Q4 2025 IAMGOLD Corp Earnings Call

Speaker #3: As a reminder, all participants are in a listen-only mode. The conference is being recorded. After the presentation, there will be an opportunity to ask questions.

Speaker #3: To join the question queue, you may press star and then one on your telephone keypads. Should you need assistance during the conference call, you may reach an operator by pressing star and zero.

Speaker #3: At this time, I would like to turn the conference call over to Graeme Jennings, Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings.

Speaker #2: Thank you, operator, and welcome everyone to our conference call this morning. Joining us on the call are Renaud Adams, President and Chief Executive Officer; Marthinus Theunissen, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Annie Torquay Legacy, Chief Legal and Strategy Officer; and Dorina Quinn, Chief People Officer.

Graeme Jennings: Thank you, operator, and welcome everyone to our conference call this morning. Joining us on the call are Renaud Adams, President, Chief Executive Officer, Maarten Theunissen, Chief Financial Officer, Bruno Lemelin, Chief Operating Officer, Annie Torquay Lagacé, Chief Legal and Strategy Officer, and Dorinda Quinn, Chief People Officer. We are calling today from IAMGOLD's Toronto office, which is located on Treaty 13 territory on the traditional lands of many nations, including the Mississauga of the Credit, the Anishinaabe, Chippewa, Haudenosaunee, and the Wendat peoples. At IAMGOLD, we believe respecting and upholding indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect. Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures.

Speaker #2: We are calling today from IAMGOLD's Toronto office, which is located on Treaty 13 territory, on the traditional lands of many nations, including the Mississaugas of the Credit, the Anishinaabeg, the Chippewa, Haudenosaunee, and Wendat peoples.

Speaker #2: At IAMGOLD, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect. Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures.

Speaker #2: 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 MD&A each under the heading Non-GAAP Financial Measures.

Graeme Jennings: 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 MD&A, each under the heading Non-GAAP Financial Measures. With respect to the technical information to be discussed, please refer to the information in the presentation under the heading Qualified Person and Technical Information. The slides referenced on this call can be viewed on our website. I will now turn the call over to our President and CEO, Renaud Adams.

Speaker #2: 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.

Speaker #2: The slides referenced on this call can be viewed on our website. I will now turn the call over to our President and CEO, Renaud Adams.

Speaker #3: Thank you, Graeme, and good morning, everyone, and thank you for joining us today. Last year was a monumental year for IAMGOLD. It is a year in which the company reported record revenues of nearly $3 billion.

Renaud Adams: Thank you, Graeme, and good morning, everyone, and thank you for joining us today. Last year was a monumental year for IAMGOLD. It is a year in which the company reported record revenues of nearly $3 billion, enjoying gross margin of over 40% and generating operating cash flow of over $1 billion, which is notable, $702 million generated in the Q4 alone. Now, everyone on this call is aware that this is a historic time in the gold market, as the gold price increased nearly $1,700 per ounce over 2,025, and exiting the year at just over $4,300 an ounce, but which is still more than $600 an ounce lower than where we are today.

Speaker #3: Enjoying gross margin of over 40% and generating operating cash flow of over $1 billion, which is notable 702 million generated in the fourth quarter alone.

Speaker #3: Now, everyone on this call is aware that this is a historic time in the gold market. As the gold price increased nearly $1,700 per ounce over 2025 and exited the year at just over $4,300 an ounce, but which is still more than $600 an ounce lower than where we are today.

Speaker #3: So while we're not alone in realizing this gold market, we believe IAMGOLD is particularly well positioned to capitalize on this market for the benefit of our shareholders, stakeholders, and partners.

Renaud Adams: So while we're not alone in realizing this gold market, we believe IAMGOLD is particularly well-positioned to capitalize on this market for the benefit of our shareholders, stakeholders, and partners. In 2025, IAMGOLD achieved significant milestones, including record quarterly productions across all sites, the first full year of productions at Côté Gold, the establishment of a framework at Essakane, that enables cash movements to be made at any time of the year, and the consolidation of assets in Chibougamau, Quebec, to position the Nelligan mining complex as among the largest pre-production asset in Canada.

Speaker #3: In 2025, IAMGOLD achieved significant milestones, including record quarterly productions across all sites, the first full year of productions at Cotee Gold, the establishment of a framework at its account that enables cash movement to be made at any time of the year, and the consolidation of assets in Shibuga, Moshepe, Quebec to position the Nelligan Mining Complex as among the largest pre-productions assets in Canada.

Speaker #3: On the financial side, we closed out the legacy gold prepay obligation mid-year, delivered the balance sheet through the repayment of the $400 million high-cost term loan, and established a share buyback program that purchased 50 million in IAMGOLD shares in December and an additional 50 million so far in 2026.

Renaud Adams: On the financial side, we closed out the legacy gold prepay obligation mid-year, delivered the balance sheet through the repayment of the $400 million high-cost term loan, and established a share buyback program that purchased $50 million in IAMGOLD shares in December and an additional $50 million so far in 2026. We will continue to do so, driving up our per-share valuations, all things being equal. This is a company that is taking a leadership position in the industry. IAMGOLD is a modern gold mining company that is proudly Canadian, with strong cash flow and significant long-term growth opportunities ahead. We mine with the mining redefined purpose in mind, putting safety, responsibility, and people first. We hold ourselves accountable and embrace change and drive innovations at every level, from smarter systems to better ways of working....

Speaker #3: And we will continue to do so driving up our per-share valuations all things being equal. This is a company that is taking a leadership position in the industry.

Speaker #3: IAMGOLD is a modern gold mining company that is proudly Canadian, with strong cash flow and significant long-term growth opportunities ahead. We mine with a mining-redefined purpose in mind, putting safety, responsibility, and people first.

Speaker #3: We hold ourselves accountable and embrace change. And drive innovations at every level from smarter systems to better ways of working. Now, there are many highlights to discuss for IAMGOLD today.

