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Here are 1-3 brief analogies for Iamgold (IAG):

• Like a smaller-scale Barrick Gold or Newmont, specializing in gold mining.
• Like ExxonMobil, but extracting gold from the earth instead of oil.

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• Gold: Iamgold's primary product is refined gold, extracted from its mining operations across North America and West Africa.

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Iamgold (IAG) is a gold mining company that extracts and produces gold. As such, it sells primarily to other companies rather than directly to individual consumers.

Iamgold's major customers typically fall into the following categories:

• Gold Refiners: These companies process Iamgold's unrefined gold doré (gold-silver alloy) into high-purity gold bullion bars (e.g., 99.5% or 99.99% pure gold), which are then sold to other market participants.
• Financial Institutions and Precious Metal Traders: These can include commercial banks, investment banks, and specialized precious metal trading firms that purchase large quantities of gold for investment, hedging, trading, or onward sale to industrial users, jewelers, or central banks.

Due to the fungible nature of gold as a commodity and the typical sales practices in the precious metals industry, Iamgold generally does not disclose specific names of individual "major customers" in its public filings. Mining companies like Iamgold often sell their gold production to a variety of reputable refiners and financial institutions at prevailing market prices, ensuring no single customer accounts for a significant portion of their revenue, thus mitigating customer concentration risk.

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AtkinsRealis (TSX: ATR)

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Renaud Adams, President and Chief Executive Officer

Renaud Adams has over 30 years of global mining experience in senior executive positions and operations. He served as President and Chief Executive Officer of New Gold Inc. from 2018 to 2022, where he led the strategic repositioning of the company. Prior to New Gold, Mr. Adams was President and Chief Executive Officer of Richmont Inc. from 2014 until the company was sold to Alamos Gold in November 2017. He was also the Chief Operating Officer at Primero Mining Corporation from 2011 to 2014. Before that, he was General Manager of IAMGOLD's Rosebel mine in Suriname and later Senior Vice President, Americas Operations.

Maarten Theunissen, Chief Financial Officer

Maarten Theunissen has over 15 years of progressive experience in the mining industry, including serving as Vice President, Finance of IAMGOLD. Before joining IAMGOLD, Mr. Theunissen was the Chief Financial Officer for a Canadian junior gold producer and Senior Vice President Finance of one of the world's largest uranium producers. He is a Chartered Accountant (designated in both South Africa and Canada) and began his career with KPMG, where he was a manager in their mining group.

Bruno Lemelin, Chief Operating Officer

Bruno Lemelin was appointed COO in September 2023. Prior to this, he was Senior Vice President – Operations and Projects since March 2020, overseeing all operational and project development activities. He also held the position of Regional Vice President – Americas in 2019 and was the General Manager at Essakane from 2016 to 2018. Before joining IAMGOLD in 2014, Bruno developed his mining expertise with different international mining companies, including working for SNC-Lavalin as Vice-President, Sustainable Mining from 2011 to 2014, and for Xstrata (now Glencore) in various roles from 2001 to 2011.

Annie Torkia Lagacé, Chief Legal and Strategy Officer

Annie Torkia Lagacé has been Chief Legal and Strategy Officer at IAMGOLD since February 2025. She brings over 20 years of experience as a Corporate and Mergers & Acquisitions lawyer at renowned Canadian law firms and as an executive in the mining and industrial manufacturing space. Most recently, Annie was Senior Vice-President, Legal Affairs, General Counsel and Corporate Secretary of Bombardier, Inc. and a member of its executive leadership team. Prior to this, Annie held positions in the natural resources sector at Stornoway Diamond Corp and Cliffs Natural Resources.

Dorena Quinn, Chief People Officer

Dorena Quinn has over 20 years of experience leading organizational transformations, driving growth, cultivating successful leaders and teams, and constructing an employee-first culture. Before joining IAMGOLD, Dorena worked in the media research, technology, and financial services industries, focusing on HR strategy and operations, talent development, and corporate culture and engagement.

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The key risks to Iamgold's business operations are primarily centered on external market factors, geopolitical challenges, and its financial structure.

1. High Exposure to Gold Price Volatility and Market Fluctuations: Iamgold's revenue and profitability are highly susceptible to the fluctuating price of gold. As a gold mining company, significant changes in gold prices directly impact its earnings, creating substantial revenue uncertainty.
2. Complex Geopolitical Risks in Mining Regions: The company operates in politically sensitive regions, including Burkina Faso, Mali, and Suriname, which exposes it to considerable operational risks. These risks can lead to potential disruptions, increased compliance costs, and challenges related to government regulations, such as potential increases in royalty rates.
3. Significant Debt Levels Limiting Financial Flexibility: Iamgold carries substantial debt, which poses a considerable financial risk. This elevated debt level can restrict the company's financial flexibility, potentially hindering its ability to fund operations, pursue growth opportunities, or even cover interest payments if cash flows deteriorate.

