Q3 2025 IAMGOLD Corp Earnings Call

Speaker #4: Thank you for standing by . This is your conference operator . Welcome to the I am goal . Third quarter 2025 Operating and Financial Results conference Call and webcast .

Operator 2: Thank you for standing by. This is your conference operator. Welcome to the IAMGOLD Q3 2025 Operating and Financial Results Conference Call and Webcast. As a reminder, all participants are in a listen-only mode, and the conference call is being recorded. After the presentation, there will be an opportunity to ask questions. At this time, I would like to turn the conference over to Graeme Jennings, Vice President, Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings.

Speaker #4: As a reminder , all participants are in a listen only mode and the conference call is being recorded . After the presentation , there will be an opportunity to ask questions .

Speaker #4: To join the question queue , you may press star , then one on your telephone keypad . Should you need assistance during the conference , you may signal an operator by pressing star .

Speaker #4: Then zero . At this time , I would like to turn the conference over to Graeme Jennings Vice President of Investor Relations for IAMGOLD CORP .

Speaker #4: Please go ahead . Mr. Jennings .

Speaker #5: Thank you . Operator and welcome everyone to our call today . Joining us on the call are Renaud Adams President and Chief Executive Officer Martin Sonnichsen .

Graeme Jennings: Thank you, operator, and welcome everyone to our conference call today. Joining us on the call are Renaud Adams, President, Chief Executive Officer; Maarten Theunissen, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Annie Torkia Lagacé, Chief Legal and Strategy Officer; and Dorena Quinn, Chief People Officer. We are calling today from IAMGOLD's Toronto office, which is located on Treaty 13 territory, on the traditional lands of many nations, including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, Haudenosaunee, and the Wendat peoples. At IAMGOLD, we believe respecting and upholding indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect. Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures.

Speaker #5: Chief Financial officer , Bruno Lemelin Chief Operating officer Annie Chief legal and strategy officer . And Darrin Quinn , chief people officer . We are calling today from IAMGOLD CORP Toronto office , which is located on treaty 13 territory on the traditional lands of many conference of the credit .

Speaker #5: The Anishinaabe , the Chippewa , Shawnee and the Wendat peoples . I am , we believe , respecting and upholding indigenous rights is founded upon relationships that foster trust , transparency , and mutual respect .

Speaker #5: Please note that our remarks on this call will include forward looking statements and refer to non-IFRS measures . We encourage you to refer to the cautionary statements and disclosures on non-IFRS measures included in the presentation and reconciliations of these measures in our most recent NDA , each under the heading non-GAAP Financial Measures .

Graeme Jennings: We encourage you to refer to the cautionary statements and disclosures on non-IFRS measures included in the presentation and reconciliations of these measures in our most recent MD&A, each under the heading Non-GAAP Financial Measures. With respect to the technical information to be discussed, please refer to the information in the presentation under the heading Qualified Person and Technical Information. The slides referenced on this call can be viewed on our website. I'll now turn the call over to our President and CEO, Renaud Adams.

Speaker #5: With respect to the technical information to be discussed , please refer to the information in the presentation under the heading Qualified Person and Technical Information .

Speaker #5: The slides reference on this call can be viewed on our website . I'll now turn the call over to our president and CEO , Renaud Adams .

Speaker #6: Thank you . Graham , and good morning , everyone , and thank you for joining us today . This is an exciting time for IAMGOLD CORP with another quarter of production led by strong performance at Eagle in the mind , helping to fuel record cash flow generation for the company .

Renaud Adams: Thank you, Graeme, good morning, everyone, and thank you for joining us today. This is an exciting time for IAMGOLD, with another quarter of production led by strong performance at Côté Gold and Essakane mines, helping to fuel record cash flow generations for the company. The current strong gold market has been very well timed for IAMGOLD, coinciding with the advancement of our assets, allowing the company to advance our strategic plans ahead of schedule. We are proud of this transformation and also to introduce today our new logo and refreshed brand, which we believe reflect who we are today. We are extremely proud of our roots and history, now our name stands for Innovative Accountable Mining. IAMGOLD is a modern gold mining company that is proudly Canadian with strong cash flow and significant long-term growth opportunities ahead.

Speaker #6: The current strong gold market has been very well timed for IAMGOLD CORP , coinciding with the advancement of our assets , allowing the company to advance our strategic plans ahead of schedule .

Speaker #6: We are proud of this transformation and also to introduce today our new logo and refreshment , which we believe reflect who we are today .

Speaker #6: We are extremely proud of our roots and history , but now our name stands for Innovative , accountable Mining . I Am a modern gold mining company that is proudly Canadian with strong cash flow and significant long term growth opportunities ahead .

Speaker #6: Women with the mining redefined purpose in mind , putting safety , responsibility and people first . We hold ourselves accountable and embrace change and drive innovations at every level , from smarter systems and technology to better ways of working .

Renaud Adams: We mine with a mining redefined purpose in mind, putting safety, responsibility, and people first. We hold ourselves accountable and embrace change and drive innovations at every level, from smarter systems and technology to better ways of working. There are many highlights to discuss for IAMGOLD today, from our operations, financials achievement, and an improved share buyback program which remains subject to TSX approval. We will also discuss our forward-looking plans, including the expansion scenario for Côté Gold, which is expected to demonstrate significant upsides to the current mine plan at Côté. Finally, we will cover the recent announcement of acquisitions to consolidate the Chibougamau-Chapais region in Quebec to create a Nelligan complex. These transactions further positions IAMGOLD as a leading modern Canadian-focused multi-asset gold mining company.

Speaker #6: There are many highlights to discuss for Iamgold today from our operations , financials , achievement and an improved share buyback program , which remains subject to TSX approval .

Speaker #6: We will also discuss our forward looking plans , including the expansion scenario for Codigo , which is expected to demonstrate significant upside to the current mine plan at quarter .

Speaker #6: Finally , we will cover the recent announcement of acquisitions to consolidate the Chibougamau region in Quebec to create an elegant complex . This transactions further positions Iamgold as a leading modern Canadian focused multi-asset gold mining company .

Speaker #6: am proud of our team's achievement and remain confident in our ability to deliver enduring values for our investors and partners , while maintaining a steadfast commitment to safety and accountability .

Renaud Adams: I am proud of our team's achievement and remain confident in our ability to deliver enduring values for investors and partners while maintaining a steadfast commitment to safety and accountability. Turning to the quarter, we're now on slide 5. At IAMGOLD, the safety of our people and communities remains our top priority. In Q3, our total recordable injury rate was 0.56, a 15% improvement year-over-year on a 12-months rolling average and comparing well with our industry peers. We are focused on advancing our critical risk management program, including an important integration of contractor into the IAMGOLD way of safety management, with the goal to reduce high potential incidents. Looking at operations on an attributable basis, IAMGOLD produced 190,000 ounces of gold in Q3.

Speaker #6: Turning to the quarter , and we're now on slide five at IAMGOLD CORP . The safety of our people and communities remains our top priority .

Speaker #6: And the third quarter , our total recordable injury rate was 0.56 , a 15% improvement year over year on a 12 month rolling average .

Speaker #6: And comparing well with our industry peers , we are focused on advancing our critical risk management program , I important integration of contractor into the IAMGOLD CORP of safety management , with the goal to reduce high potential incidents .

Speaker #6: Looking at operations on an attributable basis , I am gold produced 190,000oz of gold in the third quarter . The quarterly performance was led by strong results at Cote , which produced a record 106,000oz on a 100% basis , followed by an improved quarter over quarter attributable production at its taken as the mine saw grades bone back while mining deeper into phase seven of the pit .

Renaud Adams: The quarterly performance was led by strong results at Côté, which produced a record 106,000 ounces on a 100% basis, followed by an improved quarter-over-quarter attributable production at Essakane as the mine saw grades bounce back while mining deeper into phase 7 of the pit. Year to date, IAMGOLD has reported 524,000 ounces of attributable production. As we will walk through in a moment, production is expected to be the highest in Q4, positioning the company well to achieve our guidance target of 735,000 to 825,000 ounces of gold this year. On a cost basis, IAMGOLD reported Q3 cash cost of $1,588 an ounce and an all-in sustaining cost of $1,956 an ounce.

Speaker #6: Year to date , Iamgold has reported 524,000oz of attributable production . As we will walk through in a moment , production . Production is expected to be the highest in the fourth quarter .

Speaker #6: Positioning the company well to achieve our guidance target of 735,000 to 825,000oz of gold this year . On the cost basis , Iamgold reported third quarter cash costs of $1,588 an ounce and an all in sustaining cost of $1,956 an ounce .

Speaker #6: Costs remained higher year to date as a record gold prices directly and translate into higher , higher royalty compounds . With the new royalty regime in Burkina Faso , as well as higher unit costs at Cote from an increase proportion of supplementary contracted crushing to stabilize operations during our first full shutdown and until the second , cone crusher is installed in the fourth quarter , cash costs and all in sustaining costs for the year are expected to be at the top end of the guidance range , though we expect to see a strong end to the year with higher expected cash flow in the fourth quarter .

Renaud Adams: Costs remain higher year to date as the record gold prices directly translate into higher royalty, compounded with the new royalty regime in Burkina Faso, as well as higher unit cost at Côté from an increased proportion of supplementary contracted crushing to stabilize operations during our first full shutdown and until the second cone crusher is installed in Q4. Cash cost and all-in sustaining cost for the year are expected to be at the top end of the guidance range. We expect to see a strong end to the year with higher expected cash flow in Q4 on an improved production and higher margins. With that, I will pass the call over to our CFO to walk us through our financial highlights. Martin?

Speaker #6: On an improved production and higher margins . With that , I will pass the call over to our CFO to walk us through our financial highlights .

Speaker #6: Martin . Thank you . Renaud , and .

Maarten Theunissen: Thank you, Renaud, and good morning, everyone. It was indeed an important quarter for IAMGOLD as we were able to use the strong financial results to take significant steps towards our goal of delevering the company and advancing our plans to reward shareholders. Mine-site free cash flow was CAD 292.5 million in Q3, a record achieved off IAMGOLD's high production levels following the ramp-up of project, increasing the company's exposure to the gold price during a record high gold price environment. The record mine-site free cash flow improved our financial position. The company's net debt was reduced by CAD 210.7 million to CAD 813.2 million at the end of Q3.

Speaker #7: Good morning , everyone . It was indeed an important quarter for IAMGOLD CORP , as we were able to use the strong financial results to take significant steps towards our goal of delivering the company and advancing our plans to reward shareholders .

Speaker #7: Mine site free cash flow was 292.5 million in the third quarter , a record achieved of angles . Higher production levels following the ramp up of Kodak , increasing the company's exposure to the gold price during a record high gold price environment .

Speaker #7: The record mine site free cash flow improved our financial position and the company's net debt was reduced by 210.7 million to 813.2 million at the end of the third quarter .

Speaker #7: Iamgold at 314.3 million in cash and cash equivalents . And approximately 391.9 million available on the credit facility , resulting in total liquidity .

Maarten Theunissen: IAMGOLD had CAD 314.3 million in cash and cash equivalents, and approximately CAD 391.9 million available on the credit facility, resulting in total liquidity at the end of Q3 of approximately CAD 707.2 million. As we noted last Q, Essakane declared a significant dividend in June of approximately CAD 855 million, representing all of the undisputed profits of Essakane up to and including the 2024 financial year. IAMGOLD's 85% portion of the dividend, net of taxes, was approximately CAD 680 million and is expected to be paid over the next 12 months through a revised framework 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.

