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Iamgold Corp (IAG) · 36 slides · Filed Oct 22, 2026
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Slide 1 — February 2026
CORPORATE PRESENTATION February 2026 TSX: IMG | NYSE: IAG | w.iamgold.com
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 MD&A 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 4 2025 MD&A are incorporated by reference in this presentation . Further details on these non - GAP financial measures are included on pages 35 to 51 of the >ȒȅȵƏȇɵټɀ Q 4 2025 MD&A filed on SEDAR at w . sedarplus . ca and on EDGAR at w . sec . gov/edgar .
Slide 4 — •Cash costs
OVERVIEW 4 2025 OPERATING & FINANCIAL HIGHLIGHTS •Gold production ( atr .) of 765,90 oz in 2025 •Cash costs 1 (excl. royalties) of $1,230/oz, Cash costs 1 of $1,484/oz and AISC 1 of $1,90/oz mets guidance targets •Côté Gold achieved 10% nameplate throughput of 36,0 tpd in June 2025 ahead of schedule •2025 EBITDA of $1.5 bilion •De - levering ongoing ٫ Company repaid $40 M second lien notes in H2 2025 and $50 M on Credit Facility •Share buyback ongoing ٫ $10 M acquired since Dec 2025 LOKING FORWARD •2026 production ( atr .) of 720,0 ٫ 820,0 oz @ cash costs 1 (excl. royalties) of $1,10 ٫ $1,250/oz •Advancing Côté expansion plans to combine Côté and Goselin pits at a higher rate and increased mine life •Share buyback program ongoing for repurchase of up to 10% of IAG outstanding comon shares •Generate returns through growing fre cash flow, de - lever balance shet, and value apreciation A LEADING, MODERN CANADIAN - FOCUSED MULTI - ASET PRODUCER •Côté Gold: >ƏȇƏƳƏټɀ ȇƺɯƺɀɎ ǼƏȸǕƺ - scale open pit gold mine, a model for modern mining, with significant growth potential •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 2 : 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. This is a non - g!!∆ ǔǣȇƏȇƬǣƏǼ ȅƺƏɀɖȸƺِ …ƺǔƺȸ ɎȒ Ɏǝƺ ٹòȒȇ - g!!∆ fǣȇƏȇƬǣƏǼ ñƺƏɀɖȸƺɀٺ ɀƺƬɎǣȒȇ Ȓȇ ɀǼǣƳƺ ُ בِ 2. 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
Slide 5 — CÔTÉ GOLD
5 OPERATIONS OVERVIEW 5 Operating Advanced Exploration CÔTÉ GOLD 1 Ontario, Canada (70% IMG | 30% SM 1 ) Start - up 2024 Mine type Open pit Estimated mine life ~2041+ 2026 Guidance (70%) (10%) 270,0 ٫310,0 oz 390,0 ʹ40,0 oz $90 ʹ$1,050/oz C exR 2 $1,75 ʹ$1,925/oz AISC 2 ESAKANE Burkina Faso, West Africa (85% IMG) Start - up 2010 Mine type Open pit Estimated mine life ~2028+ 2026 Guidance , 85% 340,0 ٫380,0 oz $1,150 ʹ$1,30/oz C exR 2 $2,0 ʹ$2,150/oz AISC 2 1. Côté Gold is owned as a 70 / 30 JV betwen IMG and Sumitomo Metal Mining Co . Ltd . and caries a 7 . 5 % NPI royalty . 2. C exR = cash costs (excluding royalties) : royalty costs at Côté Gold and Esakane estimated at $ 30 /oz and $ 450 /oz, respectively, at $ 4 , 0 /oz Au ; C = cash costs ; AISC = Al - in sustaining costs ; These are non - GAP financial measure . Refer to ٹòȒȇ - GAP Financial ñƺƏɀɖȸƺɀٺ on slide # 3 3. M&I resources inclusive of mineral reserves . 4. Net Aset Value is estimated using the average of consensus estimates 5. On Dec 19 , 2025 and Dec 2 , 2025 , IAMGOLD closed the previously anounced agrements to acquire Northern Superior Resources and Mines Ƴټ£ȸ Orbec NELIGAN MINING COMPLEX 5 Quebec, Canada (10% IMG) Status Pre - production Deposit type Open pit/Sat. UG Indicated Mineral Resources 3,5 4.3 Moz Infered Mineral Resources 3,5 7.5 Moz WESTWOD Quebec, Canada (10% IMG) Start - up 2014 Mine type Underground/Sat. OP Estimated mine life ~2032+ 2026 Guidance , 10% 10,0 ٫130,0 oz $1,50 ʹ$1,650/oz C 2 $1,950 ʹ$2,10/oz AISC 2 Mineral Resources 3 by Geography Canada 87% Net Aset Value 4 by Geography Canada 82%
