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Iamgold is like a smaller Barrick Gold, focused on exploring and operating gold mines.

Iamgold is like a Newmont, but with its gold projects primarily in North America, South America, and West Africa.

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• Gold: A precious metal extracted and produced from its mining operations.

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IAMGOLD Corporation (IAG) is a gold mining company. Companies in the gold mining industry typically extract gold and process it into a saleable form, such as dore bars or refined gold bullion. This product is then sold into the global commodity market.

Due to the fungible nature of gold as a commodity and the structure of the global gold market, gold mining companies generally do not have "major customers" that are publicly identified by name, in the same way a manufacturing or service company might. Instead, they sell their gold primarily to other companies in the wholesale market, including:

• Gold Refineries: These specialized companies process dore bars into highly pure gold bullion (e.g., 99.99% pure), which meets international standards for trade.
• Bullion Banks and Traders: These financial institutions and commodity trading firms act as intermediaries, buying and selling large quantities of gold in the wholesale market. They facilitate transactions and often hold gold inventories.

The ultimate demand for gold comes from various sectors, including jewelry manufacturing, industrial applications, central bank reserves, and individual investors, but IAMGOLD's direct sales are to the wholesale market participants mentioned above rather than directly to these end-users or a limited set of named major corporate customers.

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• Metso Corporation (METSO.HE)
• WSP Global Inc. (WSP.TO)

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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 was responsible for the strategic repositioning of the company. Prior to that, Mr. Adams was President and Chief Executive Officer of Richmont Inc. from 2014 until its acquisition by Alamos Gold in November 2017. He also held the role of Chief Operating Officer at Primero Mining Corporation from 2011 to 2014 and was previously General Manager of IAMGOLD's Rosebel mine before becoming Senior Vice President, Americas Operations.

Maarten Theunissen, Chief Financial Officer

Maarten Theunissen possesses over 15 years of progressive experience within the mining industry. He served as Interim Chief Financial Officer and Vice President, Finance for IAMGOLD prior to his permanent appointment as CFO. Before joining IAMGOLD, Mr. Theunissen was the Chief Financial Officer for a Canadian junior gold producer and Senior Vice President of Finance for one of the world's largest uranium producers. He is a Chartered Accountant, designated in both South Africa and Canada, and commenced his career with KPMG in their mining group.

Bruno Lemelin, Chief Operating Officer

Bruno Lemelin was appointed Chief Operating Officer in September 2023. He previously held the position of Senior Vice President – Operations and Projects since March 2020, overseeing operational and project development activities. His tenure at IAMGOLD, which he joined in 2014, also includes roles as Regional Vice President – Americas and General Manager at the Essakane mine. Before IAMGOLD, Mr. Lemelin gained mining expertise with various international companies, including SNC-Lavalin as Vice President, Sustainable Mining, and Xstrata (now Glencore), where he held positions such as Head of Mining Engineering and Manager, Strategy, Risks and Communications. He holds a doctorate in mineral economics.

Annie Torkia Lagacé, Chief Legal and Strategy Officer

Annie Torkia Lagacé became Chief Legal and Strategy Officer at IAMGOLD in February 2025. She brings over two decades of experience as a Corporate and Mergers & Acquisitions lawyer, as well as an executive in the mining and industrial manufacturing sectors. Prior to this role, she served as Senior Vice-President, Legal Affairs, General Counsel, and Corporate Secretary of Bombardier, Inc. Ms. Lagacé also held positions in natural resources at Stornoway Diamond Corp and Cliffs Natural Resources.

Dorena Quinn, Chief People Officer

Dorena Quinn is the Chief People Officer at IAMGOLD Corporation, based in the Toronto office. She joined the company in 2018 and has progressively advanced through senior HR roles. Ms. Quinn is responsible for the architecture, implementation, and oversight of global employee programs, processes, and leadership capabilities, aimed at driving performance, engagement, inclusion, and belonging.

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Here are the key risks to IAMGOLD Corporation's business, listed in order from most significant to less significant:

1. Geopolitical and Security Risks in West Africa: IAMGOLD operates mines and projects in West Africa, specifically the Essakane mine in Burkina Faso and the Boto gold project in Senegal, as well as exploration projects in Guinea and Mali. These regions expose the company to risks associated with political instability, regulatory changes, security challenges, and social unrest. Such factors can disrupt operations, impact supply chains and transit routes, and potentially affect asset ownership or financial performance.
2. Operational Challenges and Cost Pressures: While IAMGOLD has achieved significant success with its Côté Gold Mine, it continues to face operational challenges and higher costs at other key assets, including the Westwood mine in Quebec and the Essakane mine. These challenges can manifest as lower grades, transitional mining activities, grade variability, and inflationary pressures on input costs such as labor, energy, and consumables, which can impact overall production and profitability.
3. Gold Price Volatility: As a gold mining company, IAMGOLD's financial results are highly sensitive to fluctuations in the global price of gold. A sustained decline in gold prices would negatively impact the company's revenues, cash flow, and profitability, tempering its overall financial outlook.

