Q2 2026 IAMGOLD Corp Earnings Call

August 7, 2026

Speaker #1: As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

Speaker #1: To join the question queue, you may press * then 1 on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing * then 0.

Speaker #1: At this time, I would like to turn the conference over to Graeme Jennings, Vice President, Business Development and Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings.

Speaker #2: Thank you, operator, and welcome everyone to our conference call this morning. Joining us on the call are Bruno Adams, Prison Chief Executive Officer, Marthin Theunissen, Chief Financial Officer, Bruno Lemelin, Chief Operating Officer, Ankit Shah, Chief Strategy Officer, and Annie Tokio Legacy, Chief Legal Officer.

Graeme Jennings: Thank you, operator. Welcome everyone to our conference call this morning. Joining us on the call are Renaud Adams, President and Chief Executive Officer, Maarten Theunissen, Chief Financial Officer, Bruno Lemelin, Chief Operating Officer, Ankit Shah, Chief Strategy Officer, and Annie Torkia Lagacé, Chief Legal 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, the Haudenosaunee, and the Wendat peoples. At IAMGOLD, we believe respecting and upholding Indigenous rights is founded upon the 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 #2: We are calling today from IAMGOLD's 's Toronto office, which is located on 313 Territory, on the traditional lands of many nations, including the Mississaugas of the Credit, the Anishinaabek, Chippewa, Haudenosaunee, and the Wendat peoples.

Speaker #2: 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 #2: We encourage you to refer to the cautionary statements and disclosures on non-IFRS measures, including the presentation and the 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.

Graeme Jennings: We encourage you to refer to the cautionary statements and disclosures on non-IFRS measures, including the presentation and the 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 will now turn the call over to our President and CEO, Renaud Adams.

Speaker #2: I will now turn the call over to our President and CEO, Renaud Adams.

Speaker #3: Thank you, Graeme, and good morning, everyone. Thank you for joining us today. It was another strong and safe quarter for IAMGOLD. We produced 188,100 ounces of gold in the second quarter, bringing our year-to-date production to 371,700 ounces, positioning IAMGOLD firmly on track to meet our full-year guidance of 720,000 to 820,000 ounces.

Renaud Adams: Thank you, Graeme. Good morning, everyone. Thank you for joining us today. It was another strong and safe quarter for IAMGOLD. We produced 188,100 ounces of gold in Q2, bringing our year-to-date production to 371,700 ounces, positioning IAMGOLD firmly on track to meet our full-year guidance of 720,000 to 820,000 ounces. Our company continues to generate strong cash flow with nearly $900 million of mine site free cash flow produced year-to-date. This allows us to invest in our assets, strengthen our balance sheet, and return capital to our shareholders at the same time. Since December, we have repurchased more than half a billion dollars of IAMGOLD shares. These repurchases reflects our confidence in the company's future and our view that our shares represent compelling value.

Speaker #3: Our company continues to generate strong cash flow with nearly 900 million of minesite free cash flow produced year-to-date. This allows us to invest in our assets, strengthen our balance sheet, and return capital to our shareholders at the same time.

Speaker #3: Since December, we have repurchased more than $500 million of IAMGOLD shares. This repurchase reflects our confidence in the company's future and our view that our shares represent compelling value.

Speaker #3: That confidence is built on the growth we have across each of our mines. Over the coming quarters, we expect updated studies at Kote, Isakan, Westwood, and Milligan.

Renaud Adams: That confidence is built on the growth we have across each of our mines. Over the coming quarters, we expect updated studies at Côté, Essakane, Westwood, and Nelligan. Our next phase of value creation starts at Côté. The first step is the updated mine plan and the technical report, which remains on track for the end of the year. For the first time, this plan will bring the Côté and Gosselin deposit together, building on the more than 20 million ounces of measured and indicated resources across the combined zone. The updated plan will define a near-term path to increase throughput towards 40,000 tons per day through targeted debottlenecking of the existing plant. This work is expected to be low cost and high return, supported by a larger reserve base and a longer mine life. In parallel, we're advancing trade-off studies on a larger expansion of Côté.

Speaker #3: Our next phase of value creation starts at Kote. The first step is the updated mine plan and the technical report, which remains on track for the end of the year.

Speaker #3: For the first time, this plan will bring the Kote and Gosling deposit together building on the more than 20 million ounces of measured and indicated resources across the combined zones.

Speaker #3: The updated plan will define a near path to a near-term path to increase throughput towards 40,000 tons per day through targeted debottlenecking of the existing plant.

Speaker #3: This work is expected to be low-cost and high-return. Supported by a larger reserve base, and a longer mine life. In parallel, we are advancing trade-off study on the large studies on a larger expansion of Kote.

Speaker #3: We have adjusted the scope of this work to reflect the significant size and opportunity at Kote. We are taking the time to assess the full scales of the assets, evaluating multiple scenarios, to ensure that Kote is positioned to deliver value for generations to come.

Renaud Adams: We have adjusted the scope of this work to reflect the significant size and opportunity at Côté. We are taking the time to assess the full scales of the asset, evaluating multiple scenarios to ensure that Côté is positioned to deliver value for generations to come. At Essakane, we continue to see strong cash flow generation, which remains a key driver of our share buyback program. In the H1 of the year, we plan to release an updated mine plan that is expected to outline a mine life extension to 2035. At Westwood, our Quebec underground mine continues to redefine itself as a stable cash generative operation. Next year, we are excited to outline a path to extend mine life and increase underground throughput with the potential to transform Westwood into a larger, higher throughput, lower cost operation.

Speaker #3: At Isakan, we continue to see strong cash flow generation, which remains a key driver of our share buyback program. In the first half of the year, we plan to release an updated mine plan that is expected to outline a mine life extension to 2035.

Speaker #3: At Westwood, our Quebec underground mine continues to redefine itself as a stable, cash-generative operation. Next year, we are excited to outline a path to extend mine life and increase underground throughput, with the potential to transform Westwood into a larger, higher-throughput, lower-cost operation.

Speaker #3: And of course, at Milligan, we are advancing one of the Canada's largest emerging gold can toward an initial economic study next year. Marking an important step in defining its long-term development potential.

Renaud Adams: Of course, at Nelligan, we are advancing one of Canada's largest emerging gold camps toward an initial economic study next year, marking an important step in defining its long-term development potential. In summary, IAMGOLD is performing well, generating strong cash flow, returning capital to shareholders, and building real growth for the years ahead. With that, let's get into the quarter. Starting with health and safety, our total recordable injury frequency rate was 0.70 for the quarter and is tracking at 0.56 year to date. I would like to recognize the Westwood team in particular, whose continuous focus on safe operations set a strong standard. Safety comes first to us, and I want to thank our teams across operations for their ongoing commitment to safe and responsible mining.

Speaker #3: In summary, IAMGOLD is performing well, generating strong cash flow, returning capital to shareholders, and building real growth for the years ahead. With that, let's get into the quarter.

Speaker #3: Starting with health and safety, our total recordable injury frequency rate was 0.70 for the quarter and is tracking at 0.56 year-to-date. I would like to recognize the Westwood team in particular.

Speaker #3: Both continuous focus on safe operation set a strong standard. Safety comes first to us, and I want to thank our teams across our operations for their ongoing commitment to safe and responsible mining.

Speaker #3: Learning to operation, IAMGOLD produced 188,100 ounces to our account in the second quarter. At Kote, a tributal production was 67,300 ounces or 96,200 ounces on 100% basis.

Renaud Adams: Turning to operation, IAMGOLD produced 188,100 ounces to our account in the second quarter. At Côté, attributable production was 67,300 ounces or 96,200 ounces on a 100% basis, which was made possible as the plant operated at near full capacity in June, following the conveyor belt replacement and the commissioning of the second crusher. Essakane and Westwood also delivered strong quarters with grades slightly above forecast. Cash costs, including royalty, were $1,289 per ounce for the quarter, and $1,244 per ounce year-to-date. For the full year, cash costs are tracking towards the upper half of our guidance range, with improvement expected in the second half as Côté production increases. All-in Sustaining Costs, including royalty, are likewise tracking towards the upper half of the guided range.

Speaker #3: This was made possible as the plant operated at near-full capacity in June, following the conveyor belt replacement and the commissioning of the second construction.

Speaker #3: Isakan and Westwood also delivered strong quarters, with grades slightly above forecast. Cash costs, including royalty, were $1,289 per ounce for the quarter, and $1,244 per ounce year-to-date.

Speaker #3: For the full year, cash costs are tracking towards the upper half of our guidance range, with improvement expected in the second half as Kote production increases.

Speaker #3: All-in sustaining costs, including royalty, are likewise tracking towards the upper half of the guided range. As a reminder, both Kote and Essakane have royalty structures tied directly to the gold price.

Renaud Adams: As a reminder, both Côté and Essakane have a royalty structure tied directly to the gold price. With the realized gold price averaging over $4,600 per ounce year-to-date, royalties have added approximately $380 per ounce so far this year, about $55 per ounce above our guidance assumption. We continue to monitor inflation and energy market volatility closely. In the H1 of the year, certain input costs increased by approximately 3%, in line with our expectations. In the second quarter, oil prices were approximately 25% to 30% per barrel above our guidance assumptions, adding about $35 per ounce above our cost guidance. With that, I will pass the call over to our CFO to walk us through our financial matters. Martin?

Speaker #3: With the realized gold price averaging over 4,600 dollars per ounce year-to-date, royalties have added approximately 380 dollars per ounce so far this year. About 55 dollars per ounce above our guidance assumption.

Speaker #3: We continue to monitor inflation and energy market volatility closely. In the first half of the year, certain input costs increased by approximately 3%, in line with our expectations.

Speaker #3: In the second quarter, oil prices were approximately $25 to $30 per barrel above our guidance assumptions, adding about $35 per ounce above our cost guidance.

Speaker #3: With that, I will pass the call over to our CFO, Tawaka, through our financial matters. Martin.

Speaker #4: Thank you, Reno, and good morning, everyone. The combination of strong operating performance and a favorable gold price environment continues to generate significant cash flow during the quarter.

Maarten Theunissen: Thank you, Renaud, and good morning, everyone. The combination of strong operating performance and a favorable gold price environment continued to generate significant cash flow during the quarter. Our capital allocation strategy is to deploy funds to sustain and optimize our operations, fund our expansion and mine life extension initiatives, use remaining funds for strategic opportunities and shareholder returns. Net cash from operating activities totaled $445.1 million during the quarter, an increase of $359.3 million when compared to the $85.8 million of cash from operating activities in Q2 2025. We used the operating cash flow to fund the $115.6 million of capital expenditures, the full repayment of the remaining $100 million outstanding on the credit facility, $74 million paid to the government of Burkina Faso related to the Essakane dividend distribution, and $147.9 million of shares repurchases under our share buyback program.

Speaker #4: Our capital allocation strategy is to deploy funds to sustain and optimize our operations, to fund our expansion and mine life extension initiatives, and then use remaining funds for strategic opportunities and shareholder returns.

