EX-99.2 3 q22025financialstatements.htm EX-99.2 Document

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UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
As at and for the Three and Six Months Ended June 30, 2025
 
INDEX
Consolidated balance sheets
Consolidated statements of earnings (loss)
Consolidated statements of comprehensive income (loss)
Consolidated statements of cash flows
Consolidated statements of changes in equity
Notes to condensed consolidated interim financial statements
51 to 70
















IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

45

CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions of U.S. dollars)
NotesJune 30,
2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents$223.8 $347.5 
Receivables and other current assets686.8 48.9 
Inventories7293.6 271.9 
604.2 668.3 
Non-current assets
Property, plant and equipment84,275.9 4,269.4 
Exploration and evaluation assets80.5 79.6 
Restricted cash568.3 68.4 
Inventories7177.1 153.0 
Other assets9121.0 135.7 
4,722.8 4,706.1 
$5,327.0 $5,374.4 
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities$271.6 $264.8 
Income taxes payable90.9 62.7 
Current portion of provisions1014.6 14.5 
Current portion of lease liabilities31.3 28.8 
Current portion of long-term debt131.3 1.0 
Current portion of deferred revenue 14— 151.1 
Other current liabilities120.2 27.7 
409.9 550.6 
Non-current liabilities
Deferred income tax liabilities31.9 14.0 
Provisions10292.1 285.1 
Lease liabilities98.2 95.4 
Long-term debt131,060.8 1,027.9 
Other liabilities12— 0.7 
1,483.0 1,423.1 
1,892.9 1,973.7 
Equity
Attributable to equity holders
Common shares3,086.1 3,070.6 
Contributed surplus54.5 57.6 
Retained earnings (deficit)326.9 259.4 
Accumulated other comprehensive income (loss)(34.0)(50.9)
3,433.5 3,336.7 
Non-controlling interests0.6 64.0 
3,434.1 3,400.7 
Commitments26
$5,327.0 $5,374.4 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.            

IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

46

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited) Three months ended June 30,Six months ended June 30,
(In millions of U.S. dollars, except per share amounts)Notes2025202420252024
Revenues$580.9 $385.3 $1,058.0 $724.2 
Cost of sales19(382.1)(234.6)(718.0)(467.8)
Gross profit (loss)198.8 150.7 340.0 256.4 
General and administrative expenses(12.5)(12.8)(28.9)(22.8)
Exploration expenses(6.0)(5.4)(12.6)(11.6)
Other income (expenses)20(2.7)(4.6)(7.8)(6.6)
Earnings (loss) from operations177.6 127.9 290.7 215.4 
Finance costs21(24.0)(5.9)(53.8)(9.2)
Foreign exchange gain (loss)1.7 (3.5)3.3 (2.6)
Interest income, derivatives and other investment gains (losses)229.5 10.9 10.3 14.5 
Earnings (loss) before income taxes164.8 129.4 250.5 218.1 
Income tax expense11(78.9)(36.9)(118.1)(63.9)
Net earnings (loss)$85.9 $92.5 $132.4 $154.2 
Net earnings (loss) attributable to:
Equity holders$78.7 $84.5 $118.4 $139.3 
Non-controlling interests7.2 8.0 14.0 14.9 
Net earnings (loss)$85.9 $92.5 $132.4 $154.2 
Attributable to equity holders
Weighted average number of common shares outstanding (in millions)
Basic23575.1 525.4 573.8 508.3 
Diluted23580.7 530.7 580.2 512.9 
Basic earnings (loss) per share ($ per share)23$0.14 $0.16 $0.21 $0.27 
Diluted earnings (loss) per share ($ per share)23$0.14 $0.16 $0.20 $0.27 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited) Three months ended June 30,Six months ended June 30,
(In millions of U.S. dollars)Notes2025202420252024
Net earnings (loss)$85.9 $92.5 $132.4 $154.2 
Other comprehensive income (loss), net of income taxes  
Items that will not be reclassified to the statements of earnings (loss)
Net unrealized change in fair value of marketable securities0.6 (1.2)2.7 2.8 
Net realized change in fair value of marketable securities0.9 (0.1)0.9 (0.2)
Tax impact— (0.2)— (0.2)
1.5 (1.5)3.6 2.4 
Items that may be reclassified to the statements of earnings (loss)
Movement in cash flow hedge fair value reserve
Effective portion of changes in fair value of cash flow hedges15(b)(i)5.6 (1.1)9.1 (16.0)
Time value of options contracts excluded from hedge relationship15(b)(i)5.5 (0.8)2.7 4.8 
Net change in fair value of cash flow hedges reclassified to the statements of earnings (loss)15(b)(ii)0.3 (1.5)2.0 0.9 
Tax impact(1.3)0.5 (1.3)(0.4)
10.1 (2.9)12.5 (10.7)
Total other comprehensive income (loss)11.6 (4.4)16.1 (8.3)
Comprehensive income (loss)$97.5 $88.1 $148.5 $145.9 
Comprehensive income (loss) attributable to:
Equity holders$90.3 $80.1 $134.5 $131.0 
Non-controlling interests7.2 8.0 14.0 14.9 
Comprehensive income (loss)$97.5 $88.1 $148.5 $145.9 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.



IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Three months ended June 30,Six months ended June 30,
(In millions of U.S. dollars)Notes2025202420252024
Operating activities
Net earnings (loss)$85.9 $92.5 $132.4 $154.2 
Adjustments for:
Depreciation expense
19
95.0 54.5 174.7 116.6 
Deferred revenue recognized14(76.6)(53.5)(154.3)(106.9)
Income tax expense1178.9 36.9 118.1 63.9 
Derivative (gain) loss(1.4)(6.4)3.1 (14.4)
Finance costs2124.0 5.9 53.8 9.2 
Other non-cash items24(a)(9.8)1.7 (6.3)8.9 
Adjustments for cash items:
Proceeds from gold prepayment14— 59.4 — 119.3 
Settlement of derivatives(0.3)(2.5)(2.0)(2.2)
Disbursements related to asset retirement obligations(6.2)(0.6)(9.9)(1.2)
Movements in non-cash working capital items and non-current ore stockpiles24(b)(41.5)(9.1)(72.1)(74.8)
Cash from operating activities, before income taxes paid148.0 178.8 237.5 272.6 
Income taxes paid(62.2)(18.7)(77.4)(35.4)
Net cash from (used in) operating activities85.8 160.1 160.1 237.2 
Investing activities
Capital expenditures for property, plant and equipment(79.5)(174.1)(144.2)(327.0)
Capitalized borrowing costs21(10.8)(37.7)(16.4)(53.6)
Other investing activities24(c)25.5 6.0 9.2 10.4 
Net cash from (used in) investing activities(64.8)(205.8)(151.4)(370.2)
Financing activities
Interest paid 21(25.9)— (39.9)— 
Proceeds from credit facility24(e)40.0 60.0 120.0 60.0 
Repayment of credit facility24(e)— (60.0)(90.0)(60.0)
Dividends paid to non-controlling interests(128.3)(18.0)(128.3)(18.0)
Net proceeds from issuance of shares — 287.5 — 287.5 
Net funding from Sumitomo Metal Mining Co. Ltd.— 17.3 — 32.8 
Other financing activities24(d)(11.9)(19.3)(13.0)(20.6)
Net cash from (used in) financing activities(126.1)267.5 (151.2)281.7 
Effects of exchange rate fluctuation on cash and cash equivalents12.3 (1.9)18.8 (4.7)
Increase (decrease) in cash and cash equivalents - all operations(92.8)219.9 (123.7)144.0 
Decrease (increase) in cash and cash equivalents - held for sale— 0.3 — 0.3 
Increase (decrease) in cash and cash equivalents(92.8)220.2 (123.7)144.3 
Cash and cash equivalents, beginning of the period316.6 291.2 347.5 367.1 
Cash and cash equivalents, end of the period$223.8 $511.4 $223.8 $511.4 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Attributable to equity holders of the Company
Accumulated other comprehensive income (loss)
(Unaudited)
(In millions of U.S. dollars)		Common sharesContributed surplusRetained earnings (deficit)Marketable securities fair value reserveCash flow hedge fair value reserveTotalNon-controlling interestsTotal equity
Balance, January 1, 2025
$3,070.6 $57.6 $259.4 $(41.1)$(9.8)$3,336.7 $64.0 $3,400.7 
Net earnings (loss)— — 118.4 — — 118.4 14.0 132.4 
Other comprehensive income (loss)— — — 3.6 12.5 16.1 — 16.1 
Total comprehensive income (loss)— — 118.4 3.6 12.5 134.5 14.0 148.5 
Issuance of flow-through common shares (note 17(a))
5.1 — — — — 5.1 — 5.1 
Issuance of common shares for share-based compensation10.4 (8.0)— — — 2.4 — 2.4 
Share-based compensation— 4.7 — — — 4.7 — 4.7 
Net change in fair value and time value in property, plant and equipment— — — — 0.8 0.8 — 0.8 
Dividends to non-controlling interests— — — — — — (128.3)(128.3)
Transfer of non-controlling interests (note 2(c))— — (50.9)— — (50.9)50.9 — 
Other— 0.2 — — — 0.2 — 0.2 
Balance, June 30, 2025
$3,086.1 $54.5 $326.9 $(37.5)$3.5 $3,433.5 $0.6 $3,434.1 
Balance, January 1, 2024
$2,732.1 $59.2 $(538.3)$(45.2)$(1.8)$2,206.0 $58.1 $2,264.1 
Net earnings (loss)— — 139.3 — — 139.3 14.9 154.2 
Other comprehensive income (loss)— — — 2.4 (10.7)(8.3)— (8.3)
Total comprehensive income (loss)— — 139.3 2.4 (10.7)131.0 14.9 145.9 
Issuance of common shares319.6 — — — — 319.6 — 319.6 
Issuance of flow-through common shares 4.7 — — — — 4.7 — 4.7 
Issuance of common shares for share-based compensation7.5 (7.5)— — — — — — 
Share-based compensation— 2.7 — — — 2.7 — 2.7 
Net change in fair value and time value in property, plant and equipment— — — — 0.1 0.1 — 0.1 
Acquisition of non-controlling interests— — (21.9)— — (21.9)(3.0)(24.9)
Dividends to non-controlling interests— — — — — — (18.0)(18.0)
Other— 2.3 — — — 2.3 (1.3)1.0 
Balance, June 30, 2024
$3,063.9 $56.7 $(420.9)$(42.8)$(12.4)$2,644.5 $50.7 $2,695.2 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
As at and for the Three and Six Months Ended June 30, 2025 and 2024
(Amounts in notes and in tables are in millions of U.S. dollars, except where otherwise indicated) (Unaudited)
1.    Corporate Information and Nature of Operations
IAMGOLD Corporation (“IAMGOLD” or the "Company”) is a corporation governed by the Canada Business Corporations Act whose shares are publicly traded on the New York Stock Exchange (NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG). The address of the Company’s registered office is 150 King Street West, Suite 2200, Toronto, Ontario, Canada, M5H 1J9.
The Company has three operating mines: Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Company has an established portfolio of early stage and advanced exploration projects within highly prospective mining districts in Canada.
2.    Basis of Preparation
(a) Statement of compliance
These unaudited condensed consolidated interim financial statements of IAMGOLD and all of its subsidiaries and joint venture as at and for the three and six months ended June 30, 2025, have been prepared in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting, and do not include all of the information required for annual consolidated financial statements. Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB") have been omitted or condensed.
These consolidated interim financial statements of IAMGOLD were authorized for issue in accordance with a resolution of the Board of Directors of the Company approved on August 7, 2025.
(b)    Basis of measurement
The consolidated interim financial statements have been prepared on a historical cost basis, except for items measured at fair value as discussed in note 16.
(c)    Basis of consolidation
Subsidiaries and divisions related to significant properties of the Company are accounted for as outlined below.
NameProperty
(Location)		June 30,
2025		December 31,
2024		Type of
Arrangement		Accounting 
Method
Côté Gold division1
Côté Gold mine
(Canada)		70%70%DivisionProportionate share
IAMGOLD Essakane S.A. ("Essakane S.A.")Essakane mine (Burkina Faso)85%90%SubsidiaryConsolidation
Westwood division1
Westwood complex (Canada)100%100%DivisionConsolidation
Chibougamau DistrictNelligan Gold project and Monster Lake Gold project (Canada)100%100%SubsidiaryConsolidation
1.Part of IAMGOLD Corporation. The Westwood division includes the closed Doyon mine ("Doyon").

