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White Mountains Insurance Group, Ltd. (WTM) Analyst/Investor Day Transcript

Key Takeaways Citigroup is tying AI to productivity gains as part of a planned $5B investment through 2028.Goldman is using AI to boost productivity, fee growth and operating leverage via the Anthropic partnership.Wells Fargo expanded AI use; Fargo virtual assistant topped 1 billion interactions by March 31, 2026. The banking industry is entering one of the most significant workforce transformations in its history. For decades, banks relied on a well-established talent model: recruit large numbers of graduates into analyst programs, train them through repetitive but essential work and gradually develop future leaders from this pool of talent. Artificial intelligence (AI) is now challenging that model.

As AI systems become capable of analyzing financial data, generating reports, reviewing documents, conducting compliance checks and supporting customer interactions, many big banks like JPMorgan (JPM - Free Report) , Goldman (GS - Free Report) , Wells Fargo (WFC - Free Report) and Citigroup (C - Free Report) are reconsidering the need for large entry-level hiring classes. The shift is not simply about reducing headcount. It represents a fundamental change in how banks operate, generate profits and develop talent.

Recently, JPMorgan’s chief executive, Jamie Dimon, has said that the technology will eliminate some jobs, and the company will likely hire more AI specialists and fewer traditional bankers as technology adoption accelerates. Likewise, Citigroup’s chief executive, Jane Fraser, has warned that certain positions may no longer be needed due to investments in automation and AI.

Meanwhile, Goldman’s president, John Waldron, has described parts of the banking workforce as vulnerable to automation. Last year, Wells Fargo signaled that its workforce could shrink further in 2026 as part of a broader push to improve efficiency and expand the use of AI across its operations.

Banks’ AI Push Turns ROI-FocusedBanks are moving beyond viewing AI mainly as a cost-cutting tool and are increasingly tying investments to measurable returns, innovation and business growth. The latest Infosys Bank Tech Index shows stronger discipline, with participating banks canceling more projects before AI deployment while reducing post-launch cancellations. This suggests better upfront screening, and about 59% of deployed AI initiatives are now generating measurable business value. 

Major U.S. banks are embedding AI into broader strategic plans. Citigroup is using AI to drive productivity gains as part of its planned $5-billion incremental investment from 2026 through 2028. Goldman is applying AI to improve productivity, support fee growth and expand operating leverage, including through its $1.5-billion partnership with Anthropic. JPMorgan is rolling out AI across investment banking while shifting hiring toward AI-skilled talent. Wells Fargo is using AI to improve workflows and customer engagement, with its Fargo virtual assistant surpassing 1 billion interactions as of March 31, 2026.

Overall, banks’ AI strategies are becoming more selective, disciplined and growth-oriented. The focus is shifting from launching more projects to converting the right projects into productivity gains, better customer service and revenue opportunities.

How AI-Driven Hiring Shifts Could Benefit BanksFrom a financial perspective, the near-term impact is likely to be positive. Personnel expenses are among the largest cost categories for banks. By automating tasks, banks can improve productivity while reducing workforce-related costs. This creates meaningful operating leverage. Revenues can grow while staffing costs rise more slowly, supporting margin expansion. With this, key metrics such as return on equity, efficiency ratios and earnings per share could improve over time.

AI can also accelerate decision-making across the company. Loan underwriting can become faster, compliance reviews more efficient and client reporting more sophisticated. Investment bankers can spend less time preparing presentations and more time engaging with clients. Wealth managers can process larger volumes of market information in real time, while trading desks can analyze data faster and more efficiently. In each case, AI increases employee productivity and allows banks to serve more clients without proportional increases in staff.

Large global banks like JPMorgan, Citigroup, Wells Fargo and Goldman are especially well-positioned to benefit. Their substantial technology budgets allow them to invest in proprietary AI tools, cloud infrastructure, cybersecurity and specialized talent. While these investments may initially raise expenses, they can also create long-term competitive advantages.

Hidden Risks of AI-Driven Hiring ShiftsDespite the financial benefits, reducing entry-level hiring carries meaningful risks. If AI eliminates a substantial portion of junior-level work, banks may find themselves facing a long-term leadership challenge. Future executives need practical experience to understand markets, manage risks and make complex decisions. While AI can automate many analytical tasks, it cannot fully replace human judgment, relationship-building and strategic thinking. Reducing the number of young professionals entering the industry today may create shortages of experienced leaders a decade from now.

Banks also face operational and regulatory risks as they rely more heavily on AI systems. Errors in AI-driven decision-making could lead to flawed credit assessments, compliance failures, inaccurate risk models, or regulatory scrutiny. Greater AI adoption also raises concerns around cybersecurity, transparency, accountability and model bias. 

As a result, banks must align automation with strong governance and human oversight, particularly in critical business and risk-management decisions.

Balancing Act: Technology & TalentAI is set to reshape the banking industry because it depends heavily on processing information quickly and accurately. Banks that integrate AI effectively can become leaner, faster and more profitable, with improved cost structures, higher productivity and more personalized customer service.

However, the long-term winners will not simply be the banks that cut the most jobs. They will be those who balance automation with talent, using AI to improve efficiency while still developing future leaders.

The future of banking will be defined by how well institutions combine AI with human expertise. Investors should monitor efficiency ratios, compensation costs, headcount trends, technology spending and return on equity to determine whether AI investments are improving financial performance. Overall, banks that control cost growth without weakening revenue generation are likely to benefit the most.

Law firms are emerging as one of the strongest drivers of office market recovery, expanding footprints and accelerating investments in artificial intelligence (AI) at a time when many industries continue to reassess their workplace needs, according to a new report from Cushman & Wakefield.

The firm’s latest Bright Insight report found that U.S. law firms leased 4.6 million square feet (msf) of office space in the first quarter of 2026, marking the second-strongest first quarter on record and extending a four-year run of record leasing activity for the legal sector.

Over the past four quarters, law firms leased 31% more office space than they did in 2019, underscoring the sector’s outsized role in supporting demand for high-quality office products across U.S. markets.

At the same time, law firms are rapidly increasing investment in AI and technology platforms, signaling that the future of legal work will be both more technologically advanced and more office-centric than many anticipated.

“Law firms are not treating AI and the office as competing priorities,” said David Smith, Head of Americas Insights at Cushman & Wakefield. “The firms moving aggressively on AI are often the same firms continuing to invest in premium office environments, collaboration space and talent development. They increasingly view office real estate, technology and workforce strategy as interconnected competitive advantages.”

According to the report, 44% of legal sector leases signed in Q1 2026 represented expansions in square footage, while less than one-quarter reflected downsizing activity. Nearly all major law firms continue to require regular in-office attendance, with 93% stated policies of at least three in-office days per week, significantly higher than the average office attendance requirements in finance and technology.

The report also found that AI adoption across the legal industry has accelerated rapidly. Sixty-two percent of law firms now report actively using AI, up from just 17% in 2023. An additional 21% of firms plan to implement AI in the future, meaning more than 80% of firms are expected to integrate AI into daily workflows in the coming years.

According to a SurePoint Technologies report, rather than reducing hiring activity, the rise of AI is reshaping workforce demand across the legal industry. AI-related lateral hiring increased 68% overall in 2025 and 106% among associates, while firms continue to add talent across technology, operations and business management functions.

“AI is changing how legal work gets done, but it is not diminishing the importance of people, mentorship or in-person collaboration,” said Cushman & Wakefield’s Senior Research Analyst, Maggie Tillotson. “Law firms continue to see their offices as essential environments for training, culture, client engagement and high-value work.”

Accordingly, law firms’ workplace design continues to evolve to support attorney collaboration and provide client-facing and event space.

The report also highlights how tighter office supply conditions are reinforcing legal sector demand for premium space. The office construction pipeline has declined 86% since 2020, limiting relocation options and increasing competition for high-quality buildings in gateway and fast-growing secondary markets alike.

Since 2025, gateway markets such as New York City, Washington, D.C. and San Francisco have recorded the highest levels of legal leasing activity, while secondary markets including Atlanta, Houston and Dallas have also emerged as leading destinations for law firm expansion.

“The legal industry is entering a period in which workplace strategy, technology and talent can no longer operate in silos,” said Smith. “The firms gaining an edge are the ones investing across all three simultaneously, using AI to improve productivity while continuing to invest in the offices, culture and collaboration that drive long-term performance.”

The full report can be accessed here.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

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SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating Blaize Holdings, Inc. (NASDAQ: BZAI) to determine whether certain Blaize Holdings, Inc. officers and directors violated securities laws and breached fiduciary duties to shareholders. Blaize Holdings, Inc. provides artificial intelligence (AI)-enabled edge computing solutions.

Robbins LLP is Investigating Allegations that the Officers and Directors Blaize Holdings, Inc. (BZAI) Violated Securities Laws and Breached Fiduciary Duties to Shareholders

ShareIn late April 2026, two separate short-seller reports were published within two days of each other, both raising concerns regarding Blaize’s customer agreements and business dealings. One report alleged that Blaize had “artificially boosted [its] share price by engaging in a bogus deal with a 4-month-old counterparty whose website features ‘products’ that appear to be photoshopped to add the Blaize logo.” The report focused on Blaize’s recently announced agreement with NeoTensr, which Blaize had announced was expected to generate up to $50.0 million in revenue.

A second short-seller report published shortly thereafter called Blaize a fraud and raised additional concerns regarding the Company’s prior customer agreements. Following the publication of these reports, Blaize’s stock price declined sharply.

What Now: If you lost money in your investment of Blaize Holdings, Inc., contact Robbins LLP for more information about your rights.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas, Jr.
(800) 350-6003
[email protected]
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

To be notified if a class action against Blaize Holdings, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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Santosh Mehrotra, Visiting Professor at the Higher School of Economics in Moscow, says India's jobs challenge will not be solved by AI or deep-tech growth alone, because capital-intensive sectors are unlikely to create employment at the scale the country needs. He argues that India must instead focus on labor-intensive manufacturing and a clear industrial policy to generate meaningful, well-paid non-farm jobs for its vast young workforce.

Austin, June 11, 2026 (GLOBE NEWSWIRE) -- AI Robots Market Size & Growth Outlook:

As per the SNS Insider, “The global AI Robots Market Size was valued at USD 8.77 Billion in 2025 and is expected to reach USD 194.36 Billion by 2035, growing at a CAGR of 29.46% over 2026–2035.”

Rising Industrial Automation Investment and Advances in Autonomous Robotics to Augment Market Expansion Globally

We expect strong market growth to continue in the coming years, fueled by faster industrial automation investment, labor market pressures, and the growing commercial practicality of AI-enabled autonomous systems. Once considered aspirational technology, AI robots are increasingly being deployed by organizations as core operational infrastructure, with commercially proven and well-documented benefits in productivity and efficiency. Additionally, progress in collaborative robots, humanoid robot development, edge computing integration, and cloud robotics are constantly expanding the range of tasks and settings where AI robots provide strong value, creating new commercial growth vectors that add to core industrial and defense demand through 2035.

AI Robots Market Size and Growth:

Market Size in 2025: 8.77 BillionMarket Size by 2035: 194.36 BillionCAGR: 29.46% during 2026–2035Base Year: 2025Forecast Period: 2026–2035Historical Data: 2022–2024 Get a Sample Report of AI Robots Market Forecast @ https://www.snsinsider.com/sample-request/1752

Leading Market Players with their Product Listed in this Report are:

NVIDIA CorporationABB LtdIntel Corporation1XGoogleIBM CorporationHanson RoboticsBoston DynamicsXilinx IncFanuc CorporationKUKA AGBlue Frog RoboticsPromobotVicarious FPC, Inc.Neurala Inc.Veo Robotics Inc.Miso Robotics Inc. AI Robots Market Report Scope:

Report AttributesDetailsBase Year2025Forecast Period2026-2035Historical Data2022-2024Report Scope & CoverageMarket Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast OutlookKey Segmentation• By Offering (Hardware, Software)
• By Type (Service Robots, Industrial Robots)
• By Technology (Machine Learning, Context Awareness, Computer Vision, Natural Language Processing)
• By Application (Law Enforcement, Military and Defense, Public Relations, Personal Assistance and Care) Purchase Single User PDF of AI Robots Market Report (20% Discount) @ https://www.snsinsider.com/checkout/1752

Key Segmentation Analysis:

By Offering, Hardware Dominated the Market; Software Segment to Grow with the Fastest CAGR Globally

Hardware commanded the lion’s share of the AI Robots industry in 2025. This is a fundamental truth that each robotic system necessitates physical sensors, actuators, controllers and computing units before any intelligence can be applied, making hardware the inescapable economic bedrock of the whole industry. Software is projected to be the fastest-growing offering sector between 2026 and 2035, because to significant developments in artificial intelligence algorithms, machine learning frameworks, and cloud computing that are constantly increasing the scope of what robots can sense, think, and do in real-world contexts.

By Type, Industrial Robots Dominated the Market; Service Robots Segment to Grow with the Fastest CAGR Globally

Industrial Robots led the way in 2025, a role they have earned after decades of demonstrated success in automotive, electronics, and industrial settings, where their role in accuracy, productivity, and operational efficiency has made them an essential part of contemporary production. Service Robots are forecast to be the fastest growing type segment during 2026–2035, as healthcare, retail, hospitality and domestic applications find the practical and commercial value of AI-powered service automation in environments where human interaction, adaptability and safety are equally important.