Speaker #4: Net cash from operating activities totaled $445.1 million during the quarter, an increase of $359.3 million compared to the $85.8 million of cash from operating activities in Q2 2025.

Speaker #4: We used the operating cash flow to fund $115.6 million of capital expenditures, the full repayment of the remaining $100 million outstanding on the credit facility, $74 million paid to the Government of Burkina Faso related to the Essakane dividend distribution, and $147.9 million of shares we purchased under our share buyback program.

Speaker #4: As Renaud noted, since we initiated the share buyback in December, IAMGOLD has repurchased approximately 28 million shares for $510.4 million, which equates to approximately 45% of our mine site free cash flow returned to shareholders.

Maarten Theunissen: As Renaud noted, since we initiated the share buyback in December, IAMGOLD has repurchased approximately 28 million shares for $510.4 million, which equates to approximately 45% of our mine site free cash flow returned to shareholders, a clear signal of our confidence in the value of our shares. In June, we further enhanced our financial flexibility by amending the credit facility, increasing total capacity from 650 million to 850 million, extending the maturity to 2030, improving covenant terms, and lowering overall borrowing costs. The amended facility also includes a further 250 million accordion feature, providing additional liquidity potential. As a result, we ended the quarter with $501.4 million in cash and cash equivalents, no amounts drawn on the revolving facility, and total available liquidity of approximately $1.35 billion. Revenues for the second quarter was $856.9 million on sales of 195,100 ounces at an average realized gold price of $4,384 per ounce.

Speaker #4: A clear signal of our confidence in the value of our shares. In June, we further enhanced our financial flexibility by amending the credit facility.

Speaker #4: Increasing total capacity from $650 million to $850 million. Extending the maturity to 2030, improving covenant terms, and lowering the overall borrowing cost. The amended facility also includes a further $250 million accordion feature, providing additional liquidity potential.

Speaker #4: As a result, we ended the quarter with $501.4 million in cash and cash equivalents, no amounts drawn on the revolving facility, and total available liquidity of approximately $1.35 billion.

Speaker #4: Revenues for the second quarter was 856.9 million, on sales of 195,100 ounces, at an average realized gold price of 4,384 per ounce. This was slightly below the quarter average as production was weighted towards the back end of the quarter.

Maarten Theunissen: This was slightly below the quarter average as production was weighted towards the back end of the quarter. Adjusted EBITDA in the second quarter was $507.1 million, and adjusted net earnings attributable to equity holders of $241.6 million, or $0.42 per share, compared with $77.3 million and $0.13 per share in the prior period. On a trailing 12-month basis, adjusted EBITDA has increased to approximately $2.2 billion. Cash flow from operating activities, excluding working capital adjustments, was $442 million in the quarter, an increase of $315.6 million year over year. Mine site free cash flow was $368.9 million in the second quarter, a $228.4 million, or 169% increase, compared to Q2 2025. Year-to-date mine site free cash flow was $893.5 million, a $613.5 million or 219% increase compared to the same period in 2025. Taken together, these results reflect the fundamental transformation of the company's financial position.

Speaker #4: Adjusted EBITDA in the second quarter was $507.1 million, and adjusted net earnings attributable to equity holders were $241.6 million, or $0.42 per share, compared with $77.3 million and $0.13 per share in the prior period.

Speaker #4: On a trailing 12-month basis, adjusted EBITDA has increased to approximately 2.2 billion. Cash flow from operating activities excluding working capital adjustments was 442 million in the quarter, an increase of 315.6 million year over year.

Speaker #4: Mine site free cash flow was 368.9 million in the second quarter, a 228.4 million or 169% increase compared to Q2, 2025. Year-to-date mine site free cash flow was 893.5 million, a 613.5 million or 290% increase compared to the same period in 2025.

Speaker #4: Taken together, these results reflect the fundamental transformation of the company's financial position. Just over a year ago, IAMGOLD carried more than 800 million of net debt.

Maarten Theunissen: Just over a year ago, IAMGOLD carried more than $800 million of net debt. As of June 30, 2026, the company is in a net cash position with an undrawn and increasing revolving facility and a balancing capacity to fund growth and return capital to shareholders concurrently. I will pass the call to Bruno Lemelin, our Chief Operating Officer, to discuss our operating results and outlook. Bruno?

Speaker #4: As of June 30, 2026, the company is in a net cash position with an undrawn and increasing revolving facility and a balance sheet capacity to fund growth and return capital to shareholders concurrently.

Speaker #4: And with that, I will pass the call to Bruno Lemelin, our Chief Operations Officer, to discuss our operating results and outlook. Bruno?

Speaker #2: Thank you, Martin. Starting with Kote Gold. Kote produced 96,200 ounces on a 100-person basis in the quarter, bringing the year-to-date production to 170,900 ounces.

Bruno Lemelin: Thank you, Maarten. Starting with Côté Gold. Côté produced 96,200 ounces on a 100% basis in the quarter, bringing the year-to-date production to 170,900 ounces. Strong production is expected in H2, putting Côté well on track to meet the production guidance of 390,000 to 440,000 ounces this year. The story of the quarter is really the story of June, when the plant operated at near full capacity following the conveyor belt replacement in May and the commissioning of the second cone crusher earlier in the year. On the mining site, we moved 11.7 million tons of total material with 3.1 million tons of ore at a strip ratio of 2.8:1. Grade mined averaged 0.86 gram per ton. Both the strip ratio and the grade reflect where we are in the mine plan.

Speaker #2: Strong production is expected in the second half, putting Kote well on track to meet the production guidance of 390,000 to 440,000 ounces this year.

Speaker #2: The story of the quarter is really the story of June, when the planned operated at near full capacity following the conveyor belt replacement in May, and the commissioning of the second concrosher earlier in the year.

Speaker #2: On the mining side, we moved 11.7 million tons of total material, with 3.1 million tons of ore, at a strip ratio of 2.8 to 1.

Speaker #2: Grade mined averaged 0.86 grams per ton. Both the strip ratio and the grade reflect where we are in the mine plan. We worked on pushback areas and focused on opening up a new bench to set up for the second half of the year.

Bruno Lemelin: We worked on pushback areas and focused on opening up a new bench to set up H2 of the year. In the plant, we milled 2.9 million tons. We managed throughput early in the quarter ahead of the CV10 conveyor replacement in late May. Once the new heavier gauge belt was installed, we ramped the plant back to nameplate and processed over 1 million tons in the month of June alone. Head grades averaged 1.12 gram per ton at recoveries of 93%, and I would note that reconciliation between our reserve model and mill feed continues to sit well within expected tolerances. The most significant operational milestone in the quarter was discontinuing external contractor crushing by the end of June.

Speaker #2: In the plant, we milled 2.9 million tons. We managed throughput early in the quarter ahead of the CV10 conveyor replacement in late May. Once the new, heavier-gauge belt was installed, we ramped the plant back to nameplate and processed over 1 million tons in the month of June alone.

Speaker #2: Belt grades average 1.12 grams per ton at recoveries of 93%, and I will note that reconciliation between our reserve model and mill feed continues to sit well within expected tolerances.

Speaker #2: The most significant operational milestone in the quarter was discontinuing external contractor crushing by the end of June. We are already seeing the benefits, as the processing costs in June averaged $17.72 per ton, down from an average of $22.50 per ton over the prior three quarters.

Bruno Lemelin: We are already seeing the benefits as the processing costs in June averaged $17.72 per ton, down from an average of $22.50 per ton over the prior three quarters. We have seen additional operating improvement. First, with better sized material now feeding the HPGR. We are seeing improved wear rates on the rollers. A longer HPGR lifespan should translate into lower maintenance costs and better crushing circuit availability going forward. Second, the mining fleet that had been dedicated to rehandling material for the contract crusher is now being redeployed on two mining activities. Combined with three new haul trucks coming into service, we expect mining rates to step up in H2. Looking forward, we anticipate the plant averaging nameplate of 36,000 tons per day over the course of the year and head grades between 1.05 and 1.15 gram per ton.

Speaker #2: We have seen additional operating improvement. First, with better-sized material now feeding the HPGR, we are seeing improved wear rates on the rollers. A longer HPGR lifespan should translate into lower maintenance costs and better crushing circuit availability going forward.

Speaker #2: Second, the mining fleet that have been dedicated to rehandling material for the contract crusher is now being redeployed onto mining activities. Combined with three new oil trucks coming into service, we expect mining rates to step up in the second half.

Speaker #2: Looking forward, we anticipate the plant averaging nameplate of 36,000 tons per day over the course of the year, and head grades between 1.05 and 1.15 grams per ton.

Speaker #2: Production is weighted to the second half on both higher throughput and higher grades. Turning to cost. Kote reported second quarter cash costs excluding royalties of 1,245 dollars per ounce and all in sustained costs of 2,082 dollars per ounce.

Bruno Lemelin: Production is weighted to H2 on both higher throughput and higher grades. Turning to cost. Côté reported Q2 cash costs excluding royalties of $1,245 per ounce and all-in sustaining costs of $2,082 per ounce. Costs remain elevated on external contractor crushing, contractor support for the conveyor repair, and scheduled maintenance, compounded by higher diesel prices. On a unit basis, mining costs averaged $4.49 per ton mined and milling costs $20.85 per ton milled in the quarter. Both remain above where we intend to operate, and the path to improvement is clear. On mining, the contractor crusher required significant rehandling and tied up haul truck utilization. With the contractor phased out and three new haul trucks coming into service, that capacity returns to the pit. On milling, June's cost of $17.72 per ton gives us a real-world data point for what the circuit delivers without contracted crushing.

Speaker #2: Costs remain elevated on external contractor crushing, contractor support for the conveyor repair, and scheduled maintenance, compounded by higher diesel prices. On a unit basis, mining costs average $4.49 per ton mined, and milling costs $20.85 per ton.

Speaker #2: Per ton milled in the quarter. Both remain above where we intend to operate, and the path to improvement is clear on mining the contractor crusher required significant rehandling and tied up oil truck utilization.

Speaker #2: With the contractor phased out and three new oil trucks coming into service, that capacity returns to the pit. On milling, June's costs of 17.72 per ton gives us a real-world data point for what the circuit delivers without contracted crushing.

Speaker #2: We are targeting mining costs of $4 per ton and milling costs of $15 per ton by year-end, with further reductions expected into 2027. On capital, we invested $54.6 million at Kote in the quarter on attributable-based capital expenditures are to be weighted to the second half on equipment delivery timing and project scheduling.

Bruno Lemelin: We are targeting mining costs of $4 per ton and milling costs of $15 per ton by year-end, with further reductions expected into 2027. On capital, we invested $54.6 million at Côté in the quarter. On attributable basis, capital expenditures are to be weighted to the H2 on equipment delivery timing and project scheduling. Putting that together for the year, we expect cash costs excluding royalties at Côté near the top end of our $900 to $1,050 per ounce guidance range, AISC excluding royalties at the top end of the $1,475 to $1,625 range. Côté carries a 7.5% gross margin royalties and various Net Smelter Return royalties, which accounted for $309 per ounce in our cash costs, or 20% of cash costs.

