IAMGOLD Reports Preliminary 2025 Operating Results & 2026 Guidance

The news release dated January 19, 2026, details IAMGOLD’s preliminary full-year 2025 operating results and provides its outlook for 2026. For FY 2025, the company achieved attributable gold production of 765,900 ounces, meeting its guidance of 735,000 to 820,000 ounces. Notably, Q4 2025 production reached 242,400 ounces, a significant quarter-over-quarter increase fueled by the Côté Gold ramp-up and grade improvements at Essakane. Financial metrics for 2025 indicate an average realized gold price of $3,480/oz and an All-In Sustaining Cost (AISC) of $1,880/oz.

For 2026, IAMGOLD guides for production between 720,000 and 820,000 ounces. However, the company is signaling a significant increase in costs, with 2026 AISC guided at $2,000 to $2,150 per ounce. This cost profile is based on an assumed gold price of $4,000/oz, a USD:CAD exchange rate of 1.35, and a Brent oil price of $65/barrel. The company plans $380 million in sustaining capital and $120 million in expansion capital for the coming year.

The 2025 performance confirms the successful operational turnaround of IAMGOLD, primarily through the stabilization of Côté Gold, which reached nameplate capacity in June 2025. The material impact is positive due to the massive cash flow generation allowed by the conclusion of gold prepay arrangements in H1 2025 and the full repayment of the $400 million 2nd Lien Term Loan as of December 2025.

However, a critical eye must be cast on the 2026 AISC guidance ($2,000 - $2,150/oz). While currently offset by record realized gold prices ($4,190/oz in Q4 2025), this cost profile makes the company highly sensitive to any downturn in gold prices. The cost inflation is driven by higher royalties (which scale with gold price), the exhaustion of lower-cost stockpiles, and the structural costs of operating in Burkina Faso. The consolidation of the Nelligan Mining Complex (acquisitions of Northern Superior and Mines D'Or Orbec) adds significant resource weight but shifts the focus toward long-term exploration spending ($54 million for 2026).

IAMGOLD is a mid-tier gold producer with three operating mines: Côté Gold (70%, Ontario), Essakane (85%, Burkina Faso), and Westwood (100%, Quebec).

The flagship project is Côté Gold, which is one of Canada's largest gold mines. It reached nameplate capacity (36,000 tpd) in June 2025. Management is currently evaluating a "Super Pit" expansion involving the nearby Gosselin deposit, with a new technical report expected in late 2026. The mine is a low-strip, autonomous operation, but it has faced early-stage bottlenecks in its crushing circuit requiring supplemental contracted services.