Thank you, Operator, and 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; Anne Thorburn Lagacé, Chief Legal and Strategy Officer; and Dorena Quinn, Chief People Officer.

We are calling today from IAMGOLD's Toronto office, which is located on Treaty 13 territory, on the traditional lands of many nations including the Mississaugas of the Credit, the Anishnabeg, Chippewa, Haudenosaunee, and the Wendat peoples. At IAMGOLD, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect.

Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures. We encourage you to refer to the cautionary statements and disclosures on non-IFRS measures included in 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.

Thank you, Graeme, and good morning, everyone, and thank you for joining us today. Last year was a monumental year for IAMGOLD.

It is a year in which the company reported record revenues of nearly $3 billion, enjoying gross margin of over 40%, and generating operating cash flow of around over $1 billion, which is notable, $702 million generated in the fourth quarter alone. Now, everyone on this call is aware that this is a historic time in the gold market, as the gold price increased nearly $1,700 per ounce over 2025 and exiting the year at just over $4,300 an ounce, but which is still more than $600 an ounce lower than where we are today.

While we're not alone in realizing this gold market, we believe IAMGOLD is particularly well-positioned to to capitalize on this market for the benefit of our shareholders, stakeholders, and partners. In 2025, IAMGOLD achieved significant milestones including record product- quarterly productions across all sites, the first full year of productions at Côté Gold, the establishment of a framework at Essakane that enables cash movements to be made at any time of the year, and the consolidation of assets in Chibougamau-Chapais, Quebec to position the Nelligan Mining Complex as among the largest pre-productions asset in Canada.

On the financial side, we closed out the legacy gold pre- prepay obligation mid-year, deleveraged the balance sheet through the repayment of the $400 million high-cost term loan, and established a share buyback program that purchased 50 million in IAMGOLD shares in December and an additional 50 million so far in 2026, and we will continue to do so, driving up our per share valuations, all things being equal. This is a company that is taking a leadership position in the industry.

IAMGOLD is a modern gold mining company that is proudly Canadian, with strong cash flow and significant long-term growth opportunities ahead. We mine with a mining redefined purpose in mind, putting safety, responsibili- responsibility, and people first.

We hold ourselves accountable and embrace change, and drive innovations at every level from smarter systems to better ways of working. Now, there are many highlights to discuss for IAMGOLD today, let's get into it.

Looking at the highlights from the year and the fourth quarter, we start with our safety record. Over the course of the year, our total recordable injury rate was 0.60, which was down from the year prior.

We are focused on advancing our critical risk management program including an important integration of contractor into the IAMGOLD way of safety management, with the goal to reduce high-potential incidents. On production, IAMGOLD closed out the year with a very strong fourth quarter in which all our mines reported record gold production.

On a consolidated basis, attributable gold productions for the fourth quarter was 242,400 ounces, a 28% improvement quarter-over-quarter, driving total production for the year to 765,900 ounces, achieving the midpoint of the company's 2025 production guidance. The strong fourth quarter operating result helped to drive down costs on a per ounce basis.

All-in sustaining cost per ounce sold was $1,750 for the fourth quarter and $1,900 for the year, within the guidance range of $1,830 to $1,930. As discussed last year last quarter, costs this year have faced upward pressure due to the record gold prices directly translating to higher royalties.

The impact of these royalties on cash costs continued to increase through the year to where they accounted for an average of approximately $330 per ounce, or 24% of cash costs in the fourth quarter 2025. As we look ahead to this year, where we will uncover opportunities to grow the value of our assets, we will stay diligent on our commitment to operational excellence and discipline.

While we may not be able to control the gold price, we can control our cost structure and ensure that cost improvement opportunities compound with our production profile. At Côté, we will continue to fine-tune our mining, milling, and maintenance practices to position the project well for the upcoming expansion phase.

With that, I will pass the call over to our CFO to walk us through our financial highlights. Maarten?

Thank you, Renaud, and good morning, everyone. It was indeed a transformational year for IAMGOLD as our solid operating results, coupled with record gold prices, helped to fast-track our strategy to unwind financial leverage put in place to build Côté and allowed us to also start returning capital to shareholders in December.