Speaker #2: Putting that together for the year, we expect cash costs excluding royalties at Kote near the top end of our 900 to 1,050 dollars per ounce guidance range, an ASIC excluding royalties at the top end of the 1,475 to 1,625 dollars range.

Speaker #2: Kote carries a 7.5 gross margin royalties and various net smelter return royalties. Which accounted for 309 dollars per ounce in our cash costs or 20% of cash costs.

Speaker #2: Costs are expected to improve through the second half on higher production volumes, the removal of contracted crushing, improved maintenance cycles, and greater efficiencies as the pit opens up.

Bruno Lemelin: Costs are expected to improve through the H2 on higher production volumes, the removal of contracted crushing, improved maintenance cycles, and greater efficiency as the pit opens up. With a clear path to higher production and lower costs, attention now turns to the next phase for Côté. On 1 June, we announced an updated mineral resource estimate that, for the first time, combined the Côté and Gosselin zones together into a single block model. On a 100% basis, measured and indicated resources increased to 20.3 million ounces with 3.5 million ounces of inferred. This larger resource base will support our updated technical report and life of mine plan, which we expect to release towards the end of the year. The plan is expected to show a significant increase in both reserves and mine life.

Speaker #2: With a clear path to higher production and lower costs, attention now turns to the next phase for Kote. On June 1, we announced an updated mineral resource estimate that, for the first time, combined the Kote and Gasoline zones together into a single block model.

Speaker #2: On a 100% basis, measured and indicated resources increased to 20.3 million ounces with 3.5 million ounces of inferred. This larger resource base will support our updated technical report and live online plan, which we expect to release towards the end of the year.

Speaker #2: The plan is expected to show a significant increase in both reserves and mine life. It will also set out a near-term path to raise processing capacity beyond the current nameplate of 36,000 ton per day toward a sustained rate of about 40,000 ton per day.

Bruno Lemelin: It will also set out a near-term path to raise processing capacity beyond the current nameplate of 36,000 tons per day toward a sustained rate of about 40,000 tons per day. That first step comes from further debottlenecking and targeted plant improvement, not from a major new build. It includes accelerating certain works, such as an additional Vertimill. In parallel, we are evaluating longer-term expansion scenarios beyond 40,000 tons per day through technical infrastructure and permitting studies. Our objective is to determine the right scale and the right development path for Côté. For a project of this size, scope, and importance, it is critical we determine the optimal long-term expansion strategy. The additional non-recurring sustaining and expansion capital we are investing today supports that work. The plant improvements provide improved availability and capacity.

Speaker #2: That first step comes from further debalconizing and targeted plant improvement, not from a major new bill. It includes accelerating certain works such as an additional dirty mill.

Speaker #2: In parallel, we are evaluating longer-term expansion scenarios beyond 40,000 tons per day through technical, infrastructure, and permitting studies. Our objective is to determine the right scale and the right development path for Kote.

Speaker #2: For our project of this size, scope, and if importance, it is critical we determine the optimal long-term expansion strategy. The additional non-recurring sustaining and expansion capital we are investing today supports that work.

Speaker #2: The plant improvements provide improved availability and capacity. The phase two pit pushback gives us operating flexibility in the near term, and it also prepares the ground for a larger operation.

Bruno Lemelin: The phase 2 pit pushback gives us operating flexibility in the near term, it also prepares the ground for a larger operation. We are reducing the risk of the bigger build well before we commit to it. We also continue to grow the resource. At Côté and Gosselin, we are drilling over 30,000 meters to test the extensions to the northeast to improve confidence in the resource and to convert inferred ounces into the indicated category. Turning to Westwood, the operation delivered another strong quarter, producing 32,400 ounces, supported by solid underground performance. Year to date, Westwood has produced 68,600 ounces, positioning well on track with our guidance target of 110,000 to 130,000 ounces. Underground mining totaled 104,000 tons at an average grade of 8.4 grams per ton, with the Gourouol open pit contributed 109,000 tons of ore as waste stripping continued to position the pit for future production.

Speaker #2: We are reducing the risk of the bigger build well before we commit to it. We also continue to grow the resource at Kote and gasoline.

Speaker #2: We are drilling over 30,000 meter to test the extensions to the northeast to improve confidence in the resource and to convert inferred ounces into the indicated failures.

Speaker #2: Turning to Westwood, the operation delivered another strong quarter, producing 32,400 ounces, supported by solid underground performance. Year to date, Westwood has produced 68,600 ounces, positioning well on track with our guidance target of 110,000 to 130,000 ounces.

Speaker #2: Underground mining totaled 104,000 tons at an average grade of 8.4 grams per ton, with the Gosselin open pit contributing as waste stripping continued to position the pit for future production.

Speaker #2: Mill throughput was 287,000 tons at a blended grade of 3.75 grams per ton and recoveries of 94%. Throughput was lower than the prior year due to a planned mill shutdown early in the quarter, but overall operating performance remained strong.

Bruno Lemelin: Mill throughput was 287,000 tons at a blended grade of 3.75 gram per ton and recoveries of 94%. Throughput was lower than the prior year due to a planned mill shutdown early in the quarter, but overall operating performance remained strong. Most importantly, Westwood generated $56.5 million of mine site free cash flow during the quarter and $166.5 million year to date. The operation continues to demonstrate the value of the technical and operational changes implemented over the past years, delivering safe and reliable production, strong margins, and meaningful cash flow generation. Turning to cost and outlook, Westwood continues to perform well across both operational and financial metrics. Cash costs were $1,606 per ounce in the quarter, and all-in sustained costs were $2,163 per ounce. Year to date, AISC is averaging $1,921 per ounce, which is tracking below our full year guidance range.

Speaker #2: Most importantly, Westwood generated $56.5 million of mine site free cash flow during the quarter and $166.5 million year to date. The operation continues to demonstrate the value of the technical and operational changes implemented over the past years.

Speaker #2: Delivering safe and reliable production, strong margins, and meaningful cash flow generation. Turning to costs and outlook, Westwood continues to perform well across both operational and financial metrics.

Speaker #2: Cash costs were 1,606 dollars per ounce in the quarter and not in sustained costs were 2,163 dollars per ounce. Year to date, ASIC is averaging 1,921 dollars per ounce which is tracking below our full-year guidance range.

Speaker #2: While we have seen modest costs increases related to additional drilling activity and higher explosive costs, overall cost performance remains strong. Looking ahead, our focus is on unlocking the next phase of value at Westwood.

Bruno Lemelin: While we have seen modest cost increases related to additional drilling activity and higher explosive cost, overall cost performance remains strong. Looking ahead, our focus is on unlocking the next phase of value at Westwood. This year, we are investing around $30 million of expansion capital to advance exploration and development activities in the eastern expansion of the mine, where drilling continues to demonstrate encouraging results, including a thickening of the mineralized system. Our teams are now advancing underground development into this area and conducting bulk testing to better understand its long-term potential. We expect to publish an updated technical report in H2 2027. This work is expected to support an extension of mine life and evaluate the potential for more productive bulk mining methods within the eastern zone. If successful, this could support higher underground throughput, improve mining costs, and increase production over time.

Speaker #2: This year, we are investing around $30 million of expansion capital to advance exploration and development activities in the eastern extension of the mine, where drilling continues to demonstrate encouraging results, including a thickening of the mineralized system.

Speaker #2: Our teams are now advancing underground development in this area and conducting both testing to better understand its long-term potential. We expect to publish an updated technical report in the second half of 2027.

Speaker #2: This work is expected to support an extension of mine life and evaluate the potential for more productive bulk mining methods within the eastern zone.

Speaker #2: If successful, this could support higher underground throughput, improve mining costs, and increase production over time. Turning to SICAN, the operation delivered another strong quarter producing 88,000,400 attributable ounces and increase of 15% over the prior year period.

Bruno Lemelin: Turning to Essakane, the operation delivered another strong quarter, producing 88,400 attributable ounces, an increase of 15% over the prior year period. Year to date, Essakane has produced 183,500 ounces, putting the mine well on track with our guidance targets. Performance in the quarter continued to benefit from positive grade reconciliation as mining progressed deeper into phase 7, consistent with what we have observed in previous phases of the deposit. Mining activities totaled 12 million tons during the quarter, including 2.5 million tons of ore, while waste stripping remained elevated as we continue to advance the adjacent Lao pit. Despite the higher stripping requirements, the operation delivered solid throughput of 3.2 million tons, with head grades of 1.13 gram per ton and recoveries of 88%. Most importantly, Essakane continues to generate substantial cash flows.

Speaker #2: Year to date, SICAN has produced 183,500 ounces, putting the mine well on track with our guidance targets. Performance in the quarter continued to benefit from positive grade reconciliation as mining progressed deeper into Phase Seven, consistent with what we have observed in previous phases of the deposit.

Speaker #2: Mining activities totaled 12 million tons during the quarter including 2.5 million tons of ore while waste-dripping remained elevated as we continue to advance the adjacent layout pit.

Speaker #2: Despite the higher stripping requirements, the operation delivered solid throughput of 3.2 million tons with head grades of 1.13 gram per ton and recoveries of 88%.

Speaker #2: Most importantly, SICAN continues to generate substantial cash flows. Mine site free cash flows totaled $162.1 million during the quarter and $464.8 million year to date.

Bruno Lemelin: Mine site free cash flows total $162.1 million during the quarter and $464.8 million year to date, even after a $60.2 million tax payment. Over the last 12 months, Essakane has generated more than $800 million of mine site free cash flow, highlighting the strength of the asset in the current gold price environment. As we look into H2 of the year, mining will remain focused on phase 7 and the development of the Lao pit. While grades are expected to normalize as additional Leou ore enters the mine plan, the operation remains well positioned to achieve annual production guidance and continue generating significant free cash flow. Turning to cost, Essakane delivered on a strong quarter. Cash costs excluding royalties were $1,214 per ounce, a reduction of 22% from the prior year period, and the all-in sustaining costs excluding royalties were $1,691 per ounce.

Speaker #2: Even after a 60.2 million dollars tax payment. Over the last 12 months, SICAN has generated more than 800 million dollars of mine site free cash flow highlighting the strength of the asset in the current gold price environment.

Speaker #2: As we look into the second half of the year, mining will remain focused on Phase Seven and the development of the Layou Pit. While grades are expected to normalize as additional Layou ore enters the mine plan, the operation remains well positioned to achieve annual production guidance and continue generating significant free cash flow.

Speaker #2: Turning to cost, Côté delivered a strong quarter. Cash costs, excluding royalties, were $1,214 per ounce, a reduction of 22% from the prior-year period, and the all-in sustaining costs, excluding royalties, were $1,691 per ounce.

Speaker #2: The improvement was driven largely by unit cost performance in the pit, where open pit mining costs fell to $4.79 per operating ton from $6.02 a year ago, as freed gain in the initial supply benches of the layout pit reduced both explosives and energy consumption.

