IAMGOLD (TSX: IMG) has joined the small group of producers who met guidance in 2025. The company this morning released their fourth quarter and full year 2025 production results, signaling that they managed to achieve their guidance midpoint.
The fourth quarter saw IAMGOLD report consolidated production of 242,400 ounces of gold, a substantial increase over the 190,000 ounces produced in the third quarter. On an individual basis, cote produced 87,200 ounces, while Westwood produced 37,900 ounces and Essakane 117,300 ounces.
For the full fiscal year, consolidated production totaled 765,900 ounces of gold, versus 666,500 ounces in 2024. Guidance had called for the production of 735,000 to 820,000 ounces. Both Cote Gold and Essakane managed to hit guidance, producing 279,900 and 372,100 ounces, respectively, over the course of the year, while Westwood fell short of guidance, with production of 113,900 ounces versus estimates of 125,000 to 140,000.
As for costing, cash costs are anticipated to be in the top range of the $1,375 to $1,475 an ounce guidance, while AISC is expected to come in around the guidance midpoint of $1,880 an ounce.
Revenues are expected to come in at a record high, based on the sale of 817,800 ounces at an average price of $3,480 an ounce, with Q4 alone seeing the sale of 259,000 ounces at an average price of $4,190 an ounce.
Looking towards 2026, IAMGOLD is guiding to attributable production of 720,000 to 820,000 ounces, with Cote specifically to focus on sustainable operations ahead of expansion plans that are to be announced in Q4.
Cash costs are expected to average between $1,100 and $1,250 per ounce sold when excluding royalties, and between $1,425 to $1,575 an ounce once royalties are included. Royalties under the current price environment is said to average $325 per ounce when using a gold price assumption of $4,000 an ounce. AISC is to be in the range of $2,000 to $2,150 an ounce.
Sustaining capital expenditures meanwhile are estimated at $380 million for the year, including $160 million at Cote, while expansion capital is estimated at $120 million. Those figures are said to be +/- 5%. Expansion capital is said to include early works at Cote in advance of expansion, including basic mill infrastructure and a pushback to expand the operating area of the pit.
“Turning the page to 2026, it is going to be a very exciting year for IAMGOLD as we continue to build on the momentum at Cote, Westwood and Essakane,” commented Renaud Adams, CEO of IAMGOLD. “At Côté, the operations team this year will be focusing on unit cost improvement through stable and efficient mining and milling practices. It is important for our team to be able to operate Côté within expected specifications before we expand the operation further.”
“It is an exciting year as well at our Nelligan Mining Complex in the Chibougamau-Chapais region of Quebec, following our acquisitions at the end of last year of Northern Superior and Orbec, which significantly increased our property package and the potential of the consolidated camp. This year we are substantially increasing our budget to $25 million for a comprehensive exploration program. We are eager to get our drills to work on this project, which already is among the largest pre-production stage gold projects in Canada.”
Full financial results are slated to be released on February 17, after the close of markets.
IAMGOLD last traded at $23.95 on the TSX.
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