IAMGOLD Reports Fourth Quarter and Year-End 2025 Results
Rhea-AI Summary
IAMGOLD (NYSE: IAG) reported strong fourth-quarter and full-year 2025 results: adjusted EBITDA $710.1M Q4 and $1,550.5M for 2025, revenues of $1,088.1M Q4 and $2,852.8M for 2025, and attributable production of 765,900 oz for the year. The company reduced net debt to $344.4M and held available liquidity of $868.6M.
IAMGOLD continued share repurchases (approximately $100M since December and additional purchases post-quarter), repaid debt, and updated Mineral Reserves and Resources as of December 31, 2025.
Positive
- Adjusted EBITDA of $1,550.5M for 2025
- Record mine-site free cash flow of $1,199.0M for 2025
- Attributable production of 765,900 oz in 2025 (mid-point of guidance)
- Net debt reduced by $514.9M to $344.4M at year-end
Negative
- Proven & Probable reserves down 7% (796,000 oz) to 9.9 Moz (100% basis)
- Westwood 2025 attributable production 113,900 oz, below 2025 guidance range (125,000–140,000 oz)
- Essakane ownership reduced to 85% effective June 20, 2025, lowering attributable interest
Key Figures
Market Reality Check
Peers on Argus
IAG fell -3.79% while key gold peers were mostly positive: BTG +0.57%, NGD +1.03%, EGO +2.12%, OR +3.5%, with only EQX -1.25%. Momentum scanner shows one peer (SSRM) up strongly, reinforcing a stock-specific reaction.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Reserves/resources update | Neutral | -3.8% | Updated 2025 reserves with M&I growth but lower P&P due to depletion. |
| Dec 22 | Acquisition closing | Positive | +0.9% | Closed Orbec deal adding Muus to newly formed Nelligan Mining Complex. |
| Dec 19 | Acquisition closing | Positive | +4.2% | Completed Northern Superior acquisition, expanding Nelligan Mining Complex scale. |
| Dec 09 | Debt reduction/NCIB | Positive | +1.8% | Fully repaid $130M term loan and obtained approval for large NCIB. |
| Nov 04 | Earnings results | Positive | -4.9% | Strong Q3 2025 production and EBITDA with higher costs and guidance detail. |
Recent history shows mixed reactions: several clearly positive updates (debt reduction, acquisitions, Q3 earnings) saw both rallies and selloffs, indicating that strong fundamentals have not consistently translated into immediate price gains.
Over the last six months, IAMGOLD has progressed from ramping production and strengthening its balance sheet to consolidating a major exploration camp. Q3 2025 earnings featured rising production and EBITDA alongside elevated costs. Subsequent news highlighted full repayment of a term loan and approval of a sizable share repurchase plan, then two acquisitions forming the Nelligan Mining Complex. A February 17, 2026 reserve and resource update showed higher Measured & Indicated resources but lower Proven & Probable reserves, framing today’s full-year 2025 results within an expanding, but evolving, asset base.
Market Pulse Summary
This announcement details record 2025 performance for IAMGOLD, with revenues of $2,852.8M, adjusted EBITDA of $1,550.5M, and attributable production of 765,900 oz, alongside AISC of $1,900/oz. Management emphasized balance sheet improvement, reducing net debt to $344.4M and launching a buyback program. Investors may focus on how 2026 production and cost guidance compares with these results, execution of planned Côté expansion, and the integration and exploration progress across the enlarged Nelligan Mining Complex, given the updated reserves and resources framework.
Key Terms
ebitda financial
adjusted ebitda financial
aisc financial
revolving credit facility financial
mineral reserves technical
mineral resources technical
AI-generated analysis. Not financial advice.
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
"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 a100% 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 t o$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 t o$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 t o$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 t o$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 decreased7% , 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) increased16% 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 t o$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 was60.3% . See "Operations - Côté Gold, Canada" for more details. - IAMGOLD's Essakane ownership interest decreased from
90% to85% effective June 20, 2025. See "Operations - Essakane, Burkina Faso" for more details. The attributable portion for Essakane is presented as90% for the first half of 2025 and85% 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 2025 | Full Year Guidance 2026 | ||
| Côté Gold - ( | 279.9 | 270 - 310 | |
| Westwood - ( | 113.9 | 110 - 130 | |
| Essakane - ( | 372.1 | 340 - 380 | |
| Total attributable production (000s oz) | 765.9 | 720 - 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
Costs
| Actual 2025 | Full Year Guidance 2026 | ||
| Côté Gold | |||
| Cash costs - excluding royalties ($/oz sold) | |||
| Cash costs - including royalties ($/oz sold) | |||
| AISC ($/oz sold) | |||
| Westwood | |||
| Cash costs ($/oz sold) | |||
| AISC ($/oz sold) | |||
| Essakane | |||
| Cash costs - excluding royalties ($/oz sold) | |||
| Cash costs - including royalties ($/oz sold) | |||
| AISC ($/oz sold) | |||
| Consolidated | |||
| Cost of sales1 ($/oz sold) | |||
| Cash costs1,2 - excluding royalties ($/oz sold) | |||
| Cash costs1,2 - including royalties ($/oz sold) | |||
| AISC1,2 ($/oz sold) |
- Consists of Côté Gold and Westwood on an attributable basis of
70% and100% , respectively, and an attributable basis of90% at Essakane for the first half of 2025 and85% 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
The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average realized gold price of
Royalty Sensitivities
| $ per ounce sold | ||||
| Gold Price | Consolidated | Côté Gold | Essakane | |
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
$7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
Sustaining capital expenditures are expected to be approximately
Expansion capital expenditures are expected to total
Exploration Outlook
| Actual 2025 | Full Year Guidance 2026 | |||||||||||||||||
| ($ 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
Income Taxes Paid and Depreciation Outlook
| ($ millions) | Actual 2025 | Full Year Guidance 2026 | |
| Depreciation expense | |||
| Income taxes paid |
The Company expects to pay cash taxes in the range of
Depreciation expense for 2026 is expected to be
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices, in every aspect of its business. The Company tracks its ESG performance to understand progress and achievements across a range of material topics and indicators and draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative and Sustainability Accounting Standards Board to guide its Sustainability Report:
On May 6, 2025, the Company released its annual Sustainability Report, outlining the Company's 2024 sustainability performance.
On December 16, 2025, the Company released its 2024 Scope 3 Emissions Report. As a member of the Mining Association of Canada ("MAC"), the Company participates in the Towards Sustainable Mining ("TSM") initiative at its Westwood operation, as well as internationally at Essakane (Burkina Faso), which exceeds MAC's requirements of reporting only on Canadian operations. The Company conducted internal assessments of the 2024 TSM results for the Westwood and Essakane mines that were also externally verified and achieved an 'A' level or higher for all indicators within all protocols. The 2025 self-assessment reported improvement on some indicators.
In 2025, the Company set and achieved most of its ESG targets related to health and safety; equity, diversity, and inclusion; and environment, including:
Integration of Critical Risk Management into operational processes including the development of a control verification tool,
Embed cost of carbon into decision-making processes,
Advance the catchment-based Water Framework at sites through the development of roadmaps, and
Zero significant environmental and community incidents.
Health and Safety
IAMGOLD's TRIFR was 0.60 as of December 31, 2025, compared to 0.63 as of December 31, 2024. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents. This includes the integration of contractors in the critical risk management program. The Company continues to track a range of leading indicators around critical risk management, contractor management, and incident investigation quality.
Environmental
In 2025, the Company's key environmental focus areas were water and biodiversity. Building on the water stewardship framework developed in 2024, activities during the year focused on advancing initiatives identified in site-level water roadmaps, developing water performance scorecards, and re-assessing each operation's maturity against the Company's water stewardship framework. Following the establishment of the corporate biodiversity roadmap in 2024, the Company initiated work in 2025 on the development of site-specific regional biodiversity strategies. The Company also initiated work on determining a value of carbon approach for incorporating carbon considerations into decision-making.
The Company's three operating sites all have closure plans filed with the authorities supported by associated financial assurance to secure future restoration funds. In 2025, work to update each closure plan was undertaken to reflect current disturbance conditions and restoration concepts.
Essakane has been certified ISO 14001 for many years and conducted a management review of its environmental management system. The site continued to run an environmental 'stop incident' campaign to educate and empower employees to recognize and respond to environmental risks.
Westwood completed the pilot water recycling projects to reduce water withdrawal from the Bousquet River, and full-scale implementation is planned for 2026.
There were zero significant environmental or community incidents reported during 2025.
Social Performance
Throughout 2025, each operation continued to engage with their communities of interest and support community investment initiatives.
At Essakane, key engagements and activities included discussions on economic, social, security, and resettlement topics. In the fourth quarter 2024, IAMGOLD partnered with Project CURE to deliver two 40-foot containers of medical supplies to seven health centers in the Dori and Gorom-Gorom districts. After a needs assessment, IAMGOLD committed to funding two additional containers and four containers will be distributed in 2026 - three funded by IAMGOLD and one by Resource Capital Funds Foundation.
At Côté Gold, the Company hosted site tours with both elected local municipal and provincial officials, as well as Indigenous partner communities to share information about the mine and IAMGOLD's approach to responsible mining. The Company maintained ongoing communication with our neighbouring First Nation communities, local land users, communities' groups and government agencies through meetings, email, social media and school presentations.
At Westwood, the team continued to meet with Abitibiwinni First Nation related to the negotiation of an Impact Benefit Agreement.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada's Calls to Action1, IAMGOLD launched a company-wide initiative in the first quarter 2025, that will help the Company articulate how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company's experiences and reflects its values. This work will lead to the creation of a coherent vision for reconciliation and a roadmap to help guide the Company's actions as an organization. During the fourth quarter 2025, IAMGOLD continued its work, supported by an Indigenous-owned business, to define a five-year plan for action in support of reconciliation.