By Technology, Machine Learning Dominated the Market; Computer Vision Segment to Witness Fastest CAGR Growth Globally

Machine Learning dominated the AI Robots Market in 2025 due to its essential function in helping robots to continually improve their performance by learning from operational data and making better autonomous decisions as time goes on. The Computer Vision market is expected to grow at the fastest CAGR during 2026-2035, due to the rising demand for the technology to enable robots to analyze images for navigation, quality inspection, surveillance, and object identification, which are becoming must-haves in manufacturing, logistics, and security applications worldwide.

By Application, Military and Defense Dominated the Market; Personal Assistance and Care Segment to Witness Fastest CAGR Growth Globally

Military and Defense held the largest application share in 2025, reflecting the extraordinary investment of governments into autonomous surveillance systems, unmanned vehicles, and AI-powered tactical platforms that provide strategic and operational advantages in an increasingly complex global security environment. The Personal Assistance and Care application segment is the fastest growing, driven by a rapidly aging global population that creates an urgent need for robots that can support elderly care, rehabilitation and home assistance – an emotional and economic need only expected to intensify through 2035.

Regional Insights:

North America held the largest share in the regional revenue with an approximate share of 39% in 2025. The dominance of this region is attributed to the unique combination of AI research leadership, investment in industrial automation, the scale of defense procurement, and the commercial presence of industry pioneers such as NVIDIA, Rockwell Automation, and Boston Dynamics. The large U.S. market for manufacturing, healthcare, military and logistics applications provides a diversified demand base that supports above-average growth through economic cycles.

The Asia Pacific is the fastest growing regional market with a CAGR of nearly 31.8% over the forecast period from 2026 to 2035. The region is the most active AI robot deployment environment in the world owing to the enormous manufacturing scale of China, the rich robotics heritage of Japan, and the technology-forward industrial culture of South Korea. Rapid industrialization in India, Vietnam and Indonesia is generating new first-time adoption demand for an already commercially dynamic regional market.

Do you have any specific queries or need any customized research on AI Robots Market? Schedule a Call with Our Analyst Team @ https://www.snsinsider.com/request-analyst/1752

Recent Developments:

2025: NVIDIA Corporation expanded its robotics ecosystem by enhancing AI platforms such as Isaac for autonomous machines, focusing on simulation, training, and deployment of intelligent robots across industrial and service applications globally.2025: ABB Ltd strengthened its robotics portfolio by advancing collaborative robots and AI-driven automation solutions, focusing on flexible manufacturing and smart factory applications that address the growing demand for human-robot collaboration in industrial environments. Exclusive Sections of the AI Robots Market Report (The USPs):

AI ROBOT DEPLOYMENT & OPERATIONAL INTELLIGENCE METRICS – helps you understand adoption trends across industrial, service, and defense robot categories along with improvements in autonomous decision-making performance, task efficiency, and operational reliability.MACHINE LEARNING & COMPUTER VISION INTEGRATION METRICS – helps you evaluate technology adoption trends in AI algorithm deployment, real-time image analysis, object recognition, and autonomous navigation capabilities across industrial and commercial robot applications.SMART FACTORY & INDUSTRY 4.0 ADOPTION METRICS – helps you analyze demand across manufacturing, logistics, and process automation applications along with collaborative robot penetration rates, smart factory investment trends, and IIoT connectivity adoption.HEALTHCARE & SERVICE ROBOT EXPANSION METRICS – helps you uncover growth in elderly care automation, rehabilitation robotics, surgical assistance, retail service deployment, and domestic robot adoption across global healthcare and consumer markets.DEFENSE & AUTONOMOUS SYSTEMS PROCUREMENT METRICS – helps you identify growth opportunities in military surveillance robots, unmanned vehicle deployment, border security automation, and government AI robot investment across global defense budgets.COMPETITIVE LANDSCAPE & AI ROBOT MARKET EXPANSION METRICS – helps you gauge the competitive strength of key market players based on AI platform innovation, robot deployment scale, R&D investment, and commercial application portfolio development globally. About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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AVENTURA, Fla., June 11, 2026 (GLOBE NEWSWIRE) -- Safe Pro Group Inc. (Nasdaq: SPAI) (“Safe Pro” or the “Company”), a developer of artificial intelligence (AI)-enabled defense, security, and situational awareness solutions, announced today that it will be providing operational support to soldiers during an upcoming Army airfield exercise. At the event, Safe Pro will be demonstrating how its recently delivered AI-powered threat detection technology can be a force multiplier for rapid airfield operations. This new application of the Company’s AI technology significantly expands its potential utilization into global airfield operations in addition to its current use in battlefield and post-conflict zone land reclamation and rebuilding missions.

Safe Pro’s team is scheduled to demonstrate this new AI capability for airfield operations at a U.S. Army event scheduled in late June 2026. The ability to rapidly assess the condition of airfields, runways and landing zones utilizing standard drones and its patented AI-powered imagery analysis technologies represents a significant expansion and logical extension of its solution portfolio. This added capability builds upon the over three years of real-world use in Ukraine where Safe Pro’s patented AI-powered computer vision technology has been used to detect a wide array of threats including landmines, cluster munitions, UXO, and ambush drones.

In addition to the airfield exercise, the Company continues to witness strong interest in its capabilities by the U.S. Army, highlighted by:

The Company has been requested to participate in several U.S. Army-funded technology exercises featuring its edge compute AI-powered NODE and drone imagery analysis platform throughout Q3 2026.The Company will also showcase its newest AI threat detection capability featuring the operation of its InFlight software embedded into the Red Cat Black Widow™ drone with real-time mine detections pushed into the Army’s Android Tactical Assault Kit (ATAK) platform. ATAK is a scalable distribution system utilized by the U.S. Army to provide actionable intelligence across vehicles, command posts and soldier devices. To see a video sample of the ATAK integration in action, please click here! “For several years our team has firmly believed that our novel models would grow beyond surveying minefields and this latest Army request to have our AI potentially support their airfield operations is evidence that we have opportunities to globally scale our growth,” said Dan Erdberg Chairman and CEO of Safe Pro Group Inc. “We look forward to this near-term opportunity to work with the Army on airfield assessment tactics and rapidly iterate on feedback to develop additional AI tools that can enhance future mission outcomes.”

Powered by Safe Pro’s patented SPOTD (Safe Pro Object Threat Detection) technology, the NODE edge compute system uses AI and machine learning algorithms trained on one of the world’s largest real-world drone-based imagery datasets to instantly detect small, hard-to-find threats such as landmines, cluster munitions, UXO, and ambush drones. The platform can identify more than 150 types of explosive threats and objects of interest across large-scale, high-risk environments, turning drone-based video data into detailed 2D & 3D models. Operating on the edge without the need for connectivity, NODE enables the rapid generation of orthomosaics, vegetation height, terrain slope and digital surface maps and 3D models, all incorporating detected threats, providing rapid battlefield situational awareness to end users.

Built on battle-tested AI, Safe Pro’s technology converts raw visual data collected by drones into rapidly shareable, high-resolution 2D and 3D maps, providing a novel and scalable approach to situational awareness on the battlefield. Safe Pro’s AI dataset includes more than 2.8 million drone images and over 50,368 confirmed detections collected in over 35,000 acres of land in Ukraine. For more information about Safe Pro’s real-world landmine and UXO detections, visit: https://safeproai.com/landmine-detections/.

For information about Safe Pro Group, its subsidiaries, and technologies, please visit https://safeprogroup.com and connect with us on LinkedIn, Facebook, and X.

About Safe Pro Group Inc.
Safe Pro Group Inc. (Nasdaq: SPAI) is a mission-driven technology company delivering AI-enabled security and defense solutions. Through cutting-edge platforms like SPOTD, Safe Pro provides advanced situational awareness tools for defense, humanitarian, and homeland security applications globally. The Company is a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing, leveraging commercially available off-the-shelf drones with its proprietary machine learning and computer vision technology to enable rapid identification of explosive threats, providing a safer and more efficient alternative to traditional human-based analysis methods. Built on a cloud-based ecosystem and powered by Amazon Web Services (AWS), Safe Pro Group’s scalable platform targets multiple markets, including commercial, government, law enforcement, and humanitarian sectors where its Safe Pro AI software, Safe-Pro USA protective gear, and Airborne Response drone-based services can work in synergy to deliver safety and operational efficiency. For more information on Safe Pro Group Inc., please visit https://safeprogroup.com.

Forward-Looking Statements
Some of the statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements relate to future events, future expectations, plans, and prospects. Forward-looking statements in this press release include, without limitation, statements regarding the anticipated development of new capabilities and the acceptance and/or continued use of its solutions by potential government, military, and humanitarian organizations, and the Company's future business plans and expectations. Although Safe Pro Group believes the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Safe Pro Group has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “seek," "target," "forecast," "continue," "approximately,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth under Item 1A in the Company’s most recently filed Form 10-K and updated from time to time in the Company’s Form 10-Q filings and in other filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained from the SEC’s website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of its date. Safe Pro Group undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except as required by law.

Media Relations for Safe Pro Group Inc.:
[email protected]

Investor Contact:
Ankit Hira, Managing Director
Solebury Strategic Communications for Safe Pro Group Inc.
[email protected]

ZincFive, Inc. (“ZincFive” or the “Company”), the leader in immediate power solutions for the data center and artificial intelligence (AI) infrastructure markets, powered by its proprietary nickel-zinc battery technology, today announced that it has entered into a definitive business combination agreement (“BCA”) with Spark I Acquisition Corporation (NASDAQ: SPKL) ("Spark I"), a special purpose acquisition company formed by SparkLabs Group. This proposed transaction (the “Transaction” or the “Business Combination”) represents a pro forma enterprise value of approximately $752 million and, upon completion, is expected to result in ZincFive becoming a Nasdaq-listed company under the ticker symbol ZFIV and under the name “ZincFive, Inc."

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260611557937/en/

ZincFive’s proprietary, patented nickel-zinc platform delivers superior safety, higher power density, a smaller footprint, and lower total cost of ownership, without the tradeoffs associated with lead-acid and lithium-ion batteries. ZincFive’s products eliminate thermal runaway risk while limiting cooling requirements, reducing installation costs, and enabling a more sustainable, recyclable power architecture for data centers. ZincFive believes their technology is positioned to address the accelerating build-out of global data center markets and the emerging need for short-duration, high-power solutions for advanced AI infrastructure designs.

ZincFive has already achieved commercial scale, with nearly 2 gigawatts (GW) of systems deployed and contracted globally and annual revenue doubling from 2024 to approximately $66.9 million in 2025. ZincFive’s approximately $81 million backlog as of December 31, 2025 reflects accelerating demand in data centers where ZincFive’s products deliver immediate, repeatable high-power response without compromising safety, reliability, or operating economics.

ZincFive recently launched a comprehensive energy storage solution engineered to support both outage duration backup functionality and real-time AI dynamic power loads, positioning the Company at the forefront of next-generation data center power infrastructure.

“This milestone reflects the strength of ZincFive’s technology, partnerships, and global momentum,” said Tod Higinbotham, CEO of ZincFive. “Demand for safe, high-performance power is accelerating worldwide, and we’ve built a differentiated platform designed to scale. With trusted partners and customers alongside us, we believe we are well positioned to expand globally and deliver long-term value as the data center market continues to evolve.”

“ZincFive was built on a belief that chemistry choices matter,” said Tim Hysell, co-founder, board member and strategic advisor of ZincFive. “By pairing that belief with relentless execution, we’ve built a high-power platform that customers trust – demonstrating that safer, more sustainable infrastructure can be delivered at scale. We believe the proposed Transaction with Spark I will provide the capital and public market platform to amplify our impact globally."

"This proposed Transaction with ZincFive aligns with Spark I's strategy to bring transformative, late-stage technology companies tied to the global innovation economy to the U.S. public markets," said James Rhee, CEO and Chairman of Spark I. "We believe ZincFive's proven commercial relationships, recently-launched AI power solutions, and scalable manufacturing position the Company to capture significant value from the AI infrastructure build-out. We believe the market fundamentals, technology leadership, and execution capability create a compelling public market opportunity."

Transaction Overview

The proposed Business Combination is expected to deliver gross proceeds of at least $100 million from a committed PIPE, which fully satisfies the BCA’s minimum cash condition, and up to $25 million in additional proceeds depending on redemptions. Existing ZincFive shareholders are expected to roll 100% of their equity into the combined public company. ZincFive has entered into a $35 million bridge loan facility of which $28.5 million is expected to be repaid at the closing of the Transaction. Net proceeds from the transaction will be used to fund ZincFive’s growth investments, commercial deployment, and build-out of U.S. manufacturing.

The Boards of Directors of both ZincFive and Spark I have unanimously approved the proposed Transaction, which is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Spark I shareholders and regulatory review.

All transaction figures referenced herein are preliminary and subject to the final terms of the Business Combination.

Use of Preliminary and Estimated Financial Information

This press release contains preliminary or estimated financial information of ZincFive. The preliminary financial information and operating results of ZincFive for the fiscal years ended December 31, 2024 and 2025 included are preliminary estimates and represent the most current information available to the ZincFive management, as the audits of the fiscal years ended December 31, 2024 and 2025 are not yet complete. These preliminary estimated results are subject to change following the completion of the preparation and audit of the ZincFive’s financial statements and the subsequent occurrence or identification of events prior to the formal issuance of the audited financial statements for these periods. Accordingly, investors are cautioned not to place undue reliance on the preliminary and estimated financial information included herein.

Webcast

ZincFive will host a webcast providing an overview of its business and the proposed Transaction. The webcast and related investor presentation will be available on demand at https://zincfive.com/investors. The investor presentation will also be filed by Spark I in a Current Report on Form 8-K with the SEC and available at https://www.sec.gov/.

