IAMGOLD Corporation (IAG): Business Model Canvas [Dec-2025 Updated]

You're looking at a gold producer in the middle of a critical pivot, and honestly, the story for IAG isn't just about the metal price-it's about execution on a massive new asset. After years of development, the Côté Gold mine is the engine, aiming to push attributable sales toward 820,000 ounces in 2025, all while the management team is laser-focused on de-leveraging the balance sheet. This Business Model Canvas distills exactly how they plan to turn that long-life Canadian resource, backed by a cost structure guided between $1,830 to $1,930 per ounce, into tangible shareholder value by aggressively paying down the $813.2 million net debt. Read on to see the nine building blocks that define this late-2025 strategy.

IAMGOLD Corporation (IAG) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships IAMGOLD Corporation has locked in to drive production and growth as of late 2025. These aren't just names on a page; they represent shared capital, government alignment, and strategic consolidation.

The partnership with Sumitomo Metal Mining Co. Ltd. (SMM) governs the Côté Gold Joint Venture in Ontario. IAMGOLD holds a 70% ownership stake, with SMM holding the remaining 30%. Côté Gold achieved nameplate capacity in June 2025. For the full year 2025, Côté Gold is projected to produce between 360,000 and 400,000 ounces of gold on a 100% basis. IAMGOLD's attributable share for 2025 is guided toward 250,000 ounces.

The relationship with the Government of Burkina Faso centers on the Essakane mine. Effective June 20, 2025, the government's ownership interest increased from 10% to 15% under the 2024 Mining Code, reducing IAMGOLD's attributable share to 85% from 90%. Essakane declared a record dividend of approximately $855 million in 2025. IAMGOLD's 85% portion, net of taxes, is approximately $680 million. For context, Essakane produced 454,000 gold ounces on a 100% basis in 2024.

Strategic consolidation is evident in the planned acquisitions targeting the Nelligan Mining Complex in Quebec. IAMGOLD agreed to acquire Northern Superior Resources for a total consideration valued at C$267.4 million. Northern Superior shareholders are set to receive 0.0991 IAMGOLD shares plus C$0.19 cash per share, representing a 27.4% premium over the October 17, 2025 average. Simultaneously, the acquisition of Mines d'Or Orbec involves consideration of C$0.125 per share, a 25% premium. The combined Nelligan Mining Complex is estimated to host 3.75 million measured and indicated ounces and 8.65 million inferred ounces. The transaction closure is anticipated by late 2025 or early 2026.

Financing relies on International financial institutions providing the secured revolving credit facility. The facility size is $650 million, maturing on December 20, 2028. As of September 30, 2025, the available balance was $391.9 million, with $250.0 million drawn. Key terms include a minimum liquidity requirement of $150 million. The interest rate margin for SOFR advances varies based on leverage, ranging from 2.75% to 3.75% above SOFR.

Here's a quick look at the debt and liquidity structure as of September 30, 2025:

The Essakane dividend structure is also a key financial partnership element, with IAMGOLD's 85% share of the $855 million dividend being approximately $680 million.

IAMGOLD Corporation (IAG) - Canvas Business Model: Key Activities

Operating and optimizing the Côté Gold mine at 36,000 tonnes per day nameplate capacity.

The processing plant at Côté Gold officially achieved its nameplate throughput rate of 36,000 tonnes per day on average over 30 consecutive days in June 2025. IAMGOLD Corporation holds a 70% ownership interest in this joint venture.

The mine delivered a record attributable production of 106,000 ounces in the third quarter of 2025. Côté Gold alone contributed $135.6 million in mine-site free cash flow for the third quarter.

Gold production from Essakane (West Africa) and Westwood (Quebec).

For the third quarter of 2025, attributable production was:

• Essakane: 92,000 ounces.
• Westwood: 23,000 ounces.

IAMGOLD Corporation's ownership interest in Essakane decreased from 90% to 85% effective June 20, 2025. Essakane declared a record dividend of approximately $855 million in June 2025, with IAMGOLD's 85% portion, net of taxes, being approximately $680 million.

