IAMGOLD (IAG) Q3 2026 Earnings Call Transcript

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DATE

Friday, Nov. 6, 2026

CALL PARTICIPANTS

• President and Chief Executive Officer - Renaud Adams
• Chief Financial Officer - Marthinus Wilhelmus Theunissen
• Chief Operating Officer - Bruno Lemelin
• Chief Strategy Officer - Ankit Shah
• Chief Legal Officer - Annie Torkia-Lagace
• Vice President Business Development and Investor Relations - Graeme Douglas Jennings

TAKEAWAYS

• Attributable Gold Production -- 186,900 ounces in the third quarter, contributing to a year-to-date total of 558,600 ounces.
• Revenue -- $856.5 million, reflecting sales of 199,900 ounces at an average realized gold price of $4,277 per ounce.
• Adjusted EBITDA -- $503.9 million, compared with $359.5 million in the prior year period.
• Adjusted Net Earnings -- $232.1 million, or $0.42 per share, driven by higher realized gold prices.
• Mine-Site Free Cash Flow -- $404.3 million for the quarter, bringing the nine-month total to $1.3 billion.
• Available Liquidity -- $1.6 billion at quarter end, including $766.6 million in cash and an undrawn $850 million credit facility.
• Share Buybacks -- $134.7 million utilized to repurchase 7.6 million shares in the third quarter, with nearly $600 million returned to shareholders since Dec. 2025.
• Cote Attributable Production -- 64,400 ounces, reflecting the first full quarter of owner-only crushing at the asset.
• Cote Processing Costs -- $15.36 per ton in Sept. 2026, as the plant averaged 37,100 tons per day, which exceeded its nameplate capacity of 36,000 tons per day.
• Essakane Free Cash Flow -- $271.1 million generated in the quarter, supported by a 2% increase in attributable production.
• Westwood Production Tracking -- 28,500 ounces, positioning the mine to finish at the upper end of its annual guidance range of 110,000 to 130,000 ounces.
• Franco-Nevada Royalty Repurchase -- $525 million to be paid in Dec. 2026 to repurchase 50% of the gross margin royalty on Cote, expected to lower cash costs by $150 per ounce in 2027.
• All-In Sustaining Costs -- $2,184 per ounce including royalties, representing a significant increase over the prior year due to higher gold price-linked royalty payments.
• Production Guidance -- 720,000 to 820,000 attributable ounces for the full year, with the company expecting the fourth quarter to be its strongest.
• Capital Expenditure Guidance -- $500 million for the year, with sustaining capital at Cote reduced to $130 million from $160 million due to the deferral of noncore projects.
• Nelligan Drill Program -- 30,000 meters of drilling planned for 2026, an expansion from the original 18,000-meter program, to support a preliminary economic assessment in mid-2027.
• Essakane Dividend Repatriation -- $225 million in cash received as of June 2026, with the remainder of the $400 million attributable dividend expected through early 2027.
• Westwood Underground Mining Costs -- $321.58 per ton, reflecting increased drilling and stope preparation activities during the period.
• Bambadji Joint Venture Divestiture -- $69.7 million in gross proceeds from the sale of a 35% interest in the Senegal asset, completed in Aug. 2026.
• Cote Effective Royalty Rate -- 2.14% expected following the completion of the royalty repurchase, down from the previous 7.5% gross margin royalty.

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RISKS

• Adams stated, "Security-related incidents are still occurring in the country, and more broadly, the West African region, which has put pressure and complexity on supply chains," regarding operational risks at Essakane.
• Adams warned that a "$10/bbl move in oil represents about $12/oz on a consolidated cost. Including indirect inflation equating to an approximate $25/oz cost increase above our guidance."
• Lemelin noted that reconciliation model performance for the Westwood sludge material discovery was "subject to significant uncertainty and should not be regarded as a reliable estimate."

SUMMARY

IAMGOLD Corporation (NYSE:IAG) reported a transition to a net cash position in the third quarter while achieving record throughput at its Cote Gold operation. Management stated that the company successfully discontinued external contractor crushing services at Cote, allowing processing costs to decline to targets during Sept. 2026. The company utilized its balance sheet to exercise a repurchase option on half of Franco-Nevada's gross margin royalty at Cote, a move intended to increase the company's share of cash flow from its largest asset. Management indicated that cash repatriated from Essakane continues to fund a multiyear share buyback program, while cash flows from Canadian assets are being reinvested into growth catalysts at Westwood and the Nelligan Mining Complex.

• The Cote plant averaged 37,100 tons per day in Sept. 2026, which COO Lemelin stated "showed what the operation can deliver" as it moved into higher-grade zones.
• CFO Theunissen indicated the company is contemplating the initiation of a dividend in 2027, as Canadian operations now generate sufficient cash to fund domestic growth and royalty repurchases.
• CEO Adams identified the Nelligan Mining Complex as the company's next chapter, with drilling programs expanded to 30,000 meters to support a mid-2027 preliminary economic assessment.
• The company reported the discovery of approximately 14,700 kilograms of gold-bearing sludge at Westwood, which COO Lemelin noted had accumulated over several years in the electrowinning circuit.
• Management noted that fuel prices increased 3.5% in Sept. 2026 and warned that oil price volatility remains a significant factor for consolidated unit costs at Cote and Essakane.

