Iamgold Corporation Ordinary Shares

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD Second Quarter 2025 Operating and Financial Results Conference Call and Webcast. As a reminder, all participants are in the 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 signal an operator by pressing star, then zero. At this time, I would like to turn the conference over to Graham Jennings, VP, Investor Relations for IAM Gold. Please go ahead, Mr. Jennings.

Thank you, operator, and welcome everyone to our conference call today. Joining us on the call are Renaud Adams, President and Chief Executive Officer, Martin Van Heusen, Chief Financial Officer, Bruno Lemelin, Chief Operating Officer, Annie Turkiye-Lagase, Chief Legal and Strategy Officer, and Doreena Quinn, Chief People Officer. We're 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 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. 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'll now turn the call over to our President and CEO, Renaud Haddams.

Thank you, Graham, and good morning, everyone, and thank you for joining us to walk you through our quarterly results, highlighting our operations, financial performance, and strategic priorities. Overall, at the halfway point of 2025, IAMGOLD has made major advancements as a leading mid-term Canadian gold producer. This starts with the highlight of the quarter, which was the successful ramp-up of Cote Gold to the end plate capacity ahead of plan. The second quarter was also significant, as it was the full quarter where the mine achieved overall operating milestones, including throughput and grade, in line with consensus estimates, and with Gold recovery and reconciliation military reserve in line with plans as well. As we continue to stabilize Cote, we are confident that the ability to operate the mine with consistency and predictability and stability quarter over quarter will be rewarded by the market. Further, with another quarter behind us, we get closer to unlocking the expansion potential of Cote, where we outline to the market a larger Cote in scale and scope, targeting ounces from both the Cote and Gosselin zone at the conclusion of our 2025 drilling program of 20 million ounces plus of measured and indicated resources. As we will discuss today, work on this plan is in motion, and we will be announcing an updated Cote Life of Mine in the second half next year. Operationally, IM Gold is on track to achieve its production guidance target of 735,000 to 820,000 ounces of gold this year, though at a revised consolidated all-in sustaining cost range of between $1,830 and $1,930 per ounce, as we will discuss more on the revision in a moment. Financially, we have now concluded our gold prepayment arrangement with 75,000 ounces delivered this year in an environment where the gold price averaged $3,100 an ounce. These deliveries translate to approximately $200 million of value that went towards what can be considered a form of debt servicing this year. With this behind us, IAMGOLD is now the 800,000 oz plus gold producer with full exposure to gold price and significant cash flow generation. Beyond Cote, IAMGOLD offers a robust organic growth portfolio with our own backyard in Canada, with the rapid growth of the Nelligan and Monster Lake assets in Quebec, which combined have nearly 9 million ounces of gold resources. Turning to the quarter, and we are now on slide five. Above all, the safety of our people remains our top priority, and I'm proud to report that our total recordable injury frequency rate continues to trend below prior year level, reflecting our commitment to a culture of safety and continuous improvement. In addition, in May we released our 2024 Sustainability Report, which marked the 18th year in a row we have documented and disclosed our achievement and dedication to responsible mining practices. Looking at operation, on an attributable basis, IAM Gold produced 173,000 ounces of gold in the second quarter, bringing the year-to-date production to 334,000 ounces of gold. The quarterly performance was led by strong results at Cote, which produced 96,000 ounces on a 100% basis, followed by improved quarter-over-quarter production at Westwood with 29,000 ounces and at Sakane at 77,000 ounces of attributable production as the mine continues work through the lower grades early in phase seven. On a cost basis, IMGO reported the Q2 cash costs of $1,556 per ounce and an all-in sustaining cost of $2,041. Costs were higher in the first half of the year due to a combination of higher royalties, foreign currency movement, and a higher unit cost as we continue to work on stabilizing Cote at maximum throughput and grade mill, as we will discuss next. Looking at our guidance, Total attributable production in the first half of the year was 334,000 ounces. The company expects attributable production in the second half of the year to be much stronger, ensuring that we are on track to achieve the full year production guidance of 735 to 820,000 ounces of gold. The stronger second half is due to continued improvement at the Cote mine during its full first year of operation, copper coupled with an increase in expected grades at both Isakani and Westwood based on the respective mining sequences. Our Q3 performance to date at our assets reinforced our confidence in our production guidance for the year. On Isakani, the tributal guidance was estimated at the beginning of the year, assuming IM Gold 90% ownership interest in the project. With the change in ownership to now 85% at the end of the second quarter, the company expects its account as a tributary production to fall towards the lower end of the original guidance range. Looking at costs, we have revised our cost guidance upwards. With cash costs now expected to be in the range of $1,375 to $1,475 in-house sold, or approximately $150 per ounce higher, and an all-in sustaining cost of 1,830 to 1,930 per ounce. The increase in cash costs is a combination of external and operational factor, including higher royalty being paid as gold prices rise at Cote and Isakane. At Isakane, the government increased the royalty structure when gold prices are about $3,000 an ounce further The recent strength in the euro has necessitated a revision of its impact to our costs in the country. At COTE, we are seeing temporary higher costs of the mine and nil associated with the ramp-up in stabilization activities. Processing costs of the mine are expected to fall following the installation of the additional secondary crusher in the fourth quarter. And the mining costs expected to improve as the team continues to transition to bulk mining and at all for more direct feed mine to mill with less rehandling. In the short term, while rehandling is adding costs, it also allows, until the mine is set for it, to boost the mine grade of 0.95 grams per ton in Q2 to a 1.1 grams a ton mill, adding approximately 25 to 30 cents per ton mine, or roughly $1 per ton mill, but also unlocking additional value of nearly $15 per ton mill by uplifting the grade mill. Same idea with the extra milling costs. We have accelerated nameplate in part because we found a way to temporary maximize throughput by incorporating additional refeed system using contractor for aggregate plant. Moving ahead, Name plays by five to six months allow for maximizing tons mill over just waiting for the second crusher to support. This idea of following for extra milling costs bring also the opportunity to monetize additional tons already mined till the end of the year by building fine and core stockpiles that could be used during planned longer shutdown, in particular around the installation of the second cold crusher. As we move forward, we will eliminate that practice and replace by in-house crushing and repeat system once the second crusher is commissioned, allowing for extra capacity. On the capital side at Cote, we have increased our sustaining capital estimate by $20 million this year for project that will further improve the availability of the plan and working condition. This includes a more robust dust management system as well as a final repeat system to support the mill during scheduled downtime of the crushing plant. These adjustments at Cote are a byproduct of where we are in the life cycle of the project. This is the first full year of operation, and in Q2, we achieved the first full month of nameplate production. Standing back, the ramp-up of Cote has gone extremely well, and the project is delivering and displaying its potential. With that, I will pass a call over to our CFO to walk us through our financial results and position.