Q2 FY2026
Filed Aug 6, 2026IAMGOLD Reports Second Quarter 2026 Results
Revenue, earnings, operating cash flow and mine-site free cash flow increased materially from Q2 2025, supported by a higher realized gold price and stronger production at Westwood and Essakane. The Company retained full-year production guidance, repaid its remaining Credit Facility balance, and repurchased $147.9 million of shares, although consolidated unit costs and Côté costs remained elevated.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gold production - attributableother | 188.1 (000s oz) | – | – |
| Gold sales - attributableother | 180.2 (000s oz) | – | – |
| Revenuesother | $856.9 million | – | $276.0 million or 48% |
| Gross profitother | $415.1 million | – | – |
| Cost of salesother | $441.8 million | – | – |
| Cost of sales excluding depreciationnon-GAAP | $323.2 million | – | $36.1 million or 13% |
| Average realized gold pricenon-GAAP | $4,384 per ounce | – | $1,202 per ounce |
| Cost of sales per ounce soldother | $1,651 | – | – |
| Cash costs per ounce sold, excluding royaltiesnon-GAAP | $1,289 | – | – |
| Cash costs per ounce sold, including royaltiesnon-GAAP | $1,642 | – | – |
| AISC per ounce sold, excluding royaltiesnon-GAAP | $1,918 | – | – |
| AISC per ounce soldnon-GAAP | $2,271 | – | – |
| EBITDAnon-GAAP | $495.3 million | – | – |
| Adjusted EBITDAnon-GAAP | $507.3 million | – | – |
| Net earnings attributable to equity holdersother | $230.5 million | – | – |
| Adjusted net earnings attributable to equity holdersnon-GAAP | $241.6 million | – | – |
| Net earnings per share attributable to equity holdersother | $0.40 | – | – |
| Adjusted net earnings per share attributable to equity holdersnon-GAAP | $0.42 | – | – |
| Net cash from operating activitiesother | $445.1 million | – | $359.3 million |
| Net cash from operating activities before changes in working capitalnon-GAAP | $442.9 million | – | – |
| Mine-site free cash flownon-GAAP | $368.9 million | – | – |
| Capital expenditures - sustainingnon-GAAP | $96.3 million | – | – |
| Capital expenditures - expansionnon-GAAP | $22.0 million | – | – |
| Exploration expendituresother | $14.8 million | – | – |
| Total recordable injuries frequency rateother | 0.70 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Côté GoldAttributable production was 67,300 ounces (96,200 ounces | 100%), in line with the prior year period. The replacement of the conveyor belt in May, commissioning of the second cone crusher, and phaseout of external contractor crushing allowed the plant to operate at near full capacity in June. | $293.2 million | – | – |
| Westwood ComplexGold production was 32,400 ounces, higher by 3,000 ounces or 10% compared with the same prior year period, supported by higher underground grade, improved stope mucking procedures and hoisting performance, and a 94% recovery rate. | $129.6 million | – | – |
| Essakane MineAttributable production was 88,400 ounces (104,000 ounces | 100%), an increase of 11,800 ounces or 15% from the prior year, driven by higher mining activity, 4% higher mill throughput, and 22% higher head grade. | $434.1 million | – | – |
Full Year Guidance 2026 outlook
- NoteCôté Gold attributable production: 270 - 310 (000 oz)
- NoteWestwood production: 110 - 130 (000 oz)
- NoteEssakane attributable production: 340 - 380 (000 oz)
- NoteTotal attributable production: 720 - 820 (000s oz)
- NoteCôté Gold cash costs excluding royalties: $900 - $1,050 per ounce sold
- NoteCôté Gold cash costs including royalties: $1,200 - $1,350 per ounce sold
- NoteCôté Gold AISC excluding royalties: $1,475 - $1,625 per ounce sold
- NoteCôté Gold AISC including royalties: $1,775 - $1,925 per ounce sold
- NoteWestwood cash costs: $1,500 - $1,650 per ounce sold
- NoteWestwood AISC: $1,950 - $2,100 per ounce sold
- NoteEssakane cash costs excluding royalties: $1,150 - $1,300 per ounce sold
- NoteEssakane cash costs including royalties: $1,600 - $1,750 per ounce sold
- NoteEssakane AISC excluding royalties: $1,550 - $1,700 per ounce sold
- NoteEssakane AISC including royalties: $2,000 - $2,150 per ounce sold
- NoteConsolidated cost of sales: $1,425 - $1,575 per ounce sold
- NoteConsolidated cash costs excluding royalties: $1,100 - $1,250 per ounce sold
- NoteConsolidated cash costs including royalties: $1,425 - $1,575 per ounce sold
- NoteConsolidated AISC excluding royalties: $1,675 - $1,825 per ounce sold
- NoteConsolidated AISC including royalties: $2,000 - $2,150 per ounce sold
- NoteSustaining capital expenditures: $380 million ±5%
- NoteExpansion capital expenditures: $120 million ±5%
- NoteTotal capital expenditures: $500 million
- NoteExploration expenditures: approximately $54 million
- NoteDepreciation expense: $480 million (±5%)
- NoteIncome taxes paid: $205 - $215 million
- NoteGuidance assumptions: an average realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel
Capital returns
- Repurchased and cancelled approximately 8.6 million shares for approximately $147.9 million at an average price of $17.24 per share during the second quarter 2026.
