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Image source: The Motley Fool. Aug. 13, 2026 at 8:30 a.m. ET Vice President, Business Development and Investor Relations - Graeme Jennings President and Chief Executive Officer - Renaud Adams Chief Financial Officer - Marthinus Theunissen Chief Operating Officer - Bruno Lemelin Chief Strategy Officer - Ankit Shah Chief Legal Officer - Annie Torkia Lagace Operator: Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD Second Quarter 2026 Operating and Financial Results Conference Call and Webcast. [Operator Instructions] The conference is being recorded. At this time, I would like to turn the conference over to Graeme Jennings, Vice President, Business Development and Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings. Graeme Jennings: Thank you, operator, and welcome, everyone, to our conference call this morning. Joining us on the call are Renaud Adams, President and Chief Executive Officer; Marthinus Theunissen, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Ankit Shah, Chief Strategy Officer; and Annie Torkia Lagace, Chief Legal Officer. We are calling today from IAMGOLD's Toronto office, which is located on Treaty 13 territory on the traditional lands of many nations, including the Mississaugas of the Credit, Anishinaabe, Chippewa, Haudenosaunee, and Wendat peoples. At IAMGOLD, we believe respecting and upholding indigenous rights is founded upon relationships that foster trust, transparency and mutual respect. Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures. We encourage you to refer to the cautionary statements and disclosures on non-IFRS measures, including the presentation and the reconciliations of these measures in our most recent MD&A, each under the heading non-GAAP financial measures. With respect to the technical information to be discussed, please refer to the information in the presentation under the heading Qualified Person and Technical Information. The slides referenced on this call can be viewed on our website. I will now turn the call over to our President and CEO, Renaud Adams. Renaud Adams: Thank you, Graeme, and good morning, everyone. Thank you for joining us today. It was another strong and safe quarter for IAMGOLD. We produced 188,100 ounces of gold in the second quarter, bringing our year-to-date production to 371,700 ounces, positioning IAMGOLD firmly on track to meet our full year guidance of 720,000 to 820,000 ounces. Our company continues to generate strong cash flow with nearly $900 million of mine site free cash flow produced year-to-date. This allows us to invest in our assets, strengthen our balance sheet and return capital to our shareholders at the same time. Since December, we have repurchased more than $0.5 billion of IAMGOLD shares. These repurchases reflects our confidence in the company's future and our view that our shares represent compelling value. That confidence is built on the growth we have across each of our mines. Over the coming quarters, we expect updated studies at Cote, Essakane, Westwood and Nelligan. Our next phase of value creation starts at Cote. The first step is the updated mine plan and the technical report, which remains on track for the end of the year. For the first time, this plan will bring the Cote and Gosselin deposit together, building on the more than 20 million ounces of measured and indicated resources across the combined zone. The updated plan will define a near path to -- a near-term path to increase throughput towards 40,000 tonnes per day through targeted debottlenecking of the existing plant. This work is expected to be low cost and high return, supported by a larger reserve base and a longer mine life. In parallel, we are advancing trade-off studies on a larger expansion of Cote. We have adjusted the scope of this work to reflect the significant size and opportunity at Cote. We are taking the time to assess the full scale of the asset, evaluating multiple scenarios to ensure that Cote is positioned to deliver value for generation to come. At Essakane, we continue to see strong cash flow generation, which remains a key driver of our share buyback program. In the first half of the year, we plan to release an updated mine plan that is expected to outline a mine life extension to 2035. At Westwood, our Quebec underground mine continues to redefine itself as a stable cash-generative operation. Next year, we are excited to outline a path to extend mine life and increase underground throughput with the potential to transform Westwood into a larger, higher throughput, lower cost operation. And of course, at Nelligan, we are advancing one of the Canada's largest emerging gold camp toward an initial economic study next year, marking an important step in defining its long-term development potential. In summary, IAMGOLD is performing well, generating strong cash flow, returning capital to shareholders and building real growth for the years ahead. With that, let's get into the quarter. Starting with health and safety, our total recordable injury frequency rate was 0.70 for the quarter and is tracking at 0.56 year-to-date. I would like to recognize the Westwood team in particular, both continuous focus on safe operations set a strong standard. Safety come first to us, and I want to thank our teams across our operations for their ongoing commitment to safe and responsible mining. Turning to operations. IAMGOLD produced 188,100 ounces to our account in the second quarter. At Cote, attributable production was 67,300 ounces or 96,200 ounces on a 100% basis, which was made possible as the plant operated at near full capacity in June following the conveyor belt replacement and the commissioning of the second crusher. Essakane and Westwood also delivered strong quarters with grades slightly above forecast. Cash costs, including royalty, were $1,289 per ounce for the quarter and $1,244 per ounce year-to-date. For the full year, cash costs are tracking towards the upper half of our guidance range with improvement expected in the second half as Cote production increases. All-in sustaining costs, including royalty, are likewise tracking towards the upper half of the guided range. As a reminder, both Cote and Essakane has royalty structure tied directly to the gold price. With the realized gold price averaging over $4,600 per ounce year-to-date, royalties have added approximately $380 per ounce so far this year, about $55 per ounce above our guidance assumption. We continue to monitor inflation and energy market volatility closely. In the first half of the year, certain input costs increased by approximately 3%, in line with our expectations. In the second quarter, oil prices were approximately $25 to $30 per barrel above our guidance assumptions, adding about $35 per ounce above our cost guidance. With that, I will pass the call over to our CFO to walk us through our financial matters. Maarten? Marthinus Theunissen: Thank you, Renaud, and good morning, everyone. The combination of strong operating performance and a favorable gold price environment continued to generate significant cash flow during the quarter. Our capital allocation strategy is to deploy funds to sustain and optimize our operations, fund our expansion and mine life extension initiatives and then use remaining funds for strategic opportunities and shareholder returns. Net cash from operating activities totaled $445.1 million during the quarter, an increase of $359.3 million when compared to the $85.8 million of cash from operating activities in Q2 2025. We used the operating cash flow to fund $115.6 million of capital expenditures the full repayment of the remaining $100 million outstanding on the credit facility, $74 million paid to the government of Burkina Faso related to the Essakane dividend distribution and $147.9 million of shares repurchases under our share buyback program. As Renaud noted, since we initiated the share buyback in December, IAMGOLD has repurchased approximately 28 million shares for $510.4 million, which equates to approximately 45% of our mine site free cash flow returned to shareholders, a clear signal of our confidence in the value of our shares. In June, we further enhanced our financial flexibility by amending the credit facility, increasing total capacity from $650 million to $850 million, extending the maturity to 2030, improving covenant terms and lowering overall borrowing costs. The amended facility also includes a further $250 million accordion feature, providing additional liquidity potential. As a result, we ended the quarter with $501.4 million in cash and cash equivalents, no amounts drawn on the revolving facility and total available liquidity of approximately $1.35 billion. Revenues for the second quarter was $856.9 million on sales of 195,100 ounces at an average realized gold price of $4,384 per ounce. This was slightly below the quarter average as production was weighted towards the back end of the quarter. Adjusted EBITDA in the second quarter was $507.1 million and adjusted net earnings attributable to equity holders of $241.6 million or $0.42 per share compared with $77.3 million and $0.13 per share in the prior period. On a trailing 12-month basis, adjusted EBITDA has increased to approximately $2.2 billion. Cash flow from operating activities, excluding working capital adjustments, was $442 million in the quarter, an increase of $315.6 million year-over-year. Mine site free cash flow was $368.9 million in the second quarter, a $228.4 million or 169% increase compared to Q2 2025. Year-to-date mine site free cash flow was $893.5 million, a $613.5 million or 29% increase compared to the same period in 2025. Taken together, these results reflect the fundamental transformation of the company's financial position. Just over a year ago, IAMGOLD carried more than $800 million of net debt. As of June 30, 2026, the company is in a net cash position with an undrawn and increasing revolving facility and the balance sheet capacity to fund growth and return capital to shareholders concurrently. And with that, I will pass the call to Bruno Lemelin, our Chief Operations Officer, to discuss our operating results and outlook. Bruno? Bruno Lemelin: Thank you, Maarten. Starting with Cote Gold. Cote produced 96,200 ounces on a 100% basis in the quarter, bringing the year-to-date production to 170,900 ounces. Strong production is expected in the second half, putting Cote well on track to meet the production guidance of 309,000 to 440,000 ounces this year. The story of the quarter is really the story of June when the plant operated at near full capacity following the conveyor belt replacement in May and the commissioning of the second cone crusher earlier in the year. On the mining side, we moved 11.7 million tonnes of total material with 3.1 million tonnes of ore at a strip ratio of 2.8:1. Grade mine averaged 0.86 gram per tonne, both the strip ratio and the grade reflects where we are in the mine plan. We worked on pushback areas and focus on opening up a new bench to set up the second half of the year. In the plant, we milled 2.9 million tonnes. We managed throughput early in the quarter ahead of the CV10 conveyor replacement in late May. Once the new heavier gauge belt was installed, we ramped the plant back to nameplate and processed over 1 million tonnes in the month of June alone. Head grade averaged 1.12 gram per tonne at recoveries of 93%. And I would note that reconciliation between our reserve model and mill feed continues to sit well within expected tolerances. The most significant operational milestone in the quarter was discontinuing external contractor crushing by the end of June. We are already seeing the benefits as the processing cost in June averaged $17.72 per tonne, down from an average of $22.5 per tonne over the prior 3 quarters. We have seen additional operating improvement. First, with better sized material now feeding the HPGR. We are seeing improved wear rates on the rollers. A longer HPGR lifespan should translate into lower maintenance costs and better crushing circuit ability going forward. Second, the mining fleet that had been dedicated to rehandling material for the contract crusher is now being redeployed on 2 mining activities. Combined with 3 new haul trucks coming into service, we expect mining rates to step up in the second half. Looking forward, we anticipate the plant averaging nameplate of 36,000 tonnes per day over the course of the year and head grades between 105 and 115 gram per tonne. Production is weighted to the second half on both higher throughput and higher grades. Turning to costs. Cote reported second quarter cash costs, excluding royalties of $1,245 per ounce and all-in sustaining cost of $2,082 per ounce. Costs remain elevated on external contractor crushing, contractor support for the conveyor repair and scheduled maintenance, compounded by higher diesel prices. On a unit basis, mining costs averaged $4.49 per tonne mined and milling costs $20.85 per tonne milled in the quarter. Both remain above where we intend to operate and the path to improvement is clear. On mining, the contractor crusher required significant rehandling and tied up haul truck utilization. With the contractor phased out and 3 new haul trucks coming into service, that capacity returns to the pit. On mining, June's cost of $17.72 per tonne gives us a real-world data point for what the circuit delivers without contracted crushing. We are targeting mining costs of $4 per tonne and mining cost of $15 per tonne by year-end with further reductions expected into 2027. On capital, we invested $54.6 million at Cote in the quarter on attributable basis capital expenditures are to be weighted to the second half on equipment delivery timing and project schedule. Putting that together for the year, we expect cash costs, excluding royalties at Cote, near the top end of our $900 to $1,050 per ounce guidance range and AISC, excluding royalties at the top end of the $1,475 to $1,625 range. Cote carries a 7.5% gross margin royalties and various net smelter return royalties, which accounted for $309 per ounce in our cash costs or 20% of cash costs. Costs are expected to improve through the second half on higher production volumes, the removal of contracted crushing, improved maintenance cycles and greater efficiencies as the pit opens up. With a clear path to higher production and lower cost, attention now turns to the next phase for Cote. On June 1, we announced an updated mineral resource estimate that, for the first time, combined the Cote and Gosselin zones together into a single block model. On a 100% basis, measured and indicated resources increased to 20.3 million ounces with 3.5 million ounces of inferred. This larger resource base will support our updated technical report and life of mine plan, which we expect to release towards the end of the year. The plan is expected to show a significant increase in both reserves and mine life. It will also set out a near-term path to raise processing capacity beyond the current nameplate of 36,000 tonnes per day towards a sustained rate of about 40,000 tonnes per day. That first step comes from further debottlenecking and targeted plant improvement, not from a major new build. It includes accelerating certain works such as an additional Verde mill. In parallel, we are evaluating longer-term expansion scenarios beyond 40,000 tonnes per day through technical infrastructure and permitting studies. Our objective is to determine the right scale and the right development path for Cote. For a project of this size, scope and importance, it is critical we determine the optimal long-term expansion strategy. The additional nonrecurring sustaining and expansion capital we are investing to date supports that work. The plant improvements provide improved ability and capacity. The Phase 2 pit pushback gives us operating flexibility in the near term, and it also prepares the ground for a larger operation. We are reducing the risk of the bigger build