Renaud Adams: Now, there are many highlights to discuss for IAMGOLD today, so let's get into it. Looking at the highlights from the year and the fourth quarter, we start with our safety record. Over the course of the year, our total recordable injury rate was 0.60, which was down from the year prior. We are focused on advancing our critical risk management program, including an important integration of contractors into the IAMGOLD way of safety management, with a goal to reduce high-potential incidents. On production, IAMGOLD closed out the year with a very strong fourth quarter, in which all our mines reported record gold production.

Speaker #3: So, let's get into it. Looking at the highlights from the year and the fourth quarter, we start with our safety record. Over the course of the year, our total recordable injury rate was 0.60.

Speaker #3: Which was down from the year prior. We are focused on advancing our critical risk management program, including an important integration of contractor into the IAMGOLD way of safety management.

Speaker #3: With a goal to reduce high potential incidents. On production, IAMGOLD closed out the year with a very strong fourth quarter in which all our mines reported record gold production.

Speaker #3: On a consolidated basis, attributable gold production for the fourth quarter was 242,400 ounces, a 28% improvement quarter over quarter, driving total production for the year to 765,900 ounces.

Renaud Adams: On a consolidated basis, attributable gold production for the fourth quarter was 242,400 ounces, a 28% improvement quarter-over-quarter, driving total production for the year to 765,900 ounces, achieving the midpoint of the company's 2025 production guidance. The strong fourth quarter operating result helped to drive down costs on a per-ounce basis. All-in sustaining cost per ounce sold was $1,750 for the fourth quarter and $1,900 for the year, within the guiding range of $1,830 to $1,930. As discussed last year, last quarter, costs this year have faced upward pressure due to the record gold prices, directly translating to higher royalties.

Speaker #3: Achieving the midpoint of the company's 2025 production guidance. The strong fourth quarter operating result helped to drive down costs on a per-ounce basis. All-in sustaining costs per ounce sold was $1,750 for the fourth quarter and $1,900 for the year, within the guiding range of $1,830 to $1,930.

Speaker #3: As discussed last year, last quarter, costs this year have faced upward pressure due to the record gold prices directly translating to higher royalties. The impact of this royalties on cash costs continued to increase through the year.

Renaud Adams: The impact of these royalties on cash costs continued to increase through the year, to where they accounted for an average of approximately $330 per ounce or 24% of cash costs in Q4 2025. As we look ahead through this year, where we will uncover opportunities to grow the value of our asset, we will stay diligent on our commitment to operational excellence and discipline. While we may not be able to control the gold price, we can control our cost structure and ensure that cost improvement opportunity come down with our production profile. At Côté, 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. Maarten?

Speaker #3: To where they accounted for an average of approximately $330 per ounce, or 24% of cash costs in the fourth quarter 2025. As we look ahead through this year, where we will uncover opportunities to grow the value of our assets, we will stay diligent in our commitment to operational excellence and discipline.

Speaker #3: While we may not be able to control the gold price, we can control our cost structure and ensure that cost improvement opportunity compound with our production profile.

Speaker #3: At Cotee, 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.

Speaker #3: Martin?

Speaker #2: Thank you, Renaud. And good morning, everyone. It was indeed a transformational year for IAMGOLD, as our solid operating results coupled with record gold prices helped to fast-track our strategy to unwind the financial leverage put in place to build Côté, and allowed us to also start returning capital to shareholders in December.

Maarten Theunissen: Thank you, Renaud, and good morning, everyone. It was indeed a transformational year for IAMGOLD, as our solid operating results, coupled with record gold prices, helped to fast-track our strategy to unwind financial leverage put in place to build Côté and allowed us to also start returning capital to shareholders in December. In the fourth quarter, the company generated record mine site free cash flow of $626.6 million, bringing the year total to $1.2 billion. On an asset basis, in the fourth quarter, Essakane contributed $340.4 million, and Côté contributed $197.0 million of attributable mine site free cash flow.

Speaker #2: In the fourth quarter, the company generated record mine site free cash flow of $626.6 million, bringing the year total to $1.2 billion. On an asset basis, in the fourth quarter, Essakane contributed $340.4 million, and Côté contributed $197.0 million of attributable mine site free cash flow.

Speaker #2: 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.

Maarten Theunissen: The record mine site 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. 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 to $200 million as at the end of December. IAMGOLD had $422 million in cash and cash equivalents at the end of the year, and approximately $446 million available on the credit facility, resulting in total liquidity at the end of Q4 of approximately $868 million.

Speaker #2: While also returning 50 million to shareholders. On the balance sheet, we completed the repayment of the 400 million term loan and also paid 50 million on our credit facility.

Speaker #2: Reducing the balance to 200 million as of the end of December. IAMGOLD had 422 million in cash and cash equivalents at the end of the year, and approximately 446 million available on the credit facility.

Speaker #2: Resulting in total liquidity at the end of the fourth quarter of approximately 868 million. Excess cash at a second is repatriated through dividend and shareholder account payments.

Maarten Theunissen: Excess cash at Essakane is repatriated through dividend and shareholder account payments, of which the company receives its share on its ownership, net of withholding taxes. The shareholder account structure was introduced in 2025, and functions like an intercompany loan and allows for the company's portion of the dividend to repay monthly using cash generated in excess of working capital requirements. The new structure allowed for cash flow in the Q4, resulting from strong operating results and record gold prices, to be repatriated in record time, and IAMGOLD received $291 million of payments from Essakane through the Q4.

Speaker #2: Of which the company receives its share on its ownership, net of withholding taxes. The shareholder account structure was introduced in 2025 and functions like an intercompany loan, allowing for the company's portion of the dividend to be repaid monthly using cash generated in excess of working capital requirements.

Speaker #2: 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 IAMGOLD received 291 million of payments from a second through the fourth quarter.

Speaker #2: Approximately $197.5 million of our consolidated cash balance was held by Côté at the end of the year. And subsequent to year-end, these funds, combined with free cash flow generated in January, were used to make further payments against the shareholder account by Côté, and IAMGOLD has received $171 million so far this year.

