IAMGOLD Reports Fourth Quarter and Year-End 2025 Results

Executive Summary

• IAMGOLD reported record Q4 2025 adjusted EBITDA of $710.1 M and full‑year 2025 adjusted EBITDA of $1.55 B, driven by strong gold prices and production growth.
• Attributable gold output hit 765,900 oz for 2025 (mid‑point of guidance) with Côté delivering a record 87,200 oz in Q4; the company also announced an expanded 2026 production target of 720–820 k oz.
• The firm repurchased ~3 M shares ($50 M) under its NCIB, allocated $400 M of Q4 free cash flow to debt repayment and further share buy‑backs, and completed the consolidation of the Nelligan Mining Complex (Northern Superior & Orbec acquisitions).

Key Details

• Financial Highlights
• Q4 2025 revenue: $1.088 B from 259 k oz sold at $4,191/oz average realized price.
• Full‑year 2025 revenue: $2.853 B from 817.8 k oz sold at $3,482/oz.
• Net cash from operating activities Q4 2025: $701.7 M; FY 2025: $1.143 B.
• Mine‑site free cash flow FY 2025: $1.199 B (record).

• Available liquidity at 31 Dec 2025: $868.6 M (cash $421.9 M + credit facility $445.7 M).

• Production

• Attributable gold production FY 2025: 765,900 oz (Côté 279,900 oz, Westwood 113,900 oz, Essakane 372,100 oz).
• Q4 2025 attributable production: 242,400 oz (Côté 87,200 oz, Westwood 37,900 oz, Essakane 117,300 oz).

• 2026 outlook: total attributable production 720–820 k oz; Côté target 270–310 k oz, Westwood 110–130 k oz, Essakane 340–380 k oz.

• Cost Metrics

• Cash cost (ex‑royalties) Q4 2025: $1,031/oz; FY 2025: $1,230/oz.

• AISC Q4 2025: $1,750/oz; FY 2025: $1,900/oz – within guidance ranges.

• Capital Expenditure

• Sustaining capex FY 2025: $274.7 M (Côté $103.8 M, Westwood $63.9 M, Essakane $106.9 M).
• Expansion capex FY 2025: $32.6 M (Côté $8.0 M, Westwood $1.5 M, Essakane $7.4 M).

• 2026 guidance: sustaining ~$380 M ±5%; expansion ~$120 M ±5% (incl. Côté pit push‑back and plant upgrades).

• Share Buy‑Back & Debt Reduction

• Q4 2025 repurchased ~3 M shares for $50 M; total FY 2025 buy‑backs ≈$100 M.

• Allocated $400 M of Q4 free cash flow to repay $300 M second‑lien term loan and $50 M of credit facility debt.

• Mineral Resources & Reserves Update (Feb 17 2026)

• Proven & Probable reserves: 9.9 Moz Au (7.5 Moz attributable), down 7% YoY due to depletion.

• Measured & Indicated resources: 31.0 Moz Au (24.6 Moz attributable), up 16% YoY, driven by conversions at Côté Gosselin and Nelligan deposits.

• Nelligan Mining Complex Consolidation

• Completed acquisitions of Northern Superior ($329 M) and Orbec ($14.2 M) via plan of arrangement (Dec 2025).

• Updated resources for the complex: Indicated 4.3 Moz Au, Inferred 7.5 Moz Au on a consolidated basis.

• Exploration Outlook

• $24 M budgeted for Nelligan exploration in 2026; additional drilling programs at Côté (Gosselin zone) and Nelligan to increase confidence and convert resources.

• Dividend & Cash Repatriation

• Essakane declared a record dividend of ~$855 M (June 2025); IAMGOLD’s 85% share ≈$680 M net of taxes.

• $291 M repatriated from Essakane in Q4 2025; additional $171 M received post‑quarter under new flexible cash‑flow structure.

• Safety & ESG

• TRIFR for 2025: 0.60 (record low).
• No significant environmental or community incidents reported in 2025.

Notable Quotes

“I would like to congratulate the teams across IAMGOLD for another year of strong and safe operating performance,” – Renaud Adams, President & CEO.