In the fourth quarter, the company generated record mine-site free cash flow of $626.6 million, bringing the year total to $1.2 billion. On an asset basis, in the fourth quarter, Essakane contributed $340.4 million and Côté contributed $197.0 million of attributable mine-site free cash flow.

The record mine-site free cash flow was used to improve our financial position, as the company's net debt was reduced by $468.8 million to $344.4 million at the end of the year, while also returning $50 million to shareholders. On the balance sheet, we completed the repayment of the $400 million term loan and also paid $50 million on our credit facility, reducing the balance to $200 million as at the end of December.

IAMGOLD had $422 million in cash and cash equivalents at the end of the year and approximately $446 million available on the credit facility, resulting in total liquidity at the end of the fourth quarter of approximately $868 million. Excess cash at Essakane is repatriated through dividend and shareholder account payments, of which the company receives its share on its ownership, net of withholding taxes.

The shareholder account structure was introduced in 2025 and functions like an intercompany loan, and allows for the company's portion of the dividend to be repaid monthly, using cash generated in excess of working capital requirements. The new structure allowed for cash flow in the fourth quarter resulting from strong operating results and record gold prices to be repatriated in record time, and IAMGOLD received $291 million of payments from Essakane through the fourth quarter.

Approximately $197.5 million of our consolidated cash balance was held by Essakane at the end of the year, and subsequent to year-end, these funds, combined with free cash flow generated in January, was used to make further payments against the shareholder account by Essakane, and IAMGOLD received $171 million so far this year. The other notable event was the establishment of the share buyback program.

In December, the company repurchased and cancelled approximately 3 million shares for approximately $50 million at an average price of $16.87 per share through its share buyback program. Subsequent to quarter-end, after the timing of our results release, IAMGOLD has purchased an additional 2.6 million shares for $50 million.

For the remainder of the year, we are planning to use the cash repatriated from Essakane in 2026 to fund our buyback program, and at a gold price of $4,000 per ounce, we estimate that this could be between $400 [and?] $500 million during the year.

The NCIB allows for the purchase of approximately 10% of IAMGOLD's public float that was outstanding as of November 2025. All common shares purchased under the NCIB will be either cancelled or placed under trust to satisfy future obligations under the company's share incentive plan.

This initiative reflects management's confidence in the company's long-term value and its commitment to disciplined capital allocation. We believe the alignment of strong cash flow generation from Essakane and our share buyback program represents a clear value-accretive opportunity for the company and our shareholders.

The company intends to use the free cash flow generated by Essakane as a base level to repurchase shares under the share buyback program as the cash is generated and repatriated over the course of 2026. Naturally, the actual amount of common shares that may be purchased, if any, and the timing of such purchases, will be determined by the company based on a number of factors, including the gold price, the company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, return to stakeholders, and debt reduction.

Turning to our financial results, on a full-year basis, revenues from operations totaled $2.9 billion from sales of 817 800,000 ounces on a 100% basis at an average realized price of $3,549 per ounce, excluding the impact of the gold prepay arrangement. The strong operating results and record gold price resulted in adjusted EBITDA of approximately $1.6 billion in 2025, compared to $780.6 million in 2024 and $338.5 million in 2023.

At the bottom line, adjusted earnings per share for the year totaled $1.23, up from $0.55 the prior year. Looking at the cash flow reconciliation for the year, it is a good visualization of the major drivers of our financial position to end 2025.

The significant operating cash flow allowed for the delivery and conclusion of the gold prepay arrangements mid-year, funding all capital programs at our operations, significant deleveraging of the balance sheet, payment of a record dividend at Burkina Faso that allowed us to set up the shareholder account that we use to repatriate funds into Canada, and the start of the NCIB program in December. As we look into this year, our priorities from a financial and capital allocation perspective are to deploy funds to areas where we see the most value add to our company, which includes the continuation of the share buyback program, utilizing cash flows from Essakane, becoming net cash positive following the repayment of the remaining balance of the credit facility, fund our operations as outlined in our guidance, ensure they are positioned well exiting the year, and ensuring that we have the financial capacity to support opportunities to improve our business.

With that, I will pass the call to Bruno Lemelin, our Chief Operating Officer, to discuss our operating results. Bruno?