Bruno Lemelin: The improvement was driven largely by unit cost performance in the pit, where open pit mining costs fell to $4.79 per operating ton from $6.02 a year ago as free digging in the initial separate benches of the Lao pit reduced both explosives and energy consumption. Milling costs also improved to $18.88 per ton as the liner replacement was completed in Q1 this year rather than Q2. Royalties accounted for $510 per ounce, representing approximately 30% of cash costs and an increase of $220 per ounce over the prior year period. This reflects both the higher gold price and the current royalty regime, in which our average royalty rate in the quarter was 12% against 9% a year ago.

Speaker #2: Milling costs also improved to $18.88 per ton, as the liner replacement was completed in the first quarter this year rather than the second. Royalties accounted for $510 per ounce, representing approximately 30% of cash costs and an increase of $220 per ounce over the prior year period.

Speaker #2: This reflects both the higher gold price and the current royalty regime, in which our average royalty rate in the quarter was 12%, compared to 9% a year ago.

Speaker #2: Looking beyond 2026, we intend to publish an updated technical report in the first half of 2027, which is expected to demonstrate the potential to extend Saramacca's mine life through 2035, supported by additional phases in the Saramacca pit and the adjacent open pits.

Bruno Lemelin: Looking beyond 2026, we intend to publish an updated technical report in H1 2027, which is expected to demonstrate the potential to extend Essakane's mine life through 2035, supported by additional phases in the Essakane pit and the adjacent open pits. With that, I will pass it back to Renaud. Renaud?

Speaker #2: Will that and we'll pass it back to Bruno. Bruno?

Speaker #3: Thank you, Bruno. And congrats to you and your teams on strong and safe operational results. Turning to growth, beyond our three operating mines, the Nelligan Mining Complex in Quebec is where we see the next chapter of this company.

Renaud Adams: Thank you, Bruno, and congrats to you and your teams on strong and safe operational results. Turning to growth, beyond our three operating mines, the Meliadine mining complex in Québec is where we see the next chapter of this company. Meliadine now hosts 4.3 million ounces of indicated and 7.5 million ounces of inferred mineral resources. The consolidations completed last December gives us 100% ownership of one of the largest pre-production gold camps in Canada on a single contiguous land package. Our focus this year is on drilling. We have budgeted approximately $24 million across the complex in 2026, with programs at Meliadine, Villebrequin, and Monster Lake. Roughly 45,000 meters, or close to 70,000 meters are complete, and we expanded the Meliadine program during the quarter from 18,000 to 24,000 meters on the strength of results to date.

Speaker #3: Nelligan now hosts 4.3 million ounces of indicated and 7.5 million ounces of inferred mineral resources. The consolidation, completed last December, gives us 100% ownership of one of the largest pre-production gold camps in Canada.

Speaker #3: On a single contiguous land package. Our focus this year is on drilling. We have budgeted approximately $24 million across the complex in 2026, with programs at Nelligan, Felibert, and Monster Lake.

Speaker #3: Roughly 45,000 meter of close to 70,000 meters are complete and we expanded the Nelligan program during the quarter from 18,000 to 24,000 meters on the strength of results to date.

Speaker #3: Mineralization remains open along strike and at depth, and we expect to release drill results later this year. What makes the district compelling is not any single deposit, but the relationship between them.

Renaud Adams: Mineralization remains open along strike and at depth. We expect to release drill results later this year. What makes the district compelling is not any single deposit, but the relationship between them. All of the primary deposits sits within 17 kilometers radius, which supports the conceptual vision of a central processing facility fed from multiple ore sources. That is the concept our teams are working to define. We expect to publish an inaugural technical report for the complex in H1 2027, which will bring this deposit together into a single development concept for the first time. Meliadine has the potential to become one of the premier development projects in Canada, and with the deposit still open, our focus remains on growing the resource and defining the full scales of the district. Before we open the line for questions, a few closing thoughts.

Speaker #3: All of the primary deposit sits within 17 kilometers radius which supports the conceptual vision of a central processing facility fed from multiple ore sources.

Speaker #3: That is the concept our teams are working to define. We expect to publish an inaugural technical report for the complex in the first half of 2027, which will bring this deposit together into a single development concept for the first time.

Speaker #3: Nelligan has the potential to become one of the premier development projects in Canada, and with the deposit still open, our focus remains on growing the resource and defining the full scale of this district.

Speaker #3: Before we open the land for questions, a few closing thoughts. This was another quarter of safe, consistent execution. We remain on track for guidance.

Renaud Adams: This was another quarter of safe, consistent execution. We remain on track for guidance. We have generated nearly $900 million of mine site free cash flow year to date. We ended the quarter in a net cash position with nearly $1.4 billion of liquidity while returning over half a billion dollars to shareholders since last December. Looking ahead, we have work underway across every asset. At Côté, an updated technical report later this year integrating Côté and Gosselin for the first time with a much larger reserve base, a longer mine life, a near path to approximately 40,000 tons per day. The consolidated resource plan to a larger operations over time will continue to advance that work. At Essakane, an updated mine plan in H1 2027 evaluating a mine life extension through 2035.

Speaker #3: We have generated nearly $900 million of mine site free cash flow year to date, and we ended the quarter in a net cash position with nearly $1.4 billion of liquidity.

Speaker #3: While returning over half a billion dollars to shareholders since last December. Looking ahead, we have worked on the way across every asset. At Côté, an updated technical report will be released later this year, integrating Côté and Goslin for the first time, with a much larger reserve base, a longer mine life, and a near path to approximately 40,000 tons per day.

Speaker #3: The consolidated resource point to a larger operations over time and will continue to advance that work. At SICAN an updated mine plan in the first half of 2027 evaluating a mine life extension through 2035.

Speaker #3: At Westwood mine life extension and underground expansion study in the second half of 2027. And at Nelligan our inaugural technical report in the middle of next year.

Renaud Adams: At Westwood, mine life expansion and underground expansion study in H2 2027. At Meliadine, our inaugural technical report in the middle of next year. Each is about the same objective, understanding the full scale of what we hold and doing it from a position of financial strength. Thank you for your continued support. Operator, you can now open the line for questions.

Speaker #3: Each is about the same objective: understanding the full scale of what we hold, and doing it from a position of financial strength. Thank you for your continued support.

Speaker #3: Operator, you can now open the line for questions.

Speaker #1: Thank you. We will now begin the question and answer session. To ask a question to join the question queue you may press star then one on your telephone keypad.

Operator 3: Thank you. We will now begin the question and answer session. To ask a question, 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're 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 comes from Sathish Kasinathan with Bank of America Securities. Please go ahead.

Operator: Thank you. We will now begin the question and answer session. To ask a question, 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're 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 comes from Sathish Kasinathan with Bank of America Securities. Please go ahead.

Speaker #1: You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two.

Speaker #1: We will pause for a moment as callers join the queue. The first question comes from Satish Kasanathan with Bank of America Securities. Please go ahead.

Speaker #3: Yeah, hi, good morning. Thanks for taking my questions. My first question is on the Côté expansion study. Could you maybe provide a bit more color on what changed over the past three months that drove the shift to a more phased approach?

Sathish Kasinathan: Yeah. Hi, good morning. Thanks for taking my questions. My first question is on the Côté expansion study. Could you maybe provide a bit more color on what changed over the past three months that drove the shift to a more phased approach? Are you now leaning towards a much larger expansion, maybe doubling the capacity to 70,000 to 80,000 tons per day? Did you come across some technical findings that require more time to complete the studies? Thank you.

Speaker #3: Are you now leaning towards a much larger expansion maybe dubbing the capacity to 70 to 80,000 tons per day? Or did you come across some technical findings that require more time to complete the studies?

Speaker #3: Thank you.

Speaker #2: Okay, so thanks for your questions and happy to provide more questions and Bruno you can add to it. Not to read between beyond more than call it discipline and diligent capital allocation at this stage.

Renaud Adams: Okay. Thanks for your questions, and happy to provide more questions. Bruno, you can add to it. Not to have to read between, beyond more than call it discipline and diligent capital allocation at this stage. Became obvious over the last few months as we advance and continue to look at the opportunity that this large resource base, at Côté and Gosselin provide for potentially multiple different scenarios. Quite frankly, when you're looking at the next three years, we'll be pretty much executing on the same. It doesn't really matter of the scenario. The next three years are a lot around focusing on the improvement, on reducing our costs, or hitting our 36 on a very sustaining basis and then slowly ramping up to 40,000. We're not going to waste our time obviously. We're going to continue with our baselines.

Speaker #2: Becomes obvious over the last few months as we advance and continue to look at the opportunity. That this large resource base at Côté and Goslin provide for potentially multiple different scenarios.

Speaker #2: And quite frankly when you're looking at the next three years we'll be pretty much executing on the same. It doesn't really matter of the scenario.

Speaker #2: The next three years are a lot around focusing on improvement, on reducing our cost, or hitting our 36 on a very sustaining basis and then slowly ramping up to 40,000.

Speaker #2: We're going to continue we're not going to waste our time. Obviously we're going to continue with our baselines. We're going to work on vibrations thus all what is required to potentially.

Renaud Adams: We're going to work on vibrations, thus all what is required to potentially. As you mentioned, it's not so much about the, is it like a 50, 60, 70 more than, we just don't want to limit ourselves on the multiple and take just more time to really assess different scenario. If you remember back in 2022, the company released a NI 43-101 to 36,000 moving towards 42,000, from which now we're sitting at about 7 million of reserves. The opportunity here is to update this with the new projections from 36 to roughly 40. We could potentially do a little more, and update our costs and so forth, and just continue to assess and just pick what we think is the best. This is one of the top resource base in Canada.

Speaker #2: But as you mentioned it's not so much about the is it like a 50, 60, 70 more than we just don't want to limit ourselves on the multiple and take just more time to really assess different scenarios.

Speaker #2: So if you remember back in 2022 the company released a 43101, a 36,000 moving towards 42,000 from which now we're sitting in about 7 million of reserves.

Speaker #2: So the opportunity here is to update this with new projections from 36 to roughly 40. We could potentially do a little more but update our cost and so forth.

Speaker #2: And just continue to assess and pick what we think is the best. This is one of the top resource bases in Canada.

Speaker #2: It's not about rushing the outcome of it but really take the time for proper and disciplined there is no technical challenges. Beyond it's just a multiple opportunities.

Renaud Adams: It's not about rushing the outcome of it, but really take the time for proper and discipline in that. There is no technical challenges beyond, it's just multiple opportunities. We have mentioned recently of course, up to very recently, the opportunity to go up to 50,000, and we were challenging ourselves, do we do the dry right away at the higher throughput? Clearly there is opportunities at Côté that deserve a little more of a discipline look at and come up down the road with what is the best. Again, nothing to be worried about. Definitely no technical challenges, more than discipline and diligent approach. Renaud, happy if you want to give any comment.

Speaker #2: We have mentioned recently of course up to very recently the opportunity to go up to 50,000 and we were challenging ourselves do we do the dry right away at the higher throughput?