The Company held a 90% interest in the Essakane mine, with the remaining 10% held by the government of Burkina Faso. Effective June 20, 2025, in accordance with the amended Burkina Faso Mining Code, the government of Burkina Faso increased its ownership interest in the Essakane mine from 10% to 15%, decreasing the Company’s interest from 90% to 85%. The decrease in the Company’s ownership is reflected as a reduction in retained earnings and an increase in non-controlling interests based on the book value at June 20, 2025.
(d)    Significant accounting judgments, estimates and assumptions
    The preparation of consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities as at the date of the consolidated interim financial statements and reported amounts of revenues and expenses during the three and six months ended June 30, 2025. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events which are believed to be reasonable under the circumstances. The areas involving significant judgments, estimates and assumptions have been set out in and are consistent with note 3 of the Company’s annual audited consolidated financial statements for the year ended December 31, 2024.
IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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3.    Adoption of New Accounting Standards and New Accounting Standards Issued but Not Yet Effective
(a) Adoption of new accounting standards
The following new accounting pronouncement is effective for annual periods beginning on or after January 1, 2025 and has been incorporated into the consolidated interim financial statements:
•Lack of exchangeability (Amendments to IAS 21)
The adoption of this pronouncement did not have a significant impact.
(b) New accounting standards issued but not effective
Certain pronouncements have been issued by the IASB that are mandatory for accounting periods after June 30, 2025:
•Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) which is effective for periods on or after January 1, 2026.
•Presentation and Disclosure in Financial Statements (IFRS 18) which is effective for periods on or after January 1, 2027.
•Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) amendments were to be applied prospectively for annual periods beginning on or after January 1, 2016, however, on December 17, 2015 the IASB decided to defer the effective date for these amendments indefinitely. Early adoption is still permitted. The Company does not intend to early adopt these standards.
Pronouncements related to IFRS 9, IFRS 7, IFRS 10 and IAS 28 are not expected to have a significant impact on the Company's consolidated interim financial statements upon adoption. The impact of IFRS 18 on the Company's consolidated interim financial statements is under review.
4.    Assets and Liabilities Held for Sale
On December 20, 2022, the Company announced that it had entered into a definitive agreement with Managem, S.A. to sell the Company’s interest in its exploration and development projects in Senegal, Mali and Guinea (the “Bambouk Assets”). Under this agreement, the Company would receive total cash payments of approximately $282.0 million as consideration for the shares and subsidiary/intercompany loans for the entities that hold the Company's 90% interest in the Boto Gold Project and related exploration properties in Senegal ("Senegal Assets"), and 100% interest in the Diakha-Siribaya Gold Project in Mali, and the Karita Gold Project and associated exploration properties in Guinea ("Guinea Assets"). As part of the definitive agreement, the Company provided indemnity to Managem, S.A. with respect to certain taxation exposures directly related to the transaction.
On April 25, 2023, the Company completed the sale of the Senegal Assets for aggregate gross cash proceeds of $197.6 million. On closing, the Company recognized a pre-tax gain on disposal of $109.1 million. On December 23, 2024, the Company completed the sale of the Guinea Assets for aggregate gross cash proceeds of $35.5 million. On closing, the Company recognized a gain on disposal of $34.1 million. For full details regarding the disposal of the Senegal and Guinea Assets, please refer to note 7 in the Company's annual audited consolidated financial statements for the year ended December 31, 2024.
The definitive agreement with Managem, S.A. to sell the Company’s remaining interests in the Bambouk assets expired on December 31, 2024 and was not extended. As at December 31, 2024, the remaining Bambouk assets in Mali did not meet the criteria for held-for-sale accounting in line with IFRS 5. All assets and liabilities relating to the remaining Bambouk assets were reclassified to exploration and evaluation assets and accounts payable and accrued liabilities.
IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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5. Restricted Cash
As at June 30, 2025, the Company had long-term restricted cash of XOF 34.6 billion (June 30, 2025 - $62.0 million; December 31, 2024 - XOF 34.6 billion, $54.6 million) in support of environmental closure cost obligations related to the Essakane mine and $3.3 million (December 31, 2024 - $11.0 million) posted as cash collateral for surety bonds issued for guarantees of certain environmental closure cost obligations related to the Westwood division and the Côté Gold mine. Additionally, the Company has posted CAD$4.1 million (June 30, 2025 - $3.0 million; December 31, 2024 - CAD$4.1 million, $2.8 million) as security for certain environmental closure cost obligations at the Westwood division. The XOF currency, also referred to as the West African CFA franc, is issued by the Central Bank of West African States (BCEAO) and is the denomination of the long-term restricted cash related to the Essakane mine.
6.    Receivables and Other Current Assets
NotesJune 30,
2025		December 31,
2024
Receivables from governments$49.6 $26.7 
Gold receivables4.8 3.1 
Other receivables6.9 4.9 
Total receivables61.3 34.7 
Short-term investments1.0 1.0 
Prepaid expenses20.8 13.2 
Hedge derivatives15(b)(i)3.7 — 
 $86.8 $48.9 
Receivables from governments relate to value added taxes in Burkina Faso and Harmonized Sales Taxes in Canada. As a result of delays in the receipt of value added tax from the Government of Burkina Faso, an amount of $73.2 million (December 31, 2024 - $66.3 million), net of a provision of $12.9 million (December 31, 2024 - $5.8 million), has been presented in other non-current assets as at June 30, 2025 (note 9). As at December 31, 2024, $26.7 million of the receivables from governments related to Harmonized Sales Taxes in Canada.
Subsequent to the quarter, the Company received a value added tax refund from the Government of Burkina Faso totaling $27.0 million.
7.    Inventories
June 30,
2025		December 31,
2024
Finished goods$61.5 $56.5 
Ore stockpiles49.5 50.8 
Mine supplies182.6 164.6 
 293.6 271.9 
Non-current ore stockpiles177.1 153.0 
$470.7 $424.9 
IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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8. Property, Plant and Equipment
Construction
in progress		Mining
properties		Plant and
equipment
Right-of-use assets1
Total
Cost
Balance, January 1, 2024
$2,409.4 $2,692.9 $1,554.6 $139.0 $6,795.9 
Additions320.0 253.4 71.0 34.8 679.2 
Changes in asset retirement obligations— (21.4)— — (21.4)
Disposals/derecognition— — (41.7)(8.6)(50.3)
Transfers of Côté Gold Construction in progress(2,367.1)1,098.8 1,268.3 — — 
Transfers within property, plant and equipment(254.7)96.1 158.9 (0.3)— 
Balance, December 31, 2024
$107.6 $4,119.8 $3,011.1 $164.9 $7,403.4 
Additions47.6 81.6 48.6 12.8 190.6 
Changes in asset retirement obligations— (1.2)— — (1.2)
Disposals/derecognition— — (6.0)— (6.0)
Transfers within property, plant and equipment(29.5)28.4 1.3 (0.2)— 
Transfers into property, plant and equipment— — 17.0 — 17.0 
Balance, June 30, 2025$125.7 $4,228.6 $3,072.0 $177.5 $7,603.8 
Construction
in progress		Mining
properties		Plant and
equipment
Right-of-use assets1
Total
Accumulated Depreciation and Impairment
Balance, January 1, 2024$— $2,093.0 $1,169.9 $36.5 $3,299.4 
Depreciation expense— 157.2 116.8 29.0 303.0 
Disposals/derecognition— — (40.8)(7.9)(48.7)
Net impairment (reversal) charge— (371.8)(46.6)(1.3)(419.7)
Balance, December 31, 2024$— $1,878.4 $1,199.3 $56.3 $3,134.0 
Depreciation expense— 92.8 77.6 15.8 186.2 
Disposals/derecognition— — (5.8)— (5.8)
Transfers within property, plant and equipment— 2.1 (1.8)(0.3)— 
Transfers into property, plant and equipment— — 13.5 — 13.5 
Balance, June 30, 2025$— $1,973.3 $1,282.8 $71.8 $3,327.9 
Carrying amount, December 31, 2024
$107.6 $2,241.4 $1,811.8 $108.6 $4,269.4 
Carrying amount, June 30, 2025$125.7 $2,255.3 $1,789.2 $105.7 $4,275.9 
1.Right-of-use assets ("ROU assets") consist of property, plant and equipment related to assets leased and accounted for under IFRS 16.
On August 1, 2024, Côté Gold was assessed to be ready for use as intended and the construction costs reported in construction in progress were reclassified to mining properties and plant and equipment. Depreciation commenced on the transferred amounts on August 1, 2024.
IAMGOLD CORPORATION
Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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9.    Other Non-Current Assets
NotesJune 30,
2025		December 31,
2024
Receivables from governments1
$73.2 $66.3 
Advances for the purchase of capital equipment5.8 16.4 
Deferred consideration from the sale of Sadiola18.1 18.3 
Royalty interests2
— 12.8 
Marketable securities16(a)12.9 10.3 
Income taxes receivable0.7 1.0 
Bond fund investments16(a)1.0 1.0 
Hedge derivatives1.2 — 
Other8.1 9.6 
$121.0 $135.7 
1.Receivables from governments relate to value added taxes in Burkina Faso (note 6).
2.During the second quarter 2025, the Company sold 13 royalties on various non-core exploration and development properties (note 22).
10.    Provisions
NotesJune 30,
2025		December 31,
2024
Asset retirement obligations(a)$280.5 $279.6 
Other26.2 20.0 
$306.7 $299.6 
Current portion of provisions$14.6 $14.5 
Non-current provisions292.1 285.1 
$306.7 $299.6 
(a)Asset retirement obligations
The Company makes a provision based on the best estimate of the future cost of rehabilitating mine sites and related production facilities on a discounted basis. Asset retirement obligation provisions may be revised on the basis of amendments to such laws and regulations and the availability of new information, such as changes in reserves corresponding to a change in the life of mine, changes in discount rates, foreign exchange rates, approved closure plans, estimated costs of reclamation activities and acquisition or construction of a new mine.
11.    Income Taxes
The Company estimates the effective tax rates expected to be applied for the full year and uses these rates to determine income tax provisions in interim periods. The impact of changes in judgments and estimates concerning the probable realization of losses, changes in tax rates, and foreign exchange rates are recognized in the interim period in which they occur.
The income tax expense for the three and six months ended June 30, 2025 was $78.9 million and $118.1 million (three and six months ended June 30, 2024 - $36.9 million and $63.9 million) and varied from the income tax expense calculated using the combined Canadian federal and provincial statutory tax rate of 26.5%. The variance was mainly due to withholding tax on intercompany dividends, Canadian provincial mining taxes and net foreign earnings taxed at different tax rates.
Global minimum top-up tax
The Company does not expect to be subject to any material amounts of top-up tax in respect of the global minimum tax for any of its entities for the foreseeable future.
The Company has applied a temporary mandatory relief from deferred tax accounting for any impacts of a top-up tax and will account for any such top-up tax as a current tax when incurred.
Excessive interest and financing expenses
With effect in 2024, Canada imposed restrictions on the deductibility for income tax purposes of excessive interest and financing expenses (“EIFEL”). In light of (a) the significant tax pool balances available to the Company and (b) the carryforward deductibility of any such EIFEL limitations in a given year, the EIFEL proposals are not expected to represent a tax cash exposure for the foreseeable future.
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12.    Other Liabilities
NotesJune 30,
2025		December 31,
2024
Hedge derivatives15(b)(i)$0.1 $9.8 
Yatela liability(a)— 18.5 
Other liabilities0.1 0.1 
$0.2 $28.4 
Current portion of other liabilities$0.2 $27.7 
Non-current portion of other liabilities— 0.7 
$0.2 $28.4 
(a)Yatela liability
On February 5, 2025, Sadiola Exploration Limited ("SADEX"), an entity jointly held 50/50 by the Company and AngloGold Ashanti Limited, made a one-time payment of $36.4 million to the dedicated state account, corresponding to the estimated costs of completing the rehabilitation and closure of the Yatela mine, and also financing certain outstanding social programs. Upon completion and this payment being made, SADEX and its affiliated companies have been released of all obligations relating to the Yatela mine. The Company funded its portion of the payment of $18.2 million on closing.
13.    Long-term Debt and Credit Facility
NotesJune 30,
2025		December 31,
2024
Credit facility(a)$250.0 $220.0 
5.75% senior notes
(b)448.6 448.4 
Second lien term loan(c)361.6 358.4 
Equipment loans(d)1.9 2.1 
$1,062.1 $1,028.9 
Current portion of long-term debt$1.3 $1.0 
Non-current portion of long-term debt1,060.8 1,027.9 
$1,062.1 $1,028.9 
The following are the contractual maturities related to the long-term debt, including interest payments:
Payments due by period
June 30, 2025NotesPrincipal amount
Contractual cash flows
1 yr
2-3 yrs
4-5 yrs
Notes(b)$450.0 $540.6 $25.9 $51.8 $462.9 
Term Loan(c)$400.0 $533.3 $47.4 $485.9 $— 
Equipment loans(d)$1.9 $2.2 $1.8 $0.4 $— 
(a)Credit facility
On December 20, 2024, the Company executed an amendment to its existing secured revolving credit facility ("Credit Facility"), extending its maturity to December 20, 2028 and increasing the amount available under the Credit Facility from $425 million to $650 million.
Three months ended June 30,Six months ended June 30,
Notes2025202420252024
Available amount under Credit Facility, beginning of period$428.5 $402.3 $418.5 $387.0 
Draws24(e)(40.0)(60.0)(120.0)(60.0)
Repayments 24(e)— 60.0 90.0 60.0 
Decrease (increase) in letters of credit1
3.2 1.0 3.2 16.3 
Available amount under Credit Facility, end of period$391.7 $403.3 $391.7 $403.3 
1.The letters of credit were issued under the Credit Facility as security for surety bonds and asset retirement obligations (note 13(e)), as well as providing guarantee for utility services in Ontario.

