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IMG
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IAMGOLD Corporation is a Canada-based intermediate gold producer and developer. IAMGOLD's recent quarterly trend shows a step-change in profitability and cash flow alongside higher realized gold prices and increased production scale. The key review question is whether IAMGOLD can translate this operating and financial setup into durable cash generation while managing Cote Gold throughput and ramp-up execution, Essakane country and VAT recovery exposure, Westwood operating variability, gold-price and royalty sensitivity, cost inflation.
IAMGOLD maintained 2026 attributable production guidance of 720,000 to 820,000 ounces. Cote Gold attributable production guidance was 270,000 to 310,000 ounces, with focus on stabilization, optimization, operating-efficiency improvements, and preparation for a contemplated expansion. Cash costs excluding royalties were expected to average $1,100 to $1,250 per ounce sold, while royalties add sensitivity to the gold price environment.
IAMGOLD combines a larger production base with improving liquidity and continued optimization at Cote Gold, Westwood and Essakane. The source packet shows Q1 2026 attributable gold production of 183,600 ounces, revenue above $1.0 billion, adjusted EBITDA of $666.3 million, mine-site free cash flow of $524.6 million, and maintained full-year attributable production guidance of 720,000 to 820,000 ounces.
Requires analyst review. Source-backed items to monitor include Cote Gold operating stabilization and expansion technical report work, continued Westwood and Essakane performance, progress against full-year production guidance, further debt reduction or capital returns, and quarterly evidence that liquidity remains strong after growth and shareholder-return uses of cash.
1Y cumulative return vs XIC
Street
bullMarket-Implied
bearMost Likely
baseConfidence
MediumAs of 2026-06-06, the current price of 21.45 compares with a low/mean/high consensus range of 31.56, 36.18, and 40.95 across 7 analysts. That setup points to a bull street case because the mean and high ends of the range remain materially above the current quote.
The market-implied case is bear because the current quote sits below the low end of the target range, showing that investors still discount material delivery or cycle risk.
The overall case is base because IAMGOLD must convert its gold mining portfolio into durable evidence around Cote execution, balance-sheet flexibility, mine productivity, and cash generation. The report context is constructive enough to keep the scenario live, but gold prices, Cote ramp-up, cost inflation, and project concentration keep the range from being a one-way read.
Confidence is medium because the prepared report sections are source-backed and the street-target inputs are current, but scenario outcomes still depend on gold prices, Cote ramp-up, cost inflation, and project concentration.
Current Price
$21.45
Expected Value
$36.22
Implied Move
+68.8%
Current vs low/median/mean/high target prices
IAMGOLD's operating risk is concentrated in three mines and one commodity: Cote Gold and Westwood in Canada and Essakane in Burkina Faso. The company reported 2025 attributable gold production of 765,900 ounces, with Cote, Westwood, and Essakane each material to production, so lower grades, lower recoveries, unplanned downtime, mining-sequence changes, contractor performance, equipment availability, processing interruptions, or delays reaching or sustaining planned throughput at any site could materially reduce output and cash flow. The AIF identifies normal mining hazards, including pit wall failure, geotechnical failures, rock bursts, cave-ins, floods, wildfires, tailings dam failure, industrial accidents, power, fuel and reagent shortages, material and equipment availability, weather, water conditions, security incidents, and theft or loss of bullion or concentrate. Westwood has a specific geotechnical history: seismic activity in October 2020 forced suspension of underground mining while geotechnical reviews were completed, and wildfires in June 2023 temporarily affected Westwood and Cote. Essakane has faced drought, water shortages, sandstorms, and increased external security risks. IAMGOLD also depends on joint venture governance at Cote, where the mine is operated through a 70% IAMGOLD and 30% Sumitomo Metal Mining structure; partner objectives, funding obligations, operating decisions, disputes, or litigation could reduce IAMGOLD's control over timing, capital allocation, and operating outcomes. Social licence is another operating constraint. The AIF states that host communities, NGOs, Indigenous rightsholders, and other stakeholders may challenge permits, seek injunctions, organize protests or road blockades, file lawsuits, or lobby for regulatory changes. The sustainability report describes active engagement systems, water management plans, tailings controls, closure planning, and site-level management systems, but these controls do not remove the risk of environmental incidents, community opposition, or operating interruptions.
Insufficient structured data
IAMGOLD's business model is to own, operate, develop and explore gold mining assets, convert mined ore into dore and refined bullion, and sell production at market rates. Its producing asset base includes a 70% operated interest in Cote Gold with Sumitomo Metal Mining holding 30%, a 100% owned Westwood complex in Quebec, and an 85% interest in Essakane with the Government of Burkina Faso holding a 15% free-carried interest. The company also advances near-mine and greenfield exploration, including Canadian projects such as the Nelligan Mining Complex, and supports its mines through technical, project development and operations-services functions.
IAMGOLD Corporation is a Canada-based intermediate gold producer and developer. Its operating mines are Cote Gold in Ontario, Westwood in Quebec, and Essakane in Burkina Faso, and its broader portfolio includes early-stage and advanced exploration projects in high-potential mining districts. IAMGOLD is organized under the Canada Business Corporations Act, has its registered and principal office in Toronto, and its shares trade on the TSX under IMG and the NYSE under IAG.
IAMGOLD's cost base is primarily driven by mine operating costs, processing costs, royalties, sustaining and expansion capital, general and administrative expense, exploration spending, finance costs, taxes, closure and environmental obligations, and foreign-exchange exposure. The Q1 2026 financial report identifies cost of sales, general and administrative expense, exploration expense, finance costs, foreign-exchange losses and income tax expense as major income-statement items. At the mine level, reported cost categories include production costs, royalties, mining costs, milling costs, site general and administrative costs, sustaining capital and expansion capital. Fuel and power, labour, consumables, equipment availability, security and supply-chain conditions, and government royalty regimes also affect operating costs.
Barriers to entry in IAMGOLD's industry include mineral tenure, geological discovery, reserve definition under NI 43-101, technical teams, financing, mine construction capability, processing infrastructure, environmental approvals, closure funding, local relationships, and long permitting timelines. The Cote technical report describes conventional processing, tailings, water management, closure planning, and multiple provincial agencies involved in approvals and permits. IAMGOLD's AIF also identifies competition for developable mineral properties and skilled people, and states that failure to acquire qualified personnel or additional mineral properties could limit reserve replacement or growth. Substitutes exist at the end-market level: USGS notes that base metals clad with gold alloys can reduce gold use in electronics and jewelry, and that palladium, platinum, and silver may substitute for gold in some applications.
IAMGOLD's competitive strengths are source-backed to its portfolio mix, operating scale, technical base, and district consolidation. Cote Gold reached nameplate plant throughput of 36,000 tonnes per day in 2025 and had large measured and indicated resources across Cote and Gosselin at December 31, 2025. Westwood provides a Quebec underground and open-pit platform with high-grade underground zones, and Essakane provides long-running West African production with a surrounding district and established local operating structure. The company also consolidated the Nelligan Mining Complex in Quebec, creating a large pre-production gold camp with multiple deposits within a 17-kilometre radius. These strengths do not remove commodity exposure, but they give IAMGOLD a multi-asset base, development options, operating know-how, and scale benefits that smaller single-asset miners may lack.
The AIF states that IAMGOLD competes with other mining companies for economically developable mineral properties, technical experts, labour, and capital to finance exploration, development, and operations. It also states that the company competes with Canadian and foreign companies that may have substantially greater financial and other resources. Gold producers therefore compete less through product differentiation and more through asset quality, operating execution, access to ore bodies, community and regulatory standing, skilled labour, project pipelines, and balance-sheet capacity. Industry consolidation and competition for new mining properties can affect the company's ability to replace mineral reserves, maintain production, or grow.
Capital structure composition and liquidity ratios
At March 31, 2026, IAMGOLD had total assets of $5.993 billion, compared with $5.853 billion at December 31, 2025. Current assets increased to $990.7 million, including $550.2 million of cash and cash equivalents, while property, plant and equipment was $4.157 billion. Total liabilities declined to $1.566 billion from $1.607 billion, with long-term debt of $548.9 million and only $0.3 million current debt. Equity attributable to equity holders rose to $4.335 billion, and total equity was $4.427 billion including non-controlling interests.
IAMGOLD ended Q1 2026 with available liquidity of $1.097 billion, made up of $550.2 million in cash and $545.7 million available under its credit facility. Net debt was $105.2 million, while net cash excluding leases and letters of credit was $0.9 million. The company had $100.0 million drawn on the credit facility at quarter-end, after repaying $100.0 million during the quarter; after quarter-end it paid down the remaining balance. Cash included $74.0 million held by the Cote Gold joint venture and $281.9 million held by Essakane. The quarter's strong operating cash flow funded capital expenditures, debt repayment and share repurchases while still increasing cash.
