Iamgold Reports First Quarter 2026 Results
IAMGOLD REPORTS FIRST QUARTER 2026 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, May 5, 2026 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”)
today reported its financial and operating results for the first quarter ended March 31, 2026.
"IAMGOLD delivered a strong start to 2026, with attributable gold production of 183,600 ounces in the first quarter
positioning the Company well to achieve its full -year guidance of 720,000 to 820,000 ounces” said Renaud Adams,
President and Chief Executive Officer of IAMGOLD. “The quarter was marked by robust financial results, including
revenues of over $1 billion, adjusted EBITDA of $666 million, and mine -site free cash flow of $525 million, reflecting
the significant leverage our business has to the current gold price environment. These results allowed for the
Company to return $260 million to our shareholders through our share buyback program and repay $100 million in
debt.”
“Westwood and Essakane both delivered strong performances, with quarterly production improvements year -over-
year, driven by higher grades and improved operating efficiency across both sites. At Côté Gold, throughput in the
quarter was limited by unplanned conveyor downtime as increased crushed ore volumes from the additional
secondary cone crusher accelerated prior wear and splits on the belt. Performance improved in April following repairs
as we control throughput ahead of the upcoming belt replacement in May that will allow for operations at full capacity.
We remain confident in our full -year attributable production guidance for Côté of 270,000 to 310,000 ounces.
Production and costs at the mine are expected to improve progressively through 2026 as throughput increases, the
temporary aggregate crushing circuit is phased out, the pit pushback advances, and as we continue to optimize the
operation and lengthen maintenance cycles."
"Looking ahead, we have significant catalysts across all of our assets. An updated mineral resource estimate for Côté
is planned for the second quarter, followed by a technical report that is on track by year -end and is expected to outline
a larger -scale mine incorporating both the Côté and Gosselin zones. Technical reports are also planned for
Westwood, Essakane, and our Nelligan Mining Complex — which combined are expected to illustrate meaningful
potential for production growth, mine life extension and value accretion. Combined with approximately $1.1 billion in
available liquidity, an increasing production profile, and our continued execution on share buybacks and debt
reduction, we are well-positioned to deliver value for our shareholders in 2026 and beyond."
HIGHLIGHTS:
Operating and Financial
• Attributable gold production was 183,600 ounces in the first quarter, positioning the Company well to achieve
its 2026 production guidance of 720,000 to 820,000 ounces. Production is expected to increase through the year
as Côté continues to debottleneck operations and incorporates operating improvements:
• Côté produced 52,300 attributable ounces (74,700 ounces | 100%);
• Westwood produced 36,200 ounces; and
• Essakane produced 95,100 attributable ounces (111,900 ounces | 100%).
• Revenues in the first quarter totaled $1,030.1 million from sales of 211,500 ounces at an average realized gold
price1 of $4,859 per ounce.
• Cost of sales per ounce sold was $1,619 for the first quarter.
• Cash cost1 per ounce sold, excluding royalties, was $1,201 for the first quarter.
• Cash cost1 per ounce sold, including royalties, was $1,608 for the first quarter.
• AISC1 per ounce sold was $2,124 for the first quarter.
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• Net earnings and adjusted net earnings attributable to equity holders1 was $379.7 million and $391.1 million for
the first quarter, respectively.
• Net earnings and adjusted net earnings per share attributable to equity holders1 of $0.65 and $0.67 for the first
quarter, respectively.
• Net cash from operating activities was $569.9 million for the first quarter. Net cash from operating activities,
before movements in working capital and non-current ore stockpiles1, was $629.5 million for the first quarter.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $657.0 million, and
Adjusted EBITDA1 was $666.3 million for the first quarter.
• Mine-site free cash flow1 of $524.6 million for the first quarter.
• The Company has available liquidity 1 of $1,096.9 million as at March 31, 2026, an increase of $228.3 million
compared to the prior period. Cash and cash equivalents was $550.2 million and the available balance of the
revolving credit facility (“Credit Facility”) was $545.7 million. Net cash, excluding leases and letters of credit 1,
was $0.9 million, an improvement of $229.0 million during the quarter.
• In health and safety , for the quarter ended March 31, 2026, the Company reported a total recordable injuries
frequency rate (“TRIFR”) of 0.44, an improved performance from the prior year period. IAMGOLD is continuing to
advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents.
Corporate
• Significant free cash flow generated in the first quarter allowed the Company to: increase its cash and cash
equivalents balance by $128.3 million, repay $100 million of the Credit Facility, and purchase $260 million
of IAMGOLD shares (12.9 million shares) as part of the share buyback program. Subsequent to quarter end, the
Company has purchased an additional 2.1 million shares for $40 million and has purchased 18.0 million shares
for $350 million since the inception of the program in December 2025 and paid down the remaining balance of
$100 million of its Credit Facility. The Company intends to continue to use cash flow from Essakane to repurchase
shares under its share buyback program as the cash is generated and repatriated from Essakane over the course
of 2026.
