IAMGOLD Q2 2026 Earnings Call Summary

1Key Financial Results and Metrics

Gold Production: 188,100 ounces in Q2 2026; year-to-date production at 371,700 ounces, on track for full-year guidance of 720,000 to 820,000 ounces.

Cash Flow: Mine site free cash flow of nearly $900 million year-to-date; Q2 cash flow from operating activities increased to $445.1 million, up from $85.8 million in Q2 2025.

Revenues: $856.9 million for Q2 on sales of 195,100 ounces at an average realized gold price of $4,384 per ounce.

Adjusted EBITDA: $507.1 million; adjusted net earnings attributable to equity holders of $241.6 million ($0.42 per share), compared to $77.3 million and $0.13 per share in the prior year.

Cash Costs: $1,289 per ounce for Q2; year-to-date cash costs at $1,244 per ounce, tracking towards the upper half of guidance.

Share Buybacks: Over $0.5 billion in share repurchases since December 2025, representing about 45% of mine site free cash flow returned to shareholders.

2Strategic Updates and Business Highlights

Cote Gold: Produced 96,200 ounces on a 100% basis in Q2; plans for an updated mine plan and technical report by year-end to integrate Cote and Gosselin deposits, targeting increased throughput to 40,000 tonnes per day.

Essakane: Strong performance with 88,400 attributable ounces produced; updated mine plan expected in H1 2027 to extend mine life to 2035.

Westwood: Produced 32,400 ounces; focus on extending mine life and increasing throughput with a potential update in H2 2027.

Nelligan: Advancing towards an initial economic study in 2027, with significant resource potential identified.

Safety Performance: Total recordable injury frequency rate of 0.70 for Q2, improving year-to-date to 0.56.

3Forward Guidance and Outlook

Production Guidance: IAMGOLD remains on track to meet full-year production guidance.

Cost Management: Anticipated improvements in cash costs in H2 2026 as Cote production increases; targeting cash costs at Cote near the top end of $900 to $1,050 per ounce.

Capital Allocation: Continued focus on sustaining and optimizing operations, with $80 million earmarked for growth capital to enhance mining efficiency over the next few years.

4Challenges and Points of Concern

Inflation and Energy Costs: Monitoring inflation and energy market volatility closely; oil prices were above guidance assumptions, impacting costs.

Operational Challenges: Some operational costs remain elevated due to external contractor reliance and higher diesel prices; transitioning away from contracted crushing is expected to improve cost efficiency.

Market Conditions: The company is navigating a volatile gold price environment, which may affect future revenues and cash flow.

5Notable Q&A Insights

Cote Expansion Study: The company is taking a phased approach to expansion, focusing on optimizing current operations before committing to larger capital expenditures. No immediate technical challenges were reported.

Royalty Buyback: IAMGOLD is considering the buyback of a 50% Cote royalty from Franco-Nevada, with plans to fund it through internally generated cash flow.

Dividend Initiation: Discussions on initiating dividends are ongoing, with potential implementation in early 2027 as the company maintains a net cash position.

Essakane Cash Flow: The operation is expected to generate sufficient cash flow to fund potential mine life extensions without needing to build up cash reserves significantly. This summary encapsulates IAMGOLD's performance and strategic direction as of Q2 2026, highlighting both achievements and areas of focus moving forward.