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-overyear, 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.
- 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 liquidity1 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 credit1, 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) | 161.0 | ||
| 183.6 | |||
| 51.1 23.9 86.0 | |||
| - Côté Gold1 | 52.3 | ||
| - Westwood | 36.2 | ||
| - Essakane2 | 95.1 | ||
| 164.7 | |||
| Gold sales – attributable (000s oz) | 193.7 | ||
| 51.6 27.2 85.9 | |||
| - Côté Gold1 | 55.1 | ||
| - Westwood | 37.5 | ||
| - Essakane2 | 101.1 | ||
| Cost of sales3 ($/oz sold) | $ 1,619 | $ 1,465 | |
| - Côté Gold1 | $ 1,713 | $ 1,264 | |
| - Westwood | $ 1,296 | $ 1,547 | |
| $ 1,560 | |||
| - Essakane2 | $ 1,688 | ||
| $ 1,280 | |||
| Cash costs4 – excluding royalties ($/oz sold) | $ 1,201 | ||
| $ 1,074 $ 1,527 $ 1,324 | |||
| - Côté Gold1 | $ 1,369 | ||
| - Westwood | $ 1,270 | ||
| - Essakane2 | $ 1,083 | ||
| 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 throughout this news release. | |||
| 3. E | |||
| 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 2025 | ||
|---|---|---|
| Q1 2026 | ||
| $ 1,030.1 | ||
| $ 570.7 | ||
| $ 657.0 | ||
| $ 666.3 | ||
| Net earnings attributable to equity holders | $ 379.7 | |
| Adjusted net earnings attributable to equity holders1 | $ 391.1 | |
| $ 0.65 | ||
| $ 0.67 | ||
| $ 629.5 | ||
| $ 569.9 | ||
| $ 524.6 | ||
| $ 88.6 | ||
| $ 12.8 | $ 5.3 |
| December 31 2025 | |||
|---|---|---|---|
| March 31 | |||
| 2026 | |||
| Financial Position ($ millions) Cash and cash equivalents Long-term debt | $ 421.9 | ||
| $ 550.2 | |||
| $ 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 exploration and evaluation assets, and | |||
| exclude right-of-use assets and working capital impacts. |
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OUTLOOK
Production (000 oz)
| Full Year | |||
|---|---|---|---|
| Actual Q1 2026 | Guidance 2026 | ||
| Côté Gold – (70%) Westwood – (100%) Essakane – (85%) | 52.3 | 270 – 310 | |
| 36.2 | 110 – 130 | ||
| 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
| Full Year | |||
|---|---|---|---|
| Actual Q1 2026 | Guidance3 2026 | ||
| Côté Gold | |||
| Cash costs – excluding royalties ($/oz sold) Cash costs – including royalties3 ($/oz sold) AISC – including royalties3 ($/oz sold) | $1,369 | $900 – $1,050 | |
| $1,704 | $1,200 – $1,350 | ||
| $2,109 | $1,775 – $1,925 | ||
| Westwood | |||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,270 | $1,500 – $1,650 | |
| $1,733 | $1,950 – $2,100 | ||
| Essakane | |||
| Cash costs – excluding royalties ($/oz sold) Cash costs – including royalties3 ($/oz sold) AISC – including royalties3 ($/oz sold) | $1,083 | $1,150 – $1,300 | |
| $1,680 | $1,600 – $1,750 | ||
| $2,125 | $2,000 – $2,150 | ||
| Consolidated | |||
| Cost of sales1 ($/oz sold) Cash costs1,2 – excluding royalties ($/oz sold) Cash costs1,2 – including royalties3 ($/oz sold) AISC1,2 – including royalties3 ($/oz sold) | $1,619 | $1,425 – $1,575 | |
| $1,201 | $1,100 – $1,250 | ||
| $1,608 | $1,425 – $1,575 | ||
| $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. | |||
| 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 | ||||
| Gold Price | $ per ounce sold | |||
| 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 $12 per ounce, exclusive of broader indirect inflationary pressures on input costs and the supply chain. For further information on the expected impacts from fluctuation in guidance assumptions, refer to the Sensitivity Impact table included in the “Financial Condition” section.
Capital Expenditures
| ($ millions) | Actual Q1 2026 | Full Year Guidance 20261 | ||||
|---|---|---|---|---|---|---|
| Sustaining | Expansion | Total | Sustaining | Expansion | Total | |
| Côté Gold (70%) Westwood (100%) Essakane (100%) | $ 18.8 | $ 9.1 | $ 27.9 | $ 160 | $ 85 | $ 245 |
| 16.6 | 3.1 | 19.7 | 55 | 30 | 85 | |
| 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 nonrecurring 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 $120 million ±5% in 2026. The expansion capital at Côté Gold is to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood to support the study of options to increase mining volumes including the potential for bulk mining in the eastern parts of Westwood underground.
