Northwire Canada EditionFriday, November 6, 2026
Sign inSubscribe
Northwire
⌕
Gold 4,113.50 +1.0% Silver 52.38 +0.2% Copper 6.21 −3.4% Oil 90.52 +2.7% Palladium 1,034.00 +3.1% GRZ 5.25 −8.7% TNGD 5.20 +2.0% IMG 24.46 −0.1% III 6.05 −2.6% SCMI 0.900 −5.3% TSK 0.810 −1.2% MEK 0.040 +0.0% GAU 2.99 +2.0% SVM 11.69 −3.5% NGEX 20.70 −4.6% WPM 185.96 +1.2% ETG 2.58 −7.9% CG 29.87 −0.2% EMO 0.190 −2.6% TUF 0.660 −5.7% APMI 0.095 −13.6% Gold 4,113.50 +1.0% Silver 52.38 +0.2% Copper 6.21 −3.4% Oil 90.52 +2.7% Palladium 1,034.00 +3.1% GRZ 5.25 −8.7% TNGD 5.20 +2.0% IMG 24.46 −0.1% III 6.05 −2.6% SCMI 0.900 −5.3% TSK 0.810 −1.2% MEK 0.040 +0.0% GAU 2.99 +2.0% SVM 11.69 −3.5% NGEX 20.70 −4.6% WPM 185.96 +1.2% ETG 2.58 −7.9% CG 29.87 −0.2% EMO 0.190 −2.6% TUF 0.660 −5.7% APMI 0.095 −13.6%

← Back to our analysis

Original News Release Material −

IAMGOLD Reports Third Quarter 2026 Results

IAMGold Corporation Nov 05, 2026 · 17:16 IMG As distributed — unedited
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Toronto, Ontario--(Newsfile Corp. - November 5, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the third quarter ended September 30, 2026. "IAMGOLD delivered another quarter of strong performance, operating safely across our sites and producing 186,900 attributable ounces. We remain on track to achieve our full-year guidance of 720,000 to 820,000 ounces," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "The Company generated $404 million in mine-site free cash flow, our net cash position increased resulting in available liquidity of $1.6 billion. We returned a further $135 million to shareholders through our share buyback, bringing total repurchases to nearly $600 million since the program began last December. Westwood is tracking toward the upper end of its production guidance, with higher-grade underground ore driving robust mine-site free cash flow year to date. Essakane remained a significant cash flow contributor, supporting our shareholder returns. At Côté, the operation completed its first full quarter without contractor crushing and operated above nameplate capacity in September, positioning the mine to deliver its strongest quarter of the year in the fourth quarter." "Looking ahead, we expect to deliver several key milestones over the coming quarters. The updated Côté mine plan, expected later this year, will be the first in a series of studies across our portfolio through 2027. These include an extended mine life at Essakane, a preliminary economic assessment for the Nelligan Mining Complex and Westwood's underground expansion potential. The upcoming repurchase of half of Franco-Nevada's royalty on Côté will further increase our exposure to one of Canada's largest gold mines. With a strong balance sheet, a clear growth pipeline and long-life Canadian assets, we are building IAMGOLD into a leading, modern, Canadian-focused gold producer." HIGHLIGHTS: Operating and Financial Attributable gold production was 186,900 ounces in the third quarter and 558,600 ounces year-to-date ("YTD"), with the Company on track to achieve its 2026 production guidance of 720,000 to 820,000 ounces. Côté produced 64,400 attributable ounces (92,000 ounces | 100%) in the third quarter and 184,000 attributable ounces YTD (262,900 ounces | 100%). Production at Côté is expected to be higher in the fourth quarter of the year due to higher grades from mine sequencing and increased processing rates; Westwood produced 28,500 ounces in the third quarter and 97,100 ounces YTD. During the quarter, the mill team identified gold-bearing sludge type material that had accumulated at the bottom of the pregnant solution tank in the electrowinning circuit. For further details, refer to the "Westwood" section below; Essakane produced 94,000 attributable ounces (110,500 ounces | 100%) in the third quarter and 277,500 attributable ounces (326,400 ounces | 100%) YTD. Revenues in the third quarter totaled $856.5 million from sales of 199,900 ounces at an average realized gold price1 of $4,277 per ounce and $2,743.5 million YTD from sales of 606,500 ounces at an average realized gold price of $4,514 per ounce. Cost of sales per ounce sold was $1,622 ($1,630 YTD), cash cost1 per ounce sold, excluding royalties was $1,266 ($1,251 YTD), cash cost1 per ounce sold, including royalties was $1,614 ($1,621 YTD). All-in sustaining cost1 ("AISC")1 per ounce sold, excluding royalties, was $1,836 ($1,821 YTD) and AISC1 per ounce sold, including royalties was $2,184 ($2,191 YTD). Net earnings and adjusted net earnings attributable to equity holders1 for the third quarter was $297.0 million ($907.2 million YTD) and $237.0 million ($869.7 million YTD), respectively. Net earnings and adjusted net earnings per share attributable to equity holders1 for the third quarter of $0.52 ($1.57 YTD) and $0.42 ($1.50 YTD), respectively. Net cash from operating activities was $461.1 million for the third quarter ($1,476.1 million YTD). Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $422.9 million for the third quarter ($1,495.3 million YTD). Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 was $584.4 million for the third quarter ($1,736.7 million YTD), and adjusted EBITDA1 was $503.9 million ($1,677.5 million YTD). Mine-site free cash flow1 was $404.3 million during the third quarter ($1,297.8 million YTD). The Company has available liquidity1 of $1,613.4 million as at September 30, 2026. Cash and cash equivalents was $766.6 million and the available balance of the revolving credit facility ("Credit Facility") was $845.8 million. Net cash, excluding leases and letters of credit1, was $317.6 million. In health and safety, for the quarter ended September 30, 2026, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.58 and is tracking at 0.57 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 The Company purchased $134.7 million IAMGOLD shares (7.6 million shares) as part of the share buyback program during the quarter. The Company has purchased 32.1 million shares for $592.6 million since the inception of the program in December 2025. Subject to applicable TSX approval, the Company intends to continue to use cash flow from Essakane to repurchase shares under a share buyback program as cash is generated and repatriated from Essakane. Total cash repatriated from Essakane in the third quarter was $87.8 million, and $497.6 million YTD. An additional $135.8 million was repatriated subsequent to quarter end. The cash was repatriated from the dividend declared in 2026 of approximately $500 million from Essakane's 2025 profits. The Company's portion, net of the Government of Burkina Faso portion and withholding taxes, is approximately $400 million, of which $223.6 million has been received to date. 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 August 10, 2026, the Company announced it has completed the divestiture of its 35% interest in the Bambadji Joint Venture in Senegal, generating $69.7 million in cash proceeds, before taxes and transaction costs of $21.7 million, for net proceeds of $48.0 million, monetizing a non-core exploration asset and further strengthening focus on IAMGOLD's operating and development portfolio. On November 5, 2026, the Company delivered to Franco Nevada ("FNV") an irrevocable notice exercising its contractual right to repurchase 50% of FNV's existing 7.5% Gross Margin Royalty ("GMR") over the Côté Gold Mine. Upon completion of the repurchase, the GMR payable by the UJV to FNV will be reduced from 7.5% to 3.75%. Sumitomo Metals Mining Co., Ltd ("SMM"), through SMM Gold Cote Inc. ("SMMGC") elected not to participate in the repurchase. Accordingly, IAMGOLD will fund the full repurchase price, estimated to be approximately $525 million and will retain the full economic benefit of the 50% GMR repurchase, pursuant to the arrangements between the Company, SMM and SMMGC. After giving effect to the 50% repurchase of the FNV GMR and the related arrangements between IAMGOLD, SMM and SMMGC, IAMGOLD's GMR burden in respect of its 70% interest in the Coté Gold Mine is expected to reduce from 7.5% to 3.75% following the exercise of its option and reduce further to an effective GMR of 2.14% due to IAMGOLD exercising SMM's 30% portion as well. The transaction is expected to close in December 2026, with economic effect from January 1, 2027. On August 6, 2026, the Company announced that Ms. Catherine McLeod-Seltzer has been appointed to the Company's Board of Directors effective September 1, 2026. Ms. McLeod-Seltzer, who was inducted into the Canadian Mining Hall of Fame in 2026, brings more than four decades of mining industry experience as both a senior executive and public-company director. QUARTERLY REVIEW For more details and the Company's overall outlook for 2026, see "Outlook", and for individual mines performance, see "Operations". The following table summarizes certain operating and financial results for the three months ended September 30, 2026 (Q3 2026), September 30, 2025 (Q3 2025) and the nine months ended September 30 (YTD) 2026 and 2025, and certain measures of the Company's financial position as at December 31, 2025. Q3 2026 Q3 2025 YTD 2026 YTD 2025 Key Operating Statistics ($ millions) Gold production - attributable (000s oz) 186.9 189.5 558.6 523.5 - Côté Gold1 64.4 74.6 184.0 192.7 - Westwood 28.5 22.7 97.1 76.0 - Essakane2 94.0 92.2 277.5 254.8 Gold sales - attributable (000s oz) 183.1 186.7 557.0 524.8 - Côté Gold1 59.2 75.9 181.2 195.9 - Westwood 28.3 20.7 95.0 76.5 - Essakane2 95.6 90.1 280.8 252.4 Cost of sales3 ($/oz sold) $ 1,622 $ 1,593 $ 1,630 $ 1,542 - Côté Gold1 $ 1,551 $ 1,323 $ 1,604 $ 1,272 - Westwood $ 1,817 $ 1,937 $ 1,552 $ 1,664 - Essakane2 $ 1,608 $ 1,740 $ 1,674 $ 1,714 Cash costs4 - excluding royalties ($/oz sold) $ 1,266 $ 1,338 $ 1,251 $ 1,321 - Côté Gold1 $ 1,243 $ 1,084 $ 1,283 $ 1,051 - Westwood $ 1,794 $ 1,924 $ 1,529 $ 1,648 - Essakane2 $ 1,122 $ 1,419 $ 1,136 $ 1,430 Cash costs4 ($/oz sold) $ 1,614 $ 1,588 $ 