Maarten Theunissen: Approximately $197.5 million of our consolidated cash balance was held by Essakane at the end of the year, and subsequent to year-end, these funds, combined with free cash flow generated in January, was used to make further payments against the shareholder account by Essakane, and IAMGOLD received $171 million so far this year. The other notable event was the establishment of the share buyback program. In December, the company repurchased and canceled approximately 3 million shares for approximately $50 million at an average price of $16.87 per share through its share buyback program. Subsequent to quarter end, after the timing of the results release, IAMGOLD has purchased an additional 2.6 million shares for $50 million. For the remainder of the year, we are planning to use the cash repatriated from Essakane in 2026-...

Speaker #2: The other notable event was the establishment of the share buyback program. In December, the company repurchased and canceled approximately 3 million shares for approximately 40 million at an average price of 16.87 per share.

Speaker #2: Through its share buyback program. Subsequent to quarter-end, after the timing of our results release, IAMGOLD has purchased an additional 2.6 million shares for 50 million.

Speaker #2: For the remainder of the year, we are planning to use the cash repatriated from a second in 2026 to fund our buyback program. And at a gold price of $4,000 per ounce, we estimate that this could be between $400 and $500 million during the year.

Maarten Theunissen: to fund our buyback program, and at a gold price of $4,000 per ounce, we estimate that this could be between $400 and 500 million during the year. The NCIB allows for the purchase of approximately 10% of IAMGOLD's public float that was outstanding as of November 2025. All common shares purchased under the NCIB will be either canceled or placed under trust to satisfy future obligations under the company's share incentive plan. This initiative reflects management's confidence in the company's long-term value and its commitment to disciplined capital allocation. We believe the alignment of strong cash flow generation from Essakane and our share buyback program represents a clear value accretive opportunity for the company and our shareholders.

Speaker #2: The NCIB allows for the purchase of approximately 10% of IAMGOLD's public float that was outstanding as of November 2025. All common shares purchased under the NCIB will be either canceled or placed under trust to satisfy future obligations under the company's share incentive plan.

Speaker #2: This initiative reflects management's confidence in the company's long-term value and its commitment to disciplined capital allocation. We believe the alignment of strong cash flow generation from a second and our share buyback program represents a clear value accrued of opportunity for the company and our shareholders.

Speaker #2: The company intends to use the free cash flow generated by a second as a base level to repurchase shares under the share buyback program as the cash is generated and repatriated over the course of 2026.

Maarten Theunissen: The company intends to use the free cash flow generated by Essakane as a base level to repurchase shares under the share buyback program, as the cash is generated and repatriated over the course of 2026. Naturally, the actual 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, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, return to stakeholders, and debt reduction. Turning to our financial results.

Speaker #2: Naturally, the actual 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, the viability of cash flows, and the consideration of other uses of cash.

Speaker #2: Including capital investment opportunities, return to stakeholders, and debt reduction. Turning to our financial results, on a full-year basis, revenues from operations total $2.9 billion from sales of 817,800 ounces on a 100% basis.

Maarten Theunissen: On a full year basis, revenues from operations totaled $2.9 billion from sales of 817,800 ounces on a 100% basis, at an average realized price of $3,549 per ounce, excluding the impact of the gold prepay arrangement. The strong operating results and record gold price resulted in adjusted EBITDA of approximately $1.6 billion in 2025, compared to $780.6 million in 2024, and $338.5 million in 2023. At the bottom line, adjusted earnings per share for the year totaled $1.23, up from $0.55 the prior year. 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.

Speaker #2: At an average realized price of 3,549 per ounce, excluding the impact of the gold treat by arrangement. The strong operating results and record gold price resulted in adjusted EBITDA of approximately 1.6 billion in 2025.

Speaker #2: Compared to 780.6 million in 2024 and 338.5 million in 2023. At the bottom line, adjusted earnings per share for the year total $1. And 23 cents.

Speaker #2: Up from $0.55 the prior year. 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.

Speaker #2: The significant operating cash flow allowed for the delivery and conclusion of the gold treat by arrangements met year. Funding all capital programs at operations.

Maarten Theunissen: The significant operating cash flow allowed for the delivery and conclusion of the gold prepay arrangements mid-year, funding all capital programs and operations, significant deleveraging of the balance sheet, payment of a 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.

Speaker #2: Significant delivering of the balance sheet. Payment of a 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.

Speaker #2: 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.

Maarten Theunissen: 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, utilizing cash flows from Essakane, becoming net cash positive following the repayment of the remaining balance of the credit facility, funding our operations as outlined in our guidance, ensuring that we are 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 Lemelin, our Chief Operating Officer, to discuss our operating results. Bruno?

Speaker #2: Which includes the continuation of the share buyback program, utilizing cash flow from a second, 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 our position while exiting the year and ensuring that we have the financial capacity to support opportunities to improve our business.

Speaker #2: And with that, I will pass the call to Bruno Lemelin, our chief operating officer, to discuss our operating results. Bruno.

Speaker #3: 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.

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 four years of operation, Côté's produced 399,800 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 a nameplate throughput of 36,000 tons per day over a period of 30 consecutive days ahead of schedule in June.

Speaker #3: The success of COTI goes beyond just the fourth quarter. In its first full years of operation, COTI has produced 399,000,800 ounces on the 100% basis achieving the top 10 of our guidance estimates.

Speaker #3: During the year, our COTI teams achieved success after success every day on many fronts, operational stability, maintenance, environmental, monitoring, or workforce engagement. COTIGOLD completed the ramp-off and demonstrated nameplate throughput of 36,000 tons per day over a period of 30 consecutive days ahead of schedule in June.

Speaker #3: It was a very strong 2025 with COTI now having strong three consecutive quarter in a row of the mine hitting its target and its stride.

Bruno Lemelin: It was a very strong 2025, with Côté now adding strong three consecutive quarters in a row of the mine hitting its target and its TRIF. Focusing back to the quarter, mining activity totaled 11.1 million tons. Ores mined were a record of 4.5 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.

Speaker #3: Focusing back to the quarter, mining activity totaled 11.1 million tons. Or tons mined were a record of 4.5 million tons in the quarter with a strip ratio of 1.5 to 1.

