GoGold Resources Inc. press release

IAMGOLD Reports Second Quarter 2026 Results

2026-08-06

TSX - Toronto Stock Exchange · Silver · Gold · Copper · Zinc · Lead · Canada · Corporate Finance

All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

Toronto, Ontario--(Newsfile Corp. - August 6, 2026) - IAMGOLD Corporation(NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the second quarter ended June 30, 2026.

"IAMGOLD delivered another strong and safe quarter, producing 188,100 ounces of gold and generating $507.3 million of adjusted EBITDA, keeping us firmly on track to achieve our full-year guidance of 720,000 to 820,000 ounces," said Renaud Adams, President and CEO. "At Côté Gold, the replacement of the conveyor belt in May and the commissioning of our second cone crusher allowed the plant to operate at near full capacity in June, and with contracted crushing now behind us, we expect production to increase and unit costs to decline through the second half of the year. Westwood and Essakane again delivered solid results. Our balance sheet has never been stronger, with a net cash position and $1.3 billion in liquidity, while returning nearly $150 million to shareholders in the quarter through our buyback program."

"Beyond this near-term progress, the scale of Côté's long-term potential continues to grow. As we advanced our technical work this year, the consolidation of the Côté and Gosselin Mineral Resources, now exceeding 20 million ounces of Measured and Indicated, materially expanded the opportunity set in front of us - and we have chosen to take the time to thoroughly evaluate rather than constrain it to a single scenario. As a result, the details of the updated technical report which are expected in the fourth quarter will outline a clear, near-term path to increase processing rates toward 40,000 tonnes per day through targeted debottlenecking, supported by a significantly larger reserve base, extended mine life and further cost optimization. Concurrently, we will continue to advance trade-off studies on a further expansion of the project, reflecting our growing conviction in the size and quality of this world-class asset and its ability to support a larger operation over the long term. With a strengthened balance sheet and a compelling pipeline of growth across Côté, Essakane, Westwood and Nelligan, IAMGOLD is exceptionally well positioned to create lasting value for our shareholders."

HIGHLIGHTS:

Operating and Financial

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Attributable gold productionwas 188,100 ounces in the second quarter and 371,700 ounces year-to-date ("YTD"), with the Company on track to achieve its 2026 production guidance of 720,000 to 820,000 ounces.

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Côté produced 67,300 attributable ounces (96,200 ounces | 100%) in the second quarter and 119,600 attributable ounces YTD (170,900 ounces | 100%). Production at Côté is expected to be higher in the second half of the year driven by increased processing rates as the impact from recent operational improvements continue to be realized;

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Westwood produced 32,400 ounces in the second quarter and 68,600 ounces YTD; and

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Essakane produced 88,400 attributable ounces (104,000 ounces | 100%) in the second quarter and 183,500 attributable ounces (215,900 ounces | 100%) YTD.

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Revenuesin the second quarter totaled $856.9 million from sales of 195,100 ounces at an average realized gold price1of $4,384 per ounce and $1,887.0 million YTD from sales of 406,600 ounces at an average realized gold price of $4,631 per ounce.

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Cost of salesper ounce sold was $1,651 ($1,635 YTD), cash cost1per ounce sold, excluding royalties was $1,289 ($1,244 YTD), cash cost1per ounce sold, including royalties was $1,642 ($1,624 YTD), and all-in sustaining cost1("AISC")1 per ounce sold was $2,271 ($2,195 YTD).

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Net earnings and adjusted net earnings attributable to equity holders1for the second quarter was $230.5 million ($610.2 million YTD) and $241.6 million ($632.7 million YTD), respectively.

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Net earnings and adjusted net earnings per shareattributable to equity holders1for the second quarter of $0.40 ($1.05 YTD) and $0.42 ($1.09 YTD), respectively.

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Net cash from operating activitieswas $445.1 million for the second quarter ($1,015.0 million YTD). Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $442.9 million for the second quarter ($1,072.4 million YTD).

