supported by an Indigenous-owned business, to define a five-year plan for action in support of 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. IAMGOLD’s executive leadership team has a 40% women representation.
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Côté Gold Mine (IAMGOLD interest – 70% for 2025, 60.3% from January 2024 to November 2024 and 70% for December 2024) | Ontario, Canada
| Q4 2025 | Q4 2024 | 2025 | 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) Total material mined (000s t) 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) | 3,637 1.07 4,765 2,445 10,847 2.0 2,433 1.34 91 96.1 62.4 87.4 55.8 | 10,849 0.97 16,666 11,821 39,336 2.6 4,948 1.37 92 199.1 124.0 179.4 111.1 | ||
| 4,514 | 14,640 | |||
| 1.04 | 0.94 | |||
| 6,555 | 24,830 | |||
| 12 | 5,638 | |||
| 11,081 | 45,108 | |||
| 1.5 | 2.1 | |||
| 2,874 | 10,889 | |||
| 1.44 | 1.22 | |||
| 94 | 93 | |||
| 124.6 | 399.8 | |||
| 87.2 | 279.9 | |||
| 127.8 | 407.7 | |||
| 87.7 | 283.6 | |||
| $ 4,212 | $ 2,644 | $ 3,572 | $ 2,555 | |
| Financial Results ($ millions – attributable interest) Revenues4 Cost of sales4 Production costs (Increase)/decrease in finished goods Royalties5 Cash costs2 Sustaining capital expenditures2 Expansion capital expenditures2 Total sustaining and expansion capital expenditures2 Earnings from operations Mine-site free cash flow2 | ||||
| $ 370.4 | $ 147.9 | $ 1,014.4 | $ 284.3 | |
| 111.7 | 60.6 | 360.8 | 115.0 | |
| 80.5 | 52.8 | 286.7 | 107.2 | |
| 3.4 | (2.1) | 3.6 | (9.6) | |
| 27.8 | 9.9 | 70.5 | 17.4 | |
| 111.1 | 60.4 | 359.6 | 114.7 | |
| 30.7 | 25.6 | 103.8 | 42.7 | |
| 5.7 | 5.4 | 23.7 | 191.0 | |
| 36.4 | 31.0 | 127.5 | 233.7 | |
| 203.0 | 44.2 | 464.6 | 105.6 | |
| 197.0 | 16.9 | 484.1 | 40.2 | |
| Unit costs per tonne2 Mine costs per operating tonne mined2 Mill costs per tonne milled2 G&A costs per tonne milled2 | ||||
| $ 4.72 | $ 4.19 | $ 4.20 | $ 3.90 | |
| $ 20.91 | $ 17.59 | $ 20.00 | $ 17.32 | |
| $ 7.62 | $ 7.35 | $ 6.97 | $ 8.49 | |
| Operating costs per ounce6 Cost of sales excluding depreciation ($/oz sold) Cash costs2 – excluding royalties ($/oz sold) Cash costs2 ($/oz sold) | ||||
| $ 1,271 | $ 1,083 | $ 1,272 | $ 1,035 | |
| $ 949 | $ 902 | $ 1,020 | $ 875 | |
| $ 1,265 | $ 1,080 | $ 1,268 | $ 1,032 | |
| AISC2 ($/oz sold) | $ 1,688 | $ 1,685 | $ 1,636 | $ 1,658 |
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 35 of the consolidated 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 excluding royalties 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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In its first full year of operations, Côté’s attributable production was 279,900 ounces (399,800 ounces | 100%), achieving the top-end of the annual guidance range. The mine completed the ramp-up and achieved nameplate plant throughput of 36,000 tonnes per day (“tpd”) over a period of thirty consecutive days ahead of schedule in June.
Attributable gold production in the fourth quarter 2025 was a record 87,200 ounces (124,600 ounces | 100%), a 40% increase from the prior year period.
Mining activity totaled 11.1 million tonnes in the fourth quarter 2025. Ore tonnes mined increased to a record 4.5 million tonnes, or 24% over the prior year period, with an associated strip ratio of 1.5:1 waste to ore. The average grade mined was 1.04 g/t in the fourth quarter 2025, in line with expectations, and the highest quarterly grade mined to date for the operation.
Mill throughput in the fourth quarter 2025 totaled 2.9 million tonnes, an increase of 18% over the prior year period. The installation of the additional secondary crusher was completed in November and commissioned in December with both cone crushers tested and operating in parallel. The Company used a temporary contractor aggregate crusher to supplement crushing capacity during 2025 due to high wear caused by the abrasive ore impacting the availability of the secondary crushing circuit. The Company plans to phase out the temporary aggregate crushing circuit over the first half of 2026. The additional secondary cone crusher is expected to increase overall crushing capacity, optimize the particle size entering the high pressure grinding rolls (HPGR) allowing for improved maintenance cycles on the dry side, as well as the particle size entering the ball mill which has the potential to increase capacity in the wet side of the plant.
Head grade for the fourth quarter was a record 1.44 g/t as a result of the combination of higher grade direct feed ore, a low strip ratio over the quarter and stockpiling of lower grade ore. Recoveries in the plant averaged a record 94% in the quarter. The reconciliation between the reserve models, grade control models, mill feed and production continues to be in line with expected tolerances.
Financial Performance (attributable basis)
Revenue and cost of sales for the year are recognized at 70% in accordance with IAMGOLD's ownership interest.