Operating, investing, and financing cash flow by period
Operating cash flow was $569.9 million in Q1 2026, compared with $74.3 million in Q1 2025. The increase reflected higher revenues from a stronger realized gold price, while operating cash flow before working-capital movements and non-current ore stockpiles was $629.5 million. Investing activities used $81.0 million, including $101.6 million of property, plant and equipment capital expenditures partly offset by other investing inflows. Financing activities used $356.5 million, mainly from $260.0 million of share repurchases and $100.0 million of credit-facility repayment. Cash increased by $128.3 million during the quarter to $550.2 million.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| EQX | Equinox Gold Corp. | 224.3% | |
| ELD | 97.9% | Eldorado Gold Corporation | 49.9% |
| DPM | 294.7% | DPM Metals Inc. | 115.3% |
| OR | 184.4% |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 3,405,800 | 2,852,800 | 1,633,000 | 987,100 | 958,800 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 5,852,500 | 5,374,400 | 4,537,900 | 4,425,100 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 1,638,200 | 1,142,600 | 486,000 | 159,400 | 408,700 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 869,097,087 | 37,125,036 | institutional | Van Eck Associates Corporation | Mar 2026 | 6.42% |
| 734,082,160 | 31,357,632 | institutional | FMR, LLC | Mar 2026 | 5.43% |
| 727,565,425 | 31,079,258 | institutional | FIL LTD |
IAMGOLD's 2025 Sustainability Report identifies the company as an intermediate gold producer and developer based in Canada, with operating mines at Cote Gold and Westwood in Canada and Essakane in Burkina Faso, and states that IAMGOLD is committed to accountable mining through high standards of environmental, social, and governance practices. Environmental stewardship is organized around tailings and waste management, water stewardship, mine closure and reclamation, energy and climate, biodiversity and land use, and air quality. For tailings and waste, IAMGOLD reports policies, standards, operating procedures, emergency response and preparedness plans, Tailings Operating, Maintenance and Surveillance manuals, Engineers of Record, Independent Tailings Review Board reviews, and Board oversight through the Sustainability Committee and Technical Committee. In 2025 it operated five active tailings storage facilities, managed one inactive and two closed legacy facilities, generated 59,848,367 tonnes of mined rock, 1,407,976 tonnes of overburden, and 24,603,393 tonnes of tailings, and reported no material findings from independent tailings reviews. Non-mineral waste disclosures show 5,821 tonnes diverted from disposal and 33,950 tonnes directed to disposal, with no significant incidents associated with hazardous materials and waste management in 2025. Water stewardship is governed by a Water Management Framework, Water Management Policy, Water Management Standard, site water plans, site Water Stewardship Working Groups, and Chief Operating Officer accountability for water. IAMGOLD reported 24,702 megalitres of operational water withdrawal, 26,863 megalitres of total water withdrawal, 7,233 megalitres of total water discharge, 21,481 megalitres of water consumption, and 21,021 megalitres of water recycled or reused in 2025. Six Westwood water-related non-compliance notices resulted in formal enforcement action, but IAMGOLD states none were internally assessed as significant; automated discharge gate controls were implemented. Energy and climate disclosures show 8,859,399 GJ of actual energy consumption, total Scope 1 and 2 emissions of 527,015 tonnes CO2e, made up of 510,379 tonnes Scope 1 and 16,636 tonnes Scope 2, and Scope 1 and 2 emissions intensity of 0.56 tonnes CO2e per ounce of gold produced. IAMGOLD also describes energy transition work such as EMIS assessments, site Energy Transition Plans, electrification initiatives, ventilation-on-demand at Westwood, and purchase of the 12 MWAC Essakane solar power plant. Biodiversity controls include a Biodiversity Management Policy, baseline studies, environmental assessments, monitoring, biodiversity management plans at all mines, biodiversity working groups around Cote Gold and Westwood, and 36.5 hectares of total land rehabilitated in 2025.
Requires analyst review. The approved sources do not establish market pricing or a security-level mispricing. They support review of whether the market is appropriately weighing strong Q1 cash generation and capital returns against Cote Gold throughput constraints, the need for continued optimization, and jurisdictional and working-capital considerations at Essakane.
Primary risks include Cote Gold throughput and ramp-up execution, Essakane country and VAT recovery exposure, Westwood operating variability, gold-price and royalty sensitivity, cost inflation, capital allocation choices around share repurchases and debt reduction, and the need to sustain liquidity while optimizing major assets.
Q1 2026 results included attributable gold production of 183,600 ounces, adjusted EBITDA of $666.3 million, mine-site free cash flow of $524.6 million, and available liquidity of $1.0969 billion at March 31, 2026. IAMGOLD also repaid $100 million of its credit facility and purchased $260 million of shares during the quarter. Management cited strong Westwood and Essakane performance and temporary Cote conveyor downtime that was being addressed through repairs and belt replacement.
Requires analyst review before any portfolio action. The source-backed action item is to monitor Cote Gold throughput and expansion planning, Essakane dividend and VAT recovery dynamics, Westwood and Essakane production trends, liquidity after debt repayment and share repurchases, and delivery against the 720,000 to 820,000 ounce guidance range.
Requires analyst review. The approved sources provide production, liquidity, mine-site free cash flow, cost guidance, capital-return, and Cote optimization inputs, but they do not provide a standalone valuation answer. Any valuation work should separately review normalized Cote throughput, Essakane cash repatriation and VAT recovery, Westwood operating performance, gold prices, royalties, and sustaining capital.
Bear Case
In the bear case, IAMGOLD remains tied to its gold mining portfolio, but investors put more weight on gold prices, Cote ramp-up, cost inflation, and project concentration than on the consensus range. The stock can lag even with source-backed report coverage in place if cash generation, project delivery, or operating momentum falls short of what the current report context implies.
What Must Go Right: To avoid the bear case, IAMGOLD needs to preserve liquidity, keep operating and capital plans within the boundaries described in the report, and show that Cote execution, balance-sheet flexibility, mine productivity, and cash generation are progressing without adding balance-sheet strain.
What Must Go Wrong: The bear case develops if gold prices, Cote ramp-up, cost inflation, and project concentration weaken confidence, if cost or capital needs absorb the financial flexibility shown in the report, or if investors decide the target range was too dependent on favorable market conditions.
Base Case
In the base case, IAMGOLD executes broadly in line with the prepared report context. The business continues to show credible support from its gold mining portfolio, while the market waits for clearer evidence that Cote execution, balance-sheet flexibility, mine productivity, and cash generation can compound through the cycle.
What Must Go Right: The base case requires steady operating delivery, disciplined capital allocation, and risk control. Management needs to keep the balance sheet usable, protect margins or cash conversion, and make the report thesis more visible through measurable progress.
What Must Go Wrong: The base case weakens if execution becomes uneven, if external market conditions overpower company-specific progress, or if the risk section begins to matter more than the investment-summary thesis.
Bull Case
In the bull case, IAMGOLD converts the strengths identified in the report into clearer market evidence. Investors give more credit to Cote execution, balance-sheet flexibility, mine productivity, and cash generation, and the current quote moves closer to the stronger part of the consensus range without needing a new unsupported valuation claim.
What Must Go Right: The bull case requires sustained execution, clean capital allocation, and proof that the company can turn its gold mining portfolio into durable earnings, cash flow, or asset-value progress. The more management reduces uncertainty around gold prices, Cote ramp-up, cost inflation, and project concentration, the easier it becomes for the target range to matter.
What Must Go Wrong: The bull case fails if the positive setup depends mainly on external markets rather than company delivery, if costs or capital intensity rise, or if the report risks limit how much credit investors are willing to assign.
Options positioning visual unavailable for this report.
IAMGOLD's financial risk is driven by gold price exposure, production levels, unit costs, foreign exchange rates, debt, capital spending, taxes, royalties, reclamation security, and cash repatriation. The annual report shows a stronger year-end 2025 liquidity position, with $421.9 million of cash and cash equivalents, $445.7 million available under the credit facility, $868.6 million of liquidity, $649.8 million of long-term debt, and $344.4 million of net debt. That balance sheet still depends on mine performance and gold markets: the AIF states that IAMGOLD's liquidity position and capital allocation decisions will be substantially determined by operations, the gold price, currency exchange rates, and the ability to repatriate dividends from Burkina Faso. Essakane cash is a specific exposure. IAMGOLD held $197.5 million of cash at Essakane at year-end 2025, received $291 million of dividend, shareholder account, and interest payments during 2025, and reported a remaining $408 million balance at December 31, 2025; repayment timing depends on gold price, Essakane financial performance, currency exchange rates, and potential receipt of VAT balances. The shareholder account is denominated in XOF, which is pegged to the euro, creating foreign exchange and timing risk relative to IAMGOLD's U.S.-dollar reporting and capital needs. Burkina Faso fiscal changes also pressure cash generation: the AIF describes higher gold royalties when gold exceeds $3,000 per ounce, an additional royalty increase for each $500 per ounce above that threshold, a 2% contribution levy on after-tax profits, and changes to free-carried interest and local participation. The company repaid its term loan in 2025, but it still has $200 million drawn on the credit facility, $450 million principal of 5.75% senior notes due in 2028, leases, covenants tied to leverage and interest coverage, and minimum liquidity requirements. Capital allocation can also tighten liquidity because IAMGOLD is funding sustaining capital, exploration, closure and bonding obligations, acquisitions and integration of the Nelligan Mining Complex, and share repurchases. Reserves decreased in 2025 primarily from depletion and model adjustments, so future cash flow may require successful reserve replacement, mine-life extensions, or new project spending.
IAMGOLD is exposed to gold industry cycles that are outside management's control. The USGS gold commodity summary reported a record-high estimated annual gold price in 2025 and fluctuating prices during the year, while the AIF states that IAMGOLD's revenues are generated predominately from gold and silver sales at market rates and that gold prices can be affected by inflation, central bank policies, investment trends, geopolitical events, and changes in supply and demand. A lower gold price, weaker demand, or adverse changes in investor flows could reduce revenue, margins, mineral reserve economics, project returns, and access to capital. Higher gold prices do not remove risk because they can also increase royalties, taxes, labour competition, input costs, acquisition prices, and expectations from governments and communities. Competition is material across the mining value chain. The AIF states that IAMGOLD competes with other mining companies for mineral properties that can be developed and produced economically, technical experts, labour, and capital, including competitors with substantially greater financial and other resources. If IAMGOLD cannot attract qualified employees, contractors, engineers, suppliers, or exploration talent, it may struggle to replace mineral reserves, maintain production, or grow. Industry-wide cost inflation, fuel and energy volatility, trade restrictions, tariffs, equipment lead times, insurance availability, credit market instability, and foreign exchange movements can also raise costs or delay mine plans. Mineral resource and reserve replacement is a recurring industry risk: IAMGOLD's annual report shows 2025 reserves declining 7% before resource additions and describes depletion at operating mines, while the AIF highlights uncertainty in resource estimates, geology, metallurgical performance, grade continuity, recovery assumptions, and mine planning. Technical work at Cote supports resource and reserve estimates, but the technical report still depends on drill spacing, geological interpretation, metallurgical assumptions, block modelling, pit shells, and mine-plan execution.
