Q4 2025 IAMGOLD Corp Earnings Call

February 18, 2026

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Calling webcast.

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[music].

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Yeah.

At this time, I would like to turn the conference call over to Graham Jennings. Investor relations for I am gold. Please go ahead Mr. Jennings.

Okay.

Thank you, operator. And welcome everyone to our conference. Call this morning,

Oh.

Yeah.

Thank you for standing by.

Thank you for standing by this is the conference operator, welcome to the I am Gold's fourth quarter, 2025, operating and financial results conference call and webcast.

Welcome to the iron ore.

Joining us on the call at Renault Adams. President, Chief Executive Officer, Martin Den, Chief Financial Officer Bruno lemen Chief, Operating Officer Annie, turkey Legacy, Chief legal and strategy officer and darina Quinn Chief people officer

Okay.

Brady.

I'll follow up.

As a reminder.

As a reminder, all participants are in a listen only mode.

We are in a listen.

The conference is being worked.

And France is being recorded.

After the presentation, there will be an opportunity to ask questions to join the question queue. You May Press Star and then one on your telephone keypad did you.

After the <unk>.

We are calling today for my Gold's Toronto office, which is located on 313 territory on the traditional lands of many nations, including the missaghi and the wendat peoples.

Okay.

She joined the question Brett.

Alright.

Got it.

Should you need it.

A time goal, We Believe respecting and upholding indigenous rights is founded upon relationships that Foster trust transparency and mutual respect.

Need assistance during the conference call you may reach an operator by pressing star zero.

Operator.

Alright.

At this time I would like to turn the other way.

At this time I would like to turn the conference call over to Graeme Jennings Investor Relations for I M Gold.

Graham Ginnie Investor relations or.

Please go ahead.

Please go ahead Mr Jennings.

Thank you operator and welcome everyone.

Thank you operator, and welcome everyone to our conference call. This morning.

Joining us on the call.

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 including the presentation and the reconciliations of these measures in our most recent mdna each Under The Heading, non-gaap Financial measures.

Joining us on the call are Renaud Adams, President and Chief Executive Officer, Martin <unk>, Chief Financial Officer, Bruno Lemelin, Chief operating officer, and in Turkey legacy Chief legal and strategy Officer, and Marina Quinn Chief people Officer.

Martin can you.

Operator.

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.

And in Tokyo.

Legal.

The slides reference from this call can be viewed on our website.

And <unk>.

Well.

I was now turn the call over to our president CEO or no Adams.

We are calling today.

We are calling today per mined gold drawn to office, which located on 313 territory on the traditional lands of many nations, including the Mississauga that the credit.

Well located on.

Our traditional.

Thank you, our Graham and good morning everyone. And thank you for joining us today.

That'd be good.

Novack, Chippewa who'd nocioni and the wind up peoples.

Chippewa.

Last year was a Monumental year for IM go.

Shlomi.

A triangle.

Angle, we believe respecting and upholding indigenous rates is founded upon relationships that Foster trust transparency and mutual respect.

Right.

Yeah.

Transparency.

It is a year in which the company reported a records revenues of nearly 3 billion dollar enjoying growth margin of over 40%.

Please note aramark.

Please note that our remarks on this call will include forward looking statements and refer to non I FRS measures. We encourage you to refer to the cautionary statements and disclosures on non <unk> measures, including the presentation and the reconciliations of these measures in our most recent MD&A each under the heading non-GAAP financial measures.

These are forward looking statements.

Thank you.

Jude.

Okay.

And generating operating cash flow off of over 1 billion dollars, which is notable 702 million generated in the fork water alone.

Sure.

Yes.

Good enough.

Reconciliations of these metrics.

Each of the heading.

With respect.

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.

Do you prefer.

All right.

Now, everyone on this call is aware that this is a historic time in the gold market as a gold price increased. Nearly 1700 per ounce over a 2025 and exiting the year at just over 4,300 an ounce.

Okay.

The slides right.

As referenced on this call can be viewed on our website.

Have you done or what.

I'll now turn it over.

I'll now turn the call over to our President and CEO Renaud Adams.

But which is still more than 600 an ounce lower than where we are today.

No.

Thank you.

Our Graham and good morning, everyone and thank you for joining us today.

Good morning, everyone.

Okay.

Lastly.

Last year was a monumental year for item go.

Right.

It is a year.

It is a year in which the company reported record revenues of nearly $3 billion enjoying gross margin of over 40%.

so, while we're not alone, in realizing this gold market, we believe, I am gold is particularly well, positioned to, to capitalize on this market for the benefit of our shareholders stakeholders and partners

Okay.

And joining mark.

Okay.

And generating operating cash flow of over $1 billion, which is notable 702 million generated in the fourth quarter alone.

Great.

In 2025 I enrolled achieved significant Milestones including record production. Quarterly Productions across all Sites.

We just notable.

Great.

Okay.

The First full year of Productions at go, the establishment of a framework. That is a can

No.

Now everyone. On this call is aware that this is a historic time in the gold market as the gold price increased nearly 1700 dollar per ounce over a 2025 and migrating the year at just over $4300 an ounce.

Yes.

Our work at <unk>.

Fine.

As the gold price.

Okay.

Alright.

Okay.

The animals cash movements to be made at any time of the year and the consolidation of Assets in chabua Moshe, be Quebec to position. The nelligan mining complex as among the largest pre-production asset in Canada.

Thank you.

Richard.

Which is still more than 600 announce lower than where we are today.

No.

Lower.

Okay.

On the financial side, we closed out the Legacy, gold pre uh, prepaid obligation mid year.

So while we're not.

So while we're not alone and are realizing because goldmark caps, we believe I am golf is particularly well positioned.

Alone we realized.

Mark.

We believe.

It really well.

Chip.

To capitalize on this market for the benefit of our shareholders stakeholders and partners.

Mark.

Shareholders stakeholders.

In 2000.

In 2025 island gold achieved significant milestones, including record production quarterly production across all sites.

G significant amount.

Living a record.

Italy.

Okay.

Delivered, the balance sheet through the repayment of the 400 million, high-cost term loans, and established the share buyback program that purchases, 50 million. And I am, gosh 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,

The first full year.

The first full year of productions at go they go the establishment of a framework at Essakane.

Okay.

The established framework.

Hi.

The animals.

The animals cash movement to be made at any time of the year and the council are based on the assets and sugar more setback, Quebec to position. The Nelligan mining complex is among the largest pre productions asset in Canada.

Matt.

Part of the year.

Hey, Luke.

This is a company that is taking a leadership position in the industry. I am goal as a modern gold mining company, that is proudly Canadian with strong cash flow and significant long-term growth opportunities ahead.

It positions.

The demand.

Okay.

On the financing.

On the financial side, we closed out the legacy gold prepay obligation midyear.

We closed.

The legacy.

Great.

Sure.

Deliberate.

Delivered the balance sheet through the repayment of their 400 million high cost term loan and established a share buyback program that perfect 50 million and I M. Golar shares in December and an additional $50 million. So far in 2026, and we will come to you need to do so driving up our.

We mine with the mining redefined purpose in mind, putting safety responsibly responsibly and people first. We hold ourselves accountable and embrace change and driving Innovations at every level from smarter systems to better ways of working.

For their repayment.

James.

Hartwell.

And established.

Now there are many highlights to discuss for, I am goal today, so let's get into it.

First of all with <unk>.

Number.

Yes.

Okay.

Looking at the highlights from the year and the fourth quarter, we start with our safety record.

Sure.

Okay.

And we will.

So driving.

Our free care pathways.

<unk> per share valuations, all things being equal.

All things.

Over the course of the Year, our total recordable injury rates was 0.60, which was down from the year prior.

This is a.

This is a company that is taking a leadership position in the industry I am goal as a modern gold mining company that is proudly Canadian with strong cash flow and significant long term growth opportunities ahead.

Speaking of theaters.

Yes.

I am Gordon.

How they compete.

With strong cash.

Bob.

We mined with army filings.

Of Safety Management with a goal to reduce high potential in.

We mined with the mining redefined purpose in mind, putting safely responsibly my responsibility and people first we hold ourselves accountable and embrace change and drive innovation at every level from smarter system to better ways of working.

Putting safety.

Awesome.

We hold our.

On production. I am go closed out the year with a very strong fourth quarter in which all our minds reported records, gold production.

And embrace.

And drive it.

It's modest.

Better way.

Now there are many highlights.

Now there are many highlights to discuss for I am go today, so let's get into it.

On a Consolidated basis attributable. Gold productions for the fourth quarter was 242,400 Oz.

No.

The less.

Okay.

Looking at the highlights from the year and the fourth quarter, we start with our safety record.

Looking at the.

The year before.

You start.

Over the course of the year.

Over the course of the year, our total recordable injury rates was zero point 60, which was down from the year prior.

A 28% Improvement quarter over quarter driving total production for the year to 765 900 Oz achieving the midpoint of the company's 2025 production guidance.

Automobiles.

Zero.

Which was down from there.

The strong fourth quarter, operating result.

Yes.

We are focused.

We are focused on advancing our critical risk management program, including an important integration of contractor into the I am going way of safety management with a goal to reviews high potential incidents.

Helped to drive down costs on a per ounce basis.

Are critical.

All right.

Okay.

Great.

Sure.

Right.

Safety.

With the Gulf do you.

So.

On production.

On production I am go close out the year with a very strong fourth quarter in which all of our mines reported record gold production.

All in sustaining cost per and salt was 1,750 for the fourth quarter and 1900 for the year within the guiding range of 18032 to 1930.

Of the year.

All of them.

That's great.

Sure.

On a constant debate.

On a consolidated basis attributable gold production for the fourth quarter was 242400 ounces.

Sure.

The fourth quarter, we're still have you.

As this goes last year, last quarter cost this year have faced upward pressure due to the record gold prices directly translating to higher royalties.

Awesome.

A 28.

The impact of this royalties on cash, costs continue to increase through the year.

28% improvement quarter over quarter, driving total production for the year to 765 900 ounces.

Auto.

Driving total for the year.

Hi, Matt.

Achieving that.

<unk> the midpoint of the company's 2025 production guidance.

To where the accounted for an average of approximately 330 dollars per ounce or 24% of cash costs. In the fourth quarter 2025,

Yes.

The strong fourth quarter operating.

The strong fourth quarter operating result.

Helped drive.

Help to drive down costs on a per ounce basis.

as we look ahead through this year where we will uncover opportunities to grow the value of our assets,

On a per account.

Our all in cost.

All in sustaining cost per ounce sold was 1750 for the fourth quarter and 1900 for the year within the guidance range.

We will stay diligent on our commitment to operational, excellence and discipline.

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Water and Nike.

Within the guide.

Yeah.

832, <unk> hundred 30 <unk>.

Eight.

While we may not be able to control the gold price, we can control our cost structure and ensure that cost Improvement. Unfortunately, be compound with our production code

Right.

At this point.

As discussed last year last quarter cost this year faced upward pressure due to the record gold prices directly translating to higher royalties.

Yes.

Caustic here.

Upward.

Hi.

At go, we will continue to fine-tune our mining milling and maintenance practices to position the project well for the upcoming expansion. Phase

The record ratings.

The impact.

The impact of this royalty is on cash cost continued to increase through the year.

You'll see.

<unk> continued to increase.

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

To wear a catheter ASIC.

To where they accounted for an average of approximately $331 per ounce or 24% of cash costs in the fourth quarter 2025.

Thank you, Rena and good morning everyone.

Okay.

20th.

In the fourth quarter.

As we look to predict.

As we look ahead through this year, where we will uncover opportunities to grow the value of our asset.

Where are we comfortable.

Bill.

We will.

We will stay diligent on our commitment to operational excellence and discipline.

It was indeed a transformational year for our gold as our solid operating results. Coupled with record gold prices helped to Fast Track our strategy to unwind financial leverage put in place to both Cote and allowed us to also start returning Capital to shareholders in the same group.

