IAMGOLD Reports Second Quarter 2026 Results
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, August 6, 2026 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”) today reported its financial and operating results for the second quarter ended June 30, 2026.
"IAMGOLD delivered another strong and safe quarter, producing 188,100 ounces of gold and generating $507.3 million of adjusted EBITDA, keeping us firmly on track to achieve our full-year guidance of 720,000 to 820,000 ounces," said Renaud Adams, President and CEO. "At Côté Gold, the replacement of the conveyor belt in May and the commissioning of our second cone crusher allowed the plant to operate at near full capacity in June, and with contracted crushing now behind us, we expect production to increase and unit costs to decline through the second half of the year. Westwood and Essakane again delivered solid results. Our balance sheet has never been stronger, with a net cash position and $1.3 billion in liquidity, while returning nearly $150 million to shareholders in the quarter through our buyback program."
"Beyond this near-term progress, the scale of Côté's long-term potential continues to grow. As we advanced our technical work this year, the consolidation of the Côté and Gosselin Mineral Resources, now exceeding 20 million ounces of Measured and Indicated, materially expanded the opportunity set in front of us – and we have chosen to take the time to thoroughly evaluate rather than constrain it to a single scenario. As a result, the details of the updated technical report which are expected in the fourth quarter will outline a clear, near-term path to increase processing rates toward 40,000 tonnes per day through targeted debottlenecking, supported by a significantly larger reserve base, extended mine life and further cost optimization. Concurrently, we will continue to advance trade-off studies on a further expansion of the project, reflecting our growing conviction in the size and quality of this world-class asset and its ability to support a larger operation over the long term. With a strengthened balance sheet and a compelling pipeline of growth across Côté, Essakane, Westwood and Nelligan, IAMGOLD is exceptionally well positioned to create lasting value for our shareholders."
HIGHLIGHTS:
Operating and Financial
- Attributable gold production was 188,100 ounces in the second quarter and 371,700 ounces year-to-date (“YTD”), with the Company on track to achieve its 2026 production guidance of 720,000 to 820,000 ounces.
- Côté produced 67,300 attributable ounces (96,200 ounces | 100%) in the second quarter and 119,600 attributable ounces YTD (170,900 ounces | 100%). Production at Côté is expected to be higher in the second half of the year driven by increased processing rates as the impact from recent operational improvements continue to be realized;
- Westwood produced 32,400 ounces in the second quarter and 68,600 ounces YTD; and
- Essakane produced 88,400 attributable ounces (104,000 ounces | 100%) in the second quarter and 183,500 attributable ounces (215,900 ounces | 100%) YTD.
- Revenues in the second quarter totaled $856.9 million from sales of 195,100 ounces at an average realized gold price1 of $4,384 per ounce and $1,887.0 million YTD from sales of 406,600 ounces at an average realized gold price of $4,631 per ounce.
- Cost of sales per ounce sold was $1,651 ($1,635 YTD), cash cost1 per ounce sold, excluding royalties was $1,289 ($1,244 YTD), cash cost1 per ounce sold, including royalties was $1,642 ($1,624 YTD), and all-in sustaining cost1 (“AISC”)1 per ounce sold was $2,271 ($2,195 YTD).
- Net earnings and adjusted net earnings attributable to equity holders1 for the second quarter was $230.5 million ($610.2 million YTD) and $241.6 million ($632.7 million YTD), respectively.
- Net earnings and adjusted net earnings per share attributable to equity holders1 for the second quarter of $0.40 ($1.05 YTD) and $0.42 ($1.09 YTD), respectively.
- Net cash from operating activities was $445.1 million for the second quarter ($1,015.0 million YTD). Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $442.9 million for the second quarter ($1,072.4 million YTD).
- Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $495.3 million for the second quarter ($1,152.3 million YTD), and adjusted EBITDA1 was $507.3 million ($1,173.6 million YTD).
- Mine-site free cash flow1 was $368.9 million during the second quarter ($893.5 million YTD).
- The Company has available liquidity1 of $1,348.1 million as at June 30, 2026. Cash and cash equivalents was $501.4 million and the available balance of the revolving credit facility (“Credit Facility”) was $845.7 million. Net cash, excluding leases and letters of credit1, was $52.2 million.