IAMGOLD operates in Canada and Burkina Faso under mining, environmental, health and safety, labour, securities, tax, anti-corruption, sanctions, Indigenous rights, water use, land title, reclamation, and mine closure regimes. The AIF states that changes in laws, regulations, enforcement practices, mining royalties, taxes, local ownership requirements, procurement rules, export restrictions, capital controls, or permitting conditions could increase costs, reduce revenues, delay operations, or prohibit certain activities. Burkina Faso is a material regulatory and legal risk because Essakane is located there and the AIF describes recent changes to mining royalties, a contribution levy, Mining Code amendments, local investor participation, and updates to the Essakane Mining Convention. The AIF also describes political, legal, security, and judicial risks in foreign jurisdictions, including expropriation, nationalization, licence or permit renegotiation, cancellation, restrictions on dividends or capital movements, higher discretion by authorities, slower court processes, and difficulty enforcing rights. In Canada, Indigenous and community rights can affect permitting and operations. IAMGOLD has impact benefit agreements for Cote with Mattagami First Nation, Flying Post First Nation, and the Metis Nation of Ontario and is negotiating with Pikogan for Westwood; unresolved consultation, accommodation, land claims, protests, blockades, or legal proceedings could delay or constrain operations. Environmental and closure obligations are also material. The sustainability report describes tailings storage facilities, hazardous waste controls, water stewardship, closure plans, and reclamation standards, while the annual report shows restricted cash and surety or performance bonds tied to environmental closure obligations. Those controls may not prevent spills, water exceedances, tailings incidents, cyanide or hazardous substance releases, climate-related damage, closure-cost increases, enforcement actions, or additional bonding requirements. IAMGOLD also faces litigation, regulatory inquiry, anti-bribery, sanctions, responsible sourcing, forced labour, child labour, cyber, data, AI, and financial reporting control risks, any of which could cause costs, penalties, operational changes, delayed reporting, or reputational damage.
Insufficient structured data
Risk sensitivity visual unavailable for this report.
The key report-specific risks are whether IAMGOLD can sustain Cote's ramp-up and mine plan, preserve Essakane cash generation and repatriation, manage Westwood geotechnical and water risks, and convert the Nelligan Mining Complex into an economically viable future production source. Cote reached full production capacity in 2025 and is now central to IAMGOLD's profile, but it remains exposed to open-pit sequencing, throughput, recovery, tailings, water, equipment, contractor, permitting, and joint venture decision risks. The 2018 Cote feasibility report supports the deposit and processing assumptions, including data verification, reserve modelling, and metallurgical recovery estimates, but actual mine performance can differ from those assumptions as mining advances. Essakane is a major cash-flow source, but it is exposed to Burkina Faso security conditions, fiscal changes, local ownership and participation rules, currency and VAT timing, supply-chain disruption, and dividend or shareholder-account repayment timing. Westwood adds underground geotechnical risk, water and effluent compliance risk, labour availability risk, and a history of seismic disruption. The Nelligan Mining Complex adds long-term optionality but is still pre-production; its value depends on additional drilling, resource conversion, engineering, permitting, community engagement, capital availability, and eventual development economics. IAMGOLD's 2025 acquisitions of Northern Superior and Orbec expanded the land position and reported resources, but integration, exploration spending, resource confidence, and a planned preliminary economic assessment remain execution risks. Across the portfolio, reserves declined in 2025 due primarily to depletion, so the company must continue replacing ounces while balancing debt, reclamation security, exploration, sustaining capital, and shareholder returns.
IAMGOLD does not distribute a consumer product. The AIF states that all gold produced by IAMGOLD is in the form of dore bars that are refined into gold bullion. Production may be sold to counterparties such as financial institutions, governments, metals trading businesses and refineries, and all sales are made at market rates. Revenue is received in US dollars and Euros, while a significant portion of operating and other expenses is incurred in non-US currencies, including Canadian dollars and Euros.
IAMGOLD's producing geographic exposure is concentrated in Canada and Burkina Faso. Cote Gold is located in the Porcupine Mining Division near Gogama, Ontario; Westwood is located in the Abitibi region of Quebec; and Essakane is in Burkina Faso's Sahel region near Falagountou. The company also has exploration and development exposure in Canada, Burkina Faso and Peru, with Canadian projects including the Nelligan Mining Complex and other Quebec properties. This geographic mix exposes the business to Canadian mining, environmental and Indigenous consultation frameworks as well as Burkina Faso mining, fiscal, security and permitting conditions.
Key operating levers include tonnes mined and milled, head grades, recoveries, mill throughput, mining sequence, strip ratios, underground and open-pit productivity, equipment and conveyor availability, and the ability to manage ore stockpiles and processing bottlenecks. Financial levers include realized gold prices, ounces sold, royalty rates, production costs, sustaining and expansion capital, foreign exchange, fuel and power costs, working capital, taxes and financing costs. Longer-term operating levers include reserve and resource conversion, exploration success, permitting, tailings and closure management, community and Indigenous relations in Canada, and security and logistics management at Essakane.
IAMGOLD's core product is gold, with revenue generated predominantly from attributable gold and silver production. The company mines and processes ore from open-pit and underground operations: Cote Gold is a large-scale Canadian gold mine, Westwood includes underground and open-pit sources in Quebec, and Essakane is an open-pit operation in Burkina Faso. Processing activities include crushing, milling, concentration, cyanide leaching, carbon-in-pulp recovery, elution, electrowinning and smelting to produce dore, which is then refined into bullion. IAMGOLD also conducts exploration and development work to define and expand mineral resources and support future mining activity.
IAMGOLD operates in a heavily regulated mining environment. Its Canadian operations are subject to securities disclosure requirements, mine permitting, environmental regulation, closure and rehabilitation obligations, tailings and water management requirements, and consultation with Indigenous communities, including impact and benefit agreement relationships around Cote Gold and Westwood. Essakane operates under Burkina Faso mining law, a mining convention, an environmental permit, a mining permit regime, a government free-carried interest and gold-price-linked royalty requirements. The AIF also identifies security conditions, political and fiscal changes, competition for mineral properties, labour and technical expertise, and social licence as important operating-environment factors.
Revenue is driven primarily by attributable gold and silver ounces produced and sold, realized gold prices, mine throughput, grades, recoveries, production mix across Cote Gold, Westwood and Essakane, and IAMGOLD's ownership share in each operation. The annual report states that 2025 revenues were $2.8528 billion from sales of 817,800 ounces at an average realized gold price of $3,482 per ounce. The Q1 2026 results release states that first-quarter 2026 revenues were $1.0301 billion from sales of 211,500 ounces at an average realized gold price of $4,859 per ounce. The AIF states that all gold sales are made at market rates.
IAMGOLD operates in the gold mining industry as a Canada-based intermediate gold producer and developer. Its operating mines are Cote Gold in Ontario, Westwood in Quebec, and Essakane in Burkina Faso, with the Cote Gold mine operated by IAMGOLD in a 70/30 partnership with Sumitomo Metal Mining. The company also holds exploration and development assets, including the Nelligan Mining Complex in Quebec. The industry chain reflected in the source materials includes mineral reserve and resource definition, mine development, open-pit and underground mining, milling, doré production, refining into bullion, and sale of gold through market-rate transactions with buyers such as financial institutions, governments, metals trading businesses, and refineries.
Gold mining growth is tied to orebody quality, reserve replacement, mine ramp-up, permitting, capital availability, and gold-market conditions. USGS data show global mine production of about 3,300 tonnes in 2025, with China, Russia, Australia, Canada, and the United States together accounting for 41% of estimated production. USGS also reported that the estimated annual gold price reached a record level in 2025 and that gold consumption was split among jewelry, physical bars, central banks and other institutions, coins and medals, electronics, and other uses. IAMGOLD's 2025 attributable production was 765,900 ounces, up from 666,500 ounces in 2024, with Cote Gold completing ramp-up to nameplate throughput, while 2026 attributable production guidance was 720,000 to 820,000 ounces. The business remains cyclical because revenues are exposed to gold prices, mining grades, reserve depletion, project execution, input costs, and regional operating conditions.
IAMGOLD operates under mining, securities, environmental, tax, labour, community, and safety regimes across Canada and Burkina Faso. The AIF states that mineral property disclosure is prepared under NI 43-101 and that IAMGOLD files as a foreign private issuer under the US-Canadian MJDS framework. It also describes environmental obligations, closure plans, financial assurance, tailings and water standards, permitting at Cote Gold, and community and Indigenous consultation requirements in Canada. In Burkina Faso, the AIF describes mining-code changes, higher royalty rates at elevated gold prices, a special contribution levy, an increase in the government's free-carried interest at Essakane, and security risks in the Sahel region. Structural risks include gold-price volatility, reserve depletion, unexpected geology, cost inflation, tariffs, supply-chain disruption, fuel and power availability, capital access, foreign exchange, permits, title, tailings storage, mine closure, climate and weather events, political and security instability, contractor performance, labour availability, and community relations.