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The emergence and growing acceptance of cryptocurrencies, particularly Bitcoin, as an alternative store of value and hedge against inflation poses a clear emerging threat. As cryptocurrencies gain institutional adoption and a narrative as "digital gold," they directly compete with physical gold for investment capital and safe-haven demand. A significant shift in investor preference from gold to digital assets could lead to diminished demand for physical gold, impacting gold prices and consequently the revenues and profitability of gold mining companies like Iamgold.

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Iamgold (symbol: IAG) primarily operates in the gold mining industry, with its main product being gold. The addressable markets for gold can be categorized globally and by the regions where Iamgold has significant operations, namely North America and Africa.

The global addressable market for gold was valued at approximately USD 291.68 billion in 2024 and is projected to grow to about USD 457.91 billion by 2032.

In North America, the gold mining market, which directly pertains to Iamgold's operations, was valued at USD 43.5 billion in 2024. This market is expected to increase to USD 63 billion by 2035.

For Africa, the gold market was valued at approximately USD 47 billion in 2024.

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Iamgold (symbol: IAG) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Ramp-up and Full Production at Côté Gold Mine: The Côté Gold mine, which achieved commercial production in August 2024, is a significant driver of expected revenue growth. The mine has been consistently ramping up production, with Q3 2025 marking a record output of 106,000 ounces from Côté. The processing plant is on track to achieve its nameplate capacity of 36,000 tonnes per day by the end of 2025. Côté Gold is projected to contribute an average annual production of 495,000 ounces during its first six years of operation, making it one of Canada's largest gold producers. IAMGOLD's total gold production for 2025 is expected to increase significantly, largely due to the full-year contribution from Côté.
2. Sustained Production from Essakane and Westwood Mines: Beyond the Côté Gold mine, IAMGOLD's established Essakane and Westwood mines are anticipated to maintain stable and strong production levels, providing a consistent revenue base. Essakane is expected to produce between 360,000 to 400,000 ounces of gold in 2025. Westwood is forecast to contribute an average of 146,000 ounces annually from 2025 through 2027. These operations, alongside Côté, are expected to yield a combined 735,000 to 820,000 ounces of gold in 2025.
3. Favorable Gold Prices: Optimistic forecasts for gold prices are a significant external driver of future revenue growth for Iamgold. The company realized a record average gold price of $3,492 per ounce in Q3 2025, contributing to strong revenues. Analysts and market sentiment indicate that improved gold price forecasts are positively impacting asset values and price targets for Iamgold.
4. Strategic Acquisitions and Exploration in Quebec: Iamgold is actively expanding its Canadian asset portfolio, notably through the proposed acquisitions of Northern Superior Resources and Mines d'Or Orbec. These acquisitions aim to consolidate the Chibougamau region into the Nelligan Mining Complex, enhancing the company's resource base and positioning it for future growth. Additionally, exploration and delineation diamond drilling are planned for the Gosselin deposit, located near Côté Gold, which represents potential for future mine life extensions and an expanded resource base.

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Share Repurchases

• In November 2025, IAMGOLD's board approved a share buyback program for up to 10% of its outstanding common shares, to be executed over a twelve-month period, subject to regulatory approvals.
• The share repurchase program is expected to be funded from operating cash flows, following the repayment of second lien notes.
• Shares repurchased under the program will either be cancelled or placed under trust to satisfy future obligations under the company's share incentive plan.

Share Issuance

• Net proceeds from the issuance of shares totaled $287.5 million for the year 2024.
• As part of the October 2025 acquisitions of Northern Superior Resources Inc. and Mines d'Or Orbec Inc., IAMGOLD utilized its shares as part of the consideration.

Inbound Investments

• Net funding from Sumitomo Metal Mining Co. Ltd., a joint venture partner in Côté Gold, amounted to $32.8 million year-to-date in 2024.
• Essakane declared a record dividend of approximately $855 million in June 2025, of which IAMGOLD's 85% portion, net of taxes, is approximately $680 million, representing the full distribution of past undistributed retained earnings up to and including 2024.

Outbound Investments

• In October 2025, IAMGOLD entered into definitive agreements to acquire Northern Superior Resources Inc. for approximately $267.4 million and Mines d'Or Orbec Inc. for approximately $12.6 million (C$17.2 million).
• These acquisitions aim to consolidate the Chibougamau region in Quebec to create the Nelligan Mining Complex.

Capital Expenditures

• Full-year 2025 capital expenditures are expected to be approximately $335 million (±5%), with $310 million allocated to sustaining capital and $25 million to expansion capital, primarily focused on the Côté and Gosselin projects.
• As of May 1, 2022, the estimated remaining project costs for IAMGOLD's attributable share to complete construction and bring the Côté Gold project into production were $1,335 million, out of a total of $1,908 million (100% basis). This was an increase from earlier estimates of over US$1.3 billion as of Q3 2022.
• For the first quarter of 2025, sustaining capital expenditures were $61.7 million, and expansion capital expenditures were $5.3 million. The full-year 2025 sustaining capital expenditure guidance attributable to IAMGOLD was increased to $130 million, with $20 million in expansion capital, primarily for plant improvements at Côté and Essakane.