Copper Giant Resources Corp. press release
IAMGOLD Reports Fourth Quarter and Year-End 2025 Results
TSXV - TSX Venture Exchange · Copper · Molybdenum · Gold · Silver · Zinc · Lead · Canada
IAMGOLD Reports Fourth Quarter and Year-End 2025 Results
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - February 17, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the fourth quarter and year ended December 31, 2025. Preliminary operating results for the fourth quarter and year ended 2025, alongside operating guidance estimates for 2026, were previously disclosed on January 19, 2026.
"I would like to congratulate the teams across IAMGOLD for another year of strong and safe operating performance," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "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 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 on its strategy to de-lever the balance sheet and deliver value to shareholders through the share buyback program which has purchased approximately $100 million in IAMGOLD shares since being deployed in December."
"Looking ahead, 2026 will be very exciting for IAMGOLD, as we continue to grow the value of our assets while demonstrating a commitment to operational excellence and discipline. Our share buyback program will continue this year, with a direct link to the cashflows generated by Essakane as a base of the program. At Côté, operations will prioritize unit cost improvement through optimized mining, milling and maintenance practices to position the project for the upcoming expansion. The details of the expansion and mine plan will be released in the fourth quarter and will outline an increase to the plant throughput targeting the Côté and Gosselin deposits together as a single pit based on a subset of the growing global resource base. Finally, we are excited to further advance our organic growth pipeline with a comprehensive drill program at our newly consolidated Nelligan Complex, which is already establishing itself as among the largest pre-production projects in Canada."
HIGHLIGHTS:
Operating and Financial
Attributable gold production for the fourth quarter was 242,400 ounces and 765,900 ounces for the year, achieving the mid-point of the Company's 2025 production guidance of 735,000 to 820,000 ounces, following record quarterly production at all of its operations, including at Côté Gold which achieved the top end of its guidance target.
Côté produced a record 87,200 attributable ounces (124,600 ounces | 100%) in the fourth quarter, and 279,900 attributable ounces (399,800 ounces | 100%) for the full year, achieving the top end of the attributable 2025 production guidance range of 250,000 to 280,000 ounces (360,000 to 400,000 ounces | 100%).
Westwood produced a record 37,900 ounces in the fourth quarter and 113,900 ounces for the full year, below the bottom end of the 2025 guidance range of 125,000 to 140,000 ounces.
Essakane produced 117,300 attributable ounces (a record 138,100 ounces | 100%) in the fourth quarter and 372,100 attributable ounces (427,200 ounces | 100%) for the full year, exceeding the mid-point of the production guidance range on a 100% basis.
Revenues in the fourth quarter totaled $1,088.1 million from sales of 259,000 ounces at an average realized gold price of $4,191 per ounce1. For the year, revenues were $2,852.8 million from sales of 817,800 ounces at an average realized gold price of $3,482 per ounce1. The average realized gold price for the year ended 2025, excluding the impact of the 2024 gold prepay arrangement, was $3,549 per ounce.
Cost of sales per ounce sold was $1,374 for the fourth quarter and $1,489 for the year.
Cash cost1 per ounce sold, excluding royalties, was $1,031 for the fourth quarter and $1,230 for the year.
Cash cost1 per ounce sold, including royalties, was $1,367 for the fourth quarter and $1,484 for the year, compared to the guidance range of $1,375 to $1,475.
AISC1 per ounce sold was $1,750 for the fourth quarter and $1,900 for the year, within the guidance range of $1,830 to $1,930.
Net earnings and adjusted net earnings attributable to equity holders1 was $406.6 million and $405.8 million for the fourth quarter, and $664.4 million and $709.2 million for the year, respectively.
Net earnings and adjusted net earnings per share attributable to equity holders1 of $0.70 and $0.70 for the fourth quarter, respectively; for the year, net earnings and adjusted net earnings per share attributable to equity holders1 of $1.16 and $1.23 respectively.
Net cash from operating activities was $701.7 million for the fourth quarter, and $1,142.6 million for the year. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $691.6 million for the fourth quarter and $1,204.4 million for the year.
Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 was $685.5 million for the fourth quarter and $1,502.9 million for the year, and Adjusted EBITDA1 was $710.1 million for the fourth quarter and $1,550.5 million for the year.
Record mine-site free cash flow1 of $626.6 million for the fourth quarter and $1,199.0 million for the year, including attributable mine-site free cash flow from Côté of $197.0 million for the fourth quarter.
The Company has available liquidity1 of $868.6 million, mainly comprised of cash and cash equivalents of $421.9 million and the available balance of the revolving credit facility ("Credit Facility") of $445.7 as at December 31, 2025. Net debt was $344.4 million at December 31, 2025, a reduction of $514.9 million during the year.