Equity, Diversity and Inclusion
IAMGOLD includes annual objectives to support its efforts in integrating Equity, Diversity and Inclusion ("EDI") into the strategy and corporate scorecard, for the annual objectives, and tracks EDI metrics in site and corporate reports for visibility and measurement. IAMGOLD's executive leadership team has a
OPERATIONS
Côté Gold Mine (IAMGOLD interest -
| Q4 2025 | Q4 2024 | 2025 | 2024 | |||||||||
| Key Operating Statistics ( | ||||||||||||
| Ore mined (000s t) | 4,514 | 3,637 | 14,640 | 10,849 | ||||||||
| Grade mined (g/t) | 1.04 | 1.07 | 0.94 | 0.97 | ||||||||
| Operating waste mined (000s t) | 6,555 | 4,765 | 24,830 | 16,666 | ||||||||
| Capital waste mined (000s t) | 12 | 2,445 | 5,638 | 11,821 | ||||||||
| Total material mined (000s t) | 11,081 | 10,847 | 45,108 | 39,336 | ||||||||
| Strip ratio1 | 1.5 | 2.0 | 2.1 | 2.6 | ||||||||
| Ore milled (000s t) | 2,874 | 2,433 | 10,889 | 4,948 | ||||||||
| Head grade (g/t) | 1.44 | 1.34 | 1.22 | 1.37 | ||||||||
| Recovery (%) | 94 | 91 | 93 | 92 | ||||||||
| Gold production (000s oz) - | 124.6 | 96.1 | 399.8 | 199.1 | ||||||||
| Gold production (000s oz) - attributable | 87.2 | 62.4 | 279.9 | 124.0 | ||||||||
| Gold sales (000s oz) - | 127.8 | 87.4 | 407.7 | 179.4 | ||||||||
| Gold sales (000s oz) - attributable | 87.7 | 55.8 | 283.6 | 111.1 | ||||||||
| Average realized gold price2,3 ($/oz) | $ | 4,212 | $ | 2,644 | $ | 3,572 | $ | 2,555 | ||||
| Financial Results ($ millions - attributable interest) | ||||||||||||
| Revenues4 | $ | 370.4 | $ | 147.9 | $ | 1,014.4 | $ | 284.3 | ||||
| Cost of sales4 | 111.7 | 60.6 | 360.8 | 115.0 | ||||||||
| Production costs | 80.5 | 52.8 | 286.7 | 107.2 | ||||||||
| (Increase)/decrease in finished goods | 3.4 | (2.1 | ) | 3.6 | (9.6 | ) | ||||||
| Royalties5 | 27.8 | 9.9 | 70.5 | 17.4 | ||||||||
| Cash costs2 | 111.1 | 60.4 | 359.6 | 114.7 | ||||||||
| Sustaining capital expenditures2 | 30.7 | 25.6 | 103.8 | 42.7 | ||||||||
| Expansion capital expenditures2 | 5.7 | 5.4 | 23.7 | 191.0 | ||||||||
| Total sustaining and expansion capital expenditures2 | 36.4 | 31.0 | 127.5 | 233.7 | ||||||||
| Earnings from operations | 203.0 | 44.2 | 464.6 | 105.6 | ||||||||
| Mine-site free cash flow2 | 197.0 | 16.9 | 484.1 | 40.2 | ||||||||
| Unit costs per tonne2 | ||||||||||||
| Mine costs per operating tonne mined2 | $ | 4.72 | $ | 4.19 | $ | 4.20 | $ | 3.90 | ||||
| Mill costs per tonne milled2 | $ | 20.91 | $ | 17.59 | $ | 20.00 | $ | 17.32 | ||||
| G&A costs per tonne milled2 | $ | 7.62 | $ | 7.35 | $ | 6.97 | $ | 8.49 | ||||
| Operating costs per ounce6 | ||||||||||||
| Cost of sales excluding depreciation ($/oz sold) | $ | 1,271 | $ | 1,083 | $ | 1,272 | $ | 1,035 | ||||
| Cash costs2 - excluding royalties ($/oz sold) | $ | 949 | $ | 902 | $ | 1,020 | $ | 875 | ||||
| Cash costs2 ($/oz sold) | $ | 1,265 | $ | 1,080 | $ | 1,268 | $ | 1,032 | ||||
| AISC2 ($/oz sold) | $ | 1,688 | $ | 1,685 | $ | 1,636 | $ | 1,658 |
- Strip ratio is calculated as waste mined divided by ore mined.
- This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
- Average gold price realized on the attributable portion of sales excludes the impact of gold delivered into prepayment arrangements.
- As per note 35 of the consolidated financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
- Includes the
7.5% gross margin royalty and various net smelter return royalties. - Cost of sales, cash costs excluding royalties cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
Operations
In its first full year of operations, Côté's attributable production was 279,900 ounces (399,800 ounces |
Attributable gold production in the fourth quarter 2025 was a record 87,200 ounces (124,600 ounces |
Mining activity totaled 11.1 million tonnes in the fourth quarter 2025. Ore tonnes mined increased to a record 4.5 million tonnes, or
Mill throughput in the fourth quarter 2025 totaled 2.9 million tonnes, an increase of
Head grade for the fourth quarter was a record 1.44 g/t as a result of the combination of higher grade direct feed ore, a low strip ratio over the quarter and stockpiling of lower grade ore. Recoveries in the plant averaged a record
Financial Performance (attributable basis)
Revenue and cost of sales for the year are recognized at
Production costs were
Mining costs averaged
$4.72 and$4.20 per tonne mined during the three and twelve months ended December 31, 2025, respectively. Mining costs in the fourth quarter continued to be impacted by the contractor aggregate crushing that increased rehandling and utilization of haul trucks. The impact is expected to reduce in 2026 as the contractor aggregate is phased out over the first half of 2026. Additional improvements to mining cost per tonne are expected through various measures including the continued transition to bulk mining, the improvement of the expected average life on haul truck tires and improving drilling practices to reduce the amount of redrilling required.Milling costs were
$20.91 and$20.00 per tonne milled during the three and twelve months ended December 31, 2025, respectively. Unit costs remained higher in the fourth quarter as the temporary aggregate crusher was used extensively during the integration and commissioning of the additional secondary crusher. Milling costs were also higher due to the expensing of certain capital spares in 2025 as the life of the spares is expected to be less than a year until the benefits from the installation of the second secondary crusher are realized. Unit costs are expected to decline over the course of 2026 as the contractor aggregate crushing is phased out over the first half of the year.G&A costs were
$7.62 and$6.97 per tonne milled during the three and twelve months ended December 31, 2025, respectively.
Cost of sales, excluding depreciation, during the three and twelve months ended December 31, 2025, totaled
Cash costs, excluding royalties, during the three and twelve months ended December 31, 2025, totaled
Royalties during the three and twelve months ended December 31, 2025, were
Cash costs during the three and twelve months ended December 31, 2025, totaled
AISC during the three and twelve months ended December 31, 2025, was
Capital expenditures, on a
Capital expenditures for the year, on a
Mine-site free cash flow was a record
2026 Outlook
Côté Gold attributable production in 2026 is expected to be in the range of 270,000 to 310,000 ounces (390,000 to 440,000 ounces |
Mining activities in 2026 are planning a total of approximately 52 million tonnes of material mined. This includes a large pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mill throughput is expected to average 36,000 tpd (nameplate) over the course of the year after the successful installation of the additional secondary crusher in the fourth quarter 2025. Plant head grades are expected to average between 1.00 g/t and 1.10 g/t. Gold production is expected to be higher in the second half of the year based on expected lower grades in the first half of the year followed by higher grades in the second half - as determined by the scheduled mine sequence.
Cash costs, excluding royalties, at Côté Gold are expected to be in the range of
Sustaining capital expenditures guidance for Côté Gold is approximately
Expansion capital of
Exploration
The Gosselin zone is located immediately to the northeast of the Côté zone. Following the completion of the expansion and delineation diamond drilling program in 2024, the 2025 drilling plan was to continue with diamond drilling activities aimed at increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category. A total of 45,000 metres was planned initially but this program was increased to approximately 53,750 metres for the year. Approximately 3,600 metres were completed in the fourth quarter 2025. In addition, approximately 5,550 metres tested the area to the north-east of the Gosselin zone.
The results of the Gosselin exploration program will be included in an updated Mineral Reserves and Mineral Resources estimate in the second quarter 2026 and will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a conceptual mine plan targeting both the Côté and Gosselin zones over the life of mine. This updated technical report is expected to be completed by the end of 2026.
Côté Zone Drilling
An infill drilling program of 20,000 metres was planned on the Côté zone which was initiated in the second quarter of 2025. Approximately 1,350 metres were completed in the fourth quarter 2025, for approximately 20,650 metres for the year. This infill drilling program was planned to improve resource confidence within the northeastern extension of the Côté deposit and convert Inferred Resources into the Indicated Resources category.
Mineral Resources and Reserves
Mineral Reserves decreased 301,000 ounces from the prior year period as updated estimates partially offset depletion (based on 10.9 Mt at 1.22 g/t for contained ounces of 428,100 ounces at
Côté Gold (Côté and Gosselin) Measured & Indicated Mineral Resources, inclusive of Mineral Reserves and on a
The 2025 drilling plan at Côté and Gosselin prioritized increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category. The program was increased to approximately 53,750 metres for the year at Gosselin. The results of the Gosselin drilling program will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a mine plan targeting both the Côté and Gosselin zones over the life of mine. (See news release dated February 17, 2025 titled "IAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025").
Funding Agreement with SMM
On December 19, 2022, the Company announced it had entered into the JV Funding and Amending Agreement with SMM, whereby SMM contributed the Company's funding obligations to the Côté Gold UJV and as a result, the Company transferred
On November 30, 2024, the Company exercised its right to repurchase the
Westwood Complex (IAMGOLD interest -
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| Key Operating Statistics | |||||||||||||||
| Underground lateral development (metres) | 891 | 1,086 | 3,856 | 4,591 | 5,271 | ||||||||||
| Ore mined (000s t) - underground | 105 | 98 | 382 | 354 | 280 | ||||||||||
| Ore mined (000s t) - open pit | 174 | 283 | 996 | 662 | 742 | ||||||||||
| Ore mined (000s t) - total | 279 | 381 | 1,378 | 1,016 | 1,022 | ||||||||||
| Grade mined (g/t) - underground | 9.87 | 9.65 | 7.55 | 9.19 | 7.11 | ||||||||||
| Grade mined (g/t) - open pit | 1.02 | 1.33 | 1.09 | 1.75 | 1.71 | ||||||||||
| Grade mined (g/t) - total | 4.35 | 3.47 | 2.88 | 4.34 | 3.19 | ||||||||||
| Ore milled (000s t) | 299 | 267 | 1,154 | 1,107 | 1,034 | ||||||||||
| Head grade (g/t) - underground | 9.78 | 9.51 | 7.59 | 9.17 | 7.12 | ||||||||||
| Head grade (g/t) - open pit | 1.19 | 1.17 | 1.22 | 1.60 | 1.51 | ||||||||||
| Head grade (g/t) - total | 4.21 | 4.34 | 3.32 | 4.04 | 3.03 | ||||||||||
| Recovery (%) | 93 | 93 | 92 | 93 | 93 | ||||||||||
| Gold production (000s oz) | 37.9 | 34.6 | 113.9 | 133.7 | 93.4 | ||||||||||
| Gold sales (000s oz) | 37.1 | 36.7 | 113.6 | 133.9 | 90.2 | ||||||||||
| Average realized gold price1,2 ($/oz) | $ | 4,151 | $ | 2,652 | $ | 3,531 | $ | 2,403 | $ | 1,946 | |||||
| Financial Results ($ millions) | |||||||||||||||
| Revenues3 | $ | 155.0 | $ | 97.6 | $ | 403.0 | $ | 323.0 | $ | 176.6 | |||||
| Cost of sales3 | 48.5 | 42.3 | 175.7 | 157.5 | 144.6 | ||||||||||
| Production costs | 45.1 | 39.0 | 177.3 | 155.3 | 148.5 | ||||||||||
| (Increase)/decrease in finished goods | 3.4 | 3.3 | (1.6 | ) | 1.9 | (4.1 | ) | ||||||||
| Royalties | - | - | - | 0.3 | 0.2 | ||||||||||
| Cash costs1 | 47.8 | 42.2 | 173.8 | 156.3 | 143.7 | ||||||||||
| Sustaining capital expenditures1 | 15.1 | 18.5 | 63.9 | 66.1 | 65.0 | ||||||||||
| Expansion capital expenditures1 | 1.5 | (0.1 | ) | 1.5 | - | 0.6 | |||||||||
| Total sustaining and expansion capital expenditures1 | 16.6 | 18.4 | 65.4 | 66.1 | 65.6 | ||||||||||
| Earnings/(loss) from operations4 | 91.2 | 45.1 | 171.4 | 578.9 | (9.7 | ) | |||||||||
| Mine-site free cash flow1 | 89.2 | 41.3 | 148.6 | 94.4 | (42.8 | ) | |||||||||
| Unit costs per tonne1 | |||||||||||||||
| Underground mining cost per tonne mined | $ | 264.72 | $ | 233.72 | $ | 287.85 | $ | 250.86 | $ | 281.76 | |||||
| Open pit mining cost per operating tonne mined | $ | 6.82 | $ | 6.88 | $ | 7.29 | $ | 8.75 | $ | 8.86 | |||||
| Milling cost per tonne milled | $ | 25.53 | $ | 28.55 | $ | 27.32 | $ | 24.25 | $ | 23.56 | |||||
| G&A cost per tonne milled | $ | 22.69 | $ | 19.70 | $ | 20.31 | $ | 18.44 | $ | 21.30 | |||||
| Operating costs per ounce5 | |||||||||||||||
| Cost of sales excluding depreciation6 ($/oz sold) | $ | 1,307 | $ | 1,155 | $ | 1,547 | $ | 1,177 | $ | 1,600 | |||||
| Cash costs1 - excluding royalties ($/oz sold) | $ | 1,288 | $ | 1,148 | $ | 1,530 | $ | 1,164 | $ | 1,588 | |||||
| Cash costs1 ($/oz sold) | $ | 1,288 | $ | 1,148 | $ | 1,530 | $ | 1,167 | $ | 1,591 | |||||
| AISC1 ($/oz sold) | $ | 1,719 | $ | 1,688 | $ | 2,117 | $ | 1,702 | $ | 2,344 |
- This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
- Average realized gold price excludes the impact of gold delivered into prepayment arrangements.