1,621 $ 1,537 - Côté Gold1 $ 1,544 $ 1,320 $ 1,597 $ 1,269 - Westwood $ 1,794 $ 1,924 $ 1,529 $ 1,648 - Essakane2 $ 1,603 $ 1,737 $ 1,667 $ 1,711 AISC4 - excluding royalties ($/oz sold) $ 1,836 $ 1,706 $ 1,821 $ 1,753 - Côté Gold1 $ 1,755 $ 1,358 $ 1,768 $ 1,395 - Westwood $ 2,118 $ 2,793 $ 1,980 $ 2,310 - Essakane2 $ 1,582 $ 1,596 $ 1,595 $ 1,704 AISC4 ($/oz sold) $ 2,184 $ 1,956 $ 2,191 $ 1,969 - Côté Gold1 $ 2,056 $ 1,594 $ 2,082 $ 1,613 - Westwood $ 2,118 $ 2,793 $ 1,980 $ 2,310 - Essakane2 $ 2,063 $ 1,914 $ 2,126 $ 1,985 Average realized gold price ($/oz) $ 4,277 $ 3,492 $ 4,514 $ 3,153   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% thereafter 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. Q3 2026 Q3 2025 YTD 2026 YTD 2025 Financial Results ($ millions) Revenues $ 856.5 $ 706.7 $ 2,743.5 $ 1,764.7 Gross profit $ 406.0 $ 272.6 $ 1,391.8 $ 612.6 EBITDA1 $ 584.4 $ 338.4 $ 1,736.7 $ 817.4 Adjusted EBITDA1 $ 503.9 $ 359.5 $ 1,677.5 $ 840.4 Net earnings attributable to equity holders $ 297.0 $ 139.4 $ 907.2 $ 257.8 Adjusted net earnings attributable to equity holders1 $ 237.0 $ 170.9 $ 869.7 $ 303.4 Net earnings per share attributable to equity holders $ 0.52 $ 0.24 $ 1.57 $ 0.45 Adjusted net earnings per share attributable to equity holders1 $ 0.42 $ 0.30 $ 1.50 $ 0.53 Net cash from operating activities before changes in working capital1 $ 422.9 $ 280.6 $ 1,495.3 $ 512.8 Net cash from operating activities $ 461.1 $ 280.8 $ 1,476.1 $ 440.9 Basic weighted average number of common shares outstanding (in millions) $ 570.4 $ 575.2 $ 578.6 $ 574.3 Mine-site free cash flow1 $ 404.3 $ 292.3 $ 1,297.8 $ 572.4 Capital expenditures1 - sustaining $ 86.3 $ 59.9 $ 271.2 $ 200.0 Capital expenditures1 - expansion $ 23.4 $ 10.4 $ 58.2 $ 24.6   September 30 December 31 2026 2025 Financial Position ($ millions) Cash and cash equivalents $ 766.6 $ 421.9 Long-term debt $ 449.2 $ 649.8 Net cash (debt) excluding lease liabilities and letters of credit $ 317.6 $ (228.1 ) Net cash (debt)1 $ 213.9 $ (344.4 ) Available Credit Facility $ 845.8 $ 445.7   Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures. OUTLOOK Production (000 oz) YTD 2026 Full Year  Guidance 2026 Côté Gold - (70%) 184.0 270 - 310 Westwood - (100%) 97.1 110 - 130 Essakane - (85%) 277.5 340 - 380 Total attributable production (000s oz) 558.6 720 - 820   Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces. Production at Côté is expected to be highest in the fourth quarter, driven by increased processing rates and grades as recent operational improvements continue to be realized and the mine enters higher grade zones. The 2026 production outlook excludes any potential production from the gold-bearing sludge material discovered in the electrowinning pregnant solution tank at Westwood. For further details, refer to the "Operations" section of each mine below. Costs YTD 2026 Full Year  Guidance3 2026 Côté Gold Cash costs - excluding royalties ($/oz sold) $1,283 $900 - $1,050 Cash costs - including royalties3 ($/oz sold) $1,597 $1,200 - $1,350 AISC - excluding royalties3 ($/oz sold) $1,768 $1,475 - $1,625 AISC - including royalties3 ($/oz sold) $2,082 $1,775 - $1,925 Westwood Cash costs ($/oz sold) $1,529 $1,500 - $1,650 AISC ($/oz sold) $1,980 $1,950 - $2,100 Essakane Cash costs - excluding royalties ($/oz sold) $1,136 $1,150 - $1,300 Cash costs - including royalties3 ($/oz sold) $1,667 $1,600 - $1,750 AISC - excluding royalties3 ($/oz sold) $1,595 $1,550 - $1,700 AISC - including royalties3 ($/oz sold) $2,126 $2,000 - $2,150 Consolidated Cost of sales1 ($/oz sold) $1,630 $1,425 - $1,575 Cash costs1,2 - excluding royalties ($/oz sold) $1,251 $1,100 - $1,250 Cash costs1,2 - including royalties3 ($/oz sold) $1,621 $1,425 - $1,575 AISC1,2 - excluding royalties3 ($/oz sold) $1,821 $1,675 - $1,825 AISC1,2 - including royalties3 ($/oz sold) $2,191 $2,000 - $2,150   Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures". Guidance for cash costs and AISC, including royalties, assumes a $4,000 per ounce gold price in the estimate of royalties per ounce. Cash costs on a consolidated basis, excluding royalties, are expected to be in the upper half of the range of $1,100 to $1,250 per ounce sold. Cash costs are expected to be lowest in the fourth quarter of the year, reflecting the expected increase in Côté Gold's production. AISC on a consolidated basis, excluding royalties, is 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 $370 per ounce year-to-date, $45 per ounce higher than guidance, as the average realized price of gold sold YTD was $4,514, or $514 per ounce above the gold price assumption used in guidance estimates. As a result, the Company expects to exceed the upper end of the AISC guidance range when including the impact of higher royalties. Royalty Sensitivities $ per ounce sold Gold Price Consolidated Côté Gold Essakane $3,500 $270 $245 $350 $4,000 (guidance price) $325 $300 $450 $4,500 $390 $340 $540 $5,000 $440 $385 $600   The realized gold price in the first nine months of the year averaged $4,514 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 $12 per ounce, exclusive of broader indirect inflationary pressures on input costs and the supply chain. During the first nine months of 2026, price escalation of approximately 3% has been observed across certain commodity inputs, which remained within the Company's inflation expectations. The Company continuously evaluates key commodity indices and forward supplier pricing guidance to proactively identify areas of potential cost inflation to inform any price mitigation measures that may be warranted. For further information on the expected impacts from fluctuation in guidance assumptions, refer to the Sensitivity Impact table included in the "Financial Review" section. Capital Expenditures YTD 2026 Updated Full Year Guidance 20261 Previous Full Year Guidance ($ millions) Sustaining Expansion Total Sustaining Expansion Total Sustaining Expansion Total Côté Gold (70%) $ 84.5 $ 44.5 $ 129.0 $ 130 $ 85 $ 215 $ 160 $ 85 $ 245 Westwood (100%) 41.6 12.0 53.6 55 30 85 55 30 85 Essakane (100%) 145.0 1.7 146.7 195 5 200 165 5 170 $ 271.1 $ 58.2 $ 329.3 $ 380 $ 120 $ 500 $ 380 $ 120 $ 500 Corporate 0.1 - 0.1 - - - - - - Total2 $ 271.2 $ 58.2 $ 329.4 $ 380 $ 120 $ 500 $ 380 $ 120 $ 500   Capital expenditures guidance (±5%). Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table. Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold, on an attributable basis, is now expected to total $130 million ±5%, lower than the original guidance of $160 million due to the reprioritization of resources and deferral of less critical projects to 2027. Sustaining capital at Essakane is expected to be $195 million, higher than the guidance of $165 million due to a change in the mining sequence that resulted in additional waste stripping. Expansion capital expenditures are expected to total $120 million ±5% in 2026. The expansion capital at Côté Gold is to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. At Westwood, expansion capital is for development and test mining to support the study of options to increase mining volumes from underground in the eastern zone. Exploration Outlook YTD 2026 Full Year Guidance 2026 ($ millions) Capitalized Expensed Total Capitalized Expensed Total Exploration projects - greenfield $ 6.9 $ 20.9 $ 27.8 $ 11 $ 34 $ 45 Exploration projects - brownfield 7.7 1.4 9.1 7 2 9 $ 14.6 $ 22.3 $ 36.9 $ 18 $ 36 $ 54   Exploration expenditures for 2026 are expected to be approximately $54 million, the majority of which will be expensed. The Nelligan Mining Complex is the primary focus for exploration in 2026, with an estimated spend of approximately $24 million (including the construction of certain infrastructure to support an expanding program), followed by Côté Gold at approximately $5 million attributed to IAMGOLD, and Essakane at approximately $6 million. Income Taxes Paid and Depreciation Outlook ($ millions) YTD 2026 Updated Full Year Guidance 2026 Previous Full Year Guidance 2026 Depreciation expense $360.8 $480 (±5%) $480 (±5%) Income taxes paid $184.5 $215 - $225 $205 - $215   The Company expects to pay cash taxes in the range of $215 to $225 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 Health and Safety The TRIFR in the third quarter was 0.58 as of September 30, 2026, compared to 0.56 as of September 30, 2025, and tracking at 0.57 for the year. IAMGOLD continues to advance its critical risk management program and is currently on track to achieve our target of all sites achieving verification objectives. Environmental There were no significant environmental incidents reported for the quarter. Social Performance During the third quarter of 2026, IAMGOLD continued engagements with local communities and supported community-based initiatives. Notably, Essakane supported Sahelian Arts and Culture Days for Peace in Dori, an event that brought people together through music, art, and cultural expressions. Westwood hosted Westwood en Ville in partnership with the Abitibiwinni First Nation, showcasing cultural activities to foster broader community engagement. 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. Earlier this year, 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". By the end of September 2026, 95% of Canadian employees had completed the training. Site-specific reconciliation plans aligned with IAMGOLD's corporate reconciliation framework will reflect the distinct operating contexts and priorities of partner Indigenous communities. In September, Côté Gold published their plan and Westwood is continuing to advance their planning. 