- In health and safety, for the quarter ended June 30, 2026, the Company reported a total recordable injuries frequency rate (“TRIFR”) of 0.70 and is tracking at 0.56 for the year. IAMGOLD is continuing to advance its critical risk management program and visible leadership to improve safety and reduce high-potential incidents.
Corporate
- Continued cash flow generation in the second quarter allowed the Company to: purchase $147.9 million IAMGOLD shares (8.6 million shares) as part of the share buyback program and repay the remaining $100 million balance of its Credit Facility. Subsequent to quarter end and up to August 5, 2026, the Company has
purchased an additional 3.5 million shares for $52.5 million and has purchased 27.9 million shares for $510.4 million since the inception of the program in December 2025. 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.
- In June 2026, the Company completed the repatriation of $680.7 million from Essakane that represented its portion, net of withholding taxes, of the record $855 million dividend declared in 2025 payable to the Government of Burkina Faso and IAMGOLD. Total cash repatriated in the second quarter was $197.1 million, and $409.8 million year-to-date.
- In June 2026, Essakane declared its 2026 dividend of approximately $500 million from its 2025 profits. The Company’s portion, net of the Government of Burkina Faso portion and withholding taxes, is approximately $400 million. The Company received $44 million subsequent to quarter end as a first dividend installment and expects to receive a further $45 million in August. The remaining balance is expected to be distributed at regular intervals based on the cash generated in excess of working capital requirements by Essakane.
- On June 17, 2026, the Company announced the strengthening of its financial position and flexibility by amending its revolving Credit Facility, increasing total capacity from $650 million to $850 million, extending maturity to June 2030, decreasing costs and improved covenants. The facility also includes an additional $250 million accordion feature, offering further liquidity potential. The Credit Facility remains undrawn.
- On June 1, 2026, the Company announced an updated Mineral Resource estimate for the Côté Gold Mine, reflecting the integration of the Côté and Gosselin zones in a consolidated block model. Measured and Indicated Mineral Resources for Côté Gold on a consolidated basis increased to 20.3 million ounces, with an additional 3.5 million ounces of Inferred Mineral Resources. The updated Mineral Resource estimate will inform the upcoming Côté Gold Technical Report and mine plan, with the results to be announced in the fourth quarter 2026.
- On August 6, 2026, the Company announced that Ms. Catherine McLeod-Seltzer has been appointed to the Company’s Board of Directors effective September 1, 2026. Ms. McLeod-Seltzer, who was inducted into the Canadian Mining Hall of Fame in 2026, brings more than four decades of mining industry experience as both a senior executive and public-company director.
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QUARTERLY REVIEW
For more details and the Company's overall outlook for 2026, see “Outlook”, and for individual mines performance, see “Operations”. The following table summarizes certain operating and financial results for the three months ended June 30, 2026 (Q2 2026), June 30, 2025 (Q2 2025) and the six months ended June 30 (H1 or YTD) 2026 and 2025, and certain measures of the Company's financial position as at December 31, 2025.