Thank you, Maarten. Starting with Côté Gold, as Renaud noted, it was a very strong end to the year for Côté with fourth quarter attributable gold production of 87 87,200 ounces, or 124,600 ounces on a 100% basis.

The success of Côté goes beyond just the fourth quarter. In its first full years of operations, Côté produced 399,800 ounces on a 100% basis, achieving the top end of our guidance estimates.

During the year, our Côté teams achieved success after success every day on many fronts: operational stability, maintenance, environmental monitoring, or workforce engagement. Côté Gold completed the ramp-up and demonstrated nameplate throughput of 36,000 tonne per day over a period of 30 consecutive days ahead of schedule in June.

It was a very strong 2025 with Côté now having strong three consecutive quarter in a row of the mine hitting its target and its stride. Focusing back to the quarter, mining activity totaled 11.1 million tonnes.

Ore tonnes mined were a record of 4.5 million tonnes in the quarter with a strip ratio 1.5 to 1. Mill throughput in Q4 totaled 2.9 million tonnes.

Head grade for the fourth quarter was a record of 1.44 g/t as a result of the combination of higher-grade direct feed ore, a low strip ratio for the quarter, and stockpiling of lower-grade ore. The installation of the additional secondary crusher was completed in November and commissioned in December, with both cone crushers tested and operating in parallel.

As we discussed later last quarter, we elected earlier in the year to bring in a temporary contractor aggregate crusher to supplement Côté's crushing capacity to improve the availability of the secondary crushing circuit. This allowed the plant to achieve its throughput milestone, but at a higher cost as well as we will discuss on the next slide.

With the two second with the two secondary cone crushers now operating, the company plans to phase out the temporary crushing circuit over the first half of 2026. Looking at cost, Côté reported fourth quarter cash costs of $1,265 per ounce and all-in sustaining costs of $1688 per ounce.

We continue to see mining and processing unit costs above where we would like them to be. A major driver of costs this year has been associated with the temporary crusher.

The decision to move ahead nameplate by five, six months allowed for maximizing tons versus waiting for the installation and ramp-up of the second cone crusher in an important time for the project and in the market. Looking at mining costs on an annual basis, they averaged $4.20 per tonne in 2025.

We expect to see cost improvement through 2026 as further operational improvements are made, including the elimination of the contracted aggregate plant and reduction of contractors. Milling unit costs on an annual basis averaged $20 per tonne.

There is a direct relationship with the amount of ore crushed with the temporary crusher and our processing cost. We expect that the removal of the aggregate plant will reduce processing cost by $4 to $5 per tonne.

Additional savings are expected as we improve the life cycle of the HPGR rollers and fine-tune our maintenance cycles. Looking ahead, 2026 is the year in which our operations team is focusing on fine-tuning Côté at 36,000 tonne per day.

This year, the operation team will be focusing on unit cost improvements through stable and efficient mining and milling practices. It is important for our team to be able to operate Côté with an expected specification before we expand the operation further.

On cost, all-in sustaining costs are expected to be in the range of $1,775 to $1,925 per ounce sold, which reflects an additional $50 million, or about $185 an ounce, of non-recurring sustaining capital investments to improve the operating efficiency and the long-term operating cost structure. These include the implementation of a refeed system for the coarse ore dome, additional maintenance facilities, and improved dust mitigation measures.

Expansion capital this year is estimated at $85 million for IAMGOLD. As we look to grow Côté, it is clear we can accelerate basic expansion projects.

This includes a strategic pit pushback that will provide both operational flexibility in the near term and optionality for the expansion, as well as the acceleration of certain expansion-related improvement to the processing plant, including an additional vertimill in early 2027. This leads us to what is next for Côté, the Côté-Gosselin expansion mine plan.

In the fourth quarter of this year, we will release the details of the updated mine plan that envision a near-term expansion of the Côté plant, targeting a significantly larger ore base from both Côté and Gosselin. Alongside our financial results last night, IAMGOLD announced its updated mineral resources and reserves estimates.