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The Credit Facility provides for an interest rate margin above Secured Overnight Financing Rate (“SOFR”) prime rate, base rate advances and CORRA advances which vary, together with fees related thereto, according to the total Net Debt to Earnings Before Interest, Tax, Depreciation and Amortization ("EBITDA") ratio of the Company. The Credit Facility is secured by certain of the Company's real assets, guarantees by certain of the Company’s subsidiaries and pledges of shares of certain of the Company's subsidiaries. The key terms of the Credit Facility include certain limitations on incremental debt, certain restrictions on distributions and financial covenants including Net Debt to EBITDA and Interest Coverage and a minimum liquidity requirement of $150 million. The Company was in compliance with its Credit Facility covenants as at June 30, 2025.
(b)5.75% senior notes ("Notes")
On September 23, 2020, the Company completed the issuance of $450 million aggregate principal amount of Notes with an interest rate of 5.75% per annum. The Notes are denominated in U.S. dollars and mature on October 15, 2028. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year, beginning on April 15, 2021. The Notes are guaranteed by certain of the Company's subsidiaries.
The Company incurred transaction costs of $7.5 million which have been capitalized and offset against the carrying amount of the Notes within long-term debt in the consolidated balance sheets and are being amortized using the effective interest rate method.
The Company has the right to redeem the Notes, in whole or in part, at the relevant redemption price (expressed as a percentage of the principal amount of the Notes) plus accrued and unpaid interest, if any, up to the redemption date. The redemption price for the Notes during the 12-month period beginning on October 15 of each of the following years is: 2025 - 101.438%; 2026 and thereafter - 100%.
The prepayment options are options that represent an embedded derivative asset to the Company and are presented as an offset to the Notes on the consolidated balance sheets.
The debt component is recognized at amortized cost using the effective interest rate method. The embedded derivative is classified as a financial asset at FVTPL. The fair value of the embedded derivative as at June 30, 2025 was $nil (December 31, 2024 - $nil).
(c)Second lien term loan ("Term Loan")
On May 16, 2023, the Company entered into a five year secured Term Loan of $400 million from three institutional lenders. The Term Loan bears interest at a floating interest rate of either one month or three month SOFR + 8.25% per annum and matures on May 16, 2028. The loan is denominated in U.S. dollars, and interest is payable upon each SOFR maturity date.
The Company incurred transaction costs of $11.0 million, in addition to a 3% original issue discount, which have been capitalized and offset against the carrying amount of the Term Loan within long-term debt in the consolidated balance sheets and are being amortized using the effective interest rate method.
The obligations under the Term Loan are secured by certain of the Company's tangible assets, guarantees by certain of the Company's subsidiaries, and pledges of shares of certain of the Company's subsidiaries. The liens securing the Term Loan rank behind the liens securing the Credit Facility and are subject to an intercreditor agreement.
The Term Loan can be repaid at any time for 104% of the principal if repaid between June 2025 and May 2026, and 101% of the principal if repaid between June 2026 and May 2027 and 100% thereafter. The prepayment terms constitute an embedded derivative which is presented as an offset to the Term Loan on the consolidated balance sheets. The embedded derivative is classified as FVTPL. The fair value of the embedded derivative as at June 30, 2025 was an asset of $25.6 million (December 31, 2024 - $26.7 million) (note 16(a)).
The Term Loan has a minimum liquidity and interest coverage ratio covenant. The Company was in compliance with its Term Loan covenants as at June 30, 2025.
(d)Equipment loans
The Company has equipment loans with a carrying value of $1.9 million as at June 30, 2025 (December 31, 2024 - $2.1 million), secured by certain mobile equipment, with interest rates at 5.30% and which mature in 2026. The equipment loans are carried at amortized cost on the consolidated balance sheets.
(e)Surety bonds
As at June 30, 2025, the Company had CAD$257.8 million (June 30, 2025 - $189.3 million; December 31, 2024 ‐ CAD$255.7 million, $177.5 million) of surety bonds, issued pursuant to arrangements with insurance companies, for guarantee of environmental closure costs obligations related to Doyon, the Westwood mine and the Côté Gold mine. The Company posted letters of credit in the amount of CAD$5.3 million ($3.9 million, December 31, 2024 - CAD$10.6 million, $7.4 million) under the Credit Facility and $3.3 million (December 31, 2024 - $10.9 million) in cash deposits as collateral for surety bonds. The balance of $182.1 million remains uncollateralized.
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(f)Performance bonds
As at June 30, 2025, performance bonds of CAD$32.1 million (June 30, 2025 - $23.5 million; December 31, 2024 - CAD$32.0 million, $22.2 million) were outstanding in support of certain obligations related to the construction of the Côté Gold mine.
14.    Deferred Revenue
During 2021, the Company entered into gold sale prepayment arrangements (the “2022 Prepay Arrangements”) at a weighted average cost of 4.45% per annum in respect of 150,000 gold ounces. These arrangements have an average forward contract price of $1,753 per ounce on 50,000 gold ounces and a collar range of $1,700 to $2,100 per ounce on 100,000 gold ounces. The Company received $236.0 million over the course of 2022 under the 2022 Prepay Arrangements and the requirement on the part of the Company is to physically deliver the agreed upon ounces to the counterparties over the course of 2024.
During December 2023, the Company amended one of the 2022 Prepay Arrangements to defer the delivery of 6,250 ounces from Q1 2024 to Q1 2025. The Company also entered into further gold sale prepayment arrangements (the “2024 Q1 Prepay Arrangements”) at a weighted average cost of 11.3% per annum in respect of 31,250 gold ounces. The 2024 Q1 Prepay Arrangements have an average funding price, after financing charges, of $1,916 per ounce and the Company received $59.9 million over the course of the first quarter 2024 and was required to physically deliver the agreed upon ounces to the counterparties over the course of the first quarter of 2025.
During April 2024, the Company amended one of the 2022 Prepay Arrangements to defer the delivery of 6,250 ounces from Q2 2024 to Q2 2025. The Company also entered into further gold sale prepayment arrangements (the “2024 Q2 Prepay Arrangements”) at a weighted average cost of 10% per annum in respect of 31,250 gold ounces. The 2024 Q2 Prepay Arrangements have an average funding price, after financing charges, of $1,900 per ounce and a gold collar of $2,100 to $2,925 whereby the Company will receive a cash payment at the time of delivery of the ounces if the spot price of gold exceeds $2,100 per ounce, with the payment calculated as the difference between the spot price and $2,100 per ounce, capped at an average price of $2,925 per ounce. The Company received $59.4 million over the course of the second quarter 2024 under the 2024 Q2 Prepay Arrangements and was required to physically deliver the agreed upon ounces to the counterparties over the course of the second quarter of 2025.
All deliveries on the 2022 Prepay Arrangements, the 2024 Q1 Prepay Arrangements and the 2024 Q2 Prepay Arrangements were fulfilled as at June 30, 2025.
These arrangements have been accounted for as contracts in the scope of IFRS 15, Revenue from Contracts with Customers, whereby the cash prepayments are recorded as deferred revenue in the consolidated balance sheets when received and revenue is recognized as deliveries are made. The cash payments received on gold collars at the time of delivery will also be recognized as revenue when the gold is delivered.
An interest cost, representing the financing component of the cash prepayment, was recognized as part of finance costs.
The following table summarizes the change in deferred revenue:
Notes2022 Prepay Arrangements2024 Q1 Prepay Arrangements2024 Q2 Prepay ArrangementsTotal
Balance, January 1, 2024
$251.6 $— $— $251.6 
Proceeds from gold prepayment — 59.9 59.4 119.3 
Revenue recognized (235.7)— — (235.7)
Finance costs6.7 5.6 3.6 15.9 
Balance, December 31, 2024
$22.6 $65.5 $63.0 $151.1 
Deferred revenue recognized(21.9)(66.7)(65.7)(154.3)
Finance costs21(0.7)1.2 2.7 3.2 
Balance, June 30, 2025
$— $— $— $— 
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15.    Financial Instruments
(a)Risks
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial and other liabilities that are settled by delivering cash, another financial asset or physical production. The Company manages this risk through regular monitoring of its cash flow requirements to support ongoing operations and expansionary plans. The Company ensures that there are sufficient cash and cash equivalents and committed loan facilities to meet its anticipated business requirements, including the anticipated short-term obligations.
