IAMGOLD (TSX: IMG) reported a 61% year over year jump on revenue to $706.7 million in Q3 2025 from $438.9 million, on consolidated gold sales of 203,000 ounces and an average realized price of $3,492 per ounce.
Gross profit increased 68% to $272.6 million as the realized gold price rose 46% year over year to $3,492 per ounce, outpacing the 11% rise in attributable AISC to $1,956 per ounce. The gross margin also improved to 38.6% from 37.1% last year.
Due mainly to a $462.3 million impairment reversal in the prior-year quarter, earnings from operations fell to $235.0 million versus $607.4 million in Q3 2024.
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Further down, net earnings came in at $155.2 million, or $0.24 per basic share, compared with $602.5 million, or $1.03, in Q3 2024. On an adjusted basis, net earnings were $170.9 million, or $0.30 per share, up from $101.0 million, or $0.18.
Adjusted EBITDA rose 62% to $359.5 million, keeping the adjusted EBITDA margin essentially flat at 50.9% versus 50.5% last year.
Attributable cash costs rose 36% year over year to $1,588 per ounce and cost of sales per ounce sold rose 36% to $1,593. Attributable AISC increased 11% to $1,956 per ounce. By site, Côté’s cash costs were $1,320 per ounce versus $1,030 last year and AISC was $1,594 per ounce versus $1,602. Westwood’s cash cost rose to $1,924 per ounce from $1,157 and AISC climbed to $2,793 per ounce from $1,617. Essakane’s cash cost increased to $1,737 per ounce from $1,223 and AISC to $1,914 per ounce from $1,730.
The company reiterated that full-year consolidated cash costs and AISC are tracking to the top end of guidance ranges given higher price-linked royalties and lower production at Westwood.
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Attributable production rose 10% to 190,000 ounces, with Côté at 75,000 attributable ounces, Westwood at 23,000, and Essakane at 92,000. Attributable gold sales were 187,000 ounces versus 171,000 last year. Côté led growth with 76,000 attributable ounces sold versus 41,000 a year ago as ramp-up continued. Westwood sold 21,000 ounces versus 29,000 and Essakane sold 90,000 versus 101,000.
Net cash from operating activities nearly doubled to $280.8 million from $146.2 million. Mine site free cash flow reached a record $292.3 million versus $120.7 million last year, including record attributable mine site free cash flow from Côté of $135.6 million. Sustaining capital expenditures were $59.9 million versus $84.7 million and expansionary capital was $10.4 million versus $11.2 million.
Cash and cash equivalents were $314.3 million versus $347.5 million at year-end 2024.
“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 CEO Renaud Adams. “Our trailing twelve-month EBITDA now exceeds $1 billion, and we have repaid approximately $270 million of our second lien notes.”
The company maintained 2025 attributable production guidance of 735,000 to 820,000 ounces after delivering 524,000 ounces year to date. For Q4, IAMGOLD expects Côté production to be in line with Q3 and higher output at Essakane and Westwood on improved grades.
Full-year 2025 capital expenditures are expected at $335 million, of which $310 million are sustaining and $25 million are expansion. The largest program is at Côté and Gosselin, with an updated technical report targeted for 2026. Drilling in the Nelligan-Monster Lake area was budgeted at about $6 million in 2025, with expansion planned for 2026.
IAMGOLD last traded at $17.39 on the TSX.
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