In health and safety, for the year ended December 31, 2025, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.60 for the year, tracking below the prior year performance. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents.
2026 Outlook
Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces, as operations at Côté Gold focus on sustainable operations at nameplate operating rates ahead of the technical report outlining the expansion plans which is expected to be announced in the fourth quarter 2026.
Cash costs1, excluding royalties, are expected to average $1,100 to $1,250 per ounce sold. With the current strong gold price environment, royalties account for an average of approximately $325 per ounce sold - based on a gold price assumption for 2026 of $4,000 per ounce. Cash costs1, including royalties, are expected to average $1,425 to $1,575 per ounce sold.
Mineral Reserves and Resources Update
On February 17, 2026, IAMGOLD announced its updated Mineral Reserves and Resources statement as of December 31, 2025.
Proven and Probable ("P&P") Mineral Reserves (100% basis) total 9.9 million ounces of gold in 279.6 million tonnes ("Mt") at 1.10 g/t Au (7.5 million ounces attributable). P&P Mineral Reserves decreased 7%, or 796,000 ounces, from the prior year, primarily due to depletion at Côté Gold and Essakane partially offset by an increase in Mineral Reserves at Westwood.
Measured and Indicated ("M&I") Mineral Resources (100% basis) increased 16% to 31.0 million ounces of gold in 1.0 billion tonnes ("Bt") at 0.94 g/t Au (24.6 million ounces attributable). The increase was primarily associated with the conversion of Inferred Mineral Resources in the Gosselin deposit at Côté Gold and Nelligan deposit, coupled with the inclusion of the Philibert and Chevrier deposits as part of the Northern Superior transaction towards the end of the year.
Corporate
Allocated $400 million of free cash flows generated in the fourth quarter to repay the remaining balance of $300 million of the second lien term loan, repay $50 million of the Credit Facility and purchased 3 million shares for $50 million as part of the share buyback program. Subsequent to quarter end, the Company has purchased an additional 2.6 million shares for $50 million. Essakane's attributable free cash flow for 2026 is expected to be approximately $400 to $500 million at a $4,000 per ounce gold price. The Company intends to use this free cash flow to repurchase shares under its share buyback program as the cash is generated and repatriated from Essakane over the course of 2026.
$291 million of cash was repatriated from Essakane in the fourth quarter and an additional $171 million subsequent to quarter end, using the new structure that enables payments to be made at any time of the year based on the cash generated in excess of working capital requirements by Essakane.
Consolidation of Nelligan Mining Complex with the closing of the previously announced acquisitions of all of the issued and outstanding shares of each of Northern Superior Resources Inc. ("Northern Superior") and Mines d'Or Orbec Inc. ("Orbec") by way of a plan of arrangement on December 19, 2025, and December 22, 2025, respectively. The transactions consolidated the Chibougamau region with a dominant land position of approximately 134,000 hectares. The Northern Superior acquisition with the Philibert, Chevrier and Croteau projects together with Orbec acquisition with the Muus project are combined with IAMGOLD's Nelligan and Monster Lake Projects (together, the "Nelligan Mining Complex"). The newly combined assets, together, rank as one of the largest pre-production gold camps in Canada with Measured and Indicated Mineral Resources of 4.3 million ounces ("Moz Au") and Inferred Mineral Resources of 7.5 Moz Au. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.
QUARTERLY REVIEW
For more details and the Company's overall outlook for 2026, see "Outlook", and for individual mines performance, see "Operations". The following table summarizes certain operating and financial results for the three months ended December 31, 2025 (Q4 2025), December 31, 2024 (Q4 2024) and the years ended December 31 for 2025, 2024 and 2023.