Speaker #3: Mill throughput in Q4 totaled 2.9 million tons, head grade for the fourth quarter was a record of 1.44 grand per ton as a result of the combination of higher grade direct feed or a low strip ratio over the quarter and stockpiling of lower grade ore.

Speaker #3: The installation of the additional secondary crusher was completed in November and commissioned 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 a temporary contractor aggregate crusher to supplement COTI's crushing capacity to improve the availability of the secondary crushing circuit.

Bruno Lemelin: As we discussed later 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 Q4 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 cost this year has been associated with the temporary crusher.

Speaker #3: 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.

Speaker #3: Looking at cost, COTI reported fourth quarter cash costs of 1,265 per ounce, and all in sustained costs of 1,688 per ounce. We continue to see mining and processing unit costs above where we would like them to be.

Speaker #3: A major driver of costs this year has been associated with the temporary crusher. The decision to move ahead nameplate by five, six months allowed for maximizing tons versus waiting for the installation and ramp-up of the second cone crusher.

Bruno Lemelin: The decision to move ahead main plant 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.

Speaker #3: In an important time for the project and in the market. Looking at mining costs on an annual basis, the average $4.20 per ton in 2025.

Speaker #3: We expect to see costs improvement through 2026 as further operational improvements are made, including the elimination of the contracted aggregate plant and reduction of contractors.

Speaker #3: Milling unit costs on an annual basis averaged $20 per ton. There is a direct relationship with the amount of ore crushed with the temporary crusher in our processing costs.

Speaker #3: We expect that the removal of the aggregate plant will reduce processing costs by 4 to 5 dollars per ton. Additional savings are expected as we improve the lifecycle of the HPGR rollers 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.

Speaker #3: Looking ahead 2026 is the year in which our operations team is focusing on fine-tuning COTI at 36,000 tons per day. This year, the operations team will be focusing on unit cost improvement to stable and efficient mining in milling practices.

Speaker #3: It is important for our team to be able to operate COTI with an expected specification before we expand the operation further. On costs, all in sustained costs are expected to be in the range of 1,775 to 1,925 dollars per ounce sold, which reflects an additional 50 million dollars or about 185 dollars an ounce of non-recurring sustaining capital investments to improve the operating efficiency and the long-term operating cost structure.

Speaker #3: 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.

Bruno Lemelin: These include the implementation of a refit 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 tip 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 improvement 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 the 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.

Speaker #3: 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 burden in early 2027.

Speaker #3: This leads us to what is next for COTI. The COTI Gosnay expansion mine plant. In the fourth quarter of this year, we will release the details of the updated mine plan that envisions a near-term expansion of the COTI plant, targeting a significantly larger ore base from both COTI and Gosnay.

Speaker #3: Alongside our financial results last night, IAMGOLD announced its updated mineral resources and reserves estimates. In the estimate, we saw significant upgrading of ounces from inferred to measured and indicated at Gosnay.

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.

Speaker #3: Which now is estimated to have 6.9 million ounces of indicated ounces and a million ounces of inferred resources. Combining COTI and Gosnay, the COTI gold project currently is estimated to have MNI 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.

Speaker #3: 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.

Speaker #3: As currently designed, COTI 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.

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 main plant 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.

Speaker #3: 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 COTI-Gosnay super pit.

Speaker #3: Turning to Quebec, in the fourth quarter, we saw Westwood produce a record 37,900 ounces since mine restart. As the underground return high grades coupled with strong throughput in the plant.

Speaker #3: Underground mining activities in the fourth quarter averaged 1,139 tons per day translating to 105,000 tons in the quarter a record volume from underground since the mine restart.

Speaker #3: With an average underground mine rate of 9.87 grams per ton. During the first three quarters of the year, mining activities on the ground operated through lower-grade stope and adjusted blasting technique.

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 Grand Duc satellite open pit continued in the quarter with 174,000 tons mined, with a head grade from the open pit averaging 1.19 gram per ton. The Grand Duc open pit life has been extended, extended into 2027. We expect Grand Duc to contribute a similar amount of ore to the plant this year, at a slightly lower grade of between 1.1 to 1.2 gram per ton. Mill throughput in the third quarter was 299,000 ton at an average grade of 4.21 gram per ton, and average recoveries of 93%.

Speaker #3: In the fourth quarter, Westwood refined stove design, sequencing, and blasting while returning to higher-grade stoves as per mine plan. Mining of degraded satellite open pit continued in the quarter.

Speaker #3: With 174,000 tons mined, with a head grade from the open pit averaging 1.19 grams per ton. Degraded open pit life has been extended into 2027.

Speaker #3: We expect degraded to contribute a similar amount of ore to the plant this year with a slightly lower grade of between 1.1 to 1.2 grams per ton.

Speaker #3: Mill throughput in the third quarter was 299,000 tons at an average grade of 4.21 grams per ton. Average recoveries were 93%. Plant utilization was 92% in the quarter, up from 75% in Q3.

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, while with mining costs, the mining unit costs declining due to the high volume of ore mined in mill. Looking ahead to this year, Westwood production is expected to be in the range of 110,000 to 113,000 ounces.

Speaker #3: 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.

Speaker #3: Well below the average of the year of around 2,100 dollars per ounce. The cost improvement was also assisted by lower unit costs while with mining costs and milling unit costs declining due to the high volume of ore mine and mill.

Speaker #3: Looking ahead, to this year, Westwood production is expected to be in the range of 110,000 to 113,000 ounces. Mild 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.

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.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: 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 mine in the eastern parts of Westwood underground that could potentially be amenable to both mining.

Bruno Lemelin: Expansion capital is expected to increase this year to $30 million, which is primarily associated with development works and risks 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 31 December 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.

Speaker #3: Looking at our mineral resources and reserve update, Westwood more than replaced depletion over 2025, with 1.1 million ounces of mineral reserves today. 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.

Speaker #3: 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 at depth to the east and west of our current underground operation.