In the estimate, we saw significant upgrading of ounces from inferred to measured and indicated at Gosselin, which now is estimated to have 6.9 million ounces of indicated ounces and 1 million ounces of inferred resources. Combining Côté and Gosselin, the Côté Gold project currently is estimated to have M&I resources inclusive of mineral reserves, and on a 100% basis, of 18.2 million ounces, and an additional inferred mineral resources of 2.2 million ounces.

Work will be ongoing this year to incorporate the end-of-year drilling, and then combine the mineral resources estimate and pit shells into a single model. As currently designed, Côté has the mining capacity to average an annual ore mining rate of 50,000 tonne per day versus our current nameplate processing rate of 36,000 tonne per day.

As part of the 2026 technical report, we will look to find the right balance between an increased processing rate with mining rates targeting the combined Côté-Gosselin super pit. Turning to Quebec, in the fourth quarter, we saw Westwood produce a record 37,900 ounces since mine restart, as the underground returned high grades coupled with strong throughput in the plant.

Underground mining activities in the fourth quarter averaged 1,129 tonne per day, translating to 105,000 tonnes in the quarter, a record volume from underground since the mine restart, with an average underground mine grade of 9.87 g/t. During the first three quarters of the year, mining activities underground operated through lower-grade stope and adjusted blasting technique.

In the fourth quarter, Westwood refined stope design, sequencing, and blasting while returning to higher-grade stopes as per mine plan. Mining of the Grand Duc satellite open pit continued in the quarter, with 174,000 tonnes mined, with a head grade from the open pit averaging 1.19 g/t.

The Grand Duc open pit life has been extended to 2027. We expect Grand Duc to contribute a similar amount of ore to the plant this year with a slightly lower grade of between 1.1 to 1.2 g/t.

Mill throughput in the third quarter was 299,000 tonne at an average grade of 4.21 g/t and average recoveries of 93%. Plant utilization was 92% in the quarter, up from 75% in Q3, and in line with the average expected for 2026.

As a result of the strong fourth quarter, costs on a per ounce basis declined notably. Cash costs in the fourth quarter averaged $1,288 per ounce, and all-in sustaining costs averaged $1,719 per ounce, well below the average of the year of around $2,100 per ounce.

The cost improvement was also assisted by lower unit costs, with mining costs and milling unit costs declining due to the high volume of ore mine and milled. Looking ahead to this year, Westwood production is expected to be in the range of 110,000 to 130,000 ounces.

Mill throughput is expected to average 1.2 million tonnes in 2026, with blended head grade expected to average 3.44 g/t over the course of the year, with a fairly flat production profile quarter-over-quarter through the year. Cash costs at Westwood are expected to be in the range of $1,500 to $1,650 per ounce sold, and all-in sustaining costs in the range of $1,950 to $2,100 per ounce sold.

Sustaining capital expenditures guidance is $55 million, primarily consisting of underground development, renewal of the mobile fleet, upgrades in the mill, and general maintenance. Expansion capital is expected to increase this year to $30 million, which is primarily associated with development words and drifts to support the study of options to extend the mine in the eastern parts of Westwood underground that could potentially be amenable to bulk mining.

Looking at our mineral resources and reserve update, Westwood more than replaced depletion over 2025, with 1.1 million ounces of mineral reserves today. Further, M&I resource, inclusive of mineral reserves, increased by 682,000 ounces, or 40%, to 2.4 million ounces as of December 31st, 2025, with an additional 1.5 million ounces of inferred ounces.

We are looking forward to conducting additional drilling underground at Westwood this year, as we believe there is still significant potential at depth to the east and west of our current underground operations. Turning to Essakane and continuing with the Q4 theme, the mine reported record production of 138,100 ounces on a 100% basis, equating to 117,300 ounces on our 85% mining interest.

Mining in the fourth quarter totaled 9.4 million tonnes, an increase from the prior quarter, with higher ore tonnes mined of 4.1 million tonnes for a strip ratio of 1.3 to 1 in the quarter. The average grade of mined ore in the fourth quarter was the highest-grade mined in the year as the mine sequenced deeper into Phase 7.

The mill reported strong throughput in the fourth quarter of 3.2 million tonnes at an average head grade of 1.5 g/t, continuing the quarter-over-quarter step-up we have seen this year. The plant achieved recoveries of 88% in the quarter, which was below the 90% average for the year, as Essakane typically sees higher graphitic carbon in the higher-grade zones, though this is mitigated with blending.