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | ||
|---|---|---|---|---|---|
| Key Operating Statistics ($ millions) Gold production – attributable (000s oz) | 173.0 | 334.0 | |||
| 188.1 | 371.7 | ||||
| - Côté Gold1 | 67.3 | 67.0 29.4 76.6 | 119.6 | 118.1 53.3 162.6 | |
| - Westwood | 32.4 | 68.6 | |||
| - Essakane2 | 88.4 | 183.5 | |||
| Gold sales – attributable (000s oz) | 180.2 | 173.4 | 373.9 | 338.1 | |
| - Côté Gold1 | 66.9 | 68.4 28.6 76.4 | 122.0 | 120.0 55.8 162.3 | |
| - Westwood | 29.2 | 66.7 | |||
| - Essakane2 | 84.1 | 185.2 | |||
| Cost of sales3 ($/oz sold) | $ 1,651 | $ 1,561 | $ 1,635 | $ 1,514 | |
| - Côté Gold1 | $ 1,562 | $ 1,222 | $ 1,630 | $ 1,240 | |
| - Westwood | $ 1,624 | $ 1,577 | $ 1,440 | $ 1,562 $ 1,700 | |
| - Essakane2 | $ 1,730 | $ 1,858 | $ 1,707 | ||
| Cash costs4 – excluding royalties ($/oz sold) | $ 1,289 | $ 1,340 | $ 1,244 | $ 1,311 | |
| - Côté Gold1 | $ 1,245 | $ 997 | $ 1,301 | $ 1,030 $ 1,545 $ 1,437 | |
| - Westwood | $ 1,606 | $ 1,562 | $ 1,417 | ||
| - Essakane2 | $ 1,214 | $ 1,565 | $ 1,143 | ||
| Cash costs4 ($/oz sold) | $ 1,642 | $ 1,556 | $ 1,624 | $ 1,509 | |
| - Côté Gold1 | $ 1,554 | $ 1,219 | $ 1,622 | $ 1,237 $ 1,545 $ 1,697 | |
| - Westwood | $ 1,606 | $ 1,562 | $ 1,417 | ||
| - Essakane2 | $ 1,724 | $ 1,855 | $ 1,700 | ||
| AISC4 – excluding royalties ($/oz sold) | $ 1,918 | $ 1,825 | $ 1,815 | $ 1,778 | |
| - Côté Gold1 | $ 1,773 | $ 1,389 | $ 1,773 | $ 1,418 | |
| - Westwood | $ 2,163 | $ 2,140 | $ 1,921 | $ 2,132 | |
| - Essakane2 | $ 1,691 | $ 1,934 | $ 1,602 | $ 1,764 | |
| AISC4 ($/oz sold) | $ 2,271 | $ 2,041 | $ 2,195 | $ 1,976 | |
| - Côté Gold1 | $ 2,082 | $ 1,611 | $ 2,094 | $ 1,625 $ 2,132 $ 2,024 | |
| - Westwood | $ 2,163 | $ 2,140 | $ 1,921 | ||
| - Essakane2 | $ 2,201 | $ 2,224 | $ 2,159 | ||
| Average realized gold price ($/oz) | $ 4,384 | $ 3,182 | $ 4,631 | $ 2,961 | |
| 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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| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |
|---|---|---|---|---|
| Financial Results ($ millions) Revenues Gross profit EBITDA1 Adjusted EBITDA1 | $ 1,058.0 $ 340.0 $ 479.0 $ 480.9 $ 118.4 $ 132.5 $ 0.21 $ 0.23 $ 232.2 573.8 $ 160.1 $ 280.1 $ 140.1 | |||
| $ 856.9 | $ 580.9 $ 198.8 $ 283.8 $ 276.4 $ 78.7 $ 77.3 $ 0.14 $ 0.13 $ 127.3 575.1 $ 85.8 $ 140.5 $ 78.4 | $ 1,887.0 | ||
| $ 415.1 | $ 985.8 | |||
| $ 495.3 | $ 1,152.3 | |||
| $ 507.3 | $ 1,173.6 | |||
| Net earnings attributable to equity holders | $ 230.5 | $ 610.2 | ||
| Adjusted net earnings attributable to equity | ||||
| holders1 | $ 241.6 | $ 632.7 | ||
| Net earnings per share attributable to equity holders Adjusted net earnings per share attributable to equity holders1 Net cash from operating activities before changes in working capital1 Basic weighted average number of common shares outstanding (in millions) Net cash from operating activities Mine-site free cash flow1 Capital expenditures1 – sustaining Capital expenditures1 – expansion | ||||
| $ 0.40 | $ 1.05 | |||
| $ 0.42 | $ 1.09 | |||
| $ 442.9 | $ 1,072.4 | |||
| 578.0 | 582.7 | |||
| $ 445.1 | $ 1,015.0 | |||
| $ 368.9 | $ 893.5 | |||
| $ 96.3 | $ 184.9 | |||
| $ 22.0 | $ 8.9 | $ 34.8 | $ 14.2 |
| June 30 | December 31 2025 | |
|---|---|---|
| 2026 | ||
| Financial Position ($ millions) Cash and cash equivalents Long-term debt | $ 421.9 | |
| $ 501.4 | ||
| $ 449.3 | $ 649.8 | |
| Net cash (debt) excluding lease liabilities and letters of credit | $ 52.2 | $ (228.1) |
| Net cash (debt)1 | $ (42.6) | $ (344.4) |
| Available Credit Facility | $ 845.7 | $ 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.