Speaker #3: Turning to SACAN and concerning with the Q14, the mine reported record production of 138,100 ounces on a 100% basis. Equating to 117,300 ounces on a or 85% mining.

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 an 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 mine ore in the fourth quarter was the highest grade mined in the year, as the mine sequenced deeper into phase seven.

Speaker #3: Mining in the fourth quarter totaled 9.4 million tons and increased 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.

Speaker #3: The average grade of mine ore in the fourth quarter was the highest grade mine in the year as the mine sequence deeper into phase seven.

Speaker #3: The mill reported strong throughput in the fourth quarter of 3.2 million tons at an average head grade of 1.5 grams per ton. Continuing the quarter over quarter step up, we have seen this year.

Bruno Lemelin: The mill reported strong throughput in the fourth quarter of 3.2 million tons at an average head grade of 1.5 gram 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 fourth quarter, Essakane reported cash costs of $1,471 per ounce and all-in sustaining costs of $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.

Speaker #3: The plant achieved recoveries of 88% in the quarter which was below the 90% average for the year. As SACAN typically sees, higher graphitic carbon in the higher grade zones.

Speaker #3: Though this is mitigated with blending. Similar to Westwood, SACAN saw an improvement in cost per ounce and unit cost per ton on the higher volumes.

Speaker #3: For the fourth quarters, SACAN reported cash costs of 1,471 dollars per ounce and all in sustained costs of 1,674 dollars 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.

Speaker #3: And this is even more pronounced in Burkina Faso, where the new royalty decree was implemented in 2025, with royalties now uncapped and tied to the gold price.

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 the 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.

Speaker #3: In the fourth quarter, royalties accounted for $460 per ounce, or approximately 36% of SACAN'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.

Speaker #3: 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.

Speaker #3: All in sustained costs is expected to be in the range of 2,000 to 2,150 dollars per ounce sold. On the production side, SACAN attributable production is expected to be in the range of 340 to 380 thousand ounces.

Bruno Lemelin: On the production side, Essakane attributable production is expected to be in the range of 340 to 380 thousand ounces, or 400,000 to 440,000 ounces on a 100 percent 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 level pit that is adjacent to the Essakane main zone. On mineral resources and reserve, Essakane reserve decreased by 640,000 ounces due to depletion in geologic model adjustment for a total of 1.7 million ounces.

Speaker #3: Or 400,000 to 440,000 ounces on a 100% basis, which is similar to production in 2025. The production profile is expected to be fairly flat quarter over quarter this year.

Speaker #3: Mining activity will target phase six and seven in the level pit that is adjacent to the SACAN main zone. On mineral resources and reserve, SACAN reserve decreased by 640,000 ounces due to depletion in geologic model adjustment for a total of 1.7 million ounces.

Speaker #3: However, measured and indicated mineral resources reported a 50% increase in tons. Offsetting a 26% decrease in grades. For a total of 4.4 million ounces.

Bruno Lemelin: However, Measured and Indicated mineral resources reported a 40% 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?

Speaker #3: In measured and indicated in an additional 853,000 ounces of inferred. We are currently studying the Block 3 project which would add an additional five years of life of mine extending SACAN until at least 2032.

Speaker #3: With that, I will pass it back to Renaud. Renaud.

Speaker #2: Thank you, Bruno. I just want to take a moment to highlight the exciting development from the fourth quarter in which IAMGOLD acquired an art and superior in mines Durbeck.

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 Resources, 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 deposit and high-value target: Nelligan, Monster Lake, Philibert, Chevrier, Lac Souris, Croteau, and Marten. 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 deposits to each other supports a conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometer radius.

Speaker #2: Consolidating their asset and properties with our asset in the Shibuya Moshepe region of Quebec to form the Nelligan Mining Complex. Which is now composed of the following deposit and high-value target.

Speaker #2: Nelligan, Monster Lake, Philly Bear, Chevrier, Laxar Priest, Crotto, and Mon. The Nelligan Mining Complex already has a significant mineral inventory of over 4.3 million measure and gated ounces and 7.5 million inferred ounces.

Speaker #2: 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 ore sources within a 17-kilometer radius.

Speaker #2: 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 Philly Bear while testing Monster Lake at depth.

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

Speaker #2: 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 to have a preliminary economic assessment on the Nelligan Complex in 2027.

Speaker #2: With that, I want to thank our shareholders for your great support. We truly believe it will be an exciting year for IAMGOLD, with significant value growth ahead and many catalysts ahead.

Speaker #2: And now, I would like to pass a call back to the operator for the Q&A. Operator?

Speaker #3: 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 touch tone telephone.

Operator: Ladies and gentlemen, at this time, we will begin the 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 question, you may press star and... We'll pause a moment as callers join the question queue. Our first question today comes from Mohammed Sidibe from National Bank. Please go ahead with your question.

Speaker #3: 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.

Speaker #3: To withdraw your questions, you may press star and we'll pause a moment as callers join the question queue. In our first question today, it comes from Mohammed Sidibe from National Bank.

Speaker #3: Please go ahead with your question.

Speaker #4: Thank you. Good morning, Renaud and Tim, and thanks for taking my question. Maybe I'll start with SACAN and with the M&I increase there year over year.

Mohamed Sidibé: Thank you. Good morning, Renaud and team, 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.

Speaker #4: And the potential extension of the mine life of that asset. How should we think about SACAN within your broader portfolio and specifically as the licenses potentially expiring into 2029?

Speaker #4: Please yeah, thank you.

Speaker #2: So, I'll give some first comments, and I'll ask Renaud to elaborate more on the potential we have here. But we've really been going step by step.

Renaud Adams: I'll give some first comment, and I'll ask Renaud 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 2024, 2025. 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, 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.

Speaker #2: I thought 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 extension.

Speaker #2: The most important thing is what I would call the acceptance of all of it, right? So we understand the geographic and geopolitical and so forth.

Speaker #2: But the reality is we've been operating this mine pretty steady state. No interruptions for nearly three years now. We've found and congrats to Marthin and his team and Bruno's and found a very creative way to allow for cash flow.

