IAMGOLD Corporation press release

IAMGOLD Reports Third Quarter 2026 Results

2026-11-05

TSX - Toronto Stock Exchange · Gold · Canada · Corporate Finance

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 productionwas 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.

-

Revenuesin the third quarter totaled $856.5 million from sales of 199,900 ounces at an average realized gold price1of $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 salesper ounce sold was $1,622 ($1,630 YTD), cash cost1per ounce sold, excluding royalties was $1,266 ($1,251 YTD), cash cost1per ounce sold, including royalties was $1,614 ($1,621 YTD).

-

All-in sustaining cost1("AISC")1per ounce sold, excluding royalties, was $1,836 ($1,821 YTD) and AISC1per ounce sold, including royalties was $2,184 ($2,191 YTD).

-

Net earnings and adjusted net earningsattributable to equity holders1for 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 shareattributable to equity holders1for the third quarter of $0.52 ($1.57 YTD) and $0.42 ($1.50 YTD), respectively.

-

Net cash from operating activitieswas $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")1was $584.4 million for the third quarter ($1,736.7 million YTD), and adjusted EBITDA1was $503.9 million ($1,677.5 million YTD).

-

Mine-site free cash flow1was $404.3 million during the third quarter ($1,297.8 million YTD).

-

The Company has available liquidity1of $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 | |

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% thereafter 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.

| | | 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 | |

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%) | 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 Guidance32026 | | 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 |

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 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 | |

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 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.