Slide 6 — •Sponsor of the Artemis Project
ACOUNTABILITY ENVIRONMENTAL •Key focus in 2025 on water and biodiversity •Established corporate biodiversity roadmap in 2024, initiated development of site - specific regional biodiversity strategies in 2025 •Westwod pilot water recycling projects completed, implementation planed for 2026 to reduce water withdrawal from Bousquet River •Adherence and reporting to the TSM Water Stewardship Protocol GOVERNANCE & DIVERSITY •Board diversity with women representing ~4% of directors; average tenure of ~ 2 years •Established guidelines on board diversity and renewal in line with best practices •Sponsor of the Artemis Project , which aims to promote female busines owners and entrepreneurs in the mining sector SOCIAL/ECONOMIC DEVELOPMENT •Esakane: contributed $12 milion in 2024 to the Mining Fund for Local Development; •Burkina: Phase I of the Triangle ƳټMƏɖ Project was aproved to upgrade water infrastructure to bring potable water to an aditional 75,0 people •Côté Gold: implementation of socio - economic management and monitoring activities in colaboration with local partners 0.87 0.67 0.76 0.76 0.69 0.63 0.60 2019 2020 2021 202 2023 2024 2025 Total Recordable Injuries (TRI) 1
Slide 7 — PRODUCTION
7 2025 OPERATING HIGHLIGHTS PRODUCTION • Gold production (atr. 1 ) of 765,90 oz | Q4: 242,40 oz ʹ within guidance • Côté production ( atr . 1 ) of 279,90 oz (39,80 oz @ 10%) • Westwod production of 13,90 oz • Esakane production ( atr . 1 ) of 372,10 oz (427,20 oz @ 10%) • Production in Q4 was a record at al operations OPERATING COSTS (per gold ounce sold) • Cash costs (excl. royalties) 3 of $1,230/oz | $1,031 in Q4 • Cash costs 3 of $1,484/oz | $1,367 in Q4 • AISC 3 of $1,90/oz | $1,750 in Q4 ٫ within guidance CÔTÉ GOLD • Third consecutive quarter of steady production with nameplate achieved in June 2025 • Expansion mine plan outlining a larger, longer mine life on track for Q4 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 financial statements. 3. This is a non - g!!∆ ǔǣȇƏȇƬǣƏǼ ȅƺƏɀɖȸƺِ …ƺǔƺȸ ɎȒ ٹòȒȇ - g!!∆ fǣȇƏȇƬǣƏǼ ñƺƏɀɖȸƺɀٺ Ȓȇ ɀǼǣƳƺ ُ בِ OPERATING RESULTS Q4 2025 Q4 2024 2025 2024 Côté Gold (atr. 1 ) koz 87.2 62.4 279.9 124.0 Westwod koz 37.9 34.6 13.9 13.7 Esakane (atr. 1 ) koz 17.3 79.7 372.1 408.8 Production ( atr .) koz 242.4 176.7 765.9 6.5 Gold sales ( atr .) koz 238.9 176.5 763.7 653.7 Realized gold price $/oz $4,191 $2,525 $3,482 $2,30 Cash costs (excl. royalties) 3 $/oz $1,031 $1,138 $1,230 $1,07 Cash costs 3 $/oz $1,367 $1,294 $1,484 $1,152 AISC 3 $/oz $1,750 $1,949 $1,90 $1,716 Capex 3 ʹ sustaining $M $74.7 $93.6 $274.7 $290.8 Capex 3 ʹ expansion $M $8.0 $7.4 $32.6 $196.1 PRODUCTION ( atr .) & COSTS 2 CAPITAL EXPENDITURES 90 1,20 1,50 1,80 2,10 0 50 10 150 20 250 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $/oz '0 ounces Esakane Westwod Côté Cash costs AISC 0 30 60 90 120 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $M Sustaining Expansion Côté Exp. (atr.)