INDUSTRY GLOSSARY

• AISC: All-In Sustaining Cost, a non-GAAP financial metric used in the gold mining industry to represent the total cost of maintaining current production.
• Electrowinning: A process used to recover metals from a solution by passing an electric current through it.
• GMR: Abbreviation for Gross Margin Royalty, a percentage of revenue paid to a royalty holder less specified costs.
• HPGR: High-Pressure Grinding Rolls, a comminution technology that uses high pressure to crush ore.
• Nameplate Capacity: The intended full-load sustained output of a processing plant.
• Saprolite: Soft, clay-rich soil formed from the chemical weathering of rocks in tropical environments.
• Vertimill: A vertical grinding mill used to grind ore into finer particles.

Full Conference Call Transcript

Operator: Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD Third Quarter 26 Operating and Financial Results Conference Call and Webcast. As a reminder, all participants are in a listen-only mode. The conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press *1 on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing *0. At this time, I would like to turn the conference over to Graeme Douglas Jennings, Vice President Business Development and Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings.

Graeme Douglas Jennings: Thank you, operator. Welcome everyone to our conference call this morning. Joining us on the call are Renaud Adams, President and Chief Executive Officer; Marthinus Wilhelmus 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 for IAMGOLD's Toronto office, which is located on 313 Territory. The traditional lands of many nations, including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee, and the Wendat peoples. At our goal, 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 included in the presentation, 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. The third quarter was another safe and steady quarter for IAMGOLD. We produced 187 thousand attributable ounces bringing year-to-date production to 559 thousand ounces. We are on track to meet full year guidance and expect the fourth quarter to be our strongest, led by Côté. A year ago, IAMGOLD carried more than 800 million of net debt. Today, we are in a net cash position with more than 1.6 billion of liquidity.

Over the last 12 months, we have generated $2.4 billion of adjusted EBITDA, And since launching our buyback program last December, we have repurchased over 32 million shares of nearly $600 million Yesterday, we notified Franco Nevada that we are exercising our right to repurchase half of its gross margin royalty on Cote for approximately $525 million IAMGOLD will fund the full amount and keep the full benefit lowering cost to Côté's cash cost, including royalties. By roughly $150 an ounce starting in 2027. Put simply, we are using our balance sheet to retain more than the value. More of the value of our largest longest life Canadian asset.

Operationally, the third quarter was a turning point at Côté. it is first full quarter without contractor crushing. In September, the plant averaged 37 thousand 1 hundred tons per day above nameplate and processing cost fell to $15.36 per ton. September showed what the operation can deliver, and we expect a strong finish to the year. Meanwhile, Essakane remains the engine behind our buyback and Westwood is tracking toward the upper end of its guidance. Looking ahead, every asset has a meaningful catalyst through 2027. It started this quarter with the updated Cote mine plan, which will combine Côté and Gosselin for the first time. Followed by studies across Essakane, Nelligan, and Westwood through 2027.

This is where IAMGOLD stands today. The strong balance sheet, significant capital return to shareholders, and a portfolio of long life Canadian focused assets with real growth ahead. With that, let's get into the quarter. Starting with health and safety, our total recordable injury frequency rate is tracking at 0.57 for the year. With no significant environmental incident reported. Our health and safety and environment teams continue to redefine what responsible mining is today. And I thank them for their commitment to each other and our community. On production, we have produced nearly 559 thousand attributable ounces. Year-to-date, We need about 161 thousand of attributable ounces in the fourth quarter to reach the low end of our consolidated guidance.

Well below what we produced in each of the first 3 quarters of the year. On cost, year-to-date cash costs, including royalties, are $12.51 per ounce. And all in sustaining costs, including royalties, are $18.21 per ounce. We expect both to finish in the upper range of our annual guidance. Both Côté and Essakane carries royalties that are directly linked to the gold price, with our realized gold price year-to-date averaging more than 500 above our $1.9 thousand guidance assumption, royalties have averaged $317 per ounce this year or $45 per ounce above guidance. On input, we saw inflation of about 3% on certain commodity inputs in the first 9 months within our expectation.

Labor rates and retention continue to be a significant priority for IAMGOLD. Particularly in Canada. On energy, as noted here, a $10/bbl move in oil represents about $12/oz on a consolidated cost. Including indirect inflation equating to an approximate $25/oz cost increase above our guidance. With that, I will pass the call over to our CFO to walk us through our financial results. Marthinus?

Marthinus Wilhelmus Theunissen: Thank you, Renaud, and good morning, everyone. Strong operating results and supportive gold price environment again, translated into significant cash flow. Mine site free cash flow was $404.3 million in the quarter. Bringing year-to-date mine site free cash flow to $1.3 billion. Operating cash flow before working capital and taxes for the first 9 months was $1.7 billion Working capital adjustments include $65.3 million of VAT refunds that Essakane received this year.

The operating cash flow funded capital expenditures of $320.3 million $542.6 million of share repurchases, the net repayment of $200 million on our credit facility, $74 million paid to the government of Burkina Faso for its portion of the Essakane dividend and $27 million of withholding taxes on IAMGOLD's portion of the dividend. The net result is an increase in our cash balance of $344.7 million since the start of the year In August, we also completed the sale of our 35% interest in the Bambadji joint venture in Senegal, for $69.7 million. Or $48 million net of taxes and transaction costs As a result, at September 30, IAMGOLD had $766.6 million in cash and cash equivalents.