IAMGOLD does not have conventional pricing power over gold; the AIF states that all gold sales are made at market rates. Its realized economics therefore depend on gold prices, grades, recoveries, unit costs, royalties, currencies, taxes, and operating performance. The annual report shows 2025 average realized gold price of $3,482 per ounce and 2025 attributable cash costs, including royalties, of $1,484 per ounce sold and AISC of $1,900 per ounce sold. The Q1 2026 materials show cash costs excluding royalties of $1,201 per ounce, cash costs including royalties of $1,608 per ounce, and AISC of $2,124 per ounce, and state that higher gold prices raise royalty-linked costs at Cote Gold and Essakane while oil prices also affect cash costs. Cote's cost program focuses on phasing out temporary aggregate crushing, increasing throughput, improving maintenance cycles, and expanding the operating area in the pit.
IAMGOLD sells doré-derived bullion through various counterparties, including financial institutions, governments, metals trading businesses, and refineries, with revenues received in US dollars and euros. Customers are therefore market counterparties rather than a concentrated retail customer base. Supplier and partner dynamics are material: Cote Gold is operated with Sumitomo as a 30% joint-venture partner; Essakane includes a Burkina Faso government ownership interest that increased to 15% in 2025; and operations rely on contractors, skilled employees, energy, fuel, reagents, mobile equipment, crushing and milling components, explosives, transportation, and refining. The AIF and annual report also emphasize Indigenous and local community relationships, impact benefit agreement implementation, monitoring committees, community investment, and security and supply-continuity management in Burkina Faso.
Normalized cash conversion and accrual quality metrics
Earnings Margin
36.9%
Good
Earnings Margin
36.9%
Revenue
$1M
Net Income
$380K
Operating CF
n/a
IAMGOLD's interim financial statements are prepared under IAS 34 and IFRS, with management estimates affecting reported assets, liabilities, revenue and expenses. Q1 2026 results include several items that should be considered separately from mine operating performance, including derivative settlements, foreign-exchange effects, finance costs, share repurchases, income tax payments and working-capital movements. Management also reports adjusted EBITDA, adjusted net earnings, cash costs, AISC, mine-site free cash flow, liquidity and net cash or debt as non-GAAP measures without standardized IFRS definitions, so those measures should be reconciled to IFRS revenue, net earnings, cash flow and debt.
Insufficient structured data
Earnings history visual unavailable for this report.
Management maintained full-year 2026 attributable production guidance of 720,000 to 820,000 ounces, including 270,000 to 310,000 ounces from Cote Gold, 110,000 to 130,000 ounces from Westwood and 340,000 to 380,000 ounces from Essakane. Production is expected to increase through the year as Cote continues debottlenecking and operating improvements. Consolidated cash costs excluding royalties are guided to $1,100 to $1,250 per ounce sold, cash costs including royalties to $1,425 to $1,575 per ounce sold, and AISC to $2,000 to $2,150 per ounce sold. The company also guided to about $500 million of 2026 capital expenditures, including $380 million sustaining and $120 million expansion.
IAMGOLD's recent quarterly trend shows a step-change in profitability and cash flow alongside higher realized gold prices and increased production scale. Revenue progressed from $477.1 million in Q1 2025 to $580.9 million, $706.7 million, $1.088 billion and $1.030 billion over the next four reported quarters. Attributable gold production over the same sequence was 161,000, 173,000, 189,500, 242,400 and 183,600 ounces. Adjusted EBITDA moved from $204.5 million in Q1 2025 to $666.3 million in Q1 2026, while operating cash flow improved from $74.3 million to $569.9 million.
Revenue (USD) and profitability margins (% of revenue)
IAMGOLD reported Q1 2026 revenue of $1.030 billion, up from $477.1 million in Q1 2025, driven by sales of 211,500 ounces at an average realized gold price of $4,859 per ounce. Cost of sales was $459.4 million, compared with $335.9 million, and gross profit increased to $570.7 million from $141.2 million. Earnings from operations rose to $544.6 million, while finance costs declined to $7.5 million from $29.8 million. Net earnings attributable to equity holders were $379.7 million, or $0.65 per basic share and $0.64 per diluted share, compared with $39.7 million, or $0.07 per share, a year earlier.
Key Q1 2026 metrics show high margin expansion but also higher royalty-linked costs. Attributable gold production was 183,600 ounces and attributable sales were 193,700 ounces. Cost of sales was $1,619 per ounce sold, cash costs excluding royalties were $1,201 per ounce, cash costs including royalties were $1,608 per ounce, and AISC was $2,124 per ounce. EBITDA was $657.0 million, adjusted EBITDA was $666.3 million, adjusted net earnings attributable to equity holders were $391.1 million, and adjusted EPS was $0.67. Mine-site free cash flow was $524.6 million.
Several Q1 2026 items should not be extrapolated mechanically. The average realized gold price was $4,859 per ounce, well above both Q1 2025 and the $4,000 gold price assumption used in cost guidance, which also raised royalty costs by management's disclosure. Financing cash flow included $260.0 million of share repurchases and a $100.0 million credit-facility repayment. Essakane dividends and shareholder-account payments supported parent cash, while timing of tax payments, working capital and non-current ore stockpiles affected operating cash flow. Cote Gold debottlenecking means production cadence is expected to vary through 2026.
| OR Royalties Inc. |
| 87.3% |
| OGC | 140.5% | OceanaGold Corporation | 98.5% |
| LUG | 79.4% | Lundin Gold Inc. | 59.2% |
| BTO | 250.3% | B2Gold Corp. | 117.7% |
| AGI | 1144.7% | Alamos Gold Inc. | 79.2% |
| PAAS | 131.6% | Pan American Silver Corp. | 49.3% |
| K | 133.9% | Kinross Gold Corporation | 60.8% |
| 822.9% | Subject (IMG) | 115.9% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 6.9% | 5.2% | EQX | 25.2% | Equinox Gold Corp. | 58.9% | 45.3% |
| 8.8% | 14.0% | ELD | 28.6% | Eldorado Gold Corporation | 62.8% | 48.8% |
| 16.6% | 25.5% | DPM | 44.9% | DPM Metals Inc. | 69.4% | 59.3% |
| 10.3% | 18.9% | OR | 78.1% | OR Royalties Inc. | 96.7% | 85.4% |
| 21.8% | 34.6% | OGC | 33.7% | OceanaGold Corporation | 62.3% | 50.2% |
| 46.5% | 68.5% | LUG | 45.7% | Lundin Gold Inc. | 77.8% | 68.9% |
| 16.9% | 16.5% | BTO | 14.8% | B2Gold Corp. | 65.5% | 45.0% |
| 12.0% | 25.9% | AGI | 51.2% | Alamos Gold Inc. | 70.2% | 52.4% |
| 10.6% | 20.8% | PAAS | 31.6% | Pan American Silver Corp. | 55.7% | 48.1% |
| 20.3% | 35.5% | K | 36.0% | Kinross Gold Corporation | 68.7% | 55.1% |
| 16.9% | 28.0% | 29.5% | Subject (IMG) | 48.0% | 52.8% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 1.62 | 34.02 | 5.67 | EQX | 10.18x | 5.92x | $13.7bn | 6.88 | Equinox Gold Corp. | $14.3bn |
| 1.48 | 11.28 | 5.82 | ELD | 10.77x | 6.19x | $11.6bn | 5.42 | Eldorado Gold Corporation | $12.4bn |
| 2.82 | 13.51 | 9.44 | DPM | 13.92x | 8.94x | $10.5bn | 8.02 | DPM Metals Inc. | $10.0bn |
| 4.79 | 27.54 | 29.36 | OR | 32.77x | 29.37x | $9.6bn | 21.90 | OR Royalties Inc. | $9.6bn |
| 2.87 | 9.24 | 4.18 | OGC | 7.17x | 4.00x | $9.4bn | 6.87 | OceanaGold Corporation | $9.0bn |
| 11.42 | 16.90 | 10.70 | LUG | 14.55x | 10.37x | $21.3bn | 12.52 | Lundin Gold Inc. | $20.7bn |
| 1.71 | 12.28 | 2.35 | BTO | 4.41x | 2.38x | $8.7bn | 4.07 | B2Gold Corp. | $8.8bn |
| 3.65 | 15.88 | 11.17 | AGI | 16.91x | 11.04x | $23.1bn | 11.99 | Alamos Gold Inc. | $22.9bn |