Speaker #2: So clearly there is opportunities that at Côté that deserve a little more of discipline and look at and come up down the road with what is the best.

Speaker #2: So again nothing to be worried about. Definitely no technical challenges more than discipline and diligent approach. Bruno, happy if you want to hear anything.

Speaker #4: Yeah, so the main objective of this technical report is also to valorize a concurrent the reserve on the Goslin side. So you will see a large expansion on the reserve side coming from that report.

Ankit Shah: Yeah. The main objective of this technical report is also to valorize a, confirm the reserve on the Gosselin side. We will see a large expansion on the reserve side coming from that report.

Bruno Lemelin: Yeah. The main objective of this technical report is also to valorize a, confirm the reserve on the Gosselin side. We will see a large expansion on the reserve side coming from that report.

Speaker #2: And quite frankly as Bruno mentioned there is very low to nil differences that we will capture the massive increase of the reserve base. In the short term the 40, 50 and so forth this is not what drives the value more than the extensions of the life of mine and the massive expansions of the extension that of the reserve base and so forth.

Renaud Adams: Quite frankly, as Bruno mentioned, there's very low to nil differences. We will capture the massive increase of the reserve base. In the short term, the 40, 50 and so forth, this is now what drive the value more than the extensions of the life of mine and the massive extensions of the reserve base and so forth. Work diligently to hit the 36 consistently and up to 40, lowering our costs, open the pit. Again, pretty much the same execution over the next 2 years. We'll use the time for environmental baseline and advance whatever. There is some permitting that could advance as well, water dam and so forth. We'll be more specific in the report, and we'll be capable to provide the next 3 years for this.

Speaker #2: And work diligently to hit the 36 consistently and up to 40 lowering our cost open the pits. So again pretty much the same execution over the next two years.

Speaker #2: We'll use the time for environmental baseline and advance whatever. There is some permitting that could advance as well water dam and so forth. So we'll be more specific in the report.

Speaker #2: We'll be capable to provide the next three years. For this and again depending on the expansion down the road it doesn't really change the next three years anyway.

Renaud Adams: Again, depending on the expansion down the road, it doesn't really change the next 3 years anyway.

Speaker #3: Okay, thank you. Looking forward for the update in fourth quarter. Maybe my second question is on the on your capital allocation priorities. Great to see continued strong buybacks with the company now in a net cash position and generating strong free cash flow.

Sathish Kasinathan: Okay. Thank you. Looking forward for the update in Q4. Maybe my second question is on your capital allocation priorities. Great to see continued strong buybacks. With the company now in a net cash position and generating strong free cash flow, what is your latest thinking on buying back the 50% Côté royalty from Franco-Nevada and on the initiation of dividends, and where does M&A fit into this priority list?

Speaker #3: What is your latest thinking on buying back the 50% Côté royalty from Franco Nevada and on the initiation of dividends and where does M&A fit into this priority list?

Speaker #2: So Martin, please go ahead.

Renaud Adams: Martin, please go ahead.

Speaker #4: Good morning, Satish. We continue to look at buyback opportunity of that royalty at Franco and there's many reasons why it would make sense for us.

Maarten Theunissen: Good morning, Satish. We continue to look at the buyback opportunity of that royalty at Franco. There's many reasons why it would make sense for us. The price would be the same as the price that was set a year ago in a much lower gold price environment, and there's many other impacts, including reducing the cost structure and burden on Côté. We continue looking at that. In the future, we can fund that with internally generated cash flow, and we have until April of next year to make that decision. We are looking at that very closely. The price doesn't change, so there's no real reason for us to do it earlier than when it makes economic sense to do so.

Speaker #4: The price would be the same as the price that was set a year ago. In a much lower gold price environment and there's many other impacts including reducing the cost structure and burden on Côté.

Speaker #4: So we continue looking at that. In the future, we can fund that with internally generated cash flow, and we have until April of next year to make that decision.

Speaker #4: So we are very looking at that very closely. The price doesn't change so there's no real reason for us to do it earlier than when it makes economic sense to do so.

Speaker #4: On the dividend, we continue to look at this year as a good year to buy back shares and we'll continue using the second cash flows to fund that buyback.

Ankit Shah: On the dividend, we continue to look at this year as a good year to buy back shares. We'll continue using the Agnico cash flows.

Maarten Theunissen: On the dividend, we continue to look at this year as a good year to buy back shares. We'll continue using the Agnico cash flows.

Maarten Theunissen: To fund that buyback. Beginning of next year, as we are in that net cash position, as you mentioned, it would start making sense for us. We are looking at that dividend starting early next year. Any thoughts on M&A?

Speaker #4: And then beginning of next year as we are in that net cash position as you mentioned it would start making sense for us. So we are looking at that dividend starting early next year.

Speaker #3: And any thoughts on M&A?

Speaker #2: I don't think so. We won't comment on M&A at this stage. We'll remain very focused and continue to create value for our shareholders.

Renaud Adams: I don't think so I will comment on M&A at this stage. We remain very focused and continue to create value for our shareholders.

Speaker #3: Okay, thank you. Congrats on a strong quarter.

Sathish Kasinathan: Okay. Thank you. Congrats on a strong quarter.

Speaker #2: Thank you.

Renaud Adams: Thank you.

Speaker #1: Thank you. The next question comes from Mohammed Sidibe with National Bank. Please go ahead.

Operator 3: Thank you. The next question comes from Mohamed Sidibe with National Bank. Please go ahead.

Operator: Thank you. The next question comes from Mohamed Sidibe with National Bank. Please go ahead.

Mohamed Sidibe: Hi. Thank you for taking my questions. Congrats on the strong operating quarter there. Maybe just a follow-up on the expansion to the 40,000 tons per day there. If I recall correctly, the prior touted expansion to 50,000 tons per day also was understood to have a doubling of the dry line, a third vertical mill, and an increased bio and ore dome capacity. For this total making to 40,000 tons per day, can you provide us with a little bit more color on how we should think about capital for that optimization versus the previously, call it maybe $500 million and change that was envisioned for the 50,000 ton per day case? Thank you.

Mohamed Sidibé: Hi. Thank you for taking my questions. Congrats on the strong operating quarter there. Maybe just a follow-up on the expansion to the 40,000 tons per day there. If I recall correctly, the prior touted expansion to 50,000 tons per day also was understood to have a doubling of the dry line, a third vertical mill, and an increased bio and ore dome capacity. For this total making to 40,000 tons per day, can you provide us with a little bit more color on how we should think about capital for that optimization versus the previously, call it maybe $500 million and change that was envisioned for the 50,000 ton per day case? Thank you.

Speaker #5: Hi, taking my questions and congrats on the strong operating quarter there. Maybe just a follow-up on expansion to the 40,000 tons per day. So if I recall correctly, the prior touted expansion to 50,000 tons per day also was understood to have a doubling of the dry line, a third vertical and an increased line order capacity.

Speaker #5: So for these defaultal necking to 40,000 tons per day, can you provide us with a little bit more color on how we should think about capital for that optimization versus the previously call it maybe 500 million and change that was envisioned for the 50,000 ton per day case?

Speaker #5: Thank you.

Speaker #2: Well, essentially as I said the next the most important thing is the next three years is pretty much the same scenario. So if you remove like the expansion and you're looking at optimizations we have the discussed at large this year where spending around 80 to 5 million in gross capitals to open the pit prepare the pits for larger volume and so forth to advancing well.

Renaud Adams: Well, essentially, as I said, the most important thing is the next three years is pretty much the same scenario. If you remove the expansion and you're looking at optimizations, we have discussed at large, this year we're spending around $80 to $85 million in gross capitals to open the pit, prepare the pits for larger volume and so forth. We're advancing well. You could expect this spending to continue in 2027, 2028. At that point, we hope that the pit will be fully open. Well, not fully open to the full, but provide for larger volume mining and more efficiencies. We also are spending more sustaining capital this year to improve in some aspect, I expect that to continue as well, as we want to install the Repete system in the fines and the coarse and proper continuum of operations.

Speaker #2: And you could expect this spending to continue in 27, 28 and at that point we hope that the pit will be fully opened and well not fully open to the full full but provide for larger volume mining and more efficiencies.

Speaker #2: We also spending more sustaining capital this years to improve in some aspect and expect that to continue as well as we want to install the repeat system in the fines and the cores and proper continuum of operations.

Speaker #2: This is a huge ticket item and will improve some infrastructure as well. As we continue to expand the mine fleet, there will be some needs for maintenance facilities as well—improvements and so forth.

Renaud Adams: This is a huge ticket item. We'll improve some infrastructure as well, as we continue to expand the mine fleet. There would be some needs for maintenance facilities as well, improvement and so forth. The next three years is really about positioning the sites to be a very strong, low cost, long-term asset. This is the focus. Not much of a difference to what we have. We have already discussed in the past of the next three years, the only thing is, we have mentioned that the 50,000 starting maybe 2029, 2030, could be in the range of the $500 to $750 million of capital. This is what's really to bring it from 40 towards the 50. This is what we're parking for the time being until we have a better view of what is the optimum scenario down the road.

Speaker #2: And so, the next three years are really about positioning the sites to be very strong, low-cost, long-term assets. This is the focus.

Speaker #2: So not much of a difference to what we have. We have already discussed in the past of the next three years and the only thing is we have mentioned that the 50,000 starting maybe 29, 30 could be in the range of the 500 to 750 million of capital.

Speaker #2: This is was really to bring it from 40 towards the 50. And this is what we're parking for the time being until we have a better view of what is the optimum scenario down the road.

Speaker #2: But expect the execution, pretty much on the sustaining capital optimizations, improvement of infrastructure and operational equipment around the crushing to continue, and the gross tasks on the mining site to continue.

Renaud Adams: Expect the execution pretty much on the sustaining capital optimizations, improvement of infrastructure and operational equipment around the crushing to continue, the growth path on the mining side to continue. No change there. The only difference so far is about the $500 to $700 million of extra capital for expansion that we're, for the time being, parking.

Speaker #2: So no change there. The only difference so far is about the $700 million, $5 to $700 million of extra capital for expansion that we're, for the time being, parking.

Speaker #3: Thank you. That's very helpful. And then maybe if I can move on to Côté into the quarter. Great to see the process cost improvement in June.

Mohamed Sidibe: Thank you. That's very helpful. Then maybe if I can move on to Côté into the quarter. Great to see the process cost improvement in June. I think mining costs were also lower quarter-to-quarter. How should we think about mining and processing costs? Specifically, I think you're pointing to about $18 per ton realized in June on the process cost front. How can we think about that improvement into Q3 and Q4 at the asset and into 2027, towards your target of $4.15 there? Thank you.

Mohamed Sidibé: Thank you. That's very helpful. Then maybe if I can move on to Côté into the quarter. Great to see the process cost improvement in June. I think mining costs were also lower quarter-to-quarter. How should we think about mining and processing costs? Specifically, I think you're pointing to about $18 per ton realized in June on the process cost front. How can we think about that improvement into Q3 and Q4 at the asset and into 2027, towards your target of $4.15 there? Thank you.