Speaker #7: At the end of the third quarter of approximately 707.2 million . As we noted last quarter , a can dictated that a significant dividend in June of approximately 855 million , representing all of the profits of his taken up to and including the 2024 financial year .

Speaker #7: IAMGOLD CORP 85% 85% portion of the dividend , net of taxes , was approximately 680 million and is expected to be paid over the next 12 months through a revised framework that enables payments to be made at any time of the year based on the cash generated in excess of working capital requirements by Isa can at September 30th , 180 million of IAMGOLD CORP consolidated cash and cash equivalents was held by Isa Can in Burkina Faso , which was used to pay on gold dividend of 98 million in early October .

Maarten Theunissen: At 30 September, $186 million of IAMGOLD's consolidated cash and cash equivalents was held by Essakane in Burkina Faso, which was used to pay IAMGOLD a dividend of $98 million in early October. The remaining portion of the company's dividend receivable was converted into a shareholder account, with the first payment against the shareholder account of $56 million also received in October. The company expects to receive monthly payments going forward. These funds were used to make additional payments of $170 million against the company's second lien notes, with $130 million of the original $400 million remaining outstanding on 4 November.

Speaker #7: Remaining portion of the company's dividend receivable was converted into a shareholder account , with the first payment against a shareholder account of 56 million .

Speaker #7: Also received . In October . The company expects to receive monthly payments going forward . These funds were used to make additional payments of 170 million against the company's second lien .

Speaker #7: Notes , with 130 million of the original 400 million remaining outstanding . On the 4th of November , holistically , when we consider our liquidity outlook under high gold price environment , we are in the fortunate position to continue to repay debt and commence in the not too distant future .

Maarten Theunissen: Holistically, when we consider our liquidity outlook under a high gold price environment, we are in the fortunate position to continue to repay debt and commence in the not-too-distant future on another of our strategic initiatives, which is to reward our shareholders. Accordingly, subsequent to quarter end, our board of directors approved the share buyback program to be put in place through an NCIB program, allowing for the purchase of up to approximately 10% of IAMGOLD's outstanding common shares. All common shares purchased under the NCIB will be either canceled or placed under trust to satisfy future obligations under the company's share incentive plan. IAMGOLD will file a notice of intention to implement the NCIB with the TSX and which is subject to TSX approval. Following the approval, IAMGOLD will be allowed to purchase these common shares over a 12-month period in the open market.

Speaker #7: On another of our strategic initiatives , which is to reward our shareholders accordingly . Subsequent to quarter end , our Board of Directors approved a share buyback program to be put in place through an NCIB program allowing for the purchase of up to approximately 10% of IAMGOLD CORP outstanding common shares .

Speaker #7: All common shares purchased under the NCIB will be either cancelled or placed under trust to satisfy future obligations under the company's share incentive plan .

Speaker #7: Iron gold will file a Notice of Intention to implement an NCIB with the TSX and which is subject to TSX approval . Following the approval , Iamgold will be allowed to purchase these common shares over a 12 month period in the open market .

Speaker #7: This initiative reflects management confidence in the company's long term value and its commitment to disciplined capital allocation . The actual number of common shares that may be purchased , if any , and the timing of such purchases will be determined by the company based on a number of factors , including the company's financial performance , the viability of cash flows , and the consideration of other uses of cash , including capital investment opportunities and debt reduction .

Maarten Theunissen: This initiative reflects management confidence in the company's long-term value and its commitment to disciplined capital allocation. The actual number of common shares that may be purchased, if any, and the timing of such purchases will be determined by the company based on a number of factors, including the company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities and debt reduction. Turning to our financial results, revenues from continuing operations totaled $706.7 million, from sales of 203,000 ounces on a 100% basis, at a record average realized price of $3,492 per ounce. Cost of sales, excluding depreciation, was $324.2 million.

Speaker #7: Turning to our financial results , revenues from continuing operations totaled $706.7 million from sales of 203,000oz on a 100% basis at a record average realized realized price of $3,492 per ounce .

Speaker #7: Cost of sales . Excluding depreciation , was 324.2 million , an adjusted EBITDA was a record 359.5 million , compared to 221.7 million in the third quarter last year .

Maarten Theunissen: Adjusted EBITDA was a record CAD 359.5 million, compared to CAD 221.7 million in Q3 last year. At the bottom line, adjusted earnings per share in Q3 was CAD 0.30. Looking at the cash flow waterfall on the left side of slide 7, we can see the year-to-date impact on our operating cash flow of the gold prepa deliveries, which we completed in June, as well as the impact of the second lien term payment and the dividend payment to the Government of Burkina Faso following its second dividend declaration.

Speaker #7: At the bottom line , adjusted earnings per share in the third quarter was $0.30 . Looking at the cash flow waterfall on the left side of site seven , we can see the year to date impact on our operating cash flow of the gold deliveries , which we completed in June , as well as the impact of the second lien term payment and the dividend payment to the government of Burkina Faso following its declaration on a mine site .

Maarten Theunissen: On a mine-site free cash flow basis, IAMGOLD generated $292.3 million in Q3, including $135.6 million from Côté and $150.5 million from Essakane, driven by higher revenues due to the higher realized gold price, partially offset by higher production costs. With that, I will pass the call to Bruno Lemelin, our Chief Operating Officer, to discuss our operating results. Bruno.

Speaker #7: Free cash flow basis . Iamgold generated 292.3 million in the third quarter , including 135.6 million from Cote and 150.5 million from Essakane , driven by higher revenues due to the higher price partially offset by higher production costs .

Speaker #7: And with that , I will pass the call to Bruno Lemelin , our chief operations officer , to discuss our operating results . Bruno , thank you .

Bruno Lemelin: Thank you, Martin. Starting with Côté Gold, it was a strong quarter, with Côté reaching new milestones while maintaining stable performance at the processing plant. Notably, the plant underwent its first full shutdown in August, which was executed successfully. I'm very proud of our teams at Côté. It is important to remember that it is still the first full year of operation at the mine, with nameplate throughput achieved at the end of Q2. Our teams are learning every day how to better position Côté for success, including the refinement of the mine plan, of the maintenance schedules, and identifying efficiencies to drive continuous improvement. Looking at Q3, Côté produced 106,000 ounces on a 100% basis, which is a record quarter of production for the mine.

Speaker #7: Martin . Starting with Kotagal , it was a strong quarter with Coty reaching New milestones while maintaining stable performance at the processing plant .

Speaker #7: Notably , the plant underwear underwent its first full shutdown in August , which was executed successfully .

Speaker #6: I'm very proud of our teams.

Speaker #7: It's important to remember that it's still the first full year of operation at the mine , with nameplate . throughput achieved at the end of Q2 .

Speaker #7: Our teams are .

Speaker #6: Learning .

Speaker #7: Every day how to better position Coty for success , including the refinement of the mine plan of the maintenance schedules and identifying efficiencies to drive continuous improvement .

Speaker #7: Now , looking at the third quarter , Coty produced 106,000oz on a 100% basis , which is a record quarter of production for the mine mining activity totaled 11.5 million tons in the quarter , with 3.8 million tonnes mined , equating to a strip ratio of 2 to 1 .

Bruno Lemelin: Mining activity totaled 11.5 million tons in the quarter, with 3.8 million ore tons mined, equating to a strip ratio of 2 to 1. The average grade mined was 0.96 gram per ton, in line with plan, and demonstrating good reconciliation with our reserve and grade control model. Looking ahead, mining activities will continue to work on expanding the pit perimeter to support efficient bulk mining, and also in preparation for the future expansion of Côté. On processing, mill throughput totaled 3 million tons in the quarter, averaging near nameplate in July and September. The first annual maintenance shutdown in August was successful, with the comprehensive maintenance cycle completed, and including the replacement of the high-pressure grinding roll tires, realigning of the ball mill, changes to the primary crusher outer shell, and additional maintenance work on the electrical infrastructure.

Speaker #7: The average grade mine was 0.96g per ton , in line with plan and demonstrating good reconciliation with our reserve and great control models .

Speaker #7: Looking ahead , mining activities were continuing to work on expanding the pit perimeter to support efficient bulk mining and also in preparation for the future expansion of Coty on processing milk .

Speaker #7: Totaled 3 million tons in the quarter , averaging near nameplate in July and in September , the first annual maintenance shutdown in August was successful , with the comprehensive maintenance , maintenance cycle completed and including the replacement of the high pressure grinding roll tires .

Speaker #7: Relining of the ball mill . Changes to the primary crusher , outer shell , and additional maintenance work on the electrical infrastructure at grades average 1.8g per ton with feed material comprised of a combination of direct feed ore and stockpiles .

Bruno Lemelin: Head grades average 1.18 gram per ton, with feed material comprised of a combination of direct feed ore and stockpiles. Mill recoveries averaged 94% in the quarter, which continues to be above design base. Turning to cost, a major driver of costs this year has been associated with the temporary aggregate crusher, which is being contracted to support the processing plant. The plant was built with a single secondary cone crusher as part of the crushing circuit, and through day-to-day operation, we learned that this is a bottleneck. This has been addressed with the addition of a second cone crusher to sustainably achieve the nameplate throughput rates and provide redundancy during shutdowns.

Speaker #7: Nearly averaged 94% in the quarter , which continued to be above design rates . Turning to cost , a major driver of costs this year has been associated with the temporary aggregate crusher , which is being contracted to support the processing plant .

Speaker #7: The plant was built with a single secondary crusher as part of the crushing circuit and through day to day operation . We learned that this is a bottleneck .

Speaker #7: This has been addressed with the addition of a second cone crusher to sustainably achieve the nameplate throughput rate and provide redundancy during shutdowns .

Speaker #7: We accelerated the push to achieve nameplate to mid-year from our original target of Q4 , in part because we found a way to maximize throughput and offset the bottleneck by incorporating an additional refit system using a contractor aggregate plant .

Bruno Lemelin: We accelerated the push to achieve nameplate to mid-year from our original target of Q4, in part because we found a way to maximize throughput and offset the bottleneck by incorporating an additional refeed system using a contractor aggregate plant. Moving ahead, nameplate by 5 to 6 months allows for maximizing tons milled today versus waiting for the second cone crusher to provide the additional flexibility. This may account for an extra $4 per ton milled, yet brings the opportunity to monetize tons already mined through the end of the year. In Q3, the aggregate crusher processed a higher proportion of ore due to the shutdown in August. The use of the aggregate crusher is expected to be reduced following the installation of the secondary cone crusher in Q4 and eventually eliminated.

Speaker #7: Moving ahead nameplate by 5 to 6 months allows for maximizing terms mill today versus waiting for the second cone crusher to provide the additional flexibility .

Speaker #7: This may account for an extra $4 per ton mill , yet brings the opportunity to monetize tonnes already . Mine to the end of the year .

Speaker #7: In the third quarter , the aggregate crusher processed a higher proportion of oil due to the shutdown in August , the use of the aggregate crusher is expected to be reduced following the insulation of the secondary crusher , and before and eventually eliminated .

