Iamgold Q2 2026 Earnings Report

Iamgold EPS Results

• Actual EPS: $0.42
• Consensus EPS: $0.42
• Beat/Miss: Met Expectations
• One Year Ago EPS: N/A

Iamgold Revenue Results

• Actual Revenue: $845.97 million
• Expected Revenue: $882.92 million
• Beat/Miss: Missed by -$36.96 million
• YoY Revenue Growth: N/A

Iamgold Announcement Details

• Quarter: Q2 2026
• Date: 8/6/2026
• Time: After Market Closes
• Conference Call Date: Friday, August 7, 2026
• Conference Call Time: 8:30AM ET

Iamgold (NYSE:IAG), founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region. In addition, IAMGOLD is developing the Côté Gold project in Northern Ontario in partnership with Sumitomo Metal Mining. Côté represents one of the largest gold development projects in Canada, designed to deliver a long-lived, low-cost operation when it reaches full capacity.

Beyond its core assets, IAMGOLD maintains an exploration portfolio across West Africa and North America, targeting brownfield extensions and new discoveries. The company places emphasis on sustainable mining practices, community engagement and environmental stewardship throughout the life cycle of its projects. With a disciplined approach to capital allocation and operational execution, IAMGOLD aims to deliver consistent production growth and value creation for its shareholders.

Iamgold Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Strong operating and financial performance continued in Q2, with 188,100 ounces produced, $445.1 million in operating cash flow, and $368.9 million in mine-site free cash flow. Year-to-date mine-site free cash flow reached $893.5 million, keeping the company on track for full-year production guidance.
• Positive Sentiment: IAMGOLD ended the quarter in a net cash position with $501.4 million in cash and approximately $1.35 billion of available liquidity after repaying its remaining $100 million credit-facility balance. The company has repurchased about $510 million of shares since December and is considering initiating a dividend in early 2027.
• Positive Sentiment: Côté’s processing performance improved materially after the conveyor replacement and second cone crusher commissioning, with June throughput exceeding 1 million tons and processing costs falling to $17.72 per ton. Management expects stronger second-half production and is targeting mining and processing costs of approximately $4 and $15 per ton, respectively, by year-end.
• Neutral Sentiment: IAMGOLD is taking a more deliberate approach to Côté’s larger expansion, parking the previously contemplated $500 million-$700 million investment to move from roughly 40,000 to 50,000 tons per day while it evaluates larger-scale scenarios. The year-end technical report is expected to outline the combined Côté-Gosselin reserve base, a path toward 40,000 tons per day, and longer-term expansion options.
• Negative Sentiment: Higher gold prices are increasing royalty costs, which added approximately $380 per ounce year to date, while elevated oil prices and other input costs are pressuring margins. Full-year cash costs and all-in sustaining costs are tracking toward the upper half of guidance, with Côté expected near the top end of its cost ranges.

Presentation

[Operator]

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD second quarter 2026 operating and financial results conference call and webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. At this time, I would like to turn the conference over to Graeme Jennings, Vice President, Business Development and Investor Relations for IAMGOLD. Please go ahead, Mr. Jennings.

[Graeme Jennings, VP of Business Development and Investor Relations at IAMGOLD]

Thank you, operator. Welcome everyone to our conference call this morning. Joining us on the call are Renaud Adams, President and Chief Executive Officer, Maarten Theunissen, Chief Financial Officer, Bruno Lemelin, Chief Operating Officer, Ankit Shah, Chief Strategy Officer, and Annie Torkia Lagacé, Chief Legal 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 Mississaugas of the Credit, the Anishinaabe, the Chippewa, Haudenosaunee, and the Wendat peoples. At IAMGOLD, we believe respecting and upholding Indigenous rights is founded upon the 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.

[Graeme Jennings, VP of Business Development and Investor Relations at IAMGOLD]

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.

[Renaud Adams, President and CEO at IAMGOLD]

Thank you, Graeme. Good morning, everyone. Thank you for joining us today. It was another strong and safe quarter for IAMGOLD. We produced 188,100 oz of gold in the second quarter, bringing our year-to-date production to 371,700 oz, positioning IAMGOLD firmly on track to meet our full-year guidance of 720,000-820,000 oz. Our company continues to generate strong cash flow with nearly $900 million of mine-site free cash flow produced year-to-date. This allows us to invest in our assets, strengthen our balance sheet, and return capital to our shareholders at the same time. Since December, we have repurchased more than $500 million of IAMGOLD shares. These repurchases reflect our confidence in the company's future and our view that our shares represent compelling value. That confidence is built on the growth we have across each of our mines.

[Renaud Adams, President and CEO at IAMGOLD]

Over the coming quarters, we expect updated studies at Côté, Essakane, Westwood, and Nelligan. Our next phase of value creation starts at Côté. The first step is the updated mine plan and the technical report, which remains on track for the end of the year. For the first time, this plan will bring the Côté and Gosselin deposits together, building on the more than 20 million ounces of measured and indicated resources across the combined zone. The updated plan will define a near-term path to increase throughput towards 40,000 tons per day through targeted debottlenecking of the existing plant. This work is expected to be low cost and high return, supported by a larger reserve base and a longer mine life. In parallel, we're advancing trade-off studies on a large expansion of Côté. We have adjusted the scope of this work to reflect the significant size and opportunity at Côté.

[Renaud Adams, President and CEO at IAMGOLD]

We are taking the time to assess the full scale of the asset, evaluating multiple scenarios to ensure that Côté is positioned to deliver value for generations to come. At Essakane, we continue to see strong cash flow generation, which remains a key driver of our share buyback program. In the first half of the year, we plan to release an updated mine plan that is expected to outline a mine life extension to 2035. At Westwood, our Quebec underground mine continues to redefine itself as a stable, cash-generative operation. Next year, we are excited to outline a path to extend mine life and increase underground throughput with the potential to transform Westwood into a larger, higher throughput, lower cost operation.

