IAMGOLD Corporation (IMG)

IAMGOLD Announces Consolidated Mineral Resource Estimate for Côté GoldJune 1, 2026 7:00 AM
NewsfileAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - June 1, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") is pleased to announce an updated Mineral Resource estimate for the Côté Gold Mine ("Côté Gold"), located in Ontario, Canada, prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The updated estimate, with an effective date of March 31, 2026, reflects the integration of the Côté and Gosselin zones into a consolidated block model with updated economic assumptions, ahead of the upcoming Côté expansion technical report and updated mine plan which is expected to be completed in the fourth quarter of 2026. Côté Gold is operated by IAMGOLD in a 70|30 joint venture with Sumitomo Metal Mining Co. Ltd. ("SMM").HighlightsCôté Gold Measured and Indicated ("M&I") Mineral Resources (100% basis) on a consolidated basis of 20.3 million ounces of gold, an increase of approximately 2.2 million ounces, or 12%, compared with the Dec. 31, 2025 statement.Côté: M&I Mineral Resources (100% basis, inclusive of Mineral Reserves) of 12.7 million ounces of gold, an increase of approximately 1.5 million ounces, or 13%, compared with the Dec. 31, 2025 statement.Gosselin: M&I Mineral Resources (100% basis) of 7.4 million ounces of gold, an increase of approximately 0.6 million ounces, or 8%, compared with the Dec. 31, 2025 statement.The consolidated model allowed for increased delineation of the saddle area between the Côté and Gosselin zones, with an additional 0.2 million ounces of Indicated Mineral Resources.Inferred Mineral Resources (100% basis) on a consolidated basis of 3.5 million ounces of gold, an increase of approximately 1.3 million ounces, or 61%, compared with the Dec. 31, 2025 statement.Côté: Inferred Mineral Resources (100% basis) of 2.0 million ounces of gold, an increase of approximately 0.8 million ounces, or 63%, compared with the Dec. 31, 2025 statement.Gosselin: Inferred Mineral Resources (100% basis) of 0.9 million ounces of gold, a decrease of approximately 0.1 million ounces, or -7%, compared with the Dec. 31, 2025 statement.The consolidated model allowed the addition of 0.6 million new Inferred ounces in the saddle area. Updated Mineral Resource estimate integrates the Côté and Gosselin zones, including the connecting saddle area, into a single geological and resource framework. Updated assumptions include a gold price of $2,500 per ounce (up from $2,100/oz for Côté and $2,500/oz for Gosselin in the prior statement) and a consolidated Mineral Resource cut-off grade of 0.25 g/t Au (down from 0.30 g/t Au previously) applied across the consolidated zones.The updated Mineral Resource estimate will inform the upcoming Côté Gold Technical Report and mine plan, which remains on track for announcement in the fourth quarter of 2026. The mine plan is expected to evaluate a plant expansion and a larger-scale mining scenario targeting the consolidated Côté and Gosselin resource model."This updated mineral resource estimate combines the Côté and Gosselin zones within a single geological framework, an important technical milestone as we move toward the expansion study and updated mine plan expected in the fourth quarter," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "Our teams have done an excellent job building confidence in the resource through the 2025 drilling programs, and we are encouraged with the continued growth and conversion of ounces. As previously communicated to the market, the year-end technical report and mine plan will assess an expansion of the Côté Gold mine that brings the consolidated Côté and Gosselin zones into an integrated mine plan."Consolidated Côté and Gosselin Block ModelThe updated Mineral Resource estimate is based on extensive diamond drilling and refined geological interpretations to better define the geometry and continuity of mineralization across the combined Côté and Gosselin zones. Subsequent to the previous 2025 EOY MRMR statement, additional assays were received from 64 holes in both the Côté and Gosselin zones. In Côté, 39 additional drill holes were added, totaling 20,624 metres, mainly focused in the saddle area to further increase confidence in geological model in this area, adding resources in both indicated and inferred categories. In Gosselin, 25 additional drill holes were added within the resource pit, totaling 14,110 metres, mainly focused on the continued conversion of resources from inferred to indicated. These drill holes have been included in the consolidated model and updated resource estimate. The estimate incorporates updates to the block model and estimation parameters, and reflects revised economic assumptions, including a gold price assumption of $2,500 per ounce and a cut-off grade of 0.25 g/t Au, replacing the prior bifurcated assumptions ($2,100/oz at Côté and $2,500/oz at Gosselin) and prior cut-off grade of 0.30 g/t Au. The modelling approach considers distinct mineralization domains and applies standard data processing techniques, including grade capping and compositing, prior to estimation within a three-dimensional block model.Mineral Resources are classified according to confidence levels supported by drill spacing and data quality. Mineral Resources are constrained within an optimized open pit shell and are reported above a 0.25 g/t Au cut-off grade, reflecting reasonable prospects for eventual economic extraction. The estimate has been prepared in accordance with National Instrument 43-101 and CIM Definition Standards.TABLE 1: CÔTÉ GOLD CONSOLIDATED MINERAL RESOURCE ESTIMATE
CÔTÉ + GOSSELIN ZONESCategoryTonnesGradeOunces3Attributable
Ounces (70%)
(Mt)(g/t Au)(Moz)(Moz)Measured164.40.894.713.30Indicated673.60.7215.6310.94Total M&I838.00.7520.3414.24Inferred177.10.613.482.44Totals may not add due to rounding.Mineral Resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves (2014). Mineral Resources are estimated as of March 31, 2026, using a gold price of US$2,500 per ounce and a US$/C$ exchange rate of 1.32.Mineral Resources are reported at a cut-off grade of 0.25 g/t Au.Mineral Resources are constrained within an optimized resource pit shell.Gold metallurgical recovery is assumed to be 92.7%.Bulk density ranges from 2.70 t/m³ to 2.87 t/m³ for the estimation domains and is assumed to be 1.9 t/m³ for overburden.Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The consolidated Mineral Resource estimate provides the basis for an updated Mineral Reserve estimate which will be completed as part of the year-end technical report and mine plan update.Inferred Mineral Resources are estimated on the basis of limited geological evidence and sampling, and there is no certainty that further exploration will result in their upgrade to Indicated Mineral Resources or their conversion to Mineral Reserves. Figure 1 - Côté Gold Longitudinal Section of 2026 Resource Shell and MineralizationTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6077/299564_1dbbb0b5e40b08da_001full.jpgFigure 2 - Coté Gold Inclined View of Mineral Resources within 2026 Resource Shell and MineralizationTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6077/299564_1dbbb0b5e40b08da_003full.jpgVariance AnalysisCompared with the Mineral Resource statement effective December 31, 2025, the updated total Mineral Resource estimate for the consolidated Côté and Gosselin zones reflects an increase of approximately 148.5 Mt and 2.2 million ounces of contained gold in the M&I category, and an increase of approximately 76.5 Mt and 1.3 million ounces in the Inferred category. The increase in Measured and Indicated Mineral Resources was primarily driven by an increase in the gold price assumption for the Côté zone (from $2,100/oz to $2,500/oz) and an increase in ounces from the consolidated block model (refer to Figure 3 - Waterfall Reconciliation of Consolidated Measured and Indicated Resources). From a model consolidation perspective, the optimized resource shell allowed to add volume between the two zones in the Saddle Area, as well gain volume near the surface of Côté, with minimal losses at depth.TABLE 2: MINERAL RESOURCE ESTIMATES VARIANCE - MARCH 31, 2026 VS. DEC. 31, 2025
(100% BASIS)¹,²
December 31, 20254March 31, 20265% ?CategoryTonnesGradeOuncesTonnesGradeOuncesTonnesGradeOunces
(Mt)(g/t)(Moz)(Mt)(g/t)(Moz)(%)(%)(%)CôtéMeasured153.90.934.60164.40.894.717%-4%2%Indicated268.80.776.70353.60.718.0332%-9%20%Total M&I422.70.8311.30518.00.7712.7623%-8%13%Inferred62.80.601.21105.20.581.9668%-3%63%GosselinMeasured








Indicated266.70.806.86310.90.747.4317%-7%8%Total M&I266.70.806.86310.90.747.4317%-7%8%Inferred37.80.790.9641.40.670.8910%-15%-7%Saddle Area








Measured








Indicated


9.10.570.17


Total M&I


9.10.570.17


Inferred


30.50.640.63


Total ConsolidatedMeasured153.90.934.60164.40.894.717%-4%2%Indicated535.60.7913.56673.60.7215.6326%-8%15%Total M&I689.50.8218.16838.00.7520.3422%-8%12%Inferred100.60.672.17177.10.613.4876%-9%61%Figures may not add due to rounding.Mineral Resources are reported on a 100% basis and are inclusive of Mineral Reserves.The Dec. 31, 2025 statement reflects separate Mineral Resource estimates for the Côté and Gosselin zones as disclosed by the Company on February 17, 2026, estimated using a gold price of $2,100 per ounce for Côté and $2,500 per ounce for Gosselin, and a cut-off grade of 0.30 g/t Au.The March 31, 2026 statement reflects the consolidated Côté and Gosselin block model estimated using a gold price of $2,500 per ounce and a cut-off grade of 0.25 g/t Au. Figure 3 - Waterfall Reconciliation of Consolidated Measured and Indicated Mineral Resources To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6077/299564_1dbbb0b5e40b08da_004full.jpgPath Forward - Technical Report and Updated Mine PlanThe updated Mineral Resource estimate forms the technical foundation for the Company's ongoing work on the expansion mine plan and accompanying Technical Report for Côté Gold, which is expected to be delivered in the fourth quarter of 2026. The Technical Report will outline an updated life-of-mine plan incorporating the consolidated Côté and Gosselin pit, evaluate options for a plant expansion to leverage the larger consolidated resource base, and update Mineral Reserves accordingly. Further details on the design, scheduling, and economic parameters of the integrated operation will be disclosed at that time.The Company is planning an additional 30,000 m diamond drilling program for 2026. The next phases of diamond drilling will aim to infill and test the ability to further expand the mineralized envelope for 2027. Drilling and technical studies are continuing at Côté Gold in 2026, with the objectives of further upgrading Inferred Mineral Resources and supporting the integrated mine planning work underway.District Exploration The Côté Gold property includes a large and prospective regional land package that offers considerable exploration targets. Near-mine opportunities along the Côté-Gosselin structural corridor, including the Clam Lake and Jack Rabbit extensions, offer potential to extend mineralization to the northeast and southwest through Côté-style tonalite- and diorite-hosted breccia zones. Regionally, the 25-kilometre Swayze West land package hosts a favorable structural setting for higher-grade, potentially underground deposits and will be tested over the next two to three years, including targets at the historic Jerome deposit and the neighboring Northshore, Monella Point and other prospects. Collectively, these targets support the view that the broader Côté Gold district has the potential to host additional deposits that could, if successful, complement the existing operation.Figure 4 - Côté Gold Regional Geology and Exploration TargetsTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6077/299564_1dbbb0b5e40b08da_005full.jpgQualified Person and Technical InformationThe 2026 Mineral Resource Estimate results contained in this news release have been prepared by SLR Consulting (Canada) Ltd., in accordance with NI 43-101 - Standards of Disclosure for Mineral Projects.Denis Decharte, P.Eng., Consultant Resource Geologist, SLR Consulting (Canada) Ltd., is the independent Qualified Person (QP) for the purposes of NI 43-101 with respect to the mineralization being reported on, and has prepared, reviewed, verified and approved the scientific and technical information relating to the Mineral Resource Estimates presented herein.Christine Beausoleil, P.Geo., Senior Director, Mining Geology, IAMGOLD Corporation is the Qualified Person (QP) for the purposes of NI 43-101 with respect to the mineralization being reported on and is responsible for the review and approval of all Mineral Resource estimates for IAMGOLD.Marie-France Bugnon, P.Geo., Vice President, Exploration, IAMGOLD Corporation is the Qualified Person (QP) for the purposes of NI 43-101 with respect to exploration activities reported on, and has prepared, reviewed, verified and approved the scientific and technical information disclosed in this document.About IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada. IAMGOLD employs approximately 3,700 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).IAMGOLD Contact InformationGraeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
info@iamgold.comCAUTIONARY NOTE TO U.S. INVESTORS REGARDING DISCLOSURE OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATESThe Mineral Resource estimates contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These standards are similar to those found in subpart 1300 of Regulation S-K, used by the United States Securities and Exchange Commission (the "SEC"). However, the definitions in NI 43-101 and the CIM Standards differ in certain respects from those under subpart 1300 of Regulation S-K. Accordingly, Mineral Resources information contained in this news release may not be comparable to similar information disclosed by United States companies. As a result of the adoption of subpart 1300 of Regulation S-K (the "SEC Modernization Rules"), which more closely align its disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101 and the CIM Standards, and which became effective on February 25, 2019, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended definitions of "proven mineral reserves" and "probable mineral reserves" in its amended rules, with definitions that are substantially similar to those used in NI 43-101 and the CIM Standards. Issuers must begin to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2022, though Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS") may still use NI 43-101 rather than the SEC Modernization Rules when using the SEC's MJDS registration statement and annual report forms.United States investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under the SEC Modernization Rules, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable. Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resources will ever be upgraded to a higher category. The mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONAll information included in this news release, including any information as to the Company's vision, strategy, future financial or operating performance and other statements that express management's expectations or estimates of future performance or impact, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "would", "could", "continue", "expect", "budget", "aim", "can", "focus", "forecast", "anticipate", "estimate", "maintain", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "cover", "strategy", "during", "ongoing", "subject to", "future", "objectives", "opportunities", "committed", "prospective", "likely", "progress", "strive", "sustain", "effort", "extend", "remain", "pursue", "predict", or "project" or the negative of these words or other variations on these words or comparable terminology. For example, forward-looking statements in this news release include, without limitation, statements with respect to the updated Mineral Resource estimate for Côté Gold; the timing, scope and outcomes of the upcoming Côté Gold Technical Report and updated mine plan; the potential evaluation of a plant expansion and larger-scale mining scenario incorporating the consolidated Côté and Gosselin resource model; the planned 2026 diamond drilling program and its objectives, including infill drilling, potential expansion of the mineralized envelope and conversion of Inferred Mineral Resources; and the potential for further resource growth and mine plan optimization at Côté Gold..The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this news release, including with respect to: the Company's present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals, other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the construction of the Company's projects.Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the Company's business strategies and its ability to execute thereon; the development and execution of implementing strategies to meet the Company's sustainability vision and targets; security risks, including civil unrest, war or terrorism and disruptions to the Company's supply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company's Essakane mine; the availability of labour and qualified contractors; the availability of key inputs for the Company's operations and disruptions in global supply chains; the volatility of the Company's securities; litigation; contests over title to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; the lack of availability of insurance covering all of the risks associated with a mining company's operations; unexpected geological conditions; competition and consolidation in the mining sector; the profitability of the Company being highly dependent on the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (including, but not limited to diesel, fuel oil and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions in which the Company carries on business, including the imposition of tariffs by the United States on Canadian products; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for transactions, exploration, development or operation, operating or technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the Company's ability to execute on de-risking activities and measures to improve operations; availability of specific assets to meet contractual obligations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment (including greenhouse gas emission reduction and other energy transition requirements; the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather conditions at mine sites; disruptions from weather related events resulting in limited or no productivity such as forest fires, severe storms, flooding, drought, heavy snowfall, poor air quality, and extreme heat or cold; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour agreements and/or collective bargaining agreements may not be agreed to; the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; and the inherent risks involved in the exploration, development and mining business generally. Please see the Company's Annual Information Form available on SEDAR+ at www.sedarplus.ca or Form 40-F available on EDGAR at www.sec.gov/edgar for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements.Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299564 Original: IAMGOLD Announces Consolidated Mineral Resource Estimate for Côté Gold

Blow out earnings beat was good. Better is the ROI investors are seeing
" increase its cash and cash equivalents balance by $128.3 million, repay $100 million of the Credit Facility, and purchase $260 million of IAMGOLD shares (12.9 million shares) as part of the share buyback program. Subsequent to quarter end, the Company has purchased an additional 2.1 million shares for $40 million"

Plenty of cash to retire more shares while stock is out of favor.

IAMGOLD Reports First Quarter 2026 ResultsMay 5, 2026 5:30 PM
NewsfileAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - May 5, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the first quarter ended March 31, 2026. "IAMGOLD delivered a strong start to 2026, with attributable gold production of 183,600 ounces in the first quarter positioning the Company well to achieve its full-year guidance of 720,000 to 820,000 ounces" said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "The quarter was marked by robust financial results, including revenues of over $1 billion, adjusted EBITDA of $666 million, and mine-site free cash flow of $525 million, reflecting the significant leverage our business has to the current gold price environment. These results allowed for the Company to return $260 million to our shareholders through our share buyback program and repay $100 million in debt.""Westwood and Essakane both delivered strong performances, with quarterly production improvements year-over-year, driven by higher grades and improved operating efficiency across both sites. At Côté Gold, throughput in the quarter was limited by unplanned conveyor downtime as increased crushed ore volumes from the additional secondary cone crusher accelerated prior wear and splits on the belt. Performance improved in April following repairs as we control throughput ahead of the upcoming belt replacement in May that will allow for operations at full capacity. We remain confident in our full-year attributable production guidance for Côté of 270,000 to 310,000 ounces. Production and costs at the mine are expected to improve progressively through 2026 as throughput increases, the temporary aggregate crushing circuit is phased out, the pit pushback advances, and as we continue to optimize the operation and lengthen maintenance cycles.""Looking ahead, we have significant catalysts across all of our assets. An updated mineral resource estimate for Côté is planned for the second quarter, followed by a technical report that is on track by year-end and is expected to outline a larger-scale mine incorporating both the Côté and Gosselin zones. Technical reports are also planned for Westwood, Essakane, and our Nelligan Mining Complex - which combined are expected to illustrate meaningful potential for production growth, mine life extension and value accretion. Combined with approximately $1.1 billion in available liquidity, an increasing production profile, and our continued execution on share buybacks and debt reduction, we are well-positioned to deliver value for our shareholders in 2026 and beyond."HIGHLIGHTS:Operating and FinancialAttributable gold production was 183,600 ounces in the first quarter, positioning the Company well to achieve its 2026 production guidance of 720,000 to 820,000 ounces. Production is expected to increase through the year as Côté continues to debottleneck operations and incorporates operating improvements:Côté produced 52,300 attributable ounces (74,700 ounces | 100%); Westwood produced 36,200 ounces; and Essakane produced 95,100 attributable ounces (111,900 ounces | 100%).Revenues in the first quarter totaled $1,030.1 million from sales of 211,500 ounces at an average realized gold price1 of $4,859 per ounce.Cost of sales per ounce sold was $1,619 for the first quarter.Cash cost1 per ounce sold, excluding royalties, was $1,201 for the first quarter.Cash cost1 per ounce sold, including royalties, was $1,608 for the first quarter.AISC1 per ounce sold was $2,124 for the first quarter.Net earnings and adjusted net earnings attributable to equity holders1 was $379.7 million and $391.1 million for the first quarter, respectively.Net earnings and adjusted net earnings per share attributable to equity holders1 of $0.65 and $0.67 for the first quarter, respectively.Net cash from operating activities was $569.9 million for the first quarter. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $629.5 million for the first quarter.Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 was $657.0 million, and Adjusted EBITDA1 was $666.3 million for the first quarter.Mine-site free cash flow1 of $524.6 million for the first quarter.The Company has available liquidity1 of $1,096.9 million as at March 31, 2026, an increase of $228.3 million compared to the prior period. Cash and cash equivalents was $550.2 million and the available balance of the revolving credit facility ("Credit Facility") was $545.7 million. Net cash, excluding leases and letters of credit1, was $0.9 million, an improvement of $229.0 million during the quarter.In health and safety, for the quarter ended March 31, 2026, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.44, an improved performance from the prior year period. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents. CorporateSignificant free cash flow generated in the first quarter allowed the Company to: increase its cash and cash equivalents balance by $128.3 million, repay $100 million of the Credit Facility, and purchase $260 million of IAMGOLD shares (12.9 million shares) as part of the share buyback program. Subsequent to quarter end, the Company has purchased an additional 2.1 million shares for $40 million and has purchased 18.0 million shares for $350 million since the inception of the program in December 2025 and paid down the remaining balance of $100 million of its Credit Facility. The Company intends to continue to use cash flow from Essakane to repurchase shares under its share buyback program as the cash is generated and repatriated from Essakane over the course of 2026.$212.7 million of cash was repatriated from Essakane in the first quarter, using the structure that enables payments to be made at any time of the year based on the cash generated in excess of working capital requirements by Essakane.On March 25, 2026, Fitch affirmed the Company's B+ credit rating and revised the outlook from Stable to Positive. Subsequent to quarter end, on April 9, 2026, the Company received a corporate credit rating upgrade by Moody's Investors Service from B2 to B1 with a stable outlook.Subsequent to quarter end, on April 27, 2026, the Company released its 2025 Sustainability Report highlighting the Company's progress and achievements across a range of Environmental, Social and Governance ("ESG") practices. On May 4, 2026, the Company strengthened its executive team with the appointment of Ankit Shah as Chief Strategy Officer, bringing nearly two decades of progressive leadership in strategy and corporate development in the mining and advisory sectors.On May?5, 2026, at the Company's Annual General Meeting, shareholders voted in favour of the election of the Company's Board of Directors, including the appointment of new director Mr. Daniel?Racine. Dr. Ann Masse and Ms. Audra Walsh did not stand for reelection and concluded their service on the Board. The Company thanks both Dr. Masse and Ms. Walsh for their years of dedicated service, passion and many contributions to IAMGOLD. QUARTERLY REVIEWFor more details and the Company's overall outlook for 2026, see "Outlook", and for individual mines performance, see "Operations". The following table summarizes certain operating and financial results for the three months ended March 31, 2026 (Q1 2026) and March 31, 2025 (Q1 2025) and certain measures of the Company's financial position as at December 31, 2025.

Q1 2026

Q1 2025
Key Operating Statistics 
($ millions)





Gold production - attributable (000s oz)
183.6

161.0
- Côté Gold1
52.3

51.1
- Westwood
36.2

23.9
- Essakane2
95.1

86.0
Gold sales - attributable (000s oz)
193.7

164.7
- Côté Gold1
55.1

51.6
- Westwood
37.5

27.2
- Essakane2
101.1

85.9
Cost of sales3 ($/oz sold) $1,619
$1,465
- Côté Gold1$1,713
$1,264
- Westwood$1,296
$1,547
- Essakane2$1,688
$1,560
Cash costs4 - excluding royalties ($/oz sold) $1,201
$1,280
- Côté Gold1$1,369
$1,074
- Westwood$1,270
$1,527
- Essakane2$1,083
$1,324
Cash costs4 ($/oz sold) $1,608
$1,459
- Côté Gold1$1,704
$1,260
- Westwood$1,270
$1,527
- Essakane2$1,680
$1,557
AISC4 ($/oz sold) $2,124
$1,908
- Côté Gold1$2,109
$1,643
- Westwood$1,733
$2,124
- Essakane2$2,125
$1,846
Average realized gold price ($/oz)$4,859
$2,731
 Attributable portion for Côté Gold is based on IAMGOLD's ownership of 70%. See "Operations - Côté Gold, Canada" for more details.IAMGOLD's Essakane ownership interest decreased from 90% to 85% effective June 20, 2025. See "Operations - Essakane, Burkina Faso" for more details. The attributable portion for Essakane is presented as 90% for the first half of 2025 and 85% for the second half of 2025 throughout this news release.Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.

Q1 2026

Q1 2025
Financial Results
($ millions)





Revenues$1,030.1
$477.1
Gross profit$570.7
$141.2
EBITDA1$657.0
$195.2
Adjusted EBITDA1$666.3
$204.5
Net earnings attributable to equity holders$379.7
$39.7
Adjusted net earnings attributable to equity holders1$391.1
$55.2
Net earnings per share attributable to equity holders $0.65
$0.07
Adjusted net earnings per share attributable to equity holders1 $0.67
$0.10
Net cash from operating activities before changes in working capital1 $629.5
$104.9
Net cash from operating activities$569.9
$74.3
Mine-site free cash flow1$524.6
$139.6
Capital expenditures1 - sustaining $88.6
$61.7
Capital expenditures1 - expansion$12.8
$5.3
 

March 31

December 31


2026

2025
Financial Position
($ millions)





Cash and cash equivalents$550.2
$421.9
Long-term debt$549.2
$649.8
Net cash (debt)1$(105.2)$(344.4)Available Credit Facility$545.7
$445.7
 Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use assets and working capital impacts. OUTLOOKProduction (000 oz)

Actual Q1 2026

Full Year Guidance 2026
Côté Gold - (70%)
52.3

270 - 310
Westwood - (100%)
36.2

110 - 130
Essakane - (85%)
95.1

340 - 380
Total attributable production (000s oz)
183.6

720 - 820
 Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces. Production is expected to increase through the year as Côté continues to debottleneck operations and incorporates operating improvements. For further details, refer to the "Operations" section of each mine below. Costs

Actual Q1 2026

Full Year Guidance3 2026
Côté Gold





Cash costs - excluding royalties ($/oz sold)$1,369
$900 - $1,050
Cash costs - including royalties3 ($/oz sold)$1,704
$1,200 - $1,350
AISC - including royalties3 ($/oz sold)$2,109
$1,775 - $1,925
Westwood
 

 
Cash costs ($/oz sold)$1,270
$1,500 - $1,650
AISC ($/oz sold)$1,733
$1,950 - $2,100
Essakane
 

 
Cash costs - excluding royalties ($/oz sold)$1,083
$1,150 - $1,300
Cash costs - including royalties3 ($/oz sold)$1,680
$1,600 - $1,750
AISC - including royalties3 ($/oz sold)$2,125
$2,000 - $2,150
Consolidated
 

 
Cost of sales1 ($/oz sold)$1,619
$1,425 - $1,575
Cash costs1,2 - excluding royalties ($/oz sold)$1,201
$1,100 - $1,250
Cash costs1,2 - including royalties3 ($/oz sold) $1,608
$1,425 - $1,575
AISC1,2 - including royalties3 ($/oz sold)$2,124
$2,000 - $2,150
 Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Guidance for cash costs and AISC, including royalties, assumes a $4,000 per ounce gold price in the estimate of royalties per ounce.Cash costs on a consolidated basis, excluding royalties, are expected to be in the range of $1,100 to $1,250 per ounce sold. Cash costs, including royalties, are expected to average $1,425 to $1,575 per ounce sold. The amount of royalties included in cash cost was $407 per ounce during the quarter, $82 per ounce higher than guidance, as the average realized price of gold sold was $4,859, or $859 per ounce more than the gold price assumption used in guidance estimates. Refer to the table below for the sensitivity of royalties based on gold price. AISC, including royalties, are expected to be in the range of $2,000 and $2,150 per ounce sold. Royalty Sensitivities
$ per ounce soldGold PriceConsolidatedCôté GoldEssakane$3,500$270$245$350$4,000 (guidance price)$325$300$450$4,500$390$340$540$5,000$440$385$600 The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel. On oil price, the Company estimates that for a $10 per barrel increase, the impact on the direct cost of fuel would increase costs by approximately $12 per ounce, exclusive of broader indirect inflationary pressures on input costs and the supply chain. For further information on the expected impacts from fluctuation in guidance assumptions, refer to the Sensitivity Impact table included in the "Financial Condition" section. Capital Expenditures

Actual Q1 2026

Full Year Guidance 20261
($ millions)
Sustaining

Expansion

Total

Sustaining

Expansion

Total
Côté Gold (70%)$18.8
$9.1
$27.9
$160
$85
$245
Westwood (100%)
16.6

3.1

19.7

55

30

85
Essakane (100%)
53.2

0.6

53.8

165

5

170
Total2$88.6
$12.8
$101.4
$380
$120
$500
 Capital expenditures guidance (±5%).Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold, on an attributable basis, is expected to total $160 million ±5%, an increase from the prior year due to additional non-recurring plant and infrastructure design changes and improvements identified during the ramp-up to optimize operations and operating costs. Expansion capital expenditures are expected to total $120 million ±5% in 2026. The expansion capital at Côté Gold is to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood to support the study of options to increase mining volumes including the potential for bulk mining in the eastern parts of Westwood underground. Exploration Outlook

Actual Q1 2026

Full Year Guidance 2026
($ millions)
Capitalized

Expensed

Total

Capitalized

Expensed

Total
Exploration projects - greenfield$4.9
$6.4
$11.3
$11
$34
$45
Exploration projects - brownfield
2.3

0.5

2.8

7

2

9

$7.2
$6.9
$14.1
$18
$36
$54
 Exploration expenditures for 2026 are expected to be approximately $54 million, the majority of which will be expensed. The Nelligan Mining Complex is the primary focus for exploration in 2026, with an estimated spend of approximately $24 million (including the construction of certain infrastructure to support an expanding program), followed by Côté Gold at approximately $5 million attributed to IAMGOLD, and Essakane at approximately $6 million. Income Taxes Paid and Depreciation Outlook($ millions)Actual Q1 2026Full Year Guidance 2026Depreciation expense $115.7$480 (±5%)Income taxes paid $28.5$205 - $215 The Company expects to pay cash taxes in the range of $205 to $215 million during 2026. Cash tax payments do not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments for the current year, both required to be made at times as prescribed by different countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes ("GloBE"). Depreciation expense for 2026 is expected to be $480 million (±5%) corresponding with production levels and depletion of certain pit phases for which waste stripping costs have been capitalized.ENVIRONMENTAL, SOCIAL AND GOVERNANCEThe Company released its 2025 Sustainability Report on April 27, 2026. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative and Sustainability Accounting Standards Board.Health and SafetyThe TRIFR in the first quarter was 0.44 as of March 31, 2026, compared to 0.67 as of March 31, 2025. The Essakane mine achieved the milestone of "triple zero" in the first quarter, and Westwood achieved its first full quarter at a zero TRIFR, a goal every mine site strives to reach. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents. EnvironmentalThere were zero significant environmental incidents reported for the quarter. Social PerformanceDuring the first quarter of 2026, IAMGOLD continued its strong relationship with local communities at each of our sites, including supporting community-based and wellness-focused initiatives. Notable initiatives included the Cycling Grand Prix and the Regional Hospital Centre Gala in Burkina Faso, as well as community runs and hockey tournaments, aimed to support raising funds for health and wellness in the local communities in Canada.Indigenous RelationsAs a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada's Calls to Action, IAMGOLD is continuing to advance a company-wide initiative to articulate how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company's experiences and reflects its values. This work is intended to support the creation of a coherent vision for reconciliation and a roadmap to help guide the Company's actions as an organization, embedding reconciliation more intentionally across the organization, and defining actions to guide respectful, mutually beneficial relationships with Indigenous communities.In the first quarter 2026, IAMGOLD launched new mandatory awareness training for all its Canada-based employees titled "Indigenous Peoples of Canada: An Introduction to History and Relationship". Culture and InclusionIAMGOLD includes annual objectives to support its efforts in integrating culture and inclusion into the strategy and corporate scorecard, for the annual objectives, and tracks metrics in site and corporate reports for visibility and measurement. As of March?31,?2026, women accounted for 40% of the Company's executive leadership team.OPERATIONS Côté Gold Mine (IAMGOLD interest - 70%) | Ontario, Canada

Q1 2026

Q1 2025
Key Operating Statistics (100% basis, unless otherwise stated)





Ore mined (000s t)
3,553

3,115
Grade mined (g/t)
0.99

0.78
Operating waste mined (000s t)
4,947

5,667
Capital waste mined (000s t)
826

1,973
Total material mined (000s t)
9,326

10,755
Strip ratio1
1.6

2.5
Ore milled (000s t)
2,341

2,097
Head grade (g/t)
1.07

1.17
Recovery (%)
93

93
Gold production (000s oz) - 100%
74.7

73.0
Gold production (000s oz) - 70%
52.3

51.1
Gold sales (000s oz) - 100%
78.4

73.8
Gold sales (000s oz) - 70%
55.1

51.6
Average realized gold price2 ($/oz)$4,833
$2,925
Financial Results ($ millions - attributable interest)
 

 
Revenues3$267.1
$151.2
Cost of sales3
94.5

65.2
Production costs
77.4

56.4
(Increase)/decrease in finished goods
(1.4)
(0.8)Royalties4
18.5

9.6
Cash costs2
94.0

65.1
Sustaining capital expenditures2
18.8

18.2
Expansion capital expenditures2
9.1

3.1
Total sustaining and expansion capital expenditures2
27.9

21.3
Earnings from operations
131.0

49.7
Mine-site free cash flow2
111.9

57.6
Unit costs per tonne2
 

 
Mine costs per operating tonne mined2$5.14
$3.49
Mill costs per tonne milled2$24.62
$20.18
G&A costs per tonne milled2$9.17
$8.89
Operating costs per ounce5
 