- As per note 35 of the consolidated financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
- Included in 2024 net earnings from operations is a
$455.5 million gain on the reversal of the previously recorded impairment of the Westwood CGU. - Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
- Includes non-cash ore stockpile and finished goods inventories NRV write-down of
$3.2 million in 2023, which had an impact on cost of sales, excluding depreciation, per ounce sold of$36 for 2023).
Operations
Production was 113,900 ounces for the full year, below the bottom end of the guidance range of 125,000 to 140,000 ounces, due to lower grade stopes being mined earlier in the year after changes in the mine sequence to accommodate challenging ground conditions, combined with higher than expected underground dilution and lower mining recovery in certain areas.
Production in the fourth quarter 2025 was 37,900 ounces, higher by 3,300 ounces or
Mining activity for the year totaled 1.4 million tonnes of ore, an increase over the prior year of 0.4 million tonnes or
Mill throughput for the year was 1.2 million tonnes at an average head grade of 3.32 g/t,
The mill achieved recoveries of
A renewed Collective Bargaining Agreement was ratified in the quarter extending through November 2030.
Financial Performance - Q4 2025 Compared to Q4 2024
Production costs of
Cost of sales, excluding depreciation, of
Cash costs of
AISC per ounce sold of
Sustaining capital expenditures of
Mine-site free cash flow was
2026 Outlook
Westwood production is expected to be in the range of 110,000 to 130,000 ounces in 2026. Underground mining is planned for between 900 to 1,000 tonnes per day and the Grand Duc open pit life has been extended into 2027 based on the improved economics in the current gold price environment. Mill throughput is expected to average 1.2 million tonnes in 2026 with blended head grades expected to average 3.44 g/t over the course of the year.
Cash costs at Westwood are expected to be in the range of
Sustaining capital expenditures guidance is
Mineral Resources and Reserves
Mineral Reserves from the underground increased 125,000 ounces and 20,000 ounces from the Grand Duc open pit, more than offsetting depletion, primarily as a result of the change in resource model and increased gold price assumption and reduction in the underground cut-off grade to 6.40 g/t Au (down from 6.82 g/t Au previously). (See news release dated February 17, 2025 titled "IAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025").
Essakane Mine (IAMGOLD interest -
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| Key Operating Statistics1 | |||||||||||||||
| Ore mined (000s t) | 4,123 | 2,170 | 11,910 | 9,714 | 9,586 | ||||||||||
| Grade mined (g/t) | 1.44 | 1.14 | 1.25 | 1.44 | 1.35 | ||||||||||
| Operating waste mined (000s t) | 4,649 | 4,036 | 22,087 | 13,315 | 19,530 | ||||||||||
| Capital waste mined (000s t) | 620 | 6,168 | 5,651 | 23,895 | 14,233 | ||||||||||
| Total material mined (000s t) | 9,392 | 12,374 | 39,648 | 46,924 | 43,349 | ||||||||||
| Strip ratio2 | 1.3 | 4.7 | 2.3 | 3.8 | 3.5 | ||||||||||
| Ore milled (000s t) | 3,241 | 2,948 | 12,560 | 12,087 | 11,283 | ||||||||||
| Head grade (g/t) | 1.50 | 1.07 | 1.18 | 1.33 | 1.26 | ||||||||||
| Recovery (%) | 88 | 87 | 90 | 88 | 90 | ||||||||||
| Gold production (000s oz) - | 138.1 | 88.4 | 427.2 | 454.2 | 412.9 | ||||||||||
| Gold production (000s oz) - attributable | 117.3 | 79.7 | 372.1 | 408.8 | 371.6 | ||||||||||
| Gold sales (000s oz) - | 134.2 | 92.9 | 420.6 | 454.0 | 413.2 | ||||||||||
| Average realized gold price3,4 ($/oz) | $ | 4,188 | $ | 2,680 | $ | 3,538 | $ | 2,383 | $ | 1,957 | |||||
| Financial Results ($ millions)1 | |||||||||||||||
| Revenues5 | $ | 562.7 | $ | 249.3 | $ | 1,489.5 | $ | 1,083.2 | $ | 809.6 | |||||
| Cost of sales5 | 198.0 | 139.7 | 689.2 | 536.8 | 502.4 | ||||||||||
| Production costs | 131.1 | 121.9 | 544.7 | 458.3 | 450.5 | ||||||||||
| (Increase)/decrease in finished goods | 5.2 | (1.7 | ) | 2.2 | (6.8 | ) | (0.8 | ) | |||||||
| Royalties6 | 61.7 | 19.5 | 142.3 | 85.3 | 52.7 | ||||||||||
| Cash costs3 | 197.4 | 139.4 | 687.7 | 535.5 | 488.0 | ||||||||||
| Sustaining capital expenditures3 | 28.9 | 49.0 | 106.9 | 180.4 | 134.9 | ||||||||||
| Expansion capital expenditures3 | 0.8 | 2.1 | 7.4 | 5.1 | 1.7 | ||||||||||
| Total sustaining and expansion capital expenditures3 | 29.7 | 51.1 | 114.3 | 185.5 | 136.6 | ||||||||||
| Earnings from operations | 297.0 | 77.4 | 608.1 | 384.4 | 92.0 | ||||||||||
| Mine-site free cash flow3 | 340.4 | 20.0 | 566.3 | 250.5 | 91.0 | ||||||||||
| Unit costs per tonne3 | |||||||||||||||
| Open pit mining cost per operating tonne mined | $ | 6.66 | $ | 5.37 | $ | 6.36 | $ | 5.34 | $ | 5.02 | |||||
| Milling cost per tonne milled | $ | 17.95 | $ | 20.35 | $ | 19.35 | $ | 19.26 | $ | 18.94 | |||||
| G&A cost per tonne milled | $ | 10.67 | $ | 9.83 | $ | 9.52 | $ | 8.50 | $ | 9.07 | |||||
| Operating costs per ounce7 | |||||||||||||||
| Cost of sales excluding depreciation ($/oz sold) | $ | 1,475 | $ | 1,504 | $ | 1,640 | $ | 1,182 | $ | 1,216 | |||||
| Cash costs3 - excluding royalties ($/oz sold) | $ | 1,011 | $ | 1,291 | $ | 1,300 | $ | 991 | $ | 1,053 | |||||
| Cash costs3 ($/oz sold) | $ | 1,471 | $ | 1,501 | $ | 1,636 | $ | 1,179 | $ | 1,181 | |||||
| AISC3 ($/oz sold) | $ | 1,674 | $ | 2,118 | $ | 1,888 | $ | 1,625 | $ | 1,521 |
100% basis, unless otherwise stated.- Strip ratio is calculated as waste mined divided by ore mined.
- This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
- Average realized gold price excludes the impact of gold delivered into prepayment arrangements.
- As per note 35 of the consolidated financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
- Includes contributions made by the Essakane mine to the development fund for local communities, equating to
1% of total revenues. - Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding
Operations
Essakane delivered full year production of 427,200 ounces on a
Mining for the year totaled 39.6 million tonnes, 7.3 million tonnes or
Mill throughput for the year totaled 12.6 million tonnes at an average head grade of 1.18 g/t,
The mill achieved recoveries of
The security situation in Burkina Faso continues to be a focus for the Company. Security-related incidents are still occurring in the country, and more broadly, the West African region, which pressure supply chains. The Company continues to take proactive measures to ensure the safety and security of in-country personnel and is constantly adjusting its protocols and activity levels at the site in response to the security environment. The Company continues to invest in the security and supply chain infrastructure in the region and at the mine site. It is also incurring additional costs to bring employees, contractors, supplies, and inventory to the mine. The situation has placed the Government of Burkina Faso under significant financial constraint due to the high cost of funding its initiatives to defend itself against militant attacks. See "Risks and Uncertainties".
Essakane declared a record dividend of approximately
On April 7, 2025, the Government of Burkina Faso enacted an update to the royalty decree increasing the minimum royalty rate applicable to gold prices above
Financial Performance - Q4 2025 Compared to Q4 2024
Production costs of
Cost of sales, excluding depreciation, of
Cash costs, excluding royalties, of
Cash costs, including royalties, of
AISC per ounce sold of
Total capitalized stripping of
Sustaining capital expenditures, excluding capitalized stripping, of
Mine-site free cash flow was
2026 Outlook
Essakane attributable production is expected to be in the range of 340,000 to 380,000 ounces (400,000 to 440,000 ounces |
Cash costs, excluding royalties, are expected to be in the range of
Sustaining capital expenditures guidance is approximately
Continued security incidents or related concerns could have a material adverse impact on future operating performance. In response to the security situation noted above, the Company continues to actively work with authorities and suppliers to mitigate potential impacts and manage supply continuity, while also investing in additional infrastructure and supply inventory levels designed to secure operational continuity. See "Risks and Uncertainties."
Mineral Resources and Reserves
Mineral Reserves decreased 640,000 ounces, primarily due to depletion (428,000 contained ounces milled) and geology model adjustments as mining activities continue to progress through the mine plan.
Essakane M&I Mineral Resources, inclusive of Mineral Reserves on a
PROJECTS
Nelligan Mining Complex | Chibougamau District, Quebec, Canada
On December 19, 2025, and December 22, 2025, the Company acquired all of the issued and outstanding shares of each of Northern Superior and Orbec, respectively, by way of court-approved plan of arrangement for consideration of approximately
On February 17, 2026, the Company announced its updated Mineral Resources for the Nelligan Mining Complex. On a consolidated basis, the Nelligan Mining Complex reported a significant increase in Indicated and Inferred Mineral Resources. Indicated Resources increased 1.1 million ounces to a total of 4.3 million ounces at an average grade of 0.99 g/t Au. Inferred ounces increased 1.9 million ounces to a total of 7.5 million ounces at an average grade of 1.08 g/t Au. The Nelligan deposit reported an increase of 575,000 ounces in Indicated Mineral Resources, to a total of 3.7 million ounces at an average grade of 0.95 g/t. The increase was primarily a result of the infill program conducted last year to increase the confidence in ounces from Inferred Mineral Resources. At the time of the Northern Superior acquisition, disclosed estimates were 3.75 Moz Au Measured and Indicated Mineral Resources and 8.65 Moz Au Inferred Mineral Resources, which included Croteau. The Company opted to exclude the mineral resources previously associated with the Croteau property in its year-end update, resulting in the reported totals above. (See news release dated February 17, 2025 titled "IAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025").
IAMGOLD has budgeted approximately
Subsequent to the year-end, the Company exercised the option to acquire the remaining
Nelligan
The Company holds a
The diamond drilling program of 13,000 metres of expansion and delineation drilling planned for 2025 was increased by more than 3,000 metres and ended at the end of the third quarter. No additional drilling was completed in the fourth quarter 2025 and approximately 16,700 metres were drilled for the year.
