Iamgold FY profit rises sharply

The miner reported adjusted net earnings of $709-million in the year, compared with $296-million in 2024.

Attributable gold production reached 765 900 oz for the full year, achieving the midpoint of its 2025 production guidance of 735 000 oz to 820 000 oz. The performance followed record quarterly production across its operations, including at Côté Gold, which achieved the top end of its annual guidance range.

President and CEO Renaud Adams said the group had benefited from operational momentum and favourable market conditions. “The timing has been highly favourable for the company, as we deliver record margins and cashflow while our mines move into robust production phases, further supported by strong gold market conditions."

"In 2025, Iamgold reported adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of $1.5-billion, with a monumental fourth quarter in which adjusted Ebitda was $710.1-million. The combination of strong operating results and cash flows has allowed the company to enact its strategy to de-lever the balance sheet and deliver value to shareholders through the share buyback programme, which has purchased approximately $100-million in Iamgold shares since being deployed in December."

Fourth-quarter revenue totalled $1.09-billion from sales of 259 000 oz at an average realised gold price of $4 191/oz. For the year, revenue reached $2.85-billion on sales of 817 800 oz at an average realised price of $3 482/oz. Excluding the impact of a 2024 gold prepay arrangement, the average realised price for 2025 was $3 549/oz.

Net earnings attributable to equity holders amounted to $406.6-million for the fourth quarter and $664.4-million for the year, while adjusted net earnings were $405.8-million and $709.2-million, respectively.

All-in sustaining costs were $1 750/oz in the fourth quarter and $1 900/oz for the full year, within the guided range of $1 830/oz to $1 930/oz. Cash costs, including royalties, averaged $1 484/oz for the year, in line with guidance.

The company generated record mine-site free cash flow of $626.6-million in the fourth quarter and $1.2-billion for the year. Available liquidity stood at $868.6-million at year-end, including cash and cash equivalents of $421.9-million. Net debt declined by $514.9-million over the year to $344.4-million.

Looking ahead, Iamgold expects 2026 attributable production of 720 000 oz to 820 000 oz, as Côté focuses on achieving sustainable nameplate rates ahead of an updated technical report outlining expansion plans in the fourth quarter.

The miner also updated its mineral reserves and resources, reporting proven and probable reserves of 9.9-million ounces on a 100% basis, with measured and indicated resources increasing 16% year-on-year to 31.0-million ounces.