McFarlane Lake Mining Limited press release

IAMGOLD Reports First Quarter 2026 Results

2026-05-05

CSE - Canadian National Stock Exchange · Gold · Copper · Cobalt · Nickel · Arsenic · Canada · Corporate Finance

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

Toronto, Ontario--(Newsfile Corp. - May 5, 2026) - IAMGOLD Corporation(NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the first quarter ended March 31, 2026.

"IAMGOLD delivered a strong start to 2026, with attributable gold production of 183,600 ounces in the first quarter positioning the Company well to achieve its full-year guidance of 720,000 to 820,000 ounces" said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "The quarter was marked by robust financial results, including revenues of over $1 billion, adjusted EBITDA of $666 million, and mine-site free cash flow of $525 million, reflecting the significant leverage our business has to the current gold price environment. These results allowed for the Company to return $260 million to our shareholders through our share buyback program and repay $100 million in debt."

"Westwood and Essakane both delivered strong performances, with quarterly production improvements year-over-year, driven by higher grades and improved operating efficiency across both sites. At Côté Gold, throughput in the quarter was limited by unplanned conveyor downtime as increased crushed ore volumes from the additional secondary cone crusher accelerated prior wear and splits on the belt. Performance improved in April following repairs as we control throughput ahead of the upcoming belt replacement in May that will allow for operations at full capacity. We remain confident in our full-year attributable production guidance for Côté of 270,000 to 310,000 ounces. Production and costs at the mine are expected to improve progressively through 2026 as throughput increases, the temporary aggregate crushing circuit is phased out, the pit pushback advances, and as we continue to optimize the operation and lengthen maintenance cycles."

"Looking ahead, we have significant catalysts across all of our assets. An updated mineral resource estimate for Côté is planned for the second quarter, followed by a technical report that is on track by year-end and is expected to outline a larger-scale mine incorporating both the Côté and Gosselin zones. Technical reports are also planned for Westwood, Essakane, and our Nelligan Mining Complex - which combined are expected to illustrate meaningful potential for production growth, mine life extension and value accretion. Combined with approximately $1.1 billion in available liquidity, an increasing production profile, and our continued execution on share buybacks and debt reduction, we are well-positioned to deliver value for our shareholders in 2026 and beyond."

HIGHLIGHTS:

Operating and Financial

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Attributable gold productionwas 183,600 ounces in the first quarter, positioning the Company well to achieve its 2026 production guidance of 720,000 to 820,000 ounces. Production is expected to increase through the year as Côté continues to debottleneck operations and incorporates operating improvements:

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Côté produced 52,300 attributable ounces (74,700 ounces | 100%);

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Westwood produced 36,200 ounces; and

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Essakane produced 95,100 attributable ounces (111,900 ounces | 100%).

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Revenuesin the first quarter totaled $1,030.1 million from sales of 211,500 ounces at an average realized gold price1of $4,859 per ounce.

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Cost of salesper ounce sold was $1,619 for the first quarter.

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Cash cost1per ounce sold, excluding royalties, was $1,201 for the first quarter.

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Cash cost1per ounce sold, including royalties, was $1,608 for the first quarter.

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AISC1per ounce sold was $2,124 for the first quarter.

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Net earnings and adjusted net earnings attributable to equity holders1was $379.7 million and $391.1 million for the first quarter, respectively.

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Net earnings and adjusted net earnings per shareattributable to equity holders1of $0.65 and $0.67 for the first quarter, respectively.

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Net cash from operating activitieswas $569.9 million for the first quarter. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $629.5 million for the first quarter.

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Earnings before interest, income taxes, depreciation and amortization("EBITDA")1was $657.0 million, and Adjusted EBITDA1was $666.3 million for the first quarter.

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Mine-site free cash flow1of $524.6 million for the first quarter.

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The Company has available liquidity1of $1,096.9 million as at March 31, 2026, an increase of $228.3 million compared to the prior period. Cash and cash equivalents was $550.2 million and the available balance of the revolving credit facility ("Credit Facility") was $545.7 million. Net cash, excluding leases and letters of credit1, was $0.9 million, an improvement of $229.0 million during the quarter.

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In health and safety, for the quarter ended March 31, 2026, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.44, an improved performance from the prior year period. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents.

Corporate

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Significant free cash flow generated in the first quarter allowed the Company to: increase its cash and cash equivalents balance by $128.3 million, repay $100 million of the Credit Facility,and purchase $260 million of IAMGOLD shares(12.9 million shares) as part of the share buyback program. Subsequent to quarter end, the Company has purchased an additional 2.1 million shares for $40 million and has purchased 18.0 million shares for $350 million since the inception of the program in December 2025 and paid down the remaining balance of $100 million of its Credit Facility. 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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$212.7 million of cash was repatriated from Essakane in the first quarter, using the structure that enables payments to be made at any time of the year based on the cash generated in excess of working capital requirements by Essakane.

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On March 25, 2026, Fitch affirmed the Company's B+ credit rating and revised the outlook from Stable to Positive. Subsequent to quarter end, on April 9, 2026, the Company received a corporate credit rating upgrade by Moody's Investors Service from B2 to B1 with a stable outlook.