Slide 8 — GOLD PRODUCTION
8 + GOLD PRODUCTION (atributable ounces) 2026 CASH COST 1 ($/ounce sold) 2026 AISC 1 ( $/ounce sold ) 2025 GUIDANCE 2026 Côté Gold 279,90 (39,80 @ 10%) 270,0 ٫ 310,0 (390,0 ٫ 40,0 @ 10%) Westwod 13,90 10,0 ٫ 130,0 Esakane 372,10 (427,20 @ 10%) 340,0 ٫ 380,0 (40,0 ٫ 40,0 @ 10%) Total 765,90 720,0 ٫ 820,0 SUSTAINING CAPEX 2, 3 ($M ) COMENTS • Royalty costs for Côté Gold and Esakane equate to $30/oz and $450/oz, respectively, at a $4,0/oz gold price asumption; • Sustaining capital guidance at Côté Gold includes $50M of non - recuring capital to improve the operating eficiency and long - term operating cost structure of the mine. This equates to aproximately ~$120/oz in AISC. 2025 GUIDANCE 2026 Côté Gold 2,3 ( atr .) $103.8 $160 Westwod 2 $63.9 $5 Esakane 2 $106.9 $165 $80 $1,10 $1,40 $1,70 $2,0 $1,10 $1,40 $1,70 $2,0 $2,30 $1,10 $1,40 $1,70 $2,0 $2,30 $80 $1,10 $1,40 $1,70 $2,0 $1,10 $1,40 $1,70 $2,0 $2,30 $80 $1,10 $1,40 $1,70 $2,0 $1,10 $1,40 $1,70 $2,0 $2,30 $80 $1,10 $1,40 $1,70 $2,0 2026 GUIDANCE 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 financial statements. 3. This is a non - g!!∆ ǔǣȇƏȇƬǣƏǼ ȅƺƏɀɖȸƺِ …ƺǔƺȸ ɎȒ ٹòȒȇ - g!!∆ fǣȇƏȇƬǣƏǼ ñƺƏɀɖȸƺɀٺ Ȓȇ ɀǼǣƳƺ ُ בِ 4. Capital expenditures represent incured expenditures for property, plant and equipment and exploration and evaluation asets, an d exclude right - of - use asets. 2025 AISC AISC Guidance 2025 Cash Costs Cash Cost Guidance Cash Costs (excl. royalties)
Slide 9 — 9
9 Q4 FINANCIAL HIGHLIGHTS CASH FLOW & BALANCE SHET • Record mine - site fre cash flow of $626.6 M in Q4 2025 • De - levering ongoing ٫ net debt decreased by $468.8 B in 2025 BUYBACK PROGRAM • NCIB in place for purchase of up to 10% of shares outstanding over a 12 month period • $10 M acquired to date since December 2025 LIQUIDITY (as at Dec 31, 2025) • Cash and equivalents 1 of $421.9 M and total liquidity of $868.6 M • $197.5 M of cash (and equiv.) held by Esakane • Subsequent to year - end, $130 M received from Esakane ESAKANE DIVIDEND • MɀɀƏǸƏȇƺ ƳƺƬǼƏȸƺƳ Ə ƳǣɮǣƳƺȇƳ ƳɖȸǣȇǕ »אٖ אאד Ȓǔ ڟזדד ñ Ȓǔ ɯǝǣƬǝ u!gټɀ atributable portion is $680.7 M (net of taxes, etc.) • Burkinabe Government received its portion of the dividend totaling $128.3 M in June 2025 • Since Sept, IAG received $291 M + $171 M (post - YE) from Esakane via dividends and intercompany loan payments as part of new cash repatriation structure 1. As at December 31, 2025, excluding restricted cash of $71.0 M related to closure obligations at Esakane, Westwod and Côté G old LONG - TERM DEBT Dec 31 Sept 30 ($ milions) 2025 2025 Credit Facility $20.0 $250.0 5.75% senior notes* 450.0 450.0 Term Loan 0.0 30.0 Equipment loan 1.0 1.5 Leases* 12.0 18.9 Leters of credit 4.3 8.1 Total debt $767.3 $1,128.5 Cash and investments 42.9 315.3 Net debt $34.4 $813.2 ن דِ ודۏ ɀƺȇǣȒȸ ȇȒɎƺɀ ȅƏɎɖȸƺ Ȓȇ £ƬɎȒƫƺȸ דً אאז ٢fǣɎƬǝي =ڷً ñȒȒ - ) * Lease balances includes Cote CAT leases at 70% and other leases at 10% Cash ST Investments Available Credit Facility $868.6M TOTAL LIQUIDITY J ˂ म ࠷ ࠵ ࠴ ࠼ ’ ˏ ˵ ɩ ˵ J͍ ɾ ˏͩ â ˏ ˵ ˏ Ω ࢸ म ࠸ ࠺ ’
Slide 10 — 2025 CASH FLOW RECONCILIATION