Q4 2025
Q4 2024
2025
2024
2023
Key Operating Statistics
($ millions)
Gold production - attributable (000s oz)
242.4
176.7
765.9
666.5
465.0
- Côté Gold1
87.2
62.4
279.9
124.0
-
- Westwood
37.9
34.6
113.9
133.7
93.4
- Essakane2
117.3
79.7
372.1
408.8
371.6
Gold sales - attributable (000s oz)
238.9
176.5
763.7
653.7
462.1
- Côté Gold1
87.7
55.8
283.6
111.1
-
- Westwood
37.1
36.7
113.6
133.9
90.2
- Essakane2
114.1
84.0
366.5
408.7
371.9
Cost of sales3 ($/oz sold) $1,374
$1,298
$1,489
$1,156
$1,291
- Côté Gold1$1,271
$1,083
$1,272
$1,035
$-
- Westwood$1,307
$1,155
$1,547
$1,177
$1,600
- Essakane2$1,475
$1,504
$1,640
$1,182
$1,216
Cash costs4 - excluding royalties ($/oz sold) $1,031
$1,138
$1,230
$1,007
$1,158
- Côté Gold1$949
$902
$1,020
$875
$-
- Westwood$1,288
$1,148
$1,530
$1,164
$1,588
- Essakane2$1,011
$1,291
$1,300
$991
$1,053
Cash costs4 ($/oz sold) $1,367
$1,294
$1,484
$1,152
$1,261
- Côté Gold1$1,265
$1,080
$1,268
$1,032
$-
- Westwood$1,288
$1,148
$1,530
$1,167
$1,591
- Essakane2$1,471
$1,501
$1,636
$1,179
$1,181
AISC4 ($/oz sold) $1,750
$1,949
$1,900
$1,716
$1,783
- Côté Gold1$1,688
$1,685
$1,636
$1,658
$-
- Westwood$1,719
$1,688
$2,117
$1,702
$2,344
- Essakane2$1,674
$2,118
$1,888
$1,625
$1,521
Average realized gold price4,5 ($/oz)$4,191
$2,525
$3,482
$2,330
$1,955
Attributable portion for Côté Gold is based on IAMGOLD's ownership of 70%. Prior to November 30, 2024, IAMGOLD's attributable portion was 60.3%. See "Operations - Côté Gold, Canada" for more details.
IAMGOLD's Essakane ownership interest decreased from 90% to 85% effective June 20, 2025. See "Operations - Essakane, Burkina Faso" for more details. The attributable portion for Essakane is presented as 90% for the first half of 2025 and 85% for the second half of 2025 throughout this MD&A.
Throughout this MD&A, cost of sales, excluding depreciation, and cost of sales, excluding depreciation and royalties are disclosed in the segment note in the consolidated financial statements.
Refer to the "Non-GAAP Financial Measures" disclosure at the end of this MD&A for a description and calculation of these measures.
All prepay delivery obligations were completed by the end of the second quarter 2025. The average realized gold price for the year ended 2025, excluding the impact of the 2024 prepay arrangement.
Q4 2025
Q4 2024
2025
2024
2023
Financial Results
($ millions)
Revenues$1,088.1
$469.9
$2,852.8
$1,633.0
$987.1
Gross profit$593.6
$130.9
$1,206.2
$549.9
$124.1
EBITDA1$685.5
$259.5
$1,502.9
$1,323.0
$381.0
- Continuing operations$685.5
$259.5
$1,502.9
$1,323.0
$366.6
- Discontinued operations$-
$-
$-
$-
$14.4
Adjusted EBITDA1$710.1
$215.4
$1,550.5
$780.6
$338.5
- Continuing operations$710.1
$215.4
$1,550.5
$780.6
$315.1
- Discontinued operations$-
$-
$-
$-
$23.4
Net earnings (loss) attributable to equity holders$406.6
$86.2
$664.4
$819.6
$94.3
- Continuing operations$406.6
$86.2
$664.4
$819.6
$88.7
- Discontinued operations$-
$-
$-
$-
$5.6
Adjusted net earnings (loss) attributable to equity holders1$405.8
$57.2
$709.2
$296.0
$59.3
- Continuing operations$405.8
$57.2
$709.2
$296.0
$44.7
- Discontinued operations$-
$-
$-
$-
$14.6
Net earnings (loss) per share attributable to equity holders $0.70
$0.15
$1.16
$1.52
$0.18
Adjusted net earnings (loss) per share attributable to equity holders1 $0.70
$0.10
$1.23
$0.55
$0.09
Net cash from operating activities before changes in working capital1 - continuing operations$691.6
$127.2
$1,204.4
$600.4
$158.9
Net cash from operating activities$701.7
$102.6
$1,142.6
$486.0
$159.4
- Continuing operations$701.7
$102.6
$1,142.6
$486.0
$144.0
- Discontinued operations$-
$-
$-
$-
$15.4
Mine-site free cash flow1$626.6
$78.2
$1,199.0
$385.1
$54.1
- Continuing operations$626.6
$78.2
$1,199.0
$385.1
$48.2
- Discontinued operations$-
$-
$-
$-
$5.9
Capital expenditures1,2 - sustaining $74.7
$93.6
$274.7
$290.8
$200.3
Capital expenditures1,2 - expansion$8.0
$7.4
$32.6
$196.1
$656.8
December 31
December 31
December 31
2025
2024
2023
Financial Position ($ millions)
Cash and cash equivalents$421.9
$347.5
$367.1
Long-term debt$649.8
$1,028.9
$830.8
Net cash (debt)1$(344.4)$(859.3)$(649.5)
Available Credit Facility$445.7
$418.5
$387.0
Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.
Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use assets and working capital impacts.