Similar to Westwood, Essakane saw an improvement in costs per ounce and unit costs per tonne on the higher volumes. For the fourth quarter, Essakane reported cash costs of $1,471 per ounce and all-in sustaining costs of $1,675 $74 per ounce.

As Renaud noted in his earlier remarks, royalties in the current gold market are having a measured impact on the industry cost structure, and this is even more pronounced in Burkina Faso, where the new royalty decree was implemented in 2025 with royalties now uncapped and tied to the gold price. In the fourth quarter, royalties accounted for $460 per ounce, or approximately 36% of Essakane's cash costs.

Accordingly, when we look at this year, we have guided to cash costs excluding royalties and cash costs including royalties at a gold price assumption of $4,000 per ounce. Cash costs excluding royalties are expected to be in the range of $1,150 to $1,300 per ounce sold, and including royalties, in the range of $1,600 to $1,750.

All-in sustaining costs is expected to be in the range of $2,000 to $2,150 per ounce sold. On the production side, Essakane attributable production is expected to be in the range of 340 to 380,000 ounces, or 400,000 to 440,000 ounces on a 100% basis, similar to production in 2025, with a production profile expected to be fairly flat quarter-over-quarter this year.

Mining activity will target Phase 6 and 7 in the Lao pit that is adjacent to the Essakane Main Zone. On mineral resources and reserve, Essakane reserve decreased by 640,000 ounces due to depletion and geologic model adjustment, for a total of 1.7 million ounces.

However, measured and indicated mineral resources reported a four 50% increase in tonnes, offsetting a 26% decrease in grades, for a total of 4.4 million ounces in measured and indicated, and an additional 853,000 ounces of inferred. We are currently studying the Block 3 project, which would add an additional five years of life of mine, extending Essakane until at least 2032.

With that, I will pass it back to Renaud. Renaud?

Thank you, Bruno. I just want to take a moment to highlight the exciting development from the fourth quarter in which IAMGOLD acquired the Northern Superior and Mines d'Orbec, consolidating their asset and properties with our asset in the Chibougamau-Chapais region of Quebec to form the Nelligan Mining Complex, which is now composed of the following deposit and high-value target: Nelligan, Monster Lake, Philibert, Chevrier, Lac Surprise, Croinor, and more.

The Nelligan Mining Complex already has a significant mineral inventory of over 4.3 millions measured and indicated ounces and 7.5 millions inferred ounces, positioning the project among the largest pre-production stage gold project in Canada. The close proximity of the primary deposit to each other supports a conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometer radius.

This year, we are substantially increasing our budget to allow for a comprehensive exploration program, which will look to expand the mineralized footprint of both Nelligan and Philibert while testing Monster Lake at depth, in addition to a regional exploration program on high-priority targets to further grow the potential of the project. Our teams are very excited for this project, and we will be putting the pedal to the metal to have a preliminary economic assessment on the Nelligan Complex in 2027.

With that, I want to thank our shareholders for your great support. We truly believe it will be an exciting year for IAMGOLD, with significant value growth opportunities ahead and many catalysts ahead.

Now, I would like to pass the call back to the Operator for the Q&A. Operator?

Thank you. Good morning, Renaud and team, and thanks for taking my question.

Maybe I'll start with Essakane and with the M&I increase year-over-year and the potential extension of the mine life of that asset. How should we think about Essakane within your broader portfolio, and specifically as the license is potentially expiring into 2029?

Please, yeah, thank you.

I'll give some first comment and then I'll ask Bruno to complete more on the potential we have here. We've been going really on the step-by-step.

I thought we had a wonderful '24, '25. The team is working hard.

You've seen the increase in the resources. We see more and more possibility of extension.

The most important thing is what I would call the acceptance of all of it, right? We understand the geographic and geopolitical and so forth, but the reality is we've been operating this mine pretty steady-state, no interruptions for nearly three years now.

We've found and congrats to Maarten and his team and Bruno and found a very creative way to allow for cash flow. At those prices, we see a good opportunity of using this cash flow to reward our shareholders.