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Subsequent to quarter end, on April 27, 2026, the Company released its 2025 Sustainability Report highlighting the Company's progress and achievements across a range of Environmental, Social and Governance ("ESG") practices.

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On May 4, 2026, the Company strengthened its executive team with the appointment of Ankit Shah as Chief Strategy Officer, bringing nearly two decades of progressive leadership in strategy and corporate development in the mining and advisory sectors.

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On May 5, 2026, at the Company's Annual General Meeting, shareholders voted in favour of the election of the Company's Board of Directors, including the appointment of new director Mr. Daniel Racine. Dr. Ann Masse and Ms. Audra Walsh did not stand for reelection and concluded their service on the Board. The Company thanks both Dr. Masse and Ms. Walsh for their years of dedicated service, passion and many contributions to IAMGOLD.

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 March 31, 2026 (Q1 2026) and March 31, 2025 (Q1 2025) and certain measures of the Company's financial position as at December 31, 2025.

| | | Q1 2026 | | | Q1 2025 | | | Key Operating Statistics ($ millions) | | | | | | | | Gold production - attributable (000s oz) | | 183.6 | | | 161.0 | | | - Côté Gold1 | | 52.3 | | | 51.1 | | | - Westwood | | 36.2 | | | 23.9 | | | - Essakane2 | | 95.1 | | | 86.0 | | | Gold sales - attributable (000s oz) | | 193.7 | | | 164.7 | | | - Côté Gold1 | | 55.1 | | | 51.6 | | | - Westwood | | 37.5 | | | 27.2 | | | - Essakane2 | | 101.1 | | | 85.9 | | | Cost of sales3($/oz sold) | $ | 1,619 | | $ | 1,465 | | | - Côté Gold1 | $ | 1,713 | | $ | 1,264 | | | - Westwood | $ | 1,296 | | $ | 1,547 | | | - Essakane2 | $ | 1,688 | | $ | 1,560 | | | Cash costs4- excluding royalties ($/oz sold) | $ | 1,201 | | $ | 1,280 | | | - Côté Gold1 | $ | 1,369 | | $ | 1,074 | | | - Westwood | $ | 1,270 | | $ | 1,527 | | | - Essakane2 | $ | 1,083 | | $ | 1,324 | | | Cash costs4($/oz sold) | $ | 1,608 | | $ | 1,459 | | | - Côté Gold1 | $ | 1,704 | | $ | 1,260 | | | - Westwood | $ | 1,270 | | $ | 1,527 | | | - Essakane2 | $ | 1,680 | | $ | 1,557 | | | AISC4($/oz sold) | $ | 2,124 | | $ | 1,908 | | | - Côté Gold1 | $ | 2,109 | | $ | 1,643 | | | - Westwood | $ | 1,733 | | $ | 2,124 | | | - Essakane2 | $ | 2,125 | | $ | 1,846 | | | Average realized gold price ($/oz) | $ | 4,859 | | $ | 2,731 | |

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.

| | | Q1 2026 | | | Q1 2025 | | | Financial Results ($ millions) | | | | | | | | Revenues | $ | 1,030.1 | | $ | 477.1 | | | Gross profit | $ | 570.7 | | $ | 141.2 | | | EBITDA1 | $ | 657.0 | | $ | 195.2 | | | Adjusted EBITDA1 | $ | 666.3 | | $ | 204.5 | | | Net earnings attributable to equity holders | $ | 379.7 | | $ | 39.7 | | | Adjusted net earnings attributable to equity holders1 | $ | 391.1 | | $ | 55.2 | | | Net earnings per share attributable to equity holders | $ | 0.65 | | $ | 0.07 | | | Adjusted net earnings per share attributable to equity holders1 | $ | 0.67 | | $ | 0.10 | | | Net cash from operating activities before changes in working capital1 | $ | 629.5 | | $ | 104.9 | | | Net cash from operating activities | $ | 569.9 | | $ | 74.3 | | | Mine-site free cash flow1 | $ | 524.6 | | $ | 139.6 | | | Capital expenditures1- sustaining | $ | 88.6 | | $ | 61.7 | | | Capital expenditures1- expansion | $ | 12.8 | | $ | 5.3 | |

| | | March 31 | | | December 31 | | | | | 2026 | | | 2025 | | | Financial Position ($ millions) | | | | | | | | Cash and cash equivalents | $ | 550.2 | | $ | 421.9 | | | Long-term debt | $ | 549.2 | | $ | 649.8 | | | Net cash (debt)1 | $ | (105.2 | ) | $ | (344.4 | ) | | Available Credit Facility | $ | 545.7 | | $ | 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. 2. Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use assets and working capital impacts.

OUTLOOK

Production (000 oz)

| | | Actual Q1 2026 | | | Full Year Guidance 2026 | | | Côté Gold - (70%) | | 52.3 | | | 270 - 310 | | | Westwood - (100%) | | 36.2 | | | 110 - 130 | | | Essakane - (85%) | | 95.1 | | | 340 - 380 | | | Total attributable production (000s oz) | | 183.6 | | | 720 - 820 | |

Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces. Production is expected to increase through the year as Côté continues to debottleneck operations and incorporates operating improvements. For further details, refer to the "Operations" section of each mine below.