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Earnings before interest, income taxes, depreciation and amortization("EBITDA")1was $495.3 million for the second quarter ($1,152.3 million YTD), and adjusted EBITDA1was $507.3 million ($1,173.6 million YTD).

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Mine-site free cash flow1was $368.9 million during the second quarter ($893.5 million YTD).

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The Company has available liquidity1of $1,348.1 million as at June 30, 2026. Cash and cash equivalents was $501.4 million and the available balance of the revolving credit facility ("Credit Facility") was $845.7 million. Net cash, excluding leases and letters of credit1, was $52.2 million.

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In health and safety, for the quarter ended June 30, 2026, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.70 and is tracking at 0.56 for the year. IAMGOLD is continuing to advance its critical risk management program and visible leadership to improve safety and reduce high-potential incidents.

Corporate

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Continued cash flow generation in the second quarter allowed the Company to: purchase $147.9 million IAMGOLD shares(8.6 million shares) as part of the share buyback program and repay the remaining $100 million balance of its Credit Facility. Subsequent to quarter end and up to August 5, 2026, the Company has purchased an additional 3.5 million shares for $52.5 million and has purchased 27.9 million shares for $510.4 million since the inception of the program in December 2025. The Company intends to continue to use cash flow from Essakane to repurchase shares under its share buyback program as the cash is generated and repatriated from Essakane over the course of 2026.

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In June 2026, the Company completed the repatriation of $680.7 million from Essakane that represented its portion, net of withholding taxes, of the record $855 million dividend declared in 2025 payable to the Government of Burkina Faso and IAMGOLD. Total cash repatriated in the second quarter was $197.1 million, and $409.8 million year-to-date.

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In June 2026, Essakane declared its 2026 dividend of approximately $500 million from its 2025 profits. The Company's portion, net of the Government of Burkina Faso portion and withholding taxes, is approximately $400 million. The Company received $44 million subsequent to quarter end as a first dividend installment and expects to receive a further $45 million in August. The remaining balance is expected to be distributed at regular intervals based on the cash generated in excess of working capital requirements by Essakane.

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On June 17, 2026, the Company announced the strengthening of its financial position and flexibility by amending its revolving Credit Facility, increasing total capacity from $650 million to $850 million, extending maturity to June 2030, decreasing costs and improved covenants. The facility also includes an additional $250 million accordion feature, offering further liquidity potential. The Credit Facility remains undrawn.

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On June 1, 2026, the Company announced an updated Mineral Resource estimate for the Côté Gold Mine, reflecting the integration of the Côté and Gosselin zones in a consolidated block model. Measured and Indicated Mineral Resources for Côté Gold on a consolidated basis increased to 20.3 million ounces, with an additional 3.5 million ounces of Inferred Mineral Resources. The updated Mineral Resource estimate will inform the upcoming Côté Gold Technical Report and mine plan, with the results to be announced in the fourth quarter 2026.

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On August 6, 2026, the Company announced that Ms. Catherine McLeod-Seltzer has been appointed to the Company's Board of Directors effective September 1, 2026. Ms. McLeod-Seltzer, who was inducted into the Canadian Mining Hall of Fame in 2026, brings more than four decades of mining industry experience as both a senior executive and public-company director.

QUARTERLY REVIEW

For more details and the Company's overall outlook for 2026, see "Outlook", and for individual mines performance, see "Operations". The following table summarizes certain operating and financial results for the three months ended June 30, 2026 (Q2 2026), June 30, 2025 (Q2 2025) and the six months ended June 30 (H1 or YTD) 2026 and 2025, and certain measures of the Company's financial position as at December 31, 2025.

