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Iamgold Corp (IAG) · 21 slides · Filed Oct 22, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All IAG deck slides
Slide 1 — Q1 2026 EARNINGS RESULTS
Q1 2026 EARNINGS RESULTS CONFERENCE CAL May 6, 2026
Slide 2 — comitments
2 CAUTIONARY STATEMENT Al information included or incorporated by reference in this news release, including any information as to the >ȒȅȵƏȇɵټɀ vision, strategy, future financial or operating performance and other statements that expres ȅƏȇƏǕƺȅƺȇɎټɀ expectations or estimates of future performance or impact, including statements in respect of the prospects and/or development of the >ȒȅȵƏȇɵټɀ projects, other than statements of historical fact, constitutes forward - loking information or forward - loking statements within the meaning of aplicable securities laws (colectively refered to herein as ٹǔȒȸɯƏȸƳ - loking ɀɎƏɎƺȅƺȇɎɀٺ٣ and such forward - loking statements are based on expectations, estimates and projections as of the date of this news release . Forward - loking statements are generaly identifiable by the use of words such as ٹȅƏɵٺً ٹɯǣǼǼٺً ٹɀǝȒɖǼƳٺً ٹɯȒɖǼƳٺً ٹƬȒɖǼƳٺً ٹƬȒȇɎǣȇɖƺٺً ٹƺɴȵƺƬɎٺً ٹƫɖƳǕƺɎٺً ٹƏǣȅٺً ٹƬƏȇٺً ٹǔȒƬɖɀٺً ٹǔȒȸƺƬƏɀɎٺً ٹƏȇɎǣƬǣȵƏɎƺٺً ٹƺɀɎǣȅƏɎƺٺً ٹȅƏǣȇɎƏǣȇٺً ٹƫƺǼǣƺɮƺٺً ٹǣȇɎƺȇƳٺً ٹȵǼƏȇٺً ٹɀƬǝƺƳɖǼƺٺً ٹǕɖǣƳƏȇƬƺٺً ٹȒɖɎǼȒȒǸٺً ٹȵȒɎƺȇɎǣƏǼٺً ٹɀƺƺǸٺً ٹɎƏȸǕƺɎɀٺً ٹƬȒɮƺȸٺً ٹɀɎȸƏɎƺǕɵٺً ٹƳɖȸǣȇǕٺً ٹȒȇǕȒǣȇǕٺً ٹɀɖƫǴƺƬɎ ɎȒٺً ٹǔɖɎɖȸƺٺً ٹȒƫǴƺƬɎǣɮƺɀٺً ٹȒȵȵȒȸɎɖȇǣɎǣƺɀٺً ٹƬȒȅȅǣɎɎƺƳٺً ٹȵȸȒɀȵƺƬɎǣɮƺٺً ٹǼǣǸƺǼɵٺً ٹȵȸȒǕȸƺɀɀٺً ٹɀɎȸǣɮƺٺً ٹɀɖɀɎƏǣȇٺً ٹƺǔǔȒȸɎٺً ٹƺɴɎƺȇƳٺً ٹȸƺȅƏǣȇٺً ٹȵɖȸɀɖƺٺً ٹȵȸƺƳǣƬɎٺً or ٹȵȸȒǴƺƬɎٺ or the negative of these words or other variations on these words or comparable terminology . In particular, forward - loking statements in this news release include, without limitation, those under the headings ٹ!ƫȒɖɎ u!ñg£åEٺً ٹoǣǕǝǼǣǕǝɎɀٺً ٹ£ɖɎǼȒȒǸٺً ٹMȇɮǣȸȒȇȅƺȇɎƏǼً Social and gȒɮƺȸȇƏȇƬƺٺً ٹ£ȵƺȸƏɎǣȒȇɀٺً ٹfǣȇƏȇƬǣƏǼ Condition" and ٹ»ɖƏȸɎƺȸǼɵ Financial …ƺɮǣƺɯٺ 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 >ȒȅȵƏȇɵټɀ guidance for and actual results of production, ESG performance, costs and capital and other expenditures such as exploration and including depreciation expense and efective tax rate ; long - term value and capital alocation ; the updated life - of - mine plan, ramp - up asumptions and other project metrics including operating costs in respect to 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 >ȒȅȵƏȇɵټɀ capital alocation and liquidity ; the composition of the >ȒȅȵƏȇɵټɀ portfolio of asets including its operating mines, development and exploration projects ; the sale of its Malian aset ; permiting timelines and the expected receipt of permits ; inflation, including global inflation and inflationary presures ; global suply chain constraints ; environmental verification, biodiversity, including comitments 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 ; comitments with respect to sustainability and the impact thereof ; comitments with respect to grenhouse gas emisions and energy transition ; comitments related to social performance, including comitments 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 comodities ; equity financings, foreign exchange rates and curency fluctuations ; financial instruments ; hedging strategies ; impairment asesments and asets carying values estimates ; safety and security concerns in the jurisdictions in which the Company operates and the impact thereof on the >ȒȅȵƏȇɵټɀ operational and financial performance and financial condition ; and government regulation of mining operations . The Company cautions the reader that forward - loking statements are necesarily based upon a number of estimates and asumptions that, while considered reasonable by management, are inherently subject to significant busines, 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 materialy diferent from results, performance or achievements expresed