Exploration Outlook
| ($ millions) | Actual Q1 2026 | Full Year Guidance 2026 | ||||
|---|---|---|---|---|---|---|
| Capitalized | Expensed | Total | Capitalized Expensed Total | |||
| Exploration projects – greenfield Exploration projects – brownfield | $ 4.9 | $ 6.4 | $ 11.3 | $ 11 | $ 34 | $ 45 |
| 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 Income taxes paid | $115.7 | $480 (±5%) | ||
| $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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Côté Gold Mine (IAMGOLD interest – 70%) | Ontario, Canada
| Q1 2026 | Q1 2025 | |
|---|---|---|
| Key Operating Statistics (100% basis, unless otherwise stated) Ore mined (000s t) Grade mined (g/t) Operating waste mined (000s t) Capital waste mined (000s t) Total material mined (000s t) Strip ratio1 Ore milled (000s t) Head grade (g/t) Recovery (%) Gold production (000s oz) – 100% Gold production (000s oz) – 70% Gold sales (000s oz) – 100% Gold sales (000s oz) – 70% Average realized gold price2 ($/oz) | 3,115 0.78 5,667 1,973 10,755 2.5 2,097 1.17 93 73.0 51.1 73.8 51.6 | |
| 3,553 | ||
| 0.99 | ||
| 4,947 | ||
| 826 | ||
| 9,326 | ||
| 1.6 | ||
| 2,341 | ||
| 1.07 | ||
| 93 | ||
| 74.7 | ||
| 52.3 | ||
| 78.4 | ||
| 55.1 | ||
| $ 4,833 | $ 2,925 | |
| Financial Results ($ millions – attributable interest) Revenues3 Cost of sales3 Production costs (Increase)/decrease in finished goods Royalties4 Cash costs2 Sustaining capital expenditures2 Expansion capital expenditures2 Total sustaining and expansion capital expenditures2 Earnings from operations Mine-site free cash flow2 | ||
| $ 267.1 | $ 151.2 | |
| 94.5 | 65.2 | |
| 77.4 | 56.4 | |
| (1.4) | (0.8) | |
| 18.5 | 9.6 | |
| 94.0 | 65.1 | |
| 18.8 | 18.2 | |
| 9.1 | 3.1 | |
| 27.9 | 21.3 | |
| 131.0 | 49.7 | |
| 111.9 | 57.6 | |
| Unit costs per tonne2 Mine costs per operating tonne mined2 Mill costs per tonne milled2 G&A costs per tonne milled2 | ||
| $ 5.14 | $ 3.49 | |
| $ 24.62 | $ 20.18 | |
| $ 9.17 | $ 8.89 | |
| Operating costs per ounce5 Cost of sales excluding depreciation ($/oz sold) Cash costs2 – excluding royalties ($/oz sold) Cash costs2 ($/oz sold) | ||
| $ 1,713 | $ 1,264 | |
| $ 1,369 | $ 1,074 | |
| $ 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 presented in this table due to rounding.
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Côté Gold attributable gold production in the first quarter 2026 was 52,300 ounces (74,700 ounces | 100%), a 2% increase from the prior year period.
Mining activity totaled 9.3 million tonnes in the first quarter 2026, lower by 1.4 million tonnes or 13% compared to the same prior year period. Ore tonnes mined were 3.6 million tonnes, or 14% higher than the prior year period, due to a lower strip ratio of 1.6:1. The average grade mined was 0.99 g/t in the first quarter 2026, an increase of 27% over the prior year period, in line with expectations. Total tonnes mined was lower in January and February as the operation completed pioneering and overburden removal activities required for the pit pushback and managed seasonal winter conditions. Mining activity increased in March following the commencement of drilling and blasting in the pushback area. As the Company expands the pit operating area, increased flexibility and operating space are expected to improve efficiencies and unit costs and reduce the impact of winter events on mining activities.
Mill throughput in the first quarter 2026 totaled 2.3 million tonnes, an increase of 12% over the prior year period, however lower than planned. [Throughput was limited in the quarter by unplanned downtime resulting from a conveyor belt that had increased wear and splits on splice joints following an increase in the material load after the commissioning of the additional secondary crusher, compounded by winter conditions. Reinforcement repairs were made in early April and the belt performance has improved, though at a slightly reduced capacity with throughput averaging 32,000 tonnes per day in April. A replacement conveyor belt will be installed in May as part of the scheduled maintenance shutdown.