Year-to-date attributable gold production, combining all operations as of the third quarter of 2025, reached 524,000 ounces. The full-year 2025 attributable production guidance was set between 735,000 and 820,000 ounces.

Advanced exploration and development of the Nelligan Mining Complex.

The Nelligan Project is fully owned by IAMGOLD Corporation. The 2025 drilling programs confirmed extensions of mineralized zones at Nelligan and the adjacent Monster Lake Project.

Mineral Resources as of December 31, 2024, for the Nelligan deposit included:

The combined Nelligan and Monster Lake camp resources total nearly 9 million ounces. IAMGOLD Corporation filed a technical report for the Nelligan Gold Project dated April 2, 2025.

Executing the disciplined debt reduction and de-leveraging strategy.

IAMGOLD Corporation repaid $270 million on its second lien notes year-to-date as of the third quarter of 2025. This brought the outstanding balance down to $130 million after subsequent payments.

The company posted a trailing twelve-month Earnings Before Interest, Tax, Depreciation (EBITDA) surpassing $1 billion. Net debt stood at $813.2 million as of September 30, 2025.

The board approved a share buyback program for up to 10% of outstanding common shares, to be funded from operating cash flow after debt repayments.

IAMGOLD Corporation (IAG) - Canvas Business Model: Key Resources

You're looking at the core assets IAMGOLD Corporation (IAG) relies on to generate value, and right now, it's heavily weighted toward that massive Canadian operation. Honestly, the quality and scale of the physical and financial foundation are what matter most here.

• - Flagship Côté Gold mine, a long-life Canadian asset.
• - Mineral resource base, including over 16.5 million ounces M&I at Côté/Gosselin.
• - Available liquidity of $707.2 million as of September 30, 2025.
• - Global operating workforce of approximately 3,700 people.

That Côté Gold mine, which IAG holds a 70% stake in, is the engine. It's designed to be a top-tier Canadian producer, and its resource base is the long-term security blanket. The mineral resource estimate for the Côté and Gosselin zones combined sits at over 16.5 million ounces Measured and Indicated (M&I) gold, which is a substantial foundation for future production planning.

Here's a quick look at how the balance sheet and operational output stacked up around the end of the third quarter of 2025, giving you a snapshot of the immediate strength:

The liquidity position is key; that $707.2 million figure is made up of cash plus the available portion of the revolving credit facility, which was $391.9 million available as of that September date. Also, remember that the company has been actively managing its debt, having repaid $170 million against the second lien notes subsequent to the third quarter, reducing the outstanding balance to $130 million. This focus on financial discipline supports the long-term nature of the Côté asset. The operational workforce of about 3,700 people supports these three operating mines-Côté, Essakane, and Westwood-driving the production targets for the year.

IAMGOLD Corporation (IAG) - Canvas Business Model: Value Propositions

You're looking at the core promises IAMGOLD Corporation is making to its customers and investors as of late 2025. These aren't just mission statements; they are backed by recent operational and financial figures.

High-quality, long-term gold production growth from a stable Canadian jurisdiction.

IAMGOLD Corporation is clearly prioritizing its Canadian assets, particularly the flagship Côté Gold Mine in Ontario, as the engine for future growth. The company is actively consolidating its position in Quebec with recent acquisitions like Northern Superior and Mines d'Or Orbec to create the Nelligan Complex.

The production profile for 2025 reflects this focus:

• Full Year 2025 Attributable Production Guidance Range: 735,000 to 820,000 ounces.
• Côté Gold Attributable Production Guidance for 2025: 250,000 - 280,000 ounces.
• Q3 2025 Attributable Production: 190,000 ounces.
• Côté Gold Mine Q3 2025 Production (Record): 106,000 ounces.

Here's how the Q3 2025 attributable production broke down by operation:

Immediate exposure to high realized gold prices (Q3 2025 average: $3,492/oz).

The benefit of the current high-price environment is immediately visible in the top-line results, though it also pressures unit costs due to price-linked royalties. The Q3 2025 realized price is a key driver of the quarter's financial strength.