or implied by such forward - loking statements and, as such, undue reliance must not be placed on them . Forward - loking statements are also based on numerous material factors and asumptions, including as described in this news release with respect to : the >ȒȅȵƏȇɵټɀ present and future busines strategies ; operations performance within expected ranges ; anticipated future production and cash flows ; local and global economic conditions and the environment in which the Company wil operate in the future ; the price of precious metals, other minerals and key comodities ; projected mineral grades ; international exchanges rates ; anticipated capital and operating costs ; the availability and timing of required governmental and other aprovals for the construction of the >ȒȅȵƏȇɵټɀ projects . Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materialy diferent from results, performance or achievements expresed or implied by such forward - loking statements include, without limitation : the >ȒȅȵƏȇɵټɀ busines strategies and its ability to execute thereon ; the development and execution of implementing strategies to met the >ȒȅȵƏȇɵټɀ sustainability vision and targets ; security risks, including civil unrest, war or terorism and disruptions to the >ȒȅȵƏȇɵټɀ suply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surounding the >ȒȅȵƏȇɵټɀ Esakane mine ; the availability of labour and qualified contractors ; the availability of key inputs for the >ȒȅȵƏȇɵټɀ operations and disruptions in global suply chains ; tarifs and increase costs of suplies and equipment ; the volatility of the >ȒȅȵƏȇɵټɀ securities ; litigation ; contests over title to properties, particularly title to undeveloped properties ; mine closure and rehabilitation risks ; management of certain of the >ȒȅȵƏȇɵټɀ asets by other companies or joint venture partners ; the lack of availability of insurance covering al of the risks asociated with a mining ƬȒȅȵƏȇɵټɀ 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 comodities used in the operation of the >ȒȅȵƏȇɵټɀ busines (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 caries on busines, including the imposition of tarifs by the United States on Canadian products ; changes in taxes, including mining tax regimes ; the failure to obtain in a timely maner from authorities key permits, authorizations or aprovals necesary for transactions, exploration, development or operation, operating or technical dificulties in conection with mining or development activities, including geotechnical dificulties and major equipment failure ; the availability of capital ; the level of liquidity and capital resources ; aces to capital markets and financing ; the >ȒȅȵƏȇɵټɀ level of indebtednes ; the >ȒȅȵƏȇɵټɀ ability to satisfy covenants under its credit facilities ; changes in interest rates ; adverse changes in the >ȒȅȵƏȇɵټɀ credit rating ; the >ȒȅȵƏȇɵټɀ choices in capital alocation ; efectivenes of the >ȒȅȵƏȇɵټɀ ongoing cost containment eforts ; the >ȒȅȵƏȇɵټɀ ability to execute on de - risking activities and measures to improve operations ; availability of specific asets to met contractual obligations ; risks related to third - party contractors, including reduced control over aspects of the >ȒȅȵƏȇɵټɀ operations and/or the failure and/or the efectivenes of contractors to perform ; risks relating to acquisitions and divestitures ; risks arising from holding derivative instruments ; changes in U . S . dolar and other curency exchange rates or gold lease rates ; capital and curency controls in foreign jurisdictions ; asesment of carying values for the >ȒȅȵƏȇɵټɀ asets, including the ongoing potential for material impairment and/or write - downs of such asets ; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves ; the fact that reserves and resources, expected metalurgical recoveries, capital and operating costs are estimates which may require revision ; the