Iamgold Corp 6-K, filed Aug 6, 2026
Iamgold Corp (IAG)
6-K
2026-08-06
For: 2026-06-30
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August 06, 2026
About this 6-K
Iamgold Corp filed this 6-K on August 6, 2026.
FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
Date: August 6, 2026
Commission File Number 001-31528
IAMGOLD Corporation
(Translation of registrant’s name into English)
150 King Street West, Suite 2200
Toronto, Ontario, Canada M5H 1J9
Tel: (416) 360-4710
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ¨ Form 40-F ý
Description of Exhibit
| Exhibit | Description of Exhibit | |||||||
-2-
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| IAMGOLD CORPORATION | |||||||||||
| Date: August 6, 2026 | By: | /s/ Annie Torkia Lagacé | |||||||||
| Chief Legal Officer | |||||||||||
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL POSITION AND RESULTS OF OPERATIONS
Second Quarter Ended June 30, 2026
INDEX
| Introduction | |||||
About IAMGOLD | |||||
| Highlights | |||||
| Operating and Financial Results | |||||
| Outlook | |||||
| Environmental, Social and Governance | |||||
| Operations | |||||
| Côté Gold | |||||
| Westwood Complex | |||||
| Essakane | |||||
| Nelligan Mining Complex | |||||
| Exploration | |||||
| Financial Condition | |||||
| Liquidity and Capital Resources | |||||
| Dividend Payments from Essakane | |||||
| Share Buyback Program | |||||
| Cash and Working Capital | |||||
| Cash Flow | |||||
| Long-Term Debt | |||||
| Contractual Obligations | |||||
| Financial Instruments | |||||
| Shareholders’ Equity | |||||
| Quarterly Financial Review | |||||
| Disclosure Controls and Procedures and Internal Control over Financial Reporting | |||||
| Critical Judgments, Estimates and Assumptions | |||||
| New Accounting Standards | |||||
| Risks and Uncertainties | |||||
| Non-GAAP Financial Measures | |||||
| Cautionary Statement on Forward-Looking Information | |||||
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 1 | ||||
INTRODUCTION
ABOUT IAMGOLD
IAMGOLD employs approximately 3,800 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).
HIGHLIGHTS
•Attributable gold production was 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.
•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;
•Westwood produced 32,400 ounces in the second quarter and 68,600 ounces YTD; and
•Essakane produced 88,400 attributable ounces (104,000 ounces | 100%) in the second quarter and 183,500 attributable ounces (215,900 ounces | 100%) YTD.
•Revenues in the second quarter totaled $856.9 million from sales of 195,100 ounces at an average realized gold price1 of $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.
•Cost of sales per ounce sold was $1,651 ($1,635 YTD), cash cost1 per ounce sold, excluding royalties was $1,289 ($1,244 YTD), cash cost1 per 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).
•Net earnings and adjusted net earnings attributable to equity holders1 for the second quarter was $230.5 million ($610.2 million YTD) and $241.6 million ($632.7 million YTD), respectively.
•Net earnings and adjusted net earnings per share attributable to equity holders1 for the second quarter of $0.40 ($1.05 YTD) and $0.42 ($1.09 YTD), respectively.
•Net cash from operating activities was $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).
•Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $495.3 million for the second quarter ($1,152.3 million YTD), and adjusted EBITDA1 was $507.3 million ($1,173.6 million YTD).
•Mine-site free cash flow1 was $368.9 million during the second quarter ($893.5 million YTD).
•The Company has available liquidity1 of $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.
•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.
__________________________
1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 2 | ||||
Corporate
•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.
•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.
•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.
•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 $250 million accordion feature, offering further liquidity potential. The Credit Facility remains undrawn.
•On June 1, 2026, the Company announced an updated Mineral Resource estimate for the Côté Gold Mine, reflecting the integration of the Côté and Gosselin zones in a consolidated block model. Measured and Indicated Mineral Resources for Côté Gold on a consolidated basis increased to 20.3 million ounces, with an additional 3.5 million ounces of Inferred Mineral Resources. The updated Mineral Resource estimate will inform the upcoming Côté Gold Technical Report and mine plan, with the results to be announced in the fourth quarter 2026.
•On August 6, 2026, the Company announced that Ms. Catherine McLeod-Seltzer has been appointed to the Company’s Board of Directors effective September 1, 2026. Ms. McLeod-Seltzer, who was inducted into the Canadian Mining Hall of Fame in 2026, brings more than four decades of mining industry experience as both a senior executive and public-company director.
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1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures".
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 3 | ||||
OPERATING AND FINANCIAL RESULTS
For more details and the Company's overall outlook for 2026, see “Outlook”, and for individual mines performance, see “Operations”. The following table summarizes certain operating and financial results for the three months ended June 30, 2026 (Q2 2026), June 30, 2025 (Q2 2025) and the six months ended June 30 (H1 or YTD) 2026 and 2025, and certain measures of the Company's financial position as at December 31, 2025.
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||
Key Operating Statistics ($ 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 MD&A.
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 MD&A for a description and calculation of these measures.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 4 | ||||
| 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 MD&A for a description and calculation of these measures.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 5 | ||||
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1.Cost of sales, including depreciation, cash costs and AISC are expressed on an attributable ounce sold basis (excluding the non-controlling interests at Essakane). See “Operations – Essakane, Burkina Faso”.
2.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
3.Côté capital expenditures reflect the proportionate interest in Côté Gold UJV on an incurred basis.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 6 | ||||
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 Guidance3 2026 | |||||||||||||
| 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 | ||||||||
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 7 | ||||
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 | |||||||||
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 $6 million.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 8 | ||||
Income Taxes Paid and Depreciation Outlook
| ($ millions) | YTD 2026 | Full Year Guidance 2026 | ||||||||||||
| Depreciation expense | $234.3 | $480 (±5%) | ||||||||||||
| Income taxes paid | $100.9 | $205 – $215 | ||||||||||||
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. In June 2026, the Company was named one of Canada’s Best 50 Corporate Citizens by Corporate Knights for 2026.
Health and Safety
The TRIFR in the second quarter was 0.70 as of June 30, 2026, compared to 0.41 as of June 30, 2025, and 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.
Environmental
There were zero significant environmental incidents reported for the quarter1. Essakane updated its 2019 Closure Plan and submitted the revised plan to the Burkina Faso authorities in June 2026, as required by regulation.
Social Performance
During the second quarter 2026, IAMGOLD continued its strong relationship with local communities at each of our sites, including supporting community-based and wellness-focused initiatives. Notable investments included the donation of medical equipment to healthcare facilities servicing the local communities near Essakane early this spring; Westwood’s participation in the Social Investment Fund of the Mining Industry (FISM) of Abitibi-Témiscamingue, launched in April 2026; and Côté Gold’s funding for Dynamic Earth Sudbury and Timmins Hospital.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to Action2, 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.
In the second quarter 2026, 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”.
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 June 30, 2026, women accounted for 33% of the Company’s executive leadership team.
Governance
The Board of Directors of IAMGOLD (the “Board”) maintains diversity and renewal guidelines that reflect governance best practices. Membership should comprise, at a minimum, of the greater of (i) two women directors, or (ii) 30% women directors. The average tenure of the Board should not exceed ten years, and no director should serve as the chair of the Board or the chair of any committee for more than ten consecutive years.
________________________
1.IAMGOLD defines significant incidents as those assessed as Level 4 or 5 based on the Company's risk matrix, and/or resulting in fines greater than US$100,000. The Company's risk matrix includes a consequence matrix to determine incident severity that considers environmental, health and safety, social, and financial aspects.
2.The Truth and Reconciliation Commission of Canada (2015) released its Calls to Action report, which included a call to the Canadian corporate sector to support reconciliation.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 9 | ||||
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.
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 brings more than four decades of mining industry experience as both a senior executive and public-company director. In 2026, Ms. McLeod-Seltzer was inducted into the Canadian Mining Hall of Fame.
With the inclusion of Ms. McLeod-Seltzer, the Board now meets all its diversity guidelines. The Board maintains an active commitment to governance best practices in respect of membership composition.
The average tenure of directors on the Board is approximately three years.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 10 | ||||
OPERATIONS
Côté Gold, Canada
The Côté District is located 125 kilometres southwest of Timmins and 175 kilometres north of Sudbury, Ontario, Canada. The mine is being operated through an unincorporated joint venture (the “Côté Gold UJV” or “UJV”) between IAMGOLD, as the operator, and SMM.
Côté Gold Mine (IAMGOLD interest – 70%)
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||
Key Operating Statistics (100% basis, unless otherwise stated) | |||||||||||||||||
| Ore mined (000s t) | 3,072 | 3,170 | 6,625 | 6,285 | |||||||||||||
| Grade mined (g/t) | 0.86 | 0.95 | 0.93 | 0.87 | |||||||||||||
| Operating waste mined (000s t) | 4,856 | 5,838 | 9,803 | 11,505 | |||||||||||||
| Capital waste mined (000s t) | 3,808 | 2,800 | 4,634 | 4,773 | |||||||||||||
| Total material mined (000s t) | 11,736 | 11,808 | 21,062 | 22,563 | |||||||||||||
Strip ratio1 | 2.8 | 2.7 | 2.2 | 2.6 | |||||||||||||
| Ore milled (000s t) | 2,873 | 2,930 | 5,214 | 5,027 | |||||||||||||
| Head grade (g/t) | 1.12 | 1.10 | 1.10 | 1.13 | |||||||||||||
| Recovery (%) | 93 | 93 | 93 | 93 | |||||||||||||
| Gold production (000s oz) – 100% | 96.2 | 96.2 | 170.9 | 169.2 | |||||||||||||
| Gold production (000s oz) – 70% | 67.3 | 67.0 | 119.6 | 118.1 | |||||||||||||
| Gold sales (000s oz) – 100% | 95.5 | 98.1 | 173.9 | 171.9 | |||||||||||||
| Gold sales (000s oz) – 70% | 66.9 | 68.4 | 122.0 | 120.0 | |||||||||||||
Average realized gold price2 ($/oz) | $ | 4,379 | $ | 3,336 | $ | 4,584 | $ | 3,160 | |||||||||
Financial Results ($ millions – attributable interest) | |||||||||||||||||
| Revenues | $ | 293.2 | $ | 229.2 | $ | 560.3 | $ | 380.4 | |||||||||
Cost of sales3 | 104.3 | 83.9 | 198.8 | 149.1 | |||||||||||||
| Production costs | 82.8 | 68.0 | 160.2 | 124.4 | |||||||||||||
| (Increase)/decrease in finished goods | 0.9 | 0.7 | (0.5) | (0.1) | |||||||||||||
Royalties4 | 20.6 | 15.2 | 39.1 | 24.8 | |||||||||||||
Cash costs2 | 103.9 | 83.6 | 197.9 | 148.7 | |||||||||||||
Sustaining capital expenditures2 | 36.6 | 27.2 | 55.4 | 45.4 | |||||||||||||
Expansion capital expenditures2 | 18.0 | 6.6 | 27.1 | 9.7 | |||||||||||||
Total sustaining and expansion capital expenditures2 | 54.6 | 33.8 | 82.5 | 55.1 | |||||||||||||
| Earnings from operations | 141.6 | 101.5 | 272.6 | 151.2 | |||||||||||||
Mine-site free cash flow2 | 150.3 | 93.9 | 262.2 | 151.5 | |||||||||||||
Unit costs per tonne2 | |||||||||||||||||
Mine costs per operating tonne mined2 | $ | 4.49 | $ | 3.88 | $ | 4.83 | $ | 3.69 | |||||||||
Mill costs per tonne milled2 | $ | 20.85 | $ | 16.94 | $ | 22.54 | $ | 18.30 | |||||||||
G&A costs per tonne milled2 | $ | 8.36 | $ | 5.80 | $ | 8.72 | $ | 7.09 | |||||||||
Operating costs per ounce5 | |||||||||||||||||
| Cost of sales excluding depreciation ($/oz sold) | $ | 1,562 | $ | 1,222 | $ | 1,630 | $ | 1,240 | |||||||||
Cash costs2 – excluding royalties ($/oz sold) | $ | 1,245 | $ | 997 | $ | 1,301 | $ | 1,030 | |||||||||
Cash costs2 ($/oz sold) | $ | 1,554 | $ | 1,219 | $ | 1,622 | $ | 1,237 | |||||||||
AISC2 – excluding royalties ($/oz sold) | $ | 1,773 | $ | 1,389 | $ | 1,773 | $ | 1,418 | |||||||||
AISC2 – including royalties ($/oz sold) | $ | 2,082 | $ | 1,611 | $ | 2,094 | $ | 1,625 | |||||||||
1.Strip ratio is calculated as waste mined divided by ore mined.
2.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
3.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.
4.Includes the 7.5% gross margin royalty and various net smelter return royalties.
5.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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 11 | ||||
Operational Insights
•Côté Gold attributable gold production in the second quarter 2026 was 67,300 ounces (96,200 ounces | 100%), in line with the prior year period, as the processing plant operated at near full capacity in June following the successful replacement of the conveyor belt in May and commissioning of the second cone crusher to start the year.
•Mining activity totaled 11.7 million tonnes in the second quarter 2026, in line with the same prior year period. Ore tonnes mined were 3.1 million tonnes, or 3% lower than the prior year period, due to a slightly higher strip ratio of 2.8:1 as mining activities progressed in pushback areas. The average grade mined was 0.86 g/t in the second quarter 2026, a decrease of 9% over the prior year period, in line with expectations as mining was focused on opening up a new bench for the second half of the year.
•Mill throughput in the second quarter 2026 totaled 2.9 million tonnes, substantially in line with the prior year period. Throughput was being managed early in the quarter prior to the conveyor belt replacement in late May. Following the new belt installation, plant capacity was ramped up to nameplate, with over 1.0 million tonnes processed in June. Head grades averaged 1.12 g/t, in line with the prior year period, at average recoveries of 93%. The reconciliation between the reserve models, grade control models, mill feed and production continue to be well within expected tolerances.
•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, with average processing costs in June of $17.72 per tonne, down from an average of $22.50 per tonne over the prior three 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.
Financial Performance (70% basis) – Q2 2026 Compared to Q2 2025
•Production costs of $82.8 million during the three months ended June 30, 2026, were $14.8 million or 22% higher than the same prior year period primarily from higher use of external contractor crushing services, contractor costs to support the conveyor repairs and scheduled maintenance described above, higher mine maintenance as the mining fleet commenced the first series of rebuilds, as well as increased diesel prices resulting from the conflict in the Middle East and higher electricity prices.
•While mining and milling costs remained elevated in the second quarter 2026, the Company continues to execute its plans to reduce mining and milling costs towards 2026 year-end targets of $4/t and $15/t respectively and realize further reductions in 2027 onwards.
•Mining costs averaged $4.49 per tonne mined during the three months ended June 30, 2026. Mining costs were impacted by higher diesel costs, increased cost of tires consumed, the continued operation of the external contractor crusher that increases rehandling and utilization of haul trucks, as well as increased maintenance efforts as the hauling fleet approaches mid-life. The impact from the contracted crushing is expected to reduce as the contractor was phased out by the end of June.
•Milling costs were $20.85 per tonne milled during the three months ended June 30, 2026. Unit costs remained higher in the second quarter due to the utilization of the external contractor crusher, the scheduled maintenance shutdowns and repair works described above, in addition to higher electricity prices. Unit cost improvements were realized in June, averaging $17.72 per tonne over the month, as external contractor crushing was phased out by the end of the month. Further milling cost improvements are expected through the second half of the year on increased volumes and maintenance cycle improvements.
•G&A costs were $8.36 per tonne milled during the three months ended June 30, 2026.
•Cost of sales, excluding depreciation, of $104.3 million was $20.4 million or 24% higher than the prior year period, primarily due to higher production costs and higher royalties. Cost of sales per ounce sold, excluding depreciation, of $1,562 was $340 or 28% higher due to higher cost of sales and lower sales volume.
•Cash costs, excluding royalties, of $83.3 million were $14.9 million or 22% higher than the prior year period, primarily due to higher production costs. Cash cost per ounce sold, excluding royalties, of $1,245, was higher by $248 or 25%, due to higher cash costs and lower sales volume.
•Royalties during the three months ended June 30, 2026, were $20.6 million or $309 per ounce (20% of cash costs), 36% higher compared to the prior year period due to higher gold prices.
•Cash costs, including royalties, of $103.9 million were $20.3 million or 24% higher than the prior year period, primarily due to higher production costs and royalties. Cash cost per ounce sold of $1,554 was higher by $335 or 27% due to higher cash costs and lower sales volume.
•AISC per ounce sold of $2,082 was higher by $471 or 29%, primarily due to higher cash costs per ounce sold and higher capital expenditure.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 12 | ||||
•Capital expenditures totaled $54.6 million ($77.9 million | 100%) in the second quarter 2026. Sustaining capital expenditures totaled $36.6 million ($52.2 million | 100%), including $16.0 million of mobile equipment and critical spares, $10.4 million of tailings infrastructure and related earthworks, $8.5 million of capital projects related to operational improvements and ramp-up, and $1.7 million of capital waste stripping. Expansion capital of $18.0 million ($25.7 million | 100%) included $14.1 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $3.9 million of related infrastructure improvements.
•Mine-site free cash flow, on an attributable basis, was $150.3 million ($214.7 million | 100%) for the three months ended June 30, 2026, with revenues of $293.2 million from gold sales of 66,900 ounces at the realized gold price of $4,379 per ounce, resulting in operating cash flows of $204.0 million ($291.4 million | 100%) offset by capital expenditures totaling $53.7 million ($76.7 million | 100%).
Financial Performance – YTD 2026 Compared to YTD 2025
•Production costs of $160.2 million during the six months ended June 30, 2026, were $35.8 million or 29% higher than the same prior year period primarily from higher use of external contractor crushing services, contractor costs to support the conveyor repairs described above, higher mine maintenance as the mining fleet commenced the first series of rebuilds, as well as increased diesel prices resulting from the conflict in the Middle East and higher electricity prices.
•Mining costs averaged $4.83 per tonne mined during the six months ended June 30, 2026. Mining costs were impacted by lower volumes mined in the first quarter, an increase in diesel costs, increased cost of tires consumed, as well as the continued operation of the external contractor crusher that increased rehandling and utilization of haul trucks. The impact of the contracted crushing is expected to reduce as the contractor was phased by the end of June.
•Milling costs were $22.54 per tonne milled during the six months ended June 30, 2026. Unit costs remained higher due to the lower throughput volumes in the first quarter, the increased electricity price, compounded by increased utilization of the temporary external contractor crusher. Unit cost improvements were realized in June, averaging $17.72 per tonne over the month, as the external contractor crushing was phased out by the end of the month. Further milling cost improvements are expected through the second half of the year on increased volumes and maintenance cycle improvements.
•G&A costs were $8.72 per tonne milled during the six months ended June 30, 2026.
•Cost of sales, excluding depreciation, of $198.8 million was $49.7 million or 33% higher than the prior year period. Cost of sales per ounce sold, excluding depreciation, of $1,630 was $390 or 31% higher primarily due to higher production costs and higher royalties.
•Cash costs, excluding royalties, of $158.8 million were $34.9 million or 28% higher than the prior year period, primarily due to higher production costs. Cash cost per ounce sold, excluding royalties, of $1,301, was higher by $271 or 26%, primarily due to higher production costs.
•Royalties during the six months ended June 30, 2026, were $39.1 million or $321 per ounce (20% of cash costs), 58% higher compared to the prior year period due to higher gold prices.
•Cash costs, including royalties, of $197.9 million were $49.2 million or 33% higher than the prior year period, primarily due to higher production costs. Cash cost per ounce sold of $1,622 was higher by $385 or 31%, primarily due to higher production costs.
•AISC per ounce sold of $2,094 was higher by $469 or 29%, primarily due to higher cash costs per ounce sold and higher capital expenditure.
•Capital expenditures totaled $82.5 million ($117.7 million | 100%) in the first half of 2026. Sustaining capital expenditures totaled $55.4 million ($79.0 million | 100%), including $20.9 million of mobile equipment and critical spares, $19.3 million of tailings infrastructure and related earthworks, $13.5 million of capital projects related to operational improvements and ramp-up, and $1.7 million of capital waste stripping. Expansion capital of $27.1 million ($38.7 million | 100%) included $21.9 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $5.2 million of related infrastructure improvements.
•Mine-site free cash flow, on an attributable basis, was $262.2 million ($374.6 million | 100%) for the six months ended June 30, 2026, with revenues of $560.3 million from gold sales of 122,000 ounces at the realized gold price of $4,584 per ounce, resulting in operating cash flows of $348.1 million ($497.3 million | 100%) offset by capital expenditures totaling $85.9 million ($122.7 million | 100%).
2026 Outlook
Côté Gold attributable production in 2026 is expected to be in the 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 expansion of Côte. 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 contemplated expansion. Mining rates are expected to increase in the second half of the year as the mining fleet supporting the external contractor crusher becomes available and with the commissioning of three new haul trucks. Mill throughput is expected to total approximately 12 million tonnes, with the plant averaging 36,000 tpd (nameplate) over the course of the year. Plant head grades are expected to average between 1.05 g/t and
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 13 | ||||
1.15 g/t. Gold production is expected to be higher in the second half of the year based on increased throughput following the first quarter and higher grades in the second half of the year.
Cash costs, excluding royalties, at Côté Gold are expected to be near the top end of the guidance range of $900 to $1,050 per ounce sold. Cash costs are expected to improve in the second half on increased volumes, higher 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 approximately $160 million ±5% ($230 million | 100%) that includes $50 million ($70 million | 100%) of non-recurring capital to improve the operating efficiency and the long-term operating cost structure.
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 announce 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 processing capacity 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 reflects the integration of 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. Approximately 4,400 metres were drilled YTD with none completed in the second quarter, and drilling will resume in the third quarter using the most recent drilling results obtained.
An infill drilling program of 20,000 metres is ongoing on the Côté zone. Approximately 6,200 metres of surface diamond drilling were completed in the second quarter 2026 (10,400 metres YTD including approximately 1,200 metres of geological 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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 14 | ||||
Westwood Complex, Canada
The Westwood Complex is located 35 kilometres northeast of Rouyn-Noranda and 80 kilometres west of Val d'Or in southwestern Québec, Canada. The Westwood Complex includes the Westwood underground mine and the Grand Duc open pit mine.