The following table summarizes the maturity date and principal amount of the Company's obligations as at June 30, 2025:
Notes2025202620272028 onwardsTotal
Accounts payable and accrued liabilities$271.6 $— $— $— $271.6 
Lease liabilities 21.1 40.5 36.2 31.7 129.5 
Equipment loans 13(d)1.5 0.4 — — 1.9 
Credit Facility 13(a)— — — 250.0 250.0 
Notes13(b)— — — 450.0 450.0 
Term Loan13(c)— — — 400.0 400.0 
$294.2 $40.9 $36.2 $1,131.7 $1,503.0 
Included in the cash and cash equivalents balance of $223.8 million as at June 30, 2025 is $39.5 million held by Côté Gold and $85.1 million held by Essakane. Côté Gold requires its joint venture partners to fund, in advance, two months of future expenditures. The Company uses dividends and intercompany loans to repatriate funds from its operations and the timing of dividends may impact the liquidity position of the Company.
(b)Cash flow hedge fair value reserve
(i)Reconciliation of cash flow hedge assets (liabilities)
Canadian dollar contractsOil contractsGold price contractsTotal
Balance, January 1, 2024
$1.6 $5.7 $(9.2)$(1.9)
Unrealized gain (loss) recognized in cash flow hedge reserve(13.1)1.6 (28.2)(39.7)
Realized (gain) loss reclassified or adjusted from cash flow hedge reserve1.7 (7.2)30.3 24.8 
Realized time value related to premiums paid— — 2.2 2.2 
Time value excluded from hedge relationship— (0.1)4.9 4.8 
Balance, December 31, 2024
$(9.8)$— $— $(9.8)
Unrealized gain (loss) recognized in cash flow hedge reserve9.1 — — 9.1 
Realized (gain) loss reclassified or adjusted from cash flow hedge reserve2.8 — — 2.8 
Time value excluded from hedge relationship2.7 — — 2.7 
Balance, June 30, 2025
$4.8 $— $— $4.8 
Consisting of:
Current portion of hedge asset $3.7 $— $— $3.7 
Non-current portion of hedge asset1.2 — — 1.2 
$4.9 $— $— $4.9 
Current portion of hedge liability $(0.1)$— $— $(0.1)
Non-current portion of hedge liability— — — — 
$(0.1)$— $— $(0.1)
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(ii)Allocation of realized hedge (gain) loss reclassified from cash flow hedge reserve
Three months ended June 30,Six months ended June 30,
2025202420252024
Consolidated balance sheets
Property, plant and equipment$0.1 $0.3 $0.8 $0.1 
Consolidated statements of earnings (loss)
Revenues— 6.1 — 6.1 
Cost of sales0.2 (2.7)1.7 (5.1)
General and administrative expenses0.1 — 0.3 — 
0.3 3.4 2.0 1.0 
$0.4 $3.7 $2.8 $1.1 
16.    Fair Value Measurements
The fair value hierarchy categorizes into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).
•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities which the entity can access at the measurement date.
•Level 2 inputs are inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly such as those derived from prices.
•Level 3 inputs are unobservable inputs for the asset or liability.
There have been no changes in the classification of the financial instruments in the fair value hierarchy since December 31, 2024.
(a)The Company's fair values of financial assets and liabilities
June 30, 2025
Carrying AmountLevel 1Level 2Level 3Total Fair Value
Assets
Cash and cash equivalents$223.8 $223.8 $— $— $223.8 
Short-term investments1.0 1.0 — — 1.0 
Restricted cash68.3 68.3 — — 68.3 
Marketable securities12.9 5.4 — 7.5 12.9 
Bond fund investments1.0 1.0 — — 1.0 
Deferred consideration from the sale of Sadiola18.1 — — 18.1 18.1 
Derivatives
Currency contracts4.9 — 4.9 — 4.9 
Embedded derivative - prepayment options on Term Loan25.6 — 25.6 — 25.6 
$355.6 $299.5 $30.5 $25.6 $355.6 
Liabilities
Derivatives
Currency contracts$(0.1)$— $(0.1)$— $(0.1)
Long-term debt - Notes1
(451.7)(446.2)— — (446.2)
Long-term debt - Term Loan2
(400.6)— (441.9)— (441.9)
Long-term debt - equipment loans(1.9)— (1.9)— (1.9)
Long-term debt - Credit Facility (250.0)— (250.0)— (250.0)
$(1,104.3)$(446.2)$(693.9)$— $(1,140.1)
1.The carrying amount excludes unamortized deferred transaction costs of $3.1 million and the embedded derivative.
2.The carrying amount excludes unamortized deferred transaction costs of $1.4 million, the 3% original discount and the embedded derivative.
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December 31, 2024
Carrying AmountLevel 1Level 2Level 3Total Fair Value
Assets
Cash and cash equivalents$347.5 $347.5 $— $— $347.5 
Short-term investments1.0 1.0 — — 1.0 
Restricted cash68.4 68.4 — — 68.4 
Marketable securities10.3 10.3 — — 10.3 
Bond fund investments1.0 1.0 — — 1.0 
Deferred consideration from the sale of Sadiola 17.1 — — 17.1 17.1 
Derivatives
Embedded derivative - prepayment options on Term Loan26.7 — 26.7 — 26.7 
$472.0 $428.2 $26.7 $17.1 $472.0 
Liabilities
Derivatives
Currency contracts $(9.8)$— $(9.8)$— $(9.8)
Long-term debt - Notes1
(452.0)(435.8)— — (435.8)
Long-term debt - Term Loan2
(400.8)— (449.2)— (449.2)
Long-term debt - equipment loan(2.1)— (2.3)— (2.3)
Long-term debt - Credit Facility(220.0)— (220.0)— (220.0)
$(1,084.7)$(435.8)$(681.3)$— $(1,117.1)
1.The carrying amount excludes unamortized deferred transaction costs of $3.6 million and the embedded derivative.
2.The carrying amount excludes unamortized deferred transaction costs of $3.7 million, the 3% original discount and the embedded derivative.
17.    Share Capital
The Company is authorized to issue an unlimited number of common shares, first preference shares issuable in series and second preference shares issuable in series.
Six months ended June 30,
Number of common shares (in millions)Notes20252024
Outstanding, beginning of the period571.4 481.3 
Equity issuance — 85.2 
Issuance of flow-through common shares (a)0.8 1.9 
Issuance of shares for share-based compensation182.9 1.9 
Outstanding, end of the period575.1 570.3 
(a)Flow-through common shares
In February 2025, the Company issued 0.8 million flow-through common shares at CAD$12.25 per share for net proceeds of $6.9 million (CAD$10.0 million), which included a $1.8 million premium reported as a deferred gain on the balance sheet to be recognized in earnings as eligible expenditures are made. A total of $5.1 million was recognized in equity based on the quoted price of the shares on the date of the issue less issuance costs. The flow-through common shares were issued to fund exploration expenditures for the Company's exploration properties in Quebec, Canada. Flow-through common shares require the Company to incur an amount equivalent to the proceeds of the issue on prescribed expenditures in accordance with the applicable tax legislation. As at June 30, 2025, the remaining unspent amount was $3.5 million.
For the three and six months ended June 30, 2025, $0.4 million and $0.9 million was recognized as amortization of the gains related to the issuances of flow-through common shares and was included in interest income, derivatives and other investment gains (losses) in the consolidated statements of earnings (loss) (note 22).
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18.    Share-Based Compensation
(a)Options
(i)Share option plan
A summary of the status of the Company's share option plan and changes during the period is presented below:
Six months ended June 30, 2025Options
(in millions)
Weighted
average
exercise price
(CAD/share)1
Outstanding, beginning of the period3.1 $4.13 
Granted0.4 7.87 
Exercised(0.8)4.88 
Forfeited(0.0)3.73 
Outstanding, end of the period2.7 $4.55 
Exercisable, end of the period1.4 $4.03 
1.Exercise prices are denominated in Canadian dollars. The USDCAD exchange rate at June 30, 2025 was $1.3621/CAD.
(ii)Fair value of options granted
The following were the weighted average inputs to the Black-Scholes model used in determining the fair value of the options granted during the period. The estimated fair value of the options is expensed over their expected life.
Six months ended June 30,2025
Weighted average risk-free interest rate2.6 %
Weighted average expected volatility1
56.1 %
Weighted average dividend yield— %
Weighted average expected life of options issued (years)4.5 
Weighted average grant-date fair value (CAD per share)$3.85 
Weighted average share price at grant date (CAD per share)$7.87 
Weighted average exercise price (CAD per share)$7.87 
1.Expected volatility is estimated by considering historical average share price volatility based on the average expected life of the options.
(b)Other share-based compensation
(i)Share incentive plans
A summary of the status of the Company’s outstanding share units issued to directors and employees under the Company's share incentive plan and changes during the year is presented below.
Six months ended June 30, (share units in millions)
2025
Outstanding, beginning of the period6.7 
Granted1.5 
Issued(2.1)
Forfeited and withheld for tax(0.8)
Outstanding, end of the period5.3 
(ii)Summary of share units granted
Deferred share units
The estimated fair value of the awards is expensed over their vesting period.
Six months ended June 30,
2025
Granted during the period (units in millions)0.2
Grant-date fair value (CAD per share)1
$9.51
1.The grant-date fair value is equal to the share price on grant date.