Operational.

Yes.

While we will not be able to control.

While we may not be able to control the gold price, we can control our cost structure and ensure that cost improvement importunity compounded with our production profile.

We can control.

Sure.

And ultimately it comes down.

in the fourth quarter, The company, generated record, mindsight, free cash, flow of 626.6 million, bringing the year total to 1.2 billion,

At <unk>, we will.

<unk>, 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 Martin.

Mining milling and maintenance.

Okay.

On the expansion.

With that I will pass the call over to our CFO.

On an asset basis. In the fourth quarter is a can contributed 340.4 million and Kota contributed 197.0 million of attributable. Mindsight free, cash flow.

Mutual.

Martin.

Thank you.

Thank you Andrew.

Good morning, everyone.

Thanks.

It wasn't.

It was indeed, a transformational year for Angola, as our solid operating results coupled with record gold prices helped to fast track our strategy to unwind financial leverage put in place to both Cotai and allowed us to also stock returning capital to shareholders in December.

Yes.

As a.

These results coupled.

Hi.

The record mindset 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.

How that's trending.

Lines essentially have reached bottom.

Two bolt.

Others.

Uh huh.

Okay.

In the fourth quarter the company generated record mine site free cash flow of $626 6 million.

In the fourth.

On the balance sheet, we completed the repayment of the 400 million Term Loan and also paid 50 million on our credit facility producing the balance of 200 million as of the end of December.

The company generates.

But.

600.

With today's call.

Bringing yes.

In the year total to $1 2 billion.

I'm gold at 422 million in cash and cash equivalents at the end of the year and approximately 446 million available on the credit facility.

Oh yeah.

On an asset.

On an asset basis in the fourth quarter, a scan contributed $340 4 million and <unk> contributed 197 zero million.

In the fourth.

Is it Ken.

Resulting in total liquidity. At the end of the fourth quarter of approximately 868 million.

Okay.

Right.

Sure.

Attributable mine site free cash flow.

Attributable.

Exit excess cash is repatriated through dividend and shareholder account payments.

The record prospect, Astro, which used to improve our position as a company.

Their input mindset pre 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.

Of which the company receives its share on its ownership, net of withholding taxes.

Bye.

Two three.

The shareholder account structure was introduced in 2025.

And next year.

While also.

Good luck.

And functions like an intercompany loan and allows for the company's portion of the dividend.

On the balance sheet.

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 of $200 million asset and at the same rate.

No.

Timna I will say, yes.

To rebate monthly using cash generated in excess of working capital requirements.

Okay.

Producing the product.

Thank you.

I'm Goldman.

Im gold at 422 million in cash and cash equivalents at the end of the year.

Okay.

And approximately one.

And approximately $446 million available on the credit facility.

And if I could.

Results.

Resulting in total liquidity at the end of the fourth quarter of approximately $868 million.

Yes.

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 I'm going to receive 291 million of payments from isan through the fourth quarter.

Although brooks.

Excellent.

Exit excess cash at the Sicad II titrated through dividend and shareholder account payments of.

Okay.

The dividend shareholders.

Of which the company.

Of which the company receives its share on eats ownership need of withholding taxes.

Sure.

NATO.

Approximately 197.5 million of our Consolidated cash balance without price. Again, at the end of the year and subsequent to hearing These funds combined with pre-castro generated in January, was used to make further payments.

The shoulder.

A shareholder account structure was introduced in 2025.

Yes.

Alright.

<unk>.

And funds.

And functions like an intercompany loan and the loss of the company's portion of the dividend.

so far this year,

And the last.

<unk> two.

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Revised monthly using cash generated in excess of working capital requirements.

the other notable event was the establishment of the share buyback program.

Using cash.

Great.

The new structure Alaska.

The new structure allowed for cash flow in the fourth quarter, resulting from strong operating results and record gold prices to be repacked rated in record time in Angola received $291 million of payments from use of cash through the fourth quarter.

In the December, the company. We purchased and cancelled approximately 3 million shares for approximately 4 million at an average price of 16.87 per share.

This quarter's results.

Results from operating results.

Licenses to be reinvested.

Richard.

I've got 200.

Through each share buyback program, subsequent to quarter end after the timing of a results. Release. I'm gold has purchased an additional 2.6 million shares for 50 million.

Sure.

Through the fourth.

Approximately yes.

Approximately $197 5 billion.

Hi.

Our consolidated.

Our consolidated cash balance was <unk> at the end of the year and subsequent to year end.

Without.

And subsequently.

These filings.

These funds combined with free cash flow generated in January was used to make further payments.

For the remainder of the year, we are planning to use the cash repay traded from esan in 2026 to fund our buyback program and at the gold price of 4,000 per ounce, the estimate that this could be between 400 and 500500 million during the year.

Yes.

Whats used.

Correct.

Again.

Against the shareholder count by Sicad, and I'm golf received $171 million so far this year.

And I'm.

Wow.

the ncib allows for the purchase of approximately 10% of our world's public flow that was outstanding as of November 2025,

Yeah.

The other note.

The other notable event was the establishment of the share buyback program.

<unk>.

Yeah.

In the center.

In December the company repurchased and canceled approximately 3 million shares for approximately four 3 million at an average price of $16 87 per share.

Sure.

Good morning.

All comments shares purchased under the ncib will be either canceled or placed under trust to satisfy future obligations under the company's Sharing Center plan.

The approximate.

Average.

16.

Through its shape.

Through its share buyback program subsequent to quarter end after the timing of our results release on both has purchased an additional $2 6 million shares for $50 million.

This initiative reflects Management's confidence in the company's long-term value and its commitment to discipline, Capital allocation.

Obsequent.

After this.

Okay.

Thank you.

Additional stupid.

Sure.

For 15 months.

We believe the alignment of strong cash flow generation from makan and our share by the program represents. A clear value of creative opportunity for company and our shelters.

For the remainder of.

For the remainder of the year, we are planning to use the cash repatriated from <unk> in 2026 to fund our buyback program.

Yes.

Sure.

Yes.

Great.

To fund.

And at the Gulf Coast.

And as a gold price of 4000 per ounce.

Uh huh.

Yes.

Cement that this could be between 400 $500 million during the year.

100.

The company intends to use the free cash flow generated by the Sak as, as a base level to repurchase shares under the share buyback, programme as the cash is generated and repatriated over the course of 2026,

500.

The inkjet <unk> hospital.

The <unk> loss with the purchase of approximately 10% of on both public float that was outstanding as of November 2025.

Infrastructure.

Okay.

That was it.

Alright.

All common shares purchased under the in CIB will be either canceled or placed under trust.

All comments.

Okay.

We will be either.

Yes.

To satisfy mutual.

Certified future obligations under the company's share incentive plan.

Got it.

This initiative.

This initiative is fixed management's confidence in the company's long term value and its commitment to disciplined capital allocation.

Naturally, the action 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 availability of cash flows. And the consideration of other uses of cash including capital investment opportunities returned to psychology and debt reduction.

Thank you.

Its commitment.

Returning to our financial results.

Thanks.

On a full year basis.

We believe.

We believe the alignment of strong cash flow generation from Mr. Ken <unk> and our share buyback program represents a good value accretive opportunity for the company and our shareholders.

And now shape.

Revenues from operations, total 2.9 billion from sales of 817.

Represents.

How much of it.

800,000 Oz on 100% basis.

The company.

The company intends to use the free cash regenerate is a kindness as advice level to repurchase shares under the share buyback program.

No problem.

As advice to repurchase.

At an average realized price of 3,549 per ounce, excluding the impact of the gold tree by arrangement.

Hi, Thanks.

As the cash.

The cash is generated and repatriated over the course of 2026.

Hi, Tracy.

Between the two.

Not true.

Naturally.

Action amount of common shares that may be purchased if any.

Good luck.

Richard.

The strong operating results and record gold price resulted in adjusted evida of approximately 1.6 billion in 2025.

And the time.

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.

We'll be disciplined.

Right.

Including the <unk>.

Compared to 7 8 0. 6, 2 4.

Excellent.

The ability of cash flows and the consideration of other uses of cash including capital investment opportunities return to stockholders reduction.

And a consideration.

At the bottom line, adjusted earnings per share for the year total $1.

Including cash.

And 23 cents are from 55 cents the prior year.

Yes.

Thanks.

Jenny.

Turning to our financial results on a full year basis.

Result.

Yes.

Revenues from our pledge.

Revenues from operations totaled $2 9 billion from sales of 817.

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

Okay.

Hi, Patrick.

800000 ounces on a 100% basis.

100 <unk>.

the significant operating cash flow allowed for the delivery and conclusion of the goalkeeper Arrangements met here.

And the atmosphere.

At an average realized price of $3549 per ounce, excluding the impact of the gold prepay arrangement.

Yes.

500.

Excuse me.

Okay.

The strong operating results.

The strong operating results and record gold price resulted in adjusted EBITDA of approximately $1 6 billion in 2025.

Funding all capital programs, that operation second sign, significant, delivering of the balance sheet, payment of a record dividend of Pinna. Faso, that allowed us to set up the shelter account.

Results.

Out of approximately.

That we used to refrigerate funds into Canada and the start of the ncib program in December.

Okay.

Compared to even a six.

Compare to see even up to $96 million in 2024, and $338 5 million in 2023.

Six or a three.

Hi.

Yes.

At the bottom line.

At the bottom line adjusted earnings per share for the year totaled $1.

As we look into this year, our priorities from financial and capital allocation perspective are to deploy funds to areas where we see the most value out to our company.

Okay.

And 'twenty three.

23, <unk> up from 55 since the prior year.

Akshay.

Which includes the continuation of the survey that program uses like utilizing cash flows from Ms account.

Sure.

Looking at the cash Register.

Looking at the cash flow reconciliation for the year. It is a good visualization of the major drivers of our financial position to in 2025.

Yes it.

Becoming net cash positive. Following the requirements of the remaining balance of the credit facility.

It is a good realized.

I just hybrid.

Physician to increase.

The significant operating loss.

The significant operating cash flow a lot with the delivery and confusion of the goalkeeper regiments midyear.

I hope you're right.

Fund. Our operations is our Tanya guidance. Ensure they are positioned. Well, exiting the year and ensuring that we have the financial capacity to support opportunities to improve our business.

Maarten Theunissen: payment of the record dividend of 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, as well as 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 to ensure that we're 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 Lemire, our Chief Operating Officer, to discuss our operating results. Bruno?

And with that, I will pass the call to Bruno our chief operating officer to discuss. Our operating results. Bruno. Thank you. Martin.

Well good job.

We used to repatriate funds into Canada, and the start of in CIB program in December.

As we look into this year.

Priorities from a financial and capital allocation perspective are to deploy funds to areas, where we see the most value add to our company reaching.

Starting with quoting all as Renault not, it was a very strong end to the year for quote with third quarter attributable, gold production of 87, 87,000,200 Oz or 124,600 o on the 100% basis.

Switching to the continuation of the share buyback program uses lines utilizing Castro from basic App.

Becoming net cash positive following the repayment of the remaining balance of the credit facility fund.

And our operations as outlined in our guidance sure Theyre positioned well exiting the year and ensuring that we ask the financial capacity to support opportunities to improve our business.

The success of code a goes beyond just the 4 quarter in its first full years of operation code is produced 399,800 ounces on a 100% basis achieving the top 10 of our guidance estimates.

And with that I will pass the call to bring eliminate our chief operating officer to discuss operating results Trina. Thank you Martin.

Stability, maintenance environmental monitoring or Workforce engagement.

Bruno Lemelin: Thank you, Martin. 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 87,200 ounces, or 124,600 ounces on a 100% basis. The success of Côté goes beyond just the fourth quarter. In its first full year of operation, Côté has produced 309,800 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 tons per day over a period of 30 consecutive days ahead of schedule in June.

Starting with Coty go no no.

It was a very strong end to the year for Coty with fourth quarter attributable gold production of 80, 787200 ounces or one.

