Toronto-listed Iamgold has reported preliminary attributable gold production of 765 900 oz for 2025, achieving the midpoint of its full-year guidance following record quarterly output across all its operations, including Côté Gold, which delivered production at the top end of its guidance range.

The miner announced its 2025 production results on Monday and also issued operating and cost guidance for 2026.

Record quarterly production in the fourth quarter lifted full-year results, with Côté Gold, Westwood and Essakane all reporting their strongest quarterly performances to date. Fourth-quarter attributable production totalled 242 400 oz.

“I would like to commend our operations teams for an incredible fourth quarter as each of our mines reported record results, at an opportune time when the gold price is setting new highs and as Iamgold accelerates into its position as a strong midtier modern gold producer with significant cashflow generation and organic growth potential,” said president and CEO Renaud Adams.

At Côté Gold in Ontario, attributable production reached 279 900 oz in its first full year of operations, achieving the top end of guidance. The operation completed its ramp-up and achieved nameplate plant throughput of 36 000 t/d over 30 consecutive days ahead of schedule in June.

Fourth-quarter attributable production at Côté rose to a record 87 200 oz, supported by record ore mining of 4.5-million tonnes and the highest mined grade to date of 1.04 g/t gold. Mill throughput totalled 2.9-million tonnes, with head grades of 1.44 g/t gold and recoveries of 94%.

The installation of an additional secondary crusher was completed and commissioned during the quarter, with the phased removal of contracted aggregate crushing planned for the first half of 2026.

Westwood, in Quebec, produced 113 900 oz in 2025, below its guidance range, although the mine delivered its strongest-ever quarterly result in the fourth quarter at 37 900 oz. Underground mining averaged a record 1 139 t/d during the quarter, benefitting from higher-grade stopes scheduled in the 2025 mine sequence.

Essakane, in Burkina Faso, achieved attributable production of 372 100 oz for the year, within guidance despite the mid-year reduction in Iamgold’s ownership interest from 90% to 85%. Fourth-quarter production reached a record 138 100 oz on a 100% basis, driven by higher grades as mining advanced further into Phase 7.

The miner said it expected 2025 cash costs to come in at the top end of guidance of $1 375/oz to $1 475/oz sold, while all-in sustaining costs were expected to approximate the midpoint of guidance of $1 830/oz to $1 930/oz sold. Cost pressures during the year reflected higher royalties linked to gold prices, changes to royalty structures, a stronger euro affecting Essakane, and higher non-recurring costs at Côté during ramp-up.

The company expects record revenues for 2025, with preliminary gold sales of 817 800 oz at an average realised gold price of about $3 480/oz. Fourth-quarter sales totalled 259 000 oz at an average realised price of about $4 190/oz.

Looking ahead to 2026, Iamgold has guided for attributable production of between 720 000 oz and 820 000 oz, with operations at Côté focused on achieving stable performance at nameplate capacity ahead of expansion plans to be announced in the fourth quarter.

“At Côté, the operations team this year will be focusing on unit cost improvement through stable and efficient mining and milling practices. It is important for our team to be able to operate Côté within expected specifications before we expand the operation further,” Adams said.

He added that the forthcoming expansion study would outline plans to increase throughput by mining the Côté and Gosselin zones as a single large pit.

Cash costs for 2026, excluding royalties, are expected to average between $1 100/oz and $1 250/oz sold. Including royalties, which are expected to average about $325/oz based on a $4 000/oz gold price assumption, cash costs are forecast at between $1 425/oz and $1 575/oz sold.

Sustaining capital expenditure is expected to total about $380-million, while expansion capital of about $120-million will be directed toward early works at Côté to de-risk the proposed expansion.