well before we commit to it. We also continue to grow the resource. At Cote and Gosselin, we are drilling over 30,000 meters to test the extensions to the Northeast to improve confidence in the resource and to convert inferred ounces into the indicated. Turning to Westwood. The operation delivered another strong quarter, producing 32,400 ounces, supported by solid underground performance. Year-to-date, Westwood has produced 68,600 ounces, positioning well on track with our guidance target of 110,000 to 130,000 ounces. Underground mining totaled 104,000 tonnes at an average grade of 8.4 grams per tonne with the guaranteed open pit contributed 109,000 tonnes of ore as waste stripping continued to position the pit for future production. Mill throughput was 287,000 tonnes at a blended grade of 3.75 grams per tonne and recoveries of 94%. Throughput was lower than the prior year due to a planned mill shutdown early in the quarter, but overall operating performance remained strong. Most importantly, Westwood generated $56.5 million of mine site free cash flow during the quarter and $166.5 million year-to-date. The operation continues to demonstrate the value of the technical and operational changes implemented over the past years, delivering safe and reliable production, strong margins and meaningful cash flow generation. Turning to cost and outlook. Westwood continues to perform well across both operational and financial metrics. Cash costs were $1,606 per ounce in the quarter and all-in sustaining costs were $2,163 per ounce. Year-to-date, AISC is averaging $1,921 per ounce which is tracking below our full year guidance range. While we have seen modest cost increases related to additional drilling activity and higher explosive costs, overall cost performance remains strong. Looking ahead, our focus is on unlocking the next phase of value at Westwood. This year, we are investing around $30 million of expansion capital to advance exploration and development activities in the eastern extension of the mine, where drilling continues to demonstrate encouraging results, including a thickening of the mineralized system. Our teams are now advancing underground development into this area and conducting bulk testing to better understand its long-term potential. We expect to publish an updated technical report in the second half of 2027. This work is expected to support an extension of mine life and evaluate the potential for more productive bulk mining methods within the Eastern zone. If successful, this could support higher underground throughput, improve mining costs and increase production over time. Turning to Essakane. The operation delivered another strong quarter, producing 88,400 attributable ounces, an increase of 15% over the prior year period. Year-to-date, Essakane has produced 183,500 ounces, putting the mine well on track with our guidance targets. Performance in the quarter continued to benefit from positive grade reconciliation as mining progressed deeper into Phase 7, consistent with what we have observed in previous phases of the deposit. Mining activities totaled 12 million tonnes during the quarter, including 2.5 million tonnes of ore, while waste stripping remained elevated as we continue to advance the adjacent Lao pit. Despite the higher stripping requirements, the operation delivered solid throughput of 3.2 million tonnes with head grades of 1.13 grams per tonne and recoveries of 88%. Most importantly, Essakane continues to generate substantial cash flows. Mine site free cash flows totaled $162.1 million during the quarter and $464.8 million year-to-date, even after a $60.2 million tax payment. Over the last 12 months, Essakane has generated more than $800 million of mine site free cash flow, highlighting the strength of the asset in the current gold price environment. As we look into the second half of the year, mining will remain focused on Phase 7 and the development of the Lao pit. While grades are expected to normalize as additional Lao ore enters the mine plan, the operation remains well positioned to achieve annual production guidance and continue generating significant free cash flow. Turning to costs. Essakane delivered a strong quarter. Cash costs, excluding royalties, were $1,214 per ounce, a reduction of 22% from the prior year period and all-in sustaining costs, excluding royalties, were $1,691 per ounce. The improvement was driven largely by unit cost performance in the pit, where open pit mining costs fell to $4.79 per operating tonne from $6.02 a year ago as 3D gain in the initial saprolite benches of the Lao pit reduced both explosives and energy consumption. Milling costs also improved to $18.88 per tonne as the liner replacement was completed in the first quarter this year rather than the second. Royalties accounted for $510 per ounce, representing approximately 30% of cash costs and an increase of $220 per ounce over the prior year period. This reflects both the higher gold price and the current royalty regime in which our average royalty rate in the quarter was 12% against 9% a year ago. Looking beyond 2026, we intend to publish an updated technical report in the first half of 2027, which is expected to demonstrate the potential to extend Essakane's mine life through 2035, supported by additional phases in the Essakane pit and the adjacent open pits. With that, I will pass it back to Renaud. Renaud? Renaud Adams: Thank you, Bruno, and congrats to you and your teams on strong and safe operational results. Turning to growth. Beyond our 3 operating mines, the Nelligan mining complex in Quebec is where we see the next chapter of this company. Nelligan now holds 4.3 million ounces of indicated and 7.5 million ounces of inferred mineral resources. The consolidations completed last December gives us 100% ownership of one of the largest preproduction gold camps in Canada on a single contiguous land package. Our focus this year is on drilling. We have budgeted approximately $24 million across the complex in 2026 with programs at Nelligan, Philibert and Monster Lake. Roughly 45,000 meters of close to 70,000 meters are complete, and we expanded the Nelligan program during the quarter from 18,000 to 24,000 meters on the strength of results to date. Mineralization remains open along strike and at depth, and we expect to release drill results later this year. What makes this district compelling is not any single deposit, but the relationship between them. All of the primary deposit sits within 17 kilometers radius, which supports the conceptual vision of a central processing facility fed from multiple ore sources. That is the concept our teams are working to define. We expect to publish an inaugural technical report for the complex in the first half of 2027, which will bring this deposit together into a single development concept for the first time. Nelligan has the potential to become one of the premier development projects in Canada. And with the deposit still open, our focus remains on growing the resource and defining the full scale of the district. Before we open the line for questions, a few closing thoughts. This was another quarter of safe, consistent execution. We remain on track for guidance. We have generated nearly $900 million of mine site free cash flow year-to-date, and we ended the quarter in a net cash position with nearly $1.4 billion of liquidity while returning over $0.5 billion to shareholders since last December. Looking ahead, we have work underway across every asset. At Cote, an updated technical report later this year, integrating Cote and Gosselin for the first time with a much larger reserve base, a longer mine life and a near path to approximately 40,000 tonnes per day. The consolidated resource point to a larger operations over time, and we'll continue to advance that work. At Essakane, an updated mine plan in the first half of 2027, evaluating a mine life extension through 2035. At Westwood, mine life extension and underground expansion study in the second half of 2027. And at Nelligan, our inaugural technical report in the middle of next year. Each is about the same objective, understanding the full scale of what we hold and doing it from a position of financial strength. Thank you for your continued support. Operator, you can now open the line for questions. Operator: [Operator Instructions] The first question comes from Sathish Kasinathan with Bank of America Securities. Sathish Kasinathan: My first question is on the Cote expansion study. Could you maybe provide a bit more color on what changed over the past 3 months that drove the shift to a more phased approach? Are you now leaning towards a much larger expansion, maybe doubling the capacity to 70,000 to 80,000 tonnes per day? Or did you come across some technical findings that require more time to complete the studies? Renaud Adams: Okay. So thanks for your questions, and happy to provide more questions. And Bruno, you can add to it. Not to read between beyond more than, call it, disciplined and diligent capital allocation at this stage. It became obvious over the last few months as we advance and continue to look at the opportunity that this large resource base at Cote and Gosselin provide for potentially multiple different scenarios. And quite frankly, when you're looking at the next 3 years, we'll be pretty much executing on the same. It doesn't really matter of the scenario. The next 3 years are a lot around focusing on the improvement on reducing our cost, or hitting our 36,000 on a very sustaining basis and then slowly ramping up to 40,000. We're going to continue -- we're not going to waste our time line, obviously, we're going to continue with our baselines. We're going to work on migrations thus all what is required to potentially. But as you mentioned, it's not so much about the -- is it like a 50,000, 60,000, 70,000 more than we just don't want to limit ourselves on the multiple and take just more time to really assess different scenario. So if you remember back in 2022, the company released the 43-101, the 36,000 moving towards 42,000 from which now we're sitting at about $7 million of reserves. So the opportunity here is to update this with the new projections from 36,000 to roughly 40,000. We could potentially do a little more, but -- and update our cost and so forth and just continue to assess and just pick what we think is the best. This is one of the top resource base in Canada. It's not about rushing the outcome of this, but really take the time for proper and discipline in that. There is no technical challenges beyond. It's just multiple opportunities. We have mentioned recently, of course, up to very recently, the opportunity to go up to 50,000, and we were challenging ourselves, do we do the dry right away at a higher throughput. So clearly, there is opportunities at Cote that deserve a little more of disciplined look at and come out down the road with what is the best. So again, nothing to be worried about. Definitely no technical challenges, more than disciplined and diligent approach. Bruno, happy if you want to give anything. Bruno Lemelin: Yes. So the main objective of this technical report is also to valorize confirm the reserve on Gosselin side. So you will see a large expansion on the reserve side coming from that report. Renaud Adams: And quite frankly, as Bruno mentioned, there's very low to mill differences. We will capture the massive increase of the reserve base. In the short term, the 40,000, 50,000 and so forth, this is not what drives the value more than the extension of the life of mine and the massive expansion of the extension of the reserve base and so forth and work diligently to hit the 36,000 consistently and up to 40,000, lowering our costs, open the pit. So again, pretty much the same execution over the next 2 years. We'll use the time for environmental baseline and advance, whatever. There is some permitting that could advance as well, water and so forth. So we'll be more specific in the report, and we'll be capable to provide the next 3 years for this. And again, depending on the expansion down the road, it doesn't really change the next 3 years. Sathish Kasinathan: Okay. Looking forward for the update in fourth quarter. Maybe my second question is on the -- on your capital allocation priorities. Great to see continued strong buybacks. With the company now in a net cash position and generating strong free cash flow, what is your latest thinking on buying back the 50% Cote royalty from Franco-Nevada and on the initiation of dividends? And where does M&A fit into this priority list? Renaud Adams: Maarten, please go ahead. Marthinus Theunissen: Sathish, we continue to look at buyback opportunity of that royalty at Franco, and there's many reasons why it would make sense for us. The price would be the same as the price that was set a year ago in a much lower gold price environment, and there's many other impacts, including reducing the cost structure and burden on Cote. So we continue looking at that. In the future, we can fund that with internally generated cash flow, and we have until April of next year to make that decision. So we are very -- looking at that very closely. The price doesn't change. So there's no real reason for us to do it earlier than when it makes economic sense to do so. On the dividend, we continue to look at this year as a good year to buy back shares, and we'll continue using the Essakane cash flows to fund that buyback. And then beginning of next year, as we are in that net cash position, as you mentioned, it would start making sense for us. So we are looking at that dividend starting early next year. Sathish Kasinathan: Any thoughts on M&A? Renaud Adams: I don't think so. We'll comment on M&A at this stage. We remain very focused and continue to create value for our shareholders. Operator: The next question comes from Mohamed Sidibe with National Bank. Mohamed Sidibe: Congrats on the strong operating quarter there. Maybe just a follow-up on the expansion to the 40,000 tonnes per day there. So if I recall correctly, the prior target expansion to 50,000 tonnes per day also was understood to have a doubling of the dry line, a third Verde mill and increased by or capacity. So for this debottlenecking to 40,000 tonnes per day, can you provide us with a little bit more color on how we should think about capital for that optimization versus the previously, call it, maybe $500 million and change that was envisioned for the 50,000 tonne per day case. Renaud Adams: Well, essentially, as I said, the next -- the most important thing is the next 3 years is pretty much the same scenario. So if you remove like the expansion and you're looking at optimizations, we have discussed at large -- this year, we're spending around $80 million, $85 million in growth capital to open the pit, prepare the pits for larger volume and so forth. So we're advancing well. And you could expect this spending to continue in '27, '28. And at that point, we hope that the pit will be fully opened and well, not fully open to the full, but provide for larger volume mining and more efficiencies. We're also spending more sustaining capital this year to improve in some aspects, and I expect that to continue as well as we want to install the repeat system in the fines and the course and proper continuum of operations. This is a huge ticket item. We'll improve some infrastructure as well as we continue to expand the mine fleet. So there would be some needs for our maintenance facilities as well, improvement and so forth. And the next 3 years is really about positioning the sites to be a very strong low-cost long-term asset. This is the focus. So not much of a difference to what we have. We have already discussed in the past of the next 3 years. And the only thing is we have mentioned that the 50,000 starting maybe 29,000, 30,000 could be in the range of the $500 million to $750 million of capital. This was really to bring it from 40,000 towards 50,000. And this is what we're parking