Speaker #7: Looking at mining costs , we averaged $4.51 per tonne in the quarter . In the third quarter , mining costs are higher than planned due to higher , higher wear and were also impacted by the operation of the aggregate crusher and refuse system .

Bruno Lemelin: Looking at mining costs, we averaged $4.51 per ton in the quarter, in Q3. Mining costs are higher than planned due to higher tire wear and were also impacted by the operation of the aggregate crusher and refeed system. The aggregate crusher requires the utilization of mining equipment to feed it, including haul trucks and a shovel, resulting in higher amounts of rehandling that is accounted to mining. These costs will decrease into 2026 as further operational improvements are made and the elimination of the contracted aggregate plant. Milling unit costs also increased in the quarter, averaging $22 per ton milled. The temporary aggregate crusher system has a direct impact on our processing unit cost as it is more costly to operate. In Q3, we rely on it more due to the August shutdown.

Speaker #7: The aggregate crusher requires the utilization of mining equipment to feed it , including whole trucks and a shovel , resulting in higher amounts of handling that is accounted to mining .

Speaker #7: These costs will decrease into 2026 as further operational improvements are made , and the elimination of the contracted aggregate plant meeting unit costs also increased in the quarter , avoiding $22 per tonne mill .

Speaker #7: The temporary aggregate crusher system has a direct impact on our processing unit costs , as it is more costly to operate , and in the third quarter we rely on it more due to the August shutdown .

Speaker #7: Overall , we estimate around $6 per tonne was associated with the cost of the aggregate crusher in the third quarter . Maintenance costs to replace the tire and wear components accounted for one dollar $0.87 per tonne during the quarter .

Bruno Lemelin: Overall, we estimate around $6 per ton was associated with the cost of the aggregate crusher in Q3. Maintenance costs to replace the HPGR tire and wear components accounted for $1.87 per ton during the quarter. Unit costs are expected to decline over the course of 2026 following the installation of the additional cone crusher in Q4 of this year. Looking ahead, we remain confident in our Côté Gold production guidance of 360,000 to 400,000 gold ounces on a 100% basis, which is essentially a doubling of production from last year.

Speaker #7: Unit costs are expected to decline over the course of 2026 , following the installation of the additional crusher in the fourth quarter of this year .

Speaker #7: Looking ahead , we remain confident in our gold production guidance of 360 to 400,000 producers on a 100% basis , which is essentially a doubling of production from last year .

Speaker #7: As noted here , we expect expect cash costs to exceed the top end of our updated guidance range of 11 to $1200 per ounce sold primarily due to a combination of higher royalties impacted by a significant increase in gold price , an increase in the expected usage of the supplementary crushing during the year .

Bruno Lemelin: As noted here, we expect cash costs to exceed the top end of our updated guidance range of $1,100 to $1,200 per ounce sold, primarily due to a combination of higher royalties impacted by a significant increase in gold price, an increase in the expected usage of the supplementary crushing during the year to support the mill feed, and the expensing of certain parts and supplies that were previously expected to be capitalized. Taken together, Côté is performing very well for an operation of this site less than 20 months after pouring its first gold. We are looking forward to seeing the impact of the installation of the second cone crusher in Q4 on availability and throughput, paving the way for future expansion options. Which leads us to what is the most exciting slide, the advancement of the Côté-Gosselin Super Pit scenario.

Speaker #7: To support the new feed and the expensing of certain parts and supplies that were previously expected to be capitalized . Taking to take together Coty's performing very well for an operation of this size , less than 20 months after pouring its first goal , we are looking forward to seeing the impact of the installation of the second crusher in Q4 on availability and throughput , paving the way for future expansion options , which leads us to what is the most exciting slide the advancement of the Coty Superpit scenario , as we have discussed previously , we are working towards announcing an 2026 , an updated mine plan that envisioned the Coty operating as a higher throughput , targeting a significantly larger order base for from both Coty and gasoline .

Bruno Lemelin: As we have discussed previously, we are working towards announcing in 2026 an updated mine plan that envisions Côté operating at a higher throughput, targeting a significantly larger ore base from both Côté and Gosselin. The first step is reading out the super pit of Côté and Gosselin to provide the resource foundation for the mine plan. Our drills are busy at work with over 650,000 meters drilled so far this year, with a goal to infill and upgrade Gosselin and bring the bulk of mineralization there into measured and indicated. As currently designed, Côté has a mining capacity to average an annual ore mining rate of 50,000 tonnes per day versus our current nameplate processing rate of 36,000 tonnes per day.

Speaker #7: The first step is reading out the super pit of Coty and provide the resource foundation for the mine plan . Our drills are busy at work with over 50,000 meter drilled so far this year , with the goal to infill another gosling and bring the bulk of mineralization there into measured and indicated as currently design Coty as the mining capacity to average an annual ore mining rate of 50,000 tonnes per day .

Speaker #7: With our current nameplate processing rate of 36,000 tonne per day . As part of the 2026 Technical report , we will look to find the right balance between an increased processing rate with mining rates targeting the combined coating of Isoparaffin in this scenario , we anticipate a mining plan that prioritize the extension of the plant , which could be implemented years before other major capital items that would be part of the Super Pit scenario , including tailings capacity expansion and or earthworks .

Bruno Lemelin: As part of the 2026 technical report, we will look to find the right balance between an increased processing rate with mining rates targeting the combined Côté-Gosselin Super Pit. In this scenario, we anticipate a mine plan that prioritizes the expansion of the plant, which could be implemented years before other major capital items that would be part of the Super Pit scenario, including tailings capacity expansion and ore Gosselin earthworks. The updated mine plan and technical report is expected to be completed by the end of next year. In the interim, we will continue to focus on optimizing Côté, reducing our cost profile, and capturing low-hanging opportunities for operational improvements and capacity expansion.

Speaker #7: The updated mine plan and technical report is expected to be completed by the end of next year , and in the interim , we will continue to focus on optimizing Coty , reducing our cost profile and capturing low hanging opportunities for operational improvements and capacity expansion .

Speaker #7: Turning to Quebec in the third quarter , Westwood produced 23,000oz , bringing the year to date production to 76,000oz . Tracking below the bottom end of the guidance range of 125 to 1 40,000oz .

Bruno Lemelin: Turning to Quebec, in Q3, Westwood produced 23,000 ounces, bringing the year-to-date production to 76,000 ounces, tracking below the bottom end of the guidance range of 125,000 to 140,000 ounces. Q3 at Westwood saw similar results as prior quarters this year, as mining activities underground operated through lower-grade stops. Encountering areas of challenging ground conditions resulted in higher than expected dilution and lower mining recoveries. The teams are implementing mitigation measures that include changes in blasting techniques and refinement of design and sequencing. We are already seeing improvements from these efforts in October, with the average grade so far this month from underground averaging over 9 gram per ton in the month. The Grand Duc satellite open pit added another quarter of decent ore volume with a reported 315,000 tons mined.

Speaker #7: The third quarter at Westwood saw similar results as prior quarter this year , as mining activities on the operated to lower grade stores , encountering areas of challenging ground conditions resulted in higher than expected dilution and lower mining recoveries .

Speaker #7: The teams are implementing mitigation measures that include changes in blasting techniques and refinement , scope , design and sequencing . We are already seeing improvements from these efforts .

Speaker #7: In October with the average grade so far this month from from underground averaging over nine grams per tonne in the month . The grades accepted open pit added another quarter of decent ore volume , with a reported of 315,000 tonnes mined .

Speaker #7: Open pit activities from Brunswick are currently being evaluated for an expansion and expansion of the pit . The outline scenario would push the pit into phase four , which would allow for mining until 2027 .

Bruno Lemelin: Open pit activities from Grand Duc are currently being evaluated for an expansion of the pit. The outlying scenario would push the pit into phase 4, which would allow for mining until 2027. Mill throughput in Q3 was 250,000 tons, which was below the average throughput rate over the previous quarter due to a 14-day shutdown of the plant in July for the replacement of a critical gear in the grinding circuit, resulting in plant availability in the quarter of 35% versus 90% in the same prior year period. We expect to see mill throughput return to near 90% availability in Q4. As a result of the low availability and lower ton milled, we saw an increase in milling unit costs in the quarter.

Speaker #7: Mill throughput in the third quarter was 250,000 tonnes , which was below the average throughput rate over the previous quarter . Due to a 14 day shutdown of the plant in July .

Speaker #7: For the replacement of a critical gear in the grinding circuit , resulting in plant availability in the quarter of 25% versus 99% in the same period prior year period .

Speaker #7: We expect to see mill throughput return to near 90% ability in the fourth quarter . As a result of the low availability and lower ton mill , we saw an increase in milling unit costs in the quarter .

Speaker #7: Likewise , mining costs also remained elevated due to an increase in the number of Stokes prepared underground to set up the mine for the remainder of the year .

Bruno Lemelin: Likewise, mining costs also remained elevated due to an increase in the number of stopes prepared underground to set up the mine for the remainder of the year, combined with an increase in mining costs, labor costs, and explosives and power consumption. Together, cash costs were $1,924 an ounce in the quarter. Looking at this year, as noted, Westwood production is expected to be below the bottom end of the range of 125,000 to 140,000 ounces. Accordingly, despite unit cost improvement expected in Q4, annual average cash costs are expected above the guided range of $1,275 to 1,375 per ounce, and AISC is expected to be above the range of $1,800 to 1,900 per ounce.

Speaker #7: Combined with an increase in mining costs , labor costs and explosives , and power consumption . Together , cash costs were $1,924 an ounce in the quarter .

Speaker #7: Looking at this year , as noted , Westwood production is expected to be below the bottom end of the range of 125 one 40,000oz .

Speaker #7: Accordingly , and despite unit costs improvement expected in the fourth quarter , annual average cash costs are expected above the guided range of 175 .

Speaker #7: To $1,375 per ounce , and Asec is expected to be above the range of 1800 to $1900 per ounce . The turnaround in October is the turnaround in October is expected to be sustainable as we continue to refine stock design in the varying underground conditions at Westwood , despite the challenges in the first nine months of this year .

Bruno Lemelin: The turnaround in October is expected to be sustainable as we continue to refine stope design in the varying underground conditions at Westwood. Despite the challenges in the first nine months of this year, I'm very proud of the team there, as they have demonstrated their innovative and accountable mindset to operation, safety, and environmental care. Turning to Essakane, it was a strong quarter for the mine, with production of 108,000 gold ounces on a 100% basis, or 92,000 ounces based on our 85% interest. Production rebounded on higher grades as mining activities were deeper into phase 7. Mining activity totaled 8.7 million tons, with ore mined of 3.2 million tons, equating to a strip ratio of 1.7 to 1.

Speaker #7: I'm very proud of the team there as they have demonstrated their innovative and accountable mindset to operations , safety and environmental care . Turning to second , it was a strong quarter for the mine with production of 108,000 gold downs on a 100% basis , or 92,000oz .

Speaker #7: Based on our 85% interest production rebounded on higher grades as mining activities were deeper into phase seven mining activity totaled 8.7 million tonnes , with Portland's mined of 3.2 million tonnes equating to a strip ratio of 1.7 to 1 .

Speaker #7: Total turns mined was lower than prior periods as the mining fleet did not operate at full capacity . In August due to a fuel shortage in the country , the situation improved in September and the mining fleet was able to operate at capacity to end the quarter and into October .