10 $421.9 - $1.0 - $50.0 - $128.3 - $64.6 - $416.0 - $20.0 - $19.4 - $30.8 - $34.6 - $293.5 - $78.5 - $171.5 - $154.3 +$1,546.9 $347.5 Cash @ Sept 31, 2025 Other financing, FX NCIB Dividends paid to BF Interest paid, net 2nd Lien Loan Paymt Net Credit Facility Investing activities (other) NSUP & Orbec Borowing costs Capital expenditures ȴ íͬ / Θ ƐƚŽĐŬƉŝůĞƐ͕ !wh Taxes paid Gold prepay defered revenue Operating activities (before WC) Cash @ Dec 31 2024 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS (In $ milions, unles otherwise stated) Q4 2025 Q4 2024 2025 2024 Revenues $1,08.1 $469.9 $2,852.8 $1,63.0 Gros profit $593.6 $130.9 $1,206.2 $549.9 EBITDA 1 $685.5 $259.5 $1,502.9 $1,323.0 Adj. EBITDA 1 $710.1 $215.4 $1,50.5 $780.6 Net earnings $406.6 $86.2 $64.4 $819.6 Adj. net earnings 1 $405.8 $57.2 $709.2 $296.0 Adj. EPS ʹ $/ sh equity 1 $0.70 $0.10 $1.23 $0.5 Net cash operating activities (ex - WC) 1 $691.4 $127.2 $1,204.4 $60.4 Net cash operating activities $701.7 $102.6 $1,142.6 $486.0 Mine - site fre cash flow 1 $626.6 $78.2 $1,19.0 $385.1 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 2025 CASH FLOW RECONCILIATION Operating Investing Financial 0 250 50 750 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $ milion adj. EBITDA 0 175 350 525 70 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $ milion Mine-site FCF 0.0 0.25 0.50 0.75 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $/share adj EPS 0 50 1,0 1,50 2,0 2,50 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $/oz AISC Margin
Slide 11 — CÔTÉ GOLD MINE
CÔTÉ GOLD MINE
Slide 12 — Q4 OVERVIEW
1. This is a non - g!!∆ ǔǣȇƏȇƬǣƏǼ ȅƺƏɀɖȸƺِ …ƺǔƺȸ ɎȒ ٹòȒȇ - g!!∆ fǣȇƏȇƬǣƏǼ ñƺƏɀɖȸƺɀٺ Ȓȇ ɀǼǣƳƺ ُ בِ (10% basis, unles otherwise stated) Q4 2025 Q4 2024 2025 2024 Ore mined kt 4,514 3,637 14,640 10,849 Grade mined g/t 1.04 1.07 0.94 0.97 Material mined ٫ total kt 1,081 10,847 45,108 39,36 Ore miled kt 2,874 2,43 10,89 4,948 Head grade g/t 1.4 1.34 1.2 1.37 Recovery % 94% 91% 93% 92% Production ʹ 10% koz 124.6 96.1 39.8 19.1 Production ʹ atr . koz 87.2 62.4 279.9 124.0 Cash costs (excl. royalties) 1 $/oz $949 $902 $1,020 $875 Cash costs 1 $/oz $1,265 $1,080 $1,268 $1,032 Al - in sustaining costs 1 $/oz $1,68 $1,685 $1,636 $1,658 Sustaining capital 1 ٫ atr . $M $30.7 $25.6 $103.8 $42.7 Expansion capital 1 ٫ atr . $M $5.7 $5.4 $23.7 $191.0 Q4 OVERVIEW • Production (70%): 87,20 oz | 279,90 oz in 2025 (10%): 124,60 oz | 39,80 oz in 2025 • Consecutive record quarter of production for Côté Gold folowing mine achieving nameplate in June 2025 MINING • Total tones mined of 1.1 M tones and total ore tones of 4.5 M tones • Strip ratio of 1.5:1 • Avg grade mined of 1.04 g/t in line with mine plan • Rehandling of material continued in Q4 to suport agregate crusher ahead of 2 nd cone crusher instalation MILING • Mil throughput of 2.9 M tones • Instalation of 2 nd cone crusher completed in November with comisioning through December • Miling operations wil phase out suplementary agregate crusher over H1 2026 • Head grades of 1.4 g/t • Recoveries of 94% above design rates PRODUCTION & COSTS 1 THROUGHPUT & GRADE MINING & STRIP RATIO CAPITAL EXPENDITURES CÔTÉ GOLD (70% Interest ) 12 0.0 1.0 2.0 3.0 0 4 8 12 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Strip ratio M tones Ore mined Waste mined Strip ratio 0.9 1.1 1.3 1.5 0 1 2 3 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 g/t M tones Throughput Head grade 0 10 20 30 40 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $ milion Sustaining Expansion 0 60 120 180 0 30 60 90 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $/oz '0 ounces (70%) Production, atr. Cash costs AISC
