IAMGOLD (NYSE: IAG) profit more than doubles and it lines up $525 million royalty repurchase

What happened

IAMGOLD Corporation (NYSE: IAG) more than doubled third-quarter profit and moved to buy back half of a royalty on its Côté Gold mine. Net earnings attributable to equity holders were $297.0 million, up from $139.4 million in the third quarter of 2025, according to the Nov. 5 results release.

Revenue rose 21.2% to $856.5 million from $706.7 million. Attributable production was 186,900 ounces, slightly below 189,500 a year earlier. IAMGOLD said it remains on track for full-year 2026 guidance of 720,000 to 820,000 ounces.

Separately, on Nov. 5 IAMGOLD gave Franco-Nevada an irrevocable notice that it will repurchase 50% of Franco-Nevada's gross margin royalty on Côté. The company estimates the price at about $525 million.

Key numbers

Metric	Latest	Change	Source
Net earnings attributable to equity holders, Q3	$297.0 million	from $139.4 million, +113.1%	Calculated from SEC 6-K
Revenue, Q3	$856.5 million	from $706.7 million, +21.2%	Calculated from SEC 6-K
Adjusted EBITDA, Q3	$503.9 million	from $359.5 million, +40.2%	Calculated from SEC 6-K
Mine-site free cash flow, Q3	$404.3 million	from $292.3 million, +38.3%	Calculated from SEC 6-K
AISC including royalties per ounce sold, Q3	$2,184	from $1,956, +11.7%	Calculated from SEC 6-K
Available liquidity at Sept. 30, 2026	$1.61 billion		SEC 6-K

Read more: IAMGOLD (IAG) company research

How higher gold prices reached the income statement

The gold price ran straight through the results. IAMGOLD's average realized price was $4,277 per ounce, up 22.5% from $3,492 a year earlier. Adjusted EBITDA was $503.9 million, up 40.2% from $359.5 million. Mine-site free cash flow was $404.3 million, up 38.3% from $292.3 million.

Unit costs moved the other way. All-in sustaining cost including royalties was $2,184 per ounce sold, up 11.7% from $1,956. Excluding royalties, AISC was $1,836 against $1,706. Cash costs excluding royalties fell to $1,266 from $1,338.

The company expects to exceed the top of its $2,000 to $2,150 AISC guidance including royalties. Higher gold prices raised royalty payments.

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Côté is the swing asset

Côté, the mine at the center of the royalty deal, had a softer quarter. Attributable output was 64,400 ounces, down 14% from 74,600 a year earlier. Cash cost excluding royalties was $1,243 per ounce, up from $1,084. The company expects the full-year figure to exceed the top of its $900 to $1,050 guidance range.

Management pointed to the first full quarter without contractor crushing. The plant averaged 37,100 tonnes per day in September, above its nameplate of 36,000. Chief Executive Renaud Adams said that positions the mine for its strongest quarter of the year in the fourth quarter. Côté production is still expected at the lower end of its 270,000 to 310,000 ounce range.

Capital plans shifted too. Côté's 2026 sustaining capital guidance fell to $130 million from $160 million because of reprioritization and the deferral of less critical projects to 2027. Essakane's rose to $195 million from $165 million on added waste stripping. Total sustaining capital guidance stayed at $380 million.

The royalty repurchase and the balance sheet

Repurchasing half of the Franco-Nevada royalty would cut the gross margin royalty on Côté from 7.5% to 3.75%. Sumitomo Metals Mining, through SMM Gold Cote Inc., chose not to take part. IAMGOLD therefore funds the full price and keeps the full economic benefit. Counting its arrangement with SMM, IAMGOLD puts its effective royalty burden on its 70% interest at 2.14%. Royalties cost Côté $17.8 million in the quarter, or $301 per ounce.

IAMGOLD has room to pay. Available liquidity was $1.61 billion at Sept. 30. That was $766.6 million in cash and $845.8 million available on its revolving credit facility. In June the facility was increased to $850 million from $650 million and extended to June 17, 2030. Net cash excluding leases and letters of credit was $317.6 million, against net debt of $228.1 million at Dec. 31.

Shareholder returns continue. The company bought back $134.7 million of shares in the quarter and has repurchased 32.1 million shares for $592.6 million since December 2025. The basic weighted average share count was 570.4 million, down from 575.2 million a year earlier. A one-time item, the Aug. 10 sale of its 35% interest in the Bambadji Joint Venture in Senegal, brought net proceeds of $48.0 million.

Why it matters

OptimistFi has argued that IAMGOLD works if its mines turn high gold prices into cash instead of capex overruns, dilution or jurisdictional leakage. The quarter supports that view on cash. Free cash flow and buybacks grew alongside the gold price, the share count fell and the balance sheet moved to net cash.

The caveats are unit costs and execution. Côté is where the case is tested. Its cash costs are heading above guidance and its production is tracking toward the low end of the range. The royalty repurchase is a large cash outlay on one asset, and it is announced but not closed.

Essakane cash is also shared. IAMGOLD's portion of the roughly $500 million dividend declared from Essakane's 2025 profits is about $400 million, net of the Government of Burkina Faso's share and withholding taxes. Of that, $223.6 million has been received. The cash comes in at intervals, and the company funds buybacks as it is repatriated.

What's next

IAMGOLD plans to release an updated Côté mine plan and Mineral Reserve estimate in the fourth quarter of 2026, with a technical report shortly after. The company expects the plan to show an expansion of Mineral Reserves and mine life. A plan that falls short, or costs that stay above guidance, would weaken the case.

The Franco-Nevada repurchase is expected to close in December 2026, with economic effect from Jan. 1, 2027. Management also expects Côté's fourth quarter to be its strongest of the year. The next quarterly results will test that against the 2026 guidance ranges.

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