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Restricted share units
Employee restricted share unit grants vest over twelve to thirty-six months, have no restrictions upon vesting and are equity settled.  There are no cash settlement alternatives and no vesting conditions other than service.
The estimated fair value of the awards is expensed over their vesting period.
Six months ended June 30,2025
Granted during the period (units in millions) 0.7
Grant-date fair value (CAD per share)1
$7.97
1.The grant-date fair value is equal to the share price on grant date.
Performance share units
The performance share unit grants vest over thirty-six months and are equity settled. There are no cash settlement alternatives for these grants.
The estimated fair value of the awards is expensed over their vesting period.
Six months ended June 30,2025
Granted during the period (units in millions) 0.3
Grant-date fair value (CAD per share)1
$7.97
1.The grant-date fair value was determined using a Monte Carlo model.
19.    Cost of Sales
Three months ended June 30,Six months ended June 30,
2025202420252024
Operating costs1
$249.9 $159.7 $477.1 $312.5 
Royalties 37.2 20.6 66.2 39.2 
Depreciation expense95.0 54.3 174.7 116.1 
$382.1 $234.6 $718.0 $467.8 
1.Operating costs include mine production, transport and smelter costs, and site administrative expenses.
20.    Other (Income) Expenses
Three months ended June 30,Six months ended June 30,
Notes2025202420252024
Changes in asset retirement obligations at closed mines10(a)$1.3 $(2.1)$6.2 $(1.6)
Write-down of assets0.1 0.1 0.2 0.2 
Impairment charge — 6.8 — 6.8 
Other1.3 (0.2)1.4 1.2 
$2.7 $4.6 $7.8 $6.6 
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21.    Finance Costs
Three months ended June 30,Six months ended June 30,
Notes2025202420252024
Interest expense$27.3 $24.3 $54.1 $47.7 
Accretion expense - gold prepayment140.2 4.2 3.2 7.3 
Repurchase option fee — 9.0 — 17.5 
Credit Facility fees 0.9 1.2 2.0 2.5 
Accretion expense - asset retirement obligations1.4 1.6 2.5 3.0 
Other finance costs3.1 3.1 9.3 3.7 
 $32.9 $43.4 $71.1 $81.7 
Borrowing costs attributable to qualifying assets(8.9)(37.5)(17.3)(72.5)
$24.0 $5.9 $53.8 $9.2 
Interest paid1
$36.7 $37.7 $56.3 $53.6 
1.Interest paid relates to interest charges on the Company's 5.75% senior notes, Term Loan, Credit Facility, equipment loans and leases.
22.    Interest Income, Derivatives and Other Investment Gains (Losses)
Three months ended June 30,Six months ended June 30,
2025202420252024
Interest income$2.5 $3.1 $4.7 $6.1 
Gains (losses) on non-hedge derivatives1.7 3.8 (1.1)9.4 
Amortization of gain related to flow-through common shares0.4 0.3 0.9 0.6 
9.7% of Côté Gold pre-Commercial Production gold received by SMM— 5.2 — 5.2 
9.7% of Côté Gold expenses funded by SMM— (1.9)— (1.9)
Fair value of deferred consideration from the sale of Sadiola0.5 0.5 1.0 0.9 
Gain on sale of royalties4.9 — 4.9 — 
Other gains (losses)(0.5)(0.1)(0.1)(5.8)
$9.5 $10.9 $10.3 $14.5 
The Company sold 13 royalties on various non-core exploration and development properties for cash consideration of $11.9 million and 11.5 million shares in Summit Royalty for total consideration of $19.4 million.The Company recognized a gain of $4.9 million.
Gains (losses) on non-hedge derivatives include $1.1 million of unrealized losses that relate to fair value movements of the embedded derivative related to prepayment options for the Term Loan (note 13(c)).
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23.    Earnings Per Share
(a)Basic earnings (loss) per share computation
Three months ended June 30,Six months ended June 30,
2025202420252024
Numerator
Net earnings (loss) attributable to equity holders$78.7 $84.5 $118.4 $139.3 
Denominator (in millions)
Weighted average number of common shares (basic)575.1 525.4 573.8 508.3 
Basic earnings (loss) per share attributable to equity holders$0.14 $0.16 $0.21 $0.27 
(b)Diluted earnings (loss) per share computation
Three months ended June 30,Six months ended June 30,
2025202420252024
Denominator (in millions)
Weighted average number of common shares (basic)575.1 525.4 573.8 508.3 
Dilutive effect of options1.3 0.5 1.4 0.1 
Dilutive effect of share units4.3 4.8 5.0 4.5 
Weighted average number of common shares (diluted)580.7 530.7 580.2 512.9 
Diluted earnings (loss) per share attributable to equity holders$0.14 $0.16 $0.20 $0.27 
Equity instruments excluded from the computation of diluted earnings (loss) per share which could be dilutive in the future were as follows:
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Options0.4 0.8 0.4 1.8 
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24.    Cash Flow Items
(a)Adjustments for other non-cash items within operating activities
Three months ended June 30,Six months ended June 30,
Notes2025202420252024
Share-based compensation$1.5 $1.8 $4.6 $2.5 
Interest income22(2.5)(3.1)(4.7)(6.1)
Changes in estimates of asset retirement obligations at closed sites201.3 (2.1)6.2 (1.6)
Write-down of assets200.1 0.1 0.2 0.2 
Write-down (reversal) of inventories1.2 (0.4)1.8 1.9 
Fair value of deferred consideration from the sale of Sadiola 22(0.5)(0.5)(1.0)(0.9)
Effects of exchange rate fluctuation on cash and cash equivalents(12.3)1.9 (18.8)4.7 
Effects of exchange rate fluctuation on restricted cash(5.2)0.4 (7.6)2.1 
Impairment charge — 6.8 — 6.8 
Amortization of gains related to flow-through common shares22(0.4)(0.3)(0.9)(0.6)
9.7% of Côté Gold pre-Commercial Production gold received by SMM22— (5.2)— (5.2)
9.7% of Côté Gold expenses funded by SMM22— 1.9 — 1.9 
Gain on sale of royalties 22(4.9)— (4.9)— 
Employee service provision(0.2)0.9 3.3 1.3 
Other12.1 (0.5)15.5 1.9 
 $(9.8)$1.7 $(6.3)$8.9 
(b)Movements in non-cash working capital items and non-current ore stockpiles
Three months ended June 30,Six months ended June 30,
2025202420252024
Receivables and other current assets$(29.3)$18.0 $(47.6)$(6.4)
Inventories and non-current ore stockpiles(19.6)(12.2)(42.1)(13.0)
Accounts payable and accrued liabilities7.4 (14.9)17.6 (55.4)
$(41.5)$(9.1)$(72.1)$(74.8)
(c) Other investing activities
Three months ended June 30,Six months ended June 30,
2025202420252024
Interest received$2.5 $3.1 $4.8 $7.3 
(Increase) decrease in restricted cash3.3 0.1 7.7 0.6 
Capital expenditures for exploration and evaluation assets(0.7)(0.1)(0.9)(0.1)
Disposal of marketable securities8.5 3.3 8.4 3.9 
Settlement of Yatela sale— — (18.2)— 
Proceeds from sale of royalties 11.9 — 11.9 — 
Other — (0.4)(4.5)(1.3)
 $25.5 $6.0 $9.2 $10.4 
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Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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(d) Other financing activities
Three months ended June 30,Six months ended June 30,
Notes2025202420252024
Common shares issued for cash on exercise of stock options$0.2 $2.2 $2.5 $2.2 
Proceeds from issuance of flow-through common shares 17(a)— — 6.9 5.9 
Repayment of equipment loans13(d)(0.4)(2.3)(0.8)(4.3)
Payment of lease obligations(8.2)(4.7)(15.3)(8.1)
Payment of repurchase option fee— (8.5)— (8.5)
Other(3.5)(6.0)(6.3)(7.8)
 $(11.9)$(19.3)$(13.0)$(20.6)
(e) Reconciliation of long-term debt arising from financing activities
Equipment loans
5.75% senior notes
Credit facilityTerm LoanTotal
Balance, January 1, 2024
$7.2 $448.0 $— $375.6 $830.8 
Cash changes:
Draws— — 280.0 — 280.0 
Repayments(5.1)— (60.0)— (65.1)
Non-cash changes:
Amortization of deferred financing charges— 0.9 — 4.4 5.3 
Change in fair value of embedded derivative— — — (21.6)(21.6)
Other— (0.5)— — (0.5)
Balance, December 31, 2024
$2.1 $448.4 $220.0 $358.4 $1,028.9 
Cash changes:
Draws— — 120.0 — 120.0 
Repayments(0.8)— (90.0)— (90.8)
Non-cash changes:
Amortization of deferred financing charges— 0.5 — 2.2 2.7 
Foreign currency translation0.6 — — — 0.6 
Change in fair value of embedded derivative— — — 1.1 1.1 
Other— (0.3)— (0.1)(0.4)
Balance, June 30, 2025$1.9 $448.6 $250.0 $361.6 $1,062.1 
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Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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25.    Segmented Information
The Company’s gold mines are divided into geographic segments as follows:
•Côté Gold mine - Ontario, Canada;
•Westwood complex - Quebec, Canada; and
•Essakane mine - Burkina Faso.
The Company’s non-gold mine segments are divided as follows:
•Exploration and evaluation and development; and
•Corporate - includes royalty interests.
June 30, 2025December 31, 2024
Total non-
current
assets		Total
assets		Total
liabilities		Total non-
current
assets		Total
assets		Total
liabilities
Gold mines
Côté Gold$2,890.9 $3,022.2 $230.1 $2,887.0 $3,016.0 $227.3 
Westwood complex793.9 822.9 214.1 788.0 822.2 199.7 
Essakane907.4 1,230.5 269.0 882.2 1,206.2 281.9 
Total gold mines4,592.2 5,075.6 713.2 4,557.2 5,044.4 708.9 
Exploration and evaluation and development74.5 76.0 8.3 74.4 77.7 9.3 
Corporate56.1 175.4 1,171.4 74.5 252.3 1,255.5 
Total$4,722.8 $5,327.0 $1,892.9 $4,706.1 $5,374.4 $1,973.7 
Three months ended June 30, 2025
 Consolidated statements of earnings (loss) information
Capital
expenditures2
 Revenues
Cost of
sales1
Depreciation
expense		General 
and
administrative		ExplorationImpairmentOtherEarnings
(loss) from
operations
Gold mines
Côté Gold$229.2 $83.9 $41.5 $— $2.3 $— $— $101.5 $33.8 
Westwood complex95.4 45.1 13.4 — — — 1.9 35.0 16.0 
Essakane279.6 158.1 39.6 — — — 0.3 81.6 37.3 
Total gold mines604.2 287.1 94.5 — 2.3 — 2.2 218.1 87.1 
Exploration and evaluation and development— — — — 3.7 — 0.1 (3.8)— 
Corporate3
(23.3)— 0.5 12.5 — — 0.4 (36.7)0.2 
Total$580.9 $287.1 $95.0 $12.5 $6.0 $— $2.7 $177.6 $87.3 
1.Excludes depreciation expense.
2.Includes incurred capital expenditures for property, plant and equipment and exploration and evaluation assets and excludes capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.
3.Includes impact on revenues of delivering ounces into gold sale prepayment arrangements (note 14) and earnings from royalty interests.






