presence of unfavourable content in ore deposits, including clay and coarse gold ; inacuracies in life of mine plans ; failure to met operational targets ; equipment malfunctions ; information systems security threats and cybersecurity ; laws and regulations governing the protection of the environment (including grenhouse gas emision reduction and other energy transition requirements ; the uncertainty surounding the interpretation of omnibus Bil C - 59 and the related amendments to the Competition Act (Canada) ; employe relations and labour disputes ; the maintenance of tailings storage facilities and the potential for a major spil or failure of the tailings facilities due to uncontrolable events, lack of reliable infrastructure, including aces to roads, bridges, power sources and water suplies ; physical and regulatory risks related to climate change ; unpredictable weather paterns and chalenging weather conditions at mine sites ; disruptions from weather related events resulting in limited or no productivity such as forest fires, severe storms, floding, drought, heavy snowfal, por air quality, and extreme heat or cold ; atraction and retention of key employes and other qualified personel ; availability and increasing costs asociated with mining inputs and labour, negotiations with respect to new, reasonable colective labour agrements and/or colective bargaining agrements may not be agred to ; the ability of contractors to timely complete projects on aceptable terms ; the relationship with the comunities surounding the >ȒȅȵƏȇɵټɀ operations and projects ; indigenous rights or claims ; ilegal 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 busines generaly . Please se the >ȒȅȵƏȇɵټɀ AIF available on SEDAR+ at w . sedarplus . ca or Form 40 - F available on EDGAR at w . sec . gov/edgar for a comprehensive discusion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materialy diferent from results, performance or achievements expresed or implied by forward - loking statements . Although the Company has atempted to identify important factors that could cause actual results to difer materialy from those contained in forward - loking 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 - loking statements whether as a result of new information, future events or otherwise except as required by aplicable law .
Slide 3 — The
3 CAUTIONARY STATEMENT CAUTIONARY NOTE TO U . S . INVESTORS REGARDING DISCLOSURE OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES Disclosure regarding the >ȒȅȵƏȇɵټɀ mineral properties, including with respect to mineral reserve and mineral resource estimates, included in this presentation, was prepared in acordance with the Canadian securities ƏƳȅǣȇǣɀɎȸƏɎȒȸɀټ NI 43 - 101 . The SEC disclosure requirements and policies for mining properties were amended in 2019 to more closely align with curent industry and global regulatory practices and standards, including NI 43 - 101 . However, foreign private isuers that file their anual report on Form 40 - F with the SEC pursuant to the Multijurisdictional Disclosure System ٢ٹñÜE—ٺ٣ً such as the Company, may use NI 43 - 101 rather than the —M>ټɀ disclosure requirements and are not required to provide disclosure under subpart 130 of Regulation S - K when filing MJDS registration statements and anual reports . Acordingly, information contained in this report may not be comparable to similar information disclosed by US companies . If the Company ceases to be a foreign private isuer or loses its eligibility to file its anual report on Form 40 - F pursuant to MJDS, then the Company wil be subject to reporting pursuant to subpart 130 of Regulation S - K, which difer from the requirements of NI 43 - 101 . US investors are urged to consider closely the disclosure on technical terminology under the heading ٹflƺƬǝȇǣƬƏǼ uȇǔȒȸȅƏɎǣȒȇٺ in the >ȒȅȵƏȇɵټɀ AIF filed with Canadian securities regulatory authorities at w . sedarplus . ca and filed under Form 40 - F with the SEC at w . sec . gov/edgar, incorporated by reference into this news release . 