IAMGOLD Provides Update on Côté Gold Mine Operations Ahead of Mine Tour

Côté Gold delivered record mining and throughput, but full-year output will lag guidance.

What the company is saying

IAMGOLD frames the Côté Gold Mine as a high-performing, modern Canadian asset, emphasizing operational momentum and optimization. The company highlights record Q3 2026 mining volumes of 12.4 million tonnes and a single-day record of 225,000 tonnes ex-pit, alongside a record September plant throughput of 37,100 tpd, exceeding the 36,000 tpd nameplate. President and CEO Renaud Adams credits the team for these achievements and signals ongoing improvements from transitioning to owner-only crushing, which has reduced processing costs. The company acknowledges that 2026 attributable production will be at the lower end of its 270,000–310,000 ounce guidance (390,000–440,000 ounces 100%), attributing this to mine sequencing and processing rates. IAMGOLD is positioning the upcoming Q4 2026 mine plan and reserve update as a catalyst for future growth, with expectations of reserve expansion and higher throughput. The tone is confident and forward-looking, but most expansion claims remain unquantified.

What the data suggests

The Q3 2026 data show 64,400 ounces attributable production (92,000 ounces 100%), with year-to-date at 184,000 ounces (262,900 ounces 100%). Mining activity hit a quarterly record of 12.4 million tonnes, and September plant throughput averaged 37,100 tpd, above the 36,000 tpd nameplate. Ore mined was 3.8 million tonnes at 0.93 g/t, with mill head grades at 1.10 g/t and recoveries at 90%. Gold sales attributable to IAMGOLD were 59,200 ounces in Q3 and 181,200 ounces year-to-date. The company has realized processing cost improvements after ending contractor crushing in June. Despite these operational gains, IAMGOLD expects 2026 output to be at the low end of guidance, indicating challenges in ramping up grade or throughput as quickly as planned. No financial metrics (costs, margins, cash flow) are disclosed, so profitability cannot be assessed. Expansion and reserve growth remain forward-looking, with no new technical or economic data provided.

Analysis

The announcement provides detailed and credible operational results for Q3 2026, including production, throughput, and grade metrics, all of which are well supported by numerical data. However, the release also contains several forward-looking statements about mine plan updates, reserve expansions, and plant throughput increases, none of which are substantiated by current technical or financial evidence. The expectation of a 'significant expansion' in reserves and throughput is not backed by any preliminary figures or technical milestones. Additionally, while the company highlights realized processing cost improvements, there is no disclosure of profitability metrics (net income, EBITDA, margins, or cash flow), which limits the ability to assess whether operational gains are translating into financial value. The planned installation of a third Vertimill and ongoing studies for plant expansion indicate continued capital intensity, with benefits only expected in 2027 or later. Overall, the tone is optimistic and somewhat promotional regarding future potential, but the actual realised progress is limited to operational metrics, not profitability or long-term value creation.

Risk flags

• ●Production for 2026 is now forecast at the lower end of guidance (270,000–310,000 ounces attributable), suggesting operational ramp-up and grade sequencing are not meeting initial expectations. This creates risk of further guidance downgrades if challenges persist.
• ●No financial data on costs, margins, or cash flow is disclosed, leaving investors unable to assess whether operational improvements are translating into profitability. This opacity increases uncertainty around the mine's economic contribution.
• ●Expansion and reserve growth are positioned as near-term catalysts, but no supporting technical or economic studies are disclosed. The lack of quantified reserve/resource updates or throughput studies means future growth is speculative until the Q4 mine plan is released.
• ●The third Vertimill, a key part of debottlenecking and throughput expansion, will not be installed until early 2027, delaying any material benefit from this investment and exposing the company to execution and capital overrun risks.

Bottom line

IAMGOLD's Côté Gold Mine is delivering record mining and processing volumes, with Q3 2026 output of 64,400 ounces attributable and 184,000 ounces year-to-date. The transition to owner-only crushing has improved processing costs and plant throughput, but full-year production will fall at the low end of guidance, reflecting slower-than-expected ramp-up. While operational momentum is clear, the absence of financial data prevents assessment of profitability, and all claims of reserve expansion or major throughput increases remain unsubstantiated until the Q4 mine plan is published. Investors should focus on the upcoming reserve and mine plan update for concrete evidence of future growth potential. The most important takeaway is that while operational progress is real, the investment case hinges on delivery of the promised reserve and throughput expansion, not just current production records.

Announcement summary

(TSX: IMG) (NYSE: IAG) IAMGOLD Corporation provided an operational update for the Côté Gold Mine, including preliminary third quarter 2026 results. Côté Gold produced 64,400 ounces attributable to IAMGOLD in Q3 2026, or 92,000 ounces on a 100% basis, and 184,000 attributable ounces year to date (262,900 ounces | 100%). The company reported record quarterly mining volumes of 12.4 million tonnes, with a single-day record of 225,000 tonnes mined ex-pit on August 10. The strip ratio for the quarter was 2.3:1, reflecting higher capital stripping as the pit pushback advanced. Mill throughput totaled 2.9 million tonnes in Q3 2026, with a record monthly plant throughput in September averaging 37,100 tonnes per day, totaling 1.1 million tonnes, above the nameplate capacity of 36,000 tpd. The average grade mined in Q3 2026 was 0.93 g/t, and head grades averaged 1.10 g/t, with recoveries averaging 90%. Gold sales attributable to IAMGOLD were 59,200 ounces in Q3 2026 and 181,200 ounces year to date. The company discontinued external contractor crushing by the end of June 2026, transitioning to owner-only crushing, and realized processing cost improvements as a result. A third Vertimill is expected to be installed in early 2027 as part of ongoing plant optimization and debottlenecking. IAMGOLD expects Côté Gold attributable production in 2026 to be at the lower end of the guidance range of 270,000 to 310,000 ounces (390,000 to 440,000 ounces | 100%). The company plans to announce an updated Côté Gold mine plan and Mineral Reserve estimate in Q4 2026, which will be included in a subsequent Technical Report. The updated mine plan is expected to demonstrate a significant expansion of Mineral Reserves and life of mine, and outline opportunities to increase plant throughput beyond the current nameplate to support sustained processing rates of approximately 40,000 tpd. Technical, infrastructure, and permitting studies are ongoing to determine the optimal scale and development path for a potential larger-scale expansion of the processing plant. IAMGOLD operates Côté Gold in a 70/30 partnership with Sumitomo Metal Mining Co. Ltd. The company also has operating mines in North America and West Africa, including Westwood (Canada) and Essakane (Burkina Faso), and an exploration portfolio including the Nelligan Mining Complex in Quebec.

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