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 September 30, 2026, women accounted for 33% of the Company's executive leadership team. OPERATIONS Côté Gold Mine (IAMGOLD interest - 70%) | Ontario, Canada Q3 2026 Q3 2025 YTD 2026 YTD 2025 Key Operating Statistics (100% basis, unless otherwise stated) Ore mined (000s t) 3,797 3,841 10,422 10,126 Grade mined (g/t) 0.93 0.96 0.93 0.90 Operating waste mined (000s t) 5,008 6,770 14,811 18,275 Capital waste mined (000s t) 3,606 853 8,240 5,626 Total material mined (000s t) 12,411 11,464 33,473 34,027 Strip ratio1 2.3 2.0 2.2 2.4 Ore milled (000s t) 2,879 2,988 8,093 8,015 Head grade (g/t) 1.10 1.18 1.10 1.15 Recovery (%) 90 94 92 93 Gold production (000s oz) - 100% 92.0 106.0 262.9 275.2 Gold production (000s oz) - 70% 64.4 74.6 184.0 192.7 Gold sales (000s oz) - 100% 84.6 108.0 258.5 279.9 Gold sales (000s oz) - 70% 59.2 75.9 181.2 195.9 Average realized gold price2 ($/oz) $ 4,335 $ 3,484 $ 4,503 $ 3,285 Financial Results ($ millions - attributable interest)         Revenues $ 257.0 $ 263.6 $ 817.3 $ 644.0 Cost of sales3 91.9 100.0 290.7 249.1 Production costs 78.0 81.8 238.2 206.2 (Increase)/decrease in finished goods (3.9 ) 0.3 (4.4 ) 0.2 Royalties4 17.8 17.9 56.9 42.7 Cash costs2 91.4 99.8 289.3 248.5 Sustaining capital expenditures2 29.1 27.7 84.5 73.1 Expansion capital expenditures2 17.4 8.3 44.5 18.0 Total sustaining and expansion capital expenditures2 46.5 36.0 129.0 91.1 Earnings from operations 120.9 110.4 393.5 261.6 Mine-site free cash flow2 81.5 135.6 343.7 287.1 Unit costs per tonne2         Mine costs per operating tonne mined2 $ 4.77 $ 4.51 $ 4.81 $ 4.00 Mill costs per tonne milled2 $ 18.92 $ 22.01 $ 21.25 $ 19.68 G&A costs per tonne milled2 $ 8.45 $ 6.14 $ 8.62 $ 6.73 Operating costs per ounce5         Cost of sales excluding depreciation ($/oz sold) $ 1,551 $ 1,323 $ 1,604 $ 1,272 Cash costs2 - excluding royalties ($/oz sold) $ 1,243 $ 1,084 $ 1,283 $ 1,051 Cash costs2 ($/oz sold) $ 1,544 $ 1,320 $ 1,597 $ 1,269 AISC2 - excluding royalties ($/oz sold) $ 1,755 $ 1,358 $ 1,768 $ 1,395 AISC2 - including royalties ($/oz sold) $ 2,056 $ 1,594 $ 2,082 $ 1,613   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 third quarter 2026 was 64,400 ounces (92,000 ounces | 100%), lower by 10,200 ounces or 14% than the prior year period: Mining activity totaled a quarterly record of 12.4 million tonnes in the third quarter 2026, higher by 0.9 million tonnes or 8% than the same prior year period. Ore tonnes mined were 3.8 million tonnes, slightly lower than the prior year period, due to a slightly higher strip ratio of 2.3:1 as mining activities progressed in pushback areas. The average grade mined was 0.93 g/t in the third quarter 2026, a decrease of 3% over the prior year period, in line with expectations as mining was focused on opening the pit further through the planned pushback. Mill throughput in the third quarter 2026 totaled 2.9 million tonnes, a decrease of 4% over the prior year period due to an extended annual shutdown in August and the transition to owner-only crushing. In September, the Côté plant averaged 37,100 tonnes per day totaling 1.1 million tonnes, above nameplate capacity of 36,000 tpd. Head grades in the third quarter 2026 averaged 1.10 g/t, 7% lower than the prior year period, at average recoveries of 90%, lower than in prior quarters due to downtime on one of the plant's two Vertimills early in the quarter. As part of ongoing plant optimization and debottlenecking, work has begun on a third Vertimill, expected to be installed in early 2027. The reconciliation between the reserve models, grade control models, mill feed and production continue to be well within expected tolerances. Operational improvements continued through the quarter, the first full quarter without external contractor crushing and associated rehandling. These included record crusher and high-pressure grinding rolls ("HPGR") throughput in September and improvements in process delivering ore to the mill. These improvements, combined with access to higher-grade mining zones, position the operation for improved performance in the fourth quarter. 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, followed by further improvements in September with average processing costs averaging $15.36 per tonne over the month, down from an average of $21.98 per tonne over the prior four 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 supporting an increase in the tonnes mined. Financial Performance (70% basis) - Q3 2026 Compared to Q3 2025 Production costs of $78.0 million during the three months ended September 30, 2026, were $3.8 million or 5% lower than the same prior year period primarily due to the discontinuation of the external contractor crushing services and reduced mill maintenance costs relative to the prior year period, partially offset by increased diesel prices resulting from the conflict in the Middle East, increased water treatment and environmental costs, and increased costs to support continuous improvement initiatives. The Company continues to prioritize its plans to reduce mining and milling costs exiting 2026 at approximately $4/t and $15/t, respectively, and expects to realize further reductions in 2027 onwards as the remaining productivity improvement initiatives are implemented. Mining costs averaged $4.77 per tonne mined during the three months ended September 30, 2026, an increase from prior year period due to higher diesel costs, increased contractor deployment and pioneering work related to the pit pushback, and increased cost of explosives consumed. Milling costs were $18.92 per tonne milled during the three months ended September 30, 2026. Unit costs decreased in the third quarter due to the discontinuation of the external contractor crusher and higher labour costs to fill vacant positions in the mill. Unit costs improved in September, averaging $15.36 per tonne milled, as operating and maintenance processes adjusted to fully owner-operated crushing and the plant achieved record crusher and HPGR throughput, with 1.1 million tonnes milled. G&A costs were $8.45 per tonne milled during the three months ended September 30, 2026. Cost of sales, excluding depreciation, of $91.9 million was $8.1 million or 8% lower than the prior year period, primarily due to lower production costs and timing of sales. Cost of sales per ounce sold, excluding depreciation, of $1,551 was $228 or 17% higher due to lower sales volume offsetting the lower cost of sales. Cash costs, excluding royalties, of $73.6 million were $8.3 million or 10% lower than the prior year period, primarily due to lower production costs and timing of sales. Cash cost per ounce sold, excluding royalties, of $1,243, was higher by $159 or 15%, due to lower production and sales volume offsetting lower cash costs. Royalties during the three months ended September 30, 2026, were $17.8 million or $301 per ounce (19% of cash costs), 1% lower compared to the prior year period due to lower production and sales volume, offsetting the impact of higher gold prices. Cash costs, including royalties, of $91.4 million were $8.4 million or 8% lower than the prior year period, primarily due to lower production costs and timing of sales. Cash cost per ounce sold of $1,544 was higher by $224 or 17% due to lower production and sales volume offsetting lower cash costs. AISC per ounce sold of $2,056 was higher by $462 or 29%, primarily due to lower production and sales volume and higher sustaining capital expenditures, offsetting lower cash costs per ounce sold. Capital expenditures totaled $46.5 million ($66.5 million | 100%) in the third quarter 2026. Sustaining capital expenditures totaled $29.1 million ($41.7 million | 100%), including $15.0 million of tailings infrastructure and related earthworks, $11.5 million of mobile equipment and critical spares, and $2.6 million of capital waste stripping. Expansion capital of $17.4 million ($24.8 million | 100%) included $12.8 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $4.6 million of related infrastructure improvements. Mine-site free cash flow, on an attributable basis, was $81.5 million ($116.4 million | 100%) for the three months ended September 30, 2026, with revenues of $257.0 million from gold sales of 59,200 ounces at the realized gold price of $4,335 per ounce, resulting in operating cash flows of $125.3 million ($179.0 million | 100%) offset by capital expenditures totaling $43.8 million ($62.6 million | 100%). 2026 Outlook Côté Gold attributable production in 2026 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 focus in 2026 is on stabilization, optimization, improving the cost structure, and preparing for the contemplated throughput increase and inclusion of Gosselin into the mine plan. 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 envisioned expansion. Mining rates are expected to increase in the fourth quarter of the year as the mining fleet supporting the external contractor crusher becomes available, the pioneering of the push back is mostly complete and with the commissioning of three new haul trucks. Mill throughput is expected to average 36,000 tpd (nameplate) over the course of the fourth quarter. 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 fourth quarter of the year based on increased throughput and higher grades in the final quarter of the year. Cash costs, excluding royalties, at Côté Gold are expected to exceed the top end of the guidance range of $900 to $1,050 per ounce sold. Cash costs are expected to decrease in the fourth quarter on higher volumes, increased 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 now expected to total $130 million ±5% ($185 million | 100%), lower than the original guidance of $160 million due to the reprioritization of resources and deferral of less critical projects to 2027. 