Cote gold completed the ramp up and demonstrated main plate Troopers of 36,010 per day over a period of 30 consecutive days ahead of schedule in June,

124600 ounces on a one on lift for some basis.

it was a very strong 2025 with Cody. Now adding strong 3 consecutive quarter in a row.

The success of code that goes beyond just the fourth quarter.

Of the mine. Eating, its Target and its tribe.

Its first full years of operation coatings produced 399800 ounces on a 100 person basis, achieving the top end of our guidance estimates.

Focusing back to the quarter mining activity total 11.1 million pounds 4 times. Mine were a record of 4.5 million tons in the quarter with a strip ratio of 1.5 to 1.

During the year, our Coty teams achieved success.

Success every day on many fronts operational stability maintenance environmental monitoring or workforce engagement.

Mil to a potent Q4 total 2.9 Million. Tons had great for the fourth quarter was a record of 1.44 gram per tonne as a result.

<unk> completed the ramp up.

And demonstrate the nameplate throughput of 36000 tonnes per day over a period of 30 consecutive days ahead of schedule in June.

of the combination of higher grade direct feed or a low strip ratio over the quarter and stopped fighting of lower lower rate for

It was a very strong 2025 with Coty now having strong three consecutive quarter in a row.

Bruno Lemelin: It was a very strong 2025, with Côté now having strong three consecutive quarters in a row of the mine hitting its target and its stride. Focusing back to the quarter, mining activity totaled 11.1 million tons. Ores mined were a record of 12.5 million tons in the quarter, with a strip ratio of 1.5 to 1. Mill throughput in Q4 totaled 2.9 million tons. Head grade for the fourth quarter was a record of 1.44 grams per ton as a result of the combination of higher grade direct feed ore, a low strip ratio over the quarter, and stockpiling of lower, 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.

the installation of the additional secondary Crusher was completed in November and commissioned in December with both calm, Crusher tested and operating in parallel,

Of the mine anything its target and try it.

Focusing back to the quarter mining activity totaled $11 1 million tonnes ore tonnes mined were a record of $12 5 million tons in the quarter with a strip ratio of one five to one.

As we discussed later last quarter, we elected earlier in the year to bring in a temporary contractor. Aggregate Crasher to supplement, quotas, crushing capacity to improve the availability of the secondary crushing circuit.

Mill throughput in Q4 totaled $2 9 million tons head grade for the fourth quarter was a record of 144 grams per ton as a result of.

This allow the plan to achieve its proof of Milestone, but at a higher cost as well as we will discuss on the next slide.

The combination of higher grade Barrick feed more low strip ratio over the quarter and stockpiling of lower lower grade ore.

With the 2 second that with the 2, secondary con Crushers. Now operating the company plans to phase out the temporary, crushing circuits over the first half of 2026.

The installation of the additional secondary Crusher was completed in November and Commission in December with both cone crusher tested and operating in parallel.

As we discussed later last quarter, we elected earlier in the year to bring in temporary compressor aggregate crusher to supplement co pays crushing capacity to improve the ability of the secondary crushing circuit.

Bruno Lemelin: As we discussed 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 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 $1,688 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.

Looking at Cost Cody reported 4 quarter cash costs of 1,265 per ounce and all insisting cause of 1688 dollars per hour. We continue to see Mining and processing unit costs above where we would like them to be a major driver of cost. This year has been associated with the temporary Crusher.

This allows the plant to achieve its true milestone.

At the higher costs as well as we will discuss on the next slide.

The decision to move ahead name plate by 56 months, allow for maximizing funds, versus waiting for the installation and ramp up of the second cone crusher, in an important time for the project and in the market,

With the two second.

With the two secondary cone crushers now operating the company plans to phase out the temporary crushing circuits over the first half of 2026.

Looking at cost Coty reported fourth quarter cash cost of 1200 $65 per ounce and all in sustaining costs of $16 $88 per ounce, we continue to see mining and processing unit costs above where we would like them to be a major driver of cost. This year has been associated with.

Looking at mining costs on an annual basis. The average 4.20 cents per ton in 2025, we expect to see cost Improvement to 2026 as further operational improvements are made, including the elimination of the contracted aggregate plan and reduction of contractor.

Some primary crusher.

The decision to move ahead nameplate by $5 six months, allowing a maximizing tonnes versus waiting for the installation and ramp up of the second crusher.

Bruno Lemelin: The decision to move ahead nameplate by 5-6 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 average $4.20 per ton in 2025. We expect to see cost improvement through 2026 as further operational improvements are made, including the elimination of the contracted aggregate plan and reduction of contractors. Milling unit costs on an annual basis average $20 per ton. There is a direct relationship with the amount of ore crushed with the temporary crusher in our processing costs. We expect that the removal of the aggregate plant will reduce processing costs by $4 to $5 per ton.

Meeting unit costs on an annual basis, average, $20 per ton, there is a direct relationship with the amount of our crushed with the temporary Crusher. In our processing cost. We expect that the removal of the aggregate plan will reduce processing cost. I 4 to 5 dollars per ton

Thats up in time for the project in the market.

Additional savings are expected as we approve the life cycle of the hpgr rollers, and fine-tune our maintenance Cycles.

Looking at mining cost on an annual basis. The average $4 20 per ton in 2025, we expect to see cost improvement through 2026 as further operational improvements.

Looking ahead, 2026 is the year in which our operations team is focusing on fine-tuning code. They are 36,000 ton per day.

Including the elimination of the compactor aggregate plan and reduction of complexity.

Meeting unit costs on an annual basis averaged $20 per ton. There is a direct relationship with the amount of our crushed with a sense of Avi crusher and our processing costs, we expect that the removal of the aggregate plan will reduce processing costs.

This year, the operation team will be focusing on unit cost Improvement to stable inefficient mining. In Milling practices. It is important for our team, to be able to operate Kodi with an expected specification. Before we expand the operation further.

Four to $5 per ton.

Additional savings are expected as we improve the lifecycle of the HP <unk> and fine tune our maintenance cycles.

Bruno Lemelin: 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 tons per day. This year, the operations team will be focusing on unit cost improvement to 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 costs, 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.

On cost audience. Suspend costs are expected to be in the range of 1775 to 1925 per ounce. So which reflects an additional 15 million dollars or about 185 an hour of non-recurring sustaining Capital Investments.

To improve the operating efficiency.

Looking ahead 2026 is the year in which our operations team is focusing on fine tuning Coty at 36000 tonnes per day.

And the long-term operating cost structure. These include the implementation of a receipt system. For the course of Dome additional maintenance facilities and improved dust mitigation measures.

This year the operations team will be focusing on unit cost improvement to stable and efficient mining and milling practices.

It is important for our team to be able to operate coty with the expect the specification before we expand the operation further.

On costs all in sustaining costs are expected to be in the range of 17 $175 to 90 $125 per ounce sold which reflects an additional $15 million or 185, others announced of non recurring sustaining capital investments to improve the op.

Celebration of certain extension related Improvement to the processing plan, including an additional Revenue in early 2027.

Operating expenses.

And the long term operating cost structure.

These include the implementation of a receipt system for the coarse ore zone additional maintenance facility.

Bruno Lemelin: 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 improvements to the processing plant, including an additional ball mill in early 2027. This leads us to what is next for Côté, the Côté-Gosselin expansion mine plan. In Q4 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.

Improved dust mitigation measures.

This leads us to what is next for coding. The coding expansion, mind plan in the fourth quarter of this year, we will release the details of the updated mind plan that envisioned. A near-term, expansion of the coding plan. Targeting a sink can be larger or based from both coding and cost.

Expansion capital this series of estimated at $85 million volume go.

We look to grow Coty. It is clear we can accelerate basic expansion projects. This includes our strategic 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 improvements to the processing.

Alongside our financial results. Last night I am gold announces updated mineral resources and reserves estimates in the estimate. We saw a significant upgrading of Oz from inferred to measured and indicated that gas.

Which now is at May 10 to have 6.9 million ounces of indicated ounces, in a million ounces of inserted resources.

Including an additional burden, though in early 2027.

This leads us to what is next for coated the accordion expansion mine plan in the fourth quarter of this year, we will release the details of the updated mine plan that envisioned a near term expansion of the Coty plan targeting a significantly larger or base from.

Combining coding and gas line. The coding gold project currently is estimated to have mni resources, inclusive of mineral reserves and on a 100% basis of 18.2 million ounces. And that you should know and per mineral resources of 2.2 million Oz.

Both coty and costs.

Alongside our financial results last night, I am gold announces update our mineral resources and reserves estimates.

Bruno Lemelin: Alongside our financial results last night, IAMGOLD announced its updated mineral resources and reserves estimates. In the estimate, we saw a 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.

Work will be ongoing this year to incorporate the end of year Drilling and then combine the minimal resources estimate and Pitch shells into a single model.

And the estimate we saw significant upgrading of ounces from inferred to measured and indicated that costly.

Now as it may turn to have $6 9 million ounces of indicated ounces and 1 million ounces of inferred resource.

Of course.

Binding protein gosling.

As currently designed Cody, as the mining capacity to average an annual or mining rate of 50,000 tons per day versus our current main plate processing rate of 36,250 as part of the 2026 technical report, we will look to find the right balance between an increase processing rate, with mining rate targeting the combined code, a gas line. Super

<unk> Gold project currently is estimated to have MNI.

Source is inclusive of mineral reserves and on a one other for some basis of $18 2 million ounces and that you shouldnt inferred mineral resources $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 shelves into a single model.

Bruno Lemelin: As currently designed, Côté has the mining capacity to average an annual ore mining rate of 50,000 tons per day, versus our current nameplate processing rate of 36,000 tons 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 Q4, 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 Q4 averaged 1,139 tons per day, translating to 105,000 tons in the quarter, a record volume from underground since the mine restart, with an average underground mine grade of 9.87 grams per ton.

Guarantee design quota has the mining capacity to average in annual ore mining rates of 50000 tonnes per day versus our current nameplate processing.

Turning to Quebec in the fourth quarter, we saw Westwood produce a record 37,900 oz since mine restart as the underground return. Hygrade coupled with strong, throughput in the plants on the ground mining activities. In the fourth quarter average, 110039 tons per day translating to 105,000 tons in the quarter are recorded volume from underground. Since the minor start with an average underground mine grade of 9.87 gram per ton

<unk> of 36000.

As part of the 2026 Technical report, we will look to find the right balance between them increase processing rates mining rates targeting the combined <unk> offering superb.

Turning to products in the fourth quarter, we saw Westwood produced a record 37900 ounces since mine restart as the underground return.

During the first 3 quarters of the Year, mining activities on the ground of period through lower grade stove, and adjusted lasting technique in the fourth quarter Westwood refined stock design sequencing, head, blasting while returning to higher grade stalks as per my plan.

Grades coupled with strong throughput in the plant.

Mining activities in the fourth quarter average 11, <unk> hundred 2009 tonnes per day translating to 105000 tons in the quarter a record volume.

Mining of the garage satellite. Open pit continued in the quarter with 134,000 tons of mine, with a head grade from the open set average in 1.9 gram per ton.

Underground since the mine restart with on average underground mine grade of 987 grams per tonne.

The AIC open pit life has been accepted extended into 2027. We expect the project to contribute, a similar amount of or to the plan this year with at a slightly lower grade of between 1.1 to 1.2%

During the first three quarters of the year mining activities on the ground operated through lower grade stopes.

Bruno Lemelin: 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 re-returning to higher-grade stopes as per mine plan. Mining of the Garzac satellite open pit continued in the quarter, with 174,000 tons mined, with a head grade from the open pit averaging 1.19 grams per ton. The Garzac open pit life has been extended into 2027. We expect Garzac to contribute a similar amount of ore to the plant this year, at a slightly lower grade of between 1.1 to 1.2 grams per ton. Mill throughput in the third quarter was 299,000 tons at an average grade of 4.21 grams per ton, and average recoveries of 93%.