| | | Q2 2026 | | | Q2 2025 | | | YTD 2026 | | | YTD 2025 | | | Key Operating Statistics ($ millions) | | | | | | | | | | | | | | Gold production - attributable (000s oz) | | 188.1 | | | 173.0 | | | 371.7 | | | 334.0 | | | - Côté Gold1 | | 67.3 | | | 67.0 | | | 119.6 | | | 118.1 | | | - Westwood | | 32.4 | | | 29.4 | | | 68.6 | | | 53.3 | | | - Essakane2 | | 88.4 | | | 76.6 | | | 183.5 | | | 162.6 | | | Gold sales - attributable (000s oz) | | 180.2 | | | 173.4 | | | 373.9 | | | 338.1 | | | - Côté Gold1 | | 66.9 | | | 68.4 | | | 122.0 | | | 120.0 | | | - Westwood | | 29.2 | | | 28.6 | | | 66.7 | | | 55.8 | | | - Essakane2 | | 84.1 | | | 76.4 | | | 185.2 | | | 162.3 | | | Cost of sales3($/oz sold) | $ | 1,651 | | $ | 1,561 | | $ | 1,635 | | $ | 1,514 | | | - Côté Gold1 | $ | 1,562 | | $ | 1,222 | | $ | 1,630 | | $ | 1,240 | | | - Westwood | $ | 1,624 | | $ | 1,577 | | $ | 1,440 | | $ | 1,562 | | | - Essakane2 | $ | 1,730 | | $ | 1,858 | | $ | 1,707 | | $ | 1,700 | | | Cash costs4- excluding royalties ($/oz sold) | $ | 1,289 | | $ | 1,340 | | $ | 1,244 | | $ | 1,311 | | | - Côté Gold1 | $ | 1,245 | | $ | 997 | | $ | 1,301 | | $ | 1,030 | | | - Westwood | $ | 1,606 | | $ | 1,562 | | $ | 1,417 | | $ | 1,545 | | | - Essakane2 | $ | 1,214 | | $ | 1,565 | | $ | 1,143 | | $ | 1,437 | | | Cash costs4($/oz sold) | $ | 1,642 | | $ | 1,556 | | $ | 1,624 | | $ | 1,509 | | | - Côté Gold1 | $ | 1,554 | | $ | 1,219 | | $ | 1,622 | | $ | 1,237 | | | - Westwood | $ | 1,606 | | $ | 1,562 | | $ | 1,417 | | $ | 1,545 | | | - Essakane2 | $ | 1,724 | | $ | 1,855 | | $ | 1,700 | | $ | 1,697 | | | AISC4- excluding royalties ($/oz sold) | $ | 1,918 | | $ | 1,825 | | $ | 1,815 | | $ | 1,778 | | | - Côté Gold1 | $ | 1,773 | | $ | 1,389 | | $ | 1,773 | | $ | 1,418 | | | - Westwood | $ | 2,163 | | $ | 2,140 | | $ | 1,921 | | $ | 2,132 | | | - Essakane2 | $ | 1,691 | | $ | 1,934 | | $ | 1,602 | | $ | 1,764 | | | AISC4($/oz sold) | $ | 2,271 | | $ | 2,041 | | $ | 2,195 | | $ | 1,976 | | | - Côté Gold1 | $ | 2,082 | | $ | 1,611 | | $ | 2,094 | | $ | 1,625 | | | - Westwood | $ | 2,163 | | $ | 2,140 | | $ | 1,921 | | $ | 2,132 | | | - Essakane2 | $ | 2,201 | | $ | 2,224 | | $ | 2,159 | | $ | 2,024 | | | Average realized gold price ($/oz) | $ | 4,384 | | $ | 3,182 | | $ | 4,631 | | $ | 2,961 | |

1. Attributable portion for Côté Gold is based on IAMGOLD's ownership of 70%. See "Operations - Côté Gold, Canada" for more details. 2. IAMGOLD's Essakane ownership interest decreased from 90% to 85% effective June 20, 2025. See "Operations - Essakane, Burkina Faso" for more details. The attributable portion for Essakane is presented as 90% for the first half of 2025 and 85% for the second half of 2025 throughout this news release. 3. Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements. 4. Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.