Advisors

Cantor Fitzgerald & Co. (“Cantor”) is acting as exclusive financial advisor to ZincFive and lead placement agent for the PIPE; and Chardan is acting as capital markets advisor to ZincFive. Cooley LLP is serving as legal advisor to ZincFive. Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as legal advisor to Spark I. Latham & Watkins LLP is acting as legal advisor to Cantor. ICR, Inc. is serving as strategic communications advisor to ZincFive.

About ZincFive, Inc.

ZincFive is the leader in immediate power solutions for mission-critical infrastructure based on nickel-zinc battery technology. The company’s extensively patented nickel-zinc technology delivers high-power, safe, reliable, and sustainable energy storage solutions engineered for the demands of modern data centers, industrial operations, and AI-era infrastructure. ZincFive’s systems harness The Power of Good Chemistry® to help customers power what’s next without tradeoffs. Headquartered in Oregon, USA, ZincFive serves customers worldwide.

About Spark I Acquisition Corporation

Spark I (NASDAQ: SPKL) is a special purpose acquisition company formed by SparkLabs Group, a leading global network of startup accelerators and venture capital funds, with bases in Korea, the United States (Silicon Valley), Taiwan, Australia, and Saudi Arabia. SparkLabs Group has been an investor in many of the global AI ecosystem's defining companies — including OpenAI, Anthropic, Perplexity, xAI, Groq and Retro Biosciences.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as "plan," "will," "expect," "believe," "continue," "potential," "proposed" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The Company has based these forward-looking statements on current expectations and projections about future events. These statements include: the successful consummation and potential benefits of the proposed Transaction and PIPE and expectations related to the expected proceeds, terms and timing; ZincFive's listing on Nasdaq; expectations regarding ZincFive's positioning with respect to the next-generation data center power infrastructure; expectations regarding accelerating demand for power worldwide, including for AI infrastructure; ZincFive's ability to expand globally and deliver long-term value; ZincFive's ability to execute its business model and the expected financial benefits of such model, including ZincFive's ability to capture significant value from the build-out of global data center markets and AI infrastructure; the expectation that existing ZincFive shareholders will roll 100% of their equity into the combined company following the Transaction; expectations regarding repayment of the ZincFive’s bridge loan facility; ZincFive's use of proceeds from capital raising transactions, including the proposed Transaction and PIPE; and the potential for ZincFive to increase in value.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, many of which are beyond the control of ZincFive and Spark I.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause ZincFive's or Spark I's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: ZincFive's ability to grow its business and expand operations, attract and maintain relationships with customers and suppliers and retain its management and key employees; the failure of ZincFive's products to perform as expected; the availability of raw materials and components necessary to manufacture and assemble ZincFive's products; governmental actions affecting ZincFive's international operations; ZincFive's ability to increase manufacturing capacity and to forecast related costs and efficiencies accurately; ZincFive's competitive landscape; the potential need for additional future financing; ZincFive's reliance on strategic partners, contract manufacturing organizations and other third parties; ZincFive's ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the evolution of the data center industry, including the use and rate of adoption of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; risks related to geopolitical conflict, including supply chain disruptions; uncertainty or changes with respect to taxes, tariffs, trade conditions and the macroeconomic environment; the combined company's ability to maintain internal control over financial reporting and operate as a public company; the possibility that required regulatory approvals for the proposed Transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed Transaction; the risk that shareholders of Spark I could elect to have their shares redeemed, leaving the combined company with insufficient cash to execute its business plans; the occurrence of any event, change or other circumstance that could give rise to the termination of the BCA; the outcome of any legal proceedings or government investigations that may be commenced against ZincFive or Spark I; failure to realize the anticipated benefits of the proposed Transaction; the ability of Spark I or the combined company to issue equity or equity-linked securities in connection with the proposed Transaction or in the future; and other factors described in Spark I's filings with the SEC. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by ZincFive, Spark I or the combined company resulting from the proposed Transaction with the SEC, including under the heading "Risk Factors." If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of ZincFive's and Spark I's management as of the date of this press release; subsequent events and developments may cause their assessments to change. While ZincFive and Spark I may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so except as required by law. Accordingly, undue reliance should not be placed upon these statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this communication, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. An investment in Spark I is not an investment in any of its founders' or sponsors' past investments, companies or affiliated funds. The historical results of those investments are not indicative of future performance of Spark I, which may differ materially from the performance of its founders' or sponsors' past investments.

Additional Information and Where to Find It

Additional information about the proposed Transaction, including a copy of the BCA, will be filed by Spark I in a Current Report on Form 8-K with the SEC. The proposed Transaction will be submitted to shareholders of Spark I for their consideration. In connection with the proposed Business Combination, ZincFive and Spark I plan to file a registration statement on Form S-4 (as amended and supplemented from time to time, the "Registration Statement") with the SEC, which will include a preliminary proxy statement and prospectus of Spark I relating to the offer of the securities to be issued to Spark I's and ZincFive's shareholders in connection with the completion of the Business Combination (the "Proxy Statement/Prospectus"). After the Registration Statement has been filed and declared effective, a definitive proxy statement and other relevant documents will be mailed to shareholders of Spark I as of a record date to be established for voting on the Business Combination and other matters as described in the Proxy Statement/Prospectus. ZincFive and Spark I will also file other documents regarding the Business Combination with the SEC. This press release does not contain all of the information that should be considered concerning the proposed Transaction and is not intended to form the basis of any investment decision or any other decision in respect of the Transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF SPARK I AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH SPARK I’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT SPARK I, ZINCFIVE AND THE BUSINESS COMBINATION.

Investors and security holders will be able to obtain free copies of the Registration Statement and the Proxy Statement/Prospectus, once available, and all other relevant documents filed or that will be filed with the SEC through the website maintained by the SEC at www.sec.gov. The documents filed by Spark I with the SEC also may be obtained free of charge upon written request to Spark I 3790 El Camino Real, Unit #570, Palo Alto, CA 94306 or by telephone at (650) 353-7082.

Participants in the Solicitation

ZincFive, Spark I and their respective directors and executive officers may be deemed under SEC Rules to be participants in the solicitation of proxies from Spark I's shareholders in connection with the proposed Business Combination. Information about Spark I's directors and executive officers and their interest in Spark I can be found in the sections entitled "Management—Conflicts of Interest," "Principal Shareholders," and "Certain Relationships and Related Party Transactions" of Spark I's IPO prospectus, which was filed with the SEC and is available free of charge on the SEC's website at www.sec.gov. Additional information regarding the interests of such participants will be contained in the Registration Statement when available.

A list of the names of the directors, executive officers, and certain other members of management of ZincFive, as well as information regarding their interests in the Business Combination, will be contained in the Registration Statement to be filed with the SEC. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260611557937/en/

SAN FRANCISCO, June 11, 2026 (GLOBE NEWSWIRE) -- AI/R Everymind, a subsidiary of AI/R—a technology company specialized in Agentic AI, today announced the expansion of its Salesforce Partner Cloud practice to help organizations transform partner ecosystems into intelligent revenue engines powered by data, automation, and AI.

Built on a foundation of 2,000 successful Salesforce implementations, AI/R Everymind, a Salesforce Summit Partner and recognized as a Top 5 Global Agentforce Partner, is significantly expanding its investment in Salesforce Partner Cloud with the goal of becoming the world's leading Salesforce Partner Cloud Systems Integrator. Leveraging deep expertise in Partner Cloud, Agentforce, and AI-driven business transformation, the company helps organizations drive higher efficiency and profitability across their partner ecosystems.

“Salesforce Partner Cloud is transforming how companies manage and optimize their partner ecosystems” said Ernie Molinaro, Senior Partner at AI/R. "Organizations are no longer satisfied with simply managing partners. They want to optimize pricing, incentives, revenue, and partner execution in real time while keeping partner and customer data protected in a centralized, governed structure. Salesforce Partner Cloud and Agentforce make that possible, and AI/R Everymind is helping customers successfully achieve these results."

The company’s expanded focus on Partner Cloud aligns with Salesforce’s vision of a connected partner experience powered by data, automation, and AI. By combining Partner Ecosystem Management (PEM) and Channel Revenue Management capabilities, organizations can improve visibility, enforce pricing integrity, and drive predictable, profitable growth.

“Partners like AI/R Everymind play a critical role in helping customers realize the full value of Salesforce,” said Michael McGrath, Vice President, Global Partner Cloud Sales at Salesforce. “Their depth across Partner Cloud, data, and AI helps organizations transform their partner ecosystems into high-performing growth engines. We look forward to continuing to deliver meaningful business outcomes for our customers together.”

Upcoming Webinar: How CPG and Retail Companies Are Using Agentforce and Salesforce Partner Cloud to Ignite B2B Revenue

As part of this initiative, AI/R Everymind is hosting an executive webinar on how organizations can use Salesforce Partner Cloud to improve partner engagement and optimize channel revenue.

Webinar Details

• June 24th, Noon – 1:00 PM CDT
• Link: https://attendee.gotowebinar.com/register/9199693409631243605

What Attendees Will Learn

• How to improve channel performance across partner ecosystems
• How to optimize pricing, incentives, and contract compliance
• How to gain real-time visibility into partner performance

Featured Highlights

• Featured speaker from Salesforce
• Live demonstrations of real-world use cases

About AI/R Everymind

AI/R Everymind is a Salesforce Summit Partner, Top 5 Global Agentforce Partner, and brings a global team of more than 500 Salesforce-certified professionals. As a subsidiary of AI/R, a technology company specialized in Agentic AI Engineering, its agentic AI approach drives both software development and strategic business transformation, connecting technical capabilities to concrete and measurable outcomes. This implementation is led by its AI Forward Deployed Engineers—specialists with deep technical expertise and strong business acumen, capable of converting complexity into sustainable impact.

With proprietary AI platforms and hyper-specialized expertise, AI/R Everymind delivers enterprise-grade Salesforce and Agentforce solutions through AI-augmented nearshore teams.

Media Contact:
Caroline Randow
[email protected] 

, /PRNewswire/ -- Shareholder rights law firm Robbins LLP is investigating Blaize Holdings, Inc. (NASDAQ: BZAI) to determine whether certain Blaize Holdings, Inc. officers and directors violated securities laws and breached fiduciary duties to shareholders. Blaize Holdings, Inc. provides artificial intelligence (AI)-enabled edge computing solutions.

In late April 2026, two separate short-seller reports were published within two days of each other, both raising concerns regarding Blaize's customer agreements and business dealings. One report alleged that Blaize had "artificially boosted [its] share price by engaging in a bogus deal with a 4-month-old counterparty whose website features 'products' that appear to be photoshopped to add the Blaize logo." The report focused on Blaize's recently announced agreement with NeoTensr, which Blaize had announced was expected to generate up to $50.0 million in revenue.

A second short-seller report published shortly thereafter called Blaize a fraud and raised additional concerns regarding the Company's prior customer agreements. Following the publication of these reports, Blaize's stock price declined sharply.

What Now: If you lost money in your investment of Blaize Holdings, Inc., contact Robbins LLP for more information about your rights.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas, Jr.
(800) 350-6003
[email protected]
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

To be notified if a class action against Blaize Holdings, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

SOURCE Robbins LLP

In this episode of Bloomberg Tech: Europe, Bloomberg's Tom Mackenzie dives into London's AI boom. The UK capital is on a tear, with Britain leading the AI wave in Europe, so what's behind the explosive growth and how did London become a global center for artificial intelligence?

All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

Toronto, Ontario--(Newsfile Corp. - May 5, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the first quarter ended March 31, 2026.

"IAMGOLD delivered a strong start to 2026, with attributable gold production of 183,600 ounces in the first quarter positioning the Company well to achieve its full-year guidance of 720,000 to 820,000 ounces" said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "The quarter was marked by robust financial results, including revenues of over $1 billion, adjusted EBITDA of $666 million, and mine-site free cash flow of $525 million, reflecting the significant leverage our business has to the current gold price environment. These results allowed for the Company to return $260 million to our shareholders through our share buyback program and repay $100 million in debt."

"Westwood and Essakane both delivered strong performances, with quarterly production improvements year-over-year, driven by higher grades and improved operating efficiency across both sites. At Côté Gold, throughput in the quarter was limited by unplanned conveyor downtime as increased crushed ore volumes from the additional secondary cone crusher accelerated prior wear and splits on the belt. Performance improved in April following repairs as we control throughput ahead of the upcoming belt replacement in May that will allow for operations at full capacity. We remain confident in our full-year attributable production guidance for Côté of 270,000 to 310,000 ounces. Production and costs at the mine are expected to improve progressively through 2026 as throughput increases, the temporary aggregate crushing circuit is phased out, the pit pushback advances, and as we continue to optimize the operation and lengthen maintenance cycles."

"Looking ahead, we have significant catalysts across all of our assets. An updated mineral resource estimate for Côté is planned for the second quarter, followed by a technical report that is on track by year-end and is expected to outline a larger-scale mine incorporating both the Côté and Gosselin zones. Technical reports are also planned for Westwood, Essakane, and our Nelligan Mining Complex - which combined are expected to illustrate meaningful potential for production growth, mine life extension and value accretion. Combined with approximately $1.1 billion in available liquidity, an increasing production profile, and our continued execution on share buybacks and debt reduction, we are well-positioned to deliver value for our shareholders in 2026 and beyond."