| 3.33 | 17.31 | 8.01 | PAAS | 16.35x | 7.96x | $32.0bn | 10.09 | Pan American Silver Corp. | $31.8bn |
| 3.86 | 12.46 | 6.07 | K | 9.60x | 5.98x | $48.3bn | 8.29 | Kinross Gold Corporation | $47.6bn |
| 2.31 | 10.04 | 4.04 | 7.65x | 4.11x | $13.8bn | 6.87 | Subject (IMG) | $14.0bn |
| 3,405,800 |
| 2,852,800 |
| 1,633,000 |
| 987,100 |
| 958,800 |
Cost of Revenue | 1,770,100 | 1,646,600 | 1,083,100 | 863,000 | 810,900 |
Gross Profit | 1,635,700 | 1,206,200 | 549,900 | 124,100 | 147,900 |
•Operating Expense | 92,800 | 95,800 | 57,500 | 95,100 | 92,700 |
•Selling General and Administrative | 54,300 | 55,300 | 43,500 | 46,900 | 51,100 |
•General & Administrative Expense | 54,300 | 55,300 | 43,500 | 46,900 | 51,100 |
Salaries and Wages | -- | 31,800 | 30,800 | 35,400 | 39,600 |
Other G and A | 22,500 | 23,500 | 12,700 | 11,500 | 11,500 |
•Depreciation Amortization Depletion | -- | -- | 1,200 | 1,400 | 1,500 |
•Depreciation & amortization | -- | -- | 1,200 | 1,400 | 1,500 |
Depreciation | -- | -- | 1,200 | 1,400 | 1,500 |
Other Operating Expenses | 38,500 | 40,500 | 14,000 | 46,800 | 40,100 |
Operating Income | 1,542,900 | 1,110,400 | 492,400 | 29,000 | 55,200 |
•Net Non Operating Interest Income Expense | -84,700 | -107,900 | -15,200 | 41,300 | 10,000 |
Interest Income Non Operating | 10,500 | 10,000 | 17,200 | 27,800 | 8,500 |
Interest Expense Non Operating | 89,200 | 105,000 | 13,300 | -34,500 | -10,100 |
Total Other Finance Cost | 6,000 | 12,900 | 19,100 | 21,000 | 8,600 |
•Other Income Expense | -51,300 | -43,700 | 500,000 | 57,600 | -23,500 |
Gain on Sale of Security | -37,600 | -28,900 | -20,900 | -23,700 | -1,300 |
•Special Income Charges | -10,300 | -11,600 | 524,200 | 88,400 | -15,800 |
Restructuring & Mergers Acquisition | -1,800 | 700 | -8,200 | 7,000 | -700 |
Impairment of Capital Assets | -426,500 | 12,200 | -455,500 | 0 | 17,100 |
Write Off | 4,800 | 3,600 | 900 | 1,300 | 600 |
Other Special Charges | -- | -- | -27,300 | 27,900 | -1,200 |
Gain on Sale of Business | 100 | -- | 0 | 15,500 | 0 |
Gain on Sale of PPE | 39,000 | 4,900 | 34,100 | 109,100 | 0 |
Other Non Operating Income Expenses | -3,400 | -3,200 | -3,300 | -7,100 | -6,400 |
Pretax Income | 1,417,900 | 969,800 | 977,200 | 128,200 | 41,700 |
Tax Provision | 314,700 | 237,500 | 129,400 | 30,700 | 78,100 |
•Net Income Common Stockholders | 1,004,400 | 664,400 | 819,600 | 94,300 | -70,100 |
•Net Income | 1,004,400 | 664,400 | 819,600 | 94,300 | -70,100 |
•Net Income Including Non-Controlling Interests | 1,103,200 | 732,300 | 847,800 | 103,800 | -52,800 |
Net Income Continuous Operations | 1,103,200 | 732,300 | 847,800 | 97,500 | -36,400 |
Net Income Discontinuous Operations | -- | -- | 0 | 6,300 | -16,400 |
Minority Interests | -98,800 | -67,900 | -28,200 | -9,500 | -17,300 |
Diluted NI Available to Com Stockholders | 1,004,400 | 664,400 | 819,600 | 94,300 | -70,100 |
Basic EPS | 1.74 | 1.16 | 1.52 | 0.19 | -0.15 |
Diluted EPS | 1.71 | 1.14 | 1.50 | 0.19 | -0.15 |
Basic Average Shares | 578,875 | 575,100 | 539,800 | 480,600 | 478,600 |
Diluted Average Shares | 585,300 | 581,700 | 545,900 | 484,600 | 478,600 |
Total Operating Income as Reported | 1,525,100 | 1,093,600 | 944,000 | -300 | 41,300 |
Total Expenses | 1,862,900 | 1,742,400 | 1,140,600 | 958,100 | 903,600 |
Net Income from Continuing & Discontinued Operation | 1,004,400 | 664,400 | 819,600 | 94,300 | -70,100 |
Normalized Income | 1,041,668.69 | 694,977.50 | 382,735.60 | 38,763.30 | -41,081.91 |
Interest Income | 10,500 | 10,000 | 17,200 | 27,800 | 8,500 |
Interest Expense | 89,200 | 105,000 | 13,300 | -34,500 | -10,100 |
Net Interest Income | -84,700 | -107,900 | -15,200 | 41,300 | 10,000 |
EBIT | 1,507,100 | 1,074,800 | 990,500 | 93,700 | 31,600 |
EBITDA | 1,964,000 | 1,495,700 | 1,265,500 | 315,400 | 273,600 |
Reconciled Cost of Revenue | 1,770,100 | 1,646,600 | 1,083,100 | 642,700 | 570,400 |
Reconciled Depreciation | 456,900 | 420,900 | 275,000 | 221,700 | 242,000 |
Net Income from Continuing Operation Net Minority Interest | 1,004,400 | 664,400 | 819,600 | 88,000 | -53,700 |
Total Unusual Items Excluding Goodwill | -47,900 | -40,500 | 503,300 | 64,700 | -17,100 |
Total Unusual Items | -47,900 | -40,500 | 503,300 | 64,700 | -17,100 |
Normalized EBITDA | 2,011,900 | 1,536,200 | 762,200 | 250,700 | 290,700 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -10,631.31 | -9,922.50 | 66,435.60 | 15,463.30 | -4,481.91 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 3,405,800 | 1,030,100 | 1,088,100 | 706,700 | 580,900 | 477,100 |
Operating Revenue | 3,405,800 | 1,030,100 | 1,088,100 | 706,700 | 580,900 | 477,100 |
Cost of Revenue | 1,770,100 | 459,400 | 494,500 | 434,100 | 382,100 | 335,900 |
Gross Profit | 1,635,700 | 570,700 | 593,600 | 272,600 | 198,800 | 141,200 |
•Operating Expense | 92,800 | 26,000 | 26,800 | 21,300 | 21,200 | 29,000 |
•Selling General and Administrative | 54,300 | 15,400 | 11,800 | 14,600 | 12,500 | 16,400 |
•General & Administrative Expense | 54,300 | 15,400 | 11,800 | 14,600 | 12,500 | 16,400 |
Other G and A | 22,500 | 15,400 | -20,000 | 14,600 | 12,500 | 16,400 |
Other Operating Expenses | 38,500 | 10,600 | 15,000 | 6,700 | 8,700 | 12,600 |
Operating Income | 1,542,900 | 544,700 | 566,800 | 251,300 | 177,600 | 112,200 |
•Net Non Operating Interest Income Expense | -84,700 | -2,800 | -31,200 | -33,200 | -20,100 | -26,000 |
Interest Income Non Operating | 10,500 | 3,200 | 4,000 | -- | 2,500 | 2,700 |
Interest Expense Non Operating | 89,200 | 2,600 | 40,600 | 28,700 | 18,400 | 18,400 |
Total Other Finance Cost | 6,000 | 3,400 | -5,400 | 4,500 | 4,200 | 10,300 |
•Other Income Expense | -51,300 | -8,100 | -26,900 | -18,500 | 7,300 | -500 |
Gain on Sale of Security | -37,600 | -9,500 | -30,000 | -2,200 | 3,400 | -800 |
•Special Income Charges | -10,300 | 1,700 | 4,200 | -15,600 | 5,300 | 400 |
Restructuring & Mergers Acquisition | -1,800 | -3,000 | -- | -- | 0 | -500 |
Impairment of Capital Assets | -426,500 | -- | 0 | 12,200 | 0 | -- |
Write Off | 4,800 | 1,300 | 0 | 3,400 | 100 | 100 |
Gain on Sale of Business | 100 | -- | -- | -- | 500 | -- |
Gain on Sale of PPE | 39,000 | -- | -- | -- | 4,900 | -- |
Other Non Operating Income Expenses | -3,400 | -300 | -1,100 | -700 | -1,400 | -100 |
Pretax Income | 1,417,900 | 533,800 | 519,700 | 199,600 | 164,800 | 85,700 |
Tax Provision | 314,700 | 116,400 | 75,000 | 44,400 | 78,900 | 39,200 |
•Net Income Common Stockholders | 1,004,400 | 379,700 | 406,600 | 139,400 | 78,700 | 39,700 |
•Net Income | 1,004,400 | 379,700 | 406,600 | 139,400 | 78,700 | 39,700 |
•Net Income Including Non-Controlling Interests | 1,103,200 | 417,400 | 444,700 | 155,200 | 85,900 | 46,500 |
Net Income Continuous Operations | 1,103,200 | 417,400 | 444,700 | 155,200 | 85,900 | 46,500 |
Minority Interests | -98,800 | -37,700 | -38,100 | -15,800 | -7,200 | -6,800 |
Diluted NI Available to Com Stockholders | 1,004,400 | 379,700 | 406,600 | 139,400 | 78,700 | 39,700 |
Basic EPS | 1.74 | 0.65 | -- | -- | 0.14 | 0.07 |
Diluted EPS | 1.71 | 0.64 | -- | -- | 0.14 | 0.07 |
Basic Average Shares | 578,875 | 587,600 | -- | -- | 575,100 | 572,500 |
Diluted Average Shares | 585,300 | 594,000 | -- | -- | 580,700 | 579,600 |
Total Operating Income as Reported | 1,525,100 | 544,600 | 567,900 | 235,000 | 177,600 | 113,100 |
Total Expenses | 1,862,900 | 485,400 | 521,300 | 455,400 | 403,300 | 364,900 |
Interest Income | 10,500 | 3,200 | 4,000 | -- | 2,500 | 2,700 |
Interest Expense | 89,200 | 2,600 | 40,600 | 28,700 | 18,400 | 18,400 |
Net Interest Income | -84,700 | -2,800 | -31,200 | -33,200 | -20,100 | -26,000 |
Net Income from Continuing & Discontinued Operation | 1,004,400 | 379,700 | 406,600 | 139,400 | 78,700 | 39,700 |
Normalized Income | 1,041,668.69 | 385,799.14 | 428,676.70 | 153,240.48 | 71,305 | 40,040 |
EBIT | 1,507,100 | 536,400 | 560,300 | 228,300 | 183,200 | 104,100 |