Renaud Adams: We've found, and congrats to Maarten and his team, and Renaud, and found, you know, a very creative way, you know, to, to allow for cash flow. At those prices, we see a good opportunity of using this cash flow to reward our shareholders. So I think over the next few quarters, you know, we just need to continue to beat the, you know, to beat the drum and, and execute on our, on our plans and continue to, to repatriate, you know, and reward our shareholders. And as we advance in 2026, Renaud 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. But,...

Speaker #2: At those prices, we see a good opportunity of using this cash flow to reward our shareholders. So I think over the next few quarters, we just need to continue to beat the drum and execute on our plans and continue to repatriate and reward our shareholders.

Speaker #2: And as we advance in '26, Bruno and his teams will complete some work. We're definitely seeing an extension potential. Which we need to continue to work and prove.

Speaker #2: But we're not there yet, but I think we've come a long way to make SACAN a very strategic element of our portfolio. Bruno, if you want to add anything.

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

Bruno Lemelin: Yes. So thank you, Mohammed, for your question. You know, I've been at Essakane, like, I started a time ago at Essakane in 2014, and since then, the life of mine has not stopped getting extended, so it should not come too much of a surprise. 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 phase 9 and 10, north of where we are currently mining. Then south, we have the, 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.

Speaker #4: Yes. So, thank you, Mohammed, for your question. I've been at SACAN—like, I started with IAMGOLD at SACAN in 2014. And since then, the life of mine has not stopped getting extended.

Speaker #4: So it should not come as too much of a surprise. What is really good is we were able to find those additional resources within the fence.

Speaker #4: North of Phase 7. So we have now Phase 8 and Phase 9 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 tried to connect south of the SACAN main zone.

Speaker #4: So there's a saddle zone and now we believe that those two connects together. So it gives us confidence that we could be targeting at another five years of life of mine.

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. Shouldn't be like, too much of a problem when we first met with the officials, in terms of having the license to be extended by another five years, which would bring us closer to 2032, 2037.

Speaker #4: 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 to be extended by another five years.

Speaker #4: Which would bring us closer to 2032, 2032.

Speaker #2: So we're not again, this season to be made preparations for 27 plan. But meanwhile, we expect another great year and maximum free cash flow out of the asset repatriated.

Renaud Adams: So we're not, again, decision to be made probably later as we advance in the year in preparations for our 27 plan. But meanwhile, we expect another great year in maximum free cash flow out of the asset, repatriated, and applied towards the the shareholder program, share buyback. So-

Speaker #2: And apply towards the shareholder program. Bye-bye. So more to come.

Bruno Lemelin: Right.

Renaud Adams: More to come.

Speaker #3: Thanks a lot for that caller. Maybe else we should go to specifically on the unit cost. I think Bruno, you touched on the milling cost potentially improving four to five dollars by the second half of 2026.

Mohamed Sidibé: Thanks a lot for that color. Maybe I'll switch to Côté-

Renaud Adams: Thank you.

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

Speaker #3: 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 COTEGOLD?

Speaker #3: Thank you.

Speaker #4: Yeah. So the mining costs for 2026, as we are making adjustments, some adjustments are taking time. So now we're implementing a new emotion plan.

Bruno Lemelin: Yeah. So the mining costs for 2026, as we are making adjustments, some adjustments are taking time, so now we're implementing the new motion plan. There will be some testing. We should be at the year at around $370-$380 a ton. As we're getting, 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 auto admin suite and everything. So there's a lot of activities surrounding the mining activities. That's the reason why, like, we see a an embellishment in unit costs. However, it's going to take some time to see the long-term mining costs. Not for this year.

Speaker #4: There will be some testing. We should be a bit the year at around $370, $380 a ton as we're getting. We brought new equipment, new drills.

Speaker #4: We are also doing the pushback, Mohammed. And by doing this pushback, there's several infrastructure that needs to be relocated, like the towers for the autonomous fleet and everything.

Speaker #4: So there's a lot of activities. So surrounding the mining activities, that's the reason why we see an embellishment in unit cost. However, it's going to take some time to see the long-term mining cost.

Speaker #4: Not for this year.

Speaker #2: So, what I could add to this is, at the early stage, we've seen some—yeah, we've seen some deficiencies, some areas that need some improvement.

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. That 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, integrate some additional improvement in 2027, 2028.

Speaker #2: We put more capital this year, addressing some like Renaud just mentioned. If you want to max optimize your mining costs, well, you need to optimize your OEE, your overall performance.

Speaker #2: To do that, you need a larger pit. You need maintaining your this is all been taking into account. I may not be all achieved in '26, as Bruno mentioned.

Speaker #2: But as we file and as we present our long-term plan, we will, if needed, integrate some additional improvement in 27, 28. But the objective is over the next with a big chunk in '26, 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 two to three 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, that 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.

Speaker #2: We really see a path forward with the possibility of reducing the cost and bringing COTE into one of the best unit costs for this large-scale Canadian.

Speaker #2: And then when you combine with the average grade and the possibility to uplift that we've seen the grade this year, and the low strip ratio of COTE, everything is in place at COTE.

Speaker #2: As we optimize the cost to make it a very attractive overall all-in sustaining cost. We've discussed the royalty. There's not much we could do more than we do have a provisions of buyback, which we would really pay attention to as we unlock our full potential of the scenario.

Bruno Lemelin: Yeah.

Renaud Adams: There's not much we could do more than we do have the 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 in 2028.

Speaker #2: 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 we feel very confident that we have a path forward.

Speaker #2: And we'll try to make it as much as possible this year. But it may extend a bit in 7, 28.

Speaker #3: Great. Thank you. I'll go back into queue and ask for my last question later. Yeah.

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

Speaker #2: Thank you.

Renaud Adams: Thank you.

Speaker #3: Our next question comes from Satish Kesanathan from Bank of America. Please go ahead with your question. Satish, your line is open. Is it possible your phone is on mute?

