IAMGOLD (IAL) Q2 2026 Earnings Report

The call highlights a clear financial and operational turnaround: strong production, substantial free cash flow generation, a move to net cash and expanded liquidity, significant share repurchases and concrete operational improvements (notably at Côté, Essakane and Westwood). Management acknowledges elevated unit costs driven by royalties, energy and transitionary contractor impacts but has articulated credible operational actions and targets to reduce costs and increase throughput (near‑term path to ~40,000 tpd at Côté, reserve and resource growth, and mine life extension studies). While there are notable near‑term cost pressures and potential large capital requirements for larger expansions, the balance of strong cash generation, improved balance sheet flexibility and clear operational progress supports a positive outlook.

IAMGOLD reaffirmed full‑year 2026 production guidance of 720,000–820,000 oz (Q2 production 188,100 oz; sales 195,100 oz at an average realized price of $4,384/oz) with year‑to‑date production 371,700 oz and strong mine‑site free cash flow of $893.5M YTD (Q2 mine‑site FCF $368.9M); Q2 revenue was $856.9M, adjusted EBITDA $507.1M, adjusted net earnings $241.6M ($0.42/share) and trailing‑12‑month adjusted EBITDA ≈$2.2B. Balance sheet/returns: ended Q2 with $501.4M cash, net‑cash position, ~ $1.35–1.4B liquidity after amending the credit facility to $850M (2030) with a $250M accordion, and since December repurchased ~28M shares for $510.4M (≈45% of mine‑site FCF returned). By asset: Côté (100%) Q2 production 96,200 oz (attributable 67,300 oz), YTD 170,900 oz, guidance 309,000–440,000 oz; Q2 moved 11.7M t total (3.1M t ore), strip ratio 2.8:1, milled 2.9M t, head grade ~1.12 g/t, recovery 93%, Q2 processing cost June ~$17.72/t (prior 3‑quarter avg $22.50/t), Q2 cash cost excl. royalty $1,245/oz and AISC $2,082/oz, nameplate 36,000 tpd with a near‑term path toward ~40,000 tpd and a combined Côté–Gosselin M&I resource of 20.3M oz (updated technical report due end‑2026). Essakane Q2 attributable 88,400 oz, YTD 183,500 oz, Q2 throughput 3.2M t, head grade 1.13 g/t, recovery 88%, Q2 cash cost excl. royalty $1,214/oz and AISC excl. royalty $1,691/oz, royalties ~$510/oz (~30% of cash costs), Q2 FCF $162.1M and $464.8M YTD, mine‑life update targeting extension to 2035 (H1‑2027). Westwood Q2 32,400 oz, YTD 68,600 oz (guidance 110,000–130,000 oz), Q2 mill 287k t, blended grade 3.75 g/t, recovery 94%, Q2 cash cost $1,606/oz and AISC $2,163/oz, Q2 FCF $56.5M and ~$30M expansion capex this year. Company costs: Q2 cash costs incl. royalty $1,289/oz (YTD $1,244/oz) and AISC tracking to the upper half of guidance, royalties have added ~ $380/oz YTD (≈$55/oz above plan), H1 input costs were ~+3% and oil was ~$25–30/bbl above guidance (adding ≈$35/oz); safety TRIF Q2 0.70 (YTD 0.56).