HIGHLIGHTS:

Operating and Financial

Attributable gold production was 183,600 ounces in the first quarter, positioning the Company well to achieve its 2026 production guidance of 720,000 to 820,000 ounces. Production is expected to increase through the year as Côté continues to debottleneck operations and incorporates operating improvements:

Côté produced 52,300 attributable ounces (74,700 ounces | 100%);

Westwood produced 36,200 ounces; and

Essakane produced 95,100 attributable ounces (111,900 ounces | 100%).

Revenues in the first quarter totaled $1,030.1 million from sales of 211,500 ounces at an average realized gold price1 of $4,859 per ounce.

Cost of sales per ounce sold was $1,619 for the first quarter.

Cash cost1 per ounce sold, excluding royalties, was $1,201 for the first quarter.

Cash cost1 per ounce sold, including royalties, was $1,608 for the first quarter.

AISC1 per ounce sold was $2,124 for the first quarter.

Net earnings and adjusted net earnings attributable to equity holders1 was $379.7 million and $391.1 million for the first quarter, respectively.

Net earnings and adjusted net earnings per share attributable to equity holders1 of $0.65 and $0.67 for the first quarter, respectively.

Net cash from operating activities was $569.9 million for the first quarter. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $629.5 million for the first quarter.

Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 was $657.0 million, and Adjusted EBITDA1 was $666.3 million for the first quarter.

Mine-site free cash flow1 of $524.6 million for the first quarter.

The Company has available liquidity1 of $1,096.9 million as at March 31, 2026, an increase of $228.3 million compared to the prior period. Cash and cash equivalents was $550.2 million and the available balance of the revolving credit facility ("Credit Facility") was $545.7 million. Net cash, excluding leases and letters of credit1, was $0.9 million, an improvement of $229.0 million during the quarter.

In health and safety, for the quarter ended March 31, 2026, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.44, an improved performance from the prior year period. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents.

Corporate

Significant free cash flow generated in the first quarter allowed the Company to: increase its cash and cash equivalents balance by $128.3 million, repay $100 million of the Credit Facility, and purchase $260 million of IAMGOLD shares (12.9 million shares) as part of the share buyback program. Subsequent to quarter end, the Company has purchased an additional 2.1 million shares for $40 million and has purchased 18.0 million shares for $350 million since the inception of the program in December 2025 and paid down the remaining balance of $100 million of its Credit Facility. The Company intends to continue to use cash flow from Essakane to repurchase shares under its share buyback program as the cash is generated and repatriated from Essakane over the course of 2026.

$212.7 million of cash was repatriated from Essakane in the first quarter, using the structure that enables payments to be made at any time of the year based on the cash generated in excess of working capital requirements by Essakane.

On March 25, 2026, Fitch affirmed the Company's B+ credit rating and revised the outlook from Stable to Positive. Subsequent to quarter end, on April 9, 2026, the Company received a corporate credit rating upgrade by Moody's Investors Service from B2 to B1 with a stable outlook.

Subsequent to quarter end, on April 27, 2026, the Company released its 2025 Sustainability Report highlighting the Company's progress and achievements across a range of Environmental, Social and Governance ("ESG") practices.

On May 4, 2026, the Company strengthened its executive team with the appointment of Ankit Shah as Chief Strategy Officer, bringing nearly two decades of progressive leadership in strategy and corporate development in the mining and advisory sectors.

On May 5, 2026, at the Company's Annual General Meeting, shareholders voted in favour of the election of the Company's Board of Directors, including the appointment of new director Mr. Daniel Racine. Dr. Ann Masse and Ms. Audra Walsh did not stand for reelection and concluded their service on the Board. The Company thanks both Dr. Masse and Ms. Walsh for their years of dedicated service, passion and many contributions to IAMGOLD.

QUARTERLY REVIEW

For more details and the Company's overall outlook for 2026, see "Outlook", and for individual mines performance, see "Operations". The following table summarizes certain operating and financial results for the three months ended March 31, 2026 (Q1 2026) and March 31, 2025 (Q1 2025) and certain measures of the Company's financial position as at December 31, 2025.

Q1 2026

Q1 2025
Key Operating Statistics 
($ millions)

Gold production - attributable (000s oz)
183.6

161.0
- Côté Gold1
52.3

51.1
- Westwood
36.2

23.9
- Essakane2
95.1

86.0
Gold sales - attributable (000s oz)
193.7

164.7
- Côté Gold1
55.1

51.6
- Westwood
37.5

27.2
- Essakane2
101.1

85.9
Cost of sales3 ($/oz sold) $1,619
$1,465
- Côté Gold1$1,713
$1,264
- Westwood$1,296
$1,547
- Essakane2$1,688
$1,560
Cash costs4 - excluding royalties ($/oz sold) $1,201
$1,280
- Côté Gold1$1,369
$1,074
- Westwood$1,270
$1,527
- Essakane2$1,083
$1,324
Cash costs4 ($/oz sold) $1,608
$1,459
- Côté Gold1$1,704
$1,260
- Westwood$1,270
$1,527
- Essakane2$1,680
$1,557
AISC4 ($/oz sold) $2,124
$1,908
- Côté Gold1$2,109
$1,643
- Westwood$1,733
$2,124
- Essakane2$2,125
$1,846
Average realized gold price ($/oz)$4,859
$2,731
Attributable portion for Côté Gold is based on IAMGOLD's ownership of 70%. See "Operations - Côté Gold, Canada" for more details.IAMGOLD's Essakane ownership interest decreased from 90% to 85% effective June 20, 2025. See "Operations - Essakane, Burkina Faso" for more details. The attributable portion for Essakane is presented as 90% for the first half of 2025 and 85% for the second half of 2025 throughout this news release.Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.

Q1 2026

Q1 2025
Financial Results
($ millions)

Revenues$1,030.1
$477.1
Gross profit$570.7
$141.2
EBITDA1$657.0
$195.2
Adjusted EBITDA1$666.3
$204.5
Net earnings attributable to equity holders$379.7
$39.7
Adjusted net earnings attributable to equity holders1$391.1
$55.2
Net earnings per share attributable to equity holders $0.65
$0.07
Adjusted net earnings per share attributable to equity holders1 $0.67
$0.10
Net cash from operating activities before changes in working capital1 $629.5
$104.9
Net cash from operating activities$569.9
$74.3
Mine-site free cash flow1$524.6
$139.6
Capital expenditures1 - sustaining $88.6
$61.7
Capital expenditures1 - expansion$12.8
$5.3

March 31

December 31

2026

2025
Financial Position
($ millions)

Cash and cash equivalents$550.2
$421.9
Long-term debt$549.2
$649.8
Net cash (debt)1$(105.2)$(344.4)Available Credit Facility$545.7
$445.7
Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use assets and working capital impacts. OUTLOOK

Production (000 oz)

Actual Q1 2026

Full Year Guidance 2026
Côté Gold - (70%)
52.3

270 - 310
Westwood - (100%)
36.2

110 - 130
Essakane - (85%)
95.1

340 - 380
Total attributable production (000s oz)
183.6

720 - 820
Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces. Production is expected to increase through the year as Côté continues to debottleneck operations and incorporates operating improvements. For further details, refer to the "Operations" section of each mine below.

Costs

Actual Q1 2026

Full Year Guidance3 2026
Côté Gold

Cash costs - excluding royalties ($/oz sold)$1,369
$900 - $1,050
Cash costs - including royalties3 ($/oz sold)$1,704
$1,200 - $1,350
AISC - including royalties3 ($/oz sold)$2,109
$1,775 - $1,925
Westwood
 

 
Cash costs ($/oz sold)$1,270
$1,500 - $1,650
AISC ($/oz sold)$1,733
$1,950 - $2,100
Essakane
 

 
Cash costs - excluding royalties ($/oz sold)$1,083
$1,150 - $1,300
Cash costs - including royalties3 ($/oz sold)$1,680
$1,600 - $1,750
AISC - including royalties3 ($/oz sold)$2,125
$2,000 - $2,150
Consolidated
 

 
Cost of sales1 ($/oz sold)$1,619
$1,425 - $1,575
Cash costs1,2 - excluding royalties ($/oz sold)$1,201
$1,100 - $1,250
Cash costs1,2 - including royalties3 ($/oz sold) $1,608
$1,425 - $1,575
AISC1,2 - including royalties3 ($/oz sold)$2,124
$2,000 - $2,150
Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Guidance for cash costs and AISC, including royalties, assumes a $4,000 per ounce gold price in the estimate of royalties per ounce.Cash costs on a consolidated basis, excluding royalties, are expected to be in the range of $1,100 to $1,250 per ounce sold. Cash costs, including royalties, are expected to average $1,425 to $1,575 per ounce sold. The amount of royalties included in cash cost was $407 per ounce during the quarter, $82 per ounce higher than guidance, as the average realized price of gold sold was $4,859, or $859 per ounce more than the gold price assumption used in guidance estimates. Refer to the table below for the sensitivity of royalties based on gold price. AISC, including royalties, are expected to be in the range of $2,000 and $2,150 per ounce sold.

Royalty Sensitivities

$ per ounce soldGold PriceConsolidatedCôté GoldEssakane$3,500$270$245$350$4,000 (guidance price)$325$300$450$4,500$390$340$540$5,000$440$385$600The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel. On oil price, the Company estimates that for a $10 per barrel increase, the impact on the direct cost of fuel would increase costs by approximately $12 per ounce, exclusive of broader indirect inflationary pressures on input costs and the supply chain. For further information on the expected impacts from fluctuation in guidance assumptions, refer to the Sensitivity Impact table included in the "Financial Condition" section.

Capital Expenditures

Actual Q1 2026

Full Year Guidance 20261
($ millions)
Sustaining

Expansion

Total

Sustaining

Expansion

Total
Côté Gold (70%)$18.8
$9.1
$27.9
$160
$85
$245
Westwood (100%)
16.6

3.1

19.7

55

30

85
Essakane (100%)
53.2

0.6

53.8

165

5

170
Total2$88.6
$12.8
$101.4
$380
$120
$500
Capital expenditures guidance (±5%).Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold, on an attributable basis, is expected to total $160 million ±5%, an increase from the prior year due to additional non-recurring plant and infrastructure design changes and improvements identified during the ramp-up to optimize operations and operating costs.

Expansion capital expenditures are expected to total $120 million ±5% in 2026. The expansion capital at Côté Gold is to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood to support the study of options to increase mining volumes including the potential for bulk mining in the eastern parts of Westwood underground.

Exploration Outlook

Actual Q1 2026

Full Year Guidance 2026
($ millions)
Capitalized

Expensed

Total

Capitalized

Expensed

Total
Exploration projects - greenfield$4.9
$6.4
$11.3
$11
$34
$45
Exploration projects - brownfield
2.3

0.5

2.8

7

2

9

$7.2
$6.9
$14.1
$18
$36
$54
Exploration expenditures for 2026 are expected to be approximately $54 million, the majority of which will be expensed. The Nelligan Mining Complex is the primary focus for exploration in 2026, with an estimated spend of approximately $24 million (including the construction of certain infrastructure to support an expanding program), followed by Côté Gold at approximately $5 million attributed to IAMGOLD, and Essakane at approximately $6 million.

Income Taxes Paid and Depreciation Outlook

($ millions)Actual Q1 2026Full Year Guidance 2026Depreciation expense $115.7$480 (±5%)Income taxes paid $28.5$205 - $215The Company expects to pay cash taxes in the range of $205 to $215 million during 2026. Cash tax payments do not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments for the current year, both required to be made at times as prescribed by different countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes ("GloBE").

Depreciation expense for 2026 is expected to be $480 million (±5%) corresponding with production levels and depletion of certain pit phases for which waste stripping costs have been capitalized.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

The Company released its 2025 Sustainability Report on April 27, 2026. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative and Sustainability Accounting Standards Board.

Health and Safety

The TRIFR in the first quarter was 0.44 as of March 31, 2026, compared to 0.67 as of March 31, 2025. The Essakane mine achieved the milestone of "triple zero" in the first quarter, and Westwood achieved its first full quarter at a zero TRIFR, a goal every mine site strives to reach. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents.

Environmental

There were zero significant environmental incidents reported for the quarter.

Social Performance

During the first quarter of 2026, IAMGOLD continued its strong relationship with local communities at each of our sites, including supporting community-based and wellness-focused initiatives. Notable initiatives included the Cycling Grand Prix and the Regional Hospital Centre Gala in Burkina Faso, as well as community runs and hockey tournaments, aimed to support raising funds for health and wellness in the local communities in Canada.

Indigenous Relations

As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada's Calls to Action, IAMGOLD is continuing to advance a company-wide initiative to articulate how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company's experiences and reflects its values. This work is intended to support the creation of a coherent vision for reconciliation and a roadmap to help guide the Company's actions as an organization, embedding reconciliation more intentionally across the organization, and defining actions to guide respectful, mutually beneficial relationships with Indigenous communities.

In the first quarter 2026, IAMGOLD launched new mandatory awareness training for all its Canada-based employees titled "Indigenous Peoples of Canada: An Introduction to History and Relationship".

Culture and Inclusion

IAMGOLD includes annual objectives to support its efforts in integrating culture and inclusion into the strategy and corporate scorecard, for the annual objectives, and tracks metrics in site and corporate reports for visibility and measurement. As of March 31, 2026, women accounted for 40% of the Company's executive leadership team.