Westwood Complex (IAMGOLD interest – 100%)
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||
| Key Operating Statistics | |||||||||||||||||
| Underground lateral development (metres) | 1,239 | 981 | 2,392 | 2,128 | |||||||||||||
| Ore mined (000s t) – underground | 104 | 98 | 210 | 187 | |||||||||||||
| Ore mined (000s t) – open pit | 109 | 315 | 169 | 507 | |||||||||||||
| Ore mined (000s t) – total | 213 | 413 | 379 | 694 | |||||||||||||
| Grade mined (g/t) – underground | 8.34 | 7.25 | 9.09 | 6.80 | |||||||||||||
| Grade mined (g/t) – open pit | 0.86 | 1.11 | 0.85 | 1.18 | |||||||||||||
| Grade mined (g/t) – total | 4.50 | 2.57 | 5.41 | 2.70 | |||||||||||||
| Ore milled (000s t) | 287 | 323 | 590 | 605 | |||||||||||||
| Head grade (g/t) – underground | 8.40 | 7.38 | 9.10 | 6.86 | |||||||||||||
| Head grade (g/t) – open pit | 0.90 | 1.16 | 1.00 | 1.26 | |||||||||||||
| Head grade (g/t) – total | 3.75 | 3.07 | 3.90 | 2.99 | |||||||||||||
| Recovery (%) | 94 | 92 | 93 | 92 | |||||||||||||
| Gold production (000s oz) | 32.4 | 29.4 | 68.6 | 53.3 | |||||||||||||
| Gold sales (000s oz) | 29.2 | 28.6 | 66.7 | 55.8 | |||||||||||||
Average realized gold price1 ($/oz) | $ | 4,412 | $ | 3,323 | $ | 4,683 | $ | 3,123 | |||||||||
Financial Results ($ millions) | |||||||||||||||||
| Revenues | $ | 129.6 | $ | 95.4 | $ | 313.9 | $ | 175.2 | |||||||||
Cost of sales2 | 47.5 | 45.1 | 96.0 | 87.2 | |||||||||||||
| Production costs | 54.0 | 46.4 | 101.5 | 87.4 | |||||||||||||
| (Increase)/decrease in finished goods | (6.5) | (1.3) | (5.5) | (0.2) | |||||||||||||
Cash costs1 | 47.0 | 44.6 | 94.6 | 86.2 | |||||||||||||
Sustaining capital expenditures1 | 16.7 | 16.0 | 33.3 | 31.1 | |||||||||||||
Expansion capital expenditures1 | 3.6 | — | 6.7 | — | |||||||||||||
Total sustaining and expansion capital expenditures1 | 20.3 | 16.0 | 40.0 | 31.1 | |||||||||||||
| Earnings from operations | 68.0 | 35.0 | 185.3 | 56.1 | |||||||||||||
Mine-site free cash flow1 | 56.5 | 36.6 | 166.5 | 53.2 | |||||||||||||
Unit costs per tonne1 | |||||||||||||||||
| Underground mining cost per tonne mined | $ | 313.99 | $ | 302.08 | $ | 300.48 | $ | 289.11 | |||||||||
| Open pit mining cost per operating tonne mined | $ | 11.86 | $ | 6.80 | $ | 10.30 | $ | 7.02 | |||||||||
| Milling cost per tonne milled | $ | 37.02 | $ | 25.46 | $ | 32.13 | $ | 24.43 | |||||||||
| G&A cost per tonne milled | $ | 16.83 | $ | 13.98 | $ | 18.40 | $ | 18.04 | |||||||||
Operating costs per ounce3 | |||||||||||||||||
Cost of sales excluding depreciation ($/oz sold) | $ | 1,624 | $ | 1,577 | $ | 1,440 | $ | 1,562 | |||||||||
Cash costs1 – excluding royalties ($/oz sold) | $ | 1,606 | $ | 1,562 | $ | 1,417 | $ | 1,545 | |||||||||
Cash costs1 ($/oz sold) | $ | 1,606 | $ | 1,562 | $ | 1,417 | $ | 1,545 | |||||||||
AISC1 ($/oz sold) | $ | 2,163 | $ | 2,140 | $ | 1,921 | $ | 2,132 | |||||||||
1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
2.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.
3.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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 15 | ||||
Operational Insights
•Westwood gold production in the second quarter 2026 was 32,400 ounces, higher by 3,000 ounces or 10% compared with the same prior year period.
•Underground mining activity in the second quarter 2026 of 104,000 tonnes of ore was higher by 6,000 tonnes or 6% than the same prior year period, due to improved stope mucking procedures and hoisting performance. The grade of 8.34 g/t Au was higher than the prior period mainly due to mine sequencing.
•Open pit mining activity in the second quarter 2026 of 109,000 tonnes of ore was lower by 206,000 tonnes than the same prior year period primarily due to a focus on waste stripping activities as part of the mining sequence to open up access to ore and a transition to a new contract miner during the quarter.
•Mill throughput in the second quarter 2026 was 287,000 tonnes, 36,000 tonnes lower than the prior year period due to a planned mill shutdown early in the second quarter 2026. The average grade of 3.75 g/t was 22% higher than the same prior year period due to higher grade and volume processed from the underground mine.
•The mill achieved recoveries of 94% in the second quarter 2026, 2% higher than the same prior year period.
Financial Performance – Q2 2026 Compared to Q2 2025
•Production costs of $54.0 million were higher by $7.6 million or 16% than the same prior year period, primarily due to increased extraction activities in the underground mine, the transition to a new contract miner at the Grand Duc satellite pit, and increased milling costs. Underground mining costs per tonne mined were $313.99, higher by $11.91 per tonne or 4% than the same prior year period, resulting from increased labour costs and higher maintenance activities. Milling costs of $37.02 per tonne were slightly higher due to increased rental cost for the portable crushing unit supporting the supplemental Grand Duc ore feed and a mill shutdown occurring in the second quarter relative to the first quarter in the prior year.
•Cost of sales, excluding depreciation, of $47.5 million was higher by $2.4 million or 5% compared to the same prior year period due to higher production costs, partially offset by an increase in gold in circuit. Cost of sales per ounce sold, excluding depreciation, of $1,624 was higher by $47 or 3%, due to higher production costs, partially offset by an increase in gold in circuit.
•Cash costs of $47.0 million were higher by $2.4 million or 5% compared to the prior year period due to higher production costs. Cash costs per ounce sold of $1,606 were higher by $44 per ounce or 3%, due to higher production costs, partially offset by an increase in gold in circuit.
•AISC per ounce sold of $2,163 was higher by $23 per ounce or 1%, primarily due to higher cash costs per ounce, partially offset by lower sustaining capital spend and an increase in gold in circuit.
•Sustaining capital expenditures of $16.7 million included mill and mobile equipment of $8.0 million and underground development and rehabilitation of $6.5 million, capitalized stripping at Grand Duc of $0.4 million, and other sustaining capital projects of $1.8 million. During the quarter a work program progressed on the adjacent Eastwood deposit, with $3.6 million incurred in the period, to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining and resulted increase in underground throughput.
•Mine-site free cash flow was $56.5 million for the three months ended June 30, 2026, based on revenues of $129.6 million from gold sales of 29,200 ounces at a realized gold price of $4,412 per ounce, generating operating cash flows of $75.9 million offset by capital expenditures totaling $19.4 million.
Financial Performance – YTD 2026 Compared to YTD 2025
•Production costs of $101.5 million were higher by $14.1 million or 16%, primarily due to increased extraction activities in the underground mine, the transition to a new contract miner at the Grand Duc satellite pit, and increased milling costs. Underground mining costs per tonne mined were $300.48, higher by $11.37 per tonne or 4% than the same prior year period, resulting from increased drilling activity, maintenance activities, and an increase in the labour force. Milling costs of $32.13 per tonne, were higher by $7.70 per tonne or 32%, due to increased rental cost for the portable crushing unit supporting the supplemental Grand Duc ore feed, higher labour costs and an increased cost of liner replacement at the mill.
•Cost of sales, excluding depreciation, of $96.0 million was higher by $8.8 million or 10%, primarily due to higher production costs. Cost of sales per ounce sold, excluding depreciation, of $1,440 was lower by $122 or 8%, primarily due to higher production and sales volumes, partially offset by higher production cost.
•Cash costs of $94.6 million were higher by $8.4 million or 10%, primarily due to higher production costs. Cash costs per ounce sold of $1,417 were lower by $128 or 8%, primarily due to higher production and sales volumes, partially offset by higher production cost.
•AISC per ounce sold of $1,921 was lower by $211 or 10%, primarily due to higher production and sales volumes, partially offset by higher cash costs.
•Sustaining capital expenditures of $33.3 million included underground development and rehabilitation of $14.5 million, mill and mobile equipment of $12.1 million, capitalized stripping at Grand Duc of $4.5 million, and other sustaining capital projects of $2.2 million. Year to date, $6.7 million has been incurred to support the Eastwood deposit study evaluating options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining and resulted in an increase in underground throughput.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 16 | ||||
•Mine-site free cash flow was $166.5 million for the six months ended June 30, 2026, with record revenues of $313.9 million from gold sales of 66,700 ounces at a realized gold price of $4,683 per ounce, resulting in operating cash flows of $206.1 million offset by capital expenditures totaling $39.6 million.
2026 Outlook
Westwood production is expected to be in the range of 110,000 to 130,000 ounces in 2026. 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 will also be investigated this year.
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.
Brownfield Exploration
During the three and six months ended June 30, 2026, approximately 12,800 metres and 23,200 metres respectively of diamond drilling were completed to largely support the continued ramp-up of underground mining operations and assess potential expansion of the Grand Duc open-pit operation. The Company is investigating high-priority underground targets which could offer potential additional sources of high-grade material and/or areas of broader mineralization particularly in the eastern extension.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 17 | ||||
Essakane, Burkina Faso
The Essakane District is located in north-eastern Burkina Faso, West Africa approximately 330 kilometres northeast of the capital, Ouagadougou. The Essakane District includes the Essakane mine and the surrounding mining lease and exploration concessions totaling approximately 600 square kilometres. Effective June 20, 2025, in accordance with the amended Burkina Faso Mining Code, the government of Burkina Faso increased its ownership interest in the Essakane mine from 10% to 15%. As a result, the Company’s interest decreased thereafter from 90% to 85%.
Essakane Mine (IAMGOLD interest – 85% for YTD 2026, 90% for YTD 2025)
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||
Key Operating Statistics1 | |||||||||||||||||
| Ore mined (000s t) | 2,470 | 2,168 | 4,701 | 4,615 | |||||||||||||
| Grade mined (g/t) | 1.01 | 1.06 | 1.05 | 1.14 | |||||||||||||
| Operating waste mined (000s t) | 3,534 | 6,419 | 5,519 | 12,086 | |||||||||||||
| Capital waste mined (000s t) | 5,967 | 2,154 | 13,693 | 4,901 | |||||||||||||
| Total material mined (000s t) | 11,971 | 10,741 | 23,913 | 21,602 | |||||||||||||
Strip ratio2 | 3.8 | 4.0 | 4.1 | 3.7 | |||||||||||||
| Ore milled (000s t) | 3,236 | 3,113 | 6,377 | 6,225 | |||||||||||||
| Head grade (g/t) | 1.13 | 0.93 | 1.19 | 1.01 | |||||||||||||
| Recovery (%) | 88 | 91 | 89 | 90 | |||||||||||||
| Gold production (000s oz) – 100% | 104.0 | 86.1 | 215.9 | 180.7 | |||||||||||||
| Gold production (000s oz) – attributable | 88.4 | 76.6 | 183.5 | 162.6 | |||||||||||||
| Gold sales (000s oz) – 100% | 99.0 | 85.1 | 217.9 | 180.5 | |||||||||||||
Average realized gold price3 ($/oz) | $ | 4,379 | $ | 3,284 | $ | 4,641 | $ | 3,080 | |||||||||
Financial Results ($ millions)1 | |||||||||||||||||
| Revenues | $ | 434.1 | $ | 279.6 | $ | 1,012.8 | $ | 556.5 | |||||||||
Cost of sales4 | 171.4 | 158.1 | 372.1 | 307.0 | |||||||||||||
| Production costs | 127.6 | 139.7 | 253.7 | 264.6 | |||||||||||||
| (Increase)/decrease in finished goods | (6.7) | (6.3) | (3.0) | (4.5) | |||||||||||||
Royalties5 | 50.5 | 24.7 | 121.4 | 46.9 | |||||||||||||
Cash costs3 | 170.6 | 157.8 | 370.4 | 306.4 | |||||||||||||
Sustaining capital expenditures3 | 43.0 | 35.0 | 96.2 | 62.9 | |||||||||||||
Expansion capital expenditures3 | 0.4 | 2.3 | 1.0 | 4.5 | |||||||||||||
Total sustaining and expansion capital expenditures3 | 43.4 | 37.3 | 97.2 | 67.4 | |||||||||||||
| Earnings from operations | 206.5 | 81.6 | 525.1 | 176.4 | |||||||||||||
Mine-site free cash flow3 | 162.1 | 10.0 | 464.8 | 75.4 | |||||||||||||
Unit costs per tonne3 | |||||||||||||||||
| Open pit mining cost per operating tonne mined | $ | 4.79 | $ | 6.02 | $ | 4.76 | $ | 5.80 | |||||||||
| Milling cost per tonne milled | $ | 18.88 | $ | 20.12 | $ | 19.66 | $ | 18.84 | |||||||||
| G&A cost per tonne milled | $ | 10.47 | $ | 8.46 | $ | 10.43 | $ | 8.93 | |||||||||
Operating costs per ounce6 | |||||||||||||||||
| Cost of sales excluding depreciation ($/oz sold) | $ | 1,730 | $ | 1,858 | $ | 1,707 | $ | 1,700 | |||||||||
Cash costs3 – excluding royalties ($/oz sold) | $ | 1,214 | $ | 1,565 | $ | 1,143 | $ | 1,437 | |||||||||
Cash costs3 ($/oz sold) | $ | 1,724 | $ | 1,855 | $ | 1,700 | $ | 1,697 | |||||||||
AISC3 – excluding royalties ($/oz sold) | $ | 1,691 | $ | 1,934 | $ | 1,602 | $ | 1,764 | |||||||||
AISC3 – including royalties ($/oz sold) | $ | 2,201 | $ | 2,224 | $ | 2,159 | $ | 2,024 | |||||||||
1.100% basis, unless otherwise stated.
2.Strip ratio is calculated as waste mined divided by ore mined.
3.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
4.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.
5.Includes contributions made by the Essakane mine to the development fund for local communities, equating to 1% of total revenues.
6.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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 18 | ||||
Operational Insights
•Essakane attributable gold production in the second quarter 2026 was 88,400 ounces (104,000 ounces | 100%), an increase of 11,800 ounces or 15% from the prior year:
•Mining in the second quarter 2026 totaled 12.0 million tonnes, higher by 1.2 million tonnes or 11% compared to the same prior year period. Ore mined totaled 2.5 million tonnes in the quarter at an average grade of 1.01 g/t, an increase of 14% and a decrease of 5%, respectively over the same year prior period. The Company is seeing continued positive reconciliation from the lower benches of Phase 7, in line with results from the lower section of prior phases where positive reconciliation offset negative reconciliation from the upper benches. 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 second quarter 2026 was 3.2 million tonnes at an average head grade of 1.13 g/t, 4% higher and 22% higher than the same prior year period, respectively.
•The mill achieved recoveries of 88% in the second quarter 2026, slightly lower than the same prior year period, due to ore complexity from deeper benches of Phase 7 which include higher concentrations of graphitic carbon and sulfur.
•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 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. See “Risks and Uncertainties”.
•In June 2026, Essakane declared a 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. As at June 30, 2026, the entire $680.7 million of IAMGOLD’s portion of the dividend declared in 2025 has been successfully repatriated, including interest payments of $14.4 million. See “Financial Condition - Dividend Payments from Essakane”.
•On April 7, 2025, the Government of Burkina Faso enacted an update to the royalty decree increasing the minimum royalty rate applicable to gold prices above $3,000/oz to 8%, 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. The average royalty rate was 12% in the second 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.
Financial Performance – Q2 2026 Compared to Q2 2025
•Production costs of $127.6 million were lower by $12.1 million or 9%, due to a decrease in mining costs, a higher proportion of capitalized waste in the period, offset by an increase in the funding of community development programs in the local communities. Mining costs were lower due to free digging of the initial saprolite benches of the Lao pit resulting in reduced explosives consumption and reduced energy consumption, partially offset by increased drilling activity during the quarter. Milling costs were lower as liner replacement occurred during the first quarter of 2026, compared to the second quarter in the prior year. USD equivalent labour, contractor and facility costs increased compared to the same prior year period due to the appreciation of the local XOF currency, which is pegged to the Euro.
•Cost of sales, excluding depreciation, of $171.4 million was higher by $13.3 million or 8%, primarily due to a 104% increase in royalties, partially offset by lower production costs. Cost of sales per ounce sold, excluding depreciation, of $1,730 was lower by $128 per ounce or 7% due to higher royalties offset by lower production costs and higher production and sales volumes.
•Royalties were $50.5 million or $510 per ounce (30% of cash costs), an increase of $220 per ounce compared to the prior year period resulting from higher gold prices under the new royalty decree.
•Cash costs, excluding royalties, of $120.1 million were lower by $13.0 million or 10%, primarily due to lower production costs. Cash costs per ounce sold, excluding royalties, of $1,214 per ounce were lower by $351 per ounce or 22%, primarily due to higher production and sales volumes and lower production costs.
•Cash costs, including royalties, of $170.6 million were higher by $12.8 million or 8% mainly due to higher royalties, partially offset by lower production costs, and total cash costs per ounce sold, including royalties, of $1,724 per ounce were lower by $131 or 7%, primarily due to higher production and sales volumes and lower production costs, partially offset by higher royalties.
•AISC per ounce sold of $2,201 was lower by $23 per ounce or 1% due to lower cash costs and higher production and sales volumes, partially offset by higher royalties compared to the prior period, combined with higher sustaining capital expenditures.
•Total capitalized stripping of $28.7 million was higher by $15.7 million or 121%, 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 $14.3 million included capital spares of $4.4 million, mobile and mill equipment of $4.3 million, resource development of $2.1 million, tailings management of $1.5 million, generator overhaul of $0.1 million and other sustaining projects of $1.9 million.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 19 | ||||
•Mine-site free cash flow, on a 100% basis, was $162.1 million for the three months ended June 30, 2026, with revenues of $434.1 million resulting from gold sales of 99,000 ounces at a realized gold price of $4,379 per ounce, producing operating cash flows of $208.2 million, inclusive of a $60.0 million tax payment, offset by capital expenditures totaling $46.1 million.
Financial Performance – YTD 2026 Compared to YTD 2025
•Production costs of $253.7 million were lower by $10.9 million or 4% than the prior year period, primarily due to a decrease in mining costs, a higher proportion of capitalized waste in the period, offset by an increase in milling costs and the funding of community development programs in the local communities. Mining costs were lower due to free digging of the initial saprolite benches of the Lao pit resulting in reduced explosives consumption and reduced energy consumption, partially offset by increased drilling activity during the first half of the year. Milling costs were higher due to an increase in the price of heavy fuel used to generate power, increased cost of liners and cyanide. USD equivalent labour, contractor and facility costs increased compared to the same prior year period due to the appreciation of the local XOF currency, which is pegged to the Euro, relative to the same prior year period.
•Cost of sales, excluding depreciation, of $372.1 million was higher by $65.1 million or 21%, primarily due to a 159% increase in royalties, partially offset by lower production costs. Cost of sales per ounce sold, excluding depreciation, of $1,707 was in line with prior year period, as higher production costs and royalties were offset by higher production and sales volumes.
•Royalties were $121.4 million or $557 per ounce (33% of cash costs), an increase of $297 per ounce compared to the prior year period resulting from higher gold prices under the new royalty decree.
•Cash costs, excluding royalties, of $249.0 million were lower by $10.5 million or 4%, primarily due to lower production costs. Cash costs per ounce sold, excluding royalties, of $1,143 were lower by $294 or 20%, primarily due to lower production costs and higher production and sales volume.
•Cash costs, including royalties, of $370.4 million were higher by $64.0 million or 21%, and total cash costs per ounce sold of $1,700 were slightly higher than the prior year period.
•AISC per ounce sold of $2,159 was higher by $135 per ounce or 7%, primarily due to higher cash cost and higher sustaining capital expenditures, partially offset by higher production and sales volume.
•Total capitalized stripping of $65.0 million was higher by $37.6 million or 137%, 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 $31.2 million included mobile and mill equipment of $9.9 million, capital spares of $7.9 million, tailings management of $4.0 million, resource development of $4.0 million, generator overhaul of $1.3 million and other sustaining projects of $4.1 million.
•Mine-site free cash flow was $464.8 million for the six months ended June 30, 2026, with record revenues of $1,012.8 million from the sale of 217,900 ounces at a realized gold price of $4,641 per ounce resulting in operating cash flows of $563.2 million offset by capital expenditures totaling $98.4 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 cost and supply have not been impacted by the conflict in the Middle East up to date, though risks to price and supply have increased. 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 approximately $165 million (±5%), including approximately $90 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.
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. See “Risks and Uncertainties.”
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 20 | ||||
Mine Life Extension Opportunities
The Company plans to issue an updated technical report in the first half of 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.
Brownfield Exploration
During the three and six months ended June 30, 2026, approximately 10,100 metres and 18,400 metres respectively, of diamond drilling were completed as part of a step-out and infill drilling program to extend known mineralization and convert some Inferred Resources into the Indicated Resource category within selected areas of Essakane North, Essakane Main Zone and the Lao Junction sector. The deposits remain open along strike and at depth. Exploration activities on concessions surrounding the mine lease continue to be suspended due to regional security constraints.
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 is planned for 2026, of which approximately 5,700 metres were completed in the second quarter (15,100 metres YTD). This program will be expanded to a total of 24,000 metres for year 2026.
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 is 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. The depth extension requires further drilling to add to the current resource (see news release dated September 15, 2025). Approximately 3,800 metres were completed in the second quarter (11,100 metres YTD).
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 21 | ||||
Philibert
Following the acquisition of the remaining 25% interest in the Philibert property held by SOQUEM during the 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 is planned and may be increased to 30,000 metres depending on ground conditions during the summer season. 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 5,300 metres were completed in the second quarter (19,300 metres YTD).
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 pending (see Auriginal Mining news release dated January 26, 2026).
Exploration
In the second quarter 2026, drilling activities on active projects and mine sites totaled approximately 44,000 metres (105,000 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) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||
| Exploration projects – greenfield | $ | 12.8 | $ | 6.1 | $ | 24.1 | $ | 11.8 | |||||||||
Exploration projects – brownfield1 | 2.0 | 4.5 | 4.8 | 7.0 | |||||||||||||
| Total – all operations | $ | 14.8 | $ | 10.6 | $ | 28.9 | $ | 18.8 | |||||||||
1.Exploration projects – brownfield for the second quarter 2026 included near-mine exploration and resource development of $1.5 million (second quarter 2025 - $3.5 million), and $3.8 million for YTD 2026 (YTD 2025 - $6.0 million), which are capitalized.