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 release 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 plant throughput 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 integrated 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 and approximately another 10,000 metres of diamond drilling to test other targets in the regional land position. Approximately 1,300 metres were completed in the third quarter (5,700 metres YTD). An infill drilling program of 20,000 metres is ongoing on the Côté zone. Approximately 4,500 metres of surface diamond drilling were completed in the third quarter 2026 (14,900 metres YTD including approximately 1,200 metres of geotechnical 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 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Key Operating Statistics Underground lateral development (metres) 1,132 837 3,525 2,965 Ore mined (000s t) - underground 99 90 309 277 Ore mined (000s t) - open pit 122 315 291 822 Ore mined (000s t) - total 221 405 600 1,099 Grade mined (g/t) - underground 8.09 6.42 8.77 6.67 Grade mined (g/t) - open pit 1.13 0.99 0.97 1.11 Grade mined (g/t) - total 4.24 2.19 4.98 2.51 Ore milled (000s t) 309 250 899 855 Head grade (g/t) - underground 8.00 6.52 8.76 6.75 Head grade (g/t) - open pit 0.85 1.13 0.94 1.22 Head grade (g/t) - total 3.06 3.04 3.61 3.00 Recovery (%) 94 93 93 92 Gold production (000s oz) 28.5 22.7 97.1 76.0 Gold sales (000s oz) 28.3 20.7 95.0 76.5 Average realized gold price1 ($/oz) $ 4,244 $ 3,515 $ 4,552 $ 3,229 Financial Results ($ millions)         Revenues $ 120.6 $ 72.8 $ 434.5 $ 248.0 Cost of sales2 51.4 40.0 147.4 127.2 Production costs 51.8 44.8 153.3 132.2 (Increase)/decrease in finished goods (0.4 ) (4.8 ) (5.9 ) (5.0 ) Cash costs1 50.7 39.8 145.3 126.0 Sustaining capital expenditures1 8.3 17.7 41.6 48.8 Expansion capital expenditures1 5.3 - 12.0 - Total sustaining and expansion capital expenditures1 13.6 17.7 53.6 48.8 Earnings from operations 59.8 24.1 245.1 80.2 Mine-site free cash flow1 51.7 6.2 218.2 59.4 Unit costs per tonne1         Underground mining cost per tonne mined $ 321.58 $ 312.22 $ 307.23 $ 296.60 Open pit mining cost per operating tonne mined $ 10.32 $ 8.18 $ 10.31 $ 7.38 Milling cost per tonne milled $ 25.96 $ 36.43 $ 30.01 $ 27.94 G&A cost per tonne milled $ 18.11 $ 22.95 $ 18.30 $ 19.48 Operating costs per ounce3         Cost of sales excluding depreciation ($/oz sold) $ 1,817 $ 1,937 $ 1,552 $ 1,664 Cash costs1 ($/oz sold) $ 1,794 $ 1,924 $ 1,529 $ 1,648 AISC1 ($/oz sold) $ 2,118 $ 2,793 $ 1,980 $ 2,310   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 third quarter 2026 was 28,500 ounces, higher by 5,800 ounces or 26% compared with the same prior year period. Underground mining activity in the third quarter 2026 of 99,000 tonnes of ore was higher by 9,000 tonnes or 10% than the same prior year period, due to favourable stope sequencing and improved mining recovery. The grade of 8.09 g/t Au was higher than the prior period mainly due to mine sequencing and reduced dilution. Open pit mining activity in the third quarter 2026 of 122,000 tonnes of ore was lower by 193,000 tonnes than the same prior year period primarily due to the continued focus this year on waste stripping activities as part of the mining sequence to open up access to ore. Mill throughput in the third quarter 2026 was 309,000 tonnes, 59,000 tonnes higher than the prior year period due to an extended shutdown occurring in the prior year period, whereas the mill shutdown occurred in the second quarter 2026. The average grade of 3.06 g/t was 1% higher than the same prior year period due to a higher ratio of higher-grade underground ore to lower grade open pit ore. The mill achieved recoveries of 94% in the third quarter 2026, slightly higher than the same prior year period. During the quarter, the Westwood mill team identified gold-bearing sludge type material that had accumulated at the bottom of the pregnant solution tank in the electrowinning circuit. The material is believed to have accumulated over a number of years. The material has been recovered and placed in drums with a total combined weight of 14,700 kilograms. Samples, that are not statistically representative, indicated the solids content ranging from 19% to 27% and gold content in the solids ranging from 6% to 47%. For illustrative purposes, assuming an average for solids and an average for gold content, the sludge could contain approximately 30,000 ounces gold. This illustration is not an estimate of recoverable gold, payable gold, production or the financial benefit that may ultimately be realized by the Company. Furthermore, given the nature of the material, the collection process and the variability of assay results, the Company does not have a representative sample of the material as a whole. Accordingly, the illustrated estimate is subject to significant uncertainty, should not be regarded as a reliable estimate and the actual quantity of gold recovered may differ materially. The material needs to be processed by an external refinery, and the Company expects the gold ultimately recovered from the material to be reflected in its fourth quarter production results, subject to completion of the refining and assay process. There can be no assurance as to the quantity of gold that will ultimately be recovered or recognized, or the timing of such recovery or recognition. Financial Performance - Q3 2026 Compared to Q3 2025 Production costs of $51.8 million were higher by $7.0 million or 16% than the same prior year period, primarily due to increased drilling and stope preparation activities in the underground mine and increased maintenance costs due to increased volume, partially offset by lower milling costs due to the mill shutdown occurring earlier in the year. Underground mining costs per tonne mined were $321.58, higher by $9.36 per tonne or 3% than the same prior year period, resulting from the increase in advanced stope preparation and drilling activities. Milling costs of $25.96 per tonne were lower by $10.47 per tonne or 29% as the mill shutdown occurred in the second quarter relative to the third quarter in the prior year. Cost of sales, excluding depreciation, of $51.4 million was higher by $11.4 million or 29% compared to the same prior year period due to higher production costs and lower levels of stockpiling. Cost of sales per ounce sold, excluding depreciation, of $1,817 was lower by $120 or 6%, due to increased production and sales volume offsetting the higher cost of sales. Cash costs of $50.7 million were higher by $10.9 million or 27% compared to the prior year period due to higher production costs. Cash costs per ounce sold of $1,794 were lower by $130 per ounce or 7%, due to increased production and sales volume partially offset by higher cash costs. AISC per ounce sold of $2,118 was lower by $675 per ounce or 24%, primarily due to lower cash costs per ounce, lower sustaining capital and increased production and sales volume. Sustaining capital expenditures of $8.3 million included underground development and rehabilitation of $4.3 million and mill and mobile equipment of $4.0 million. During the quarter, $5.3 million was incurred on the work program underground on the eastern side of the Bousquet Fault (the "Eastwood" zone), to support the study of options to expand the mine. Mine-site free cash flow was $51.7 million for the three months ended September 30, 2026, based on revenues of $120.6 million from gold sales of 28,300 ounces at a realized gold price of $4,244 per ounce, generating operating cash flows of $65.5 million offset by capital expenditures totaling $13.8 million. 2026 Outlook Westwood production is expected to be at the upper end of the guidance range of 110,000 to 130,000 ounces in 2026. The 2026 production outlook excludes any potential production from the gold-bearing sludge material discovered in the electrowinning pregnant solution tank at Westwood as described above. 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 $30 million is primarily associated with development works to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining. Additional extensions to the Grand Duc pit continue to be investigated as an accretive opportunity for supplemental mill feed. Expansion Opportunities The Company plans to publish an updated technical report for Westwood in the second half of 2027 which is expected to highlight the potential for bulk mining in the eastern zone at depth in Westwood. This approach could potentially support higher overall underground throughput which conceptually would allow for increased gold production at improved mining costs. Increasing the proportion of underground ore processed through the plant would also help offset the expected decline in open-pit feed once the low-grade Grand Duc open pit is depleted. Essakane Mine (IAMGOLD interest - 90% for H1 2025, 85% thereafter) | Burkina Faso Q3 2026 Q3 2025 YTD 2026 YTD 2025 Key Operating Statistics1 Ore mined (000s t) 2,971 3,172 7,672 7,787 Grade mined (g/t) 1.17 1.16 1.09 1.15 Operating waste mined (000s t) 2,739 5,352 8,258 17,438 Capital waste mined (000s t) 5,277 130 18,970 5,031 Total material mined (000s t) 10,987 8,654 34,900 30,256 Strip ratio2 2.7 1.7 3.5 2.9 Ore milled (000s t) 3,294 3,094 9,671 9,319 Head grade (g/t) 1.18 1.18 1.18 1.06 Recovery (%) 89 92 89 91 Gold production (000s oz) - 100% 110.5 108.4 326.4 289.1 Gold production (000s oz) - attributable 94.0 92.2 277.5 254.8 Gold sales (000s oz) - 100% 112.4 105.9 330.3 286.4 Average realized gold price3 ($/oz) $ 4,255 $ 3,493 $ 4,509 $ 3,233 Financial Results1 ($ millions)         Revenues $ 478.9 $ 370.3 $ 1,491.7 $ 926.8 Cost of sales4 180.7 184.2 552.8 491.2 Production costs 123.8 149.0 377.5 413.6 (Increase)/decrease in finished goods 2.8 1.5 (0.2 ) (3.0 ) Royalties5 54.1 33.7 175.5 80.6 Cash costs3 180.2 183.9 550.6 490.3 Sustaining capital expenditures3 48.8 15.1 145.0 78.0 Expansion capital expenditures3 0.7 2.1 1.7 6.6 Total sustaining and expansion capital expenditures3 49.5 17.2 146.7 84.6 Earnings from operations 229.2 134.7 754.3 311.1 Mine-site free cash flow3 271.1 150.5 735.9 225.9 Unit costs per tonne3         Open pit mining cost per operating tonne mined $ 5.44 $ 7.13 $ 5.00 $ 6.25 Milling cost per tonne milled $ 18.74 $ 21.83 $ 19.35 $ 19.84 G&A cost per tonne milled $ 9.14 $ 9.52 $ 9.99 $ 9.12 Operating costs per ounce6         Cost of sales excluding depreciation ($/oz sold) $ 1,608 $ 1,740 $ 1,674 $ 1,714 Cash costs3 - excluding royalties ($/oz sold) $ 1,122 $ 1,419 $ 1,136 $ 1,430 Cash costs3 ($/oz sold) $ 1,603 $ 1,737 $ 1,667 $ 1,711 AISC3 - excluding royalties ($/oz sold) $ 1,582 $ 1,596 $ 1,595 $ 1,704 AISC3 - including royalties ($/oz sold) $ 2,063 $ 1,914 $ 2,126 $ 1,985   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 third quarter 2026 was 94,000 ounces (110,500 ounces | 100%), an increase of 1,800 ounces or 2% from the prior year: Mining in the third quarter 2026 totaled 11.0 million tonnes, higher by 2.3 million tonnes or 27% compared to the same prior year period. Ore mined totaled 3.0 million tonnes in the quarter at an average grade of 1.17 g/t, a decrease of 6% and an increase of 1%, respectively over the same year prior period. 