OPERATIONS

Côté Gold Mine (IAMGOLD interest - 70%) | Ontario, Canada

Q1 2026

Q1 2025
Key Operating Statistics (100% basis, unless otherwise stated)

Ore mined (000s t)
3,553

3,115
Grade mined (g/t)
0.99

0.78
Operating waste mined (000s t)
4,947

5,667
Capital waste mined (000s t)
826

1,973
Total material mined (000s t)
9,326

10,755
Strip ratio1
1.6

2.5
Ore milled (000s t)
2,341

2,097
Head grade (g/t)
1.07

1.17
Recovery (%)
93

93
Gold production (000s oz) - 100%
74.7

73.0
Gold production (000s oz) - 70%
52.3

51.1
Gold sales (000s oz) - 100%
78.4

73.8
Gold sales (000s oz) - 70%
55.1

51.6
Average realized gold price2 ($/oz)$4,833
$2,925
Financial Results ($ millions - attributable interest)
 

 
Revenues3$267.1
$151.2
Cost of sales3
94.5

65.2
Production costs
77.4

56.4
(Increase)/decrease in finished goods
(1.4)
(0.8)Royalties4
18.5

9.6
Cash costs2
94.0

65.1
Sustaining capital expenditures2
18.8

18.2
Expansion capital expenditures2
9.1

3.1
Total sustaining and expansion capital expenditures2
27.9

21.3
Earnings from operations
131.0

49.7
Mine-site free cash flow2
111.9

57.6
Unit costs per tonne2
 

 
Mine costs per operating tonne mined2$5.14
$3.49
Mill costs per tonne milled2$24.62
$20.18
G&A costs per tonne milled2$9.17
$8.89
Operating costs per ounce5
 

 
Cost of sales excluding depreciation ($/oz sold)$1,713
$1,264
Cash costs2 - excluding royalties ($/oz sold)$1,369
$1,074
Cash costs2 ($/oz sold)$1,704
$1,260
AISC2 ($/oz sold)$2,109
$1,643
Strip ratio is calculated as waste mined divided by ore mined.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures". Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Includes the 7.5% gross margin royalty and various net smelter return royalties.Cost of sales, cash costs excluding royalties cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Operations

Côté Gold attributable gold production in the first quarter 2026 was 52,300 ounces (74,700 ounces | 100%), a 2% increase from the prior year period.

Mining activity totaled 9.3 million tonnes in the first quarter 2026, lower by 1.4 million tonnes or 13% compared to the same prior year period. Ore tonnes mined were 3.6 million tonnes, or 14% higher than the prior year period, due to a lower strip ratio of 1.6:1. The average grade mined was 0.99 g/t in the first quarter 2026, an increase of 27% over the prior year period, in line with expectations. Total tonnes mined was lower in January and February as the operation completed pioneering and overburden removal activities required for the pit pushback and managed seasonal winter conditions. Mining activity increased in March following the commencement of drilling and blasting in the pushback area. As the Company expands the pit operating area, increased flexibility and operating space are expected to improve efficiencies and unit costs and reduce the impact of winter events on mining activities.

Mill throughput in the first quarter 2026 totaled 2.3 million tonnes, an increase of 12% over the prior year period, however lower than planned. [Throughput was limited in the quarter by unplanned downtime resulting from a conveyor belt that had increased wear and splits on splice joints following an increase in the material load after the commissioning of the additional secondary crusher, compounded by winter conditions. Reinforcement repairs were made in early April and the belt performance has improved, though at a slightly reduced capacity with throughput averaging 32,000 tonnes per day in April. A replacement conveyor belt will be installed in May as part of the scheduled maintenance shutdown.

The Company continued to supplement crushing capacity with the contracted aggregate crusher. The Company completed the commissioning of the second cone crusher at the end of last year and continues to expect to phase out the temporary aggregate crushing circuit at the end of the first half of 2026. Improvements to the crushing circuit have been realized with improved wear rates on the HPGR rollers with better sized material now feeding the HPGR. As a result, the planned replacement of the rollers was extended from February to May. A longer HPGR lifespan is expected to translate into reduced maintenance costs and improved crushing circuit availability.

Head grade for the first quarter was 1.07 g/t, in line with the guidance for the year of 1.0 to 1.1 g/t. Head grades were 9% lower than the prior year, as the proportion of ore feed direct from the pit increases in contrast to the prior period which relied upon the higher grade stockpiles built during the project ramp-up. Recoveries in the plant averaged 93% in the quarter, in line with the prior year period. The reconciliation between the reserve models, grade control models, mill feed and production continues to be in line with expected tolerances.

The Company plans to release an updated technical report in the fourth quarter 2026 that is expected to outline a larger scale Côté Gold Mine with a conceptual mine plan including both the Côté and Gosselin zones. The technical report is expected to envision an expansion of the processing plant from 36,000 tpd to 50,000 - 55,000 tpd, with a mine plan targeting a subset of the combined mineral inventory that currently measures 18.2 million ounces Measured and Indicated Mineral Resources and 2.2 million ounces Inferred Mineral Resources. The Company will be publishing an updated Mineral Resource estimate for Côté Gold in the second quarter 2026 to incorporate the final infill holes at the end of last year with the goal to further upgrade ounces to Measured and Indicated.

Financial Performance (70% basis) - Q1 2026 Compared to Q1 2025

Production costs of $77.4 million during the three months ended March 31, 2026, were $21.0 million or 37% higher than the same prior year period primarily from higher use of the contractor aggregate services, contractor costs to support the conveyor repairs described above, higher mine maintenance as the mining fleet commenced the first series of rebuilds, as well as an emergent increase in diesel prices during the end of the quarter resulting from the conflict in the Middle East.

While mining and milling costs remained elevated in the first quarter 2026, the Company continues to execute its plans to reduce mining and milling costs below 2026 year end targets of $4/t and $15/t respectively and realize further reductions in 2027 onwards.

Mining costs averaged $5.14 per tonne mined during the three months ended March 31, 2026. Mining costs were impacted by lower volumes mined, an increase in diesel costs, as well as the continued operation of the contractor aggregate crusher that increased rehandling and utilization of haul trucks. The impact is expected to reduce as the contractor aggregate is phased out at the end of the first half of 2026.

Milling costs were $24.62 per tonne milled during the three months ended March 31, 2026. Unit costs remained higher in the first quarter due to the lower throughput volumes, compounded by increased utilization of the temporary aggregate crusher. Unit costs are expected to decline as the contractor aggregate crushing is phased out at the end of the first half of the year, as well as on increased volumes and maintenance cycle improvements.

G&A costs were $9.17 per tonne milled during the three months ended March 31, 2026.

Cost of sales, excluding depreciation, of $94.5 million was $29.3 million or 45% higher than the prior year period. Cost of sales per ounce sold, excluding depreciation, of $1,713 was $449 or 36% higher primarily due to higher production costs and higher royalties.

Cash costs, excluding royalties, of $75.5 million were $20.0 million or 36% higher than the prior year period, and cash cost per ounce sold, excluding royalties, of $1,369, was higher by $295 or 27%, primarily due to higher production costs.

Royalties during the three months ended March 31, 2026, were $18.5 million or $335 per ounce (20% of cash costs), 93% higher compared to the prior year period due to higher gold prices.

Cash costs, including royalties, of $94.0 million were $28.9 million or 44% higher than the prior year period. Cash cost per ounce sold of $1,704 was higher by $444 or 35%, primarily due to higher production costs.

AISC per ounce sold of $2,109 was higher by $466 or 28%, primarily due to higher cash costs per ounce sold and higher production and sales volume.

Capital expenditures totaled $27.9 million ($39.8 million | 100%) in the first quarter 2026. Sustaining capital expenditures totaled $18.8 million ($26.8 million | 100%), including $8.8 million of tailings infrastructure and related earthworks, $5.0 million of capital projects related to operational improvements and ramp-up, $4.9 million of mobile equipment and critical spares, and $0.1 million of other capital projects. Expansion capital of $9.1 million ($13.0 million | 100%) included $7.8 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $1.3 million of related infrastructure improvements.

Mine-site free cash flow, on an attributable basis, was $111.9 million ($159.9 million | 100%) for the three months ended March 31, 2026, on the strength of record revenues of $267.1 million with gold sales of 55,100 ounces at the realized gold price of $4,833 per ounce, resulting in operating cash flows of $144.1 million ($205.9 million | 100%) offset by capital expenditures totaling $32.2 million.

2026 Outlook

Côté Gold attributable production in 2026 is expected to be in the range of 270,000 to 310,000 ounces (390,000 to 440,000 ounces | 100%). The focus in 2026 is on stabilization and optimization, improving the cost structure and preparing for the contemplated expansion of Côte. Short to medium term capital investment is planned to improve the operating efficiency and cost structure while also systematically investing in the expansion to derisk the larger build.

Mining activities in 2026 are planning a total of approximately 52 million tonnes of material mined. This includes a large pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mill throughput is expected to total approximately 12 to 13 million tonnes, with the plant averaging 36,000 tpd (nameplate) over the course of the year. Plant head grades are expected to average between 1.0 g/t and 1.1 g/t. Gold production is expected to be higher in the second half of the year based on increased throughput following the first quarter and higher grades in the second half of the year.

Cash costs, excluding royalties, at Côté Gold are expected to be in the range of $900 to $1,050 per ounce sold. Cash costs including royalties, at a gold price assumption of $4,000 per ounce, are estimated to be $1,200 to $1,350 per ounce sold. At a $5,000/oz gold price, cash costs including royalties would be approximately $185 per ounce sold higher. AISC, including royalties at a gold price assumption of $4,000 per ounce, is expected to be in the range of $1,775 to $1,925 per ounce sold. Côté Gold relies on diesel to operate the haul trucks, while the shovels and processing plant are connected to the grid. The cost estimates for 2026 used an oil price assumption of $65 per barrel for WTI. It is estimated that a $10 increase in the price of oil per barrel would approximately equate to a $7 per ounce increase in costs, exclusive of broader indirect inflationary pressures on input costs and the supply chain.

Sustaining capital expenditures guidance for Côté Gold is approximately $160 million ±5% ($230 million | 100%) that includes $50 million ($70 million | 100%) of non-recurring capital to improve the operating efficiency and the long-term operating cost structure.

Expansion capital of $85 million ±5% ($120 million | 100%) mainly relates to the planned 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 plant construction activities, including an additional Vertimill in early 2027.

Exploration

The Gosselin zone is located immediately to the northeast of the Côté zone. Following the completion of the delineation diamond drilling program in 2025 which aimed at increasing the confidence in the existing resource and converting a large part of the Inferred Resource to the Indicated Resource category, 2026 activities will include 10,000 metres of exploration drilling to test the north and north-east area of the Gosselin zone. Approximately 4,400 metres were drilled in the quarter.

The results of the 2025 Gosselin drilling program are all received and will be included in the updated Mineral Reserves and Mineral Resources estimate in the second quarter of 2026. The estimate will inform the planned updated technical report which will consider a larger scale Côté Gold Mine with a conceptual mine plan targeting both the Côté and Gosselin zones over the life of mine. This updated technical report is expected to be completed by the end of 2026.

Côté Zone Drilling

An infill drilling program of 20,000 metres is planned on the Côté zone and extensions to Gosselin. Approximately 4,200 metres of surface diamond drilling (including approximately 1,200 metres of geotechnical drilling) were completed in the first quarter of 2026. The infill drilling program was planned to improve resource confidence within the northeastern extension of the Côté deposit and convert Inferred Resources into the Indicated Resources category.

Westwood Complex (IAMGOLD interest - 100%) | Quebec, Canada

Q1 2026

Q1 2025
Key Operating Statistics

Underground lateral development (metres)
1,153

1,147
Ore mined (000s t) - underground
106

89
Ore mined (000s t) - open pit
60

192
Ore mined (000s t) - total
166

281
Grade mined (g/t) - underground
9.83

6.29
Grade mined (g/t) - open pit
0.83

1.31
Grade mined (g/t) - total
6.59

2.89
Ore milled (000s t)
303

282
Head grade (g/t) - underground
9.85

6.28
Head grade (g/t) - open pit
1.08

1.37
Head grade (g/t) - total
4.04

2.89
Recovery (%)
92

91
Gold production (000s oz)
36.2

23.9
Gold sales (000s oz)
37.5

27.2
Average realized gold price1 ($/oz)$4,894
$2,914
Financial Results ($ millions)
 

 
Revenues2$184.3
$79.8
Cost of sales2
48.5

42.1
Production costs
47.5

41.0
(Increase)/decrease in finished goods
1.0

1.1
Cash costs1
47.6

41.6
Sustaining capital expenditures1
16.6

15.1
Expansion capital expenditures1
3.1

-
Total sustaining and expansion capital expenditures1
19.7

15.1
Earnings from operations
117.3

21.1
Mine-site free cash flow1
110.0

16.6
Unit costs per tonne1
 

 
Underground mining cost per tonne mined $287.25
$274.75
Open pit mining cost per operating tonne mined$8.25
$7.24
Milling cost per tonne milled$27.50
$23.26
G&A cost per tonne milled$19.89
$22.70
Operating costs per ounce3
 

 
Cost of sales excluding depreciation ($/oz sold)$1,296
$1,547
Cash costs1 - excluding royalties ($/oz sold)$1,270
$1,527
Cash costs1 ($/oz sold)$1,270
$1,527
AISC1 ($/oz sold)$1,733
$2,124
This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Operations

Westwood gold production in the first quarter 2026 was 36,200 ounces, higher by 12,300 ounces or 51% compared with the same prior year period.

Underground mining activity in the first quarter 2026 of 106,000 tonnes of ore was higher by 17,000 tonnes or 19% than the same prior year period, due to improved stope mucking procedures and hoisting performance. The grade of 9.83 g/t Au was higher than the prior period mainly due to mine sequencing.