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

Speaker #5: Yeah. Hi. Sorry, I was on mute. Yeah. Hi. Good morning, thanks for taking my questions. My first question is on COTE. On slide 11, you mentioned that the mine plan for COTE is likely to include stage capital.

[Analyst] (Bank of America): 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 staged 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.

Speaker #5: 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?

Speaker #5: How should we think about it? Thank you.

Speaker #2: I think that the reference to the stage capital here is to being capable to focus from expansion to tailings down the road to opening Gosling.

Renaud Adams: ... I think that the reference to the staged 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 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.

Speaker #2: So what we're saying is that there is nothing need to do everything on the day one to make an expansion at COTEGOLD. As a matter of fact, you the COTE itself is enough to justify the expansions.

Speaker #2: And eventually, Gosling. So when we say stages, we see now six, seven, and eight. Bruno and his team is accelerating some aspect in the pit and opening the pit and so forth.

Speaker #2: So that's going to be in place by the time. And we say 29 is a focus on the expansion. 29, 30. And we have enough tailing capacity in place.

Renaud Adams: We said 29 is a focus on the expansion, 29, 30, and we have enough tailings capacity in place, so there would be, there would be a stage, in fact. So we just wanna 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, to be fully funded through the free cash flow of the asset.

Speaker #2: So, 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.

Speaker #2: The capital will be staged. Capable to be fully funded through the free cash flow.

Speaker #5: Okay, that is clear. Maybe one question on SAK. So, you received $171 million of cash this year at the start of the year, of which $50 million was already used for buybacks.

[Analyst] (Bank of America): 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 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.

Speaker #5: 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?

Speaker #5: And depending on how much dividend is declared for this year, we could see potential upside to that number.

Speaker #6: 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.

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.

Speaker #6: 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.

Speaker #6: 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.

Speaker #6: And then so the free cash flow attributable to IAMGOLD this year, you should be able to match that to buyback shares in the program.

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

Speaker #5: Okay. Thank you. Congrats on the strong quarter.

[Analyst] (Bank of America): Okay, thank you. Congrats on the strong quarter.

Speaker #2: Thank you.

Maarten Theunissen: Thank you.

Speaker #3: 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.

Speaker #7: Hi. Good morning, guys. Congratulations on a strong quarter and a strong year. I just wanted to ask a little bit more about COTE and Gosling.

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 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 calls. But, what-

Speaker #7: 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 Gosling in Q2.

Speaker #7: And my apologies if you addressed it in the opening comments. I was hopping between questions. But what do you think?

Renaud Adams: No. Thank you for, thank you for asking, Anita, on this.

Speaker #2: Thank you for asking, Anita, on this.

Speaker #7: Yeah. So I was just.

Anita Soni: Yeah. So I was just-

Renaud Adams: So, just for clarification.

Speaker #2: So no, just for clarification.

Anita Soni: Yeah.

Speaker #7: Yeah.

Speaker #2: So, it's cutting here. So sorry about that. Go ahead.

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

Speaker #7: 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?

Speaker #2: The no, thank you for asking this. So as Bruno showed in his portion, talking about the mineral reserve, mineral resources. So not a surprise on the reserve side.

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 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.

Speaker #2: It was just a deflation as you know, like the big consolidating both Gosling and COTE on the resources side we've come quite a bit a long way.

Speaker #2: And had delineated some. But this is a kind of an ongoing work. So to your point, we expect to complete probably late Q1 and maybe like we're talking about Q2 potentially.

Speaker #2: But 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.

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've drilled 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.

Speaker #2: 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.

Speaker #2: We're still discussing 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.

Speaker #2: So, as you combine the block model, you create that saddle zone that we've drilled as well. So, it's not final—not to look at the resource update at Côté as the final word to what our objective of 20 million, and we're still planning to discuss those results late Q1, early Q2.

Speaker #7: Okay. And how much more drilling would that have incorporated versus what you just did? I think you converted two out of the three million ounces of inferred into M&I category.

Anita Soni: Okay, and how much more drilling would that have incorporated versus what you just did? I think you converted two out of the three 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.

Speaker #7: But how much more would that bring on stream? If you could just tell me as a percentage of the drilling update. Or if you want to tell me the number of ounces, that would be great too.

Maarten Theunissen: Yeah.

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

Maarten Theunissen: We still have 25 holes to be included, and we have also the campaign on the saddle zone that needs to be included as well.

Speaker #2: We still have 25 holes to be included. And we have also the campaign on the saddle zone that needs to be included as well.

Speaker #7: Okay. I'll take a look at that.

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 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 in my plan.

Speaker #2: So enough. Yeah. And again, the merge of the block model as well. Technically, should also create some. So we feel very, very strong Anita if without giving a final number because we haven't seen it.

Speaker #2: But we feel very comfortable towards objective of 20 million MI plus.

Speaker #7: Yeah. And then I just wanted to follow up on the SAK and reserves and resources as well. I noticed the that have you I mean, I guess you've had positive grade reconciliation at the assets.

Anita Soni: ... Yeah. I just wanted to follow up on the Essakane reserves and resources as well. I noticed the grade declined. Is that, have you, I mean, I'm just, I guess, you know, you've had positive grade reconciliation at the asset. 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 the way you're doing it? Or did you include the positive grade reconciliation in the calculations?

Speaker #7: How are you basically calculating your depletion at the asset? I'm just are you just basically saying, "Okay. Well, we ended up we thought this ore body would be 1.2, and it ended up being 1.5.

Speaker #7: So we're deducting the 1.5 off of the average." Is that the way you're doing it? Or did you include the positive grade reconciliation in the calculations?

Speaker #2: Yeah. So the we changed the block model and the block model that will be using this year is taken we had to do some adjustment.

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 proved to be a little bit more conservative with this. Therefore, that's the reason why you see the grade 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 phase seven. But we're trying to cap a bit that kind of positive reconciliation in our future resources estimate. So we have something more balanced and conservative.

Speaker #2: But moving forward, the block model is going to be proved to be a little bit more conservative with this. Therefore, that's the reason why you see the grade going down.

Speaker #2: We 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 phase seven.