With our $850 million credit facility undrawn for total liquidity of approximately 1.6 billion Our only remaining debt is the $450 million of senior notes due October 2028. Redeemable at par since October 15, We will continue to evaluate the most efficient use of our balance sheet with respect to the loans. Of our cash at quarter end, $321 million was solid Essakane cash. At Essakane, buildup between distributions and after quarter end, a further $135.8 million was repatriated to Canada. Turning to our financial results, revenues for the third quarter was $856.5 million from sales, of 200 thousand ounces at an average realized gold price of $2.38 thousand per ounce.

Slightly above the market price of $2.3 thousand per ounce for the quarter. Adjusted EBITDA in the third quarter was $503.9 million Adjusted net earnings attributable to equity holders were $232.1 million. Or $0.42 per share compared with $170.9 million. Or $0.30 per share in the prior period. Earnings were primarily adjusted for the gain on sale of the Bambadji assets. Incurred capital expenditures were $109.7 million in the third quarter, $329.4 million year to date. Our full year total capital expenditure guidance of $500 million plus or minus 5% is unchanged. Which implies a step up in spending in the fourth quarter.

Within that total, we have reduced sustaining capital at Cote $130 million on an attributable basis from $160 million due to reprioritization of resources and deferral of less projects of 2027, This is an offset by increases in sustaining capital at Essakane, to $105 million from $65 million due to the change in the mining sequence that resulted in additional capitalized waste stripping. Turning to capital returns. During the third quarter, we repurchased and canceled approximately 7.6 million shares for $134.7 million at an average price of $17.58 per share.

Since the program began in December 2025, we have repurchased 32.1 million shares for $592.6 million, at an average price of $18.47 per share Our current normal course issuer bid runs to December 11, 2026, And subsequent to quarter end, our board authorized the company to seek TSX approval for a new normal course issuer bid for further 12 months. For up to approximately 10% of our outstanding shares. The buyback continues to be funded by cash repatriated from Essakane. In June, Essakane declared a dividend of approximately $500 million from its 2025 earnings. IAMGOLD's portion net of the government share of withholding taxes, is approximately $400 million.

Of this amount, we have received a total of approximately $225 million in June, with the balance expected to be distributed through the rest of 2026 and early 27. As Essakane generates cash in excess of its working capital needs. On the Franco Nevada royalty, as Renaud mentioned, we have delivered an irrevocable notice to repurchase 50% of the Franco Nevada 7.5% gross margin royalty on Cote. Sumitomo did not elect to participate. So IAMGOLD will fund the full price of approximately $525 million from available liquidity and will retain the full economic benefit. Reducing our effective gross margin royalty. From 7.5% to 2.14%. We expect the transaction to close in December with economic effect from January 1, 2027.

This is an important transaction as it allows us a greater share of the cash flow from our largest asset. This fits squarely within our capital allocation framework. Cash flows from a Canadian operations, fund our Canadian growth at Côté, Westwood, and Nelligan, as well as the Franco-Nevada royalty repurchase. Further strengthening of the balance sheet and a possible introduction of a dividend. Which we are contemplating initiating in 2027. Cash from Essakane continues to fund the share buyback. Approach we continue to evaluate for 2027. And with that, I will pass the call to Bruno Lemelin, our Chief Operating Officer to discuss our operating results and outlook. Bruno?

Bruno Lemelin: Thank you, Marthinus. Starting with Côté, Côté produced 92 thousand ounces on a 100% basis in the third quarter or 64.4 thousand attributable ounces. This brings production for the year to 263 thousand ounces on a 100% basis. On the mining side, we moved the quarterly record of 12.4 million tons of total material, This included 3.8 million tons of ore at strip ratio of 2.3:1, Grade mined was 0.93 g/t ton in line with the mine plan as we continue to open up the pit through the pushback. We expect good mining rates in the fourth quarter as the fleet that supported the contractor crusher is back in the pit.

The pioneering on the pushback is mostly complete and 3 new haul trucks come into service. In the plant, we milled 2.9 million tonnes which averaged below nameplate for the quarter due to the extended annual shutdown in August and the planned first quarter running on owner only crushing. By September, the improvement was clear. The plant averaged 37.1 thousand tons per day. Or 1.1 million tons in the month. Above nameplate of 36 thousand tpd. With record crusher and HPGR throughput. Head grades in the quarter averaged 1.1 g/t ton with recoveries of 90%. Recoveries were lower than in prior quarters due to downtime on 1 of our 2 vertical mills early in the quarter.

With both VertiMill both in operation, recoveries have improved. And we continue to optimize grind size through the circuit. Reconciliation of the reserve model through to mill feed and production continues to be excellent. Looking at the fourth quarter, we expect the plan to average nameplate of about 36 thousand tpd with higher grades as mining moves into higher grade zones of the mine plan. With that, we expect Côté to finish at the lower end of its guidance range of 390 thousand to 440 thousand ounces on a 100% basis. Turning to costs, Côté reported third-quarter cash costs excluding royalties of $1.24 thousand per ounce, cash costs of $1.54 thousand per ounce, and all in sustaining cost of $2,056/oz.

In dollar terms, production costs were down 5% from last year as we began to see the benefit of owner only crushing. On a unit basis, mining costs were $4.77 per ton, which remained above target due to contractor support for pioneering work on the pit pushback. Plus, explosives cost and diesel prices. We expect mining costs to decline in the fourth quarter on higher volumes and as pushback related activities wind down. Milling costs were $18.92 per ton for the quarter, down from $20.85 per ton in the second quarter. The best data point is September in which milling averaged $15.36 per ton. Our targets are unchanged.