Just the last thing techniques in the fourth quarter Westwood refined stope design sequencing and blasting, while returning to higher grade stopes as per mine.

This throughput in the third quarter was 299,000 tons at an average grade of 4.21 gram per tonne, an average recoveries of 93%.

Last utilization was 92% in the quarter up from 75% in Q3 and in line with the average expected for 2026.

Mining of the <unk> satellite open pit continued in the quarter with 174000 tons mined with a head grade from the open pit, averaging 119 grams per ton.

As a result of the strong fourth quarter.

The article.

<unk> has been.

Extended into 2027, we expect the object contribute a similar amount of ore to the plan this year with.

Press on the Oz basis declined, notably cash costs in the fourth quarter, average 1288 per ounce and all in sustained costs average 170019 per hour. Well below the average of the year of around 2100 watts per pound.

Slightly lower grades of between one one to one two.

Mill throughput in the third quarter was 299000 tonnes at an average grade of $4 21 grams per ton.

The cost Improvement was also assisted by lower unit costs, like with mining costs and Mining unit cost, declining due to the high volume of ore mining milk.

And average recoveries of 93% last.

<unk> utilization was 92% in the quarter up from 75% in Q3 and in line with the average expected for 2026.

Bruno Lemelin: 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 mined and milled. Looking ahead to this year, Westwood production is expected to be in the range of 110,000 to 113,000 ounces.

Looking ahead to this year, Westward production is expected to be in the range of 110,000 to 113,000 Oz.

As a result of the strong fourth quarter.

First on a per ounce basis declined notably cash costs in the fourth quarter averaged $288 per ounce and all in sustaining costs averaged 17 $119 per ounce well below the average of this year of around $2100 per ounce.

Mil Troopers is expected to average 1.2 million tons in 2026 with Blended head rate. Expected to average 3.44 gram per tonne over the course of the year with a fairly flat production profile quarter of a quarter to the year.

Cash cost.

The cost improvement was also assisted by lower unit costs.

Or 1500 to 1650 per ounce. So and all interesting costs in the range of 19, 150 to 2100 per own soul.

With mining costs.

Unit costs declining due to the high volume of ore mine and mill.

Looking ahead to this year Westwood production is.

Expected to be in the range of 110000 to 113000 ounces.

Sustaining Capital expenditures. Guidance is 55 million dollars primarily consisting of underground development, renewal of the mobile Fleet upgrades in the mill and general maintenance.

Mill throughput is expected to average one 2 million in 2026 with blended rates expected to average $3 44 gram per tonne over the course of the year with a fairly flat production profile quarter over quarter through the year.

Bruno Lemelin: Mill throughput is expected to average 1.2 million tons in 2026, with blended head grade expected to average 3.44 grams per ton 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 works and risks.

Expansion, capital is expected to increase this year to 30 million dollars, which is primarily associated with development works and drifts to support the study of options to extend the mind in the Eastern parts of Westwood underground. That could potentially be permeable to both mining.

Cash cost at.

At Westwood are expected to be in the range of 1500 to 16 $150 per ounce sold and all in sustaining costs in the range of 19, <unk> hundred <unk> to 'twenty 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 expense.

Looking at our mineral resources and Reserve update Westwood more than replace depletion over 2025 with 1.1 million, oz of mineral reserves today, further mni, resource inclusive of mineral reserves increased by 682,000 o, or 40% to 2.4 million Oz as of December, 31st 2025.

Expansion capital is expected to increase this year to 30 million.

With an additional 1.5 million oz of inferred Oz.

<unk>, which is primarily associated with development work and risk 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.

Bruno Lemelin: to support the study of options to extend the mine in the eastern parts of Westwood underground, that could potentially be amenable to both mining. Looking at our mineral resources and reserve update, Westwood more than replaced depletion over 2025, with 1.1 million ounces of mineral reserves to date. Further, M&I resource, inclusive of mineral reserves, increased by 682,000 ounces, or 40%, to 2.4 million ounces as of December 31, 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 of depth to the east and west of our current underground operation.

We are looking for to conducting additional drilling underground at chriswood this year, as we believe they're still significant potential as death to the east and west of our current underground operation.

Sure.

Looking at our mineral resources and reserve update.

Bruno Lemelin: Looking at our mineral resources and reserve update, Westwood more than replaced depletion over 2025, with 1.1 million ounces of mineral reserves to date. Further, M&I resource, inclusive of mineral reserves, increased by 682,000 ounces, or 40%, to 2.4 million ounces as of December 31, 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 of depth to the east and west of our current underground operation.

Would more than replace depletion over 2025, with one 1 million ounces of mineral reserves today further MNI resource inclusive of mineral reserves increased by 682000 ounces of.

turning to a second and considering with the q14, the mine reported wreck record production of 138,100, Oz on the 100% basis, equating to 117,300 Oz on

A or 85% mining.

Interests.

40% to $2 4 million ounces as of December 31 for the equity side.

With an additional $1 5 million ounces of inferred ounces.

Mining in the fourth quarter, total, 9.4 million tons, an increase from the prior quarter with prior or tubs, mind of 4.1 million tons for a strip reissue of 1.3 to 1 in the quarter.

We are looking forward to conducting additional drilling underground at Westwood. This year as we believe there is still significant potential.

The average grade of mine are in the fourth quarter, was the highest grade mine in the year as the mine sequence deeper into phase 7.

To the east and west of our current underground operation.

Turning to our Satcom and considering winter Q14 mine reported.

Bruno Lemelin: Turning to Essakane, and continuing with the Q4, the mine reported record production of 138,100 ounces on a 100% basis, equating to 117,300 ounces on a, or 85% mining interest. Mining in the fourth quarter totaled 9.4 million tons, an increase from the prior quarter, with higher ore tons mined of 4.1 million tons, 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 seven.

The male reported strong, throughput in the fourth quarter of 3.2 million tons, at an average head rate of 1.5 gram per ton.

Record production of 138100 ounces on a 100% basis.

Continuing the quarter over quarter step up, we have seen this year.

What do you think the one other than 17300 ounces.

Our 85 for some mining.

Yes.

Interest.

Mining in the fourth quarter totaled $9 4 million tons, an increase from the prior quarter with higher ore tonnes mined of $4 1 million tons or a strip ratio of one three to one in the quarter.

The plant achieved, recoveries of 88% of the quarter, which was below the 90% average for the year as the second typically sees higher Graphics a carbon in the higher grade zones though. This is mitski with blending.

Average grade of mine ore in the fourth quarter was the highest grade mined in the year as the mine sequence deeper into phase seven.

Similar to Westwood as a Canon Improvement in cost Browns and unit cost per ton on the higher volume for the 4, 4 quarters, as a kind of cash cost of 1471 dollars per ounce and all in sustained cost of 16007574 dollars per house.

The mail reported strong throughput in the fourth quarter of $3 2 million tons at an average head grade of one five grams per tonne.

Bruno Lemelin: The mill reported strong throughput in the fourth quarter of 3.2 million tons, at an average head grade of 1.5g per ton, 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 cost per ounce and unit cost per ton on the higher volumes. For the four fourth quarters, Essakane reported cash costs of $1,471 per ounce, and all-in sustaining costs of $1,674, $1,674 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.

During 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 this I can typically sees higher graphics of carbon in the higher grade zones.

This is mid scale with blending.

As I know, noted in his earlier, remarks royalties in the current gold market are adding a measured impact on the industry cost structure. And this is even more pronounced in working. A Paso where the new Realty, um, decree was implemented in 2025 with royalty is now uncapped and tied to the gold price and the fourth quarter World sees accounted for 460 dollars per month for approximately 36% of Sak's cash costs.

Similar to Westwood Essakane saw an improvement in cost per ounce at unit cost per ton on the higher volumes for the fourth quarters.

The cash costs of 1400 $71 per ounce and all in sustaining costs of 1600 70 $574 per ounce.

As I know noted in his earlier remarks royalties in the current gold markets are having a measure the impact on the industry cost structure.

Accordingly. When we look at this, here, we have guided to Cache class, excluding royalties and cash costs including royalties at the gold price Assumption of 4,000 per gal. Cash cost. Excluding royalties are expected to be in the range of 1150 to 1300 per gallon so and including royalties in the range of 1600 to 170050.

This is even more pronounced in Burkina Faso, where the new Realty.

Bruno Lemelin: This is even more pronounced in Burkina Faso, where the new royalty decree was implemented in 2025, with royalties now uncapped and tied to 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 the 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 cost is expected to be in the range of $2,000 to 2,150 per ounce sold.

The Creek was implemented in 2025 grille piece, now uncapped and pipe to gold price.

In the fourth quarter royalties accounted for.

$60 per ounce.

Approximately 36% of ESI accounts cash costs.

Accordingly, when we look at this year, we have guided to cash cost, excluding royalties and cash cost, including royalties at a gold price assumption of $4000 per ounce cash cost excluding royalties are expected to be in the range of 750 to 1300 per ounce sold an increase.

All in sustained cost is expected to be in the range of 2,000 to 21,150 dollars per barrel. So on the production side, the second is suitable. Production is expected to be in the range of 340 to 380,000 Oz or 400,000 to 540,000 Oz on 1. 100 person basis, similar to other children in 2025, with a production profile expected to be 30 flat quarter over a quarter this year.

Mining activity will Target Phase 6 and 7 and the level pit that is adjacent to the second main song.

<unk> royalties in the range of 16 to.

750.

All in sustaining cost is expected to be in the range of 2020 $150 barrel salt on the production side. The satcom attributable production is expected to be in the range of 340 to 380000 ounces or 400000 to 540000.

Reserve, as I can reserve decrees by 640,000 Oz due to due to depletion in geological model adjustment, for a total of 1.7 million Oz. However,

Measured and indicated mineral resources reported that for 50% increase in tons.

Bruno Lemelin: On the production side, Essakane attributable production is expected to be in the range of 340,000 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 reserves, Essakane reserves decreased by 640,000 ounces, due to depletion and geologic model adjustment, for a total of 1.7 million ounces.

<unk> on the one other person basis similar to production in 2025.

Of setting at 26%, decrease in grades for a total of 4.4 million oz in measuring and indicating in an additional 800 53,000 oz of inferred.

With a production profile are expected to be fairly flat quarter over quarter. This year.

We are currently studying the blood 3 project which would add an additional 5 years of life on mine. Extending its account on cell at least 2032.

Mining activity will targets phase six and seven and the level that this adjustment to the main zone.

With that, I will pass it back to Renault.

Our mineral resources and reserve as account reserve decreased by 640000 ounces due to due to depletion and geologic model adjustment for a total of $1 7 million ounces.

Thank you Bruno. I just want to take a moment to highlight the exciting development from the fourth quarter, in which I am gold acquired, in Norton, Superior in mind the door back.

Bruno Lemelin: However, measured and indicated mineral resources reported a 40-50% increase in tons, 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 Three project, which would add an additional 5 years of life of mine, extending Essakane until at least 2032. With that, I will pass it back to Renaud. Renaud?

However.

Measured and indicated mineral resources reported a 50% increase in tonnes.

So being a 26% decrease in grades for a total of $4 4 million ounces measured and indicated and an additional pay down driven.

Consolidating their asset and properties with our Assets, in the shibe region of Quebec to form. The nelligan mining complex, which is now composed of the following deposit and high value targets. And elegance monster lake Philipe laxer PTO, Emma.

53000 ounces of inferred.

We are currently studying the block III project, which would add an additional five years of life of mine extending his account until at least 2032.

The nelligan mining complex already has a significant mineral inventory of over 4.3 million measuring gated ounces and 7.5 million. Inferred Oz, positioning the project among the largest pre-production stage gold project in Canada.

With that I will pass it back to Renaud.

Thank you Brent I just wanted to take a moment to highlight the exciting development from the fourth quarter and with Shyam golf acquired a narcos superior in mind Dar back.