• $212.7 million of cash was repatriated from Essakane in the first quarter , using the structure that enables
payments to be made at any time of the year based on the cash generated in excess of working capital
requirements by Essakane.
• On March 25, 2026, Fitch affirmed the Company's B+ credit rating and revised the outlook from Stable to Positive.
Subsequent to quarter end, on April 9, 2026, the Company received a corporate credit rating upgrade by Moody's
Investors Service from B2 to B1 with a stable outlook.
• Subsequent to quarter end, on April 27, 2026, the Company released its 2025 Sustainability Report highlighting
the Company's progress and achievements across a range of Environmental, Social and Governance ("ESG")
practices.
• On May 4, 2026, the Company strengthened its executive team with the appointment of Ankit Shah as Chief
Strategy Officer, bringing nearly two decades of progressive leadership in strategy and corporate development in
the mining and advisory sectors.
• On May 5, 2026, at the Company’s Annual General Meeting, shareholders voted in favour of the election of the
Company’s Board of Directors, including the appointment of new director Mr. Daniel Racine. Dr. Ann Masse and
Ms. Audra Walsh did not stand for reelection and concluded their service on the Board. The Company thanks both
Dr. Masse and Ms. Walsh for their years of dedicated service, passion and many contributions to IAMGOLD.
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QUARTERLY REVIEW
For more details and the Company's overall outlook for 2026, see “Outlook”, and for individual mines performance,
see “Operations”. The following table summarizes certain operating and financial results for the three months ended
March 31, 2026 (Q1 2026) and March 31, 2025 (Q1 2025) and certain measures of the Company's financial position
as at December 31, 2025.
Q1 2026 Q1 2025
Key Operating Statistics
($ millions)
Gold production – attributable (000s oz) 183.6 161.0
- Côté Gold1 52.3 51.1
- Westwood 36.2 23.9
- Essakane2 95.1 86.0
Gold sales – attributable (000s oz) 193.7 164.7
- Côté Gold1 55.1 51.6
- Westwood 37.5 27.2
- Essakane2 101.1 85.9
Cost of sales3 ($/oz sold) $ 1,619 $ 1,465
- Côté Gold1 $ 1,713 $ 1,264
- Westwood $ 1,296 $ 1,547
- Essakane2 $ 1,688 $ 1,560
Cash costs4 – excluding royalties ($/oz sold) $ 1,201 $ 1,280
- Côté Gold1 $ 1,369 $ 1,074
- Westwood $ 1,270 $ 1,527
- Essakane2 $ 1,083 $ 1,324
Cash costs4 ($/oz sold) $ 1,608 $ 1,459
- Côté Gold1 $ 1,704 $ 1,260
- Westwood $ 1,270 $ 1,527
- Essakane2 $ 1,680 $ 1,557
AISC4 ($/oz sold) $ 2,124 $ 1,908
- Côté Gold1 $ 2,109 $ 1,643
- Westwood $ 1,733 $ 2,124
- Essakane2 $ 2,125 $ 1,846
Average realized gold price ($/oz) $ 4,859 $ 2,731
1. Attributable portion for Côté Gold is based on IAMGOLD’s ownership of 70%. See “Operations – Côté Gold, Canada” for more details.
2. IAMGOLD’s Essakane ownership interest decreased from 90% to 85% effective June 20, 2025. See “Operations – Essakane, Burkina Faso” for more details.
The attributable portion for Essakane is presented as 90% for the first half of 2025 and 85% for the second half of 2025 thro ughout this news release.
3. Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.
4. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this news release for a description and calculation of these measures.
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Q1 2026 Q1 2025
Financial Results
($ millions)
Revenues $ 1,030.1 $ 477.1
Gross profit $ 570.7 $ 141.2
EBITDA1 $ 657.0 $ 195.2
Adjusted EBITDA1 $ 666.3 $ 204.5
Net earnings attributable to equity holders $ 379.7 $ 39.7
Adjusted net earnings attributable to equity holders1 $ 391.1 $ 55.2
Net earnings per share attributable to equity holders $ 0.65 $ 0.07
Adjusted net earnings per share attributable to equity holders1 $ 0.67 $ 0.10
Net cash from operating activities before changes in working capital1 $ 629.5 $ 104.9
Net cash from operating activities $ 569.9 $ 74.3
Mine-site free cash flow1 $ 524.6 $ 139.6
Capital expenditures1 – sustaining $ 88.6 $ 61.7
Capital expenditures1 – expansion $ 12.8 $ 5.3
March 31 December 31
2026 2025
Financial Position ($ millions)
Cash and cash equivalents $ 550.2 $ 421.9
Long-term debt $ 549.2 $ 649.8
Net cash (debt)1 $ (105.2) $ (344.4)
Available Credit Facility $ 545.7 $ 445.7
1. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this news release for a description and calculation of these measures.
2. Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and explorati on and evaluation assets, and
exclude right-of-use assets and working capital impacts.
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OUTLOOK
Production (000 oz)
Actual Q1 2026
Full Year
Guidance 2026
Côté Gold – (70%) 52.3 270 – 310
Westwood – (100%) 36.2 110 – 130
Essakane – (85%) 95.1 340 – 380
Total attributable production (000s oz) 183.6 720 – 820
Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces.
Production is expected to increase through the year as Côté continues to debottleneck operations and incorporates
operating improvements. For further details, refer to the “Operations” section of each mine below.
Costs
Actual Q1 2026
Full Year
Guidance3 2026
Côté Gold
Cash costs – excluding royalties ($/oz sold) $1,369 $900 – $1,050
Cash costs – including royalties3 ($/oz sold) $1,704 $1,200 – $1,350
AISC – including royalties3 ($/oz sold) $2,109 $1,775 – $1,925
Westwood
Cash costs ($/oz sold) $1,270 $1,500 – $1,650
AISC ($/oz sold) $1,733 $1,950 – $2,100
Essakane
Cash costs – excluding royalties ($/oz sold) $1,083 $1,150 – $1,300
Cash costs – including royalties3 ($/oz sold) $1,680 $1,600 – $1,750
AISC – including royalties3 ($/oz sold) $2,125 $2,000 – $2,150
Consolidated
Cost of sales1 ($/oz sold) $1,619 $1,425 – $1,575
Cash costs1,2 – excluding royalties ($/oz sold) $1,201 $1,100 – $1,250
Cash costs1,2 – including royalties3 ($/oz sold) $1,608 $1,425 – $1,575
AISC1,2 – including royalties3 ($/oz sold) $2,124 $2,000 – $2,150
1. Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively.
2. This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
3. Guidance for cash costs and AISC, including royalties, assumes a $4,000 per ounce gold price in the estimate of royalties per ounce.
Cash costs on a consolidated basis, excluding royalties, are expected to be in the range of $1,100 to $1,250 per
ounce sold. Cash costs, including royalties, are expected to average $1,425 to $1,575 per ounce sold. The amount of
royalties included in cash cost was $407 per ounce during the quarter, $82 per ounce higher than guidance, as the
average realized price of gold sold was $4,859, or $859 per ounce more than the gold price assumption used in
guidance estimates. Refer to the table below for the sensitivity of royalties based on gold price. AISC, including
royalties, are expected to be in the range of $2,000 and $2,150 per ounce sold.
Royalty Sensitivities
$ per ounce sold
Gold Price Consolidated Côté Gold Essakane
$3,500 $270 $245 $350
$4,000 (guidance price) $325 $300 $450
$4,500 $390 $340 $540
$5,000 $440 $385 $600
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The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average
realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average
Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel. On oil price, the Company
estimates that for a $10 per barrel increase, the impact on the direct cost of fuel would increase costs by
approximately $12 per ounce, exclusive of broader indirect inflationary pressures on input costs and the supply chain.
For further information on the expected impacts from fluctuation in guidance assumptions, refer to the Sensitivity
Impact table included in the “Financial Condition” section.
Capital Expenditures
Actual Q1 2026 Full Year Guidance 20261
($ millions) Sustaining Expansion Total Sustaining Expansion Total
Côté Gold (70%) $ 18.8 $ 9.1 $ 27.9 $ 160 $ 85 $ 245
Westwood (100%) 16.6 3.1 19.7 55 30 85
Essakane (100%) 53.2 0.6 53.8 165 5 170
Total2 $ 88.6 $ 12.8 $ 101.4 $ 380 $ 120 $ 500
1. Capital expenditures guidance (±5%).
2. Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold,
on an attributable basis, is expected to total $160 million ±5%, an increase from the prior year due to additional non -
recurring plant and infrastructure design changes and improvements identified during the ramp -up to optimize
operations and operating costs.
Expansion capital expenditures are expected to total $120 million ±5% in 2026. The expansion capital at Côté Gold is
to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to
expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood
to support the study of options to increase mining volumes including the potential for bulk mining in the eastern parts
of Westwood underground.