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IAMGOLD Corporation's primary product is gold. The addressable market for gold is global.

The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, with a compound annual growth rate (CAGR) of 6.51% during the forecast period (2025-2030). In terms of volume, the global gold market was estimated at 4.42 kilotons in 2024 and is expected to reach 6.32 kilotons by 2029, growing at a CAGR of 7.38% during that period. Another estimate indicates the market size stood at 4,890.0 Tons in 2025 and is expected to grow to 7,424.4 Tons by 2034.

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Here are the expected drivers of future revenue growth for Iamgold (IAG) over the next 2-3 years:

1. Côté Gold Mine Ramp-up and Optimization: The Côté Gold mine, which achieved nameplate capacity in June 2025, is a significant driver of future revenue. It recorded a strong first full year of production in 2025 and is projected to continue increasing its attributable gold production in 2026. Planned capital investments in 2026 focus on stabilization, optimization, and preparing for a contemplated expansion of Côté, with a "Super-Pit Expansion Study" expected in Q4 2026, which could further boost future production and revenue.
2. Increased Production from Operating Mines: Beyond Côté, Iamgold's existing operations, Essakane and Westwood, also demonstrated production gains in Q4 2025. The company's 2026 guidance includes anticipated attributable gold production from all its operations, indicating a sustained focus on maximizing output from its asset base.
3. Leverage to Gold Prices: Iamgold's revenue is highly sensitive to the price of gold. The company significantly benefited from higher average realized gold prices in 2025 and expects strong results in 2026, with gold prices around $5,000 per ounce, contributing substantially to revenue growth.
4. Advancement of the Nelligan Mining Complex: The Nelligan Mining Complex is identified as a major future long-term growth driver and the largest pre-production stage gold project in Canada. Iamgold has increased its exploration budget for Nelligan and consolidated the complex through strategic acquisitions, which could lead to future mine development and production within the 2-3 year timeframe, strengthening its Canadian growth pipeline.
5. Operational Efficiencies and Cost Control: While not a direct revenue driver, Iamgold's commitment to operational excellence and cost discipline is expected to drive down costs. These efforts, including optimizing processes at Côté Gold and installing additional crushing capacity, can lead to improved margins and stronger free cash flow. This enhanced financial health supports reinvestment in current operations and growth projects, indirectly contributing to sustainable revenue expansion.

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Share Repurchases

• IAMGOLD deployed a share buyback program in December 2025, purchasing approximately $100 million in shares since its inception.
• The company announced a normal course issuer bid (NCIB) in November 2025 to repurchase up to 57,000,000 common shares, representing 9.9% of its outstanding common shares, with the bid continuing until December 11, 2026.
• The share buyback program is expected to continue in 2026, with a direct link to the cash flows generated by the Essakane mine.

Share Issuance

• The number of IAMGOLD's shares outstanding increased by 6.56% in the year leading up to March 13, 2026.

Inbound Investments

• Sumitomo Metal Mining was expected to fund approximately $340 million of IAMGOLD's 2023 funding requirement for the Côté Gold project under an amended Joint Venture Agreement.

Outbound Investments

• In November 2025, IAMGOLD announced acquisitions to consolidate the Chibougamau region in Quebec, acquiring Northern Superior Resources Inc. and Orbec for approximately $267.4 million and $12.6 million (C$17.2 million) respectively, through a combination of shares and cash, to create the Nelligan Complex.

Capital Expenditures

• Sustaining capital expenditures for 2026 are expected to be approximately $380 million, focused on operational reliability and infrastructure maintenance across the Côté, Essakane, and Westwood mines.
• Expansion capital expenditures are projected to be $120 million in 2026, primarily allocated to early works at the Côté Gold project to de-risk a planned expansion.
• As of May 1, 2022, the estimated remaining costs to complete the Côté Gold project were $1,908 million on a 100% basis ($1,335 million attributable to IAMGOLD), including contingency and escalation.