| | | Q2 2026 | | | Q2 2025 | | | YTD 2026 | | | YTD 2025 | | | Financial Results ($ millions) | | | | | | | | | | | | | | Revenues | $ | 856.9 | | $ | 580.9 | | $ | 1,887.0 | | $ | 1,058.0 | | | Gross profit | $ | 415.1 | | $ | 198.8 | | $ | 985.8 | | $ | 340.0 | | | EBITDA1 | $ | 495.3 | | $ | 283.8 | | $ | 1,152.3 | | $ | 479.0 | | | Adjusted EBITDA1 | $ | 507.3 | | $ | 276.4 | | $ | 1,173.6 | | $ | 480.9 | | | Net earnings attributable to equity holders | $ | 230.5 | | $ | 78.7 | | $ | 610.2 | | $ | 118.4 | | | Adjusted net earnings attributable to equity holders1 | $ | 241.6 | | $ | 77.3 | | $ | 632.7 | | $ | 132.5 | | | Net earnings per share attributable to equity holders | $ | 0.40 | | $ | 0.14 | | $ | 1.05 | | $ | 0.21 | | | Adjusted net earnings per share attributable to equity holders1 | $ | 0.42 | | $ | 0.13 | | $ | 1.09 | | $ | 0.23 | | | Net cash from operating activities before changes in working capital1 | $ | 442.9 | | $ | 127.3 | | $ | 1,072.4 | | $ | 232.2 | | | Basic weighted average number of common shares outstanding (in millions) | | 578.0 | | | 575.1 | | | 582.7 | | | 573.8 | | | Net cash from operating activities | $ | 445.1 | | $ | 85.8 | | $ | 1,015.0 | | $ | 160.1 | | | Mine-site free cash flow1 | $ | 368.9 | | $ | 140.5 | | $ | 893.5 | | $ | 280.1 | | | Capital expenditures1- sustaining | $ | 96.3 | | $ | 78.4 | | $ | 184.9 | | $ | 140.1 | | | Capital expenditures1- expansion | $ | 22.0 | | $ | 8.9 | | $ | 34.8 | | $ | 14.2 | |

| | | June 30 | | December 31 | | | | | | 2026 | | | 2025 | | | Financial Position ($ millions) | | | | | | | | Cash and cash equivalents | $ | 501.4 | | $ | 421.9 | | | Long-term debt | $ | 449.3 | | $ | 649.8 | | | Net cash (debt) excluding lease liabilities and letters of credit | $ | 52.2 | | $ | (228.1 | ) | | Net cash (debt)1 | $ | (42.6 | ) | $ | (344.4 | ) | | Available Credit Facility | $ | 845.7 | | $ | 445.7 | |

1. 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%) | 119.6 | 270 - 310 | | Westwood - (100%) | 68.6 | 110 - 130 | | Essakane - (85%) | 183.5 | 340 - 380 | | Total attributable production (000s oz) | 371.7 | 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 higher in the second half of the year, driven by increased processing rates as recent operational improvements continue to be realized. For further details, refer to the "Operations" section of each mine below.

Costs

| | YTD 2026 | Full Year Guidance32026 | | Côté Gold | | | | Cash costs - excluding royalties ($/oz sold) | $1,301 | $900 - $1,050 | | Cash costs - including royalties3($/oz sold) | $1,622 | $1,200 - $1,350 | | AISC - excluding royalties3 ($/oz sold) | $1,773 | $1,475 - $1,625 | | AISC - including royalties3 ($/oz sold) | $2,094 | $1,775 - $1,925 | | Westwood | | | | Cash costs ($/oz sold) | $1,417 | $1,500 - $1,650 | | AISC ($/oz sold) | $1,921 | $1,950 - $2,100 | | Essakane | | | | Cash costs - excluding royalties ($/oz sold) | $1,143 | $1,150 - $1,300 | | Cash costs - including royalties3($/oz sold) | $1,700 | $1,600 - $1,750 | | AISC - excluding royalties3 ($/oz sold) | $1,602 | $1,550 - $1,700 | | AISC - including royalties3 ($/oz sold) | $2,159 | $2,000 - $2,150 | | Consolidated | | | | Cost of sales1($/oz sold) | $1,635 | $1,425 - $1,575 | | Cash costs1,2 - excluding royalties ($/oz sold) | $1,244 | $1,100 - $1,250 | | Cash costs1,2 - including royalties3($/oz sold) | $1,624 | $1,425 - $1,575 | | AISC1,2- excluding royalties3 ($/oz sold) | $1,815 | $1,675 - $1,825 | | AISC1,2- including royalties3 ($/oz sold) | $2,195 | $2,000 - $2,150 |

1. Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively. 2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures". 3. Guidance for cash costs and AISC, including royalties, assumes a $4,000 per ounce gold price in the estimate of royalties per ounce.