OUTLOOK
Production (000 oz)
| Full Year | ||||
|---|---|---|---|---|
| YTD 2026 | ||||
| Guidance 2026 | ||||
| Côté Gold – (70%) Westwood – (100%) Essakane – (85%) | 119.6 | 270 – 310 | ||
| 68.6 | 110 – 130 | |||
| 183.5 | 340 – 380 | |||
| Total attributable production (000s oz) | 371.7 | 720 – 820 |
Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces. Production at Côté is expected to be higher in the second half of the year, driven by increased processing rates as recent operational improvements continue to be realized. For further details, refer to the “Operations” section of each mine below.
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Costs
| Full Year | |||
|---|---|---|---|
| YTD 2026 | |||
| Guidance3 2026 | |||
| Côté Gold | |||
| Cash costs – excluding royalties ($/oz sold) Cash costs – including royalties3 ($/oz sold) AISC – excluding royalties3 ($/oz sold) AISC – including royalties3 ($/oz sold) | $1,301 | $900 – $1,050 | |
| $1,622 | $1,200 – $1,350 | ||
| $1,773 | $1,475 – $1,625 | ||
| $2,094 | $1,775 – $1,925 | ||
| Westwood | |||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,417 | $1,500 – $1,650 | |
| $1,921 | $1,950 – $2,100 | ||
| Essakane | |||
| Cash costs – excluding royalties ($/oz sold) Cash costs – including royalties3 ($/oz sold) AISC – excluding royalties3 ($/oz sold) AISC – including royalties3 ($/oz sold) | $1,143 | $1,150 – $1,300 | |
| $1,700 | $1,600 – $1,750 | ||
| $1,602 | $1,550 – $1,700 | ||
| $2,159 | $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 – excluding royalties3 ($/oz sold) AISC1,2 – including royalties3 ($/oz sold) | $1,635 | $1,425 – $1,575 | |
| $1,244 | $1,100 – $1,250 | ||
| $1,624 | $1,425 – $1,575 | ||
| $1,815 | $1,675 – $1,825 | ||
| $2,195 | $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 upper half of the range of $1,100 to $1,250 per ounce sold. Cash costs are expected to be lower in the second half of the year, reflecting the expected increase in Côté Gold’s production over the second half of the year. AISC on a consolidated basis, excluding royalties, are expected to be in the upper range of $1,675 to $1,825 per ounce sold.
The guidance for cash costs and AISC, including royalties, was established using a gold price assumption of $4,000 per ounce for the year. The amount of royalties included in cash costs and AISC was $380 per ounce year-to-date, $55 per ounce higher than guidance, as the average realized price of gold sold in the first half was $4,631, or $631 per ounce above the gold price assumption used in guidance estimates. Refer to the table below for the sensitivity of royalties based on gold price.
Royalty Sensitivities
| 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 |
The realized gold price in the first half of the year averaged $4,631 per ounce. 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 $12 per ounce, exclusive of broader indirect inflationary pressures on input costs and the supply chain.
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During the first half of 2026 price escalation of approximately 3% has been observed across certain commodity inputs, which remained within the Company’s inflation expectations. The Company continuously evaluates key commodity indices and forward supplier pricing guidance to proactively identify areas of potential cost inflation to inform any price mitigation measures that may be warranted. For further information on the expected impacts from fluctuation in guidance assumptions, refer to the Sensitivity Impact table included in the “Financial Condition” section.
Capital Expenditures
| ($ millions) | YTD 2026 | Full Year Guidance 20261 | ||||
|---|---|---|---|---|---|---|
| Sustaining | Expansion | Total | Sustaining | Expansion | Total | |
| Côté Gold (70%) Westwood (100%) Essakane (100%) | $ 55.4 | $ 27.1 | $ 82.5 | $ 160 | $ 85 | $ 245 |
| 33.3 | 6.7 | 40.0 | 55 | 30 | 85 | |
| 96.2 | 1.0 | 97.2 | 165 | 5 | 170 | |
| Total2 | $ 184.9 | $ 34.8 | $ 219.7 | $ 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. Côté Gold’s capital expenditures are expected to be higher in the second half of the year due to the timing of equipment deliveries and the scheduling of projects.
