Côté Gold Production Fuels $771M Free Cash Flow and 273% Share Surge
IAMGOLD posted $2.85B revenue and $771M free cash flow in 2025, with gross margins rising to 41.2% as Côté Gold reached full capacity. Shares surged 273% over twelve months, driven by record throughput and a plan to cut processing costs by $4-5 per tonne by mid-2026.
1. Côté Gold Hits Full Production
Côté Gold mine achieved nameplate throughput in late 2025, driving a gross margin expansion from 12.6% in 2023 to 41.2% as the operation converted development spending into steady production and contributed to $2.85 billion in revenue last year.
2. Free Cash Flow Turnaround
The company swung from three years of negative free cash flow to generating $771 million in 2025, enabling repayment of a $300 million second-lien term loan and funding a $100 million share buyback program.
3. Cost Reduction Initiatives
Management plans to eliminate the temporary aggregate crushing circuit by mid-2026, targeting processing cost reductions of $4 to $5 per tonne to further improve unit economics independent of gold price movements.
4. Institutional Positions and Insider Sale
Institutional investors like Vanguard and TD Asset Management increased their stakes to 22.7 million and by 43.5% respectively, while a director sold 31,000 shares at roughly C$32.80, signaling mixed insider sentiment.