Strong free cash flow generation for debt repayment and shareholder value.

The operational performance translated directly into significant cash generation, allowing IAMGOLD Corporation to aggressively manage its balance sheet and signal confidence to shareholders. The company's trailing twelve-month EBITDA now exceeds the $1 billion mark.

Key financial metrics demonstrating this value proposition include:

• Q3 2025 Record Free Cash Flow: $292.3 million.
• Côté Mine Q3 2025 Mine-Site Free Cash Flow Contribution: $135.6 million.
• Second Lien Notes Repaid in Q3 2025: Approximately $270 million.
• Net Debt Reduction in Q3 2025: $202 million (to $813.2 million).
• Available Liquidity (End of Q3 2025): $707.2 million.
• S&P Global Ratings Estimated FOCF (2025-2027): Close to $2 billion.

The Board approved a program to return capital to shareholders:

• Share Buyback Program Authorization: Up to 10% of outstanding common shares.

Commitment to accountable mining and high ESG (Environmental, Social, Governance) standards.

IAMGOLD Corporation emphasizes its commitment to responsible mining, referencing established reporting standards and tracking safety performance. The company released its 2024 Sustainability Report in May 2025, which draws upon frameworks like the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB).

Specific data points related to ESG performance and commitments include:

• Total Recordable Injuries Frequency Rate (TRIFR) for Q3 2025: 0.56.
• TRIFR for Q2 2025: 0.41.
• 2021 Baseline Emissions Intensity: 0.94 tCO2e/oz of Au.
• Essakane Mine closure plan update submission targeted for 2025.

IAMGOLD Corporation (IAG) - Canvas Business Model: Customer Relationships

For IAMGOLD Corporation, customer relationships are segmented across the physical sale of gold, the financial market's need for information, and the social contract with host communities.

Direct, transactional relationships with gold refiners and bullion banks are the final step for monetizing production. These relationships are underpinned by the physical delivery of refined product. For instance, in the third quarter of 2025, IAMGOLD Corporation reported sales of 203,000 ounces of gold at an average realized price of $3,492 per ounce. Year-to-date 2025 sales reached 559,000 ounces at an average realized price of $3,153 per ounce. The company confirmed that all obligations related to its 2024 gold prepay arrangements were completed by the end of the second quarter of 2025.

The volume of gold available for these transactional sales is guided by operational targets. For the full year 2025, IAMGOLD Corporation guided to total attributable production between 735,000 to 820,000 ounces. S&P Global Ratings estimated that with full contributions from Côté Gold, annual gold output would approach nearly 800,000 ounces by year-end 2025. The Côté Gold mine, a 70% joint venture for IAMGOLD, was expected to contribute 250,000 ounces of gold output in 2025 (IAMGOLD's 70% share).

Proactive investor relations and transparent reporting are key to managing relationships with capital providers. IAMGOLD Corporation adheres to a regular reporting cadence, which helps set market expectations for performance and cost control. You can see the schedule of recent disclosures:

• Fourth Quarter and Year-End 2024 Results: February 20, 2025
• First Quarter 2025 Results: May 6, 2025
• Second Quarter 2025 Results: August 7, 2025
• Third Quarter 2025 Results: November 4, 2025

This reporting provides the metrics that drive investor confidence, such as the company's financial health as of September 30, 2025. The trailing twelve-month EBITDA exceeded $1 billion. Available liquidity stood at $707.2 million, which included $314.3 million in cash and cash equivalents. Net debt was $813.2 million at that date. The company also provided forward-looking cost guidance, which is critical for valuation models:

This table reflects the updated full-year guidance provided in Q2 2025.

Maintaining the social license to operate involves tangible financial commitments to local communities, which is a relationship IAMGOLD Corporation explicitly links to its operating costs. The 2025 cost guidance was noted to be higher than 2024 ranges partly due to increased community programs and regional security expenditures. The commitment is formalized at the mine site level:

• Essakane commits 1% of its annual revenue to the Local Mine Development Fund.
• In the first quarter of 2025, $2.2 million in expansion capital expenditures was incurred to fulfill the community village resettlement commitment at Côté Gold.

