IAMGOLD CORP (IAG): Financial results for Q3 2026
IAMGOLD CORP (IAG) furnished an SEC Form 6-K — earnings release. IAMGOLD REPORTS THIRD QUARTER 2026 RESULTS All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Toronto, Ontario, November 5, 2026 - IAMGOLD Corporation (NYSE:IAG, TSX:IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results
How this was made
The 30-second read
Why it matters
The earnings beat and continued buyback reinforce investor confidence, likely supporting the stock in the near term.
Market read
First‑hand earnings data with strong cash flow and buyback activity make this a high‑impact news item for the stock.
What to watch
Potential headwinds from higher operating costs or geopolitical risks in West Africa could affect future cash flow.
IAMGOLD reports third quarter 2026 results with $856.5 million of revenues, $297.0 million of net earnings attributable to equity holders and $404.3 million of mine-site free cash flow.
Higher realized gold prices, strong operating cash generation, $404.3 million of mine-site free cash flow and a net cash position supported earnings and shareholder repurchases. Côté production and unit costs were weaker year over year, while royalty-driven cost pressure and Burkina Faso operating and security risks remain material.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues - Q3 2026other | $856.5M | – | $149.8 million or 21% |
| Revenues - YTD 2026other | $2.74B | – | – |
| Gold production - attributable - Q3 2026other | 186.9K | – | – |
| Gold production - attributable - YTD 2026other | 558.6K | – | – |
| Gold sales - attributable - Q3 2026other | 183.1K | – | – |
| Average realized gold price - Q3 2026non-GAAP | $4,277 ($/oz) | – | $785 per ounce increase |
| Average realized gold price - YTD 2026non-GAAP | $4,514 ($/oz) | – | – |
| Gross profit - Q3 2026other | $406M | – | – |
| Gross profit - YTD 2026other | $1.39B | – | – |
| EBITDA - Q3 2026non-GAAP | $584.4M | – | – |
| Adjusted EBITDA - Q3 2026non-GAAP | $503.9M | – | – |
| Net earnings attributable to equity holders - Q3 2026other | $297M | – | – |
| Net earnings attributable to equity holders - YTD 2026other | $907.2M | – | – |
| Adjusted net earnings attributable to equity holders - Q3 2026non-GAAP | $237M | – | – |
| Net earnings per share attributable to equity holders - Q3 2026other | $0.52 | – | – |
| Adjusted net earnings per share attributable to equity holders - Q3 2026non-GAAP | $0.42 | – | – |
| Cost of sales - Q3 2026other | $1,622 ($/oz sold) | – | – |
| Cash costs excluding royalties - Q3 2026non-GAAP | $1,266 ($/oz sold) | – | – |
| Cash costs including royalties - Q3 2026non-GAAP | $1,614 ($/oz sold) | – | – |
| AISC excluding royalties - Q3 2026non-GAAP | $1,836 ($/oz sold) | – | – |
| AISC including royalties - Q3 2026non-GAAP | $2,184 ($/oz sold) | – | – |
| Net cash from operating activities - Q3 2026other | $461.1M | – | $180.3 million |
| Net cash from operating activities - YTD 2026other | $1.48B | – | – |
| Net cash from operating activities before changes in working capital - Q3 2026non-GAAP | $422.9M | – | – |
| Mine-site free cash flow - Q3 2026non-GAAP | $404.3M | – | – |
| Mine-site free cash flow - YTD 2026non-GAAP | $1.30B | – | – |
| Sustaining capital expenditures - Q3 2026non-GAAP | $86.3M | – | – |
| Expansion capital expenditures - Q3 2026non-GAAP | $23.4M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Côté Gold - Q3 2026 attributable interestAttributable production was 64,400 ounces, lower by 10,200 ounces or 14% than the prior year period. The extended annual shutdown, transition to owner-only crushing, lower head grades and lower recoveries reduced output. | $257M | – | – |
| Westwood - Q3 2026Gold production was 28,500 ounces, higher by 5,800 ounces or 26% compared with the same prior year period, supported by favourable underground stope sequencing, improved mining recovery and higher mill throughput. | $120.6M | – | – |
| Essakane - Q3 2026Attributable production was 94,000 ounces, an increase of 1,800 ounces or 2% from the prior year, while mining activity increased and mill throughput was 6% higher. | $478.9M | – | – |
Full Year Guidance 2026 outlook
- NoteTotal attributable production: 720 - 820 (000s oz)
- NoteCôté Gold production: 270 - 310 (000 oz)
- NoteWestwood production: 110 - 130 (000 oz)
- NoteEssakane production: 340 - 380 (000 oz)
- NoteConsolidated cost of sales: $1,425 - $1,575 ($/oz sold)
- NoteConsolidated cash costs excluding royalties: $1,100 - $1,250 ($/oz sold)
- NoteConsolidated cash costs including royalties: $1,425 - $1,575 ($/oz sold)
- NoteConsolidated AISC excluding royalties: $1,675 - $1,825 ($/oz sold)
- NoteConsolidated AISC including royalties: $2,000 - $2,150 ($/oz sold)
- NoteTotal capital expenditures: $500 million
- NoteSustaining capital expenditures: $380 million ±5%
- NoteExpansion capital expenditures: $120 million ±5%
- NoteExploration expenditures: approximately $54 million
- NoteDepreciation expense: $480 million (±5%)
- NoteIncome taxes paid: $215 - $225 million
Capital returns
- The Company purchased $134.7 million IAMGOLD shares (7.6 million shares) as part of the share buyback program during the quarter.