 
Cost of sales excluding depreciation ($/oz sold)$1,713
$1,264
Cash costs2 - excluding royalties ($/oz sold)$1,369
$1,074
Cash costs2 ($/oz sold)$1,704
$1,260
AISC2 ($/oz sold)$2,109
$1,643
 Strip ratio is calculated as waste mined divided by ore mined.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures". Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Includes the 7.5% gross margin royalty and various net smelter return royalties.Cost of sales, cash costs excluding royalties cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.OperationsCôté Gold attributable gold production in the first quarter 2026 was 52,300 ounces (74,700 ounces | 100%), a 2% increase from the prior year period.Mining activity totaled 9.3 million tonnes in the first quarter 2026, lower by 1.4 million tonnes or 13% compared to the same prior year period. Ore tonnes mined were 3.6 million tonnes, or 14% higher than the prior year period, due to a lower strip ratio of 1.6:1. The average grade mined was 0.99 g/t in the first quarter 2026, an increase of 27% over the prior year period, in line with expectations. Total tonnes mined was lower in January and February as the operation completed pioneering and overburden removal activities required for the pit pushback and managed seasonal winter conditions. Mining activity increased in March following the commencement of drilling and blasting in the pushback area. As the Company expands the pit operating area, increased flexibility and operating space are expected to improve efficiencies and unit costs and reduce the impact of winter events on mining activities.Mill throughput in the first quarter 2026 totaled 2.3 million tonnes, an increase of 12% over the prior year period, however lower than planned. [Throughput was limited in the quarter by unplanned downtime resulting from a conveyor belt that had increased wear and splits on splice joints following an increase in the material load after the commissioning of the additional secondary crusher, compounded by winter conditions. Reinforcement repairs were made in early April and the belt performance has improved, though at a slightly reduced capacity with throughput averaging 32,000 tonnes per day in April. A replacement conveyor belt will be installed in May as part of the scheduled maintenance shutdown. The Company continued to supplement crushing capacity with the contracted aggregate crusher. The Company completed the commissioning of the second cone crusher at the end of last year and continues to expect to phase out the temporary aggregate crushing circuit at the end of the first half of 2026. Improvements to the crushing circuit have been realized with improved wear rates on the HPGR rollers with better sized material now feeding the HPGR. As a result, the planned replacement of the rollers was extended from February to May. A longer HPGR lifespan is expected to translate into reduced maintenance costs and improved crushing circuit availability.Head grade for the first quarter was 1.07 g/t, in line with the guidance for the year of 1.0 to 1.1 g/t. Head grades were 9% lower than the prior year, as the proportion of ore feed direct from the pit increases in contrast to the prior period which relied upon the higher grade stockpiles built during the project ramp-up. Recoveries in the plant averaged 93% in the quarter, in line with the prior year period. The reconciliation between the reserve models, grade control models, mill feed and production continues to be in line with expected tolerances.The Company plans to release an updated technical report in the fourth quarter 2026 that is expected to outline a larger scale Côté Gold Mine with a conceptual mine plan including both the Côté and Gosselin zones. The technical report is expected to envision an expansion of the processing plant from 36,000 tpd to 50,000 - 55,000 tpd, with a mine plan targeting a subset of the combined mineral inventory that currently measures 18.2 million ounces Measured and Indicated Mineral Resources and 2.2 million ounces Inferred Mineral Resources. The Company will be publishing an updated Mineral Resource estimate for Côté Gold in the second quarter 2026 to incorporate the final infill holes at the end of last year with the goal to further upgrade ounces to Measured and Indicated. Financial Performance (70% basis) - Q1 2026 Compared to Q1 2025Production costs of $77.4 million during the three months ended March 31, 2026, were $21.0 million or 37% higher than the same prior year period primarily from higher use of the contractor aggregate services, contractor costs to support the conveyor repairs described above, higher mine maintenance as the mining fleet commenced the first series of rebuilds, as well as an emergent increase in diesel prices during the end of the quarter resulting from the conflict in the Middle East. While mining and milling costs remained elevated in the first quarter 2026, the Company continues to execute its plans to reduce mining and milling costs below 2026 year end targets of $4/t and $15/t respectively and realize further reductions in 2027 onwards.Mining costs averaged $5.14 per tonne mined during the three months ended March 31, 2026. Mining costs were impacted by lower volumes mined, an increase in diesel costs, as well as the continued operation of the contractor aggregate crusher that increased rehandling and utilization of haul trucks. The impact is expected to reduce as the contractor aggregate is phased out at the end of the first half of 2026. Milling costs were $24.62 per tonne milled during the three months ended March 31, 2026. Unit costs remained higher in the first quarter due to the lower throughput volumes, compounded by increased utilization of the temporary aggregate crusher. Unit costs are expected to decline as the contractor aggregate crushing is phased out at the end of the first half of the year, as well as on increased volumes and maintenance cycle improvements.G&A costs were $9.17 per tonne milled during the three months ended March 31, 2026. Cost of sales, excluding depreciation, of $94.5 million was $29.3 million or 45% higher than the prior year period. Cost of sales per ounce sold, excluding depreciation, of $1,713 was $449 or 36% higher primarily due to higher production costs and higher royalties.Cash costs, excluding royalties, of $75.5 million were $20.0 million or 36% higher than the prior year period, and cash cost per ounce sold, excluding royalties, of $1,369, was higher by $295 or 27%, primarily due to higher production costs.Royalties during the three months ended March 31, 2026, were $18.5 million or $335 per ounce (20% of cash costs), 93% higher compared to the prior year period due to higher gold prices.Cash costs, including royalties, of $94.0 million were $28.9 million or 44% higher than the prior year period. Cash cost per ounce sold of $1,704 was higher by $444 or 35%, primarily due to higher production costs.AISC per ounce sold of $2,109 was higher by $466 or 28%, primarily due to higher cash costs per ounce sold and higher production and sales volume.Capital expenditures totaled $27.9 million ($39.8 million | 100%) in the first quarter 2026. Sustaining capital expenditures totaled $18.8 million ($26.8 million | 100%), including $8.8 million of tailings infrastructure and related earthworks, $5.0 million of capital projects related to operational improvements and ramp-up, $4.9 million of mobile equipment and critical spares, and $0.1 million of other capital projects. Expansion capital of $9.1 million ($13.0 million | 100%) included $7.8 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $1.3 million of related infrastructure improvements.Mine-site free cash flow, on an attributable basis, was $111.9 million ($159.9 million | 100%) for the three months ended March 31, 2026, on the strength of record revenues of $267.1 million with gold sales of 55,100 ounces at the realized gold price of $4,833 per ounce, resulting in operating cash flows of $144.1 million ($205.9 million | 100%) offset by capital expenditures totaling $32.2 million. 2026 Outlook Côté Gold attributable production in 2026 is expected to be in the range of 270,000 to 310,000 ounces (390,000 to 440,000 ounces | 100%). The focus in 2026 is on stabilization and optimization, improving the cost structure and preparing for the contemplated expansion of Côte. Short to medium term capital investment is planned to improve the operating efficiency and cost structure while also systematically investing in the expansion to derisk the larger build. Mining activities in 2026 are planning a total of approximately 52 million tonnes of material mined. This includes a large pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mill throughput is expected to total approximately 12 to 13 million tonnes, with the plant averaging 36,000 tpd (nameplate) over the course of the year. Plant head grades are expected to average between 1.0 g/t and 1.1 g/t. Gold production is expected to be higher in the second half of the year based on increased throughput following the first quarter and higher grades in the second half of the year. Cash costs, excluding royalties, at Côté Gold are expected to be in the range of $900 to $1,050 per ounce sold. Cash costs including royalties, at a gold price assumption of $4,000 per ounce, are estimated to be $1,200 to $1,350 per ounce sold. At a $5,000/oz gold price, cash costs including royalties would be approximately $185 per ounce sold higher. AISC, including royalties at a gold price assumption of $4,000 per ounce, is expected to be in the range of $1,775 to $1,925 per ounce sold. Côté Gold relies on diesel to operate the haul trucks, while the shovels and processing plant are connected to the grid. The cost estimates for 2026 used an oil price assumption of $65 per barrel for WTI. It is estimated that a $10 increase in the price of oil per barrel would approximately equate to a $7 per ounce increase in costs, exclusive of broader indirect inflationary pressures on input costs and the supply chain. Sustaining capital expenditures guidance for Côté Gold is approximately $160 million ±5% ($230 million | 100%) that includes $50 million ($70 million | 100%) of non-recurring capital to improve the operating efficiency and the long-term operating cost structure. Expansion capital of $85 million ±5% ($120 million | 100%) mainly relates to the planned strategic pit pushback that will provide both operational flexibility in the near term and optionality for the expansion, as well as the acceleration of certain expansion related plant construction activities, including an additional Vertimill in early 2027. ExplorationThe Gosselin zone is located immediately to the northeast of the Côté zone. Following the completion of the delineation diamond drilling program in 2025 which aimed at increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category, 2026 activities will include 10,000 metres of exploration drilling to test the north and north-east area of the Gosselin zone. Approximately 4,400 metres were drilled in the quarter.The results of the 2025 Gosselin drilling program are all received and will be included in the updated Mineral Reserves and Mineral Resources estimate in the second quarter of 2026. The estimate will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a conceptual mine plan targeting both the Côté and Gosselin zones over the life of mine. This updated technical report is expected to be completed by the end of 2026.Côté Zone Drilling An infill drilling program of 20,000 metres is planned on the Côté zone and extensions to Gosselin. Approximately 4,200 metres of surface diamond drilling (including approximately 1,200 metres of geotechnical drilling) were completed in the first quarter of 2026. The infill drilling program was planned to improve resource confidence within the northeastern extension of the Côté deposit and convert Inferred Resources into the Indicated Resources category.Westwood Complex (IAMGOLD interest - 100%) | Quebec, Canada

Q1 2026

Q1 2025
Key Operating Statistics





Underground lateral development (metres)
1,153

1,147
Ore mined (000s t) - underground
106

89
Ore mined (000s t) - open pit
60

192
Ore mined (000s t) - total
166

281
Grade mined (g/t) - underground
9.83

6.29
Grade mined (g/t) - open pit
0.83

1.31
Grade mined (g/t) - total
6.59

2.89
Ore milled (000s t)
303

282
Head grade (g/t) - underground
9.85

6.28
Head grade (g/t) - open pit
1.08

1.37
Head grade (g/t) - total
4.04

2.89
Recovery (%)
92

91
Gold production (000s oz)
36.2

23.9
Gold sales (000s oz)
37.5

27.2
Average realized gold price1 ($/oz)$4,894
$2,914
Financial Results ($ millions)
 

 
Revenues2$184.3
$79.8
Cost of sales2
48.5

42.1
Production costs
47.5

41.0
(Increase)/decrease in finished goods
1.0

1.1
Cash costs1
47.6

41.6
Sustaining capital expenditures1
16.6

15.1
Expansion capital expenditures1
3.1

-
Total sustaining and expansion capital expenditures1
19.7

15.1
Earnings from operations
117.3

21.1
Mine-site free cash flow1
110.0

16.6
Unit costs per tonne1
 

 
Underground mining cost per tonne mined $287.25
$274.75
Open pit mining cost per operating tonne mined$8.25
$7.24
Milling cost per tonne milled$27.50
$23.26
G&A cost per tonne milled$19.89
$22.70
Operating costs per ounce3
 

 
Cost of sales excluding depreciation ($/oz sold)$1,296
$1,547
Cash costs1 - excluding royalties ($/oz sold)$1,270
$1,527
Cash costs1 ($/oz sold)$1,270
$1,527
AISC1 ($/oz sold)$1,733
$2,124
 This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.OperationsWestwood gold production in the first quarter 2026 was 36,200 ounces, higher by 12,300 ounces or 51% compared with the same prior year period.Underground mining activity in the first quarter 2026 of 106,000 tonnes of ore was higher by 17,000 tonnes or 19% than the same prior year period, due to improved stope mucking procedures and hoisting performance. The grade of 9.83 g/t Au was higher than the prior period mainly due to mine sequencing. Open pit mining activity in the first quarter 2026 of 60,000 tonnes of ore was lower by 132,000 tonnes than the same prior year period, primarily due to a focus on waste stripping activities as part of the mining sequence to open up access to ore. Mill throughput in the first quarter 2026 was 303,000 tonnes, 21,000 tonnes higher than the prior year period. The average grade of 4.04 g/t, was 40% higher than the same prior year period due to higher grade and volume processed from the underground mine. The mill achieved recoveries of 92% in the first quarter 2026, 1% higher than the same prior year period. The Company plans to publish an updated technical report for Westwood in the second half of 2027 which is expected to highlight the potential for bulk mining in the eastern zone at depth in Westwood. This approach could potentially support higher overall underground throughput which conceptually would allow for increased gold production at improved mining costs. Increasing the proportion of underground ore processed through the plant would also help offset the expected decline in open-pit feed once the low-grade Grand Duc open pit is depleted.Financial Performance - Q1 2026 Compared to Q1 2025Production costs of $47.5 million were higher by $6.5 million or 16% than the same prior year period, primarily due to increased extraction activities in the underground mine. Underground mining costs per tonne mined were $287.25, higher by $12.50 per tonne or 5% than the same prior year period, resulting from an increase in the price of explosives and increased drilling activities. Milling costs of $27.50 per tonne were slightly higher due to increased rental costs for the portable crushing unit supporting the supplemental Grand Duc ore feed and increased maintenance.Cost of sales, excluding depreciation, of $48.5 million was higher by $6.4 million or 15% compared to the same prior year period due to higher production costs. Cost of sales per ounce sold, excluding depreciation, of $1,296 was lower by $251 or 16%, resulting from increased sales volume compared to the same prior year period, partially offset with higher production costs.Cash costs of $47.6 million were higher by $6.0 million or 14% compared to the prior year period due to higher production costs. Cash costs per ounce sold of $1,270 were lower by $257 per ounce or 17%, due to higher production and sales volumes, partially offset with higher production costs.AISC per ounce sold of $1,733 was lower by $391 per ounce or 18%, primarily due to lower cash costs per ounce, lower sustaining capital spend, and an increase in production and sales volumes compared to the same prior year period.Sustaining capital expenditures of $16.6 million included underground development and rehabilitation of $8.0 million mill and mobile equipment of $4.1 million, capitalized stripping at Grand Duc of $4.1 million, and other sustaining capital projects of $0.4 million. During the quarter a work program progressed on the adjacent Eastwood deposit, with $3.1 million incurred in the period, to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining and resulted increase in underground throughput.Mine-site free cash flow was $110.0 million for the three months ended March 31, 2026, based on revenues of $184.3 million with gold sales of 37,500 ounces at a realized gold price of $4,894 per ounce, generating operating cash flows of $130.2 million offset by capital expenditures totaling $20.2 million.2026 OutlookWestwood production is expected to be in the range of 110,000 to 130,000 ounces in 2026. Underground mining is planned for between 900 to 1,000 tonnes per day and the Grand Duc open pit life was extended into 2027 based on the improved economics in the current gold price environment. Mill throughput is expected to total 1.2 million tonnes in 2026 with blended head grades expected to average 3.4 to 3.5 g/t over the course of the year. Cash costs at Westwood are expected to be in the range of $1,500 to $1,650 per ounce sold and AISC in the range of $1,950 to $2,100 per ounce sold. Sustaining capital expenditures guidance is $55 million (±5%), primarily consisting of underground development in support of the mine plan, the continued renewal of the mobile fleet and fixed equipment, and certain asset integrity projects at the Westwood mill. Expansion capital of $30 million is primarily associated with development works to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining. Additional extensions to the Grand Duc pit will also be investigated this year. Essakane Mine (IAMGOLD interest - 85% for Q1 2026, 90% for Q1 2025) | Burkina Faso

Q1 2026

Q1 2025
Key Operating Statistics1





Ore mined (000s t)
2,231

2,447
Grade mined (g/t)
1.09

1.21
Operating waste mined (000s t)
1,985

5,667
Capital waste mined (000s t)
7,726

2,747
Total material mined (000s t)
11,942

10,861
Strip ratio2
4.4

3.4
Ore milled (000s t)
3,141

3,112
Head grade (g/t)
1.24

1.08
Recovery (%)
89

88
Gold production (000s oz) - 100%
111.9

94.6
Gold production (000s oz) - attributable
95.1

86.0
Gold sales (000s oz) - 100%
118.9

95.4
Average realized gold price3 ($/oz)$4,859
$2,898
Financial Results ($ millions)1
 

 
Revenues4$578.6
$276.9
Cost of sales4
200.7

148.9
Production costs
126.1

124.9
(Increase)/decrease in finished goods
3.7

1.8
Royalties5
70.9

22.2
Cash costs3
199.8

148.6
Sustaining capital expenditures3
53.2

27.9
Expansion capital expenditures3
0.6

2.2
Total sustaining and expansion capital expenditures3
53.8

30.1
Earnings from operations
318.6

94.8
Mine-site free cash flow3
302.7

65.4
Unit costs per tonne3
 

 
Open pit mining cost per operating tonne mined$4.71
$5.57
Milling cost per tonne milled$20.46
$17.56
G&A cost per tonne milled$10.39
$9.39
Operating costs per ounce6
 

 
Cost of sales excluding depreciation ($/oz sold)$1,688
$1,560
Cash costs3 - excluding royalties ($/oz sold)$1,083
$1,324
Cash costs3 ($/oz sold)$1,680
$1,557
AISC3 ($/oz sold)$2,125
$1,846
 100% basis, unless otherwise stated.Strip ratio is calculated as waste mined divided by ore mined.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Includes contributions made by the Essakane mine to the development fund for local communities, equating to 1% of total revenues.Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.OperationsEssakane attributable gold production in the first quarter 2026 was 95,100 ounces (111,900 ounces | 100%), an increase of 9,100 ounces of 11% from the prior year period due to increased head grade through the mill. Mining in the first quarter 2026 totaled 11.9 million tonnes, higher by 1.1 million tonnes or 10% compared to the same prior year period. Ore mined totaled 2.2 million tonnes in the quarter at an average grade of 1.09 g/t, a decrease of 9% and 10%, respectively over the same year prior period. The Company is seeing positive reconciliation from the lower benches of Phase 7, in line with results from the lower section of prior phases where positive reconciliation offset negative reconciliation from the upper benches. Capital waste mined increased from the prior period as mining progressed to open up the Lao pit as per the mine plan. Mill throughput in the first quarter 2026 was 3.1 million tonnes at an average head grade of 1.24 g/t, 1% higher and 15% higher than the same prior year period, respectively. The mill achieved recoveries of 89% in the first quarter 2026, 1% higher than the same prior year period.The Company plans to issue an updated technical report in the first half of 2027. The report is expected to illustrate the potential extension of Essakane's mine life up to 2033 with additional phases in the Essakane pit and adjacent open pits. The security situation in Burkina Faso continues to be a focus for the Company. Security-related incidents are still occurring in the country, and more broadly, the West African region, which has put pressure on supply chains. The Company continues to take proactive measures to ensure the safety and security of in-country personnel and is constantly adjusting its protocols and activity levels at the site in response to the security environment. The Company continues to invest in the security and supply chain infrastructure in the region and at the mine site. It is also incurring additional costs to bring employees, contractors, supplies, and inventory to the mine. The situation has placed the Government of Burkina Faso under significant financial constraint due to the high cost of funding its initiatives to defend itself against militant attacks. See "Risks and Uncertainties".In June 2025, Essakane declared a record dividend of approximately $855 million representing the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $680 million at a foreign exchange rate of EUR/USD 1.15. Since the declaration date and up to March 31, 2026, $508.0 million of IAMGOLD's portion has been successfully repatriated, including interest payments of $12.5 million. Essakane is expected to declare a dividend, representing the full distribution of its 2025 earnings, of approximately $500 million in June 2026, with the Company's portion, net of withholding taxes, expected to be approximately $400 million. See "Financial Condition - Dividend Payments from Essakane".On April 7, 2025, the Government of Burkina Faso enacted an update to the royalty decree increasing the minimum royalty rate applicable to gold prices above $3,000/oz to 8%, with the rate increasing by an additional 1% for each $500/oz thereafter. The previous rate was 7% on all gold sold at or above $2,000/oz. The average royalty rate was 10% in the first quarter 2026 compared to 7% in the same prior year period, in addition to the contributions to the development fund for local communities equating to 1% of total revenues.Financial Performance - Q1 2026 Compared to Q1 2025Production costs of $126.1 million were higher by $1.2 million or 1%, in line with prior year levels. Mining costs were lower due to free digging of the initial saprolite benches of the Lao pit resulting in reduced explosives consumption, offset by higher energy and consumable costs and the replacement of liners during the quarter. Costs were also impacted by USD equivalent labour, contractor and facility costs, which have increased compared to the same prior year period due to the appreciation of the local XOF currency, which is pegged to the Euro. Cost of sales, excluding depreciation, of $200.7 million was higher by $51.8 million or 35%, primarily due to a 220% increase in royalties resulting from higher gold prices under the new royalty decree and slightly higher production costs. Cost of sales per ounce sold, excluding depreciation, of $1,688 was higher by $128 per ounce or 8% due to higher royalties offset by higher production and sales volumes. Royalties during the three months ended March 31, 2026, were $70.9 million or $597 per ounce (35% of cash costs), an increase of $364 per ounce compared to the prior year period.Cash costs, excluding royalties, of $128.9 million were higher by $2.5 million or 2%, primarily due to higher production costs. Cash costs per ounce sold, excluding royalties, of $1,083 per ounce were lower by $241 per ounce or 18%, primarily due to higher production and sales volumes.Cash costs, including royalties, of $199.8 million were higher by $51.2 million or 34% mainly due to higher royalties, and total cash costs per ounce sold of $1,680 per ounce were higher by $123 or 8%.AISC per ounce sold of $2,125 was higher by $279 per ounce or 15% due to higher royalties compared to the prior period, combined with higher sustaining capital expenditures, partially offset by higher production and sales volumes.Total capitalized stripping of $36.3 million was higher by $21.9 million or 152%, due to the initial pushbacks of a pit expansion in the adjacent Lao pit, resulting in higher overall waste tonnes mined in the period decreasing the proportion of waste tonnes classified as operating waste consistent with the 2026 mine plan. Sustaining capital expenditures, excluding capitalized stripping, of $16.9 million included mobile and mill equipment of $5.6 million, capital spares of $3.5 million, tailings management of $2.5 million, resource development of $1.9 million, generator overhaul $1.2 million and other sustaining projects of $2.2 million. Mine-site free cash flow, on a 100% basis, was $302.7 million for the three months ended March 31, 2026, with revenues of $578.6 million resulting from gold sales of 118,900 ounces at a realized gold price of $4,859 per ounce, producing operating cash flows of $355.0 million offset by capital expenditures totaling $52.3 million. 2026 OutlookEssakane attributable production is expected to be in the range of 340,000 to 380,000 ounces (400,000 to 440,000 ounces | 100%). Mining activities will predominantly target Phase 7 of the Essakane Main Zone and the adjacent Lao pit, with an estimated target of 42 to 43 million tonnes of material mined at a strip ratio between 2.5 to 3:1. Mill throughput is expected to total near 13 million tonnes with head grades averaging 1.10 g/t Au. Cash costs, excluding royalties, are expected to be in the range of $1,150 to $1,300 per ounce sold. Costs at Essakane are impacted by the Burkinabe royalty structure described above which are uncapped and tied to gold prices. Cash costs including royalties, at a gold price assumption of $4,000 per ounce, are estimated to be $1,600 to $1,750. At a $5,000 per ounce gold price, cash costs including royalties would be approximately $150 per ounce sold higher. AISC, including royalties at a gold price assumption of $4,000 per ounce, is expected to be in the range of $2,000 to $2,150 per ounce sold. Essakane mainly relies on diesel and heavy fuel oil to power the processing plant and operate the mining fleet. The cost estimates for 2026 used an oil price assumption of $65 per barrel for Brent. Based on the usage between milling and mining, it is estimated that a $10 increase in the price of oil per barrel would approximately equate to a $20 per ounce increase in cash costs and all-in sustaining cost, respectively, exclusive of broader indirect inflationary pressures on input costs and the supply chain. Fuel supply has not been impacted by the conflict in the Middle East up to date, though risks to price and supply have increased. The Company is actively monitoring the situation and implementing measures that are within its control.Sustaining capital expenditures guidance is approximately $165 million (±5%), including approximately $90 million of capitalized waste stripping to progress Phase 6 and into the Lao pit, as well as the ongoing replacement of certain equipment to improve efficiency and maintenance costs at Essakane, and the annual tailings dam program. The capitalized waste stripping is higher than estimated in the December 2023 technical report due to inclusion of the Lao pit and extension of estimated mine life into 2029. Continued security incidents or related concerns could have a material adverse impact on future operating performance. The Company continues to actively work with authorities and suppliers to mitigate potential impacts and manage supply continuity, while also investing in additional infrastructure and supply inventory levels designed to secure operational continuity. See "Risks and Uncertainties."PROJECTSNelligan Mining Complex | Chibougamau District, Quebec, CanadaOn December 19, 2025, and December 22, 2025, the Company acquired all of the issued and outstanding shares of each of Northern Superior and Orbec, respectively, by way of court-approved plan of arrangement for consideration of approximately $329.0 million and $14.2 million, respectively, in shares of the Company and cash. The Northern Superior acquisition consolidated the Philibert, Chevrier, Lac Surprise, and Croteau projects with Orbec's early-stage Muus project, creating a combined project portfolio alongside IAMGOLD's Nelligan, Monster Lake and Anik projects.The combined assets, together the "Nelligan Mining Complex", consolidates the Chibougamau region with a dominant land position of approximately 134,000 hectares. The Nelligan Mining Complex is now positioned as one of the largest pre-production gold camps in Canada. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.On February 17, 2026, the Company announced its updated Mineral Resources for the Nelligan Mining Complex. On a consolidated basis, the Nelligan Mining Complex reported a significant increase in Indicated and Inferred Mineral Resources. Indicated Resources increased 1.1 million ounces to a total of 4.3 million ounces at an average grade of 0.99 g/t Au. Inferred ounces increased 1.9 million ounces to a total of 7.5 million ounces at an average grade of 1.08 g/t Au. At the time of the Northern Superior acquisition, disclosed estimates were 3.75 Moz Au Measured and Indicated Mineral Resources and 8.65 Moz Au Inferred Mineral Resources, which included Croteau. The Company opted to exclude the mineral resources previously associated with the Croteau property in its year-end update, resulting in the reported totals above. The Company plans to issue an inaugural technical report for the Nelligan Mining Complex during the first half of 2027. IAMGOLD has budgeted approximately $24 million for exploration activities within the Nelligan Mining Complex for 2026. The goal of the program will be to conduct thorough testing of Philibert, expand Nelligan and continue to test Monster Lake at depth, all in support of a conceptual preliminary economic assessment in 2027. The Company is planning to test high priority targets within the region. In January 2026, the Company exercised the option to acquire the remaining 25% interest in the Philibert property held by SOQUEM for the payment totaling C$3.5 million, completing the consolidation of 100% of the Philibert property. NelliganThe Company holds a 100% interest in Nelligan located approximately 45 kilometres south of the Chapais Chibougamau area in Québec.On February 17, 2026, the Company announced its updated Mineral Resources for Nelligan of 3.7 million Indicated gold ounces in 122.0 million tonnes ("Mt") at 0.95 grams per tonne gold ("g/t Au"), and 4.6 million Inferred ounces (151.0 Mt at 0.96 g/t Au). This represents an 18% increase in Indicated ounces, or 575,000 ounces at the same grade; as well as it represents a 10% decrease in Inferred ounces, or 514,000 ounces, at the same grade. This result is due in part to the infill program conducted last year to increase the confidence in ounces from Inferred Mineral Resources. Mineralization remains open along strike and at depth as demonstrated by encouraging results obtained from the depth exploration program conducted in 2025 (see news release dated September 15, 2025).A diamond drilling program of 18,000 metres of expansion and delineation drilling is planned for 2026, of which approximately 9,400 metres were completed in the first quarter.Monster Lake The Company holds a 100% interest in the Monster Lake Gold Project, which is located approximately 15 kilometres north of Nelligan in the Chapais Chibougamau area in Québec. On February 17, 2026, the Company announced its updated Mineral Resources for Monster Lake of 243,000 tonnes of Indicated Mineral Resources averaging 13.0 g/t Au for 102,000 ounces of gold, and 1,046,000 tonnes of Inferred Mineral Resources averaging 14.8 g/t Au for 499,000 ounces of gold. A slight increase in Indicated ounces and Inferred ounces is noted.A diamond drilling program of 15,000 metres is planned in 2026 to increase confidence in the existing resource and test at depth the Megane zone following positive results obtained from the 2025 drilling. The depth extension requires further drilling to add to the current resource (see news release dated September 15, 2025). Approximately 7,300 metres were completed in the first quarter of 2026.PhilibertFollowing the acquisition of the remaining 25% interest in the Philibert property held by SOQUEM during the quarter, the Company holds a 100% interest in the Philibert Project which is located approximately 10 kilometres north-east of Nelligan in the Chapais Chibougamau area in Québec. A diamond drilling program of a minimum of 20,000 metres is planned and may be increased to 30,000 metres depending on ground conditions during the summer season. The drilling program aims primarily to convert a significant portion of the Inferred Resource to the Indicated Resource category, where possible exploration drilling could test other prospective targets on the project area. Approximately 14,000 metres were completed in the first quarter of 2026.Anik The Anik Gold Project is owned at 75% by IAMGOLD after the Company elected to exercise its first option to acquire an undivided interest of 75% in the project in May 2025 pursuant to an option agreement signed on May 20, 2020, with Auriginal Mining, successor to Kintavar Exploration Inc. The project is contiguous with the Nelligan Gold project to the north and east. The Company holds an option to earn up to 80% interest in the project by meeting certain commitments.A 1,600 metres diamond drilling program was planned in 2026 for testing different targets in the eastern continuation of the Nelligan Deformation Zone. The program was completed in the first quarter of 2026 and results are pending (see Auriginal Mining news release dated January 26, 2026).FINANCIAL REVIEW
Liquidity and Capital ResourcesThe Company's capital allocation strategy is to maximize value through the allocation of internally generated cashflows to fund growth opportunities, return capital to its shareholders, and strengthen its balance sheet.As at March 31, 2026, the Company had $550.2 million in cash and cash equivalents and net debt of $105.2 million. The Company has $100.0 million drawn on the Credit Facility and approximately $545.7 million remains available, resulting in liquidity at March 31, 2026, of approximately $1,096.9 million. Within cash and cash equivalents, $74.0 million (70% basis) was held by the Côté Gold UJV. The Côté Gold UJV requires its joint venture partners to fund, in advance, two months of future expenditures and cash calls are made at the beginning of each month, resulting in the month end cash balance approximating the following month's expenditure.$281.9 million was held by Essakane. The cash balance at Essakane increased during the quarter and will be used to fund tax payments in April and the Government of Burkina Faso's portion of the 2026 dividend payment in June. The Company uses dividends and a shareholder account structure to repatriate funds in excess of working capital requirements from Essakane (see "Dividend Payments from Essakane" below).Restricted cash totaled $69.6 million and relates to deposits required for environmental closure costs obligations related to Essakane and the Westwood division.The Company's liquidity position and capital allocation decisions will be substantially determined by the performance of the Company's operations, the price of gold, inflation expectations, currency exchange rates and the Company's ability to successfully repatriate dividends from Burkina Faso. The Company's liquidity position, comprised of cash and cash equivalents, short-term investments, and availability under the Credit Facility, together with expected cash flows from operations, is expected to be sufficient to support the Company's normal operating requirements, capital commitments, and service the debt obligations as they become due. The Company's ability to draw down on the Credit Facility is dependent on its ability to meet net debt to EBITDA and interest ratio covenants. Readers are encouraged to read the "Caution Regarding Forward Looking Statements" and the "Risk Factors" sections contained in the Company's 2025 Annual Information Form, which is available on SEDAR at www.sedarplus.ca and the "Caution Regarding Forward Looking Statements" and "Risk and Uncertainties" section of this news release. Dividend Payments from Essakane Excess cash at Essakane is repatriated through dividend and shareholder account payments, of which the Company will receive its share based on its ownership, net of withholding taxes. The shareholder account structure functions like an inter-company loan and allows for the Company's portion of the dividend to be repaid using cash in excess of working capital requirements and aligns the interests of both IAMGOLD and the Government of Burkina Faso, including a preference for increased and/or more regular cash flow movements from Essakane. Essakane declared a record dividend of approximately $855 million in June 2025. This dividend represented the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD's 85% portion of the dividend, net of taxes, was approximately $680.7 million at an EUR/USD exchange rate of 1.15. IAMGOLD has received $508.0 million of dividend payments, net of withholding taxes, shareholder account payments and interest up to March 31, 2026, and the remaining balance of $194.5 million at March 31, 2026, is expected to be fully paid over the next 3 to 6 months. During the first quarter 2026, IAMGOLD received $4.3 million of interest related to the outstanding shareholder account; since the conversion to the shareholder account total interest received has been $12.5 million. Subsequent to quarter end, additional payments of $41.2 million of shareholder account payments were received.($ millions)
Dividend

Shareholder account
2025 dividend declared$855.0

 
Government of Burkina Faso 15% share paid in June 2025
(128.3)
 
Withholding tax paid in July 2025
(46.0)
 
IAMGOLD's portion of 2025 dividend declared
680.7

 
Dividend paid to IAMGOLD
(98.0)
 
Balance converted to Shareholder account$(582.7)$582.7
2025 payments received
 

(184.8)Q1 2026 payments received, excluding interest
 

(212.7)Foreign exchange
 

9.3
Balance at March 31, 2026
 
$194.5
 The dividend and shareholder loan are denominated in XOF which is pegged to the Euro. The timing of the repayment of the shareholder account is dependent upon the gold price, financial performance of Essakane, currency exchange rates and potential receipt of any value added tax ("VAT") balances owed to Essakane. See "Risks and Uncertainties".Essakane is planning to declare its 2026 dividend of approximately $500 million in June 2026. This dividend represents the full distribution of its 2025 earnings. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $400 million. IAMGOLD's portion will be converted into a shareholder account that will be paid using cash generated in excess of working capital requirements. Share Buyback Program During the first quarter 2026, the Company repurchased and cancelled approximately 12.9 million shares for approximately $260.0 million at an average price of $20.18 per share through its share buyback program under a normal course issuer bid ("NCIB") that was approved by the Company's Board of Directors and the TSX. Total repurchases since inception in December 2025 up to March 31, 2026, are approximately 15.85 million shares for approximately $310.0 million at an average price of $19.56 per share. Subsequent to quarter end, the Company has purchased an additional 2.1 million shares for $40 million.The NCIB allows for the purchase of up to 57,000,000 of its common shares over a twelve-month period, representing approximately 9.92% of IAMGOLD's public float as at November 30, 2025, through the facilities of the TSX, the NYSE, or any other eligible Canadian alternative trading system on which the common shares are listed. All common shares purchased under the NCIB will be either cancelled or placed under trust to satisfy future obligations under the Company's share incentive plan. This initiative reflects management's confidence in the Company's long-term value and its commitment to disciplined capital allocation. The program is expected to continue to be funded from operating cash flows.The Company has established an automatic share purchase plan in connection with its NCIB to facilitate the purchase of common shares during times when IAMGOLD would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, IAMGOLD may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by IAMGOLD in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules. The actual number of common shares that may be purchased, if any, and the timing of such purchases, will be determined by the Company based on a number of factors, including the Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.Long-Term DebtThe following table summarizes the carrying value of the Company's long-term debt:

