IAG — IAMGOLD Corporation

Summary of IAMGOLD Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Record Revenues: IAMGOLD reported nearly $3 billion in revenues for 2025, with a gross margin exceeding 40%.
• Operating Cash Flow: Generated over $1 billion for the year, including $702 million in Q4.
• Gold Production: Attributable gold production in Q4 was 242,400 ounces, a 28% increase quarter-over-quarter, contributing to a total of 765,900 ounces for the year.
• Cost Metrics: All-in sustaining costs (AISC) were $1,750 per ounce in Q4 and $1,900 for the year, within guidance ranges.
• Free Cash Flow: Record mine-site free cash flow of $626.6 million in Q4, totaling $1.2 billion for the year.
• Debt Reduction: Net debt reduced by $468.8 million to $344.4 million by year-end, with $422 million in cash and equivalents.

2. Strategic Updates and Business Highlights

• Côté Gold: Achieved full-year production of 399,800 ounces, with plans for expansion and operational optimization.
• Essakane: Reported record production of 138,100 ounces in Q4, with a focus on extending mine life and managing costs amid rising royalties.
• Nelligan Mining Complex: Acquired assets from Northern Superior and Mines d’Or Orbec, consolidating resources to form one of Canada’s largest pre-production gold projects.
• Share Buyback Program: Initiated a $50 million share buyback in December 2025, with plans to continue this in 2026, reflecting management's confidence in long-term value.

3. Forward Guidance and Outlook

• Production Guidance: For 2026, Essakane is expected to produce between 340,000 to 380,000 ounces, while Westwood is projected to yield 107,000 to 113,000 ounces.
• Cost Projections: AISC for Essakane expected to be between $2,000 to $2,150 per ounce; Côté Gold's AISC projected between $1,725 to $1,925 per ounce.
• Share Buyback Potential: Anticipated to repurchase $400 million to $500 million in shares during 2026, contingent on cash flow from operations.

4. Bad News, Challenges, or Points of Concern

• Rising Costs: Increased royalties due to higher gold prices are impacting cash costs, with royalties accounting for approximately $330 per ounce in Q4.
• Operational Costs: Côté Gold's temporary crushing circuit has led to higher costs, which are expected to improve as operations stabilize.
• Geopolitical Risks: Concerns regarding the stability of operations in Burkina Faso, particularly with the new royalty decree impacting profitability.

5. Notable Q&A Insights

• Essakane's Future: Management expressed confidence in extending the mine life beyond 2029, with ongoing exploration revealing additional resources.
• Côté Gold Costs: Expected improvements in mining costs, with a target of $370 to $380 per tonne by year-end 2026, though some adjustments may take time.
• Dividend Discussions: Future dividends are under consideration, with a focus on share buybacks initially; decisions on dividends will be revisited post-Q2 2026 based on cash flow performance.

Overall, IAMGOLD demonstrated strong financial performance in 2025, marked by record revenues and cash flow, while navigating challenges related to rising costs and geopolitical risks. The company is strategically positioned for growth with ongoing projects and a solid outlook for 2026.