IAMGOLD Reports Second Quarter 2025 Results

Press Release

Toronto, Ontario–(- August 7, 2025) – IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (“IAMGOLD” or the “Company”) today reported its financial and operating results for the second quarter 2025.

“This is an exciting time for IAMGOLD. With the gold prepayment facilities behind us and improving operations, IAMGOLD is positioned to generate significant cash flows, allowing us to advance our strategy to de-lever the balance sheet and unlock the significant value and growth potential of our Canadian portfolio,” said Renaud Adams, President and CEO of IAMGOLD. “Year to date, the Company has produced 334,000 ounces of gold and reported $481 million in adjusted EBITDA. Most importantly, we have completed the successful ramp-up of Côté Gold to nameplate capacity, with the mine having a strong full quarter of production in Q2. Looking ahead, we expect stronger performance in the second half of the year, with higher production forecast at all our operations and the full benefit of gold prices.

“At the same time, changes in market conditions, regulatory dynamics and higher operating costs have led us to revise our cost guidance. IAMGOLD’s annual cash costs are now expected to be in the range of $1,375 to $1,475 per ounce sold, or approximately $150 per ounce higher, and all-in sustaining costs (“AISC”) are projected to be between $1,830 and $1,930 per ounce. The external drivers to the cost revision include higher royalties being paid as gold prices rise, the increase in the royalty structure at Essakane, and the impact of a strengthening Euro on its costs. Operationally, at Côté, we are seeing temporary higher costs at the mine and mill associated with ramp up and stabilization activities. Processing costs at the mine are expected to fall following the installation of the additional secondary crusher in the fourth quarter, and mining costs are expected to improve as rehandling is reduced. At all our sites, our teams remain focused on disciplined capital allocation while targeting operational efficiencies to ensure long-term value creation.

“With a strong balance sheet outlook, growing production profile, significant organic growth opportunities and a safety-first culture, IAMGOLD is quickly repositioning itself as a leading mid-tier gold producer to create enduring value for all stakeholders.”

HIGHLIGHTS:

Operating and Financial

• Attributable gold production was 173,000 ounces in the second quarter and 334,000 ounces year-to-date (“YTD”). Production is expected to be higher in the second half of the year, resulting from the consistent operation of Côté Gold near nameplate throughput and expected grade improvements at both Westwood and Essakane. The Company remains on track to achieve its full year production guidance.
  • Côté produced 67,000 attributable ounces (96,000 ounces on a 100% basis) in the second quarter and 118,000 attributable ounces YTD (169,000 ounces on a 100% basis). On June 21, 2025, Côté reached a major milestone as the processing plant operated at 100% nameplate throughput capacity of 36,000 tonnes per day (“tpd”) on average over thirty consecutive days.
  • Essakane and Westwood produced attributable production of 77,000 ounces and 29,000 ounces, respectively, in the second quarter.
• Revenues were $580.9 million from sales of 182,000 ounces at an average realized gold price¹ of $3,182 per ounce for the quarter² and $1,058.0 million YTD from sales of 356,000 ounces at an average realized gold price of $2,961 per ounce.
• Cost of sales per ounce sold was $1,561 ($1,514 YTD), cash cost¹ per ounce sold was $1,556 ($1,509 YTD) and all-in-sustaining cost¹ (“AISC”)¹ per ounce sold was $2,041 ($1,976 YTD). The annual attributable cash cost¹ guidance has been revised to $1,375 to $1,475 per ounce sold from $1,200 to $1,350 per ounce sold and AISC guidance has been revised to $1,830 to $1,930 per ounce sold from $1,625 to $1,800 per ounce sold. The revision is primarily attributed to higher royalties due to the higher gold prices, a change in the royalty structure and the impact of a strengthening Euro on costs at Essakane and higher operating and non-recurring capital costs at Côté during ramp-up to support the long-term availability of the operation.
• Net earnings and adjusted net earnings attributable to equity holders¹ for the second quarter of $78.7 million ($118.4 million YTD) and $77.3 million ($132.5 million YTD), respectively.
• Net earnings and adjusted net earnings per share attributable to equity holders¹ for the second quarter of $0.14 ($0.21 YTD) and $0.13 ($0.23 YTD), respectively.
• Net cash from operating activities was $85.8 million for the second quarter ($160.1 million YTD), net of the impact of delivering 37,500 ounces into gold prepay obligations. Net cash from operating activities, before movements in working capital and non-current ore stockpiles¹, was $127.3 million for the second quarter ($232.2 million YTD), net of the impact of delivering 37,500 ounces into gold prepay obligations.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)¹ was $283.8 million for the second quarter ($479.0 million YTD) and adjusted EBITDA¹ was $276.4 million ($480.9 million YTD).
• Mine-site free cash flow¹ was $140.5 million during the second quarter ($280.1 million YTD), including record attributable mine-site free cash flow from Côté of $93.9 million during the second quarter. The Company expects higher free cash flow at current gold prices through the remainder of 2025.
• The Company has available liquidity¹ of $616.5 million, mainly comprised of cash and cash equivalents of $223.8 million and the available balance of the revolving credit facility (“Credit Facility”) of $391.7 million as at June 30, 2025.
• In health and safety, the Company reported a total recordable injuries frequency rate (“TRIFR”) of 0.41 for the quarter, tracking below the prior year performance.

Corporate

• During the second quarter of 2025, the Company completed the final delivery of gold ounces into its gold prepay arrangements, thereby concluding the 150,000 ounce gold prepay arrangements that were implemented as part of a previous financing package for the construction of Côté Gold. Deliveries into the gold prepayment arrangements in the second quarter 2025 totaled 37,500 ounces.
• During the second quarter of 2025, Franco-Nevada Corporation (“Franco-Nevada”) announced the acquisition of the pre-existing 7.5% gross margin royalty (“Gross Margin Royalty”) on the Côté Gold Mine from a private third party for the total cash consideration of $1.05 billion. The payment calculation methodology of the Gross Margin Royalty remains economically unchanged from the prior agreement in place with the third party. Franco-Nevada granted an option to IAMGOLD and SMM to buy up to 50% of the Gross Margin Royalty at Franco-Nevada’s attributable costs in two equal tranches of 25% over two and three years, respectively, in exchange for support in Franco-Nevada’s detailed due diligence efforts.
• Effective June 20, 2025, in accordance with the 2024 Mining Code, the Government of Burkina Faso increased its ownership interest in the Essakane mine from 10% to 15%. As a result, the Company’s interest decreased from 90% to 85%.
• Essakane declared a record dividend of approximately $855 million in 2025. This dividend represents the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD’s 85% portion of the dividend, net of taxes, is approximately $680 million and will be paid through a revised framework that enables payments to be made at any time of the year, based on the cash generated by Essakane. This framework allows for improved management of in-country cash 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.
• Subsequent to quarter end, the Company continued to execute on its debt reduction strategy and repaid $40 million on its second lien notes, reducing the principal balance to $360 million.

QUARTERLY REVIEW

For more details and the Company’s overall outlook for 2025, see “Outlook”, and for individual mines performance, see “Operations”. The following table summarizes certain operating and financial results for the three months ended June 30, 2025 (Q2 2025), June 30, 2024 (Q2 2024) and the six months ended June 30 (or YTD) 2025 and 2024 and certain measures of the Company’s financial position as at December 31, 2024.

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