Slide 13 — • Temporary agregate crusher deployed in 2025 to
13 0 5 10 15 20 25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $/t OP Mining cost (/t mined) Procesing cost (/t miled) G&A cost (/t miled) CÔTÉ GOLD (70% Interest ) COSTS • Cash costs 1 (excluding royalties) of $949/oz, cash costs 1 of $1,265/oz & AISC 1 of $1,68/oz in Q4 • Cost profile improvement expected folowing instalation of second cone crusher in Dec 2025 (completed) and operational improvements • Temporary agregate crusher deployed in 2025 to achieve nameplate of 36,0 tpd ahead of schedule and provide redundancy • Procesing costs higher in Q4 due to increased proportion of material procesed by agregate crusher while cone crusher being instaled • Mining costs to improve as rehandling reduced without agregate crusher 1. This is a non - g!!∆ ǔǣȇƏȇƬǣƏǼ ȅƺƏɀɖȸƺِ …ƺǔƺȸ ɎȒ ٹòȒȇ - g!!∆ fǣȇƏȇƬǣƏǼ ñƺƏɀɖȸƺɀٺ Ȓȇ ɀǼǣƳƺ ُ ב 2. Operating Unit Costs: Mining cost = per tone of material mined; Procesing and G&A cost = per tone of ore procesed OPERATING UNIT COSTS 2 TONES OUTLOK Atr . 2025 2026 Guidance Production oz (10%) (70%) 39,80 279,90 390,0 ٫ 40,0 270,0 ٫ 310,0 Cash costs (excl. royalties) 1 $/oz $1,020 $90 ٫ $1,050 Cash costs 1 $/oz $1,268 $1,20 ٫ $1,350 AISC 1 $/oz $1,636 $1,75 ٫ $1,925 Sustaining capital 1 $M (70%) $103.8 $160 ( ± 5%) Expansion capital 1 $M (70%) $23.7 $85 ( ± 5%) 0.0 1.0 2.0 3.0 4.0 6 8 10 12 14 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 T/P (Mt) Mining (Mt) Total Mined Throughput
Slide 14 — MINERAL RESERVE & RESOURCE ESTIMATE
14 MINERAL RESERVE & RESOURCE ESTIMATE • Mine plan likely to include staged capital as Côté pit curently has over 40 Mt in M&I and is higher grade than Goselin • TMF curent capacity at 230 Mt with expansion potential CÔTÉ GOLD EXPANSION PLANT EXPANSION • Pursuing plan to expand Côté plant from 36,0 tpd to 50,0+ tpd • Curent ore mining design rate of ~ 50,0 tpd based on 2:1 strip ratio • New technical report and mine plan to be released in H2 2026 • Expansion likely to include a 2 nd dry crushing line, 3 rd vertimil, optimized refed systems and increased fine ore dome capacity and leach tanks • Prioritize plant expansion with enginering work expected to comence after release of updated technical report Conceptual Super Pit 1. M&I resources are inclusive of P&P Mineral Reserves, refer to Mineral Reserves and Resources Statement in Apendix. Tones Grade Ounces (as of Dec 31, 2025) ٢ (g/t) ٢ Proven & Probable: Côté 217,167 1.01 7,041 Measured + Indicated (incl. reserves): Côté 42,707 0.83 1,295 Measured + Indicated 2 : Goselin 26,741 0.80 6,861 Total Measured + Indicated 2 (incl. reserves) 689,47 0.82 18,156 Total Infered: Côté + Goselin 10,60 0.67 2,165