We plan to exit 2026. at about $4 per ton for mining and about $15 per ton for milling. For the full year, we now expect cash costs excluding royalties at Côté to be above the top end of our guidance range of $950 to $1.05 thousand per ounce. And all in sustaining costs, excluding royalties at the top end of the $1.48 thousand to $1.63 thousand range. We expect fourth quarter costs to be lower with more ounces, more tons and better unit cost. Royalties at Côté were $310 per ounce, in the quarter, or 19% of cash cost.

With the repurchase of half of the Franco Nevada royalty, this will reduce the royalty impact on cash cost by approximately $150/oz per ounce. Now to what comes next for Côté. We remain on track to release the updated Côté mine plan and mineral reserve estimate this quarter, followed by the technical report shortly after. For the first time, this plan will bring Côté and Gosselin together into a single pit and 1 mine plan. With a consolidated pit, we expect the plant to show an increase in reserves and mine life. It will also set out a near term path to take the plant from 36 thousand tpd to 40 thousand tons per day.

This comes from debottlenecking and targeted improvements to the existing plant. The second cone crusher is already in place and work has started on the third vertical. Which we expect to install early in 2027. The remaining elements include improvement to the pebble systems, additional timer dome capacity, and likely additional leach tanks. In parallel, we are considering trade off studies on a larger expansion. Given the size of the combined Côté and Gosselin resource, we see meaningful long term potential and our focus is on determining the right scale and the right path to unlock it. The Phase 2 pushback underway today also gave us more flexibility in the pit as we evaluate those options. Turning to Westwood.

28.5 thousand ounces in the third quarter, and 97.1 thousand ounces year to date. We now expect Westwood to finish at the upper end of its guiding range of 110 thousand to 130 thousand ounces. Underground, we mined 99 thousand tonnes of ore at 8.09 g/t ton, Tons were 10% higher than the prior year period. On favorable stope sequencing and improved mining and grade benefited from sequencing and lower dilute The mill processed 309 thousand tonnes at a blended grade of 3.0 grams per tonne with recoveries of 94%. Most importantly, Westwood generated $59.7 million of mine site free cash flow in the quarter and $218.2 million year to date.

I also want to expand on the gold bearing sludge-type material our mill team identified at the bottom of the pregnant solution tank. During a review of the electro winning circuit. The material is believed to have accumulated over a number of years, it has been recovered and placed in drums with a total combined weight of 14.7 thousand kg. Samples indicated solids content of 19-27% and gold content in the solids of 6-47%. For illustrative purposes only. Using the average of those ranges the material could contain approximately 3 thousand ounces of gold. I want to be very clear. This is not an estimate of a recoverable or payable gold of production or of the financial benefit.

We do not. Do not have a representative sample of the material. The illustration is subject to significant uncertainty and should not be regarded as a reliable estimate. And the actual gold recovered may differ materially. The material will be processed by an external refinery and subject to completion of refining an assay we expect the gold recovery to be reflected in our fourth quarter production results although there can be no assurance as to the quantity or timing. Any gold recovered from this material is not included in our 2026 guidance. Turning to costs, cash costs at Westwood were $1.79 thousand per ounce in the quarter and all in sustaining costs were $2.12 thousand per ounce.

Year to date cash costs are $1.53 thousand per ounce and all in sustaining costs are $1.98 thousand per ounce. Both are within our guidance ranges. Costs per ounce were higher this quarter compared with the first half of the year reflecting fewer ounces sold. And more drilling and stope preparation underground, with underground mining costs of $322/t. Looking ahead, we have invested $12 million of expansion capital so far this year on development into the eastern zone of the mine to support the study of bulk mining options. The updated technical report planned for the second half of 2027 is expected to highlight that potential.

Bulk mining could potentially support higher underground throughput at the lower mining cost replacing the lower grade feed from Tanzan with higher grade feed from underground. We see this as a meaningful opportunity for Westwood and we look forward to advancing that work. Turning to Essakane. The mine produced 94 thousand attributable ounces in the third quarter or 111 thousand ounces on a 100% basis. Year to date, Essakane has produced 278 thousand attributable ounces and we are on track for our guidance of 340 thousand to 380 thousand ounces. Mining totaled 11 million tons, including 3 million tons of ore. The mill processed 3.3 million tons at a head grade of 1.18 g/t ton.

Both mining and milling rates were in line with plan which reflects the continued strong management of our supply chain by the team at Essakane. Most importantly, Essakane continues to generate strong cash flows. Mine site free cash flows was $271.1 million in the quarter and $735 million year to date on a 100% basis. Looking further ahead, we plan to publish an updated technical report for Essakane in mid-2027, which is expected to outline the potential to extend the mine life up to 2035 through additional phases, in the second pit and adjacent periods. Turning to costs, Essakane had a strong quarter. Cash costs excluding royalties were $1.12 thousand per ounce, 21% lower than the prior year period.