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) | YTD 2026 | Full Year Guidance 2026 | ||||
|---|---|---|---|---|---|---|
| Capitalized | Expensed | Total | Capitalized Expensed Total | |||
| Exploration projects – greenfield Exploration projects – brownfield | $ 10.8 | $ 13.3 | $ 24.1 | $ 11 | $ 34 | $ 45 |
| 3.8 | 1.0 | 4.8 | 7 | 2 | 9 | |
| $ 14.6 | $ 14.3 | $ 28.9 | $ 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) | YTD 2026 | Full Year | ||
|---|---|---|---|---|
| Guidance 2026 | ||||
| Depreciation expense Income taxes paid | $234.3 | $480 (±5%) | ||
| $100.9 | $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. In June 2026, the Company was named one of Canada’s Best 50 Corporate Citizens by Corporate Knights for 2026.
Health and Safety
The TRIFR in the second quarter was 0.70 as of June 30, 2026, compared to 0.41 as of June 30, 2025, and tracking at 0.56 for the year. IAMGOLD is continuing to advance its critical risk management program and visible leadership to improve safety and reduce high-potential incidents.
Environmental
There were zero significant environmental incidents reported for the quarter. Essakane updated its 2019 Closure Plan and submitted the revised plan to the Burkina Faso authorities in June 2026, as required by regulation.
Social Performance
During the second quarter 2026, IAMGOLD continued its strong relationship with local communities at each of our sites, including supporting community-based and wellness-focused initiatives. Notable investments included the donation of medical equipment to healthcare facilities servicing the local communities near Essakane early this spring; Westwood’s participation in the Social Investment Fund of the Mining Industry (FISM) of Abitibi-Témiscamingue, launched in April 2026; and Côté Gold’s funding for Dynamic Earth Sudbury and Timmins Hospital.
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 second quarter 2026, IAMGOLD launched a 5-pathway reconciliation plan, along with 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 June 30, 2026, women accounted for 33% of the Company’s executive leadership team.
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Côté Gold Mine (IAMGOLD interest – 70%) | Ontario, Canada
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 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) | 3,170 0.95 5,838 2,800 11,808 2.7 2,930 1.10 93 96.2 67.0 98.1 68.4 | 6,285 0.87 11,505 4,773 22,563 2.6 5,027 1.13 93 169.2 118.1 171.9 120.0 | ||
| 3,072 | 6,625 | |||
| 0.86 | 0.93 | |||
| 4,856 | 9,803 | |||
| 3,808 | 4,634 | |||
| 11,736 | 21,062 | |||
| 2.8 | 2.2 | |||
| 2,873 | 5,214 | |||
| 1.12 | 1.10 | |||
| 93 | 93 | |||
| 96.2 | 170.9 | |||
| 67.3 | 119.6 | |||
| 95.5 | 173.9 | |||
| 66.9 | 122.0 | |||
| $ 4,379 | $ 3,336 | $ 4,584 | $ 3,160 | |
| Financial Results ($ millions – attributable interest) Revenues 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 | ||||
| $ 293.2 | $ 229.2 | $ 560.3 | $ 380.4 | |
| 104.3 | 83.9 | 198.8 | 149.1 | |
| 82.8 | 68.0 | 160.2 | 124.4 | |
| 0.9 | 0.7 | (0.5) | (0.1) | |
| 20.6 | 15.2 | 39.1 | 24.8 | |
| 103.9 | 83.6 | 197.9 | 148.7 | |
| 36.6 | 27.2 | 55.4 | 45.4 | |
| 18.0 | 6.6 | 27.1 | 9.7 | |
| 54.6 | 33.8 | 82.5 | 55.1 | |
| 141.6 | 101.5 | 272.6 | 151.2 | |
| 150.3 | 93.9 | 262.2 | 151.5 | |
| Unit costs per tonne2 Mine costs per operating tonne mined2 Mill costs per tonne milled2 G&A costs per tonne milled2 | ||||
| $ 4.49 | $ 3.88 | $ 4.83 | $ 3.69 | |
| $ 20.85 | $ 16.94 | $ 22.54 | $ 18.30 | |
| $ 8.36 | $ 5.80 | $ 8.72 | $ 7.09 | |
| Operating costs per ounce5 Cost of sales excluding depreciation ($/oz sold) Cash costs2 – excluding royalties ($/oz sold) Cash costs2 ($/oz sold) | ||||
| $ 1,562 | $ 1,222 | $ 1,630 | $ 1,240 | |
| $ 1,245 | $ 997 | $ 1,301 | $ 1,030 | |
| $ 1,554 | $ 1,219 | $ 1,622 | $ 1,237 | |
| AISC2 – excluding royalties ($/oz sold) | $ 1,773 | $ 1,389 | $ 1,773 | $ 1,418 |
| AISC2 – including royalties ($/oz sold) | $ 2,082 | $ 1,611 | $ 2,094 | $ 1,625 |
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 second quarter 2026 was 67,300 ounces (96,200 ounces | 100%), in line with the prior year period, as the processing plant operated at near full capacity in June following the successful replacement of the conveyor belt in May and commissioning of the second cone crusher to start the year.