The Company continued to supplement crushing capacity with the contracted aggregate crusher. The Company completed the commissioning of the second cone crusher at the end of last year and continues to expect to phase out the temporary aggregate crushing circuit at the end of the first half of 2026. Improvements to the crushing circuit have been realized with improved wear rates on the HPGR rollers with better sized material now feeding the HPGR. As a result, the planned replacement of the rollers was extended from February to May. A longer HPGR lifespan is expected to translate into reduced maintenance costs and improved crushing circuit availability.
Head grade for the first quarter was 1.07 g/t, in line with the guidance for the year of 1.0 to 1.1 g/t. Head grades were 9% lower than the prior year, as the proportion of ore feed direct from the pit increases in contrast to the prior period which relied upon the higher grade stockpiles built during the project ramp-up. Recoveries in the plant averaged 93% in the quarter, in line with the prior year period. The reconciliation between the reserve models, grade control models, mill feed and production continues to be in line with expected tolerances.
The Company plans to release an updated technical report in the fourth quarter 2026 that is expected to outline a larger scale Côté Gold Mine with a conceptual mine plan including both the Côté and Gosselin zones. The technical report is expected to envision an expansion of the processing plant from 36,000 tpd to 50,000 - 55,000 tpd, with a mine plan targeting a subset of the combined mineral inventory that currently measures 18.2 million ounces Measured and Indicated Mineral Resources and 2.2 million ounces Inferred Mineral Resources. The Company will be publishing an updated Mineral Resource estimate for Côté Gold in the second quarter 2026 to incorporate the final infill holes at the end of last year with the goal to further upgrade ounces to Measured and Indicated.
Financial Performance (70% basis) – Q1 2026 Compared to Q1 2025
Production costs of $77.4 million during the three months ended March 31, 2026, were $21.0 million or 37% higher than the same prior year period primarily from higher use of the contractor aggregate 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 an emergent increase in diesel prices during the end of the quarter resulting from the conflict in the Middle East.
- While mining and milling costs remained elevated in the first quarter 2026, the Company continues to execute its plans to reduce mining and milling costs below 2026 year end targets of $4/t and $15/t respectively and realize further reductions in 2027 onwards.
- Mining costs averaged $5.14 per tonne mined during the three months ended March 31, 2026. Mining costs were impacted by lower volumes mined, an increase in diesel costs, as well as the continued operation of the
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contractor aggregate crusher that increased rehandling and utilization of haul trucks. The impact is expected to reduce as the contractor aggregate is phased out at the end of the first half of 2026.
- Milling costs were $24.62 per tonne milled during the three months ended March 31, 2026. Unit costs remained higher in the first quarter due to the lower throughput volumes, compounded by increased utilization of the temporary aggregate crusher. Unit costs are expected to decline as the contractor aggregate crushing is phased out at the end of the first half of the year, as well as on increased volumes and maintenance cycle improvements.
- G&A costs were $9.17 per tonne milled during the three months ended March 31, 2026.
Cost of sales, excluding depreciation, of $94.5 million was $29.3 million or 45% higher than the prior year period. Cost of sales per ounce sold, excluding depreciation, of $1,713 was $449 or 36% higher primarily due to higher production costs and higher royalties.
Cash costs, excluding royalties, of $75.5 million were $20.0 million or 36% higher than the prior year period, and cash cost per ounce sold, excluding royalties, of $1,369, was higher by $295 or 27%, primarily due to higher production costs.
Royalties during the three months ended March 31, 2026, were $18.5 million or $335 per ounce (20% of cash costs), 93% higher compared to the prior year period due to higher gold prices.
Cash costs, including royalties, of $94.0 million were $28.9 million or 44% higher than the prior year period. Cash cost per ounce sold of $1,704 was higher by $444 or 35%, primarily due to higher production costs.
AISC per ounce sold of $2,109 was higher by $466 or 28%, primarily due to higher cash costs per ounce sold and higher production and sales volume.
Capital expenditures totaled $27.9 million ($39.8 million | 100%) in the first quarter 2026. Sustaining capital expenditures totaled $18.8 million ($26.8 million | 100%), including $8.8 million of tailings infrastructure and related earthworks, $5.0 million of capital projects related to operational improvements and ramp-up, $4.9 million of mobile equipment and critical spares, and $0.1 million of other capital projects. Expansion capital of $9.1 million ($13.0 million | 100%) included $7.8 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $1.3 million of related infrastructure improvements.
Mine-site free cash flow, on an attributable basis, was $111.9 million ($159.9 million | 100%) for the three months ended March 31, 2026, on the strength of record revenues of $267.1 million with gold sales of 55,100 ounces at the realized gold price of $4,833 per ounce, resulting in operating cash flows of $144.1 million ($205.9 million | 100%) offset by capital expenditures totaling $32.2 million.
