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The call emphasizes materially positive financial and operational momentum: strong free cash flow ($525M mine-site FCF), robust adjusted EBITDA ($666M) and a transition to a net cash position, enabling $350M+ of share repurchases and debt reduction. Operationally, Essakane and Westwood delivered strong cash generation and safety improvements; Cote experienced early, nonrecurring throughput issues but has remedial actions (conveyor replacement, HPGR maintenance) and an upcoming resource update and expansion study that management expects to be highly accretive. Key risks are concentrated around royalty effects at elevated gold prices, energy/fuel cost volatility (notably at Essakane), and some near-term operational costs and inflationary pressures. On balance, positives (cash generation, capital returns, strengthened balance sheet, and multiple near-term growth catalysts) significantly outweigh the operational and cost headwinds discussed.
IAMGOLD guided full‑year attributable production of 720,000–820,000 ounces and reconfirmed Côté (100%) guidance of 390,000–440,000 ounces with refined throughput of 12–13 Mtpa, a ~1.1 g/t net grade and ~93% recoveries, targeting a near‑term expansion to 50–55 ktpd; management expects a catalyst calendar (Côté resource update this quarter, Côté expansion study Q4, Nelligan PEA H1 2027, Westwood technical update H2 2027). In Q1 the company produced 183,600 attributable ounces, reported >$1.0 billion revenue, adjusted EBITDA of $666 million (trailing 12‑month EBITDA ≈ $2 billion), operating cash flow before working capital of $629.5 million and mine‑site free cash flow of $524.6 million, enabling $260 million of share buybacks in the quarter (additional $40 million post‑quarter, $350 million total to date) and $100 million repayment of the credit facility; cash was $505.2 million and liquidity ≈ $1.1 billion. Unit costs in Q1 included consolidated cash costs (incl. royalties) ≈ $1,301/oz, Côté cash costs ex‑royalties $1,359/oz and AISC $2,109/oz, Westwood cash costs $1,270/oz and AISC $1,733/oz, and Essakane cash costs ex‑royalties $1,083/oz and AISC $2,125/oz; royalties materially increased costs (Côté ≈ $335/oz, Essakane ≈ $597/oz) and energy sensitivity was highlighted (approx. +$12/oz consolidated, +$7/oz Côté and +$20/oz Essakane per $10/bbl increase).
Q1 attributable production of 183,600 ounces; company remains on track for FY2026 guidance of 720,000–820,000 ounces. Notable asset-level production: Essakane ~111,900 oz (100% basis) and Cote ~74,700 oz (100% basis). Management expects Q2+ improvement at Cote and stronger H2 overall.
Mine-site free cash flow of $524.6M (CEO cited $525M); adjusted EBITDA of $666M in Q1 and trailing 12-month EBITDA of ~ $2.0B. Operating cash flow before working capital changes of $629.5M demonstrates strong conversion of earnings to cash.
Returned $260M to shareholders in Q1 via buybacks and repaid $100M on the credit facility; subsequent purchases of $40M brought total repurchases since program start to ~$350M. Cash increased by $128.3M in the quarter; liquidity ~ $1.1B and cash & equivalents $505.2M. Company moved from >$800M net debt a year ago to a net cash position.
Cote Q1 cash costs excluding royalties $1,359/oz and AISC $2,109/oz; Westwood cash costs $1,270/oz and AISC $1,733/oz (well below guidance); Essakane cash costs excluding royalties $1,083/oz and AISC $2,125/oz. Westwood and Essakane generated meaningful mine free cash flow in Q1: Westwood ~$110M and Essakane ~$302.7M, with Essakane generating ~$803.6M over the last 12 months.
Total recordable injury rate improved to 0.44 in Q1; Westwood achieved a full quarter with zero reportable incidents. Management highlights operational stabilization and focus on execution and maintenance improvements.
Multiple near-term catalysts: updated mineral resource estimate for Cote this quarter; Cote expansion study (targeting 50k–55k tpd) expected Q4 2026; Nelligan PEA targeted in H1 2027 with >4.3M oz M&I and 7.5M oz inferred resources; Westwood technical update targeted H2 2027. Management expects these studies to materially expand life and production profiles.
Cote: second crusher commissioned and improved mill rates (32k tpd in April); new heavier gauge conveyor belt scheduled for replacement in May; HPGR tire/maintenance plans expected to restore equipment life. Company has oil hedges for Cote (roughly Q2–Q3 at ~$80/bbl) to mitigate near-term fuel cost volatility.
Adjusted EPS of $0.67 for Q1. Company completed debt repayment components, including making the full credit facility available and having paid a $400M term loan previously, supporting a strengthened balance sheet.
Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD First Quarter 2026 Operating and Financial Results Conference Call and Webcast. [Operator Instructions] The conference is being recorded. [Operator Instructions]. At this time, I would like to turn the conference over to Graeme Jennings, VP Business Development. and Investor Relations for IAMGOLD. Please go ahead, Mr.
Jennings.
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; Martin Jason, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Ankit Shah, Chief Strategy Officer; and Annie Katie Legacy, Chief Legal Officer. We are calling today from IAMGOLD's office, which is located on 2013 territory on the traditional lands of many nations, including the Miscageof the credit, Donabate and Hotusoni and the WindaPeoples. At HANGOLD, we believe respecting and upholding indigenous rates is founded upon relationships that foster trust, transparency and mutual respect. Please note that our remarks on today's 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 i...