Iamgold 2. Çeyrek Kazanç Görüşmelerinin Önemli Noktaları

Iamgold Q2 Earnings Call Highlights

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Sat, August 8, 2026 at 4:04 PM GMT+3 7 min read

Key Points

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• IAMGOLD remains on track for 2026 production guidance of 720,000–820,000 ounces after producing 188,100 attributable ounces in Q2 and 371,700 ounces in the first half.

• Strong results generated $445.1 million in operating cash flow and $368.9 million in quarterly mine-site free cash flow. The company repurchased $147.9 million of shares in Q2 and has returned more than $500 million through buybacks since December.

• Côté Gold showed operational improvement after plant repairs and crusher commissioning, processing more than 1 million tonnes in June, although full-year cash costs and AISC are expected near the high ends of guidance. IAMGOLD is also advancing expansion studies at Côté and drilling programs at Nelligan to support future growth.

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Iamgold (NYSE:IAG) reported second-quarter gold production of 188,100 ounces attributable to the company, bringing first-half output to 371,700 ounces and keeping the miner on track for its 2026 production guidance of 720,000 to 820,000 ounces.

President and Chief Executive Officer Renaud Adams said the company generated nearly $900 million in mine-site free cash flow during the first half, supporting investment in its operating assets, balance-sheet improvements and shareholder returns. Since December, IAMGOLD has repurchased more than $500 million of its shares.

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"IAMGOLD is performing well, generating strong cash flow, returning capital to shareholders, and building real growth for the years ahead," Adams said during the company's second-quarter earnings call.

Financial results and capital returns

Chief Financial Officer Maarten Theunissen said net cash from operating activities totaled $445.1 million in the second quarter, compared with $85.8 million in the year-earlier period. The company used cash flow to fund $115.6 million of capital expenditures, repay the remaining $100 million on its credit facility, make a $74 million payment to the Burkina Faso government related to the Essakane dividend distribution, and repurchase $147.9 million of shares.

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IAMGOLD has repurchased about 28 million shares for $510.4 million since initiating its buyback program in December. Theunissen said that amount represented approximately 45% of mine-site free cash flow returned to shareholders.

Second-quarter revenue totaled $856.9 million on sales of 195,100 ounces at an average realized gold price of $4,384 per ounce. Adjusted EBITDA was $507.1 million, while adjusted net earnings attributable to equity holders were $241.6 million, or $0.42 per share, compared with $77.3 million, or $0.13 per share, a year earlier.

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Mine-site free cash flow was $368.9 million in the quarter and $893.5 million year to date. The company ended June with $501.4 million in cash and cash equivalents, no borrowings on its revolving facility and approximately $1.35 billion in available liquidity.

In June, IAMGOLD amended its credit facility, increasing capacity to $850 million from $650 million, extending its maturity to 2030 and adding a $250 million accordion feature.

Côté improves after plant work

The Côté Gold mine produced 96,200 ounces on a 100% basis during the quarter, or 67,300 attributable ounces. Production improved after the company replaced a conveyor belt in May and commissioned a second cone crusher earlier in the year. The plant processed more than 1 million tonnes during June after ramping back to nameplate capacity.

Chief Operating Officer Bruno Lemelin said Côté discontinued external contractor crushing by the end of June. Processing costs in June averaged $17.72 per tonne, compared with an average of $22.50 per tonne over the preceding three quarters. The company is targeting mining costs of $4 per tonne and milling costs of $15 per tonne by year-end.

Côté's second-quarter cash costs excluding royalties were $1,245 per ounce, while all-in sustaining costs excluding royalties were $2,082 per ounce. IAMGOLD expects Côté's full-year cash costs, excluding royalties, to be near the upper end of its $900 to $1,050 per-ounce guidance range, and AISC to be at the top end of its $1,475 to $1,625 range.

The company expects Côté to average its 36,000-tonne-per-day nameplate processing rate over the year, with second-half production supported by higher throughput and head grades expected to range from 1.05 grams to 1.15 grams per tonne. Lemelin said the plant continued to perform well into July and August, though the mine planned a five-day annual shutdown in August.

IAMGOLD expects to publish an updated technical report and life-of-mine plan for Côté toward the end of 2026. The report will combine the Côté and Gosselin deposits into a single block model and is expected to outline a larger reserve base, longer mine life and a path toward sustained processing of about 40,000 tonnes per day through debottlenecking and targeted plant upgrades.

Adams said the company is also assessing longer-term expansion scenarios beyond 40,000 tonnes per day, but emphasized that the decision to take additional time reflected capital discipline and multiple development opportunities rather than technical problems.

Essakane and Westwood generate cash flow

At Essakane, attributable production rose 15% year over year to 88,400 ounces. The mine generated $162.1 million in mine-site free cash flow during the quarter and $464.8 million year to date, including a $60.2 million tax payment.

Essakane's cash costs excluding royalties fell 22% from the prior-year period to $1,214 per ounce, while AISC excluding royalties was $1,691 per ounce. Royalties accounted for $510 per ounce during the quarter, reflecting higher gold prices and a higher average royalty rate.

IAMGOLD expects to release an updated Essakane technical report in the first half of 2027 that could show potential to extend the mine's life through 2035, supported by additional phases in the Essakane pit and adjacent open pits.

Westwood produced 32,400 ounces in the quarter and generated $56.5 million in mine-site free cash flow. The company is investing about $30 million this year in exploration and development of the mine's eastern extension. An updated technical report is expected in the second half of 2027 and will evaluate a mine-life extension, higher underground throughput and potential bulk-mining methods.

Nelligan drilling advances

Beyond its operating mines, IAMGOLD is advancing the Nelligan mining complex in Quebec, which contains 4.3 million ounces of indicated resources and 7.5 million ounces of inferred resources. The company has budgeted about $24 million for drilling across Nelligan, Philibert and Monster Lake in 2026.

Approximately 45,000 metres of a planned nearly 70,000-metre drilling program had been completed, and IAMGOLD expanded drilling at Nelligan to 24,000 metres from 18,000 metres following results received to date. The company expects to release further drill results later this year and publish an inaugural technical report for the complex in the first half of 2027.

About Iamgold (NYSE:IAG)

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company's primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company's principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec's Abitibi region.

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