EBITDA | 1,964,000 | 652,100 | 696,600 | 338,200 | 278,200 | 183,800 |
Reconciled Cost of Revenue | 1,770,100 | 459,400 | 494,500 | 434,100 | 382,100 | 335,900 |
Reconciled Depreciation | 456,900 | 115,700 | 136,300 | 109,900 | 95,000 | 79,700 |
Net Income from Continuing Operation Net Minority Interest | 1,004,400 | 379,700 | 406,600 | 139,400 | 78,700 | 39,700 |
Total Unusual Items Excluding Goodwill | -47,900 | -7,800 | -25,800 | -17,800 | 8,700 | -400 |
Total Unusual Items | -47,900 | -7,800 | -25,800 | -17,800 | 8,700 | -400 |
Normalized EBITDA | 2,011,900 | 659,900 | 722,400 | 356,000 | 269,500 | 184,200 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -10,631.31 | -1,700.86 | -3,723.30 | -3,959.52 | 1,305 | -60 |
| 903,700 |
| 668,300 |
| 753,700 |
| 1,521,300 |
•Cash, Cash Equivalents & Short Term Investments | 422,900 | 348,500 | 367,100 | 407,800 |
•Cash And Cash Equivalents | 421,900 | 347,500 | 367,100 | 407,800 |
Cash | -- | -- | -- | 407,800 |
Cash Equivalents | -- | -- | -- | 0 |
Other Short Term Investments | 1,000 | 1,000 | 0 | 0 |
•Receivables | 60,900 | 34,700 | 67,800 | 83,000 |
Taxes Receivable | -- | -- | -- | 500 |
Other Receivables | 60,900 | 34,700 | 67,800 | 83,000 |
•Inventory | -- | 271,900 | 266,300 | 199,900 |
Raw Materials | 323,900 | 215,400 | 232,500 | 157,300 |
Finished Goods | 53,100 | 56,500 | 33,800 | 42,600 |
Prepaid Assets | 15,400 | 13,200 | 10,600 | 13,400 |
Current Deferred Assets | -- | -- | 1,200 | 1,200 |
Assets Held for Sale Current | 25,200 | 0 | 34,600 | 785,600 |
Hedging Assets Current | 2,300 | 0 | 7,300 | 30,400 |
•Total non-current assets | 4,948,800 | 4,706,100 | 3,784,200 | 2,903,800 |
•Net PPE | 4,566,600 | 4,365,400 | 3,529,400 | 2,692,700 |
•Gross PPE | 8,143,400 | 7,499,400 | 6,828,800 | 5,749,000 |
Machinery Furniture Equipment | 3,263,900 | 3,176,000 | 1,693,600 | 1,583,600 |
Construction in Progress | 202,900 | 124,000 | 2,427,900 | 1,630,300 |
Accumulated Depreciation | -3,576,800 | -3,134,000 | -3,299,400 | -3,056,300 |
•Investments And Advances | 19,400 | 11,300 | 16,200 | 8,100 |
•Investment in Financial Assets | 19,400 | 11,300 | 16,200 | 8,100 |
Available for Sale Securities | 18,400 | 10,300 | 14,200 | 6,100 |
Held To Maturity Securities | 1,000 | 1,000 | 2,000 | 2,000 |
Financial Assets | -- | -- | 400 | 13,700 |
Non Current Accounts Receivable | 68,200 | 67,300 | 3,700 | 2,700 |
Due from Related Parties Non Current | -- | -- | -- | 0 |
Non Current Deferred Assets | 19,100 | 18,300 | 15,200 | 19,600 |
Non Current Prepaid Assets | -- | 2,900 | 3,300 | 3,600 |
Other Non Current Assets | 275,500 | 243,800 | 216,400 | 163,400 |
•Total Liabilities Net Minority Interest | 1,606,600 | 1,973,700 | 2,273,800 | 2,218,300 |
•Current Liabilities | 517,100 | 550,600 | 630,800 | 646,200 |
•Payables And Accrued Expenses | 428,700 | 327,500 | 323,400 | 331,900 |
•Payables | 428,700 | 327,500 | 323,400 | 331,900 |
Accounts Payable | 329,100 | 264,800 | 317,600 | 294,100 |
•Total Tax Payable | 99,600 | 62,700 | 5,800 | 37,800 |
Income Tax Payable | 99,600 | 62,700 | 5,800 | 37,800 |
Current Provisions | 5,100 | 14,500 | 5,400 | 5,600 |
•Current Debt And Capital Lease Obligation | 33,300 | 29,800 | 26,100 | 13,800 |
•Current Debt | 1,000 | 1,000 | 5,000 | 8,700 |
Other Current Borrowings | 1,000 | 1,000 | 5,000 | 8,700 |
Current Capital Lease Obligation | 32,300 | 28,800 | 21,100 | 5,100 |
•Current Deferred Liabilities | 0 | 151,100 | 240,700 | 0 |
Current Deferred Revenue | 0 | 151,100 | 240,700 | 0 |
Other Current Liabilities | 50,000 | 27,700 | 35,200 | 294,900 |
•Total Non Current Liabilities Net Minority Interest | 1,089,500 | 1,423,100 | 1,643,000 | 1,572,100 |
Long Term Provisions | 308,300 | 285,100 | 360,100 | 310,400 |
•Long Term Debt And Capital Lease Obligation | 728,500 | 1,123,300 | 926,000 | 978,700 |
Long Term Debt | 648,800 | 1,027,900 | 825,800 | 910,000 |
Long Term Capital Lease Obligation | 79,700 | 95,400 | 100,200 | 68,700 |
•Non Current Deferred Liabilities | 52,600 | 14,000 | 11,600 | 263,400 |
Non Current Deferred Taxes Liabilities | 52,600 | 14,000 | 700 | 22,600 |
Non Current Deferred Revenue | -- | 0 | 10,900 | 240,800 |
Derivative Product Liabilities | -- | 0 | 345,300 | 0 |
Other Non Current Liabilities | 100 | 700 | -- | 19,600 |
•Total Equity Gross Minority Interest | 4,245,900 | 3,400,700 | 2,264,100 | 2,206,800 |
•Stockholders' Equity | 4,191,400 | 3,336,700 | 2,206,000 | 2,130,800 |
•Capital Stock | 3,383,800 | 3,070,600 | 2,732,100 | 2,726,300 |
Common Stock | 3,383,800 | 3,070,600 | 2,732,100 | 2,726,300 |
Additional Paid in Capital | -27,400 | 57,600 | 59,200 | 58,200 |
Retained Earnings | 872,600 | 259,400 | -538,300 | -632,400 |
•Gains Losses Not Affecting Retained Earnings | -37,600 | -50,900 | -47,000 | -21,300 |
Other Equity Adjustments | -37,600 | -50,900 | -47,000 | -21,300 |
Minority Interest | 54,500 | 64,000 | 58,100 | 76,000 |
Total Capitalization | 4,840,200 | 4,364,600 | 3,031,800 | 3,040,800 |
Common Stock Equity | 4,191,400 | 3,336,700 | 2,206,000 | 2,130,800 |
Capital Lease Obligations | 112,000 | 124,200 | 121,300 | 73,800 |
Net Tangible Assets | 4,191,400 | 3,336,700 | 2,206,000 | 2,130,800 |
Working Capital | 386,600 | 117,700 | 122,900 | 875,100 |
Invested Capital | 4,841,200 | 4,365,600 | 3,036,800 | 3,049,500 |
Tangible Book Value | 4,191,400 | 3,336,700 | 2,206,000 | 2,130,800 |
Total Debt | 761,800 | 1,153,100 | 952,100 | 992,500 |
Net Debt | 227,900 | 681,400 | 463,700 | 510,900 |
Share Issued | 591,100 | 571,400 | 481,312.96 | 478,975.51 |
Ordinary Shares Number | 591,100 | 571,400 | 481,312.96 | 478,975.51 |
| All numbers in thousands (USD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|
•Total Assets | 5,993,000 | 5,852,500 | 5,376,600 | 5,327,000 | 5,389,500 |
•Current Assets | 990,700 | 903,700 | 688,800 | 604,200 | 680,700 |
•Cash, Cash Equivalents & Short Term Investments | 551,200 | 422,900 | 315,300 | 224,800 | 317,300 |
Cash And Cash Equivalents | 550,200 | 421,900 | 314,300 | 223,800 | 316,600 |
Other Short Term Investments | 1,000 | 1,000 | 1,000 | 1,000 | 700 |
•Receivables | 30,000 | 60,900 | 29,400 | 61,300 | 61,500 |
Other Receivables | 30,000 | 60,900 | 29,400 | 61,300 | 61,500 |
•Inventory | 355,900 | 377,000 | 300,700 | 293,600 | 281,900 |
Raw Materials | 308,900 | 323,900 | 235,700 | 232,100 | 229,400 |
Finished Goods | 47,000 | 53,100 | 65,000 | 61,500 | 52,500 |
Prepaid Assets | 26,200 | 15,400 | 16,200 | 20,800 | 19,800 |
Assets Held for Sale Current | 25,200 | 25,200 | 25,200 | -- | -- |
Hedging Assets Current | 2,200 | 2,300 | 2,000 | 3,700 | 200 |
•Total non-current assets | 5,002,300 | 4,948,800 | 4,687,800 | 4,722,800 | 4,708,800 |
•Net PPE | 4,567,300 | 4,566,600 | 4,280,400 | 4,362,200 | 4,373,600 |
•Gross PPE | 8,260,700 | 8,143,400 | 7,726,300 | 7,690,100 | 7,605,000 |
Mineral Properties | 4,755,100 | 4,676,600 | 4,294,700 | 4,309,100 | 4,248,400 |
Machinery Furniture Equipment | 3,282,800 | 3,263,900 | 3,265,000 | 3,249,500 | 3,219,800 |
Construction in Progress | 222,800 | 202,900 | 166,600 | 131,500 | 136,800 |
Accumulated Depreciation | -3,693,400 | -3,576,800 | -3,445,900 | -3,327,900 | -3,231,400 |
•Investments And Advances | 15,700 | 19,400 | 13,600 | 13,900 | 12,200 |
•Investment in Financial Assets | 15,700 | 19,400 | 13,600 | 13,900 | 12,200 |
Available for Sale Securities | 14,700 | 18,400 | 12,600 | 12,900 | 12,200 |
Held To Maturity Securities | 1,000 | 1,000 | 1,000 | 1,000 | -- |
Financial Assets | -- | -- | 300 | 1,200 | 500 |
Non Current Accounts Receivable | 76,100 | 68,200 | 88,000 | 73,900 | 49,700 |
•Non Current Deferred Assets | 44,600 | 19,100 | 18,600 | 18,100 | 17,500 |
Non Current Deferred Taxes Assets | 22,500 | -- | -- | -- | -- |
Other Non Current Assets | 298,600 | 275,500 | 286,900 | 253,500 | 255,300 |
