IAMGOLD reported third quarter attributable gold production of 186,900 ounces, taking year to date output to 558,600 ounces, and said it remains on track to meet full year 2026 guidance of 720,000 to 820,000 ounces. Revenue was $856.5 million on sales of 199,900 ounces at an average realized gold price of $4,277 an ounce. Net earnings attributable to equity holders more than doubled to $297.0 million from $139.4 million a year earlier, and mine site free cash flow was $404.3 million in the quarter.
The operating detail sits at Cote Gold in Ontario. Cote produced 64,400 attributable ounces in the quarter (92,000 ounces on a 100 percent basis) and 184,000 attributable ounces year to date, completing its first full quarter without contractor crushing and running above nameplate capacity in September. Westwood in Quebec produced 28,500 ounces and is tracking toward the upper end of its 110,000 to 130,000 ounce guidance range. Management said the fourth quarter should be the strongest of the year, led by Cote, and that only about 161,000 attributable ounces are needed in the quarter to reach the low end of guidance.
Alongside the results, IAMGOLD gave irrevocable notice on November 5 to repurchase 50 percent of Franco-Nevada’s 7.5 percent gross margin royalty on Cote for approximately $525 million in cash. The company expects the transaction to reduce the effective royalty burden and lower Cote cash costs, including royalties, by roughly $150 an ounce starting in 2027. IAMGOLD reported liquidity of about $1.6 billion and said it would fund the buyback from the balance sheet, with a possible short term credit facility draw if needed.
Costs are the offset. IAMGOLD said full year all in sustaining costs including royalties are expected to exceed the top of its $2,000 to $2,150 an ounce guidance range, because higher realized gold prices lift royalty payments. Total capital expenditure guidance was held at $500 million, plus or minus 5 percent, implying a step up in spending in the fourth quarter. An updated Cote mine plan and mineral reserve estimate is due in the fourth quarter, with a technical report to follow.