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 ٹȷɖƏǼǣǔǣƺƳ ȵƺȸɀȒȇٺ as defined in National Instrument 43 - 101 ٫ Standards of Disclosure for Mineral Projects ٢ٹòu 43 - 101 ٺ٣ . Christine Beausoleil, P . Geo . (Senior Director, Mining Geology, IAMGOLD Corporation), is the qualified person responsible for the review and aproval of al mineral resource estimates contained herein, as at December 31 , 2025 . Adriene Rispoli, P . Eng . (Senior Director, Mining and Integrated Planing, IAMGOLD Corporation), is the qualified person responsible for the review and aproval of al mineral reserve estimates contained herein, as at December 31 , 2025 . For the recently acquired Philibert and Chevrier properties (acquired on December 19 , 2025 ), the mineral resource estimates provided in this statement are based on data as reported in the respective NI 43 - 101 Technical Reports . The qualified persons responsible for these estimates have consented under NI 43 - 101 to the incorporation of their data in this report . IAMGOLD has not revised or altered the original information provided for these properties . For Philibert, the qualified persons Mr . Merouane Rachidi, P . Geo . , and Mr . Claude Duplesis, P . Eng .; for Chevrier, the qualified persons are Ms . Susan Lomas, P . Geo . , Mr . André Liboiron, P . Geo . and Mr . Jonathan Lavoie, P . Eng . The technical information has ben included herein with the consent and prior review of the above noted qualified persons, who have verified the data disclosed, and data underlying the information or opinions contained herein . Data verification involves data input and review by senior project geologists at site, scheduled wekly 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 . Al driling results for exploration projects or suporting resource and reserve estimates referenced in this news release have ben previously reported in news release disclosures either by the Company or the project operator as the case may be (se referenced news releases) and have ben prepared in acordance with NI 43 - 101 . The sampling and asay data from driling programs are monitored through the implementation of a quality asurance ٫ quality control (QA - QC) program designed to folow industry best practices . Dril 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 typicaly retained at the site for reference purposes . Generaly, sample intervals are 1 . 0 to 1 . 5 metres in length, and reverse circulation holes are sampled at 1 . 0 metre intervals at the dril rig . Samples are prepared and analyzed at site for the Company's producing mines and at acredited regional laboratories for the Company's exploration projects, using analysis techniques such as standard fire asay with a 50 gram charge, fire asay with gravimetric finish, or LeachWEL rapid cyanide leach with fire asay with a 50 gram charge . NON - GAP FINANCIAL MEASURES This presentation contains non - GAP financial measures, including average realized gold price per ounce sold, cash costs, cash costs (excluding royalties), cash costs per ounce sold, AISC, AISC per ounce sold, net cash from operating activities before changes in working capital, mine - site fre cash flow, liquidity, net cash (debt), EBITDA, adjusted EBITDA, adjusted net earnings (los) atributable to equity holders and adjusted net earnings (los) per share atributable to equity holders, sustaining capital expenditures, expansion capital expenditures, and project expenditures . The non - GAP financial measures disclosures included in the >ȒȅȵƏȇɵټɀ Q 1 2026 MD&A are incorporated by reference in this presentation . Further details on these non - GAP financial measures are included on pages 28 to 35 of the >ȒȅȵƏȇɵټɀ Q 1 2026 MD&A filed on SEDAR at w . sedarplus . ca and on EDGAR at w . sec . gov/edgar .
