The Canadian gold producer met full-yr manufacturing targets following file fourth-quarter output throughout its operational portfolio. Administration has initiated a capital allocation technique targeted on debt discount and share repurchases whereas advancing enlargement plans for its core Ontario asset.
Earnings Highlights
Iamgold Company (IAG) reported full-yr 2025 attributable gold manufacturing of 765,900 ounces, assembly the mid-level of its annual steerage of 735,000 to 820,000 ounces. The outcomes had been bolstered by a file fourth quarter, throughout which manufacturing reached 242,400 ounces. Monetary efficiency was supported by favorable gold market situations, leading to an adjusted EBITDA of 1.5 billion for the yr and 710.1 million for the fourth quarter. The corporate achieved file mine-web site free money stream of 1.199 billion in 2025, enabling a major discount in web debt to 344.4 million.
Key Improvement
The first 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, forward of the unique schedule. Côté produced 279,900 attributable ounces for the total yr, reaching the highest finish of its steerage vary. Concurrently, Iamgold consolidated its regional place in Quebec by finishing the acquisitions of Northern Superior Sources and Mines d’Or Orbec in December 2025. This transaction established the Nelligan Mining Advanced as one of many largest pre-manufacturing gold camps in Canada, with Measured and Indicated sources of 4.3 million ounces.
Monetary Efficiency
Complete revenues for 2025 reached $2.853 billion, a rise from $1.633 billion in 2024, pushed by a file gross sales quantity of 817,800 ounces. The corporate’s common realized gold worth was 3,482 per ounce for the yr, rising to 4,191 per ounce within the fourth quarter. Adjusted web earnings attributable to fairness holders had been $709.2 million, or $1.23 per share.
Working prices remained a focus as the corporate transitioned to full manufacturing at Côté. Full-yr all-in sustaining prices (AISC) had been $1,900 per ounce bought, positioned inside the steerage vary of $1,830 to $1,930. Money prices (together with royalties) averaged $1,484 per ounce. As of December 31, 2025, the corporate maintained a liquidity place of $868.6 million, together with $421.9 million in money and equivalents.
Enterprise Outlook & Technique
Administration’s technique for 2026 focuses on operational self-discipline and shareholder returns. The corporate has initiated a Regular Course Issuer Bid (NCIB) to repurchase as much as 10% of its excellent widespread shares, with 100 million acquired as of early 2026. Capital allocation priorities embrace additional de-levering the stability sheet following the total reimbursement of a 400 million second lien time period mortgage in late 2025.
Operational priorities embrace optimizing the price construction at Côté Gold and making ready for a deliberate enlargement to 50,000+ tonnes per day. An up to date technical report for Côté, incorporating the Gosselin zone into a bigger “Tremendous Pit” mine plan, is predicted within the fourth quarter of 2026. Greenfield exploration stays targeted on the Nelligan Advanced, with a $24 million funds for 2026 to assist a possible preliminary financial evaluation in 2027.
Sector and Macro Context
Iamgold’s efficiency is located inside a broader trade development of consolidation and a robust valuable metals worth surroundings. Nevertheless, geopolitical and regulatory components current ongoing challenges. On the Essakane Mine in Burkina Faso, safety issues within the Sahel area proceed to strain native provide chains and enhance the price of enterprise. Moreover, the Burkinabe authorities applied a brand new royalty decree in April 2025, which elevated charges for gold costs above $3,000/oz, impacting the mine’s AISC.
Steerage and Section Updates
- 2026 Steerage: Attributable manufacturing is forecast between 720,000 and 820,000 ounces. Consolidated money prices (excluding royalties) are anticipated 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 manufacturing is forecast at 270,000 to 310,000 ounces. The location will part out short-term mixture crushing in early 2026 following the set up of a second cone crusher in late 2025.
- Westwood Advanced: Produced a file 37,900 ounces in This fall 2025. The Grand Duc open pit life has been prolonged into 2027, and a brand new collective bargaining settlement has been ratified via 2030.
- Essakane: Declared a $855 million file dividend in mid-2025. Attributable manufacturing for 2026 is forecast at 340,000 to 380,000 ounces, with efforts underway to increase the mine life past present steerage.
Market Capitalization and Present Standing
Iamgold at the moment stands as an intermediate gold producer with a robust Canadian focus, supported by its 70% curiosity in Côté Gold and its 100% curiosity in Westwood. Whereas the corporate has efficiently de-leveraged its stability sheet, operational dangers persist, together with larger projected royalties and sustaining capital necessities for 2026. Traders might monitor the repatriation of money from Burkina Faso, the place a brand new construction has been established to facilitate common transfers of extra money from Essakane.
Enterprise Mannequin and Market Scenario
Iamgold operates as an intermediate gold producer with a portfolio more and more weighted towards Canadian jurisdictions, which now account for its core development property. The enterprise mannequin focuses on leveraging excessive-margin manufacturing from Tier-1 property like Côté Gold to fund natural exploration whereas sustaining a repatriation construction to switch extra money from its West African operations.
The place Does Iamgold Stand At present?
The corporate stands in its strongest liquidity place in a number of years, reporting complete liquidity of $868.6 million as of December 31, 2025. Whereas the profitable ramp-up of Côté Gold has de-risked the corporate’s main manufacturing engine, it stays uncovered to geopolitical dangers in Burkina Faso and inflationary pressures on sustaining capital necessities, that are anticipated to rise in 2026 to optimize newly commissioned infrastructure.
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