IAMGOLD Reports Third Quarter 2025 Results

Press Release

All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

Toronto, Ontario–(November 4, 2025) – IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (“IAMGOLD” or the “Company”) today reported its financial and operating results for the third quarter 2025.

“The third quarter of 2025 marks a pivotal moment for IAMGOLD as we continue to deliver on our commitment to operational excellence, financial discipline and responsible growth,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD. “Attributable gold production for the quarter was 190,000 ounces, bringing our year-to-date total to 524,000 ounces. Our flagship Côté Gold Mine produced a record 106,000 ounces in the quarter, marking the second consecutive quarter averaging over 30,000 ounces per month. Operating costs continue to see pressure in this strong gold price environment, and while it is important to realize the current gold prices today, we understand the importance of implementing diligent cost controls particularly ahead of the next stage of organic growth.”

“Financially, with a strong third quarter and rising gold prices, the Company has been able to accelerate our strategic initiatives. Our trailing twelve-month EBITDA now exceeds $1 billion, and we have repaid approximately $270 million of our second lien notes, further strengthening our balance sheet and financial flexibility.”

“Looking ahead, subject to regulatory approvals, we are initiating a share buyback program for up to 10% of outstanding common shares, underscoring our confidence in the Company’s future and our commitment to delivering value to shareholders. We are advancing expansion plans at Côté Gold, and with the recent announcement of acquisitions to consolidate the Chibougamau region in Quebec to create the Nelligan Complex, we have further positioned IAMGOLD as a leading, modern Canadian-focused multi-asset gold mining company. I am proud of our team’s achievements and remain confident in our ability to deliver enduring value for our investors, while maintaining a steadfast commitment to safety and accountability.”

HIGHLIGHTS:

Operating and Financial

• Attributable gold production was 190,000 ounces in the third quarter and 524,000 ounces year-to-date (“YTD”). The Company remains on track to achieve its full year attributable production guidance.
  • Côté produced 75,000 attributable ounces (106,000 ounces on a 100% basis) in the third quarter and 193,000 attributable ounces YTD (275,000 ounces on a 100% basis).
  • Westwood produced 23,000 ounces in the third quarter and 76,000 ounces YTD.
  • Essakane produced attributable production of 92,000 ounces (108,000 ounces on a 100% basis) in the third quarter and 255,000 ounces YTD (289,000 ounces on a 100% basis).
• Revenues were $706.7 million from sales of 203,000 ounces at an average realized gold price¹ of $3,492 per ounce for the quarter and $1,764.7 million YTD from sales of 559,000 ounces at an average realized gold price of $3,153 per ounce².
• Cost of sales per ounce sold was $1,593 ($1,542 YTD), cash cost¹ per ounce sold was $1,588 ($1,537 YTD) and all-in-sustaining cost (“AISC”)¹ per ounce sold was $1,956 ($1,969 YTD). The Company expects to achieve the top end of the revised annual attributable cash cost¹ guidance of $1,375 to $1,475 per ounce sold and AISC¹ guidance of $1,830 to $1,930 per ounce sold.
• Net earnings and adjusted net earnings attributable to equity holders¹ for the third quarter of $139.4 million ($257.8 million YTD) and $170.9 million ($303.4 million YTD), respectively.
• Net earnings and adjusted net earnings per share attributable to equity holders¹ for the third quarter of $0.24 ($0.45 YTD) and $0.30 ($0.53 YTD), respectively.
• Net cash from operating activities was $280.8 million for the third quarter ($440.9 million YTD). Net cash from operating activities, before movements in working capital and non-current ore stockpiles¹, was $280.6 million for the third quarter ($512.8 million YTD), net of the impact of delivering 75,000 ounces into the gold prepay obligations.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $338.4 million for the third quarter ($817.4 million YTD) and adjusted EBITDA1 was $359.5 million ($840.4 million YTD). Twelve month trailing EBITDA more than $1 billion.
• Record mine-site free cash flow¹ of $292.3 million during the third quarter ($572.4 million YTD), including record attributable mine-site free cash flow from Côté of $135.6 million during the third quarter.
• The Company has available liquidity¹ of $707.2 million, mainly comprised of cash and cash equivalents of $314.3 million and the available balance of the revolving credit facility (“Credit Facility”) of $391.9 million as at September 30, 2025. Net debt was $813.2 million at September, a reduction of $201.7 million during the quarter.
• In health and safety, the Company reported a total recordable injuries frequency rate (“TRIFR”) of 0.56 for the quarter, tracking above the prior year performance. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents.

Corporate

• Debt repayment accelerated as the Company executes on its debt reduction strategy and repaid $100 million on its second lien notes, reducing the principal balance to $300 million as at September 30, 2025. Subsequent to the third quarter 2025, the Company made further payments of $170 million against the second lien notes, bringing the total repayment year to date to $270 million and reducing the outstanding balance to $130 million.
• $154 million of cash repatriated from Essakane up to November 4, 2025, using the new structure that was implemented as part of Essakane declaring a record dividend of approximately $855 million in June 2025, which 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 structure that enables payments to be made at any time of the year, based on the cash generated in excess of working capital requirements by Essakane.
• A share buyback program has been approved by the Company’s Board of Directors and the Company is in the process of implementing a normal course issuer bid (“NCIB”) allowing for the purchase of up to approximately 10% of IAMGOLD’s outstanding common shares. All common shares purchased under the NCIB will be either cancelled or placed under trust to satisfy future obligations under the Company’s share incentive plan. IAMGOLD will file a notice of intention to implement an NCIB with the TSX and, subject to TSX approval, IAMGOLD may purchase its common shares over a twelve month period through the facilities of the TSX, the New York Stock Exchange (“NYSE”), or any other eligible Canadian alternative trading system on which the common shares are listed. This initiative reflects management’s confidence in the Company’s long-term value and its commitment to disciplined capital allocation. The program is expected to be funded from operating cash flows following the repayment of the second lien notes.
• On October 10, 2025, the Company’s issuer credit rating was upgraded by S&P from B to BB-, with a stable outlook.
• On October 20, 2025, the Company announced that it had entered into definitive agreements to acquire each of Northern Superior Resources Inc. (“Northern Superior”) and Mines d’Or Orbec Inc. (“Orbec”), whereby IAMGOLD is to acquire all of the issued and outstanding shares of each of Northern Superior and Orbec by way of a plan of arrangement (the “Proposed Arrangements”) for consideration of approximately $267.4 million and $12.6 million (C$17.2 million), respectively, in shares of the Company and cash. Each transaction is subject to approval by the respective shareholders of Northern Superior and Orbec, as well as court approval. The combined assets, together the “Nelligan Mining Complex”, consolidates the Chibougamau region with a dominant land position of approximately 134,000 hectares. The Northern Superior acquisition will combine its Philibert, Chevrier and Croteau projects with IAMGOLD’s Nelligan and Monster Lake Projects. The combined assets, together, will rank as one of the largest pre-production gold camps in Canada with Measured and Indicated Mineral Resources of 3.75 million ounces (“Moz Au”) and Inferred Mineral Resources of 8.65 Moz Au. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.

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 September 30, 2025 (Q3 2025), September 30, 2024 (Q3 2024) and the nine months ended September 30 (or YTD) 2025 and 2024 and certain measures of the Company’s financial position as at December 31, 2024.

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