FINANCIAL CONDITION
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 potential repurchase of 50% of the Côté Gold Gross Margin Royalty from Franco-Nevada.
•Further strengthening its balance sheet.
•A potential dividend, which the Company is contemplating initiating in 2027.
Cashflows from Essakane (Burkina Faso) are expected to support its ongoing operations and fund potential life-of-mine extension projects, with excess cash repatriated using dividends and a shareholder account structure to repatriate funds, in excess of working capital requirements of Essakane (see "Dividend Payments from Essakane"). For the remainder of 2026, the Company intends to use cash received from Essakane to fund its Share Buyback program and will continue to evaluate this strategy as a source of return for shareholders for 2027.
As at June 30, 2026, the Company had $501.4 million in cash and cash equivalents and net debt of $42.6 million. The Company has $nil drawn on the Credit Facility and approximately $845.7 million remains available, resulting in liquidity at June 30, 2026, of approximately $1,348.1 million.
Within cash and cash equivalents,
•$68.3 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.
•$171.0 million was held by Essakane in Burkina Faso.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 22 | ||||
Restricted cash totaled $69.0 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 dividend and shareholder account payments, 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. $197.1 million was received in the second quarter 2026 and $409.8 million was received as of June 30, 2026. During the second quarter 2026, IAMGOLD received $1.9 million of interest related to the outstanding shareholder account, $6.2 million YTD and $14.4 million since conversion of IAMGOLD’s dividend into a shareholder account.
In June 2026, Essakane declared its 2025 dividend of approximately $500 million. 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 $44 million subsequent to quarter end as a dividend installment and expects to receive a further $45 million in August. The remaining balance will be repatriated through a combination of dividend installments and the shareholder account structure, as needed. The payments will be funded using cash generated in excess of working capital requirements.
Share Buyback Program
During the second quarter 2026, the Company repurchased and cancelled approximately 8.6 million shares for approximately $147.9 million at an average price of $17.24 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 21.5 million shares for approximately $407.9 million at an average price of $19.00 per share. Subsequent to quarter end and up to August 5, 2026, the Company has purchased an additional 3.5 million shares for $52.5 million. Total repurchases since inception in December 2025 up to August 5, 2026, are approximately 27.9 million shares for approximately $510.4 million at an average price of $18.28 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. 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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 23 | ||||
Cash and Working Capital
The following sets out the changes in cash balance from December 31, 2025, to June 30, 2026:
Current assets as at June 30, 2026, were $940.0 million, an increase of $36.3 million compared with December 31, 2025. The increase was due to higher cash and cash equivalents of $79.5 million, partially offset by lower receivables and other current assets of $24.7 million, lower inventories of $10.8 million and lower assets classified as held for sale of $7.7 million.
Current liabilities as at June 30, 2026, were $549.0 million, an increase of $31.9 million compared with December 31, 2025. The increase was primarily due to an increase in income tax payable of $44.7 million, an increase in the current portion of other liabilities of $16.7 million, partially offset by a decrease of $29.5 million in accounts payable and accrued liabilities.
Cash Flow
| ($ millions) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||
| Net cash from (used in) per consolidated interim financial statements: | |||||||||||||||||
| Operating activities | $ | 445.1 | $ | 85.8 | $ | 1,015.0 | $ | 160.1 | |||||||||
| Investing activities | (145.3) | (64.8) | (226.3) | (151.4) | |||||||||||||
| Financing activities | (340.4) | (126.1) | (696.9) | (151.2) | |||||||||||||
| Effects of exchange rate fluctuation on cash and cash equivalents | (8.2) | 12.3 | (12.3) | 18.8 | |||||||||||||
| Increase (decrease) in cash and cash equivalents | $ | (48.8) | $ | (92.8) | $ | 79.5 | $ | (123.7) | |||||||||
| Cash and cash equivalents, beginning of the period | 550.2 | 316.6 | 421.9 | 347.5 | |||||||||||||
| Cash and cash equivalents, end of the period | $ | 501.4 | $ | 223.8 | $ | 501.4 | $ | 223.8 | |||||||||
Cash flow provided by operating activities
In the second quarter 2026, operating activities generated cash flow of $445.1 million, higher by $359.3 million compared to the same prior year period. Cash flow from operations increased significantly 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 $515.3 million in the second quarter, compared to $189.5 million in the prior year period.
For YTD 2026, operating activities generated cash flow of $1,015.0 million, an increase of $854.9 million compared to the same prior year period. Cash flow from operations increased significantly 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 $1,173.3 million YTD, compared to $309.6 million in the prior year period.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 24 | ||||
Cash flow used in investing activities
Net cash used in investing activities for the second quarter 2026 was $145.3 million, an increase of $80.5 million from the same prior year period. Capital expenditures of $115.6 million increased by $36.1 million compared to the prior year period, with proceeds from other investing activities decreasing by $44.4 million.
Net cash used in investing activities for YTD 2026 was $226.3 million, an increase of $74.9 million from the same prior year period. Capital expenditures of $217.2 million increased by $73.0 million compared to the prior year period, with proceeds from other investing activities decreasing by $1.9 million.
Cash flow used in financing activities
Net cash used in financing activities for the second quarter 2026 was $340.4 million, an increase of $214.3 million from the same prior year period consistent with the Company’s capital allocation strategy which included a $100.0 million repayment of the Credit Facility and share repurchases of $147.9 million.
Net cash used in financing activities for YTD 2026 was $696.9 million, an increase of $545.7 million from the same prior year period consistent with the Company’s capital allocation strategy which included a $200.0 million full repayment of the Credit Facility and share repurchases of $407.9 million.
Long-Term Debt
The following table summarizes the carrying value of the Company's long-term debt:
| June 30 | December 31 | ||||||||||
($ millions)1 | 2026 | 2025 | |||||||||
| Credit Facility | $ | — | $ | 200.0 | |||||||
| 5.75% senior notes ($450 million principal outstanding) | 449.1 | 448.8 | |||||||||
| Equipment loans | 0.2 | 1.0 | |||||||||
| $ | 449.3 | $ | 649.8 | ||||||||
1.Long-term debt does not include leases in place of $90.5 million as at June 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 June 30, 2026, the Credit Facility was undrawn and the Company issued letters of credit under the Credit Facility in the amount of $3.9 million as a supplier payment guarantee and $0.4 million as guarantees for certain environmental indemnities to government agencies, with $845.7 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 June 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 redemption price for the Notes during the 12-month period beginning October 15, 2025, is 101.4% and October 15, 2026, and thereafter is 100%. 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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 25 | ||||
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 June 30, 2026, the Company had lease obligations of $90.5 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 for the leasing of certain mobile equipment at Côté Gold. The final pieces of equipment were delivered during the first quarter 2025.
On April 10, 2026, the lease agreement was converted to an uncommitted facility.
Equipment loan
At June 30, 2026, the Company had an equipment loan with a carrying value of $0.2 million secured by certain mobile equipment, with an interest rate of 5.3% which matures in 2026. The equipment loan is 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 June 30, 2026, the Company had (i) C$276.9 million ($194.9 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 June 30, 2026, there is no collateral required to be in place for surety and performance bonds, and the balance of $217.5 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 will be required to increase bonds required further by C$17.0 million ($12.0 million) during the third quarter of 2026.
Contractual Obligations
As at June 30, 2026, contractual obligations from operations with various maturities were approximately $1.4 billion, primarily comprising expected future contractual payments of long-term debt, including principal and interest, purchase obligations, capital expenditures obligations, asset retirement obligations and lease obligations, partially offset by cash collateralized letters of credit and restricted cash in support of environmental closure cost obligations for certain mines. The Company believes these obligations will be met through available cash resources and net cash from operating activities. The Company entered into derivative contracts for risk management purposes, which are not included in the contractual obligations. Details of these contracts are included in “Financial Instruments”.
Financial Instruments
The Company seeks to manage its exposure to fluctuations in foreign exchange rates and commodity prices by entering into derivative financial instruments from time to time. The Company establishes trading agreements with counterparties under which there is no requirement to post any collateral or make any margin calls on derivatives. Counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative.
Foreign Currency Contracts
The Company’s functional currency is the U.S. dollar with revenues primarily denominated in U.S. dollars which creates currency exchange risk exposure primarily associated with its expenditures denominated in Canadian dollars and Euros (input costs). Separately, additional currency exchange rate risk exists on earnings distributions from Essakane where total notional amount of the distribution is effectively denominated in EUR and converted to USD upon payment. The total amount of the distribution fluctuates based on EUR/USD rates and is realized based on the timing of distribution payments.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 26 | ||||
At June 30, 2026, the Company’s outstanding foreign currency contracts were as follows:
| 2026 | 2027 | ||||||||||
Foreign Currency (Input Hedge)1 | |||||||||||
| Canadian dollar contracts (millions of C$) | 330 | 186 | |||||||||
| Rate range (USD/CAD) | 1.33 — 1.50 | 1.35 — 1.43 | |||||||||
Hedge ratio2 | 30% | 17% | |||||||||
| Foreign Currency (Input Hedge) | |||||||||||
| Euro contracts (millions of EUR) | 90 | 24 | |||||||||
| Rate range (EUR/USD) | 1.13 — 1.21 | 1.13 — 1.19 | |||||||||
Hedge ratio3 | 226% | 11% | |||||||||
Foreign Currency (Output Hedge)4 | |||||||||||
| Euro contracts (millions of EUR) | 30 | ||||||||||
| Rate range (EUR/USD) | 1.15 — 1.22 | ||||||||||
Hedge ratio5 | 9% | ||||||||||
1.Canadian dollar hedges exclude Canadian dollars on hand which functions as a natural hedge for the Company’s Canadian dollar expenditures. USD/CAD hedges are CAD notional hedges.
2.The Company calculates the CAD hedge ratio based on future estimates of operating and capital expenditures such as its Canadian dollar operating and capital expenditures at Côté Gold, Westwood and its corporate office. Outstanding derivative contracts are allocated based on a specified allocation methodology. The hedge ratio is effective on the remaining expenditures for the balance of the period and is exclusive of H1 2026 exposure.
3.The Company calculates the EUR Input hedge ratio based on the Essakane mine’s input cost exposure to the XOF which is pegged to the EUR. The notional amount of EUR input hedges is denominated in EUR and settle financially in USD. The EUR hedge ratio excludes XOF on hand which functions as a natural hedge for the Company’s XOF expenditures.
4.Euro output hedges are for the sale of EUR (purchase of USD) when repatriating funds from Burkina Faso.
5.The Company calculates the EUR output hedge ratio based on the Essakane estimated cash repatriation to IAMGOLD.
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||
| Average rates | ||||||||||||||||||||||||||
| USD/CAD | 1.3843 | 1.3841 | 1.3781 | 1.4094 | ||||||||||||||||||||||
| EUR/USD | 1.1629 | 1.1338 | 1.1666 | 1.0927 | ||||||||||||||||||||||
| Closing rates | ||||||||||||||||||||||||||
| USD/CAD | 1.4196 | 1.3608 | 1.4196 | 1.3608 | ||||||||||||||||||||||
| EUR/USD | 1.1422 | 1.1787 | 1.1422 | 1.1787 | ||||||||||||||||||||||
Commodity Contracts
Energy Contracts
The Company uses option structures to help mitigate the risk of fluctuations in the cost of energy, which is a major input in its ongoing mine-site operating costs. The Company has historically used Brent hedges for the exposure of its Essakane mine and uses WTI hedges for energy exposure at its Côté Gold and Westwood mines. At June 30, 2026, the Company’s outstanding energy contracts relate strictly to Côté Gold exposure and the exposure for the Essakane and Westwood mines remains unhedged.
At June 30, 2026, the Company’s outstanding energy contracts in respect of Côté Gold were as follows:
| 2026 | |||||||||||||||||||||||
| Energy Contracts | |||||||||||||||||||||||
| WTI oil contracts (thousands of barrels) | 33 | ||||||||||||||||||||||
| Contract price range ($barrel of crude oil) | 55 — 85 | ||||||||||||||||||||||
Hedge ratio1 | 33% | ||||||||||||||||||||||
1.The Company calculates the hedge ratio for Côté Gold based on future estimates of its fuel consumption for operating and capital activities. Outstanding derivative contracts are allocated based on a specified allocation methodology.
Gold Contracts
The Company’s primary source of revenue is gold that is denominated in U.S. dollars. To manage such risk, the Company may use various hedging strategies, including the use of put and call option contracts. Option contracts can also include put option contracts and call option contracts (collar structure), within a range of expiry dates and strike prices.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 27 | ||||
Gold prices remained highly volatile during the period, and this variability continued to impact the Company’s operating and financial performance. Fluctuations in realized prices affected revenue, cash flow generation, and operating margins, in addition, the broader market’s sensitivity to commodity price movements contributed to the increase in volatility in the Company’s share price. Volatility in the gold price is expected to continue in the future which will continue to impact the Company’s share price.
In the third quarter 2025, the Company purchased gold puts for the purpose of ensuring the timely payment of dividends from the Essakane mine. The put purchase price is financed such that the cash outlay for the purchase price is aligned with the hedges’ expiries occurring monthly in 2026. As the hedges are paid for with cash at the time of delivery, no call option was sold to finance the put purchase, and therefore the gold hedges allow unlimited participation in market spot gold prices above the put level (floor price).
At June 30, 2026, the Company’s outstanding gold contracts were as follows:
| 2026 | |||||||||||||||||||||||
| Gold Contracts | |||||||||||||||||||||||
| Gold put options (thousands of ounces) | 66.5 | ||||||||||||||||||||||
| Put price level ($/ounce) | $3,100 | ||||||||||||||||||||||
The following table compares the market price of gold with the average price of gold:
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||
| Average market gold price ($/oz) | $ | 4,506 | $ | 3,280 | $ | 4,693 | $ | 3,067 | |||||||||
Average realized gold price1 ($/oz), inclusive of prepay deliveries: | $ | 4,384 | $ | 3,182 | $ | 4,631 | $ | 2,961 | |||||||||
Average realized gold price, excluding prepay deliveries ($/oz) | $ | 4,384 | $ | 3,310 | $ | 4,631 | $ | 3,114 | |||||||||
Average realized gold price of prepay deliveries2 ($/oz) | $ | — | $ | 2,722 | $ | — | $ | 2,305 | |||||||||
| Closing market gold price ($/oz) | $ | 4,026 | $ | 3,287 | $ | 4,026 | $ | 3,287 | |||||||||
1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
2.No further deliveries are required. The Company delivered 37,500 ounces into the Q2 2024 Prepay Arrangements in the second quarter of 2025 (75,000 ounces YTD 2025) fulfilling the terms of the arrangements. See “Gold prepay arrangements” above.
Sensitivity Impact
The following table provides estimated cost per ounce sensitivities around certain inputs, excluding the impact of the Company’s hedging program which can affect the Company’s operating results, assuming guided 2026 production and costs levels:
| Change of | Annualized impact on Cost of Sales $/oz | Annualized impact on Cash Costs1 $/oz | Annualized impact on AISC1 $/oz | |||||||||||
| Oil price | $10/barrel | $12 | $12 | $12 | ||||||||||
| USD/CAD | $0.10 | $46 | $46 | $78 | ||||||||||
| EUR/USD | $0.10 | $14 | $14 | $22 | ||||||||||
1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”. Cash costs and AISC per ounce of gold sold consist of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively.
The cost of sales and cash costs of the Company are impacted by the gold price linked payments and royalties at Côté Gold and Essakane. See “Outlook – Costs”.
Shareholders' Equity
| Number issued and outstanding (millions) | June 30, 2026 | August 5, 2026 | ||||||
| Common shares | 574.3 | 571.0 | ||||||
Options1 | 1.4 | 1.4 | ||||||
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 28 | ||||
QUARTERLY FINANCIAL REVIEW
| 2026 | 2025 | 2024 | ||||||||||||||||||||||||
| ($ millions, except where noted) | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | ||||||||||||||||||
| Revenues | $ | 856.9 | $ | 1,030.1 | $ | 1,088.1 | $ | 706.7 | $ | 580.9 | $ | 477.1 | $ | 469.9 | $ | 438.9 | ||||||||||
| Net earnings | $ | 255.8 | $ | 417.4 | $ | 444.7 | $ | 155.2 | $ | 85.9 | $ | 46.5 | $ | 91.1 | $ | 602.5 | ||||||||||
| Net earnings attributable to equity holders | $ | 230.5 | $ | 379.7 | $ | 406.6 | $ | 139.4 | $ | 78.7 | $ | 39.7 | $ | 86.2 | $ | 594.1 | ||||||||||
| Basic earnings per share attributable to equity holders | $ | 0.40 | $ | 0.65 | $ | 0.70 | $ | 0.24 | $ | 0.14 | $ | 0.07 | $ | 0.15 | $ | 1.04 | ||||||||||
| Diluted earnings per share attributable to equity holders | $ | 0.40 | $ | 0.64 | $ | 0.70 | $ | 0.24 | $ | 0.14 | $ | 0.07 | $ | 0.15 | $ | 1.03 | ||||||||||
In the third quarter 2024, net earnings from operations were higher due to the reversal of previous impairments in respect of the Westwood CGU, which includes the Doyon closed mine.
Revenues
Revenues were $856.9 million in the second quarter 2026 from sale of 195,100 ounces at an average realized gold price of $4,384 per ounce, higher by $276.0 million or 48% than the prior year period, due primarily to the $1,202 per ounce increase in the realized gold price and higher gold sales volume. The revenues in the second quarter of 2025 included 37,500 ounces delivered into the gold prepay arrangements at $2,722 per ounce.
Revenues YTD 2026 were $1,887.0 million from sales of 406,600 ounces at an average realized gold price of $4,631 per ounce, higher by $829.0 million or 78% than the prior year period, primarily due to the $1,670 per ounce increase in realized gold price and higher gold sales volume. The revenues in the first half of 2025 included 75,000 ounces delivered into the gold prepay arrangements at $2,305 per ounce.
Cost of Sales
Cost of sales excluding depreciation was $323.2 million in the second quarter 2026, higher by $36.1 million or 13% than the prior year period, primarily due to higher royalties at Côté and Essakane due to the higher gold price, and increased production and sales and increased production costs at Côté and Westwood compared to the prior year period, partially offset by decreased production costs at Essakane.
Cost of sales excluding depreciation YTD 2026 was $666.9 million, higher by $123.6 million or 23% than the prior year period, primarily due to higher royalties at Côté and Essakane due to the higher gold price, increased production and sales, and increased production costs at Westwood and Côté compared to the prior year period, partially offset by decreased production cost at Essakane.
Depreciation Expense
Depreciation expense was $118.6 million in the second quarter 2026, higher by $23.6 million or 25% than the prior year period primarily due to the higher sales volume and amortization of deferred stripping assets at Côté and Essakane compared to the prior year period.
Depreciation expense YTD 2026 was $234.3 million, higher by $59.6 million or 34% than the prior year period primarily due to the higher sales volume compared to the prior year period and amortization of deferred stripping assets at Côté and Essakane.
Exploration Expense
Exploration expense was $7.8 million in the second quarter 2026, higher by $1.8 million or 30% than the prior year period due to increased exploration expenditures at the Nelligan Mining Complex and Côté Gold.
Exploration expense YTD 2026 was $15.6 million, higher by $3.0 million or 24% 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 $21.8 million in the second quarter 2026, higher by $9.3 million or 74% than the prior year period, primarily due to $5.2 million in planned technology implementation and consulting fees, $1.7 million in increased share-based compensation, and $2.4 million higher labour and other administrative costs.
General and administrative expense YTD 2026 was $37.2 million, higher by $8.3 million or 29% than the prior year period, due to $8.9 million in planned technology implementation and consulting fees, $0.7 million in increased share-based compensation, partially offset by $1.3 million in lower labour and other administrative costs.
Income Tax Expense
The Company is subject to tax in various jurisdictions, including Burkina Faso and Canada. There are a number of factors that can significantly impact the Company’s effective tax rate, including the geographic distribution of income, varying rates in different jurisdictions, the non-recognition of tax assets, mining allowances, foreign currency exchange rate movements, changes in tax laws and the impact of specific transactions and assessments. Due to the number of factors that can potentially impact the effective tax rate and the sensitivity of the tax provision to these factors, it is expected that the Company’s effective tax rate will fluctuate from one period to the next.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 29 | ||||
Income tax expense was $109.3 million in the second quarter 2026, higher by $30.4 million or 39% than the prior year period. It is comprised of a current income tax expense of $74.2 million and a deferred income tax expense of $35.1 million, lower than the prior year period for current income tax expense by $1.3 million or 2% and higher for deferred income tax expense by $31.7 million or 932%, respectively. The current income tax expense in the second quarter of 2026 was lower primarily due to higher income in Essakane offset by lower withholding taxes from lower intercompany dividends. The deferred income tax expense in the second quarter of 2026 was higher primarily due to changes in the withholding tax on expected intercompany dividends and the non-recognition of tax assets.
Income tax expense YTD 2026 was $225.7 million, higher by $107.6 million or 91% than the prior year period. It is comprised of a current income tax expense of $148.7 million and a deferred income tax expense of $77.0 million, higher than the prior year period for current income tax expense by $47.2 million or 47% and higher for deferred income tax expense by $60.4 million or 364%, respectively. The current income tax expense for the year was higher primarily due to higher income in Essakane. The deferred income tax expense for the year was higher primarily due to higher Canadian provincial mining taxes and a reduction of the amount of available deferred tax assets which resulted in a deferred tax liability.
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING
Disclosure Controls and Procedures
The Company’s disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is communicated to senior management to allow timely decisions regarding required disclosure. An evaluation of the effectiveness of the Company’s disclosure controls and procedures, as defined under the rules of the Canadian Securities Administration, was conducted as at December 31, 2025, under the supervision of the Company’s Disclosure Committee and with the participation of management. Based on the results of that evaluation, the CEO and the CFO concluded that the Company’s disclosure controls and procedures were effective as at December 31, 2025, providing reasonable assurance that the information required to be disclosed in the Company’s annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported in accordance with securities legislation.
Internal Control over Financial Reporting
Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of consolidated interim financial statements in compliance with IFRS as issued by the International Accounting Standards Board (“IASB”). The Company’s internal control over financial reporting includes policies and procedures that:
•pertain to the maintenance of records that accurately and fairly reflect the transactions of the Company;
•provide reasonable assurance that transactions are recorded as necessary to permit the preparation of consolidated annual and interim financial statements in accordance with IFRS as issued by the IASB;
•ensure the Company’s receipts and expenditures are made only in accordance with authorization of management and the Company’s directors; and
•provide reasonable assurance regarding the prevention or timely detection of unauthorized transactions that could have a material effect on the consolidated interim financial statements.
