Iamgold Q2 Earnings Call Highlights

Iamgold Q2 Earnings Call Highlights

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.

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.

“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.

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.

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.

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.

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...