- Year to date, the Company repurchased and cancelled approximately 29.1 million shares for approximately $542.6 million at an average price of $18.63 per share.
- Total repurchases since inception in December 2025 up to September 30, 2026, are approximately 32.1 million shares for approximately $592.6 million at an average price of $18.47 per share.
- The existing NCIB is approved to continue through December 11, 2026.
- Subject to applicable TSX approval, the Company intends to continue to use cash flow from Essakane to repurchase shares under a share buyback program as cash is generated and repatriated from Essakane.
What drove it
- The average realized gold price increased to $4,277 per ounce in the third quarter from $3,492 per ounce in the prior-year period.
- Westwood production increased by 26% year over year as underground ore grade, mining recovery and mill throughput improved.
- Essakane production increased by 2% year over year, while lower mining and milling costs reduced production costs by $25.2 million or 17%.
- Côté discontinued external contractor crushing by the end of June 2026 and recorded crusher and HPGR throughput records in September.
- Côté averaged 37,100 tonnes per day in September, above nameplate capacity of 36,000 tpd.
- Essakane mine-site free cash flow was $271.1 million on a 100% basis, while Côté and Westwood generated $81.5 million and $51.7 million, respectively.
- The Company exercised its contractual right to repurchase 50% of Franco-Nevada's existing 7.5% Gross Margin Royalty over Côté for an estimated price of approximately $525 million.
Concerns
- Côté attributable production was lower by 10,200 ounces or 14% year over year, and Côté AISC including royalties increased to $2,056 per ounce sold from $1,594 per ounce sold.
- The Company expects Côté cash costs excluding royalties to exceed the top end of guidance of $900 to $1,050 per ounce sold.
- The Company expects to exceed the upper end of consolidated AISC guidance when including the impact of higher royalties.
- Essakane's average royalty rate was 11% in the third quarter 2026 compared to 9% in the same prior-year period.
- Security-related incidents continue in Burkina Faso and across the West African region, creating supply-chain pressure and complexity.
- Burkina Faso ordered industrial mining permit holders to deliver all doré production to approved refineries in Burkina Faso effective November 1, 2026. IAMGOLD received a temporary exemption.
- Westwood's gold-bearing sludge material is subject to significant uncertainty and is not a reliable estimate of recoverable gold, payable gold, production or financial benefit.
What to watch
- Fourth-quarter Côté production, where the Company expects increased processing rates and higher grades.
- Côté mill throughput expected to average 36,000 tpd over the fourth quarter and the execution of cost reductions toward approximately $4/t for mining and $15/t for milling.
- The updated Côté Gold mine plan and Mineral Reserve estimate expected in the fourth quarter of 2026.
- The expected December 2026 closing of the Franco-Nevada royalty repurchase, with economic effect from January 1, 2027.
- Westwood refinery processing and assay results for the gold-bearing sludge material, which the Company expects could be reflected in fourth-quarter production subject to completion of the refining and assay process.
- The pace of remaining Essakane dividend repatriation of approximately $176.4 million over 2026 and early 2027.
- Essakane security, supply continuity, fuel costs and the impact of the Burkina Faso local-refining requirement.
Balance sheet and cash flow
- Available liquidity was $1,613.4 million as at September 30, 2026.
- Cash and cash equivalents were $766.6 million as at September 30, 2026, compared with $421.9 million as at December 31, 2025.
- Long-term debt was $449.2 million as at September 30, 2026, compared with $649.8 million as at December 31, 2025.
- Net cash excluding lease liabilities and letters of credit was $317.6 million as at September 30, 2026, compared with net debt of $(228.1 million) as at December 31, 2025.
- Net cash was $213.9 million as at September 30, 2026, compared with net debt of $(344.4 million) as at December 31, 2025.
- The Credit Facility was undrawn, with $845.8 million remaining available under the Credit Facility.
