Iamgold completes term loan repayment, renews buyback

Executive Summary

• Iamgold Corp. has fully repaid its second lien term loan, clearing the final $130 million outstanding balance as part of its debt reduction strategy.
• The Toronto Stock Exchange (TSX) has approved Iamgold's Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to 57 million common shares, representing approximately 9.92% of its public float.
• The buyback program is funded by operating cash flows and aims to enhance financial flexibility and shareholder value, with the bid period running from December 12, 2025, to December 11, 2026.

Key Details

• Debt Repayment:
  • Repayment of the final $130 million outstanding on the second lien term loan.
  • The loan has been repaid in full, completing the company's debt reduction strategy.
• Share Buyback Program (NCIB):
  • Approval: Received approval from the TSX for the notice of intention to make a normal course issuer bid.
  • Volume: Up to 57 million common shares (approx. 9.92% of public float as of Nov. 30, 2025).
  • Total Shares Outstanding: 575,475,425 shares as of Nov. 30, 2025.
  • Daily Limits:
    • TSX: Maximum of 585,822 shares per day (25% of the 6-month average daily trading volume of 2,343,290 shares).
    • NYSE: Maximum of 25% of the average daily trading volume for the four calendar weeks preceding the purchase date.
  • Pricing: Shares will be purchased at the market price at the time of acquisition.
  • Funding: Financed out of Iamgold’s operating cash flows.
  • Disposition: Acquired shares will either be cancelled or placed under trust to satisfy future obligations under the company's share incentive plan.
  • Timeline: The bid begins on Dec. 12, 2025, and continues until Dec. 11, 2026, or until purchases are completed.
  • Obligation: The company is not obligated to make any purchases; timing and quantity are at management's discretion.
  • History: No NCIB was in place during the 12 months preceding this announcement.
• Strategic Context:
  • CEO Renaud Adams cited the moves as steps to strengthen the balance sheet and enhance financial flexibility.
  • Management expressed confidence in the company's future and belief that the market may undervalue Iamgold's shares.
  • Future focus includes demonstrating expansion potential at Cote and advancing value-accretive opportunities at Westwood, Essakane, and the Nelligan mining complex.

Notable Quotes

• "Today marks a significant milestone for Iamgold, as we take decisive steps to further strengthen our balance sheet and enhance financial flexibility, in tandem with the share buyback program, which underscores our confidence in the company's future and reinforces our commitment to delivering value to shareholders," said Renaud Adams, president and chief executive officer of Iamgold.
• "Looking ahead to 2026, we are excited about the opportunities before us as we work to demonstrate the expansion potential of Cote, while advancing further value accretive opportunities at Westwood, Essakane and the rapidly growing Nelligan mining complex in Quebec."