Speaker #3: And I think mining costs were also lowered for quarter. So how should we think about mining and processing costs specifically? I think you're pointing to about $18 per ton realized in June on the process cost front.

Speaker #3: But how can we think about that improvement into Q3 and Q4 at the asset and into 2027 towards kind of your target of 4 and 15 there?

Speaker #3: Thank you.

Speaker #2: Go ahead, Bruno.

Renaud Adams: Go ahead, Bruno.

Speaker #4: Hello, Mohammed. This is Bruno. First, we have a program that is tracking those costs, and we have close to 31 initiatives, meeting and tracking those costs, and trying to get them down.

Bruno Lemelin: Hello, Mohamed. This is Bruno. First, we have a program that is tracking those costs, and we have close to 31 initiatives meeting and tracking those costs and trying to get them down. That I will say that the reduction or the elimination of the contracted crushing is going to help. Now the fleet, like I mentioned, is going to be fully dedicated to exit mining. That will increase the volume of mining. Just on a volume basis, that will help decrease in your unit costs. Also, we are adding new units in the fleet. After that, our continuous improvement program has identified, like I mentioned, 31 initiatives that we're tracking. We're very confident and we're feeling strong that we're going to be able to meet our $4 targets on the mining side by year-end. Same thing is happening with processing.

Speaker #4: I will say that the reduction or the elimination of the contracted crushing is going to help, because now the fleet, like I mentioned, is going to be fully dedicated to expert mining.

Speaker #4: So that will increase the volume of mining. So, just on a volume basis, that will help decrease your unit costs. Also, we are adding a new unit to the fleet.

Speaker #4: And after that, our continuous improvement program has identified, like I mentioned, 31 initiatives that we're tracking. And we're very, very confident and we're feeling strong that we're going to be able to meet our $4 targets on the mining side by year-end.

Speaker #4: Same thing is happening with processing. What happens is we have the second concrusher is helping to have the best granulometry entering the HPGR so they decide that goes the top end that goes to the HPGR is as per spec we expect longer life from our rollers or tires at the HPGR.

Bruno Lemelin: What happens is, we have the second cone crusher is helping to have the best granulometry entering the HPGR. The size, the top end that goes to the HPGR is as per spec. We expect longer life from our rollers or tires at the HPGR. In the past, we used to change them twice a year. Now we expect to change them once a year. That's going to have a big impact on our, positive impact on our maintenance costs. Also availability, because you don't stop the HPGR for nothing. Increased availability, improved granulometry, and better efficiency in your maintenance cycle. We have also identified a numerous amount of initiatives from our cost improvement program, we are very well-positioned to be meeting our $15 per tonne target by year-end, too.

Speaker #4: So in the past, we used to change them twice a year. Now, we expect to change them once a year. So that's going to have a big positive impact on our maintenance costs.

Speaker #4: And also availability because you don't stop you don't stop the HPGR for nothing. So increased availability, improved granulometry, like in better efficiency in your maintenance cycle.

Speaker #4: We have also identified numerous amount of initiative from our cost improvement program. And we are very well positioned to be meeting our $15 per ton target by year end too.

Speaker #3: Great. Thanks a lot for that call. And then if I may a final question for Martin, just on the income tax payment for the remaining second half of the year.

Mohamed Sidibe: Great. Thanks a lot for that, Colin. In fact, if I may, a final question for Martin, just on the income tax payment for the remaining H2 of the year. How should we think about that spread for the remaining about $100, 115 million there? Thank you.

Mohamed Sidibé: Great. Thanks a lot for that, Colin. In fact, if I may, a final question for Martin, just on the income tax payment for the remaining H2 of the year. How should we think about that spread for the remaining about $100, 115 million there? Thank you.

Speaker #3: How should we think about that spread for the remaining about 100, 115 million there? Thank you.

Speaker #4: Good morning, Mohammed. So for the income taxes, we made a larger payment in Q2 in Burkina and that's normally what happens. It's your catch-up payment every year because we do pay quarterly payments and then the future payments is based on what you expect it to be.

Maarten Theunissen: Good morning, Mohamed. For the income taxes, we made a larger payment in Q2 in Burkina, that's normally what happens. It's your catch-up payment every year because we do bi-quarterly payments, the future payments is based on what you expect it to be. The income tax payments for the remaining of the year is between $35 to 40 million per quarter. We also will be paying the withholding tax on the new declared dividend in Burkina Faso of $26.8 million in the third quarter. We are still kind of falling in that range of $205 to 215 million for the year.

Speaker #4: So the income tax payments for the remaining of the year is between 35 to 40 million per quarter. And then we also will be paying the withholding tax on the new declared dividend in Burkina Faso of 26.8 million.

Speaker #4: In the third quarter. So we are still kind of like falling in that range of 205 to 215 for the year.

Speaker #3: Great. Thanks for taking my questions.

Mohamed Sidibe: Great. Thanks for taking my questions.

Mohamed Sidibé: Great. Thanks for taking my questions.

Speaker #4: Thank you.

Renaud Adams: Thank you.

Speaker #1: Thank you. The next question comes from Anita Sony with CIBC. Please go ahead.

Operator 3: Thank you. The next question comes from Anita Soni with CIBC. Please go ahead.

Operator: Thank you. The next question comes from Anita Soni with CIBC. Please go ahead.

Speaker #5: Hi, good morning. Congrats on a strong operational quarter. I think a lot of the questions have been asked and answered. I just wanted to, I guess, and with Bruno talking about the mining rates, I was going to ask about the stripping.

Anita Soni: Hi. Good morning. Congrats on a strong operational quarter. I think a lot of the questions have been asked and answered. I guess, with Bruno talking about the mining rates, I was going to ask about the stripping. How should we think about that into the back half of the year? Because I think the beginning of the year was a little lighter on the stripping side than I had expected. This is at Côté.

Speaker #5: How should we think about that into the back half of the year? Because I think the beginning of the year was a little lighter on the stripping side than I had expected.

Speaker #5: This is at Côté.

Speaker #4: Yeah. The stripping ratio should be around, I'd say, about 2.6 ton to 1.

Bruno Lemelin: Yeah. The stripping ratio should be around, I'd say about 2.6 tonne to one.

Speaker #5: And that's in the back half of the year. Okay. Any change to the grade in the back half of the year? I know you got it to 1.05 to 1.15.

Anita Soni: That's in the back half of the year. Okay. Any change to the grade in the back half of the year? I know you got it to 1.05 to 1.15.

Bruno Lemelin: Yeah.

Speaker #5: But any variability, like in terms of lower than higher or higher than lower, in Q3 versus Q4?

Anita Soni: Any variability, like in terms of lower than higher or higher than lower in Q3 versus Q4?

Speaker #4: That's correct. So we expect stronger head grades or grade mine in the second half of the year. Like I mentioned, like ranging between 105 to 115 gram per ton.

Bruno Lemelin: That is correct. We expect stronger head grades or grade mine in the H2. Like I mentioned, ranging between the 105 to 115 gram per tonne, which will help having a stronger H2.

Speaker #4: So which will help, having a stronger H2?

Speaker #5: Okay, and then just in terms of going back to the study, could you just clarify for me, in simple terms, what we should expect to see in the study?

Anita Soni: Okay. Just in terms of going back to the study, could you just clarify for me, in simple terms, what we should expect to see in the study? A path to 40,000 tons per day with the CapEx associated with that, then longer term, what would you be including in the study that you will release in Q4? Or I guess, is it in Q4 or with Q4 results?

Speaker #5: So a past 40K ton per day with the capex associated with that. And then longer term, what would be what would you be including in that in the study that you'll release in Q4?

Speaker #5: Or I guess is it in Q4 or with Q4 results?

Speaker #4: Yeah, we expect to release the results of the report at the end of this year that will indicate, okay, how we can valorize the gas line reserve.

Bruno Lemelin: We expect to release the results of the report at the end of this year. That will indicate, okay, how we can valorize the Gosselin reserve. Like I mentioned, the main objective of this report is to understand, okay, how many reserves we have from Gosselin. We expect a large expansion in our reserve base when you tie the Côté and Gosselin block model all together, it is called the super pit concept. That is objective one at a 40,000 tons per day cadence and its adjusted cost structure. This is basically what we need to be expecting. Also in that technical report, there is a section on future up-streaming phase, and that is where we are going to also indicate what we see in the future in terms of potential expansion.

Speaker #4: Like I mentioned, the main objective of this report is to understand, okay, how many reserves we have from gas line. So we expend we expect a large expansion in our reserve base.

Speaker #4: When you tie the quoting gas line block model all together, it's called the super fit concept. So that's objective one. At a 40,000-ton-per-day cadence, and its adjusted cost structure.

Speaker #4: So this is basically what we need to be expecting, but also in that technical report, there's a section on future opportunities and that's where we're going to also indicate what we see in the future in terms of potential expansion.

Speaker #5: Okay. And then one more.

Anita Soni: Okay. One more.

Renaud Adams: If I can add.

Anita Soni: Yeah.

Speaker #3: If I could just add one thing, Anita. So the way to really looking at this, let's say at the 36 to up to 40, I think it's fair to say that you maximize the depletions of Côté before you have the obligation to cross, you know, and start mining the gas line.

Renaud Adams: If I could just add one thing, Anita. The way to really looking at is, let's say at the 36 to up to 40, I think it's fair to say that you maximize the depletions of Côté before you have the obligations to cross and start mining the Gosselin. You maximize potentially in pit co-disposal and so forth, as we have largely discussed. As you advance the throughput towards the 50 and eventually beyond the 50,000, comes the obligations to start Gosselin a little quicker to a point that a scenario like a 70,000, basically you would be mining as soon as possible both pits. That's really where it's being played. That a capital allocations versus benefits, and we want to do the proper, continue to work hard on the trade-offs and so forth.

Speaker #3: So you maximize potentially in pit co-disposal and so forth as we have larger discussed. As you advance the throughput towards the 50 and eventually beyond the 50,000 comes the obligations to start gas line a little quicker to a point that a scenario like a 70,000 basically you would be mining as soon as possible both pits.

Speaker #3: So that's really where it's being played. So that's a capital allocations versus benefits. And we want to do like the proper continue to work hard, you know, on the trade-offs and so forth.

Speaker #3: And again, as I mentioned, focusing on the next set to three years on optimizations, which basically is the same. But as we advance in time, the game is there.

Renaud Adams: Again, as I mentioned, focusing on the next 2, 3 years on optimizations, which basically is the same. As we advance in time, the game is there. The game is about balancing capital allocations versus how fast and quicker you want to build, you want to mine Gosselin, and what does that play in the capital allocation. This is really how we trade-off.

Speaker #3: The game is about balancing capital allocations versus how fast and quickly you want to build. You want to mine gas lines, and what does that play in the capital allocation?

Speaker #3: So this is really how we trade up this.