- Restricted cash totaled $68.6 million.
- Total cash repatriated from Essakane was $87.8 million in the third quarter and $497.6 million YTD. An additional $135.8 million was repatriated subsequent to quarter end.
- The Company completed the divestiture of its 35% interest in the Bambadji Joint Venture, generating $69.7 million in cash proceeds before taxes and transaction costs of $21.7 million, for net proceeds of $48.0 million.
Analysis
IAMGOLD reported a strong third quarter, with revenues of $856.5 million, net earnings attributable to equity holders of $297.0 million and mine-site free cash flow of $404.3 million. Revenues were higher by $149.8 million or 21% than the prior-year period, driven by an average realized gold price of $4,277 per ounce, up $785 per ounce, despite lower gold sales volume. Operating cash flow was $461.1 million, higher by $180.3 million from the prior-year period, and YTD mine-site free cash flow reached $1,297.8 million.
Production performance was mixed across the portfolio. Côté produced 64,400 attributable ounces, lower by 10,200 ounces or 14% year over year, as an extended shutdown, the owner-only crushing transition, lower head grades and lower recoveries affected output. Westwood produced 28,500 ounces, up 26%, reflecting higher-grade underground ore, improved recovery and higher mill throughput. Essakane produced 94,000 attributable ounces, up 2%, with higher throughput and lower production costs offset in part by lower recovery.
Cost trends remain central. Consolidated cash costs excluding royalties were $1,266 per ounce sold versus $1,338 per ounce sold in the prior-year quarter, but consolidated AISC including royalties rose to $2,184 per ounce sold from $1,956 per ounce sold. Higher royalty expense is a significant issue, especially at Essakane, where the average royalty rate was 11% compared with 9% a year ago. The Company stated that it expects to exceed the upper end of AISC guidance when including the impact of higher royalties. Côté cash costs excluding royalties are expected to exceed the top end of its guidance range, although management expects lower fourth-quarter costs on higher volumes and improved unit costs.
Capital allocation was active. IAMGOLD repurchased approximately 7.6 million shares for approximately $134.7 million in the quarter, bringing cumulative repurchases since December 2025 to approximately 32.1 million shares for approximately $592.6 million. The balance sheet improved to $766.6 million of cash and cash equivalents, $213.9 million of net cash and $1,613.4 million of available liquidity. The Company also plans to fund the estimated approximately $525 million repurchase of half of Franco-Nevada's Côté royalty, expected to close in December 2026 with economic effect from January 1, 2027.
Full-year production guidance remains 720,000 to 820,000 ounces, supported by expected fourth-quarter improvement at Côté and Westwood production at the upper end of its 110,000 to 130,000 ounce range. The key operational catalyst is Côté, where September throughput was above nameplate capacity and the Company expects its strongest quarter of the year in the fourth quarter. The key risks are cost and royalty pressure, continued security and supply-chain complexity in Burkina Faso, and uncertainty around the quantity and timing of any gold recovery from Westwood's sludge material.
Management, verbatim
IAMGOLD delivered another quarter of strong performance, operating safely across our sites and producing 186,900 attributable ounces. We remain on track to achieve our full-year guidance of 720,000 to 820,000 ounces.
Renaud Adams, President and Chief Executive Officer
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 program began last December.
Renaud Adams, President and Chief Executive Officer
At Côté, the operation 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.
Renaud Adams, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin for Q3 2026 and prior-year period was not reported.
- Operating income for Q3 2026 and prior-year period was not reported.
- Operating margin for Q3 2026 and prior-year period was not reported.
- Effective income tax rate for Q3 2026 and prior-year period was not reported.
- Quarterly dividend per share was not reported.
- Revenue guidance for full-year 2026 was not reported.
- Prior-release outlook was not provided, so comparisons of actual results against prior guidance are unavailable.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
IAMGOLD filed a Form 6‑K with the SEC, providing its Q3 2026 earnings and operational update.
Ticker impact
IAMGOLD reported Q3 2026 results with 186,900 ounces production, $404M free cash flow and a $135M share buyback, reaffirming full-year guidance.
likely upside as investors price in robust cash flow and ongoing share repurchases.
The earnings release shows higher-than-expected cash flow, a sizable buyback tranche, and reaffirmed guidance, which typically supports the stock price in the short term.
Market effects
Gold mining sector may see modest uplift as IAMGOLD's results highlight strong cash generation and operational efficiency.
Canadian mining stocks could benefit from the positive earnings backdrop.
Limited to commodity‑focused investors; broader market impact is minimal.
Counterpoint
If gold prices soften, the production guidance may be harder to meet, tempering upside.
Key entities
- CompanyIAMGOLD Corporation
Gold mining company reporting Q3 2026 results.
