IAMGOLD Reports $507M Adjusted EBITDA as Côté Gold Ramps Up, Extends Buyback
The Canadian gold producer delivered 188,100 ounces in Q2 and returned nearly $150 million to shareholders while positioning Côté for a 40,000-tonne-per-day expansion.
Strong Quarter Amid Côté Operational Improvements
IAMGOLD Corporation reported second-quarter adjusted EBITDA of $507.3 million and attributable gold production of 188,100 ounces, keeping the company on track to meet full-year guidance of 720,000 to 820,000 ounces (6-K filing, 2026-08-07). Net earnings attributable to equity holders reached $230.5 million, or $0.40 per share, for the quarter.
Revenues totaled $856.9 million from sales of 195,100 ounces at an average realized gold price of $4,384 per ounce. Year-to-date revenues reached $1.89 billion from 406,600 ounces sold at an average realized price of $4,631 per ounce, well above the company's $4,000 guidance assumption (6-K filing, 2026-08-07).
"IAMGOLD delivered another strong and safe quarter," said President and CEO Renaud Adams, noting that conveyor belt replacement in May and commissioning of a second cone crusher at Côté Gold allowed the plant to operate at near full capacity in June (6-K filing, 2026-08-07).
Côté Gold Expansion Takes Shape
The flagship Côté Gold mine produced 67,300 attributable ounces in Q2, with production expected to increase in the second half as recent operational improvements take effect. The company announced consolidated Measured and Indicated Mineral Resources for Côté exceeding 20 million ounces, with an additional 3.5 million ounces of Inferred resources (6-K filing, 2026-08-07).
Management outlined plans for a fourth-quarter technical report detailing "a clear, near-term path to increase processing rates toward 40,000 tonnes per day through targeted debottlenecking, supported by a significantly larger reserve base, extended mine life and further cost optimization" (6-K filing, 2026-08-07). The company will also advance trade-off studies on further expansion possibilities.
Westwood produced 32,400 ounces in Q2, while Essakane delivered 88,400 attributable ounces (104,000 ounces on a 100% basis), with IAMGOLD's ownership at 85%.
Capital Allocation and Balance Sheet
The company generated net cash from operating activities of $445.1 million in Q2 and $1.02 billion year-to-date. Mine-site free cash flow totaled $368.9 million for the quarter and $893.5 million year-to-date (6-K filing, 2026-08-07).
IAMGOLD repurchased $147.9 million of shares (8.6 million shares) during Q2 and repaid the remaining $100 million balance on its credit facility. Since the buyback program's inception in December 2025, the company has purchased 27.9 million shares for $510.4 million through August 5, 2026 (6-K filing, 2026-08-07). MarginX data shows recent insider activity included a sale of 31,000 shares by director David Stewart Smith.
The company reported available liquidity of $1.35 billion as of June 30, including $501.4 million in cash and $845.7 million available on its undrawn revolving credit facility, which was recently expanded from $650 million to $850 million with maturity extended to June 2030 (6-K filing, 2026-08-07).
Cost Performance and Outlook
All-in sustaining costs were $2,271 per ounce sold in Q2, with cash costs including royalties at $1,642 per ounce. Higher-than-expected royalties of $380 per ounce year-to-date—$55 above guidance—reflected the elevated realized gold price versus the $4,000 assumption used in cost guidance (6-K filing, 2026-08-07).
The company expects cash costs excluding royalties in the upper half of the $1,100 to $1,250 per ounce range for the full year, with costs anticipated to decline in the second half as Côté production increases.
This article was generated by MarginX from the 6-K filing on 2026-08-07. It is not investment advice.