Bruno Lemelin: Total tons mined was lower than prior periods, as the mining fleet did not operate at full capacity in August due to a fuel shortage in the country. The situation improved in September, the mining fleet was able to operate at capacity to end Q3 and into October. Mill throughput was 3.1 million tons at the average head grade of 1.18 g/t. The transition to the higher-grade benches in phase 7 was initially expected earlier in the year, was realized in Q3. Grades have continued to reconcile positively to the reserve model in October, positioning the mine for a strong Q4. On a cost basis, Essakane reported cash costs of $1,737 per ounce and AISC at $1,914 an ounce in Q3, an improvement on the prior Q.

Speaker #7: Mill throughput was 3.1 million tonnes at an average grade of 1.18g per tonne . The transition to the higher grade benches in phase seven was initially expected earlier in the year , but was realized in the third quarter .

Speaker #7: Grades at to reconcile positively to the reserve model . In October , positioning the mine for a strong fourth quarter on a cost basis .

Speaker #7: As I reported , cash costs of $1,737 per ounce and ASIC at $1,914 an ounce . In the quarter , an improvement on the prior quarter .

Speaker #7: Despite the production improvement costs remained elevated in the quarter . Over the same period last year , royalty costs have increased 61% on a per ounce basis due to the strong gold market and the new royalty decree royalties accounted for $283 an ounce in the third quarter .

Bruno Lemelin: Despite the production improvement, costs remained elevated in the quarter. Over the same period last year, royalty costs have increased 61% on a per-ounce basis due to the strong gold market and the new royalty decree. Royalties accounted for $283 an ounce in Q3. Additional drivers include a higher proportion of mining costs being expensed, as well as higher maintenance activity and an increase in consumable costs, including diesel and grinding media. USD equivalent labor, contractor, and facility costs also increased due to the appreciation of the local currency, which is pegged to the euro.

Speaker #7: Additional drivers include a higher proportion of mining costs being expensed , as well as higher maintenance activity and an increase in consumable costs , including diesel and grinding media .

Speaker #7: USD equivalent labor contractor and facility costs also increased due to the appreciation of the local currency , which is pegged to the euro .

Speaker #7: Looking ahead , we estimate that will be at the midpoint of the 100% basis estimate of 400 to 440,000oz , which equates to the lower end of the attributable production guidance target based on 85% of 360 to 400,000oz .

Bruno Lemelin: Looking ahead, we estimate that Essakane will be at the midpoint of the 100% basis estimate of 400,000 to 440,000 ounces, which equates to the lower end of the attributable production guidance target based on 85% of 360,000 to 400,000 ounces. Production is expected to be higher in Q1 due to the higher grade as the mining sequence moves in the primary zone of phase 7. Cash costs are expected to be at the higher end of the guidance target of $1,600 to 1,700 per ounce sold, and AISC is expected to be at $1,850 to 1,950 per ounce sold.

Speaker #7: Production is expected to be higher in the first quarter due to the higher grade , as the mining sequence moved in the primary zone of phase seven , cash costs are expected to be at the end of the guidance target of 16 to 1700 per ounce sold , and is expected to be at 1800 , and $1,850 to $1,950 per ounce .

Speaker #7: Sold . Looking beyond next year , we are initiating conversations with the government on the mining lease renewal when hours expires in 2028 .

Bruno Lemelin: Looking beyond next year, we are initiating conversations with the government on the mining lease renewal when ours expires in 2028. While the cost of operations in country has risen, Essakane continues to be a world-class mine and an important member of the Burkina base community. The mine has over 2 million ounces in reserves and is positioned to generate significant free cash flows moving forward. With that, I will pass it back to Renaud to discuss our latest exciting news coming from Chibougamau-Chapais. Renaud?

Speaker #7: While the cost of operations in country has risen as a continues to be a world class mine in an important member of the Burkinabé community , the mine has over 2,000,000oz in reserves and with positioned to generate significant free cash flows , moving forward .

Speaker #7: With that , I will pass it back to Renaud to discuss our latest exciting news coming from Chibougamau .

Speaker #6: Thank you . Bruno . I really want to take a moment here to talk about our news from the two weeks ago , when Iamgold announced the proposed acquisitions of North and Superior in our big mines for total consideration of approximately $267 million in shares of Iamgold in approximately $13 million in cash .

Renaud Adams: Thank you, Bruno. I really wanna take a moment here to talk about our news from 2 weeks ago when IAMGOLD announced the proposed acquisitions of Northern Superior in Mines D'Or Orbec for total consideration of approximately $267 million in shares of IAMGOLD and approximately $13 million in cash. The strategic rationales for these transactions are clear when you look at this map here. Our goal was to consolidate IAMGOLD's land position and gold resources in the Chibougamau-Chapais district, where IAMGOLD's Nelligan and Monster Lake assets are located, creating the next great Canadian mining camp. Our Nelligan deposit has 3.1 million ounces indicated and another 5.2 million ounces of inferred, with rapid growth from minimal drilling in recent years.

Speaker #6: The strategic rationale for this transactions are clear when you look at this map here . Her goal was to consolidate Iamgold lens position and gold resources and distribute district where IAMGOLD CORP and elegant and Monster Lake assets are located , creating the next great Canadian mining camp .

Speaker #6: Our Nelligan deposit has 3.1 million ounces indicated and another 5.2 million ounces of inferred with rapid growth from minimal drilling in recent years .

Speaker #6: Nelligan is a large scale open pit style of deposit with average grades around 0.95g a tonne . Monster Lake , located approximately 15km north of Nelligan , is a high grade underground style project .

Renaud Adams: Nelligan is a large-scale open-pit style of deposit with average grades around 0.95 grams a ton. Monster Lake, located approximately 15 kilometers north of Nelligan, is a high-grade underground-style project. Prior to the acquisition announcement, we were looking at putting out economics on Nelligan and Monster Lake, envisioning a project that would take most of the ore feed from Nelligan with a high-grade kicker from Monster Lake. The potential additions of Philibert may result in a revised timeline of technical study and proposed mining scenario. Northern Superior's primary asset, Philibert, is an open-pit style deposit located 8 kilometers northeast of Nelligan. Philibert has estimated mineral resources of approximately 2 million ounces at an average of 1.1 grams of gold, making it, at this time, smaller, but yet higher-grade than Nelligan.

Speaker #6: Prior to the acquisition announcement , we were looking at putting out economics on elegant and Monster Lake and positioning a project that would take most of the ore feed from Nelligan with a high grade kicker from Lake .

Speaker #6: The potential additions of Philibert may result in a revised timeline of technical study , and proposed mining scenario . Norton superiors primary asset , Philibert is an open pit style deposit located eight kilometres northeast of Nelligan .

Speaker #6: Philibert has estimated mineral resources of approximately 2,000,000oz at an average of 1.1g of gold , making it at this time smaller yet higher grade than Nelligan .

Speaker #6: In the consolidated scenario . In a conceptual multiplet and underground complex mine plan , we envision Philibert as having the potential to beat initial deposit due to the higher grade infrastructure advantage , providing important synergies versus a standalone Nelligan .

Renaud Adams: In the consolidated scenario, in a conceptual multi-pit and underground complex mine plan, we envision Philibert as having the potential to be the initial deposit due to the higher grade infrastructure advantage, providing important synergies versus a standalone Nelligan. This year, we have drilled over 16,000 m at Nelligan and over 17,000 m at Monster Lake, with both projects having seen the programs upsized and continued success at the drill bit. Upon completion of the transaction, we look forward next year to putting together a comprehensive program at Philibert to expand mineralization as we look to bring all these assets together.

Speaker #6: This year we have drilled over 16,016,000m at Nelligan and over 17,000m at Monster Lake , with both projects having seen the programs upsized and continued success at the drill Pit .

Speaker #6: Upon completion of the transaction , we look forward next year to putting together a comprehensive program at Philibert to extend and expand mineralization .

Speaker #6: As we look to bring all these assets together . As of today , the combination of Nelligan and Monster Lake with Norton Superior assets and Orbex property , which are now referred as the Nelligan Mining Complex , will rank as the fourth largest pre-production gold camp in Canada , with its maiden mineral resources of over 3.8 million ounces in indicated and 8.7 million ounces inferred .

Renaud Adams: As of today, the combination of Nelligan and Monster Lake with Northern Superior's assets and Orbec's property, which are now referred as the Nelligan Mining Complex, will rank as the fourth largest pre-production gold camp in Canada, with estimated mineral resources of over 3.8 million ounces indicated and 8.7 million ounces inferred. The closing of this proposed transactions remains subject to shareholder votes from both Northern Superior and Orbec's shareholders, as well as other customary closing conditions for transactions of that nature. Together, this asset has a bright future, and we look forward to welcoming the Northern Superior and Orbec shareholders to the IAMGOLD team.

Speaker #6: The closing of this proposed transactions remains subject to shareholder votes for growth from both North and Superior , and Uzbek shareholders , as well as other customary closing conditions for transactions of that nature .

Speaker #6: Together , these asset has a bright future and we look forward to welcoming the Northern Superior and shareholders to the IAMGOLD CORP team .

Speaker #6: It will be an exciting year for us, with significant value growth opportunities ahead and many catalysts, starting with the upside scenario for gold.

Renaud Adams: It will be an exciting year for us, with significant value growth opportunity ahead and many catalysts, starting with the upside scenario for Côté Gold, but also including the advancement of the Nelligan, as well as the valuable contribution of Westwood and Essakane. Thank you for your support. With that, I would like to pass the call back to the operator for the Q&A. Operator?

Speaker #6: But also including the advancement of Nelligan mining Complex as well as the valuable contribution of Westwood in this account . So thank you for your support .

Speaker #6: With that , I would like to pass the call back to the operator for the Q&A operator .

Speaker #4: Thank you . We will now begin the question and answer session . To join the question queue , you may press star , then one on your telephone keypad .

Operator 2: Thank you. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question will come from Sathish Kasinathan with Bank of America. Please go ahead.

Speaker #4: You will hear a tone acknowledging your request . If you are using a speakerphone , please pick up your handset before pressing any keys .

Speaker #4: And withdraw your question . Please press star then two . We will pause for a moment as callers join the queue . And the first question will come from Satish Nathan with Bank of America .

Speaker #4: Please go ahead .

Speaker #8: Yeah . Hi . Good morning . Thanks for taking my questions . Congrats on a strong quarter and addition to initiate share buybacks .

Sathish Kasinathan: Yeah, hi, good morning. Thanks for taking my questions. Congrats on a strong quarter and the decision to initiate share buybacks. My first question is on Côté Gold. So once the secondary crusher is installed, can you give us a sense of like what the anticipated cost improvements could be? Maybe talk about how you see the exit rate of cost as you exit 2025.

Speaker #8: My first question is on gold . So once these secondary crusher is installed can you give us a sense of like what the anticipated cost improvements could be .

Speaker #8: Maybe talk about how you see the exit rate of cost as you as you exit 2025 .

Speaker #6: Yeah . It's an excellent question . As as we mentioned , we appreciate , you know , the the very high record free cash flow at Coty .