March 31

December 31
($ millions)1
2026

2025
Credit Facility$100.0
$200.0
5.75% senior notes ($450 million principal outstanding)
448.9

448.8
Equipment loans
0.3

1.0

$549.2
$649.8
 Long-term debt does not include leases in place of $101.8 million as at March 31, 2026 (December 31, 2025 - $112.0 million).Credit FacilityThe Company has a $650 million secured revolving Credit Facility, which was entered into in December 2017 and subsequently increased and extended by four years now maturing on December 20, 2028, in support of the Company's requirements for a senior revolving facility for its overall business. As at March 31, 2026, the Credit Facility was drawn in the amount of $100.0 million and the Company issued letters of credit under the Credit Facility in the amount of $3.9 million as a supplier payment guarantee and $0.4 million as guarantees for certain environmental indemnities to government agencies, with $545.7 million remaining available under the Credit Facility.The Credit Facility provides for an interest rate margin above the secured overnight financing rate (SOFR), banker's acceptance prime rate and base rate advances which vary, together with fees related thereto, according to the total net debt to 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, Interest Coverage and a minimum liquidity requirement of $150 million. The Company was in compliance with its Credit Facility covenants as at March 31, 2026. 5.75% Senior notesIn September 2020, the Company completed the issuance of $450 million of senior notes at face value with an interest rate of 5.75% per annum (the "Notes"). The Notes are denominated in U.S. dollars and mature on October 15, 2028. The redemption price for the Notes during the 12-month period beginning October 15, 2025, is 101.438% and October 15, 2026, and thereafter is 100%. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year, beginning on April 15, 2021, in the amount of approximately $12.9 million for each payment. The Notes are guaranteed by certain of the Company's subsidiaries.Term LoanIn May 2023, the Company entered into a $400 million Term Loan. The Term Loan had a 3% original issue discount, bearing interest at a floating interest rate of either one month or three-month SOFR + 8.25% per annum. The Company repaid the full facility in 2025. With the repayment completed, the Term Loan has been fully extinguished and is no longer in effect, including all associated covenants and obligations. LeasesAt March 31, 2026, the Company had lease obligations of $101.8 million at a weighted average borrowing rate of 7.25%.On April 29, 2022, the Company, on behalf of the Côté Gold UJV, entered into a master lease agreement with Caterpillar Financial Services Limited for $125 million, which was subsequently amended to increase the facility to $175 million for the leasing of certain mobile equipment at Côté Gold. The final pieces of equipment were delivered during the first quarter 2025. Subsequent to the quarter-end, on April 10, 2026, the lease agreement was converted to an uncommitted facility. The Company expects to add additional equipment to the facility in 2026 and 2027.Equipment loanAt March 31, 2026, the Company had an equipment loan with a carrying value of $0.3 million secured by certain mobile equipment, with an interest rate of 5.3% which matures in 2026. The equipment loan is carried at amortized cost on the consolidated balance sheet. Gold prepay arrangements In December 2023 and April 2024, the Company entered into gold sale prepay arrangements and amendments to certain pre-existing prepay arrangements. In H1 2025, the Company delivered 75,000 ounces in equal monthly instalments thereby extinguishing the delivery obligations gold into the prepay arrangements. In the settlement of these obligations, the Company received proceeds totaling $59.9 million in Q1 2025 and $59.4 million in Q2 2025, respectively. Surety bonds and performance bonds As at March 31, 2026, the Company had (i) C$274.7 million ($196.9 million) of surety bonds, issued pursuant to arrangements with insurance companies, in support of environmental closure costs obligations related to the Westwood division and Côté Gold and (ii) C$32.1 million ($23.0 million) of performance bonds in support of certain obligations primarily related to the construction of fish habitat at Côté Gold. As at March 31, 2026, there is no collateral required to be in place for surety and performance bonds, and the balance of $219.9 million remains uncollateralized.During the third quarter 2025, the Company increased the bonds required by C$16.9 million ($12.2 million) and will be required to increase bonds required further by C$19.0 million ($13.6 million) cumulatively during the second and third quarter of 2026.Income StatementRevenues - Revenues were $1,030.1 million in the first quarter 2026 from sale of 211,500 ounces at an average realized gold price of $4,859 per ounce, higher by $553.0 million or 116% than the prior year period, due primarily to the $2,128 per ounce increase in the realized gold price and higher gold sales volume.Cost of sales - Cost of sales excluding depreciation was $343.7 million in the first quarter 2026, higher by $87.5 million or 34% than the prior year period, primarily due to higher royalties at Côté and Essakane due to the higher gold price, and increased production and production cost compared to the prior year period.Depreciation expense - Depreciation expense was $115.7 million in the first quarter 2026, higher by $36.0 million or 45% than the prior year period primarily due to the higher sales volume compared to the prior year period.Exploration expense - Exploration expense was $7.8 million in the first quarter 2026, higher by $1.2 million or 18% than the prior year period due to increased exploration expenditures at the Nelligan Mining Complex and Côté Gold.General and administrative expense - General and administrative expense was $15.4 million in the first quarter 2026, lower by $1.0 million or 6% than the prior year period, primarily due to $2.3 million in lower salaries and labour costs due to reductions in headcount at the corporate office in 2025, partially offset by $1.0 million in technology implementation costs and $0.2 million higher legal and other administrative costs.Income tax expense - Income tax expense was $116.4 million in the first quarter 2026, higher by $77.2 million or 197% than the prior year period. It is comprised of a current income tax expense of $74.5 million and a deferred income tax expense of $41.9 million, higher than the prior year period for current income tax expense by $48.5 million or 187% and higher for deferred income tax expense by $28.7 million or 217%, respectively. The current income tax expense in the first quarter of 2026 was higher primarily due to higher income in Essakane. The deferred income tax expense in the first quarter of 2026 was higher primarily due to withholding tax on expected intercompany dividends and higher Canadian provincial mining taxes. Operating ActivitiesIn the first quarter 2026, operating activities generated cash flow of $569.9 million, higher by $495.6 million compared to the same prior year period. Cash flow from operations increased significantly due to higher operating revenues driven by an increased realized gold price as compared to the prior year period. Cash flow provided by operations before working capital and taxes paid was $629.5 million in the first quarter, compared to $104.9 million in the prior year period.Investing Activities Net cash used in investing activities for the first quarter 2026 was $81.0 million, a decrease of $5.6 million from the same prior year period. Capital expenditures of $101.6 million increased by $36.9 million compared to the prior year period, with proceeds from other investing activities increasing by $42.5 million.Financing Activities Net cash used in financing activities for the first quarter 2026 was $356.5 million, an increase of $331.4 million from the same prior year period as part of the Company's capital allocation strategy which included a $100.0 million repayment of the credit facility and share repurchase of $260.0 million.CONFERENCE CALLA conference call will be held on Wednesday, May 6, 2026, at 8:30 a.m. (Eastern Time) hosted by IAMGOLD senior management for a discussion on the Company's first quarter 2026 operating and financial results. Listeners may access the conference call via webcast from the events section of the Company's website at www.iamgold.com (webcast link below), or through the following dial-in numbers:Pre-register via: Chorus Call IAMGOLD Q1 2026 Registration (recommended). Upon registering, you will receive a calendar booking by email with dial-in details and unique PIN. This process will bypass the operator and avoid the queue.Toll free (North America): 1 (844) 752-3518International: +1 (647) 846-8209Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=l2jB5vCu An online archive of the webcast will be available by accessing the Company's website at www.iamgold.com. A telephone replay will be available for one month following the call by dialing toll free 1 (855) 669-9658 within North America or +1 (412) 317-0088 from international locations and entering the passcode: 2979130.For more information, refer to the Management Discussion and Analysis ("MD&A") and the unaudited consolidated Financial Statements for the three months ended March 31, 2026, that are available on the Company's website at www.iamgold.com and on SEDAR at www.sedarplus.ca. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information. ABOUT IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine ("Côté" or "Côté Gold") is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada. IAMGOLD employs approximately 3,800 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance ("ESG") practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).IAMGOLD Contact InformationGraeme Jennings, Vice President, Business Development & Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
info@iamgold.comEnd Notes (excluding tables) This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below. Further information on these non-GAAP financial measures is included on pages 28 to 35 of the Company's Q1 2026 MD&A filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.NON-GAAP FINANCIAL MEASURESThe Company has included certain non-GAAP financial measures to supplement its consolidated interim financial statements, which are presented in accordance with IFRS, including the following:Average realized gold price per ounce soldUnderground mining cost per ore tonne mined, open pit net mining cost per operating tonne mined, milling cost per tonne milled, and G&A cost per tonne milledCash costs excluding royalties, cash costs, cash costs per ounce sold, all in sustaining cost and all in sustaining cost per ounce soldNet earnings (loss) attributable to shareholders and adjusted net earnings (loss) attributable to shareholdersNet cash from operating activities, before movements in working capital and non-current ore stockpilesEarnings before interest, income taxes, depreciation and amortization ("EBITDA")Mine-site free cash flow Sustaining and expansion capital expendituresThe Company believes that, in addition to conventional financial measures prepared in accordance with IFRS, these non-GAAP financial measures will provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS, may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Average Realized Gold Price per Ounce SoldAverage realized gold price per ounce sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-product credits, which, in the Company's case, are not significant, and to provide investors a clearer view of the Company's financial performance based on the average realized proceeds from gold sales in the reporting period. ($ millions, except where noted)
Q1 2026

Q1 2025
Revenues$1,030.1
$477.1
By-product credits and other revenues
(2.4)
(1.1)Gold revenues$1,027.7
$476.0
Sales (000s oz)
211.5

174.2
Average realized gold price per ounce1,2,3 ($/oz)$4,859
$2,731
 Average realized gold price per ounce sold may not be calculated based on amounts presented in this table due to rounding.Average realized gold price per ounce sold is calculated based on sales from the Company's Côté Gold mine at 70% and Westwood and Essakane mines at 100%.Average realized gold price per ounce sold for the first quarter 2025 includes 37,500 ounces at $1,887 per ounce as delivered into the Q1 2024 Prepay Arrangements. No deliveries were required in the first quarter 2026 as the delivery obligations were fulfilled in H1 2025.Underground Mining Cost per Ore Tonne Mined, Open Pit Net Mining Cost per Operating Tonne Mined, Milling Cost per Tonne Milled, and G&A Cost per Tonne Milled Underground mining cost per ore tonne mined and open pit net mining cost per operating tonne mined are defined as: Mining costs (as included in production costs), that exclude capitalized waste stripping for open pit mines, less changes in stockpile balances and non-production costs as these costs are not directly related to tonnes mined, divided by the sum of the tonnage of ore and operating waste mined.Milling cost per tonne milled and general and administrative cost per tonne milled are defined as: Mill and general and administrative costs (as included in production costs), excluding selling costs and non-production costs as these costs are not directly related to tonnes milled, divided bythe tonnage of ore milled.IAMGOLD believes these non-GAAP financial performance measures provide further transparency and assist analysts, investors and other stakeholders of the Company in assessing the performance of mining operations by eliminating the impact of varying production levels. Management is aware, and investors should note, that these per tonne measures of performance can be affected by fluctuations in mining and/or processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Côté Gold (100% basis)($ millions, except where noted)
Q1 2026

Q1 2025
Production cost$111.1
$80.7
Adjust for:
 

 
Increase/decrease in stockpiles
11.7

11.0
Adj. operating cost$122.8
$91.7
Included in adjusted operating cost:
 

 
Open pit net mining cost [A]
43.7

30.7
Milling cost [B], net of capitalized operating cost
57.6

42.3
G&A cost [C]
21.5

18.7
Open pit ore tonnes mined (000s t)
3,553

3,115
Open pit operating waste tonnes mined (000s t)
4,947

5,667
Open pit ore and operating waste tonnes mined (000s t) [D]
8,500

8,782
Ore milled (000s t) [E]
2,341

2,097
Open pit net mining cost per operating tonne mined ($/tonne) [A/D]$5.14
$3.49
Milling cost per tonne milled ($/tonne) [B/E]$24.62
$20.18
G&A cost per tonne milled ($/tonne) [C/E]$9.17
$8.89
 $/tonne may not re-calculate based on amounts presented in this table due to rounding. Westwood($ millions, except where noted)
Q1 2026

Q1 2025
Production cost$47.5
$41.0
Adjust for:
 

 
Increase/decrease in stockpiles
(0.1)
1.2
Adj. operating cost$47.4
$42.2
Consisting of:
 

 
Underground mining cost [A]
30.5

24.4
Open pit net mining cost [B]
2.6

4.9
Milling cost [C]
8.3

6.6
G&A cost [D]
6.0

6.3
Underground ore tonnes mined (000s t) [E]
106

89
Open pit ore tonnes mined (000s t)
60

192
Open pit waste tonnes mined (000s t)
254

481
Open pit ore and operating waste tonnes mined (000s t) [F]
314

673
Ore milled (000s t) [G]
303

282
Underground mining cost per ore tonne mined ($/tonne) [A/E]$287.25
$274.75
Open pit net mining cost per operating tonne mined ($/tonne) [B/F]$8.25
$7.24
Milling cost per tonne milled ($/tonne) [C/G]$27.50
$23.26
G&A cost per tonne milled ($/tonne) [D/G]$19.89
$22.70
 $/tonne may not re-calculate based on amounts presented in this table due to rounding. Essakane($ millions, except where noted)
Q1 2026

Q1 2025
Production cost$126.1
$124.9
Adjust for:
 

 
Increase/decrease in stockpiles
(9.3)
4.1
Adj. operating cost$116.8
$129.0
Consisting of:
 

 
Open pit net mining cost [A]
19.9

45.2
Milling cost [B]
64.3

54.6
G&A cost [C]
32.6

29.2
Open pit ore tonnes mined (000s t)
2,231

2,447
Open pit operating waste tonnes mined (000s t)
1,985

5,667
Open pit ore and operating waste tonnes mined (000s t) [D]
4,216

8,114
Ore milled (000s t) [E]
3,141

3,112
Open pit net mining cost per operating tonne mined ($/tonne) [A/D]$4.71
$5.57
Milling cost per tonne milled ($/tonne) [B/E]$20.46
$17.56
G&A cost per tonne milled ($/tonne) [C/E]$10.39
$9.39
 $/tonne may not re-calculate based on amounts presented in this table due to rounding. Cash Costs Excluding Royalties, Cash Costs, Cash Costs per Ounce Sold, AISC and AISC per Ounce SoldThe Company reports cash costs excluding royalties, cash costs excluding royalties per ounce sold, cash costs, cash costs per ounce sold, AISC and AISC per ounce sold in order to provide investors with information about key measures used by management to monitor performance of mine sites in commercial production and its ability to generate positive cash flow.Cash costs include mine-site operating costs such as mining, processing, administration, royalties, production taxes and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and amortization, by-product credits and corporate general and administrative costs. These costs are then divided by the Company's attributable gold ounces sold by mine sites in commercial production in the period to arrive at the cash costs excluding royalties per ounce sold, cash costs per ounce sold, and the AISC per ounce sold. The following tables provide a reconciliation of cash costs excluding royalties, cash costs, AISC, cost of sales excluding depreciation per ounce sold, cash costs excluding royalties per ounce sold, cash costs per ounce sold and AISC per ounce sold on an attributable basis to cost of sales as per the consolidated interim financial statements.Three months ended March 31, 2026($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate

Total
Cost of sales1$133.4
$65.9
$259.8
$0.3
$459.4
Depreciation expense1
(38.9)
(17.4)
(59.1)
(0.3)
(115.7)Cost of sales, excluding depreciation expense$94.5
$48.5
$200.7
$-
$343.7
Royalties2
18.5

-

70.9

-

89.4
Cost of sales, excluding depreciation expense and royalties$76.0
$48.5
$129.8
$-
$254.3
Adjust for:
 

 

 

 

 
By-product credit
(0.5)
(0.9)
(0.9)
-

(2.3)Cost attributed to non-controlling interests3
-

-

(30.0)
-

(30.0)Cash costs - attributable$94.0
$47.6
$169.8
$-
$311.4
Adjust for:
 

 

 

 

 
Sustaining capital expenditures4
21.8

16.8

51.7

-

90.3
Corporate general and administrative costs5
-

-

-

15.4

15.4
Other costs6
0.6

0.6

1.0

-

2.2
Cost attributable to non-controlling interests3
-

-

(7.9)
-

(7.9)AISC - attributable$116.4
$65.0
$214.6
$15.4
$411.4
Total gold sales (000 oz) - attributable
55.1

37.5

101.1

-

193.7
Cost of sales excluding depreciation7($/oz sold) - attributable$1,713
$1,296
$1,688
$-
$1,619
Cash costs - excluding royalties7 ($/oz sold) - attributable$1,369
$1,270
$1,083
$-
$1,201
Cash costs7 ($/oz sold) - attributable$1,704
$1,270
$1,680
$-
$1,608
AISC7 all operations ($/oz sold) - attributable$2,109
$1,733
$2,125
$80
$2,124
 Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements. Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.Adjustments for the consolidation of Essakane (85%) to its attributable portion of cost of sales. Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below. Corporate general and administrative costs exclude one-time material severance charges.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Three months ended March 31, 2025($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate

Total
Cost of sales1$99.2
$54.5
$181.7
$0.5
$335.9
Depreciation expense1
(34.0)
(12.4)
(32.8)
(0.5)
(79.7)Cost of sales, excluding depreciation expense$65.2
$42.1
$148.9
$-
$256.2
Royalties2
9.6

-

20.0

-

29.6
Cost of sales, excluding depreciation expense and royalties$55.6
$42.1
$128.9
$-
$226.6
Adjust for:
 

 

 

 

 
By-product credit
(0.1)
(0.5)
(0.3)
-

(0.9)Cost attributed to non-controlling interests3
-

-

(14.9)
-

(14.9)Cash costs - attributable$65.1
$41.6
$133.7
$-
$240.4
Adjust for:
 

 

 

 

 
Sustaining capital expenditures4
19.3

15.5

26.0

0.5

61.3
Corporate general and administrative costs5
-

-

-

16.4

16.4
Other costs6
0.5

0.7

1.5

(3.7)
(1.0)Cost attributable to non-controlling interests3
-

-

(2.8)
-

(2.8)AISC - attributable$84.9
$57.8
$158.4
$13.2
$314.3
Total gold sales (000 oz) - attributable
51.6

27.2

85.9

-

164.7
Cost of sales excluding depreciation7 ($/oz sold) - attributable$1,264
$1,547
$1,560
$-
$1,465
Cash costs7 - excluding royalties ($/oz sold) - attributable$1,074
$1,527
$1,324
$-
$1,280
Cash costs7 ($/oz sold) - attributable$1,260
$1,527
$1,557
$-
$1,459
AISC7 all operations ($/oz sold) - attributable$1,643
$2,124
$1,846
$80
$1,908
 Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements. Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.Adjustments for the consolidation of Essakane (90%) to its attributable portion of cost of sales. Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below. Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Sustaining and Expansion Capital ExpendituresSustaining capital expenditures are expenditures required to support current production levels at a mine site and exclude all expenditures at the Company's development projects as well as certain expenditures at the Company's operating sites that are deemed expansionary in nature which result in a material increase in annual or life of mine gold ounce production, net present value, or reserves. The distinctions between sustaining and expansion capital used by the Company align with the guidelines set out by the World Gold Council. Expansion capital is capital expenditures incurred at new projects and capital expenditures related to major projects or expansion at existing operations where these projects will materially benefit the operations. This non-GAAP financial measure provides investors with transparency regarding the capital expenditures required to support the ongoing operations at its mines, relative to its total capital expenditures.Reconciliation of incurred capital expenditure per the segmented note in the financial statements to incurred sustaining and expansion capital for the three months ended March 31, 2026, and March 31, 2025:($ millions, except where noted)
Sustaining

Expansion

Q1 2026

Sustaining

Expansion

Q1 2025
Capital expenditures for property, plant and equipment$88.6
$12.8
$101.4
$61.7
$5.3
$67.0
Côté Gold (IMG basis)
18.8

9.1

27.9

18.2

3.1

21.3
Westwood
16.6

3.1

19.7

15.1

-

15.1
Essakane
53.2

0.6

53.8

27.9

2.2

30.1
Corporate
-

-

-

0.5

-

0.5
 Reconciliation of capital expenditure and exploration and evaluation expenditures per cash flow statement in the financial statements to cash payments for sustaining and expansion capital for the three months ended March 31, 2026, and March 31, 2025:($ millions, except where noted)
Sustaining

Expansion

Q1 2026

Sustaining

Expansion

Q1 2025
Capital expenditures for property, plant and equipment$88.6
$12.8
$101.4
$61.7
$5.3
$67.0
Working capital adjustments
1.7

1.6

3.3

(0.4)
(1.9)
(2.3)Capital expenditures per statement of cash flows$90.3
$14.4
$104.7
$61.3
$3.4
$64.7
Côté Gold (IMG basis)
21.7

10.5

32.2

19.3

1.2

20.5
Westwood
16.9

3.3

20.2

15.5

-

15.5
Essakane
51.7

0.6

52.3

26.0

2.2

28.2
Corporate
-

-

-

0.5

-

0.5
 EBITDA and Adjusted EBITDAEBITDA (earnings before income taxes, depreciation and amortization and finance costs) is an indicator of the Company's ability to produce operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures.Adjusted EBITDA represents EBITDA excluding certain impacts such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company's ability to generate operating cash flow by excluding from the calculation these non-cash amounts and cash amounts that are not indicative of the recurring performance of the underlying operations for the periods presented.The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated interim financial statements:($ millions, except where noted)
Q1 2026

Q1 2025
Earnings before income taxes $533.8
$85.7
Add:
 

 
Depreciation
115.7

79.7
Finance costs
7.5

29.8
EBITDA $657.0
$195.2
Adjusting items:
 

 
Unrealized (gain)/loss on non-hedge derivatives
-

2.8
Foreign exchange (gain)/loss
5.4

(1.6)Write-down of assets
1.3

0.1
Changes in estimates of asset retirement obligations at closed sites
1.3

4.9
Fair value of deferred consideration from sale of Sadiola
(3.0)
(0.5)Severance costs
0.1

3.8
Other
4.2

(0.2)Adjusted EBITDA $666.3
$204.5
 Adjusted Net Earnings (Loss) Attributable to Equity HoldersAdjusted net earnings (loss) attributable to equity holders represents net earnings (loss) attributable to equity holders excluding certain impacts, net of taxes, such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives and warrants, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. This measure is not necessarily indicative of net earnings (loss) or cash flows as determined under IFRS. Management believes this measure better reflects the Company's performance for the current period and is a better indication of its expected performance in future periods. As such, the Company believes that this measure is useful to investors in assessing the Company's underlying performance. The following table provides a reconciliation of earnings (loss) before income taxes and non-controlling interests as per the consolidated statements of earnings (loss) to adjusted net earnings (loss) attributable to equity holders of the Company.($ millions, except where noted)
Q1 2026

Q1 2025
Earnings before income taxes and non-controlling interests$533.8
$85.7
Adjusting items:
 

 
Unrealized gain/(loss) on non-hedge derivatives
-

2.8
Other finance costs
1.8

5.1
Foreign exchange (gain)/loss
5.4

(1.6)Write-down of assets
1.3

0.1
Changes in estimates of asset retirement obligations at closed sites
1.3

4.9
Fair value of deferred consideration from sale of Sadiola
(3.0)
(0.5)Severance costs
0.1

3.8
Other
4.2

(0.2)Adjusted earnings before income taxes and non-controlling interests$544.9
$100.1
Income taxes
(116.4)
(39.2)Tax on foreign exchange translation of deferred income tax balances
0.8

2.3
Tax impact of adjusting items
(0.5)
(1.2)Non-controlling interests
(37.7)
(6.8)Adjusted net earnings attributable to equity holders $391.1
$55.2
Adjusted net earnings per share attributable to equity holders $0.67
$0.10
Basic weighted average number of common shares outstanding (millions)
587.6

572.5
 Net Cash from Operating Activities before Changes in Working CapitalThe Company makes reference to net cash from operating activities before changes in working capital which is calculated as net cash from operating activities less working capital items and non-current ore stockpiles. Working capital can be volatile due to numerous factors, including a build-up or reduction of inventories. Management believes that this non-GAAP measure, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company.The following table provides a reconciliation of net cash from operating activities before changes in working capital to net cash from operating activities:($ millions, except where noted)
Q1 2026

Q1 2025
Net cash from operating activities$569.9
$74.3
Adjusting items from working capital items and non-current ore stockpiles:
 

 
Receivables and other current assets
12.9

18.3
Inventories and non-current ore stockpiles
6.5

22.5
Accounts payable and accrued liabilities
40.2

(10.2)Net cash from operating activities before changes in working capital$629.5
$104.9
 Mine-Site Free Cash FlowMine-site free cash flow is calculated as cash flow from mine-site operating activities less capital expenditures from operating mine sites. The Company believes this measure is useful to investors in assessing the Company's ability to operate its mine sites without reliance on additional borrowing or usage of existing cash.Three months ended March 31, 2026($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate & other

Total
Net cash from operating activities$144.1
$130.2
$355.0
$(59.4)$569.9
Add:
 

 

 

 

 
Operating cash flow used by non-mine site activities
-

-

-

59.4

59.4
Cash flow from operating mine-sites$144.1
$130.2
$355.0
$-
$629.3
Capital expenditures
32.2

20.2

52.3

-

104.7
Less:
 

 

 

 

 
Capital expenditures from corporate and development projects
-

-

-

-

-
Capital expenditures from operating mine-sites$32.2
$20.2
$52.3
$-
$104.7
Mine-site cash flow$111.9
$110.0
$302.7
$-
$524.6
 Three months ended March 31, 2025($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate & Other

Total
Net cash from operating activities$78.1
$32.1
$93.6
$(129.5)$74.3
Add:
 

 

 

 

 
Operating cash flow used by non-mine site activities
-

-

-

129.5

129.5
Cash flow from operating mine-sites$78.1
$32.1
$93.6
$-
$203.8
Capital expenditures
20.5

15.5

28.2

0.5

64.7
Less:
 

 

 

 

 
Capital expenditures from construction and development projects and corporate
-

-

-

(0.5)
(0.5)Capital expenditures from operating mine-sites$20.5
$15.5
$28.2
$-
$64.2
Mine-site cash flow$57.6
$16.6
$65.4
$-
$139.6
 Liquidity and Net Cash (Debt)Liquidity is defined as cash and cash equivalents, short-term investments and the credit available under the Credit Facility. Net cash (debt) is calculated as cash, cash equivalents and short-term investments less long-term debt, lease liabilities and the drawn portion of the Credit Facility. The Company believes this measure provides investors with additional information regarding the liquidity position of the Company.

March 31

December 31
($ millions, except where noted)
2026

2025
Cash and cash equivalents$550.2
$421.9
Short-term investments
1.0

1.0
Available Credit Facility
545.7

445.7
Available Liquidity$1,096.9
$868.6
 

March 31

December 31
($ millions, except where noted)
2026

2025
Cash and cash equivalents$550.2
$421.9
Short-term investments
1.0

1.0
Long-term debt1
(550.3)
(651.0)Net cash (debt) excluding lease liabilities and letters of credit
0.9

(228.1)Lease liabilities
(101.8)
(112.0)Drawn letters of credit issued under Credit Facility
(4.3)
(4.3)Net cash (debt)$(105.2)$(344.4) Includes principal amount of the Notes of $450.0 million, Credit Facility of $100.0 million and equipment loan of $0.3 million (December 31, 2025 - $450.0 million, $200.0 million, and $1.0 million, respectively). Excludes deferred transaction costs and embedded derivatives on the Notes.CONSOLIDATED BALANCE SHEETS(Unaudited ) (In millions of U.S. dollars)
March 31,
2026

December 31, 2025
Assets





Current assets





Cash and cash equivalents$550.2
$421.9
Receivables and other current assets
59.4

79.6
Inventories
355.9

377.0
Assets held for sale
25.2

25.2


990.7

903.7
Non-current assets
 

 
Property, plant and equipment
4,156.6

4,162.8
Exploration and evaluation assets
403.7

396.1
Restricted cash
69.6

71.0
Inventories
219.1

194.8
Deferred income tax assets
22.5

-
Other assets
130.8

124.1


5,002.3

4,948.8

$5,993.0
$5,852.5
Liabilities and Equity
 

 
Current liabilities
 

 
Accounts payable and accrued liabilities$293.6
$329.1
Income taxes payable
144.8

99.6
Current portion of provisions
8.6

5.1
Current portion of lease liabilities
32.2

32.3
Current portion of long-term debt
0.3

1.0
Other current liabilities
43.8

50.0


523.3

517.1
Non-current liabilities
 

 
Deferred income tax liabilities
117.0

52.6
Provisions
307.5

308.3
Lease liabilities
69.6

79.7
Long-term debt
548.9

648.8
Other liabilities
-

0.1


1,043.0

1,089.5


1,566.3

1,606.6
Equity
 

 
Attributable to equity holders
 

 
Common shares
3,325.6

3,383.8
Contributed surplus
(210.0)
(27.4)Retained earnings
1,252.3

872.6
Accumulated other comprehensive income (loss)
(33.4)
(37.6)

4,334.5

4,191.4
Non-controlling interests
92.2

54.5


4,426.7

4,245.9
Commitments
 

 

$5,993.0
$5,852.5
 Refer to Q1 2026 Financial Statements for accompanying notes.CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
Three months ended March 31,
(In millions of U.S. dollars, except per share amounts)
2026

2025







Revenues$1,030.1
$477.1
Cost of sales
(459.4)
(335.9)Gross profit
570.7

141.2
General and administrative expenses
(15.4)
(16.4)Exploration expenses
(7.8)
(6.6)Other expenses
(2.9)
(5.1)Earnings from operations
544.6

113.1
Finance costs
(7.5)
(29.8)Foreign exchange gain (loss)
(5.4)
1.6
Interest income, derivatives and other investment gains (loses)
2.1

0.8
Earnings before income taxes
533.8

85.7
Income tax expense
(116.4)
(39.2)Net earnings$417.4
$46.5
Net earnings attributable to:
 

 
Equity holders$379.7
$39.7
Non-controlling interests
37.7

6.8
Net earnings$417.4
$46.5


 

 
Attributable to equity holders
 

 
Weighted average number of common shares outstanding (in millions)
 

 
Basic
587.6

572.5
Diluted
594.0

579.6


 

 
Basic earnings per share$0.65
$0.07
Diluted earnings per share$0.64
$0.07
 Refer to Q1 2026 Financial Statements for accompanying notes.CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)

Three months ended March 31,
(In millions of U.S. dollars)

2026

2025
Operating activities






Net earnings
$417.4
$46.5
Adjustments for:

 

 
Depreciation expense

115.7

79.7
Deferred revenue recognized

-

(77.7)Income tax expense

116.4

39.2
Derivative loss

2.7

4.5
Finance costs

7.5

29.8
Other non-cash items

1.8

3.5
Adjustments for cash items:

 

 
Settlement of derivatives

(2.7)
(1.7)Disbursements related to asset retirement obligations

(0.8)
(3.7)Movements in non-cash working capital items and non-current ore stockpiles

(59.6)
(30.6)Cash from operating activities, before income taxes paid

598.4

89.5
Income taxes paid

(28.5)
(15.2)Net cash from operating activities

569.9

74.3
Investing activities

 

 
Capital expenditures for property, plant and equipment

(101.6)
(64.7)Capitalized borrowing costs

(3.2)
(5.6)Other investing activities

23.8

(16.3)Net cash used in investing activities

(81.0)
(86.6)Financing activities

 

 
Repurchase of shares under the Normal Course Issuer Bid ("NCIB")

