IAMGOLD Reports Mixed 2025 Mineral Reserves & Resources: Reserves Down 7%, Resources Up 16%
Summary
IAMGOLD reported its year-end 2025 Mineral Resources and Reserves, showing a 7% decrease in Proven and Probable Reserves but a 16% increase in Measured and Indicated Resources, driven by exploration success and recent acquisitions.
Key Events
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Proven & Probable Reserves Decline
Proven and Probable (P&P) Mineral Reserves decreased 7%, or 796,000 ounces, to 9.9 million ounces (100% basis) as of December 31, 2025, primarily due to depletion at Côté Gold and Essakane.
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Measured & Indicated Resources Increase
Measured and Indicated (M&I) Mineral Resources increased 16%, or 4.3 million ounces, to 31.0 million ounces (100% basis), driven by resource conversion at Côté Gold and Nelligan, and the inclusion of new deposits from the Northern Superior transaction.
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Nelligan Mining Complex Expansion
The Nelligan Mining Complex saw a significant increase in Indicated and Inferred Mineral Resources, supported by a $24 million exploration budget for 2026 and plans for a preliminary economic assessment in 2027.
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Updated Gold Price Assumptions
Gold price assumptions for 2025 Mineral Reserves and Resources estimates were updated to higher levels (e.g., $2,000-$2,500/oz for resources), influencing the reported quantities.
Analysis
This filing provides a comprehensive update on IAMGOLD's mineral asset base as of December 31, 2025. While Proven and Probable Mineral Reserves saw a 7% reduction, primarily due to mining depletion, the company achieved a significant 16% increase in Measured and Indicated Mineral Resources. This growth was largely attributed to successful resource conversion at Côté Gold and Nelligan, alongside the integration of new deposits from the Northern Superior acquisition. The substantial increase in resources, particularly at the Nelligan Mining Complex with a dedicated $24 million exploration budget, signals strong long-term growth potential and a robust exploration pipeline. Investors should note the updated, higher gold price assumptions used for the 2025 estimates, which can impact the economic viability of reported resources. The focus on expanding the Côté Gold mine plan and advancing Nelligan towards a preliminary economic assessment in 2027 indicates a clear strategy for future production growth.
At the time of this filing, IAG was trading at $21.23 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $12.4B. The 52-week trading range was $5.02 to $22.50. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.