I think over the next few quarters, we just need to continue to beat the drum and execute on our plans and continue to repatriate and reward our shareholders. As we advance in '26, Renaud and his teams will complete some work where definitely see an extension potential, which we need to continue to work and prove.

We're not there yet, but I think we've come a long way to make Essakane a very strategic element of our portfolio. Bruno, if you want to add?

Yes. Thank you, Mohamed, for your question.

I started with IAMGOLD at Essakane in 2014, and since then, the life of mine has not stopped getting extended. Shouldn't come too much of a surprise.

What is very good is we were able to find those additional resources within the fence north of Phase 7. We have now Phase 8 and Phase 9 and 10 north of where we are currently mining.

South, we're seeing an extension of the current Lao pit that also try to connect south of the Essakane Main Zone. There's a saddle zone, and now we believe that those two connects together.

It gives us confidence that we could be targeting at another five years of life of mine. That's what we're going to be coming with when we're going to start engaging with the government.

Shouldn't be too much of a problem when we first met with the officials in terms of having the license to be extended by another five years, which would bring us closer to 2032, 2034.

Again, decisions to be made probably later as we advance in a year in preparations for '27 plan. Meanwhile, we expect another great year and maximum free cash flow out of the asset, repatriated and applied towards the shareholder program, share buyback.

Great,

more to come.

Thanks a lot for that color. Maybe I'll switch to Côté Gold, specifically on the unit costs.

I think, Bruno, you touched on the milling costs potentially improving $4 to $5 by the second half of 2026. Could you give us a little bit more color in mining costs and where you expect to exit maybe 2026 and what we should be thinking in terms of modeling there for Côté Gold?

Thank you.

Yeah. The mining costs for 2026, as we're making adjustments, some adjustments are taking time.

Now we're implementing a new emotion plant with some testing. We should be at the year at around $3.70, $3.80 a tonne.

We brought new equipment, new drills. We are also doing the pushback, Mohamed.

By doing this pushback, there's several infrastructure that is relocated like the towers for the autonomous fleet and everything. There's a lot of activities surrounding the mining activities.

That's the reason why we see an embellishment in unit costs. However, it's going to take some time to see the long-term mining costs, not for this year.

What I could add to this is, yeah, we've seen some deficiencies, some areas that need some improvement. We put more capital this year addressing some.

Like Bruno just mentioned, if you want to optimize your mining costs, well, you need to optimize your OEE, your overall performance. To do that, you need a larger pit.

This is all being taken into account. It may not be all achieved in '26, as Bruno mentioned, but as we file and as we present our long-term plan, we will, if needed, integrate some additional improvement in '27, '28.

The objective is with a big chunk in '26, but over the next two to three years, we really see a path forward with the possibility of reducing the cost and bringing Côté into one of the best unit costs for this large-scale Canadian. Then when you combine with the average grade and the possibility to uplift as we've seen the grade this year and the low strip ratio of Côté, everything is in place at Côté as we optimize the cost to make it a very attractive overall all-in sustaining cost.

We've discussed the royalty. There's not much we could do more than we do have the provisions of buyback, which we would really pay attention to as we unlock our full potential of the scenario.

We're in a good position. We appreciate that has a lot of work to do, Bruno and his team this year, but we feel very confident that we have a path forward and we'll try to make it as much as possible this year, but it may extend a bit in '27, '28.

Great. Thank you.

I'll get back in the queue and ask for my last question later. Yeah.

Thank you.

Hi. Sorry, I was on mute.

Good morning. Thanks for taking my questions.

My first question is on Côté. On slide 11, you mentioned that the mine plan for Côté is likely to include staged capital.

Can you maybe provide a bit more color on what it means? Are you still targeting the 50,000 tonnes per day run rate or maybe even more?

How should we think about it? Thank you.

I think the reference to the stage capital here is to being capable to focus from expansion to tailings down the road to opening Gosselin. What we're saying is that there is not a need to do everything on the day one to make an expansion at Côté Gold.

As a matter of fact, the Côté itself is enough to justify the expansions and eventually Gosselin. When we say stages, we see now six, seven, and eight, Bruno and his team is accelerating some aspect in the pit and opening the pit and so forth, so that's going to be in place by the time.