An evaluation of the effectiveness of the Company’s internal control over financial reporting, including an evaluation of material changes, that may have materially affected or are reasonably likely to have materially affected the internal control over financial reporting based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, was conducted as of December 31, 2025 by the Company’s management, including the CEO and the CFO. Based on this evaluation, management, including the CEO and the CFO, has concluded that the Company’s internal control over financial reporting was effective as of December 31, 2025.
There have been no material changes in the Company’s internal control over financial reporting or in other factors that could affect internal controls during the second quarter 2026 and their design remains effective.
Limitations of Control and Procedures
The Company’s management, including the CEO and the CFO, believe that any disclosure of controls and procedures and internal control over financial reporting, no matter how well designed, can have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance that the objectives of the control system are met.
CRITICAL JUDGMENTS, ESTIMATES AND ASSUMPTIONS
The Company’s management makes judgments in its process of applying the Company’s accounting policies in the preparation of its consolidated interim financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions on, and estimates of effects of, uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The critical judgments, estimates, and assumptions applied in the preparation of the
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 30 | ||||
Company's consolidated interim financial statements are reflected in note 3 of the Company's audited annual consolidated financial statements for the year ended December 31, 2025.
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 MD&A 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.
NEW ACCOUNTING STANDARDS
For a discussion of new accounting standards adopted and new accounting standards issued but not yet effective that may impact the Company, refer to note 3 of the Company’s consolidated interim financial statements.
RISKS AND UNCERTAINTIES
Readers of this MD&A should consider the information included or incorporated by reference in this document and the Company’s consolidated interim financial statements and related notes for the three and six months ended June 30, 2026.
The inherently volatile nature of the Company’s activities, the international geographies and emerging, undeveloped economies in which it operates mean that the Company’s business, operations and financial condition are generally exposed to significant risk factors, known and unknown, stable and unstable, many of which are beyond its control. Managing these risks is a key component of the Company’s business strategy and is supported by a risk management culture and an enterprise risk management (“ERM”) system. The Company’s view of risks is not static. An important component of the ERM approach is to identify evolving or emerging key risks, manage those risks and incorporate them into existing ERM assessment, measurement, monitoring and reporting processes. These practices are designed to ensure management is forward-looking in its assessment of risks. Identification of key risks occurs in the course of business activities, while pursuing approved strategies and as part of the execution of risk oversight responsibilities at the Management and Board of Directors levels.
Risks and uncertainties to the Company’s business, operations, and financial condition that were identified by management as new or elevated in the second quarter of 2026 are described below. Readers are cautioned that no ERM framework or system, including that employed by the Company, can ensure that all risks to the Company, at any point in time, are accurately identified, assessed as to significance or impact, managed, effectively controlled or mitigated. As such, there may be additional new or elevated risks to the Company in the second quarter of 2026 that are not described in this MD&A.
Geopolitical Risks Related to Ongoing Middle East Conflicts
Ongoing or escalating geopolitical tensions and military activity, including the conflict involving the Middle East, may adversely affect the Company’s results of operations, costs, and financial condition. Heightened geopolitical instability in the Middle East has contributed to uncertainty in global economic and financial conditions, including potential constraints affecting key shipping routes such as the Strait of Hormuz, and increased volatility in energy, fuel, and transportation markets, as well as the volatility in financial and commodity markets. These developments may disrupt global supply chains, including the availability and cost of fuel, transportation, and other critical materials, which would have an adverse effect on the results of operations. Disruptions to fuel or other consumable material supply, including as a result the government-imposed restrictions, sanctions, export controls, or other regulatory actions, could require the temporary suspension or shutdown of certain mining operations where reliable access to fuel is essential to safe and continuous operations. Heightened geopolitical tensions may also increase cybersecurity risks, including threats to energy infrastructure, logistics providers, financial systems, and other third-party service providers.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 31 | ||||
Changes in Laws, Regulations and Government Participation in Burkina Faso
In July 2024, the Government of Burkina Faso adopted a new Mining Code that increased state participation in the mining sector, from 10% to 15% and providing the Government of Burkina Faso, through its state‑owned mining entity with enhanced rights to acquire additional paid equity interests and preferential economic benefits. The Mining Code also requires mining companies to open their share capital to Burkinabe investors. While transitional provisions initially contemplated that existing mining permits would continue to be governed by prior legislation until renewal, the Government has demonstrated a willingness to apply elements of the new regime to existing operations prior to permit expiry through decrees, negotiations and state transactions.
Recent actions by the Government of Burkina Faso, including decrees authorizing increased state ownership in producing mines, could indicate a broader policy trend toward increased resource nationalism and state control over mineral assets in Burkina Faso. As a result, there can be no assurance that further changes to laws, fiscal terms, regulatory requirements or government participation will not be applied to the Company’s mining operations, including Essakane, either upon permit renewal or earlier. Such measures could result in dilution of the Company’s ownership interest, restrictions on cash flows or in extreme circumstances, partial or total expropriation or nationalization of assets and could have a material adverse effect on the Company’s business, results of operations and financial condition.
For a comprehensive discussion of the risk factors that may affect the Company, its business operations and financial performance, refer to the risk disclosure contained in the Company’s latest annual information form (“AIF”), filed with Canadian securities regulatory authorities at www.sedarplus.ca and filed under Form 40-F with the United States Securities and Exchange Commission (“SEC”) at www.sec.gov/edgar, and is hereby incorporated by reference into this MD&A.
NON-GAAP1 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) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||
| Revenues | $ | 856.9 | $ | 580.9 | $ | 1,887.0 | $ | 1,058.0 | |||||||||
| By-product credits and other revenues | (1.7) | (1.0) | (4.1) | (2.1) | |||||||||||||
| Gold revenues | $ | 855.2 | $ | 579.9 | $ | 1,882.9 | $ | 1,055.9 | |||||||||
| Sales (000s oz) | 195.1 | 182.1 | 406.6 | 356.3 | |||||||||||||
Average realized gold price per ounce1,2,3 ($/oz) | $ | 4,384 | $ | 3,182 | $ | 4,631 | $ | 2,961 | |||||||||
1.Average realized gold price per ounce sold may not be calculated based on amounts presented in this table due to rounding.
2.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%.
3.Average realized gold price per ounce sold for the second quarter 2025 includes 37,500 ounces at $2,722 per ounce (75,000 ounces at $2,305 per ounce YTD) as delivered into the Q1 2024 and Q2 2024 Prepay Arrangements. No deliveries were required in H1 2026 as the delivery obligations were fulfilled in H1 2025.
__________________________
1.GAAP - Generally accepted accounting principle
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 32 | ||||
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) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||
| Production cost | $ | 118.7 | $ | 97.1 | $ | 229.8 | $ | 177.8 | ||||||||||||
| Adjust for: | ||||||||||||||||||||
| Increase/decrease in stockpiles | 0.8 | 4.3 | 12.5 | 15.3 | ||||||||||||||||
| Adj. operating cost | $ | 119.5 | $ | 101.4 | $ | 242.3 | $ | 193.1 | ||||||||||||
| Included in adjusted operating cost: | ||||||||||||||||||||
| Open pit net mining cost [A] | 35.6 | 34.9 | 79.3 | 65.6 | ||||||||||||||||
| Milling cost [B], net of capitalized operating cost | 59.9 | 49.7 | 117.5 | 92.0 | ||||||||||||||||
| G&A cost [C] | 24.0 | 16.8 | 45.5 | 35.5 | ||||||||||||||||
| Open pit ore tonnes mined (000s t) | 3,072 | 3,170 | 6,625 | 6,285 | ||||||||||||||||
| Open pit operating waste tonnes mined (000s t) | 4,856 | 5,838 | 9,803 | 11,505 | ||||||||||||||||
| Open pit ore and operating waste tonnes mined (000s t) [D] | 7,928 | 9,008 | 16,428 | 17,790 | ||||||||||||||||
| Ore milled (000s t) [E] | 2,873 | 2,930 | 5,214 | 5,027 | ||||||||||||||||
| Open pit net mining cost per operating tonne mined ($/tonne) [A/D] | $ | 4.49 | $ | 3.88 | $ | 4.83 | $ | 3.69 | ||||||||||||
Milling cost per tonne milled ($/tonne) [B/E] | $ | 20.85 | $ | 16.94 | $ | 22.54 | $ | 18.30 | ||||||||||||
| G&A cost per tonne milled ($/tonne) [C/E] | $ | 8.36 | $ | 5.80 | $ | 8.72 | $ | 7.09 | ||||||||||||
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 33 | ||||
Westwood
| ($ millions, except where noted) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||
| Production cost | $ | 54.0 | $ | 46.4 | $ | 101.5 | $ | 87.4 | |||||||||
| Adjust for: | |||||||||||||||||
| Increase/decrease in stockpiles | (1.0) | 0.5 | (1.1) | 1.7 | |||||||||||||
| Adj. operating cost | $ | 53.0 | $ | 46.9 | $ | 100.4 | $ | 89.1 | |||||||||
| Consisting of: | |||||||||||||||||
| Underground mining cost [A] | 32.6 | 29.7 | 63.1 | 54.1 | |||||||||||||
| Open pit net mining cost [B] | 4.9 | 4.4 | 7.5 | 9.3 | |||||||||||||
| Milling cost [C] | 10.6 | 8.2 | 18.9 | 14.8 | |||||||||||||
| G&A cost [D] | 4.9 | 4.6 | 10.9 | 10.9 | |||||||||||||
| Underground ore tonnes mined (000s t) [E] | 104 | 98 | 210 | 187 | |||||||||||||
| Open pit ore tonnes mined (000s t) | 109 | 315 | 169 | 507 | |||||||||||||
| Open pit waste tonnes mined (000s t) | 304 | 331 | 558 | 812 | |||||||||||||
| Open pit ore and operating waste tonnes mined (000s t) [F] | 413 | 646 | 727 | 1,319 | |||||||||||||
| Ore milled (000s t) [G] | 287 | 323 | 590 | 605 | |||||||||||||
| Underground mining cost per ore tonne mined ($/tonne) [A/E] | $ | 313.99 | $ | 302.08 | $ | 300.48 | $ | 289.11 | |||||||||
| Open pit net mining cost per operating tonne mined ($/tonne) [B/F] | $ | 11.86 | $ | 6.80 | $ | 10.30 | $ | 7.02 | |||||||||
| Milling cost per tonne milled ($/tonne) [C/G] | $ | 37.02 | $ | 25.46 | $ | 32.13 | $ | 24.43 | |||||||||
| G&A cost per tonne milled ($/tonne) [D/G] | $ | 16.83 | $ | 13.98 | $ | 18.40 | $ | 18.04 | |||||||||
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
Essakane
| ($ millions, except where noted) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||
| Production cost | $ | 127.6 | $ | 139.7 | $ | 253.7 | $ | 264.6 | |||||||||
| Adjust for: | |||||||||||||||||
| Increase/decrease in stockpiles | (3.8) | 1.1 | (13.1) | 5.2 | |||||||||||||
| Adj. operating cost | $ | 123.8 | $ | 140.8 | $ | 240.6 | $ | 269.8 | |||||||||
| Consisting of: | |||||||||||||||||
| Open pit net mining cost [A] | 28.7 | 51.7 | 48.6 | 96.9 | |||||||||||||
| Milling cost [B] | 61.0 | 62.7 | 125.3 | 117.3 | |||||||||||||
| G&A cost [C] | 34.1 | 26.4 | 66.7 | 55.6 | |||||||||||||
| Open pit ore tonnes mined (000s t) | 2,470 | 2,168 | 4,701 | 4,615 | |||||||||||||
| Open pit operating waste tonnes mined (000s t) | 3,534 | 6,419 | 5,519 | 12,086 | |||||||||||||
| Open pit ore and operating waste tonnes mined (000s t) [D] | 6,004 | 8,587 | 10,220 | 16,701 | |||||||||||||
| Ore milled (000s t) [E] | 3,236 | 3,113 | 6,377 | 6,225 | |||||||||||||
| Open pit net mining cost per operating tonne mined ($/tonne) [A/D] | $ | 4.79 | $ | 6.02 | $ | 4.76 | $ | 5.80 | |||||||||
| Milling cost per tonne milled ($/tonne) [B/E] | $ | 18.88 | $ | 20.12 | $ | 19.66 | $ | 18.84 | |||||||||
| G&A cost per tonne milled ($/tonne) [C/E] | $ | 10.47 | $ | 8.46 | $ | 10.43 | $ | 8.93 | |||||||||
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 34 | ||||
Cash Costs Excluding Royalties, Cash Costs, Cash Costs per Ounce Sold, AISC and AISC per Ounce Sold
The Company reports cash costs excluding royalties, cash costs excluding royalties per ounce sold, cash costs, cash costs per ounce sold, AISC and AISC per ounce sold in order to provide investors with information about key measures used by management to monitor performance of mine sites in commercial production and its ability to generate positive cash flow.
Cash costs include mine-site operating costs such as mining, processing, administration, royalties, production taxes and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and amortization, by-product credits and corporate general and administrative costs. These costs are then divided by the Company’s attributable gold ounces sold by mine sites in commercial production in the period to arrive at the cash costs excluding royalties per ounce sold, cash costs per ounce sold, and the AISC per ounce sold.
The following tables provide a reconciliation of cash costs excluding royalties, cash costs, AISC, cost of sales excluding depreciation per ounce sold, cash costs excluding royalties per ounce sold, cash costs per ounce sold and AISC per ounce sold on an attributable basis to cost of sales as per the consolidated interim financial statements.
Three months ended June 30, 2026
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate | Total | |||||||||||||||
Cost of sales1 | $ | 151.3 | $ | 62.5 | $ | 227.6 | $ | 0.4 | $ | 441.8 | ||||||||||
| Depreciation expense | (47.0) | (15.0) | (56.2) | (0.4) | (118.6) | |||||||||||||||
| Cost of sales, excluding depreciation expense | $ | 104.3 | $ | 47.5 | $ | 171.4 | $ | — | $ | 323.2 | ||||||||||
Royalties2 | (20.6) | — | (50.5) | — | (71.1) | |||||||||||||||
| Cost of sales, excluding depreciation expense and royalties | $ | 83.7 | $ | 47.5 | $ | 120.9 | $ | — | $ | 252.1 | ||||||||||
| Adjust for: | ||||||||||||||||||||
| By-product credit | (0.4) | (0.5) | (0.8) | — | (1.7) | |||||||||||||||
Cost attributed to non-controlling interests3 | — | — | (25.6) | — | (25.6) | |||||||||||||||
| Cash costs – attributable | $ | 103.9 | $ | 47.0 | $ | 145.0 | $ | — | $ | 295.9 | ||||||||||
| Adjust for: | ||||||||||||||||||||
Sustaining capital expenditures4 | 34.7 | 15.8 | 45.6 | — | 96.1 | |||||||||||||||
Corporate general and administrative costs5 | — | — | — | 21.8 | 21.8 | |||||||||||||||
Other costs6 | 0.6 | 0.4 | 1.7 | (0.1) | 2.6 | |||||||||||||||
Cost attributable to non-controlling interests3 | — | — | (7.1) | — | (7.1) | |||||||||||||||
| AISC – attributable | $ | 139.2 | $ | 63.2 | $ | 185.2 | $ | 21.7 | $ | 409.3 | ||||||||||
| Total gold sales (000 oz) – attributable | 66.9 | 29.2 | 84.1 | — | 180.2 | |||||||||||||||
Cost of sales excluding depreciation7($/oz sold) – attributable | $ | 1,562 | $ | 1,624 | $ | 1,730 | $ | — | $ | 1,651 | ||||||||||
Cash costs – excluding royalties7 ($/oz sold) – attributable | $ | 1,245 | $ | 1,606 | $ | 1,214 | $ | — | $ | 1,289 | ||||||||||
Cash costs7 ($/oz sold) – attributable | $ | 1,554 | $ | 1,606 | $ | 1,724 | $ | — | $ | 1,642 | ||||||||||
AISC7 – excluding royalties ($/oz sold) – attributable | $ | 1,773 | $ | 2,163 | $ | 1,691 | $ | 121 | $ | 1,918 | ||||||||||
AISC7 all operations ($/oz sold) – attributable | $ | 2,082 | $ | 2,163 | $ | 2,201 | $ | 121 | $ | 2,271 | ||||||||||
1.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.
2.Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.
3.Adjustments for the consolidation of Essakane (85%) to its attributable portion of cost of sales.
4.Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below.
5.Corporate general and administrative costs exclude one-time material severance charges.
6.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.
7.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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 35 | ||||
Three months ended June 30, 2025
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate | Total | |||||||||||||||
Cost of sales1 | $ | 125.4 | $ | 58.5 | $ | 197.7 | $ | 0.5 | $ | 382.1 | ||||||||||
| Depreciation expense | (41.5) | (13.4) | (39.6) | (0.5) | (95.0) | |||||||||||||||
| Cost of sales, excluding depreciation expense | $ | 83.9 | $ | 45.1 | $ | 158.1 | $ | — | $ | 287.1 | ||||||||||
Royalties2 | (15.2) | — | (24.7) | — | (39.9) | |||||||||||||||
| Cost of sales, excluding depreciation expense and royalties | $ | 68.7 | $ | 45.1 | $ | 133.4 | $ | — | $ | 247.2 | ||||||||||
| Adjust for: | ||||||||||||||||||||
| By-product credit | (0.3) | (0.5) | (0.3) | — | (1.1) | |||||||||||||||
Cost attributed to non-controlling interests3 | — | — | (15.6) | — | (15.6) | |||||||||||||||
| Cash costs – attributable | $ | 83.6 | $ | 44.6 | $ | 142.2 | $ | — | $ | 270.4 | ||||||||||
| Adjust for: | ||||||||||||||||||||
Sustaining capital expenditures4 | 26.2 | 15.7 | 29.9 | 0.1 | 71.9 | |||||||||||||||
Corporate general and administrative costs5 | — | — | — | 12.5 | 12.5 | |||||||||||||||
Other costs6 | 0.6 | 0.8 | 1.5 | 0.1 | 3.0 | |||||||||||||||
Cost attributable to non-controlling interests3 | — | — | (3.1) | — | (3.1) | |||||||||||||||
| AISC – attributable | $ | 110.4 | $ | 61.1 | $ | 170.5 | $ | 12.7 | $ | 354.7 | ||||||||||
| Total gold sales (000 oz) – attributable | 68.4 | 28.6 | 76.4 | — | 173.4 | |||||||||||||||
Cost of sales excluding depreciation7 ($/oz sold) – attributable | $ | 1,222 | $ | 1,577 | $ | 1,858 | $ | — | $ | 1,561 | ||||||||||
Cash costs7 – excluding royalties ($/oz sold) – attributable | $ | 997 | $ | 1,562 | $ | 1,565 | $ | — | $ | 1,340 | ||||||||||
Cash costs7 ($/oz sold) – attributable | $ | 1,219 | $ | 1,562 | $ | 1,855 | $ | — | $ | 1,556 | ||||||||||
AISC7 – excluding royalties ($/oz sold) – attributable | $ | 1,389 | $ | 2,140 | $ | 1,934 | $ | 73 | $ | 1,825 | ||||||||||
AISC7 all operations ($/oz sold) – attributable | $ | 1,611 | $ | 2,140 | $ | 2,224 | $ | 73 | $ | 2,041 | ||||||||||
1.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.
2.Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.
3.Adjustments for the consolidation of Essakane (90%) to its attributable portion of cost of sales.
4.Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below.
5.Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.
6.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.
7.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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 36 | ||||
Six months ended June 30, 2026
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate | Total | |||||||||||||||
Cost of sales1 | $ | 284.7 | $ | 128.4 | $ | 487.4 | $ | 0.7 | $ | 901.2 | ||||||||||
| Depreciation expense | (85.9) | (32.4) | (115.3) | (0.7) | (234.3) | |||||||||||||||
| Cost of sales, excluding depreciation expense | $ | 198.8 | $ | 96.0 | $ | 372.1 | $ | — | $ | 666.9 | ||||||||||
Royalties2 | (39.1) | — | (121.4) | — | (160.5) | |||||||||||||||
| Cost of sales, excluding depreciation expense and royalties | $ | 159.7 | $ | 96.0 | $ | 250.7 | $ | — | $ | 506.4 | ||||||||||
| Adjust for: | ||||||||||||||||||||
| By-product credit | (0.9) | (1.4) | (1.7) | — | (4.0) | |||||||||||||||
Cost attributed to non-controlling interests3 | — | — | (55.6) | — | (55.6) | |||||||||||||||
| Cash costs – attributable | $ | 197.9 | $ | 94.6 | $ | 314.8 | $ | — | $ | 607.3 | ||||||||||
| Adjust for: | ||||||||||||||||||||
Sustaining capital expenditures4 | 56.5 | 32.6 | 97.3 | — | 186.4 | |||||||||||||||
Corporate general and administrative costs5 | — | — | — | 37.2 | 37.2 | |||||||||||||||
Other costs6 | 1.2 | 1.0 | 2.7 | (0.1) | 4.8 | |||||||||||||||
Cost attributable to non-controlling interests3 | — | — | (15.0) | — | (15.0) | |||||||||||||||
| AISC – attributable | $ | 255.6 | $ | 128.2 | $ | 399.8 | $ | 37.1 | $ | 820.7 | ||||||||||
| Total gold sales (000 oz) – attributable | 122.0 | 66.7 | 185.2 | — | 373.9 | |||||||||||||||
Cost of sales excluding depreciation7 ($/oz sold) – attributable | $ | 1,630 | $ | 1,440 | $ | 1,707 | $ | — | $ | 1,635 | ||||||||||
Cash costs7 – excluding royalties ($/oz sold) – attributable | $ | 1,301 | $ | 1,417 | $ | 1,143 | $ | — | $ | 1,244 | ||||||||||
Cash costs7 ($/oz sold) – attributable | $ | 1,622 | $ | 1,417 | $ | 1,700 | $ | — | $ | 1,624 | ||||||||||
AISC7 – excluding royalties ($/oz sold) – attributable | $ | 1,773 | $ | 1,921 | $ | 1,602 | $ | 99 | $ | 1,815 | ||||||||||
AISC7 all operations ($/oz sold) – attributable | $ | 2,094 | $ | 1,921 | $ | 2,159 | $ | 99 | $ | 2,195 | ||||||||||
1.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.
2.Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.
3.Adjustments for the consolidation of Essakane (90%) to its attributable portion of cost of sales.
4.Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below.
5.Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.
6.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.
