IAMGOLD (IAG) investor relations material

Operational highlights and production outlook

• Three operating mines: two in Canada (Côté Gold, Westwood) and one in Burkina Faso (Essakane), plus the large undeveloped Nelligan project in Canada.

• Côté Gold produced 400,000 ounces in its first full year; 2024 guidance is 390,000–400,000 ounces at an all-in sustaining cost of $1,775–$1,925/oz, including a $300/oz royalty.

• Westwood produces 110,000–130,000 ounces/year, with a reserve of 1.1 million ounces and a resource near 4 million; expansion into the eastern zone is a key upcoming catalyst.

• Essakane has produced over 400,000 ounces annually for 12+ years, with a reserve of 1.2 million ounces (mine life to 2028) and plans to extend to 2033 by converting resources.

• Attributable production for 2024 is projected at 800,000 ounces, with 87% of resources now in Canada.

Financial performance and capital allocation

• Record EBITDA of $710 million in Q4 2023 and $1.55 billion for the year, with strong conversion to operating cash flow.

• Mine site cash flow reached $1.2 billion in 2023; balance sheet improved by eliminating prepay structures.

• $468 million of debt paid down in Q4, including full repayment of second lien notes; share buyback program initiated with $50 million repurchased in December.

• $170 million repatriated from Burkina Faso to Canada by mid-February 2024; share buybacks funded by Essakane cash flow, with $260 million in shares repurchased by March.

• Remaining capital allocation in 2024 focuses on share buybacks and repaying the credit facility; $450 million in high-yield notes maturing in 2028 are considered permanent capital.

Cost structure and efficiency initiatives

• Côté Gold’s costs are elevated due to contractor crushing; new in-house crushing capacity is being commissioned to phase out contractors and reduce costs.

• Mining costs at Côté are above $4/ton, with a target to reach low to mid $3/ton through pit expansion and operational improvements.

• Mill costs exceed $20/ton, with a target of $12/ton; $50 million in infrastructure CapEx planned for 2024 to support cost reductions.

• Cost reductions are expected to progress through 2024, but full targets may not be reached until after year-end.

• Oil price sensitivity at Essakane is $55/oz per $30/barrel; supply chain for fuel and power remains stable.