IAMGOLD Provides Update on Cote Gold Mine Operations Ahead of Mine Tour

IAMGOLD Corporation (IMG) released a non-earnings, pre-results operational update for its 70%-owned Côté Gold Mine in Ontario at 16:46 on 2026-10-21, ahead of an analyst and institutional mine tour scheduled for 2026-10-22. The company’s full Q3 2026 results are set to follow on 2026-11-05, with a conference call on 2026-11-06.

During the third quarter of 2026, Côté produced 64,400 oz attributable (70%) / 92,000 oz on a 100% basis. Year-to-date attributable production stands at 184,000 oz (262,900 oz on a 100% basis). For the full year, Côté attributable 2026 production is expected to be at the lower end of the guidance range of 270,000 to 310,000 ounces (390,000 to 440,000 ounces | 100%). The range itself is not formally cut, but production is pinned to the bottom. Q4 is expected to be higher, driven by higher grades from mine sequencing and increased processing rates.

Mining operations achieved a quarterly record of 12.4 Mt of material mined, including a single-day ex-pit record of 225,000 t on August 10. Ore mined totaled 3,797 kt at 0.93 g/t, with a strip ratio of 2.3:1, which the company stated reflects higher capital stripping as the pit pushback advanced.

Processing operations milled 2,879 kt at a head grade of 1.10 g/t, achieving a recovery of 90%. This recovery rate is down from 93% in Q1 and Q2 due to downtime on one of two Vertimills early in the quarter. September averaged a record 37,100 tpd versus the 36,000 tpd nameplate capacity.

The quarter included an extended annual shutdown in August and the first full quarter with owner-only crushing after contractor crushing ceased at the end of June 2026. Work has begun on a third Vertimill, targeted for installation in early 2027.

Forward catalysts include an updated Côté mine plan and Mineral Reserve estimate in Q4 2026, followed by a Technical Report, which is expected to show significant expansion of Mineral Reserves and life of mine. Additionally, the company outlined a near-term debottlenecking path to approximately 40,000 tpd and a separate study of a larger-scale expansion.

The release provided no cost figures, including cash cost, AISC, processing $/t, or mining $/t. It also contained no Westwood or Essakane operating data, no consolidated guidance restatement, and no balance-sheet or buyback update. The release is narrow by design, serving as a tour-marketing document carrying preliminary Côté data.

IAMGold Corporation (IMG) reported Côté’s third-quarter 2026 attributable output of 64,400 oz, a 4.3% decline from the 67,300 oz produced in the previous quarter and a 14.1% drop compared to the 75,000 oz (106,000 oz on a 100% basis) recorded in Q3 2025. The company framed its full-year Côté production guidance at the low end of the 270,000–310,000 oz range, while mill recovery rates fell to 90%, down from 93% in each of the prior two quarters.

Operational metrics included record material mined and a record September throughput of 37,100 tpd, exceeding the 36,000 tpd nameplate capacity. Contractor crushing has been fully phased out, and the third Vertimill is progressing. These factors represent cost-neutral to favorable operating statistics, though they lack quantified financial translation. The mine plan and reserve update, scheduled for Q4 2026, was previously flagged in disclosures from January, February, and August 2026.

Market pricing reflected these expectations prior to the release. Shares peaked at $30.61 on August 25, 2026, following the Q2 print, before making descending highs of $29.44 on September 22 and $26.85 on October 9. The results were released after the close on October 21, meaning no immediate market reaction is captured in the data.

Arithmetic analysis suggests tension in the guidance. To reach the low end of Côté’s stated guidance of 270,000 oz attributable, the fourth quarter must deliver 86,000 attributable ounces, or 122,900 oz on a 100% basis, following 184,000 oz year-to-date. This would constitute a record quarter, surpassing the Q3 2025 attributable output of 75,000 oz and the Q4 2025 record of 87,200 oz attributable. At September’s record run-rate of 37,100 tpd, with 92% recovery and 1.10 g/t grade, Q4 production would be approximately 111,000 oz (100%) or roughly 78,000 oz attributable. This leaves a gap of about 8,000 attributable ounces from the low end.

Achieving the bottom of the guidance range requires sustaining 36,000–41,000 tpd for the full 92-day quarter, depending on grade and recovery. This necessitates operating at or above nameplate capacity for three consecutive months with no further unplanned downtime, alongside higher grades as promised. The demanding setup leaves the low end of Côté guidance at risk of a formal trim at the November 5 results.

IAMGOLD Corporation (TSX: IMG, NYSE: IAG) is an intermediate gold producer and developer headquartered in Toronto, employing approximately 3,800 people. The company’s operations include Côté Gold in Ontario, Canada, which is 70% owned by IAMGOLD and 30% by Sumitomo Metal Mining, with operations managed by IAMGOLD. Described as among the largest gold mines in production in Canada, the site features a 36,000 tpd nameplate plant, achieved a September record of 37,100 tpd, and has a stated debottlenecking path to approximately 40,000 tpd plus an evaluated larger-scale expansion.

In Quebec, Canada, the company holds 100% ownership of the Westwood project, comprising underground operations and the Grand Duc open pit. The site reported 2025 attributable production of 113,900 oz, with 2026 guidance set between 110,000 and 130,000 oz. In Burkina Faso, IAMGOLD owns 85% of the Essakane mine, described as the sixth-largest gold mine in West Africa. The site reported 2025 attributable production of 372,100 oz, with 2026 guidance between 340,000 and 380,000 oz. The mine life extends to 2029, with a life-extension study targeting 2035 due in the first half of 2027.

The Nelligan Mining Complex in the Chibougamau–Chapais region of Quebec is 100% owned and was assembled via the December 2025 Northern Superior acquisition, which included Orbec for a total consideration of approximately $343 million, and the Orbec acquisition. The complex covers approximately 134,000 hectares and holds consolidated Indicated resources of 4.3 moz and Inferred resources of 7.5 moz, based on prior-period context. An inaugural technical report is due in the first half of 2027, with a preliminary central-processing-facility concept targeting 300,000 to 400,000 oz per year.

Other assets include Monster Lake and legacy non-core holdings. In August 2026, the company sold its 35% interest in the Bambadji joint venture in Senegal to Fortuna Mining for approximately $70 million in cash, retaining a proportionate share of a 0.5% net smelter return (NSR) capped on the first 1.75 moz.