Costs

| | | Actual Q1 2026 | | | Full Year Guidance32026 | | | Côté Gold | | | | | | | | Cash costs - excluding royalties ($/oz sold) | $ | 1,369 | | $ | 900 - $1,050 | | | Cash costs - including royalties3($/oz sold) | $ | 1,704 | | $ | 1,200 - $1,350 | | | AISC - including royalties3 ($/oz sold) | $ | 2,109 | | $ | 1,775 - $1,925 | | | Westwood | | | | | | | | Cash costs ($/oz sold) | $ | 1,270 | | $ | 1,500 - $1,650 | | | AISC ($/oz sold) | $ | 1,733 | | $ | 1,950 - $2,100 | | | Essakane | | | | | | | | Cash costs - excluding royalties ($/oz sold) | $ | 1,083 | | $ | 1,150 - $1,300 | | | Cash costs - including royalties3($/oz sold) | $ | 1,680 | | $ | 1,600 - $1,750 | | | AISC - including royalties3 ($/oz sold) | $ | 2,125 | | $ | 2,000 - $2,150 | | | Consolidated | | | | | | | | Cost of sales1($/oz sold) | $ | 1,619 | | $ | 1,425 - $1,575 | | | Cash costs1,2 - excluding royalties ($/oz sold) | $ | 1,201 | | $ | 1,100 - $1,250 | | | Cash costs1,2 - including royalties3($/oz sold) | $ | 1,608 | | $ | 1,425 - $1,575 | | | AISC1,2- including royalties3 ($/oz sold) | $ | 2,124 | | $ | 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 range of $1,100 to $1,250 per ounce sold. Cash costs, including royalties, are expected to average $1,425 to $1,575 per ounce sold. The amount of royalties included in cash cost was $407 per ounce during the quarter, $82 per ounce higher than guidance, as the average realized price of gold sold was $4,859, or $859 per ounce more than the gold price assumption used in guidance estimates. Refer to the table below for the sensitivity of royalties based on gold price. AISC, including royalties, are expected to be in the range of $2,000 and $2,150 per ounce sold.

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 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. 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

| | | Actual Q1 2026 | | | Full Year Guidance 20261 | | | | | | | | | | | | | | | ($ millions) | | Sustaining | | | Expansion | | | Total | | | Sustaining | | | Expansion | | | Total | | | Côté Gold (70%) | $ | 18.8 | | $ | 9.1 | | $ | 27.9 | | $ | 160 | | $ | 85 | | $ | 245 | | | Westwood (100%) | | 16.6 | | | 3.1 | | | 19.7 | | | 55 | | | 30 | | | 85 | | | Essakane (100%) | | 53.2 | | | 0.6 | | | 53.8 | | | 165 | | | 5 | | | 170 | | | Total2 | $ | 88.6 | | $ | 12.8 | | $ | 101.4 | | $ | 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.

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

| | | Actual Q1 2026 | | | Full Year Guidance 2026 | | | | | | | | | | | | | | | ($ millions) | | Capitalized | | | Expensed | | | Total | | | Capitalized | | | Expensed | | | Total | | | Exploration projects - greenfield | $ | 4.9 | | $ | 6.4 | | $ | 11.3 | | $ | 11 | | $ | 34 | | $ | 45 | | | Exploration projects - brownfield | | 2.3 | | | 0.5 | | | 2.8 | | | 7 | | | 2 | | | 9 | | | | $ | 7.2 | | $ | 6.9 | | $ | 14.1 | | $ | 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) | Actual Q1 2026 | Full Year Guidance 2026 | | Depreciation expense | $115.7 | $480 (±5%) | | Income taxes paid | $28.5 | $205 - $215 |

The Company expects to pay cash taxes in the range of $205 to $215 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

The Company released its 2025 Sustainability Report on April 27, 2026. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative and Sustainability Accounting Standards Board.

Health and Safety

The TRIFR in the first quarter was 0.44 as of March 31, 2026, compared to 0.67 as of March 31, 2025. The Essakane mine achieved the milestone of "triple zero" in the first quarter, and Westwood achieved its first full quarter at a zero TRIFR, a goal every mine site strives to reach. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents.

Environmental

There were zero significant environmental incidents reported for the quarter.

Social Performance

During the first quarter of 2026, IAMGOLD continued its strong relationship with local communities at each of our sites, including supporting community-based and wellness-focused initiatives. Notable initiatives included the Cycling Grand Prix and the Regional Hospital Centre Gala in Burkina Faso, as well as community runs and hockey tournaments, aimed to support raising funds for health and wellness in the local communities in Canada.

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. This work is intended to support the creation of a coherent vision for reconciliation and a roadmap to help guide the Company's actions as an organization, embedding reconciliation more intentionally across the organization, and defining actions to guide respectful, mutually beneficial relationships with Indigenous communities.