[Renaud Adams, President and CEO at IAMGOLD]

Of course, at Nelligan, we are advancing one of Canada's largest emerging gold camps toward an initial economic study next year, marking an important step in defining its long-term development potential. In summary, IAMGOLD is performing well, generating strong cash flow, returning capital to shareholders, and building real growth for the years ahead. With that, let's get into the quarter. Starting with health and safety, our total recordable injury frequency rate was 0.70 for the quarter and is tracking at 0.56 year-to-date. I would like to recognize the Westwood team in particular, whose continuous focus on safe operations set a strong standard. Safety comes first to us, and I want to thank our teams across operations for their ongoing commitment to safe and responsible mining.

[Renaud Adams, President and CEO at IAMGOLD]

Turning to operation, IAMGOLD produced 188,100 oz to our account in the second quarter. At Côté, attributable production was 67,300 oz or 96,200 oz on 100% basis, which was made possible as the plant operated at near full capacity in June following the conveyor belt replacement and the commissioning of the second rock crusher. Essakane West Zone also delivered strong quarters with grades slightly above forecast. Cash costs, including royalty, were $1,289 per ounce for the quarter and $1,244 per ounce year-to-date. For the full year, cash costs are tracking towards the upper half of our guidance range, with improvement expected in the second half as Côté production increases. All-in Sustaining Costs, including royalty, are likewise tracking towards the upper half of the guided range. As a reminder, both Côté and Essakane have a royalty structure tied directly to the gold price.

[Renaud Adams, President and CEO at IAMGOLD]

With the realized gold price averaging over $4,600 per ounce year-to-date, royalties have added approximately $380 per ounce so far this year, about $55 per ounce above our guidance assumption. We continue to monitor inflation and energy market volatility closely. In the first half of the year, certain input costs increased by approximately 3%, in line with our expectations. In the second quarter, oil prices were approximately 25%-30% per barrel above our guidance assumptions, adding about $35 per ounce above our cost guidance. With that, I will pass the call over to our CFO to walk us through our financial matters. Maarten?

[Maarten Theunissen, CFO at IAMGOLD]

Thank you, Renaud, good morning, everyone. The combination of strong operating performance and a favorable gold price environment continued to generate significant cash flow during the quarter. Our capital allocation strategy is to deploy funds to sustain and optimize our operations, fund our expansion and mine life extension initiatives, then use remaining funds for strategic opportunities and shareholder returns. Net cash from operating activities totaled $445.1 million during the quarter, an increase of $359.3 million when compared to the $85.8 million of cash from operating activities in Q2 2025. We used the operating cash flow to fund the $115.6 million of capital expenditures, the full repayment of the remaining $100 million outstanding on the credit facility, $74 million paid to the government of Burkina Faso related to the Essakane dividend distribution, and $147.9 million of shares repurchases under our share buyback program.

[Maarten Theunissen, CFO at IAMGOLD]

As Renaud noted, since we initiated the share buyback in December, IAMGOLD has repurchased approximately 28 million shares for $510.4 million, which equates to approximately 45% of our mine-site free cash flow returned to shareholders, a clear signal of our confidence in the value of our shares. In June, we further enhanced our financial flexibility by amending the credit facility, increasing total capacity from $650 million-$850 million, extending the maturity to 2030, improving covenant terms, and lowering overall borrowing costs. The amended facility also includes a further $250 million accordion feature, providing additional liquidity potential. As a result, we ended the quarter with $501.4 million in cash and cash equivalents, no amounts drawn on the revolving facility, and total available liquidity of approximately $1.35 billion. Revenues for the second quarter was $856.9 million on sales of 195,100 oz at an average realized gold price of $4,384 per ounce.

[Maarten Theunissen, CFO at IAMGOLD]

This was slightly below the quarter average as production was weighted towards the back end of the quarter. Adjusted EBITDA in the second quarter was $507.1 million, adjusted net earnings attributable to equity holders of $241.6 million or $0.42 per share, compared with $77.3 million and $0.13 per share in the prior period. On a trailing 12-month basis, Adjusted EBITDA has increased to approximately $2.2 billion. Cash flow from operating activities, excluding working capital adjustments, was $442 million in the quarter, an increase of $315.6 million year-over-year. Mine-site free cash flow was $368.9 million in the second quarter at $228.4 million, or 169% increase compared to Q2 2025. Year-to-date mine-site free cash flow was $893.5 million, a $613.5 million or 290% increase compared to the same period in 2025. Taken together, these results reflect the fundamental transformation of the company's financial position.

[Maarten Theunissen, CFO at IAMGOLD]

Just over a year ago, IAMGOLD carried more than $800 million of net debt. As of June 30, 2026, the company is in a net cash position with an undrawn and increasing revolving facility and a balancing capacity to fund growth and return capital to shareholders concurrently. With that, I will pass the call to Bruno Lemelin, our Chief Operations Officer, to discuss our operating results and outlook. Bruno?

[Bruno Lemelin, COO at IAMGOLD]

Thank you, Maarten. Starting with Côté Gold. Côté produced 96,200 oz on a 100% basis in the quarter, bringing the year-to-date production to 170,900 oz. Strong production is expected in the second half, putting Côté well on track to meet the production guidance of 390,000 oz-440,000 oz this year. The story of the quarter is really the story of June, when the plant operated at near full capacity following the conveyor belt replacement in May and the commissioning of the second cone crusher earlier in the year. On the mining site, we moved 11.7 million tons of total material with 3.1 million tons of ore at a strip ratio of 2.8:1. Grade mined average 0.86 g per ton. Both the strip ratio and the grade reflect where we are in the mine plan.

[Bruno Lemelin, COO at IAMGOLD]

We worked on pushback areas and focused on opening up a new bench to set up the second half of the year. In the plant, we milled 2.9 million tons. We managed throughput early in the quarter ahead of the CV-10 conveyor replacement in late May. Once the new heavier gauge belt was installed, we ramped the plant back to nameplate and processed over 1 million tons in the month of June alone. Head grades average 1.12 g per ton at recoveries of 93%, and I would note that reconciliation between our reserve model and mill feed continues to sit well within expected tolerances. The most significant operational milestone in the quarter was discontinuing external contractor crushing by the end of June.