7.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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 37 | ||||
Six months ended June 30, 2025
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate | Total | |||||||||||||||
Cost of sales1 | $ | 224.6 | $ | 113.0 | $ | 379.4 | $ | 1.0 | $ | 718.0 | ||||||||||
| Depreciation expense | (75.5) | (25.8) | (72.4) | (1.0) | (174.7) | |||||||||||||||
| Cost of sales, excluding depreciation expense | $ | 149.1 | $ | 87.2 | $ | 307.0 | $ | — | $ | 543.3 | ||||||||||
Royalties2 | (24.8) | — | (46.9) | — | (71.7) | |||||||||||||||
| Cost of sales, excluding depreciation expense and royalties | $ | 124.3 | $ | 87.2 | $ | 260.1 | $ | — | $ | 471.6 | ||||||||||
| Adjust for: | ||||||||||||||||||||
| By-product credit | (0.4) | (1.0) | (0.6) | — | (2.0) | |||||||||||||||
Cost attributed to non-controlling interests3 | — | — | (30.5) | — | (30.5) | |||||||||||||||
| Cash costs – attributable | $ | 148.7 | $ | 86.2 | $ | 275.9 | $ | — | $ | 510.8 | ||||||||||
| Adjust for: | ||||||||||||||||||||
Sustaining capital expenditures4 | 45.5 | 31.2 | 55.9 | 0.6 | 133.2 | |||||||||||||||
Corporate general and administrative costs5 | — | — | — | 28.9 | 28.9 | |||||||||||||||
Other costs6 | 1.1 | 1.5 | 3.0 | (3.6) | 2.0 | |||||||||||||||
Cost attributable to non-controlling interests3 | — | — | (5.9) | — | (5.9) | |||||||||||||||
| AISC – attributable | $ | 195.3 | $ | 118.9 | $ | 328.9 | $ | 25.9 | $ | 669.0 | ||||||||||
| Total gold sales (000 oz) – attributable | 120.0 | 55.8 | 162.3 | — | 338.1 | |||||||||||||||
Cost of sales excluding depreciation7 ($/oz sold) – attributable | $ | 1,240 | $ | 1,562 | $ | 1,700 | $ | — | $ | 1,514 | ||||||||||
Cash costs7 – excluding royalties ($/oz sold) – attributable | $ | 1,030 | $ | 1,545 | $ | 1,437 | $ | — | $ | 1,311 | ||||||||||
Cash costs7 ($/oz sold) – attributable | $ | 1,237 | $ | 1,545 | $ | 1,697 | $ | — | $ | 1,509 | ||||||||||
AISC7 – excluding royalties ($/oz sold) – attributable | $ | 1,418 | $ | 2,132 | $ | 1,764 | $ | 77 | $ | 1,778 | ||||||||||
AISC7 all operations ($/oz sold) – attributable | $ | 1,625 | $ | 2,132 | $ | 2,024 | $ | 77 | $ | 1,976 | ||||||||||
1.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.
2.Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.
3.Adjustments for the consolidation of Essakane (90%) to its attributable portion of cost of sales.
4.Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below.
5.Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.
6.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.
7.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 June 30, 2026, and June 30, 2025:
| ($ millions, except where noted) | Sustaining | Expansion | Q2 2026 | Sustaining | Expansion | Q2 2025 | |||||||||||||||||
| Capital expenditures for property, plant and equipment | $ | 96.3 | $ | 22.0 | $ | 118.3 | $ | 78.4 | $ | 8.9 | $ | 87.3 | |||||||||||
| Côté Gold (IMG basis) | 36.6 | 18.0 | 54.6 | 27.2 | 6.6 | 33.8 | |||||||||||||||||
| Westwood | 16.7 | 3.6 | 20.3 | 16.0 | — | 16.0 | |||||||||||||||||
| Essakane | 43.0 | 0.4 | 43.4 | 35.0 | 2.3 | 37.3 | |||||||||||||||||
| Corporate | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 38 | ||||
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 June 30, 2026, and June 30, 2025:
| ($ millions, except where noted) | Sustaining | Expansion | Q2 2026 | Sustaining | Expansion | Q2 2025 | |||||||||||||||||
| Capital expenditures for property, plant and equipment | $ | 96.3 | $ | 22.0 | $ | 118.3 | $ | 78.4 | $ | 8.9 | $ | 87.3 | |||||||||||
| Working capital adjustments | 0.1 | 0.8 | 0.9 | (6.5) | (1.3) | (7.8) | |||||||||||||||||
| Capital expenditures per statement of cash flows | $ | 96.4 | $ | 22.8 | $ | 119.2 | $ | 71.9 | $ | 7.6 | $ | 79.5 | |||||||||||
| Côté Gold (IMG basis) | 34.9 | 18.8 | 53.7 | 26.2 | 5.3 | 31.5 | |||||||||||||||||
| Westwood | 15.9 | 3.5 | 19.4 | 15.7 | — | 15.7 | |||||||||||||||||
| Essakane | 45.6 | 0.5 | 46.1 | 29.9 | 2.3 | 32.2 | |||||||||||||||||
| Corporate | — | — | — | 0.1 | — | 0.1 | |||||||||||||||||
Reconciliation of incurred capital expenditure per the segmented note in the financial statements to incurred sustaining and expansion capital for the six months ended June 30, 2026, and June 30, 2025:
| ($ millions, except where noted) | Sustaining | Expansion | YTD 2026 | Sustaining | Expansion | YTD 2025 | |||||||||||||||||
| Capital expenditures for property, plant and equipment | $ | 184.9 | $ | 34.8 | $ | 219.7 | $ | 140.1 | $ | 14.2 | $ | 154.3 | |||||||||||
| Côté Gold (IMG basis) | 55.4 | 27.1 | 82.5 | 45.4 | 9.7 | 55.1 | |||||||||||||||||
| Westwood | 33.3 | 6.7 | 40.0 | 31.1 | — | 31.1 | |||||||||||||||||
| Essakane | 96.2 | 1.0 | 97.2 | 62.9 | 4.5 | 67.4 | |||||||||||||||||
| Corporate | — | — | — | 0.7 | — | 0.7 | |||||||||||||||||
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 six months ended June 30, 2026, and June 30, 2025:
| ($ millions, except where noted) | Sustaining | Expansion | YTD 2026 | Sustaining | Expansion | YTD 2025 | |||||||||||||||||
| Capital expenditures for property, plant and equipment | $ | 184.9 | $ | 34.8 | $ | 219.7 | $ | 140.1 | $ | 14.2 | $ | 154.3 | |||||||||||
| Working capital adjustments | 1.8 | 2.4 | 4.2 | (6.9) | (3.2) | (10.1) | |||||||||||||||||
| Capital expenditures per statement of cash flows | 186.7 | 37.2 | 223.9 | 133.2 | 11.0 | 144.2 | |||||||||||||||||
| Côté Gold (IMG basis) | 56.6 | 29.3 | 85.9 | 45.5 | 6.5 | 52.0 | |||||||||||||||||
| Westwood | 32.8 | 6.8 | 39.6 | 31.2 | — | 31.2 | |||||||||||||||||
| Essakane | 97.3 | 1.1 | 98.4 | 55.9 | 4.5 | 60.4 | |||||||||||||||||
| Corporate | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 39 | ||||
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) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||
Earnings before income taxes | $ | 365.1 | $ | 164.8 | $ | 898.9 | $ | 250.5 | ||||||||||||
| Add: | ||||||||||||||||||||
| Depreciation | 118.6 | 95.0 | 234.3 | 174.7 | ||||||||||||||||
| Finance costs | 11.6 | 24.0 | 19.1 | 53.8 | ||||||||||||||||
| EBITDA | $ | 495.3 | $ | 283.8 | $ | 1,152.3 | $ | 479.0 | ||||||||||||
| Adjusting items: | ||||||||||||||||||||
| Unrealized (gain)/loss on non-hedge derivatives | — | (1.7) | — | 1.1 | ||||||||||||||||
| Foreign exchange (gain)/loss | (4.1) | (1.7) | 1.3 | (3.3) | ||||||||||||||||
| Write-down of assets | 8.3 | 0.1 | 9.6 | 0.2 | ||||||||||||||||
| Changes in estimates of asset retirement obligations at closed sites | (2.0) | 1.3 | (0.7) | 6.2 | ||||||||||||||||
| Fair value of deferred consideration from sale of Sadiola | (0.2) | (0.5) | (3.2) | (1.0) | ||||||||||||||||
| Gain on sale of royalties | — | (4.9) | — | (4.9) | ||||||||||||||||
| Severance costs | — | — | 0.1 | 3.8 | ||||||||||||||||
| Other | 10.0 | — | 14.2 | (0.2) | ||||||||||||||||
| Adjusted EBITDA | $ | 507.3 | $ | 276.4 | $ | 1,173.6 | $ | 480.9 | ||||||||||||
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 40 | ||||
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) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||
| Earnings before income taxes and non-controlling interests | $ | 365.1 | $ | 164.8 | $ | 898.9 | $ | 250.5 | |||||||||
| Adjusting items: | |||||||||||||||||
| Unrealized gain/(loss) on non-hedge derivatives | — | (1.7) | — | 1.1 | |||||||||||||
| Other finance costs | 4.0 | 2.1 | 5.8 | 7.2 | |||||||||||||
| Foreign exchange (gain)/loss | (4.1) | (1.7) | 1.3 | (3.3) | |||||||||||||
| Write-down of assets | 8.3 | 0.1 | 9.6 | 0.2 | |||||||||||||
| Changes in estimates of asset retirement obligations at closed sites | (2.0) | 1.3 | (0.7) | 6.2 | |||||||||||||
| Fair value of deferred consideration from sale of Sadiola | (0.2) | (0.5) | (3.2) | (1.0) | |||||||||||||
| Gain on sale of royalties | — | (4.9) | — | (4.9) | |||||||||||||
| Severance costs | — | — | 0.1 | 3.8 | |||||||||||||
| Other | 10.0 | — | 14.2 | (0.2) | |||||||||||||
| Adjusted earnings before income taxes and non-controlling interests | $ | 381.1 | $ | 159.5 | $ | 926.0 | $ | 259.6 | |||||||||
| Income taxes | (109.3) | (78.9) | (225.7) | (118.1) | |||||||||||||
| Tax on foreign exchange translation of deferred income tax balances | (0.2) | 5.7 | 0.6 | 8.0 | |||||||||||||
| Tax impact of adjusting items | (4.7) | (1.8) | (5.2) | (3.0) | |||||||||||||
| Non-controlling interests | (25.3) | (7.2) | (63.0) | (14.0) | |||||||||||||
| Adjusted net earnings attributable to equity holders | $ | 241.6 | $ | 77.3 | $ | 632.7 | $ | 132.5 | |||||||||
| Adjusted net earnings per share attributable to equity holders | $ | 0.42 | $ | 0.13 | $ | 1.09 | $ | 0.23 | |||||||||
| Basic weighted average number of common shares outstanding (millions) | 578.0 | 575.1 | 582.7 | 573.8 | |||||||||||||
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) | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |||||||||||||
| Net cash from operating activities | $ | 445.1 | $ | 85.8 | $ | 1,015.0 | $ | 160.1 | |||||||||
| Adjusting items from working capital items and non-current ore stockpiles: | |||||||||||||||||
| Receivables and other current assets | (4.4) | 29.3 | 8.5 | 47.6 | |||||||||||||
| Inventories and non-current ore stockpiles | 11.5 | 19.6 | 18.0 | 42.1 | |||||||||||||
| Accounts payable and accrued liabilities | (9.3) | (7.4) | 30.9 | (17.6) | |||||||||||||
| Net cash from operating activities before changes in working capital | $ | 442.9 | $ | 127.3 | $ | 1,072.4 | $ | 232.2 | |||||||||
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 41 | ||||
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 June 30, 2026
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate & other | Total | ||||||||||||
| Net cash from operating activities | $ | 204.0 | $ | 75.9 | $ | 208.2 | $ | (43.0) | $ | 445.1 | |||||||
| Add: | |||||||||||||||||
| Operating cash flow used by non-mine site activities | — | — | — | 43.0 | 43.0 | ||||||||||||
| Cash flow from operating mine-sites | $ | 204.0 | $ | 75.9 | $ | 208.2 | $ | — | $ | 488.1 | |||||||
| Capital expenditures | 53.7 | 19.4 | 46.1 | — | 119.2 | ||||||||||||
| Less: | |||||||||||||||||
| Capital expenditures from corporate and development projects | — | — | — | — | — | ||||||||||||
| Capital expenditures from operating mine-sites | 53.7 | 19.4 | 46.1 | — | 119.2 | ||||||||||||
| Mine-site cash flow | $ | 150.3 | $ | 56.5 | $ | 162.1 | $ | — | $ | 368.9 | |||||||
Three months ended June 30, 2025
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate & Other | Total | |||||||||||||||
| Net cash from operating activities | $ | 125.4 | $ | 52.3 | $ | 42.2 | $ | (134.1) | $ | 85.8 | ||||||||||
| Add: | ||||||||||||||||||||
| Operating cash flow used by non-mine site activities | — | — | — | 134.1 | 134.1 | |||||||||||||||
| Cash flow from operating mine-sites | $ | 125.4 | $ | 52.3 | $ | 42.2 | $ | — | $ | 219.9 | ||||||||||
| Capital expenditures | 31.5 | 15.7 | 32.2 | 0.1 | 79.5 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Capital expenditures from construction and development projects and corporate | — | — | — | (0.1) | (0.1) | |||||||||||||||
| Capital expenditures from operating mine-sites | 31.5 | 15.7 | 32.2 | — | 79.4 | |||||||||||||||
| Mine-site cash flow | $ | 93.9 | $ | 36.6 | $ | 10.0 | $ | — | $ | 140.5 | ||||||||||
Six months ended June 30, 2026
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate & other | Total | ||||||||||||
| Net cash from operating activities – continuing operations | $ | 348.1 | $ | 206.1 | $ | 563.2 | $ | (102.4) | $ | 1,015.0 | |||||||
| Add: | |||||||||||||||||
| Operating cash flow used by non-mine site activities | — | — | — | 102.4 | 102.4 | ||||||||||||
| Cash flow from operating mine-sites | $ | 348.1 | $ | 206.1 | $ | 563.2 | $ | — | $ | 1,117.4 | |||||||
| Capital expenditures | 85.9 | 39.6 | 98.4 | — | 223.9 | ||||||||||||
| Less: | |||||||||||||||||
| Capital expenditures from construction and development projects and corporate | — | — | — | — | — | ||||||||||||
| Capital expenditures from operating mine-sites | 85.9 | 39.6 | 98.4 | — | 223.9 | ||||||||||||
| Mine-site cash flow | $ | 262.2 | $ | 166.5 | $ | 464.8 | $ | — | $ | 893.5 | |||||||
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 42 | ||||
Six months ended June 30, 2025
| ($ millions, except where noted) | Côté Gold | Westwood | Essakane | Corporate & Other | Total | ||||||||||||
| Net cash from operating activities – continuing operations | $ | 203.5 | $ | 84.4 | $ | 135.8 | $ | (263.6) | $ | 160.1 | |||||||
| Add: | |||||||||||||||||
| Operating cash flow used by non-mine site activities | — | — | — | 263.6 | 263.6 | ||||||||||||
| Cash flow from operating mine-sites | $ | 203.5 | $ | 84.4 | $ | 135.8 | $ | — | $ | 423.7 | |||||||
| Capital expenditures | 52.0 | 31.2 | 60.4 | 0.6 | 144.2 | ||||||||||||
| Less: | |||||||||||||||||
| Capital expenditures from construction and development projects and corporate | — | — | — | (0.6) | (0.6) | ||||||||||||
| Capital expenditures from operating mine-sites | 52.0 | 31.2 | 60.4 | — | 143.6 | ||||||||||||
| Mine-site cash flow | $ | 151.5 | $ | 53.2 | $ | 75.4 | $ | — | $ | 280.1 | |||||||
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.
| June 30 | December 31 | ||||||||||
| ($ millions, except where noted) | 2026 | 2025 | |||||||||
| Cash and cash equivalents | $ | 501.4 | $ | 421.9 | |||||||
| Short-term investments | 1.0 | 1.0 | |||||||||
| Available Credit Facility | 845.7 | 445.7 | |||||||||
| Available Liquidity | $ | 1,348.1 | $ | 868.6 | |||||||
| June 30 | December 31 | ||||||||||
| ($ millions, except where noted) | 2026 | 2025 | |||||||||
| Cash and cash equivalents | $ | 501.4 | $ | 421.9 | |||||||
| Short-term investments | 1.0 | 1.0 | |||||||||
Long-term debt1 | (450.2) | (651.0) | |||||||||
| Net cash (debt) excluding lease liabilities and letters of credit | 52.2 | (228.1) | |||||||||
| Lease liabilities | (90.5) | (112.0) | |||||||||
| Drawn letters of credit issued under Credit Facility | (4.3) | (4.3) | |||||||||
| Net cash (debt) | $ | (42.6) | $ | (344.4) | |||||||
1. Includes principal amount of the Notes of $450.0 million, Credit Facility of $nil and equipment loan of $0.2 million (December 31, 2025 – $450.0 million, $200.0 million, and $1.0 million, respectively). Excludes deferred transaction costs and embedded derivatives on the Notes.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
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
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 43 | ||||
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 MD&A 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 level of indebtedness; 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
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 44 | ||||
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.