On September 15, 2025, the Company provided an update on the 2025 drilling program with assay results confirming the extension of the mineralized zones of Nelligan deposit. Highlights included: 20.6 m at 1.93 g/t Au and 13.5 m at 2.17 g/t Au in hole NE-25-239, and 36.5 m at 3.03 g/t Au in hole NE-25-265 in Zone 36; 24.5 m at 3.24 g/t Au in drill hole NE-25-244, and 28.8 m at 1.00 g/t Au in drill hole NE-25-248 in the Renard Zone; and 21.0 m at 2.23 g/t Au in drill hole NE-25-244, and 7.5 m at 7.48 g/t Au and 34.5 m at 1.22 g/t Au in drill hole NE-25-256A (see news release dated September 15, 2025). The Megane Zone mineralization extends at depth but will require further drilling to delineate potential mineralized lenses to add to the current resources.
Monster Lake
The Company holds a
The 2025 diamond drilling program was initially planned for 17,000 metres and was slightly increased to approximately 17,600 metres, all of which were completed in the third quarter 2025. It tested exploration targets along the main Monster Lake Shear Zone structural corridor and known gold mineralized lateral and depth extensions.
Drilling activities were pursued in other prospective target areas of the general sector.
On September 15, 2025, the Company also provided an update on this 2025 drilling program with assay results indicating the persistence of the high-grade veins in the general down-plunge of the Megane zone. Highlights included: 3.0 m at 12.66 g/t Au in drill hole ML-25-282, and 9.0 m at 23.4 g/t Au in drill hole ML-25-292 in the Megane Zone; and 4.9 m at 127.3 g/t Au in drill hole ML-25-283, and 2.2 m at 39.4 g/t Au in drill hole ML-25-287 in the Lower Shear Zone (see news release dated September 15, 2025).
Anik
The Anik Gold Project is owned at
The 2025 diamond drilling program was initially planned for 1,800 metres and was slightly increased to approximately 2,100 metres, all of which was completed in the first quarter 2025, testing different target areas.
FINANCIAL REVIEW
Liquidity and Capital Resources
The Company's capital allocation strategy is to maximize value through the allocation of internally generated cashflows to fund growth opportunities, return capital to its shareholders, and strengthen its balance sheet.
As at December 31, 2025, the Company had
Within cash and cash equivalents,
$53.5 million (70% basis) was held by the Côté Gold UJV. The Côté Gold UJV requires its joint venture partners to fund, in advance, two months of future expenditures and cash calls are made at the beginning of each month, resulting in the month end cash balance approximating the following month's expenditure.$197.5 million was held by Essakane. The Company uses dividends and a shareholder account structure to repatriate funds from Essakane (see "Dividend Payments from Essakane" below).
Restricted cash totaled
The Company's liquidity position and capital allocation decisions will be substantially determined by the success or failure of the Company's operations, the price of gold, currency exchange rates and the Company's ability to successfully repatriate dividends from Burkina Faso.
The Company's liquidity position, comprised of cash and cash equivalents, short-term investments, and availability under the Credit Facility, together with expected cash flows from operations, is expected to be sufficient to support the Company's normal operating requirements, capital commitments, and service the debt obligations as they become due. The Company's ability to draw down on the Credit Facility is dependent on its ability to meet net debt to EBITDA and interest ratio covenants.
Readers are encouraged to read the "Caution Regarding Forward Looking Statements" and the "Risk Factors" sections contained in the Company's 2025 Annual Information Form, which is available on SEDAR at www.sedarplus.ca and the "Caution Regarding Forward-Looking Statements" and "Risk and Uncertainties" section of the MD&A.
Dividend Payments from Essakane
Excess cash at Essakane is repatriated through dividend and shareholder account payments, of which the Company will receive its share based on its ownership, net of withholding taxes. The shareholder account structure functions like an inter-company loan and allows for the Company's portion of the dividend to be repaid using cash in excess of working capital requirements and aligns the interests of both IAMGOLD and the Government of Burkina Faso, including a preference for increased and/or more regular cash flow movements from Essakane.
Essakane declared a record dividend of approximately
| $ millions | Dividend | Shareholder account | ||||
| 2025 dividend declared | $ | 855.0 | ||||
| Government of Burkina Faso | (128.3 | ) | ||||
| Withholding tax paid in July 2025 | (46.0 | ) | ||||
| IAMGOLD's portion of 2025 dividend declared | 680.7 | |||||
| Dividend paid to IAMGOLD | (98.0 | ) | ||||
| Balance converted to Shareholder account | (582.7 | ) | 582.7 | |||
| Q4 2025 payments received | (184.8 | ) | ||||
| Interest payments received | (8.2 | ) | ||||
| Foreign exchange revaluation | 18.7 | |||||
| Balance at December 31, 2025 | $ | 408.4 |
The dividend and shareholder loan are denominated in XOF which is pegged to the Euro. The timing of the repayment of the shareholder account is dependent upon the gold price, financial performance of Essakane, currency exchange rates and potential receipt of any value added tax ("VAT") balances owed to Essakane. See "Risks and Uncertainties".
Share Buyback Program
During the fourth quarter 2025, the Company repurchased and cancelled approximately 3 million shares for approximately
The Company has established an automatic share purchase plan in connection with its NCIB to facilitate the purchase of common shares during times when IAMGOLD would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, IAMGOLD may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by IAMGOLD in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules. The actual number of common shares that may be purchased, if any, and the timing of such purchases, will be determined by the Company based on a number of factors, including the Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.
Long-Term Debt
The following table summarizes the carrying value of the Company's long-term debt:
| December 31 | December 31 | December 31 | |||||||
| ($ millions)1 | 2025 | 2024 | 2023 | ||||||
| Credit Facility | $ | 200.0 | $ | 220.0 | $ | - | |||
| 448.8 | 448.4 | 448.0 | |||||||
| Term Loan ($nil million principal outstanding) | - | 358.4 | 375.6 | ||||||
| Equipment loans | 1.0 | 2.1 | 7.2 | ||||||
| $ | 649.8 | $ | 1,028.9 | $ | 830.8 |
- Long-term debt does not include leases in place of
$112.0 million as at December 31, 2025 (December 31, 2024 -$124.2 million , December 31, 2023 -$121.3 million ).
Credit Facility
The Company has a
The Credit Facility provides for an interest rate margin above the secured overnight financing rate (SOFR), banker's acceptance prime rate and base rate advances which vary, together with fees related thereto, according to the total net debt to EBITDA ratio of the Company. The Credit Facility is secured by certain of the Company's real assets, guarantees by certain of the Company's subsidiaries and pledges of shares of certain of the Company's subsidiaries. The key terms of the Credit Facility include certain limitations on incremental debt, certain restrictions on distributions and financial covenants, including net debt to EBITDA, Interest Coverage and a minimum liquidity requirement of
As at December 31, 2025, the Credit Facility was drawn in the amount of
In September 2020, the Company completed the issuance of
Term Loan
In May 2023, the Company entered into a
Leases
At December 31, 2025, the Company had lease obligations of
On April 29, 2022, the Company, on behalf of the Côté Gold UJV, entered into a master lease agreement with Caterpillar Financial Services Limited for
Equipment loan
At December 31, 2025, the Company had an equipment loan with a carrying value of
Gold prepay arrangements
In December 2023 and April 2024, the Company entered into gold sale prepay arrangements and amendments to certain pre-existing prepay arrangements.
At June 30, 2025, the Company fulfilled all gold delivery obligations thereby concluding the gold prepay arrangements:
2024 Q1 Prepay Arrangements: In the first quarter 2024, the Company received an amount of
$59.9 million at an effective gold price of$1,916 per ounce and was required to physically deliver 31,250 ounces of gold over the first quarter 2025 in equal monthly amounts.2024 Q2 Prepay Arrangements: In the second quarter 2024, the Company received an amount of
$59.4 million at an effective gold price of$1,900 per ounce with the requirement to physically deliver 31,250 ounces of gold over the second quarter 2025 in equal monthly amounts. The arrangement included a gold collar of$2,100 t o$2,925 per ounce whereby the Company received cash payments at the time of delivery of the ounces, with the payment calculated as the difference between the spot price and$2,100 per ounce, capped at$2,925 per ounce. The Company received approximately$25.8 million in relation to the collar in the second quarter 2025.Amendment to pre-existing prepay arrangements: the Company deferred the delivery of 12,500 ounces that were previously scheduled for delivery in the first half of 2024 that were delivered in the first half of 2025.
Surety bonds and performance bonds
As at December 31, 2025, the Company had (i) C
As at December 31, 2025, there is no collateral required to be in place for surety and performance bonds, and the balance of
During the third quarter 2025, the Company increased the bonds required by C
Income Statement
Revenues - Revenues were
Cost of sales - Cost of sales excluding depreciation was
Depreciation expense - Depreciation expense was
Exploration expense - Exploration expense was
General and administrative expense - General and administrative expense was
Income tax expense - Income tax expense was
Operating Activities
Net cash flow from operating activities for the fourth quarter 2025 was
Investing Activities
Net cash used in investing activities for the fourth quarter 2025 was
Financing Activities
Net cash used in financing activities for the fourth quarter 2025 was
CONFERENCE CALL
A conference call will be held on Wednesday, February 18, 2026, at 8:30 a.m. (Eastern Time) hosted by IAMGOLD senior management for a discussion on the Company's fourth quarter and full year 2025 operating and financial results. Listeners may access the conference call via webcast from the events section of the Company's website at www.iamgold.com (webcast link below), or through the following dial-in numbers:
Pre-register via: Chorus Call IAMGOLD Q4YE 2025 Conference Call Registration (recommended). Upon registering, you will receive a calendar booking by email with dial-in details and unique PIN. This process will bypass the operator and avoid the queue.
Toll free (North America): 1 (844) 752-3518
International: +1 (647) 846-8209
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=gVmmp0rw
An online archive of the webcast will be available by accessing the Company's website at www.iamgold.com. A telephone replay will be available for one month following the call by dialing toll free 1 (855) 669-9658 within North America or +1 (412) 317-0088 from international locations and entering the passcode: 9312946.
For more information, refer to the Management Discussion and Analysis ("MD&A") and the audited condensed consolidated Financial Statements for the three and twelve months ended December 31, 2024, that are available on the Company's website at www.iamgold.com and on SEDAR at www.sedarplus.ca. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information.
ABOUT IAMGOLD
IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine ("Côté" or "Côté Gold") is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada.
IAMGOLD employs approximately 3,700 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance ("ESG") practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).
IAMGOLD Contact Information
Graeme Jennings, Vice President, Business Development & Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
End Notes (excluding tables) This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below. Further information on these non-GAAP financial measures is included on pages 35 to 51 of the Company's Q4 2025 MD&A filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
NON-GAAP FINANCIAL MEASURES
The Company has included certain non-GAAP financial measures to supplement its consolidated financial statements, which are presented in accordance with IFRS, including the following:
Average realized gold price per ounce sold
Underground mining cost per ore tonne mined, open pit net mining cost per operating tonne mined, milling cost per tonne milled, and G&A cost per tonne milled
Cash costs excluding royalties, cash costs, cash costs per ounce sold, all in sustaining cost and all in sustaining cost per ounce sold
Net earnings (loss) attributable to shareholders and adjusted net earnings (loss) attributable to shareholders
Net cash from operating activities, before movements in working capital and non-current ore stockpiles
Earnings before interest, income taxes, depreciation and amortization ("EBITDA")
Mine-site free cash flow
Sustaining and expansion capital expenditures
The Company believes that, in addition to conventional financial measures prepared in accordance with IFRS, these non-GAAP financial measures will provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS, may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Average Realized Gold Price per Ounce Sold
Average realized gold price per ounce sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-product credits, which, in the Company's case, are not significant, and to provide investors a clearer view of the Company's financial performance based on the average realized proceeds from gold sales in the reporting period.
| ($ millions, except where noted) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | ||||||||||
| Revenues | $ | 1,088.1 | $ | 469.9 | $ | 2,852.8 | $ | 1,633.0 | $ | 987.1 | |||||
| By-product credits and other revenues | (1.9 | ) | (1.6 | ) | (4.8 | ) | (4.0 | ) | (2.6 | ) | |||||
| Gold revenues | $ | 1,086.2 | $ | 468.3 | $ | 2,848.0 | $ | 1,629.0 | $ | 984.5 | |||||
| Sales (000s oz) | 259.0 | 185.4 | 817.8 | 699.0 | 503.4 | ||||||||||
| Average realized gold price per ounce1,2,3 ($/oz) | $ | 4,191 | $ | 2,525 | $ | 3,482 | $ | 2,330 | $ | 1,955 |
- Average realized gold price per ounce sold may not be calculated based on amounts presented in this table due to rounding.