Cash costs were $1.6 thousand per ounce and all in sustaining costs were $2,063 per ounce. Mining costs were $5.44 per ton, down from $7.13 per ton a year ago As the saprolite and the transitional material in the Lao pit requires less drilling and blasting. Royalties were $481 per ounce or 30% of cash cost. Our average royalty rate was 11% in the quarter compared with 9% a year ago. On energy, our fuel supply and cost have not been materially impacted by the conflict in The Middle East to date, although fuel prices increased about 3.5% in September and we continue to monitor the risk closely.

For the year, we expect cash cost excluding royalties to be within the guidance range of $1.15 thousand to $1.3 thousand per ounce And all in sustaining costs excluding royalties at the top end of $1.55 thousand to $1.7 thousand range. Finally, on the matter of the government decree, requiring companies to use local refiners in Burkina Faso, As we noted, we have received a temporary exemption from this requirement Meanwhile, we are working closely with the government and related stakeholders to ensure there is no interruption in the refining process. With that, I will pass it back to Renaud.

Renaud Adams: Renaud? Thank you, Bruno. Beyond our 3 operating mines, the Nelligan Mining Complex in Quebec, is where we see the next chapter of IAMGOLD. The complex hosts 4.3 million ounces of indicated and 7.5 million ounces of inferred mineral resources, across a dominant land position of approximately 134 thousand hectares. making it 1 of the largest preproduction gold camps in Canada. This year is about drilling. And we have expanded our programs. From 18 thousand to 30 thousand meters. Focused on upgrading ounces and testing extensions along strike and at depth. At Monster Lake, from 15 thousand to 20 thousand meters, following high-grade hits deeper, and 70 thousand meters across Nelligan, Monster Lake, and Philibert so far this year.

All of the primary deposits are within the 17-kilometer radius which support our vision of a central processing facility fed by multiple ore sources. On October 27th, we released our latest drill results from the complex. And they continue to build our confidence in what we have in the Chibougamau region. What stands out to me is that all 3 primary deposits are moving in the right direction. At Nelligan, mineralization has continued down plunge. With several intersections grading well above the current resource average. Hole NE26-272 is a good example. It intersected 77 meters at 2.23 g/t, well below the current mineralized envelope. At more than twice the average resource grade.

At Monster Lake, we have extended the high grade Megane zone to a depth of 600 meters and the grades are holding. Hole ML25-293 returned 7.7 meters at 24.5 g/t starting 760 meters down the hole. And at Philibert, our first drilling program confirmed the previously defined zones and grades and point to further potential at depth. Given these results, we intend to run a substantially larger drill program at the complex in 2027. We expect to publish a preliminary economic assessment for the complex in mid-2027, Which will bring the larger 2026 drills program into the study and bring this deposit together into 1 development concept for the first time.

We see the potential for the complex to continue to grow well beyond Stepping back, Nelligan, Monster Lake, and Philibert are each 100% owned by IAMGOLD. So our shareholders retain the full benefit of the value we create. With continued success, we see the potential for Nelligan Mining Complex to become 1 of the largest assets in IAMGOLD's portfolio over time. And we are excited about the work ahead. With that, we will progress to questions. I want to congratulate our teams for another quarter of safe and consistent execution. IAMGOLD is on track for our production guidance.

We have generated nearly $1.3 billion of mine site free cash flow so far this year, and we have returned close to $600 million to shareholders through our buyback since December 2025. All while building a net cash position and a strong balance sheet. At the same time, we are investing in our future And through 2027, every 1 of our assets has a clear catalyst which will demonstrate the potential of our portfolio from a position of financial strength. Thank you for your continued support Operator, you can now open the line for questions.

Operator: Thank you. We will now begin the question and answer session. To join the question queue, you may press *1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press *2. We will pause for a moment as callers join the queue. The first question comes from Anita Soni with CIBC World Markets. Please go ahead.

Anita Soni: Good morning, guys. Thanks for taking my questions and congratulations on a solid quarter. Firstly at Cote, it is good to see the reduction in processing costs in September. It looks like you got down to that $15-ish mark that you were targeting. Would that be sustained into Q4 in 2027?

Renaud Adams: Bruno?

Bruno Lemelin: Yes. that is the plan. Actually, the goal for Q4 is to sustain the momentum that we have at operating at nameplate capacity for the whole quarter. So this is the goal, and we believe that with that current production level, it should be, like, in line with that target.

Anita Soni: Okay. And then would that also. That 36 ks tonne per day, is that the goal and the $15 a tonne for 2027? Or are there other shutdowns or maintenance that we should be thinking about?

Bruno Lemelin: No major shutdown till the end of the year. And for 2027, Okay.

Anita Soni: And then on mining costs, I just wanted to go over what you need to do in Q4 and 2027 to drive that closer to the sub-$4/t mark? And is that ultimately what you see as the target still? Or are you still targeting something closer to the mid-$3s on that on mining costs per tonne. So what do you need? I am assuming Essakane pushback in opening up the pit. From what I recall from the mine tour, but now that we have some numbers around it, I just wanted to get a little bit more color on what you need to do to drive those costs down.

Bruno Lemelin: Yes. In Q4, we are going to rely less on rehandling and taking re-feed from the low-grade stockpile. So we are going to try to maximize, most of the ore, some directly to the mill. So you will increase the efficiency of the whole fleet After that also, as we expand the pit, you are going to be able to have better packet definition, larger blasts. less We are also working on fragmentation loading and cycling as well. So we have a very good plan ahead to decrease the cost from where we are right now toward the $4 and even like you know, mid in the mid threes, like, later on. that is our goal.