Renaud Adams: Thank you, Bruno. I just want to take a moment to highlight the exciting development from Q4, in which IAMGOLD acquired Northern Superior and Mine Doré Back, consolidating their assets and properties with our assets in the Chibougamau-Chapais region of Quebec to form the Nelligan Mining Complex, which is now composed of the following deposits and high-value target: Nelligan, Monster Lake, Philibert, Chevrier, Lac Sutre, Croteau, and Mine Doré Back. The Nelligan Mining Complex already has a significant mineral inventory of over 4.3 million measured and indicated ounces, and 7.5 million 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 or sources within the 17, kilometre radius

Consolidated their assets and properties with our assets and the Shimoga most ship a region of Quebec deformed at Nelligan mining complex, which is now composed of the following deposit and high value target now again months' delay filler bearish every a laxer priest crypto.

This year, we are substantially. Increasing our budget to allow for a comp comprehensive exploration program, which will look to expand the mineralized footprint of both elegant and fair while testing months of lake at depth.

in addition to a regional exploration program on high priority targets,

To further grow the potential of the project.

The Nelligan mining complex already has a significant mineral inventory of over $4 3 million measure M gated ounces and $7 5 million inferred ounces positioning the project among the largest preproduction stage gold project in Canada.

Our teams are very excited for this project and we will be putting the pedal to the metal, you know, to have a preliminary economic assessment on the nelligan complex in 2027.

Close proximity of the primary deposit to HR there supports a conceptual vision the central processing facility being fab from multiple sources within the 17 kilometer radius.

Renaud Adams: The close proximity of the primary deposit to each other supports a conceptual vision of the central processing facility being fed from multiple ore sources within a 17km 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 Montcy Lake at depth. In addition to a regional exploration program on high priority target 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, you know, to have a preliminary economic assessment on the Nelligan complex in 2027. With that, I want to thank our shareholders for your great support.

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

And now I would like to pass a call back to the operator for the Q&A operator.

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 filler bear while testing Monster Lake up there.

Ladies and gentlemen, at this time, we will begin that question and answer session.

To ask a question, you may press star and then 1 on the on a touchtone telephone, you will hear a tone acknowledging your request.

In addition to our regional exploration program on high priority target.

If you are using a speaker-phone, we do ask that you please pick up the handset prior to pressing the keys.

To further grow the potential of the project.

To withdraw your questions. You may press star and

Our teams are very excited for this project and we will be putting the pedal to the metal.

we'll pause a moment as callers. Join the question queue.

A preliminary economic assessment on the Nelligan complex in 2027.

With that.

In our first question today comes from Muhammad Sid. From National Bank, please go ahead with your question.

Want to thank our shareholders for your great support with truly believe it will be an exciting year for ion go with significant value growth opportunities ahead, and many catalysts that.

Renaud Adams: We truly believe it will be an exciting year for IAMGOLD, with significant value growth opportunities ahead and many catalysts ahead. And now, I would like to pass the call back to the operator for the Q&A. Operator?

And now I would like to pass the call back to the operator for the Q&A.

Operator.

Ladies and gentlemen at this time, we will begin that question and answer session.

Operator: Ladies and gentlemen, at this time, we will begin that question and answer session. To ask a question, you may press star and then one on a touchtone telephone. You will hear a tone acknowledging your request. If you are using a speakerphone, we do ask that you please pick up the handset prior to pressing the keys. To withdraw your questions, you may press star and... We'll pause a moment as callers join the question queue. Our first question today comes from Mohamed Sidibe from National Bank. Please go ahead with your question.

Thank you. Good morning, Reno and Tim, and thanks for taking my questions. Uh, maybe I'll start with Sak and uh with the me um, increase their year-over-year. Um, and the potential extension of the mine life of that asset. How should we think about Sak within the broader portfolio and specifically as the licenses uh, potentially expiring into 2029? Uh please uh yeah, thank you.

To ask a question you May press Star and then one on a touchtone telephone youll hear a tone acknowledging your request.

If you are using a speaker phone, we do ask that you. Please pick up the handset prior to pressing the keys.

So with your all your questions you May press sorry.

We will pause a moment as callers join the question queue.

I'll I'll give some first comment and I'll ask, you know, to complete more, you know, on the pi potential we have here but uh, you know, we've been uh we've been going really on the step by step. I thought, you know, we had a wonderful Sunday, 4:25. Uh, the team is working hard. You've seen the increase in the resources. We see more and more positive possibility of extension.

And our first question today comes from Mohamad Citibank from National Bank. Please go ahead with your question.

Thank you good morning, and thanks for taking my question, maybe I'll start with Essakane and would be M&A.

Mohamed Sidibé: Thank you. Good morning, Bruno and Tim, and thanks for taking my question. Maybe I'll start with Essakane and with the M&I increase there 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.

It increased our year over year and the potential expansion of the mine life of that asset how should we think about essakane within your broader portfolio.

Uh, the most important thing is what I would call the acceptance of all of it, right? So we understand, you know, the the geographic and you know, geopolitic and so forth but the the reality is we've been operating this mind pretty steady state, no interruptions for nearly 3 years. Now

And specifically as the licensees potentially expiring into 2029.

Thank you.

I'll give some first comment and allows them to complete Mario <unk> potential we have here, but we.

Renaud Adams: I'll give some first comment, and I'll ask Bruno to complete more, you know, on the potential we have here. But, you know, we've been going really on the step by step. I thought, you know, 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 expansion. The most important thing is what I would call the acceptance of all of it, right? So we understand, you know, the geographic and the, you know, geopolitical and so forth, but the reality is, we've been operating this mine pretty steady state, no interruptions for nearly three years now.

Ben.

We've been going really on a step by step I thought we had a wonderful 'twenty four 'twenty five.

The team is working hard there you've seen the increase in our resources, we see more and more positive possibility of expansion.

The most important thing is what I would call the acceptance of all of it right. So we understand the analogy of the geographic.

Joe products that can so far but the reality is we've been operating this mine pretty steady space no interruptions for nearly three years now.

Renaud Adams: We've found, and congrats, you know, to Martin and his team and Bruno, and found, you know, a very creative way, you know, 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, you know, we just need to continue to beat the, you know, to beat the drum, and execute on our plans, and continue to repatriate, you know, and reward our shareholders. As we advance in 2026, Bruno and his teams will complete some work. We'll definitely see an expansion, you know, potential, which we need to continue to work and prove.

We've found there.

Congrats to Mike and his team and <unk> found a very creative way amount to two to allow for cash flow.

Those prices, we see a good report to the CEO of using this cash flow to reward our shareholders.

Renaud Adams: At those prices, we see a good opportunity of using this cash flow to reward our shareholders. I think over the next few quarters, you know, we just need to continue to beat the, you know, to beat the drum, and execute on our plans, and continue to repatriate, you know, and reward our shareholders. As we advance in 2026, Bruno and his teams will complete some work. We'll definitely see an expansion, you know, potential, which we need to continue to work and prove. We're not there yet, but I think we've come a long way, you know, to make, it's a kind of very strategic element of our portfolio. Bruno, if you want to add anything?

Our shareholders. And as we advance in 26 Renault, and these teams will complete some work work. Definitely see an extension, you know, potential, uh, which we need to continue to work and prove but, uh, we're not there yet, but, uh, I think we've come a long way, you know, to to make. It's a kind of very strategic element of our portfolio. We know if you want to add in. Yes. Uh, so thank you Mohammed for your question. Um, you know what I've been at this? I can like, um, I started with I know that the second in 2014 and

So I think over the next few quarters, you know, we just need to continue to be zero.

since then, the life of mine has not stopped getting extended. So, should not come so much of a surprise.

To be determined and they execute the R&R on our plans and currency move to refractory <unk> and reward our shareholders and as we advance in 2006.

What is really good is, we were able to find those additional resources within the fence north of phase 7. So we have now phase 8 and it says, 9 and 10, north of where we are currently mining.

And his teams will complete some work we're definitely see expansion potential.

Which we need to continue to work in Peru, but.

And South, we have the, the low pit that is also getting. So we're seeing an extension of

Renaud Adams: We're not there yet, but I think we've come a long way, you know, to make, it's a kind of very strategic element of our portfolio. Bruno, if you want to add anything?

We're not there yet but.

We've come a long way to to make it as a kind of a very strategic element of our portfolio. We're now a few longer yes.

The current level pit that also try to connect uh, south of the second main zone. So there's a shadow zone and now we believe that those 2 connects together.

Bruno Lemelin: Yes. So thank you, Mohammed, for your question. You know, I've been at Essakane, like, I started with IAMGOLD at Essakane in 2014, and since then, the life of mine has not stopped getting extended. So it should not come to much of a surprise. What is really good is we were able to find those additional resources within the fence, north of phase seven. So we have now phase eight, phase nine, and 10, north of where we are currently mining. And south, we have the Lao pit that is also getting. We're seeing an extension of the current Lao pit that also try to connect south of the Essakane main zone. So there's a saddle zone, and now we believe that those two connects together.

So thank you Mohammed for your questions.

<unk>.

<unk> been that the SEC. Unlike.

As part of with Angola.

So it gives us confidence that we could um be targeting at another 5 years of life or mine. That's what we're going to be coming with.

<unk> 2014.

Since then the life of mine.

Getting extended.

So should not come as.

So much of a surprise.

It does a really good as we were able to find those additional resources within the March of <unk>.

When we're going to start engaging with the government, shouldn't be like too much of a problem. When we first met with the office shows in terms of having the license to be extended by another 5 years, which would bring us closer to 20322037

Phase seven so we have now.

In today's mining.

North of where we are currently mining.

So we have the low fit that bill.

Also getting youre seeing an extension of.

The current level that also try to connect.

South of the main zone. So there was a subtle along and now we believe that those two clinics together.

So we're not again decision to be made, probably later as we advance in a year and preparations for 27 plan. But meanwhile, uh, we expect another great year and maximum free cash flow out of the assets repatriated and applied towards the uh, the shareholder program. Should I buy back? So great more to come.

So it gives us confidence that we could be targeting another five years of life of mine, that's what we're going to be coming with.

Bruno Lemelin: So 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. It shouldn't be, like, too much of a problem when we first met with the officials in terms of having the license be extended by another five years, which would bring us closer to 2032, 2033.

Thanks a lot for that caller. Um, maybe I'll switch your code to go.

When we're going to start engaging with the government shouldn't be like too much of a.

The problem when we first met with the off the shelf in terms of.

The license to be extended by another five years.

Uh, specifically from the unit cost, I think Bruno you touched on the the Milling cost potentially improving a forty 5 dollars by, you know, the second half of 2026, could you give us a little bit more color and Mining costs and where you expect to exit, maybe 2026 and what we should be thinking in terms of modeling there for good to go. Thank you.

Each would bring us closer to 2032 20 <unk>.

So we're not again to see them to be made probably later as we advance in the year and preparations for our 2017 plan.

Renaud Adams: So we're not, again, decision to be made probably later as we advance in the year in preparations for a 2027 plan. But meanwhile, we expect another great year and maximum free cash flow out of the asset repatriated and applied towards the shareholder program, sure by that. So-

But meanwhile.

We expect im not a great year and maximum free cash flow out of the assets repatriated.

Apply towards data.

Yeah. So the uh, the mining costs for 2026 as we are making adjustments, some adjustments are taking time so now we're implementing a new emotion plan, there will be some testing, we should be added um the year around 370 uh 380 dollars a ton. As we are getting we we brought new equipment, new drills.

Shareholder program share buyback.

So more to come.

Um, we are also doing the push back uh more handed.

Mohamed Sidibé: Great.

Renaud Adams: More to come.

Thanks, a lot is what I call or maybe I'll switch a quota.

Mohamed Sidibé: Thanks a lot for that, caller. Maybe I'll switch to Côté Gold.

Mohamed Sidibé: Great. Thanks a lot for that, caller. Maybe I'll switch to Côté Gold.

Renaud Adams: Thank you.