- Average realized gold price per ounce sold is calculated based on sales from the Company's Côté Gold mine at
70% and Westwood and Essakane mines at100% . - Average realized gold price per ounce sold for 2025 includes 75,000 ounces at
$2,305 per ounce as delivered into the 2024 Prepay Arrangements (Q4 2024 - 37,500 ounces at$2,031 per ounce, 2024 - 137,500 ounces at$2,012 per ounce as delivered in accordance with the 2022 Prepay Arrangement), 2023 - $nil. No deliveries were required in the fourth quarter 2025 as the delivery obligations were fulfilled in H1 2025.
Underground Mining Cost per Ore Tonne Mined, Open Pit Net Mining Cost per Operating Tonne Mined, Milling Cost per Tonne Milled, and G&A Cost per Tonne Milled
Underground mining cost per ore tonne mined and open pit net mining cost per operating tonne mined are defined as:
Mining costs (as included in production costs), that exclude capitalized waste stripping for open pit mines, less changes in stockpile balances and non-production costs as these costs are not directly related to tonnes mined, divided by
the sum of the tonnage of ore and operating waste mined.
Milling cost per tonne milled and general and administrative cost per tonne milled are defined as:
Mill and general and administrative costs (as included in production costs), excluding selling costs and non-production costs as these costs are not directly related to tonnes milled, divided by
the tonnage of ore milled.
IAMGOLD believes these non-GAAP financial performance measures provide further transparency and assist analysts, investors and other stakeholders of the Company in assessing the performance of mining operations by eliminating the impact of varying production levels. Management is aware, and investors should note, that these per tonne measures of performance can be affected by fluctuations in mining and/or processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Côté Gold (
| ($ millions, except where noted) | Q4 2025 | Q4 2024 | 2025 | 2024 | ||||||||
| Production cost | $ | 115.1 | $ | 83.7 | $ | 410.5 | $ | 174.0 | ||||
| Adjust for: | ||||||||||||
| Increase/decrease in stockpiles | 19.1 | 12.9 | 48.9 | 61.8 | ||||||||
| Adj. operating cost | $ | 134.2 | $ | 96.6 | $ | 459.4 | $ | 235.8 | ||||
| Included in adjusted operating cost: | ||||||||||||
| Open pit net mining cost [A] | 52.3 | 35.2 | 165.8 | 107.3 | ||||||||
| Milling cost [B], net of capitalized operating cost | 60.1 | 42.8 | 217.8 | 85.7 | ||||||||
| G&A cost [C] | 21.8 | 17.8 | 75.8 | 42.0 | ||||||||
| Open pit ore tonnes mined (000s t) | 4,514 | 3,637 | 14,640 | 10,849 | ||||||||
| Open pit operating waste tonnes mined (000s t) | 6,555 | 4,765 | 24,830 | 16,666 | ||||||||
| Open pit ore and operating waste tonnes mined (000s t) [D] | 11,069 | 8,402 | 39,470 | 27,515 | ||||||||
| Ore milled (000s t) [E] | 2,874 | 2,433 | 10,889 | 4,948 | ||||||||
| Open pit net mining cost per operating tonne mined ($/tonne) [A/D] | $ | 4.72 | $ | 4.19 | $ | 4.20 | $ | 3.90 | ||||
| Milling cost per tonne milled ($/tonne) [B/E] | $ | 20.91 | $ | 17.59 | $ | 20.00 | $ | 17.32 | ||||
| G&A cost per tonne milled ($/tonne) [C/E] | $ | 7.62 | $ | 7.35 | $ | 6.97 | $ | 8.49 |
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
Westwood
| ($ millions, except where noted) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | ||||||||||
| Production cost | $ | 45.1 | $ | 39.0 | $ | 177.3 | $ | 155.3 | $ | 148.5 | |||||
| Adjust for: | |||||||||||||||
| Increase/decrease in stockpiles | (0.6 | ) | 1.4 | 3.9 | (0.1 | ) | 3.6 | ||||||||
| Adj. operating cost | $ | 44.5 | $ | 40.4 | $ | 181.2 | $ | 155.2 | $ | 152.1 | |||||
| Consisting of: | |||||||||||||||
| Underground mining cost [A] | 27.7 | 23.0 | 109.9 | 88.9 | 78.9 | ||||||||||
| Open pit net mining cost [B] | 2.4 | 4.6 | 16.4 | 19.1 | 26.9 | ||||||||||
| Milling cost [C] | 7.6 | 7.6 | 31.5 | 26.8 | 24.4 | ||||||||||
| G&A cost [D] | 6.8 | 5.2 | 23.4 | 20.4 | 21.9 | ||||||||||
| Underground ore tonnes mined (000s t) [E] | 105 | 98 | 382 | 354 | 280 | ||||||||||
| Open pit ore tonnes mined (000s t) | 174 | 283 | 996 | 662 | 742 | ||||||||||
| Open pit waste tonnes mined (000s t) | 176 | 389 | 1,249 | 1,522 | 2,291 | ||||||||||
| Open pit ore and operating waste tonnes mined (000s t) [F] | 350 | 672 | 2,245 | 2,184 | 3,033 | ||||||||||
| Ore milled (000s t) [G] | 299 | 267 | 1,154 | 1,107 | 1,034 | ||||||||||
| Underground mining cost per ore tonne mined ($/tonne) [A/E] | $ | 264.72 | $ | 233.72 | $ | 287.85 | $ | 250.86 | $ | 281.76 | |||||
| Open pit net mining cost per operating tonne mined ($/tonne) [B/F] | $ | 6.82 | $ | 6.88 | $ | 7.29 | $ | 8.75 | $ | 8.86 | |||||
| Milling cost per tonne milled ($/tonne) [C/G] | $ | 25.53 | $ | 28.55 | $ | 27.32 | $ | 24.25 | $ | 23.56 | |||||
| G&A cost per tonne milled ($/tonne) [D/G] | $ | 22.69 | $ | 19.70 | $ | 20.31 | $ | 18.44 | $ | 21.30 |
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
Essakane
| ($ millions, except where noted) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | ||||||||||
| Production cost | $ | 131.1 | $ | 121.9 | $ | 544.7 | $ | 458.3 | $ | 458.6 | |||||
| Adjust for: | |||||||||||||||
| Increase/decrease in stockpiles | 20.2 | 0.4 | 34.2 | 0.2 | 3.7 | ||||||||||
| Adj. operating cost | $ | 151.3 | $ | 122.3 | $ | 578.9 | $ | 458.5 | $ | 462.3 | |||||
| Consisting of: | |||||||||||||||
| Open pit net mining cost [A] | 58.4 | 33.3 | 216.1 | 122.9 | 146.2 | ||||||||||
| Milling cost [B] | 58.2 | 60.1 | 243.0 | 232.9 | 213.7 | ||||||||||
| G&A cost [C] | 34.7 | 28.9 | 119.8 | 102.7 | 102.4 | ||||||||||
| Open pit ore tonnes mined (000s t) | 4,123 | 2,170 | 11,910 | 9,714 | 9,586 | ||||||||||
| Open pit operating waste tonnes mined (000s t) | 4,649 | 4,036 | 22,087 | 13,315 | 19,530 | ||||||||||
| Open pit ore and operating waste tonnes mined (000s t) [D] | 8,772 | 6,206 | 33,997 | 23,029 | 29,116 | ||||||||||
| Ore milled (000s t) [E] | 3,241 | 2,948 | 12,560 | 12,087 | 11,283 | ||||||||||
| Open pit net mining cost per operating tonne mined ($/tonne) [A/D] | $ | 6.66 | $ | 5.37 | $ | 6.36 | $ | 5.34 | $ | 5.02 | |||||
| Milling cost per tonne milled ($/tonne) [B/E] | $ | 17.95 | $ | 20.35 | $ | 19.35 | $ | 19.26 | $ | 18.94 | |||||
| G&A cost per tonne milled ($/tonne) [C/E] | $ | 10.67 | $ | 9.83 | $ | 9.52 | $ | 8.50 | $ | 9.07 |
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
Cash Costs Excluding Royalties, Cash Costs, Cash Costs per Ounce Sold, AISC and AISC per Ounce Sold
The Company reports cash costs excluding royalties, cash costs excluding royalties per ounce sold, cash costs, cash costs per ounce sold, AISC and AISC per ounce sold in order to provide investors with information about key measures used by management to monitor performance of mine sites in commercial production and its ability to generate positive cash flow.
Cash costs include mine-site operating costs such as mining, processing, administration, royalties, production taxes and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and amortization, by-product credits and corporate general and administrative costs. These costs are then divided by the Company's attributable gold ounces sold by mine sites in commercial production in the period to arrive at the cash costs excluding royalties per ounce sold, cash costs per ounce sold, and the AISC per ounce sold.
The following tables provide a reconciliation of cash costs excluding royalties, cash costs, AISC, cost of sales excluding depreciation per ounce sold, cash costs excluding royalties per ounce sold, cash costs per ounce sold and AISC per ounce sold on an attributable basis to cost of sales as per the consolidated financial statements.
Three months ended December 31, 2025
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate | Total | ||||||||||
| Cost of sales1 | 166.3 | 66.8 | 261.1 | 0.3 | 494.5 | ||||||||||
| Depreciation expense1 | (54.6 | ) | (18.3 | ) | (63.1 | ) | (0.3 | ) | (136.3 | ) | |||||
| Cost of sales, excluding depreciation expense | $ | 111.7 | $ | 48.5 | $ | 198.0 | $ | - | $ | 358.2 | |||||
| Royalties2 | 27.8 | - | 61.7 | - | 89.5 | ||||||||||
| Cost of sales, excluding depreciation expense and royalties | $ | 83.9 | $ | 48.5 | $ | 136.3 | $ | - | $ | 268.7 | |||||
| Adjust for: | |||||||||||||||
| By-product credit | (0.6 | ) | (0.7 | ) | (0.6 | ) | - | (1.9 | ) | ||||||
| Cost attributed to non-controlling interests3 | - | - | (29.6 | ) | - | (29.6 | ) | ||||||||
| Cash costs - attributable | $ | 111.1 | $ | 47.8 | $ | 167.8 | $ | - | $ | 326.7 | |||||
| Adjust for: | |||||||||||||||
| Sustaining capital expenditures4 | 36.4 | 15.5 | 25.9 | - | 77.8 | ||||||||||
| Corporate general and administrative costs5 | - | - | - | 14.9 | 14.9 | ||||||||||
| Other costs6 | 0.8 | 0.6 | 1.4 | 0.2 | 3.0 | ||||||||||
| Cost attributable to non-controlling interests3 | - | - | (4.1 | ) | - | (4.1 | ) | ||||||||
| AISC - attributable | $ | 148.3 | $ | 63.9 | $ | 191.0 | $ | 15.1 | $ | 418.3 | |||||
| Total gold sales (000 oz) - attributable | 87.7 | 37.1 | 114.1 | - | 238.9 | ||||||||||
| Cost of sales excluding depreciation7($/oz sold) - attributable | $ | 1,271 | $ | 1,307 | $ | 1,475 | $ | - | $ | 1,374 | |||||
| Cash costs - excluding royalties7 ($/oz sold) - attributable | $ | 949 | $ | 1,288 | $ | 1,011 | $ | - | $ | 1,031 | |||||
| Cash costs7 ($/oz sold) - attributable | $ | 1,265 | $ | 1,288 | $ | 1,471 | $ | - | $ | 1,367 | |||||
| AISC7 all operations ($/oz sold) - attributable | $ | 1,688 | $ | 1,719 | $ | 1,674 | $ | 64 | $ | 1,750 |
- As per note 35 of the consolidated financial statements for cost of sales and depreciation expense.