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 third quarter 2026 was 3.3 million tonnes at an average head grade of 1.18 g/t, 6% higher and in line with the same prior year period, respectively. The mill achieved recoveries of 89% in the third quarter 2026, 3% lower than the same prior year period, due to lower gravity circuit performance and higher concentrations of graphitic carbon and sulfur in the ore feed from direct feed material. 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 and complexity 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. As at June 30, 2026, the entire $680.7 million of IAMGOLD's portion of the dividend declared in 2025 had been successfully repatriated, including interest payments of $14.4 million. In June 2026, Essakane declared its 2026 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 of which $87.8 million has been received during the third quarter 2026 and $135.8 million subsequent to quarter end. See "Financial Review - Dividend Payments from Essakane". The average royalty rate was 11% in the third 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. The increase reflects the April 2025 royalty decree enacted by the Government of Burkina Faso, which raised the royalty rate to 8% at gold prices above $3,000/oz, 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. On October 12, 2026, Burkina Faso's Ministry of Energy, Mines and Quarries issued an order under the 2024 Mining Code and Local Content Law requiring holders of industrial mining permits to deliver all doré production to approved refineries in Burkina Faso, effective November 1, 2026. The Company received a temporary exemption from this requirement. Discussions with the Government continue with a view to ensuring that local refining can operate at applicable international industry standards. Financial Performance - Q3 2026 Compared to Q3 2025 Production costs of $123.8 million were lower by $25.2 million or 17%, due to a decrease in mining and milling costs. Mining costs were lower due to less costs being included in production costs resulting from a higher proportion of capitalized waste in the period and lower costs to mine the Lao pit as saprolite and transition material requires less drilling and blasting, which reduced explosives and energy consumption during the quarter. Milling costs were lower due to a reduction in grinding activity required, which resulted in lower consumption of grinding media and overall energy requirements, partially offset by increased leaching costs due to higher consumption of cyanide to address ore complexity. Cost of sales, excluding depreciation, of $180.7 million was lower by $3.5 million or 2%, as a 61% increase in royalties was offset by lower production costs. Cost of sales per ounce sold, excluding depreciation, of $1,608 was lower by $132 per ounce or 8%, primarily due to higher production and sales volumes. Royalties were $54.1 million or $481 per ounce (30% of cash costs); an increase of $163 per ounce compared to the prior year period resulting from higher gold prices and higher production and sales volume. Cash costs, excluding royalties, of $126.1 million were lower by $24.1 million or 16%, primarily due to lower production costs. Cash costs per ounce sold, excluding royalties, of $1,122 per ounce were lower by $297 per ounce or 21%, primarily due to higher production and sales volumes and lower cash costs. Cash costs, including royalties, of $180.2 million were lower by $3.7 million or 2% mainly due to lower production costs, partially offset by higher royalties, and total cash costs per ounce sold, including royalties, of $1,603 per ounce were lower by $134 or 8%, primarily due to higher production and sales volumes and lower cash costs. AISC per ounce sold of $2,063 was higher by $149 per ounce or 8% due to higher sustaining capital expenditures, higher royalties compared to the prior period, partially offset by higher production and sales volumes and lower cash costs. Total capitalized stripping of $28.5 million was higher by $27.6 million, 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 $20.3 million included tailings management of $4.8 million, capital spares of $4.5 million, mobile and mill equipment of $4.1 million, resource development of $3.1 million, generator overhaul of $1.4 million and other sustaining projects of $2.4 million. Mine-site free cash flow, on a 100% basis, was $271.1 million for the three months ended September 30, 2026, with revenues of $478.9 million resulting from gold sales of 112,400 ounces at a realized gold price of $4,255 per ounce, producing operating cash flows of $321.8 million, offset by capital expenditures totaling $50.7 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 supply and cost have not yet been materially impacted by the conflict in the Middle East, though risks to supply and price have increased with an approximate 3.5% increase to fuel prices occurring in September. 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 expected to be $195 million (±5%), higher than the previous guidance of $165 million due to a change in the mining sequence that resulted in more waste stripping. The higher amount of capitalized waste stripping is partly offset by lower cash cost and the cash cost and AISC guidance remains unchanged. The sustaining capital guidance includes approximately $110 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. Mine Life Extension Opportunities The Company plans to issue an updated technical report mid-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. 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. 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 was initially planned for 2026. This program has been expanded up to a total of 30,000 metres for year 2026. Approximately 9,700 metres were completed in the third quarter (24,800 metres YTD). The additional drilling is mainly dedicated to infill drilling for resources conversion. 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 was originally 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. This program has been expanded to a minimum of 20,000 metres. The depth extension requires further drilling to add to the current resource (see news release dated September 15, 2025). Approximately 7,000 metres were completed in the third quarter (18,100 metres YTD). Philibert Following the acquisition of the remaining 25% interest in the Philibert property held by SOQUEM during the first 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 was originally planned and could increase to 30,000 metres depending on ground conditions. 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 8,700 metres were completed in the third quarter, (28,000 metres YTD) dedicated mostly to depth extensions of some of the zones. 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 not significant. Exploration In the third quarter 2026, drilling activities on active projects and mine sites totaled approximately 56,600 metres (161,600 metres YTD). For additional information regarding the brownfield and greenfield exploration projects, see "Operations". The Company's exploration expenditures guidance for 2026 is $54 million. ($ millions) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Exploration projects - greenfield $ 3.7 $ 5.7 $ 27.8 $ 17.5 Exploration projects - brownfield1 4.3 3.4 9.1 10.4 Total - all operations $ 8.0 $ 9.1 $ 36.9 $ 27.9   Exploration projects - brownfield for the third quarter 2026 included near-mine exploration and resource development of $3.2 million (third quarter 2025 - $2.8 million), and $7.7 million for YTD 2026 (YTD 2025 - $8.8 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. The Company's internally generated cashflows are conceptually differentiated by its Canadian operations and Essakane in Burkina Faso. Cashflows from the Company's Canadian Operations are strategically allocated to support the funding of: Sustaining and optimizing the Canadian portfolio to support stable, cash-generative performance. The contemplated Côté Gold expansion to incorporate Gosselin. The potential mine life extension of Westwood and underground expansion into the eastern zone. The continued advancement of the Nelligan project. The repurchase of 50% of the Côté Gold Gross Margin Royalty from Franco-Nevada. Further strengthening its balance sheet. The possible introduction of a dividend, which the Company is contemplating initiating in 2027. Cashflows from Essakane (Burkina Faso) are expected to support its ongoing operations and potential extension of mine life, with cash in excess of working capital requirements repatriated using a combination of dividends and a shareholder account structure (see "Dividend Payments from Essakane"). Subject to applicable TSX approval, for the remainder of 2026, the Company intends to use cash received from Essakane to fund a Share Buyback program and will continue to evaluate this strategy as a source of return of capital for shareholders in 2027. As at September 30, 2026, the Company had $766.6 million in cash and cash equivalents and net cash of $213.9 million. The Company has $nil drawn on the Credit Facility and approximately $845.8 million remains available, resulting in liquidity at September 30, 2026, of approximately $1,613.4 million. Within cash and cash equivalents, $56.6 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. $321.0 million was held by Essakane in Burkina Faso. $135.8 million was transferred to Canada subsequent to quarter end. Restricted cash totaled $68.6 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 MD&A. Dividend Payments from Essakane Excess cash at Essakane is repatriated through dividends and a shareholder account structure as needed, 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. In June 2026, Essakane declared its 2026 dividend of approximately $500 million representing its 2025 distributable earnings. 