Cash costs on a consolidated basis, excluding royalties, are expected to be in the upper half of the range of $1,100 to $1,250 per ounce sold. Cash costs are expected to be lower in the second half of the year, reflecting the expected increase in Côté Gold's production over the second half of the year. AISC on a consolidated basis, excluding royalties, are expected to be in the upper range of $1,675 to $1,825 per ounce sold.

The guidance for cash costs and AISC, including royalties, was established using a gold price assumption of $4,000 per ounce for the year. The amount of royalties included in cash costs and AISC was $380 per ounce year-to-date, $55 per ounce higher than guidance, as the average realized price of gold sold in the first half was $4,631, or $631 per ounce above the gold price assumption used in guidance estimates. Refer to the table below for the sensitivity of royalties based on gold price.

Royalty Sensitivities

| | $ 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 half of the year averaged $4,631 per ounce. The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel. On oil price, the Company estimates that for a $10 per barrel increase, the impact on the direct cost of fuel would increase costs by approximately $12 per ounce, exclusive of broader indirect inflationary pressures on input costs and the supply chain.

During the first half of 2026 price escalation of approximately 3% has been observed across certain commodity inputs, which remained within the Company's inflation expectations. The Company continuously evaluates key commodity indices and forward supplier pricing guidance to proactively identify areas of potential cost inflation to inform any price mitigation measures that may be warranted. For further information on the expected impacts from fluctuation in guidance assumptions, refer to the Sensitivity Impact table included in the "Financial Condition" section.

Capital Expenditures

| | | YTD 2026 | | | Full Year Guidance 20261 | | | | | | | | | | | | | | | ($ millions) | Sustaining | | | Expansion | | | Total | | Sustaining | | | Expansion | | | Total | | | | | Côté Gold (70%) | $ | 55.4 | | $ | 27.1 | | $ | 82.5 | | $ | 160 | | $ | 85 | | $ | 245 | | | Westwood (100%) | | 33.3 | | | 6.7 | | | 40.0 | | | 55 | | | 30 | | | 85 | | | Essakane (100%) | | 96.2 | | | 1.0 | | | 97.2 | | | 165 | | | 5 | | | 170 | | | Total2 | $ | 184.9 | | $ | 34.8 | | $ | 219.7 | | $ | 380 | | $ | 120 | | $ | 500 | |

1. Capital expenditures guidance (±5%). 2. Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.

Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold, on an attributable basis, is expected to total $160 million ±5%, an increase from the prior year due to additional non-recurring plant and infrastructure design changes and improvements identified during the ramp-up to optimize operations and operating costs. Côté Gold's capital expenditures are expected to be higher in the second half of the year due to the timing of equipment deliveries and the scheduling of projects.

Expansion capital expenditures are expected to total $120 million ±5% in 2026. The expansion capital at Côté Gold is to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood to support the study of options to increase mining volumes including the potential for bulk mining in the eastern parts of Westwood underground.

Exploration Outlook

| | | YTD 2026 | | | Full Year Guidance 2026 | | | | | | | | | | | | | | | ($ millions) | | Capitalized | | | Expensed | | | Total | | | Capitalized | | | Expensed | | | Total | | | Exploration projects - greenfield | $ | 10.8 | | $ | 13.3 | | $ | 24.1 | | $ | 11 | | $ | 34 | | $ | 45 | | | Exploration projects - brownfield | | 3.8 | | | 1.0 | | | 4.8 | | | 7 | | | 2 | | | 9 | | | | $ | 14.6 | | $ | 14.3 | | $ | 28.9 | | $ | 18 | | $ | 36 | | $ | 54 | |