Record Production at Côté Gold Sets New Benchmark for IAMGOLD

IAMGOLD’s third quarter 2025 marks a major turning point as its flagship Côté Gold Mine achieved a record 106,000 ounces in production, sustaining output above 30,000 ounces per month for the second consecutive quarter. This momentum was complemented by robust operational delivery at Essakane and Westwood, bringing year-to-date attributable gold production to 524,000 ounces, and keeping the company on track to reach full-year guidance.

Financial Discipline Shines: EBITDA and Free Cash Flow at Highs

IAMGOLD posted a trailing twelve-month EBITDA surpassing $1 billion, underpinned by a strong average realized gold price of $3,492/oz in Q3 2025. Mine-site free cash flow for the quarter hit a record $292.3 million—nearly 2.5x higher than the same period last year—with Côté Gold alone contributing $135.6 million.

Buyback Program Highlights Management’s Confidence

Following robust cash generation and significant debt reduction—$270 million in repayments year-to-date—IAMGOLD’s board approved a share buyback for up to 10% of its outstanding shares, to be executed over twelve months pending regulatory approval. This initiative will be funded by operating cash flow after the final repayment of second lien notes, underscoring management’s conviction in the company’s long-term value.

Côté Gold Drives Operational Performance Despite Cost Pressures

The record performance at Côté Gold in Q3 resulted from mining and milling improvements: ore tonnes mined climbed 21%, mill throughput grew 83% year-over-year, and plant recoveries set a record at 94%. Although cash cost and AISC at Côté edged above guidance due to higher royalties linked to gold price and temporary supplementary crushing, ongoing improvements—including installation of a secondary crusher—are expected to reduce costs and optimize plant efficiency into 2026.

Essakane and Westwood: Production Headwinds but Strategic Progress

Essakane contributed 92,000 attributable ounces in the quarter. Costs rose following royalty rate increases tied to high gold prices and currency appreciation, with cash cost and AISC finishing at $1,737 and $1,914 per ounce, respectively. Notably, Essakane declared a record $855 million dividend in June, unlocking over $680 million for IAMGOLD to be received in stages and supporting liquidity.

Westwood’s output of 23,000 ounces reflected lower-than-expected underground grades and increased cost per ounce, yet ongoing adjustments in stope design and blasting are set to enhance grade and throughput in the coming quarters.

Liquidity Position Strong Despite Elevated Capital Spend

As of September 30, 2025, IAMGOLD’s liquidity was $707.2 million, split between $314.3 million in cash and $391.9 million in available credit. Net debt improved to $813.2 million. Capital spending is forecast at $335 million for 2025 (±5%), heavily weighted to sustaining investments at Côté and Essakane. The successful drawdown on major debt balances strengthens IAMGOLD’s capacity to manage volatility or capitalize on new project opportunities.

Acquisitions Bolster Canadian Growth Pipeline

The recently announced acquisitions of Northern Superior and Orbec consolidate the Chibougamau region, creating the Nelligan Complex. This pre-production gold camp boasts a dominant 134,000-hectare land position and measured, indicated, and inferred resources that place IAMGOLD among Canada’s most prominent explorers. A centralized processing concept for multiple nearby deposits could further enhance capital efficiency and resource conversion over the medium term.

Looking Ahead: Growth, Efficiency, and Shareholder Returns in Focus

While IAMGOLD faces cost inflation pressures, particularly at Westwood and Essakane, its ability to ramp up output at Côté Gold, implement disciplined cost controls, and unlock value from exploration and buybacks points to a transformative phase for the company. Investors will be watching for the execution of production, continued debt reduction, and the roll-out of the share buyback program to see how IAMGOLD sustains its momentum into 2026.

Takeaway: IAMGOLD is combining record mine-site free cash flow, strategic Canadian growth, and a shareholder-focused buyback against a backdrop of strong gold prices. Investors looking for disciplined gold exposure may want to monitor further Côté optimization, progress on the Nelligan Complex, and how buybacks enhance per-share value.

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