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 $87.8 million during the third quarter 2026, and $135.8 million subsequent to quarter end. The remaining balance of approximately $176.4 million will be repatriated through dividend installments over the course of 2026 and early 2027. The payments will be funded using cash generated in excess of working capital requirements. Share Buyback Program During the third quarter 2026, the Company repurchased and cancelled approximately 7.6 million shares for approximately $134.7 million at an average price of $17.58 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 29.1 million shares for approximately $542.6 million at an average price of $18.63 per share. Total repurchases since inception in December 2025 up to September 30, 2026, are approximately 32.1 million shares for approximately $592.6 million at an average price of $18.47 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. The existing NCIB is approved to continue through December 11, 2026. Subsequent to quarter end, the Company's Board of Directors authorized the Company to seek TSX approval for a new NCIB for a further 12 months period. Subject to TSX approval, the new NCIB would permit the Company to purchase up to approximately 10% of IAMGOLD's outstanding common shares. The Company intends to file a notice of intention with the TSX setting out the terms of the proposed NCIB. 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. No ASPP was in effect at the end of the third quarter 2026. The following table summarizes the carrying value of the Company's long-term debt1: September 30 December 31 ($ millions) 2026 2025 Credit Facility $ - $ 200.0 5.75% senior notes ($450 million principal outstanding) 449.2 448.8 Equipment loans - 1.0 $ 449.2 $ 649.8   Long-term debt does not include leases in place of $99.5 million as at September 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 September 30, 2026, the Credit Facility was undrawn and the Company issued letters of credit under the Credit Facility in the amount of $3.8 million as a supplier payment guarantee and $0.4 million as guarantees for certain environmental indemnities to government agencies, with $845.8 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 September 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 Notes can be redeemed at 100% of face value from October 15, 2026, onwards. 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 September 30, 2026, the Company had lease obligations of $99.5 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. On April 10, 2026, the lease agreement was converted to an uncommitted facility. Certain pieces of mobile equipment at Côté Gold were delivered during the third quarter 2026. Equipment loan The Company had equipment loans with carrying value of $1 million as at December 31, 2025, secured by certain mobile equipment, with interest rates at 5.30% which matured in the third quarter 2026. The equipment loan has been fully repaid. The equipment loan was 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 September 30, 2026, the Company had (i) C$293.9 million ($206.8 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 September 30, 2026, there is no collateral required to be in place for surety and performance bonds, and the balance of $229.4 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 during the third quarter 2026, the Company further increased bonds by C$17.0 million ($11.9 million). Income Statement Revenues - Revenues were $856.5 million in the third quarter 2026 from sale of 199,900 ounces at an average realized gold price of $4,277 per ounce, higher by $149.8 million or 21% than the prior year period, due to the $785 per ounce increase in the realized gold price, partially offset by lower gold sales volume. Cost of sales - Cost of sales excluding depreciation was $324.0 million in the third quarter 2026, lower by $0.2 million than the prior year period, primarily due to higher royalties at Côté and Essakane due to the higher gold price, and increased production costs at Westwood compared to the prior year period, partially offset by decreased production and sales volume and production costs at Essakane and Côté. Depreciation expense - Depreciation expense was $126.5 million in the third quarter 2026, higher by $16.6 million or 15% than the prior year period primarily due to the amortization of deferred stripping assets at Côté and Essakane compared to the prior year period, partially offset by lower sales volume. Exploration expense - Exploration expense was $8.4 million in the third quarter 2026, lower by $0.5 million or 6% 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 $21.1 million in the third quarter 2026, higher by $6.5 million or 45% than the prior year period, primarily due to $5.3 million in planned cloud technology implementation costs, $2.8 million higher labour and other administrative costs, and $0.3 million in increased share-based compensation, partially offset by $1.9 million in lower consulting fees. Income tax expense - Income tax expense was $127.5 million in the third quarter 2026, higher by $83.1 million or 187% than the prior year period. It is comprised of a current income tax expense of $77.8 million and a deferred income tax expense of $49.7 million, higher than the prior year period for current income tax expense by $45.8 million or 143% and higher for deferred income tax expense by $37.3 million or 301%, respectively. The current income tax expense in the third quarter of 2026 was higher primarily due to higher income in Essakane and higher withholding taxes from higher intercompany dividends. The deferred income tax expense in the third quarter of 2026 was higher primarily due to the reduction of available deferred tax assets. Operating Activities In the third quarter 2026, operating activities generated cash flow of $461.1 million, higher by $180.3 million compared to the same prior year period. Cash flow from operations increased 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 $506.5 million in the third quarter, compared to $349.9 million in the prior year period. Investing Activities Net cash used in investing activities for the third quarter 2026 was $40.1 million, a decrease of $28.7 million from the same prior year period. Capital expenditures of $103.0 million increased by $40.7 million compared to the prior year period, with proceeds from other investing activities increasing by $69.4 million. Financing Activities Net cash used in financing activities for the third quarter 2026 was $148.4 million, an increase of $23.5 million from the same prior year period. Financing activities in 2026 are mainly related to share repurchases under the NCIB program and for 2025 were mainly related to debt repayment and servicing costs. CONFERENCE CALL A conference call will be held on Friday, November 6, 2026, at 8:30 a.m. (Eastern Time) hosted by IAMGOLD senior management for a discussion on the Company's third 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 Q3 2026 Registration (recommended). Upon registering, you will receive a calendar booking by email with dial-in details and unique PIN. This process will bypass the operator and avoid the queue. Toll free (North America): 1 (833) 752-3518 International: +1 (647) 846-8209 Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=JIn0jWrC 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: 4861099. For more information, refer to the Management Discussion and Analysis ("MD&A") and the unaudited consolidated Financial Statements for the three and nine months ended September 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 3,900 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 & IR Tel: 416 360 4743 | Mobile: 416 388 6883 [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 31 to 42 of the Company's Q3 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. ($ millions, except where noted) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Revenues $ 856.5 $ 706.7 $ 2,743.5 $ 1,764.7 By-product credits and other revenues (1.6 ) (0.8 ) (5.7 ) (2.9 ) Gold revenues $ 854.9 $ 705.9 $ 2,737.8 $ 1,761.8 Sales (000s oz) 199.9 202.5 606.5 558.8 Average realized gold price per ounce1,2,3 ($/oz) $ 4,277 $ 3,492 $ 4,514 $ 3,153   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 YTD 2025 includes 75,000 ounces at $2,305 per ounce, as delivered into the Q1 2024 and Q2 2024 Prepay Arrangements. No deliveries were required in 2026 as the delivery obligations were fulfilled in H1 2025. Underground Mining Cost per Ore Tonne Mined, Open Pit Net Mining Cost per Operating Tonne Mined, Milling Cost per Tonne Milled, and G&A Cost per Tonne Milled Underground mining cost per ore tonne mined and open pit net mining cost per operating tonne mined are defined as: Mining costs (as included in production costs), that exclude capitalized waste stripping for open pit mines, less changes in stockpile balances and non-production costs as these costs are not directly related to tonnes mined, divided by the sum of the tonnage of ore and operating waste mined. Milling cost per