- Mining activity totaled 11.7 million tonnes in the second quarter 2026, in line with the same prior year period. Ore tonnes mined were 3.1 million tonnes, or 3% lower than the prior year period, due to a slightly higher strip ratio of 2.8:1 as mining activities progressed in pushback areas. The average grade mined was 0.86 g/t in the second quarter 2026, a decrease of 9% over the prior year period, in line with expectations as mining was focused on opening up a new bench for the second half of the year.
- Mill throughput in the second quarter 2026 totaled 2.9 million tonnes, substantially in line with the prior year period. Throughput was being managed early in the quarter prior to the conveyor belt replacement in late May. Following the new belt installation, plant capacity was ramped up to nameplate, with over 1.0 million tonnes processed in June. Head grades averaged 1.12 g/t, in line with the prior year period, at average recoveries of 93%. The reconciliation between the reserve models, grade control models, mill feed and production continue to be well within expected tolerances.
The Company discontinued the use of external contractor crushing by the end of June 2026. This supplemental crushing had originally been contracted in 2025 to support operational targets due to constraints in the crushing circuit which were addressed through the installation of a second cone crusher at the beginning of the year. Processing cost improvements were realized in June as contracted crushing was reduced, with average processing costs in June of $17.72 per tonne, down from an average of $22.50 per tonne over the prior three quarters. Additional operational benefits from the debottlenecked crushing circuit have been realized downstream with improved wear rates on the high pressure grinding rolls (HPGR) rollers with better sized material now feeding the HPGR. A longer HPGR lifespan is expected to translate into reduced maintenance costs and improved crushing circuit availability. Improvements to mining unit costs are expected to be realized in the coming quarters as the mining fleet previously required to support the external contractor crushing is redeployed on mining activities.
Financial Performance (70% basis) – Q2 2026 Compared to Q2 2025
Production costs of $82.8 million during the three months ended June 30, 2026, were $14.8 million or 22% higher than the same prior year period primarily from higher use of external contractor crushing services, contractor costs to support the conveyor repairs and scheduled maintenance described above, higher mine maintenance as the mining fleet commenced the first series of rebuilds, as well as increased diesel prices resulting from the conflict in the Middle East and higher electricity prices.
- While mining and milling costs remained elevated in the second quarter 2026, the Company continues to execute its plans to reduce mining and milling costs towards 2026 year-end targets of $4/t and $15/t respectively and realize further reductions in 2027 onwards.
- Mining costs averaged $4.49 per tonne mined during the three months ended June 30, 2026. Mining costs were impacted by higher diesel costs, increased cost of tires consumed, the continued operation of the external contractor crusher that increases rehandling and utilization of haul trucks, as well as increased maintenance efforts as the hauling fleet approaches mid-life. The impact from the contracted crushing is expected to reduce as the contractor was phased out by the end of June.
