TSX-listed IAMGOLD produced 186 900 oz of gold for the quarter ended September 30 and remains on track to achieve full-year guidance of 720 000 oz to 820 000 oz of gold, CEO and president Renaud Adams says.

“The company generated $404-million in mine-site free cash flow, our net cash position increased resulting in available liquidity of $1.6-billion. We returned a further $135-million to shareholders through our share buyback, bringing total repurchases to nearly $600-million since the programme began last December,” he informs.

The company’s Westwood gold complex, in Canada, is tracking toward the upper end of its production guidance, with higher-grade underground ore having driven robust mine site free cash flow for the nine months to September 30.

Meanwhile, the Essakane gold mine, in Burkina Faso, remained a significant cash flow contributor during the September quarter, supporting shareholder returns, Adams highlights.

The Côté gold mine, in Canada, completed its first full quarter without contractor crushing and operated above nameplate capacity in September, positioning the mine to deliver its strongest quarter of the year in the fourth quarter to end on December 31, he adds.

“Looking ahead, we expect to deliver several key milestones over the coming quarters. The updated Côté mine plan, expected later this year, will be the first in a series of studies across our portfolio through 2027. These include an extended mine life at Essakane, a preliminary economic assessment for the Nelligan Mining Complex and Westwood’s underground expansion potential.

“The upcoming repurchase of half of Franco-Nevada's royalty on Côté will further increase our exposure to one of Canada’s largest gold mines. With a strong balance sheet, a clear growth pipeline and long-life Canadian assets, we are building IAMGOLD into a leading, modern, Canada-focused gold producer,” Adams avers.

IAMGOLD generated revenue of $856.5-million for the quarter from the sale of 199 900 oz of gold at an average realised gold price of $4 277/oz. Revenue for the nine months to September 30 was $2.74-billion from the sale of 606 500 oz at an average realised gold price of $4 514/oz.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter were $584.4-million and adjusted Ebitda $503.9-million.

The company has available liquidity of $1.61-billion at period end. 

It bought back $134.7-million IAMGOLD shares as part of the share buyback programme during the quarter.

Subject to applicable TSX approval, the company intends to continue to use cash flow from Essakane to repurchase shares under a share buyback programme as cash is generated and repatriated from Essakane.

On August 10, IAMGOLD announced it has completed the divestiture of its 35% interest in the Bambadji joint venture, in Senegal, for net proceeds of $48-million, monetising a noncore exploration asset and further strengthening focus on the company’s operating and development portfolio.

On November 5, IAMGOLD delivered an irrevocable notice to Franco Nevada (FNV) exercising its contractual right to repurchase 50% of FNV’s existing 7.5% gross margin royalty (GMR) over the Côté gold mine.

Upon completion of the repurchase, the GMR payable to FNV will be reduced from 7.5% to 3.75%.

OUTLOOK

Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720 000 oz to 820 000 oz.

Production at Côté is expected to be highest in the fourth quarter, driven by increased processing rates and grades as recent operational improvements continue to be realised and the mine enters higher-grade zones.

The 2026 production outlook excludes any potential production from the gold-bearing sludge material discovered in the electrowinning pregnant solution tank at Westwood.

Cash costs on a consolidated basis, excluding royalties, are expected to be in the upper half of the range of $1 100/oz to $1 250/oz.

Cash costs are expected to be lowest in the fourth quarter of the year, reflecting the expected increase in Côté output.