- Includes contributions made by the Essakane mine to the development fund for local communities equating to
1% of total revenues. - Adjustments for the consolidation of Essakane (
85% ) to its attributable portion of cost of sales. - Sustaining capital expenditures are expenditures required to support current production levels at a mine site. Sustaining capital expenditures are further described below.
- Corporate general and administrative costs exclude one-time material severance charges.
- Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.
- Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
Three months ended December 31, 2024
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate | Total | ||||||||||
| Cost of sales1 | $ | 101.6 | $ | 64.6 | $ | 172.2 | $ | 0.6 | $ | 339.0 | |||||
| Depreciation expense1 | (41.0 | ) | (22.3 | ) | (32.5 | ) | (0.6 | ) | (96.4 | ) | |||||
| Cost of sales, excluding depreciation expense | $ | 60.6 | $ | 42.3 | $ | 139.7 | $ | - | $ | 242.6 | |||||
| Royalties2 | 15.3 | - | 19.5 | - | 34.8 | ||||||||||
| Cost of sales, excluding depreciation expense and royalties | $ | 45.3 | $ | 42.3 | $ | 120.2 | $ | - | $ | 207.8 | |||||
| Adjust for: | |||||||||||||||
| By-product credit | (0.2 | ) | (0.2 | ) | (0.2 | ) | - | (0.6 | ) | ||||||
| Cost attributed to non-controlling interests3 | - | - | (14.0 | ) | - | (14.0 | ) | ||||||||
| Cash costs - attributable | $ | 60.4 | $ | 42.1 | $ | 125.5 | $ | - | $ | 228.0 | |||||
| Adjust for: | |||||||||||||||
| Sustaining capital expenditures4 | 32.4 | 18.8 | 54.2 | 0.3 | 105.7 | ||||||||||
| Corporate general and administrative costs5 | - | - | - | 9.7 | 9.7 | ||||||||||
| Other costs6 | 1.3 | 1.1 | 3.1 | 0.1 | 5.6 | ||||||||||
| Cost attributable to non-controlling interests3 | - | - | (5.7 | ) | - | (5.7 | ) | ||||||||
| AISC - attributable | $ | 94.1 | $ | 62.0 | $ | 177.1 | $ | 10.1 | $ | 343.3 | |||||
| Total gold sales (000 oz) - attributable | 55.8 | 36.7 | 84.0 | - | 176.5 | ||||||||||
| Cost of sales excluding depreciation7 ($/oz sold) - attributable | $ | 1,083 | $ | 1,155 | $ | 1,504 | $ | - | $ | 1,298 | |||||
| Cash costs7 - excluding royalties ($/oz sold) - attributable | $ | 902 | $ | 1,148 | $ | 1,291 | $ | - | $ | 1,138 | |||||
| Cash costs7 ($/oz sold) - attributable | $ | 1,080 | $ | 1,148 | $ | 1,501 | $ | - | $ | 1,294 | |||||
| AISC7 all operations ($/oz sold) - attributable | $ | 1,685 | $ | 1,688 | $ | 2,118 | $ | 57 | $ | 1,949 |
- As per note 35 of the consolidated financial statements for cost of sales and depreciation expense.
- Includes contributions made by the Essakane mine to the development fund for local communities equating to
1% of total revenues. - Adjustments for the consolidation of Essakane (
90% ) to its attributable portion of cost of sales. - Sustaining capital expenditures are expenditures required to support current production levels at a mine site. Sustaining capital expenditures are further described below.
- Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.
- Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.
- Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.presented in this table due to rounding.
Sustaining and Expansion Capital Expenditures
Sustaining capital expenditures are expenditures required to support current production levels at a mine site and exclude all expenditures at the Company's development projects as well as certain expenditures at the Company's operating sites that are deemed expansionary in nature which result in a material increase in annual or life of mine gold ounce production, net present value, or reserves. The distinctions between sustaining and expansion capital used by the Company align with the guidelines set out by the World Gold Council. Expansion capital is capital expenditures incurred at new projects and capital expenditures related to major projects or expansion at existing operations where these projects will materially benefit the operations. This non-GAAP financial measure provides investors with transparency regarding the capital expenditures required to support the ongoing operations at its mines, relative to its total capital expenditures.
Reconciliation of incurred capital expenditure per the segmented note in the financial statements to incurred sustaining and expansion capital for the three months ended December 31, 2025, and December 31, 2024:
| ($ millions, except where noted) | Sustaining | Expansion | Q4 2025 | Sustaining | Expansion | Q4 2024 | ||||||||||||
| Capital expenditures for property, plant and equipment | $ | 74.7 | $ | 8.0 | $ | 82.7 | $ | 96.2 | $ | 7.7 | $ | 103.9 | ||||||
| Less: Côté Gold ( | - | - | - | (2.6 | ) | (0.3 | ) | (2.9 | ) | |||||||||
| Subtotal | $ | 74.7 | $ | 8.0 | $ | 82.7 | $ | 93.6 | $ | 7.4 | $ | 101.0 | ||||||
| Côté Gold (IMG basis) | 30.7 | 5.7 | 36.4 | 25.6 | 5.4 | 31.0 | ||||||||||||
| Westwood | 15.1 | 1.5 | 16.6 | 18.5 | (0.1 | ) | 18.4 | |||||||||||
| Essakane | 28.9 | 0.8 | 29.7 | 49.0 | 2.1 | 51.1 | ||||||||||||
| Corporate | - | - | - | 0.5 | - | 0.5 |
Reconciliation of capital expenditure and exploration and evaluation expenditures per cash flow statement in the financial statements to cash payments for sustaining and expansion capital for the three months ended December 31, 2025, and December 31, 2024:
| ($ millions, except where noted) | Sustaining | Expansion | Q4 2025 | Sustaining | Expansion | Q4 2024 | ||||||||||||
| Capital expenditures for property, plant and equipment | $ | 74.7 | $ | 8.0 | $ | 82.7 | $ | 96.2 | $ | 7.7 | $ | 103.9 | ||||||
| Working capital adjustments | 4.6 | 1.2 | 5.8 | 13.7 | 2.8 | 16.5 | ||||||||||||
| Capital expenditures per statement of cash flows | 79.3 | 9.2 | 88.5 | 109.9 | 10.5 | 120.4 | ||||||||||||
| Less: Côté Gold ( | - | - | - | (3.3 | ) | (0.7 | ) | (4.0 | ) | |||||||||
| Subtotal | $ | 79.3 | $ | 9.2 | $ | 88.5 | $ | 106.6 | $ | 9.8 | $ | 116.4 | ||||||
| Côté Gold (IMG basis) | 36.4 | 8.4 | 44.8 | 33.3 | 7.8 | 41.1 | ||||||||||||
| Westwood | 16.9 | - | 16.9 | 18.8 | (0.1 | ) | 18.7 | |||||||||||
| Essakane | 26.0 | 0.8 | 26.8 | 54.2 | 2.1 | 56.3 | ||||||||||||
| Corporate | - | - | - | 0.3 | - | 0.3 |
EBITDA and Adjusted EBITDA
EBITDA (earnings before income taxes, depreciation and amortization and finance costs) is an indicator of the Company's ability to produce operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures.
Adjusted EBITDA represents EBITDA excluding certain impacts such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company's ability to generate operating cash flow by excluding from the calculation these non-cash amounts and cash amounts that are not indicative of the recurring performance of the underlying operations for the periods presented.
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated financial statements:
| ($ millions, except where noted) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | ||||||||||
| Earnings (loss) before income taxes | $ | 519.7 | $ | 125.4 | $ | 969.8 | $ | 977.2 | $ | 128.2 | |||||
| Add: | |||||||||||||||
| Depreciation | 136.3 | 96.7 | 420.9 | 275.0 | 217.4 | ||||||||||
| Finance costs | 29.5 | 37.4 | 112.2 | 70.8 | 21.0 | ||||||||||
| EBITDA | $ | 685.5 | $ | 259.5 | $ | 1,502.9 | $ | 1,323.0 | $ | 366.6 | |||||
| Adjusting items: | |||||||||||||||
| Unrealized (gain)/loss on non-hedge derivatives | 19.1 | (3.0 | ) | 26.7 | (23.3 | ) | (8.7 | ) | |||||||
| NRV write-down/(reversal) of stockpiles/finished goods | - | - | - | - | 3.2 | ||||||||||
| Abnormal portion of operating costs at Essakane | - | - | - | - | 13.5 | ||||||||||
| Write-down of Jubilee property | - | - | - | - | 1.3 | ||||||||||
| Impairment charge (reversal) | - | - | 12.2 | (455.5 | ) | - | |||||||||
| Foreign exchange (gain)/loss | 1.7 | 4.1 | 0.6 | 1.0 | 12.8 | ||||||||||
| Gain on sale of Bambouk Assets | - | (34.1 | ) | - | (34.1 | ) | (109.1 | ) | |||||||
| Insurance recoveries | - | - | - | (27.3 | ) | (0.6 | ) | ||||||||
| Write-down of assets | - | 1.2 | 2.6 | 1.4 | 1.3 | ||||||||||
| Changes in estimates of asset retirement obligations at closed sites | 4.0 | (13.0 | ) | 8.0 | (13.4 | ) | 9.7 | ||||||||
| Fair value of deferred consideration from sale of Sadiola | (0.5 | ) | (0.4 | ) | (2.0 | ) | (1.8 | ) | 4.3 | ||||||
| Gain on sale of Pitangui and Acurui Projects | - | - | - | - | (15.5 | ) | |||||||||
| Gain on sale of royalties | - | - | (4.9 | ) | - | - | |||||||||
| Forfeiture of carbon fines inventory | - | - | - | - | 13.5 | ||||||||||
| Settlement of carbon fines matter | - | - | - | - | 15.0 | ||||||||||
| Severance costs | - | 5.4 | 4.0 | 5.6 | 2.4 | ||||||||||
| Other | 0.3 | (4.3 | ) | 0.4 | 5.0 | 5.4 | |||||||||
| Adjusted EBITDA | $ | 710.1 | $ | 215.4 | $ | 1,550.5 | $ | 780.6 | $ | 315.1 | |||||
| Including discontinued operations: | |||||||||||||||
| EBITDA - discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | 14.4 | |||||
| Adjusted items: | |||||||||||||||
| Loss on sale of Rosebel | - | - | - | - | 7.4 | ||||||||||
| Severance costs | - | - | - | - | 1.5 | ||||||||||
| Write-down of assets | - | - | - | - | 0.1 | ||||||||||
| Adjusted EBITDA from discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | 23.4 | |||||
| EBITDA | $ | 685.5 | $ | 259.5 | $ | 1,502.9 | $ | 1,323.0 | $ | 381.0 | |||||
| Adjusted EBITDA | $ | 710.1 | $ | 215.4 | $ | 1,550.5 | $ | 780.6 | $ | 338.5 |
Adjusted Net Earnings (Loss) Attributable to Equity Holders
Adjusted net earnings (loss) attributable to equity holders represents net earnings (loss) attributable to equity holders excluding certain impacts, net of taxes, such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives and warrants, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. This measure is not necessarily indicative of net earnings (loss) or cash flows as determined under IFRS. Management believes this measure better reflects the Company's performance for the current period and is a better indication of its expected performance in future periods. As such, the Company believes that this measure is useful to investors in assessing the Company's underlying performance. The following table provides a reconciliation of earnings (loss) before income taxes and non-controlling interests as per the consolidated statements of earnings (loss) to adjusted net earnings (loss) attributable to equity holders of the Company.