IAMGOLD CORPORATION Second Quarter 2026 Management's Discussion and Analysis | 45 | ||||
UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
As at and for the Three and Six Months Ended June 30, 2026
| INDEX | |||||
| Consolidated balance sheets | |||||
| Consolidated statements of earnings | |||||
| Consolidated statements of comprehensive income | |||||
| Consolidated statements of cash flows | |||||
| Consolidated statements of changes in equity | |||||
| Notes to condensed consolidated interim financial statements | 52 to 68 | ||||
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 46 | ||||
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In millions of U.S. dollars) | Notes | June 30, 2026 | December 31, 2025 | ||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 501.4 | $ | 421.9 | |||||||
| Receivables and other current assets | 7 | 54.9 | 79.6 | ||||||||
| Inventories | 8 | 366.2 | 377.0 | ||||||||
| Assets held for sale | 5 | 17.5 | 25.2 | ||||||||
| 940.0 | 903.7 | ||||||||||
| Non-current assets | |||||||||||
| Property, plant and equipment | 9 | 4,152.6 | 4,162.8 | ||||||||
| Exploration and evaluation assets | 10 | 408.9 | 396.1 | ||||||||
| Restricted cash | 6 | 69.0 | 71.0 | ||||||||
| Inventories | 8 | 221.6 | 194.8 | ||||||||
| Deferred income tax assets | 21.6 | — | |||||||||
| Other assets | 11 | 139.5 | 124.1 | ||||||||
| 5,013.2 | 4,948.8 | ||||||||||
| $ | 5,953.2 | $ | 5,852.5 | ||||||||
| Liabilities and Equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable and accrued liabilities | $ | 299.6 | $ | 329.1 | |||||||
| Income taxes payable | 144.3 | 99.6 | |||||||||
| Current portion of provisions | 12 | 12.6 | 5.1 | ||||||||
| Current portion of lease liabilities | 30.7 | 32.3 | |||||||||
| Current portion of long-term debt | 15 | 0.2 | 1.0 | ||||||||
| Other current liabilities | 14 | 61.6 | 50.0 | ||||||||
| 549.0 | 517.1 | ||||||||||
| Non-current liabilities | |||||||||||
| Deferred income tax liabilities | 151.2 | 52.6 | |||||||||
| Provisions | 12 | 302.2 | 308.3 | ||||||||
| Lease liabilities | 59.8 | 79.7 | |||||||||
| Long-term debt | 15 | 449.1 | 648.8 | ||||||||
| Other liabilities | 14 | — | 0.1 | ||||||||
| 962.3 | 1,089.5 | ||||||||||
| 1,511.3 | 1,606.6 | ||||||||||
| Equity | |||||||||||
| Attributable to equity holders | |||||||||||
| Common shares | 3,284.3 | 3,383.8 | |||||||||
| Contributed surplus | (333.0) | (27.4) | |||||||||
| Retained earnings | 1,482.8 | 872.6 | |||||||||
| Accumulated other comprehensive income (loss) | (35.7) | (37.6) | |||||||||
| 4,398.4 | 4,191.4 | ||||||||||
| Non-controlling interests | 43.5 | 54.5 | |||||||||
| 4,441.9 | 4,245.9 | ||||||||||
| Commitments | 28 | ||||||||||
| $ | 5,953.2 | $ | 5,852.5 | ||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 47 | ||||
CONSOLIDATED STATEMENTS OF EARNINGS
| (Unaudited) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| (In millions of U.S. dollars, except per share amounts) | Notes | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues | 16 | $ | 856.9 | $ | 580.9 | $ | 1,887.0 | $ | 1,058.0 | ||||||||
| Cost of sales | 21 | (441.8) | (382.1) | (901.2) | (718.0) | ||||||||||||
| Gross profit | 415.1 | 198.8 | 985.8 | 340.0 | |||||||||||||
| General and administrative expenses | (21.8) | (12.5) | (37.2) | (28.9) | |||||||||||||
| Exploration expenses | (7.8) | (6.0) | (15.6) | (12.6) | |||||||||||||
| Other expenses | 22 | (7.0) | (2.7) | (9.9) | (7.8) | ||||||||||||
| Earnings from operations | 378.5 | 177.6 | 923.1 | 290.7 | |||||||||||||
| Finance costs | 23 | (11.6) | (24.0) | (19.1) | (53.8) | ||||||||||||
| Foreign exchange gain (loss) | 4.1 | 1.7 | (1.3) | 3.3 | |||||||||||||
| Interest income, derivatives and other investment gains (losses) | 24 | (5.9) | 9.5 | (3.8) | 10.3 | ||||||||||||
| Earnings before income taxes | 365.1 | 164.8 | 898.9 | 250.5 | |||||||||||||
| Income tax expense | 13 | (109.3) | (78.9) | (225.7) | (118.1) | ||||||||||||
| Net earnings | $ | 255.8 | $ | 85.9 | $ | 673.2 | $ | 132.4 | |||||||||
| Net earnings attributable to: | |||||||||||||||||
| Equity holders | $ | 230.5 | $ | 78.7 | $ | 610.2 | $ | 118.4 | |||||||||
| Non-controlling interests | 25.3 | 7.2 | 63.0 | 14.0 | |||||||||||||
| Net earnings | $ | 255.8 | $ | 85.9 | $ | 673.2 | $ | 132.4 | |||||||||
| Attributable to equity holders | |||||||||||||||||
| Weighted average number of common shares outstanding (in millions) | |||||||||||||||||
| Basic | 25 | 578.0 | 575.1 | 582.7 | 573.8 | ||||||||||||
| Diluted | 25 | 582.8 | 580.7 | 589.3 | 580.2 | ||||||||||||
| Basic earnings per share | 25 | $ | 0.40 | $ | 0.14 | $ | 1.05 | $ | 0.21 | ||||||||
| Diluted earnings per share | 25 | $ | 0.40 | $ | 0.14 | $ | 1.04 | $ | 0.20 | ||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 48 | ||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Unaudited) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| (In millions of U.S. dollars) | Notes | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings | $ | 255.8 | $ | 85.9 | $ | 673.2 | $ | 132.4 | |||||||||
| Other comprehensive income (loss), net of income taxes | |||||||||||||||||
| Items that will not be reclassified to the statements of earnings | |||||||||||||||||
| Movement in marketable securities fair value reserve | |||||||||||||||||
| Net unrealized change in fair value of marketable securities | (0.9) | 0.6 | 6.3 | 2.7 | |||||||||||||
| Net realized change in fair value of marketable securities | 0.2 | 0.9 | (5.6) | 0.9 | |||||||||||||
| (0.7) | 1.5 | 0.7 | 3.6 | ||||||||||||||
| Items that may be reclassified to the statements of earnings | |||||||||||||||||
| Movement in cash flow hedge fair value reserve | |||||||||||||||||
| Effective portion of changes in fair value of cash flow hedges | 17(b)(i) | (3.0) | 5.6 | (3.9) | 9.1 | ||||||||||||
| Time value of options contracts | 17(b)(i) | (1.9) | 5.5 | (0.9) | 2.7 | ||||||||||||
| Time value of options reclassified to the statements of earnings | 17(b)(ii) | 3.5 | — | 6.4 | — | ||||||||||||
| Net change in fair value of cash flow hedges reclassified to the statements of earnings | 17(b)(ii) | (0.2) | 0.3 | (0.4) | 2.0 | ||||||||||||
| Tax impact | — | (1.3) | — | (1.3) | |||||||||||||
| (1.6) | 10.1 | 1.2 | 12.5 | ||||||||||||||
| Total other comprehensive income | (2.3) | 11.6 | 1.9 | 16.1 | |||||||||||||
| Comprehensive income | $ | 253.5 | $ | 97.5 | $ | 675.1 | $ | 148.5 | |||||||||
| Comprehensive income attributable to: | |||||||||||||||||
| Equity holders | $ | 228.2 | $ | 90.3 | $ | 612.1 | $ | 134.5 | |||||||||
| Non-controlling interests | 25.3 | 7.2 | 63.0 | 14.0 | |||||||||||||
| Comprehensive income | $ | 253.5 | $ | 97.5 | $ | 675.1 | $ | 148.5 | |||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 49 | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Unaudited) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| (In millions of U.S. dollars) | Notes | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Operating activities | |||||||||||||||||
| Net earnings | $ | 255.8 | $ | 85.9 | $ | 673.2 | $ | 132.4 | |||||||||
| Adjustments for: | |||||||||||||||||
| Depreciation expense | 21 | 118.6 | 95.0 | 234.3 | 174.7 | ||||||||||||
| Deferred revenue recognized | 16 | — | (76.6) | — | (154.3) | ||||||||||||
| Income tax expense | 13 | 109.3 | 78.9 | 225.7 | 118.1 | ||||||||||||
| Derivative loss (gain) | 3.4 | (1.4) | 6.1 | 3.1 | |||||||||||||
| Finance costs | 23 | 11.6 | 24.0 | 19.1 | 53.8 | ||||||||||||
| Other non-cash items | 26(a) | 24.9 | (9.8) | 26.7 | (6.3) | ||||||||||||
| Adjustments for cash items: | |||||||||||||||||
| Settlement of derivatives | (3.4) | (0.3) | (6.1) | (2.0) | |||||||||||||
| Disbursements related to asset retirement obligations | 12(a) | (1.0) | (6.2) | (1.8) | (9.9) | ||||||||||||
| Other | (3.9) | — | (3.9) | — | |||||||||||||
| Movements in non-cash working capital items and non-current ore stockpiles | 26(b) | 2.2 | (41.5) | (57.4) | (72.1) | ||||||||||||
| Cash from operating activities, before income taxes paid | 517.5 | 148.0 | 1,115.9 | 237.5 | |||||||||||||
| Income taxes paid | (72.4) | (62.2) | (100.9) | (77.4) | |||||||||||||
| Net cash from operating activities | 445.1 | 85.8 | 1,015.0 | 160.1 | |||||||||||||
| Investing activities | |||||||||||||||||
| Capital expenditures for property, plant and equipment | (115.6) | (79.5) | (217.2) | (144.2) | |||||||||||||
| Capitalized borrowing costs | 23 | (8.9) | (10.8) | (12.1) | (16.4) | ||||||||||||
| Other investing activities | 26(c) | (20.8) | 25.5 | 3.0 | 9.2 | ||||||||||||
| Net cash used in investing activities | (145.3) | (64.8) | (226.3) | (151.4) | |||||||||||||
| Financing activities | |||||||||||||||||
| Repurchase of shares under the Normal Course Issuer Bid ("NCIB") | 19(b) | (147.9) | — | (407.9) | — | ||||||||||||
| Proceeds from credit facility | 26(e) | — | 40.0 | — | 120.0 | ||||||||||||
| Repayment of credit facility | 26(e) | (100.0) | — | (200.0) | (90.0) | ||||||||||||
| Dividends paid to non-controlling interests | (74.0) | (128.3) | (74.0) | (128.3) | |||||||||||||
| Interest paid | 23 | (5.7) | (25.9) | (7.6) | (39.9) | ||||||||||||
| Other financing activities | 26(d) | (12.8) | (11.9) | (7.4) | (13.0) | ||||||||||||
| Net cash used in financing activities | (340.4) | (126.1) | (696.9) | (151.2) | |||||||||||||
| Effects of exchange rate fluctuation on cash and cash equivalents | (8.2) | 12.3 | (12.3) | 18.8 | |||||||||||||
| Increase (decrease) in cash and cash equivalents | (48.8) | (92.8) | 79.5 | (123.7) | |||||||||||||
| Cash and cash equivalents, beginning of the period | 550.2 | 316.6 | 421.9 | 347.5 | |||||||||||||
| Cash and cash equivalents, end of the period | $ | 501.4 | $ | 223.8 | $ | 501.4 | $ | 223.8 | |||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 50 | ||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Attributable to equity holders of the Company | ||||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||
| (Unaudited) (In millions of U.S. dollars) | Common shares | Contributed surplus | Retained earnings (deficit) | Marketable securities fair value reserve | Cash flow hedge fair value reserve | Total | Non-controlling interests | Total equity | ||||||||||||||||||
Balance, January 1, 2026 | $ | 3,383.8 | $ | (27.4) | $ | 872.6 | $ | (29.5) | $ | (8.1) | $ | 4,191.4 | $ | 54.5 | $ | 4,245.9 | ||||||||||
| Net earnings | — | — | 610.2 | — | — | 610.2 | 63.0 | 673.2 | ||||||||||||||||||
| Other comprehensive income | — | — | — | 0.7 | 1.2 | 1.9 | — | 1.9 | ||||||||||||||||||
| Total comprehensive income | — | — | 610.2 | 0.7 | 1.2 | 612.1 | 63.0 | 675.1 | ||||||||||||||||||
Issuance of flow-through common shares (note 19(a)) | 9.6 | — | — | — | — | 9.6 | — | 9.6 | ||||||||||||||||||
| Issuance of common shares for share-based compensation | 13.9 | (11.5) | — | — | — | 2.4 | — | 2.4 | ||||||||||||||||||
Common shares repurchased under the NCIB (note 19(b))1 | (123.0) | (292.4) | — | — | — | (415.4) | — | (415.4) | ||||||||||||||||||
Accrual for automatic share purchase plan (note 19(b)) | — | (6.3) | — | — | — | (6.3) | — | (6.3) | ||||||||||||||||||
| Share-based compensation | — | 4.4 | — | — | — | 4.4 | — | 4.4 | ||||||||||||||||||
| Dividends to non-controlling interests | — | — | — | — | — | — | (74.0) | (74.0) | ||||||||||||||||||
| Other | — | 0.2 | — | 0.3 | (0.3) | 0.2 | — | 0.2 | ||||||||||||||||||
Balance, June 30, 2026 | $ | 3,284.3 | $ | (333.0) | $ | 1,482.8 | $ | (28.5) | $ | (7.2) | $ | 4,398.4 | $ | 43.5 | $ | 4,441.9 | ||||||||||
1.For the six months ended June 30, 2026, the repurchase of shares under the NCIB is reported inclusive of a 2% share buyback tax of $7.5 million. | ||||||||||||||||||||||||||
Balance, January 1, 2025 | $ | 3,070.6 | $ | 57.6 | $ | 259.4 | $ | (41.1) | $ | (9.8) | $ | 3,336.7 | $ | 64.0 | $ | 3,400.7 | ||||||||||
| Net earnings | — | — | 118.4 | — | — | 118.4 | 14.0 | 132.4 | ||||||||||||||||||
| Other comprehensive income | — | — | — | 3.6 | 12.5 | 16.1 | — | 16.1 | ||||||||||||||||||
| Total comprehensive income | — | — | 118.4 | 3.6 | 12.5 | 134.5 | 14.0 | 148.5 | ||||||||||||||||||
Issuance of flow-through common shares (note 19(a)) | 5.1 | — | — | — | — | 5.1 | — | 5.1 | ||||||||||||||||||
| Issuance of common shares for share-based compensation | 10.4 | (8.0) | — | — | — | 2.4 | — | 2.4 | ||||||||||||||||||
| Share-based compensation | — | 4.7 | — | — | — | 4.7 | — | 4.7 | ||||||||||||||||||
| Net change in fair value and time value in property, plant and equipment | — | — | — | — | 0.8 | 0.8 | — | 0.8 | ||||||||||||||||||
| Dividends to non-controlling interests | — | — | — | — | — | — | (128.3) | (128.3) | ||||||||||||||||||
| Transfer of non-controlling interests | — | — | (50.9) | — | — | (50.9) | 50.9 | — | ||||||||||||||||||
| Other | — | 0.2 | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
Balance, June 30, 2025 | $ | 3,086.1 | $ | 54.5 | $ | 326.9 | $ | (37.5) | $ | 3.5 | $ | 3,433.5 | $ | 0.6 | $ | 3,434.1 | ||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 51 | ||||
| NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | ||
For the Three and Six Months Ended June 30, 2026 and 2025 | ||
| (Amounts in notes and in tables are in millions of U.S. dollars, except where otherwise indicated) | ||
1. Corporate Information and Nature of Operations
IAMGOLD Corporation (“IAMGOLD” or the "Company”) is a corporation governed by the Canada Business Corporations Act whose shares are publicly traded on the New York Stock Exchange (NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG). The address of the Company’s registered office is 150 King Street West, Suite 2200, Toronto, Ontario, Canada, M5H 1J9.
The Company has three operating mines: Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Company has an established portfolio of early stage and advanced exploration projects within highly prospective mining districts in Canada, including the Nelligan Mining Complex located in Quebec, Canada.
2. Basis of Preparation
(a) Statement of compliance
These unaudited condensed consolidated interim financial statements ("consolidated interim financial statements") of IAMGOLD and all of its subsidiaries and joint venture as at and for the three and six months ended June 30, 2026, have been prepared in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting, and do not include all of the information required for annual consolidated financial statements. Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB") have been omitted or condensed. These consolidated interim financial statements have been prepared on a basis consistent with and should be read in conjunction with the annual audited consolidated financial statements as at and for the year ended December 31, 2025.
These consolidated interim financial statements of IAMGOLD were authorized for issue in accordance with a resolution of the Board of Directors of the Company approved on August 6, 2026.
(b) Basis of measurement
The consolidated interim financial statements have been prepared on a historical cost basis, except for items measured at fair value as discussed in note 18.
(c) Basis of consolidation
The Company’s subsidiaries and divisions related to significant properties are consistent and accounted for consistently with the audited annual consolidated financial statements for the year ended December 31, 2025.
(d) Significant accounting judgments, estimates and assumptions
The preparation of consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities as at the date of the consolidated interim financial statements and reported amounts of revenues and expenses during the three and six months ended June 30, 2026. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events which are believed to be reasonable under the circumstances. The areas involving significant judgments, estimates and assumptions have been set out in and are consistent with note 3 of the Company’s annual audited consolidated financial statements for the year ended December 31, 2025.
3. Adoption of New Accounting Standards and New Accounting Standards Issued but Not Yet Effective
(a) Adoption of new accounting standards
The following new accounting pronouncements are effective for annual periods beginning on or after January 1, 2026 and have been incorporated into the consolidated interim financial statements:
•Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) which is effective for periods on or after January 1, 2026.
•Power Purchase Agreement (Amendments to IFRS 9) effective for periods on or after January 1, 2026.
•Annual Improvements to IFRS Accounting Standards (includes Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7) effective for periods on or after January 1, 2026.
There were no changes to the financial statements from the adoption of new accounting standards.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 52 | ||||
(b) New accounting standards issued but not effective
Certain pronouncements have been issued by the IASB that are mandatory for accounting periods after June 30, 2026:
•Hyperinflationary presentation currency (Amendments to IAS 21) effective for periods on or after January 1, 2027.
•Presentation and Disclosure in Financial Statements (IFRS 18) effective for periods on or after January 1, 2027.
•Fair Value Options for Investments in Associates and Joint Ventures (amendments to IAS 28) effective for periods on or after January 1, 2027
•Regulatory Assets and Regulatory Liabilities (IFRS 20) effective for periods on or after January 1, 2029
•Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) amendments were to be applied prospectively for annual periods beginning on or after January 1, 2016, however, on December 17, 2015 the IASB decided to defer the effective date for these amendments indefinitely. Early adoption is still permitted.
The Company does not intend to early adopt these standards. Pronouncements related to IFRS 10, IFRS 20 IAS 21 and IAS 28 are not expected to have a significant impact on the Company's consolidated financial statements upon adoption. The impact of IFRS 18 on the Company's consolidated financial statements includes revised presentation of the Company’s statement of earnings including new categories and subtotals and the addition of disclosure reconciling and describing management performance measures.
4. Acquisitions
| 2025 | ||||||||||||||||||||
| Northern Superior Resources Inc. | Mines D'Or Orbec Inc. | Total | ||||||||||||||||||
| Assets acquired and liabilities assumed | ||||||||||||||||||||
| Exploration and evaluation assets | $ | 330.1 | $ | 15.2 | $ | 345.3 | ||||||||||||||
| Current Assets | 3.3 | 1.0 | 4.3 | |||||||||||||||||
| Current Liabilities | (1.2) | (1.6) | (2.8) | |||||||||||||||||
| Non Current Liabilities | (0.9) | — | (0.9) | |||||||||||||||||
| $ | 331.3 | $ | 14.6 | $ | 345.9 | |||||||||||||||
| Consideration transferred | ||||||||||||||||||||
| Share consideration | $ | 304.0 | $ | 7.4 | $ | 311.4 | ||||||||||||||
| Cash and cash equivalents | 25.0 | 5.8 | 30.8 | |||||||||||||||||
| Existing Interest in Mines D'Or Orbec | — | 1.0 | 1.0 | |||||||||||||||||
| $ | 329.0 | $ | 14.2 | $ | 343.2 | |||||||||||||||
| Transaction costs | 2.3 | 0.4 | 2.7 | |||||||||||||||||
| $ | 331.3 | $ | 14.6 | $ | 345.9 | |||||||||||||||
Northern Superior Resources Inc.
On December 19, 2025, the Company acquired all of the issued and outstanding shares of Northern Superior Resources Inc. (“Northern Superior”) for total consideration of approximately $329.0 million which included 18.1 million common shares of the Company and cash of $25.0 million. The purchase price reflects the fair value of consideration at the acquisition date, including the Company’s share consideration, measured using the Company’s closing share price on the acquisition date, and the cash consideration described above.
The acquisition did not meet the IFRS definition of a business combination as the identifiable assets acquired are exploration stage properties with no identified economically recoverable reserves. Consequently, the transaction was recorded as an asset acquisition.
The total purchase price was allocated to the assets acquired and the liabilities assumed based on the fair value of the total consideration transferred at the closing date of the acquisition.
The Company also incurred transaction costs of $2.3 million.
Mines D'Or Orbec Inc.
On December 22, 2025, the Company acquired all of the issued and outstanding shares of Mines D’Or Orbec Inc. (“Orbec”) for total consideration of approximately $14.2 million which included 0.4 million common shares of the Company and cash of $5.8 million.
The acquisition did not meet the IFRS definition of a business combination as the asset acquired is an exploration stage property with no identified economically recoverable reserves. Consequently, the transaction was recorded as an asset acquisition.
The total purchase price was allocated to the assets acquired and the liabilities assumed based on the fair value of the total consideration transferred at the closing date of the acquisition.
The Company also incurred transaction costs of $0.4 million.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 53 | ||||
5. Assets and Liabilities Held for Sale
The Company is advancing a process to sell its exploration projects in Mali. The sale of these assets is seen as highly probable and have been classified as held for sale. The carrying value reflects management best estimate of the potential consideration to be received.
6. Restricted Cash
As at June 30, 2026, the Company had restricted cash of XOF 38.0 billion (June 30, 2026 - $66.2 million; December 31, 2025 - XOF 38.0 billion, $68.0 million) in support of environmental closure costs obligations related to the Essakane mine. Additionally, the Company has posted CAD$4.1 million (June 30, 2026 - $2.8 million; December 31, 2025 - CAD$4.1 million, $3.0 million) as security for certain environmental closure cost obligations at the Westwood division. The XOF currency, also referred to as the West African CFA franc, is issued by the Central Bank of West African States (BCEAO) and is the denomination of the long-term restricted cash related to the Essakane mine.
7. Receivables and Other Current Assets
| Notes | June 30, 2026 | December 31, 2025 | |||||||||
| Government receivables and investments | $ | 27.3 | $ | 56.8 | |||||||
| Gold receivables | — | 0.2 | |||||||||
| Other receivables | 5.5 | 3.9 | |||||||||
| Total receivables | 32.8 | 60.9 | |||||||||
| Short-term investments | 18(a) | 1.0 | 1.0 | ||||||||
| Prepaid expenses | 20.9 | 15.4 | |||||||||
| Hedge derivatives | 17(b)(i) | 0.2 | 2.3 | ||||||||
| $ | 54.9 | $ | 79.6 | ||||||||
Government receivables and investments relate to Harmonized Sales Taxes in Canada. Value added taxes (“VAT”) in Burkina Faso of $73.0 million (December 31, 2025 - $67.8 million) is classified as non-current and the VAT balance is net of a provision of $14.0 million (December 31, 2025 - $11.4 million) as the Company does not expect to recover these amounts within 12 months due to delays in receiving the refunds (note 11).
8. Inventories
| June 30, 2026 | December 31, 2025 | ||||||||||
| Finished goods | $ | 64.8 | $ | 53.1 | |||||||
| Ore stockpiles | 91.1 | 125.3 | |||||||||
| Mine supplies | 210.3 | 198.6 | |||||||||
| 366.2 | 377.0 | ||||||||||
| Non-current ore stockpiles | 221.6 | 194.8 | |||||||||
| $ | 587.8 | $ | 571.8 | ||||||||
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 54 | ||||
9. Property, Plant and Equipment
| Construction in progress | Mining properties | Plant and equipment | Right-of-use assets1 | Total | ||||||||||||||||
| Cost | ||||||||||||||||||||
Balance, January 1, 2025 | $ | 107.6 | $ | 4,119.8 | $ | 3,011.1 | $ | 164.9 | $ | 7,403.4 | ||||||||||
| Additions | 123.2 | 123.6 | 106.5 | 12.8 | 366.1 | |||||||||||||||
| Changes in asset retirement obligations | — | 8.7 | — | — | 8.7 | |||||||||||||||
| Disposals/derecognition | — | — | (34.2) | (4.4) | (38.6) | |||||||||||||||
| Transfers within property, plant and equipment | (35.6) | 28.4 | 10.6 | (3.4) | — | |||||||||||||||
Balance, December 31, 2025 | $ | 195.2 | $ | 4,280.5 | $ | 3,094.0 | $ | 169.9 | $ | 7,739.6 | ||||||||||
| Additions | 64.1 | 131.2 | 41.7 | 0.2 | 237.2 | |||||||||||||||
| Changes in asset retirement obligations | — | 0.9 | — | — | 0.9 | |||||||||||||||
| Disposals/derecognition | — | — | (2.4) | (3.2) | (5.6) | |||||||||||||||
| Transfers within property, plant and equipment | (108.9) | 78.0 | 30.9 | — | — | |||||||||||||||
| Balance, June 30, 2026 | $ | 150.4 | $ | 4,490.6 | $ | 3,164.2 | $ | 166.9 | $ | 7,972.1 | ||||||||||
| Construction in progress | Mining properties | Plant and equipment | Right-of-use assets1 | Total | |||||||||||||||||||
| Accumulated Depreciation and Impairment | |||||||||||||||||||||||
| Balance, January 1, 2025 | $ | — | $ | 1,878.4 | $ | 1,199.3 | $ | 56.3 | $ | 3,134.0 | |||||||||||||
| Depreciation expense | — | 268.5 | 173.7 | 30.8 | 473.0 | ||||||||||||||||||
| Disposals/derecognition | — | — | (28.7) | (1.5) | (30.2) | ||||||||||||||||||
| Transfers within property, plant and equipment | — | 2.1 | 0.5 | (2.6) | — | ||||||||||||||||||
Balance, December 31, 2025 | $ | — | $ | 2,149.0 | $ | 1,344.8 | $ | 83.0 | $ | 3,576.8 | |||||||||||||
| Depreciation expense | — | 141.9 | 89.9 | 14.6 | 246.4 | ||||||||||||||||||
| Disposals/derecognition | — | — | (1.9) | (1.8) | (3.7) | ||||||||||||||||||
| Balance, June 30, 2026 | $ | — | $ | 2,290.9 | $ | 1,432.8 | $ | 95.8 | $ | 3,819.5 | |||||||||||||
Carrying amount, December 31, 2025 | $ | 195.2 | $ | 2,131.5 | $ | 1,749.2 | $ | 86.9 | $ | 4,162.8 | |||||||||||||
| Carrying amount, June 30, 2026 | $ | 150.4 | $ | 2,199.7 | $ | 1,731.4 | $ | 71.1 | $ | 4,152.6 | |||||||||||||
1.Right-of-use assets ("ROU assets") consist of property, plant and equipment related to assets leased and accounted for under IFRS 16.