[Bruno Lemelin, COO at IAMGOLD]

We are already seeing the benefits as the processing costs in June averaged $17.72 per ton, down from an average of $22.5 per ton over the prior three quarters. We have seen additional operating improvement. First, with better sized material now feeding the HPGR. We are seeing improved wear rates on the rollers. A longer HPGR lifespan should translate into lower maintenance costs and better crushing circuit availability going forward. Second, the mining fleet that had been dedicated to rehandling material for the contract crusher is now being redeployed on two mining activities. Combined with three new haul trucks coming into service, we expect mining rates to step up in the second half. Looking forward, we anticipate the plant averaging nameplate of 36,000 ton per day over the course of the year and head grades between 105 g and 115 g per ton.

[Bruno Lemelin, COO at IAMGOLD]

Production is weighted to the second half on both higher throughput and higher grades. Turning to cost. Côté reported second quarter cash costs, excluding royalties, of $1,245 per ounce and All-In Sustaining Costs of $2,082 per ounce. Costs remain elevated on external contractor crushing, contractor support for the conveyor repair, and scheduled maintenance, compounded by higher diesel prices. On a unit basis, mining costs average $4.49 per ton mined and milling costs $20.85 per ton milled in the quarter. Both remain above where we intend to operate. The path to improvement is clear. On mining, the contractor crusher required significant rehandling and tied up haul truck utilization. With the contractor phased out and three new haul trucks coming into service, that capacity returns to the pit. On milling, June's cost of $17.72 per ton gives us a real-world data point for what the circuit delivers without contracted crushing.

[Bruno Lemelin, COO at IAMGOLD]

We are targeting mining costs of $4 per ton and milling costs of $15 per ton by year-end, with further reductions expected into 2027. On capital, we invested $54.6 million at Côté in the quarter on attributable basis. Capital expenditures are to be weighted to the second half on equipment delivery timing and project scheduling. Putting that together for the year, we expect cash costs, excluding royalties at Côté, near the top end of our $900-$1,050 per ounce guidance range, and AISC, excluding royalties, at the top end of the $1,475-$1,625 range. Côté carries a 7.5% gross margin royalties and various net smelter return royalties, which accounted for $309 per ounce in our cash costs or 20% of cash costs.

[Bruno Lemelin, COO at IAMGOLD]

Costs are expected to improve through the second half on higher production volumes, the removal of contracted crushing, improved maintenance cycles, and greater efficiencies as the pit opens up. With a clear path to higher production and lower costs, attention now turns to the next phase for Côté. On June 1st, we announced an updated mineral resource estimate that, for the first time, combined the Côté and Gosselin zones together into a single block model. On a 100% basis, measured and indicated resources increased to 20.3 million ounces with 3.5 million ounces of inferred. This larger resource base will support our updated technical report and life of mine plan, which we expect to release towards the end of the year. The plan is expected to show a significant increase in both reserves and mine life.

[Bruno Lemelin, COO at IAMGOLD]

It will also set out a near-term path to raise processing capacity beyond the current main plate of 36,000 tons per day, toward a sustained rate of about 40,000 tons per day. That first step comes from further debottlenecking and targeted plant improvement, not from a major new build. It includes accelerating certain works, such as an additional mill. In parallel, we are evaluating longer term expansion scenarios beyond 40,000 tons per day through technical infrastructure and permitting studies. Our objective is to determine the right scale and the right development path for Côté. For a project of this size, scope, and importance, it is critical we determine the optimal long-term expansion strategy. The additional non-recurring sustaining and expansion capital we are investing today supports that work. The plant improvements provide improved availability and capacity.

[Bruno Lemelin, COO at IAMGOLD]

The phase II pit pushback gives us operating flexibility in the near term. It also prepares the ground for a larger operation. We are reducing the risk of the bigger build well before we commit to it. We also continue to grow the resource. At Côté and Gosselin, we are drilling over 30,000 m to test the extensions to the northeast to improve confidence in the resource and to convert inferred ounces into the indicated category. Turning to Westwood. The operation delivered another strong quarter, producing 32,400 oz, supported by solid underground performance. year-to-date, Westwood has produced 68,600 oz, positioning well on track with our guidance target of 110,000 oz-30,000 oz. Underground mining totaled 104,000 tons at an average grade of 8.4 g per ton, with the Grand Duc open pit contributed 109,000 tons of ore as waste stripping continued to position the pit for future production.

[Bruno Lemelin, COO at IAMGOLD]

Mill throughput was 287,000 tons at a blended grade of 3.75 g per ton and recoveries of 94%. Throughput was lower than the prior year due to a planned mill shutdown early in the quarter. Overall operating performance remained strong. Most importantly, Westwood generated $56.5 million of mine-site free cash flow during the quarter and $166.5 million year-to-date. The operation continues to demonstrate the value of the technical and operational changes implemented over the past years, delivering safe and reliable production, strong margins, and meaningful cash flow generation. Turning to cost and outlook, Westwood continues to perform well across both operational and financial metrics. Cash costs were $1,606 per ounce in the quarter. All-in sustaining costs were $2,163 per ounce. Year-to-date, AISC is averaging $1,921 per ounce, which is tracking below our full year guidance range.

[Bruno Lemelin, COO at IAMGOLD]

While we have seen modest cost increases related to additional grading activity and higher explosive cost, overall cost performance remains strong. Looking ahead, our focus is on unlocking the next phase of value at Westwood. This year, we are investing around $30 million of expansion capital to advance exploration and development activities in the eastern extension of the mine, where grading continues to demonstrate encouraging results, including a thickening of the mineralized system. Our teams are now advancing underground development into this area and conducting bulk testing to better understand its long-term potential. We expect to publish an updated technical report in the second half of 2027. This work is expected to support an extension of mine life and evaluate the potential for more productive bulk mining methods within the eastern zone. If successful, this could support higher underground throughput, improve mining costs, and increase production over time.