•Total Liabilities Net Minority Interest | 1,566,300 | 1,606,600 | 1,794,500 | 1,892,900 | 1,926,300 |
•Current Liabilities | 523,300 | 517,100 | 409,100 | 409,900 | 481,900 |
•Payables And Accrued Expenses | 438,400 | 428,700 | 356,700 | 362,500 | 355,000 |
•Payables | 438,400 | 428,700 | 356,700 | 362,500 | 355,000 |
Accounts Payable | 293,600 | 329,100 | 302,600 | 271,600 | 278,800 |
•Total Tax Payable | 144,800 | 99,600 | 54,100 | 90,900 | 76,200 |
Income Tax Payable | 144,800 | 99,600 | 54,100 | 90,900 | 76,200 |
Current Provisions | 8,600 | 5,100 | 18,500 | 14,600 | 15,300 |
•Current Debt And Capital Lease Obligation | 32,500 | 33,300 | 32,800 | 32,600 | 28,000 |
•Current Debt | 300 | 1,000 | 1,500 | 1,300 | 1,300 |
Other Current Borrowings | 300 | 1,000 | 1,500 | 1,300 | 1,300 |
Current Capital Lease Obligation | 32,200 | 32,300 | 31,300 | 31,300 | 26,700 |
•Current Deferred Liabilities | 3,600 | 0 | 0 | 0 | 76,400 |
Current Deferred Revenue | 3,600 | 0 | 0 | 0 | 76,400 |
Other Current Liabilities | 40,200 | 50,000 | 1,100 | 200 | 7,200 |
•Total Non Current Liabilities Net Minority Interest | 1,043,000 | 1,089,500 | 1,385,400 | 1,483,000 | 1,444,400 |
Long Term Provisions | 307,500 | 308,300 | 283,700 | 292,100 | 296,200 |
•Long Term Debt And Capital Lease Obligation | 618,500 | 728,500 | 1,058,600 | 1,159,000 | 1,120,600 |
Long Term Debt | 548,900 | 648,800 | 971,000 | 1,060,800 | 1,021,000 |
Long Term Capital Lease Obligation | 69,600 | 79,700 | 87,600 | 98,200 | 99,600 |
•Non Current Deferred Liabilities | 117,000 | 52,600 | 43,100 | 31,900 | 27,300 |
Non Current Deferred Taxes Liabilities | 117,000 | 52,600 | 43,100 | 31,900 | 27,300 |
Other Non Current Liabilities | -- | 100 | -- | -- | 300 |
•Total Equity Gross Minority Interest | 4,426,700 | 4,245,900 | 3,582,100 | 3,434,100 | 3,463,200 |
•Stockholders' Equity | 4,334,500 | 4,191,400 | 3,565,900 | 3,433,500 | 3,392,400 |
•Capital Stock | 3,325,600 | 3,383,800 | 3,087,100 | 3,086,100 | 3,085,800 |
Common Stock | 3,325,600 | 3,383,800 | 3,087,100 | 3,086,100 | 3,085,800 |
Retained Earnings | 1,252,300 | 872,600 | 466,300 | 326,900 | 299,100 |
Additional Paid in Capital | -210,000 | -27,400 | 56,000 | 54,500 | 53,200 |
•Gains Losses Not Affecting Retained Earnings | -33,400 | -37,600 | -43,500 | -34,000 | -45,700 |
Other Equity Adjustments | -33,400 | -37,600 | -43,500 | -34,000 | -45,700 |
Minority Interest | 92,200 | 54,500 | 16,200 | 600 | 70,800 |
Total Capitalization | 4,883,400 | 4,840,200 | 4,536,900 | 4,494,300 | 4,413,400 |
Common Stock Equity | 4,334,500 | 4,191,400 | 3,565,900 | 3,433,500 | 3,392,400 |
Capital Lease Obligations | 101,800 | 112,000 | 118,900 | 129,500 | 126,300 |
Net Tangible Assets | 4,334,500 | 4,191,400 | 3,565,900 | 3,433,500 | 3,392,400 |
Working Capital | 467,400 | 386,600 | 279,700 | 194,300 | 198,800 |
Invested Capital | 4,883,700 | 4,841,200 | 4,538,400 | 4,495,600 | 4,414,700 |
Tangible Book Value | 4,334,500 | 4,191,400 | 3,565,900 | 3,433,500 | 3,392,400 |
Total Debt | 651,000 | 761,800 | 1,091,400 | 1,191,600 | 1,148,600 |
Net Debt | -- | 227,900 | 658,200 | 838,300 | 705,700 |
Share Issued | 580,100 | 591,100 | 575,200 | 575,050.41 | 574,788.78 |
Ordinary Shares Number | 580,100 | 591,100 | 575,200 | 575,050.41 | 574,788.78 |
| 1,638,200 |
| 1,142,600 |
| 486,000 |
| 144,000 |
| 257,600 |
Net Income from Continuing Operations | 1,103,200 | 732,300 | 847,800 | 97,500 | -36,400 |
•Operating Gains Losses | 17,600 | 11,200 | -41,900 | -151,600 | -1,300 |
Gain Loss On Sale of Business | -100 | -- | 0 | -15,500 | -700 |
Gain Loss On Sale of PPE | -39,000 | 7,300 | -34,100 | -109,100 | 0 |
Net Foreign Currency Exchange Gain Loss | -12,600 | -27,000 | 11,100 | -4,100 | 19,200 |
Gain Loss On Investment Securities | 26,100 | 27,900 | -21,500 | -22,900 | -21,900 |
Pension And Employee Benefit Expense | -700 | 3,000 | 2,600 | 0 | 2,100 |
•Depreciation Amortization Depletion | 456,900 | 420,900 | 275,000 | 221,700 | 242,000 |
•Depreciation & amortization | 456,900 | 420,900 | 275,000 | 221,700 | 242,000 |
Depreciation | 456,900 | 420,900 | 275,000 | 221,700 | 242,000 |
•Deferred Tax | 314,700 | 237,500 | 129,400 | 30,700 | 78,100 |
Deferred Income Tax | 314,700 | 237,500 | 129,400 | 30,700 | 78,100 |
Asset Impairment Charge | 9,300 | 7,400 | -415,200 | 5,900 | 20,400 |
Provision & Write Off of Assets | -- | -- | -- | -600 | -1,200 |
Stock based compensation | 7,100 | 8,300 | 5,700 | 6,200 | 5,100 |
Other non-cash items | 5,000 | -41,700 | -145,000 | 30,800 | 57,800 |
•Change in working capital | -90,800 | -61,800 | -114,400 | -14,900 | -40,600 |
Change in Receivables | -6,500 | -11,900 | -45,600 | 18,000 | -36,900 |
Change in Inventory | -89,900 | -105,900 | -51,400 | -76,600 | -32,600 |
Change in Payables And Accrued Expense | 5,600 | 56,000 | -17,400 | 43,700 | 28,900 |
Taxes Refund Paid | -184,800 | -171,500 | -55,400 | -82,300 | -67,500 |
Cash from Discontinued Operating Activities | -- | -- | 0 | 15,400 | 151,100 |
•Investing Cash Flow | -372,700 | -378,300 | -582,400 | -402,300 | -891,900 |
•Cash Flow from Continuing Investing Activities | -372,700 | -378,300 | -582,400 | -394,100 | -761,200 |
Capital Expenditure Reported | -343,500 | -301,600 | -559,100 | -907,300 | -744,600 |
•Net PPE Purchase And Sale | -2,400 | 0 | 35,500 | 196,500 | 0 |
Purchase of PPE | -- | -- | 0 | -1,100 | 0 |
Sale of PPE | -- | 0 | 35,500 | 197,600 | 0 |
•Net Intangibles Purchase And Sale | -- | -- | -- | -- | 0 |
Sale of Intangibles | -- | -- | -- | -- | 0 |
•Net Business Purchase And Sale | -30,800 | -49,000 | 0 | 389,200 | -700 |
Purchase of Business | -30,800 | -49,000 | 0 | 0 | -700 |
Sale of Business | -- | -- | 0 | 389,200 | 0 |
•Net Investment Purchase And Sale | 29,400 | 24,400 | 7,000 | -400 | 37,900 |
Purchase of Investment | -- | -- | -- | -400 | -- |
Sale of Investment | 12,700 | 24,400 | 7,000 | 0 | 37,900 |
Interest Received CFI | 11,500 | 8,200 | 12,600 | 26,300 | 8,400 |
Net Other Investing Changes | -36,900 | -60,300 | -78,400 | -98,400 | -62,200 |
Cash from Discontinued Investing Activities | -- | -- | 0 | -8,200 | -130,700 |
•Financing Cash Flow | -1,040,800 | -709,400 | 83,300 | 201,700 | 404,000 |
•Cash Flow from Continuing Financing Activities | -1,040,800 | -709,400 | 83,300 | 203,700 | 420,900 |
•Net Issuance Payments of Debt | -560,800 | -469,000 | 194,300 | -91,200 | 455,000 |
•Net Long Term Debt Issuance | -470,800 | -469,000 | 194,300 | -91,200 | 455,000 |
Long Term Debt Issuance | 340,000 | 130,000 | 280,000 | 379,000 | 455,000 |
Long Term Debt Payments | -600,800 | -599,000 | -85,700 | -470,200 | -11,800 |
•Net Short Term Debt Issuance | -- | -- | -- | -- | 455,000 |
Short Term Debt Issuance | -- | -- | -- | -- | 455,000 |
•Net Common Stock Issuance | -293,000 | -39,300 | 293,400 | 0 | -- |
Common Stock Issuance | 17,000 | 10,700 | 293,400 | 0 | -- |
Common Stock Payments | -310,000 | -50,000 | 0 | -- | -- |
Cash Dividends Paid | 0 | 0 | 0 | 0 | -- |
Proceeds from Stock Option Exercised | 4,000 | 3,900 | 6,100 | 400 | 1,000 |
Interest Paid CFF | -52,500 | -64,600 | -13,800 | 0 | -- |
Net Other Financing Charges | -138,500 | -140,400 | -396,700 | 294,500 | -34,100 |
Cash from Discontinued Financing Activities | -- | -- | 0 | -2,000 | -16,900 |
•End Cash Position | 541,300 | 421,900 | 347,500 | 367,100 | 407,800 |
Changes in Cash | 224,700 | 54,900 | -13,100 | -41,200 | -79,200 |
Effect of Exchange Rate Changes | 8,900 | 19,500 | -7,000 | 1,300 | -17,100 |
Beginning Cash Position | 316,600 | 347,500 | 367,100 | 407,800 | 544,900 |
Other Cash Adjustment Outside Change in Cash | 200 | 0 | 500 | -800 | -40,800 |
Capital Expenditure | -345,900 | -301,600 | -559,100 | -908,400 | -744,600 |
Issuance of Capital Stock | 17,000 | 10,700 | 293,400 | 0 | -- |
Issuance of Debt | 80,000 | 130,000 | 280,000 | 379,000 | 455,000 |
Repayment of Debt | -640,800 | -599,000 | -85,700 | -470,200 | -11,800 |