10. Exploration and Evaluation Assets
| Notes | Nelligan | Gosselin | Monster Lake | Diakha, Siribaya Project | Other | Total | ||||||||||||||||||||
| Balance, January 1, 2025 | $ | 31.1 | $ | 4.5 | $ | 7.8 | $ | 34.1 | $ | 2.1 | $ | 79.6 | ||||||||||||||
Acquired exploration and evaluation assets1 | 345.3 | — | — | 3.2 | — | 348.5 | ||||||||||||||||||||
| Exploration and evaluation expenditures | — | 2.6 | 0.7 | — | 2.0 | 5.3 | ||||||||||||||||||||
Reclassification from/(to) assets held for sale2 | 5 | — | — | — | (37.3) | — | (37.3) | |||||||||||||||||||
| Balance at December 31, 2025 | $ | 376.4 | $ | 7.1 | $ | 8.5 | $ | — | $ | 4.1 | $ | 396.1 | ||||||||||||||
| Acquired exploration and evaluation assets | 2.4 | — | — | — | 1.0 | 3.4 | ||||||||||||||||||||
| Exploration and evaluation expenditures | — | 2.5 | — | — | 6.9 | 9.4 | ||||||||||||||||||||
| Balance, June 30, 2026 | $ | 378.8 | $ | 9.6 | $ | 8.5 | $ | — | $ | 12.0 | $ | 408.9 | ||||||||||||||
1.During 2025, the Company acquired all issued and outstanding common shares of Northern Superior Inc. and Mines D'Or Orbec Inc. (note 4), respectively.
2.During 2025, the Company has advanced a process to sell its exploration projects in Mali (note 5). Amount reclassified to assets held for sale is prior to fair value adjustment.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 55 | ||||
11. Other Non-Current Assets
| Notes | June 30, 2026 | December 31, 2025 | |||||||||
| Government receivables and investments | 7 | $ | 73.0 | $ | 67.8 | ||||||
| Advances for capital equipment | 11.7 | 7.7 | |||||||||
| Deposits on leased equipment | 26(c) | 8.2 | — | ||||||||
| Deferred consideration from the sale of Sadiola | 22.3 | 19.1 | |||||||||
| Marketable securities | 18(a) | 13.8 | 18.4 | ||||||||
| Income taxes receivable | 1.3 | 0.4 | |||||||||
| Bond fund investments | 18(a) | 1.0 | 1.0 | ||||||||
| Other | 8.2 | 9.7 | |||||||||
| $ | 139.5 | $ | 124.1 | ||||||||
12. Provisions
| Notes | June 30, 2026 | December 31, 2025 | |||||||||
| Asset retirement obligations | (a) | $ | 288.8 | $ | 287.6 | ||||||
| Other | 26.0 | 25.8 | |||||||||
| $ | 314.8 | $ | 313.4 | ||||||||
| Current portion of provisions | $ | 12.6 | $ | 5.1 | |||||||
| Non-current provisions | 302.2 | 308.3 | |||||||||
| $ | 314.8 | $ | 313.4 | ||||||||
(a)Asset retirement obligations
The Company’s activities are subject to various laws and regulations regarding environmental restoration and closure for which the Company estimates future costs and recognizes a provision. The Company makes a provision based on the best estimate of the future cash flows required to close and rehabilitate mine sites and related production facilities on a discounted basis.
These provisions may be revised on the basis of amendments to such laws and regulations and the availability of new information, such as changes in reserves corresponding to a change in the Life of Mine ("LOM"), changes in discount rates, approved closure plans and estimated costs of reclamation activities and acquisition or construction of a new mine.
13. Income Taxes
The Company estimates the effective tax rates expected to be applied for the full year and uses these rates to determine income tax provisions in interim periods. The impact of changes in judgments and estimates concerning the probable realization of losses, changes in tax rates, and foreign exchange rates are recognized in the interim period in which they occur.
The income tax expense for the three and six months ended June 30, 2026 was $109.3 million and $225.7 million (three and six months ended June 30, 2025 - $78.9 million and $118.1 million) and varied from the income tax expense calculated using the combined Canadian federal and provincial statutory tax rate of 26.5%. The variance was mainly due to unrecognized deferred tax assets, withholding tax on intercompany dividends, net foreign earnings taxed at different tax rates, and Canadian provincial mining taxes.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 56 | ||||
14. Other Liabilities
| Notes | June 30, 2026 | December 31, 2025 | |||||||||
| Hedge derivatives | 17(b)(i) | $ | 3.0 | $ | — | ||||||
| Automatic share purchase plan liability | 19(b) | 56.3 | 50.0 | ||||||||
| Deferred gain on flow-through share issuance | 19(a) | 2.1 | — | ||||||||
| Other liabilities | 0.2 | 0.1 | |||||||||
| $ | 61.6 | $ | 50.1 | ||||||||
| Current portion of other liabilities | $ | 61.6 | $ | 50.0 | |||||||
| Non-current portion of other liabilities | — | 0.1 | |||||||||
| $ | 61.6 | $ | 50.1 | ||||||||
15. Long-term Debt and Credit Facility
| Notes | June 30, 2026 | December 31, 2025 | |||||||||
| Credit facility | (a) | $ | — | $ | 200.0 | ||||||
5.75% senior notes | (b) | 449.1 | 448.8 | ||||||||
| Equipment loans | (c) | 0.2 | 1.0 | ||||||||
| $ | 449.3 | $ | 649.8 | ||||||||
| Current portion of long-term debt | $ | 0.2 | $ | 1.0 | |||||||
| Non-current portion of long-term debt | 449.1 | 648.8 | |||||||||
| $ | 449.3 | $ | 649.8 | ||||||||
The following are the contractual maturities related to the long-term debts, including interest payments:
| Payments due by period | |||||||||||||||||||||||
| June 30, 2026 | Notes | Carrying amount | Contractual cash flows | 1 yr | 2-3 yrs | ||||||||||||||||||
| Notes | (b) | $ | 450.0 | $ | 514.7 | $ | 25.9 | $ | 488.8 | ||||||||||||||
| Equipment loans | (c) | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | — | ||||||||||||||
(a)Credit facility
The Company has a revolving credit facility ("Credit Facility") of $850 million with a maturity date June 17, 2030.
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| Notes | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Available amount under Credit Facility, beginning of year | $ | 545.7 | $ | 428.5 | $ | 445.7 | $ | 418.5 | |||||||||
| Increase in available amount under Credit Facility | 200.0 | — | 200.0 | — | |||||||||||||
| Draws | 26(e) | — | (40.0) | — | (120.0) | ||||||||||||
| Repayments | 26(e) | 100.0 | — | 200.0 | 90.0 | ||||||||||||
Decrease in letters of credit | — | 3.2 | — | 3.2 | |||||||||||||
| Available amount under Credit Facility, end of year | $ | 845.7 | $ | 391.7 | $ | 845.7 | $ | 391.7 | |||||||||
On June 17, 2026, the Company executed an amendment to its existing secured revolving credit facility ("Credit Facility"), extending its maturity to June 17, 2030 and increasing total commitments from $650 million to $850 million. The amended Credit Facility also includes an accordion feature of up to $ 250 million.
The Credit Facility provides for an interest rate margin above Secured Overnight Financing Rate (“SOFR”) prime rate, base rate advances and CORRA advances which vary, together with fees related thereto, according to the total Net Debt to Earnings Before Interest, Tax, Depreciation and Amortization (“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 and 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 June 30, 2026.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 57 | ||||
(b)5.75% senior notes ("Notes")
On September 23, 2020, the Company completed the issuance of $450 million aggregate principal amount of Notes with an interest rate of 5.75% per annum. The Notes are denominated in U.S. dollars and mature on October 15, 2028. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year. The Notes are guaranteed by certain of the Company's subsidiaries.
The Company has the right to redeem the Notes, in whole or in part, at the relevant redemption price (expressed as a percentage of the principal amount of the Notes) plus accrued and unpaid interest, if any, up to the redemption date. The redemption price for the Notes during the 12-month period beginning October 15, 2025 is 101.438% and October 15, 2026 and thereafter is 100%.
The prepayment options represent an embedded derivative asset to the Company and are presented as an offset to the Notes on the consolidated balance sheets.
The debt component is recognized at amortized cost using the effective interest rate method. The embedded derivative is classified as a financial asset at FVTPL. The fair value of the embedded derivative as at June 30, 2026 was $nil (December 31, 2025 - $nil).
(c)Equipment loans
The Company has equipment loans with carrying value of $0.2 million as at June 30, 2026 (December 31, 2025 - $1.0 million), secured by certain mobile equipment, with interest rates at 5.30% and which mature in 2026. The equipment loan is carried at amortized cost on the consolidated balance sheet.
(d)Surety bonds
As at June 30, 2026, the Company had CAD $276.9 million ($194.9 million) (December 31, 2025 ‐ CAD $274.7 million, $200.3 million) of surety bonds, issued pursuant to arrangements with insurance companies, for guarantee of environmental closure costs obligations related to Doyon, the Westwood mine and the Côté Gold mine. The entire balance of $194.9 million remains uncollateralized.
(e)Performance bonds
As at June 30, 2026, performance bonds of CAD $32.1 million ($22.6 million) (December 31, 2025 - CAD $32.1 million, $23.4 million) were outstanding in support of certain obligations related to the construction of the Côté Gold mine.
16. Deferred Revenue
Deferred revenue arrangements have been accounted for as contracts in the scope of IFRS 15, Revenue from Contracts with Customers, whereby the cash prepayments are recorded as deferred revenue in the consolidated balance sheets when received and revenue is recognized as deliveries are made. The cash payments received on gold collars at the time of delivery were also recognized as revenue when the gold was delivered.
An interest cost, representing the financing component of the cash prepayment, was recognized as part of finance costs.
There are no deferred revenue arrangements as at June 30, 2026 and 2025. The following table summarizes the change in deferred revenue:
| 2022 Prepay Arrangements | 2024 Q1 Prepay Arrangements | 2024 Q2 Prepay Arrangements | Total | ||||||||||||||
Balance, December 31, 2024 | $ | 22.6 | $ | 65.5 | $ | 63.0 | $ | 151.1 | |||||||||
| Deferred revenue recognized | (21.9) | (66.7) | (65.7) | (154.3) | |||||||||||||
| Finance costs | (0.7) | 1.2 | 2.7 | 3.2 | |||||||||||||
Balance, December 31, 2025 | $ | — | $ | — | $ | — | $ | — | |||||||||
17. Financial Instruments
(a)Risks
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial and other liabilities that are settled by delivering cash, another financial asset or physical production. The Company manages this risk through regular monitoring of its cash flow requirements to support ongoing operations and expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its anticipated business requirements, taking into account anticipated cash flows from operations and holdings of cash and cash equivalents. The Company ensures that it has sufficient cash and cash equivalents and loan facilities available to meet its anticipated short-term obligations.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 58 | ||||
The following table summarizes the maturity date and principal amount of the Company's obligations as at June 30, 2026:
| Notes | 2026 | 2027 | 2028 | 2029 onwards | Total | |||||||||||||||
| Accounts payable and accrued liabilities | $ | 299.6 | $ | — | $ | — | $ | — | $ | 299.6 | ||||||||||
| Lease liabilities | 20.2 | 36.9 | 19.4 | 14.0 | 90.5 | |||||||||||||||
| Equipment loan | 15(c) | 0.2 | — | — | — | 0.2 | ||||||||||||||
| Notes | 15(b) | — | — | 450.0 | — | 450.0 | ||||||||||||||
| $ | 320.0 | $ | 36.9 | $ | 469.4 | $ | 14.0 | $ | 840.3 | |||||||||||
Included in the cash and cash equivalents balance of $501.4 million as at June 30, 2026 is $68.3 million held by the Côté UJV and $171.0 million held by Essakane. The Côté UJV requires its joint venture partners to fund, in advance, two months of future expenditures. The Company uses dividends and intercompany loans to repatriate funds from its operations and the timing of dividends may impact the liquidity position of the Company.
(b)Cash flow hedge fair value reserve
(i)Reconciliation of cash flow hedge assets (liabilities)
| FX contracts | Oil contracts | Gold price contracts | Total | ||||||||||||||
Balance, January 1, 2025 | $ | (9.8) | $ | — | $ | — | $ | (9.8) | |||||||||
| Unrealized gain (loss) recognized in cash flow hedge reserve | 5.3 | — | (10.5) | (5.2) | |||||||||||||
| Realized (gain) loss reclassified or adjusted from cash flow hedge reserve | 3.8 | — | — | 3.8 | |||||||||||||
| Premiums accrued | — | — | 10.5 | 10.5 | |||||||||||||
| Time value excluded from hedge relationship | 2.7 | — | 0.3 | 3.0 | |||||||||||||
Balance, December 31, 2025 | $ | 2.0 | $ | — | $ | 0.3 | $ | 2.3 | |||||||||
| Unrealized gain (loss) recognized in cash flow hedge reserve | (4.3) | 0.4 | — | (3.9) | |||||||||||||
| Realized (gain) loss reclassified or adjusted from cash flow hedge reserve | (0.1) | (0.3) | — | (0.4) | |||||||||||||
| Time value excluded from hedge relationship | (0.6) | — | (0.2) | (0.8) | |||||||||||||
Balance, June 30, 2026 | $ | (3.0) | $ | 0.1 | $ | 0.1 | $ | (2.8) | |||||||||
| Consisting of: | |||||||||||||||||
| Current portion of hedge asset | $ | — | $ | 0.1 | $ | 0.1 | $ | 0.2 | |||||||||
| Current portion of hedge liability | $ | (3.0) | $ | — | $ | — | $ | (3.0) | |||||||||
| $ | (3.0) | $ | 0.1 | $ | 0.1 | $ | (2.8) | ||||||||||
(ii)Allocation of realized hedge (gain) loss reclassified from cash flow hedge reserve
Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Consolidated balance sheets | ||||||||||||||
| Property, plant and equipment | $ | — | $ | 0.1 | $ | — | $ | 0.8 | ||||||
| Consolidated statements of earnings (loss) | ||||||||||||||
Revenues1 | 3.5 | — | 6.4 | — | ||||||||||
| Cost of sales | (0.2) | 0.2 | (0.4) | 1.7 | ||||||||||
| General and administrative expenses | — | 0.1 | — | 0.3 | ||||||||||
| 3.3 | 0.3 | 6.0 | 2.0 | |||||||||||
| $ | 3.3 | $ | 0.4 | $ | 6.0 | $ | 2.8 | |||||||
1.Realized losses included in revenue are related to premiums on Gold price contracts.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 59 | ||||
18. Fair Value Measurements
The fair value hierarchy categorizes into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).
•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities which the entity can access at the measurement date.
•Level 2 inputs are inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly such as those derived from prices.
•Level 3 inputs are unobservable inputs for the asset or liability.
There have been no changes in the classification of the financial instruments in the fair value hierarchy since December 31, 2025.
(a)The Company's fair values of financial assets and liabilities
| June 30, 2026 | |||||||||||||||||||||||
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents | $ | 501.4 | $ | 501.4 | $ | — | $ | — | $ | 501.4 | |||||||||||||
| Short-term investments | 1.0 | 1.0 | — | — | 1.0 | ||||||||||||||||||
| Restricted cash | 69.0 | 69.0 | — | — | 69.0 | ||||||||||||||||||
| Marketable securities | 13.8 | 13.8 | — | — | 13.8 | ||||||||||||||||||
| Bond fund investments | 1.0 | 1.0 | — | — | 1.0 | ||||||||||||||||||
| Deferred consideration from the sale of Sadiola | 22.3 | — | — | 22.3 | 22.3 | ||||||||||||||||||
| Derivatives | |||||||||||||||||||||||
| Oil contracts | 0.1 | — | 0.1 | — | 0.1 | ||||||||||||||||||
| Gold price contracts | 0.1 | — | 0.1 | — | 0.1 | ||||||||||||||||||
| $ | 608.7 | $ | 586.2 | $ | 0.2 | $ | 22.3 | $ | 608.7 | ||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Derivatives | |||||||||||||||||||||||
| FX contracts | $ | (3.0) | $ | — | $ | (3.0) | $ | — | $ | (3.0) | |||||||||||||
Long-term debt - Notes1 | (451.2) | (448.8) | — | — | (448.8) | ||||||||||||||||||
| Long-term debt - equipment loan | (0.2) | — | (0.2) | — | (0.2) | ||||||||||||||||||
| $ | (454.4) | $ | (448.8) | $ | (3.2) | $ | — | $ | (452.0) | ||||||||||||||
1.The carrying amount excludes unamortized deferred transaction costs of $2.1 million and the embedded derivative.
| December 31, 2025 | |||||||||||||||||||||||
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents | $ | 421.9 | $ | 421.9 | $ | — | $ | — | $ | 421.9 | |||||||||||||
| Short-term investments | 1.0 | 1.0 | — | — | 1.0 | ||||||||||||||||||
| Restricted cash | 71.0 | 71.0 | — | — | 71.0 | ||||||||||||||||||
| Marketable securities | 18.4 | 18.4 | — | — | 18.4 | ||||||||||||||||||
| Bond fund investments | 1.0 | 1.0 | — | — | 1.0 | ||||||||||||||||||
| Other investments | 23.5 | 23.5 | — | — | 23.5 | ||||||||||||||||||
| Deferred consideration from the sale of Sadiola | 19.1 | — | — | 19.1 | 19.1 | ||||||||||||||||||
| Derivatives | |||||||||||||||||||||||
| FX contracts | 2.0 | — | 2.0 | — | 2.0 | ||||||||||||||||||
| Gold price contracts | 0.3 | — | 0.3 | — | 0.3 | ||||||||||||||||||
| $ | 558.2 | $ | 536.8 | $ | 2.3 | $ | 19.1 | $ | 558.2 | ||||||||||||||
| Liabilities | |||||||||||||||||||||||
Long-term debt - Notes1 | $ | (451.7) | $ | (451.1) | $ | — | $ | — | $ | (451.1) | |||||||||||||
| Long-term debt - equipment loans | (1.0) | — | (1.0) | — | (1.0) | ||||||||||||||||||
| Long-term debt - Credit Facility | (200.0) | — | (200.0) | — | (200.0) | ||||||||||||||||||
| $ | (652.7) | $ | (451.1) | $ | (201.0) | $ | — | $ | (652.1) | ||||||||||||||
1.The carrying amount excludes unamortized deferred transaction costs of $2.9 million and the embedded derivative.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 60 | ||||
19. Share Capital
The Company is authorized to issue an unlimited number of common shares, first preference shares issuable in series and second preference shares issuable in series.
| Six months ended June 30, | |||||||||||
| Number of common shares (in millions) | Notes | 2026 | 2025 | ||||||||
| Outstanding, beginning of the period | 591.1 | 571.4 | |||||||||
| Shares repurchased under NCIB | (b) | (21.5) | — | ||||||||
| Issuance of flow-through common shares | (a) | 0.4 | 0.8 | ||||||||
| Issuance of shares for share-based compensation | 20 | 4.3 | 2.9 | ||||||||
| Outstanding, end of the period | 574.3 | 575.1 | |||||||||
(a)Flow-through common shares
In March 2026, the Company issued 0.4 million flow-through common shares at CAD$43.22 per share for net proceeds of $13.2 million (CAD$18.0 million), which included a $3.6 million premium reported as a deferred gain on the balance sheet to be recognized in earnings as eligible expenditures are made. A total of $9.6 million was recognized in equity based on the quoted price of the shares on the date of the issue less issuance costs. The flow-through common shares were issued to fund exploration expenditures for the Company's exploration properties in Quebec, Canada. Flow-through common shares require the Company to incur an amount equivalent to the proceeds of the issue on prescribed expenditures in accordance with the applicable tax legislation.
In February 2025, the Company issued 0.8 million flow-through common shares at CAD$12.25 per share for net proceeds of $6.9 million (CAD$10.0 million), which included a $1.7 million premium reported as a deferred gain on the balance sheet to be recognized in earnings as eligible expenditures are made. A total of $5.1 million was recognized in equity based on the quoted price of the shares on the date of the issue less issuance costs. The flow-through common shares were issued to fund exploration expenditures for the Company's exploration properties in Quebec, Canada.
For the three and six months ended June 30, 2026, $1.5 million and $1.5 million (three and six months ended June 30, 2025 - $0.4 million and $0.9 million) were recognized as amortization of the gains related to the issuances of flow-through common shares and was included in interest income, derivatives and other investment gains in the consolidated statements of earnings (note 24).
(b)Normal Course Issuer Bid
On December 9, 2025, the Company received approval from the TSX of its normal course issuer bid (“NCIB”) program. Under the program, the Company is authorized to purchase up to 57.0 million of its common shares during the period from December 12, 2025 to December 11, 2026.
The book value of any cancelled shares are treated as a reduction to common share capital. During the three and six months ended June 30, 2026, the Company repurchased 8.6 million and 21.5 million common shares for $147.9 million and $407.9 million at an average price of $17.24 and $19.00 per share, which includes $50 million of an automatic share purchase plan ("ASPP") accrued as of December 31, 2025. The book value of the cancelled shares was $123.0 million and was treated as a reduction to common share capital as of June 30, 2026.
On June 30, 2026, the Company initiated an ASPP under its NCIB by authorizing its independent broker to purchase common shares of the Company up to $56.3 million (December 31, 2025 - $50 million) based on certain market criteria. The Company recognized a financial liability associated with the total maximum amount that may be repurchased by the broker during the blackout period ending August 10, 2026, with an offsetting entry in contributed surplus. Under the ASPP, the Company repurchased 3.5 million common shares for $52.5 million, during the period between July 1, 2026 and August 5, 2026.
20. Share-Based Compensation
(a)Options
(i)Share option plan
A summary of the status of the Company's share option plan and changes during the period is presented below:
| Six months ended June 30, 2026 | Options (in millions) | Weighted average exercise price (CAD/share) | ||||||||||||
| Outstanding, beginning of the period | 2.2 | $ | 4.53 | |||||||||||
Exercised1 | (0.8) | 4.10 | ||||||||||||
| Outstanding, end of the period | 1.4 | $ | 4.80 | |||||||||||
| Exercisable, end of the period | 0.7 | $ | 4.24 | |||||||||||
1.Exercise prices are denominated in Canadian dollars. The USDCAD exchange rate at June 30, 2026 was $1.4210/CAD.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 61 | ||||
(b)Other share-based compensation
(i)Share incentive plans
A summary of the status of the Company’s outstanding share units issued to directors and employees under the Company's share incentive plan and changes during the year is presented below.