Renaud Adams: Yeah, it's an excellent question. As we mentioned, we appreciate, you know, the very high record free cash flow at Côté and everywhere. You know, that doesn't take away our focus on cost. We made a conscious choice in Q2 to maintain the aggregate plan functioning, maximizing throughput, maximizing grade by allowing, you know, more rehandling, maximizing grade and productions and free cash flow, and it has worked just perfectly. As you've mentioned, moving forward, as Bruno Lemelin mentioned, Ismael or Martin both, there's about $6 a ton right from the start on a per ton of ore by using and operating the aggregate plan. We think that with the second crusher, we'll be capable to generate our own stockpile internally. That's one of the focus.

Speaker #6: And everywhere . But you know , that doesn't take away our focus on on cost . We made a conscious choice in the Q2 to maintain the aggregate plant functioning , maximizing throughput , maximizing grade by allowing more more rehandling and maximizing grade and productions and free cash flow .

Speaker #6: It has worked just perfectly now , as you mentioned , moving forward . So as Bruno mentioned in his note or Martin , both , there's about $6 a ton right from the start on a per ton of or .

Speaker #6: By using and operating the aggregate plant, we think that with the second crusher, we will be capable of generating our own stockpile internally.

Speaker #6: So that's one of the focus . So right from the start down the road , and I'm not saying that's going to be a walk in the park and a one quarter .

Renaud Adams: Right from the start down the road, and I'm not saying that's gonna be a walk in the park in a Q1, but on the milling side, definitely our objective remains to stabilize eventually down the road towards $12. We appreciate that there are, you know, other assets maybe that could do slightly better. For us, at $12, we believe with the kind of design and configurations, that's probably achievable. There will be some transitions, of course. Q1 probably a transitions and as we enter Q2. On the mining side, yes, we appreciate, you know, the again, there's rehandling has been a big component of it. Could we stabilize in the short term more towards the $3.50?

Speaker #6: But on the milling side definitely our objective remains to stabilize eventually down the road towards the $12 . We appreciate that our , you know , other assets may be that could do slightly better , but for us , at $12 , we believe with the kind of design and configuration that's probably achievable , there will be some some transitions .

Speaker #6: Of course . Q1 probably at and as we enter Q2 on the mining side , yes , we appreciate , you know , the again , there is Rehandling has been a big component of it .

Speaker #6: Could we could we stabilize in the short term more towards the 350 . So we're working on our plan as we as we speak , but we believe that the big component here is to being capable to operate without the aggregate plant , which will have a big effect .

Renaud Adams: We're working on our plan as we speak, but we believe that the big component here is to being capable to operate without the aggregate plan, which will have a big effect. There's other aspect we need to improve. You know, we need to improve significantly tire consumptions, the life on it. There's probably room to improve, you know, significantly, 50%, 60% of consumption. All that will have an impact on it. Our objective remain down the road to be as close as the $3 per ton mine. I know there's been inflations all over the place, and everyone is facing the same, but this is an objective. Not gonna be there at the start of the year, but as we advance in a year, 3 and 12 remains our strategic target.

Speaker #6: There's other aspects we need to improve . You know , we need to improve significantly . Tire consumptions , life on it . There's probably room to improve .

Speaker #6: You know , significantly 50 , 60% . Consumption . So all that will have an impact on it . Our objective remain down the road to be as close as the $3 per ton mine .

Speaker #6: I know there's been inflation all over the place , and everyone is facing the same , but this is an objective not going to be there at the start of the year .

Speaker #6: But as we advance in the year three and 12 remains our strategic , strategic target . And that's the rest become pure math .

Renaud Adams: That's, the rest become pure math, you know. You mine at the reserve grade as we're doing. You try to uplift your grade, you know, as you separate the lower grade. With the 400,000 ounces plus and with the better unit cost and a very low strip ratio at Côté, we definitely see this asset performing amongst the best lead, you know, leading on the cost side. That's what we see. Bruno, you wanna add anything?

Speaker #6: You know , you mind that the reserve grade , as we're doing , you try to uplift your grade . You know , as you separate the lower grade and with the 400,000oz plus and with the better unit cost and a very low strip ratio at Coty , we definitely see this asset performing amongst the best .

Speaker #6: The best . You know , leading on the cost side . That's what we see . Bruno , do you want to add anything .

Speaker #6: ?

Speaker #7: That's exactly right . No . The mining costs will have a better performance once we stop using the aggregate crusher , reducing much more .

Bruno Lemelin: That's exactly right, Renaud Adams. The mining cost will have a better performance once we stop using the aggregate crusher, reducing much more the rehandling. There's also many projects in terms of improving drilling performance as we drive vertically in the pit with less fracture terrain. We expect improvement, quarter after quarter.

Speaker #7: The Rehandling . There's also many projects in terms of improving running performance . As we drive up in the pit with less fracture terrain .

Speaker #7: So, we expect improvement quarter after quarter.

Speaker #8: Okay , thanks for the color . Sorry .

Sathish Kasinathan: Okay. Thanks for that color. Sorry?

Speaker #6: No , no , that's that's it . That's that's what we could say at this stage as we complete our plan for next year .

Renaud Adams: No, no, that's what we could say at this stage as we complete our plan for next year.

Sathish Kasinathan: Yeah, thank you. That's helpful. Maybe one follow-up on the share buybacks. Understand that you will begin share repurchases after you paid down the $130 million in debt. Is there like a minimum target in mind, maybe tied to a certain percentage of free cash flow that we should look at in terms of the potential for buybacks going forward?

Speaker #8: Yeah . Thank you . That's helpful . Maybe one follow up on the share buybacks . So understand that you will begin share repurchases after you pay down the 130 million in in debt .

Speaker #8: But is there like a minimum target in mind maybe tied to a certain percentage of free cash flow that we should look at in terms of the potential for buybacks going forward , like .

Speaker #7: Good morning Satish . So once we have the program in plan , by the end of the year , it gives us that flexibility to start allocating capital to the different parts of the business .

Maarten Theunissen: Good morning, Satish. Once we have the program in plan by the end of the year, it gives us that flexibility to start allocating capital to the different parts of the business. We're kind of looking at it in thirds. Where we would look at internal growth and opportunities, as well as we still want to prepay the amount drawn on our credit facility, CAD 250 million. Then the third part is buying back shares. We don't have to do this sequentially. We can do all of this at the same time. We were kind of breaking it down into thirds, starting next year we'll look at the cash being generated and then do it that way.

Speaker #7: And we're kind of looking at it in thirds . We would look at internal growth and opportunities as well as we still want to repay the amount drawn on a credit facility .

Speaker #7: 250 million . And then the third part is , is buying back shares . We don't have to do this sequentially . We can do all of this at the same time .

Speaker #7: So so we would kind of breaking it down into thirds and starting next year we'll look at the cash being generated . And then do it that way .

Maarten Theunissen: That's kind of as close as %, I guess, a third, that we can give at this point.

Speaker #7: So that's kind of as close as percentage I guess a third that we can give at this point .

Speaker #8: Okay . Thank you . That's helpful .

Sathish Kasinathan: Okay. Thank you. That's helpful.

Speaker #4: Okay . Next question will come from Tanya Jakusconek , Scotiabank . Please go ahead .

Operator 2: The next question will come from Tanya Jakusconek with Scotiabank. Please go ahead.

Tanya Jakusconek: Great. Good morning, everybody. Congrats on, you know, the balance sheet. Really was impressed on your getting your net debt to EBITDA down so low versus Q2. Sorry, there's 4 calls going on at the same time, so I've missed a lot of yours. I just want a clarification, if I could. Slide 11, you have a new technical report and mine plan to be released in H2 2025. I thought that was coming in H2 2026. Has that been moved forward?

Speaker #9: Great . Good morning everybody . Congrats on the balance sheet . Really was impressed on your getting your net debt to EBITDA down so low versus Q2 .

Speaker #9: I'm sorry . There's four calls going on at the same time . So I've missed a lot of yours . I just want to clarification .

Speaker #9: If I could slide 11 . You have a new technical report in mind . Plan to be released in the second half of 25 .

Speaker #9: I thought that was coming in the second half of 26 . Has that been moved forward ?

Renaud Adams: No. If there was any mention to 2025, that would be a typo or mistake, Tanya. No, we remain with disclosure of our next Côté Gold expansions late 2026.

Speaker #6: No . If there was any mention to 25 , that would be a typo or mistake . Tanya . But now we remain .

Speaker #6: We remain with disclosure of our next quarter goal expansions late 26 .

Speaker #9: Okay . All right .

Tanya Jakusconek: Okay. All right.

Speaker #6: Sorry about and thank you for for for catching up . We'll fix it . Thanks .

Renaud Adams: Sorry about that. Yeah.

Tanya Jakusconek: No worries.

Renaud Adams: Thank you for catching that. We'll fix it. Thanks.

Speaker #9: No , no I just I joined when you talked about Westwood . And so it was a slide before and I noticed that and I said oh my God they've moved it .

Tanya Jakusconek: No, no, I just joined when you talked about Westwood, and so it was a slide before-

Tanya Jakusconek: I noticed that, and I said, Oh my God, they've moved it. I wasn't aware of it. Okay, no worries. Just maybe still on Côté, if I could. You talked about bringing the processing cost down to about 12, the mining cost down to 3. We had talked on the previous conference call that you thought you would get there by mid-2026. Should it be fair to say that we're still looking for that H2 2026 where we should see these costs get into that range? Is that a fair assumption?

Speaker #9: I wasn't aware of it . Okay . No worries . And just maybe still on coat . If I could we you talked about bringing the processing costs down to about 12 .

Speaker #9: The mining cost down to three . We had talked on the previous conference call that you thought you would get there by mid 2026 .

Speaker #9: Should it be fair to say that we're still looking for that second half of 26 where we should see these costs get into that range ?

Speaker #9: Is that a fair assumption ?

Speaker #6: Well , there is one thing that we don't control , and is some external factors . So let's start with that . You know , like if there's any inflation .

Renaud Adams: Well, there is one thing that we don't control, and it's some external factors. Let's start with that, you know. If there's an inflation. I'm looking at our peers, I'm looking at what we could eventually do, and this is our objective. I think the parking, the aggregate plan, you would start, you know, like transitioning in Q1 and starting in Q2. You must see the effect of much less rehandling, more direct feed, you know, to final destinations. We are gonna continue to rehandle around the HGO, and if your mine, your grade is lower for a period of time, you would, you know, you would swap in an NGO. Yeah, starting Q2, this is where we start seeing effect of it and continue to work very hard towards, you know, achieving the lowest.

Speaker #6: So I'm looking at our peers , I'm looking at what we could eventually do . And this is our objective . I think the parking , the aggregate plan you would start you know like transitioning in Q1 and starting in Q2 , you must see the effect of much less rehandling , more direct feed , you know , to to final destinations , a little bit of you're going to continue to rehandle around the hg0 and the if your mind , your grade is lower for a period of time , you would you know , you would swap in an NGO , but but yes , starting Q2 , this is where we start seeing effect of it .

Speaker #6: And and continue to work very hard towards achieving the lowest . But we need to control our consumption mostly around of course mentioned tires and rehandling .

Renaud Adams: We need to control our consumptions, mostly around, of course, mentioned tires and rehandling and so forth. I think we're competitive when it comes to the procurement and so forth, so it's really on consumptions and better control of our maintenance. We believe that the HPGR should be running better, at 2, allowing to feed it, you know, at a smaller size and so forth. It increases life. It's not just like a one-ticket type of item, but the big impact would start with the parking. The cost will be what it would be in the sense that, you know, we cannot control some external factor. What we can control, this is our intention in 2026 to get it done.