OUTLOOK
Production (000 oz)
Actual 2025Full Year Guidance 2026
Côté Gold - (70%)279.9270 - 310
Westwood - (100%)113.9110 - 130
Essakane - (90% H1 2025 | 85% - H2 2025 and thereafter)372.1340 - 380
Total attributable production (000s oz)765.9720 - 820
Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces, as operations at Côté Gold focus on sustainable operations at nameplate operating rates ahead of the technical report outlining the expansion plans which is expected to be announced in the fourth quarter 2026. For further details, refer to the "Operations" section of each mine below.
The attributable guidance for Essakane is estimated according to IAMGOLD's 85% ownership interest. See "Operations - Essakane, Burkina Faso" for more details.
Costs
Actual 2025Full Year Guidance 2026
Côté Gold
Cash costs - excluding royalties ($/oz sold)$1,020$900 - $1,050
Cash costs - including royalties ($/oz sold)$1,268$1,200 - $1,350
AISC ($/oz sold)$1,636$1,775 - $1,925
Westwood
Cash costs ($/oz sold)$1,530$1,500 - $1,650
AISC ($/oz sold)$2,117$1,950 - $2,100
Essakane
Cash costs - excluding royalties ($/oz sold)$1,300$1,150 - $1,300
Cash costs - including royalties ($/oz sold) $1,636$1,600 - $1,750
AISC ($/oz sold)$1,888$2,000 - $2,150
Consolidated
Cost of sales1 ($/oz sold)$1,489$1,425 - $1,575
Cash costs1,2 - excluding royalties ($/oz sold)$1,230$1,100 - $1,250
Cash costs1,2 - including royalties ($/oz sold)$1,484$1,425 - $1,575
AISC1,2 ($/oz sold)$1,900$2,000 - $2,150
Consists of Côté Gold and Westwood on an attributable basis of 70% and 100%, respectively, and an attributable basis of 90% at Essakane for the first half of 2025 and 85% thereafter.
This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
Cash costs on a consolidated basis, excluding royalties, are expected to be in the range of $1,100 to $1,250 per ounce sold. With the current strong gold price environment, royalties account for an average of approximately $325 per ounce sold - based on a gold price assumption for 2026 of $4,000 per ounce. Cash costs, including royalties, are expected to average $1,425 to $1,575 per ounce sold. AISC for IAMGOLD are expected to be in the range of $2,000 and $2,150 per ounce sold.
The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel. For expected impacts from fluctuation in these assumptions, refer to the Sensitivity Impact table included in the "Financial Condition" section.
Royalty Sensitivities
$ per ounce sold
Gold PriceConsolidatedCôté GoldEssakane
$3,500$270$245$350
$4,000 (guidance price)$325$300$450
$4,500$390$340$540
$5,000$440$385$600
Capital Expenditures
Actual 20251 Full Year Guidance 20262
($ millions)
Sustaining
Expansion
Total
Sustaining
Expansion
Total
Côté Gold (IMG share)$103.8
$23.7
$127.5
$160
$85
$245
Westwood
63.9
1.5
65.4
55
30
85
Essakane
106.9
7.4
114.3
165
5
170
$274.6
$32.6
$307.2
$380
$120
$500
Corporate
0.1
-
0.1
-
-
-
Total3$274.7
$32.6
$307.3
$380
$120
$500
100% basis, for Westwood and Essakane, 70% for Côté Gold, all on an incurred basis.
Capital expenditures guidance (±5%).
Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold, on an attributable basis, is expected to total $160 million ±5%, an increase from the prior year due to additional non-recurring plant and infrastructure design changes and improvements identified during the ramp-up to optimize operations and operating costs.
Expansion capital expenditures are expected to total $120 million ±5% in 2026. The Company intends to accelerate spending to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining.
Exploration Outlook
Actual 2025
Full Year Guidance 2026
($ millions)
Capitalized
Expensed
Total
Capitalized
Expensed
Total
Exploration projects - greenfield$0.2
$22.0
$22.2
$11
$34
$45
Exploration projects - brownfield
10.8
2.1
12.9
7
2
9
$11.0
$24.1
$35.1
$18
$36
$54
Exploration expenditures for 2026 are expected to be approximately $54 million, the majority of which will be expensed. The largest exploration spend in 2026 is expected to be the Nelligan complex of approximately $24 million including the construction of certain infrastructure to support an expanding program, Côté Gold of approximately $5 million attributed to IAMGOLD, and Essakane at approximately $6 million.
Income Taxes Paid and Depreciation Outlook
($ millions)Actual 2025Full Year Guidance 2026
Depreciation expense $420.9$480 (±5%)
Income taxes paid $171.5$205 - $215
The Company expects to pay cash taxes in the range of $205 to $215 million during 2026. Cash tax payments do not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments for the current year, both required to be made at times as prescribed by different countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes ("GloBE").