Exploration Outlook
Actual Q1 2026 Full Year Guidance 2026
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects – greenfield $ 4.9 $ 6.4 $ 11.3 $ 11 $ 34 $ 45
Exploration projects – brownfield 2.3 0.5 2.8 7 2 9
$ 7.2 $ 6.9 $ 14.1 $ 18 $ 36 $ 54
Exploration expenditures for 2026 are expected to be approximately $54 million, the majority of which will be
expensed. The Nelligan Mining Complex is the primary focus for exploration in 2026, with an estimated spend of
approximately $24 million (including the construction of certain infrastructure to support an expanding program),
followed by Côté Gold at approximately $5 million attributed to IAMGOLD, and Essakane at approximately $6 million.
Income Taxes Paid and Depreciation Outlook
($ millions) Actual Q1 2026
Full Year
Guidance 2026
Depreciation expense $115.7 $480 (±5%)
Income taxes paid $28.5 $205 – $215
The Company expects to pay cash taxes in the range of $205 to $215 million during 2026. Cash tax payments do not
occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes
and payments of instalments for the current year, both required to be made at times as prescribed by different
countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes (“GloBE”).
Depreciation expense for 2026 is expected to be $480 million (±5%) corresponding with production levels and
depletion of certain pit phases for which waste stripping costs have been capitalized
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ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company released its 2025 Sustainability Report on April 27, 2026. The report draws upon various ESG
frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative and
Sustainability Accounting Standards Board.
Health and Safety
The TRIFR in the first quarter was 0.44 as of March 31, 2026, compared to 0.67 as of March 31, 2025. The Essakane
mine achieved the milestone of “triple zero” in the first quarter, and Westwood achieved its first full quarter at a zero
TRIFR, a goal every mine site strives to reach. IAMGOLD is continuing to advance its critical risk management and
visible leadership to improve safety and reduce high-potential incidents.
Environmental
There were zero significant environmental incidents reported for the quarter.
Social Performance
During the first quarter of 2026, IAMGOLD continued its strong relationship with local communities at each of our
sites, including supporting community -based and wellness -focused initiatives. Notable initiatives included the Cycling
Grand Prix and the Regional Hospital Centre Gala in Burkina Faso, as well as community runs and hockey
tournaments, aimed to support raising funds for health and wellness in the local communities in Canada.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to
Action, IAMGOLD is continuing to advance a company -wide initiative to articulate how it works with Indigenous
peoples beyond reconciliation, towards a future that builds upon the Company’s experiences and reflects its values.
This work is intended to support the creation of a coherent vision for reconciliation and a roadmap to help guide the
Company’s actions as an organization, embedding reconciliation more intentionally across the organization, and
defining actions to guide respectful, mutually beneficial relationships with Indigenous communities.
In the first quarter 2026, IAMGOLD launched 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 March 31, 2026, women accounted for 40% of the Company’s executive leadership team.
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OPERATIONS
Côté Gold Mine (IAMGOLD interest – 70%) | Ontario, Canada
Q1 2026 Q1 2025
Key Operating Statistics (100% basis, unless otherwise stated)
Ore mined (000s t) 3,553 3,115
Grade mined (g/t) 0.99 0.78
Operating waste mined (000s t) 4,947 5,667
Capital waste mined (000s t) 826 1,973
Total material mined (000s t) 9,326 10,755
Strip ratio1 1.6 2.5
Ore milled (000s t) 2,341 2,097
Head grade (g/t) 1.07 1.17
Recovery (%) 93 93
Gold production (000s oz) – 100% 74.7 73.0
Gold production (000s oz) – 70% 52.3 51.1
Gold sales (000s oz) – 100% 78.4 73.8
Gold sales (000s oz) – 70% 55.1 51.6
Average realized gold price2 ($/oz) $ 4,833 $ 2,925
Financial Results ($ millions – attributable interest)
Revenues3 $ 267.1 $ 151.2
Cost of sales3 94.5 65.2
Production costs 77.4 56.4
(Increase)/decrease in finished goods (1.4) (0.8)
Royalties4 18.5 9.6
Cash costs2 94.0 65.1
Sustaining capital expenditures2 18.8 18.2
Expansion capital expenditures2 9.1 3.1
Total sustaining and expansion capital expenditures2 27.9 21.3
Earnings from operations 131.0 49.7
Mine-site free cash flow2 111.9 57.6
Unit costs per tonne2
Mine costs per operating tonne mined2 $ 5.14 $ 3.49
Mill costs per tonne milled2 $ 24.62 $ 20.18
G&A costs per tonne milled2 $ 9.17 $ 8.89
Operating costs per ounce5
Cost of sales excluding depreciation ($/oz sold) $ 1,713 $ 1,264
Cash costs2 – excluding royalties ($/oz sold) $ 1,369 $ 1,074
Cash costs2 ($/oz sold) $ 1,704 $ 1,260
AISC2 ($/oz sold) $ 2,109 $ 1,643
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 prese nted in this table due to
rounding.