IAMGOLD CORP Annual Report - A Year in Review (Ended December 31, 2025)

This summary provides a clear, concise overview of IAMGOLD's performance for the year ended December 31, 2025. We cut through the jargon to give you a straightforward picture of the company's achievements, challenges, and future direction. All dollar amounts are in US dollars, unless stated otherwise.

IAMGOLD's shares trade on the New York Stock Exchange (NYSE) under the ticker symbol IAG. The company is headquartered in Toronto, Canada, and approximately 591 million shares of its stock were outstanding at year-end.

Business Overview

IAMGOLD, a mid-tier gold producer, operates mines in North America and West Africa. The company prioritizes responsible mining, aims to maximize value from its assets, and advances major growth projects. These projects are designed to boost production and lower overall costs.

Key Operational Developments

Last year, IAMGOLD made significant progress and sharpened its strategic focus, largely driven by its major growth project.

• Côté Gold Mine – A Game Changer:
  • The Côté Gold Mine project in Ontario, Canada, marked a major highlight with significant progress. This joint venture is set to become one of Canada's largest gold mines. The company anticipates the first gold pour in the near future. Once fully operational, Côté Gold is expected to substantially boost IAMGOLD's gold production and reduce its overall cost structure.

Management Discussion (MD&A Highlights)

In their discussion, management emphasized operational excellence across the existing portfolio, highlighting cost management efforts that contributed to strong operational efficiency. The Côté Gold project remained a central theme, with management stressing its critical role in future production growth and improved cost efficiency. Optimizing the capital structure also stood out as a key management priority. The company's robust governance framework is evident in its commitment to strong internal financial controls and transparent reporting, a commitment confirmed by the CEO, CFO, and independent auditors.

Financial Health

IAMGOLD demonstrates robust financial governance. The CEO, CFO, and independent auditors KPMG have all confirmed strong internal financial controls, ensuring reliable and accurate financial reporting. Furthermore, the company reports no "off-balance sheet arrangements." This means investors can trust there are no hidden debts or significant undisclosed commitments, enhancing transparency.

The company manages its liquidity position, including available credit facilities, to ensure financial flexibility for ongoing operations and strategic investments.

Future Outlook

Looking ahead, IAMGOLD's strategy focuses on maximizing value from existing assets, successfully bringing Côté Gold into production, and conducting disciplined exploration to replenish gold reserves. The Côté Gold project is poised to be a transformational asset, significantly boosting the company's production and improving its cost profile. IAMGOLD also continues to evaluate opportunities for portfolio optimization and sustainable growth.

Competitive Position

IAMGOLD operates in the highly competitive global gold mining industry. The company's competitive edge stems primarily from its portfolio of operating mines, its significant growth project (Côté Gold), and its exploration pipeline. Once fully operational, the Côté Gold project is expected to establish IAMGOLD as a lower-cost producer with a larger production base, elevating its standing among mid-tier gold miners. The company's commitment to operational efficiency and responsible mining practices also strengthens its competitive ability. Furthermore, geographic diversification, with assets in North America and West Africa, balances geopolitical and operational risks.

Mineral Reserves & Resources (Important Note for US Investors)

IAMGOLD follows Canadian standards (NI 43-101) for reporting mineral reserves and resources. While the SEC has updated its rules, these numbers might not be directly comparable to those reported by purely US-based mining companies. Always consider this difference when evaluating IAMGOLD's resource base.

Potential Pitfalls: Key Risk Factors

While the future looks promising, investors must be aware of potential risks that could impact IAMGOLD's performance. These factors are not guarantees, but they could cause actual results to differ from expectations:

• Côté Gold Project Execution: Delays, cost overruns, or operational challenges during the final construction and ramp-up phases at Côté Gold could impact future production and financial targets.
• Geopolitical Instability: Operations in regions like Burkina Faso face risks from civil unrest, security threats, and political changes, which can disrupt production and supply chains.
• Gold Price Volatility: As a gold producer, IAMGOLD's profitability is highly sensitive to fluctuations in the global price of gold.
• Inflation and Input Costs: Rising costs for fuel, labor, equipment, and other supplies can increase operating expenses and impact profitability.
• Environmental & Regulatory Compliance: Strict and evolving environmental regulations, including those related to climate change and greenhouse gas emissions, could lead to increased compliance costs or operational restrictions. Maintaining strong relationships with local communities and Indigenous groups is also critical for securing and maintaining social licenses to operate.
• Exploration Success: The ability to discover new gold deposits and convert resources into reserves is vital for long-term sustainability, but exploration is inherently uncertain.
• Currency Exchange Rates: Fluctuations between the US dollar and other currencies (such as the Canadian dollar or local currencies in operating regions) can affect reported costs and revenues.

This report provides a high-level overview. For a deeper dive into the company's detailed financial statements, management's discussion and analysis, and a comprehensive list of risk factors, please refer to the full Audited Consolidated Annual Financial Statements and Management's Discussion and Analysis (MD&A) available on SEDAR+, EDGAR, or IAMGOLD's website.