tonne milled and general and administrative cost per tonne milled are defined as: Mill and general and administrative costs (as included in production costs), excluding selling costs and non-production costs as these costs are not directly related to tonnes milled, divided by the tonnage of ore milled. IAMGOLD believes these non-GAAP financial performance measures provide further transparency and assist analysts, investors and other stakeholders of the Company in assessing the performance of mining operations by eliminating the impact of varying production levels. Management is aware, and investors should note, that these per tonne measures of performance can be affected by fluctuations in mining and/or processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Côté Gold (100% basis) ($ millions, except where noted) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Production cost $ 111.8 $ 117.6 $ 341.6 $ 295.4 Adjust for:         Increase/decrease in stockpiles 9.0 14.5 21.5 29.8 Adj. operating cost $ 120.8 $ 132.1 $ 363.1 $ 325.2 Included in adjusted operating cost:         Open pit net mining cost [A] 42.0 47.9 121.3 113.5 Milling cost [B], net of capitalized operating cost 54.5 65.7 172.0 157.7 G&A cost [C] 24.3 18.5 69.8 54.0 Open pit ore tonnes mined (000s t) 3,797 3,841 10,422 10,126 Open pit operating waste tonnes mined (000s t) 5,008 6,770 14,811 18,275 Open pit ore and operating waste tonnes mined (000s t) [D] 8,805 10,611 25,233 28,401 Ore milled (000s t) [E] 2,879 2,988 8,093 8,015 Open pit net mining cost per operating tonne mined ($/tonne) [A/D] $ 4.77 $ 4.51 $ 4.81 $ 4.00 Milling cost per tonne milled ($/tonne) [B/E] $ 18.92 $ 22.01 $ 21.25 $ 19.68 G&A cost per tonne milled ($/tonne) [C/E] $ 8.45 $ 6.14 $ 8.62 $ 6.73   $/tonne may not re-calculate based on amounts presented in this table due to rounding. Westwood ($ millions, except where noted) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Production cost $ 51.8 $ 44.8 $ 153.3 $ 132.2 Adjust for:         Increase/decrease in stockpiles (0.8 ) 2.8 (1.9 ) 4.5 Adj. operating cost $ 51.0 $ 47.6 $ 151.4 $ 136.7 Consisting of:         Underground mining cost [A] 31.8 28.1 94.9 82.2 Open pit net mining cost [B] 5.5 4.7 13.0 14.0 Milling cost [C] 8.1 9.1 27.0 23.9 G&A cost [D] 5.6 5.7 16.5 16.6 Underground ore tonnes mined (000s t) [E] 99 90 309 277 Open pit ore tonnes mined (000s t) 122 315 291 822 Open pit waste tonnes mined (000s t) 412 261 970 1,073 Open pit ore and operating waste tonnes mined (000s t) [F] 534 576 1,261 1,895 Ore milled (000s t) [G] 309 250 899 855 Underground mining cost per ore tonne mined ($/tonne) [A/E] $ 321.58 $ 312.22 $ 307.23 $ 296.60 Open pit net mining cost per operating tonne mined ($/tonne) [B/F] $ 10.32 $ 8.18 $ 10.31 $ 7.38 Milling cost per tonne milled ($/tonne) [C/G] $ 25.96 $ 36.43 $ 30.01 $ 27.94 G&A cost per tonne milled ($/tonne) [D/G] $ 18.11 $ 22.95 $ 18.30 $ 19.48   $/tonne may not re-calculate based on amounts presented in this table due to rounding. Essakane ($ millions, except where noted) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Production cost $ 123.8 $ 149.0 $ 377.5 $ 413.6 Adjust for:         Increase/decrease in stockpiles (0.9 ) 8.8 (14.0 ) 14.0 Adj. operating cost $ 122.9 $ 157.8 $ 363.5 $ 427.6 Consisting of:         Open pit net mining cost [A] 31.1 60.8 79.7 157.7 Milling cost [B] 61.8 67.5 187.1 184.8 G&A cost [C] 30.0 29.5 96.7 85.1 Open pit ore tonnes mined (000s t) 2,971 3,172 7,672 7,787 Open pit operating waste tonnes mined (000s t) 2,739 5,352 8,258 17,438 Open pit ore and operating waste tonnes mined (000s t) [D] 5,710 8,524 15,930 25,225 Ore milled (000s t) [E] 3,294 3,094 9,671 9,319 Open pit net mining cost per operating tonne mined ($/tonne) [A/D] $ 5.44 $ 7.13 $ 5.00 $ 6.25 Milling cost per tonne milled ($/tonne) [B/E] $ 18.74 $ 21.83 $ 19.35 $ 19.84 G&A cost per tonne milled ($/tonne) [C/E] $ 9.14 $ 9.52 $ 9.99 $ 9.12   $/tonne may not re-calculate based on amounts presented in this table due to rounding. Cash Costs Excluding Royalties, Cash Costs, Cash Costs per Ounce Sold, AISC and AISC per Ounce Sold The Company reports cash costs excluding royalties, cash costs excluding royalties per ounce sold, cash costs, cash costs per ounce sold, AISC and AISC per ounce sold in order to provide investors with information about key measures used by management to monitor performance of mine sites in commercial production and its ability to generate positive cash flow. Cash costs include mine-site operating costs such as mining, processing, administration, royalties, production taxes and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and amortization, by-product credits and corporate general and administrative costs. These costs are then divided by the Company's attributable gold ounces sold by mine sites in commercial production in the period to arrive at the cash costs excluding royalties per ounce sold, cash costs per ounce sold, and the AISC per ounce sold. The following tables provide a reconciliation of cash costs excluding royalties, cash costs, AISC, cost of sales excluding depreciation per ounce sold, cash costs excluding royalties per ounce sold, cash costs per ounce sold and AISC per ounce sold on an attributable basis to cost of sales as per the consolidated interim financial statements. Three months ended September 30, 2026 ($ millions, except where noted) Côté Gold Westwood Essakane Corporate Total Cost of sales1 $ 135.4 $ 65.8 $ 249.0 $ 0.3 $ 450.5 Depreciation expense (43.5 ) (14.4 ) (68.3 ) (0.3 ) (126.5 ) Cost of sales, excluding depreciation expense $ 91.9 $ 51.4 $ 180.7 $ - $ 324.0 Royalties2 (17.8 ) - (54.1 ) - (71.9 ) Cost of sales, excluding depreciation expense and royalties $ 74.1 $ 51.4 $ 126.6 $ - $ 252.1 Adjust for:           By-product credit (0.5 ) (0.7 ) (0.5 ) - (1.7 ) Cost attributed to non-controlling interests3 - - (27.0 ) - (27.0 ) Cash costs - attributable $ 91.4 $ 50.7 $ 153.2 $ - $ 295.3 Adjust for:           Sustaining capital expenditures4 29.3 8.6 50.0 - 87.9 Corporate general and administrative costs5 - - - 21.1 21.1 Other costs6 1.0 0.5 1.8 (0.2 ) 3.1 Cost attributable to non-controlling interests3 - - (7.8 ) - (7.8 ) AISC - attributable $ 121.7 $ 59.8 $ 197.2 $ 20.9 $ 399.6 Total gold sales (000 oz) - attributable 59.2 28.3 95.6 - 183.1 Cost of sales excluding depreciation7($/oz sold) - attributable $ 1,551 $ 1,817 $ 1,608 $ - $ 1,622 Cash costs - excluding royalties7 ($/oz sold) - attributable $ 1,243 $ 1,794 $ 1,122 $ - $ 1,266 Cash costs7 ($/oz sold) - attributable $ 1,544 $ 1,794 $ 1,603 $ - $ 1,614 AISC7 - excluding royalties ($/oz sold) - attributable $ 1,755 $ 2,118 $ 1,582 $ 114 $ 1,836 AISC7 all operations ($/oz sold) - attributable $ 2,056 $ 2,118 $ 2,063 $ 114 $ 2,184   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 September 30, 2025 ($ millions, except where noted) Côté Gold Westwood Essakane Corporate Total Cost of sales1 $ 147.7 $ 50.8 $ 235.0 $ 0.6 $ 434.1 Depreciation expense (47.7 ) (10.8 ) (50.8 ) (0.6 ) (109.9 ) Cost of sales, excluding depreciation expense $ 100.0 $ 40.0 $ 184.2 $ - $ 324.2 Royalties2 (17.9 ) - (33.7 ) - (51.6 ) Cost of sales, excluding depreciation expense and royalties $ 82.1 $ 40.0 $ 150.5 $ - $ 272.6 Adjust for:           By-product credit (0.2 ) (0.2 ) (0.3 ) - (0.7 ) Cost attributed to non-controlling interests3 - - (27.7 ) - (27.7 ) Cash costs - attributable $ 99.8 $ 39.8 $ 156.2 $ - $ 295.8 Adjust for:           Sustaining capital expenditures4 20.1 17.4 17.4 (0.6 ) 54.3 Corporate general and administrative costs5 - - - 14.6 14.6 Other costs6 0.6 0.5 1.4 (0.1 ) 2.4 Cost attributable to non-controlling interests3 - - (2.8 ) - (2.8 ) AISC - attributable $ 120.5 $ 57.7 $ 172.2 $ 13.9 $ 364.3 Total gold sales (000 oz) - attributable 75.9 20.7 90.1 - 186.7 Cost of sales excluding depreciation7 ($/oz sold) - attributable $ 1,323 $ 1,937 $ 1,740 $ - $ 1,593 Cash costs7 - excluding royalties ($/oz sold) - attributable $ 1,084 $ 1,924 $ 1,419 $ - $ 1,338 Cash costs7 ($/oz sold) - attributable $ 1,320 $ 1,924 $ 1,737 $ - $ 1,588 AISC7 - excluding royalties ($/oz sold) - attributable $ 1,358 $ 2,793 $ 1,596 $ 74 $ 1,706 AISC7 all operations ($/oz sold) - attributable $ 1,594 $ 2,793 $ 1,914 $ 74 $ 1,956   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 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 September 30, 2026, and September 30, 2025: ($ millions, except where noted) Sustaining Expansion Q3 2026 Sustaining Expansion Q3 2025 Capital expenditures for property, plant and equipment $ 86.3 $ 23.4 $ 109.7 $ 59.9 $ 10.4 $ 70.3 Côté Gold (IMG basis) 29.1 17.4 46.5 27.7 8.3 36.0 Westwood 8.3 5.3 13.6 17.7 - 17.7 Essakane 48.8 0.7 49.5 15.1 2.1 17.2 Corporate 0.1 - 0.1 (0.6 ) - (0.6 )   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 September 30, 2026, and September 30, 2025: ($ millions, except where noted) Sustaining Expansion Q3 2026 Sustaining Expansion Q3 2025 Capital expenditures for property, plant and equipment $ 86.3 $ 23.4 $ 109.7 $ 59.9 $ 10.4 $ 70.3 Working capital adjustments 1.3 (2.6 ) (1.3 ) (5.5 ) (2.5 ) (8.0 ) Capital expenditures per statement of cash flows $ 87.6 $ 20.8 $ 108.4 $ 54.4 $ 7.9 $ 62.3 Côté Gold (IMG basis) 29.1 14.7 43.8 20.1 5.8 25.9 Westwood 8.4 5.4 13.8 17.4 - 17.4 Essakane 50.0 0.7 50.7 17.3 2.1 19.4 Corporate 0.1 - 0.1 (0.4 ) - (0.4 )   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: ($ millions, except where noted) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Earnings before income taxes $ 453.6 $ 199.6 $ 1,352.5 $ 450.1 Add:         Depreciation 126.5 109.9 360.8 284.6 Finance costs 4.3 28.9 23.4 82.7 EBITDA $ 584.4 $ 338.4 $ 1,736.7 $ 817.4 Adjusting items:         Unrealized (gain)/loss on non-hedge derivatives - 6.5 - 7.6 Impairment charge (reversal) - 12.2 - 12.2 Foreign exchange (gain)/loss (7.7 ) 2.2 (6.4 ) (1.1 ) Gain on sale of Bambadji assets (69.5 ) - (69.5 ) - Write-down of assets - 2.4 9.6 2.6 Changes in