IAMGOLD(IAG) - 2025 Q3 - Quarterly Report

Production and Sales - Attributable gold production was 190,000 ounces in Q3 2025 and 524,000 ounces year-to-date, with Côté Gold contributing 75,000 ounces in Q3 and 193,000 ounces year-to-date[6] - Total attributable production for YTD 2025 was 524,000 ounces, with a full-year guidance of 735,000 to 820,000 ounces, indicating the company is on track to meet its production targets[25] - Attributable gold production reached 75,000 ounces in Q3 2025, an 83% increase from the prior year, with year-to-date production at 193,000 ounces, positioning the mine to achieve its annual guidance of 250,000 to 280,000 ounces[50] - Gold production in Q3 2025 was 23,000 ounces, down 28% from the same period last year, with year-to-date production at 76,000 ounces[65] - Essakane produced 92,000 ounces of attributable gold in Q3 2025, an 8% decrease from 100,000 ounces in Q3 2024, primarily due to lower grades[75] - For 2025, Essakane production is expected to be between 400,000 to 440,000 ounces, with higher grades anticipated in Q4[78] Financial Performance - Revenues for Q3 2025 were $706.7 million from sales of 203,000 ounces at an average realized gold price of $3,492 per ounce, and $1,764.7 million year-to-date from sales of 559,000 ounces at an average price of $3,153 per ounce[6] - Revenues for Q3 2025 reached $706.7 million, a 60.9% increase from $438.9 million in Q3 2024, while year-to-date revenues rose to $1,764.7 million from $1,163.1 million[15] - Gold revenues amounted to $705.9 million in Q3 2025, compared to $438.0 million in Q3 2024, reflecting a significant growth in sales volume[192] - The Company reported net cash from operating activities of $280.8 million in Q3 2025, an increase of $134.6 million compared to Q3 2024[110] - The average realized gold price year-to-date 2025, excluding the impact of the 2024 prepay arrangement, was $3,251 per ounce[13] Costs and Expenses - Cost of sales per ounce sold was $1,593 in Q3 2025, with cash costs at $1,588 and all-in sustaining costs (AISC) at $1,956, while the company expects to achieve the top end of its revised annual cash cost guidance of $1,375 to $1,475 per ounce sold[6] - Cash costs per ounce sold for Côté Gold were $1,269, with full-year guidance set between $1,100 and $1,200, while consolidated AISC was $1,969, with guidance of $1,830 to $1,930[27] - Cost of sales excluding depreciation for Q3 2025 was $324.2 million, an increase of $109.2 million or 51% year-over-year, primarily due to increased gold sales volume at the Côté Gold mine[157] - Year-to-date cost of sales excluding depreciation for 2025 was $867.5 million, up by $300.8 million or 53% compared to the prior year[158] - Cash costs per ounce sold rose by 42% to $1,737 in Q3 2025, compared to $1,223 in Q3 2024, reflecting higher production costs and royalties[75] - AISC per ounce sold increased by 11% to $1,914 in Q3 2025, compared to $1,730 in Q3 2024, due to higher cash costs and lower production volumes[75] Cash Flow and Liquidity - The company reported record mine-site free cash flow of $292.3 million during Q3 2025, including $135.6 million from Côté Gold[6] - IAMGOLD has available liquidity of $707.2 million, consisting of $314.3 million in cash and cash equivalents and a $391.9 million available balance from its revolving credit facility[6] - The total cash and cash equivalents as of September 30, 2025, were $314.3 million, down from $347.5 million at the end of 2024[15] - As of September 30, 2025, IAMGOLD had $314.3 million in cash and cash equivalents and net debt of $813.2 million, resulting in liquidity of approximately $707.2 million[97] Debt and Financing - The company repaid $100 million on its second lien notes, reducing the principal balance to $300 million as of September 30, 2025, with further payments of $170 million made post-Q3[8] - The issuer credit rating was upgraded by S&P from B to BB- with a stable outlook on October 10, 2025[8] - The Company has a $650 million secured revolving Credit Facility, with $250 million drawn as of September 30, 2025[120] - Total contractual obligations from operations were approximately $1.7 billion as of September 30, 2025[137] Capital Expenditures and Investments - Capital expenditures for YTD 2025 totaled $200.0 million, with full-year guidance expected to reach approximately $335 million, primarily for sustaining capital[31] - Year-to-date 2025 capital expenditures totaled $129.9 million, with sustaining capital expenditures at $104.3 million and expansion capital at $25.6 million[60] - The Company plans to implement a share buyback program allowing for the purchase of up to 10% of its outstanding common shares, reflecting management's confidence in long-term value[103] - Capital expenditures guidance for 2025 is set at $70 million, focusing on underground development and equipment overhauls[68] Exploration and Development - Exploration expenditures for 2025 are projected to be around $38 million, with significant investment in Côté Gold, estimated at approximately $13 million[33] - The diamond drilling program for 2025 was increased to 16,700 metres, with approximately 4,000 metres completed in Q3 2025[86] - Exploration expenditures guidance for 2025 is set at $38 million, with total exploration activities in Q3 2025 amounting to approximately 67,700 metres[94] Risks and Challenges - The Company faces significant risks due to geopolitical instability in Burkina Faso, impacting supply chains and operational capacity[184] - The new Mining Code in Burkina Faso increased the government's free-carried interest from 10% to 15%, which may affect the Company's financial condition[186] - The Company experienced a business interruption in August 2025, operating at reduced capacity for 20 days due to fuel supply shortages[184] - Inflation and supply chain disruptions continue to adversely impact the Company's production costs and availability of inputs[188] - Equipment malfunctions and delays in procurement may adversely impact the Company's operations and financial results[189] Acquisitions and Strategic Moves - IAMGOLD announced definitive agreements to acquire Northern Superior Resources Inc. and Mines d'Or Orbec Inc. for approximately $267.4 million and $12.6 million respectively, consolidating a dominant land position in the Chibougamau region[8] - IAMGOLD announced the acquisition of Northern Superior and Orbec for approximately $267.4 million and $12.6 million, respectively, consolidating a dominant land position of about 134,000 hectares in the Chibougamau region[83] Market Conditions - The average market gold price for Q3 2025 was $3,457 per ounce, compared to $2,474 per ounce in Q3 2024[148] - Average realized gold price per ounce sold increased to $3,492 in Q3 2025, up 46.2% from $2,391 in Q3 2024[192]