The company's 2024 Sustainability Report emphasized fostering meaningful partnerships and supporting community development, with a standard emphasizing a minimum of 75% of spending going towards strategic priorities like reconciliation. This focus on local investment helps secure the operational continuity needed to meet the production targets you are tracking. Finance: draft 13-week cash view by Friday.

IAMGOLD Corporation (IAG) - Canvas Business Model: Channels

You're looking at how IAMGOLD Corporation moves its product and communicates with the capital markets as of late 2025. It's all about getting that refined gold out and keeping investors informed, especially with the strong metal prices we've seen.

Direct sale of refined gold bullion to global financial institutions.

The primary channel for IAMGOLD Corporation's physical product is the direct sale of refined gold bullion. This happens through established relationships with global financial institutions, which is standard for a major gold producer. For the third quarter of 2025, IAMGOLD Corporation reported revenues of $706.7 million from the sale of 203,000 ounces of gold. This reflects an average realized gold price of $3,492 per ounce for that quarter. Year-to-date through Q3 2025, the company sold 559,000 ounces, generating $1,764.7 million in revenue, with an average realized price of $3,153 per ounce.

Here's a quick look at the sales volume and pricing that defines this channel for the most recent reported quarter:

Public equity markets (NYSE: IAG and TSX: IMG) for capital access.

IAMGOLD Corporation accesses capital directly through public equity markets, trading under ticker IAG on the New York Stock Exchange (NYSE) and IMG on the Toronto Stock Exchange (TSX). As of December 4, 2025, the IAG share price closed at $15.16. The 52-week trading range for the stock has been between a low of $4.98 and a high of $15.80. To signal confidence and return capital, the board approved a share buyback program targeting up to 10% of outstanding common shares. Furthermore, the company's financial position as of September 30, 2025, showed available liquidity of $707.2 million, comprised of $314.3 million in cash and cash equivalents. Net debt was reduced by $201.7 million during the quarter to $813.2 million.

Corporate communications and regulatory filings for investor outreach.

Investor outreach is channeled through regular corporate communications and mandatory regulatory filings. You can track these updates on their investor relations portal, which listed a Corporate Presentation on November 19, 2025, and the Q3 2025 Results release on November 5, 2025. Wall Street analysts have set a consensus twelve-month price target of $15.25 for IAG. The company's trailing twelve-month EBITDA has surpassed $1 billion, which is a key metric shared to demonstrate operational strength to the investment community.

Key elements in this outreach channel include:

• Quarterly earnings releases and conference calls.
• Regular corporate presentations, such as the one on November 19, 2025.
• Regulatory filings detailing operational and financial performance.
• Announcements regarding strategic moves, like the acquisition agreements announced on October 20, 2025.

The consensus rating score for IAMGOLD Corporation from analysts is 2.90.

IAMGOLD Corporation (IAG) - Canvas Business Model: Customer Segments

You're looking at who actually buys the gold IAMGOLD Corporation produces. It's not just one type of buyer; it's a mix of big financial players and the general public, though the big guys definitely dominate the shareholder base.

The ownership structure tells a clear story about who has a vested interest in IAMGOLD Corporation's success. As of mid-2025, institutional investors hold a commanding stake. Specifically, institutions possess about 69% of the company's stock. This high concentration means their trading actions defintely move the stock price, and they are the primary audience for our long-term operational strategy.

The remaining portion, around 31%, is held by the general public, which includes retail investors and smaller, gold-focused funds. These retail investors and funds are still a meaningful group; they can't call the shots alone, but they certainly have influence on market sentiment.

When it comes to the physical product-the gold-IAMGOLD Corporation sells its output into the global market, which is where those global financial institutions and central banks come in. They are the ultimate buyers of the refined metal, often through intermediaries, seeking physical assets or hedging tools. We can see the market demand reflected in the realized prices we achieve on our sales.