estimates of asset retirement obligations at closed sites (5.7 ) (2.2 ) (6.4 ) 4.0 Fair value of deferred consideration from sale of Sadiola (0.3 ) (0.5 ) (3.5 ) (1.5 ) Gain on sale of royalties - - - (4.9 ) Severance costs 0.6 0.2 0.7 4.0 Other 2.1 0.3 16.3 0.1 Adjusted EBITDA $ 503.9 $ 359.5 $ 1,677.5 $ 840.4   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. ($ millions, except where noted) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Earnings before income taxes and non-controlling interests $ 453.6 $ 199.6 $ 1,352.5 $ 450.1 Adjusting items:         Unrealized gain/(loss) on non-hedge derivatives - 6.5 - 7.6 Other finance costs (2.2 ) 1.1 3.6 8.3 Impairment charge (reversal) - 12.2 - 12.2 Foreign exchange (gain)/loss (7.7 ) 2.2 (6.4 ) (1.1 ) Gain on sale of Bambadji assets (69.5 ) - (69.5 ) - Write-down of assets - 2.4 9.6 2.6 Changes in estimates of asset retirement obligations at closed sites (5.7 ) (2.2 ) (6.4 ) 4.0 Fair value of deferred consideration from sale of Sadiola (0.3 ) (0.5 ) (3.5 ) (1.5 ) Gain on sale of royalties - - - (4.9 ) Prepayment premium on second lien term loan - 4.0 - 4.0 Severance costs 0.6 0.2 0.7 4.0 Other 2.1 0.3 16.3 0.1 Adjusted earnings before income taxes and non-controlling interests $ 370.9 $ 225.8 $ 1,296.9 $ 485.4 Income taxes (127.5 ) (44.4 ) (353.2 ) (162.5 ) Tax on foreign exchange translation of deferred income tax balances (0.6 ) 5.5 - 13.5 Tax impact of adjusting items 23.3 (0.2 ) 18.1 (3.2 ) Non-controlling interests (29.1 ) (15.8 ) (92.1 ) (29.8 ) Adjusted net earnings attributable to equity holders $ 237.0 $ 170.9 $ 869.7 $ 303.4 Adjusted net earnings per share attributable to equity holders $ 0.42 $ 0.30 $ 1.50 $ 0.53 Basic weighted average number of common shares outstanding (millions) 570.4 575.2 578.6 574.3   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: ($ millions, except where noted) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net cash from operating activities $ 461.1 $ 280.8 $ 1,476.1 $ 440.9 Adjusting items from working capital items and non-current ore stockpiles:         Receivables and other current assets (39.3 ) (18.3 ) (30.8 ) 29.3 Inventories and non-current ore stockpiles 21.0 26.9 39.0 69.0 Accounts payable and accrued liabilities (19.9 ) (8.8 ) 11.0 (26.4 ) Net cash from operating activities before changes in working capital $ 422.9 $ 280.6 $ 1,495.3 $ 512.8   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 September 30, 2026 ($ millions, except where noted) Côté Gold Westwood Essakane Corporate & other Total Net cash from operating activities $ 125.3 $ 65.5 $ 321.8 $ (51.5 ) $ 461.1 Add:           Operating cash flow used by non-mine site activities - - - 51.5 51.5 Cash flow from operating mine-sites $ 125.3 $ 65.5 $ 321.8 $ - $ 512.6 Capital expenditures 43.8 13.8 50.7 0.1 108.4 Less:           Capital expenditures from corporate and development projects - - - (0.1 ) (0.1 ) Capital expenditures from operating mine-sites 43.8 13.8 50.7 - 108.3 Mine-site cash flow $ 81.5 $ 51.7 $ 271.1 $ - $ 404.3   Three months ended September 30, 2025 ($ millions, except where noted) Côté Gold Westwood Essakane Corporate & Other Total Net cash from operating activities $ 161.5 $ 23.6 $ 169.9 $ (74.2 ) $ 280.8 Add:           Operating cash flow used by non-mine site activities - - - 74.2 74.2 Cash flow from operating mine-sites $ 161.5 $ 23.6 $ 169.9 $ - $ 355.0 Capital expenditures 25.9 17.4 19.4 (0.4 ) 62.3 Less:           Capital expenditures from construction and development projects and corporate - - - 0.4 0.4 Capital expenditures from operating mine-sites 25.9 17.4 19.4 - 62.7 Mine-site cash flow $ 135.6 $ 6.2 $ 150.5 $ - $ 292.3   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. September 30 December 31 ($ millions, except where noted) 2026 2025 Cash and cash equivalents $ 766.6 $ 421.9 Short-term investments 1.0 1.0 Available Credit Facility 845.8 445.7 Available Liquidity $ 1,613.4 $ 868.6   September 30 December 31 ($ millions, except where noted) 2026 2025 Cash and cash equivalents $ 766.6 $ 421.9 Short-term investments 1.0 1.0 Long-term debt1 (450.0 ) (651.0 ) Net cash (debt) excluding lease liabilities and letters of credit 317.6 (228.1 ) Lease liabilities (99.5 ) (112.0 ) Drawn letters of credit issued under Credit Facility (4.2 ) (4.3 ) Net cash (debt) $ 213.9 $ (344.4 )   Includes principal amount of the Notes of $450.0 million, Credit Facility of $nil and equipment loan of $nil (December 31, 2025 - $450.0 million, $200.0 million, and $1.0 million, respectively). Excludes deferred transaction costs and embedded derivatives on the Notes. CONSOLIDATED BALANCE SHEETS (Unaudited ) (In millions of U.S. dollars) September 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 766.6 $ 421.9 Receivables and other current assets 55.6 79.6 Inventories 379.9 377.0 Assets held for sale 17.5 25.2 1,219.6 903.7 Non-current assets     Property, plant and equipment 4,134.3 4,162.8 Exploration and evaluation assets 415.4 396.1 Restricted cash 68.6 71.0 Inventories 232.6 194.8 Deferred income tax assets 18.2 - Other assets 106.2 124.1 4,975.3 4,948.8 $ 6,194.9 $ 5,852.5 Liabilities and Equity     Current liabilities     Accounts payable and accrued liabilities $ 322.7 $ 329.1 Income taxes payable 128.2 99.6 Current portion of provisions 15.9 5.1 Current portion of lease liabilities 33.9 32.3 Current portion of long-term debt - 1.0 Other current liabilities 5.1 50.0 505.8 517.1 Non-current liabilities     Deferred income tax liabilities 197.6 52.6 Provisions 285.3 308.3 Lease liabilities 65.6 79.7 Long-term debt 449.2 648.8 Other liabilities - 0.1 997.7 1,089.5 1,503.5 1,606.6 Equity     Attributable to equity holders     Common shares 3,240.8 3,383.8 Contributed surplus (369.6 ) (27.4 ) Retained earnings 1,779.8 872.6 Accumulated other comprehensive income (loss) (32.2 ) (37.6 ) 4,618.8 4,191.4 Non-controlling interests 72.6 54.5 4,691.4 4,245.9     $ 6,194.9 $ 5,852.5   Refer to Q3 2026 Financial Statements for accompanying notes. CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three months ended September 30, Nine months ended September 30, (In millions of U.S. dollars, except per share amounts) 2026 2025 2026 2025 Revenues $ 856.5 $ 706.7 $ 2,743.5 $ 1,764.7 Cost of sales (450.5 ) (434.1 ) (1,351.7 ) (1,152.1 ) Gross profit 406.0 272.6 1,391.8 612.6 General and administrative expenses (21.1 ) (14.6 ) (58.3 ) (43.5 ) Exploration expenses (8.4 ) (8.9 ) (24.0 ) (21.5 ) Impairment charge, net - (12.2 ) - (12.2 ) Other expenses 2.1 (1.9 ) (7.8 ) (9.7 ) Earnings from operations 378.6 235.0 1,301.7 525.7 Gain on sale of Bambadji assets 69.5 - 69.5 - Finance costs (4.3 ) (28.9 ) (23.4 ) (82.7 ) Foreign exchange gain (loss) 7.7 (2.2 ) 6.4 1.1 Interest income, derivatives and other investment gains (losses) 2.1 (4.3 ) (1.7 ) 6.0 Earnings before income taxes 453.6 199.6 1,352.5 450.1 Income tax expense (127.5 ) (44.4 ) (353.2 ) (162.5 ) Net earnings $ 326.1 $ 155.2 $ 999.3 $ 287.6 Net earnings attributable to:         Equity holders $ 297.0 $ 139.4 $ 907.2 $ 257.8 Non-controlling interests 29.1 15.8 92.1 29.8 Net earnings $ 326.1 $ 155.2 $ 999.3 $ 287.6         Attributable to equity holders         Weighted average number of common shares outstanding (in millions)         Basic 570.4 575.2 578.6 574.3 Diluted 573.7 581.4 583.6 580.6         Basic earnings per share $ 0.52 $ 0.24 $ 1.57 $ 0.45 Diluted earnings per share $ 0.52 $ 0.24 $ 1.55 $ 0.44   Refer to Q3 2026 Financial Statements for accompanying notes. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three months ended September 30, Nine months ended September 30, (In millions of U.S. dollars) 2026 2025 2026 2025 Operating activities Net earnings $ 326.1 $ 155.2 $ 999.3 $ 287.6 Adjustments for:         Depreciation expense 126.5 109.9 360.8 284.6 Impairment (reversal) charge - 12.2 - 12.2 Gain on sale of Bambadji assets (69.5 ) - (69.5 ) - Deferred revenue recognized - - - (154.3 ) Income tax expense 127.5 44.4 353.2 162.5 Derivative loss 4.0 6.7 10.1 9.8 Finance costs 4.3 28.9 23.4 82.7 Other non-cash items (7.6 ) (5.0 ) 19.1 (11.3 ) Adjustments for cash items:         Settlement of derivatives (4.0 ) (0.3 ) (10.1 ) (2.3 ) Disbursements related to asset retirement obligations (0.8 ) (2.1 ) (2.6 ) (12.0 ) Other - - (3.9 ) - Movements in non-cash working capital items and non-current ore stockpiles 38.2 0.2 (19.2 ) (71.9 ) Cash from operating activities, before income taxes paid 544.7 350.1 1,660.6 587.6 Income taxes paid (83.6 ) (69.3 ) (184.5 ) (146.7 ) Net cash from operating activities 461.1 280.8 1,476.1 440.9 Investing activities         Capital expenditures for property, plant and equipment (103.0 ) (62.3 ) (320.2 ) (206.5 ) Capitalized borrowing costs (1.4 ) (7.3 ) (13.5 ) (23.7 ) Proceeds from sale of Bambadji assets 69.7 - 69.7 - Other investing activities (5.4 ) 0.8 (2.4 ) 10.0 Net cash used in investing activities (40.1 ) (68.8 ) (266.4 ) (220.2 ) Financing activities         Repurchase of shares under the Normal Course Issuer Bid ("NCIB") (134.7 ) - (542.6 ) - Proceeds from credit facility - - - 120.0 Repayment of credit facility - - (200.0 ) (90.0 ) Repayment of second lien term loan - (100.0 ) - (100.0 ) Dividends paid to non-controlling interests - - (74.0 ) (128.3 ) Prepayment premium on second lien term loan - (4.0 ) - (4.0 ) Interest paid (0.1 ) (12.1 ) (7.7 ) (52.0 ) Other financing activities (13.6 ) (8.8 ) (21.0 ) (21.8 ) Net cash used in financing activities (148.4 ) (124.9 ) (845.3 ) (276.1 ) Effects of exchange rate fluctuation on cash and cash equivalents (7.4 ) 3.4 (19.7 ) 22.2 Increase (decrease) in cash and cash equivalents 265.2 90.5 344.7 (33.2 ) Cash and cash equivalents, beginning of the period 501.4 223.8 421.9 347.5 Cash and cash equivalents, end of the period $ 766.6 $ 314.3 $ 766.6 $ 314.3   Refer to Q3 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 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/322767
View at source ↗