IAMGOLD (IAG) Q1 2026 earnings summary

Executive summary

• Attributable gold production reached 183,600 ounces in Q1 2026, up from 161,000 ounces year-over-year, supporting full-year guidance of 720,000–820,000 ounces.

• Revenues exceeded $1 billion, with adjusted EBITDA of $666 million and mine-site free cash flow of $525 million, reflecting leverage to higher gold prices.

• $260 million was returned to shareholders via share buybacks, and $100 million in debt was repaid.

• All three operating mines—Côté Gold, Westwood, and Essakane—delivered year-over-year production improvements.

• Available liquidity stood at $1.1 billion at quarter-end, with a strengthened balance sheet and positive credit rating outlook.

Financial highlights

• Q1 2026 revenues were $1,030.1 million, up 116% year-over-year, driven by higher gold prices and sales volume.

• Net earnings attributable to equity holders were $379.7 million ($0.65/share), with adjusted net earnings of $391.1 million ($0.67/share).

• Adjusted EBITDA for Q1 was $666.3 million; trailing 12-month EBITDA reached $2.0 billion.

• Mine-site free cash flow was $524.6 million; net cash from operating activities was $569.9 million.

• Cost of sales per ounce sold was $1,619; cash cost per ounce sold (excluding royalties) was $1,201; AISC per ounce sold was $2,124.

Outlook and guidance

• Full-year 2026 attributable gold production guidance is 720,000–820,000 ounces, with production expected to increase as Côté Gold ramps up.

• Côté Gold: 270,000–310,000 ounces; Westwood: 110,000–130,000 ounces; Essakane: 340,000–380,000 ounces.

• Consolidated cash costs (excluding royalties) are forecast at $1,100–$1,250/oz; AISC at $2,000–$2,150/oz.

• Sustaining capital expenditures are guided at $380 million, with expansion capital at $120 million for 2026.

• Exploration spending is expected to total $54 million, focused on the Nelligan Mining Complex.