| ($ millions, except where noted) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | ||||||||||
| Earnings (loss) before income taxes and non-controlling interests | $ | 519.7 | $ | 125.4 | $ | 969.8 | $ | 977.2 | $ | 128.2 | |||||
| Adjusting items: | |||||||||||||||
| Unrealized gain/(loss) on non-hedge derivatives | 19.1 | (3.0 | ) | 26.7 | (23.3 | ) | (8.7 | ) | |||||||
| NRV write-down/(reversal) of stockpiles/finished goods | - | - | - | - | 3.4 | ||||||||||
| Abnormal portion of operating costs at Essakane | - | - | - | - | 14.5 | ||||||||||
| Write-down of Jubilee property | - | - | - | - | 1.3 | ||||||||||
| Gain on sale of Pitangui and Acurui Projects | - | - | - | - | (15.5 | ) | |||||||||
| Other finance costs | (2.9 | ) | 0.6 | 5.4 | 4.2 | 7.9 | |||||||||
| Impairment charge (reversal) | - | - | 12.2 | (455.5 | ) | - | |||||||||
| Foreign exchange (gain)/loss | 1.7 | 4.1 | 0.6 | 1.0 | 12.8 | ||||||||||
| Gain on sale of Bambouk Assets | - | (34.1 | ) | - | (34.1 | ) | (109.1 | ) | |||||||
| Insurance recoveries | - | - | - | (27.3 | ) | (0.6 | ) | ||||||||
| Write-down of assets | - | 1.2 | 2.6 | 1.4 | 1.3 | ||||||||||
| Changes in estimates of asset retirement obligations at closed sites | 4.0 | (13.0 | ) | 8.0 | (13.4 | ) | 9.7 | ||||||||
| Fair value of deferred consideration from sale of Sadiola | (0.5 | ) | (0.4 | ) | (2.0 | ) | (1.8 | ) | 4.3 | ||||||
| Gain on sale of royalties | - | - | (4.9 | ) | - | - | |||||||||
| Prepayment premium on second lien term loan | 12.0 | - | 16.0 | - | - | ||||||||||
| Forfeiture of carbon fines inventory | - | - | - | - | 13.5 | ||||||||||
| Settlement of carbon fines matter | - | - | - | - | 15.0 | ||||||||||
| Severance costs | - | 5.4 | 4.0 | 5.6 | 2.4 | ||||||||||
| Other | 0.3 | (4.3 | ) | 0.4 | 5.0 | 5.4 | |||||||||
| Adjusted earnings before income taxes and non-controlling interests | $ | 553.4 | $ | 81.9 | $ | 1,038.8 | $ | 439.0 | $ | 85.8 | |||||
| Income taxes | (75.0 | ) | (34.3 | ) | (237.5 | ) | (129.4 | ) | (30.7 | ) | |||||
| Tax on foreign exchange translation of deferred income tax balances | (35.3 | ) | 9.9 | (21.8 | ) | 10.8 | (2.2 | ) | |||||||
| Tax impact of adjusting items | 0.8 | 4.6 | (2.4 | ) | 3.8 | 0.6 | |||||||||
| Non-controlling interests | (38.1 | ) | (4.9 | ) | (67.9 | ) | (28.2 | ) | (8.8 | ) | |||||
| Adjusted net earnings (loss) attributable to equity holders | $ | 405.8 | $ | 57.2 | $ | 709.2 | $ | 296.0 | $ | 44.7 | |||||
| Adjusted net earnings (loss) per share attributable to equity holders | $ | 0.70 | $ | 0.10 | $ | 1.23 | $ | 0.55 | $ | 0.09 | |||||
| Including discontinued operations: | |||||||||||||||
| Net earnings (loss) before income tax and non-controlling interest - discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | 14.3 | |||||
| Adjusted items: | |||||||||||||||
| Loss on sale of Rosebel | - | - | - | - | 7.4 | ||||||||||
| Severance costs | - | - | - | - | 1.5 | ||||||||||
| Write-down of assets | - | - | - | - | 0.1 | ||||||||||
| Adjusted earnings before income taxes and non-controlling interests - discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | 23.3 | |||||
| Income taxes | - | - | - | - | (8.0 | ) | |||||||||
| Non-controlling interests | - | - | - | - | (0.7 | ) | |||||||||
| Adjusted net earnings attributable to equity holders - discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | 14.6 | |||||
| Adjusted net earnings per share attributable to equity holders - discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | 0.03 | |||||
| Adjusted net earnings (loss) attributable to equity holders | $ | 405.8 | $ | 57.2 | $ | 709.2 | $ | 296.0 | $ | 59.3 | |||||
| Adjusted net earnings (loss) per share attributable to equity holders | $ | 0.70 | $ | 0.10 | $ | 1.23 | $ | 0.55 | $ | 0.12 | |||||
| Basic weighted average number of common shares outstanding (millions) | 577.7 | 571.3 | 575.1 | 539.8 | 480.6 |
Net Cash from Operating Activities before Changes in Working Capital
The Company makes reference to net cash from operating activities before changes in working capital which is calculated as net cash from operating activities less working capital items and non-current ore stockpiles. Working capital can be volatile due to numerous factors, including a build-up or reduction of inventories. Management believes that this non-GAAP measure, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company.
The following table provides a reconciliation of net cash from operating activities before changes in working capital to net cash from operating activities:
| ($ millions, except where noted) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | ||||||||||
| Net cash from operating activities | $ | 701.7 | $ | 102.6 | $ | 1,142.6 | $ | 486.0 | $ | 144.0 | |||||
| Adjusting items from working capital items and non-current ore stockpiles: | |||||||||||||||
| Receivables and other current assets | (35.7 | ) | 20.9 | 11.9 | 45.6 | (18.0 | ) | ||||||||
| Inventories and non-current ore stockpiles | 63.8 | 20.3 | 105.9 | 51.4 | 76.6 | ||||||||||
| Accounts payable and accrued liabilities | (38.2 | ) | (16.6 | ) | (56.0 | ) | 17.4 | (43.7 | ) | ||||||
| Net cash from operating activities before changes in working capital - continuing operations | $ | 691.6 | 127.2 | $ | 1,204.4 | 600.4 | 158.9 | ||||||||
| Net cash from operating activities before changes in working capital - discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | 21.9 | |||||
| Net cash from operating activities before changes in working capital | $ | 691.6 | $ | 127.2 | $ | 1,204.4 | $ | 600.4 | $ | 180.8 |
Mine-Site Free Cash Flow
Mine-site free cash flow is calculated as cash flow from mine-site operating activities less capital expenditures from operating mine sites. The Company believes this measure is useful to investors in assessing the Company's ability to operate its mine sites without reliance on additional borrowing or usage of existing cash.
Three months ended December 31, 2025
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate & other | Total | ||||||||||
| Net cash from operating activities | $ | 241.8 | $ | 106.1 | $ | 367.2 | $ | (13.4 | ) | $ | 701.7 | ||||
| Add: | |||||||||||||||
| Operating cash flow used by non-mine site activities | - | - | - | 13.4 | 13.4 | ||||||||||
| Cash flow from operating mine-sites | $ | 241.8 | $ | 106.1 | $ | 367.2 | $ | - | $ | 715.1 | |||||
| Capital expenditures | 44.8 | 16.9 | 26.8 | - | 88.5 | ||||||||||
| Less: | |||||||||||||||
| Capital expenditures from corporate and development projects | - | - | - | - | - | ||||||||||
| Capital expenditures from operating mine-sites | $ | 44.8 | $ | 16.9 | $ | 26.8 | $ | - | $ | 88.5 | |||||
| Mine-site cash flow | $ | 197.0 | $ | 89.2 | $ | 340.4 | $ | - | $ | 626.6 |
Three months ended December 31, 2024
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate & Other | Total | ||||||||||
| Net cash from operating activities | $ | 61.8 | $ | 60.0 | $ | 76.3 | $ | (95.5 | ) | $ | 102.6 | ||||
| Add: | |||||||||||||||
| Operating cash flow used by non-mine site activities | - | - | - | 95.5 | 95.5 | ||||||||||
| Cash flow from operating mine-sites | $ | 61.8 | $ | 60.0 | $ | 76.3 | $ | - | $ | 198.1 | |||||
| Capital expenditures | 44.9 | 18.7 | 56.3 | 0.5 | 120.4 | ||||||||||
| Less: | |||||||||||||||
| Capital expenditures from construction and development projects and corporate | - | - | - | (0.5 | ) | (0.5 | ) | ||||||||
| Capital expenditures from operating mine-sites | $ | 44.9 | $ | 18.7 | $ | 56.3 | $ | - | $ | 119.9 | |||||
| Mine-site cash flow | $ | 16.9 | $ | 41.3 | $ | 20.0 | $ | - | $ | 78.2 |
Liquidity and Net Cash (Debt)
Liquidity is defined as cash and cash equivalents, short-term investments and the credit available under the Credit Facility. Net cash (debt) is calculated as cash, cash equivalents and short-term investments less long-term debt, lease liabilities and the drawn portion of the Credit Facility. The Company believes this measure provides investors with additional information regarding the liquidity position of the Company.
| December 31 | December 31 | December 31 | |||||||
| ($ millions, except where noted) | 2025 | 2024 | 2023 | ||||||
| Cash and cash equivalents | $ | 421.9 | $ | 347.5 | $ | 367.1 | |||
| Short-term investments | 1.0 | 1.0 | - | ||||||
| Available Credit Facility | 445.7 | 418.5 | 387.0 | ||||||
| Available Liquidity | $ | 868.6 | $ | 767.0 | $ | 754.1 |
| December 31 | December 31 | December 31 | |||||||
| ($ millions, except where noted) | 2025 | 2024 | 2023 | ||||||
| Cash and cash equivalents | $ | 421.9 | $ | 347.5 | $ | 367.1 | |||
| Short-term investments | 1.0 | 1.0 | - | ||||||
| Lease liabilities | (112.0 | ) | (124.2 | ) | (121.3 | ) | |||
| Long-term debt1 | (651.0 | ) | (1,072.1 | ) | (857.3 | ) | |||
| Drawn letters of credit issued under Credit Facility | (4.3 | ) | (11.5 | ) | (38.0 | ) | |||
| Net cash (debt) | $ | (344.4 | ) | $ | (859.3 | ) | $ | (649.5 | ) |
- Includes principal amount of the Notes of
$450.0 million , Term Loan of $nil, Credit Facility of$200.0 million and equipment loan of$1.0 million (December 31, 2024 -$450.0 million ,$400.0 million ,$220.0 million , and$2.1 million , respectively, December 31, 2023 -$450.0 million ,$400.0 million , $nil, and$7.3 million , respectively). Excludes deferred transaction costs and embedded derivatives on the Notes and Term Loan.