(260.0)
-
Proceeds from credit facility

-

50.0
Repayment of credit facility

(100.0)
(60.0)Interest paid

(1.9)
(14.0)Other financing activities

5.4

(1.1)Net cash used in financing activities

(356.5)
(25.1)Effects of exchange rate fluctuation on cash and cash equivalents

(4.1)
6.5
Increase (decrease) in cash and cash equivalents

128.3

(30.9)Cash and cash equivalents, beginning of the period

421.9

347.5
Cash and cash equivalents, end of the period
$550.2
$316.6
 Refer to Q1 2026 Financial Statements for accompanying notes.QUALIFIED PERSON AND TECHNICAL INFORMATIONThe technical and scientific information relating to exploration activities disclosed in this document was prepared under the supervision of and verified and reviewed by Marie-France Bugnon, P.Geo., Vice President, Exploration, IAMGOLD. Ms. Bugnon is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Data verification involves data input and review by senior project geologists at site, scheduled weekly and monthly reporting to senior exploration management and the completion of project site visits by senior exploration management to review the status of ongoing project activities and data underlying reported results. All drilling results for exploration projects or supporting resource and reserve estimates referenced in this news release have been previously reported in news release disclosures either by the Company or the project operator as the case may be (see referenced news releases) and have been prepared in accordance with NI 43-101. The sampling and assay data from drilling programs are monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practices. Drill core (HQ and NQ size) samples are selected by the project geologists and sawn in half with a diamond saw at the project site. Half of the core is typically retained at the site for reference purposes. Generally, sample intervals are 1.0 to 1.5 metres in length, and reverse circulation holes are sampled at 1.0 metre intervals at the drill rig. Samples are prepared and analyzed at site for the Company's producing mines and at accredited regional laboratories for the Company's exploration projects, using analysis techniques such as standard fire assay with a 50 gram charge, fire assay with gravimetric finish, or LeachWELL rapid cyanide leach with fire assay with a 50 gram charge.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONAll information included or incorporated by reference in this news release, including any information as to the Company's vision, strategy, future financial or operating performance and other statements that express management's expectations or estimates of future performance or impact, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "would", "could", "continue", "expect", "budget", "aim", "can", "focus", "forecast", "anticipate", "estimate", "maintain", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "cover", "strategy", "during", "ongoing", "subject to", "future", "objectives", "opportunities", "committed", "prospective", "likely", "progress", "strive", "sustain", "effort", "extend", "remain", "pursue", "predict", or "project" or the negative of these words or other variations on these words or comparable terminology. In particular, forward-looking statements in this news release include, without limitation, those under the headings "About IAMGOLD", "Highlights", "Outlook", "Environmental, Social and Governance", "Operations", "Financial Condition" and "Quarterly Financial Review" and include, but are not limited to, statements with respect to: the estimation of mineral reserves and mineral resources and the realization of such estimates; operational and financial performance including the Company's guidance for and actual results of production, ESG performance, costs and capital and other expenditures such as exploration and including depreciation expense and effective tax rate; long-term value and capital allocation; the updated life-of-mine plan, ramp-up assumptions and other project metrics including operating costs in respect to the Côté Gold Mine; expected production of the Côté Gold Mine; expected benefits from the operational improvements and de-risking strategies implemented or to be implemented by the Company; mine development activities; the Company's capital allocation and liquidity; the composition of the Company's portfolio of assets including its operating mines, development and exploration projects; the sale of its Malian asset; permitting timelines and the expected receipt of permits; inflation, including global inflation and inflationary pressures; global supply chain constraints; environmental verification, biodiversity, including commitments related thereto and social development projects; plans, targets, proposals and strategies with respect to sustainability, including third party data on which the Company relies, and their implementation; commitments with respect to sustainability and the impact thereof; commitments with respect to greenhouse gas emissions and energy transition; commitments related to social performance, including commitments in furtherance of Indigenous relations; the ability to secure alternative sources of consumables of comparable quality and on reasonable terms; workforce and contractor availability, labour costs and other labour impacts; the future price of gold and other commodities; equity financings, foreign exchange rates and currency fluctuations; financial instruments; hedging strategies; impairment assessments and assets carrying values estimates; safety and security concerns in the jurisdictions in which the Company operates and the impact thereof on the Company's operational and financial performance and financial condition; and government regulation of mining operations. The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this news release with respect to: the Company's present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals, other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the construction of the Company's projects. Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the Company's business strategies and its ability to execute thereon; the development and execution of implementing strategies to meet the Company's sustainability vision and targets; security risks, including civil unrest, war or terrorism and disruptions to the Company's supply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company's Essakane mine; the availability of labour and qualified contractors; the availability of key inputs for the Company's operations and disruptions in global supply chains; tariffs and increase costs of supplies and equipment; the volatility of the Company's securities; litigation; contests over title to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; management of certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks associated with a mining company's operations; unexpected geological conditions; competition and consolidation in the mining sector; the profitability of the Company being highly dependent on the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (including, but not limited to diesel, fuel oil and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions in which the Company carries on business, including the imposition of tariffs by the United States on Canadian products; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for transactions, exploration, development or operation, operating or technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the Company's ability to execute on de-risking activities and measures to improve operations; availability of specific assets to meet contractual obligations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks relating to acquisitions and divestitures; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment (including greenhouse gas emission reduction and other energy transition requirements; the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather conditions at mine sites; disruptions from weather related events resulting in limited or no productivity such as forest fires, severe storms, flooding, drought, heavy snowfall, poor air quality, and extreme heat or cold; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour agreements and/or collective bargaining agreements may not be agreed to; the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; and the inherent risks involved in the exploration, development and mining business generally. Please see the Company's AIF available on SEDAR+ at www.sedarplus.ca or Form 40-F available on EDGAR at www.sec.gov/edgar for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296062 Original: IAMGOLD Reports First Quarter 2026 Results

IAMGOLD Announces Results of Annual General Meeting of ShareholdersMay 5, 2026 5:00 PM
NewsfileToronto, Ontario--(Newsfile Corp. - May 5, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") announces that all items of business were approved by shareholders at the Company's Annual General Meeting (the "Meeting") held virtually on May 5, 2026. All eight director nominees proposed by the Board of Directors were elected by shareholders. In addition, shareholders voted in favour of the appointment of KPMG LLP as the Company's auditor for the ensuing year, the approval of the Company's share incentive plan, and the advisory resolution on the Company's approach to executive compensation. Voting ResultsElection of DirectorsA total of 446,055,766 common shares were voted by proxy and ballot on the election of directors, representing approximately 76.6% of the Company's issued and outstanding common shares. The nominees listed on the Management Information Circular dated March 25, 2026, were elected as directors of the Company to hold office for the ensuing year or until their successors are elected or appointed. The Company received the following votes with respect to the election of the eight nominees:NomineeVotes For% ForVotes Against% AgainstRenaud Adams411,382,92699.83%690,6120.17%Christiane Bergevin313,137,98375.99%98,935,55524.01%Lawrence Peter O'Hagan409,152,08299.29%2,921,4560.71%Kevin P. O'Kane379,500,74692.10%32,572,7927.90%Daniel Racine411,388,50299.83%685,0350.17%David S. Smith408,593,28999.16%3,480,2490.84%Murray P. Suey393,376,70195.46%18,696,8364.54%Anne Marie Toutant411,345,59999.82%727,9410.18% Appointment of AuditorsKPMG LLP were appointed auditor of the Company to hold office until the close of the next annual meeting of shareholders or until their successors are appointed, and the directors of the Corporation were authorized to fix the remuneration of the auditors. The Company received the following votes with respect to the election of the auditor:
Votes For% ForVotes Withheld% WithheldKPMG LLP381,448,71285.52%64,607,05314.48% Advisory Votes on Share Incentive Plan & Executive CompensationThe shareholders voted in favour of the Company's share incentive plan, and the advisory resolution on the Company's approach to executive compensation.  Votes For % For Votes Against % Against Amendments to Share Incentive Plan401,454,77297.42%10,618,7652.58%Executive Compensation407,862,84798.98%4,210,6891.02% Detailed voting results for all matters voted upon at the meeting have been filed on the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at http://www.sec.gov.About IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada. IAMGOLD employs approximately 3,700 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).IAMGOLD Contact InformationGraeme Jennings, Vice President, Business Development & Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
info@iamgold.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/296088 Original: IAMGOLD Announces Results of Annual General Meeting of Shareholders

IAMGOLD Publishes 2025 Annual Sustainability ReportApril 27, 2026 7:00 AM
NewsfileToronto, Ontario--(Newsfile Corp. - April 27, 2026) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") is pleased to announce that it has published its 2025 Sustainability Report (the "Report") and companion documents highlighting the Company's progress and achievements across a range of Environmental, Social and Governance ("ESG") practices. "Our 2025 Sustainability Report reflects a year of meaningful progress and a clear demonstration that sustainability is core to how we operate at IAMGOLD. We continued to advance our 2030 HSEC Strategy, which provides the framework for embedding responsible mining practices across every aspect of our business, from safety and water stewardship to biodiversity, energy transition and community engagement. We are moving from framework to execution, and that shift is being felt across our operations.""None of this happens without our people. The commitment, resilience, and care demonstrated by our employees, contractors and partners at Côté Gold, Westwood, Essakane, in the field and across our organization are fundamental to our sustainability performance and to who we are as IAMGOLD. Innovation and accountability define us, and these principles will continue to guide us as we build a mining company that creates lasting value for all of our stakeholders."IAMGOLD's 2025 Sustainability Report presents the Company's annual reporting on the sustainability topics that are material to its business and stakeholders. The Report is guided by internationally recognized reporting standards and frameworks, including the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD).The Report and companion 2025 ESG Performance Data can be viewed and is available for download from the Company's website at www.iamgold.com.About IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada. IAMGOLD employs approximately 3,700 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).IAMGOLD Contact InformationGraeme Jennings, Vice President, Business Development & Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
info@iamgold.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/294292
Original: IAMGOLD Publishes 2025 Annual Sustainability Report

96 per share is a good start
The calculations didn't subtract higher royalty rates on the extra $800 per ounce more in margin per ounce
Guessing 0.86 per share would be more likely.
Also think markets would be happy to see 0.76

IAMGOLD Provides Notice of First Quarter 2026 Results and Conference CallApril 10, 2026 5:30 PM
NewsfileToronto, Ontario--(Newsfile Corp. - April 10, 2026) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") is pleased to announce it plans to release its first quarter 2026 operating and financial results after market hours on Tuesday, May 5, 2026. Senior management will host a conference call to discuss the operating performance and financial results on Wednesday, May 6, 2026, at 8:30 a.m. (Eastern Time). Listeners may access the conference call via webcast from the events section of the Company's website at www.iamgold.com (webcast link below), or through the following options:Pre-register via: Chorus Call IAMGOLD Q2 2026 Registration (recommended) – Upon registering, you will receive a calendar booking by email with dial-in details and unique PIN. This process will bypass the operator and avoid the queue.
Toll free (North America): 1 (833) 752-3518
International: 1 (647) 846-8209
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=l2jB5vCuAn online archive of the webcast will be available by accessing the Company's website at www.iamgold.com. A telephone replay will be available for one month following the call by dialing toll free 1 (855) 669-9658 within North America or 1 (412) 317-0088 from international locations and entering the passcode: 2979130.About IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada. IAMGOLD employs approximately 3,700 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).IAMGOLD Contact InformationGraeme Jennings, Vice President, Business Development & Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
info@iamgold.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/292036
Original: IAMGOLD Provides Notice of First Quarter 2026 Results and Conference Call

Asked AI to do the calculation
Management guided towards lower production in Q1
Q1 240,000 ounces at average price of $4200 produced 0.70
Assume for Q4 200,000 ounces at average price of $4800

If IAMGOLD (IAG) produces 200,000 ounces of gold in Q1 at a realized price of $$4,800/oz, its estimated adjusted net earnings would be approximately $$570 million, or $0.96 per share

This represents a significant increase compared to Q4 2025, where the company reported record adjusted net earnings of $0.70 (per share) with a realized gold price of $$4,191/oz and higher production of 242,400 ounces

Q1 results coming and gold is averaging Over $500 more per ounce sold than in Q4
Loading up with trading shares today. End of quarter is today and want to be ready for preannouncement of what the cash flow just did to the balance sheet.

Impressive Q4 results
Paid down net debt by $468 million in Q4 while retiring $50 million in shares/3 million shares at average of sub $17.

IAMGOLD Form 40-F Filed on Edgar; AIF Filed on SedarFebruary 18, 2026 7:00 AM
NewsfileToronto, Ontario--(Newsfile Corp. - February 18, 2026) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") announces that it has filed with the U.S. Securities and Exchange Commission its Form 40-F report consisting of its 2025 annual audited financial statements, management discussion and analysis and the annual information form ("AIF"). These filings are available through EDGAR at http://www.sec.gov/edgar. The Company's AIF has also been filed with applicable Canadian securities regulatory authorities and is available under the Company's profile at www.sedarplus.ca, along with its annual audited financial statements and management's discussion and analysis for the year-ended December 31, 2025.Canadian and U.S. regulatory filings are also available on the Company's website at www.iamgold.com. Hard copies of the annual audited financial statements and accompanying notes are available to shareholders upon written request.About IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada. IAMGOLD employs approximately 3,700 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).IAMGOLD Contact InformationGraeme Jennings, Vice President, Business Development & Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
info@iamgold.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/284314
Original: IAMGOLD Form 40-F Filed on Edgar; AIF Filed on Sedar

IAMGOLD Reports Fourth Quarter and Year-End 2025 ResultsFebruary 17, 2026 7:01 PM
NewsfileAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - February 17, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the fourth quarter and year ended December 31, 2025. Preliminary operating results for the fourth quarter and year ended 2025, alongside operating guidance estimates for 2026, were previously disclosed on January 19, 2026. "I would like to congratulate the teams across IAMGOLD for another year of strong and safe operating performance," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "The timing has been highly favourable for the Company, as we deliver record margins and cashflow while our mines move into robust production phases, further supported by strong gold market conditions. In 2025, IAMGOLD reported adjusted EBITDA of $1.5 billion, with a monumental fourth quarter in which adjusted EBITDA was $710.1 million. The combination of strong operating results and cash flows has allowed the Company to enact on its strategy to de-lever the balance sheet and deliver value to shareholders through the share buyback program which has purchased approximately $100 million in IAMGOLD shares since being deployed in December.""Looking ahead, 2026 will be very exciting for IAMGOLD, as we continue to grow the value of our assets while demonstrating a commitment to operational excellence and discipline. Our share buyback program will continue this year, with a direct link to the cashflows generated by Essakane as a base of the program. At Côté, operations will prioritize unit cost improvement through optimized mining, milling and maintenance practices to position the project for the upcoming expansion. The details of the expansion and mine plan will be released in the fourth quarter and will outline an increase to the plant throughput targeting the Côté and Gosselin deposits together as a single pit based on a subset of the growing global resource base. Finally, we are excited to further advance our organic growth pipeline with a comprehensive drill program at our newly consolidated Nelligan Complex, which is already establishing itself as among the largest pre-production projects in Canada."HIGHLIGHTS:Operating and FinancialAttributable gold production for the fourth quarter was 242,400 ounces and 765,900 ounces for the year, achieving the mid-point of the Company's 2025 production guidance of 735,000 to 820,000 ounces, following record quarterly production at all of its operations, including at Côté Gold which achieved the top end of its guidance target. Côté produced a record 87,200 attributable ounces (124,600 ounces | 100%) in the fourth quarter, and 279,900 attributable ounces (399,800 ounces | 100%) for the full year, achieving the top end of the attributable 2025 production guidance range of 250,000 to 280,000 ounces (360,000 to 400,000 ounces | 100%). Westwood produced a record 37,900 ounces in the fourth quarter and 113,900 ounces for the full year, below the bottom end of the 2025 guidance range of 125,000 to 140,000 ounces. Essakane produced 117,300 attributable ounces (a record 138,100 ounces | 100%) in the fourth quarter and 372,100 attributable ounces (427,200 ounces | 100%) for the full year, exceeding the mid-point of the production guidance range on a 100% basis.Revenues in the fourth quarter totaled $1,088.1 million from sales of 259,000 ounces at an average realized gold price of $4,191 per ounce1. For the year, revenues were $2,852.8 million from sales of 817,800 ounces at an average realized gold price of $3,482 per ounce1. The average realized gold price for the year ended 2025, excluding the impact of the 2024 gold prepay arrangement, was $3,549 per ounce.Cost of sales per ounce sold was $1,374 for the fourth quarter and $1,489 for the year.Cash cost1 per ounce sold, excluding royalties, was $1,031 for the fourth quarter and $1,230 for the year. Cash cost1 per ounce sold, including royalties, was $1,367 for the fourth quarter and $1,484 for the year, compared to the guidance range of $1,375 to $1,475. AISC1 per ounce sold was $1,750 for the fourth quarter and $1,900 for the year, within the guidance range of $1,830 to $1,930. Net earnings and adjusted net earnings attributable to equity holders1 was $406.6 million and $405.8 million for the fourth quarter, and $664.4 million and $709.2 million for the year, respectively.Net earnings and adjusted net earnings per share attributable to equity holders1 of $0.70 and $0.70 for the fourth quarter, respectively; for the year, net earnings and adjusted net earnings per share attributable to equity holders1 of $1.16 and $1.23 respectively.Net cash from operating activities was $701.7 million for the fourth quarter, and $1,142.6 million for the year. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $691.6 million for the fourth quarter and $1,204.4 million for the year.Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 was $685.5 million for the fourth quarter and $1,502.9 million for the year, and Adjusted EBITDA1 was $710.1 million for the fourth quarter and $1,550.5 million for the year.Record mine-site free cash flow1 of $626.6 million for the fourth quarter and $1,199.0 million for the year, including attributable mine-site free cash flow from Côté of $197.0 million for the fourth quarter.The Company has available liquidity1 of $868.6 million, mainly comprised of cash and cash equivalents of $421.9 million and the available balance of the revolving credit facility ("Credit Facility") of $445.7 as at December 31, 2025. Net debt was $344.4 million at December 31, 2025, a reduction of $514.9 million during the year.In health and safety, for the year ended December 31, 2025, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.60 for the year, tracking below the prior year performance. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents. 2026 OutlookTotal attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces, as operations at Côté Gold focus on sustainable operations at nameplate operating rates ahead of the technical report outlining the expansion plans which is expected to be announced in the fourth quarter 2026. Cash costs1, excluding royalties, are expected to average $1,100 to $1,250 per ounce sold. With the current strong gold price environment, royalties account for an average of approximately $325 per ounce sold - based on a gold price assumption for 2026 of $4,000 per ounce. Cash costs1, including royalties, are expected to average $1,425 to $1,575 per ounce sold. Mineral Reserves and Resources UpdateOn February 17, 2026, IAMGOLD announced its updated Mineral Reserves and Resources statement as of December 31, 2025.Proven and Probable ("P&P") Mineral Reserves (100% basis) total 9.9 million ounces of gold in 279.6 million tonnes ("Mt") at 1.10 g/t Au (7.5 million ounces attributable). P&P Mineral Reserves decreased 7%, or 796,000 ounces, from the prior year, primarily due to depletion at Côté Gold and Essakane partially offset by an increase in Mineral Reserves at Westwood. Measured and Indicated ("M&I") Mineral Resources (100% basis) increased 16% to 31.0 million ounces of gold in 1.0 billion tonnes ("Bt") at 0.94 g/t Au (24.6 million ounces attributable). The increase was primarily associated with the conversion of Inferred Mineral Resources in the Gosselin deposit at Côté Gold and Nelligan deposit, coupled with the inclusion of the Philibert and Chevrier deposits as part of the Northern Superior transaction towards the end of the year. CorporateAllocated $400 million of free cash flows generated in the fourth quarter to repay the remaining balance of $300 million of the second lien term loan, repay $50 million of the Credit Facility and purchased 3 million shares for $50 million as part of the share buyback program. Subsequent to quarter end, the Company has purchased an additional 2.6 million shares for $50 million. Essakane's attributable free cash flow for 2026 is expected to be approximately $400 to $500 million at a $4,000 per ounce gold price. The Company intends to use this free cash flow to repurchase shares under its share buyback program as the cash is generated and repatriated from Essakane over the course of 2026.$291 million of cash was repatriated from Essakane in the fourth quarter and an additional $171 million subsequent to quarter end, using the new structure that enables payments to be made at any time of the year based on the cash generated in excess of working capital requirements by Essakane. Consolidation of Nelligan Mining Complex with the closing of the previously announced acquisitions of all of the issued and outstanding shares of each of Northern Superior Resources Inc. ("Northern Superior") and Mines d'Or Orbec Inc. ("Orbec") by way of a plan of arrangement on December 19, 2025, and December 22, 2025, respectively. The transactions consolidated the Chibougamau region with a dominant land position of approximately 134,000 hectares. The Northern Superior acquisition with the Philibert, Chevrier and Croteau projects together with Orbec acquisition with the Muus project are combined with IAMGOLD's Nelligan and Monster Lake Projects (together, the "Nelligan Mining Complex"). The newly combined assets, together, rank as one of the largest pre-production gold camps in Canada with Measured and Indicated Mineral Resources of 4.3 million ounces ("Moz Au") and Inferred Mineral Resources of 7.5 Moz Au. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.QUARTERLY REVIEWFor more details and the Company's overall outlook for 2026, see "Outlook", and for individual mines performance, see "Operations". The following table summarizes certain operating and financial results for the three months ended December 31, 2025 (Q4 2025), December 31, 2024 (Q4 2024) and the years ended December 31 for 2025, 2024 and 2023.

Q4 2025

Q4 2024

2025

2024

2023
Key Operating Statistics
($ millions)














Gold production - attributable (000s oz)
242.4

176.7

765.9

666.5

465.0
- Côté Gold1
87.2

62.4

279.9

124.0

-
- Westwood
37.9

34.6

113.9

133.7

93.4
- Essakane2
117.3

79.7

372.1

408.8

371.6
Gold sales - attributable (000s oz)
238.9

176.5

763.7

653.7

462.1
- Côté Gold1
87.7

55.8

283.6

111.1

-
- Westwood
37.1

36.7

113.6

133.9

90.2
- Essakane2
114.1

84.0

366.5

408.7

371.9
Cost of sales3 ($/oz sold) $1,374
$1,298
$1,489
$1,156
$1,291
- Côté Gold1$1,271
$1,083
$1,272
$1,035
$-
- Westwood$1,307
$1,155
$1,547
$1,177
$1,600
- Essakane2$1,475
$1,504
$1,640
$1,182
$1,216
Cash costs4 - excluding royalties ($/oz sold) $1,031
$1,138
$1,230
$1,007
$1,158
- Côté Gold1$949
$902
$1,020
$875
$-
- Westwood$1,288
$1,148
$1,530
$1,164
$1,588
- Essakane2$1,011
$1,291
$1,300
$991
$1,053
Cash costs4 ($/oz sold) $1,367
$1,294
$1,484
$1,152
$1,261
- Côté Gold1$1,265
$1,080
$1,268
$1,032
$-
- Westwood$1,288
$1,148
$1,530
$1,167
$1,591
- Essakane2$1,471
$1,501
$1,636
$1,179
$1,181
AISC4 ($/oz sold) $1,750
$1,949
$1,900
$1,716
$1,783
- Côté Gold1$1,688
$1,685
$1,636
$1,658
$-
- Westwood$1,719
$1,688
$2,117
$1,702
$2,344
- Essakane2$1,674
$2,118
$1,888
$1,625
$1,521
Average realized gold price4,5 ($/oz)$4,191
$2,525
$3,482
$2,330
$1,955
 Attributable portion for Côté Gold is based on IAMGOLD's ownership of 70%. Prior to November 30, 2024, IAMGOLD's attributable portion was 60.3%. See "Operations - Côté Gold, Canada" for more details.IAMGOLD's Essakane ownership interest decreased from 90% to 85% effective June 20, 2025. See "Operations - Essakane, Burkina Faso" for more details. The attributable portion for Essakane is presented as 90% for the first half of 2025 and 85% for the second half of 2025 throughout this MD&A. Throughout this MD&A, cost of sales, excluding depreciation, and cost of sales, excluding depreciation and royalties are disclosed in the segment note in the consolidated financial statements.Refer to the "Non-GAAP Financial Measures" disclosure at the end of this MD&A for a description and calculation of these measures. All prepay delivery obligations were completed by the end of the second quarter 2025. The average realized gold price for the year ended 2025, excluding the impact of the 2024 prepay arrangement.

Q4 2025

Q4 2024

2025

2024

2023
Financial Results
($ millions)














Revenues$1,088.1
$469.9
$2,852.8
$1,633.0
$987.1
Gross profit$593.6
$130.9
$1,206.2
$549.9
$124.1
EBITDA1$685.5
$259.5
$1,502.9
$1,323.0
$381.0
- Continuing operations$685.5
$259.5
$1,502.9
$1,323.0
$366.6
- Discontinued operations$-
$-
$-
$-
$14.4
Adjusted EBITDA1$710.1
$215.4
$1,550.5
$780.6
$338.5
- Continuing operations$710.1
$215.4
$1,550.5
$780.6
$315.1
- Discontinued operations$-
$-
$-
$-
$23.4
Net earnings (loss) attributable to equity holders$406.6
$86.2
$664.4
$819.6
$94.3
- Continuing operations$406.6
$86.2
$664.4
$819.6
$88.7
- Discontinued operations$-
$-
$-
$-
$5.6
Adjusted net earnings (loss) attributable to equity holders1$405.8
$57.2
$709.2
$296.0
$59.3
- Continuing operations$405.8
$57.2
$709.2
$296.0
$44.7
- Discontinued operations$-
$-
$-
$-
$14.6
Net earnings (loss) per share attributable to equity holders $0.70
$0.15
$1.16
$1.52
$0.18
Adjusted net earnings (loss) per share attributable to equity holders1 $0.70
$0.10
$1.23
$0.55
$0.09
Net cash from operating activities before changes in working capital1 - continuing operations$691.6
$127.2
$1,204.4
$600.4
$158.9
Net cash from operating activities$701.7
$102.6
$1,142.6
$486.0
$159.4
- Continuing operations$701.7
$102.6
$1,142.6
$486.0
$144.0
- Discontinued operations$-
$-
$-
$-
$15.4
Mine-site free cash flow1$626.6
$78.2
$1,199.0
$385.1
$54.1
- Continuing operations$626.6
$78.2
$1,199.0
$385.1
$48.2
- Discontinued operations$-
$-
$-
$-
$5.9
Capital expenditures1,2 - sustaining $74.7
$93.6
$274.7
$290.8
$200.3
Capital expenditures1,2 - expansion$8.0
$7.4
$32.6
$196.1
$656.8
 

December 31

December 31

December 31


2025

2024

2023
Financial Position ($ millions)








Cash and cash equivalents$421.9
$347.5
$367.1
Long-term debt$649.8
$1,028.9
$830.8
Net cash (debt)1$(344.4)$(859.3)$(649.5)Available Credit Facility$445.7
$418.5
$387.0
 Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures. Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use assets and working capital impacts. OUTLOOKProduction (000 oz)
Actual 2025Full Year Guidance 2026
Côté Gold - (70%)279.9270 - 310
Westwood - (100%)113.9110 - 130
Essakane - (90% H1 2025 | 85% - H2 2025 and thereafter)372.1340 - 380
Total attributable production (000s oz)765.9720 - 820
 Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces, as operations at Côté Gold focus on sustainable operations at nameplate operating rates ahead of the technical report outlining the expansion plans which is expected to be announced in the fourth quarter 2026. For further details, refer to the "Operations" section of each mine below.The attributable guidance for Essakane is estimated according to IAMGOLD's 85% ownership interest. See "Operations - Essakane, Burkina Faso" for more details. Costs
Actual 2025Full Year Guidance 2026 Côté Gold

  Cash costs - excluding royalties ($/oz sold)$1,020$900 - $1,050  Cash costs - including royalties ($/oz sold)$1,268$1,200 - $1,350  AISC ($/oz sold)$1,636$1,775 - $1,925 Westwood

  Cash costs ($/oz sold)$1,530$1,500 - $1,650  AISC ($/oz sold)$2,117$1,950 - $2,100 Essakane

  Cash costs - excluding royalties ($/oz sold)$1,300$1,150 - $1,300  Cash costs - including royalties ($/oz sold) $1,636$1,600 - $1,750  AISC ($/oz sold)$1,888$2,000 - $2,150 Consolidated

  Cost of sales1 ($/oz sold)$1,489$1,425 - $1,575  Cash costs1,2 - excluding royalties ($/oz sold)$1,230$1,100 - $1,250  Cash costs1,2 - including royalties ($/oz sold)$1,484$1,425 - $1,575  AISC1,2 ($/oz sold)$1,900$2,000 - $2,150  Consists of Côté Gold and Westwood on an attributable basis of 70% and 100%, respectively, and an attributable basis of 90% at Essakane for the first half of 2025 and 85% thereafter. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Cash costs on a consolidated basis, excluding royalties, are expected to be in the range of $1,100 to $1,250 per ounce sold. With the current strong gold price environment, royalties account for an average of approximately $325 per ounce sold - based on a gold price assumption for 2026 of $4,000 per ounce. Cash costs, including royalties, are expected to average $1,425 to $1,575 per ounce sold. AISC for IAMGOLD are expected to be in the range of $2,000 and $2,150 per ounce sold. The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel. For expected impacts from fluctuation in these assumptions, refer to the Sensitivity Impact table included in the "Financial Condition" section. Royalty Sensitivities
$ per ounce sold Gold PriceConsolidatedCôté GoldEssakane $3,500$270$245$350 $4,000 (guidance price)$325$300$450 $4,500$390$340$540 $5,000$440$385$600  Capital Expenditures

Actual 20251 Full Year Guidance 20262 
($ millions)
Sustaining

Expansion

Total

Sustaining

Expansion

Total
Côté Gold (IMG share)$103.8
$23.7
$127.5
$160
$85
$245
Westwood
63.9

1.5

65.4

55

30

85
Essakane
106.9

7.4

114.3

165

5

170

$274.6
$32.6
$307.2
$380
$120
$500
Corporate
0.1

-

0.1

-

-

-
Total3$274.7
$32.6
$307.3
$380
$120
$500
 100% basis, for Westwood and Essakane, 70% for Côté Gold, all on an incurred basis. Capital expenditures guidance (±5%).Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold, on an attributable basis, is expected to total $160 million ±5%, an increase from the prior year due to additional non-recurring plant and infrastructure design changes and improvements identified during the ramp-up to optimize operations and operating costs. Expansion capital expenditures are expected to total $120 million ±5% in 2026. The Company intends to accelerate spending to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining. Exploration Outlook

Actual 2025

Full Year Guidance 2026
($ millions)
Capitalized

Expensed

Total

Capitalized

Expensed

Total
Exploration projects - greenfield$0.2
$22.0
$22.2
$11
$34
$45
Exploration projects - brownfield
10.8

2.1

12.9

7

2

9

$11.0
$24.1
$35.1
$18
$36
$54
 Exploration expenditures for 2026 are expected to be approximately $54 million, the majority of which will be expensed. The largest exploration spend in 2026 is expected to be the Nelligan complex of approximately $24 million including the construction of certain infrastructure to support an expanding program, Côté Gold of approximately $5 million attributed to IAMGOLD, and Essakane at approximately $6 million. Income Taxes Paid and Depreciation Outlook($ millions)Actual 2025Full Year Guidance 2026 Depreciation expense $420.9$480 (±5%) Income taxes paid $171.5$205 - $215  The Company expects to pay cash taxes in the range of $205 to $215 million during 2026. Cash tax payments do not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments for the current year, both required to be made at times as prescribed by different countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes ("GloBE"). Depreciation expense for 2026 is expected to be $480 million (±5%) corresponding with production levels and depletion of certain pit phases for which waste stripping costs have been capitalizedENVIRONMENTAL, SOCIAL AND GOVERNANCEThe Company is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices, in every aspect of its business. The Company tracks its ESG performance to understand progress and achievements across a range of material topics and indicators and draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative and Sustainability Accounting Standards Board to guide its Sustainability Report:On May 6, 2025, the Company released its annual Sustainability Report, outlining the Company's 2024 sustainability performance. On December 16, 2025, the Company released its 2024 Scope 3 Emissions Report. As a member of the Mining Association of Canada ("MAC"), the Company participates in the Towards Sustainable Mining ("TSM") initiative at its Westwood operation, as well as internationally at Essakane (Burkina Faso), which exceeds MAC's requirements of reporting only on Canadian operations. The Company conducted internal assessments of the 2024 TSM results for the Westwood and Essakane mines that were also externally verified and achieved an 'A' level or higher for all indicators within all protocols. The 2025 self-assessment reported improvement on some indicators. In 2025, the Company set and achieved most of its ESG targets related to health and safety; equity, diversity, and inclusion; and environment, including: Integration of Critical Risk Management into operational processes including the development of a control verification tool,Embed cost of carbon into decision-making processes,Advance the catchment-based Water Framework at sites through the development of roadmaps, andZero significant environmental and community incidents.Health and SafetyIAMGOLD's TRIFR was 0.60 as of December 31, 2025, compared to 0.63 as of December 31, 2024. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents. This includes the integration of contractors in the critical risk management program. The Company continues to track a range of leading indicators around critical risk management, contractor management, and incident investigation quality.EnvironmentalIn 2025, the Company's key environmental focus areas were water and biodiversity. Building on the water stewardship framework developed in 2024, activities during the year focused on advancing initiatives identified in site-level water roadmaps, developing water performance scorecards, and re-assessing each operation's maturity against the Company's water stewardship framework. Following the establishment of the corporate biodiversity roadmap in 2024, the Company initiated work in 2025 on the development of site-specific regional biodiversity strategies. The Company also initiated work on determining a value of carbon approach for incorporating carbon considerations into decision-making. The Company's three operating sites all have closure plans filed with the authorities supported by associated financial assurance to secure future restoration funds. In 2025, work to update each closure plan was undertaken to reflect current disturbance conditions and restoration concepts. Essakane has been certified ISO 14001 for many years and conducted a management review of its environmental management system. The site continued to run an environmental 'stop incident' campaign to educate and empower employees to recognize and respond to environmental risks. Westwood completed the pilot water recycling projects to reduce water withdrawal from the Bousquet River, and full-scale implementation is planned for 2026. There were zero significant environmental or community incidents reported during 2025.Social PerformanceThroughout 2025, each operation continued to engage with their communities of interest and support community investment initiatives. At Essakane, key engagements and activities included discussions on economic, social, security, and resettlement topics. In the fourth quarter 2024, IAMGOLD partnered with Project CURE to deliver two 40-foot containers of medical supplies to seven health centers in the Dori and Gorom-Gorom districts. After a needs assessment, IAMGOLD committed to funding two additional containers and four containers will be distributed in 2026 - three funded by IAMGOLD and one by Resource Capital Funds Foundation.At Côté Gold, the Company hosted site tours with both elected local municipal and provincial officials, as well as Indigenous partner communities to share information about the mine and IAMGOLD's approach to responsible mining. The Company maintained ongoing communication with our neighbouring First Nation communities, local land users, communities' groups and government agencies through meetings, email, social media and school presentations.At Westwood, the team continued to meet with Abitibiwinni First Nation related to the negotiation of an Impact Benefit Agreement.Indigenous RelationsAs a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada's Calls to Action1, IAMGOLD launched a company-wide initiative in the first quarter 2025, that will help the Company articulate how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company's experiences and reflects its values. This work will lead to the creation of a coherent vision for reconciliation and a roadmap to help guide the Company's actions as an organization. During the fourth quarter 2025, IAMGOLD continued its work, supported by an Indigenous-owned business, to define a five-year plan for action in support of reconciliation. Equity, Diversity and InclusionIAMGOLD includes annual objectives to support its efforts in integrating Equity, Diversity and Inclusion ("EDI") into the strategy and corporate scorecard, for the annual objectives, and tracks EDI metrics in site and corporate reports for visibility and measurement. IAMGOLD's executive leadership team has a 40% women representation.OPERATIONS Côté Gold Mine (IAMGOLD interest - 70% for 2025, 60.3% from January 2024 to November 2024 and 70% for December 2024) | Ontario, Canada