[Bruno Lemelin, COO at IAMGOLD]

Turning to Essakane, the operation delivered another strong quarter, producing 88,400 attributable ounces, an increase of 15% over the prior year period. Year-to-date, Essakane has produced 183,500 oz, putting the mine well on track with our guidance targets. Performance in the quarter continued to benefit from positive rate reconciliation as mining progressed deeper into phase 7, consistent with what we have observed in previous phases of the deposit. Mining activities totaled 12 million tons during the quarter, including 2.5 million tons of ore. Waste stripping remained elevated as we continue to advance the adjacent Lao pit. Despite the higher stripping requirement, the operation delivered solid throughput of 3.2 million tons, with head grades of 1.13 g per ton and recoveries of 88%. Most importantly, Essakane continues to generate substantial cash flows.

[Bruno Lemelin, COO at IAMGOLD]

Mine-site free cash flows total $162.1 million during the quarter and $464.8 million year-to-date, even after a $60.2 million tax payment. Over the last 12 months, Essakane has generated more than $800 million of mine-site free cash flow, highlighting the strength of the asset in the current gold price environment. As we look into the second half of the year, mining will remain focused on phase 7 and the development of the Lao pit. While grades are expected to normalize as additional Lao ore enters the mine plan, the operation remains well-positioned to achieve annual production guidance and continue generating significant free cash flow. Turning to cost, Essakane delivered a strong quarter. Cash costs excluding royalties were $1,214 per ounce, a reduction of 22% from the prior year period, and the all-in sustaining costs, excluding royalties, were $1,691 per ounce.

[Bruno Lemelin, COO at IAMGOLD]

The improvement was driven largely by unit cost performance in the pit, where open pit mining costs fell to $4.79 per operating ton from $6.02 a year ago as free digging in the initial satellite benches of the Lao pit reduced both explosives and energy consumption. Milling costs also improved to $18.88 per ton as the liner replacement was completed in the first quarter this year rather than the second. Royalties accounted for $510 per ounce, representing approximately 30% of cash costs and an increase of $220 per ounce over the prior year period. This reflects both the higher gold price and the current royalty regime in which our average royalty rate in the quarter was 12% against 9% a year ago.

[Bruno Lemelin, COO at IAMGOLD]

Looking beyond 2026, we intend to publish an updated technical report in the first half of 2027, which is expected to demonstrate the potential to extend Essakane's mine life through 2035, supported by additional phases in the Essakane pit and the adjacent open pits. With that, I will pass it back to Renaud. Renaud?

[Renaud Adams, President and CEO at IAMGOLD]

Thank you, Bruno, and congrats to you and your teams on strong and safe operational results. Turning to growth beyond our three operating mines, the Nelligan mining complex in Quebec is where we see the next chapter of this company. Nelligan now hosts 4.3 million ounces of indicated and 7.5 million ounces of inferred mineral resources. The consolidations completed last December gives us 100% ownership of one of the largest pre-production gold camps in Canada on a single contiguous land package. Our focus this year is on drilling. We have budgeted approximately $24 million across the complex in 2026, with programs at Nelligan, Philibert, and Monster Lake. Roughly 45,000 m of close to 70,000 m are complete, and we expanded the Nelligan program during the quarter from 18,000 m-24,000 m on the strength of results to date.

[Renaud Adams, President and CEO at IAMGOLD]

Mineralization remains open along strike and at depth. We expect to release drill results later this year. What makes the district compelling is not any single deposit, but the relationship between them. All of the primary deposits sit within 17 km radius, which supports the conceptual vision of a central processing facility fed from multiple ore sources. That is the concept our teams are working to define. We expect to publish an inaugural technical report for the complex in the first half of 2027, which will bring this deposit together into a single development concept for the first time. Nelligan has the potential to become one of the premier development projects in Canada. With the deposit still open, our focus remains on growing the resource and defining the full scale of this district. Before we open the line for questions, a few closing thoughts.

[Renaud Adams, President and CEO at IAMGOLD]

This was another quarter of safe, consistent execution. We remain on track for guidance. We have generated nearly $900 million of mine-site free cash flow year-to-date. We ended the quarter in a net cash position with nearly $1.4 billion of liquidity while returning over $500 million to shareholders since last December. Looking ahead, we have work on the way across every asset. At Côté, an updated technical report later this year, integrating Côté and Gosselin for the first time with a much larger reserve base, a longer mine life, and a near path to approximately 40,000 tons per day. The consolidated resource plan to larger operations over time and will continue to advance that work. At Essakane, an updated mine plan in the first half of 2027, evaluating a mine life extension through 2035.

[Renaud Adams, President and CEO at IAMGOLD]

At Westwood, mine life extension and underground expansion study in the second half of 2027. At Nelligan, our inaugural technical report in the middle of next year. Each is about the same objective, understanding the full scale of what we hold and doing it from a position of financial strength. Thank you for your continued support. Operator, you can now open the line for questions.

[Operator]

Thank you. We will now begin the Q&A session. To ask a question, to join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Sathish Kasinathan with Bank of America Securities. Please go ahead.

[Sathish Kasinathan, Analyst at Bank of America Securities]

Yeah. Hi, good morning. Thanks for taking my questions. My first question is on the Côté expansion study. Could you maybe provide a bit more color on what changed over the past three months that drove the shift to a more phased approach? Are you now leaning towards a much larger expansion, maybe doubling the capacity to 70,000-80,000 tons per day? Or did you come across some technical findings that require more time to complete the studies? Thank you.

[Renaud Adams, President and CEO at IAMGOLD]

Okay. Thanks for your questions, and happy to provide more questions, and Bruno, you can add to it. Not sure if you read between, beyond more than, call it discipline and diligent capital allocation at this stage. Became obvious over the last few months as we advanced and continued to look at the opportunity that this large resource base, at Côté and Gosselin, provide for potentially multiple different scenarios. Quite frankly, when you're looking at the next three years, we'll be pretty much executing on the same. It doesn't really matter of the scenario. The next three years are a lot around focusing on the improvement, on reducing our cost, or hitting our 36,000 tons on a very sustaining basis and then slowly ramping up to 40,000 tons. We're not going to waste our time obviously. We're going to continue with our baselines.