We say '29 is a focus on the expansion, '29, '30, and we have enough tailing capacity in place, there would be a stage in fact. We just want to clarify that it's not like you need to build everything and have everything in place on day one.

The capital will be staged, capable to be fully funded through the free cash flow of the asset.

That is clear. Maybe one question on Essakane.

You received $171 million of cash this year at the start of the year, of which $50 million was already used for buybacks, and you still have $219 million left from the last year's dividend declaration. For the full year, is it fair to assume a minimum of $390 million of share buybacks could be achieved in 2026?

Depending on how much dividend is declared for this year, we could see potential upside to that number?

Good morning. We had $408 million of the shareholder account outstanding at the beginning of the year, and as you mentioned, we have already received $171 million against that back.

We expect that remaining balance to be repaid by the end of the second quarter, during the third quarter, but then when we get into that period, we will be declaring the 2025 dividend, where the shareholder account will be reloaded again. Based on our projection, there would be more than enough shareholder account available this year to continue with the program where we can move money out of Burkina Faso every month as the asset generates free cash flow above its excess working capital, and then so that the free cash flow attributable to IAMGOLD this year we should be able to match that to buy back shares under the program.

Thank you. Congrats on a strong quarter.

Thank you.

Hi. Good morning, guys.

Congratulations on a strong quarter and a strong year. I just want to ask a little bit more about Côté and Gosselin.

I think you noted in the MD&A that there would be another update on the reserves and resources for Gosselin in Q2. My apologies if you addressed it in the opening comments, I was hopping between

calls.

What are you

Thank you for asking, Anita, on this.

Yeah. I was just Yeah.

No, just for clarification

Yeah.

Sorry, it's cutting here, sorry about that. Go ahead.

I was just going to say, what were you expecting to provide with the Q2 update?

No, thank you for asking this. As Bruno showed in his portions, talking about the mineral reserve, mineral resources, not a surprise on the reserve side.

It was just a depletion as, as like the big consolidating both Gosselin and Côté through On the resources side, we've come quite a bit a long way and has delineated some, but this is a kind of an ongoing work. To your point, we expect to complete probably late Q1, and maybe we're talking about Q2 potentially, but the target is by the end of Q1, somewhere there, we would complete the resource update, if you call the final one that would serve for the plan.

We're comfortably sitting in more than 18 million, but there is more drilling to be incorporated, there is a merge of the block models as well. We're still discussing the final price to be used and so forth, but we had this objective of the saddle zone as well, as Renaud just pointed out to me, so as you combine the block model, you create that saddle zone that we've drilled as well.

Not to look at the resource update at Côté has the final word towards our objective of 20 million, and we're still planning to discuss those results late Q1, early Q2.

Okay. How much more drilling would that have incorporated versus what you just did?

I think you converted two out of the 3 million ounces of inferred into M&I category, but how much more would that bring on stream? If you could just tell me as a percentage of the drilling update.

We still

Or if you want to tell me in terms of number of ounces, that would be great, too.

We still have 29 25 holes to be included, and we have also the campaign on the saddle zone that needs to be included as well.

I'll take a look at that.

Enough Yeah. Again, the merge of the block model as well, technically should also create some.

We feel very, very strong, Anita, without giving a final number because we haven't seen it, but we feel very comfortable towards objective of 20 million M&I plus.

Yeah. Then I just want to follow up on the Essakane reserves and resources as well.

I noticed the grade declined. I guess you've had positive grade reconciliation at the asset.

How are you basically calculating your depletion at the asset? Are you just basically saying, 'Okay, well, we thought this ore body would be 1.2 and it ended up being 1.5, we're deducting the 1.5 off of the average'?

Is that the way you're doing it, or did you include the positive grade reconciliation in the calculations?

Yeah. We changed the block model, and the block model that we will be using this year we have to do some adjustments.

Moving forward, the block model is going to be proved to be a little bit more conservative. Therefore, that's the reason why you see the grade going down.

It does not exclude the possibility that we will see positive reconciliation specifically when we get those higher-grade zones like we're doing in Phase 7. We're trying to cap a bit that kind of positive reconciliation in our future resources estimate.

We have something more balanced and conservative.

Okay. All right.