Speaker #6: And so forth . I think we're competitive when it comes to to the procurement and so forth . So it's really on on consumptions and better control of our maintenance .

Speaker #6: We believe that the HPG should be running better at two , allowing to feed it , you know , at a at a smaller size .

Speaker #6: And so forth . And increases life . So it's not just like a one ticket type of item , but the big impact would start with the parking and the cost will be what it would be in the sense that , you know , we cannot control some external factor , but what we can control this is our intention .

Speaker #6: In 26 to get it done .

Speaker #9: Okay . So I should be sort of mid 26 that we should hopefully be there .

Tanya Jakusconek: Okay. I should be looking sort of mid-2026 that we should hopefully be there.

Speaker #6: Yeah . You should start .

Renaud Adams: Yeah. Mid-2026 we should start.

Speaker #9: Yeah. Okay. And can I just come back? I wanted to ask one more technical question. If I could just get your thoughts on your reserves and resources. I'm asking all companies what you're thinking about in terms of pricing as you get your mine plans in place and start thinking about your pitch shells.

Tanya Jakusconek: Okay. Can I just come back? I wanted to, one more technical, if I could. On just on your reserves and resources, I am asking all companies, what are you thinking about in terms of pricing as you get your mine plans in place and start thinking about your pit shelves and so forth? What pricing assumptions are you looking at for year-end 2025 and 2026 in sort of inflation and cost?

Speaker #9: And so forth , what pricing assumptions are you looking at for 20 year end 2025 and 2026 and sort of inflation and costs ?

Speaker #7: Yeah .

Renaud Adams: I think the most important aspects are the reserve. As we're relooking at Côté and so forth, you know, we're very comfortable, you know, to remain at the $1,700 or so for reserve at Côté. We'll look at as well what the industry is aligning and so forth, so there is no real rush there. Essakane is a longer short-term life of mine, so there's ability here to increase a bit and maximize cash flow down there. Typically for our main asset like a Côté, we're not seeing more than $1,700 at this stage for the year-ending exercise. We're also testing the long-term resource deposit like the Nelligan and so forth. You know, we'll be testing it probably up to $2,500 as a resource exercise. We'll be disciplined.

Speaker #6: The most important aspects are the reserve . And as we're relooking at coat and and so forth , you know , we're very comfortable , you know , to remain at the 1700 or so for reserve at Coty .

Speaker #6: And we're going to we will look at as well what the industry is aligning . And so forth . So there is no real rush there .

Speaker #6: Sarkhan is a longer short term . The life of mine . So there's an ability here to increase a bit and maximize and maximize cash flow down there .

Speaker #6: But typically for our main asset , like Coty , we're we're not saying more than 1700 at this stage for the year . And exercise .

Speaker #6: And we're also testing the long term resource deposit , like the Nelligan and so forth . You know , we'll be testing it probably up to 2500 as a resource exercise .

Speaker #6: But but we'll be disciplined and we're not intending to use the full gold price in the short term and like to see how the industry eventually , of course , we're going to pick the price for the Coty study .

Renaud Adams: We're not intended to use the full gold price in the short term and like to see how the industry eventually, of course, we're gonna pick the price for the Côté study and so forth. It is not our intention to transform our asset and low-grade using this full gold price.

Speaker #6: And so forth . But it is not our intention to to transform our asset and low grade using the gold price .

Speaker #9: Okay . Thank you for that . And if I can ask a financial question , I just I saw your debt target , your net debt to EBITDA down to 0.74 .

Tanya Jakusconek: Okay. Thank you for that. If I can ask a financial question. I just, you know, I saw your debt target, your net debt to EBITDA down to 0.74x. I think I heard that we still have another $250 million in 2026 that we want to reduce our debt by. I'm just wondering, one, is that correct? I should think about another 250 for 2026. Do we have a net debt to EBITDA target you're comfortable with and a minimum cash balance on the balance sheet, so I can then sort of look at my share buyback?

Speaker #9: And I think I heard that we still have another 250,000,000 in 2026 that we want to reduce our debt by . So I'm just wondering , one , is that correct ?

Speaker #9: I should think about another 250 for 2026 . Do we have a net debt to EBITDA target ? You're comfortable with so that I can and a minimum cash balance on the balance sheet .

Speaker #9: So I can then sort of look at my share buyback .

Speaker #7: Good morning Tanya . So that is that is correct . We have 250 million drawn on the credit facility . And we would like to pay that down in 2025 or 2026 .

Maarten Theunissen: Good morning, Tanya.

Tanya Jakusconek: Morning.

Maarten Theunissen: That is correct. We have $250 million drawn on the credit facility, and we would like to pay that down in 2025, 2026. We also have $130 million left on our second lien that we plan to do this year. That leads us to next year. We think $200 to 250 million is a good minimum cash balance for our company. Over time, as I mentioned earlier, we'll probably build that up as a third of the capital allocation would go to that. That's kind of the main benchmarks, $200 to 250 minimum cash, and then pay down that $250.

Speaker #7: But we also have 130 million left on our second lien that we plan to do this year . So that then leads us to next year .

Speaker #7: We think 200 to 250 million is a good minimum cash balance for our company . Over time . As I mentioned earlier , we'll probably build that up as a third of the capital allocation would go to that .

Speaker #7: But that's kind of the the main benchmarks , 200 to 250 minimum cash and then pay down that 250 . So from a net debt to EBITDA ratio , that would bring us down to 0.5 or maybe even less .

Maarten Theunissen: From a net debt to EBITDA ratio, that would bring us down to 0.5 or maybe even less. We are comfortable with 1 and lower, but we also understand it's a very high gold price environment, we don't put all of our targets for net debt to EBITDA using a high gold price. We're kind of looking at it, what would it be at lower gold prices as well. We don't want it to be much higher than 1 in a lower gold price environment.

Speaker #7: We are comfortable with one and lower, but we also understand it's a very high gold price environment. So we don't put all of our targets for net debt to EBITDA using a high gold price.

Speaker #7: So we kind of looking at it , what would it be at lower gold prices as well ? So we don't want it to be much higher than one in a lower gold price environment .

Speaker #9: Okay . That's great . And if I could squeeze in an exploration question , I would really like to talk a little bit about the Nelligan camp and maybe Renaud .

Tanya Jakusconek: Okay, that's great. If I could squeeze in an exploration, you know, question. I would really like to talk a little bit about the Nelligan camp, and maybe Renaud. You said there are synergies of that entire camp. It's now going to be called the Nelligan camp once this is done. Can you talk about, like, are you envisioning like one central mill to sort of, you know, treat all of these ores? Like, how are you envisioning this camp?

Speaker #9: I'm keen to . You said there's synergies of that entire camp . It's never going to be called an elegant camp once this is done .

Speaker #9: Can you talk about like is it going to be are you envisioning like one central mill to to sort of treat all of these ores ?

Speaker #9: Like , how are you envisioning this camp ?

Speaker #6: Well , the I had the pleasure to be to be leading the Roosevelt gold mines at the very early days of Iamgold following the creation of the takeover of Cambior and at the very early days when I rejoined this company and I was looking at this camp , there was like a kind of an obvious type of look alike , if you will .

Renaud Adams: Well, I had the pleasure to be leading the Rosebel Gold Mines at the very early days of IAMGOLD, following the creation, you know, the takeover of Cambior. At the very early days when I rejoined this company, I was looking at the site. There was like a kind of an obvious type of lookalike, if you will, and I'm sure you're very familiar as well with the Rosebel concept back in time, where we started with 2 and eventually had 6 mining areas and so forth. I like that one even further, so because of the high grade, the underground component as well that comes at play.

Speaker #6: And I'm sure you're very familiar as well with the Roosevelt concept back in time, where we started with two and eventually had six mining areas.

Speaker #6: And so forth . I like that one even further . So because because of the high grade underground component as well , that comes at like so the kind of the closest for us and we we've operated this place for many years .

Renaud Adams: That, the kind of the closest for us, and we've operated this place for many years, so we have a pretty good understanding and mining experience of. Think of it as a bit of a kind of a Rosebel concept back in time. Definitely a center processing facility, kind of, you know, gravity center and fed and hopefully multiple mining sources that eventually comes and go as you advance in time. That's, that's the closest example I could take, I could think of.

Speaker #6: So we have a pretty good understanding and , and and mining experience of but but think of it as a bit of a kind of a Roosevelt concept back in time .

Speaker #6: Definitely a center processing facilities kind of , you know , gravity center and , and fed and , and hopefully multiple mining sources that eventually comes and go as you advance in time .

Speaker #6: So that's that's the closest example I could take . I could think .

Speaker #9: And what tailings facility or should I think of it as that as well .

Tanya Jakusconek: One tailings facility or Because I think that is that as well.

Speaker #6: Sorry . Yeah . Yeah yeah . No , definitely . Yeah . Yeah . One tailing but again with the new concept and minimizing footprints and the importance of protecting , you know , and minimizing environmental footprint , I could see over time a kind of a use as well of depleted pit to being corporated in the scenario of how you minimize tailings purpose .

Renaud Adams: Sorry.

Bruno Lemelin: One tailings facility.

Renaud Adams: Yeah. Yeah.

Tanya Jakusconek: One tailings-

Renaud Adams: No, definitely. Yeah. Yeah.

Tanya Jakusconek: Yeah.

Renaud Adams: One tailing, again, with the new concept and minimizing footprints and the importance of protecting, you know, and minimizing environmental footprint, I could see over time a kind of a use as well of depleted pits to being incorporated in the scenario of how you minimize for tailings purpose. It's early stage. This is our concept here.

Speaker #6: So early stage . But this is our concept here . So the priority will be Philip Burnell again , Monster Lake , and eventually hopefully , you know , as we continue to drill , maybe incorporating more areas .

Tanya Jakusconek: Okay.

Renaud Adams: Will be Philibert, Nelligan, Monster Lake, and eventually, hopefully, you know, as we continue to drill, maybe incorporating more areas.

Speaker #7: Well .

Tanya Jakusconek: Look forward to hearing more about it next year.

Speaker #9: Look forward to hearing more about it next year .

Speaker #6: Thank you .

Renaud Adams: Thank you.

Speaker #4: Again . If you have a question , please press star then one . Our next question will come from Anita Soni with CIBC World Markets .

Operator 2: Again, if you have a question, please press star then one. Our next question will come from Anita Soni with CIBC World Markets. Please go ahead.

Speaker #4: Please go ahead .

Speaker #10: Hi. Thanks for taking my questions. I am in a similar position to Tanya with a number of competing conference calls, so I apologize if I missed anything. I just wanted to follow up on Tanya's questions around costs going into next year.

Anita Soni: Hi. Thanks for taking my question. Similar position to Tanya with a number of competing conference calls, apologize if I missed anything. I just wanted to follow up on Tanya's questions around costs going into next year. I guess I, I was just trying to understand, if, you know, as we look at Côté and sort of push towards higher tonnage, you know, Like, what are the inflationary factors that you're facing on the mining cost front? Where, where do you see some offsets in terms of maybe pushing higher tonnage?

Speaker #10: I guess I was just trying to understand if , you know , as we look at coat and sort of the push towards higher tonnage , you know , where do dueling sort of things that you're thinking about , like what are the inflationary factors that you're facing on the mining cost front ?