[Renaud Adams, President and CEO at IAMGOLD]

We're going to work on vibrations, that's all. As you mentioned, it's not so much about the, is it like a 50, 60, 70 more than, we just don't want to limit ourselves on the multiple and take just more time to really assess different scenario. If you remember back in 2022, the company released a 43-101 at 36,000 tons moving towards 42,000 tons. From which now we're sitting in about 7 million of reserves. The opportunity here is to update this with the new projections from 36,000 tons to roughly 40,000 tons. We could potentially do a little more, and update our cost and so forth, and just continue to assess and just pick what we think is the best. This is one of the top resource base in Canada.

[Renaud Adams, President and CEO at IAMGOLD]

It's not about rushing the outcome of it, but really take the time for proper and discipline in that. There is no technical challenges beyond. It's just multiple opportunities. We have mentioned recently of course, up to very recently, the opportunity to go up to 50,000 tons and we were challenging ourselves, did we do the dry right away at the higher throughput. Clearly there is opportunities at Côté that deserve a little more of discipline look at and come up down the road with what is the best. Again, nothing to be worried about. Definitely no technical challenges, more than discipline and diligent approach. Bruno, happy if you want to add anything.

[Bruno Lemelin, COO at IAMGOLD]

Yeah. The main objective of this technical report is also to validate, confirm the reserve on the Gosselin side. We will see a large expansion on the reserve side coming from that report.

[Renaud Adams, President and CEO at IAMGOLD]

Quite frankly, as Bruno mentioned, there's very low to nil differences. We will capture the massive increase of the reserve base. In the short term, the 40,000-50,000 tons and so forth, this is now what drive the value more than the extensions of the life of mine and the massive expansions of the reserve base and so forth. Work diligently to hit the 36,000 tons consistently and up to 40,000 tons, lowering our costs, open the pit. Again, pretty much the same execution over the next two years. We'll use the time for environmental baseline and advance whatever. There is some permitting that could advance as well, water dam and so forth. We'll be more specific in the report, and we'll be capable to provide the next three years for this.

[Renaud Adams, President and CEO at IAMGOLD]

Again, depending on the expansion down the road, it doesn't really change the next three years anyway.

[Sathish Kasinathan, Analyst at Bank of America Securities]

Okay. Thank you. Looking forward for the update, in fourth quarter. Maybe my second question is on your capital allocation priorities. Great to see continued strong buybacks. With the company now in a net cash position and generating strong free cash flow, what is your latest thinking on buying back the 50% Côté royalty from Franco-Nevada and on the initiation of dividends? Where does M&A fit into this priority list?

[Renaud Adams, President and CEO at IAMGOLD]

Maarten, please go ahead.

[Maarten Theunissen, CFO at IAMGOLD]

Good morning, Sathish. There's many reasons why it would make sense for us. The price would be the same as the price that was set a year ago in a much lower gold price environment. There's many other impacts, including reducing the cost structure and burden on Côté. We continue looking at that. In the future, we can fund that with internally generated cash flow. We have until April of next year to make that decision. We are looking at that very closely. There's no real reason for us to do it earlier than when it makes economic sense to do so.

[Maarten Theunissen, CFO at IAMGOLD]

On the dividend, we continue to look at this year as a good year to buy back shares. We'll continue using the Essakane cash flows to fund that buyback. Beginning of next year, as we are in that net cash position, as you mentioned, it would start making sense for us. We are looking at that dividend starting early next year.

[Sathish Kasinathan, Analyst at Bank of America Securities]

Any thoughts on M&A?

[Renaud Adams, President and CEO at IAMGOLD]

I don't think so. We'll comment on M&A at this stage. We'll remain very focused and continue to create value for our shareholders.

[Sathish Kasinathan, Analyst at Bank of America Securities]

Okay. Thank you. Congrats on a strong quarter.

[Renaud Adams, President and CEO at IAMGOLD]

Thank you.

[Operator]

Thank you. The next question comes from Mohamed Sidibe with National Bank. Please go ahead.

[Mohamed Sidibe, Analyst at National Bank]

Hi. Thank you for taking my questions. Congrats on the strong operating quarter there. Maybe just a follow-up on the expansion to the 40,000 tons per day there. If I recall correctly, the prior touted expansion to 50,000 tons per day also was understood to have a doubling of the dry line, a third vertical mill, and an increased fine ore dome capacity. For this bottlenecking to 40,000 tons per day, can you provide us with a little bit more color on how we should think about capital for that optimization versus the previously, call it maybe $500 million and change that was envisioned for the 50,000 ton per day case? Thank you.

[Renaud Adams, President and CEO at IAMGOLD]

Essentially, as I said, the most important thing is the next three years is pretty much the same scenario. If you remove the expansion and you're looking at optimizations, we have discussed at large, this year we're spending around $80 million-$85 million in gross capitals to open the pit, prepare the pits for larger volume and so forth. We're advancing well. You could expect this spending to continue in 2027-2028. At that point, we hope that the pit will be fully open. Not fully open to the full, but provide for larger volume mining and more efficiencies. We also are spending more sustaining capital this year to improve in some aspect, and expect that to continue as well, as we want to install the Repete system in the fines and the coarse and proper continuum of operations. This is a huge ticket item.

[Renaud Adams, President and CEO at IAMGOLD]

We'll improve some infrastructure as well, as we continue to expand the mine fleet. There would be some needs for our maintenance facilities as well, improvement and so forth. The next three years is really about positioning the sites to be a very strong, low cost, long-term asset. This is the focus. Not much of a difference to what we have. We have already discussed in the past of the next three years, the only thing is, we have mentioned that the 50,000 tons starting maybe 2029, 2030, could be in the range of the $500 million-$750 million of capital. This was really to bring it from 40,000 tons towards the 50,000 tons. This is what we're parking for the time being until we have a better view of what is the optimum scenario down the road.

[Renaud Adams, President and CEO at IAMGOLD]

Expect the execution pretty much on the sustaining capital optimizations, improvement of infrastructure and operational equipment around the crushing to continue, and the growth path on the mining side to continue. No change there. The only difference so far is about the $500 million-$700 million of extra capital for expansion that we're, for the time being, parking.