Thank you. That's it for my questions.

Thank you. Appreciate it.

Thanks.

Hello, can you hear me?

Yep.

Oh, it's Tanya. Yeah.

Just thank you for taking my question. Just had a hard time getting on and hearing the little beep that says that my question is in queue.

I have a few questions if I could. I just wanted to follow up on Anita's question on the reserves and resources that's coming out on Côté in Q2.

Just so that I understand, you're still targeting that 20 million ounce overall number. What the reserves and resources and other will show is just more of a conversion or an upgrade into the M&I and reserve category with those additional 25 holes.

Is that a proper way to think about it?

The way to look about it is we feel strong that when the exercise is done, we will achieve our objective of 20 million of M&I, and from which Bruno and the team will put a mine plan to it and convert as much as we can within an economic plan to reserve.

Okay.

Obviously the reserve that we have released at the end of the year is only reflecting the old plan depleted. We're moving from this to the new plan consolidated, from which new economics mine plan, we definitely going to see and expect a significant increase in reserve.

We just need to complete the work, but the starting point will be hopefully a 20 million plus M&I resource base, and we feel very strong about the economics of both pits, more to come, but we feel strong about a significant increase in reserve.

Thank you for that. Then how should I be thinking about this capital, because you talked about a lot of this capital now being spent with $85 million or thereabout at Côté this year.

How should I be thinking of the study and I think at one point we were thinking $100 to $200 million in capital. How should I be thinking about the capital for all of this?

I guess if I would have all the detail, Tanya, we would have probably been a little more because we're still in trade-off. The way to look at it is I think the growth capital that we're going to be deploying over the next few years should normally bring the pit to a point of expanded, capable to provide for the Now, the mill itself, which will be the main capital of '29, '30, we're still in a trade-off and so forth.

No, I do not believe you build an expansion today for $100 million to a $200 million total capital, but we believe that it could probably be achieved below the 500, but we still have to do the work.

Okay. Thank you for that.

I'll take a look further into it. Just on two other things.

Bruno, I think you gave some guidance for how the year is panning out for us quarter-on-quarter, stable for both Essakane and Westwood. What about Côté?

Yeah.

Okay. Fair question.

Côté is going to be lower for the first half of the year because we have maintenance plan for the HPGR tire roll change in March or April. That's going to be a five-day shutdown.

We will have supplement fine ore material to feed the mill, but we're going to be running at a slower pace. We did a very good end of the year 2025, and we took advantage of Q1 to take a lot of other maintenances.

Overall, we need to expect Q1 and Q2 to be lower than Q3 and Q4. Generally, summertime at Côté is very good.

Like last year, Q2, Q3, Q4, we produced 36,000 tonnes per day, almost like Yeah, 36,000 ounces a month in average. That gives you a bit the kind of seasonality that we have.

Like we have a seasonality due to winter conditions in Q1, and Q2, we do some plan maintenance on the HPGR, and after that, we are rolling till the end of the year.

Okay. Should I be thinking a 45/55, or is that

I guess anywhere between the zone of around a 40/45, as you say. Definitely H2 will be much stronger, season-wise, second crusher fully up and running, HPGR relined, and plus any other optimization that's going to come.

Yes, I think it's fair to think that our second half could be at the 55% of the year.

Thank you. Renaud, while I have you on for my one final question, dividend.

We had talked on one of the previous conference calls that you were potentially thinking that once all this is done, a dividend plan could be implemented. Where are you on that?

I think we feel very strong on the step-by-step. As Maarten discussed, I think the first thing first is on the share buyback.

There is no doubt that let's call the Canadian platform would most likely be an excess cash as well in those prices, something we're going to revisit after with our board at the end of Q2, see how the share buyback goes. Is there an opportunity to increase the share buyback using a bit of the Canadian excess?

Do we start incorporating dividend? I think we're going to have these conversations post-Q2 for the second half as we realize the free cash flow on the Canadian side as well.

We feel very strong that Essakane should normally go towards share buyback. The question is after, what is the next in the row?

I think we're going to postpone these decisions for the second half the year.

Okay. Thank you so much for taking my questions.

Thank you.

Thanks.

Thank you very much, Operator, and 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.