CONSOLIDATED BALANCE SHEETS
| (Audited ) (In millions of U.S. dollars) | December 31, 2025 | December 31, 2024 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 421.9 | $ | 347.5 | ||
| Receivables and other current assets | 79.6 | 48.9 | ||||
| Inventories | 377.0 | 271.9 | ||||
| Assets held for sale | 25.2 | - | ||||
| 903.7 | 668.3 | |||||
| Non-current assets | ||||||
| Property, plant and equipment | 4,162.8 | 4,269.4 | ||||
| Exploration and evaluation assets | 396.1 | 79.6 | ||||
| Restricted cash | 71.0 | 68.4 | ||||
| Inventories | 194.8 | 153.0 | ||||
| Other assets | 124.1 | 135.7 | ||||
| 4,948.8 | 4,706.1 | |||||
| $ | 5,852.5 | $ | 5,374.4 | |||
| Liabilities and Equity | ||||||
| Current liabilities | ||||||
| Accounts payable and accrued liabilities | $ | 329.1 | $ | 264.8 | ||
| Income taxes payable | 99.6 | 62.7 | ||||
| Current portion of provisions | 5.1 | 14.5 | ||||
| Current portion of lease liabilities | 32.3 | 28.8 | ||||
| Current portion of long-term debt | 1.0 | 1.0 | ||||
| Current portion of deferred revenue | - | 151.1 | ||||
| Other current liabilities | 50.0 | 27.7 | ||||
| 517.1 | 550.6 | |||||
| Non-current liabilities | ||||||
| Deferred income tax liabilities | 52.6 | 14.0 | ||||
| Provisions | 308.3 | 285.1 | ||||
| Lease liabilities | 79.7 | 95.4 | ||||
| Long-term debt | 648.8 | 1,027.9 | ||||
| Other liabilities | 0.1 | 0.7 | ||||
| 1,089.5 | 1,423.1 | |||||
| 1,606.6 | 1,973.7 | |||||
| Equity | ||||||
| Attributable to equity holders | ||||||
| Common shares | 3,383.8 | 3,070.6 | ||||
| Contributed surplus | (27.4 | ) | 57.6 | |||
| Retained earnings | 872.6 | 259.4 | ||||
| Accumulated other comprehensive income (loss) | (37.6 | ) | (50.9 | ) | ||
| 4,191.4 | 3,336.7 | |||||
| Non-controlling interests | 54.5 | 64.0 | ||||
| 4,245.9 | 3,400.7 | |||||
| Commitments | ||||||
| Subsequent events | ||||||
| $ | 5,852.5 | $ | 5,374.4 |
Refer to Q4 2025 Financial Statements for accompanying notes.
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
| (Audited) | Years ended December 31, | |||||
| (In millions of U.S. dollars, except per share amounts) | 2025 | 2024 | ||||
| Revenues | $ | 2,852.8 | $ | 1,633.0 | ||
| Cost of sales | (1,646.6 | ) | (1,083.1 | ) | ||
| Gross profit (loss) | 1,206.2 | 549.9 | ||||
| General and administrative expenses | (58.4 | ) | (48.9 | ) | ||
| Exploration expenses | (27.2 | ) | (21.7 | ) | ||
| Impairment reversal (charge), net | (12.2 | ) | 455.5 | |||
| Other income (expenses) | (14.8 | ) | 9.2 | |||
| Earnings (loss) from operations | 1,093.6 | 944.0 | ||||
| Finance costs | (112.2 | ) | (70.8 | ) | ||
| Foreign exchange gain (loss) | (0.6 | ) | (1.0 | ) | ||
| Gain on sale of Bambouk assets | - | 34.1 | ||||
| Interest income, derivatives and other investment gains (losses) | (11.0 | ) | 70.9 | |||
| Earnings (loss) before income taxes | 969.8 | 977.2 | ||||
| Income tax expense | (237.5 | ) | (129.4 | ) | ||
| Net earnings (loss) | $ | 732.3 | $ | 847.8 | ||
| Net earnings (loss) attributable to: | ||||||
| Equity holders | $ | 664.4 | $ | 819.6 | ||
| Non-controlling interests | 67.9 | 28.2 | ||||
| Net earnings (loss) | $ | 732.3 | $ | 847.8 | ||
| Attributable to equity holders | ||||||
| Weighted average number of common shares outstanding (in millions) | ||||||
| Basic | 575.1 | 539.8 | ||||
| Diluted | 581.7 | 545.9 | ||||
| Basic earnings (loss) per share | $ | 1.16 | $ | 1.52 | ||
| Diluted earnings (loss) per share | $ | 1.14 | $ | 1.50 | ||
Refer to Q4 2025 Financial Statements for accompanying notes.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years ended December 31, | ||||||
| (In millions of U.S. dollars) | 2025 | 2024 | ||||
| Operating activities | ||||||
| Net earnings (loss) | $ | 732.3 | $ | 847.8 | ||
| Adjustments for: | ||||||
| Depreciation expense | 420.9 | 275.0 | ||||
| Impairment (reversal) charge | 12.2 | (455.5 | ) | |||
| Gain on sale of Bambouk assets | - | (34.1 | ) | |||
| Deferred revenue recognized | (154.3 | ) | (235.7 | ) | ||
| Income tax expense | 237.5 | 129.4 | ||||
| Derivative (gain) loss | 29.8 | (20.4 | ) | |||
| Finance costs | 112.2 | 70.8 | ||||
| Other non-cash items | 2.0 | (60.2 | ) | |||
| Adjustments for cash items: | ||||||
| Proceeds from gold prepayment arrangement | - | 119.3 | ||||
| Proceeds from insurance claim | - | 27.3 | ||||
| Settlement of derivatives | (2.6 | ) | (2.9 | ) | ||
| Disbursements related to asset retirement obligations | (14.1 | ) | (2.9 | ) | ||
| Other | - | (2.1 | ) | |||
| Movements in non-cash working capital items and non-current ore stockpiles | (61.8 | ) | (114.4 | ) | ||
| Cash from operating activities, before income taxes paid | 1,314.1 | 541.4 | ||||
| Income taxes paid | (171.5 | ) | (55.4 | ) | ||
| Net cash from (used in) operating activities | 1,142.6 | 486.0 | ||||
| Investing activities | ||||||
| Capital expenditures for property, plant and equipment | (293.5 | ) | (558.6 | ) | ||
| Capitalized borrowing costs | (34.6 | ) | (77.8 | ) | ||
| Acquisitions of Northern Superior and Orbec | (30.8 | ) | - | |||
| Proceeds from sale of Bambouk assets | - | 35.5 | ||||
| Other investing activities | (19.4 | ) | 18.5 | |||
| Net cash from (used in) investing activities | (378.3 | ) | (582.4 | ) | ||
| Financing activities | ||||||
| Net proceeds from issuance of shares | 3.9 | 287.5 | ||||
| Repurchase of shares under the Normal Course Issuer Bid ("NCIB") | (50.0 | ) | - | |||
| Proceeds from credit facility | 130.0 | 280.0 | ||||
| Repayment of credit facility | (150.0 | ) | (60.0 | ) | ||
| Repayment of second lien term loan | (416.0 | ) | - | |||
| Dividends paid to non controlling interests | (128.3 | ) | (18.0 | ) | ||
| Net funding from (payment to) Sumitomo Metal Mining Co. Ltd. | - | (332.5 | ) | |||
| Interest paid | (64.6 | ) | (13.8 | ) | ||
| Other financing activities | (34.4 | ) | (59.9 | ) | ||
| Net cash from (used in) financing activities | (709.4 | ) | 83.3 | |||
| Effects of exchange rate fluctuation on cash and cash equivalents | 19.5 | (7.0 | ) | |||
| Increase (decrease) in cash and cash equivalents - all operations | 74.4 | (20.1 | ) | |||
| Decrease (increase) in cash and cash equivalents - held for sale | - | 0.5 | ||||
| Increase (decrease) in cash and cash equivalents | 74.4 | (19.6 | ) | |||
| Cash and cash equivalents, beginning of the year | 347.5 | 367.1 | ||||
| Cash and cash equivalents, end of the year | $ | 421.9 | $ | 347.5 | ||
Refer to Q4 2025 Financial Statements for accompanying notes.
QUALIFIED PERSON AND TECHNICAL INFORMATION
The technical and scientific information relating to exploration activities disclosed in this document was prepared under the supervision of and verified and reviewed by Marie-France Bugnon, P.Geo., Vice President, Exploration, IAMGOLD. Ms. Bugnon is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Christine Beausoleil, P.Geo. (Senior Director, Mining Geology, IAMGOLD Corporation), is the qualified person responsible for the review and approval of all mineral resource estimates contained herein, as at December 31, 2025. Adrienne Rispoli, P. Eng. (Senior Director, Mining and Integrated Planning, IAMGOLD Corporation), is the qualified person responsible for the review and approval of all mineral reserve estimates contained herein, as at December 31, 2025.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
All information included or incorporated by reference in this MD&A, including any information as to the Company's vision, strategy, future financial or operating performance and other statements that express management's expectations or estimates of future performance or impact, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this MD&A. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "would", "could", "continue", "expect", "budget", "aim", "can", "focus", "forecast", "anticipate", "estimate", "maintain", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "cover", "strategy", "during", "ongoing", "subject to", "future", "objectives", "opportunities", "committed", "prospective", "likely", "progress", "strive", "sustain", "effort", "extend", "remain", "pursue", "predict", or "project" or the negative of these words or other variations on these words or comparable terminology.
In particular, forward-looking statements in this MD&A include, without limitation, those under the headings "About IAMGOLD", "Highlights", "Outlook", "Environmental, Social and Governance", "Operations", "Financial Condition" and "Quarterly Financial Review" and include, but are not limited to, statements with respect to: the estimation of mineral reserves and mineral resources and the realization of such estimates; operational and financial performance including the Company's guidance for and actual results of production, ESG performance, costs and capital and other expenditures such as exploration and including depreciation expense and effective tax rate; long-term value and capital allocation; the updated life-of-mine plan, ramp-up assumptions and other project metrics including operating costs in respect to the Côté Gold Mine; expected production of the Côté Gold Mine; expected benefits from the operational improvements and de-risking strategies implemented or to be implemented by the Company; mine development activities; the Company's capital allocation and liquidity; the composition of the Company's portfolio of assets including its operating mines, development and exploration projects; the sale of its Malian asset; permitting timelines and the expected receipt of permits; inflation, including global inflation and inflationary pressures; global supply chain constraints; environmental verification, biodiversity, including commitments related thereto and social development projects; plans, targets, proposals and strategies with respect to sustainability, including third party data on which the Company relies, and their implementation; commitments with respect to sustainability and the impact thereof; commitments with respect to greenhouse gas emissions and energy transition; commitments related to social performance, including commitments in furtherance of Indigenous relations; the ability to secure alternative sources of consumables of comparable quality and on reasonable terms; workforce and contractor availability, labour costs and other labour impacts; the future price of gold and other commodities; equity financings, foreign exchange rates and currency fluctuations; financial instruments; hedging strategies; impairment assessments and assets carrying values estimates; safety and security concerns in the jurisdictions in which the Company operates and the impact thereof on the Company's operational and financial performance and financial condition; and government regulation of mining operations.
The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this MD&A with respect to: the Company's present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals, other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the construction of the Company's projects.
Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the Company's business strategies and its ability to execute thereon; the development and execution of implementing strategies to meet the Company's sustainability vision and targets; security risks, including civil unrest, war or terrorism and disruptions to the Company's supply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company's Essakane mine; the availability of labour and qualified contractors; the availability of key inputs for the Company's operations and disruptions in global supply chains; tariffs and increase costs of supplies and equipment; the volatility of the Company's securities; litigation; contests over title to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; management of certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks associated with a mining company's operations; unexpected geological conditions; competition and consolidation in the mining sector; the profitability of the Company being highly dependent on the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (including, but not limited to diesel, fuel oil and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions in which the Company carries on business, including the imposition of tariffs by the United States on Canadian products; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for transactions, exploration, development or operation, operating or technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the Company's ability to execute on de-risking activities and measures to improve operations; availability of specific assets to meet contractual obligations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks relating to acquisitions and divestitures; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment (including greenhouse gas emission reduction and other energy transition requirements; the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather conditions at mine sites; disruptions from weather related events resulting in limited or no productivity such as forest fires, severe storms, flooding, drought, heavy snowfall, poor air quality, and extreme heat or cold; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour agreements and/or collective bargaining agreements may not be agreed to; the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; and the inherent risks involved in the exploration, development and mining business generally. Please see the Company's AIF available on SEDAR+ at www.sedarplus.ca or Form 40-F available on EDGAR at www.sec.gov/edgar for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284174
FAQ
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