IAMGOLD Corporation

CEO Renaud Adams was appointed in April 2023, bringing over 30 years of global mining experience. His prior role as President and CEO of New Gold Inc. (2018-2022) is directly relevant — he oversaw operations at Rainy River and New Afton, two producing mines comparable in complexity to IAMGOLD's portfolio. The standout execution achievement under Adams at IAMGOLD is delivering Côté Gold from late-stage development through to commercial production in August 2024, achieving nameplate throughput of 36,000 tonnes per day. This is a material de-risking event that validates management's technical and operational claims.

Insider ownership is negligible at under 1% of shares outstanding, with institutional investors controlling approximately 70% of the register. Van Eck Associates is the largest holder at 7.7%. CEO Adams directly owns approximately 0.067% of shares outstanding (approximately CA$6.51 million in value as of early 2026), a small absolute fraction for the size of the enterprise but meaningful in absolute dollar terms. Total CEO compensation is C$3.23 million annually, 80.6% of which is equity-linked — providing some performance alignment. Average management and board tenure of approximately 3.2 and 2.8 years respectively reflects a team assembled around the Côté development mandate rather than a long-tenured capital allocation team.

The management risk is not execution quality — Adams has proven he can commission a complex mine — but portfolio strategy. Essakane (Burkina Faso) is a politically elevated asset that requires ongoing security investment and government relationship management. Capital allocation decisions around the eventual Côté expansion (Gosselin technical report expected Q4 2026) and the Nelligan development project will be the next tests of strategic clarity.

IAMGOLD's total Proven and Probable (P&P) Mineral Reserves as of December 31, 2025 (reported February 2026, filed on SEDAR+) are 9.9 million ounces of gold in 279.6 million tonnes at 1.10 g/t Au on a 100% consolidated basis — approximately 7.5 million ounces attributable to IAMGOLD based on its 70% interest in Côté Gold (operated in a 70/30 joint venture with Sumitomo Metal Mining Co. Ltd.) plus 100% of Essakane and Westwood. P&P Reserves decreased 7% year-over-year (796,000 ounces), primarily due to depletion at Côté Gold and Essakane, partially offset by an increase at Westwood. Reserve gold price assumptions were C$1,700/oz for Côté Gold and C$2,000/oz for Essakane and Westwood. All reserves are supported by operating Feasibility Studies — the highest confidence classification tier.

Measured and Indicated (M&I) Mineral Resources at Côté Gold (Côté zone plus Gosselin zone, 100% basis, inclusive of Mineral Reserves) increased 12% or approximately 2.0 million ounces to 18.2 million ounces (12.7 million ounces attributable to IAMGOLD at 70%). This growth was driven by the 2025 Gosselin exploration program, in which 50,150 metres of drilling were completed through Q3 2025, plus a 20,000-metre infill program targeting the northeastern Côté deposit extension. The Gosselin and infill results will inform an updated technical report — expected Q4 2026 — that will incorporate a larger-scale conceptual mine plan targeting both Côté and Gosselin zones at a potentially higher throughput rate. Westwood (high-grade underground, Quebec) and the Nelligan discovery (Quebec, significant Inferred resource) provide additional in-jurisdiction pipeline optionality.

The geology score is 4/5 rather than 5/5 primarily due to the Essakane mine's location in Burkina Faso. Essakane is a significant contributor to current production and reserves but operates in the Sahel region — one of the highest political risk mining jurisdictions globally. Any security-driven curtailment, expropriation, or permit withdrawal would materially reduce the reserve base and production profile. The Côté Gold asset itself is unambiguously world-class in scale and confidence.

IAMGOLD's 2025 financial results demonstrate one of the most dramatic balance sheet improvements among TSX-listed gold producers in recent memory. Net debt fell by US$514.9 million during 2025 to US$344.4 million at December 31, 2025 — reflecting the transition from Côté Gold's capital draw-down phase to FCF generation. The company ended 2025 with cash of US$421.9 million and US$445.7 million available on its revolving credit facility, providing total liquidity of US$868.6 million. 2025 revenues were US$2.85 billion with adjusted EBITDA of US$1.5 billion, record mine-site free cash flow of US$1.2 billion, and adjusted net earnings of US$709.2 million. The company launched a share buyback program in December 2025, deploying approximately US$100 million as of the first quarter of 2026. The 2025 Annual Report was filed on SEDAR+ confirming record output and ESG compliance metrics.