for the time being until we have a better view of what is the optimum scenario. But expect the execution pretty much on the sustaining capital optimization, improvement of infrastructure and operational equipment around the crushing to continue and the growth path to -- on the mining side to continue. So no change there. The only difference so far is about the $500 million to $700 million of extra capital expansion that we're for the time being. Mohamed Sidibe: That's very helpful. And then maybe if I can move on to Cote into the quarter. Great to see the process cost improvement in June. And I think mining costs were also lower quarter. So how should we think about mining and processing costs? Specifically, I think you pointed to about $18 per tonne realized in June on the process cost front. But how can we think about that improvement into Q3 and Q4 at the asset and into 2027 towards kind of your target of $415 million there? Bruno Lemelin: This is Bruno. First, we have a program that is tracking those costs, and we have like close to 31 in meeting and tracking those costs and trying to get them down. But I will say that the reduction or the elimination of the contracted crushing is going to help because now the fleet, like I mentioned, is going to be fully dedicated to exit mining. So that will increase the volume of mining. So just on a volume basis, that will increase -- that will help decreasing your unit costs. Also, we are adding new units in the fleet. And after that, our continuous improvement program has identified, like I mentioned, 31 incentives that we're tracking. And we're very, very confident and we're feeling strong that we're going to be able to meet our $4 targets on the mining side by year-end. Same thing is happening with processing. What happens is we have -- the second cone crusher is helping to have the best granulometry entering the HPGR. So the size that goes -- the top end that goes to the HPGR is as per spec, we expect longer life from our rollers or tires at the HPGR. So in the past, we used to change them twice a year. Now we expect to change them once a year. So that's going to have a big impact on our -- positive impact on our maintenance cost and also availability because you don't stop the HPGR for nothing. So increased availability, improved granulometry like better efficiency in your maintenance cycle. We have also identified a numerous amount of incentives from our cost improvement program. And we are very well positioned to be meeting our $15 per tonne target by year-end. Mohamed Sidibe: Great. And then if I may, a final question for Maarten. Just on the income tax payment for the remaining second half of the year. How should we think about that spread for the remaining about $100 million and $115 million there? Marthinus Theunissen: So for the income taxes, we made a larger payment in Q2 in Burkina, and that's normally what happens. It's your catch-up payment every year because we do pay quarterly payments. And then the future payment is based on what you expect it to be. So the income tax payments for the remaining of the year is between $35 million to $40 million per quarter. And then we also will be paying the withholding tax on the new declared dividend in Burkina Faso of $26.8 million in the third quarter. So we are still kind of like falling in that range of $205 million to $250 million for the year. Operator: The next question comes from Anita Soni with CIBC. Anita Soni: Congrats on a strong operational quarter. I think a lot of the questions have been asked and answered. I just wanted to -- I guess, with Bruno talking about the mining rates, I was going to ask about the stripping. How should we think about that to the back half of the year because I think the beginning of the year was a little lighter on the stripping side than I had expected. This is at Cote. Renaud Adams: Yes. The stripping ratio should be around, I'd say, about 2.6 tonnes to 1. Anita Soni: And that's in the back half of the year. Okay. Any change to the grade in the back half of the year? I know you guided to 1.05 to 1.15. But any variability like in terms of like lower than higher or higher than lower in Q3 versus Q4? Renaud Adams: That's correct. So we expect stronger head grades or grade mine in the second half of the year, like I mentioned, like ranging between 1.05 to 1.15 gram per tonne, so which will help having a stronger H2. Anita Soni: Okay. And then just in terms of going back to the study, could you just clarify for me like in simple terms, what we should expect to see in the study? So a path to 40,000 tonne per day with the CapEx associated with that? And then longer term, what would you be including in that -- in the study that you'll release in Q4? Or I guess, is it in Q4 with Q4 results? Renaud Adams: Yes. We expect to release the results of the report at the end of this year that will indicate how we can valorize the Gosselin reserve. Like I mentioned, the main objective of this report is to understand how many reserves we have from Gosselin. So we expect a large expansion in our reserve base when you tie the Cote and Gosselin block model altogether, it's called the super pit concept. So that's objective one at a 40,000 tonne per day cadence and it's adjusted cost structure. So this is basically what we need to be expecting. But also in that technical report, there's a section on future opportunities, and that's where we're going to also indicate what we see in the future in terms of potential expansion. Marthinus Theunissen: If I could just add one thing, Anita. So the way to really looking at is, let's say, at the 36,000 to up to 40,000, I think it's fair to say that you maximize the depletions of Cote before you have the obligation to cross and start mining the Gosselin. So you maximize potentially in pit co-disposal and so forth as we have largely discussed. As you advance the throughput towards the 50,000 and eventually beyond the 50,000 comes the obligations to start Gosselin a little quicker to a point that a scenario like a 70,000, basically, you would be mining as soon as possible both pits. So that's really where it's being played. So that capital allocations versus benefits, and we want to do like the proper -- continue to work hard on the trade-offs and so forth. And again, as I mentioned, focusing on the next 2, 3 years on optimizations, which basically is the same. But as we advance in time, the game is there. The game is about balancing capital allocations versus how fast and quicker you want to build, you want to mine Gosselin and what does that play in the capital allocation. So this is really how we trade. Anita Soni: Okay. So that was going to be my next question. With respect to the tailings capacity under the 40,000 tonne per day scenario, is that -- is the capacity you have sufficient to what you would expect the 40,000 tonne per day scenario and the reserves that you would incorporate with this study at year-end? Or would you have to do some additional funding? Bruno Lemelin: Yes. So that will require like right now, the TSF or the TMF has a capacity up to 233 million tonnes. So of course, by just including Gosselin, you will need additional tailings capacity. That's what the project team is currently looking, adding more capacity, but also looking at other options like disposal, like Renaud mentioned. So those are the kind of trade-offs that are going to be published in the technical report at the end of --of the 2. Marthinus Theunissen: As a rule of thumb, there is maybe somewhat around the 200 million tonnes of tailings that is like where do they go. But yes, there wouldn't be any issues to find the space for. But as you increase the throughput of the mining, as you reduce your change of co-deposal, but you would just build extra capacity larger, but it's all fit. Anita Soni: I'm sorry, and co-disposal meaning that you would be placing some ore within parts of the Cote pit that have been depleted and somehow sectioned off. Marthinus Theunissen: That is correct. Bruno Lemelin: That is correct. So there is an opportunity here as Cote is depleted that not just use it for tailings, but eventually some waste as well. Operator: The next question comes from Matthew Murphy with BMO Capital Markets. Matthew Murphy: I had a question on Essakane. You have another dividend declared. And while you're studying this mine life extension, how much cash do you keep in Burkina? And do you have to let that build up a bit in the event you go forward with the extension? Renaud Adams: Go ahead, Maarten. I'm so sorry, we're looking for the answer. Marthinus Theunissen: So it's our decision how much cash we keep in Burkina. At the moment, it depending on the timing of the year and when the tax payments and payments like that is scheduled, it's between $100 million to $200 million. When we look at next year, there is more than enough cash flow for Essakane to fund all of the potential mine life extension by itself and then still a considerable portion to repatriate to IAMGOLD. So the timing of the cash flow means we don't really need to build up a larger balance there. It's just is sufficient as they generate cash to fund additional capital. Matthew Murphy: Got it. Okay. And then this latest dividend, like should we think about that when it comes out in regular payments that's like a year-long process and then you look at the next dividend? Renaud Adams: Yes. So the current dividend that we declared, the $400 million of our portion, if the gold price averages about $4,000, it will take 3 quarters, maybe a bit more than 3 quarters for us to get there. And then we are into the new cycle almost again. At a higher gold price, it could happen faster, but we'll balance that with the funding of our mine life extension as you referred to as well. Operator: The next question comes from Tanya Jakusconek with Scotiabank. Tanya Jakusconek: Just so that I understand completely on this Cote and some of your cash flow that would be going out. Renaud, I think you said that $80 million, $85 million of expansion capital for the next couple of years just to keep that -- get to 40,000 tonnes per day and maintaining that would be about -- for 3 years, that would be about $250 million or thereabout. And then I've got this $350 million potentially going out for Cote royalty, if I was to buy that back. Should I be thinking then that, that expansion of 500 -- to 50,000 tonnes per day would be something that probably you wouldn't look at spending until '29, 2030 time frame? I'm just trying to see the cash flow and what sort of things are going out. Renaud Adams: Okay. No, thanks. And Maarten, you would add to it. But the $85 million of the growth capital that I referred to, it's pretty much for the mining side of the business, right? So we have a plan to open enlarge the pit of Cote, increase the fleet and be more efficient. So that's on the mining side and there's a gross capital. Some of the improvement, like we discussed to go to the 40,000, you would definitely put repeat system and improve some aspect operational, but this is not the expansion per se. So that would continue. So to your point, you're right. So far, what is not no longer on the paper, and we'll see how we go as we continue is the extra probably $500 million to $700 million that we have accounted for starting potentially in '29 over '29, '30 to bring it from the 40,000 to the 50,000. So that portion only is part. But anything else, expect the organic -- I expect the growth capital for the mine component to continue in '27, '28 and expect our sustaining capital to have a component like this year of improvement. And the quickest we could install those repeat system, the quicker we get to the 40,000. So that would be the priority. We may increase it to go faster, but roughly the next 3 years is really about limiting the capital as much as possible to the 40 stage. And Maarten, happy to. Marthinus Theunissen: Yes. Thanks, Renaud. So like this year, we are spending about $50 million of capital to help us increase the efficiency of operation and reduce the unit cost. We include that in sustaining cost in our reporting, and we expect to continue to spend up to that amount every year maybe a bit more in the next couple of years. And that is to fund the initiatives that Bruno also alluded to, to bring down the unit cost. And the payback on that is pretty good because the amount of tonnes in this large resource, any improvement on your dollar per tonne cost pays back that capital pretty quickly, and that's why we want to make this investment in the next few years. Tanya Jakusconek: Okay. So that's in your $160 million plus or minus sustaining costs that you have guided for this year. I guess what I'm really trying to get at is for us to get to that 40,000, which you're going to be providing in the study, from the mining side, there's something from the processing side, there's something, the allocation of growth between expansion and sustaining is sort of for the 2. So how should I think of that cost for the complex your share for the next 3 years? Should I be thinking it's $160 million plus $85 million for the next -- per annum for the next 3 years? Renaud Adams: I'm afraid, Tanya, we cannot be that precise to be very frank because that's exactly what is the last portion that we're refining as we speak, is the capital for each block. We would be releasing those numbers in the fourth quarter. So you'll be fully equipped to foresee the next 3 years as soon as the latest December. So I would not advance too much on it, and I would refer to the upcoming report, which will clarify our next 3 years. Tanya Jakusconek: Okay. We'll wait for that. Maybe just on the -- I look at that complex, processing facility, and I see the 4 deposits. How should we be thinking about that from a conceptual level and a high level? Is this a camp that could do 300,000 ounces, 400,000 from 100,000 each from each deposit? I'm just trying to think of what could this complex do? Renaud Adams: Yes. The complex has definitely the resource base to eventually come up with a scenario that could be probably as high as 400,000. This is our objective here. So some sort of -- not saying that it a cam it doesn't have any potential beyond the 2035, but it's very important to us that we find a way for the continuum here and eventually, should the mine doesn't go beyond 350. So at least we have a continuum but in Canada. So we think with the starting of Nelligan, with Philibert and with the underground of Monster Lake, the concept of the 3, we're working and generating something that's between the 300,000 and the 400,000, but we're definitely looking at towards the 400,000 per annum. Tanya Jakusconek: Okay. We'll look forward to that study as well. And then maybe just lastly, just how should I be thinking -- you gave guidance on Cote for the second half of the year with a higher throughput, higher grade. How does Westwood and Essakane, how do they look for Q3, Q4? Is it evenly distributed? Or is there anything greater throughput that I should know about? Renaud Adams: For Essakane, it's going to be pretty much even, a little bit stronger on the Q4. Tanya Jakusconek: Sorry is that for Westwood? A bit stronger in Q4. Renaud Adams: I thought you were talking about the second. So yes. So for Westwood, it's stronger in Q4 than Q3. Marthinus Theunissen: We did have a very strong H1 at Westwood. So H1 times 2 will definitely put beyond. So -- but we see in H2 that would be strong, but not necessarily stronger than H1. And I think Essakane, Renaud. Renaud Adams: Essakane because you have the rainy season right now. So it's going to be just at that lower than Q4, not materially. Operator: The next question comes from Carey MacRury with Canaccord Genuity. Carey MacRury: Just a quick one for me. You mentioned the performance at Cote in June. Just wondering how it's gone through July now and into August, if that's still running at nameplate. Renaud Adams: Well, it goes very well, like the thing that we're seeing is the addition of the second cone crusher is giving us like great performance. I call it peak performance that goes even beyond the 36,000 tonnes per day. The name of the game is to have sustainment, is to have that short-term performance and to be having it like sustain over time. So this is our current plan right now. So that's what we've been doing in July, great results, but what we want to do is to be able to have that kind of performance along over the year, and then we can have a good baseline for what is the next bottleneck and how we can get to the 40,000 tonnes per day. But right now, that's what we work, but we really like what we see with the addition we made lately with the second cone crusher, HPGR that is well aligned, the interface between the mine and the mill. So we see great integration between the mine team, the mill team. And we see peak performance that are really impressing us. But the fact here is that we need to have those kind of performance to be sustained over time. Carey MacRury: So still comfortable with the 36,000 for the second half of the year. Marthinus Theunissen: Yes. No, everything is in place to average it. And there's a little bit of a transition getting used to not having the aggregate plans to rely on. So it's like you rip the abandon and you run to -- we had a good month of June. Like Bruno says, we see several days with peak about. So now it's about learning to stabilize and producing those tonnes. So -- but the capacity is there for sure. Renaud Adams: Just, I need to mention that in August, it's our annual shutdown. So we need to take that into consideration. Carey MacRury: How long is the shutdown? Renaud Adams: 5 days. Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Graeme Jennings for any closing remarks. Graeme Jennings: Thank you very much, operator, and thanks, everyone, for joining us this morning. As always, should you have any additional questions, please reach out to Renaud or myself. Thank you all. Be safe, and have a great day. Operator: Thank you. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day. Before you buy stock in Iamgold, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Iamgold wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. IAMGOLD (IAG) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. IAMGOLD (TSX:IMG) has moved into focus after reporting second quarter 2026 results that featured higher sales, stronger profitability and solid cash generation, along with progress at its flagship Côté Gold project and ongoing share buybacks. See our latest analysis for IAMGOLD. The share price reaction has been strong, with IAMGOLD’s stock up 13.7% on a 1 day share price return and 28.8% over 7 days, while the 1 year total shareholder return is about 2.5x. This follows the Q2 earnings release, updates on Côté Gold expansion work and confirmation of sizeable buybacks, which together suggest momentum has picked up after a relatively flat 90 day share price return. If the latest move in IAMGOLD has you looking across the gold space, this is a useful moment to see what other producers are doing through the Simply Wall St screener for 29 elite gold producer stocks The sharp re‑rating in IAMGOLD after Q2 results could signal that investors are reassessing the underlying business rather than just chasing momentum. Do the current numbers and assets justify where the stock now trades? The most followed narrative on IAMGOLD puts fair value at CA$31.32 per share, compared with the latest close at CA$25.56. That gap rests on specific assumptions about Côté Gold, margins and balance sheet progress. Read the complete narrative. There is a clear playbook behind that valuation. It leans on higher throughput, richer margins and a different mix of debt and cash flow. Curious which assumptions really move the needle for IAMGOLD. Result: Fair Value of CA$31.32 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, IAMGOLD’s reliance on a few core assets and its ongoing net debt position could quickly test this undervaluation story if operations or costs disappoint. Find out about the key risks to this IAMGOLD narrative. With sentiment around IAMGOLD clearly leaning positive after recent results and narrative updates, it makes sense to check the underlying data yourself and move quickly if needed. To see what optimism is based on and to assess those bright spots in context, take a closer look at the 4 key rewards. If the recent move in IAMGOLD has you thinking bigger about your portfolio, now is the time to scan for other ideas before the next wave of interest hits. Target potential bargains with resilient fundamentals by checking out the 14 high quality undervalued stocks that might fit your criteria. Strengthen your income stream by reviewing the 5 dividend fortresses that could support more predictable cash returns. Prioritise stability by scanning the 7 resilient stocks with low risk scores that may help balance out your higher risk positions. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include IMG.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Iamgold Corporation? Here are five stocks we like better. IAMGOLD remains on track for 2026 production guidance of 720,000–820,000 ounces after producing 188,100 attributable ounces in Q2 and 371,700 ounces in the first half. Strong results generated $445.1 million in operating cash flow and $368.9 million in quarterly mine-site free cash flow. The company repurchased $147.9 million of shares in Q2 and has returned more than $500 million through buybacks since December. Côté Gold showed operational improvement after plant repairs and crusher commissioning, processing more than 1 million tonnes in June, although full-year cash costs and AISC are expected near the high ends of guidance. IAMGOLD is also advancing expansion studies at Côté and drilling programs at Nelligan to support future growth. These 3 ETFs Let You Hold Real Gold Without the Vault Iamgold (NYSE:IAG) reported second-quarter gold production of 188,100 ounces attributable to the company, bringing first-half output to 371,700 ounces and keeping the miner on track for its 2026 production guidance of 720,000 to 820,000 ounces. President and Chief Executive Officer Renaud Adams said the company generated nearly $900 million in mine-site free cash flow during the first half, supporting investment in its operating assets, balance-sheet improvements and shareholder returns. Since December, IAMGOLD has repurchased more than $500 million of its shares. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling IAMGOLD Stock Climbs as Turnaround Story Gains Traction “IAMGOLD is performing well, generating strong cash flow, returning capital to shareholders, and building real growth for the years ahead,” Adams said during the company’s second-quarter earnings call. Chief Financial Officer Maarten Theunissen said net cash from operating activities totaled $445.1 million in the second quarter, compared with $85.8 million in the year-earlier period. The company used cash flow to fund $115.6 million of capital expenditures, repay the remaining $100 million on its credit facility, make a $74 million payment to the Burkina Faso government related to the Essakane dividend distribution, and repurchase $147.9 million of shares. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Rebalancing in 2025: Here Are 3 Stocks to Buy Under $10 IAMGOLD has repurchased about 28 million shares for $510.4 million since initiating its buyback program in December. Theunissen said that amount represented approximately 45% of mine-site free cash flow returned to shareholders. Second-quarter revenue totaled $856.9 million on sales of 195,100 ounces at an average realized gold price of $4,384 per ounce. Adjusted EBITDA was $507.1 million, while adjusted net earnings attributable to equity holders were $241.6 million, or $0.42 per share, compared with $77.3 million, or $0.13 per share, a year earlier. → No Hangover: Revisiting Microsoft One Week After Earnings Mine-site free cash flow was $368.9 million in the quarter and $893.5 million year to date. The company ended June with $501.4 million in cash and cash equivalents, no borrowings on its revolving facility and approximately $1.35 billion in available liquidity. In June, IAMGOLD amended its credit facility, increasing capacity to $850 million from $650 million, extending its maturity to 2030 and adding a $250 million accordion feature. The Côté Gold mine produced 96,200 ounces on a 100% basis during the quarter, or 67,300 attributable ounces. Production improved after the company replaced a conveyor belt in May and commissioned a second cone crusher earlier in the year. The plant processed more than 1 million tonnes during June after ramping back to nameplate capacity. Chief Operating Officer Bruno Lemelin said Côté discontinued external contractor crushing by the end of June. Processing costs in June averaged $17.72 per tonne, compared with an average of $22.50 per tonne over the preceding three quarters. The company is targeting mining costs of $4 per tonne and milling costs of $15 per tonne by year-end. Côté’s second-quarter cash costs excluding royalties were $1,245 per ounce, while all-in sustaining costs excluding royalties were $2,082 per ounce. IAMGOLD expects Côté’s full-year cash costs, excluding royalties, to be near the upper end of its $900 to $1,050 per-ounce guidance range, and AISC to be at the top end of its $1,475 to $1,625 range. The company expects Côté to average its 36,000-tonne-per-day nameplate processing rate over the year, with second-half production supported by higher throughput and head grades expected to range from 1.05 grams to 1.15 grams per tonne. Lemelin said the plant continued to perform well into July and August, though the mine planned a five-day annual shutdown in August. IAMGOLD expects to publish an updated technical report and life-of-mine plan for Côté toward the end of 2026. The report will combine the Côté and Gosselin deposits into a single block model and is expected to outline a larger reserve base, longer mine life and a path toward sustained processing of about 40,000 tonnes per day through debottlenecking and targeted plant upgrades. Adams said the company is also assessing longer-term expansion scenarios beyond 40,000 tonnes per day, but emphasized that the decision to take additional time reflected capital discipline and multiple development opportunities rather than technical problems. At Essakane, attributable production rose 15% year over year to 88,400 ounces. The mine generated $162.1 million in mine-site free cash flow during the quarter and $464.8 million year to date, including a $60.2 million tax payment. Essakane’s cash costs excluding royalties fell 22% from the prior-year period to $1,214 per ounce, while AISC excluding royalties was $1,691 per ounce. Royalties accounted for $510 per ounce during the quarter, reflecting higher gold prices and a higher average royalty rate. IAMGOLD expects to release an updated Essakane technical report in the first half of 2027 that could show potential to extend the mine’s life through 2035, supported by additional phases in the Essakane pit and adjacent open pits. Westwood produced 32,400 ounces in the quarter and generated $56.5 million in mine-site free cash flow. The company is investing about $30 million this year in exploration and development of the mine’s eastern extension. An updated technical report is expected in the second half of 2027 and will evaluate a mine-life extension, higher underground throughput and potential bulk-mining methods. Beyond its operating mines, IAMGOLD is advancing the Nelligan mining complex in Quebec, which contains 4.3 million ounces of indicated resources and 7.5 million ounces of inferred resources. The company has budgeted about $24 million for drilling across Nelligan, Philibert and Monster Lake in 2026. Approximately 45,000 metres of a planned nearly 70,000-metre drilling program had been completed, and IAMGOLD expanded drilling at Nelligan to 24,000 metres from 18,000 metres following results received to date. The company expects to release further drill results later this year and publish an inaugural technical report for the complex in the first half of 2027. IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production. The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Iamgold Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by a strong second quarter with 188,100 ounces produced, supported by the Cote plant reaching near full capacity in June following critical infrastructure upgrades. The company achieved a fundamental financial transformation, moving from over $800 million in net debt a year ago to a net cash position with $1.35 billion in total liquidity. Strategic positioning at Cote is shifting toward a disciplined, phased approach to assess multiple expansion scenarios for the combined 20.3 million ounce Cote and Gosselin resource base. Operational improvements at Cote were highlighted by the elimination of external contractor crushing in June, which immediately reduced processing costs from a $22.50 per tonne average to $17.72. Essakane and Westwood continue to serve as high-margin cash engines, generating a combined $631.3 million in mine site free cash flow year-to-date. to fund growth and buybacks. Management attributes cost pressures to higher royalties tied to gold prices and elevated diesel costs, though unit costs are expected to improve as production volumes scale in the second half. The updated Cote technical report due by year-end will define a near-term path to 40,000 tonnes per day through low-cost debottlenecking rather than a major new build. Guidance for 2026 production of 720,000 to 820,000 ounces remains on track, with production weighted toward the second half due to higher grades and throughput at Cote. Management is evaluating the repurchase of the 50% Cote royalty from Franco-Nevada by April 2027, which would structurally lower the asset's long-term cost burden. Future mine life extensions are being targeted for Essakane (through 2035) and Westwood, with updated technical studies for both assets expected in 2027. The Nelligan complex is being positioned as a central processing hub concept with a production potential of 300,000 to 400,000 ounces per year. Royalties added approximately $380 per ounce to year-to-date costs, which is $55 per ounce above guidance assumptions due to the realized gold price exceeding $4,600. Oil prices in Q2 were $25 to $30 per barrel above guidance, creating a $35 per ounce headwind to cost guidance. The company has returned approximately 45% of mine site free cash flow to shareholders through $510.4 million in share repurchases since December. A 5-day annual maintenance shutdown at Cote is scheduled for August, which will impact third-quarter throughput timing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified the shift is about disciplined capital allocation and evaluating the 'super pit' concept rather than technical challenges. The next three years of execution remain identical across scenarios, focusing on reaching 36,000 tonnes per day consistently and then debottlenecking to 40,000. Taking more time allows for better trade-off studies between capital allocation and the speed of mining the Gosselin deposit. The company is prioritizing share buybacks for the remainder of 2026 while the stock represents 'compelling value.' Management indicated that initiating a dividend would start making sense in early 2027 as the company maintains its net cash position. Management expressed high confidence in hitting $4 per tonne mining and $15 per tonne processing targets by year-end. Cost reductions will be driven by increased haul truck utilization now that rehandling for contractor crushers has ceased and new units are entering service. Improved material sizing from the second cone crusher is expected to double the lifespan of HPGR rollers, reducing maintenance frequency and downtime.