[Mohamed Sidibe, Analyst at National Bank]

Thank you. That's very helpful. Then maybe if I can move on to Côté into the quarter. Great to see the process cost improvement in June. I think mining costs were also lower quarter-over-quarter. How should we think about mining and processing costs? Specifically, I think you're pointing to about $18 per ton realized in June on the process cost front. How can we think about that improvement into Q3 and Q4 at the asset and into 2027, towards your target of $415 there? Thank you.

[Renaud Adams, President and CEO at IAMGOLD]

Go ahead, Bruno.

[Bruno Lemelin, COO at IAMGOLD]

Hello, Mohamed, this is Bruno. We have a program that is tracking those costs, and we have close to 31 initiatives meeting and tracking those costs and trying to get them down. I will say that the reduction or the elimination of the contracted crushing is going to help. Because now the fleet, like I mentioned, is going to be fully dedicated to pit mining. That will increase the volume of mining. Just on a volume basis, that will help decrease in your unit costs. Also, we are adding new units in the fleet. After that, our continuous improvement program has identified, like I mentioned, 31 initiatives that we're tracking. We're very, very confident and we're feeling strong that we're going to be able to meet our $4 targets on the mining side by year-end. Same thing is happening with processing.

[Bruno Lemelin, COO at IAMGOLD]

What happens is, we have the second cone crusher is helping to have the best granulometry entering the HPGR. The size, the top end that goes to the HPGR is as per spec. We expect longer life from our rollers or tires at the HPGR. In the past, we used to change them twice a year. Now we expect to change them once a year. That's going to have a big impact on our, positive impact on our maintenance cost. Also availability, because you don't stop HPGR for nothing. Increase availability, improve granulometry, and better efficiency in your maintenance cycle. We have also identified a numerous amount of initiatives from our cost improvement program, and we are very well positioned to be meeting our $15 per ton target by year-end, too.

[Mohamed Sidibe, Analyst at National Bank]

Great. Thanks a lot for that, color. In fact, if I may, a final question for Maarten, just on the income tax payment for the remaining second half of the year. How should we think about that spread for the remaining about $100 million-$115 million there? Thank you.

[Maarten Theunissen, CFO at IAMGOLD]

Good morning, Mohamed. For the income taxes, we made a larger payment in Q2 in Burkina, that's normally what happens. It's your catch-up payment every year because we do bi-quarterly payments, the future payments is based on what you expect it to be. The income tax payments for the remaining of the year is between $35 million-$40 million per quarter. We also will be paying the withholding tax on the new declared dividend in Burkina Faso of $26.8 million in the third quarter. We are still kind of falling in that range of $205 million-$215 million for the year.

[Mohamed Sidibe, Analyst at National Bank]

Great. Thanks for taking my questions.

[Maarten Theunissen, CFO at IAMGOLD]

Thank you.

[Operator]

Thank you. The next question comes from Anita Soni with CIBC. Please go ahead.

[Anita Soni, Analyst at CIBC]

Hi. Good morning, congrats on a strong operational quarter. I think a lot of the questions have been asked and answered. I guess, with Bruno talking about the mining rates, I was going to ask about the stripping. How should we think about that into the back half of the year? Because I think the beginning of the year was a little lighter on the stripping side than I had expected. This is at Côté.

[Bruno Lemelin, COO at IAMGOLD]

Yeah. The stripping ratio should be around, I'd say about 2.6 ton to one.

[Anita Soni, Analyst at CIBC]

That's in the back half of the year. Okay. Any change to the grade in the back half of the year? I know you got it to 1.05-1.15 g per ton.

[Bruno Lemelin, COO at IAMGOLD]

Yeah.

[Anita Soni, Analyst at CIBC]

Any variability, like, in terms of lower than higher or higher than lower in Q3 versus Q4?

[Bruno Lemelin, COO at IAMGOLD]

That's correct. We expect stronger head grades or grade mine in the second half of the year. Like I mentioned, ranging between 1.05-1.15 g per ton, which will help having a stronger H2.

[Anita Soni, Analyst at CIBC]

Okay. Just in terms of going back to the study, could you just clarify for me, in simple terms, what we should expect to see in the study. A path to 40,000 ton per day with the CapEx associated with that, then longer term, what would you be including in the study that you'll release in Q4? I guess, is it in Q4 or with Q4 results?

[Bruno Lemelin, COO at IAMGOLD]

Yeah. We expect to release the results of the report at the end of this year. That will indicate, okay, how we can valorize the Gosselin reserve. Like I mentioned, the main objective of this report is to understand, okay, how many reserves we have from Gosselin. We expect a large expansion in our reserve base when you tie the Côté and Gosselin block model all together, it's called the super pit concept. That's objective one. At a 40,000 ton per day cadence and its adjusted cost structure. This is basically what we need to be expecting. Also in that technical report, there is a section on future opportunities, and that's where we're going to also indicate what we see in the future in terms of potential expansion.

[Anita Soni, Analyst at CIBC]

Okay. One more.

[Renaud Adams, President and CEO at IAMGOLD]

If I can add.

[Anita Soni, Analyst at CIBC]

Yep.

[Renaud Adams, President and CEO at IAMGOLD]

If I could just add one thing, Anita. The way to really looking at this, let's say at the 36,000-40,000 tons, I think it's fair to say that you maximize the depletions of Côté before you have the obligations to cross and start mining the Gosselin. You maximize potentially in pit co-disposal and so forth, as we have largely discussed. As you advance the throughput towards the 50,000 tons and eventually beyond the 50,000 tons, comes the obligations to start Gosselin a little quicker to a point that a scenario like a 70,000 tons, basically you would be mining as soon as possible both pits. That's really where it's being played. That's a capital allocations versus benefits, and we want to do the proper, continue to work hard on the trade-offs and so forth.

[Renaud Adams, President and CEO at IAMGOLD]

Again, as I mentioned, focusing on the next two, three years on optimizations, which basically is the same. As we advance in time, the game is there. The game is about balancing capital allocations versus how fast and quicker you want to build, you want to mine Gosselin, and what does that play in the capital allocation. This is really how we trade-off.

[Anita Soni, Analyst at CIBC]

Okay. That was going to be my next question. With respect to the tailings capacity under the 40,000 ton per day scenario, is the capacity you have sufficient to what you would expect the 40,000 ton per day scenario and the reserves that you would incorporate with this study at year-end? Would you have to do some additional permitting?