Specifically kind of the unit costs I think Bruno you touch on the milling cost potentially improving a $45 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. Therefore critical thank you.

Mohamed Sidibé: Specifically on the unit cost. I think, Bruno, you touched on the, the milling cost potentially improving, $4 to 5 dollars by, you know, 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.

and by doing this push back, there's several infrastructure that needs to be um

Uh, relocated like the towers for the autonomous suite and everything. So there's a lot of activities. So surrounding the mining activities. That's the reason why? Like we see, we see a a, an embellishment in unit cost.

Yes, so the.

Bruno Lemelin: Yeah. So the mining costs for 2026, as we are making adjustments, some adjustments are taking time, so now we're implementing a new motion plan. There will be some testing. We should be at it, the year around $370 to $380 a ton as we're getting. We are - we brought new equipment, new drills.We are also doing the pushback, Mohamed. And by doing this pushback, there's several infrastructure that needs to be relocated, like the towers for the other mini suite and everything. So there's a lot of activities surrounding the mining activity. That's the reason why, like, we see, 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.

Mining costs for 'twenty success, we're making adjustments some adjustments are seeking tons will now we're implementing innuendos, sometimes there will be some testing we should be.

However, it's going to take some time to to see the long-term Mining cost. Not not for this year.

Yes around $3 70.

so what I could add to this is uh you know like at the early stage we've seen some yeah we've seen some uh, deficiencies some areas, you know, that needs some improvement, we put more Capital this year addressing some

<unk>.

There's a ton as we are getting we brought new equipment new drills.

Maarten Theunissen: ... We are also doing the pushback, Mohamed. And by doing this pushback, there's several infrastructure that needs to be relocated, like the towers for the other mini suite and everything. So there's a lot of activities surrounding the mining activity. That's the reason why, like, we see, 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.

We are also doing the pushback.

Mohammed.

And by doing this pushback there is several infrastructure that needs to be.

<unk>.

Real estate and light towers for the attainment of sweeteners and so there's a lot of activities surrounding the mining activities. That's the reason why we see we see.

Remember dishman in unit costs.

However, it's going to take some time to see the long term mining costs.

Not for this year.

So what I could add to this as you know.

Renaud Adams: So what I could add to this is, you know, like, at the early stage, we've seen some, yeah, we've seen some deficiencies, some areas, you know, that need some improvement. We put more capital this year addressing some, like Bruno just mentioned, you know, if you want to optimize your mining costs, well, you need to optimize your OEE, your overall performance. To do that, you need, you know, a larger pit. You need, like, maintaining your... This has all been taken into account, but may not be all achieved in 2026, as Bruno mentioned. But as we file and as we present our long-term plan, we will, if needed, you know, in, integrate some additional improvement in 2027, 2028.

It'd be early stage, we've seen some yes, we've seen some deficiencies some areas that need some improvement you put more capital this year addressing some.

I grin on just mentioned you know if you want a mix of optimize your mining costs, while you need to optimize your OE. Your overall performance to do that you need you in our larger fab you need like maintaining here. This is all been taking into account that may not be all achieved in 2600, Bruno mentioned, but as we file.

Uh like grenard just mentioned, you know, if you want to Max it optimize your mining costs. Well, you need to optimize your oee, your overall performance to do that, you need, you know, a larger bit. You need like maintaining your this is all been taking into account. I mean, not the all achievement 26, as Bruno mentioned, but as we file, and as we present our long-term plan, uh, we will, if needed, uh, you know, in, uh, integrate some additional Improvement in 2028, but the objective is over the next with a big chunk in 26. But over the next 2 to 3 years, uh, we really see a path forward with the possibility of producing the cost and bringing code a into 1 of 1 of the best unit costs for this large scale Canadian. Uh, and then when you combine with the average grade and the possibility to uplift, that we've seen the grade this year, uh, and the lowest trip ratio of code day,

As we've presents our long term plan.

We will if needed.

Our aim.

Integrate some additional improvement in 2020, but the objective is over the next with a big chunk in 'twenty six but over the next two to three years.

Renaud Adams: But the objective is over the next, with a big chunk in 2026, but over the next 2 to 3 years, we really see a path forward with the possibility of reducing the cost and bringing Côté into one of, one of the best unit costs for this large-scale Canadian. And 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.

We really see a path forward, where the possibility of reducing the costs and bringing <unk> to one <unk>.

There's not much we could do more than we do. Have a provisions of buyback, which we would really pay attention to, you know, as we unlock our full potential of this scenario. So we're in a good position, we appreciate that. There's a lot of work to do Bruno and his team this year, but but we feel very confident that, uh, we have a fast forward and uh,

we'll try to to make it as much as possible this year, but it may extend a bit and 728

One of the best unit cost for this large scale is Canadian.

And then when you combine with the average grade in the possibility to after the effect we've seen the grade this year.

Great. Thank you. I'll get back to you. Uh, um, and that's for my last question later. Yeah.

Thank you.

And the low strip ratio of copay everything is in place at <unk> as we optimize our cost to make it a very attractive overall all in sustaining costs, we've discussed the royalty.

Our next question comes from Satish. Kasan aen, from Bank of America, please go ahead with your question.

Maarten Theunissen: Yeah.

There is not much we can do more than we do have a provisions of buyback, which we would really pay attention to even though as we unlock off.

The teach, uh, your line is open, is it possible? Your phone is on mute.

Renaud Adams: There's not much we could do more than, we do have a provisions of buyback, which we would really pay attention to, you know, as we unlock our full potential of the scenario. So we're in a good position. We appreciate that there's a lot of work to do, Bruno and his team this year. But, 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 into 2028.

All of the scenario. So we're in a good position. We appreciate that there's a lot of work to do.

And his team this year.

Well, we feel very confident that we have a path forward.

We will try to make it as much as possible this year, but it may extend a bit and say that in 'twenty.

Yeah, hi. Sorry. I was on mute. Um, yeah. Hi, good morning. Uh, thanks for taking my questions. Um, uh, my first question is on, uh, Cote, uh, on slide 11. Uh, you mentioned that the mine plan for cot is likely to include, um, stage Capital. Um, can you maybe provide a bit more color on what it means. Um, are you still Target targeting? The 50,000 tons per day, uh, run rate, or maybe even more. Uh, how should we think about it? Thank you.

Great. Thank you I'll get back into queue.

Mohamed Sidibé: Great. Thank you. I'll go back in the queue, and that's for my last question later. Yeah.

And that's all for my last question later.

Thank you.

Renaud Adams: Thank you.

Our next question comes from cities Caisson, often from Bank of America. Please go ahead with your question.

Operator: Our next question comes from Satish Kasinathan from Bank of America. Please go ahead with your question. Satish, your line is open. Is it possible your phone is on mute?

Your line is open is it possible your phone is on mute.

Yes, Hi, sorry, I was on mute, yes, hi, good.

Sathish Kasinathan: Yeah. Hi, sorry, I was on mute. Yeah. Hi, 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 stage capital. Can you maybe provide a bit more color on what it means? Are you still targeting the 50,000 tons per day run rate or maybe even more? How should we think about it? Thank you.

Thanks for taking my questions.

My first question is on <unk> on Slide 11, you mentioned that the mine plan for Cortez is likely to include stage capital.

Can you maybe provide a bit more color on what it means August still targeting the 50000 tons per day run rate or maybe even more how should we think about it.

I think I think that the reference to the stage Capital here is to being capable, you know, to focus from expansion to tailings down the road to opening Gosselin. So what we're saying is that there is nothing need to do everything on the day 1, you know, to make an expansion that, uh, at at Cody go. As a matter of fact, you are the Cody itself is enough to justify the expansions and eventually government. So when we say stages, we see now 678 Bruno and his team is accelerating some uh, some uh, aspect in the pit and opening the pit and so forth. So that's going to be in place by the time and we say, 29 is the focus on the expansion 2930 and we have enough tailing capacity in place so they would be

Okay.

I think the reference to this stage capital here as to being capable of the amount to focus from expansion to tailings down the road to opening Gossman. So while we are saying is that there is not a need to do everything on that day, one to make an expansion.

Renaud Adams: I think that the reference to the stage capital here is to being capable, you know, to focus from expansion to tailings down the road to opening Gosselin. So what we're saying is that there is not a need to do everything on a day one, you know, to make an expansion at Côté Gold. As a matter of fact, you, the Côté itself is enough to justify the expansions and eventually Gosselin. So when we say stages, we see now 6, 7, and 8. Bruno and his team is accelerating some aspect in the pit and opening the pit and so forth. So that's gonna be in place by the time.

They would be a stage in fact, so we just want to clarify that. It's not like you need to build everything and have everything in place on day 1. The capital will be staged capable to be to be fully funded through the free cash flow of the assets.

As a matter of fact.

The Coty itself is enough to justify the expansion and eventually goffman. So when we say stages, we see now six seven and eight our granola and this team is accelerating some some aspect.

Aspect in the pit and opening the death and so forth. So that's going to be in place by the time and we said 2019 is a focus on the expansion in 2930, and we have enough scaling capacity in place. So there would be there.

Okay. Uh, that is clear. Uh, maybe 1 question on as I can. Um, so so you received 171 million um uh of cash this year. Um at the start of the year of which uh 50 million was spent. Um was already used for BuyBacks and you still have 219 million left uh from the last year's dividend. Um um declaration.

Renaud Adams: We said 2029 is a focus on the expansion, 2029, 2030, and we have enough tailings capacity in place, so there would be, there would be a stage, in fact. So 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.

Would be a stage in fact, so 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 beef to be fully funded through the free cash flow.

Um, so for the full year, is it fair to assume, like a minimum of 390 million of share BuyBacks, uh, could be, uh, achieved in 2026 and depending on how much dividend is declared for this year, we could see potential upside to that number.

Good morning. Um,

so,

Yes.

Okay that is clear.

Sathish Kasinathan: Okay, that is clear. Maybe one question on Essakane. So, you received $171 million of cash this year, at the start of the year, of which $50 million was spent, was already used for buybacks. And you still have $219 million left, from the last year's dividend declaration. So for the full year, is it fair to assume, like a minimum of $390 million of share buybacks could be achieved in 2026? And depending on how much dividend is declared for this year, we could see potential upside to that number.

Maybe one question on Essakane.

<unk> received $171 million.

Of cash this year.

The start of the year of which $50 million was spent.

Already used for buybacks and you still have 219 million left from the last year's dividend.

Declaration.

So for the full year is it fair to assume only the minimum of the $90 million of share buybacks could be achieved in 2026 and depending on how much dividend declared for this year, we could see potential upside to that number.

We had 48 million of the shareholder accounts, um, outstanding at the beginning of the year. In, as you mentioned, we, um, already received 171 million again, 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. So, based on our projection, there would be more than enough. Share. All the accounts available this year to continue with the program where we can move money out of the Kina far. So, every month as the the the asset generates free cash flow about its excess working capital and then

Good morning.

Maarten Theunissen: Good morning. So we had $408 million of the shareholder accounts outstanding at the beginning of the year, and as you mentioned, we already received $171 million against that back. We expect that remaining balance to be repaid by the end of Q2, during Q3. But then when we get into that period, we will be declaring the 2025 dividend, where the shareholder account will be reloaded again. So based on our projection, there would be more than enough shareholder accounts 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.

So.

We had $408 million all of the shareholder accounts outstanding at the beginning of the year internationally mentioned we.

So the the free cash flow attributable to our goal. This year, should we should be able to match that uh to buy back shares in the program?

Okay, thank you. Uh, congrats on the strong quarter.

Already received $171 million.

Thank you.

<unk> got 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 the carrying between 25 dividend.

Our next question comes from Anita Sony from CIBC please. Go ahead with your question.

The shareholder account will be reloaded again serviced on our projection there would be more than enough shareholder accounts available. This year to continue with the program, where we can move money out of the kina faster every month as the.