Open pit mining activity in the first quarter 2026 of 60,000 tonnes of ore was lower by 132,000 tonnes than the same prior year period, primarily due to a focus on waste stripping activities as part of the mining sequence to open up access to ore.

Mill throughput in the first quarter 2026 was 303,000 tonnes, 21,000 tonnes higher than the prior year period. The average grade of 4.04 g/t, was 40% higher than the same prior year period due to higher grade and volume processed from the underground mine.

The mill achieved recoveries of 92% in the first quarter 2026, 1% higher than the same prior year period.

The Company plans to publish an updated technical report for Westwood in the second half of 2027 which is expected to highlight the potential for bulk mining in the eastern zone at depth in Westwood. This approach could potentially support higher overall underground throughput which conceptually would allow for increased gold production at improved mining costs. Increasing the proportion of underground ore processed through the plant would also help offset the expected decline in open-pit feed once the low-grade Grand Duc open pit is depleted.

Financial Performance - Q1 2026 Compared to Q1 2025

Production costs of $47.5 million were higher by $6.5 million or 16% than the same prior year period, primarily due to increased extraction activities in the underground mine. Underground mining costs per tonne mined were $287.25, higher by $12.50 per tonne or 5% than the same prior year period, resulting from an increase in the price of explosives and increased drilling activities. Milling costs of $27.50 per tonne were slightly higher due to increased rental costs for the portable crushing unit supporting the supplemental Grand Duc ore feed and increased maintenance.

Cost of sales, excluding depreciation, of $48.5 million was higher by $6.4 million or 15% compared to the same prior year period due to higher production costs. Cost of sales per ounce sold, excluding depreciation, of $1,296 was lower by $251 or 16%, resulting from increased sales volume compared to the same prior year period, partially offset with higher production costs.

Cash costs of $47.6 million were higher by $6.0 million or 14% compared to the prior year period due to higher production costs. Cash costs per ounce sold of $1,270 were lower by $257 per ounce or 17%, due to higher production and sales volumes, partially offset with higher production costs.

AISC per ounce sold of $1,733 was lower by $391 per ounce or 18%, primarily due to lower cash costs per ounce, lower sustaining capital spend, and an increase in production and sales volumes compared to the same prior year period.

Sustaining capital expenditures of $16.6 million included underground development and rehabilitation of $8.0 million mill and mobile equipment of $4.1 million, capitalized stripping at Grand Duc of $4.1 million, and other sustaining capital projects of $0.4 million. During the quarter a work program progressed on the adjacent Eastwood deposit, with $3.1 million incurred in the period, to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining and resulted increase in underground throughput.

Mine-site free cash flow was $110.0 million for the three months ended March 31, 2026, based on revenues of $184.3 million with gold sales of 37,500 ounces at a realized gold price of $4,894 per ounce, generating operating cash flows of $130.2 million offset by capital expenditures totaling $20.2 million.

2026 Outlook

Westwood production is expected to be in the range of 110,000 to 130,000 ounces in 2026. Underground mining is planned for between 900 to 1,000 tonnes per day and the Grand Duc open pit life was extended into 2027 based on the improved economics in the current gold price environment. Mill throughput is expected to total 1.2 million tonnes in 2026 with blended head grades expected to average 3.4 to 3.5 g/t over the course of the year.

Cash costs at Westwood are expected to be in the range of $1,500 to $1,650 per ounce sold and AISC in the range of $1,950 to $2,100 per ounce sold.

Sustaining capital expenditures guidance is $55 million (±5%), primarily consisting of underground development in support of the mine plan, the continued renewal of the mobile fleet and fixed equipment, and certain asset integrity projects at the Westwood mill. Expansion capital of $30 million is primarily associated with development works to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining. Additional extensions to the Grand Duc pit will also be investigated this year.

Essakane Mine (IAMGOLD interest - 85% for Q1 2026, 90% for Q1 2025) | Burkina Faso

Q1 2026

Q1 2025
Key Operating Statistics1

Ore mined (000s t)
2,231

2,447
Grade mined (g/t)
1.09

1.21
Operating waste mined (000s t)
1,985

5,667
Capital waste mined (000s t)
7,726

2,747
Total material mined (000s t)
11,942

10,861
Strip ratio2
4.4

3.4
Ore milled (000s t)
3,141

3,112
Head grade (g/t)
1.24

1.08
Recovery (%)
89

88
Gold production (000s oz) - 100%
111.9

94.6
Gold production (000s oz) - attributable
95.1

86.0
Gold sales (000s oz) - 100%
118.9

95.4
Average realized gold price3 ($/oz)$4,859
$2,898
Financial Results ($ millions)1
 

 
Revenues4$578.6
$276.9
Cost of sales4
200.7

148.9
Production costs
126.1

124.9
(Increase)/decrease in finished goods
3.7

1.8
Royalties5
70.9

22.2
Cash costs3
199.8

148.6
Sustaining capital expenditures3
53.2

27.9
Expansion capital expenditures3
0.6

2.2
Total sustaining and expansion capital expenditures3
53.8

30.1
Earnings from operations
318.6

94.8
Mine-site free cash flow3
302.7

65.4
Unit costs per tonne3
 

 
Open pit mining cost per operating tonne mined$4.71
$5.57
Milling cost per tonne milled$20.46
$17.56
G&A cost per tonne milled$10.39
$9.39
Operating costs per ounce6
 

 
Cost of sales excluding depreciation ($/oz sold)$1,688
$1,560
Cash costs3 - excluding royalties ($/oz sold)$1,083
$1,324
Cash costs3 ($/oz sold)$1,680
$1,557
AISC3 ($/oz sold)$2,125
$1,846
100% basis, unless otherwise stated.Strip ratio is calculated as waste mined divided by ore mined.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Includes contributions made by the Essakane mine to the development fund for local communities, equating to 1% of total revenues.Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Operations

Essakane attributable gold production in the first quarter 2026 was 95,100 ounces (111,900 ounces | 100%), an increase of 9,100 ounces of 11% from the prior year period due to increased head grade through the mill.

Mining in the first quarter 2026 totaled 11.9 million tonnes, higher by 1.1 million tonnes or 10% compared to the same prior year period. Ore mined totaled 2.2 million tonnes in the quarter at an average grade of 1.09 g/t, a decrease of 9% and 10%, respectively over the same year prior period. The Company is seeing positive reconciliation from the lower benches of Phase 7, in line with results from the lower section of prior phases where positive reconciliation offset negative reconciliation from the upper benches. Capital waste mined increased from the prior period as mining progressed to open up the Lao pit as per the mine plan.

Mill throughput in the first quarter 2026 was 3.1 million tonnes at an average head grade of 1.24 g/t, 1% higher and 15% higher than the same prior year period, respectively.

The mill achieved recoveries of 89% in the first quarter 2026, 1% higher than the same prior year period.

The Company plans to issue an updated technical report in the first half of 2027. The report is expected to illustrate the potential extension of Essakane's mine life up to 2033 with additional phases in the Essakane pit and adjacent open pits.

The security situation in Burkina Faso continues to be a focus for the Company. Security-related incidents are still occurring in the country, and more broadly, the West African region, which has put pressure on supply chains. The Company continues to take proactive measures to ensure the safety and security of in-country personnel and is constantly adjusting its protocols and activity levels at the site in response to the security environment. The Company continues to invest in the security and supply chain infrastructure in the region and at the mine site. It is also incurring additional costs to bring employees, contractors, supplies, and inventory to the mine. The situation has placed the Government of Burkina Faso under significant financial constraint due to the high cost of funding its initiatives to defend itself against militant attacks. See "Risks and Uncertainties".

In June 2025, Essakane declared a record dividend of approximately $855 million representing the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $680 million at a foreign exchange rate of EUR/USD 1.15. Since the declaration date and up to March 31, 2026, $508.0 million of IAMGOLD's portion has been successfully repatriated, including interest payments of $12.5 million. Essakane is expected to declare a dividend, representing the full distribution of its 2025 earnings, of approximately $500 million in June 2026, with the Company's portion, net of withholding taxes, expected to be approximately $400 million. See "Financial Condition - Dividend Payments from Essakane".

On April 7, 2025, the Government of Burkina Faso enacted an update to the royalty decree increasing the minimum royalty rate applicable to gold prices above $3,000/oz to 8%, with the rate increasing by an additional 1% for each $500/oz thereafter. The previous rate was 7% on all gold sold at or above $2,000/oz. The average royalty rate was 10% in the first quarter 2026 compared to 7% in the same prior year period, in addition to the contributions to the development fund for local communities equating to 1% of total revenues.

Financial Performance - Q1 2026 Compared to Q1 2025

Production costs of $126.1 million were higher by $1.2 million or 1%, in line with prior year levels. Mining costs were lower due to free digging of the initial saprolite benches of the Lao pit resulting in reduced explosives consumption, offset by higher energy and consumable costs and the replacement of liners during the quarter. Costs were also impacted by USD equivalent labour, contractor and facility costs, which have increased compared to the same prior year period due to the appreciation of the local XOF currency, which is pegged to the Euro.

Cost of sales, excluding depreciation, of $200.7 million was higher by $51.8 million or 35%, primarily due to a 220% increase in royalties resulting from higher gold prices under the new royalty decree and slightly higher production costs. Cost of sales per ounce sold, excluding depreciation, of $1,688 was higher by $128 per ounce or 8% due to higher royalties offset by higher production and sales volumes.

Royalties during the three months ended March 31, 2026, were $70.9 million or $597 per ounce (35% of cash costs), an increase of $364 per ounce compared to the prior year period.

Cash costs, excluding royalties, of $128.9 million were higher by $2.5 million or 2%, primarily due to higher production costs. Cash costs per ounce sold, excluding royalties, of $1,083 per ounce were lower by $241 per ounce or 18%, primarily due to higher production and sales volumes.

Cash costs, including royalties, of $199.8 million were higher by $51.2 million or 34% mainly due to higher royalties, and total cash costs per ounce sold of $1,680 per ounce were higher by $123 or 8%.

AISC per ounce sold of $2,125 was higher by $279 per ounce or 15% due to higher royalties compared to the prior period, combined with higher sustaining capital expenditures, partially offset by higher production and sales volumes.

Total capitalized stripping of $36.3 million was higher by $21.9 million or 152%, due to the initial pushbacks of a pit expansion in the adjacent Lao pit, resulting in higher overall waste tonnes mined in the period decreasing the proportion of waste tonnes classified as operating waste consistent with the 2026 mine plan.

Sustaining capital expenditures, excluding capitalized stripping, of $16.9 million included mobile and mill equipment of $5.6 million, capital spares of $3.5 million, tailings management of $2.5 million, resource development of $1.9 million, generator overhaul $1.2 million and other sustaining projects of $2.2 million.

Mine-site free cash flow, on a 100% basis, was $302.7 million for the three months ended March 31, 2026, with revenues of $578.6 million resulting from gold sales of 118,900 ounces at a realized gold price of $4,859 per ounce, producing operating cash flows of $355.0 million offset by capital expenditures totaling $52.3 million.

2026 Outlook

Essakane attributable production is expected to be in the range of 340,000 to 380,000 ounces (400,000 to 440,000 ounces | 100%). Mining activities will predominantly target Phase 7 of the Essakane Main Zone and the adjacent Lao pit, with an estimated target of 42 to 43 million tonnes of material mined at a strip ratio between 2.5 to 3:1. Mill throughput is expected to total near 13 million tonnes with head grades averaging 1.10 g/t Au.

Cash costs, excluding royalties, are expected to be in the range of $1,150 to $1,300 per ounce sold. Costs at Essakane are impacted by the Burkinabe royalty structure described above which are uncapped and tied to gold prices. Cash costs including royalties, at a gold price assumption of $4,000 per ounce, are estimated to be $1,600 to $1,750. At a $5,000 per ounce gold price, cash costs including royalties would be approximately $150 per ounce sold higher. AISC, including royalties at a gold price assumption of $4,000 per ounce, is expected to be in the range of $2,000 to $2,150 per ounce sold.

Essakane mainly relies on diesel and heavy fuel oil to power the processing plant and operate the mining fleet. The cost estimates for 2026 used an oil price assumption of $65 per barrel for Brent. Based on the usage between milling and mining, it is estimated that a $10 increase in the price of oil per barrel would approximately equate to a $20 per ounce increase in cash costs and all-in sustaining cost, respectively, exclusive of broader indirect inflationary pressures on input costs and the supply chain. Fuel supply has not been impacted by the conflict in the Middle East up to date, though risks to price and supply have increased. The Company is actively monitoring the situation and implementing measures that are within its control.

Sustaining capital expenditures guidance is approximately $165 million (±5%), including approximately $90 million of capitalized waste stripping to progress Phase 6 and into the Lao pit, as well as the ongoing replacement of certain equipment to improve efficiency and maintenance costs at Essakane, and the annual tailings dam program. The capitalized waste stripping is higher than estimated in the December 2023 technical report due to inclusion of the Lao pit and extension of estimated mine life into 2029.

Continued security incidents or related concerns could have a material adverse impact on future operating performance. The Company continues to actively work with authorities and suppliers to mitigate potential impacts and manage supply continuity, while also investing in additional infrastructure and supply inventory levels designed to secure operational continuity. See "Risks and Uncertainties."