- Milling costs were $20.85 per tonne milled during the three months ended June 30, 2026. Unit costs remained higher in the second quarter due to the utilization of the external contractor crusher, the scheduled maintenance shutdowns and repair works described above, in addition to higher electricity prices. Unit cost improvements were realized in June, averaging $17.72 per tonne over the month, as external contractor crushing was phased out by the end of the month. Further milling cost improvements are expected through the second half of the year on increased volumes and maintenance cycle improvements.
- G&A costs were $8.36 per tonne milled during the three months ended June 30, 2026
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Cost of sales, excluding depreciation, of $104.3 million was $20.4 million or 24% higher than the prior year period, primarily due to higher production costs and higher royalties. Cost of sales per ounce sold, excluding depreciation, of $1,562 was $340 or 28% higher due to higher cost of sales and lower sales volume.
Cash costs, excluding royalties, of $83.3 million were $14.9 million or 22% higher than the prior year period, primarily due to higher production costs. Cash cost per ounce sold, excluding royalties, of $1,245, was higher by $248 or 25%, due to higher cash costs and lower sales volume.
Royalties during the three months ended June 30, 2026, were $20.6 million or $309 per ounce (20% of cash costs), 36% higher compared to the prior year period due to higher gold prices.
Cash costs, including royalties, of $103.9 million were $20.3 million or 24% higher than the prior year period, primarily due to higher production costs and royalties. Cash cost per ounce sold of $1,554 was higher by $335 or 27% due to higher cash costs and lower sales volume.
AISC per ounce sold of $2,082 was higher by $471 or 29%, primarily due to higher cash costs per ounce sold and higher capital expenditure.
Capital expenditures totaled $54.6 million ($77.9 million | 100%) in the second quarter 2026. Sustaining capital expenditures totaled $36.6 million ($52.2 million | 100%), including $16.0 million of mobile equipment and critical spares, $10.4 million of tailings infrastructure and related earthworks, $8.5 million of capital projects related to operational improvements and ramp-up, and $1.7 million of capital waste stripping. Expansion capital of $18.0 million ($25.7 million | 100%) included $14.1 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $3.9 million of related infrastructure improvements.
Mine-site free cash flow, on an attributable basis, was $150.3 million ($214.7 million | 100%) for the three months ended June 30, 2026, with revenues of $293.2 million from gold sales of 66,900 ounces at the realized gold price of $4,379 per ounce, resulting in operating cash flows of $204.0 million ($291.4 million | 100%) offset by capital expenditures totaling $53.7 million ($76.7 million | 100%).
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, 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 to derisk future expansions.
Mining activities in 2026 are planning a total of approximately 48 million tonnes of material mined, which includes the pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mining rates are expected to increase in the second half of the year as the mining fleet supporting the external contractor crusher becomes available and with the commissioning of three new haul trucks. Mill throughput is expected to total approximately 12 million tonnes, with the plant averaging 36,000 tpd (nameplate) over the course of the year. Plant head grades are expected to average between 1.05 g/t and 1.15 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 near the top end of the guidance range of $900 to $1,050 per ounce sold. Cash costs are expected to improve in the second half on increased volumes, higher production and improved unit costs. Côté Gold relies on diesel to operate the haul trucks, while the shovels and 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. AISC, excluding royalties, are expected to be at the top end of the guidance range of $1,475 to $1,625 per ounce sold. See “Outlook” for guidance and sensitivities on royalties.
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.
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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 an expansion of operations, including the acceleration of certain activities that could provide near-term increases in throughput capacity, including an additional Vertimill in early 2027.
Expansion Opportunities
The Company is planning to announce an updated Côté Gold mine plan and Mineral Reserve estimate in the fourth quarter of 2026, which will be included in a subsequent Technical Report shortly thereafter. The study will incorporate the recently consolidated Côté and Gosselin Mineral Resources and operating assumptions based on production experience to date.
The updated mine plan is expected to demonstrate a significant expansion of Mineral Reserves and life of mine, while outlining near-term opportunities to progressively increase processing capacity beyond the current nameplate, through further debottlenecking and targeted plant improvements, to support sustained processing rates of approximately 40,000 tpd. In parallel, the Company is continuing to evaluate opportunities for a larger-scale expansion of the processing plant, supported by the size and quality of the consolidated Côté-Gosselin resource base and the potential to support a substantially larger operation over the long term. Technical, infrastructure and permitting studies are ongoing to determine the optimal scale, configuration and development path to maximize the long-term value of the operation.