Hi. Uh, good morning guys. Congratulations on a strong quarter and a strong year. Um, I just want to ask a little bit more about cot and gostlin, I think you noted in the mdna that there would be an update on the reserve. Another update on the reserves and resources for Gosselin uh in Q2 and my apologies. If you addressed it in the opening comments I I was hoping between

The Asa generates free cash flow of about these excess working capital and then.

But um what what? Thank you for, thank you for asking Anita on this.

Yeah.

Maarten Theunissen: And then, so the free cash flow attributable to gold this year, we should be able to match that to buy back shares in the program.

So the free cash flow attributable to our golf. This year should we you should be able to match that to buy back shares in the program.

So I was just for clarification.

So, go ahead.

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

Okay. Thank you.

Tanya Jakusconek: ... Okay, thank you. Congrats on the strong quarter.

Sathish Kasinathan: Okay, thank you. Congrats on the strong quarter.

Congrats on a strong quarter.

Thank you.

Renaud Adams: Thank you.

Our next question comes from Anita Soni from CIBC. Please go ahead with your question.

Operator: Our next question comes from Anita Soni from CIBC. Please go ahead with your question.

Alright, good morning, guys. Congratulations on a strong year I just wanted to ask a little bit more about curtailing Ocwen I think you noted in the MD&A that there would be an update on the reserve if another update on our reserves and resources for golf Glenn.

Anita Soni: Hi. Good morning, guys. Congratulations on a strong quarter and a strong year. I just wanted to ask a little bit more about Côté and Gosselin. I think you noted in the MD&A that there would be an update on the reserve- another update on the reserves and resources for Gosselin in Q2. And my apologies if you addressed it in the opening comments. I was hopping between feeds. But what, what do you-

The, uh, no, thank you for asking this has Bruno. It's, you know, showed in his, uh, in his, uh, in his portions. You're not talking about the mineral Reserve mineral resources. So, not a surprise on the research side. It was just a deflation as, as, you know, like the big, uh,

Q and my apologies if you addressed it in the opening comments.

Good evening Steve.

Uh uh consolidating both grassland, you know, and cot through on the resources side, we've come quite a bit along way, you know, and have delineated. Somebody, this is a kind of an ongoing work. So to your point, we expect to complete

But right now.

Renaud Adams: Thank you for asking, Anita, on this.

Thank you for asking this.

Yes.

Anita Soni: Yeah. So I was just-

So I would just go not just for clarification.

Renaud Adams: Yeah. So, no, just for clarification.

Anita Soni: Yeah.

So it's got it's got being here, so sorry about that so go ahead.

Renaud Adams: So it's cutting, it's cutting here, so, sorry about that. So go ahead.

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

Anita Soni: I was just gonna say, what were you expecting to provide with the Q2 update?

No. Thank you for asking this is bruno.

Renaud Adams: No, thank you for asking this. So as Bruno, you know, showed in his portions, you know, talking about the mineral reserve, mineral resources. So not a surprise on the reserve side. It was just a deflation as, as you know, like the big consolidating both Gosselin, you know, and Côté. So on the resources side, we've come quite a bit a long way, you know, and have delineated some, but this is a kind of an ongoing work. So to your point, we expect to complete probably late Q1 and maybe, you know, like, we're talking about Q2 potentially, but, you know, the target is by the end of Q1, somewhere there. We would complete the resource update, if you call, like, the final one that would serve for the plan.

<unk> shown in us.

And as portions and not talking about the mineral reserve mineral resources, so not a surprise on the research side. It was just the deflation as as you know like the big gap.

Consolidating bones gasoline.

Co day through on the resources side, we've come quite.

Quite a bit of long way, you know and have delineated. Some by this is that kind of an ongoing war so to your point, we expect to complete.

Probably late q1 and maybe, you know, like we're talking about Q2 potentially but, you know, the target is by the end of q1 somewhere there, we would complete the resource uh, update. If you call like the final 1 that would serve for the plan. Uh, we're constantly sitting in more than 18 million. But there is more, uh, drilling to be incorporated. There is the merge of the block models as well. Uh, we're still uh, discussing, you know, the final price to be used and so forth. But we had this objective of the saddle Zone as well as we're not just pointing out to me. So as you combine, the block model, so you create that saddle Zone that with drill as well. So it's not the final uh not to look at the resource update at code. It has the final word to what I'm

Probably late Q1, and maybe like we're talking about Q2 potentially but they.

It was 20 million and we're still planning to discuss those results. Late q1 early Q2

Target is by the end of Q1 somewhere in there we would complete the resource.

Update if you call like the final one that would serve for the plan.

Renaud Adams: We're comfortably sitting in more than 18 million, but there is more, drilling to be incorporated. There is the merge of the block models as well. We're still, discussing, you know, the final price to be used and so forth, but, we had this objective of, the saddle zone as well, as Bruno just pointed out to me. So as you combine the block model, so you create that saddle zone, that we drill as well. So it's not the final, not to look at the resource update at Côté as the final word toward our objective of 20 million, and we're still planning to discuss those results late Q1, early Q2.

We are comfortably sitting in more than 18 million, but there is more drilling to be incorporated there is the merge of the block models as well.

Okay. And how much, how much more drilling would that have Incorporated versus what, you just did. I think you converted 2 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? Like it's a percentage of the drilling update. Yeah, it was.

Or if you want to tell me, they have a number of ounces that would be great too.

We're still disc.

Discussing the final price to be used and so forth, but we had to subjective the.

Saddle zone as well as we're not just pointing out to me. So high as you combine the block model. So you create the saddle zones with Joe as well sorry.

We turn off 29, 25 volts to to be included. And we have also the um, the campaign on the side of them that needs to be included as well.

Okay, I'll take a look at this, so, so enough. Yeah.

Sorry, it's another final not to look at the resource base at Coty has the final work toward our objective of $20 million and we're still finding to discuss those resolved late Q1 early Q2.

Okay, and how much how much more drilling would that have incorporated versus what you get.

Anita Soni: Okay. And how much more drilling would that have incorporated versus what you just did? I think you converted 2 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, like, as a percentage of the drilling update.

And there. And again, like the merge of the black model is, well, you know, like technically should also create some. So we, we feel very, very strong. I need to, uh, if without giving a final number because we haven't seen it, but we feel very comfortable towards objective of 20 million mi Plus,

I think you converted two out of the 3 million ounces of inferred into MNI category, but how much more with that.

Yeah, and then, I just want to follow up on the ethane, reserves and resources as well. I noticed the grade um, decline does that

Onstream if you could just tell me like as a percentage of the drilling update.

Renaud Adams: Yeah, we-

Or do you want to have in an number of ounces that would be great too.

Anita Soni: Or if you want to tell me the number of ounces, that would be great too.

We sent out 29 25 holes to be intuitive.

Renaud Adams: 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.

And we have also the <unk>.

Campaign on the side of them that needs to be included as well.

Okay, I'll take a low enough yet.

Anita Soni: Okay. I'll take a look at the-

Renaud Adams: So enough... Yeah. And there, and again, like, the merge of the block model as well, you know, like, technically should also create some. So we, we feel very, very strong, Anita, if without giving a final number because we haven't seen it, but we feel very comfortable towards objective of 20 million M&I plus.

And again like the merge of the block model as well, even though technically should also create some so we feel very very strong Anita.

Have you? I mean I'm just I guess you know you've had positive grade reconciliation at the asset. Um how are you how are you basically calculating your depletion at the asset? I'm just like, are you just basically saying okay well you know we we ended up we thought this our body would be 1.2 and it ended up being 1.5. So we're deducting the 1.5 off off of the, the average is that is that the way you're doing it or or did you include the positive trade reconciliation in the, in the calculations?

Without giving a final number because we haven't seen it but we feel very comfortable towards our objective of $20 million.

Yeah, so the um we changed the the the black model and the block model. That's where we'll be using this here. As they can, we have to do some adjustments.

Yes, and then I just wanted to follow up on the <unk> reserves and resources as well I noticed the grade decline does that.

Anita Soni: Yeah. And then I just wanted to follow up on the Essakane reserves and resources as well. I noticed the grade declined. Is that... I mean, I'm just, I guess, you know, you've had positive grade reconciliation at the asset. How are you, how are you basically calculating your depletion at the asset? I'm just, like, are you just basically saying: Okay, well, you know, we, we ended up, we thought this ore body would be 1.2, and it ended up being 1.5, so we're deducting the 1.5 off, off of the, the average. Is that, is that the way you're doing it, or it's, or did you include the positive grade reconciliation in the, in the calculations?

Have you I mean, I'm, just I guess, you've had positive grade reconciliation at the asset.

But moving forward is black model is going to be cool to be a little bit more conservative with this. Therefore, that's the reason why you see that there is going down.

How are you how are you basically calculating your depletion of the asset.

Like are you just basically saying, okay well we.

We ended up.

We it does not um exclude the possibility that we will see um positive reconciliation specifically when you get those are a great Zone like we were doing in 37.

We thought this ore body would be one point too and it ended up being one five that we are expecting the one five.

The average is that the way youre doing it or did you include the positive grade reconciliation in that in the calculation.

But we're trying to cap a bit is that kind of positive reconciliation in our future resources estimate? So we have something more about

And consolidate.

Yes, so the we changed the.

Okay, all right. Thank you. That's it. For my questions.

Renaud Adams: Yeah. So we changed the block model, and the block model that we'll be using this year has taken. We had to do some adjustment. But moving forward, the block model is going to be forced to be a little bit more conservative with this. Therefore, that's the reason why you see the grades going down. It does not exclude the possibility that we will see positive reconciliation, specifically when you hit those higher grade zone like we are doing in 37. What we're trying to cap a bit is that kind of positive reconciliation in our future resources estimate. So we have something more balanced and conservative.

Thank you. Appreciate thanks.

Block model.

The block model Thats royalty using.

Once again, if you would like to ask a question, please press star and then 1.

This year they can we have to do some adjustments.

But moving forward.

Our next question comes from Sam overwater from Scotia Bank. Please go ahead with your question.

All these things before to be a little bit more conservative. Therefore, that's the reason why you see that going down.

Hello, can you hear me?

No.

Yep.

It does not.

Oh, it's Tanya. Yeah.

Excluding the first to see the approval see.

Um,

The reconciliation specifically when you hit those are aggrieved zone like we are doing in phase seven.

But we're trying to cap a bit.

A positive reconciliation.

Just so uh thank you for taking my question for as well. Just had a hard time uh getting on and hearing the little beat that says that my question is in queue. Um, I have a few questions if I could. I just wanted to follow up on Anita's question, on the

Future.

The resources estimate.

Reserves and resources, that's coming out on Cote. And

So we have something more bonds and conservative.

Okay Alright. Thank you that's it for my questions.

Anita Soni: Okay. All right. Thank you. That's it for my questions.

Thank you I appreciate it thanks.

Renaud Adams: Thank you. Appreciate it. Thanks.

Once again, if you would like to ask a question. Please press star and then one.

Operator: Once again, if you would like to ask a question, please press Star and then One. Our next question comes from Sam Overwater from Scotia Bank. Please go ahead with your question.

Our next question comes from Sam over water from Scotiabank. Please go ahead with your question.

So we're still targeting that 20 million out overall number, what the what the um reserves and resources. And other will show is just more of a conversion or an upgrade into the mni and reserved category with those additional. 25 holes is that a proper way to think about it.

Hello can you hear me.

Tanya Jakusconek: Hello, can you hear me?

Sam Overwater: Hello, can you hear me?

Yes.

Renaud Adams: Yep.

Tanya Jakusconek: Oh, it's Tanya. Yeah. Just so, thank you for taking my question, first of all. I 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 was just wanted to follow up on Anita's question on the reserves and resources that's coming out on Côté in Q2. So just so that I understand, so you were 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?

Yes.

Just thank you for taking my question first of all just had a hard time.

Getting on in hearing a little bit does.

Does that my question. Thank you.

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

I have a few questions. If I could I was just wanted to follow up on <unk> question on that.

Okay.

So, obviously the reserve that we have.

