IAMGOLD Reports Second Quarter 2026 Results
IAMGold’s Q2 AISC exceeded guidance while its Côté expansion was quietly downsized to 40 ktpd, threatening future growth.
IAMGOLD reported second-quarter attributable gold production of 188,100 ounces, bringing year-to-date output to 371,700 ounces. This performance places the company on track for its full-year 2026 guidance of 720,000 to 820,000 ounces. Revenue for the quarter reached $856.9 million, derived from the sale of 195,100 ounces at an average realized gold price of $4,384 per ounce.
The company posted adjusted EBITDA of $507.3 million and net earnings of $230.5 million, or $0.40 per share. IAMGOLD’s balance sheet strengthened to a net cash position of $52.2 million, excluding leases. Additionally, the company upsized its credit facility to $850 million and extended the term to 2030. A new $400 million dividend for the Essakane mine, representing IAMGOLD’s 85% net share, was also declared.
In operational updates, IAMGOLD announced that the forthcoming Côté Gold technical report will target processing rates toward 40,000 tonnes per day. This represents a marked reduction from the 50,000 to 55,000 tonnes per day capacity promised by management during the first-quarter 2026 earnings call.
IAMGOLD Corporation (IMG) reported two significant headwinds in its Q2 2026 results. First, cost metrics for the quarter exceeded full-year guidance ranges. The All-In Sustaining Cost (AISC) came in at $2,271/oz, well above the $2,000–2,150/oz implied by the restated guidance, which consists of an ex-royalties AISC of $1,675–1,825 plus approximately $325/oz in royalties. Cash costs, including royalties, were $1,642/oz, also sitting above the guided range of $1,425–1,575/oz. While management expects unit costs to decline in the second half of the year as contractor crushing at Côté rolls off, the Q2 overrun raises the risk that full-year costs will land at the high end or miss.
Second, the Côté expansion target has been reduced from 50–55 ktpd to “toward 40,000 tonnes per day.” This represents a 20–27% reduction in future processing capacity and corresponding production potential. Although the change is framed as a “near-term path,” it marks a departure from the growth narrative previously presented to the market.
IAMGOLD is a Toronto-listed mid-tier gold producer operating three mines: Côté Gold, a 70% interest asset in Ontario, Canada; Westwood, a 100% interest in Quebec, Canada; and Essakane, an 85% interest in Burkina Faso. The company also holds the rapidly growing Nelligan Mining Complex in Quebec, which contains 4.3 moz indicated and 7.5 moz inferred resources. Total attributable measured and indicated resources exceed 24.6 moz, with proven and probable reserves standing at 7.5 moz. Côté serves as the flagship, ramp-up asset, having achieved nameplate production of 36,000 tpd in mid-2025, with a mine-plan update planned for Q4 2026.