Repurchase of Capital Stock | -310,000 | -50,000 | 0 | -- | -- |
Free Cash Flow | 1,292,300 | 841,000 | -73,100 | -749,000 | -335,900 |
| Currency (USD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 |
|---|---|---|---|---|
Net Income | 379,700,000 | 406,600,000 | 139,400,000 | 78,700,000 |
| Mar 2026 |
| 5.38% |
| 462,530,422 | 19,757,814 | mutual_fund | VanEck ETF Trust-VanEck Gold Miners ETF | Apr 2026 | 3.42% |
| 424,703,608 | 18,141,974 | institutional | Blackrock Inc. | Mar 2026 | 3.14% |
| 379,743,509 | 16,221,423 | institutional | Vanguard Capital Management LLC | Mar 2026 | 2.81% |
| 338,954,300 | 14,479,039 | institutional | Donald Smith & Co., Inc. | Mar 2026 | 2.51% |
| 259,939,417 | 11,103,777 | mutual_fund | VanEck ETF Trust-VanEck Junior Gold Miners ETF | Apr 2026 | 1.92% |
| 255,768,622 | 10,925,614 | institutional | Millennium Management Llc | Mar 2026 | 1.89% |
| 224,486,494 | 9,589,342 | institutional | Bank of America Corporation | Mar 2026 | 1.66% |
| 217,399,304 | 9,286,600 | mutual_fund | Fidelity Select Portfolios-Select Gold Portfolio | Mar 2026 | 1.61% |
| 206,308,863 | 8,812,852 | institutional | Barclays Plc | Mar 2026 | 1.52% |
| 201,326,583 | 8,600,025 | institutional | Connor Clark & Lunn Investment Management Ltd | Mar 2026 | 1.49% |
| 196,079,911 | 8,375,904 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.45% |
| 126,796,986 | 5,416,360 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.94% |
| 117,674,929 | 5,026,695 | mutual_fund | DFA INVESTMENT DIMENSIONS GROUP INC-DFA Intl Small Cap Value PORT. | Jan 2026 | 0.87% |
| 107,903,712 | 4,609,300 | mutual_fund | Sprott Funds Trust-Sprott Gold Equity Fund | Dec 2025 | 0.80% |
| 98,326,962 | 4,200,212 | mutual_fund | American Century ETF Trust-Avantis International Small Cap Value ETF | Apr 2026 | 0.73% |
| 93,171,799 | 3,980,000 | mutual_fund | ALLSPRING FUNDS TRUST-Allspring Precious Metals Fund | Mar 2026 | 0.69% |
| 80,226,139 | 3,427,003 | mutual_fund | DFA INVESTMENT TRUST CO-The Canadian Small Company Series | Jan 2026 | 0.59% |
IAMGOLD's materiality assessment identifies 11 ESG topics that are most material to stakeholders and the business. Environmental topics include biodiversity and land use, energy and climate, tailings and waste, and water use. Social topics include community relations, employee relations, health, safety and wellness, Indigenous relations, and diversity, equity and inclusion. Governance and cross-cutting topics include human rights and security, business ethics and integrity, and corporate governance. Emerging topics from the 2025 refresh include supply chain management, circular economy, and cybersecurity and data privacy. The source bundle supports several ESG risk areas: mining can affect biodiversity and land; mining and processing produce tailings and other waste that can create environmental, social, financial and reputational damage if improperly managed; water use is critical and Essakane is in a water-stressed region, creating water allocation, availability, regulatory and public scrutiny risk; energy-intensive operations generate GHG and air emissions; and climate-related physical risks include heat waves, extreme cold, flooding, wildfires, and droughts. IAMGOLD also identifies transition risks from GHG pricing, regulatory pressure, emissions reporting obligations, non-compliance, technology availability, delayed low-emissions technology adoption, grid capacity constraints, clean-energy supply-chain limits, energy price volatility, community concerns, talent attraction and retention, and investor sentiment in sustainability-focused markets. Social and governance risk areas include critical safety risks, community grievances, Indigenous rights and land-related impacts, human-rights and security risks at Essakane, forced and child labour risk in the supply chain, corruption and fraud risk, cyber risk, and political and security risk. The same source evidence identifies ESG opportunities and mitigations, including energy efficiency, electrification, renewable electricity, on-site generation, power purchase agreements, the Essakane solar plant, enhanced energy data systems, improved water roadmaps and water-balance modelling, biodiversity accounting and rehabilitation, progressive reclamation, stakeholder and Indigenous engagement, community investment, local procurement, supplier due diligence, human-rights training and remediation frameworks, responsible security practices, and cybersecurity monitoring.
IAMGOLD describes sustainability governance as starting with the Board and being embedded at all levels of the organization. The Board provides stewardship over the corporation and oversees management of its business and affairs while considering employees, customers, communities, rightsholders, and other stakeholders. The Board oversees ESG through five standing committees: Audit and Finance, Human Resources and Compensation, Nominating and Corporate Governance, Sustainability, and Technical. The Sustainability Committee reviews and monitors health, safety, environment, communities, security, ESG policies, performance, initiatives, goals, legal compliance, carbon emissions, and climate impacts. The Technical Committee assists the Board with oversight of tailings operations, production, reserves, resources, and other technical matters. The Audit and Finance Committee reviews financial reporting, internal controls, financial risk management, internal audit, and the external auditor, and also oversees cybersecurity-related risk, information security, and technology risk. All standing Board committees are composed entirely of independent outside directors. At December 31, 2025, the Board had nine members, eight of whom were independent, and women represented approximately 44% of directors. Management oversight is assigned through the Executive Leadership Team: the CEO oversees sustainability initiatives, the COO oversees operational and project development activities and is accountable for tailings and water, the CFO oversees finance, risk, internal audit, and cybersecurity, the Chief Legal and Strategy Officer oversees legal, regulatory, ethical, and strategic alignment, and the Chief People Officer oversees people strategy and EDI performance. ESG is tied to compensation: IAMGOLD says ESG accounted for 25% of the 2025 Company Scorecard, including water, health and safety, energy and climate change, and culture and inclusion. Business ethics controls include the Code of Business Conduct and Ethics, Anti-Bribery and Anti-Corruption Policy, Whistleblower Policy, Supplier Code of Business Conduct and Ethics, internal audit reviews, SOX controls testing, annual employee training and attestations, and Board reporting. In 2025, IAMGOLD reported zero confirmed corruption incidents, zero legal actions related to anti-competitive behaviour, 14 whistleblower complaints that were investigated and closed, no complaints involving fraud, and zero political contributions. Enterprise risk management performs risk assessments and reports to the Board; 2025 key risks identified included operations, legal, disclosure, political, and security risks, with mitigation measures reported to the Board. Supply-chain governance includes supplier screening under the Supplier Code, supplier certification requirements, contract remedies for non-compliance, local procurement policies, a third-party software tool for adverse media monitoring and human-rights risk, and a modern slavery working group. Cybersecurity governance is based on the NIST Cybersecurity Framework, Security Policy, periodic maturity assessments, incident response, access control, data protection, business continuity, third-party and vendor security, employee training, and 24-hour monitoring, detection, and response support.