Anita Soni: Okay. And the last 1 I am going to ask, and I will jump back in queue and let other people ask questions. This 1 is for Marthinus. Can you just walk me through how that royalty would be modeled? I just want to make sure that I have got it correct, but I would just assume the revenue times 2.14% and that would be the royalty portion of your cash cost. Is that correct?

Marthinus Wilhelmus Theunissen: It would be revenue less cash cost, so your gross margin times 2.14% Okay. And then that is for IAMGOLD. If you model IAMGOLD at 70%. The asset on its own yeah, 3.75%. The 30% that we now own from. That was previously owned by Sumitomo is what is reducing our portion at 70% further from 3.75% to 2.14%. Yeah. that is where the complexity comes in.

Anita Soni: I might need a follow-up call. So, yeah, was just trying to figure out exactly how you would report these cash costs versus what the. Like, the effective benefit. So I would be modeling those the gross margin at 3.75% if I model this at a 100% basis, and then and then apply But, anyway, we will we will take it offline. I think I am running myself in circles on this 1.

Marthinus Wilhelmus Theunissen: Okay.

Anita Soni: Thank you.

Operator: Thank you for your question, Anita.

Renaud Adams: Appreciate it.

Anita Soni: Thank you.

Operator: The next question comes from Fahad Tariq with Jefferies. Please go ahead.

Fahad Tariq: Thanks for taking my question. On the Cote royalty buyback, can you just confirm that you are using cash on the balance sheet to fund the $525 million and not adding debt? And then second, just any thought around how you came to the decision on the buyback now? Any internal models on the payback period, IRR, etcetera, would be helpful. Thanks.

Renaud Adams: Good morning.

Marthinus Wilhelmus Theunissen: So for the for the royalty, sorry.

Renaud Adams: I missed part of your question.

Marthinus Wilhelmus Theunissen: But basically for us, we will be using cash from the balance sheet. We are going to continue to use cash as it comes in from Essakane to buy back shares as well. If there is a need, we might have to draw on a credit to facility, but it would be very short term, if we have to do that. The timing for us makes sense now. Because then it is effective on the first of January next year, and it is it is keen for the next year. If you look at the valuation, that Franco Nevada, did on the asset a year and a half ago when they bought the royalty from a third party.

We are buying it at that same valuation effectively. But the gold price environment is a lot higher So that is what is having the impact for us, and the additional 150 thousand. Or $150 per ounce is also a big contributing factor for our decision to do this. So it gives a good return. it is all dependent on gold prices, and I think having the full study later this year will help people understand that better.

Fahad Tariq: Okay. And then on that study, can you just talk about the how are you thinking about how we should be thinking about the reserve price assumption? And then also just to confirm, will that study only show the 40 thousand tpd base case, or is there, like, some sort of an upside case that will also show higher expansion?

Renaud Adams: No. The. it is Renaud here. So to make it no. So the study is-- it is somewhat a bit of an update kind of the new base case of 2022 where the asset was moving from 36 towards 42 with additional equipment that are currently being installed. So it is gonna highlight the full resource potential that we have discussed, Côté-Gosselin, which will be turned into the reserve. We are gonna use $2.1 thousand/oz for the reserve price for the study.

And, and it does not highlight beyond but would highlight a production profile that gave us the time as to rethink and execute on time should we decide down the road to have an extensions without losing the production profile. That is the objective.

Fahad Tariq: And on the reserve price?

Renaud Adams: it is $2.1 thousand/oz. Great.

Fahad Tariq: Thank you.

Renaud Adams: Thank you.

Marthinus Wilhelmus Theunissen: Thank you.

Operator: The next question comes from Mohamed Sidibe with National Bank Financial. Please go ahead.

Mohamed Sidibe: Good morning, Renaud and team. Thanks for taking my questions. Just wanted to ask a question on the Burkina refining order and that November 1st requirement. I think you noted that you do have a temporary exemption. On that requirement. First, how long does that last? And secondly, is this requirement impacted in any way, shape, or form? The cash repatriation or settlement timing that you currently have and the benefit that you have of basically taking cash out of Essakane.

Renaud Adams: Yeah. So let's-- here that there is kind of a. Nothing really new here. I mean, this refinery the government announced, like, it more than a year ago, the construction of a refinery with the view to give them a chance as well to refine in house from the small scales up to the commercial. There is quite a bit of a ramp up and so forth. So there is no date on the exemption, so business as usual for the time being.

And the eventually down the road, they would be they would be discussions with the refiner, and I our view in this is when everything and everyone is ready and there could be a potential for us to refine in-country a portion of our gold. But there is quite a bit of work to be done before we get there. In terms of any change or things like that, you know, in the process. So, Marthinus, if you want to add anything, but for the execution per se, there is nothing.

Marthinus Wilhelmus Theunissen: Good morning, Mohamed. So the real risk of the impact here is really working capital and if it delays the gold sales process. But there is very good alignment with the government in these discussions. Because once the gold gets exported, that is when it triggers the royalty payment to the government as well. So everybody wants to, of course, make sure that we can convert the gold into cash as quickly as we can and that would then allow us to not have that working capital impact. If it is a bit slower, there would be some working capital, but it does not affect our ability to repatriate cash. It may just slow it down slightly.