Q4 2025

Q4 2024

2025

2024
Key Operating Statistics (100% basis, unless otherwise stated)











Ore mined (000s t)
4,514

3,637

14,640

10,849
Grade mined (g/t)
1.04

1.07

0.94

0.97
Operating waste mined (000s t)
6,555

4,765

24,830

16,666
Capital waste mined (000s t)
12

2,445

5,638

11,821
Total material mined (000s t)
11,081

10,847

45,108

39,336
Strip ratio1
1.5

2.0

2.1

2.6
Ore milled (000s t)
2,874

2,433

10,889

4,948
Head grade (g/t)
1.44

1.34

1.22

1.37
Recovery (%)
94

91

93

92
Gold production (000s oz) - 100%
124.6

96.1

399.8

199.1
Gold production (000s oz) - attributable
87.2

62.4

279.9

124.0
Gold sales (000s oz) - 100%
127.8

87.4

407.7

179.4
Gold sales (000s oz) - attributable
87.7

55.8

283.6

111.1
Average realized gold price2,3 ($/oz)$4,212
$2,644
$3,572
$2,555
Financial Results ($ millions - attributable interest)
 

 

 

 
Revenues4$370.4
$147.9
$1,014.4
$284.3
Cost of sales4
111.7

60.6

360.8

115.0
Production costs
80.5

52.8

286.7

107.2
(Increase)/decrease in finished goods
3.4

(2.1)
3.6

(9.6)Royalties5
27.8

9.9

70.5

17.4
Cash costs2
111.1

60.4

359.6

114.7
Sustaining capital expenditures2
30.7

25.6

103.8

42.7
Expansion capital expenditures2
5.7

5.4

23.7

191.0
Total sustaining and expansion capital expenditures2
36.4

31.0

127.5

233.7
Earnings from operations
203.0

44.2

464.6

105.6
Mine-site free cash flow2
197.0

16.9

484.1

40.2
Unit costs per tonne2
 

 

 

 
Mine costs per operating tonne mined2$4.72
$4.19
$4.20
$3.90
Mill costs per tonne milled2$20.91
$17.59
$20.00
$17.32
G&A costs per tonne milled2$7.62
$7.35
$6.97
$8.49
Operating costs per ounce6
 

 

 

 
Cost of sales excluding depreciation ($/oz sold)$1,271
$1,083
$1,272
$1,035
Cash costs2 - excluding royalties ($/oz sold)$949
$902
$1,020
$875
Cash costs2 ($/oz sold)$1,265
$1,080
$1,268
$1,032
AISC2 ($/oz sold)$1,688
$1,685
$1,636
$1,658
 Strip ratio is calculated as waste mined divided by ore mined.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures". Average gold price realized on the attributable portion of sales excludes the impact of gold delivered into prepayment arrangements.As per note 35 of the consolidated financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.Includes the 7.5% gross margin royalty and various net smelter return royalties.Cost of sales, cash costs excluding royalties cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.OperationsIn its first full year of operations, Côté's attributable production was 279,900 ounces (399,800 ounces | 100%), achieving the top-end of the annual guidance range. The mine completed the ramp-up and achieved nameplate plant throughput of 36,000 tonnes per day ("tpd") over a period of thirty consecutive days ahead of schedule in June.Attributable gold production in the fourth quarter 2025 was a record 87,200 ounces (124,600 ounces | 100%), a 40% increase from the prior year period.Mining activity totaled 11.1 million tonnes in the fourth quarter 2025. Ore tonnes mined increased to a record 4.5 million tonnes, or 24% over the prior year period, with an associated strip ratio of 1.5:1 waste to ore. The average grade mined was 1.04 g/t in the fourth quarter 2025, in line with expectations, and the highest quarterly grade mined to date for the operation.Mill throughput in the fourth quarter 2025 totaled 2.9 million tonnes, an increase of 18% over the prior year period. The installation of the additional secondary crusher was completed in November and commissioned in December with both cone crushers tested and operating in parallel. The Company used a temporary contractor aggregate crusher to supplement crushing capacity during 2025 due to high wear caused by the abrasive ore impacting the availability of the secondary crushing circuit. The Company plans to phase out the temporary aggregate crushing circuit over the first half of 2026. The additional secondary cone crusher is expected to increase overall crushing capacity, optimize the particle size entering the high pressure grinding rolls (HPGR) allowing for improved maintenance cycles on the dry side, as well as the particle size entering the ball mill which has the potential to increase capacity in the wet side of the plant.Head grade for the fourth quarter was a record 1.44 g/t as a result of the combination of higher grade direct feed ore, a low strip ratio over the quarter and stockpiling of lower grade ore. Recoveries in the plant averaged a record 94% in the quarter. The reconciliation between the reserve models, grade control models, mill feed and production continues to be in line with expected tolerances.Financial Performance (attributable basis)Revenue and cost of sales for the year are recognized at 70% in accordance with IAMGOLD's ownership interest. Production costs were $80.5 million and $286.7 million during the three and twelve months ended December 31, 2025, respectively. As outlined below, mining and milling per tonne unit costs continue to be elevated in part due to the ongoing reliance on the contractor aggregate crushing described above. Mining costs averaged $4.72 and $4.20 per tonne mined during the three and twelve months ended December 31, 2025, respectively. Mining costs in the fourth quarter continued to be impacted by the contractor aggregate crushing that increased rehandling and utilization of haul trucks. The impact is expected to reduce in 2026 as the contractor aggregate is phased out over the first half of 2026. Additional improvements to mining cost per tonne are expected through various measures including the continued transition to bulk mining, the improvement of the expected average life on haul truck tires and improving drilling practices to reduce the amount of redrilling required. Milling costs were $20.91 and $20.00 per tonne milled during the three and twelve months ended December 31, 2025, respectively. Unit costs remained higher in the fourth quarter as the temporary aggregate crusher was used extensively during the integration and commissioning of the additional secondary crusher. Milling costs were also higher due to the expensing of certain capital spares in 2025 as the life of the spares is expected to be less than a year until the benefits from the installation of the second secondary crusher are realized. Unit costs are expected to decline over the course of 2026 as the contractor aggregate crushing is phased out over the first half of the year.G&A costs were $7.62 and $6.97 per tonne milled during the three and twelve months ended December 31, 2025, respectively. Cost of sales, excluding depreciation, during the three and twelve months ended December 31, 2025, totaled $111.7 million and $360.8 million, respectively. Cost of sales per ounce sold, excluding depreciation, for the three and twelve months ended December 31, 2025, was $1,271 and $1,272, respectively.Cash costs, excluding royalties, during the three and twelve months ended December 31, 2025, totaled $83.3 million and $289.1 million, respectively, and cash cost per ounce sold, excluding royalties, was $949 and $1,020, respectively.Royalties during the three and twelve months ended December 31, 2025, were $27.8 million or $316 per ounce (25% of cash cost) and $70.5 million or $248 per ounce (20% of cash cost), respectively.Cash costs during the three and twelve months ended December 31, 2025, totaled $111.1 million and $359.6 million, respectively, and cash cost per ounce sold was $1,265 and $1,268, respectively.AISC during the three and twelve months ended December 31, 2025, was $1,688 and $1,636 per ounce sold, respectively.Capital expenditures, on a 100% and incurred basis, totaled $51.7 million in the fourth quarter 2025. Sustaining capital expenditures totaled $43.7 million ($30.7 million | 70%), including $29.2 million of capital projects related to operational improvements and ramp-up, $10.2 million of mobile equipment and critical spares, $2.3 million of other capital projects and $2.0 million of tailings infrastructure and related earthworks. Expansion capital of $8.0 million ($5.7 million | 70%) was primarily associated with the installation and commissioning of the additional secondary cone crusher completed during the fourth quarter of this year.Capital expenditures for the year, on a 100% and incurred basis, totaled $181.6 million. Sustaining capital expenditures totaled $148.0 million, ($103.8 million | 70%), including $46.0 million of capital projects related to operational improvements and ramp-up, $37.4 million of tailings expansion and related earthworks, $36.9 million of mobile equipment and critical spares, $21.1 million of capitalized stripping, and $6.6 million of other capital projects. Expansion capital of $33.6 million ($23.7 million | 70%) was primarily associated with the installation and commissioning of the additional secondary cone crusher during the fourth quarter of this year.Mine-site free cash flow was a record $197.0 million on an attributable basis for the three months ended December 31, 2025, on the strength of record revenues of $370.4 million with record gold sales of 87,700 ounces at the record realized gold price of $4,212 per ounce, resulting in operating cash flows of $241.8 million offset by capital expenditures totaling $44.8 million. For the year, mine-site free cash flow was $484.1 million on an attributable basis, with revenues of $1,014.4 million from the sale of 283,600 ounces at a realized gold price of $3,572 per ounce, resulting in operating cash flows of $606.8 million offset by capital expenditures totaling $122.7 million. 2026 Outlook Côté Gold attributable production in 2026 is expected to be in the range of 270,000 to 310,000 ounces (390,000 to 440,000 ounces | 100%). The focus in 2026, now that the plant is operating at nameplate throughput, is on stabilization and optimization, improving the cost structure and preparing for the contemplated expansion of Côte. Short to medium term capital investment is planned to improve the operating efficiency and cost structure while also systematically investing in the expansion to derisk the larger build. Mining activities in 2026 are planning a total of approximately 52 million tonnes of material mined. This includes a large pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mill throughput is expected to average 36,000 tpd (nameplate) over the course of the year after the successful installation of the additional secondary crusher in the fourth quarter 2025. Plant head grades are expected to average between 1.00 g/t and 1.10 g/t. Gold production is expected to be higher in the second half of the year based on expected lower grades in the first half of the year followed by higher grades in the second half - as determined by the scheduled mine sequence. Cash costs, excluding royalties, at Côté Gold are expected to be in the range of $900 to $1,050 per ounce sold, and including royalties (assuming a $4,000 per ounce gold price) in the range of $1,200 to $1,350 per ounce sold. AISC is expected to be in the range of $1,775 to $1,925 per ounce sold. Sustaining capital expenditures guidance for Côté Gold is approximately $160 million ±5% ($230 million | 100%) that includes $50 million ($70 million | 100%) of non-recurring capital to improve the operating efficiency and the long-term operating cost structure. Expansion capital of $85 million ±5% ($120 million | 100%) mainly relates to the planned strategic pit pushback that will provide both operational flexibility in the near term and optionality for the expansion, as well as the acceleration of certain expansion related plant construction activities, including an additional Vertimill in early 2027. ExplorationThe Gosselin zone is located immediately to the northeast of the Côté zone. Following the completion of the expansion and delineation diamond drilling program in 2024, the 2025 drilling plan was to continue with diamond drilling activities aimed at increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category. A total of 45,000 metres was planned initially but this program was increased to approximately 53,750 metres for the year. Approximately 3,600 metres were completed in the fourth quarter 2025. In addition, approximately 5,550 metres tested the area to the north-east of the Gosselin zone.The results of the Gosselin exploration program will be included in an updated Mineral Reserves and Mineral Resources estimate in the second quarter 2026 and will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a conceptual mine plan targeting both the Côté and Gosselin zones over the life of mine. This updated technical report is expected to be completed by the end of 2026.Côté Zone Drilling An infill drilling program of 20,000 metres was planned on the Côté zone which was initiated in the second quarter of 2025. Approximately 1,350 metres were completed in the fourth quarter 2025, for approximately 20,650 metres for the year. This infill drilling program was planned to improve resource confidence within the northeastern extension of the Côté deposit and convert Inferred Resources into the Indicated Resources category.Mineral Resources and ReservesMineral Reserves decreased 301,000 ounces from the prior year period as updated estimates partially offset depletion (based on 10.9 Mt at 1.22 g/t for contained ounces of 428,100 ounces at 100% interest). The Côté Gold Mineral Reserve block model will be updated this year resulting in an updated mine plan incorporating both Côté and Gosselin. Côté Gold (Côté and Gosselin) Measured & Indicated Mineral Resources, inclusive of Mineral Reserves and on a 100% basis, increased 12%, or approximately 2.0 million ounces, to an estimated 18.2 million ounces (12.7 million ounces attributable) as of December 31, 2025. Inferred Mineral Resources decreased approximately 2.0 million ounces to 2.2 million ounces. The 2025 drilling plan at Côté and Gosselin prioritized increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category. The program was increased to approximately 53,750 metres for the year at Gosselin. The results of the Gosselin drilling program will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a mine plan targeting both the Côté and Gosselin zones over the life of mine. (See news release dated February 17, 2025 titled "IAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025"). Funding Agreement with SMM On December 19, 2022, the Company announced it had entered into the JV Funding and Amending Agreement with SMM, whereby SMM contributed the Company's funding obligations to the Côté Gold UJV and as a result, the Company transferred 9.7% of its interest in Côté Gold to SMM with a right to repurchase these transferred interests to return to its full 70% interest in the Côté Gold Mine.On November 30, 2024, the Company exercised its right to repurchase the 9.7% interest in Côté Gold returning IAMGOLD to its full 70% interest in Côté Gold. Westwood Complex (IAMGOLD interest - 100%) | Quebec, Canada

Q4 2025

Q4 2024

2025

2024

2023
Key Operating Statistics














Underground lateral development (metres)
891

1,086

3,856

4,591

5,271
Ore mined (000s t) - underground
105

98

382

354

280
Ore mined (000s t) - open pit
174

283

996

662

742
Ore mined (000s t) - total
279

381

1,378

1,016

1,022
Grade mined (g/t) - underground
9.87

9.65

7.55

9.19

7.11
Grade mined (g/t) - open pit
1.02

1.33

1.09

1.75

1.71
Grade mined (g/t) - total
4.35

3.47

2.88

4.34

3.19
Ore milled (000s t)
299

267

1,154

1,107

1,034
Head grade (g/t) - underground
9.78

9.51

7.59

9.17

7.12
Head grade (g/t) - open pit
1.19

1.17

1.22

1.60

1.51
Head grade (g/t) - total
4.21

4.34

3.32

4.04

3.03
Recovery (%)
93

93

92

93

93
Gold production (000s oz)
37.9

34.6

113.9

133.7

93.4
Gold sales (000s oz)
37.1

36.7

113.6

133.9

90.2
Average realized gold price1,2 ($/oz)$4,151
$2,652
$3,531
$2,403
$1,946
Financial Results ($ millions)
 

 

 

 

 
Revenues3$155.0
$97.6
$403.0
$323.0
$176.6
Cost of sales3
48.5

42.3

175.7

157.5

144.6
Production costs
45.1

39.0

177.3

155.3

148.5
(Increase)/decrease in finished goods
3.4

3.3

(1.6)
1.9

(4.1)Royalties
-

-

-

0.3

0.2
Cash costs1
47.8

42.2

173.8

156.3

143.7
Sustaining capital expenditures1
15.1

18.5

63.9

66.1

65.0
Expansion capital expenditures1
1.5

(0.1)
1.5

-

0.6
Total sustaining and expansion capital expenditures1
16.6

18.4

65.4

66.1

65.6
Earnings/(loss) from operations4
91.2

45.1

171.4

578.9

(9.7)Mine-site free cash flow1
89.2

41.3

148.6

94.4

(42.8)Unit costs per tonne1
 

 

 

 

 
Underground mining cost per tonne mined $264.72
$233.72
$287.85
$250.86
$281.76
Open pit mining cost per operating tonne mined$6.82
$6.88
$7.29
$8.75
$8.86
Milling cost per tonne milled$25.53
$28.55
$27.32
$24.25
$23.56
G&A cost per tonne milled$22.69
$19.70
$20.31
$18.44
$21.30
Operating costs per ounce5
 

 

 

 

 
Cost of sales excluding depreciation6 ($/oz sold)$1,307
$1,155
$1,547
$1,177
$1,600
Cash costs1 - excluding royalties ($/oz sold)$1,288
$1,148
$1,530
$1,164
$1,588
Cash costs1 ($/oz sold)$1,288
$1,148
$1,530
$1,167
$1,591
AISC1 ($/oz sold)$1,719
$1,688
$2,117
$1,702
$2,344
 This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Average realized gold price excludes the impact of gold delivered into prepayment arrangements.As per note 35 of the consolidated financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.Included in 2024 net earnings from operations is a $455.5 million gain on the reversal of the previously recorded impairment of the Westwood CGU.Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Includes non-cash ore stockpile and finished goods inventories NRV write-down of $3.2 million in 2023, which had an impact on cost of sales, excluding depreciation, per ounce sold of $36 for 2023).OperationsProduction was 113,900 ounces for the full year, below the bottom end of the guidance range of 125,000 to 140,000 ounces, due to lower grade stopes being mined earlier in the year after changes in the mine sequence to accommodate challenging ground conditions, combined with higher than expected underground dilution and lower mining recovery in certain areas.Production in the fourth quarter 2025 was 37,900 ounces, higher by 3,300 ounces or 10% compared with the same prior year period, a record level since the mine restarted in the second half of 2021. The fourth quarter included higher grade stopes which had been re-sequenced earlier in 2025 as described above.Mining activity for the year totaled 1.4 million tonnes of ore, an increase over the prior year of 0.4 million tonnes or 36% due to increased tonnes from both the underground mine and open pit. Mining activity in the fourth quarter 2025 of 279,000 tonnes of ore was lower by 102,000 tonnes or 27% than the same prior year period, primarily due to decreased volumes at the Grand Duc open pit. Underground mining activities in the fourth quarter averaged 1,139 tpd, translating to 105,000 tonnes in the quarter, a record volume from underground since the mine restart, with an average underground mined grade of 9.87 g/t Au. Mill throughput for the year was 1.2 million tonnes at an average head grade of 3.32 g/t, 4% higher and 18% lower, respectively, than the prior year. The lower head grades are due to a decrease in the grade from the underground mine as described above. Mill throughput in the fourth quarter 2025 was 299,000 tonnes, at an average grade of 4.21 g/t, 12% higher and 3% lower than the same prior year period, respectively. The mill achieved recoveries of 93% in the fourth quarter 2025, in line with the same prior year period. A renewed Collective Bargaining Agreement was ratified in the quarter extending through November 2030.Financial Performance - Q4 2025 Compared to Q4 2024Production costs of $45.1 million were higher by $6.1 million or 16% than the same prior year period, due to increased underground mining activities. Underground mining costs per tonne mined were $264.72, the lowest level for the year due to the higher volumes mined. Mining costs included in production costs were higher due to an increased proportion of development activities in the fourth quarter supporting extraction and stope preparation activities relative to the same prior year period where there was a higher proportion of capital development activities, alongside an increase in the consumption of tires, explosives and related ground support components. Maintenance costs, increased over the fourth quarter 2025, continued in line with the year-to-date run rate as the mine continues to transition certain maintenance activities in house. Cost of sales, excluding depreciation, of $48.5 million was higher by $6.2 million or 15% compared to the same prior year period due to higher production costs. Cost of sales per ounce sold, excluding depreciation, of $1,307, was higher by $152 or 13% as a result, with sales volume in line with the same year prior period.Cash costs of $47.8 million were higher by $5.6 million or 13% compared to the prior year period. Cash costs per ounce sold of $1,288 were higher by $140 per ounce or 12%, due to the increase in production costs, with sales volume in line with the same year prior period.AISC per ounce sold of $1,719 was higher by $31 per ounce or 2%, primarily due to higher cash costs, partially offset by lower sustaining capital spend, with sales volume in line with the same year prior period.Sustaining capital expenditures of $15.1 million included mill and mobile equipment of $6.3 million, underground development and rehabilitation of $5.9 million, capitalized stripping at Grand Duc of $2.0 million, and other sustaining capital projects of $0.9 million. During the fourth quarter a work program commenced on the adjacent Eastwood deposit, with $1.5 million incurred in the period, to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining.Mine-site free cash flow was $89.2 million for the three months ended December 31, 2025, based on the record revenues of $155.0 million with gold sales of 37,100 ounces at a realized gold price of $4,151 per ounce, generating operating cash flows of $106.1 million offset by capital expenditures totaling $16.9 million. 2026 OutlookWestwood production is expected to be in the range of 110,000 to 130,000 ounces in 2026. Underground mining is planned for between 900 to 1,000 tonnes per day and the Grand Duc open pit life has been extended into 2027 based on the improved economics in the current gold price environment. Mill throughput is expected to average 1.2 million tonnes in 2026 with blended head grades expected to average 3.44 g/t over the course of the year. Cash costs at Westwood are expected to be in the range of $1,500 to $1,650 per ounce sold and AISC in the range of $1,950 to $2,100 per ounce sold. Sustaining capital expenditures guidance is $55 million (±5%), primarily consisting of underground development in support of the mine plan, the continued renewal of the mobile fleet and fixed equipment, and certain asset integrity projects at the Westwood mill. Expansion capital of $30 million is primarily associated with development works to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining. Additional extensions to the Grand Duc pit will also be investigated this year. Mineral Resources and Reserves Mineral Reserves from the underground increased 125,000 ounces and 20,000 ounces from the Grand Duc open pit, more than offsetting depletion, primarily as a result of the change in resource model and increased gold price assumption and reduction in the underground cut-off grade to 6.40 g/t Au (down from 6.82 g/t Au previously). (See news release dated February 17, 2025 titled "IAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025"). Essakane Mine (IAMGOLD interest - 90% for H1 2025 and prior, 85% thereafter) | Burkina Faso

Q4 2025

Q4 2024

2025

2024

2023
Key Operating Statistics1














Ore mined (000s t)
4,123

2,170

11,910

9,714

9,586
Grade mined (g/t)
1.44

1.14

1.25

1.44

1.35
Operating waste mined (000s t)
4,649

4,036

22,087

13,315

19,530
Capital waste mined (000s t)
620

6,168

5,651

23,895

14,233
Total material mined (000s t)
9,392

12,374

39,648

46,924

43,349
Strip ratio2
1.3

4.7

2.3

3.8

3.5
Ore milled (000s t)
3,241

2,948

12,560

12,087

11,283
Head grade (g/t)
1.50

1.07

1.18

1.33

1.26
Recovery (%)
88

87

90

88

90
Gold production (000s oz) - 100%
138.1

88.4

427.2

454.2

412.9
Gold production (000s oz) - attributable
117.3

79.7

372.1

408.8

371.6
Gold sales (000s oz) - 100%
134.2

92.9

420.6

454.0

413.2
Average realized gold price3,4 ($/oz)$4,188
$2,680
$3,538
$2,383
$1,957
Financial Results ($ millions)1
 

 

 

 

 
Revenues5$562.7
$249.3
$1,489.5
$1,083.2
$809.6
Cost of sales5
198.0

139.7

689.2

536.8

502.4
Production costs
131.1

121.9

544.7

458.3

450.5
(Increase)/decrease in finished goods
5.2

(1.7)
2.2

(6.8)
(0.8)Royalties6
61.7

19.5

142.3

85.3

52.7
Cash costs3
197.4

139.4

687.7

535.5

488.0
Sustaining capital expenditures3
28.9

49.0

106.9

180.4

134.9
Expansion capital expenditures3
0.8

2.1

7.4

5.1

1.7
Total sustaining and expansion capital expenditures3
29.7

51.1

114.3

185.5

136.6
Earnings from operations
297.0

77.4

608.1

384.4

92.0
Mine-site free cash flow3
340.4

20.0

566.3

250.5

91.0
Unit costs per tonne3
 

 

 

 

 
Open pit mining cost per operating tonne mined$6.66
$5.37
$6.36
$5.34
$5.02
Milling cost per tonne milled$17.95
$20.35
$19.35
$19.26
$18.94
G&A cost per tonne milled$10.67
$9.83
$9.52
$8.50
$9.07
Operating costs per ounce7
 

 

 

 

 
Cost of sales excluding depreciation ($/oz sold)$1,475
$1,504
$1,640
$1,182
$1,216
Cash costs3 - excluding royalties ($/oz sold)$1,011
$1,291
$1,300
$991
$1,053
Cash costs3 ($/oz sold)$1,471
$1,501
$1,636
$1,179
$1,181
AISC3 ($/oz sold)$1,674
$2,118
$1,888
$1,625
$1,521
 100% basis, unless otherwise stated.Strip ratio is calculated as waste mined divided by ore mined.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Average realized gold price excludes the impact of gold delivered into prepayment arrangements.As per note 35 of the consolidated financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.Includes contributions made by the Essakane mine to the development fund for local communities, equating to 1% of total revenues.Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to roundingOperationsEssakane delivered full year production of 427,200 ounces on a 100% basis, exceeding the midpoint of the guidance range when expressed on a 100% basis; on an attributable basis Essakane produced 372,100 ounces that include the impact of the mid-year change in ownership from 90% to 85%. During the fourth quarter 2025, Essakane produced a record 138,100 ounces, or 117,300 ounces on an attributable basis, an increase of 37,600 ounces or 47% from the prior year period, due to higher head grades compared to the same prior year period. Mining for the year totaled 39.6 million tonnes, 7.3 million tonnes or 16% lower than the prior year period in line with the mine plan, and included ore mined totaling 11.9 million tonnes at an average grade of 1.25 g/t, an increase of 23% and decrease of 13%, respectively over the prior year. Mining in the fourth quarter 2025 totaled 9.4 million tonnes, lower by 3.0 million tonnes or 24% compared to the same prior year period and included ore mined totaling 4.1 million tonnes in the quarter at an average grade of 1.44 g/t, an increase of 90% and 26%, respectively over the same year prior period. The average grade of mined ore in the fourth quarter was the highest grade mined in the year as the mine sequences deeper into Phase 7. Mill throughput for the year totaled 12.6 million tonnes at an average head grade of 1.18 g/t, 4% higher and 11% lower than prior year levels, respectively. Mill throughput in the fourth quarter 2025 was 3.2 million tonnes at an average head grade of 1.50 g/t, 10% higher and 40% higher than the same prior year period, respectively. The mill achieved recoveries of 90% for the year, 2% higher than the prior year. Recoveries were 88% in the fourth quarter 2025, 1% higher than the same prior year period.The security situation in Burkina Faso continues to be a focus for the Company. Security-related incidents are still occurring in the country, and more broadly, the West African region, which pressure supply chains. The Company continues to take proactive measures to ensure the safety and security of in-country personnel and is constantly adjusting its protocols and activity levels at the site in response to the security environment. The Company continues to invest in the security and supply chain infrastructure in the region and at the mine site. It is also incurring additional costs to bring employees, contractors, supplies, and inventory to the mine. The situation has placed the Government of Burkina Faso under significant financial constraint due to the high cost of funding its initiatives to defend itself against militant attacks. See "Risks and Uncertainties". Essakane declared a record dividend of approximately $855 million in June 2025. This dividend represents the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $680 million at a foreign exchange rate of EUR/USD 1.15. See "Financial Condition - Dividend Payments from Essakane".On April 7, 2025, the Government of Burkina Faso enacted an update to the royalty decree increasing the minimum royalty rate applicable to gold prices above $3,000/oz to 8%, with the rate increasing by an additional 1% for each $500/oz thereafter. The previous rate was 7% on all gold sold at or above $2,000/oz. The average royalty rate was 10.0% in the fourth quarter and 8.6% for the full year 2025, in addition to the contributions to the development fund for local communities equating to 1% of total revenues.Financial Performance - Q4 2025 Compared to Q4 2024Production costs of $131.1 million were higher by $9.2 million or 8%, primarily resulting from a higher proportion of mining costs being expensed, due to the lower strip ratio during the period due to the increased proportion of ore tonnes mined described above. Costs were also impacted by USD equivalent labour, contractor and facility costs, which have increased compared to the same prior year period due to the appreciation of the local XOF currency, which is pegged to the Euro.Cost of sales, excluding depreciation, of $198.0 million was higher by $58.3 million or 42%, primarily due to higher production costs and a 216% increase in royalties resulting from higher gold prices and the new royalty decree. Cost of sales per ounce sold, excluding depreciation, of $1,475 was lower by $29 per ounce or 2% primarily due to higher production and sales volumes due to higher average head grade in the quarter offsetting the impact of higher production costs and royalties. Royalties accounted for $460 per ounce, an increase of $250 per ounce.Cash costs, excluding royalties, of $135.7 million were higher by $15.8 million or 13%, primarily due to higher production costs. Cash costs per ounce sold, excluding royalties, of $1,011 per ounce were lower by $280 per ounce or 22%, primarily due to higher production and sales volumes offsetting the impact of higher production costs. Cash costs, including royalties, of $197.4 million were higher by $58.0 million or 42%, and total cash costs per ounce sold of $1,471 per ounce were lower by $30 or 2%.AISC per ounce sold of $1,674 was lower by $444 per ounce or 21% primarily due to lower sustaining capital expenditures and higher production and sales volumes, partially offset by higher production costs and royalties compared to the prior period. Total capitalized stripping of $4.2 million was lower by $28.9 million or 87%, as the mine fleet prioritized ore mining, resulting in lower overall waste tonnes mined in the period increasing the proportion of waste tonnes classified as operating waste consistent with the 2025 mine plan. Sustaining capital expenditures, excluding capitalized stripping, of $24.7 million included mobile and mill equipment of $13.3 million, capital spares of $4.9 million, tailings management of $2.8 million, resource development of $1.4 million, and other sustaining projects of $2.3 million. Mine-site free cash flow was $340.4 million for the three months ended December 31, 2025, with record revenues of $562.7 million with gold sales of 134,200 ounces at a realized gold price of $4,188 per ounce, resulting in operating cash flows of $367.2 million offset by capital expenditures totaling $26.8 million. This increase of $320.4 million compared to the same prior year period is primarily due to higher revenues from the higher realized gold price and higher production and sales volume, partially offset by higher production costs and royalty payments.2026 OutlookEssakane attributable production is expected to be in the range of 340,000 to 380,000 ounces (400,000 to 440,000 ounces | 100%). Mining activities will predominantly target Phase 6 and 7 and the Lao pit that is adjacent to the Essakane Main Zone, with an estimated target of 42 to 43 million tonnes of material mined at a strip ratio between 2.5 to 3:1. Mill throughput is expected to total near 13 million tonnes with head grades averaging 1.10 g/t Au. Cash costs, excluding royalties, are expected to be in the range of $1,150 to $1,300 per ounce sold, and including royalties, in the range of $1,600 to $1,750. AISC is expected to be in the range of $2,000 to $2,150 per ounce sold. Costs at Essakane are impacted by the Burkinabe royalty structure described above which are uncapped and tied to gold prices.Sustaining capital expenditures guidance is approximately $165 million (±5%), including approximately $90 million of capitalized waste stripping to progress Phase 6 and into the Lao pit, as well as the ongoing replacement of certain equipment to improve efficiency and maintenance costs at Essakane, and the annual tailings dam program. The capitalized waste stripping is higher than estimated in the December 2023 technical report due to inclusion of the Lao pit and extension of estimated mine life into 2029. Continued security incidents or related concerns could have a material adverse impact on future operating performance. In response to the security situation noted above, the Company continues to actively work with authorities and suppliers to mitigate potential impacts and manage supply continuity, while also investing in additional infrastructure and supply inventory levels designed to secure operational continuity. See "Risks and Uncertainties."Mineral Resources and Reserves Mineral Reserves decreased 640,000 ounces, primarily due to depletion (428,000 contained ounces milled) and geology model adjustments as mining activities continue to progress through the mine plan. Essakane M&I Mineral Resources, inclusive of Mineral Reserves on a 100% basis (excluding Gossey), increased 11% to an estimated 4.4 million ounces (3.8 million ounces attributable) as of December 31, 2025, with a 50% increase in tonnes (to 150 Mt) offsetting a 26% decrease in grades (to 0.91 g/t Au, including stockpiles). The increase in tonnes and ounces underscores confidence in the potential for Essakane to extend its mine life within the fence beyond current guidance (last year Essakane processed 12.6 Mt of ore at an average head grade of 1.18 g/t Au). Inferred Mineral Resources (excluding Gossey) increased 20% from the year prior to an estimated 853,000 ounces at 1.10 g/t Au. (See news release dated February 17, 2025 titled "IAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025").PROJECTSNelligan Mining Complex | Chibougamau District, Quebec, CanadaOn December 19, 2025, and December 22, 2025, the Company acquired all of the issued and outstanding shares of each of Northern Superior and Orbec, respectively, by way of court-approved plan of arrangement for consideration of approximately $329.0 million and $14.2 million, respectively, in shares of the Company and cash. The combined assets, together the "Nelligan Mining Complex", consolidates the Chibougamau region with a dominant land position of approximately 134,000 hectares. The Northern Superior acquisition with the Philibert, Chevrier, Lac Surprise and Croteau projects together with the Orbec acquisition with the Muus project are combined with IAMGOLD's Nelligan and Monster Lake Projects. The newly combined assets, together, rank as one of the largest pre-production gold camps in Canada. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.On February 17, 2026, the Company announced its updated Mineral Resources for the Nelligan Mining Complex. On a consolidated basis, the Nelligan Mining Complex reported a significant increase in Indicated and Inferred Mineral Resources. Indicated Resources increased 1.1 million ounces to a total of 4.3 million ounces at an average grade of 0.99 g/t Au. Inferred ounces increased 1.9 million ounces to a total of 7.5 million ounces at an average grade of 1.08 g/t Au. The Nelligan deposit reported an increase of 575,000 ounces in Indicated Mineral Resources, to a total of 3.7 million ounces at an average grade of 0.95 g/t. The increase was primarily a result of the infill program conducted last year to increase the confidence in ounces from Inferred Mineral Resources. At the time of the Northern Superior acquisition, disclosed estimates were 3.75 Moz Au Measured and Indicated Mineral Resources and 8.65 Moz Au Inferred Mineral Resources, which included Croteau. The Company opted to exclude the mineral resources previously associated with the Croteau property in its year-end update, resulting in the reported totals above. (See news release dated February 17, 2025 titled "IAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025").IAMGOLD has budgeted approximately $24 million for exploration activities within the Nelligan Mining Complex for 2026. The goal of the program will be to conduct thorough testing of Philibert, expand Nelligan and continue to test Monster Lake at depth, all in support of a conceptual preliminary economic assessment in 2027. The Company is planning to test high priority targets within the region. Subsequent to the year-end, the Company exercised the option to acquire the remaining 25% interest in the Philibert property held by SOQUEM for the payment totaling C$3.5 million, completing the consolidation of 100% of the Philibert property. NelliganThe Company holds a 100% interest in Nelligan located approximately 45 kilometres south of the Chapais Chibougamau area in Québec.The diamond drilling program of 13,000 metres of expansion and delineation drilling planned for 2025 was increased by more than 3,000 metres and ended at the end of the third quarter. No additional drilling was completed in the fourth quarter 2025 and approximately 16,700 metres were drilled for the year.On September 15, 2025, the Company provided an update on the 2025 drilling program with assay results confirming the extension of the mineralized zones of Nelligan deposit. Highlights included: 20.6 m at 1.93 g/t Au and 13.5 m at 2.17 g/t Au in hole NE-25-239, and 36.5 m at 3.03 g/t Au in hole NE-25-265 in Zone 36; 24.5 m at 3.24 g/t Au in drill hole NE-25-244, and 28.8 m at 1.00 g/t Au in drill hole NE-25-248 in the Renard Zone; and 21.0 m at 2.23 g/t Au in drill hole NE-25-244, and 7.5 m at 7.48 g/t Au and 34.5 m at 1.22 g/t Au in drill hole NE-25-256A (see news release dated September 15, 2025). The Megane Zone mineralization extends at depth but will require further drilling to delineate potential mineralized lenses to add to the current resources.Monster Lake The Company holds a 100% interest in the Monster Lake Gold Project, which is located approximately 15 kilometres north of Nelligan in the Chapais Chibougamau area in Québec. The 2025 diamond drilling program was initially planned for 17,000 metres and was slightly increased to approximately 17,600 metres, all of which were completed in the third quarter 2025. It tested exploration targets along the main Monster Lake Shear Zone structural corridor and known gold mineralized lateral and depth extensions. Drilling activities were pursued in other prospective target areas of the general sector.On September 15, 2025, the Company also provided an update on this 2025 drilling program with assay results indicating the persistence of the high-grade veins in the general down-plunge of the Megane zone. Highlights included: 3.0 m at 12.66 g/t Au in drill hole ML-25-282, and 9.0 m at 23.4 g/t Au in drill hole ML-25-292 in the Megane Zone; and 4.9 m at 127.3 g/t Au in drill hole ML-25-283, and 2.2 m at 39.4 g/t Au in drill hole ML-25-287 in the Lower Shear Zone (see news release dated September 15, 2025).Anik The Anik Gold Project is owned at 75% by IAMGOLD after the Company elected to exercise its first option to acquire an undivided interest of 75% in the project in May 2025 pursuant to an option agreement signed on May 20, 2020, with Auriginal Metals, successor to Kintavar Exploration Inc. The project is contiguous with the Nelligan Gold project to the north and east. The Company holds an option to earn up to an 80% interest in the project by meeting certain commitments.The 2025 diamond drilling program was initially planned for 1,800 metres and was slightly increased to approximately 2,100 metres, all of which was completed in the first quarter 2025, testing different target areas. FINANCIAL REVIEWLiquidity and Capital ResourcesThe Company's capital allocation strategy is to maximize value through the allocation of internally generated cashflows to fund growth opportunities, return capital to its shareholders, and strengthen its balance sheet.As at December 31, 2025, the Company had $421.9 million in cash and cash equivalents and net debt of $344.4 million. The Company has $200.0 million drawn on the Credit Facility and approximately $445.7 million remains available, resulting in liquidity at December 31, 2025 of approximately $868.6 million. Within cash and cash equivalents, $53.5 million (70% basis) was held by the Côté Gold UJV. The Côté Gold UJV requires its joint venture partners to fund, in advance, two months of future expenditures and cash calls are made at the beginning of each month, resulting in the month end cash balance approximating the following month's expenditure. $197.5 million was held by Essakane. The Company uses dividends and a shareholder account structure to repatriate funds from Essakane (see "Dividend Payments from Essakane" below).Restricted cash totaled $71.0 million and relates to deposits required for environmental closure costs obligations related to Essakane and the Westwood division.The Company's liquidity position and capital allocation decisions will be substantially determined by the success or failure of the Company's operations, the price of gold, currency exchange rates and the Company's ability to successfully repatriate dividends from Burkina Faso. The Company's liquidity position, comprised of cash and cash equivalents, short-term investments, and availability under the Credit Facility, together with expected cash flows from operations, is expected to be sufficient to support the Company's normal operating requirements, capital commitments, and service the debt obligations as they become due. The Company's ability to draw down on the Credit Facility is dependent on its ability to meet net debt to EBITDA and interest ratio covenants. Readers are encouraged to read the "Caution Regarding Forward Looking Statements" and the "Risk Factors" sections contained in the Company's 2025 Annual Information Form, which is available on SEDAR at www.sedarplus.ca and the "Caution Regarding Forward-Looking Statements" and "Risk and Uncertainties" section of the MD&A. Dividend Payments from Essakane Excess cash at Essakane is repatriated through dividend and shareholder account payments, of which the Company will receive its share based on its ownership, net of withholding taxes. The shareholder account structure functions like an inter-company loan and allows for the Company's portion of the dividend to be repaid using cash in excess of working capital requirements and aligns the interests of both IAMGOLD and the Government of Burkina Faso, including a preference for increased and/or more regular cash flow movements from Essakane. Essakane declared a record dividend of approximately $855 million in June 2025. This dividend represents the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $680.7 million at an EUR/USD exchange rate of 1.15. IAMGOLD received $291 million of dividend payments, shareholder account payments and interest up to December 31, 2025, and the remaining balance of $408 million at December 31, 2025, is expected to be fully paid over the next 6 to 12 months. Subsequent to year end, additional payments of $171 million of shareholder account payments were received. $ millions
Dividend