Speaker #10: And where do you see some offsets in terms of maybe pushing higher tonnes ?

Speaker #6: You were breaking up a bit . Sorry , I'm not . We're we're maybe on the mining . Yeah .

Renaud Adams: You were breaking up a bit, Anita. I am sorry on that.

Anita Soni: Yeah.

Renaud Adams: Maybe on the mining-

Anita Soni: Just wanted-

Renaud Adams: Yeah.

Speaker #10: No . Go ahead .

Anita Soni: No, go ahead, Bruno.

Bruno Lemelin: She calls on mining.

Speaker #6: Yeah . Well on if , if , if we got your your your questions and on different inflationary aspects on the cost and so forth .

Renaud Adams: Yeah. Well, on if we got your questions and on the inflationary aspects on the cost and so forth, yes, we did see some, you know, pressure, but it's more around we don't see necessary, you know, like on the pressure on the procurement side. Maarten, you can add to this. I think it's really around the productivities and creating, moving more towards bulk mining, as Bruno said, as we open the pit even further and creating more phases, minimizing the movement of equipment during blast. This is all productivity. This is all like same equipment, more movement, less rehandling, and the tire and improving on drilling, blasting. This is like the most important aspect of 2026 that would probably get us, you know, to a significant improvement.

Speaker #6: Yes we did we did see we did see some , you know , pressure . But it's more around . We don't see necessarily , you know , like on the pressure on the on the procurement side .

Speaker #6: And Martin , you can add to this , I think it's really around the productivity and creating moving more towards bulk mining . As Bruno said , as we open the pit even further and creating more phases , minimizing the movement of equipment during blast , this is all productivity .

Speaker #6: This is all like same equipment , more movement , less rehandling and and attire and improving on drilling , blasting . This is like the most important aspect of 26 .

Speaker #6: That would probably get us , you know , to a significant improvement there . Is there is no reason for , you not to lag his peers when it comes to the best mining we could do .

Renaud Adams: There is no reason for Côté, you know, to lag its peers when it comes to the best mining we could do. We've been very restricted. We haven't allowed the group to really mine within, you know, the perfect setting and force a lot of rehandling and so forth. We need to be patient here and give a chance to the winner here to run the race. Bruno?

Speaker #6: But we've been very restricted where we haven't allowed the the group to really mine within , you know , the perfect setting and of course a lot of rehandling and so forth .

Speaker #6: So we need to be patient here and give a chance to the winner here to run the race. Bruno.

Speaker #7: Anita . Like just to give you an example , the mill side in maintenance we've done like numerous iterations to try to find the right liners for a secondary crusher like more than one .

Bruno Lemelin: Anita, like, just to give you an example, at the mill site, in maintenance, we've done like numerous iteration to try to find the right liners for secondary compression. Like more than 1, like probably 5, 6 different type of liners were tested out. Now we very glad to see that we have 1 that is performing very well that's going to double the life lifetime of this liner. We expect improved productivity, improved production and a lower cost on a ton basis. When you start an operation like at the size of Côté, you need to have an iterative process on some areas to just find the best parts that will trigger your cost down. That's what we do.

Speaker #7: Like less probably five , six , five different type of liners were tested out . And now we very glad to see that we have one that is performing very well .

Speaker #7: That's going to double the life lifetime of liners . So we expect the improved productivity , improve production and lower costs on the ton basis .

Speaker #7: But when you start an operation , like at the size of Coty , you need to do some research . You need to have an iterative process on some areas to define the best parts that will trigger your your cost .

Speaker #7: And that's what we do . It takes some time , but we know where we have to work on .

Bruno Lemelin: It takes some time, but we know where we have to work on.

Speaker #10: Okay . Thank you . I know these operations take some time to ramp . Yes . And you've done a good job .

Anita Soni: Okay. Thank you, Bruno.

Renaud Adams: It's-

Anita Soni: I know these operations take some time to ramp. Yeah. You've done a good job on it.

Speaker #6: Yeah , exactly . And and you've mentioned that Anita , more than once . And this is the thing . And maybe we sound like .

Renaud Adams: Yeah, exactly. You've mentioned that, Anita, more than once. This is the thing, and that maybe we sound like You know, not direct to the questions, but the reality being is from the commissioning, you're building, you know, up to 2023 to the full commissioning in 2024. You're looking at this year, our first year was to really eliminated any red flags, you know, remaining and so forth. 90% recovery at the mill, perfect reconciliations, mining at the mining grade, proven our concept of minimizing on segregations and make it more like work. As you could see, treat water in a row where you actually been capable to uplift at the mill. Those are all, like, significant milestones for us at the very early days.

Speaker #6: We , you know , not not direct to the questions , but the reality thing is from the commissioning , you're building , you know , of the 23 to the full commissioning in 24 and you're looking at this year , our first year was to .

Speaker #6: Really eliminate any red flags and all remaining and so forth , 90% recovery at the mail . Perfect . Reconciliation's mining at the the mining grade proven .

Speaker #6: Our concept of minimizing on segregations and make it more like work . And as you can see , three quarters in a row where you actually being capable to uplift at the at the mill .

Speaker #6: So those are all like significant milestones for us at the very early days to say that we enter 26 and that what we want is an average for full years of the 36 , with the full focus on the cost and you turn back and you look at what this group has , achieved to date .

Renaud Adams: To say that we enter 2026 and that what we want is an average for full years of the 2036 with a full focus on the cost. You turn back and you look at what this group has achieved to date. Now the mission is on the cost. We're gonna have the same focus and the same discipline and, you know, and attacking this. I have all reason to believe that we're gonna do, like, great, great improvement on this. That would be the first time really where we're gonna be focusing on it. It's kind of the next logical step for us after focusing this year on throughput and free cash flow and ounces and so forth.

Speaker #6: And now the mission is on the cost and we're going to have the same focus and the same discipline . And , you know , and attacking this , I have all reason to believe that we're going to do like great , great , great improvement on this .

Speaker #6: And that would be the first time really where we're going to be focusing on it . So from it's kind of the , the next logical step for us .

Speaker #6: After focusing this year on , on , on throughput and free cash flow analysis and so forth . So I have all reason to believe , Anita , that you're going to see great things coming out .

Renaud Adams: I have all reason to believe, Anita, that you're gonna see great things coming out of Côté as we make it our priority next year.

Speaker #6: Of Coty as we as we we make it our priority next year .

Speaker #10: Yeah . For that , you know , for most of the operations that are doing well , year three is definitely the the optimization here that 2 or 3 for years 2026 .

Anita Soni: Yeah. For the, you know, for most of the operations that are doing well, year 3 is definitely the, you know, the optimization year, and that's year 3 for you, 2026.

Speaker #10: Absolutely . So can I , can I , can I just ask just one more question in terms of sorry grades , the the grades that you're mine .

Renaud Adams: Absolutely.

Anita Soni: Can I just ask just one more question in terms of sorry, grades. The grades that you're mining, the mill feed, the mill plant feed has been above the mined grade, right? You had created it through some certain stockpiles previously, but now the mining, like, the grades are sort of in the 0.9 level this quarter. What should we be expecting, like, what the grade profile looks like going into next year? Is it gonna be more along reserve grade or will we still have a couple of quarters of mill feed that's above the reserve grade?

Speaker #10: So your the mill , the mill plant feed has been above the mined grade . Right . So that you have created some significant stockpiles previously .

Speaker #10: But now the mining like the grades are sort of in the 0.9 level this quarter . Like what should we be expecting ? Like what the grade profile looks like going into next year ?

Speaker #10: Is it going to be more a reserve grade or will we still have a couple of quarters of mill feed that's above ? Okay .

Renaud Adams: I'll pass it. I'll pass it to Bruno, go ahead.

Speaker #6: I'll pass it to Bruno Lemelin .

Bruno Lemelin: Anita Soni, this is Bruno Lemelin. Good morning. We have already a good inventory of high-grade at the end of Q3. The question is, if we mine at 0.96, how long are we going to be able to mill at a grade above that? We're currently looking at our 2026 budget, the intent is still to mine higher proportion of ore that will have a grade above the average grade. The goal for Côté is ultimately to be averaging the mining at average grade. The first 3 years is going to be a little bit above that.

Speaker #7: This is Bruno . Good morning . We have already like a good inventory of high grade at the end of Q3 . But the question is , if we -0.96 .

Speaker #7: Like , how long are we going to be able to mill at at a grade above that ? For ? We're currently looking at our 2026 budget and the the intent is still to mine higher proportion of for that will have a grade above the the average grade .

Speaker #7: So the goal for for for quarter is ultimately to be averaging the mining at average grade . But the first three years is going to be a little bit above that .

Speaker #7: So we're talking about 1.11.2 , which will give us like a good a good path toward the 400,000 . Go dollars per annum .

Bruno Lemelin: What we're talking about 1.1.2, which will give us like a good path towards the 400,000 gold ounce per annum. While we are increasing capacity at the mill, the grade will be reduced, but still protecting that 450 level.

Speaker #7: So, while we are increasing capacity at the mill, the grade will be reduced, but we are still protecting that for the $450 level.

Speaker #6: Yeah , if I may just add something to it , it has a lot to do as well with the volume you mine .

Renaud Adams: Yeah, if I may just add something to it. It has a lot to do as well with the volume you mine, correct? Like, if you look at this year, how do you move from 0.96 mine to a uplifting above 1.1 at the mill, has a lot to do with it's not super segregation, but at least remove the lower grade blast from your inventory and just stock up for the long term. That practice could continue a little bit down the road. I'm confident that by mining at the reserve grade, we'll be capable to continue to uplift along the line of what you're seeing here.

Speaker #6: Correct . So like if you look at this year , how do you move from 0.96 mine to uplifting above 1.1 at the mill has a lot to do with not super segregation , but athletes remove the lower grades glass from from your inventory and just talk about the long term .

Speaker #6: So that so that practice could continue a little bit down the road . So I'm confident that by mining the the reserve grade will be capable to continue to uplift along the line of what we're seeing .

Speaker #11: Is .

Speaker #10: Okay . Thank you for taking my questions .

Anita Soni: Okay. Thank you for taking my questions.

Speaker #11: Thanks .

Operator 2: Thanks. The next question will come from Mohamed Sidibe with National Bank Capital Markets. Please go ahead.

Speaker #4: The next question will come from Mohamed Tabib with National Bank Capital Markets . Please go ahead .

Speaker #12: Good morning and thanks for taking my questions and apologies . I missed the start of the conference call due to conflicts there , but under great front , but not equity .

Mohamed Sidibe: Morning, Renaud and team, thanks for taking my questions. Apologies I missed the start of the conference call due to conflicts there. On the grade front, not at Côté, but maybe at Westwood, you know, given the challenging ground conditions, I think you've seen improvement in October in terms of the underground grade there. How should we think about Q4 and maybe next year, 2026, as we think about the Westwood grades and the mining grade there? Thank you.

Speaker #12: But maybe at Westwood , you know , given the challenging ground conditions , I think you've seen improvement in October in terms of the underground grade there .

Speaker #12: How should we think about Q4 and maybe next year , 2026 , as we think about the Westwood grades and the mining rate there ?

Speaker #12: Thank you .

Renaud Adams: Go ahead, Bruno.