Speaker #2: But we're trying to cap a bit that kind of positive reconciliation in our future resources estimate, so we have something more balanced and conservative.

Speaker #7: Okay. All right. Thank you. That's it for my questions.

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

Speaker #2: Thank you. Appreciate. Thanks.

Renaud Adams: Thank you. Appreciate it. Thanks.

Speaker #3: Once again, if you would like to ask a question, please press star and then one. Our next question comes from SAM Overwater from Scotiabank.

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 Scotiabank. Please go ahead with your question.

Speaker #3: Please go ahead with your question.

Speaker #7: Hello. Can you hear me?

Tanya Jakusconek: Hello, can you hear me?

Speaker #2: Yep.

Renaud Adams: Yep.

Speaker #7: 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.

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, in Q2. So just so that I understand, so you were still targeting that 20 million ounce overall number. What the, 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?

Speaker #7: I have a few questions if I could. I just wanted to follow up on Anita's question on the reserves and resources that's coming out on COTE and Q2.

Speaker #7: So just so that I understand, so we're still targeting that 20 million ounce overall number. The reserves and resources and other will show is just more of a conversion or an upgrade into the M&I and reserve category.

Speaker #7: Would those additional 25 holes is that a proper way to think about it?

Speaker #2: The way to look about it is we feel strong that when the exercise is done, we will achieve our objective of 20 million of MI.

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.

Speaker #2: 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.

Speaker #7: Okay.

Tanya Jakusconek: Okay.

Speaker #2: 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.

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 gonna 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 both pits. So more to come, but we feel strong about a significant increase in reserve.

Speaker #2: So we 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 MI resource base.

Speaker #2: And we feel very strong about the economics of both fit. So more to come. But we feel strong about a significant increase in reserve.

Speaker #7: Okay. Okay. Thank you for that. And then how should I be thinking about the capital? Because you talked about a lot of this capital now being spent this 85 million or thereabout at COTE this year.

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 we were thinking of $100 to 200 million in capital. How should I be thinking about the capital for all of this?

Speaker #7: How should I be thinking of the study? And I think at one point, we were thinking of 100 to 200 million in capital. How should I be thinking about the capital for all of this?

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 gross 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 ex- 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 to $100 million total capital.

Speaker #2: I guess if I would have all the detail, Tanya, we would have probably been a little more because we're still in trade-offs. So the way to look at it is I think the gross 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 for the now the mill itself, which will be the main capital of 2930, we're still in the trade-off and so forth.

Speaker #2: No, I do not believe you build an expansion today for 100 million. To 200 million total capital. But we believe that it could probably be achieved below the 500.

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.

Speaker #2: But we still have to do the work.

Speaker #7: 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 on quarter, stable for both SAK and Westwood.

Tanya Jakusconek: Okay. Thank you for that. I'll take a look further into it.

Renaud Adams: Thank you.

Tanya Jakusconek: Just on two other things. Bruno, I think you gave some guidance for how the year is panning out for us, quarter on quarter, stable for both Essakane and Westwood. What about Côté?

Speaker #7: What about COTE?

Speaker #2: Yeah. Okay. Fair question. COTE 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.

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 fines or material to feed the mill, but we're going to be running at a slower pace.

Speaker #2: That's going to be a five-day shutdown. We will have supplement fines or material to feed the mill. But we're going to be running at a slower pace.

Speaker #2: We also have—we did 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.

Renaud Adams: ...We also have, we did 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. Like last year, Q2, Q3, Q4, we produced 36,000 tons per day, almost like 36,000 ounces a month on 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.

Speaker #2: And generally, summertime, at COTE, is very good. Last year, Q2, Q3, Q4, we produced 36,000 tons per day almost like 36,000 ounces a month in average.

Speaker #2: So that gives you a bit like the kind of seasonality that we have. We have a seasonality due to winter conditions in Q1. And Q2, we do some plan maintenance on the HPGR.

Speaker #2: And after that, we are rolling till the end of the year.

Speaker #7: Okay. So should I be thinking a 45, 55? Or is that?

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

Speaker #2: Yeah. I guess anywhere between the zone of around a 40, 45, as you say. Definitely, H2 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-

Tanya Jakusconek: Yeah.

Renaud Adams: Season wise, second crusher fully up and running, yeah, HPGR reline, and, and plus any other optimization that's gonna come. So yes, I think, I think it's fair to think that, our second half could be at the 55% of the year.

Speaker #2: HPGR relying. And plus, any others optimization that's going to come. So yes, I think it's fair to think that our second half could be at the 55% of the year.

Speaker #7: 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 potentially thinking that once all this is done, a dividend plan could be implemented.

Tanya Jakusconek: Okay, thank you.

Renaud Adams: Yeah.

Tanya Jakusconek: Renaud, I have you on for my one final question. Dividends, 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?

Speaker #7: Where are you on that?

Renaud Adams: I think we feel very strong that on the step-by-step. I mean, as Maarten 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 at, 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 are - we're gonna have these conversations 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, again, should normally go towards share buyback.

Speaker #2: I think we feel very strongly about the step-by-step. I mean, as Martin discussed, I think first things first is the share buyback.

Speaker #2: There is no doubt that let's call the Canadian platform would 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.

Speaker #2: 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 a dividend?

Speaker #2: So I think we're going to have this conversation post Q2 for the second half. As we realize that the free cash flow on the Canadian side as well.

Speaker #2: So we feel very strong that it's a can should normally go toward share buyback. The question is after what is the next in the row.

Renaud Adams: The question is after, what is the next in a row? I think we're gonna postpone these decisions for the second half of the year.

Speaker #2: And I think we're going to postpone this decision for the second half of the year.

Speaker #7: Okay. Thank you so much for taking my questions.

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

Speaker #2: Thank you. Thanks.

Renaud Adams: Thank you.

Graeme Jennings: Thanks.

Speaker #3: And this will conclude today's question and answer session. At this time, I'd 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 Graeme Jennings for closing remarks.

Speaker #2: 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.

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.

Speaker #2: Thank you all. Be safe and have a great 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.