Shareholder account
2025 dividend declared$855.0

 
Government of Burkina Faso 15% share paid in June 2025
(128.3)
 
Withholding tax paid in July 2025
(46.0)
 
IAMGOLD's portion of 2025 dividend declared
680.7

 
Dividend paid to IAMGOLD
(98.0)
 
Balance converted to Shareholder account
(582.7)
582.7
Q4 2025 payments received
 

(184.8) Interest payments received
 

(8.2) Foreign exchange revaluation
 

18.7
Balance at December 31, 2025
 
$408.4
 The dividend and shareholder loan are denominated in XOF which is pegged to the Euro. The timing of the repayment of the shareholder account is dependent upon the gold price, financial performance of Essakane, currency exchange rates and potential receipt of any value added tax ("VAT") balances owed to Essakane. See "Risks and Uncertainties".Share Buyback Program During the fourth quarter 2025, the Company repurchased and cancelled approximately 3 million shares for approximately $50 million at an average price of $16.87 per share through its share buyback program under a normal course issuer bid ("NCIB") that was approved by the Company's Board of Directors and the TSX. The approval allows for the purchase of up to 57,000,000 of its common shares over a twelve-month period, representing approximately 9.92% of IAMGOLD's public float as at November 30, 2025, through the facilities of the TSX, the NYSE, or any other eligible Canadian alternative trading system on which the common shares are listed. All common shares purchased under the NCIB will be either cancelled or placed under trust to satisfy future obligations under the Company's share incentive plan. This initiative reflects management's confidence in the Company's long-term value and its commitment to disciplined capital allocation. The program is expected to continue to be funded from operating cash flows.The Company has established an automatic share purchase plan in connection with its NCIB to facilitate the purchase of common shares during times when IAMGOLD would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, IAMGOLD may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by IAMGOLD in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules. The actual number of common shares that may be purchased, if any, and the timing of such purchases, will be determined by the Company based on a number of factors, including the Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.Long-Term DebtThe following table summarizes the carrying value of the Company's long-term debt:

December 31

December 31

December 31
($ millions)1
2025

2024

2023
Credit Facility$200.0
$220.0
$-
5.75% senior notes ($450 million principal outstanding)
448.8

448.4

448.0
Term Loan ($nil million principal outstanding)
-

358.4

375.6
Equipment loans
1.0

2.1

7.2

$649.8
$1,028.9
$830.8
 Long-term debt does not include leases in place of $112.0 million as at December 31, 2025 (December 31, 2024 - $124.2 million, December 31, 2023 - $121.3 million).Credit FacilityThe Company has a $650 million secured revolving Credit Facility, which was entered into in December 2017 and subsequently increased and extended by four years now maturing on December 20, 2028, in support of the Company's requirements for a senior revolving facility for its overall business. The Credit Facility provides for an interest rate margin above the secured overnight financing rate (SOFR), banker's acceptance prime rate and base rate advances which vary, together with fees related thereto, according to the total net debt to 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, Interest Coverage and a minimum liquidity requirement of $150 million. The Company was in compliance with its Credit Facility covenants as at December 31, 2025.As at December 31, 2025, the Credit Facility was drawn in the amount of $200.0 million and the Company issued letters of credit under the Credit Facility in the amount of $ 3.9 million as a supplier payment guarantee and $0.4 million as guarantees for certain environmental indemnities to government agencies, with $445.7 million remaining available under the Credit Facility. 5.75% Senior notesIn September 2020, the Company completed the issuance of $450 million of senior notes at face value with an interest rate of 5.75% per annum (the "Notes"). The Notes are denominated in U.S. dollars and mature on October 15, 2028. The notes are callable at 100% of their face value. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year, beginning on April 15, 2021, in the amount of approximately $12.9 million for each payment. The Notes are guaranteed by certain of the Company's subsidiaries. Term LoanIn May 2023, the Company entered into a $400.0 million Term Loan. The Term Loan had a 3% original issue discount, bearing interest at a floating interest rate of either one month or three-month SOFR + 8.25% per annum. The Company repaid $100 million during the third quarter of 2025 and the balance of $300 million during the fourth quarter 2025. The early repayment included a 4% repayment penalty that amounted to $16 million. With the repayment completed, the Term Loan has been fully extinguished and is no longer in effect, including all associated covenants and obligations. LeasesAt December 31, 2025, the Company had lease obligations of $112.0 million at a weighted average borrowing rate of 7.25%.On April 29, 2022, the Company, on behalf of the Côté Gold UJV, entered into a master lease agreement with Caterpillar Financial Services Limited for $125 million, which was subsequently amended to increase the facility to $175 million for the leasing of certain mobile equipment at Côté Gold. The final pieces of equipment were delivered during the first quarter 2025.Equipment loanAt December 31, 2025, the Company had an equipment loan with a carrying value of $1.0 million secured by certain mobile equipment, with an interest rate of 5.3% which matures in 2026. The equipment loan is carried at amortized cost on the consolidated balance sheet. Gold prepay arrangementsIn December 2023 and April 2024, the Company entered into gold sale prepay arrangements and amendments to certain pre-existing prepay arrangements.At June 30, 2025, the Company fulfilled all gold delivery obligations thereby concluding the gold prepay arrangements: 2024 Q1 Prepay Arrangements: In the first quarter 2024, the Company received an amount of $59.9 million at an effective gold price of $1,916 per ounce and was required to physically deliver 31,250 ounces of gold over the first quarter 2025 in equal monthly amounts. 2024 Q2 Prepay Arrangements: In the second quarter 2024, the Company received an amount of $59.4 million at an effective gold price of $1,900 per ounce with the requirement to physically deliver 31,250 ounces of gold over the second quarter 2025 in equal monthly amounts. The arrangement included a gold collar of $2,100 to $2,925 per ounce whereby the Company received cash payments at the time of delivery of the ounces, with the payment calculated as the difference between the spot price and $2,100 per ounce, capped at $2,925 per ounce. The Company received approximately $25.8 million in relation to the collar in the second quarter 2025. Amendment to pre-existing prepay arrangements: the Company deferred the delivery of 12,500 ounces that were previously scheduled for delivery in the first half of 2024 that were delivered in the first half of 2025.Surety bonds and performance bonds As at December 31, 2025, the Company had (i) C$274.7 million ($200.3 million) of surety bonds, issued pursuant to arrangements with insurance companies, in support of environmental closure costs obligations related to the Westwood division and Côté Gold and (ii) C$32.1 million ($23.4 million) of performance bonds in support of certain obligations primarily related to the construction of fish habitat at Côté Gold. As at December 31, 2025, there is no collateral required to be in place for surety and performance bonds, and the balance of $223.7 million remains uncollateralized.During the third quarter 2025, the Company increased the bonds required by C$16.9 million ($12.2 million) and will be required to increase bonds required further by C$19.0 million ($13.6 million) cumulatively during the second and third quarter of 2026.Income StatementRevenues - Revenues were $1,088.1 million in the fourth quarter 2025 from record sales volume of 259,000 ounces at an average realized gold price of $4,191 per ounce, higher by $618.2 million or 132% than the prior year period, due primarily to the $1,666 per ounce increase in the realized gold price and the continued ramp-up of gold sales volume at the Côté Gold mine.Cost of sales - Cost of sales excluding depreciation was $358.2 million in the fourth quarter 2025, higher by $115.6 million or 48% than the prior year period, primarily due to the increase in gold sales volume resulting from the ramp-up of the Côté Gold mine, higher royalties at Côté and Essakane due to the higher gold price and higher cost of sales at the Essakane mine due to a combination of lower proportion of capitalized waste in the period, higher maintenance activities and the impact of an appreciation of the local XOF currency, which is pegged to the Euro, compared to the prior year period.Depreciation expense - Depreciation expense was $136.3 million in the fourth quarter 2025, higher by $39.9 million or 41% than the prior year period primarily due to the higher sales volume compared to the prior year period.Exploration expense - Exploration expense was $5.7 million in the fourth quarter 2025, in line with the prior year period.General and administrative expense - General and administrative expense was $14.9 million in the fourth quarter 2025, lower by $0.4 million or 3% than the prior year period, due to $3.8 million in lower salaries and labour costs due to reductions in headcount at the corporate office over the past year, partially offset by $1.9 million higher legal and other administrative costs incurred in the period and $1.5 million in cloud-based software implementation costs.Income tax expense - Income tax expense was $75.0 million in the fourth quarter 2025, higher by $40.7 million or 119% than the prior year period. It is comprised of a current income tax expense of $65.4 million and a deferred income tax expense of $9.6 million, higher than the prior year period for current income tax expense by $40.3 million or 161% and higher for deferred income tax expense by $0.4 million or 4%, respectively. The current income tax expense in the fourth quarter 2025 was higher primarily due to higher income in Essakane. The deferred income tax expense in the fourth quarter 2025 was higher primarily due to higher Canadian provincial mining taxes, offset by a deferred tax recovery in Essakane. Operating ActivitiesNet cash flow from operating activities for the fourth quarter 2025 was $701.7 million, higher by $599.1 million compared to the same prior year period, primarily due to: higher cash earnings of $514.0 million due to higher realized gold price and an increased sales volume; net impact of $64.4 million from the deferred revenue recognized in prior year period, a decrease in receivables and other items of $38.3 million that includes the impact of VAT received in Burkina Faso, an increase in trade and other payables of $13.5 million relative to the prior year period, and a net increase in derivative settlements of $1.8 million, offset by: a net increase in inventories of $16.5 million, primarily due to an increase in the value of supplies inventory at the operations relative to the prior year period, higher income tax payments of $14.9 million, and higher disbursements related to asset retirement obligations of $1.5 million.Investing Activities Net cash used in investing activities for the fourth quarter 2025 was $158.1 million, a decrease of $55.6 million from the same prior year period, primarily due to: net cash proceeds of $35.5 million received from the sale of Karita and related assets in the prior year period, cash component of acquisition costs for Northern and Orbec of $30.8 million, and securitization of the Essakane VAT receivable into Government of Burkina Faso Bonds and other investing activities of $29.0 million than the same year prior period, offset by: a decrease in capital expenditures for property, plant and equipment of $32.8 million, mainly due to lower capitalized waste stripping in the period, and a decrease in capitalized borrowing costs of $6.9 million.Financing Activities Net cash used in financing activities for the fourth quarter 2025 was $433.3 million, a decrease of $238.4 million from the same prior year period, primarily due to: a repayment of $300.0 million of the second lien term loan, a repurchase of $50.0 million of common shares in the fourth quarter 2025, and a repayment of $50.0 million on the Credit Facility in the fourth quarter 2025, compared to a $220 million draw in fourth quarter 2024, offset by: the repurchase of $376.9 million of transferred interest in 2024 from SMM, and other financing outflows of $4.7 million. CONFERENCE CALLA conference call will be held on Wednesday, February 18, 2026, at 8:30 a.m. (Eastern Time) hosted by IAMGOLD senior management for a discussion on the Company's fourth quarter and full year 2025 operating and financial results. Listeners may access the conference call via webcast from the events section of the Company's website at www.iamgold.com (webcast link below), or through the following dial-in numbers:Pre-register via: Chorus Call IAMGOLD Q4YE 2025 Conference Call Registration (recommended). Upon registering, you will receive a calendar booking by email with dial-in details and unique PIN. This process will bypass the operator and avoid the queue.Toll free (North America): 1 (844) 752-3518International: +1 (647) 846-8209Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=gVmmp0rw An online archive of the webcast will be available by accessing the Company's website at www.iamgold.com. A telephone replay will be available for one month following the call by dialing toll free 1 (855) 669-9658 within North America or +1 (412) 317-0088 from international locations and entering the passcode: 9312946.For more information, refer to the Management Discussion and Analysis ("MD&A") and the audited condensed consolidated Financial Statements for the three and twelve months ended December 31, 2024, that are available on the Company's website at www.iamgold.com and on SEDAR at www.sedarplus.ca. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information. ABOUT IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine ("Côté" or "Côté Gold") is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada. IAMGOLD employs approximately 3,700 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance ("ESG") practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).IAMGOLD Contact InformationGraeme Jennings, Vice President, Business Development & Investor RelationsTel: 416 360 4743 | Mobile: 416 388 6883info@iamgold.comEnd Notes (excluding tables) This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below. Further information on these non-GAAP financial measures is included on pages 35 to 51 of the Company's Q4 2025 MD&A filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.NON-GAAP FINANCIAL MEASURESThe Company has included certain non-GAAP financial measures to supplement its consolidated financial statements, which are presented in accordance with IFRS, including the following:Average realized gold price per ounce soldUnderground mining cost per ore tonne mined, open pit net mining cost per operating tonne mined, milling cost per tonne milled, and G&A cost per tonne milledCash costs excluding royalties, cash costs, cash costs per ounce sold, all in sustaining cost and all in sustaining cost per ounce soldNet earnings (loss) attributable to shareholders and adjusted net earnings (loss) attributable to shareholdersNet cash from operating activities, before movements in working capital and non-current ore stockpilesEarnings before interest, income taxes, depreciation and amortization ("EBITDA")Mine-site free cash flow Sustaining and expansion capital expendituresThe Company believes that, in addition to conventional financial measures prepared in accordance with IFRS, these non-GAAP financial measures will provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS, may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Average Realized Gold Price per Ounce SoldAverage realized gold price per ounce sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-product credits, which, in the Company's case, are not significant, and to provide investors a clearer view of the Company's financial performance based on the average realized proceeds from gold sales in the reporting period. ($ millions, except where noted)
Q4 2025

Q4 2024

2025

2024

2023
Revenues$1,088.1
$469.9
$2,852.8
$1,633.0
$987.1
By-product credits and other revenues
(1.9)
(1.6)
(4.8)
(4.0)
(2.6)Gold revenues$1,086.2
$468.3
$2,848.0
$1,629.0
$984.5
Sales (000s oz)
259.0

185.4

817.8

699.0

503.4
Average realized gold price per ounce1,2,3 ($/oz)$4,191
$2,525
$3,482
$2,330
$1,955
 Average realized gold price per ounce sold may not be calculated based on amounts presented in this table due to rounding.Average realized gold price per ounce sold is calculated based on sales from the Company's Côté Gold mine at 70% and Westwood and Essakane mines at 100%.Average realized gold price per ounce sold for 2025 includes 75,000 ounces at $2,305 per ounce as delivered into the 2024 Prepay Arrangements (Q4 2024 - 37,500 ounces at $2,031 per ounce, 2024 - 137,500 ounces at $2,012 per ounce as delivered in accordance with the 2022 Prepay Arrangement), 2023 - $nil. No deliveries were required in the fourth quarter 2025 as the delivery obligations were fulfilled in H1 2025.Underground Mining Cost per Ore Tonne Mined, Open Pit Net Mining Cost per Operating Tonne Mined, Milling Cost per Tonne Milled, and G&A Cost per Tonne Milled Underground mining cost per ore tonne mined and open pit net mining cost per operating tonne mined are defined as: Mining costs (as included in production costs), that exclude capitalized waste stripping for open pit mines, less changes in stockpile balances and non-production costs as these costs are not directly related to tonnes mined, divided by the sum of the tonnage of ore and operating waste mined.Milling cost per tonne milled and general and administrative cost per tonne milled are defined as:Mill and general and administrative costs (as included in production costs), excluding selling costs and non-production costs as these costs are not directly related to tonnes milled, divided by the tonnage of ore milled.IAMGOLD believes these non-GAAP financial performance measures provide further transparency and assist analysts, investors and other stakeholders of the Company in assessing the performance of mining operations by eliminating the impact of varying production levels. Management is aware, and investors should note, that these per tonne measures of performance can be affected by fluctuations in mining and/or processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Côté Gold (100% basis)($ millions, except where noted)
Q4 2025

Q4 2024

2025

2024
Production cost$115.1
$83.7
$410.5
$174.0
Adjust for:
 

 

 

 
Increase/decrease in stockpiles
19.1

12.9

48.9

61.8
Adj. operating cost$134.2
$96.6
$459.4
$235.8
Included in adjusted operating cost:
 

 

 

 
Open pit net mining cost [A]
52.3

35.2

165.8

107.3
Milling cost [B], net of capitalized operating cost
60.1

42.8

217.8

85.7
G&A cost [C]
21.8

17.8

75.8

42.0
Open pit ore tonnes mined (000s t)
4,514

3,637

14,640

10,849
Open pit operating waste tonnes mined (000s t)
6,555

4,765

24,830

16,666
Open pit ore and operating waste tonnes mined (000s t) [D]
11,069

8,402

39,470

27,515
Ore milled (000s t) [E]
2,874

2,433

10,889

4,948
Open pit net mining cost per operating tonne mined ($/tonne) [A/D]$4.72
$4.19
$4.20
$3.90
Milling cost per tonne milled ($/tonne) [B/E]$20.91
$17.59
$20.00
$17.32
G&A cost per tonne milled ($/tonne) [C/E]$7.62
$7.35
$6.97
$8.49
 $/tonne may not re-calculate based on amounts presented in this table due to rounding. Westwood($ millions, except where noted)
Q4 2025

Q4 2024

2025

2024

2023
Production cost$45.1
$39.0
$177.3
$155.3
$148.5
Adjust for:
 

 

 

 

 
Increase/decrease in stockpiles
(0.6)
1.4

3.9

(0.1)
3.6
Adj. operating cost$44.5
$40.4
$181.2
$155.2
$152.1
Consisting of:
 

 

 

 

 
Underground mining cost [A]
27.7

23.0

109.9

88.9

78.9
Open pit net mining cost [B]
2.4

4.6

16.4

19.1

26.9
Milling cost [C]
7.6

7.6

31.5

26.8

24.4
G&A cost [D]
6.8

5.2

23.4

20.4

21.9
Underground ore tonnes mined (000s t) [E]
105

98

382

354

280
Open pit ore tonnes mined (000s t)
174

283

996

662

742
Open pit waste tonnes mined (000s t)
176

389

1,249

1,522

2,291
Open pit ore and operating waste tonnes mined (000s t) [F]
350

672

2,245

2,184

3,033
Ore milled (000s t) [G]
299

267

1,154

1,107

1,034
Underground mining cost per ore tonne mined ($/tonne) [A/E]$264.72
$233.72
$287.85
$250.86
$281.76
Open pit net mining cost per operating tonne mined ($/tonne) [B/F]$6.82
$6.88
$7.29
$8.75
$8.86
Milling cost per tonne milled ($/tonne) [C/G]$25.53
$28.55
$27.32
$24.25
$23.56
G&A cost per tonne milled ($/tonne) [D/G]$22.69
$19.70
$20.31
$18.44
$21.30
 $/tonne may not re-calculate based on amounts presented in this table due to rounding. Essakane($ millions, except where noted)
Q4 2025

Q4 2024

2025

2024

2023
Production cost$131.1
$121.9
$544.7
$458.3
$458.6
Adjust for:
 

 

 

 

 
Increase/decrease in stockpiles
20.2

0.4

34.2

0.2

3.7
Adj. operating cost$151.3
$122.3
$578.9
$458.5
$462.3
Consisting of:
 

 

 

 

 
Open pit net mining cost [A]
58.4

33.3

216.1

122.9

146.2
Milling cost [B]
58.2

60.1

243.0

232.9

213.7
G&A cost [C]
34.7

28.9

119.8

102.7

102.4
Open pit ore tonnes mined (000s t)
4,123

2,170

11,910

9,714

9,586
Open pit operating waste tonnes mined (000s t)
4,649

4,036

22,087

13,315

19,530
Open pit ore and operating waste tonnes mined (000s t) [D]
8,772

6,206

33,997

23,029

29,116
Ore milled (000s t) [E]
3,241

2,948

12,560

12,087

11,283
Open pit net mining cost per operating tonne mined ($/tonne) [A/D]$6.66
$5.37
$6.36
$5.34
$5.02
Milling cost per tonne milled ($/tonne) [B/E]$17.95
$20.35
$19.35
$19.26
$18.94
G&A cost per tonne milled ($/tonne) [C/E]$10.67
$9.83
$9.52
$8.50
$9.07
 $/tonne may not re-calculate based on amounts presented in this table due to rounding.Cash Costs Excluding Royalties, Cash Costs, Cash Costs per Ounce Sold, AISC and AISC per Ounce SoldThe Company reports cash costs excluding royalties, cash costs excluding royalties per ounce sold, cash costs, cash costs per ounce sold, AISC and AISC per ounce sold in order to provide investors with information about key measures used by management to monitor performance of mine sites in commercial production and its ability to generate positive cash flow.Cash costs include mine-site operating costs such as mining, processing, administration, royalties, production taxes and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and amortization, by-product credits and corporate general and administrative costs. These costs are then divided by the Company's attributable gold ounces sold by mine sites in commercial production in the period to arrive at the cash costs excluding royalties per ounce sold, cash costs per ounce sold, and the AISC per ounce sold. The following tables provide a reconciliation of cash costs excluding royalties, cash costs, AISC, cost of sales excluding depreciation per ounce sold, cash costs excluding royalties per ounce sold, cash costs per ounce sold and AISC per ounce sold on an attributable basis to cost of sales as per the consolidated financial statements.Three months ended December 31, 2025($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate

Total
Cost of sales1
166.3

66.8

261.1

0.3

494.5
Depreciation expense1
(54.6)
(18.3)
(63.1)
(0.3)
(136.3)Cost of sales, excluding depreciation expense$111.7
$48.5
$198.0
$-
$358.2
Royalties2
27.8

-

61.7

-

89.5
Cost of sales, excluding depreciation expense and royalties$83.9
$48.5
$136.3
$-
$268.7
Adjust for:
 

 

 

 

 
By-product credit
(0.6)
(0.7)
(0.6)
-

(1.9)Cost attributed to non-controlling interests3
-

-

(29.6)
-

(29.6)Cash costs - attributable$111.1
$47.8
$167.8
$-
$326.7
Adjust for:
 

 

 

 

 
Sustaining capital expenditures4
36.4

15.5

25.9

-

77.8
Corporate general and administrative costs5
-

-

-

14.9

14.9
Other costs6
0.8

0.6

1.4

0.2

3.0
Cost attributable to non-controlling interests3
-

-

(4.1)
-

(4.1)AISC - attributable$148.3
$63.9
$191.0
$15.1
$418.3
Total gold sales (000 oz) - attributable
87.7

37.1

114.1

-

238.9
Cost of sales excluding depreciation7($/oz sold) - attributable$1,271
$1,307
$1,475
$-
$1,374
Cash costs - excluding royalties7 ($/oz sold) - attributable$949
$1,288
$1,011
$-
$1,031
Cash costs7 ($/oz sold) - attributable$1,265
$1,288
$1,471
$-
$1,367
AISC7 all operations ($/oz sold) - attributable$1,688
$1,719
$1,674
$64
$1,750
 As per note 35 of the consolidated financial statements for cost of sales and depreciation expense. Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.Adjustments for the consolidation of Essakane (85%) to its attributable portion of cost of sales. Sustaining capital expenditures are expenditures required to support current production levels at a mine site. Sustaining capital expenditures are further described below. Corporate general and administrative costs exclude one-time material severance charges.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Three months ended December 31, 2024($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate

Total
Cost of sales1$101.6
$64.6
$172.2
$0.6
$339.0
Depreciation expense1
(41.0)
(22.3)
(32.5)
(0.6)
(96.4)Cost of sales, excluding depreciation expense$60.6
$42.3
$139.7
$-
$242.6
Royalties2
15.3

-

19.5

-

34.8
Cost of sales, excluding depreciation expense and royalties$45.3
$42.3
$120.2
$-
$207.8
Adjust for:
 

 

 

 

 
By-product credit
(0.2)
(0.2)
(0.2)
-

(0.6)Cost attributed to non-controlling interests3
-

-

(14.0)
-

(14.0)Cash costs - attributable$60.4
$42.1
$125.5
$-
$228.0
Adjust for:
 

 

 

 

 
Sustaining capital expenditures4
32.4

18.8

54.2

0.3

105.7
Corporate general and administrative costs5
-

-

-

9.7

9.7
Other costs6
1.3

1.1

3.1

0.1

5.6
Cost attributable to non-controlling interests3
-

-

(5.7)
-

(5.7)AISC - attributable$94.1
$62.0
$177.1
$10.1
$343.3
Total gold sales (000 oz) - attributable
55.8

36.7

84.0

-

176.5
Cost of sales excluding depreciation7 ($/oz sold) - attributable$1,083
$1,155
$1,504
$-
$1,298
Cash costs7 - excluding royalties ($/oz sold) - attributable$902
$1,148
$1,291
$-
$1,138
Cash costs7 ($/oz sold) - attributable$1,080
$1,148
$1,501
$-
$1,294
AISC7 all operations ($/oz sold) - attributable$1,685
$1,688
$2,118
$57
$1,949
 As per note 35 of the consolidated financial statements for cost of sales and depreciation expense. Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.Adjustments for the consolidation of Essakane (90%) to its attributable portion of cost of sales. Sustaining capital expenditures are expenditures required to support current production levels at a mine site. Sustaining capital expenditures are further described below. Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.presented in this table due to rounding.Sustaining and Expansion Capital ExpendituresSustaining capital expenditures are expenditures required to support current production levels at a mine site and exclude all expenditures at the Company's development projects as well as certain expenditures at the Company's operating sites that are deemed expansionary in nature which result in a material increase in annual or life of mine gold ounce production, net present value, or reserves. The distinctions between sustaining and expansion capital used by the Company align with the guidelines set out by the World Gold Council. Expansion capital is capital expenditures incurred at new projects and capital expenditures related to major projects or expansion at existing operations where these projects will materially benefit the operations. This non-GAAP financial measure provides investors with transparency regarding the capital expenditures required to support the ongoing operations at its mines, relative to its total capital expenditures.Reconciliation of incurred capital expenditure per the segmented note in the financial statements to incurred sustaining and expansion capital for the three months ended December 31, 2025, and December 31, 2024:($ millions, except where noted)
Sustaining

Expansion

Q4 2025

Sustaining

Expansion

Q4 2024
Capital expenditures for property, plant and equipment$74.7
$8.0
$82.7
$96.2
$7.7
$103.9
Less: Côté Gold (9.7% share up to repurchase date)
-

-

-

(2.6)
(0.3)
(2.9)Subtotal$74.7
$8.0
$82.7
$93.6
$7.4
$101.0
Côté Gold (IMG basis)
30.7

5.7

36.4

25.6

5.4

31.0
Westwood
15.1

1.5

16.6

18.5

(0.1)
18.4
Essakane
28.9

0.8

29.7

49.0

2.1

51.1
Corporate
-

-

-

0.5

-

0.5
 Reconciliation of capital expenditure and exploration and evaluation expenditures per cash flow statement in the financial statements to cash payments for sustaining and expansion capital for the three months ended December 31, 2025, and December 31, 2024:($ millions, except where noted)
Sustaining

Expansion

Q4 2025

Sustaining

Expansion

Q4 2024
Capital expenditures for property, plant and equipment$74.7
$8.0
$82.7
$96.2
$7.7
$103.9
Working capital adjustments
4.6

1.2

5.8

13.7

2.8

16.5
Capital expenditures per statement of cash flows
79.3

9.2

88.5

109.9

10.5

120.4
Less: Côté Gold (9.7% share up to repurchase date)
-

-

-

(3.3)
(0.7)
(4.0)Subtotal$79.3
$9.2
$88.5
$106.6
$9.8
$116.4
Côté Gold (IMG basis)
36.4