This article first appeared on GuruFocus. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Iamgold Corp (NYSE:IAG) produced 188,100 ounces of gold in Q2 2026, bringing year-to-date production to 371,700 ounces, positioning the company firmly on track to meet its full-year guidance of 720,000 to 820,000 ounces. The company generated nearly $900 million in mine-site free cash flow year-to-date, a 290% increase compared to the same period in 2025, and ended the quarter in a net cash position with approximately $1.35 billion in total liquidity. Iamgold Corp (NYSE:IAG) has repurchased approximately 208 million shares for $510.4 million since December, returning about 45% of mine-site free cash flow to shareholders, reflecting confidence in the company's value. At Cote, the plant operated at near full capacity in June following the conveyor belt replacement and commissioning of the second crusher, with processing costs dropping to $17.72 per ton in June from an average of $22.5 per ton over the prior three quarters. The company is advancing multiple growth projects, including an updated technical report at Cote integrating the Gosselin deposit, a mine life extension study at Essakane, and an inaugural technical report for the Nelligan complex, all expected within the next 12-18 months. Essakane delivered another strong quarter with 88,400 attributable ounces, a 15% increase year-over-year, and generated $464.8 million in mine-site free cash flow year-to-date, even after a $60.2 million tax payment. Cash costs, including royalties, were $1,289 per ounce in Q2, tracking towards the upper half of guidance, with royalties adding approximately $380 per ounce due to higher gold prices, about $55 per ounce above guidance assumptions. Oil prices were approximately $25-$30 per barrel above guidance assumptions, adding about $35 per ounce to costs, and the company continues to monitor inflation and energy market volatility. At Cote, costs remain elevated due to external contractor crushing, contractor support for conveyor repair, and scheduled maintenance, with mining and milling costs still above target at $20.80 per ton and $20.05 per ton, respectively. The company has deferred the larger expansion scenario at Cote (from 40,000 to 50,000 tons per day), which was previously estimated to require $500-$750 million in capital, as it takes time to assess multiple scenarios and optimize the development path. The company faces ongoing royalty burdens, particularly at Essakane where royalties accounted for $110 per ounce, representing approximately 30% of cash costs, and at Cote where royalties were $309 per ounce, or 20% of cash costs. The company made a $74 million payment to the government of Burkina Faso related to the Essakane dividend distribution, and expects to pay an additional $26.8 million in withholding tax in Q3, impacting cash flow. Warning! GuruFocus has detected 7 Warning Signs with SNWV. Is IAG fairly valued? Test your thesis with our free DCF calculator. Q: Could you provide more color on what changed over the past 3 months that drove the shift to a more phased approach for the Cote expansion study? Are you now leaning towards a much larger expansion, maybe doubling capacity to 70,000-80,000 tons per day, or did you come across technical findings that require more time?A: Renaud Adams (President and CEO): The shift is driven by discipline and diligent capital allocation, not technical challenges. As we advanced the study, it became obvious that the large resource base at Cote and Gosselin provides multiple potential scenarios. The next 3 years will focus on improving operations, reducing costs, hitting 36,000 tons per day on a sustaining basis, and ramping to 40,000. We are taking more time to assess the full scale of the asset and evaluate multiple scenarios to ensure Cote is positioned to deliver value for generations. The main objective of the upcoming technical report is to verify and confirm the reserves on the Gosselin side, which will show a large expansion in the reserve base. The value is driven more by extending mine life and expanding reserves rather than the specific throughput rate. Q: What is your latest thinking on buying back the 50% Cote royalty from Franco-Nevada, initiating dividends, and where does M&A fit into your capital allocation priorities?A: Martin Deniau (Chief Financial Officer): We continue to look at the buyback opportunity for the Franco-Nevada royalty. The price would be the same as set a year ago in a much lower gold price environment, and it would reduce the cost structure burden on Cote. We have until April of next year to make that decision and can fund it with internally generated cash flow. On dividends, we view this year as a good year to buy back shares, but beginning next year, as we are in a net cash position, it would start making sense to initiate a dividend. We will not comment on M&A at this stage and remain focused on creating value for shareholders. Q: For the debottlenecking to 40,000 tons per day at Cote, can you provide more color on how we should think about capital for that optimization versus the previously envisioned ~$500 million for the 50,000 ton per day case?A: Bruno Lemelin (Chief Operating Officer): The next 3 years are essentially the same scenario regardless of the final expansion decision. We are spending around $85 million in growth capital this year to open the pit and prepare for larger volumes. We expect this spending to continue in 2027 and 2028. We are also spending more sustaining capital to install a re-pulping system and improve infrastructure. The $500-750 million capital range previously discussed for the 50,000 ton per day expansion (bringing it from 40 to 50) is what we are parking for the time being until we have a better view of the optimum scenario. The execution on sustaining capital, optimization, and infrastructure improvements will continue. Q: How should we think about the mining and processing cost improvements at Cote into Q3, Q4, and 2027 towards your targets of $4 per ton and $15 per ton?A: Bruno Lemelin (Chief Operating Officer): We have a program tracking over 30 initiatives to reduce costs. The elimination of contracted crushing will help because the fleet will be fully dedicated to mining, increasing volume and decreasing unit costs. We are also adding new units to the fleet. We are confident in meeting the $4 per ton target on the mining side by year-end. On the processing side, the second cone crusher is helping feed the HPGR with the correct size, which should extend the life of the rollers from twice a year to once a year, reducing maintenance costs and improving availability. We are well positioned to meet the $15 per ton target by year-end. Q: How should we think about the income tax payments for the remaining second half of the year?A: Martin Deniau (Chief Financial Officer): We made a larger catch-up payment in Q2 in Burkina Faso. Income tax payments for the remaining of the year should be between $35-40 million per quarter. We will also pay the withholding tax on the newly declared dividend in Burkina Faso of $26.8 million in the third quarter. We remain within the range of $205-250 million for the year. Q: How should we think about the stripping ratio and grades at Cote for the back half of the year?A: Bruno Lemelin (Chief Operating Officer): The stripping ratio should be around 2.6 to 1 in the back half of the year. We expect stronger head grades in the second half, ranging between 1.05 to 1.15 grams per ton, which will help drive stronger production. Q: In simple terms, what should we expect to see in the Cote study? Will it include a path to 40k tons per day with associated CapEx, and what longer-term scenarios will be included?A: Renaud Adams (President and CEO): The report, expected at the end of this year, will indicate exactly how we can valorize the Gosselin reserve. The main objective is to understand how many reserves we have from Gosselin and integrate the Cote and Gosselin block models together in a "Superpit" concept. The study will be based on a 40,000 ton per day capacity with an adjusted cost structure. It will also include a section on future opportunities, where we will describe potential expansion scenarios. The trade-off is balancing capital allocation versus how quickly you want to mine Gosselin. At 36-40k tons per day, you maximize depletion of Cote before the obligation to mine Gosselin, potentially using in-pit co-disposal. As you advance towards 50,000 and beyond, you would need to start mining Gosselin sooner. Q: Is the tailings capacity sufficient for the 40k tons per day scenario and the reserves you would incorporate in the study, or would you need additional permitting?A: Bruno Lemelin (Chief Operating Officer): The current TSF has a capacity of up to 233 million tons. By including Gosselin, we will need additional capacity, which the project team is currently evaluating. We are also looking at other options like in-pit co-disposal, where we could place tailings and eventually waste in depleted parts of the Cote pit. There are roughly 200 million tons of tailings to place, but there would be no issues finding the space. As you increase throughput, you reduce the chance of co-disposal, but you would just build extra capacity For the complete transcript of the earnings call, please refer to the full earnings call transcript.

All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Toronto, Ontario--(Newsfile Corp. - August 6, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the second quarter ended June 30, 2026. "IAMGOLD delivered another strong and safe quarter, producing 188,100 ounces of gold and generating $507.3 million of adjusted EBITDA, keeping us firmly on track to achieve our full-year guidance of 720,000 to 820,000 ounces," said Renaud Adams, President and CEO. "At Côté Gold, the replacement of the conveyor belt in May and the commissioning of our second cone crusher allowed the plant to operate at near full capacity in June, and with contracted crushing now behind us, we expect production to increase and unit costs to decline through the second half of the year. Westwood and Essakane again delivered solid results. Our balance sheet has never been stronger, with a net cash position and $1.3 billion in liquidity, while returning nearly $150 million to shareholders in the quarter through our buyback program." "Beyond this near-term progress, the scale of Côté's long-term potential continues to grow. As we advanced our technical work this year, the consolidation of the Côté and Gosselin Mineral Resources, now exceeding 20 million ounces of Measured and Indicated, materially expanded the opportunity set in front of us - and we have chosen to take the time to thoroughly evaluate rather than constrain it to a single scenario. As a result, the details of the updated technical report which are expected in the fourth quarter will outline a clear, near-term path to increase processing rates toward 40,000 tonnes per day through targeted debottlenecking, supported by a significantly larger reserve base, extended mine life and further cost optimization. Concurrently, we will continue to advance trade-off studies on a further expansion of the project, reflecting our growing conviction in the size and quality of this world-class asset and its ability to support a larger operation over the long term. With a strengthened balance sheet and a compelling pipeline of growth across Côté, Essakane, Westwood and Nelligan, IAMGOLD is exceptionally well positioned to create lasting value for our shareholders." HIGHLIGHTS: Operating and Financial Attributable gold production was 188,100 ounces in the second quarter and 371,700 ounces year-to-date ("YTD"), with the Company on track to achieve its 2026 production guidance of 720,000 to 820,000 ounces. Revenues in the second quarter totaled $856.9 million from sales of 195,100 ounces at an average realized gold price1 of $4,384 per ounce and $1,887.0 million YTD from sales of 406,600 ounces at an average realized gold price of $4,631 per ounce. Cost of sales per ounce sold was $1,651 ($1,635 YTD), cash cost1 per ounce sold, excluding royalties was $1,289 ($1,244 YTD), cash cost1 per ounce sold, including royalties was $1,642 ($1,624 YTD), and all-in sustaining cost1 ("AISC")1 per ounce sold was $2,271 ($2,195 YTD). Net earnings and adjusted net earnings attributable to equity holders1 for the second quarter was $230.5 million ($610.2 million YTD) and $241.6 million ($632.7 million YTD), respectively. Net earnings and adjusted net earnings per share attributable to equity holders1 for the second quarter of $0.40 ($1.05 YTD) and $0.42 ($1.09 YTD), respectively. Net cash from operating activities was $445.1 million for the second quarter ($1,015.0 million YTD). Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $442.9 million for the second quarter ($1,072.4 million YTD). Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 was $495.3 million for the second quarter ($1,152.3 million YTD), and adjusted EBITDA1 was $507.3 million ($1,173.6 million YTD). Mine-site free cash flow1 was $368.9 million during the second quarter ($893.5 million YTD). The Company has available liquidity1 of $1,348.1 million as at June 30, 2026. Cash and cash equivalents was $501.4 million and the available balance of the revolving credit facility ("Credit Facility") was $845.7 million. Net cash, excluding leases and letters of credit1, was $52.2 million. In health and safety, for the quarter ended June 30, 2026, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.70 and is tracking at 0.56 for the year. IAMGOLD is continuing to advance its critical risk management program and visible leadership to improve safety and reduce high-potential incidents. Corporate Continued cash flow generation in the second quarter allowed the Company to: purchase $147.9 million IAMGOLD shares (8.6 million shares) as part of the share buyback program and repay the remaining $100 million balance of its Credit Facility. Subsequent to quarter end and up to August 5, 2026, the Company has purchased an additional 3.5 million shares for $52.5 million and has purchased 27.9 million shares for $510.4 million since the inception of the program in December 2025. 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. In June 2026, the Company completed the repatriation of $680.7 million from Essakane that represented its portion, net of withholding taxes, of the record $855 million dividend declared in 2025 payable to the Government of Burkina Faso and IAMGOLD. Total cash repatriated in the second quarter was $197.1 million, and $409.8 million year-to-date. In June 2026, Essakane declared its 2026 dividend of approximately $500 million from its 2025 profits. The Company's portion, net of the Government of Burkina Faso portion and withholding taxes, is approximately $400 million. The Company received $44 million subsequent to quarter end as a first dividend installment and expects to receive a further $45 million in August. The remaining balance is expected to be distributed at regular intervals based on the cash generated in excess of working capital requirements by Essakane. On June 17, 2026, the Company announced the strengthening of its financial position and flexibility by amending its revolving Credit Facility, increasing total capacity from $650 million to $850 million, extending maturity to June 2030, decreasing costs and improved covenants. The facility also includes an additional $250 million accordion feature, offering further liquidity potential. The Credit Facility remains undrawn. On June 1, 2026, the Company announced an updated Mineral Resource estimate for the Côté Gold Mine, reflecting the integration of the Côté and Gosselin zones in a consolidated block model. Measured and Indicated Mineral Resources for Côté Gold on a consolidated basis increased to 20.3 million ounces, with an additional 3.5 million ounces of Inferred Mineral Resources. The updated Mineral Resource estimate will inform the upcoming Côté Gold Technical Report and mine plan, with the results to be announced in the fourth quarter 2026. On August 6, 2026, the Company announced that Ms. Catherine McLeod-Seltzer has been appointed to the Company's Board of Directors effective September 1, 2026. Ms. McLeod-Seltzer, who was inducted into the Canadian Mining Hall of Fame in 2026, brings more than four decades of mining industry experience as both a senior executive and public-company director. QUARTERLY REVIEW For 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 June 30, 2026 (Q2 2026), June 30, 2025 (Q2 2025) and the six months ended June 30 (H1 or YTD) 2026 and 2025, and certain measures of the Company's financial position as at December 31, 2025. 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. Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures. OUTLOOK Production (000 oz) Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces. Production at Côté is expected to be higher in the second half of the year, driven by increased processing rates as recent operational improvements continue to be realized. For further details, refer to the "Operations" section of each mine below. Costs 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 upper half of the range of $1,100 to $1,250 per ounce sold. Cash costs are expected to be lower in the second half of the year, reflecting the expected increase in Côté Gold's production over the second half of the year. AISC on a consolidated basis, excluding royalties, are expected to be in the upper range of $1,675 to $1,825 per ounce sold. The guidance for cash costs and AISC, including royalties, was established using a gold price assumption of $4,000 per ounce for the year. The amount of royalties included in cash costs and AISC was $380 per ounce year-to-date, $55 per ounce higher than guidance, as the average realized price of gold sold in the first half was $4,631, or $631 per ounce above the gold price assumption used in guidance estimates. Refer to the table below for the sensitivity of royalties based on gold price. Royalty Sensitivities The realized gold price in the first half of the year averaged $4,631 per ounce. 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. During the first half of 2026 price escalation of approximately 3% has been observed across certain commodity inputs, which remained within the Company's inflation expectations. The Company continuously evaluates key commodity indices and forward supplier pricing guidance to proactively identify areas of potential cost inflation to inform any price mitigation measures that may be warranted. 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 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. Côté Gold's capital expenditures are expected to be higher in the second half of the year due to the timing of equipment deliveries and the scheduling of projects. 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 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 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 GOVERNANCE The 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. In June 2026, the Company was named one of Canada's Best 50 Corporate Citizens by Corporate Knights for 2026. Health and Safety The TRIFR in the second quarter was 0.70 as of June 30, 2026, compared to 0.41 as of June 30, 2025, and tracking at 0.56 for the year. IAMGOLD is continuing to advance its critical risk management program and visible leadership to improve safety and reduce high-potential incidents. Environmental There were zero significant environmental incidents reported for the quarter. Essakane updated its 2019 Closure Plan and submitted the revised plan to the Burkina Faso authorities in June 2026, as required by regulation. Social Performance During the second quarter 2026, IAMGOLD continued its strong relationship with local communities at each of our sites, including supporting community-based and wellness-focused initiatives. Notable investments included the donation of medical equipment to healthcare facilities servicing the local communities near Essakane early this spring; Westwood's participation in the Social Investment Fund of the Mining Industry (FISM) of Abitibi-Témiscamingue, launched in April 2026; and Côté Gold's funding for Dynamic Earth Sudbury and Timmins Hospital. Indigenous Relations As 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 second quarter 2026, IAMGOLD launched a 5-pathway reconciliation plan, along with new mandatory awareness training for all its Canada-based employees titled "Indigenous Peoples of Canada: An Introduction to History and Relationship". Culture and Inclusion IAMGOLD 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 June 30, 2026, women accounted for 33% of the Company's executive leadership team. OPERATIONS Côté Gold Mine (IAMGOLD interest - 70%) | Ontario, Canada 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. Operations Côté Gold attributable gold production in the second quarter 2026 was 67,300 ounces (96,200 ounces | 100%), in line with the prior year period, as the processing plant operated at near full capacity in June following the successful replacement of the conveyor belt in May and commissioning of the second cone crusher to start the year. Mining activity totaled 11.7 million tonnes in the second quarter 2026, in line with the same prior year period. Ore tonnes mined were 3.1 million tonnes, or 3% lower than the prior year period, due to a slightly higher strip ratio of 2.8:1 as mining activities progressed in pushback areas. The average grade mined was 0.86 g/t in the second quarter 2026, a decrease of 9% over the prior year period, in line with expectations as mining was focused on opening up a new bench for the second half of the year. Mill throughput in the second quarter 2026 totaled 2.9 million tonnes, substantially in line with the prior year period. Throughput was being managed early in the quarter prior to the conveyor belt replacement in late May. Following the new belt installation, plant capacity was ramped up to nameplate, with over 1.0 million tonnes processed in June. Head grades averaged 1.12 g/t, in line with the prior year period, at average recoveries of 93%. The reconciliation between the reserve models, grade control models, mill feed and production continue to be well within expected tolerances. The Company discontinued the use of external contractor crushing by the end of June 2026. This supplemental crushing had originally been contracted in 2025 to support operational targets due to constraints in the crushing circuit which were addressed through the installation of a second cone crusher at the beginning of the year. Processing cost improvements were realized in June as contracted crushing was reduced, with average processing costs in June of $17.72 per tonne, down from an average of $22.50 per tonne over the prior three quarters. Additional operational benefits from the debottlenecked crushing circuit have been realized downstream with improved wear rates on the high pressure grinding rolls (HPGR) rollers with better sized material now feeding the HPGR. A longer HPGR lifespan is expected to translate into reduced maintenance costs and improved crushing circuit availability. Improvements to mining unit costs are expected to be realized in the coming quarters as the mining fleet previously required to support the external contractor crushing is redeployed on mining activities. Financial Performance (70% basis) - Q2 2026 Compared to Q2 2025 Production costs of $82.8 million during the three months ended June 30, 2026, were $14.8 million or 22% higher than the same prior year period primarily from higher use of external contractor crushing services, contractor costs to support the conveyor repairs and scheduled maintenance described above, higher mine maintenance as the mining fleet commenced the first series of rebuilds, as well as increased diesel prices resulting from the conflict in the Middle East and higher electricity prices. While mining and milling costs remained elevated in the second quarter 2026, the Company continues to execute its plans to reduce mining and milling costs towards 2026 year-end targets of $4/t and $15/t respectively and realize further reductions in 2027 onwards. Mining costs averaged $4.49 per tonne mined during the three months ended June 30, 2026. Mining costs were impacted by higher diesel costs, increased cost of tires consumed, the continued operation of the external contractor crusher that increases rehandling and utilization of haul trucks, as well as increased maintenance efforts as the hauling fleet approaches mid-life. The impact from the contracted crushing is expected to reduce as the contractor was phased out by the end of June. Milling costs were $20.85 per tonne milled during the three months ended June 30, 2026. Unit costs remained higher in the second quarter due to the utilization of the external contractor crusher, the scheduled maintenance shutdowns and repair works described above, in addition to higher electricity prices. Unit cost improvements were realized in June, averaging $17.72 per tonne over the month, as external contractor crushing was phased out by the end of the month. Further milling cost improvements are expected through the second half of the year on increased volumes and maintenance cycle improvements. G&A costs were $8.36 per tonne milled during the three months ended June 30, 2026 Cost of sales, excluding depreciation, of $104.3 million was $20.4 million or 24% higher than the prior year period, primarily due to higher production costs and higher royalties. Cost of sales per ounce sold, excluding depreciation, of $1,562 was $340 or 28% higher due to higher cost of sales and lower sales volume. Cash costs, excluding royalties, of $83.3 million were $14.9 million or 22% higher than the prior year period, primarily due to higher production costs. Cash cost per ounce sold, excluding royalties, of $1,245, was higher by $248 or 25%, due to higher cash costs and lower sales volume. Royalties during the three months ended June 30, 2026, were $20.6 million or $309 per ounce (20% of cash costs), 36% higher compared to the prior year period due to higher gold prices. Cash costs, including royalties, of $103.9 million were $20.3 million or 24% higher than the prior year period, primarily due to higher production costs and royalties. Cash cost per ounce sold of $1,554 was higher by $335 or 27% due to higher cash costs and lower sales volume. AISC per ounce sold of $2,082 was higher by $471 or 29%, primarily due to higher cash costs per ounce sold and higher capital expenditure. Capital expenditures totaled $54.6 million ($77.9 million | 100%) in the second quarter 2026. Sustaining capital expenditures totaled $36.6 million ($52.2 million | 100%), including $16.0 million of mobile equipment and critical spares, $10.4 million of tailings infrastructure and related earthworks, $8.5 million of capital projects related to operational improvements and ramp-up, and $1.7 million of capital waste stripping. Expansion capital of $18.0 million ($25.7 million | 100%) included $14.1 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $3.9 million of related infrastructure improvements. Mine-site free cash flow, on an attributable basis, was $150.3 million ($214.7 million | 100%) for the three months ended June 30, 2026, with revenues of $293.2 million from gold sales of 66,900 ounces at the realized gold price of $4,379 per ounce, resulting in operating cash flows of $204.0 million ($291.4 million | 100%) offset by capital expenditures totaling $53.7 million ($76.7 million | 100%). 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, 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 to derisk future expansions. Mining activities in 2026 are planning a total of approximately 48 million tonnes of material mined, which includes the pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mining rates are expected to increase in the second half of the year as the mining fleet supporting the external contractor crusher becomes available and with the commissioning of three new haul trucks. Mill throughput is expected to total approximately 12 million tonnes, with the plant averaging 36,000 tpd (nameplate) over the course of the year. Plant head grades are expected to average between 1.05 g/t and 1.15 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 near the top end of the guidance range of $900 to $1,050 per ounce sold. Cash costs are expected to improve in the second half on increased volumes, higher production and improved unit costs. 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. AISC, excluding royalties, are expected to be at the top end of the guidance range of $1,475 to $1,625 per ounce sold. See "Outlook" for guidance and sensitivities on royalties. 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 an expansion of operations, including the acceleration of certain activities that could provide near-term increases in throughput capacity, including an additional Vertimill in early 2027. Expansion Opportunities The Company is planning to announce an updated Côté Gold mine plan and Mineral Reserve estimate in the fourth quarter of 2026, which will be included in a subsequent Technical Report shortly thereafter. The study will incorporate the recently consolidated Côté and Gosselin Mineral Resources and operating assumptions based on production experience to date. The updated mine plan is expected to demonstrate a significant expansion of Mineral Reserves and life of mine, while outlining near-term opportunities to progressively increase processing capacity beyond the current nameplate, through further debottlenecking and targeted plant improvements, to support sustained processing rates of approximately 40,000 tpd. In parallel, the Company is continuing to evaluate opportunities for a larger-scale expansion of the processing plant, supported by the size and quality of the consolidated Côté-Gosselin resource base and the potential to support a substantially larger operation over the long term. Technical, infrastructure and permitting studies are ongoing to determine the optimal scale, configuration and development path to maximize the long-term value of the operation. Exploration On June 1, 2026, the Company announced an updated Mineral Resource estimate for the Côté Gold Mine that reflects the integration of the Côté and Gosselin zones into a consolidated block model with updated economic assumptions, ahead of the upcoming Côté updated mine plan and technical report discussed above. This updated estimate is with an effective date of March 31, 2026, and highlights include: Côté 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 December 31, 2025, statement. Côté Gold 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 December 31, 2025, statement. The exploration program at Côté Gold is ongoing with a focus on the Côté, Gosselin and saddle area. The 2026 Gosselin zone exploration program includes approximately 10,000 metres of diamond drilling to test the north and north-east extensions of the Gosselin zone. Approximately 4,400 metres were drilled YTD with none completed in the second quarter and drilling will resume in the third quarter using the most recent drilling results obtained. An infill drilling program of 20,000 metres is ongoing on the Côté zone. Approximately 6,200 metres of surface diamond drilling were completed in the second quarter 2026 (10,400 metres YTD including approximately 1,200 metres of geological drilling completed in the first quarter). 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 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. Operations Westwood gold production in the second quarter 2026 was 32,400 ounces, higher by 3,000 ounces or 10% compared with the same prior year period. Underground mining activity in the second quarter 2026 of 104,000 tonnes of ore was higher by 6,000 tonnes or 6% than the same prior year period, due to improved stope mucking procedures and hoisting performance. The grade of 8.34 g/t Au was higher than the prior period mainly due to mine sequencing. Open pit mining activity in the second quarter 2026 of 109,000 tonnes of ore was lower by 206,000 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 and a transition to a new contract miner during the quarter. Mill throughput in the second quarter 2026 was 287,000 tonnes, 36,000 tonnes lower than the prior year period due to a planned mill shutdown early in the second quarter 2026. The average grade of 3.75 g/t was 22% higher than the same prior year period due to higher grade and volume processed from the underground mine. The mill achieved recoveries of 94% in the second quarter 2026, 2% higher than the same prior year period. Financial Performance - Q2 2026 Compared to Q2 2025 Production costs of $54.0 million were higher by $7.6 million or 16% than the same prior year period, primarily due to increased extraction activities in the underground mine, the transition to a new contract miner at the Grand Duc satellite pit, and increased milling costs. Underground mining costs per tonne mined were $313.99, higher by $11.91 per tonne or 4% than the same prior year period, resulting from increased labour costs and higher maintenance activities. Milling costs of $37.02 per tonne were slightly higher due to increased rental cost for the portable crushing unit supporting the supplemental Grand Duc ore feed and a mill shutdown occurring in the second quarter relative to the first quarter in the prior year. Cost of sales, excluding depreciation, of $47.5 million was higher by $2.4 million or 5% compared to the same prior year period due to higher production costs, partially offset by an increase in gold in circuit. Cost of sales per ounce sold, excluding depreciation, of $1,624 was higher by $47 or 3%, due to higher production costs, partially offset by an increase in gold in circuit. Cash costs of $47.0 million were higher by $2.4 million or 5% compared to the prior year period due to higher production costs. Cash costs per ounce sold of $1,606 were higher by $44 per ounce or 3%, due to higher production costs, partially offset by an increase in gold in circuit. AISC per ounce sold of $2,163 was higher by $23 per ounce or 1%, primarily due to higher cash costs per ounce, partially offset by lower sustaining capital spend and an increase in gold in circuit. Sustaining capital expenditures of $16.7 million included mill and mobile equipment of $8.0 million and underground development and rehabilitation of $6.5 million, capitalized stripping at Grand Duc of $0.4 million, and other sustaining capital projects of $1.8 million. During the quarter a work program progressed on the adjacent Eastwood deposit, with $3.6 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 $56.5 million for the three months ended June 30, 2026, based on revenues of $129.6 million from gold sales of 29,200 ounces at a realized gold price of $4,412 per ounce, generating operating cash flows of $75.9 million offset by capital expenditures totaling $19.4 million. 