Here's a look at the recent sales volume and pricing that flows from our operations to these segments:

The customer base for the physical gold is the wholesale market, but the shareholder base is heavily weighted toward professional money managers. You see this split clearly:

• Institutional Investors: Own approximately 69% of IAMGOLD Corporation.
• Retail Investors and Gold-Focused Funds: Own the remaining approximately 31% stake.
• Top Shareholders: The top 25 shareholders control about 50% of the business.

For example, the government entity in Burkina Faso, a key stakeholder in the Essakane mine, received a dividend payment of approximately $128.3 million in June 2025, showing another type of entity that benefits directly from the cash flows generated by the gold sales.

IAMGOLD Corporation (IAG) - Canvas Business Model: Cost Structure

You're looking at the core expenditures IAMGOLD Corporation faces to keep the lights on and maintain production capacity as of late 2025. This structure is heavily influenced by operational performance across its key assets and its debt load.

The consolidated All-in Sustaining Costs (AISC) for IAMGOLD Corporation for the full year 2025 are guided to be in the range of $1,830 to $1,930 per ounce sold. This guidance reflects a revision from earlier estimates, driven by factors like higher price-linked royalties and operational costs during ramp-up periods at Côté Gold.

Sustaining capital expenditures are a significant outlay, with the total attributable guidance for 2025 set at approximately $310 million (±5%). This capital is necessary to maintain current production levels and includes specific, non-recurring needs at the newer Côté Gold mine to complete the full tailings dam footprint and initial pit pushback.

Operating costs at the Essakane mine in Burkina Faso present a specific challenge. These costs are noted as being high due to geopolitical and logistical factors, compounded by an increase in the royalty structure at that site. For instance, the Q3 2025 attributable AISC at Essakane was reported at $1,914 per ounce.

Financing costs are also a component of the overall cost base. As of September 30, 2025, IAMGOLD Corporation reported its net debt at $813.2 million, which was a reduction of $201.7 million during the third quarter. The company has been actively reducing this debt, repaying $270 million against its second lien notes year-to-date as of the Q3 report.

Here's a quick look at the 2025 full-year cost guidance breakdown by mine site on an attributable basis:

The cost structure also includes general corporate overhead, which is tracked separately. Corporate general and administrative costs for the full year 2025 guidance are not explicitly detailed as a single dollar amount in the same table as the site-specific costs, but the overall structure is built from these operational and financing commitments.

The company's Q3 2025 performance showed AISC at $1,956 per ounce sold, tracking at the top end of the annual forecast, which is consistent with the guidance range provided.

You should note the following key cost drivers influencing the structure:

• Higher royalties paid due to increased realized gold prices.
• The impact of a strengthening Euro on costs at Essakane.
• Temporary higher mining and milling costs at Côté Gold during ramp-up stabilization.

Finance: draft 13-week cash view by Friday.

IAMGOLD Corporation (IAG) - Canvas Business Model: Revenue Streams

You're looking at how IAMGOLD Corporation brings in the cash, and it all boils down to selling the gold they dig out of the ground. The primary money-maker is the sales of gold bullion, which comes directly from their three operating mines: Côté, Essakane, and Westwood. This is the core of their top line, so you want to watch the ounces sold and the price they get for them very closely.

To give you a snapshot of the operational performance driving that revenue as of late 2025, here's what the third quarter looked like in terms of ounces sold, which directly feeds the revenue stream:

The full-year expectation for the amount of gold they plan to sell, on an attributable basis, is a key metric for forecasting. Honestly, this guidance sets the near-term revenue expectation for the whole company.

• Full-year 2025 attributable gold sales guidance of 735,000 to 820,000 ounces.
• Year-to-date Q3 2025 revenue of $1.764.7 billion.

Beyond the day-to-day metal sales, IAMGOLD Corporation also sees significant cash flow from its ownership stake in the Essakane mine in Burkina Faso. This is a separate, but very important, cash event that helps shore up liquidity. You'll want to track this because it's a large, non-operating cash inflow when it hits.

• Dividend repatriation from the Essakane mine, with IAMGOLD's 85% portion, net of taxes, expected to be approximately $680 million in 2025, representing a full distribution of past undistributed retained earnings up to and including 2024.