Iamgold Corporation

Q2 revenue was $856.9 million on sales of 195,100 ounces at an average realized gold price of $4,384 per ounce. Adjusted EBITDA was $507.1 million, adjusted net earnings attributable to equity holders were $241.6 million, or $0.42 per share, versus $77.3 million and $0.13 per share in the prior period. Net cash from operating activities totaled $445.1 million, compared with $85.8 million in Q2 2025, and mine site free cash flow was $368.9 million, up $228.4 million year over year. For guidance, IAMGOLD said it remains on track for full-year production of 720,000 to 820,000 ounces; Cote is tracking toward 309,000 to 440,000 ounces, Westwood toward 110,000 to 130,000 ounces, and management said cost guidance is trending toward the upper half of the range, with Cote cash costs excluding royalties expected near the top end of $900 to $1,050 per ounce and AISC excluding royalties at the top end of $1,475 to $1,625 per ounce.

Renaud Adams described the quarter as another strong, safe period and emphasized that IAMGOLD is generating substantial cash while simultaneously funding growth and returning capital. His tone was confident but disciplined, especially on Cote, where he said the company is taking time to evaluate multiple expansion scenarios and not rushing a decision. He framed the next phase around value creation from Cote, Essakane, Westwood, and Nelligan, with updates across studies and technical reports expected over the coming quarters.

Marthinus Theunissen focused on cash generation, liquidity, and capital allocation. He said operating cash flow was $445.1 million, mine site free cash flow was $368.9 million in the quarter and $893.5 million year-to-date, and the company ended with $501.4 million in cash, no revolver drawings, and about $1.35 billion of liquidity. He also noted $510.4 million of share repurchases since December, the repayment of the remaining $100 million on the credit facility, and an amended facility that increased capacity from $650 million to $850 million, extended maturity to 2030, and added a further $250 million accordion feature.

Analysts pressed management on why the Cote expansion is shifting from a larger step-up toward a phased plan, whether the company is effectively moving toward 70,000 to 80,000 tonnes per day, and what that means for capital. Management said there were no technical problems; instead, it is a disciplined capital-allocation decision to first maximize the 36,000-to-40,000 tonne per day base case and better evaluate the trade-offs between capital, tailings capacity, and the timing of mining Gosselin. Questions also focused on buybacks, dividends, and the Franco-Nevada royalty, and management said it is still considering buying back the 50% Cote royalty, is looking at a dividend starting early next year, and is not discussing M&A.