Production costs were $80.5 million and $286.7 million during the three and twelve months ended December 31, 2025, respectively. As outlined below, mining and milling per tonne unit costs continue to be elevated in part due to the ongoing reliance on the contractor aggregate crushing described above.
- Mining costs averaged $4.72 and $4.20 per tonne mined during the three and twelve months ended December 31, 2025, respectively. Mining costs in the fourth quarter continued to be impacted by the contractor aggregate crushing that increased rehandling and utilization of haul trucks. The impact is expected to reduce in 2026 as the contractor aggregate is phased out over the first half of 2026. Additional improvements to mining cost per tonne are expected through various measures including the continued transition to bulk mining, the improvement of the expected average life on haul truck tires and improving drilling practices to reduce the amount of redrilling required.
- Milling costs were $20.91 and $20.00 per tonne milled during the three and twelve months ended December 31, 2025, respectively. Unit costs remained higher in the fourth quarter as the temporary aggregate crusher was used extensively during the integration and commissioning of the additional secondary crusher. Milling costs were also higher due to the expensing of certain capital spares in 2025 as the life of the spares is expected to be less than a year until the benefits from the installation of the second secondary crusher are realized. Unit costs are expected to decline over the course of 2026 as the contractor aggregate crushing is phased out over the first half of the year.
- G&A costs were $7.62 and $6.97 per tonne milled during the three and twelve months ended December 31, 2025, respectively.
Cost of sales, excluding depreciation, during the three and twelve months ended December 31, 2025, totaled $111.7 million and $360.8 million, respectively. Cost of sales per ounce sold, excluding depreciation, for the three and twelve months ended December 31, 2025, was $1,271 and $1,272, respectively.
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Cash costs, excluding royalties, during the three and twelve months ended December 31, 2025, totaled $83.3 million and $289.1 million, respectively, and cash cost per ounce sold, excluding royalties, was $949 and $1,020, respectively.
Royalties during the three and twelve months ended December 31, 2025, were $27.8 million or $316 per ounce (25% of cash cost) and $70.5 million or $248 per ounce (20% of cash cost), respectively.
Cash costs during the three and twelve months ended December 31, 2025, totaled $111.1 million and $359.6 million, respectively, and cash cost per ounce sold was $1,265 and $1,268, respectively.
AISC during the three and twelve months ended December 31, 2025, was $1,688 and $1,636 per ounce sold, respectively.
Capital expenditures, on a 100% and incurred basis, totaled $51.7 million in the fourth quarter 2025. Sustaining capital expenditures totaled $43.7 million ($30.7 million | 70%), including $29.2 million of capital projects related to operational improvements and ramp-up, $10.2 million of mobile equipment and critical spares, $2.3 million of other capital projects and $2.0 million of tailings infrastructure and related earthworks. Expansion capital of $8.0 million ($5.7 million | 70%) was primarily associated with the installation and commissioning of the additional secondary cone crusher completed during the fourth quarter of this year.
Capital expenditures for the year, on a 100% and incurred basis, totaled $181.6 million. Sustaining capital expenditures totaled $148.0 million, ($103.8 million | 70%), including $46.0 million of capital projects related to operational improvements and ramp-up, $37.4 million of tailings expansion and related earthworks, $36.9 million of mobile equipment and critical spares, $21.1 million of capitalized stripping, and $6.6 million of other capital projects. Expansion capital of $33.6 million ($23.7 million | 70%) was primarily associated with the installation and commissioning of the additional secondary cone crusher during the fourth quarter of this year.
Mine-site free cash flow was a record $197.0 million on an attributable basis for the three months ended December 31, 2025, on the strength of record revenues of $370.4 million with record gold sales of 87,700 ounces at the record realized gold price of $4,212 per ounce, resulting in operating cash flows of $241.8 million offset by capital expenditures totaling $44.8 million. For the year, mine-site free cash flow was $484.1 million on an attributable basis, with revenues of $1,014.4 million from the sale of 283,600 ounces at a realized gold price of $3,572 per ounce, resulting in operating cash flows of $606.8 million offset by capital expenditures totaling $122.7 million.
2026 Outlook
Côté Gold attributable production in 2026 is expected to be in the range of 270,000 to 310,000 ounces (390,000 to 440,000 ounces | 100%). The focus in 2026, now that the plant is operating at nameplate throughput, is on stabilization and optimization, improving the cost structure and preparing for the contemplated expansion of Côte. Short to medium term capital investment is planned to improve the operating efficiency and cost structure while also systematically investing in the expansion to derisk the larger build.
Mining activities in 2026 are planning a total of approximately 52 million tonnes of material mined. This includes a large pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mill throughput is expected to average 36,000 tpd (nameplate) over the course of the year after the successful installation of the additional secondary crusher in the fourth quarter 2025. Plant head grades are expected to average between 1.00 g/t and 1.10 g/t. Gold production is expected to be higher in the second half of the year based on expected lower grades in the first half of the year followed by higher grades in the second half – as determined by the scheduled mine sequence.
Cash costs, excluding royalties, at Côté Gold are expected to be in the range of $900 to $1,050 per ounce sold, and including royalties (assuming a $4,000 per ounce gold price) in the range of $1,200 to $1,350 per ounce sold. AISC is expected to be in the range of $1,775 to $1,925 per ounce sold.
Sustaining capital expenditures guidance for Côté Gold is approximately $160 million ±5% ($230 million | 100%) that includes $50 million ($70 million | 100%) of non-recurring capital to improve the operating efficiency and the long-term operating cost structure.
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