2026 AISC guidance of US$1,425-$1,575/oz sold implies robust operating margins at current gold prices (approximately US$3,400-3,500/oz), supporting continued FCF generation and debt reduction. Net debt/EBITDA of approximately 0.2x (US$344.4 million debt / US$1.5 billion EBITDA) is a strong ratio for a mid-tier producer in the current cycle. The revolving credit facility provides a significant additional liquidity buffer.

The primary capital structure constraint is the elevated share count of 588.8 million shares outstanding — a legacy of multiple equity financings during Côté Gold's construction phase. The buyback program addresses this at the margin, but dilution from prior equity issuances limits per-share growth metrics. Essakane Burkina Faso represents a contingent capital risk — an adverse political event affecting operations would reduce revenues and EBITDA materially. The Burkinabe government confirmed IAMGOLD's operating permits were intact as of October 2024, but risk remains elevated.

The key catalyst for IAMGOLD is the Q4 2026 updated Côté Gold technical report incorporating the Gosselin zone. This report will present a conceptual mine plan targeting a larger-scale operation — potentially at a higher throughput rate than the current 36,000 tpd nameplate — utilizing both the Côté and Gosselin mineralization zones. Given Gosselin's demonstrated M&I resource growth (+12% to 18.2 million ounces inclusive on a 100% basis in 2025), and 50,150 metres of exploration drilling completed through Q3 2025, the resource base for the expansion study is substantial. Analysts have widely flagged this technical report as the primary valuation unlock for IMG — a positive outcome would likely drive meaningful P/NAV re-rating toward 0.9-1.0x.

Achieving and sustaining nameplate throughput at Côté (36,000 tpd, confirmed as of Q4 2024 ramp-up) continues to be an important de-risking catalyst in its own right, validating the geological model and operating assumptions that underpin the expansion thesis. Total 2026 attributable production guidance of 720,000-820,000 ounces provides a wide range reflecting the current optimization phase ahead of the technical report; consistent delivery at the upper end would reinforce execution credibility. The Nelligan discovery (Quebec) is a medium-term development catalyst that is advancing but not on a near-term timeline.

Essakane (Burkina Faso) is a catalyst risk in both directions. Continued operational normality is a positive (confirmation of mine-life extension); any adverse security incident, government permit action, or forced curtailment would be a significant negative catalyst. IAMGOLD issued a statement in October 2024 confirming permits were intact following public commentary from Burkina Faso's President regarding permit reviews for operators not in compliance with local laws. This situation warrants ongoing monitoring.

IAMGOLD's three operating mines (Côté Gold, Essakane, Westwood) are all supported by operational Feasibility Studies with Proven and Probable reserve declarations. Per the framework, no NAV discount is applied for study methodology. Analyst consensus (9 Buy ratings, 1 Hold, 0 Sells as of April 2026) provides an average 12-month price target of C$37.46 per share (high: C$46.58; low: C$32.00), based on analyst NAV models using FS-level economics for operating assets. At the current price of approximately C$26.37/share, the implied P/NAV is 0.704x — a meaningful 30% discount to analyst consensus intrinsic value.

Applying the framework: Feasibility Study tier, NAV taken at face value. Adjusted NAV per share: C$37.46. Adjusted P/NAV: 0.704x. This falls within the 3/5 scoring range (0.5-1.0x P/NAV with FS-level economics). The discount reflects: (1) Essakane Burkina Faso political risk — the Burkinabe military government explicitly referenced potential permit reviews for mining companies in October 2024, and ongoing jihadist insecurity elevates operating costs and poses an expropriation tail risk; (2) the elevated share count (588.8 million shares), which limits per-share upside relative to peers with cleaner capital structures; and (3) residual uncertainty around Côté ramp-up execution, now largely resolved with nameplate throughput confirmed.

For acquisition comparables: EV/oz P&P on an attributable basis is approximately US$1,553/oz (EV of US$11.65 billion / 7.5 million attributable oz P&P). This is above the typical acquisition multiple for mid-tier producers (US$600-900/oz), reflecting a premium for the scale and North American jurisdiction of Côté Gold specifically. Without the Essakane political risk discount, the portfolio would likely trade near 0.9-1.0x NAV. A purely North American-focused IAMGOLD (or post-Essakane divestiture scenario) would be significantly more attractive on an acquisition valuation basis.