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Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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Three months ended June 30, 2024
 Consolidated statements of earnings (loss) information
Capital
expenditures4
 Revenues
Cost of
sales1
Depreciation
expense2
General 
and
administrative3
ExplorationImpairmentOtherEarnings
(loss) from
operations
Gold mines
Côté Gold5
$32.0 $11.4 $— $— $1.9 $— $— $18.7 $70.1 
Westwood complex83.4 40.1 11.1 — — 6.8 (2.0)27.4 16.9 
Essakane280.8 128.8 43.1 — — — 0.1 108.8 41.7 
Total gold mines396.2 180.3 54.2 — 1.9 6.8 (1.9)154.9 128.7 
Exploration and evaluation and development— — — — 3.5 — — (3.5)— 
Corporate6
(10.9)— 0.1 12.8 — — (0.3)(23.5)0.5 
Total$385.3 $180.3 $54.3 $12.8 $5.4 $6.8 $(2.2)$127.9 $129.2 
1.Excludes depreciation expense.
2.Depreciation expense excludes depreciation related to corporate office assets, which is included in general and administrative expenses.
3.Includes depreciation expense relating to corporate and exploration and evaluation assets.
4.Includes incurred capital expenditures for property, plant and equipment and exploration and evaluation assets and excludes capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.
5.Revenue and expenses include 60.3% of the Côté Gold UJV balances. 9.7% of the revenue and expenses from the Côté Gold UJV, $5.2 million and $1.9 million respectively, are included in interest income, derivatives and other investment gains (losses) as this was funded by SMM.
6.Includes impact on revenues of delivering ounces into gold sale prepayment arrangements (note 14) and earnings from royalty interests.
Six months ended June 30, 2025
 Consolidated statements of earnings (loss) information
Capital
expenditures2
 Revenues
Cost of
sales1
Depreciation
expense		General 
and
administrative		ExplorationImpairmentOtherEarnings
(loss) from
operations
Gold mines
Côté Gold$380.4 $149.1 $75.5 $— $4.1 $— $0.5 $151.2 $55.1 
Westwood complex175.2 87.2 25.8 — — — 6.1 56.1 31.1 
Essakane556.5 307.0 72.4 — — — 0.7 176.4 67.4 
Total gold mines1,112.1 543.3 173.7 — 4.1 — 7.3 383.7 153.6 
Exploration and evaluation and development— — — — 8.5 — 0.2 (8.7)— 
Corporate3
(54.1)— 1.0 28.9 — — 0.3 (84.3)0.7 
Total$1,058.0 $543.3 $174.7 $28.9 $12.6 $— $7.8 $290.7 $154.3 
1.Excludes depreciation expense.
2.Includes incurred capital expenditures for property, plant and equipment and exploration and evaluation assets and excludes capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.
3.Includes impact on revenues of delivering ounces into gold sale prepayment arrangements (note 14) and earnings from royalty interests.


