[Bruno Lemelin, COO at IAMGOLD]

That will require, like right now, the TSF or the TMF has a capacity up to 233 million tons. Of course, by just including Gosselin, you will need additional tailings capacity. That's what the project team is currently looking at.

[Bruno Lemelin, COO at IAMGOLD]

Adding more capacity. Also looking at other options like co-disposal, like I now mentioned. Those are the kind of trade-offs that are going to be published in the technical report at the end of this year.

[Renaud Adams, President and CEO at IAMGOLD]

As a rule of thumb, there is maybe somewhat around the 200 million tons of tailings that is like, where do they go? Yes, there wouldn't be any issues to find the space for. As you increase the throughput of the mining, as you reduce your chains of co-disposal. You would just build extra capacity larger, but it all fits.

[Anita Soni, Analyst at CIBC]

Sorry, and co-disposal meaning that you would be placing some ore within parts of the Côté pit that have been depleted and somehow sectioned off?

[Bruno Lemelin, COO at IAMGOLD]

That is correct.

[Renaud Adams, President and CEO at IAMGOLD]

That is correct. There is an opportunity here as Côte is depleted that not just use it for tailings, but eventually some waste as well.

[Anita Soni, Analyst at CIBC]

Okay. All right. Thank you. That is it for my questions.

[Renaud Adams, President and CEO at IAMGOLD]

Thank you.

[Operator]

Thank you. The next question comes from Matthew Murphy with BMO Capital Markets. Please go ahead. Excuse me, Mr. Murphy, your line is open. Is your phone muted accidentally?

[Matthew Murphy, Analyst at BMO Capital Markets]

Thanks. Thank you.

[Operator]

Please go ahead. Yes, sir. No worries.

[Matthew Murphy, Analyst at BMO Capital Markets]

Morning. I had a question on Essakane. You have another dividend declared, while you're studying this mine life extension, how much cash do you keep in Burkina? Do you have to let that build up a bit, in the event you go forward with the extension?

[Renaud Adams, President and CEO at IAMGOLD]

Go ahead, Maarten. Sorry. It's like we're looking for the answer here.

[Maarten Theunissen, CFO at IAMGOLD]

Good morning, Matt. It's our decision how much cash we keep in Burkina. At the moment, it's depending on the timing of the year and when the tax payments and payments like that is scheduled. It's between $100 million-$200 million. When we look at next year, there is more than enough cash flow for Essakane to fund all of the potential mine life extension by itself and then still a considerable portion in there to repatriate to IAMGOLD. The timing of the cash flow means we don't really need to build up a larger balance there. It just is sufficient as we generate cash to fund additional capital.

[Matthew Murphy, Analyst at BMO Capital Markets]

Got it. Okay, this latest dividend, should we think about that when it comes out in regular payments, that that's like a year-long process, you look at the next dividend?

[Maarten Theunissen, CFO at IAMGOLD]

Yeah. The current dividend that we declare, the $400 million of our portion, if the gold price averages about $4,000, it will take three quarters, maybe a bit more than three quarters for us to get there, we are into the new cycle almost again. At a high gold price, it could happen faster, we'll balance that with the funding of our mine life extension, as you referred to as well.

[Matthew Murphy, Analyst at BMO Capital Markets]

Okay. Got it. Thank you.

[Maarten Theunissen, CFO at IAMGOLD]

Okay.

[Operator]

Thank you. The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.

[Tanya Jakusconek, Analyst at Scotiabank]

Great. Good morning, everybody. Thank you for taking my question. Just so that I understand completely on this, Côté and just some of your cash flow that would be going out. Renaud, I think you said that $80 million-$85 million of expansion capital for the next couple of years just to get to 40,000 tons a day and maintaining that would be about, for three years, that'd be about $250 million or thereabout. Then I've got this $350 million potentially going out for Côté royalty if I was to buy that back. Should I be thinking then that expansion to 50,000 tons per day would be something that probably you wouldn't look at spending until your 2029-2030 timeframe? I'm just trying to see the cash flow and what sort of things are going out.

[Renaud Adams, President and CEO at IAMGOLD]

Okay. No, thanks. Maarten, you would add to it. The $85 million of the growth capital that I referred to, it's pretty much for the mining side of the business, right? We have a plan to open, enlarge the pit of Côté, increase the fleet, and be more efficient. That's on the mining side, and there's a growth capital. Some of the improvement, like we discussed, to go to the 40,000 tons, you would definitely put Repete system and improve some aspect operational, but this is not the expansion per se. That would continue. To your point, you're right.

[Renaud Adams, President and CEO at IAMGOLD]

What is no longer on the paper, and we will see how it goes as we continue, is the extra probably $500 million-$700 million that we have accounted for starting potential in 2029 over 2029-2030 to bring it from the 40,000-50,000 tons. That portion only is part. Anything else, expect the growth capital for the mine component to continue in 2027-2028, and expect our sustaining capital to have a component like this year of improvement. The quickest we could install those Repete system, the quicker we get to the 40,000 tons. That would be the priority. We may increase it to go faster, but roughly the next three years is really about limiting the capital as much as possible to the 40,000 tons stage. Maarten, happy to.

[Maarten Theunissen, CFO at IAMGOLD]

Yeah, thanks, Renaud. Morning, Tanya. This year, we are spending about $50 million of capital to help us increase the efficiency of operation and reduce the unit cost. We include that in sustaining cost in our reporting, and we expect to continue to spend up to that amount every year, maybe a bit more in the next couple of years. That is to fund the initiatives that Bruno also alluded to bring down the unit cost. The payback on that is pretty good because the amount of tons in this large resource, any improvement on your dollar per ton cost pays back that capital pretty quickly. That is why we want to make this investment in the next few years.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. That is in your $160 million± sustaining costs that you have guided for this year. I guess what I am really trying to get at is for us to get to that 40,000 tons, which you are going to be providing in the study. From the mining side, there is something, from the processing side, there is something, the allocation of growth between expansion and sustaining is sort of for the two. How should I think of that cost for the complex, your share for the next three years? Should I be thinking it is $160 plus $85 per annum for the next three years?