PROJECTS

Nelligan Mining Complex | Chibougamau District, Quebec, Canada

On December 19, 2025, and December 22, 2025, the Company acquired all of the issued and outstanding shares of each of Northern Superior and Orbec, respectively, by way of court-approved plan of arrangement for consideration of approximately $329.0 million and $14.2 million, respectively, in shares of the Company and cash. The Northern Superior acquisition consolidated the Philibert, Chevrier, Lac Surprise, and Croteau projects with Orbec's early-stage Muus project, creating a combined project portfolio alongside IAMGOLD's Nelligan, Monster Lake and Anik projects.

The combined assets, together the "Nelligan Mining Complex", consolidates the Chibougamau region with a dominant land position of approximately 134,000 hectares. The Nelligan Mining Complex is now positioned as one of the largest pre-production gold camps in Canada. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.

On February 17, 2026, the Company announced its updated Mineral Resources for the Nelligan Mining Complex. On a consolidated basis, the Nelligan Mining Complex reported a significant increase in Indicated and Inferred Mineral Resources. Indicated Resources increased 1.1 million ounces to a total of 4.3 million ounces at an average grade of 0.99 g/t Au. Inferred ounces increased 1.9 million ounces to a total of 7.5 million ounces at an average grade of 1.08 g/t Au. At the time of the Northern Superior acquisition, disclosed estimates were 3.75 Moz Au Measured and Indicated Mineral Resources and 8.65 Moz Au Inferred Mineral Resources, which included Croteau. The Company opted to exclude the mineral resources previously associated with the Croteau property in its year-end update, resulting in the reported totals above.

The Company plans to issue an inaugural technical report for the Nelligan Mining Complex during the first half of 2027.

IAMGOLD has budgeted approximately $24 million for exploration activities within the Nelligan Mining Complex for 2026. The goal of the program will be to conduct thorough testing of Philibert, expand Nelligan and continue to test Monster Lake at depth, all in support of a conceptual preliminary economic assessment in 2027. The Company is planning to test high priority targets within the region.

In January 2026, the Company exercised the option to acquire the remaining 25% interest in the Philibert property held by SOQUEM for the payment totaling C$3.5 million, completing the consolidation of 100% of the Philibert property.

Nelligan

The Company holds a 100% interest in Nelligan located approximately 45 kilometres south of the Chapais Chibougamau area in Québec.

On February 17, 2026, the Company announced its updated Mineral Resources for Nelligan of 3.7 million Indicated gold ounces in 122.0 million tonnes ("Mt") at 0.95 grams per tonne gold ("g/t Au"), and 4.6 million Inferred ounces (151.0 Mt at 0.96 g/t Au). This represents an 18% increase in Indicated ounces, or 575,000 ounces at the same grade; as well as it represents a 10% decrease in Inferred ounces, or 514,000 ounces, at the same grade. This result is due in part to the infill program conducted last year to increase the confidence in ounces from Inferred Mineral Resources. Mineralization remains open along strike and at depth as demonstrated by encouraging results obtained from the depth exploration program conducted in 2025 (see news release dated September 15, 2025).

A diamond drilling program of 18,000 metres of expansion and delineation drilling is planned for 2026, of which approximately 9,400 metres were completed in the first quarter.

Monster Lake

The Company holds a 100% interest in the Monster Lake Gold Project, which is located approximately 15 kilometres north of Nelligan in the Chapais Chibougamau area in Québec.

On February 17, 2026, the Company announced its updated Mineral Resources for Monster Lake of 243,000 tonnes of Indicated Mineral Resources averaging 13.0 g/t Au for 102,000 ounces of gold, and 1,046,000 tonnes of Inferred Mineral Resources averaging 14.8 g/t Au for 499,000 ounces of gold. A slight increase in Indicated ounces and Inferred ounces is noted.

A diamond drilling program of 15,000 metres is planned in 2026 to increase confidence in the existing resource and test at depth the Megane zone following positive results obtained from the 2025 drilling. The depth extension requires further drilling to add to the current resource (see news release dated September 15, 2025). Approximately 7,300 metres were completed in the first quarter of 2026.

Philibert

Following the acquisition of the remaining 25% interest in the Philibert property held by SOQUEM during the quarter, the Company holds a 100% interest in the Philibert Project which is located approximately 10 kilometres north-east of Nelligan in the Chapais Chibougamau area in Québec.

A diamond drilling program of a minimum of 20,000 metres is planned and may be increased to 30,000 metres depending on ground conditions during the summer season. The drilling program aims primarily to convert a significant portion of the Inferred Resource to the Indicated Resource category, where possible exploration drilling could test other prospective targets on the project area. Approximately 14,000 metres were completed in the first quarter of 2026.

Anik

The Anik Gold Project is owned at 75% by IAMGOLD after the Company elected to exercise its first option to acquire an undivided interest of 75% in the project in May 2025 pursuant to an option agreement signed on May 20, 2020, with Auriginal Mining, successor to Kintavar Exploration Inc. The project is contiguous with the Nelligan Gold project to the north and east. The Company holds an option to earn up to 80% interest in the project by meeting certain commitments.

A 1,600 metres diamond drilling program was planned in 2026 for testing different targets in the eastern continuation of the Nelligan Deformation Zone. The program was completed in the first quarter of 2026 and results are pending (see Auriginal Mining news release dated January 26, 2026).

FINANCIAL REVIEW
Liquidity and Capital Resources

The Company's capital allocation strategy is to maximize value through the allocation of internally generated cashflows to fund growth opportunities, return capital to its shareholders, and strengthen its balance sheet.

As at March 31, 2026, the Company had $550.2 million in cash and cash equivalents and net debt of $105.2 million. The Company has $100.0 million drawn on the Credit Facility and approximately $545.7 million remains available, resulting in liquidity at March 31, 2026, of approximately $1,096.9 million.

Within cash and cash equivalents,

$74.0 million (70% basis) was held by the Côté Gold UJV. The Côté Gold UJV requires its joint venture partners to fund, in advance, two months of future expenditures and cash calls are made at the beginning of each month, resulting in the month end cash balance approximating the following month's expenditure.

$281.9 million was held by Essakane. The cash balance at Essakane increased during the quarter and will be used to fund tax payments in April and the Government of Burkina Faso's portion of the 2026 dividend payment in June. The Company uses dividends and a shareholder account structure to repatriate funds in excess of working capital requirements from Essakane (see "Dividend Payments from Essakane" below).

Restricted cash totaled $69.6 million and relates to deposits required for environmental closure costs obligations related to Essakane and the Westwood division.

The Company's liquidity position and capital allocation decisions will be substantially determined by the performance of the Company's operations, the price of gold, inflation expectations, currency exchange rates and the Company's ability to successfully repatriate dividends from Burkina Faso.

The Company's liquidity position, comprised of cash and cash equivalents, short-term investments, and availability under the Credit Facility, together with expected cash flows from operations, is expected to be sufficient to support the Company's normal operating requirements, capital commitments, and service the debt obligations as they become due. The Company's ability to draw down on the Credit Facility is dependent on its ability to meet net debt to EBITDA and interest ratio covenants.

Readers are encouraged to read the "Caution Regarding Forward Looking Statements" and the "Risk Factors" sections contained in the Company's 2025 Annual Information Form, which is available on SEDAR at www.sedarplus.ca and the "Caution Regarding Forward Looking Statements" and "Risk and Uncertainties" section of this news release.

Dividend Payments from Essakane

Excess cash at Essakane is repatriated through dividend and shareholder account payments, of which the Company will receive its share based on its ownership, net of withholding taxes. The shareholder account structure functions like an inter-company loan and allows for the Company's portion of the dividend to be repaid using cash in excess of working capital requirements and aligns the interests of both IAMGOLD and the Government of Burkina Faso, including a preference for increased and/or more regular cash flow movements from Essakane.

Essakane declared a record dividend of approximately $855 million in June 2025. This dividend represented the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD's 85% portion of the dividend, net of taxes, was approximately $680.7 million at an EUR/USD exchange rate of 1.15. IAMGOLD has received $508.0 million of dividend payments, net of withholding taxes, shareholder account payments and interest up to March 31, 2026, and the remaining balance of $194.5 million at March 31, 2026, is expected to be fully paid over the next 3 to 6 months. During the first quarter 2026, IAMGOLD received $4.3 million of interest related to the outstanding shareholder account; since the conversion to the shareholder account total interest received has been $12.5 million. Subsequent to quarter end, additional payments of $41.2 million of shareholder account payments were received.

($ millions)
Dividend

Shareholder account
2025 dividend declared$855.0

 
Government of Burkina Faso 15% share paid in June 2025
(128.3)
 
Withholding tax paid in July 2025
(46.0)
 
IAMGOLD's portion of 2025 dividend declared
680.7

 
Dividend paid to IAMGOLD
(98.0)
 
Balance converted to Shareholder account$(582.7)$582.7
2025 payments received
 

(184.8)Q1 2026 payments received, excluding interest
 

(212.7)Foreign exchange
 

9.3
Balance at March 31, 2026
 
$194.5
The dividend and shareholder loan are denominated in XOF which is pegged to the Euro. The timing of the repayment of the shareholder account is dependent upon the gold price, financial performance of Essakane, currency exchange rates and potential receipt of any value added tax ("VAT") balances owed to Essakane. See "Risks and Uncertainties".

Essakane is planning to declare its 2026 dividend of approximately $500 million in June 2026. This dividend represents the full distribution of its 2025 earnings. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $400 million. IAMGOLD's portion will be converted into a shareholder account that will be paid using cash generated in excess of working capital requirements.

Share Buyback Program

During the first quarter 2026, the Company repurchased and cancelled approximately 12.9 million shares for approximately $260.0 million at an average price of $20.18 per share through its share buyback program under a normal course issuer bid ("NCIB") that was approved by the Company's Board of Directors and the TSX. Total repurchases since inception in December 2025 up to March 31, 2026, are approximately 15.85 million shares for approximately $310.0 million at an average price of $19.56 per share. Subsequent to quarter end, the Company has purchased an additional 2.1 million shares for $40 million.

The NCIB allows for the purchase of up to 57,000,000 of its common shares over a twelve-month period, representing approximately 9.92% of IAMGOLD's public float as at November 30, 2025, through the facilities of the TSX, the NYSE, or any other eligible Canadian alternative trading system on which the common shares are listed. All common shares purchased under the NCIB will be either cancelled 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. The program is expected to continue to be funded from operating cash flows.

The Company has established an automatic share purchase plan in connection with its NCIB to facilitate the purchase of common shares during times when IAMGOLD would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, IAMGOLD may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by IAMGOLD in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules. The actual number 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 Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.

Long-Term Debt

The following table summarizes the carrying value of the Company's long-term debt:

March 31

December 31
($ millions)1
2026

2025
Credit Facility$100.0
$200.0
5.75% senior notes ($450 million principal outstanding)
448.9

448.8
Equipment loans
0.3

1.0

$549.2
$649.8
Long-term debt does not include leases in place of $101.8 million as at March 31, 2026 (December 31, 2025 - $112.0 million).Credit Facility

The Company has a $650 million secured revolving Credit Facility, which was entered into in December 2017 and subsequently increased and extended by four years now maturing on December 20, 2028, in support of the Company's requirements for a senior revolving facility for its overall business.

As at March 31, 2026, the Credit Facility was drawn in the amount of $100.0 million and the Company issued letters of credit under the Credit Facility in the amount of $3.9 million as a supplier payment guarantee and $0.4 million as guarantees for certain environmental indemnities to government agencies, with $545.7 million remaining available under the Credit Facility.

The Credit Facility provides for an interest rate margin above the secured overnight financing rate (SOFR), banker's acceptance prime rate and base rate advances which vary, together with fees related thereto, according to the total net debt to EBITDA ratio of the Company. The Credit Facility is secured by certain of the Company's real assets, guarantees by certain of the Company's subsidiaries and pledges of shares of certain of the Company's subsidiaries. The key terms of the Credit Facility include certain limitations on incremental debt, certain restrictions on distributions and financial covenants, including net debt to EBITDA, Interest Coverage and a minimum liquidity requirement of $150 million. The Company was in compliance with its Credit Facility covenants as at March 31, 2026.

5.75% Senior notes

In September 2020, the Company completed the issuance of $450 million of senior notes at face value with an interest rate of 5.75% per annum (the "Notes"). The Notes are denominated in U.S. dollars and mature on October 15, 2028. The redemption price for the Notes during the 12-month period beginning October 15, 2025, is 101.438% and October 15, 2026, and thereafter is 100%. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year, beginning on April 15, 2021, in the amount of approximately $12.9 million for each payment. The Notes are guaranteed by certain of the Company's subsidiaries.

Term Loan

In May 2023, the Company entered into a $400 million Term Loan. The Term Loan had a 3% original issue discount, bearing interest at a floating interest rate of either one month or three-month SOFR + 8.25% per annum. The Company repaid the full facility in 2025. With the repayment completed, the Term Loan has been fully extinguished and is no longer in effect, including all associated covenants and obligations.

Leases

At March 31, 2026, the Company had lease obligations of $101.8 million at a weighted average borrowing rate of 7.25%.

On April 29, 2022, the Company, on behalf of the Côté Gold UJV, entered into a master lease agreement with Caterpillar Financial Services Limited for $125 million, which was subsequently amended to increase the facility to $175 million for the leasing of certain mobile equipment at Côté Gold. The final pieces of equipment were delivered during the first quarter 2025. Subsequent to the quarter-end, on April 10, 2026, the lease agreement was converted to an uncommitted facility. The Company expects to add additional equipment to the facility in 2026 and 2027.