Exploration
On June 1, 2026, the Company announced an updated Mineral Resource estimate for the Côté Gold Mine that reflects the integration of the Côté and Gosselin zones into a consolidated block model with updated economic assumptions, ahead of the upcoming Côté updated mine plan and technical report discussed above.
This updated estimate is with an effective date of March 31, 2026, and highlights include:
- Côté Gold Measured and Indicated ("M&I") Mineral Resources (100% basis) on a consolidated basis of 20.3 million ounces of gold, an increase of approximately 2.2 million ounces, or 12%, compared with the December 31, 2025, statement.
- Côté Gold Inferred Mineral Resources (100% basis) on a consolidated basis of 3.5 million ounces of gold, an increase of approximately 1.3 million ounces, or 61%, compared with the December 31, 2025, statement.
The exploration program at Côté Gold is ongoing with a focus on the Côté, Gosselin and saddle area. The 2026 Gosselin zone exploration program includes approximately 10,000 metres of diamond drilling to test the north and north-east extensions of the Gosselin zone. Approximately 4,400 metres were drilled YTD with none completed in the second quarter and drilling will resume in the third quarter using the most recent drilling results obtained.
An infill drilling program of 20,000 metres is ongoing on the Côté zone. Approximately 6,200 metres of surface diamond drilling were completed in the second quarter 2026 (10,400 metres YTD including approximately 1,200 metres of geological drilling completed in the first quarter). 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
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 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) | 981 98 | 2,128 187 | ||
| 1,239 | 2,392 | |||
| 104 | 210 | |||
| 109 | 315 | 169 | 507 | |
| 213 | 413 | 379 | 694 | |
| 8.34 | 7.25 | 9.09 | 6.80 | |
| 0.86 | 1.11 | 0.85 | 1.18 | |
| 4.50 | 2.57 | 5.41 | 2.70 | |
| 287 | 323 | 590 | 605 | |
| 8.40 | 7.38 | 9.10 | 6.86 | |
| 0.90 | 1.16 | 1.00 | 1.26 | |
| 3.75 | 3.07 | 3.90 | 2.99 | |
| 94 | 92 | 93 | 92 | |
| 32.4 | 29.4 | 68.6 | 53.3 | |
| 29.2 | 28.6 | 66.7 | 55.8 | |
| $ 4,412 | $ 3,323 | $ 4,683 | $ 3,123 | |
| Financial Results ($ millions) Revenues 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 | ||||
| $ 129.6 | $ 95.4 | $ 313.9 | $ 175.2 | |
| 47.5 | 45.1 | 96.0 | 87.2 | |
| 54.0 | 46.4 (1.3) | 101.5 | 87.4 (0.2) | |
| (6.5) | (5.5) | |||
| 47.0 | 44.6 | 94.6 | 86.2 | |
| 16.7 | 16.0 — 16.0 | 33.3 | 31.1 — 31.1 | |
| 3.6 | 6.7 | |||
| 20.3 | 40.0 | |||
| 68.0 | 35.0 | 185.3 | 56.1 | |
| 56.5 | 36.6 | 166.5 | 53.2 | |
| 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 | ||||
| $ 313.99 | $ 302.08 | $ 300.48 | $ 289.11 | |
| $ 11.86 | $ 6.80 | $ 10.30 | $ 7.02 | |
| $ 37.02 | $ 25.46 | $ 32.13 | $ 24.43 | |
| $ 16.83 | $ 13.98 | $ 18.40 | $ 18.04 | |
| Operating costs per ounce3 Cost of sales excluding depreciation ($/oz sold) Cash costs1 – excluding royalties ($/oz sold) Cash costs1 ($/oz sold) AISC1 ($/oz sold) | ||||
| $ 1,624 | $ 1,577 $ 1,562 $ 1,562 $ 2,140 | $ 1,440 | $ 1,562 $ 1,545 $ 1,545 $ 2,132 | |
| $ 1,606 | $ 1,417 | |||
| $ 1,606 | $ 1,417 | |||
| $ 2,163 | $ 1,921 |
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 t | |
| rounding. |
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