Six months ended June 30, (share units in millions) | 2026 | |||||||
| Outstanding, beginning of the period | 5.1 | |||||||
| Granted | 1.0 | |||||||
| Issued | (3.5) | |||||||
| Outstanding, end of the period | 2.6 | |||||||
(ii)Summary of share units granted
Deferred share units
The estimated fair value of the awards is expensed immediately.
Six months ended June 30, | 2026 | |||||||
| Granted during the period (in millions) | — | |||||||
Grant-date fair value (CAD per unit)1 | $ | 24.40 | ||||||
1.The grant-date fair value is equal to the share price on grant date.
Restricted share units
Employee restricted share unit grants ("RSU") vest over twelve to thirty-six months and have no restrictions upon vesting. Prior to December 31, 2025 all granted RSUs are and will continue to be equity settled. All RSUs granted subsequent to December 31, 2025 can be settled in either cash or equity, at the discretion of the Company. As these RSUs are expected to be cash settled a liability has been recorded to reflect the new RSU grants. There are no vesting conditions other than service.
The estimated fair value of the awards is expensed over their vesting period. Cash settled RSUs will be revalued based on the Company's share price at each period.
Six months ended June 30, | 2026 | |||||||
| Granted during the period (in millions) | 0.3 | |||||||
Grant-date fair value (CAD per unit)1 | $ | 33.45 | ||||||
1.The grant-date fair value is equal to the share price on grant date.
Performance share units
The performance share unit grants ("PSU") vest over thirty-six months. Prior to December 31, 2025 all granted PSUs are and will continue to be equity settled. All subsequently granted PSUs granted subsequent to December 31, 2025 can be settled in either cash or equity, at the discretion of the Company. As these PSUs are expected to be cash settled a liability has been recorded to reflect the new PSU grants.
The estimated fair value of the awards is expensed over their vesting period.
Six months ended June 30, | 2026 | |||||||
| Granted during the period (in millions) | 0.7 | |||||||
Grant-date fair value (CAD per unit)1 | $ | 32.06 | ||||||
1.The grant-date fair value was determined using a Monte Carlo model.
21. Cost of Sales
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
Operating costs1 | $ | 252.1 | $ | 249.9 | $ | 506.4 | $ | 477.1 | |||||||||
| Royalties | 71.1 | 37.2 | 160.5 | 66.2 | |||||||||||||
| Depreciation expense | 118.6 | 95.0 | 234.3 | 174.7 | |||||||||||||
| $ | 441.8 | $ | 382.1 | $ | 901.2 | $ | 718.0 | ||||||||||
1.Operating costs include mine production, transport and smelter costs, and site administrative expenses.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 62 | ||||
22. Other Expenses
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| Notes | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Changes in asset retirement obligations at closed mines | 12(a) | $ | (2.0) | $ | 1.3 | $ | (0.7) | $ | 6.2 | ||||||||
| Write-down of assets | 8.3 | 0.1 | 9.6 | 0.2 | |||||||||||||
| Other | 0.7 | 1.3 | 1.0 | 1.4 | |||||||||||||
| $ | 7.0 | $ | 2.7 | $ | 9.9 | $ | 7.8 | ||||||||||
23. Finance Costs
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| Notes | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest expense | $ | 8.8 | $ | 27.3 | $ | 19.8 | $ | 54.1 | |||||||||
| Accretion expense - gold prepayment | 16 | — | 0.2 | — | 3.2 | ||||||||||||
| Credit Facility fees | 4.1 | 0.9 | 5.3 | 2.0 | |||||||||||||
| Accretion expense - asset retirement obligations | 1.4 | 1.4 | 2.9 | 2.5 | |||||||||||||
| Other finance costs | 1.7 | 3.1 | 3.9 | 9.3 | |||||||||||||
| $ | 16.0 | $ | 32.9 | $ | 31.9 | $ | 71.1 | ||||||||||
| Borrowing costs attributable to qualifying assets | $ | (4.4) | $ | (8.9) | $ | (12.8) | $ | (17.3) | |||||||||
| $ | 11.6 | $ | 24.0 | $ | 19.1 | $ | 53.8 | ||||||||||
Interest paid1 | $ | 14.6 | $ | 36.7 | $ | 19.7 | $ | 56.3 | |||||||||
1.Interest paid relates to interest charges on the Company's 5.75% senior notes, Term Loan, Credit Facility, equipment loan and leases.
24. Interest Income, Derivatives and Other Investment Gains (Losses)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| Notes | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest income | 26(a) | $ | 2.2 | $ | 2.5 | $ | 5.4 | $ | 4.7 | ||||||||
| Gains (losses) on non-hedge derivatives | — | 1.7 | — | (1.1) | |||||||||||||
| Amortization of gain related to flow-through common shares | 26(a) | 1.5 | 0.4 | 1.5 | 0.9 | ||||||||||||
| Changes in fair value of deferred consideration from the sale of Sadiola | 26(a) | 0.2 | 0.5 | 3.2 | 1.0 | ||||||||||||
| Gain on sale of royalties | — | 4.9 | — | 4.9 | |||||||||||||
| Other gains (losses) | (9.8) | (0.5) | (13.9) | (0.1) | |||||||||||||
| $ | (5.9) | $ | 9.5 | $ | (3.8) | $ | 10.3 | ||||||||||
For the six months ended June 30, 2026, gains (losses) on non-hedge derivatives include $nil (six months ended June 30, 2025 - $1.1 million) of unrealized losses that relate to fair value movements of the embedded derivative related to prepayment options for the Term Loan, which was paid in full in 2025.
25. Earnings Per Share
(a)Basic earnings per share computation
| Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Numerator | ||||||||||||||
| Net earnings attributable to equity holders | $ | 230.5 | $ | 78.7 | $ | 610.2 | $ | 118.4 | ||||||
| Denominator (in millions) | ||||||||||||||
| Weighted average number of common shares (basic) | 578.0 | 575.1 | 582.7 | 573.8 | ||||||||||
| Basic earnings per share attributable to equity holders | $ | 0.40 | $ | 0.14 | $ | 1.05 | $ | 0.21 | ||||||
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 63 | ||||
(b)Diluted earnings per share computation
| Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Denominator (in millions) | ||||||||||||||
| Weighted average number of common shares (basic) | 578.0 | 575.1 | 582.7 | 573.8 | ||||||||||
| Dilutive effect of options | 1.1 | 1.3 | 1.4 | 1.4 | ||||||||||
| Dilutive effect of share units | 3.7 | 4.3 | 5.2 | 5.0 | ||||||||||
| Weighted average number of common shares (diluted) | 582.8 | 580.7 | 589.3 | 580.2 | ||||||||||
| Diluted earnings per share attributable to equity holders | $ | 0.40 | $ | 0.14 | $ | 1.04 | $ | 0.20 | ||||||
Equity instruments excluded from the computation of diluted earnings per share which could be dilutive in the future were as follows:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Options | — | 0.4 | — | 0.4 | |||||||||||||
26. Cash Flow Items
(a)Adjustments for other non-cash items within operating activities
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| Notes | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Share-based compensation | $ | 2.5 | $ | 1.5 | $ | 4.4 | $ | 4.6 | |||||||||
| Write-down of assets | 22 | 8.3 | 0.1 | 9.6 | 0.2 | ||||||||||||
| Write-down of inventories | 1.7 | 1.2 | 2.9 | 1.8 | |||||||||||||
| Changes in asset retirement obligations at closed mines | 22 | (2.0) | 1.3 | (0.7) | 6.2 | ||||||||||||
| Interest income | 24 | (2.2) | (2.5) | (5.4) | (4.7) | ||||||||||||
| Changes in fair value of deferred consideration from the sale of Sadiola | 24 | (0.2) | (0.5) | (3.2) | (1.0) | ||||||||||||
| Amortization of gain related to flow-through common shares | 24 | (1.5) | (0.4) | (1.5) | (0.9) | ||||||||||||
| Effects of exchange rate fluctuation on cash and cash equivalents | 8.2 | (12.3) | 12.3 | (18.8) | |||||||||||||
| Effects of exchange rate fluctuation on restricted cash | 0.6 | (5.2) | 2.0 | (7.6) | |||||||||||||
| Gain on sale of royalties | 24 | — | (4.9) | — | (4.9) | ||||||||||||
| Employee service provision | 4.9 | (0.2) | 4.7 | 3.3 | |||||||||||||
| Other | 4.6 | 12.1 | 1.6 | 15.5 | |||||||||||||
| $ | 24.9 | $ | (9.8) | $ | 26.7 | $ | (6.3) | ||||||||||
(b)Movements in non-cash working capital items and non-current ore stockpiles
| Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Receivables and other current assets | $ | 4.4 | $ | (29.3) | $ | (8.5) | $ | (47.6) | ||||||
| Inventories and non-current ore stockpiles | (11.5) | (19.6) | (18.0) | (42.1) | ||||||||||
| Accounts payable and accrued liabilities | 9.3 | 7.4 | (30.9) | 17.6 | ||||||||||
| $ | 2.2 | $ | (41.5) | $ | (57.4) | $ | (72.1) | |||||||
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 64 | ||||
(c) Other investing activities
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| Notes | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest received | 24 | $ | 2.3 | $ | 2.5 | $ | 5.5 | $ | 4.8 | ||||||||
| (Increase) decrease in restricted cash | — | 3.3 | — | 7.7 | |||||||||||||
| Deposits on leased equipment | 11 | (8.2) | — | (8.2) | — | ||||||||||||
| Capital expenditures for exploration and evaluation assets | 10 | (4.2) | (0.7) | (9.4) | (0.9) | ||||||||||||
| Acquisition of exploration and evaluation assets | 10 | (1.0) | — | (3.4) | — | ||||||||||||
| (Acquisition)/Disposal of marketable securities | 0.3 | 8.5 | 5.3 | 8.4 | |||||||||||||
| Change in government receivables and investments | — | — | 23.2 | — | |||||||||||||
| Settlement of Yatela Sale | — | — | — | (18.2) | |||||||||||||
| Proceeds from sale of royalties | — | 11.9 | — | 11.9 | |||||||||||||
| Other | (10.0) | — | (10.0) | (4.5) | |||||||||||||
| $ | (20.8) | $ | 25.5 | $ | 3.0 | $ | 9.2 | ||||||||||
(d) Other financing activities
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| Notes | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Proceeds from issuance of flow-through common shares | 19(a) | $ | — | $ | — | $ | 13.2 | $ | 6.9 | ||||||||
| Repayment of equipment loans | 15(c) | (0.1) | (0.4) | (0.8) | (0.8) | ||||||||||||
| Payment of lease obligations | (8.5) | (8.2) | (17.1) | (15.3) | |||||||||||||
| Common shares issued for cash on exercise of stock options | — | 0.2 | 2.4 | 2.5 | |||||||||||||
| Other | (4.2) | (3.5) | (5.1) | (6.3) | |||||||||||||
| $ | (12.8) | $ | (11.9) | $ | (7.4) | $ | (13.0) | ||||||||||
(e) Reconciliation of long-term debt arising from financing activities
| Equipment loans | 5.75% senior notes | Credit facility | Term Loan | Total | ||||||||||||||||
Balance, January 1, 2025 | $ | 2.1 | $ | 448.4 | $ | 220.0 | $ | 358.4 | $ | 1,028.9 | ||||||||||
| Cash changes: | ||||||||||||||||||||
| Proceeds | — | — | 130.0 | — | 130.0 | |||||||||||||||
| Repayments | (1.3) | — | (150.0) | (400.0) | (551.3) | |||||||||||||||
| Non-cash changes: | ||||||||||||||||||||
| Amortization of deferred financing charges | — | 1.0 | — | 15.6 | 16.6 | |||||||||||||||
| Foreign currency translation | 0.2 | — | — | — | 0.2 | |||||||||||||||
| Change in fair value of embedded derivative | — | — | — | 26.7 | 26.7 | |||||||||||||||
| Other | — | (0.6) | — | (0.7) | (1.3) | |||||||||||||||
Balance, December 31, 2025 | $ | 1.0 | $ | 448.8 | $ | 200.0 | $ | — | $ | 649.8 | ||||||||||
| Cash changes: | ||||||||||||||||||||
| Repayments | (0.8) | — | (200.0) | — | (200.8) | |||||||||||||||
| Non-cash changes: | ||||||||||||||||||||
| Amortization of deferred financing charges | — | 0.4 | — | — | 0.4 | |||||||||||||||
| Other | — | (0.1) | — | — | (0.1) | |||||||||||||||
| Balance, June 30, 2026 | $ | 0.2 | $ | 449.1 | $ | — | $ | — | $ | 449.3 | ||||||||||
27. Segmented Information
The Company’s gold mines are divided into geographic segments as follows:
•Côté Gold mine - Ontario, Canada;
•Westwood complex - Quebec, Canada; and
•Essakane mine - Burkina Faso.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 65 | ||||
The Company’s non-gold mine segments are divided as follows:
•Exploration and evaluation and development; and
•Corporate.
| June 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||
| Total non- current assets | Total assets | Total liabilities | Total non- current assets | Total assets | Total liabilities | |||||||||||||||||||||||||||
| Gold mines | ||||||||||||||||||||||||||||||||
| Côté Gold | $ | 2,923.4 | $ | 3,086.7 | $ | 265.4 | $ | 2,881.8 | $ | 3,053.2 | $ | 276.9 | ||||||||||||||||||||
| Westwood complex | 809.1 | 849.5 | 243.3 | 801.0 | 841.2 | 233.6 | ||||||||||||||||||||||||||
| Essakane | 840.5 | 1,281.3 | 342.6 | 825.0 | 1,307.5 | 310.0 | ||||||||||||||||||||||||||
| Total gold mines | 4,573.0 | 5,217.5 | 851.3 | 4,507.8 | 5,201.9 | 820.5 | ||||||||||||||||||||||||||
| Exploration and evaluation and development | 392.0 | 413.3 | 8.5 | 388.0 | 418.7 | 14.9 | ||||||||||||||||||||||||||
| Corporate | 48.2 | 322.4 | 651.5 | 53.0 | 231.9 | 771.2 | ||||||||||||||||||||||||||
| Total | $ | 5,013.2 | $ | 5,953.2 | $ | 1,511.3 | $ | 4,948.8 | $ | 5,852.5 | $ | 1,606.6 | ||||||||||||||||||||
Three months ended June 30, 2026
| Consolidated statements of earnings information | Capital expenditures2 | ||||||||||||||||||||||||||||
| Revenues | Cost of sales1 | Depreciation expense | General and administrative | Exploration | Other | Earnings (loss) from operations | |||||||||||||||||||||||
| Gold mines | |||||||||||||||||||||||||||||
| Côté Gold | $ | 293.2 | $ | 104.3 | $ | 47.0 | $ | — | $ | 0.3 | $ | — | $ | 141.6 | $ | 54.6 | |||||||||||||
| Westwood complex | 129.6 | 47.5 | 15.0 | — | — | (0.9) | 68.0 | 20.3 | |||||||||||||||||||||
| Essakane | 434.1 | 171.4 | 56.2 | — | 0.1 | (0.1) | 206.5 | 43.4 | |||||||||||||||||||||
| Total gold mines | 856.9 | 323.2 | 118.2 | — | 0.4 | (1.0) | 416.1 | 118.3 | |||||||||||||||||||||
| Exploration and evaluation and development | — | — | — | — | 7.4 | 7.6 | (15.0) | — | |||||||||||||||||||||
| Corporate | — | — | 0.4 | 21.8 | — | 0.4 | (22.6) | — | |||||||||||||||||||||
| Total | $ | 856.9 | $ | 323.2 | $ | 118.6 | $ | 21.8 | $ | 7.8 | $ | 7.0 | $ | 378.5 | $ | 118.3 | |||||||||||||
1.Excludes depreciation expense.
2.Includes incurred capital expenditures for property, plant and equipment, exploration and evaluation assets at the Company's gold mines, and excludes capitalized study costs, acquisition of Nelligan assets, capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.
Three months ended June 30, 2025
| Consolidated statements of earnings information | Capital expenditures2 | ||||||||||||||||||||||||||||
| Revenues | Cost of sales1 | Depreciation expense | General and administrative | Exploration | Other | Earnings (loss) from operations | |||||||||||||||||||||||
| Gold mines | |||||||||||||||||||||||||||||
| Côté Gold | $ | 229.2 | $ | 83.9 | $ | 41.5 | $ | — | $ | 2.3 | $ | — | $ | 101.5 | $ | 33.8 | |||||||||||||
| Westwood complex | 95.4 | 45.1 | 13.4 | — | — | 1.9 | 35.0 | 16.0 | |||||||||||||||||||||
| Essakane | 279.6 | 158.1 | 39.6 | — | — | 0.3 | 81.6 | 37.3 | |||||||||||||||||||||
| Total operating gold mines | 604.2 | 287.1 | 94.5 | — | 2.3 | 2.2 | 218.1 | 87.1 | |||||||||||||||||||||
| Exploration and evaluation and development | — | — | — | — | 3.7 | 0.1 | (3.8) | — | |||||||||||||||||||||
Corporate3 | (23.3) | — | 0.5 | 12.5 | — | 0.4 | (36.7) | 0.2 | |||||||||||||||||||||
| Total | $ | 580.9 | $ | 287.1 | $ | 95.0 | $ | 12.5 | $ | 6.0 | $ | 2.7 | $ | 177.6 | $ | 87.3 | |||||||||||||
1.Excludes depreciation expense.
2.Includes incurred capital expenditures for property, plant and equipment, exploration and evaluation assets at the Company's gold mines, and excludes capitalized study costs, acquisition of Nelligan assets, capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.
3.Includes impact on revenues of delivering ounces into gold sale prepayment arrangements (note 16) and earnings from royalty interests.
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 66 | ||||
Six months ended June 30, 2026
| Consolidated statements of earnings information | Capital expenditures2 | |||||||||||||||||||||||||||||||
| Revenues | Cost of sales1 | Depreciation expense | General and administrative | Exploration | Other | Earnings (loss) from operations | ||||||||||||||||||||||||||
| Gold mines | ||||||||||||||||||||||||||||||||
| Côté Gold | $ | 560.3 | $ | 198.8 | $ | 85.9 | $ | — | $ | 1.6 | $ | 1.4 | $ | 272.6 | $ | 82.5 | ||||||||||||||||
| Westwood complex | 313.9 | 96.0 | 32.4 | — | — | 0.2 | 185.3 | 40.0 | ||||||||||||||||||||||||
| Essakane | 1,012.8 | 372.1 | 115.3 | — | 0.1 | 0.2 | 525.1 | 97.2 | ||||||||||||||||||||||||
| Total gold mines | 1,887.0 | 666.9 | 233.6 | — | 1.7 | 1.8 | 983.0 | 219.7 | ||||||||||||||||||||||||
| Exploration and evaluation and development | — | — | — | — | 13.9 | 7.6 | (21.5) | — | ||||||||||||||||||||||||
| Corporate | — | — | 0.7 | 37.2 | — | 0.5 | (38.4) | — | ||||||||||||||||||||||||
| Total | $ | 1,887.0 | $ | 666.9 | $ | 234.3 | $ | 37.2 | $ | 15.6 | $ | 9.9 | $ | 923.1 | $ | 219.7 | ||||||||||||||||
1.Excludes depreciation expense.
2.Includes incurred capital expenditures for property, plant and equipment, exploration and evaluation assets at the Company's gold mines, and excludes capitalized study costs, acquisition of Nelligan assets, capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.
Six months ended June 30, 2025
| Consolidated statements of earnings information | Capital expenditures2 | |||||||||||||||||||||||||||||||
| Revenues | Cost of sales1 | Depreciation expense | General and administrative | Exploration | Other | Earnings (loss) from operations | ||||||||||||||||||||||||||
| Gold mines | ||||||||||||||||||||||||||||||||
| Côté Gold | $ | 380.4 | $ | 149.1 | $ | 75.5 | $ | — | $ | 4.1 | $ | 0.5 | $ | 151.2 | $ | 55.1 | ||||||||||||||||
| Westwood complex | 175.2 | 87.2 | 25.8 | — | — | 6.1 | 56.1 | 31.1 | ||||||||||||||||||||||||
| Essakane | 556.5 | 307.0 | 72.4 | — | — | 0.7 | 176.4 | 67.4 | ||||||||||||||||||||||||
| Total operating gold mines | 1,112.1 | 543.3 | 173.7 | — | 4.1 | 7.3 | 383.7 | 153.6 | ||||||||||||||||||||||||
| Exploration and evaluation and development | — | — | — | — | 8.5 | 0.2 | (8.7) | — | ||||||||||||||||||||||||
Corporate3 | (54.1) | — | 1.0 | 28.9 | — | 0.3 | (84.3) | 0.7 | ||||||||||||||||||||||||
| Total | $ | 1,058.0 | $ | 543.3 | $ | 174.7 | $ | 28.9 | $ | 12.6 | $ | 7.8 | $ | 290.7 | $ | 154.3 | ||||||||||||||||
1.Excludes depreciation expense.
2.Includes incurred capital expenditures for property, plant and equipment, exploration and evaluation assets at the Company's gold mines, and excludes capitalized study costs, acquisition of Nelligan assets, capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.
3.Includes impact on revenues of delivering ounces into gold sale prepayment arrangements (note 16) and earnings from royalty interests.
28. Commitments
| June 30, 2026 | December 31, 2025 | |||||||
| Purchase obligations | $ | 331.8 | $ | 180.6 | ||||
| Capital expenditure obligations | 46.7 | 37.4 | ||||||
| Lease obligations | 114.3 | 118.9 | ||||||
| $ | 492.8 | $ | 336.9 | |||||
IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – June 30, 2026 | 67 | ||||
FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE
I, Renaud Adams, President and Chief Executive Officer of IAMGOLD Corporation, certify the following:
1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of IAMGOLD Corporation (the “issuer”) for the interim period ended June 30, 2026.
2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings.
A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
a.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
b.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control - Integrated Framework (2013 COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission.
5.2 N/A
5.3 N/A
6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2026, and ended on June 30, 2026, that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date: August 6, 2026
/s/ "Renaud Adams"
____________________
Renaud Adams
President and Chief Executive Officer
FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATION
I, Marthinus (Maarten) Theunissen, Chief Financial Officer of IAMGOLD Corporation, certify the following:
1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of IAMGOLD Corporation (the "issuer") for the interim period ended June 30, 2026.
2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
(A) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
(I) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(II) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(B) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control-Integrated Framework (2013 COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission.
5.2 N/A
5.3 N/A
6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR
that occurred during the period beginning on April 1, 2026, and ended on June 30, 2026, that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date: August 6, 2026
/s/ "Marthinus (Maarten) Theunissen"
______________________
Mathinus (Maarten) Theunissen
Chief Financial Officer