8.4

44.8

33.3

7.8

41.1
Westwood
16.9

-

16.9

18.8

(0.1)
18.7
Essakane
26.0

0.8

26.8

54.2

2.1

56.3
Corporate
-

-

-

0.3

-

0.3
 EBITDA and Adjusted EBITDAEBITDA (earnings before income taxes, depreciation and amortization and finance costs) is an indicator of the Company's ability to produce operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures.Adjusted EBITDA represents EBITDA excluding certain impacts such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company's ability to generate operating cash flow by excluding from the calculation these non-cash amounts and cash amounts that are not indicative of the recurring performance of the underlying operations for the periods presented.The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated financial statements:($ millions, except where noted)
Q4 2025

Q4 2024

2025

2024

2023
Earnings (loss) before income taxes $519.7
$125.4
$969.8
$977.2
$128.2
Add:
 

 

 

 

 
Depreciation
136.3

96.7

420.9

275.0

217.4
Finance costs
29.5

37.4

112.2

70.8

21.0
EBITDA $685.5
$259.5
$1,502.9
$1,323.0
$366.6
Adjusting items:
 

 

 

 

 
Unrealized (gain)/loss on non-hedge derivatives
19.1

(3.0)
26.7

(23.3)
(8.7)NRV write-down/(reversal) of stockpiles/finished goods
-

-

-

-

3.2
Abnormal portion of operating costs at Essakane
-

-

-

-

13.5
Write-down of Jubilee property
-

-

-

-

1.3
Impairment charge (reversal)
-

-

12.2

(455.5)
-
Foreign exchange (gain)/loss
1.7

4.1

0.6

1.0

12.8
Gain on sale of Bambouk Assets
-

(34.1)
-

(34.1)
(109.1)Insurance recoveries
-

-

-

(27.3)
(0.6)Write-down of assets
-

1.2

2.6

1.4

1.3
Changes in estimates of asset retirement obligations at closed sites
4.0

(13.0)
8.0

(13.4)
9.7
Fair value of deferred consideration from sale of Sadiola
(0.5)
(0.4)
(2.0)
(1.8)
4.3
Gain on sale of Pitangui and Acurui Projects
-

-

-

-

(15.5)Gain on sale of royalties
-

-

(4.9)
-

-
Forfeiture of carbon fines inventory
-

-

-

-

13.5
Settlement of carbon fines matter
-

-

-

-

15.0
Severance costs
-

5.4

4.0

5.6

2.4
Other
0.3

(4.3)
0.4

5.0

5.4
Adjusted EBITDA $710.1
$215.4
$1,550.5
$780.6
$315.1
Including discontinued operations:
 

 

 

 

 
EBITDA - discontinued operations$-
$-
$-
$-
$14.4
Adjusted items:
 

 

 

 

 
Loss on sale of Rosebel
-

-

-

-

7.4
Severance costs
-

-

-

-

1.5
Write-down of assets
-

-

-

-

0.1
Adjusted EBITDA from discontinued operations$-
$-
$-
$-
$23.4
EBITDA $685.5
$259.5
$1,502.9
$1,323.0
$381.0
Adjusted EBITDA $710.1
$215.4
$1,550.5
$780.6
$338.5
 Adjusted Net Earnings (Loss) Attributable to Equity HoldersAdjusted net earnings (loss) attributable to equity holders represents net earnings (loss) attributable to equity holders excluding certain impacts, net of taxes, such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives and warrants, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. This measure is not necessarily indicative of net earnings (loss) or cash flows as determined under IFRS. Management believes this measure better reflects the Company's performance for the current period and is a better indication of its expected performance in future periods. As such, the Company believes that this measure is useful to investors in assessing the Company's underlying performance. The following table provides a reconciliation of earnings (loss) before income taxes and non-controlling interests as per the consolidated statements of earnings (loss) to adjusted net earnings (loss) attributable to equity holders of the Company.($ millions, except where noted)
Q4 2025

Q4 2024

2025

2024

2023
Earnings (loss) before income taxes and non-controlling interests$519.7
$125.4
$969.8
$977.2
$128.2
Adjusting items:
 

 

 

 

 
Unrealized gain/(loss) on non-hedge derivatives
19.1

(3.0)
26.7

(23.3)
(8.7)NRV write-down/(reversal) of stockpiles/finished goods
-

-

-

-

3.4
Abnormal portion of operating costs at Essakane
-

-

-

-

14.5
Write-down of Jubilee property
-

-

-

-

1.3
Gain on sale of Pitangui and Acurui Projects
-

-

-

-

(15.5)Other finance costs
(2.9)
0.6

5.4

4.2

7.9
Impairment charge (reversal)
-

-

12.2

(455.5)
-
Foreign exchange (gain)/loss
1.7

4.1

0.6

1.0

12.8
Gain on sale of Bambouk Assets
-

(34.1)
-

(34.1)
(109.1)Insurance recoveries
-

-

-

(27.3)
(0.6)Write-down of assets
-

1.2

2.6

1.4

1.3
Changes in estimates of asset retirement obligations at closed sites
4.0

(13.0)
8.0

(13.4)
9.7
Fair value of deferred consideration from sale of Sadiola
(0.5)
(0.4)
(2.0)
(1.8)
4.3
Gain on sale of royalties
-

-

(4.9)
-

-
Prepayment premium on second lien term loan
12.0

-

16.0

-

-
Forfeiture of carbon fines inventory
-

-

-

-

13.5
Settlement of carbon fines matter
-

-

-

-

15.0
Severance costs
-

5.4

4.0

5.6

2.4
Other
0.3

(4.3)
0.4

5.0

5.4
Adjusted earnings before income taxes and non-controlling interests$553.4
$81.9
$1,038.8
$439.0
$85.8
Income taxes
(75.0)
(34.3)
(237.5)
(129.4)
(30.7)Tax on foreign exchange translation of deferred income tax balances
(35.3)
9.9

(21.8)
10.8

(2.2)Tax impact of adjusting items
0.8

4.6

(2.4)
3.8

0.6
Non-controlling interests
(38.1)
(4.9)
(67.9)
(28.2)
(8.8)Adjusted net earnings (loss) attributable to equity holders$405.8
$57.2
$709.2
$296.0
$44.7
Adjusted net earnings (loss) per share attributable to equity holders$0.70
$0.10
$1.23
$0.55
$0.09
Including discontinued operations:
 

 

 

 

 
Net earnings (loss) before income tax and non-controlling interest - discontinued operations$-
$-
$-
$-
$14.3
Adjusted items:
 

 

 

 

 
Loss on sale of Rosebel
-

-

-

-

7.4
Severance costs
-

-

-

-

1.5
Write-down of assets
-

-

-

-

0.1
Adjusted earnings before income taxes and non-controlling interests - discontinued operations$-
$-
$-
$-
$23.3
Income taxes
-

-

-

-

(8.0)Non-controlling interests
-

-

-

-

(0.7)Adjusted net earnings attributable to equity holders - discontinued operations$-
$-
$-
$-
$14.6
Adjusted net earnings per share attributable to equity holders - discontinued operations$-
$-
$-
$-
$0.03
Adjusted net earnings (loss) attributable to equity holders $405.8
$57.2
$709.2
$296.0
$59.3
Adjusted net earnings (loss) per share attributable to equity holders $0.70
$0.10
$1.23
$0.55
$0.12
Basic weighted average number of common shares outstanding (millions)
577.7

571.3

575.1

539.8

480.6
 Net Cash from Operating Activities before Changes in Working CapitalThe Company makes reference to net cash from operating activities before changes in working capital which is calculated as net cash from operating activities less working capital items and non-current ore stockpiles. Working capital can be volatile due to numerous factors, including a build-up or reduction of inventories. Management believes that this non-GAAP measure, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company.The following table provides a reconciliation of net cash from operating activities before changes in working capital to net cash from operating activities:($ millions, except where noted)
Q4 2025

Q4 2024

2025

2024

2023
Net cash from operating activities$701.7
$102.6
$1,142.6
$486.0
$144.0
Adjusting items from working capital items and non-current ore stockpiles:
 

 

 

 

 
Receivables and other current assets
(35.7)
20.9

11.9

45.6

(18.0)Inventories and non-current ore stockpiles
63.8

20.3

105.9

51.4

76.6
Accounts payable and accrued liabilities
(38.2)
(16.6)
(56.0)
17.4

(43.7)Net cash from operating activities before changes in working capital - continuing operations$691.6

127.2
$1,204.4

600.4

158.9
Net cash from operating activities before changes in working capital - discontinued operations$-
$-
$-
$-
$21.9
Net cash from operating activities before changes in working capital$691.6
$127.2
$1,204.4
$600.4
$180.8
 Mine-Site Free Cash FlowMine-site free cash flow is calculated as cash flow from mine-site operating activities less capital expenditures from operating mine sites. The Company believes this measure is useful to investors in assessing the Company's ability to operate its mine sites without reliance on additional borrowing or usage of existing cash.Three months ended December 31, 2025($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate & other

Total
Net cash from operating activities$241.8
$106.1
$367.2
$(13.4)$701.7
Add:
 

 

 

 

 
Operating cash flow used by non-mine site activities
-

-

-

13.4

13.4
Cash flow from operating mine-sites$241.8
$106.1
$367.2
$-
$715.1
Capital expenditures
44.8

16.9

26.8

-

88.5
Less:
 

 

 

 

 
Capital expenditures from corporate and development projects
-

-

-

-

-
Capital expenditures from operating mine-sites$44.8
$16.9
$26.8
$-
$88.5
Mine-site cash flow$197.0
$89.2
$340.4
$-
$626.6
 Three months ended December 31, 2024($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate & Other

Total
Net cash from operating activities$61.8
$60.0
$76.3
$(95.5)$102.6
Add:
 

 

 

 

 
Operating cash flow used by non-mine site activities
-

-

-

95.5

95.5
Cash flow from operating mine-sites$61.8
$60.0
$76.3
$-
$198.1
Capital expenditures
44.9

18.7

56.3

0.5

120.4
Less:
 

 

 

 

 
Capital expenditures from construction and development projects and corporate
-

-

-

(0.5)
(0.5)Capital expenditures from operating mine-sites$44.9
$18.7
$56.3
$-
$119.9
Mine-site cash flow$16.9
$41.3
$20.0
$-
$78.2
 Liquidity and Net Cash (Debt)Liquidity is defined as cash and cash equivalents, short-term investments and the credit available under the Credit Facility. Net cash (debt) is calculated as cash, cash equivalents and short-term investments less long-term debt, lease liabilities and the drawn portion of the Credit Facility. The Company believes this measure provides investors with additional information regarding the liquidity position of the Company.

December 31

December 31

December 31
($ millions, except where noted)
2025

2024

2023
Cash and cash equivalents$421.9
$347.5
$367.1
Short-term investments
1.0

1.0

-
Available Credit Facility
445.7

418.5

387.0
Available Liquidity$868.6
$767.0
$754.1
 

December 31

December 31

December 31
($ millions, except where noted)
2025

2024

2023
Cash and cash equivalents$421.9
$347.5
$367.1
Short-term investments
1.0

1.0

-
Lease liabilities
(112.0)
(124.2)
(121.3)Long-term debt1
(651.0)
(1,072.1)
(857.3)Drawn letters of credit issued under Credit Facility
(4.3)
(11.5)
(38.0)Net cash (debt)$(344.4)$(859.3)$(649.5) Includes principal amount of the Notes of $450.0 million, Term Loan of $nil, Credit Facility of $200.0 million and equipment loan of $1.0 million (December 31, 2024 - $450.0 million, $400.0 million, $220.0 million, and $2.1 million, respectively, December 31, 2023 - $450.0 million, $400.0 million, $nil, and $7.3 million, respectively). Excludes deferred transaction costs and embedded derivatives on the Notes and Term Loan.CONSOLIDATED BALANCE SHEETS(Audited )
(In millions of U.S. dollars)
December 31,
2025

December 31, 2024
Assets





Current assets





Cash and cash equivalents$421.9
$347.5
Receivables and other current assets
79.6

48.9
Inventories
377.0

271.9
Assets held for sale
25.2

-


903.7

668.3
Non-current assets
 

 
Property, plant and equipment
4,162.8

4,269.4
Exploration and evaluation assets
396.1

79.6
Restricted cash
71.0

68.4
Inventories
194.8

153.0
Other assets
124.1

135.7


4,948.8

4,706.1

$5,852.5
$5,374.4
Liabilities and Equity
 

 
Current liabilities
 

 
Accounts payable and accrued liabilities$329.1
$264.8
Income taxes payable
99.6

62.7
Current portion of provisions
5.1

14.5
Current portion of lease liabilities
32.3

28.8
Current portion of long-term debt
1.0

1.0
Current portion of deferred revenue
-

151.1
Other current liabilities
50.0

27.7


517.1

550.6
Non-current liabilities
 

 
Deferred income tax liabilities
52.6

14.0
Provisions
308.3

285.1
Lease liabilities
79.7

95.4
Long-term debt
648.8

1,027.9
Other liabilities
0.1

0.7


1,089.5

1,423.1


1,606.6

1,973.7
Equity
 

 
Attributable to equity holders
 

 
Common shares
3,383.8

3,070.6
Contributed surplus
(27.4)
57.6
Retained earnings
872.6

259.4
Accumulated other comprehensive income (loss)
(37.6)
(50.9)

4,191.4

3,336.7
Non-controlling interests
54.5

64.0


4,245.9

3,400.7
Commitments
 

 
Subsequent events
 

 

$5,852.5
$5,374.4
 Refer to Q4 2025 Financial Statements for accompanying notes.CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)(Audited)
Years ended December 31,
(In millions of U.S. dollars, except per share amounts)
2025

2024







Revenues$2,852.8
$1,633.0
Cost of sales
(1,646.6)
(1,083.1)Gross profit (loss)
1,206.2

549.9
General and administrative expenses
(58.4)
(48.9)Exploration expenses
(27.2)
(21.7)Impairment reversal (charge), net
(12.2)
455.5
Other income (expenses)
(14.8)
9.2
Earnings (loss) from operations
1,093.6

944.0
Finance costs
(112.2)
(70.8)Foreign exchange gain (loss)
(0.6)
(1.0)Gain on sale of Bambouk assets
-

34.1
Interest income, derivatives and other investment gains (losses)
(11.0)
70.9
Earnings (loss) before income taxes
969.8

977.2
Income tax expense
(237.5)
(129.4)Net earnings (loss)$732.3
$847.8
Net earnings (loss) attributable to:
 

 
Equity holders$664.4
$819.6
Non-controlling interests
67.9

28.2
Net earnings (loss)$732.3
$847.8


 

 
Attributable to equity holders
 

 
Weighted average number of common shares outstanding (in millions)
 

 
Basic
575.1

539.8
Diluted
581.7

545.9


 

 
Basic earnings (loss) per share$1.16
$1.52
Diluted earnings (loss) per share$1.14
$1.50
 Refer to Q4 2025 Financial Statements for accompanying notes.CONSOLIDATED STATEMENTS OF CASH FLOWS

Years ended December 31,
(In millions of U.S. dollars)
2025

2024
Operating activities





Net earnings (loss)$732.3
$847.8
Adjustments for:
 

 
Depreciation expense
420.9

275.0
Impairment (reversal) charge
12.2

(455.5)Gain on sale of Bambouk assets
-

(34.1)Deferred revenue recognized
(154.3)
(235.7)Income tax expense
237.5

129.4
Derivative (gain) loss
29.8

(20.4)Finance costs
112.2

70.8
Other non-cash items
2.0

(60.2)Adjustments for cash items:
 

 
Proceeds from gold prepayment arrangement
-

119.3
Proceeds from insurance claim
-

27.3
Settlement of derivatives
(2.6)
(2.9)Disbursements related to asset retirement obligations
(14.1)
(2.9)Other
-

(2.1)Movements in non-cash working capital items and non-current ore stockpiles
(61.8)
(114.4)Cash from operating activities, before income taxes paid
1,314.1

541.4
Income taxes paid
(171.5)
(55.4)Net cash from (used in) operating activities
1,142.6

486.0
Investing activities
 

 
Capital expenditures for property, plant and equipment
(293.5)
(558.6)Capitalized borrowing costs
(34.6)
(77.8)Acquisitions of Northern Superior and Orbec
(30.8)
-
Proceeds from sale of Bambouk assets
-

35.5
Other investing activities
(19.4)
18.5
Net cash from (used in) investing activities
(378.3)
(582.4)Financing activities
 

 
Net proceeds from issuance of shares
3.9

287.5
Repurchase of shares under the Normal Course Issuer Bid ("NCIB")
(50.0)
-
Proceeds from credit facility
130.0

280.0
Repayment of credit facility
(150.0)
(60.0)Repayment of second lien term loan
(416.0)
-
Dividends paid to non controlling interests
(128.3)
(18.0)Net funding from (payment to) Sumitomo Metal Mining Co. Ltd.
-

(332.5)Interest paid
(64.6)
(13.8)Other financing activities
(34.4)
(59.9)Net cash from (used in) financing activities
(709.4)
83.3
Effects of exchange rate fluctuation on cash and cash equivalents
19.5

(7.0)Increase (decrease) in cash and cash equivalents - all operations
74.4

(20.1)Decrease (increase) in cash and cash equivalents - held for sale
-

0.5
Increase (decrease) in cash and cash equivalents
74.4

(19.6)Cash and cash equivalents, beginning of the year
347.5

367.1
Cash and cash equivalents, end of the year$421.9
$347.5
 Refer to Q4 2025 Financial Statements for accompanying notes.QUALIFIED PERSON AND TECHNICAL INFORMATIONThe technical and scientific information relating to exploration activities disclosed in this document was prepared under the supervision of and verified and reviewed by Marie-France Bugnon, P.Geo., Vice President, Exploration, IAMGOLD. Ms. Bugnon is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Christine Beausoleil, P.Geo. (Senior Director, Mining Geology, IAMGOLD Corporation), is the qualified person responsible for the review and approval of all mineral resource estimates contained herein, as at December 31, 2025. Adrienne Rispoli, P. Eng. (Senior Director, Mining and Integrated Planning, IAMGOLD Corporation), is the qualified person responsible for the review and approval of all mineral reserve estimates contained herein, as at December 31, 2025. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONAll information included or incorporated by reference in this MD&A, including any information as to the Company's vision, strategy, future financial or operating performance and other statements that express management's expectations or estimates of future performance or impact, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this MD&A. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "would", "could", "continue", "expect", "budget", "aim", "can", "focus", "forecast", "anticipate", "estimate", "maintain", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "cover", "strategy", "during", "ongoing", "subject to", "future", "objectives", "opportunities", "committed", "prospective", "likely", "progress", "strive", "sustain", "effort", "extend", "remain", "pursue", "predict", or "project" or the negative of these words or other variations on these words or comparable terminology. In particular, forward-looking statements in this MD&A include, without limitation, those under the headings "About IAMGOLD", "Highlights", "Outlook", "Environmental, Social and Governance", "Operations", "Financial Condition" and "Quarterly Financial Review" and include, but are not limited to, statements with respect to: the estimation of mineral reserves and mineral resources and the realization of such estimates; operational and financial performance including the Company's guidance for and actual results of production, ESG performance, costs and capital and other expenditures such as exploration and including depreciation expense and effective tax rate; long-term value and capital allocation; the updated life-of-mine plan, ramp-up assumptions and other project metrics including operating costs in respect to the Côté Gold Mine; expected production of the Côté Gold Mine; expected benefits from the operational improvements and de-risking strategies implemented or to be implemented by the Company; mine development activities; the Company's capital allocation and liquidity; the composition of the Company's portfolio of assets including its operating mines, development and exploration projects; the sale of its Malian asset; permitting timelines and the expected receipt of permits; inflation, including global inflation and inflationary pressures; global supply chain constraints; environmental verification, biodiversity, including commitments related thereto and social development projects; plans, targets, proposals and strategies with respect to sustainability, including third party data on which the Company relies, and their implementation; commitments with respect to sustainability and the impact thereof; commitments with respect to greenhouse gas emissions and energy transition; commitments related to social performance, including commitments in furtherance of Indigenous relations; the ability to secure alternative sources of consumables of comparable quality and on reasonable terms; workforce and contractor availability, labour costs and other labour impacts; the future price of gold and other commodities; equity financings, foreign exchange rates and currency fluctuations; financial instruments; hedging strategies; impairment assessments and assets carrying values estimates; safety and security concerns in the jurisdictions in which the Company operates and the impact thereof on the Company's operational and financial performance and financial condition; and government regulation of mining operations. The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this MD&A with respect to: the Company's present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals, other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the construction of the Company's projects. Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the Company's business strategies and its ability to execute thereon; the development and execution of implementing strategies to meet the Company's sustainability vision and targets; security risks, including civil unrest, war or terrorism and disruptions to the Company's supply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company's Essakane mine; the availability of labour and qualified contractors; the availability of key inputs for the Company's operations and disruptions in global supply chains; tariffs and increase costs of supplies and equipment; the volatility of the Company's securities; litigation; contests over title to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; management of certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks associated with a mining company's operations; unexpected geological conditions; competition and consolidation in the mining sector; the profitability of the Company being highly dependent on the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (including, but not limited to diesel, fuel oil and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions in which the Company carries on business, including the imposition of tariffs by the United States on Canadian products; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for transactions, exploration, development or operation, operating or technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the Company's ability to execute on de-risking activities and measures to improve operations; availability of specific assets to meet contractual obligations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks relating to acquisitions and divestitures; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment (including greenhouse gas emission reduction and other energy transition requirements; the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather conditions at mine sites; disruptions from weather related events resulting in limited or no productivity such as forest fires, severe storms, flooding, drought, heavy snowfall, poor air quality, and extreme heat or cold; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour agreements and/or collective bargaining agreements may not be agreed to; the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; and the inherent risks involved in the exploration, development and mining business generally. Please see the Company's AIF available on SEDAR+ at www.sedarplus.ca or Form 40-F available on EDGAR at www.sec.gov/edgar for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284174
Original: IAMGOLD Reports Fourth Quarter and Year-End 2025 Results

lAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025February 17, 2026 5:59 PM
NewsfileAll amounts are in US dollars, unless otherwise indicated.
Measured and indicated resources are quoted inclusive of proven and probable reserves for all sites Toronto, Ontario--(Newsfile Corp. - February 17, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") announces its updated Mineral Resources and Mineral Reserves statement as of December 31, 2025 prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). A summary table of the Company's Mineral Resources and Mineral Reserves, including attributable ounces accounting for ownership interest, can be found at the end of this news release.HighlightsProven and Probable ("P&P") Mineral Reserves (100% basis) total 9.9 million ounces of gold in 279.6 Mt at 1.10 g/t Au (7.5 million ounces attributable). P&P Mineral Reserves decreased 7%, or 796,000 ounces, from the year prior, primarily due to depletion at Côté Gold and Essakane partially offset by an increase in Mineral Reserves at Westwood.Measured and Indicated ("M&I") Mineral Resources (100% basis) increased 16% to 31.0 million ounces of gold in 1.0 Bt at 0.94 g/t Au (24.6 million ounces attributable). The increase was primarily associated with the conversion of Inferred Mineral Resources in the Gosselin deposit at Côté Gold and Nelligan deposit, coupled with the inclusion of the Philibert and Chevrier deposits as part of the Northern Superior transaction towards the end of the year.Côté Gold (Côté and Gosselin) M&I Mineral Resources, inclusive of Mineral Reserves and on a 100% basis, increased 12%, or approximately 2.0 million ounces, to an estimated 18.2 million ounces (12.7 million ounces attributable) as of December 31, 2025. Inferred Mineral Resources decreased approximately 2.0 million ounces to 2.2 million ounces.Essakane M&I Mineral Resources (excluding Gossey), inclusive of Mineral Reserves and on a 100% basis, increased 11% to an estimated 4.4 million ounces (3.8 million ounces attributable) as of December 31, 2025, with a 50% increase in tonnes (to 150 Mt) offsetting a 26% decrease in grades (to 0.91 g/t Au, including stockpiles). The increase in tonnes and ounces underscores confidence in the potential for Essakane to extend its mine life within the fence beyond current guidance.Westwood M&I Mineral Resources, inclusive of Mineral Reserves, increased 682,000 ounces to 2.4 million ounces as of December 31, 2025, with a 79% increase in tonnes (to 11.9 Mt) offsetting a 22% decrease in average grade to 6.24 g/t Au.Inferred Mineral Resources (100% basis) decreased 2% to 12.5 million ounces (11.3 million ounces attributable).Gold price assumptions for Mineral Reserves were updated to $2,000 per ounce for Westwood (including Grand Duc) and Essakane; and $1,700 per ounce for Côté Gold. 2025 Mineral Resources were updated using a gold price of: $2,500 per ounce for Essakane, Westwood (incl. Grand Duc), Nelligan, Monster Lake and Gossey; and $2,100/oz for Côté. "I want to congratulate our exploration teams for their continued success in expanding our resource base. IAMGOLD today has 31 million ounces in Measured and Indicated Resources along with an additional 12.5 million ounces of Inferred Mineral Resources, positioning the company among the largest endowments of gold resources among mid-tier gold producers," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "Further, approximately 80% of our Measured and Indicated ounces and 90% of global Inferred ounces are located in Canada - reinforcing IAMGOLD as a leading Canadian, modern multi-asset mid-tier gold producer with significant growth potential.""As we look at our operations, all eyes this year will be on Côté Gold, as our exploration and site teams are working tirelessly towards the technical report to be delivered in the fourth quarter which will outline a mine plan incorporating a plant expansion that will leverage a larger subset of ounces from the combined Côté and Gosselin pits. At Westwood, exploration activities will be conducted to support the study of options to expand the mine in the eastern parts of Westwood underground that could be potentially amenable to bulk mining. Additional extensions to the Grand Duc pit will also be investigated this year. At Essakane, the Mineral Resource tonnes increased 50% building confidence in the potential for the project to see a mine life extension beyond the current mine plan.""It is going to be an exciting year at our Nelligan Mining Complex in the Chibougamau-Chapais region of Quebec, as we build on our acquisitions at the end of last year of Northern Superior and Orbec, which significantly increased our property package and the potential of the consolidated camp. This year we are substantially increasing our budget to $24 million for a comprehensive exploration program. The Nelligan Mining Complex already has a significant mineral inventory of over 4.3 million Measured and Indicated ounces and 7.5 million Inferred ounces, positioning the project among the largest pre-production stage gold projects in Canada. The exploration program this year will look to expand the mineralized footprint of both Nelligan and Philibert, while testing Monster Lake at depth, and then conducting regional exploration on high priority targets to further grow the potential of the project."Mineral ReservesTABLE 1: MINERAL RESERVES (@100%) SUMMARY1
2024220253%?
TonnesGradeOuncesTonnesGradeOuncesTonnesGradeOunces
(000s)(g/t)(000s)(000s)(g/t)(000s)(000s)(g/t)(000s)Côté Gold3,4








 Proven127,7471.074,376116,0551.053,902-9%-2%-11% Probable101,4270.912,965101,1120.973,1390%6%6%  Total229,1751.007,341217,1671.017,041-5%1%-4%Westwood3,5








 Proven  (underground)71712.6129189710.8931425%-14%8% Probable  (underground)1,88610.986662,5659.3076736%-15%15%  Subtotal2,60311.439573,4629.721,08233%-15%13% Proven  (Grand Duc)3630.8096580.811781%2%85% Probable  (Grand Duc)1,0901.08381,2381.255014%16%31%  Subtotal1,4531.01471,8961.106730%9%42%   Total4,0567.701,0045,3586.671,14832%-13%14%Essakane3,6








 Proven  (stockpile)18,8760.6539622,1780.6445717%-2%15% Probable  (open pit)44,0171.361,92034,9031.091,219-21%-20%-36%   Total62,8931.152,31657,0810.911,676-9%-20%-28%Total P&P Reserves296,1241.1210,661279,6061.109,865-6%-2%-7% Figures may not add due to rounding.2024 Mineral Reserves estimated as of December 31, 2024, using a gold price of $1,500 per ounce for Essakane and Westwood underground, $1,800/oz for Grand Duc, and $1,400/oz for Cote Gold.2025 Mineral Reserves estimated as of December 31, 2025, using a gold price of $2,000/oz for Westwood (including Grand Duc) and Essakane; and $1,700/oz for Côté Gold.Côté Gold Mineral Reserves as of December 31, 2025 were estimated using a 0.46 g/t Au cut-off grade, up from 0.35 g/t Au at year end 2024.Westwood (underground) Mineral Reserves as of December 31, 2025 were estimated using a 6.40 g/t Au cut-off grade, down from 6.82 g/t at year end 2024; Grand Duc Mineral Reserves as of December 31, 2025 were estimated using a 0.59 g/t cut-off grade, up from 0.54 g/t at year end 2024.Essakane Mineral Reserves as of December 31, 2025 were estimated using a cut-off grade range of 0.31-0.44 g/t Au, down from of 0.39-0.55 g/t Au at year end 2024. Proven and Probable Mineral Reserves, on a 100% basis for current assets, were estimated at 9.9 million ounces of gold (7.5 million ounces attributable) as of December 31, 2025, which was a 7% decrease or 796,000 ounces, from the year prior. At Côté Gold, Mineral Reserves decreased 301,000 ounces from the prior year period as updated estimates partially offset depletion (based on 10.9 Mt at 1.22 g/t for contained ounces of 428,100 ounces at 100% interest). The Côté Gold Mineral Reserve block model will be updated this year resulting in an updated mine plan incorporating both Côté and Gosselin. At Westwood, Mineral Reserves from the underground increased 125,000 ounces and 20,000 ounces from the Grand Duc open pit, more than offsetting depletion, primarily as a result of the change in resource model and increased gold price assumption and reduction in the underground cut-off grade to 6.40 g/t Au (down from 6.82 g/t Au previously). At Essakane, Mineral Reserves decreased 640,000 ounces, primarily due to depletion (428,000 contained ounces milled) and geology model adjustments as mining activities continue to progress through the mine plan. Mineral ResourcesMeasured and Indicated ("M&I") Mineral Resources, inclusive of Mineral Reserves and on a 100% basis, for IAMGOLD's assets increased 16% or 4.3 million ounces, for a total of 31.0 million ounces as of December 31, 2025 (24.6 million ounces attributable). The increase was primarily associated with the upgrading of Mineral Resources at Côté Gold, Westwood and Nelligan, coupled with the acquisition of the Philibert and Chevrier deposits as part of the Northern Superior transaction towards the end of the year. Global Inferred Mineral Resources (on a 100% basis) decreased 2%, or 0.3 million ounces, to a total of 12.5 million ounces as of December 31, 2025 (11.3 million ounces attributable). Note that Inferred Mineral Resources have a great amount of uncertainty as to their grade and quantity because they are based on limited geological evidence. It cannot be assumed that all or part of the Inferred Mineral Resources will ever be upgraded to a higher category or converted to Mineral Reserves.The Company assumed a gold price of $2,500 per ounce for estimating Mineral Resources as of December 31, 2025 at Essakane, Westwood Complex, Gosselin, Nelligan and Monster Lake. This was an increase from the year prior in which these operations assumed a gold price of $1,800 per ounce (except Gosselin which was at $1,700 per ounce) in the Mineral Resources estimate. The gold price assumption for Côté Gold was $2,100 per ounce, up from $1,700 per ounce previously.Côté & GosselinCôté Gold (Côté and Gosselin) M&I Mineral Resources, inclusive of Mineral Reserves and on a 100% basis, increased 12%, or approximately 2.0 million ounces, to an estimated 18.2 million ounces (12.7 million ounces attributable) as of December 31, 2025. Inferred Mineral Resources decreased approximately 2.0 million ounces to 2.2 million ounces. The 2025 drilling plan at Côté and Gosselin prioritized increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category. The program was increased to approximately 53,750 metres for the year at Gosselin. The results of the Gosselin drilling program will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a mine plan targeting both the Côté and Gosselin zones over the life of mine. This updated technical report is expected to be completed by the end of 2026.EssakaneEssakane M&I Mineral Resources, inclusive of Mineral Reserves on a 100% basis (excluding Gossey), increased 11% to an estimated 4.4 million ounces (3.8 million ounces attributable) as of December 31, 2025, with a 50% increase in tonnes (to 150 Mt) offsetting a 26% decrease in grades (to 0.91 g/t Au, including stockpiles). The increase in tonnes and ounces underscores confidence in the potential for Essakane to extend its mine life within the fence beyond current guidance (last year Essakane processed 12.6 Mt of ore at an average head grade of 1.18 g/t Au). Inferred Mineral Resources (excluding Gossey) increased 20% from the year prior to an estimated 853,000 ounces at 1.10 g/t Au. TABLE 2: MINERAL RESOURCES SUMMARY (100%, incl. of Mineral Reserves)1
2024220253%?
TonnesGradeOuncesTonnesGradeOuncesTonnesGradeOunces
(000s)(g/t)(000s)(000s)(g/t)(000s)(000s)(g/t)(000s)Côté Gold4








 Côté4








  Measured162,1400.944,907153,8730.934,598-5%-1%-6%  Indicated276,4040.776,878268,8330.776,697-3%0%-3%   Total M&I438,5450.8411,785422,7070.8311,295-4%-1%-4%  Inferred60,3620.611,17762,7600.601,2064%-2%2% Gosselin4








  Indicated161,3000.854,420266,7410.806,86165%-6%55%  Inferred123,9000.752,98037,8400.79959-69%5%-68%  Total M&I599,8450.8416,205689,4470.8218,15615%-3%12%  Total Inferred184,2620.704,157100,6000.672,165-45%-5%-48%Westwood5








  Measured1,0629.153121,6197.2137552%-21%20%  Indicated5,6277.751,40210,3246.092,02283%-21%44%   Total M&I6,6897.971,71511,9436.242,39779%-22%40%  Inferred4,36912.821,8014,50710.461,5153%-18%-16%Essakane








  Measured21,1570.6443338,3120.5264081%-18%48%  Indicated78,7221.403,534111,6831.053,77242%-25%7%   Total M&I99,8791.243,967149,9950.914,41250%-26%11%  Inferred12,6231.7671324,1951.1085392%-38%20% Gossey








