IAMGOLD (IAG) Mining Forum Americas 2026 summary

Industry trends and cost management

• Gold prices remain supportive, but inflation is impacting labor, consumables, and development capital, requiring resilience and cost management strategies.

• No major new builds are planned over the next three years; focus is on mine life extensions and operational optimizations.

• Power costs are mitigated by grid connections and solar expansion, especially at Essakane, with plans to increase solar generation from 16 MW to 25 MW.

• Labor cost inflation is stable at around 3% CPI, with no significant concerns.

Asset updates and expansion plans

• Coté and Gosselin resources have doubled to 20 million ounces, with a 70% conversion rate expected; focus is on optimizing throughput and lowering costs.

• Expansion at Coté is postponed in favor of disciplined optimization, with updated long-term plans and permitting studies starting in 2027.

• Essakane mine life extension study is planned for next year, with significant cash flow repatriation and a focus on incorporating new phases and solar expansion.

• Underground mining potential at Essakane will be studied from 2027, aiming for cheaper operations and reduced fuel exposure.

• Westwood is stabilized, with production guidance on track; expansion focuses on the eastern corridor, aiming for 100% underground mining and increased output by 2030.

Exploration and development pipeline

• Nelligan district consolidation includes Monster Lake, Philibert, and Chevrier; drilling is ongoing to grow resources and prepare a first PEA by 2027.

• Early-stage estimates target 400,000 ounces from two pits and one underground operation, with low royalty structures and potential for base metal integration.

• Project startup for Nelligan is anticipated around 2033–2034, aligning with Essakane's production profile.