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 and 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 in the expansion to derisk the larger build.
Mining activities in 2026 are planning a total of approximately 52 million tonnes of material mined. This includes a large pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mill throughput is expected to total approximately 12 to 13 million tonnes, with the plant averaging 36,000 tpd (nameplate) over the course of the year. Plant head grades are expected to average between 1.0 g/t and 1.1 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 in the range of $900 to $1,050 per ounce sold. Cash costs including royalties, at a gold price assumption of $4,000 per ounce, are estimated to be $1,200 to $1,350 per ounce sold. At a $5,000/oz gold price, cash costs including royalties would be approximately $185 per ounce sold higher. AISC, including royalties at a gold price assumption of $4,000 per ounce, is expected to be in the range of $1,775 to $1,925 per ounce sold. Côté Gold relies on diesel to operate the haul trucks, while the shovels and
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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.
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 the expansion, as well as the acceleration of certain expansion related plant construction activities, including an additional Vertimill in early 2027.
Exploration
The Gosselin zone is located immediately to the northeast of the Côté zone. Following the completion of the delineation diamond drilling program in 2025 which aimed at increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category, 2026 activities will include 10,000 metres of exploration drilling to test the north and north-east area of the Gosselin zone. Approximately 4,400 metres were drilled in the quarter.
The results of the 2025 Gosselin drilling program are all received and will be included in the updated Mineral Reserves and Mineral Resources estimate in the second quarter of 2026. The estimate will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a conceptual mine plan targeting both the Côté and Gosselin zones over the life of mine. This updated technical report is expected to be completed by the end of 2026.
Côté Zone Drilling
An infill drilling program of 20,000 metres is planned on the Côté zone and extensions to Gosselin. Approximately 4,200 metres of surface diamond drilling (including approximately 1,200 metres of geotechnical drilling) were completed in the first quarter of 2026. 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.
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Westwood Complex (IAMGOLD interest – 100%) | Quebec, Canada
| Q1 2026 | Q1 2025 | |
|---|---|---|
| Key Operating Statistics Underground lateral development (metres) Ore mined (000s t) – underground Ore mined (000s t) – open pit Ore mined (000s t) – total Grade mined (g/t) – underground Grade mined (g/t) – open pit Grade mined (g/t) – total Ore milled (000s t) Head grade (g/t) – underground Head grade (g/t) – open pit Head grade (g/t) – total Recovery (%) Gold production (000s oz) Gold sales (000s oz) Average realized gold price1 ($/oz) | 1,147 89 | |
| 1,153 | ||
| 106 | ||
| 60 | 192 | |
| 166 | 281 | |
| 9.83 | 6.29 | |
| 0.83 | 1.31 | |
| 6.59 | 2.89 | |
| 303 | 282 | |
| 9.85 | 6.28 | |
| 1.08 | 1.37 | |
| 4.04 | 2.89 | |
| 92 | 91 | |
| 36.2 | 23.9 | |
| 37.5 | 27.2 | |
| $ 4,894 | $ 2,914 | |
| Financial Results ($ millions) Revenues2 Cost of sales2 Production costs (Increase)/decrease in finished goods Cash costs1 Sustaining capital expenditures1 Expansion capital expenditures1 Total sustaining and expansion capital expenditures1 Earnings from operations Mine-site free cash flow1 | ||
| $ 184.3 | $ 79.8 | |
| 48.5 | 42.1 | |
| 47.5 | 41.0 1.1 | |
| 1.0 | ||
| 47.6 | 41.6 | |
| 16.6 | 15.1 — 15.1 | |
| 3.1 | ||
| 19.7 | ||
| 117.3 | 21.1 | |
| 110.0 | 16.6 | |
| Unit costs per tonne1 Underground mining cost per tonne mined Open pit mining cost per operating tonne mined Milling cost per tonne milled G&A cost per tonne milled | ||
| $ 287.25 | $ 274.75 | |
| $ 8.25 | $ 7.24 | |
| $ 27.50 | $ 23.26 | |
| $ 19.89 | $ 22.70 | |
| Operating costs per ounce3 Cost of sales excluding depreciation ($/oz sold) Cash costs1 – excluding royalties ($/oz sold) Cash costs1 ($/oz sold) AISC1 ($/oz sold) | ||
| $ 1,296 | $ 1,547 $ 1,527 $ 1,527 $ 2,124 | |
| $ 1,270 | ||
| $ 1,270 | ||
| $ 1,733 |
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.
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