  Indicated8,3830.8723514,7950.7535576%-14%51%  Inferred1,6111.00522,6880.857467%-15%42%  Total M&I108,2621.214,402164,7900.904,76752%-25%13%  Total Inferred14,2341.6776526,8831.0792789%-36%21%Nelligan Mining Complex7






 Nelligan








  Indicated102,8450.953,125122,0000.953,70019%0%18%  Inferred166,3950.965,161151,0000.964,647-9%-1%-10% Monster Lake








  Indicated23910.938424313.04102---  Inferred1,05314.444891,04614.83499-1%3%2% Philibert6








  Indicated00.0007,8841.10279N/AN/AN/A  Inferred00.00048,4651.101709N/AN/AN/A Chevrier6








  Indicated00.0006,4001.26260N/AN/AN/A  Inferred00.00015,6601.30652N/AN/AN/A  Total M&I103,0840.973,209136,5270.994,34132%2%35%  Total Inferred167,4481.055,650216,1711.087,50729%3%33%Diakha-Siribaya5





  Indicated27,9371.481,32527,9371.481,3250%0%0%  Inferred8,4681.534178,4681.534170%0%0%









Total M&I
Resources1845,8170.9826,6561,030,6440.9430,98722%-5%16%Total Inferred Resources1378,7821.0512,791356,6281.0912,530-6%4%-2% Figures may not add due to rounding. 2024 Mineral Resources estimated as of December 31, 2024, using a gold price of: $1,800 per ounce for Essakane, Westwood (incl. Grand Duc), Nelligan, Monster Lake and Gossey; and $1,700/oz for Côté and Gosselin. 2025 Mineral Resources estimated as of December 31, 2025, using a gold price of: $2,500 per ounce for Essakane, Westwood (incl. Grand Duc), Nelligan, Monster Lake and Gossey; $2,100/oz for Côté Gold, $1800/oz for Chevrier, $1747/oz for Philibert. Côté Gold and Gosselin block models were adjusted for price and drilling data up to September 29, 2025. Drilling resumed at Côté through the year with the full data set to be incorporated into an updated Mineral Resources estimate to inform the Q4 2026 updated mine plan.Diakha-Siribaya Mineral Resources are unchanged from the prior year, with an unchanged gold price of $1,500 per ounce. The definitive agreement to sell the Diakha-Siribaya Gold Project in Mali to Managem S.A. expired on December 31, 2024, and was not extended. The Company is pursuing alternative options for the sale of this asset.Philibert and Chevrier were acquired with the closing of the Northern Superior transaction in December 2025. The prior Mineral Resources estimates for these assets are based on data as reported in the respective NI 43-101 Technical Reports. Philibert and Chevrier Mineral Resources (including underground Inferred Resources) are estimated as of December 31, 2025, using a gold price of $1,747 and $1,800 per ounce respectively.At the time of the Northern Superior acquisition, disclosed estimates were 3.75 Moz Au Measured and Indicated Mineral Resources and 8.65 Moz Au Inferred Mineral Resources, which included Croteau. The Company opted to exclude the mineral resources previously associated with the Croteau property in its year-end update, resulting in reported totals of 4.34 Moz Au Measured and Indicated Mineral Resources and 7.50 Moz Au Inferred Mineral Resources.WestwoodWestwood M&I Mineral Resources, inclusive of Mineral Reserves, increased 682,000 ounces to 2.4 million ounces as of December 31, 2025, with a 79% increase in tonnes (to 11.9 Mt) offsetting a 22% decrease in average grade to 6.24 g/t Au. Inferred Mineral Resources decreased 16%, or 286,000 ounces to 1.5 million ounces with an average grade of 10.5 g/t Au. Nelligan Mining ComplexThe Nelligan Mining Complex, situated in the Chibougamau-Chapais region of central Quebec, encompasses the Nelligan, Philibert, Chevrier, and Monster Lake deposits. The Philibert and Chevrier deposits were added to the portfolio following the completion of the Northern Superior transaction in December 2025.On a consolidated basis, the Nelligan Mining Complex reported a significant increase in Indicated and Inferred Mineral Resources. Indicated Resources increased 1.1 million ounces to a total of 4.3 million ounces at an average grade of 0.99 g/t Au. Inferred ounces increased 1.9 million ounces to a total of 7.5 million ounces at an average grade of 1.08 g/t Au. The Nelligan deposit reported an increase of 575,000 ounces in Indicated Mineral Resources, to a total of 3.7 million ounces at an average grade of 0.95 g/t. The increase was primarily a result of the infill program conducted last year to increase the confidence in ounces from Inferred Mineral Resources. This year, IAMGOLD has outlined a budget of approximately $24 million for exploration activities within the Nelligan Mining Complex. The goal of the program will be to conduct thorough testing of Philibert, expand Nelligan and continue to test Monster Lake at depth all in support of a conceptual preliminary economic assessment in 2027. Further, the Company is eager to test high priority targets within the region. TABLE 3: MINERAL RESOURCES AND MINERAL RESERVES AS OF DECEMBER 31, 20251,2,3,4,5,6,7,8
Mineral Resources are inclusive of Mineral Reserves
TonnesGradeOuncesAttributable Ounces
(000s)(g/t Au)(000s)(000s)Côté Gold, Canada


70% Côté



 Proven Mineral Reserves116,0551.053,9022,731 Probable Mineral Reserves101,1120.973,1392,197 Subtotal P&P217,1671.017,0414,929 Measured Mineral Resources153,8730.934,5983,219 Indicated Mineral Resources268,8330.776,6974,688 Subtotal M&I (incl. of Reserves)422,7070.8311,2957,907 Inferred Mineral Resources62,7600.601,206844 Gosselin



 Indicated Mineral Resources266,7410.806,8614,803 Inferred Mineral Resources37,8400.79959671 Total M&I689,4470.8218,15612,709 Total Inferred100,6000.672,1651,515Westwood, Canada


100% Proven Mineral Reserves1,5556.63331331 Probable Mineral Reserves3,8036.68817817 Subtotal P&P5,3586.671,1481,148 Measured Mineral Resources1,6197.21375375 Indicated Mineral Resources10,3246.092,0222,022 Subtotal M&I (incl. of Reserves)11,9436.242,3972,397 Inferred Mineral Resources4,50710.461,5151,515Essakane, Burkina Faso


85% Proven Mineral Reserves22,1780.64457388 Probable Mineral Reserves34,9031.091,2191,036 Subtotal P&P57,0810.911,6761,425 Measured Mineral Resources38,3120.52640544 Indicated Mineral Resources111,6831.053,7723,207 Subtotal M&I (incl. of Reserves)149,9950.914,4123,750 Inferred Mineral Resources24,1951.10853725 Gossey



 Indicated Mineral Resources14,7950.75355302 Inferred Mineral Resources2,6880.857463 Total M&I164,7900.904,7674,052 Total Inferred26,8831.07927788Nelligan Mining Complex8, Canada


100% Nelligan



 Indicated Mineral Resources122,0000.953,7003,700 Inferred Mineral Resources151,0000.964,6474,647 Monster Lake



 Indicated Mineral Resources24313.04102102 Inferred Mineral Resources1,04614.83499499 Philibert7


(75%7) Indicated Mineral Resources7,8841.10279209 Inferred Mineral Resources48,4651.101,7091,282 Chevrier7



 Indicated Mineral Resources6,4001.26260260 Inferred Mineral Resources15,6601.30652652 Total M&I136,5270.994,3414,271 Total Inferred216,1711.087,5077,079Diakha-Siribaya, Mali6


90% Indicated Mineral Resources27,9371.481,3251,193 Inferred Mineral Resources8,4681.53417376Total Proven & Probable Mineral Reserves279,6061.109,8657,502Total Measured & Indicated Mineral Resources1,030,6440.9430,98724,622Total Inferred Mineral Resources356,6281.0912,53011,273 Figures may not add due to rounding.In mining operations, Measured Mineral Resources and Indicated Mineral Resources that are not Mineral Reserves are considered uneconomic at the price used for Mineral Reserves estimations but are deemed to have a reasonable prospect of economic extraction.See "Cautionary Note to U.S. Investors Regarding Disclosure of Mineral Reserves and Mineral Resources Estimates".2025 Mineral Reserves estimated as of December 31, 2025, using a gold price of $2,000 per ounce for Westwood (including Grand Duc) and Essakane; and $1,700 per ounce for Côté Gold.2025 Mineral Resources estimated as of December 31, 2025, using a gold price of: $2,500 per ounce for Essakane, Westwood (incl. Grand Duc), Nelligan, Monster Lake and Gossey; and $2,100/oz for Côté. Diakha-Siribaya Mineral Resources are estimated at a gold price of $1,500 per ounce. The definitive agreement to sell the Diakha-Siribaya Gold Project in Mali to Managem S.A. expired on December 31, 2024, and was not extended. The Company is pursuing alternative options for the sale of this asset.Philibert (75% with option to acquire 100% from SOQUEM for C$3.5M) and Chevrier were acquired with the closing of the Northern Superior transaction in December 2025. The Mineral Resources estimates for these assets are based on data as reported in the respective NI 43-101 Technical Reports. Chevrier Mineral Resources (including underground Inferred Resources) have been estimated as of September 23, 2022 using a $1,800/oz gold price and have been estimated in accordance with NI 43-101. Philibert Mineral Resources have been estimated as of September 22, 2023 using a $1,747/oz gold price and have been estimated in accordance with NI 43-101.At the time of the Northern Superior acquisition, disclosed estimates were 3.75 Moz Au Measured and Indicated Mineral Resources and 8.65 Moz Au Inferred Mineral Resources, which included Croteau. The Company opted to exclude the mineral resources previously associated with the Croteau property in its year-end update, resulting in reported totals of 4.34 Moz Au Measured and Indicated Mineral Resources and 7.50 Moz Au Inferred Mineral Resources.Qualified Person and Technical InformationChristine Beausoleil, P.Geo., Senior Director, Mining Geology, IAMGOLD Corporation is the "qualified person" for the purposes of NI 43-101 ("QP") with respect to the mineralization being reported on and is responsible for the review and approval of all Mineral Resources estimates for IAMGOLD. Adrienne Rispoli, P.Eng., Senior Director, Mining & Integrated Planning, IAMGOLD Corporation is the QP for the purposes of NI 43-101 with respect to the mineralization being reported on and is responsible for the review and approval of all Mineral Reserves estimates for IAMGOLD.For the recently acquired Philibert and Chevrier properties (acquired on December 19, 2025), the mineral resource estimates provided in this statement are based on data as reported in the respective NI 43-101 Technical Reports. The "qualified persons" responsible for these estimates have consented under NI 43-101 to the incorporation of their data into this news release. IAMGOLD has not revised or altered the original information provided for these properties.The Company's Mineral reserves are comprised of in-place material, i.e. material containing ounces of gold for which an assessment of key modifying factors such as mining, processing, metallurgical recovery, infrastructure, economic, legal, environmental, social and governmental factors are used to determine their economic viability. Mineral Reserves are estimated with a mill feed reference point.In estimating Mineral Reserves, cut-off grades are established using the Company's long-term metal price and foreign exchange assumptions, royalties, the mining dilution & metallurgical recovery factors and estimated production costs over the life of the related operation. As part of the annual Mineral Reserve estimation process, the cost models used for cut-off grade calculations are compared to prior estimates and are updated appropriately based on actual operating performance and projections. Cut-off grades are determined by corporate objectives, mining method as well as considering the various mine-mill-tailing capacities specific to each operation.There are numerous parameters inherent in estimating Proven Mineral Reserves and Probable Mineral Reserves, including many factors beyond the Company's control. The estimation of Mineral Reserves is a subjective process, and the accuracy of any Mineral Reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results from drilling, testing and production, as well as material changes in metal prices subsequent to the date of an estimate, may justify a revision of such estimates. The nature of mining activities is such that the extraction of ore from a mine reduces Mineral Reserves. In order to renew Mineral Reserves (at least partially) on most of its producing properties, the Company carries out exploration drilling programs at depth and laterally.For each of the projects and properties it operates, the Company has established rigorous methods and procedures aimed at assuring reliable estimates of its Mineral Resources and Reserves. For each mine and project, the relevant QPs verified the data incorporated, including sampling, analytical and test data underlying the information contained in this news release. Quality control falls under the responsibility of Ms. Beausoleil and Ms. Rispoli.About IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada. IAMGOLD employs approximately 3,700 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).IAMGOLD Contact InformationGraeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
info@iamgold.comCAUTIONARY NOTE TO U.S. INVESTORS REGARDING DISCLOSURE OF MINERAL RESERVES AND MINERAL RESOURCES ESTIMATESThe mineral Resources and Reserves estimates contained in this news release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These standards are similar to those found in subpart 1300 of Regulation S-K, used by the United States Securities and Exchange Commission (the "SEC"). However, the definitions in NI 43-101 and the CIM Standards differ in certain respects from those under subpart 1300 of Regulation S-K . Accordingly, mineral Resources and Reserves information contained in this news release may not be comparable to similar information disclosed by United States companies. As a result of the adoption of subpart 1300 of Regulation S-K (the "SEC Modernization Rules"), which more closely align its disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101 and the CIM Standards, and which became effective on February 25, 2019, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended definitions of "proven mineral reserves" and "probable mineral reserves" in its amended rules, with definitions that are substantially similar to those used in NI 43-101 and the CIM Standards. Issuers must begin to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2022, though Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS") may still use NI 43-101 rather than the SEC Modernization Rules when using the SEC's MJDS registration statement and annual report forms.United States investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under the SEC Modernization Rules, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable. Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral Resources will ever be upgraded to a higher category. The mineral Reserves and mineral Resources data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONAll information included in this news release, including any information as to the Company's vision, strategy, future financial or operating performance and other statements that express management's expectations or estimates of future performance or impact, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "would", "could", "continue", "expect", "budget", "aim", "can", "focus", "forecast", "anticipate", "estimate", "maintain", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "cover", "strategy", "during", "ongoing", "subject to", "future", "objectives", "opportunities", "committed", "prospective", "likely", "progress", "strive", "sustain", "effort", "extend", "remain", "pursue", "predict", or "project" or the negative of these words or other variations on these words or comparable terminology. For example, forward-looking statements in this news release include, without limitation, those under the heading "About IAMGOLD", and include, but are not limited to, statements with respect to the delisting of the NSUP Shares, Northern Superior ceasing to be a reporting issuer, the anticipated benefits from integrating Northern Superior and its assets, and the expansion and extension of the mineralization at Nelligan.The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this news release, including with respect to: the Company's present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals, other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the construction of the Company's projects.Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the Company's business strategies and its ability to execute thereon; the development and execution of implementing strategies to meet the Company's sustainability vision and targets; security risks, including civil unrest, war or terrorism and disruptions to the Company's supply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company's Essakane mine; the availability of labour and qualified contractors; the availability of key inputs for the Company's operations and disruptions in global supply chains; the volatility of the Company's securities; litigation; contests over title to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; the lack of availability of insurance covering all of the risks associated with a mining company's operations; unexpected geological conditions; competition and consolidation in the mining sector; the profitability of the Company being highly dependent on the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (including, but not limited to diesel, fuel oil and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions in which the Company carries on business, including the imposition of tariffs by the United States on Canadian products; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for transactions, exploration, development or operation, operating or technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the Company's ability to execute on de-risking activities and measures to improve operations; availability of specific assets to meet contractual obligations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements; the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather conditions at mine sites; disruptions from weather related events resulting in limited or no productivity such as forest fires, severe storms, flooding, drought, heavy snowfall, poor air quality, and extreme heat or cold; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour agreements and/or collective bargaining agreements may not be agreed to; the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; the completion of the transaction with Mines d'Or Orbec Inc., including the satisfaction of the conditions precedent to the proposed arrangement, and the inherent risks involved in the exploration, development and mining business generally. Please see the Company's Annual Information Form available on SEDAR+ at www.sedarplus.ca or Form 40-F available on EDGAR at www.sec.gov/edgar for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements.Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284136
Original: lAMGOLD Reports Mineral Resources and Reserves for the Year Ended 2025

If gold returns to a central role in the monetary system (a "soft" gold standard), the valuation must change to match the massive increase in global money supply (fiat currency) that has occurred since the last gold-backed era.
Analysis indicates that to provide 10% to 20% backing (coverage) for global central bank liabilities, gold would need to be valued in the $10,000–$25,000 per ounce range.

More upside
...as part of our partnering with IAMGOLD and Sumitomo, they will be granted an option, exercisable at their discretion, to buy down up to 50% of the Royalty at Franco-Nevada's attributable cost in two equal tranches of 25%.

And even more
Franco Nevada
The value upside of the Côté Gold Mine is further supported by the rapidly growing Gosselin zone which we intend to incorporate into an updated mine plan next year that will bring the Côté and Gosselin zones together to outline a Côté Gold Mine of increased scale and scope for generations to come."

More upside on Cote production
The IAMGOLD Côté Gold Mine, located in Ontario, Canada, is designed with an initial processing capacity of 13 million tonnes per annum (Mtpa), or approximately 36,000 tonnes per day

Franco Nevada bought into Cote cash flow in early 2025. The upside they saw
Excellent Expansion Potential: The large Mineral Resource base provides excellent potential to expand the milling capacity. In the near term, we expect the mill to ramp-up to nameplate capacity of 13 Mtpa by year end, in concert with the installation of additional crushing capacity to debottleneck the secondary comminution circuit. Longer term, based on our due diligence, Franco-Nevada believes the Côté mill has the potential to be expanded up to 20 Mtpa, which would better align with the current mining capacity of 54 Mtpa and strip ratio of 2:1.

Management has delivered on Cote production. What is next?
AMGOLD plans to expand the processing abilities of its Côté Gold operation to integrate the adjacent Gosselin deposit. The company is currently moving towards a "single large pit" approach, with studies and expansion capital in 2026 aimed at increasing throughput.

Goal: The goal is to move beyond the current 36,000 tonnes per day (tpd) nameplate capacity of the Côté plant, with potential for long-term production exceeding 650,000 ounces per annum, according to market analysis.

Cote production has already at the original nameplate target of 270,000 to 310,000 production so that give a lot of validity to the planned for Gosselin expansion.

The path to $5000 gold looks inevitable.
Japan’s bond market is doing exactly that. Long-dated JGB yields are not drifting higher on the back of growth optimism or inflation bravado. They are rising because investors are quietly questioning whether the balance sheet math still adds up and whether policy credibility remains intact.
This is not a tightening cycle. It is a credibility test.

Not going to be shocked if $10,000 becomes a focus as fiat risk drives the gold market. Are markets pricing in a serious sovereign debt crises in a world full of unprecedented debt levels?

Now at $19.75
Central Banks continue to buy Gold in Jan '26. The big boys have a lot more insight into what the future holds and they are happy buying gold as it nears $5000.

Dec 9, Iamgold paid off $400 million 2nd lien early because of the strong cash flow
10.25% loan

$40 million a year saved will add significantly to free cash flow.

By end of next year looks like I may have a 10 bagger from my original investment. Dreams of a $30 exit in 2026 as strong cash flow has already started to do wonders on the turnaround story. If you're interested keep an eye on Nelligan project where the company has expanded holding as results from drilling continue to define the project. Really don't know what the upside potential is if that plays out.

Gemini did the math for me
Q4 Gold Margin
Assuming AISC remains constant at $1,956/oz (which is a simplifying assumption, as costs often rise with higher gold prices due to royalties):
$4,100/oz-$1,956/oz=$2,144/oz

Increase in Profit per Ounce
$2,144/oz-$1,536/oz=$608/oz (This is equal to the gold price increase, as expected if costs are static).

3. Estimate Total Earnings Increase
We will apply the increased profit per ounce to the Q3 sales volume (187,000 ounces) to estimate the boost to earnings.
Estimated Earnings Increase: $608/oz×187,000 ounces˜$113.896 million

Free cash flow Q3 = $292.3 million do the potential for $500 million in Q4 is high.

Why so bullish on Q4?
After Sept, IAG received $154 M from Essakane via dividends, those funds become available in Q4 to pay down debt, would not be on Q3 earnings
The cash flow that enabled the Iamgold to book some of the Essakane $680 million dividend is going to be stronger in Q4

Q3 - sells of gold average $3,492 per ounce. Plenty of upside going forward

$12 plus. Up on double volume without release of news
So many long term holders with 3X and 4X return in 2 years. Booked gains on trading shares but still holding the core as this is a turnaround story with potential for explosive rebound in profits.

$11 Up 10% today on double normal volume with no news.
Booked a nice gain on my trading shares and expect to buy them back on a dip. Somebody knows something and management needs to update investors if it is sitting on good news.

Goldman Sachs has Q4 target for gold $3700
Franco Nevada buying 7.5% of Cote cash flow for a billion puts a valuation of close to $15 just for AIG's 70% share of one mine. That buy was likely based on gold at much cheaper prices.

November 30, 2024, following the repurchase of the 9.7% interest of the Côté Gold Mine for $377.7 million.

Looking at the Franco Nevada $1 billion for 7.5% it looks like the 10% bought for $377 million should be worth $1 billion.

More value in the Cote mine, Total costs incurred at project completion were estimated at $2.963 billion excluding non-critical path earthwork
and infrastructure.
With a billion in debt on the books it looks like gold close to $2 billion valuation sunk that anyone would pay to get Cote Operational

I'm seeing a quick $3 billion in value before we get into what the Cote/Gosselin gold will be worth should a future buyout be in the works.

Franco Nevada bought 7.5% of Cote cash flow for $1 billion, paid cash
$133 for 1%

IAG's 70% iy
of remaining 92.5% IAG owns 70% or 60% of total value

$133 X 60 = $7980 million or $14.50/share

And earnings came in at 0.07
Two messy quarters in a row so markets will be in a show me state for this one. Sold in after hours. Looking to re-enter at sub $6

The shorts are pushing the fear of Burkina Faso taking Essakane. In the real world
Burkina paid $70 million cash a $53 million in $57.5 million in dividends to take over Yaramoko from Fortuna

Yaramoko has an estimated 1.5 left of production
Produced 116,000 ounces of gold in 2024

Essakane procuced 380,00o oz in 2024
The Essakane lease runs till 2028 and the company is having good results on expanding it;s lifetime.
Iamgold is the top taxpayer in Burkina

Wouldn't object to a sell of Essakane but the terms would be 4 to 5 times Yaramako? Honestly believe BF is benefiting too much from the experienced team Iamgold has in place to want to make a change.

March 18, 2025
Canada’s Iamgold has acquired the solar PV unit supplying its Essakane gold mine in Burkina Faso from the Total Eren/Chariot Energy joint venture that developed and operated the facility. On commissioning in 2018, it was claimed to be the world’s largest PV/thermal hybrid plant.

.
Potential of extending the lease must look promising.

Fortuna exits Burkina Faso with $130m sale cash

of Yaramoko mine

“Considering the limited remaining life of mineral reserves at Yaramoko (approximately one year), the cessation of our exploration activities in-country, and the increasingly challenging business climate in Burkina Faso,
produced 140,800 ounces of gold in 2024
11th April 2025

Essakane produced 409,000 ounce in 2024 and recent exploration look like the life of the mine will be extended. Is management shopping the property?

Fitch upgrades Iamgold to B+ Stable

Improved Country risk: Operations in Canada (AA+/Stable) generate sufficient earnings to cover interest payments, thereby reducing reliance on Essakane in Burkina Faso.

Key Assumption

Gold prices of $2,400/oz in 2025, $2,100/oz in 2026, $2,000/oz in 2027 and $1,800/oz in 2028

Expecting significant free cash flow in second half of 2025.

Long term debt went from $8900 million to get $1.2 billion
probably the most painful stat for Q4

Painful miss
The $570 per ounce on every 409,000 oz is a brutal hit and I'm guessing the "security costs" were really ugly payments that had to be made? A cost that is not likely going away?

For Essakane Q4

AISC ($/oz sold) - attributable $1548

Mine Site free cash flow $20 million is less than the $41 from Westwood

Mine Site procution..........107 thousand ounces............29 thousand ounces.

Math really gets confusing for understanding Essakane. Anyone understand the numbers? It does show how the numbers given in the January update did not reflect what to expect in the Q4 earnings. Really expected 0.21 plus for the quarter. The 10 cents was a big disappointment for me. The big question now is can management be trusted or was this a kitchen sink quarter where you dumped at lot of bad stuff?

Why central banks’ hunger for gold shows ‘no sign of being quelled’ this year
Published: Feb. 5, 2025

Central banks, as well as exchange-traded-fund investors, are likely to drive gold demand this year, with economic uncertainty supporting gold’s role as a risk hedge, the World Gold Council said. Central banks have been net buyers of gold for the past 15 years, “yet their hunger for gold shows no sign of being quelled.”

...“geopolitical and economic uncertainty remains high in 2025 and it seems as likely as ever that central banks will once again turn to gold as a stable strategic asset,” it said.

(Attributable) gold sales 171,000 ounces Q3
average realized price $2,391 per ounce
.
Attributable gold sales 177,000 ounces Q4
average realized price $2509 per ounce
.
Analyst has Q4 earnings at 0.14 when everything points towards a sizable beat of 0.18 for Q3

About the collar on pre-sales. Looked at Q3 found the answer and it is good news.

The Company delivered 37,500 ounces under the 2022 Prepay Arrangements in the third quarter 2024 (100,000 ounces YTD) and Company received $10.0 million ($28.9 million YTD) in relation to the collar.

Quoted directly from Q3 earnings report. Better is Q2 of 2025 has upside on the collar at $2900 per oz. Collar term on other quarters = $1,700 to $2,100

Looking forward and the prepay gold for Q2 2025
Key terms of the 2025 Q2 Prepay Arrangement are as follows:

Funding of $59.4 million is provided to IAMGOLD at an effective gold price of $1,900 per ounce (net of financing costs) and paid equally in three monthly increments in the second quarter of 2024 for physical delivery of 31,250 ounces of gold over the period of April 2025 to June 2025.
The arrangement has a collar range of $2,100 to $2,925 and IAMGOLD will receive a cash payment based on the market price, if it is within the collar range in the month of delivery.
.
Not an accountant and wondering if this means Iamgold will recieve payment for anything above $1900?

Gundlach is known as the bond king and sees serious over valuation in a market that hasnt' seen a normal recession. Sees the anomaly of Gold trending higher despite a strong dollar and say he sees the gold as a sensible place to park money, especially miners. Couldn't be happier with this investment and expect to hold thru 2026.
Yearly update released Jan 14
2024 attributable gold production of 667,000 ounces
2025 Outlook attributable gold production of 735,000 to 820,000 ounces,
2023 attributable gold production of 465,000 ounces
.
Management consistently guides expectations to lower and 800,000 for 2025 look likely. So really strong growth with the low cost Cote and its higher margin production ramping all year.
Presales of gold will be off the books by mid-year so higher margins in back half of 2025

Doing math for 4th Q
2024 attributable gold production of 667,000 ounces
3rd Q 490,000 ounces
production for Q4 = 177,000 ounces or 4,000 more ounces than Q3

The Cote buildout is looking to outperform management forecast
When online in December, the plant averaged 1,593 tph, or effectively 106% of nameplate, 90% was the target for end of year. Still working out bugs so even more upside possible? Full production for Q1 should see significant increase in Cote contribution to bottom line.

Possible dividend coming in second half of 2025? Buyout possible as the majors primary ability to maintain their production is now M&A as new exploitable fields have become a rare thing.

August 3, 2022
...estimated $1,908 million more to bring Cote to production

* If someone were to start development of Cote today, with higher development costs, it would be a total cost of $3 billion+ to get the mine to production? Just doing some math for what a buyout price would look like just for a Cote/Nelligan bid.

Short Interest in IAMGOLD Co. (NYSE:IAG) Decreases By 9.7%
Written by MarketBeat
April 15, 2024
SHARE

IAMGOLD logoIAMGOLD Co. (NYSE:IAG -TSE: $IMG was the target of a large drop in short interest in March. As of March 31st, there was short interest totalling 8,010,000 shares, a drop of 9.7% from the March 15th total of 8,870,000 shares. Based on an average trading volume of 8,450,000 shares, the days-to-cover ratio is presently 0.9 days. Approximately 1.6% of the shares of the stock are short sold.

Today
IAMGOLD Stock Down 2.2 %
Two Tiny Mining Stocks Worth Considering for the Next Gold Rush
IAG traded down $0.08 during trading on Monday, reaching $3.53. 1,647,328 shares of the stock traded hands, compared to its average volume of 8,604,386. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 19.16, a price-to-earnings-growth ratio of 1.24 and a beta of 1.69. IAMGOLD has a fifty-two week low of $1.99 and a fifty-two week high of $3.92. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.19 and a quick ratio of 0.77. The stock's 50-day simple moving average is $2.98 and its two-hundred day simple moving average is $2.61.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data on Thursday, February 15th. The mining company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.04. The firm had revenue of $297.60 million during the quarter. IAMGOLD had a return on equity of 1.97% and a net margin of 9.55%. As a group, equities research analysts expect that IAMGOLD will post 0.07 EPS for the current year.

More info
Institutional Trading of IAMGOLD

A number of institutional investors and hedge funds have recently made changes to their positions in IAG. Helikon Investments Ltd acquired a new stake in shares of IAMGOLD in the fourth quarter worth about $23,722,000. Two Sigma Investments LP lifted its position in shares of IAMGOLD by 492.0% in the first quarter. Two Sigma Investments LP now owns 7,284,801 shares of the mining company's stock worth $19,742,000 after buying an additional 6,054,262 shares during the last quarter. Norges Bank acquired a new stake in shares of IAMGOLD in the fourth quarter worth about $12,557,000. Donald Smith & CO. Inc. lifted its position in shares of IAMGOLD by 13.9% in the fourth quarter. Donald Smith & CO. Inc. now owns 35,778,309 shares of the mining company's stock worth $90,519,000 after buying an additional 4,358,444 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of IAMGOLD in the fourth quarter worth about $10,972,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. BMO Capital Markets increased their target price on IAMGOLD from $4.00 to $4.25 and gave the company an "outperform" rating in a report on Friday, April 5th. National Bank Financial restated a "sector perform spec overwgt" rating on shares of IAMGOLD in a report on Monday, April 8th. CIBC increased their target price on IAMGOLD from $3.00 to $3.10 and gave the company a "neutral" rating in a report on Wednesday, February 7th. Finally, StockNews.com upgraded IAMGOLD from a "sell" rating to a "hold" rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, IAMGOLD has an average rating of "Hold" and a consensus price target of $3.52.

https://www.marketbeat.com/instant-alerts/nyse-iag-options-data-report-2024-04-15/

Just a matter of time
"Pour Some Sugar On Me"

Wouldn’t bet against you
Is it possible for spot gold to evolve into a hysteria
Been around markets for almost 50 years to witness my fair share of hysterias
IAG new 52 week high

$IAG Pivoting on 3 year high next stop $5

The miners with good stories are doing better !

Keep on Pouring that gold 😀

$IAG Côté Gold is expected to be within the largest operating gold mines in Canada with an expected mine life exceeding 18 years and significant opportunities for growth. On a project level, combining the Côté and Gosselin deposits, Côté has a total estimated Measured and Indicated Mineral Resource1 of 16.5 million ounces with an additional 4.2 million ounces of Inferred1, putting the project in exclusive company of large-scale Canadian assets.

IAMGOLD Announces First Gold Pour at Côté Gold
Mar 31, 2024
https://www.iamgold.com/English/investors/news-releases/news-releases-details/2024/IAMGOLD-Announces-First-Gold-Pour-at-Ct-Gold/default.aspx

He's off and running

JP Morgan - Stephen Jury (Not a goldbug news letter)
Managing Director
Mar 13, 2024
Our outlook on gold

We have a constructive outlook on gold over the next 12 months. We currently expect that the Federal Reserve will begin to cut interest rates in the United States – likely beginning in June, subject to revision. In our opinion this should set the stage for gold appreciation. A persistent theme of geopolitical tension should continue to drive Central Bank reserve diversification. In addition, 2024 will see over 60 countries – representing around half of the world’s population – heading to the polls for national elections. Tragically, two regional conflicts are still ongoing, and these may have an impact on global supply chains.

We look for more Central Banks to add to their buying momentum this year and assume these buyers may be less sensitive to prices. We look for retail ETF investors to come back to the market and begin accumulating gold once again as yields fall. Gold investment is not currently a crowded position. Investors have been lured by high cash interest rates – and we are particularly interested in this development. Under-owned and under-appreciated investments are often ripe for appreciation. Our current outlook for year-end 2024 is $2,250-2,350.

Blue Thunder Mining announces planning for 2024 exploration season with IAMGOLD
March, 18, 2024 -- (Blue Thunder Mining Inc) --

(NewsDirect)

Blue Thunder Mining CEO Dorian Nicol joined Steve Darling from Proactive to share exciting developments following successful meetings with IAMGOLD. IAMGOLD has joined Blue Thunder Mining as a major shareholder, holding a significant 14.5% interest in the company. This partnership underscores the potential of Blue Thunder Mining's flagship project, Muus, which is highly prospective for gold mineralization and strategically located adjacent to IAMGOLD's 5-million-ounce Nelligan gold project.
.
Iamgold looking like a consolidator before a buyout? Any buyout likely to happen before 4thQ which is when Cote is expected to be at full production status.

IAG expecting to see production from Cote by end of March. Expecting a Ceremonial "Opening" soon for the #3 Gold Mine in Canada.
Look back when company first broke ground;
Broke Ground officially in 2020
"Sep 11, 2020 — The ceremony was attended by Prime Minister Justin Treadue'.
.
Potential to be a real catalyst for price when they pick a date for "Opening Ceremony".

Odd action today. Somebody had to sell into the strength.

He concluded the interview by hinting where Barrick could next make a move.

“We need something for the North American team to chew on and ideally in the short-term it will more than likely be Canada.”
.
Cote will be the #3 gold producing mine in Canada. Gosselin is a large-scale deposit sitting immediately adjacent to Cote and is showing impressive growth in reserves as testing continues. Gosselin test results being validated by the actual production that starts late this quarter.