IAMGOLD delivered $2.85 billion in revenue and $1.5 billion of adjusted EBITDA in 2025, marking a dramatic turnaround from prior years. Free cash flow swung to $771 million after three years of negative FCF, enabling the company to repay its $300 million second-lien term loan. The stock rallied 28.4% year-to-date and 273% over the last twelve months.

Côté Gold reached full production capacity in 2025, lifting throughput to nameplate levels and boosting gross margins from 12.6% in 2023 to 41.2%. Record operational efficiency and doubling gold prices amplified margin gains. This operational milestone underpins IAMGOLD’s outperformance versus gold’s 73% ETF gain.

Management plans to eliminate a temporary aggregate crushing circuit by mid-2026, reducing processing costs by $4 to $5 per tonne. The company is focusing on cost structure control rather than gold price exposure. Ongoing cost improvements aim to sustain margin expansion even if metal prices fluctuate.

Vanguard increased its stake to 22.7 million shares while TD Asset Management grew its position by 43.5%. A director sold 31,000 shares at C$32.79–C$32.91 in late February, trimming his holding by over 60%. Key risks include potential gold price declines and execution of cost reduction plans.