Slide 4 — •Cash costs
OVERVIEW 4 Q1 2026 OPERATING & FINANCIAL HIGHLIGHTS •Gold production ( atr .) of 183,60 oz •Cash costs 2 (excl. royalties) of $1,201/oz, Cash costs 2 of $1,608/oz and AISC 2 of $2,124/oz •Trailing 12 month adj. EBITDA of $2.0 bilion •Share buyback of $350 M since Dec 2025 •De - levering ongoing with net cash of $0.9 M (excl. leases and leters of credit) LOKING FORWARD •2026 production ( atr .) of 720,0 ٫ 820,0 oz @ cash costs 2 (excl. royalties) of $1,10 ٫ $1,250/oz •Value acretion through upcoming catalysts: • Q2 2026: Côté resource update • Q4 2026: Côté expansion technical report combining Côté and Goselin at higher throughput • H1 2027: Esakane mine life extension study • H1 2027: Neligan preliminary economic asesment • H2 2027: Westwod underground expansion study A LEADING, MODERN CANADIAN - FOCUSED MULTI - ASET PRODUCER •Côté Gold: £ȇƺ Ȓǔ >ƏȇƏƳƏټɀ ǼƏȸǕƺɀɎ Ȓȵƺȇ ȵǣɎ ǕȒǼƳ ȅǣȇƺɀً Ə ȅȒƳƺǼ ǔȒȸ ȅ •Westwod: Quebec underground suces story, generating positive cashflow with a revised technical aproach to underground mining •Esakane: 6 th largest gold mine in West Africa, leader in the comunity, averaging ~ 40,0 oz per year over last 10 years •Neligan Complex 1 : Recent consolidation of Chibougamau - Chapais region with combined 4.3 Moz M&I and 7.5 Moz Inf , positioning project among the largest pre - production gold camps in Canada •Responsibility: Comited to responsible mining practices and focus on safety 1. On Dec 19, 2025 and Dec 2, 2025, IAMGOLD closed the previously anounced agrements to acquire Northern Superior Resources a nd ñǣȇƺɀ Ƴټ£ȸ £ȸƫƺƬ 2. This is a non - g!!∆ ǔǣȇƏȇƬǣƏǼ ȅƺƏɀɖȸƺِ …ƺǔƺȸ ɎȒ Ɏǝƺ ٹòȒȇ - g!!∆ fǣȇƏȇƬǣƏǼ ñƺƏɀɖȸƺɀٺ ɀƺƬɎǣȒȇ Ȓȇ ɀǼǣƳƺ ُ בِ
Slide 5 — PRODUCTION
5 Q1 OPERATING HIGHLIGHTS PRODUCTION • Gold production (atr. 1 ) of 183,60 oz • Côté production ( atr . 1 ) of 52,30 oz (74,70 oz @ 10%) • Westwod production of 36,20 oz • Esakane production ( atr . 1 ) of 95,10 oz (1,90 oz @ 10%) • On track to achieve production guidance of 720,0 ٫ 820,0 oz • Production to increase through the year as Côté continues to debotleneck operations and implement operating improvements OPERATING COSTS (per gold ounce sold) • Cash costs (excl. royalties) 3 of $1,201/oz • Cash costs 3 of $1,608/oz • AISC 3 of $2,124/oz • Gold royalty impact: costs at Côté Gold and Esakane have direct exposure to the gold price through royalties: • Gold  from $4,0/oz to $5,0/oz ۂ $15/oz  cash costs • Oil impact: A $10/ bl  ǣȇ ȒǣǼ ȵȸǣƬƺ ۂ ڟאٖ Ȓɿ  in cash costs RESPONSIBILITY • TRIFR (total recordable injuries/20,0 hours) of 0.4 • 2025 Sustainability Report published on April 27, 2026 1. Atributable production acounts for IAG interest as folows: Côté @ 70% | Esakane @ 85% after Q2 2025, @90% prior 2. Cost of sales, excluding depreciation, is disclosed in the cost of sales note in the consolidated interim financial statement s. 3. This is a non - g!!∆ ǔǣȇƏȇƬǣƏǼ ȅƺƏɀɖȸƺِ …ƺǔƺȸ ɎȒ ٹòȒȇ - g!!∆ fǣȇƏȇƬǣƏǼ ñƺƏɀɖȸƺɀٺ Ȓȇ ɀǼǣƳƺ ُ בِ OPERATING RESULTS Q1 2026 Q1 2025 2025 2026 Guidance Côté Gold (70% 1 ) koz 52.3 51.1 279.9 270 ٫ 310 Westwod koz 36.2 23.9 13.9 10 ٫ 130 Esakane (85% 1 ) koz 95.1 86.0 372.1 340 ٫ 380 Production ( atr .) koz 183.6 161.0 765.9 720 ٫ 820 Gold sales ( atr .) koz 193.7 164.7 763.7 Realized gold price $/oz $4,859 $2,731 $3,482 Cash costs (excl. royalties) 3 $/oz $1,201 $1,280 $1,230 $1,10 ٫ $1,250 Cash costs 3 $/oz $1,608 $1,459 $1,484 $1,425 ٫ $1,575 AISC 3 $/oz $2,124 $1,908 $1,90 $2,0 ٫ $2,150 Capex 3 ʹ sustaining $M $8.6 $61.7 $274.7 $380 ( ± 5%) Capex 3 ʹ expansion $M $12.8 $5.3 $32.6 $120 ( ± 5%) PRODUCTION ( atr .) & COSTS 2 CAPITAL EXPENDITURES 0 50 1,0 1,50 2,0 2,50 0 50 10 150 20 250 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 $/oz '0 ounces Esakane Westwod Côté Cash costs AISC 0 40 80 120 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 $M Sustaining Expansion Côté Exp. (atr.)