Speaker #5: Okay. So that was going to that was going to be my next question with respect to the tailings capacity under the 40K ton per day scenario.

Anita Soni: Okay. That was going to be my next question with respect to the tailings capacity under the 40K tonne per day scenario. Is the capacity you have sufficient to what you would expect the 40K tonne per day scenario and the reserves that you would incorporate with this study at year-end? Would you have to do some additional permitting?

Speaker #5: Is that is the capacity you have sufficient to what you would expect the 40K ton per day scenario and the reserves that you would incorporate with this study at your end?

Speaker #5: Or would you have to find do some additional permitting?

Speaker #4: Yeah. So that will require—like right now, the TSF or the TMF has a capacity up to 233 million tons. So, of course, by just including Gas Line, you will need additional tailings capacity.

Bruno Lemelin: Yeah. That will require, right now, the TSF or the TMF has a capacity up to 233 million tonnes, so

Ankit Shah: Of course, by just including Gosselin, you will need additional tailings capacity. That's what the project team is currently looking, adding more capacity, but also looking at other options like co-disposal, like Arnaud mentioned. Those are the kind of trade-offs that are going to be published in the technical report at the end of this year.

Bruno Lemelin: Of course, by just including Gosselin, you will need additional tailings capacity. That's what the project team is currently looking, adding more capacity, but also looking at other options like co-disposal, like Arnaud mentioned. Those are the kind of trade-offs that are going to be published in the technical report at the end of this year.

Speaker #4: That's what the project team is currently looking at—adding more capacity, but also looking at other options like co-disposal, like I mentioned. So those are the kind of trade-offs that are going to be published in the technical report at the end of this year.

Renaud Adams: As a rule of thumb, there is maybe somewhat around the 200 million tons of tailings that is like, where do they go? Yes, there wouldn't be any issues to find the space for. As you increase the throughput of the mining, as you reduce your chains of gold disposal. You would just build extra capacity larger, but it all fits.

Speaker #3: As a rule of thumb, there is maybe somewhat around the 200 million tons of tailings that are like where do they go? But yes, they wouldn't be an issue to find the space for.

Speaker #3: But as you increase the throughput of the mining, as you reduce your change of co-disposal, but you would just build extra capacity, larger, but it's all fit.

Speaker #5: And sorry, and co-disposal meaning that you would be placing some ore within parts of the Côté pit that have been depleted and somehow sectioned off?

Anita Soni: Sorry, and co-disposal, meaning that you would be placing some ore within parts of the Côté pit that have been depleted and somehow sectioned off?

Speaker #4: That is correct.

Ankit Shah: That is correct.

Bruno Lemelin: That is correct.

Speaker #3: That is correct. So, there is an opportunity here as Côté is depleted to not just use it for tailings, but eventually for some waste as well.

Ankit Shah: That is correct. There is an opportunity here as Côté is depleted, that not just use it for tailings, but eventually some waste as well.

Speaker #5: Okay. All right. Thank you. That's it for my questions.

Anita Soni: Okay. All right. Thank you. That's it for my questions.

Speaker #3: Thank you.

Renaud Adams: Thank you.

Speaker #1: Thank you. The next question comes from Matthew Murphy with BMO Capital Markets. Please go ahead. Excuse me, Mr. Murphy. Your line is open. Is your phone muted accidentally?

Operator 3: Thank you. The next question comes from Matthew Murphy with BMO Capital Markets. Please go ahead. Excuse me, Mr. Murphy, your line is open. Is your phone muted accidentally?

Operator: Thank you. The next question comes from Matthew Murphy with BMO Capital Markets. Please go ahead. Excuse me, Mr. Murphy, your line is open. Is your phone muted accidentally?

Speaker #3: Thanks. Thank you.

Matthew Murphy: Thanks. Thank you.

Speaker #1: Please go ahead. Yes, sir. No worries.

Operator 3: Please go ahead. Yes, sir. No worries.

Operator: Please go ahead. Yes, sir. No worries.

Speaker #3: Morning. I had a question on SDKing. You have another dividend declared and while you're while you're studying this mine life extension, how much cash do you keep in Burkina and do you have to let that build up a bit in the event you go forward with the extension?

Matthew Murphy: Morning. I had a question on Essakane. You have another dividend declared, and while you're studying this mine life extension, how much cash do you keep in Burkina? Do you have to let that build up a bit in the event you go forward with the extension?

Speaker #4: Go ahead, Martin. So sorry. It's not we're looking for the answer here. Good morning, Matt. So it's our decision how much cash we keep in Burkina.

Renaud Adams: Go ahead, Maarten. Sorry. It's we're looking for the answer here.

Maarten Theunissen: Good morning, Matthew. It's our decision how much cash we keep in Burkina. At the moment, depending on the timing of the year and when the tax payments and payments like that is scheduled, it's between $100 to $200 million. When we look at next year, there is more than enough cash flow for Essakane to fund all of the potential mine life extension by itself and then still a considerable portion then left to repatriate to IAMGOLD. The timing of the cash flow means we don't really need to build up a larger balance there. It just is sufficient as they generate cash to fund additional capital.

Speaker #4: At the moment, depending on the timing of the year and when the tax payments and payments like that are scheduled, it's between $100 to $200 million.

Speaker #4: When we look at next year, there is more than enough cash flow for ISACAN to fund all of the potential mine life extension by itself, and then still a considerable portion in the—

Speaker #4: To repatriate to Angola. So the timing of the cash flow means we don't really need to build up a larger balance there. It's just sufficient as they generate cash to fund additional capital.

Speaker #3: Got it. Okay. And then this latest dividend—should we think about that, when it comes out in regular payments, as a year-long process, and then you look at the next dividend?

Matthew Murphy: Got it. Okay. This latest dividend, should we think about that when it comes out in regular payments, that's a year-long process, and you look at the next dividend?

Speaker #4: Yeah. So the current dividend that we declare, the 400 million dollars of our portion is the gold price average is about 4,000. It will take three quarters, maybe a bit more than three quarters for us to get there.

Maarten Theunissen: Yeah. The current dividend that we declared, the $400 million of our portion, if the gold price averages about $4,000, it will take three quarters, maybe a bit more than three quarters for us to get there, and we are into the new cycle almost again. At a high gold price, it could happen faster, but we'll balance that with the funding of the mine life extension, as you referred to as well.

Speaker #4: And then we are into the new cycle almost again. At a high gold price, it could happen faster, but we'll balance that with the funding of the mine life extension as you refer to as well.

Speaker #3: Okay. Got it. Thank you.

Matthew Murphy: Okay. Got it. Thank you.

Speaker #4: Thanks.

Speaker #1: Thank you. The next question comes from Tanya Trakoskinek with Scotiabank. Please go ahead.

Renaud Adams: Thanks.

Operator 3: Thank you. The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.

Operator: Thank you. The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.

Speaker #5: Oh, great. Good morning, everybody. Thank you for taking my question. Just so that I understand completely on this Côté and just some of your cash flow that would be going out.

Tanya Jakusconek: Graeme. Good morning, everybody. Thank you for taking my question. Just so that I understand completely on this Côté and just some of your cash flow that would be going out. Renaud, I think you said that $80 to 85 million of expansion capital for the next couple of years just to get to 40,000 tons a day and maintaining that would be about, for three years, that'd be about $250 million or thereabout. I've got this $350 million potentially going out for Côté royalty if I was to buy that back. Should I be thinking then that expansion of 50,000 tons per day would be something that probably you wouldn't look at spending until your 2029, 2030 timeframe? I'm just trying to see the cash flow and what sort of things are going out.

Speaker #5: Renaud, I think you said that 80, 85 million of expansion capital for the next couple of years just to keep that get to 40,000 tons per day and maintaining that would be about for three years, that'd be about 250 million or thereabouts.

Speaker #5: And then I’ve got this $350 million potentially going out for Côté royalty if I was to buy that back. Should I be thinking then that that expansion of 500 to 50,000 tons per day would be something that probably you wouldn't look at spending until your 2029, 2030 timeframe?

Speaker #5: I'm just trying to see the cash flow, and what sort of things are going out.

Speaker #4: Okay. No, thanks for and Martin, you would add to it. But the 85, 85 million of the gross capital that I referred to, it's pretty much for the mining side of the business, right?

Renaud Adams: Okay. Maarten, you would add to it, but the $85 million of the gross capital that I referred to, it's pretty much for the mining side of the business, right? We have a plan to open, enlarge the pit of Côté, increase the fleet, and be more efficient. That's on the mining side, and there's a gross capital. Some of the improvement, like we discussed, to go to the 40,000, you would definitely put Repete system and improve some aspect operational, but this is not the expansion per se. That would continue. To your point, you're right.

Speaker #4: So we have a plan to open and large the bit of Côté, increase the fleet and be more efficient. So that's on the mining side and there's a gross capital.

Speaker #4: Some of the improvement, like we discussed to go to the 40,000, you would definitely put repeat system and improve some aspect operational, but this is not the expansion per se.

Speaker #4: So that would continue. So to your point, you're right. So far, what is no longer on the paper—and we'll see how it goes as we continue—is the extra, probably $500 to $700 million that we have accounted for starting potentially in 2029, over 2029 and 2030, to bring it from the 40 to the 50.

Renaud Adams: What is no longer on the paper, and we'll see how it goes as we continue, is the extra probably $500 to $700 million that we have accounted for starting potential in 2029 over 2029, 2030 to bring it from the 40 to the 50. That portion only is part. Anything else, expect the gross capital for the mine component to continue in 2027, 2028, and expect our sustaining capital to have a component like this year of improvement. The quickest we could install those Repete system, the quicker we get to the 40,000. That would be the priority. We may increase it to go faster, but roughly the next three years is really about limiting the capital as much as possible to the 40 stage. Martin, happy to

Speaker #4: So that portion only is part. But anything else expect the organic expect the gross capital for the mine component to continue in 27, 28 and expect our sustaining capital to have a component like this year of improvement.

Speaker #4: And the quicker we can install those repeat systems, the sooner we get to the 40,000. So that would be the priority. We may increase it to go faster, but roughly, the next three years are really about limiting capital as much as possible to the 40 stage. And Martin, happy to—

Speaker #4: Yeah. Thanks, Renaud. And morning, Tanya. The fifth like this year, we are spinning about 50 million dollars of capital to help us increase the efficiency of operation and reduce the unit cost.

Maarten Theunissen: Thanks, Renaud, morning, Tanya. This year, we are spending about $50 million of capital to help us increase the efficiency of operation and reduce the unit cost. We include that in sustaining cost in our reporting, we expect to continue to spend up to that amount every year, maybe a bit more in the next couple of years. That is to fund the initiatives that Bruno also alluded to bring down the unit cost. The payback on that is pretty good because the amount of tons in this large resource, any improvement on your dollar per ton cost pays back that capital pretty quickly, and that's why we want to make this investment in the next few years.

Speaker #4: We include that in sustaining cost in our reporting, and we expect to continue to spend up to that amount every year—maybe a bit more in the next couple of years.