[Renaud Adams, President and CEO at IAMGOLD]

I am afraid, Tanya, we cannot be that precise, to be very frank, because that is exactly what is the last portion that we are refining as we speak, is the capital for each block. We would be releasing those numbers in the fourth quarter. You will be fully equipped to foresee the next three years as soon as, or the latest, December. I would not advance too much on it, and I would refer to the upcoming report, which will clarify our next three years.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. We'll wait for that. Maybe just on analysis.

[Renaud Adams, President and CEO at IAMGOLD]

Okay.

[Tanya Jakusconek, Analyst at Scotiabank]

I look at that complex, one processing facility, and I see the four deposits. How should we be thinking about that from a conceptual level and a high level? Is this a camp that could do 300,000 oz-400,000 oz, from 100,000 each from each deposit? I'm just trying to think of what could this complex do.

[Renaud Adams, President and CEO at IAMGOLD]

The complex has definitely the resource base to eventually come up with a scenario that could be probably as high as 400,000 oz. This is our objective here. Not saying that Essakane doesn't have any potential beyond the 2035, but it's very important to us that we find a way for the continuum here, and eventually, should the mine doesn't go beyond 2035, so at least we have a continuum, but in Canada. So we think with the starting of Nelligan, with Philibert, and with the underground of Monster Lake, the concept of the three, we're working and generating something that's between the three and the four, but we're definitely looking at towards the 400,000 oz per annum.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. We'll look forward to that study as well. Then maybe just lastly, just how should I be thinking, you gave guidance on Côté for the second half of the year with the higher throughput, higher grade. How does Westwood and Essakane, how do they look for Q3, Q4? Is it evenly distributed, or is there anything grade or throughput that I should know about?

[Bruno Lemelin, COO at IAMGOLD]

For Essakane, it's going to be pretty much even. A little bit stronger on the Q4.

[Tanya Jakusconek, Analyst at Scotiabank]

I'm sorry, is that for-

[Renaud Adams, President and CEO at IAMGOLD]

Westwood.

[Tanya Jakusconek, Analyst at Scotiabank]

Oh, for Westwood? A bit stronger in Q4?

[Bruno Lemelin, COO at IAMGOLD]

Oh, I thought you were talking about Essakane. Yeah. For Westwood, it's stronger in Q4-

[Tanya Jakusconek, Analyst at Scotiabank]

Yeah.

[Bruno Lemelin, COO at IAMGOLD]

than Q3. Yeah.

[Renaud Adams, President and CEO at IAMGOLD]

We did have a very strong H1 at Westwood. H1 times two will definitely put beyond. We see an H2 that would be strong, but not necessarily stronger than the H1. I think Essakane, Bruno, you said pretty much the same.

[Bruno Lemelin, COO at IAMGOLD]

Yeah, Essakane, because you have the rainy season right now, so it's going to be just a tad lower than Q4. Not materially.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. All right. Thank you.

[Renaud Adams, President and CEO at IAMGOLD]

Thank you, Tanya. Appreciate it.

[Operator]

Thank you. The next question comes from Carey MacRury with Canaccord Genuity. Please go ahead.

[Carey MacRury, Analyst at Canaccord Genuity]

Hey, good morning, guys. Just a quick one for me. You mentioned the performance at Côté in June. Just wondering how it's gone through July now and into August, if that's still running at that nameplate.

[Bruno Lemelin, COO at IAMGOLD]

It goes very well. The thing that we're seeing is the addition of the second cone crusher is giving us great performance. I call it peak performance that goes even beyond the 36,000 ton per day. The name of the game is to have sustainment, is to have that short-term performance and to be having it sustain over time. This is our current plan right now. That's what we've been doing in July. Great results, what we want to do is to be able to have that kind of performance prolong over the year, and then we can have a good baseline for what is the next bottleneck and how we can get to the 40,000 tons per day.

[Bruno Lemelin, COO at IAMGOLD]

Right now, that's what we work, but we really like what we see with the additions we made lately with the second cone crusher, HPGR that is well-aligned, the interface between the mine and the mill. We see great integration between the mine team, the mill team, and we see peak performance that are truly impressing us. The fact here is that we need to have those kind of performance to be sustained over time.

[Carey MacRury, Analyst at Canaccord Genuity]

Still comfortable with the 36,000 tons for the second half of the year?

[Renaud Adams, President and CEO at IAMGOLD]

Yep. Everything is in place to average it. There's a little bit of a transition, getting used to not having the aggregate plant to rely on. It's like you rip the Band-Aid. We had a good month of June. Like Bruno says, we see several days with peak above. Now it's about learning to stabilize and producing those tonnes. The capacity is there for sure.

[Bruno Lemelin, COO at IAMGOLD]

I need to mention that in August, it's our annual shutdown. We need to take that into consideration as well.

[Carey MacRury, Analyst at Canaccord Genuity]

How long is the shutdown?

[Bruno Lemelin, COO at IAMGOLD]

Five days.

[Carey MacRury, Analyst at Canaccord Genuity]

Five days. Okay, great. That's it for me. Thanks, guys.

[Bruno Lemelin, COO at IAMGOLD]

Thank you.

[Operator]

Thank you. This concludes the Q&A session. I would like to turn the conference back over to Graeme Jennings for any closing remarks.

[Graeme Jennings, VP of Business Development and Investor Relations at IAMGOLD]

Thank you very much, operator. 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.

[Operator]

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

Participants

Analysts

• Graeme Jennings, VP of Business Development and Investor Relations at IAMGOLD
• Renaud Adams, President and CEO at IAMGOLD
• Maarten Theunissen, CFO at IAMGOLD
• Bruno Lemelin, COO at IAMGOLD
• Sathish Kasinathan, Analyst at Bank of America Securities
• Mohamed Sidibe, Analyst at National Bank
• Anita Soni, Analyst at CIBC
• Matthew Murphy, Analyst at BMO Capital Markets
• Tanya Jakusconek, Analyst at Scotiabank
• Carey MacRury, Analyst at Canaccord Genuity