Speaker #7: Good morning . Mohammed . So the the the plan or if I can explain Westwood on the east side as areas with less challenging ground conditions but with lower grading on the central zone in western zone , it's has the ability to give better grades , but with more challenging ground conditions .

Bruno Lemelin: Good morning, Mohamed. The plan or if I can explain Westwood on the east side has areas with less challenging ground conditions, but with lower grades. On the central zone and western zone, it's has the ability to give better grades but with more challenging ground conditions. When we started facing those challenging ground conditions, we just shifted our strategy and we sequenced the production of mine tons towards the east side. That's the reason why you see the lower grade for since the beginning of this year. Since then, we have readjusted the way that we do our blasting patterns, grading patterns, stope designs, stope parameters to take into account, okay, these ground conditions.

Speaker #7: So what when you started facing those those challenging ground conditions , we just shifted our strategy and we sequenced the production of mine terms toward the east side .

Speaker #7: So that's the reason why you see the lower grade for since the beginning of this year , since then , we have the adjusted the way that we do our blasting patterns , drilling patterns , slope design , stope parameters to take into account the baby , these ground conditions and very pleased to say that we've been very successful in October in those zones .

Bruno Lemelin: I'm very pleased to say that we've been very successful in October. In those zones. The average grade that we collected was above 9 grams per ton. Right now, what we have is, we have an inventory of almost 1 month and a half in front of us that are accessible. I think the algorithm that we have developed over the past few years is working very fine, but we just need to refine it further at the stope level, so we can extract safely and profitably each stope that we have in the pipeline. We just had to make some readjustments. For the Q4, we expect a very strong Q4.

Speaker #7: And the average grade that we collected was above nine grams per ton . And right now what we have is we have an inventory of almost one month and a half in front of us that are accessible .

Speaker #7: So I think the the algorithm that we have developed over the past few years is working very fine , but we just need to refine it further .

Speaker #7: At the top level so we can expect safely and profitably each slope that we have in the sequence . So we just had to make some readjustments .

Speaker #7: So for the Q4 , we expect a very strong Q4 and for 2026 , it's going to be a balancing act between how much we're going to be scheduling in the East Side and the Central zone , and zone .

Bruno Lemelin: For 2026, it's going to be a balancing act between how much stope we're going to be scheduling in the east side and the central zone in red zone. It's a risk-adjusted type of planning. Again, Westwood is a mine that needs to deliver 10,000 gold ounce a month to be on its X. Very confident about the rest of the year, and 2026 bodes very well.

Speaker #7: So it's a risk adjusted type of planning . And again , Westwood is a mine that needs to deliver ten zero gold ounces a month to be to be on X on its x .

Speaker #7: So very , very confident about the rest of the year . And 2026 . We're both very well . .

Speaker #6: The if I may just add to this and thank you , Bruno , for this to be very frank . You know , like the the mine like we did a extremely well in 24 rehabilitated all the zone .

Renaud Adams: Yeah. If I may just add to this, thank you Bruno for this. To be very frank, you know, like the mine, like we did extremely well in 2024, rehabilitated all the zone. There's maybe some aspect of it that maybe we tried to run a little bit before walking, the plan is, I really have all the confidence that, you know, it's pure engineering and we're already seeing quite a bit of such turnaround and back on our feet. The way we look at the mine is like, we'll be absolutely happy, you know, as Bruno says, you know, an average of 10,000 a month. A mine capable to operate sub 2,000, bringing like significant free cash flow and longevity. That's how we think of this mine for the next 2, 3 years.

Speaker #6: There is maybe some aspect of it that maybe we , we try to run a little bit before walking , but the , the plan is I , I really have all the confidence that , you know , its pure engineering and we already seeing quite a bit of a turnaround and back on our feet .

Speaker #6: But the way we look at the mine is like we'll be absolutely happy , you know , as Bruno says , you know , an average of 10,000 a month , a mine capable to operate up to 1000 , bringing like significant free cash flow and longevity .

Speaker #6: So that's how we think of this mine for the next 2 or 3 years . The future could be very exciting , depending on what happens in uncovering all the resources to the East and so forth .

Renaud Adams: The future could be very exciting depending of what happens in uncovering all the resources to the east and so forth. More to come on that one. For the time being, when I look at the next 2, 3 years, we'll be absolutely happy with the mine. Predictable, capable to deliver its 10,000 a month, sub 2,000. With that, we'll be very happy and it would do very well for us.

Speaker #6: So more to come on that one . But but for the time being , when I look at the next two , three years , we'll be absolutely happy with the mine .

Speaker #6: Predictable , capable to deliver its 10,000 a month sub 2000 with that will be very happy . And it would do . It would do very well for us .

Speaker #12: Thanks a lot Bruno and Renaud for that . That's a very helpful . And if I could maybe shift to skin , I think you noted again , maybe you already commented on this , but you noted that you had in August a fuel shortage in the country .

Mohamed Sidibe: Thanks a lot, Bruno and Renaud for that. That's very helpful. If I could maybe shift to Essakane. I think you noted, again, maybe you already commented on this, but you noted that you had in August a fuel shortage in the country. As you're looking at, you know, your operations now, we've heard kind of neighboring countries having issues, and know that some of the Ivory Coast energy being provided into Burkina may have had some challenges there as well. Are you seeing any impact from fuel pressures at operation at Essakane currently? Or, what is the latest that you can provide on us on that front? Thank you.

Speaker #12: As you're looking at , you know , your operations . Now , we've heard kind of neighboring countries having issues and I know that some of the Ivory Coast energy being provided to Burkina may have had some challenges there as well .

Speaker #12: But are you seeing any impact from fuel pressures at operation at currently or what is the latest that you can provide on us on that front ?

Speaker #12: Thank you .

Bruno Lemelin: Mohamed, we are not using the same route as Mali does. We have a very specific supply routes for fuel. The second thing is that we have more than 48 days of inventory at site. It gives us enough time to rearrange our logistics should we have like some hiccups. We have enough to maintain the operations uninterrupted. It requires a good logistic efforts, and we have continuous support from the government allowing us to bring the convoys of fuels at sites at the appropriate time. The main strategy was to make sure that we have enough fuel depot at Essakane, so we can withstand a long period of time without supplies arriving to Essakane.

Speaker #7: So Mohammed , we are not using the same roof as Mali does . So we have a very specific supply rules for for fuel .

Speaker #7: So that's for one . The second thing is that we have more than 48 days of inventory at right . So it gives us enough time to rearrange our logistics .

Speaker #7: Should we have like some hiccups . We have enough to maintain the operation uninterrupted . So it requires a good logistical efforts . And we have continuous support from the government allowing us to bring the convoys of fuels at sites at the appropriate time .

Speaker #7: But the main strategy was to make sure that we have enough fuel depot . The second , so we can withstand a long period of time without without supplies arriving to , to a second .

Speaker #7: So in a sense , we're not using the same roads . We don't see the same type of pressures as Mali . And so far I see the other strategy that we have is increased inventory outside .

Bruno Lemelin: In a sense, we're not using the same roads. We don't see the same type of pressures as Mali. So far, see, the other strategy that we have is increase inventory at site.

Speaker #12: It's great to hear . Thanks a lot , Bruno . And our final question , maybe on the complex and greater consolidation of the complex , there , what should we look at in terms of next key steps for this complex ?

Mohamed Sidibe: It's great to hear. Thanks a lot, Bruno. A final question maybe on the complex and great consolidation of the complex there. What should we look at in terms of, you know, next key steps for this complex? I know that you're advancing, you know, an exploration campaign there, with potential resource update in early 2026. How could we look at this beyond what are the next key steps for the zone? Thank you.

Speaker #12: I know that you're advancing an exploration campaign there with a potential resource update in early 2026, but how could we look at this beyond what are the next steps for the zone?

Speaker #12: Thank you .

Speaker #6: So just quickly on that . So expect us you know like focusing on resource growth in 26 . You know the incorporation of the Filiberto .

Renaud Adams: Just quickly on that. Expect us, you know, like focusing on resource growth in 2026. You know, the incorporations of the Philibert. We need to answer 1 question that is really key. How big could that Philibert be, and how does it fit in the mine plan, right? This is the very, very key focus of 2026, increased drilling program. We'll be aggressive but smart about proven record, you know, from the team. I'm not concerned at all there, and I think we'll do a very good use of money deployed there. That's the very short term.

Speaker #6: We need to answer one question . That is really key . How big that be and how does it fit in the mine plan .

Speaker #6: Right . So this is the the very , very key focus of 26 increased drilling program will be aggressive . But smart about proven proven record .

Speaker #6: You know from the team I'm not concerned at all there . And I think we could will do a very good use of money deployed there .

Speaker #6: But that's the very short term . And as I mentioned , you know , we were hoping of maybe putting some sort of a study in 26 , but I think it's worthwhile , you know , like getting a great answers , you know , from objective , you know , with almost 12 million already .

Renaud Adams: As I mentioned, you know, we were hoping of maybe putting some sort of a study in 2026, but I think it's worthwhile, you know, like getting great answers, you know, from Osisko, you know, with almost $12 million already. We could only shoot for the $15 to 20 million camp. This is what we're going to be doing. We're going to drill, drill, and hopefully having a very good update, resource update late 2026. Having said that, Nelligan and Monster Lake will be somewhat, you know, updated at year-end with the drilling of 2025 in it. But look at it as resource growth the next year or two, and then we'll start putting study out there. Anything we could advance and start putting, you know, in place, we'll do it.

Speaker #6: So we could only shoot for the 15 , 20 million camp . And and this is what we're going to be doing . We're going to drill , drill , drill and hopefully having a very good update resource update .

Speaker #6: The late 26 , having said that , Nelligan and Monster Lake will be somewhat , you know , updated at year end with the drilling of 25 in it .

Speaker #6: But but look at it as resource growth . The next year or two and then we'll start putting study out there . And anything we could advance and start putting in on place will do it .

Speaker #6: But but we have a high , high level of confidence that this is going to be a mining camp . Bruno , if you want to add anything to this .

Renaud Adams: We have a high level of confidence that this is gonna be a mining camp. Bruno, if you wanna add anything to this.

Speaker #12: Well , thanks a lot for that answer , Bruno . And congrats on a great financial performance . Thank you .

Mohamed Sidibe: Well, thanks a lot for that answer, Bruno.

Renaud Adams: Yep.

Mohamed Sidibe: Congrats on a great financial performance. Thank you.

Speaker #6: Thanks .

Renaud Adams: Thanks.

Speaker #4: This concludes the question-and-answer session. I would like to turn the conference back over to Mr. Graeme Jennings for any closing remarks.

Operator 2: This concludes the question and answer session. I would like to turn the conference back over to Mr. Graeme Jennings for any closing remarks. Please go ahead.

Speaker #4: Please go ahead .

Speaker #5: Thank you very much . Operator . And as always , thank you , everyone for joining . If you have any questions , please reach out to Bruno and myself .

Graeme Jennings: Thank you very much, operator. As always, thank you, everyone for joining. If you have any questions, please reach out to Bruno or myself. Thank you all. Be safe, and have a great day.

Speaker #5: Thank you all . Be safe and have a great day .

Speaker #4: This brings to a close today's conference call . You may disconnect your lines . Thank you for your participation and have a pleasant day .

Operator 2: This brings to a close today's conference call. You may disconnect your lines. Thank you for your participation, and have a pleasant day.