IAMGOLD Hits Record Annual Production, Sets 2026 Guidance Amid Expansion Plans
2025 Delivers Record Output and Strength in Average Gold Prices
IAMGOLD Corporation announced that in 2025 it achieved record quarterly gold production at all three of its key operating mines—Côté Gold, Westwood, and Essakane—culminating in full-year attributable gold output of 765,900 ounces. This result sits at the midpoint of its guidance range, underscoring stable operations across the company's portfolio.
Driving this performance was Côté Gold’s first full year in operation, with 279,900 attributable ounces produced, reaching the top end of its guidance. Westwood contributed 113,900 ounces for the year, and Essakane delivered 372,100 attributable ounces, on track with expectations despite ownership changes mid-year.
Sales also kept pace: IAMGOLD sold 817,800 ounces at an average realized price of $3,480 per ounce in 2025, bolstered by Q4’s elevated gold pricing at $4,190 per ounce. Cost control remained a focus, with cash costs expected at the high end of $1,375–$1,475 per ounce and all-in sustaining costs (AISC) near the midpoint of $1,830–$1,930 per ounce.
Côté Gold Surpasses Start-Up Targets with Optimized Mill Performance
The Côté Gold mine, co-owned with Sumitomo Metal Mining Co. Ltd., not only hit its ramp-up targets early but also logged its highest-ever quarterly production at 87,200 attributable ounces in Q4. The operation set new internal records for ore tonnage, average grades, and recoveries, with upgrades such as an additional secondary crusher commissioned late in the year. With a full year behind it, Côté proved itself capable of stable, high-volume production and is primed for further expansion.
Westwood and Essakane Deliver Record Quarters, Meet Guidance
At Westwood, gold output hit a quarterly high of 37,900 ounces in Q4, buoyed by record underground mining volumes and high-grade stope extraction. Essakane mirrored the trend, setting its own Q4 production record at 117,300 attributable ounces, supported by higher head grades and robust mill throughput.
| Mine | 2025 Attrib. Production (oz) | Q4 2025 Production (oz) | Mill Feed Grade (g/t) | Gold Recovery (%) |
|---|---|---|---|---|
| Côté Gold | 279,900 | 87,200 | 1.44 | 94 |
| Westwood | 113,900 | 37,900 | 4.21 | 93 |
| Essakane | 372,100 | 117,300 | 1.50 | 88 |
2026 Guidance Highlights Higher Efficiency and Cost Stability
Looking to 2026, IAMGOLD expects attributable production between 720,000 and 820,000 ounces, keeping operations steady at Côté as it prepares for expansion. Costs (excluding royalties) are pegged at $1,100–$1,250 per ounce; with royalties based on $4,000 gold, total cash costs could range $1,425–$1,575 per ounce, and AISC could reach $2,000–$2,150. Capital spending will rise as Côté’s expansion advances, with $160 million earmarked for sustaining capital and $85 million for expansion at that site alone.
| 2026 Guidance | Consolidated | Côté Gold | Westwood | Essakane |
|---|---|---|---|---|
| Attributable Gold Production (koz) | 720–820 | 270–310 | 110–130 | 340–380 |
| Cash Costs (Including Royalties, $/oz) | $1,425–$1,575 | $1,200–$1,350 | $1,500–$1,650 | $1,600–$1,750 |
| AISC ($/oz) | $2,000–$2,150 | $1,775–$1,925 | $1,950–$2,100 | $2,000–$2,150 |
| Sustaining Capex ($M) | $380 | $160 | $55 | $165 |
Expansion, Exploration, and Capital Allocation Define 2026 Outlook
The company is putting $120 million (±5%) into expansion projects, largely focused on growing the Côté pit and advancing infrastructure for future capacity gains. Meanwhile, Nelligan Complex in Quebec stands out as an exploration priority, with a sharply increased budget of $25 million aimed at growing its already significant resource base of 3.7 million Measured and Indicated ounces and 8 million Inferred ounces.
IAMGOLD’s guidance also shows sensitivity to gold prices through royalty structures. Each $500 change in gold price per ounce modifies consolidated royalty costs by approximately $55 per ounce, spotlighting the operational leverage and risks in the current commodity environment.
| Gold Price ($/oz) | Consolidated Royalty ($/oz) | Côté Royalty ($/oz) | Essakane Royalty ($/oz) |
|---|---|---|---|
| $3,500 | $270 | $245 | $350 |
| $4,000 | $325 | $300 | $450 |
| $4,500 | $390 | $340 | $540 |
| $5,000 | $440 | $385 | $600 |
Takeaway: Focus on Cost, Growth, and Exploration
IAMGOLD’s 2025 numbers showcase a company operating near peak efficiency with new assets performing strongly and mature mines delivering stable production. For 2026, the story shifts towards preparation for the future: optimizing unit costs at Côté, embracing capital discipline ahead of expansion, and exploring new horizons at Nelligan. The company appears positioned for both near-term cash generation and long-term growth as gold prices remain strong and capital spending gears up for the next phase.
Investors watching IAMGOLD may want to keep an eye on cost performance through 2026 and the progress of exploration and expansion studies due later in the year. With key production targets met, the upcoming year’s results will further test the company’s strategy to stabilize, optimize, and grow its gold portfolio.
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