Mohamed Sidibe: Great. Thanks a lot for that color. And then for my second question, just on the Westwood sludge, I know that in the MD&A, there is a potential mention of the gold coming in or landing in Q4. But could you maybe give us a little bit more color on the refining the asset timelines and how you are working through this? Thank you.

Marthinus Wilhelmus Theunissen: Marthinus? So the material is being shipped in batches to the external refiner and processing as just started this week. So we expect over the course of November and first half of December to finish that process so that we should at least pass the assays. Because we are doing batches, we will be able to then convert it into sales as well. So when we get to the end of the year, we should have a good understanding.

Mohamed Sidibe: Great. Thanks for taking my questions, and congrats on a good quarter.

Renaud Adams: Thank you.

Marthinus Wilhelmus Theunissen: Thank you.

Renaud Adams: Thank you.

Operator: The next question comes from Harrison Reynolds with RBC Capital Markets. Please go ahead.

Harrison Reynolds: Hi. Good morning. IAMGOLD team and congratulations on the good quarter and I appreciate all the detail provided so far. I wanted to follow-up on the sludge there. Do you have any indication early days still, but on the payabilities you might receive on the gold? Also, is there an opportunity to recover this material from the circuit on a go forward basis?

Bruno Lemelin: Bruno, you wanna give some color to that? Yeah. So in terms of moving forward, we have modified our standard operating procedures. so this type of event does not occur again and all future topside that could evade, like, the winning cell would be captured and taking into account that in every month. So it is it is mostly the process has been improved with the team that investigated the area, were able to measure areas as to how we could improve the system. So yes, the answer is yes. it is it is going to be managed on a monthly basis, but no.

The most important thing I think here is that to know that we do not feel that there is been loss of gold over those years. I think for those of you that knows the installation, so while the processing facilities recovered at very high rate and function extremely well, but it is not necessarily the most modern. So that there is always a golden circuit that you expect to recover, of course, at the end of the facilities. But in this specific case, they were gold being accumulated in 1 specific area that we have not noticed before. This is done now. And moving forward, you should not expect any adjustment Got it.

Harrison Reynolds: Thank you. And on the payabilities of that material, like what are your early discussions with the refiner like as it relates to how much you might get paid for the gold?

Marthinus Wilhelmus Theunissen: So it is commercially sensitive information. So I cannot give you the exact rate. But it is the same as when companies would send carbon fines or material involved in tolling services. it is the same that you would get normally on those prices. Mid to high mid to very high 90%.

Harrison Reynolds: Yeah. Got it. Thank you. And just 1 last 1. Good to see the metrics reached at Cotin in September. And appreciate the detail you gave so far. But anything you can provide on how operations trended in October? Were you able to be near nameplate throughput and how costs were tracking on a month to month basis?

Renaud Adams: We do not have visibility yet on the cost of October because. But operationally speaking, I could say that our trends continue. We are very, very pleased to how since September it is been operating. And the tendency and the and the written, you know, has continued in October.

Harrison Reynolds: Got it. Thank you so much taking my questions and congrats on the quarter again.

Renaud Adams: Thank you.

Operator: Thank you. Please press *1. The next question comes from Delvin Jeeb with Scotiabank. Please go ahead.

Delvin Jeeb: Hello, everybody. Good morning, and congrats on the strong quarter. Thank you for taking my questions. So first will be on Q4. Based on your guidance and year-to-date, it looks like this in Q4 will be a bit stronger on production? And do you have any directional color on the unit cost if you refer to the full-year basis to date.

Renaud Adams: The nations that we, you know, we say we remain very, very confident to hit. So by definition, there has to be a strong quarter. And we are very confident that the team can pull We have achieved $15.36 in mailing costs in September, and we think that we could achieve towards the 15 million for the full quarter. This is the objective. We still have, as Bruno has mentioned earlier, mentioned that our mining cost remains a little higher, but we feel strong that while we may not totally achieve our objective, but we think you will see an improvement in the Q4 on the mining cost. And enter 2027 well-positioned to achieve that.

So that is what I could say so far for Cote. We definitely need a strong quarter to meet. We are fully aware of it. But as we mentioned on the throughput and so forth, so it is going well.

Delvin Jeeb: Right. Right. Absolutely. Thank you. And turning on to 2027, what kind of inflation assumptions shall we like assume and what kind of inflation have you seen like the amount of cost 2027 over 26.

Marthinus Wilhelmus Theunissen: Yeah. Yeah. Good morning, Dalvin. We are going through the budget process. If we look at the impact of inflation based on the current inputs not in the impact of drivers, We are seeing 3%, maybe 4% depending on the operation. So between that. In that range of 3 to 4%, would be the inflation assumption for next year. Excluding the impact of diesel. Diesel has an impact mainly at Côté and Essakane. They are about 12% of the total operating cost is for diesel and energy, so it does not have a significant impact. But it does have an impact, and we continue to look at, putting in additional gold hedges. At Cote.

Burkina Faso, the price is less predictable, but it also does not change that often because of the way that it is purchased in Burkina. So that is kind of our main assumptions that we are seeing thus far.

Delvin Jeeb: Mhmm. Right. Absolutely. Yeah. Turning to the Nelligan, the PEA coming next year. So do you have a cutoff grade a cutoff date for the drilling? And will you be incorporating, like, combined economics of Nelligan and Monster Lake and Philibert Yeah.