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Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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Six months ended June 30, 2024
 Consolidated statements of earnings (loss) information
Capital
expenditures4
 Revenues
Cost of
sales1
Depreciation
expense2
General 
and
administrative3
ExplorationImpairmentOtherEarnings
(loss) from
operations
Gold mines
Côté Gold5
$32.0 $11.4 $— $— $3.2 $— $— $17.4 $203.1 
Westwood complex152.3 81.0 22.3 — — 6.8 (1.3)43.5 35.9 
Essakane553.1 259.3 93.5 — — — — 200.3 78.2 
Total gold mines737.4 351.7 115.8 — 3.2 6.8 (1.3)261.2 317.2 
Exploration and evaluation and development— — — — 8.4 — 0.4 (8.8)— 
Corporate6
(13.2)— 0.3 22.8 — — 0.7 (37.0)0.6 
Total$724.2 $351.7 $116.1 $22.8 $11.6 $6.8 $(0.2)$215.4 $317.8 
1.Excludes depreciation expense.
2.Depreciation expense excludes depreciation related to corporate office assets, which is included in general and administrative expenses.
3.Includes depreciation expense relating to corporate and exploration and evaluation assets.
4.Includes incurred capital expenditures for property, plant and equipment and exploration and evaluation assets and excludes capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.
5.Revenue and expenses include 60.3% of the Côté Gold UJV balances. 9.7% of the revenue and expenses from the Côté Gold UJV, $5.2 million and $1.9 million respectively, are included in interest income, derivatives and other investment gains (losses) as this was funded by SMM.
6.Includes impact on revenues of delivering ounces into gold sale prepayment arrangements (note 14) and earnings from royalty interests.
26.    Commitments
June 30,
2025		December 31,
2024
Purchase obligations$225.0 $155.0 
Capital expenditure obligations65.0 117.2 
Lease obligations141.7 142.8 
$431.7 $415.0 
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Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2025

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