2026 Outlook Westwood 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 3.5 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. Expansion Opportunities 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. Essakane Mine (IAMGOLD interest - 85% for YTD 2026, 90% for YTD 2025) | Burkina Faso 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. Operations Essakane attributable gold production in the second quarter 2026 was 88,400 ounces (104,000 ounces | 100%), an increase of 11,800 ounces or 15% from the prior year: Mining in the second quarter 2026 totaled 12.0 million tonnes, higher by 1.2 million tonnes or 11% compared to the same prior year period. Ore mined totaled 2.5 million tonnes in the quarter at an average grade of 1.01 g/t, an increase of 14% and a decrease of 5%, respectively over the same year prior period. The Company is seeing continued 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 second quarter 2026 was 3.2 million tonnes at an average head grade of 1.13 g/t, 4% higher and 22% higher than the same prior year period, respectively. The mill achieved recoveries of 88% in the second quarter 2026, slightly lower than the same prior year period, due to ore complexity from deeper benches of Phase 7 which include higher concentrations of graphitic carbon and sulfur. 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. See "Risks and Uncertainties". In June 2026, Essakane declared a dividend of approximately $500 million representing the full distribution of its 2025 earnings. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $400 million. As at June 30, 2026, the entire $680.7 million of IAMGOLD's portion of the dividend declared in 2025 has been successfully repatriated, including interest payments of $14.4 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 12% in the second quarter 2026 compared to 9% 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 - Q2 2026 Compared to Q2 2025 Production costs of $127.6 million were lower by $12.1 million or 9%, due to a decrease in mining costs, a higher proportion of capitalized waste in the period, offset by an increase in the funding of community development programs in the local communities. Mining costs were lower due to free digging of the initial saprolite benches of the Lao pit resulting in reduced explosives consumption and reduced energy consumption, partially offset by increased drilling activity during the quarter. Milling costs were lower as liner replacement occurred during the first quarter of 2026, compared to the second quarter in the prior year. USD equivalent labour, contractor and facility costs 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 $171.4 million was higher by $13.3 million or 8%, primarily due to a 104% increase in royalties, partially offset by lower production costs. Cost of sales per ounce sold, excluding depreciation, of $1,730 was lower by $128 per ounce or 7% due to higher royalties offset by lower production costs and higher production and sales volumes. Royalties were $50.5 million or $510 per ounce (30% of cash costs), an increase of $220 per ounce compared to the prior year period resulting from higher gold prices under the new royalty decree. Cash costs, excluding royalties, of $120.1 million were lower by $13.0 million or 10%, primarily due to lower production costs. Cash costs per ounce sold, excluding royalties, of $1,214 per ounce were lower by $351 per ounce or 22%, primarily due to higher production and sales volumes and lower production costs. Cash costs, including royalties, of $170.6 million were higher by $12.8 million or 8% mainly due to higher royalties, partially offset by lower production costs, and total cash costs per ounce sold, including royalties, of $1,724 per ounce were lower by $131 or 7%, primarily due to higher production and sales volumes and lower production costs, partially offset by higher royalties. AISC per ounce sold of $2,201 was lower by $23 per ounce or 1% due to lower cash costs and higher production and sales volumes, partially offset by higher royalties compared to the prior period, combined with higher sustaining capital expenditures. Total capitalized stripping of $28.7 million was higher by $15.7 million or 121%, 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 $14.3 million included capital spares of $4.4 million, mobile and mill equipment of $4.3 million, resource development of $2.1 million, tailings management of $1.5 million, generator overhaul of $0.1 million and other sustaining projects of $1.9 million. Mine-site free cash flow, on a 100% basis, was $162.1 million for the three months ended June 30, 2026, with revenues of $434.1 million resulting from gold sales of 99,000 ounces at a realized gold price of $4,379 per ounce, producing operating cash flows of $208.2 million, inclusive of a $60.0 million tax payment, offset by capital expenditures totaling $46.1 million. 2026 Outlook Essakane 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 43 to 46 million tonnes of material mined at a strip ratio between 3:1 to 4:1 with increased volumes of waste mining at the Lao pit. 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. AISC, excluding royalties, are expected at the top end of the guidance range of $1,550 to $1,700 per ounce sold. Costs at Essakane are impacted by the Burkinabe royalty structure described above which are uncapped and linked to gold prices. See "Outlook" for guidance and sensitivities on royalties. 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. Fuel cost and supply have not been impacted by the conflict in the Middle East up to date, though risks to price and supply have increased. 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. 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." Mine Life Extension Opportunities 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 2035 with additional phases in the Essakane pit and adjacent open pits. PROJECTS Nelligan Mining Complex | Quebec, Canada On 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, and 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. The Company plans to issue an inaugural technical report for the Nelligan Mining Complex in mid-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. Nelligan The 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 5,700 metres were completed in the second quarter (15,100 metres YTD). This program will be expanded to a total of 24,000 metres for year 2026. 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 3,800 metres were completed in the second quarter (11,100 metres YTD). Philibert Following 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, and where possible, exploration drilling could test other prospective targets on the project area. Approximately 5,300 metres were completed in the second quarter (19,300 metres YTD). 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 2026, and results are pending (see Auriginal Mining news release dated January 26, 2026). Exploration In the second quarter 2026, drilling activities on active projects and mine sites totaled approximately 44,000 metres (105,000 metres YTD). For additional information regarding the brownfield and greenfield exploration projects, see "Operations". The Company's exploration expenditures guidance for 2026 is $54 million. Exploration projects - brownfield for the second quarter 2026 included near-mine exploration and resource development of $1.5 million (second quarter 2025 - $3.5 million), and $3.8 million for YTD 2026 (YTD 2025 - $6.0 million), which are capitalized. FINANCIAL REVIEW Liquidity and Capital Resources The Company's capital allocation strategy is to maximize value through the allocation of internally generated cashflows to support its operations, fund growth opportunities, return capital to its shareholders, and strengthen its balance sheet. As at June 30, 2026, the Company had $501.4 million in cash and cash equivalents and net debt of $42.6 million. The Company has $nil drawn on the Credit Facility and approximately $845.7 million remains available, resulting in liquidity at June 30, 2026, of approximately $1,348.1 million. Within cash and cash equivalents, $68.3 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. $171.0 million was held by Essakane in Burkina Faso. Restricted cash totaled $69.0 million and relates to deposits required for environmental closure costs obligations related to Essakane and Westwood. The Company's liquidity position and capital allocation decisions will ultimately be 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 excess cash 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, which 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 and had been fully repatriated as at June 30, 2026. $197.1 million was received in the second quarter 2026 and $409.8 million was received as of June 30, 2026. During the second quarter 2026, IAMGOLD received $1.9 million of interest related to the outstanding shareholder account, $6.2 million YTD and $14.4 million since conversion of IAMGOLD's dividend into a shareholder account. In June 2026, Essakane declared its 2025 dividend of approximately $500 million. The Government of Burkina Faso received its portion of the dividend totaling $74.0 million in June 2026. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $400 million. The Company received $44 million subsequent to quarter end as a dividend installment and expects to receive a further $45 million in August. The remaining balance will be repatriated through a combination of dividend installments and the shareholder account structure, as needed. The payments will be funded using cash generated in excess of working capital requirements. Share Buyback Program During the second quarter 2026, the Company repurchased and cancelled approximately 8.6 million shares for approximately $147.9 million at an average price of $17.24 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. Year to date, the Company repurchased and cancelled approximately 21.5 million shares for approximately $407.9 million at an average price of $19.00 per share. Subsequent to quarter end and up to August 5, 2026, the Company has purchased an additional 3.5 million shares for $52.5 million. Total repurchases since inception in December 2025 up to August 5, 2026, are approximately 27.9 million shares for approximately $510.4 million at an average price of $18.28 per share. The NCIB allows for the purchase of up to 57 million 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. The following table summarizes the carrying value of the Company's long-term debt: Long-term debt does not include leases in place of $90.5 million as at June 30, 2026 (December 31, 2025 - $112.0 million). Credit Facility The Company has a $850 million secured revolving Credit Facility, which was originally entered into in December 2017 and subsequently increased and extended. The Credit Facility matures on June 17, 2030, and supports the Company's requirements for a senior revolving facility for its overall business. On June 17, 2026, the Company announced the strengthening of its financial position by amending its revolving Credit Facility, increasing total capacity from $650 million to $850 million, and extending maturity to June 17, 2030. The facility also includes an additional $250 million accordion feature, offering further liquidity potential, and remains fully undrawn as of the date hereof. Key terms have improved, with lower interest margins (1.875%-2.875% vs. 2.75%-3.75%), reduced standby fees, and more flexible covenant limits, including an increase of the net debt to EBITDA ratio to 4.0x from 3.5x. Overall, the amendments reduce borrowing costs, enhance financial flexibility, and expand liquidity, positioning the Company to better support capital allocation and growth initiatives while reflecting a stronger balance sheet. As at June 30, 2026, the Credit Facility was undrawn 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 $845.7 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 from October 15, 2027, to October 15, 2028. The Company was in compliance with its Credit Facility covenants as at June 30, 2026. 5.75% Senior notes In 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 101.4% 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 Loan In 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. Leases At June 30, 2026, the Company had lease obligations of $90.5 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. On April 10, 2026, the lease agreement was converted to an uncommitted facility. Equipment loan At June 30, 2026, the Company had an equipment loan with a carrying value of $0.2 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 June 30, 2026, the Company had (i) C$276.9 million ($194.9 million) of surety bonds, issued pursuant to arrangements with insurance companies, in support of environmental closure costs obligations related to Westwood and Côté Gold and (ii) C$32.1 million ($22.6 million) of performance bonds in support of certain obligations primarily related to the construction of fish habitat at Côté Gold. As at June 30, 2026, there is no collateral required to be in place for surety and performance bonds, and the balance of $217.5 million remains uncollateralized. During the third quarter 2025, the Company increased the bonds required by C$16.9 million ($12.2 million). During the second quarter 2026, the Company increased the bonds required by C$2.1 million ($1.5 million) and will be required to increase bonds required further by C$17.0 million ($12.0 million) during the third quarter of 2026. Income Statement Revenues – Revenues were $856.9 million in the second quarter 2026 from sale of 195,100 ounces at an average realized gold price of $4,384 per ounce, higher by $276.0 million or 48% than the prior year period, due primarily to the $1,202 per ounce increase in the realized gold price and higher gold sales volume. The revenues in the second quarter of 2025 included 37,500 ounces delivered into the gold prepay arrangements at $2,722 per ounce. Cost of sales – Cost of sales excluding depreciation was $323.2 million in the second quarter 2026, higher by $36.1 million or 13% than the prior year period, primarily due to higher royalties at Côté and Essakane due to the higher gold price, and increased production and sales and increased production costs at Côté and Westwood compared to the prior year period, partially offset by decreased production costs at Essakane. Depreciation expense – Depreciation expense was $118.6 million in the second quarter 2026, higher by $23.6 million or 25% than the prior year period primarily due to the higher sales volume and amortization of deferred stripping assets at Côté and Essakane compared to the prior year period. Exploration expense – Exploration expense was $7.8 million in the second quarter 2026, higher by $1.8 million or 30% 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 $21.8 million in the second quarter 2026, higher by $9.3 million or 74% than the prior year period, primarily due to $5.2 million in planned technology implementation and consulting fees, $1.7 million in increased share-based compensation, and $2.4 million higher labour and other administrative costs. Income tax expense – Income tax expense was $109.3 million in the second quarter 2026, higher by $30.4 million or 39% than the prior year period. It is comprised of a current income tax expense of $74.2 million and a deferred income tax expense of $35.1 million, lower than the prior year period for current income tax expense by $1.3 million or 2% and higher for deferred income tax expense by $31.7 million or 932%, respectively. The current income tax expense in the second quarter of 2026 was lower primarily due to higher income in Essakane offset by lower withholding taxes from lower intercompany