One reason I suppose that's coming out on <unk>.

Uh, release at the end of the year, is only.

So to suggest that that I understand.

So targeting that 20 million ounce overall number.

Uh, is only reflecting the all plan depleted.

<unk>.

The.

And reserves and resources, another will show, which has more of a conversion of an upgrade until the MNI and reserve category.

Those additional 25 or is that a proper way to think about it.

So we're moving from this to the new plan Consolidated from which new economics, my intent. So we've definitely going to see and expect a significant increase in the reserve. We just need to complete the work but the starting point will be

The way to look about it is we feel strong that one day exercises done we will we will achieve our objective of 20, <unk> and from which Bruno and the team will put the mine plan to it and convert.

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

Hopefully a 20 million plus me resource base and we feel very strong about the economics of both pits.

So more to come but we feel strong about a significant increase in reserves.

As much as we can within an economic plan to a resort.

Okay.

Tanya Jakusconek: Okay.

So obviously the reserve that we have.

Renaud Adams: So obviously, the reserve that we have released at the end of the year is only reflecting the old plan depleted. So we're moving from this to the new plan, consolidated from which new economics mine plan. So we're 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 those pits. So more to come, but we feel strong about a significant increase in reserve.

Okay. Okay. Thank you for that. And then how should I be thinking about the, the, the this Capital? Because, you know, you talked about a lot of this Capital. Now, being spammed, with 85 million or thereabout, a Cote this year.

Release at the end of the year is only.

Is only reflecting the all plan depleted.

So we're moving from this did a new plan consolidated from which new Economics mine plan. So we are definitely going to RFP and expect a significant increase in the reserve.

Um, how should I be thinking of the, you know, the study and and, and I think at 1 point we were thinking that 100 to 200 million in capital. How should I be thinking about the capital for all of this?

Just needed to complete the work, but the starting point will be.

Hopefully a $20 million plus MRI resource base, and we feel very strong about the economics of those fifth so more to come but we feel strong about a significant increase in reserve.

Okay.

Uh I guess if I would have all the details and yeah, we would have probably been a little more um because we're still in tradeoff. So the way to look at it is I think you know the uh the the growth Capital that we're going to be deploying over the next few years, should normally bring the fit to a point of expanded capable to provide, you know, for the uh for the uh

Tanya Jakusconek: Okay. Okay, thank you for that. Then how should I be thinking about the this capital? Because, you know, you talked about a lot of this capital now being spent, this $85 million or thereabout at Côté this year. How should I be thinking of the, you know, the study and and I think at one point you were thinking that $100 to 200 million in capital. How should I be thinking about the capital for all of this?

Okay. Thank you for that and then how should I be thinking about.

This capital because you know you talked about a lot of this capital now being spent $85 million or thereabout and I will tell you this year.

Now, the, the, the male itself, uh, which will be the main capital of 2930, we're still in the trade-off and so forth.

How should I be thinking of the.

And I think at one point, where we think you know $100 million to $200 million in capital how should I be thinking about the capital for all of that.

Uh, no, I don't, I do not believe you. You build an extension today for 100 million to 200 million total Capital. But, uh, but but we believe that they could probably be achieved, you know, below the 500. But we still have to do the work.

I guess, if I would have all the detail tenure, we would have probably been a little more.

Renaud Adams: 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. So the way to look at it is, I think, you know, the, the growth capital that we're gonna be deploying over the next few years should normally bring the pit to a point of expanded, capable to provide, you know, for the, for the... Now, the mill itself, which will be the main capital of $29, 30, we're still in the trade-off and so forth. No, I do not believe you build an expansion today for $100 million, so up to $200 million, total capital.

Okay.

Because we're still in trade out so the way to look at it is I think in all of the.

The growth capital that we're going to be deploying over the next few years should normally bringing that to a point of expanded capable to provide <unk> for the for the.

Thank you for that. I'll uh I'll take a look further into it. Um, just on um, 2 other things. Um, Bruno, I think you gave some guidance for how the year is panning out for us quarter on quarter stable for both as a camp and uh, Westwood. Um, what about Cote?

Now the equity the male itself.

Which will be the main capital of 29 30, we are still in the trade off and so forth.

Fair question. Cody is going to be uh lower for the first half of the year um because we have maintenance uh plan.

No I don't I do not believe you build and expansion to their 400 million to up to 100 million total capital but.

For the um hpgr title role change.

In March or April.

Renaud Adams: But, well, we believe that it could probably be achieved, you know, below the $500, but we still have to do the work.

But we believe that that could probably be achieved below the 500, but we still have to do their work.

That's going to be a a 5 day shutdown. We will have uh supplement find or material to feed the meal, but we're going to be running at a slower pace.

Okay.

Tanya Jakusconek: 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-over-quarter, stable for both Essakane and Westwood. What about Côté?

Thank you for that I'll ask I'll take a look further in Quebec.

We also have a we did a a very good end of the year.

Two other things Brian I think you gave some guidance for how the year is panning out for us quarter on quarter stable, both Essakane and Westwood.

Uh, 2025, and we took advantage of uh q1 to take a lot of other maintenance. So overall, we need to expect q1 and Q2 to be lower than Q3 and Q4 and generally

What about <unk>.

Okay.

Okay Fair question Coty is going to be.

Bruno Lemelin: 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 funds or material to feed the mill, but we're going to be running at a slower pace. We also had a very good end of the year 2025, and we took advantage of Q1 to take a lot of other maintenances. So overall, we need to expect Q1 and Q2 to be lower than Q3 and Q4. And generally, summertime at Côté is very good.

Lower for the first half of the year.

Uh, summertime and that goes in uh is uh is is very good like last year 22, 23 24.

Because we have maintenance.

We produce 36,730 almost like

For the HP, Jr title rules change.

A 36,000 ounces a month in average.

March or April.

That's going to be a five day shutdown.

Shutdown, we will have.

Supplement signs or material to feed the mill.

So that gives you a good like the kind of seasonality that we have like we have a seasonality due to Winter conditions and q1.

And Q2, we do some.

Going to be running a facility or pace.

We also as we did have a very good end of the year.

Some plan maintenance on the hpgr. And after that, like we are rolling till the end of the year.

2025, and we took advantage of Q1 to take a lot of other maintenance. So overall, we need to expect Q1, and Q2 to be lower than Q3, and Q4 and generally.

Okay, so should I be?

455 555, or is that

Summertime.

Jose.

<unk>.

Wise second Crusher, fully up and running.

Is there is it like last year Q2, Q3 Q4.

Bruno Lemelin: Like last year, Q2, Q3, Q4, we produced 36,000 tons per day, almost like, 36,000 ounces a month in average. So that gives you a bit like the kind of seasonality that we have. Like, we have a seasonality due to winter conditions in Q1, and Q2, we do some planned maintenance on the HPGR. And after that, like, we are rolling till the end of the year.

We produced 36000, and some further long haul side.

36000 ounces amongst an average.

Hpgr re line and and plus any other is optimization that's going to come. So yes, I think I think it's fair to think that our second half could be at the 55% of the year.

So that gives you this slide the kind of seasonality that we have like we have a seasonality due to winter conditions in Q1 and.

In Q2 to do some.

Thanks.

Maintenance on the HP GR and after that like we are eroding till the end of the year.

Okay, thank you. And I have you on from my 1st, all this is done, a dividend plan could be implemented. Um, where are you on that?

Okay. So should I be thinking like a 45 55 is that.

Tanya Jakusconek: Okay. So should I be thinking like a 45, 55, or is that?

The I guess anywhere between like the zone of around 40% 45, as you say definitely H two will be much stronger season wise second crusher fully up and running.

Renaud Adams: Yeah, I guess anywhere between, like, the zone of around the 40, 45, as you say. Definitely H2 will be much stronger, season-wise, second crusher fully up and running, HPGR reliant, and plus any other optimization that's gonna come. So yes, I think it's fair to think that our second half could be at the 55% of the year.

Okay.

HP, GR, relying and plus any others optimization, that's going to come. So yes, I think I think it's fair to think that our second half could be at the 55% of failure.

Okay. Thank you.

Tanya Jakusconek: Okay. Thank you. And Bruno, I have you on for my one final question. Dividend. I mean, we had talked on one of the previous conference calls that you were, you know, potentially thinking that, you know, once all this is done, a dividend plan could be implemented. Where are you on that?

Abbvie onto my one final question.

Good or bad.

We had talked on one of the previous conference call that potential.

Potentially thinking that.

Once all this is Tom Mcdonough, then plan to be implemented.

Uh I think we feel very strong that on the step by step. I mean, as my Martin Martin discussed, I think the first thing first is on the share buyback, there is no doubt, you know, that let's call the Canadian platform with most likely be an excess cash as well. In those prices, something we're going to revisit with our board. At the end of Q2, see how the share buyback goes. Uh, is there an opportunity to increase the share buyback? Using a bit of the Canadian excess, do we start incorporating uh dividends? So I think we are, we're going to have this conversation, the post Q2 for the second half as we realize that the free cash flow on the Canadian side as well.

Where are you on that.

Sure.

I think we feel very strong that on the step by step I mean as my Martin Martin 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 in excess cash as well and those prices something we are going to revisit that.

Renaud Adams: I think we feel very strong that, on the step by step. I mean, as Martin, Martin discussed, I think, the first thing first is on the share buyback. There is no doubt, you know, that let's call the Canadian platform, would most likely be in excess cash as well, and those prices, something we're gonna 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? So I think we're gonna have these conversations of post-Q2 for the second half, as we realize that the free cash flow on the Canadian side as well.

Bruno Lemelin: I think we feel very strong that, on the step by step. I mean, as Martin, Martin discussed, I think, the first thing first is on the share buyback. There is no doubt, you know, that let's call the Canadian platform, would most likely be in excess cash as well, and those prices, something we're gonna 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? So I think we're gonna have these conversations of post-Q2 for the second half, as we realize that the free cash flow on the Canadian side as well.

So we feel very strong that it's a can should normally go towards shared by back. The question is after what is the next in the role? And uh I think we are we're going to postpone this decisions for the second half of the year.

Okay, thank you so much for taking my questions.

Thank you. Thank

With our board at the end of Q2.

and this will conclude today's question and answer session. At this time, I'd like to turn the floor back over to Graham Jennings for closing remarks.

See how the share buyback goes or is there an opportunity to increase the share buyback using a bit of the Canadian excess do we starting cooperating.

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 renew or myself?

Thank you all be safe and have a great day.

Alright.

The dividend. So I think we are we're going to have this conversations of post Q2 for the second half.

This brings to a close today's conference call, you may. Now disconnect your lines. Thank you for participating and have a pleasant day.

As we have realized that the free cash flow on the Canadian side as well.

So we feel very strong that ESI can should normally goes towards share buyback to your question is what is the next in the row.

Renaud Adams: So we feel very strong that if I can, should normally go towards share buyback. The question is after, what is the next in a row? And I think we're gonna postpone these decisions for the second half of the year.

Bruno Lemelin: So we feel very strong that if I can, should normally go towards share buyback. The question is after, what is the next in a row? And I think we're gonna postpone these decisions for the second half of the year.

Think where are we going to postpone this decisions for the second half of the year.

Okay. Thank you so much for taking my question.

Tanya Jakusconek: Okay. Thank you so much for taking my questions.

Thank you.

Renaud Adams: Thank you.

Bruno Lemelin: Thanks.

And this will conclude today's question and answer session. At this time I would like to turn the floor back over to Graeme Jennings for closing remarks.

Operator: This will conclude today's question and answer session. At this time, I'd like to turn the floor back over to Graham Jennings for closing remarks.

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 Ron or myself. Thank you all be safe and have a great day.

Graeme Jennings: 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.

This brings to a close today's conference call. You may now disconnect. Your lines. Thank you for participating and have a pleasant day.

Operator: This brings to a close today's conference call. You may now disconnect your lines. Thank you for participating and have a pleasant day.

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