Bruno Lemelin: The PEA is going to give us a preliminary idea of the kind Of Nature Of Nelligan, the plan will have to look at if we can combine Monster Lake as an underground operation, the Nelligan pit, and also Philibert Altogether and see how long of a life we have and kind of a cost structure that we can have in the area. We are we are working also on the general arrangement plan to locate infrastructures and how big they are going to be and a preliminary cost of all those, items. So. Yeah. Mid 27, we will have a pretty first glance of what Nelligan could look like.

Delvin Jeeb: Right. I see. Thank you. And for the cutoff grade, can we start-- the cutoff date for the drilling would be end of the year or early next year? Sorry, could you repeat that 1? Just for the PEA, the cutoff date for the drilling where you, like, cannot update your economics and resources?

Bruno Lemelin: Yeah at year end. Correct.

Delvin Jeeb: Okay. Right. Mhmm.

Renaud Adams: And you would understand that every other aspect has advanced extremely. The most important was ready to complete as much as possible. The and we confirm, you know, from the. What we had acquired back in 2025 to incorporate it. But, of course, when it comes to overall cost and capital and so forth and infrastructure, we have advanced enormously. And as we complete the drilling, do the cutoff and complete the resource, we will just incorporate the work and be on time for mid 27.

Delvin Jeeb: Right. I see. that is all for me. Thank you.

Operator: Thank you. The next question comes from Regina Gil with Freedom Broker. Please go ahead.

Regina Gil: Good morning, everyone. Thanks for taking my questions. So with 2026 sustaining capital of Essakane increased from $65 million to $105 million. Should we expect stripping expenditures to remain at similar levels in 2027?

Marthinus Wilhelmus Theunissen: Marthinus? Good morning, Regina. So we are working through our budgeting process, and we are looking at that. But for Essakane for next year, we will be spending additional capital to, advance the Block 3 and mine life extension. So the capital would be slightly higher but we are just working through those numbers as part of our planning process at this point.

Regina Gil: Thank you. And at Westwood's underground mining costs increased to $322 per ton in Q3, partly due to additional stop preparation. So as underground development progresses, should we expect these costs to normalize in the next year?

Renaud Adams: On the underground on the underground side, you refer obviously to Westwood. I think and we have discussed that 1 largely. Like, if you look at 2026, 2027, 2028, they should be somewhat, you know, pretty similar years. As we continue to work on the eastern and incorporation of the Eastern Corridor. While they will never be perfectly copy paste, but you should expect 2027 to be somewhat in the range of 2026. I yeah. And the. All guide for 2027, of course, will come early in 2027. For the plan of 2027. And with the plan for Côté, of course, would highlight somewhat a little more than a 1 year.

Regina Gil: Thank you.

Operator: And the next question is a follow-up from Anita Soni with CIBC World Markets. Please go ahead.

Anita Soni: Hi. Just a couple more questions. Firstly, can I go back to the Cote Gosselin study? Are you still targeting around 70-75% conversion of the 20 million ounces that you have in global mineral inventory at this point?

Renaud Adams: Well, we have received we have delete. Not really, but we released our resource update, which has highlighted 20 the 20 million. And, of course, you have to go through some sort of the depletions of the year. So if you do all the math, yes, we continue to be very confident that could convert that to 70%+. Yep.

Anita Soni: And then now that you are, you know, I guess, I mean, like, if I am trying to anticipate how to model Gosselin within the profile would it be fair to say that it goes near the end of the mine life if you are going to try to sequence the tailings dam into an empty Cote pit. I am just trying to get an understanding of that in light of these you know, in light of the royalty. Right? I think part of the economics of that Yeah. Buyback of the royalty is that you are buying it ahead of the Gosselin. Update.

Renaud Adams: So the sequence that favors the 40 thousand ton per day scenario is more sequential more linear. So we focus more. Much more on Cote for the beginning of the life of mine and subsequently the Gosselin comes last. And we are actually at the. Yeah. Yeah. So which would create some opportunities, of course. Again, this is the new. This is a kind of an updated, what we call, like, really new base case. And we highlight it a pretty interesting productions profile for the next year to come. But, eventually, down the road, we maintain the door open, of course, to eventually go towards an expansion, but this is not for this time around.

Anita Soni: Yeah. I was just trying to figure out a way to you know, quickly model this because I am currently just using the Cote and then have some in situ value for Gosselin. But to try to show the good. The economics on that royalty buyback, I would have to start to model. Gosselin ahead of your update. Okay. And then just on the Burkina, the requirement to refine in country, how long does that exemption last? And, you know, how do you see these I mean, these days, but what kind of things should we be thinking about if you do have to refine in country in terms of the cost and the cost impact?

Renaud Adams: In terms of exemption, there is no date. I mean, the literally just inaugurated the refinery. And as I mentioned, there is also all the scale, the small scales mining as well. We will see. There is no date on the extension, so we continue. As a matter of fact, I think we were, like, shipping this week and so forth. And as business as usual. In terms of cost per se, as mentioned, I Martin has mentioned, it is not so much about cost, but more than making sure we do not create further delays. Okay.

Anita Soni: Great. Thank you. that is it for my questions.

Renaud Adams: Thank you.

Marthinus Wilhelmus Theunissen: Thank you.

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 Douglas Jennings: Thank you very much, operator, and thanks to everyone for joining us this morning. As always, should you have any additional questions, please reach out to Renaud and myself. Thank you all. Be safe. Have a great day.

Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

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