- Year to date, repurchased and cancelled approximately 21.5 million shares for approximately $407.9 million at an average price of $19.00 per share.
- Subsequent to quarter end and up to August 5, 2026, purchased an additional 3.5 million shares for $52.5 million.
- Total repurchases since inception in December 2025 up to August 5, 2026 were approximately 27.9 million shares for approximately $510.4 million at an average price of $18.28 per share.
- The NCIB allows for the purchase of up to 57 million common shares over a twelve-month period, representing approximately 9.92% of IAMGOLD's public float as at November 30, 2025.
- Essakane declared its 2026 dividend of approximately $500 million from its 2025 profits. IAMGOLD's portion, net of the Government of Burkina Faso portion and withholding taxes, is approximately $400 million.
What drove it
- Revenue was higher by $276.0 million or 48% than Q2 2025 due primarily to the $1,202 per ounce increase in realized gold price and higher gold sales volume.
- Westwood production increased by 3,000 ounces or 10% year over year, while Essakane attributable production increased by 11,800 ounces or 15%.
- Côté processed over 1.0 million tonnes in June after the new conveyor belt installation and operated at near nameplate capacity.
- Essakane production costs were lower by $12.1 million or 9%, aided by free digging of initial saprolite benches of the Lao pit, a higher proportion of capitalized waste, and mill liner replacement having occurred in the first quarter.
- Côté and Gosselin consolidated Measured and Indicated Mineral Resources increased to 20.3 million ounces, with an additional 3.5 million ounces of Inferred Mineral Resources.
Concerns
- Côté production costs were $14.8 million or 22% higher than the prior-year period, reflecting external contractor crushing, conveyor repair support, maintenance, diesel prices and electricity prices.
- Côté cost of sales per ounce sold was $1,562, higher by $340 or 28%, and AISC per ounce sold was $2,082, higher by $471 or 29% from Q2 2025.
- Consolidated AISC per ounce sold was $2,271, compared with $2,041 in Q2 2025.
- Essakane's average royalty rate was 12% in Q2 2026 compared to 9% in the prior-year period, while royalties were $50.5 million or $510 per ounce.
- The security situation in Burkina Faso continues to be a focus, with security-related incidents in the country and region putting pressure on supply chains.
- TRIFR was 0.70 as of June 30, 2026, compared with 0.41 as of June 30, 2025.
What to watch
- Côté Gold's expected second-half production increase, as processing rates rise and the operating benefits of the conveyor replacement, second cone crusher and discontinued contractor crushing are realized.
- Côté's progress toward its 2026 year-end mining and milling cost targets of $4/t and $15/t, respectively.
- The updated Côté Gold mine plan, Mineral Reserve estimate and Technical Report expected in the fourth quarter 2026, including the path toward sustained processing rates of approximately 40,000 tpd.
- Execution against total attributable production guidance of 720,000 to 820,000 ounces and consolidated cost guidance.
- The pace of repatriation of IAMGOLD's approximately $400 million portion, net of taxes, of Essakane's 2025 dividend.
- Essakane security, fuel and supply-chain conditions, including potential effects on operating continuity and costs.
- The updated Essakane technical report planned for the first half of 2027 and the Westwood technical report planned for the second half of 2027.
Balance sheet and cash flow
- Cash and cash equivalents were $501.4 million as at June 30, 2026, compared with $421.9 million as at December 31, 2025.
- Long-term debt was $449.3 million as at June 30, 2026, compared with $649.8 million as at December 31, 2025.
- Net cash (debt), excluding lease liabilities and letters of credit, was $52.2 million as at June 30, 2026, compared with $(228.1 million) as at December 31, 2025.
- Net cash (debt) was $(42.6 million) as at June 30, 2026, compared with $(344.4 million) as at December 31, 2025.