Speaker #4: And that is to fund the initiatives that Bruno also alluded to, to bring down the unit cost. And the payback on that is pretty good, because with the amount of tons in this large resource, any improvement on your dollar per ton cost pays back that capital pretty quickly.

Speaker #4: And that's why we want to make this investment in the next few years.

Speaker #5: Okay. So that's in your $160 million, plus or minus, sustaining costs that you have guided for this year. I guess what I'm really trying to get at is, for us to get to that 40,000, which you're going to be providing in the study, from the mining side there's something, from the processing side there's something. The allocation of growth between expansion and sustaining is sort of for the two.

Tanya Jakusconek: Okay. That's in your $160 million, ± sustaining costs that you have guided for this year. I guess what I'm really trying to get at is for us to get to that 40,000, which you're going to be providing in the study. From the mining side, there's something. From the processing side, there's something. The allocation of growth between expansion and sustaining is sort of for the two. How should I think of that cost for the complex, your share for the next three years? Should I be thinking it's $160 million plus $85 million per annum for the next three years?

Speaker #5: So how should I think of that cost for the complex your share for the next three years? Should I be thinking it's 160 plus 85 for the next per annum for the next three years?

Speaker #4: I'm afraid that, Tanya, we cannot be that precise to be verifying because that's exactly what is the last portion that we're refining as we speak is the capital for each block.

Renaud Adams: I'm afraid, Tanya, we cannot be that precise, to be very frank, because that's exactly what is the last portion that we're refining as we speak, is the capital for each block. We would be releasing those numbers in Q4. You'll be fully equipped to foresee the next three years as soon as, or the latest, December. I would not advance too much on it, and I would refer to the upcoming report, which will clarify our next three years.

Speaker #4: We would be releasing those numbers in the fourth quarter. So you'll be fully equipped to foresee the next three years as soon as or the latest December.

Speaker #4: So I would not advance too much on it, and I would refer to the upcoming report, which will clarify our next three years.

Speaker #5: Okay. We'll wait for that. Maybe just on. Now. I look at that complex, one processing facility and I see the four deposits. How should we be thinking about that from a conceptual level and a high level?

Tanya Jakusconek: Okay. We'll wait for that. Maybe just.

Renaud Adams: Okay

Tanya Jakusconek: I look at that complex, one processing facility. I see the four deposits. How should we be thinking about that from a conceptual level and a high level? Is this a camp that could do 300,000 ounces, 400,000 from 100,000 each from each deposit? I'm just trying to think of what could this complex do.

Speaker #5: Is this a camp that could do 300,000 ounces, 400 from 100,000 each from each deposit? I'm just trying to think of what could this complex do.

Speaker #4: Yeah. The complex has definitely the resource base to eventually come up with a scenario that could be probably as high as 400,000. This is our objective here.

Renaud Adams: Yeah. The complex has definitely the resource base to eventually come up with a scenario that could be probably as high as 400,000. This is our objective here. Some sort of a, not saying that Essakane doesn't have any potential beyond 2035, it's very important to us that we find a way for the continuum here, eventually, should the mine doesn't go beyond 2035, at least we have a continuum, in Canada. We think with the starting of Nelligan, with Philibert, and with the underground of Monster Lake, the concept of the three, we're working and generating something that's between the three and the four, we're definitely looking at towards the 400 per annum.

Speaker #4: So, I’m not saying that it doesn’t have any potential beyond 2035, but it’s very important to us that we find a way for the continuum here. Eventually, should the mine not go beyond 2035, we need to prepare.

Speaker #4: So at least we have a continuum, but in Canada. So we think with the starting of Nelligans, with Fillibert, and with the underground of Munster Lake, the concept of the three, we're working and generating something that between the three and the four, but we're definitely looking at towards the 400 per annum.

Speaker #5: Okay. We'll look forward to that study as well. And then maybe just lastly, just how should I be thinking? You gave guidance on Côté for the second half of the year with the higher throughput, higher grade.

Tanya Jakusconek: Okay. We'll look forward to that study as well. Then maybe just lastly, just how should I be thinking, you gave guidance on Côté for the H2 of the year with the higher throughput, higher grade. How does Westwood and Essakane, how do they look for Q3, Q4? Is it evenly distributed, or is there anything grade or throughput that I should know about?

Speaker #5: How does Westwood and Esse can how do they look for a Q3, Q4? Is it evenly distributed or is there anything greater throughput that I should know about?

Speaker #4: Great. For a second, it's going to be pretty much even a little bit stronger on the Q4.

Bruno Lemelin: Great. For Essakane, it's going to be pretty much even. A little bit stronger on the Q4.

Speaker #5: Oh, sorry. Is that for Westwood? A bit stronger in Q4?

Tanya Jakusconek: Sorry, is that for?

Bruno Lemelin: Westwood.

Tanya Jakusconek: Oh, for Westwood? A bit stronger in Q4?

Bruno Lemelin: Oh, I thought you were talking about Essakane. Yeah. For Westwood, it's stronger in Q4.

Speaker #4: I thought you were talking about the second. So, yeah. So, for Westwood, it's stronger for Q4 than Q3. Yeah. Now, we did have a very strong— we did have a very strong H1 at Westwood.

Tanya Jakusconek: Yeah

Bruno Lemelin: than Q3. Yeah.

Renaud Adams: Essakane.

Renaud Adams: No, we did have a very strong H1 at Westwood. H1 times two will definitely put beyond. We see an H2 that would be strong, but not necessarily stronger than the H1. I think Essakane, Renaud, we have pretty much the same.

Bruno Lemelin: No, we did have a very strong H1 at Westwood. H1 times two will definitely put beyond. We see an H2 that would be strong, but not necessarily stronger than the H1. I think Essakane, Renaud, we have pretty much the same.

Speaker #4: So H1 times two, we'll definitely put beyond. So but we see a H2 that would be strong, but not necessarily stronger than the H1.

Speaker #4: And I think it's a can Bruno you said pretty much the same. It's a can because you have the rainy season right now. So it's going to be just at that lower than Q4.

Bruno Lemelin: Yeah, Essakane, because you have the rainy season right now, it's going to be just a tad lower than Q4. Not materially.

Renaud Adams: Yeah, Essakane, because you have the rainy season right now, it's going to be just a tad lower than Q4. Not materially.

Speaker #4: Not materially.

Speaker #5: Okay. All right. Thank you.

Tanya Jakusconek: Okay. All right. Thank you.

Speaker #4: Thank you, Tanya. Appreciate it.

Renaud Adams: Thank you, Tanya. Appreciate it.

Speaker #2: Thank you. The next question comes from Carrie Makruri with Canaccord Genuity. Please go ahead.

Operator 3: Thank you. The next question comes from Carey MacRury with Canaccord Genuity. Please go ahead.

Operator: Thank you. The next question comes from Carey MacRury with Canaccord Genuity. Please go ahead.

Speaker #3: Hi. Good morning, guys. Just a quick one for me. You mentioned the performance at Côté in June. Just wondering how it's gone through we're through July now and into August if that's still running at nameplate.

Carey MacRury: Good morning, guys. Just a quick one for me. You mentioned the performance at Côté in June. Just wondering how it's gone through July now and into August, if that's still running at that nameplate.

Speaker #4: Well, it goes very well. The thing that we're seeing is the addition of the second concoction is giving us great performance I call it peak performance that goes even beyond the 36,000 ton per day.

Bruno Lemelin: Well, it goes very well. The thing that we're seeing is the addition of the second cone crusher is giving us great performance. I call it peak performance. That goes even beyond the 36,000 ton per day. The name of the game is to have sustainment, is to have that short-term performance and to be having it sustain over time. This is our current plan right now. That's what we've been doing in July, great results, but what we want to do is to be able to have that kind of performance along over the year, and then we can have a good baseline for what is the next bottleneck and how we can get to the 40,000 ton per day. Right now, that's what we work.

Speaker #4: The name of the game is to have sustainment is to have that short-term performance and to be having it like sustain over time. So this is our current plan right now.

Speaker #4: So that's what we've been doing in July. Great results, but what we want to do is to be able to have that kind of performance prolonged over the year and then we can have a good baseline for what is the next bottleneck and how we can get to the 40,000 ton per day.

Speaker #4: But right now, that's what we work, but we really like what we see with the addition. We made lately with the second concoction HPGR that is well aligned the interface between the mine and the mill.

Bruno Lemelin: We really like what we see with the addition we made lately with the second cone crusher, HPGR that is well-aligned, the interface between the mine and the mill, we see great integration between the mine team, the mill team. We see peak performance that are truly impressing us. The fact here is that we need to have those kind of performance to be sustained over time.

Speaker #4: So we see great integration between the mine team, the mill team. And we see peak performance that are truly impressing us, but the fact here is that we need to have those kind of performance to be sustained over time.

Speaker #3: I'm still comfortable with the 36,000 for the second half of the year.

Carey MacRury: Comfortable with the 36,000 for the H2 of the year.

Speaker #4: Yeah, yeah. Everything is in place to average it, and there's a little bit of a transition getting used to not having the aggregate plans to rely on.

Renaud Adams: Yep. Everything is in place to average it. There's a little bit of a transitions, getting used to not having the aggregate plans to rely on. It's like you rip the band-aid. We had a good month of June. Like Bruno says, we see several days with peak above. Now it's about learning to stabilize and producing those tons. The capacity is there for sure. Which is I need to mention that in August, it's our annual shutdown, we need to take that into consideration as well.

Speaker #4: So it's like you rip the bandit and you learn to we had a good month of June. Like Bruno says, we see several days with peak above.

Speaker #4: So now it's about learning to stabilize and producing those tons. But the capacity is there for sure. Would just say I need to mention that in August, it's our annual shutdown.

Speaker #4: So we need to take that into consideration as well.

Speaker #3: How long is the shutdown?

Carey MacRury: How long is the shutdown?

Speaker #4: Five days.

Bruno Lemelin: Five days.

Speaker #3: Five days. Okay. Great. That's it for me. Thanks, guys.

Carey MacRury: Five days. Okay, great. That's it for me. Thanks, guys.

Speaker #4: Thank you.

Bruno Lemelin: Thank you.

Speaker #2: Thank you. This concludes the question and answer session. I would like to turn the conference back over to Graeme Jennings for any closing remarks.

Operator 3: Thank you. This concludes the question and answer session. I would like to turn the conference back over to Graeme Jennings for any closing remarks.

Operator: Thank you. This concludes the question and answer session. I would like to turn the conference back over to Graeme Jennings for any closing remarks.

Speaker #1: Thank you very much, operator. Thanks, everyone, for joining us this morning. As always, should you have any additional questions, please reach out to Bruno or myself.

Graeme Jennings: Thank you very much, operator. Thanks to everyone for joining us this morning. As always, should you have any additional questions, please reach out to Renaud or myself. Thank you all, be safe, and have a great day.

Speaker #1: Thank you all. Be safe and have a great day.

Operator 3: Thank you. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

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

Q2 2026 IAMGOLD Corp Earnings Call

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