Slide 6 — 6
6 Q1 FINANCIAL HIGHLIGHTS CASH FLOW & BALANCE SHET • Mine - site fre cash flow of $524.6 M vs $137.4 M in Q1 2025 • De - levering ongoing with net cash 1 of $0.9 M BUYBACK PROGRAM • NCIB in place for purchase of up to 10% of shares outstanding over a 12 month period • $350 M acquired to date since December 2025 LIQUIDITY (as at Mar 31, 2026) • Cash and equivalents 2 of $50.2 M and total liquidity of $1.1 B • $281.9 M of cash (and equiv.) held by Esakane ٫٫ balance increase to be used to fund tax payments and 2026 dividend in Q2 ESAKANE DIVIDEND • MɀɀƏǸƏȇƺ ƳƺƬǼƏȸƺƳ Ə ƳǣɮǣƳƺȇƳ ƳɖȸǣȇǕ »אٖ אאד Ȓǔ ڟזדד ñ Ȓǔ ɯǝǣƬǝ u!gټɀ atributable portion was $680.7 M (net of taxes, etc.) • Burkinabe Government received its portion of the dividend totaling $128.3 M in June 2025 • Since Q2/2025 dividend, IAG has received $508 M from Esakane via dividends and intercompany loan payments as part of new cash repatriation structure • $212.7 M received from Esakane in Q1 1. Net debt excluding leases ($101.8 M) and leters of credit ($4.3 M) 2. As at March 31, 2026, excluding restricted cash of $69.6 M related to closure obligations at Esakane and Westwod ن דِ ודۏ ɀƺȇǣȒȸ ȇȒɎƺɀ ȅƏɎɖȸƺ Ȓȇ £ƬɎȒƫƺȸ דً אאז ٢fǣɎƬǝي =ڷً ñȒȒ - ) * Lease balances includes Côté CAT leases at 70% and other leases at 10% Cash ST Investments Available Credit Facility $1.1B TOTAL LIQUIDITY J ˂ ࢸ म ࠸ ࠸ ࠳ ’ ˏ ˵ ɩ ˵ J ɾ ˏͩ â Ω ࠸ ’ LONG - TERM DEBT Mar 31 Mar 31 ($ milions) 2026 2025 Credit Facility $10.0 $210.0 5.75% senior notes* 450.0 450.0 Term Loan 0.0 40.0 Equipment loan 0.3 1.8 Total debt $50.3 $1,061.8 Cash, equiv and investments (51.2) (317.3) Net (cash) debt (excl. leases, equip loan, etc.) ($0.9) $74.5 Leases* 101.8 126.3 Leters of credit 4.3 1.5 Net debt $105.2 $82.3
Slide 7 — Q1 2026 CASH FLOW RECONCILIATION
7 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS (In $ milions, unles otherwise stated) Q1 2026 Q1 2025 2025 Revenues $1,030.1 $47.1 $2,852.8 Gros profit $570.7 $141.2 $1,206.2 EBITDA 1 $657.0 $195.2 $1,502.9 Adj. EBITDA 1 $6.3 $204.5 $1,50.5 Net earnings $379.7 $39.7 $64.4 Adj. net earnings 1 $391.1 $5.2 $709.2 Adj. EPS ʹ $/ sh equity 1 $0.67 $0.10 $1.23 Net cash operating activities (ex - WC) 1 $629.5 $104.9 $1,204.4 Net cash operating activities $569.9 $74.3 $1,142.6 Mine - site fre cash flow 1 $524.6 $139.6 $1,19.0 1. This is a non - g!!∆ ǔǣȇƏȇƬǣƏǼ ȅƺƏɀɖȸƺِ …ƺǔƺȸ ɎȒ ٹòȒȇ - g!!∆ fǣȇƏȇƬǣƏǼ ñƺƏɀɖȸƺɀٺ Ȓȇ ɀǼǣƳƺ ُ בِ 2. AISC Margin = Realized Gold Price - AISC ADJ. EBITDA 1 MINE - SITE FCF 1 ADJ. EPS 1 AISC Margin 2 Q1 2026 CASH FLOW RECONCILIATION Operating Investing Financial $50.2 - - $1.0 - $260.0 - $10.0 - $3.2 - $101.6 - $31.1 - $28.5 +$10.4 +$23.8 +$629.5 $421.9 Cash @ Mar 31, 2026 Other financing, FX Dividends paid to BF Interest expense NCIB share repurchase Net Credit Facility Investing activities (other) Borowing costs Capital expenditures ȴ íͬ / Θ ƐƚŽĐŬƉŝůĞƐ͕ !wh͕ ĞƚĐ Taxes paid Operating activities (before WC) Cash @ Dec 31 2025 0 250 50 750 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 $ milion adj. EBITDA 0 175 350 525 70 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 $ milion Mine-site FCF 0.0 0.25 0.50 0.75 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 $/share adj EPS 0 1,0 2,0 3,0 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 $/oz AISC Margin
Slide 8 — OPERATIONS
OPERATIONS