- Available liquidity was $1,348.1 million as at June 30, 2026, comprising $501.4 million of cash and cash equivalents and $845.7 million available under the Credit Facility.
- The Company repaid the remaining $100 million balance of its Credit Facility. The Credit Facility remained undrawn as at June 30, 2026.
- The revolving Credit Facility capacity increased from $650 million to $850 million, maturity was extended to June 2030, and the facility includes an additional $250 million accordion feature.
- Net cash used in investing activities was $145.3 million in Q2 2026.
- Net cash used in financing activities was $340.4 million in Q2 2026.
- Total cash repatriated from Essakane was $197.1 million in the second quarter and $409.8 million year-to-date.
- IAMGOLD's portion of the Essakane dividend declared in 2025, net of taxes, was approximately $680.7 million and had been fully repatriated as at June 30, 2026.
Analysis
IAMGOLD reported a strong Q2 2026 under IFRS, with revenues of $856.9 million, up $276.0 million or 48% from Q2 2025. The average realized gold price rose to $4,384 per ounce from $3,182 per ounce, while attributable production reached 188.1 (000s oz), compared with 173.0 (000s oz). Gross profit rose to $415.1 million from $198.8 million, net earnings attributable to equity holders increased to $230.5 million from $78.7 million, and adjusted EBITDA increased to $507.3 million from $276.4 million.
Operational performance was led by Essakane and Westwood. Essakane attributable production rose 15% to 88,400 ounces, supported by higher throughput and head grade, while Westwood production rose 10% to 32,400 ounces. Côté production of 67,300 attributable ounces was in line with the prior-year period. Côté's June processing performance improved following the May conveyor replacement and the commissioning of the second cone crusher, and the Company discontinued external contractor crushing by the end of June.
Margin conversion and cash generation were substantial. Net cash from operating activities was $445.1 million, compared with $85.8 million in Q2 2025, and mine-site free cash flow was $368.9 million, compared with $140.5 million. The stronger cash flow funded $147.9 million of share repurchases and repayment of the remaining $100 million Credit Facility balance. Cash and cash equivalents were $501.4 million, available liquidity was $1,348.1 million, and net cash excluding lease liabilities and letters of credit was $52.2 million at June 30, 2026.
Costs remain the principal operating issue. Consolidated AISC was $2,271 per ounce, compared with $2,041 per ounce in Q2 2025. Côté AISC was $2,082 per ounce, up $471 or 29%, reflecting elevated contractor crushing, maintenance, conveyor repair support, diesel and electricity costs. Essakane's cost performance improved before royalties, but its royalty burden increased under the updated Burkina Faso royalty decree, with an average royalty rate of 12% in the quarter.
The Company retained its 2026 attributable production guidance of 720 - 820 (000s oz) and expects higher second-half output at Côté. Guidance calls for consolidated cash costs excluding royalties of $1,100 - $1,250 per ounce sold and AISC excluding royalties of $1,675 - $1,825 per ounce sold. The fourth-quarter Côté mine plan and Technical Report are a major strategic catalyst because management expects them to outline targeted debottlenecking toward sustained processing rates of approximately 40,000 tpd, supported by the consolidated 20.3 million ounces of Measured and Indicated Mineral Resources.
Management, verbatim
IAMGOLD delivered another strong and safe quarter, producing 188,100 ounces of gold and generating $507.3 million of adjusted EBITDA, keeping us firmly on track to achieve our full-year guidance of 720,000 to 820,000 ounces.
Renaud Adams, President and CEO
At Côté Gold, the replacement of the conveyor belt in May and the commissioning of our second cone crusher allowed the plant to operate at near full capacity in June, and with contracted crushing now behind us, we expect production to increase and unit costs to decline through the second half of the year.
Renaud Adams, President and CEO
Our balance sheet has never been stronger, with a net cash position and $1.3 billion in liquidity, while returning nearly $150 million to shareholders in the quarter through our buyback program.
Renaud Adams, President and CEO
Not in the filing
stated, not guessed- Gross margin percentage was not reported.
- Operating income was not reported as a consolidated line item.
- A company-level free cash flow metric was not reported. Mine-site free cash flow was reported.
- A consolidated dividend payment to IAMGOLD shareholders was not reported.
- Prior-quarter comparisons for reported financial and operating metrics were not reported.
- Previous-release outlook was not provided, so comparisons of actual results against prior guidance are unavailable.
- Revenue guidance was not reported.
- Gross-margin guidance was not reported.
- Operating-expense guidance was not reported.
- Tax-rate guidance was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.