dividends. The deferred income tax expense in the second quarter of 2026 was higher primarily due to changes in the withholding tax on expected intercompany dividends and the non-recognition of tax assets. Operating Activities In the second quarter 2026, operating activities generated cash flow of $445.1 million, higher by $359.3 million compared to the same prior year period. Cash flow from operations increased significantly due to higher 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 $515.3 million in the second quarter, compared to $189.5 million in the prior year period. Investing Activities Net cash used in investing activities for the second quarter 2026 was $145.3 million, an increase of $80.5 million from the same prior year period. Capital expenditures of $115.6 million increased by $36.1 million compared to the prior year period, with proceeds from other investing activities decreasing by $44.4 million. Financing Activities Net cash used in financing activities for the second quarter 2026 was $340.4 million, an increase of $214.3 million from the same prior year period consistent with the Company's capital allocation strategy which included a $100.0 million repayment of the Credit Facility and share repurchases of $147.9 million. CONFERENCE CALL A conference call will be held on Friday, August 7, 2026, at 8:30 a.m. (Eastern Time) hosted by IAMGOLD senior management for a discussion on the Company's second 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 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 (844) 752-3518 International: +1 (647) 846-8209 Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qnpPqCfg 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: 7277160. For more information, refer to the Management Discussion and Analysis ("MD&A") and the unaudited consolidated Financial Statements for the three and six months ended June 30, 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 IAMGOLD IAMGOLD 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 Information Graeme Jennings, Vice President, Business Development & Investor RelationsTel: 416 360 4743 | Mobile: 416 388 [email protected] End 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 32 to 43 of the Company's Q2 2026 MD&A filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. NON-GAAP FINANCIAL MEASURES The 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 sold 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 Cash costs excluding royalties, cash costs, cash costs per ounce sold, all in sustaining cost excluding royalties, all in sustaining cost and all in sustaining cost per ounce sold Net earnings attributable to shareholders and adjusted net earnings attributable to shareholders Net cash from operating activities, before movements in working capital and non-current ore stockpiles Earnings before interest, income taxes, depreciation and amortization ("EBITDA") Mine-site free cash flow Sustaining and expansion capital expenditures The 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 Sold Average 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. 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 second quarter 2025 includes 37,500 ounces at $2,722 per ounce (75,000 ounces at $2,305 per ounce YTD) as delivered into the Q1 2024 and Q2 2024 Prepay Arrangements. No deliveries were required in H1 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 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) $/tonne may not re-calculate based on amounts presented in this table due to rounding. Westwood $/tonne may not re-calculate based on amounts presented in this table due to rounding. Essakane $/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 Sold The 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 June 30, 2026 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 June 30, 2025 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 Expenditures Sustaining 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 June 30, 2026, and June 30, 2025: 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 June 30, 2026, and June 30, 2025: EBITDA and Adjusted EBITDA EBITDA (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: Adjusted Net Earnings Attributable to Equity Holders Adjusted net earnings attributable to equity holders represents net earnings 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 before income taxes and non-controlling interests as per the consolidated statements of earnings to adjusted net earnings attributable to equity holders of the Company. Net Cash from Operating Activities before Changes in Working Capital The 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: Mine-Site Free Cash Flow Mine-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 June 30, 2026 Three months ended June 30, 2025 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. Includes principal amount of the Notes of $450.0 million, Credit Facility of $nil and equipment loan of $0.2 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 Refer to Q2 2026 Financial Statements for accompanying notes. CONSOLIDATED STATEMENTS OF EARNINGS Refer to Q2 2026 Financial Statements for accompanying notes. CONSOLIDATED STATEMENTS OF CASH FLOWS Refer to Q2 2026 Financial Statements for accompanying notes. QUALIFIED PERSON AND TECHNICAL INFORMATION The 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 INFORMATION All 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 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, processing rates, throughput and operational optimization initiatives in respect of 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, including potential returns of capital to shareholders; the timing and ability to repatriate excess cash from Essakane; the composition of the Company's portfolio of assets including its operating mines, development and exploration projects; the advancement and potential development of the Company's exploration and development projects, including the Nelligan Mining Complex; 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/308480

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Iamgold (IAG). This company, which is in the Zacks Mining - Gold industry, shows potential for another earnings beat. This gold and niobium mining company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 27.10%. For the last reported quarter, Iamgold came out with earnings of $0.66 per share versus the Zacks Consensus Estimate of $0.52 per share, representing a surprise of 26.92%. For the previous quarter, the company was expected to post earnings of $0.55 per share and it actually produced earnings of $0.7 per share, delivering a surprise of 27.27%. Thanks in part to this history, there has been a favorable change in earnings estimates for Iamgold lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank. Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Iamgold currently has an Earnings ESP of +0.19%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on August 6, 2026. Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric. Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate. Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Iamgold Corporation (IAG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Toronto, Ontario--(Newsfile Corp. - July 13, 2026) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") is pleased to announce it plans to release its second quarter 2026 operating and financial results after market hours on Thursday, Aug 6, 2026. Senior management will host a conference call to discuss the operating performance and financial results on Friday, Aug 7, 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) 752-3518International: 1 (647) 846-8209Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qnpPqCfg 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: 7277160. About IAMGOLD IAMGOLD 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 Information Graeme Jennings, Vice President, Business Development & Investor RelationsTel: 416 360 4743 | Mobile: 416 388 6883Toll-free: 1 888 464 [email protected] To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305001

Interested in Iamgold Corporation? Here are five stocks we like better. IAMGOLD posted a strong Q1, with attributable gold production of 183,600 ounces, revenue above CAD 1 billion, and mine site free cash flow of CAD 525 million. The company said it remains on track to meet full-year production guidance of 720,000 to 820,000 ounces. Robust cash generation allowed IAMGOLD to buy back shares and strengthen the balance sheet, including CAD 260 million in repurchases and CAD 100 million of debt repayment in the quarter. Management said the company is now in a net cash position and is considering introducing a dividend later this year or early next year. Côté Gold production was temporarily held back by conveyor downtime, but management expects a return to full operation after a May belt replacement. The company also highlighted strong performances at Westwood and Essakane, while flagging energy costs and fuel supply as ongoing risks. These 3 ETFs Let You Hold Real Gold Without the Vault Iamgold (NYSE:IAG) reported a strong start to 2026, with first-quarter gold production, cash flow and shareholder returns supported by high gold prices and improved performance at several operations. President and Chief Executive Officer Renaud Adams said the company produced 183,600 attributable ounces of gold in the quarter, keeping it on track for full-year guidance of 720,000 to 820,000 ounces. Revenue exceeded CAD 1 billion, while mine site free cash flow totaled CAD 525 million. → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance IAMGOLD Stock Climbs as Turnaround Story Gains Traction “The cash flow we are generating is allowing us to execute on all fronts,” Adams said, noting that the company returned CAD 260 million to shareholders through share repurchases and repaid CAD 100 million of debt on its credit facility during the quarter while increasing its cash position. Chief Financial Officer Maarten Theunissen said Iamgold generated CAD 524.6 million of mine site free cash flow, defined as operating cash flow minus capital expenditures from each operation. Of that, CAD 228.4 million was used to strengthen the balance sheet, including CAD 100 million to repay the credit facility and CAD 128.3 million added to cash. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum Rebalancing in 2025: Here Are 3 Stocks to Buy Under $10 The company purchased 12.9 million shares for CAD 260 million in the quarter under its buyback program. After quarter-end, it bought an additional 2.1 million shares for CAD 40 million, bringing total repurchases since the start of the program in December to CAD 350 million, or 18 million shares. Theunissen said Iamgold has also completed the debt repayment portion of its plan by paying down the remaining CAD 100 million balance on the credit facility, making the full facility available. He said the company is now in a net cash position, compared with more than CAD 800 million of net debt a year earlier. → 3 Ways to Target the Resources Powering AI and Data Centers At quarter-end, Iamgold held CAD 550.2 million in cash and cash equivalents, with CAD 100 million drawn on the credit facility, for liquidity of about CAD 1.1 billion. Adjusted EBITDA was CAD 666 million in the first quarter, bringing trailing 12-month EBITDA to approximately CAD 2 billion. Adjusted earnings per share were CAD 0.67. Theunissen said the company intends to continue using cash flow from Essakane to fund share buybacks at roughly the pace cash is generated and repatriated from the mine. He also said management is evaluating an appropriate time to introduce a dividend, likely at the end of the year or early next year. At Côté Gold, attributable production was 52,300 ounces, while production on a 100% basis was 74,700 ounces. Chief Operating Officer Bruno Lemelin said mill throughput was limited by downtime on the CV10 conveyor, which feeds material from the primary and secondary crushers to the screening building. Lemelin said the issue was tied to increased load on the conveyor after installation of the secondary crusher, which added stress to areas of the belt that had prior wear. He described the matter as “not structural in nature” and “an isolated, non-recurring early life item.” A heavier gauge belt is scheduled to be installed in May, after which the circuit is expected to resume full operation. Adams said the conveyor will be replaced in May and that the company expects to operate at full capacity afterward, with an improving cost profile as the secondary crusher allows Iamgold to phase out use of a contracted aggregate crusher. Côté remains on track for 2026 production guidance of 390,000 to 440,000 ounces, Lemelin said. Head grades in the first quarter were 1.07 grams per tonne, in line with annual guidance of 1.0 to 1.1 grams per tonne, with recoveries of 93%. Production is expected to increase quarter over quarter as throughput improves in the second quarter and grades rise in the second half. During the question-and-answer session, Lemelin said that after the May shutdown, which includes replacement of the conveyor belt and HPGR tires, Iamgold expects “a sharp improvement” in gold production quarter over quarter. Graeme Jennings, vice president of business development and investor relations, noted that Côté throughput guidance had been refined to 12 million to 13 million tonnes for the year. Westwood produced 36,300 ounces in the quarter, supported by strong underground performance. Lemelin said underground mining totaled 106,000 tonnes at an average head grade of 9.85 grams per tonne. The mine generated CAD 110 million of mine site free cash flow in the first quarter, bringing cash flow over the past 12 months to CAD 242 million. Westwood’s cash costs averaged CAD 1,230 per ounce, and all-in sustaining costs averaged CAD 1,733 per ounce, below the company’s full-year guidance ranges. Lemelin said the company is spending about CAD 30 million this year on expansion capital, including work on the eastern extension of the mine. Iamgold plans to publish an updated technical report for Westwood in the second half of 2027, which is expected to extend mine life and assess the potential for additional underground mining. Essakane reported record production of 111,900 ounces on a 100% basis, benefiting from positive grade reconciliation as mining progresses deeper into phase VII. The mine generated CAD 302.7 million of mine site free cash flow in the quarter, bringing its total over the last 12 months to CAD 803.6 million. Essakane’s cash costs excluding royalties were CAD 1,083 per ounce, while all-in sustaining costs were CAD 2,125 per ounce. Lemelin said royalties accounted for CAD 597 per ounce, or 35% of cash costs, because of the strong gold price. He also said Essakane has significant exposure to oil and diesel, estimating that a CAD 10 increase in oil prices per barrel would increase cash costs and all-in sustaining costs by about CAD 20 per ounce. Management said higher energy prices remain a risk, particularly at Essakane. In response to an analyst question, Theunissen said the mine has five to six weeks of fuel supply on site and has secured sufficient additional fuel for the next two to three months. He said Iamgold has not seen broader inflationary pressure at its mines, though energy and consumables are areas that could be affected. At Côté, Lemelin said the plant and shovels are connected to low-cost hydro power, leaving mainly the mining fleet directly exposed to fuel prices. Theunissen added that Iamgold has put price protection in place for 90% of Côté’s oil needs for June and the third quarter at about CAD 80 per barrel. Adams said Iamgold expects a “catalyst-rich” period over the next 12 to 18 months, with updated technical reports planned across Côté Gold, Westwood, Essakane and the Nelligan Mining Complex. At Côté, an updated mineral resource estimate combining Côté and Gosselin into a single block model is expected this quarter, followed by an expansion study in the fourth quarter. Adams said the company’s objective remains 20 million ounces of measured and indicated resources, which would form the basis for future reserves. At Essakane, Iamgold expects to release an updated plan in the first half of 2027 targeting a possible mine life extension to 2033. At Nelligan, the company is drilling more than 60,000 meters this year and expects to release an initial preliminary economic assessment in the first half of next year. “We believe these attributes position Nelligan as a premium asset in our portfolio,” Adams said, citing district-scale consolidation, access, the potential for both underground and open-pit mining, and its location in Quebec. IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production. The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Iamgold Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.