Equipment loan

At March 31, 2026, the Company had an equipment loan with a carrying value of $0.3 million secured by certain mobile equipment, with an interest rate of 5.3% which matures in 2026. The equipment loan is carried at amortized cost on the consolidated balance sheet.

Gold prepay arrangements

In December 2023 and April 2024, the Company entered into gold sale prepay arrangements and amendments to certain pre-existing prepay arrangements. In H1 2025, the Company delivered 75,000 ounces in equal monthly instalments thereby extinguishing the delivery obligations gold into the prepay arrangements. In the settlement of these obligations, the Company received proceeds totaling $59.9 million in Q1 2025 and $59.4 million in Q2 2025, respectively.

Surety bonds and performance bonds

As at March 31, 2026, the Company had (i) C$274.7 million ($196.9 million) of surety bonds, issued pursuant to arrangements with insurance companies, in support of environmental closure costs obligations related to the Westwood division and Côté Gold and (ii) C$32.1 million ($23.0 million) of performance bonds in support of certain obligations primarily related to the construction of fish habitat at Côté Gold.

As at March 31, 2026, there is no collateral required to be in place for surety and performance bonds, and the balance of $219.9 million remains uncollateralized.

During the third quarter 2025, the Company increased the bonds required by C$16.9 million ($12.2 million) and will be required to increase bonds required further by C$19.0 million ($13.6 million) cumulatively during the second and third quarter of 2026.

Income Statement

Revenues - Revenues were $1,030.1 million in the first quarter 2026 from sale of 211,500 ounces at an average realized gold price of $4,859 per ounce, higher by $553.0 million or 116% than the prior year period, due primarily to the $2,128 per ounce increase in the realized gold price and higher gold sales volume.

Cost of sales - Cost of sales excluding depreciation was $343.7 million in the first quarter 2026, higher by $87.5 million or 34% than the prior year period, primarily due to higher royalties at Côté and Essakane due to the higher gold price, and increased production and production cost compared to the prior year period.

Depreciation expense - Depreciation expense was $115.7 million in the first quarter 2026, higher by $36.0 million or 45% than the prior year period primarily due to the higher sales volume compared to the prior year period.

Exploration expense - Exploration expense was $7.8 million in the first quarter 2026, higher by $1.2 million or 18% than the prior year period due to increased exploration expenditures at the Nelligan Mining Complex and Côté Gold.

General and administrative expense - General and administrative expense was $15.4 million in the first quarter 2026, lower by $1.0 million or 6% than the prior year period, primarily due to $2.3 million in lower salaries and labour costs due to reductions in headcount at the corporate office in 2025, partially offset by $1.0 million in technology implementation costs and $0.2 million higher legal and other administrative costs.

Income tax expense - Income tax expense was $116.4 million in the first quarter 2026, higher by $77.2 million or 197% than the prior year period. It is comprised of a current income tax expense of $74.5 million and a deferred income tax expense of $41.9 million, higher than the prior year period for current income tax expense by $48.5 million or 187% and higher for deferred income tax expense by $28.7 million or 217%, respectively. The current income tax expense in the first quarter of 2026 was higher primarily due to higher income in Essakane. The deferred income tax expense in the first quarter of 2026 was higher primarily due to withholding tax on expected intercompany dividends and higher Canadian provincial mining taxes.

Operating Activities

In the first quarter 2026, operating activities generated cash flow of $569.9 million, higher by $495.6 million compared to the same prior year period. Cash flow from operations increased significantly due to higher operating revenues driven by an increased realized gold price as compared to the prior year period. Cash flow provided by operations before working capital and taxes paid was $629.5 million in the first quarter, compared to $104.9 million in the prior year period.

Investing Activities

Net cash used in investing activities for the first quarter 2026 was $81.0 million, a decrease of $5.6 million from the same prior year period. Capital expenditures of $101.6 million increased by $36.9 million compared to the prior year period, with proceeds from other investing activities increasing by $42.5 million.

Financing Activities

Net cash used in financing activities for the first quarter 2026 was $356.5 million, an increase of $331.4 million from the same prior year period as part of the Company's capital allocation strategy which included a $100.0 million repayment of the credit facility and share repurchase of $260.0 million.

CONFERENCE CALL

A conference call will be held on Wednesday, May 6, 2026, at 8:30 a.m. (Eastern Time) hosted by IAMGOLD senior management for a discussion on the Company's first quarter 2026 operating and financial results. Listeners may access the conference call via webcast from the events section of the Company's website at www.iamgold.com (webcast link below), or through the following dial-in numbers:

Pre-register via: Chorus Call IAMGOLD Q1 2026 Registration (recommended). Upon registering, you will receive a calendar booking by email with dial-in details and unique PIN. This process will bypass the operator and avoid the queue.

Toll free (North America): 1 (844) 752-3518

International: +1 (647) 846-8209

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=l2jB5vCu

An online archive of the webcast will be available by accessing the Company's website at www.iamgold.com. A telephone replay will be available for one month following the call by dialing toll free 1 (855) 669-9658 within North America or +1 (412) 317-0088 from international locations and entering the passcode: 2979130.

For more information, refer to the Management Discussion and Analysis ("MD&A") and the unaudited consolidated Financial Statements for the three months ended March 31, 2026, that are available on the Company's website at www.iamgold.com and on SEDAR at www.sedarplus.ca. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information.

ABOUT IAMGOLD

IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine ("Côté" or "Côté Gold") is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada.

IAMGOLD employs approximately 3,800 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance ("ESG") practices. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).

End Notes (excluding tables) This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below. Further information on these non-GAAP financial measures is included on pages 28 to 35 of the Company's Q1 2026 MD&A filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

NON-GAAP FINANCIAL MEASURES

The Company has included certain non-GAAP financial measures to supplement its consolidated interim financial statements, which are presented in accordance with IFRS, including the following:

Average realized gold price per ounce soldUnderground mining cost per ore tonne mined, open pit net mining cost per operating tonne mined, milling cost per tonne milled, and G&A cost per tonne milledCash costs excluding royalties, cash costs, cash costs per ounce sold, all in sustaining cost and all in sustaining cost per ounce soldNet earnings (loss) attributable to shareholders and adjusted net earnings (loss) attributable to shareholdersNet cash from operating activities, before movements in working capital and non-current ore stockpilesEarnings before interest, income taxes, depreciation and amortization ("EBITDA")Mine-site free cash flow Sustaining and expansion capital expendituresThe Company believes that, in addition to conventional financial measures prepared in accordance with IFRS, these non-GAAP financial measures will provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS, may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Average Realized Gold Price per Ounce Sold

Average realized gold price per ounce sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-product credits, which, in the Company's case, are not significant, and to provide investors a clearer view of the Company's financial performance based on the average realized proceeds from gold sales in the reporting period.

($ millions, except where noted)
Q1 2026

Q1 2025
Revenues$1,030.1
$477.1
By-product credits and other revenues
(2.4)
(1.1)Gold revenues$1,027.7
$476.0
Sales (000s oz)
211.5

174.2
Average realized gold price per ounce1,2,3 ($/oz)$4,859
$2,731
Average realized gold price per ounce sold may not be calculated based on amounts presented in this table due to rounding.Average realized gold price per ounce sold is calculated based on sales from the Company's Côté Gold mine at 70% and Westwood and Essakane mines at 100%.Average realized gold price per ounce sold for the first quarter 2025 includes 37,500 ounces at $1,887 per ounce as delivered into the Q1 2024 Prepay Arrangements. No deliveries were required in the first quarter 2026 as the delivery obligations were fulfilled in H1 2025.Underground Mining Cost per Ore Tonne Mined, Open Pit Net Mining Cost per Operating Tonne Mined, Milling Cost per Tonne Milled, and G&A Cost per Tonne Milled

Underground mining cost per ore tonne mined and open pit net mining cost per operating tonne mined are defined as:

Mining costs (as included in production costs), that exclude capitalized waste stripping for open pit mines, less changes in stockpile balances and non-production costs as these costs are not directly related to tonnes mined, divided by

the sum of the tonnage of ore and operating waste mined.

Milling cost per tonne milled and general and administrative cost per tonne milled are defined as:

Mill and general and administrative costs (as included in production costs), excluding selling costs and non-production costs as these costs are not directly related to tonnes milled, divided by

the tonnage of ore milled.

IAMGOLD believes these non-GAAP financial performance measures provide further transparency and assist analysts, investors and other stakeholders of the Company in assessing the performance of mining operations by eliminating the impact of varying production levels. Management is aware, and investors should note, that these per tonne measures of performance can be affected by fluctuations in mining and/or processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Côté Gold (100% basis)

($ millions, except where noted)
Q1 2026

Q1 2025
Production cost$111.1
$80.7
Adjust for:
 

 
Increase/decrease in stockpiles
11.7

11.0
Adj. operating cost$122.8
$91.7
Included in adjusted operating cost:
 

 
Open pit net mining cost [A]
43.7

30.7
Milling cost [B], net of capitalized operating cost
57.6

42.3
G&A cost [C]
21.5

18.7
Open pit ore tonnes mined (000s t)
3,553

3,115
Open pit operating waste tonnes mined (000s t)
4,947

5,667
Open pit ore and operating waste tonnes mined (000s t) [D]
8,500

8,782
Ore milled (000s t) [E]
2,341

2,097
Open pit net mining cost per operating tonne mined ($/tonne) [A/D]$5.14
$3.49
Milling cost per tonne milled ($/tonne) [B/E]$24.62
$20.18
G&A cost per tonne milled ($/tonne) [C/E]$9.17
$8.89
$/tonne may not re-calculate based on amounts presented in this table due to rounding.

Westwood

($ millions, except where noted)
Q1 2026

Q1 2025
Production cost$47.5
$41.0
Adjust for:
 

 
Increase/decrease in stockpiles
(0.1)
1.2
Adj. operating cost$47.4
$42.2
Consisting of:
 

 
Underground mining cost [A]
30.5

24.4
Open pit net mining cost [B]
2.6

4.9
Milling cost [C]
8.3

6.6
G&A cost [D]
6.0

6.3
Underground ore tonnes mined (000s t) [E]
106

89
Open pit ore tonnes mined (000s t)
60

192
Open pit waste tonnes mined (000s t)
254

481
Open pit ore and operating waste tonnes mined (000s t) [F]
314

673
Ore milled (000s t) [G]
303

282
Underground mining cost per ore tonne mined ($/tonne) [A/E]$287.25
$274.75
Open pit net mining cost per operating tonne mined ($/tonne) [B/F]$8.25
$7.24
Milling cost per tonne milled ($/tonne) [C/G]$27.50
$23.26
G&A cost per tonne milled ($/tonne) [D/G]$19.89
$22.70
$/tonne may not re-calculate based on amounts presented in this table due to rounding.

Essakane

($ millions, except where noted)
Q1 2026

Q1 2025
Production cost$126.1
$124.9
Adjust for:
 

 
Increase/decrease in stockpiles
(9.3)
4.1
Adj. operating cost$116.8
$129.0
Consisting of:
 

 
Open pit net mining cost [A]
19.9

45.2
Milling cost [B]
64.3

54.6
G&A cost [C]
32.6

29.2
Open pit ore tonnes mined (000s t)
2,231

2,447
Open pit operating waste tonnes mined (000s t)
1,985

5,667
Open pit ore and operating waste tonnes mined (000s t) [D]
4,216

8,114
Ore milled (000s t) [E]
3,141

3,112
Open pit net mining cost per operating tonne mined ($/tonne) [A/D]$4.71
$5.57
Milling cost per tonne milled ($/tonne) [B/E]$20.46
$17.56
G&A cost per tonne milled ($/tonne) [C/E]$10.39
$9.39
$/tonne may not re-calculate based on amounts presented in this table due to rounding.

Cash Costs Excluding Royalties, Cash Costs, Cash Costs per Ounce Sold, AISC and AISC per Ounce Sold

The Company reports cash costs excluding royalties, cash costs excluding royalties per ounce sold, cash costs, cash costs per ounce sold, AISC and AISC per ounce sold in order to provide investors with information about key measures used by management to monitor performance of mine sites in commercial production and its ability to generate positive cash flow.

Cash costs include mine-site operating costs such as mining, processing, administration, royalties, production taxes and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and amortization, by-product credits and corporate general and administrative costs. These costs are then divided by the Company's attributable gold ounces sold by mine sites in commercial production in the period to arrive at the cash costs excluding royalties per ounce sold, cash costs per ounce sold, and the AISC per ounce sold.

The following tables provide a reconciliation of cash costs excluding royalties, cash costs, AISC, cost of sales excluding depreciation per ounce sold, cash costs excluding royalties per ounce sold, cash costs per ounce sold and AISC per ounce sold on an attributable basis to cost of sales as per the consolidated interim financial statements.

Three months ended March 31, 2026

($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate

Total
Cost of sales1$133.4
$65.9
$259.8
$0.3
$459.4
Depreciation expense1
(38.9)
(17.4)
(59.1)
(0.3)
(115.7)Cost of sales, excluding depreciation expense$94.5
$48.5
$200.7
$-
$343.7
Royalties2
18.5

-

70.9

-

89.4
Cost of sales, excluding depreciation expense and royalties$76.0
$48.5
$129.8
$-
$254.3
Adjust for:
 

 

 

 

 
By-product credit
(0.5)
(0.9)
(0.9)
-

(2.3)Cost attributed to non-controlling interests3
-

-

(30.0)
-

(30.0)Cash costs - attributable$94.0
$47.6
$169.8
$-
$311.4
Adjust for:
 

 

 

 

 
Sustaining capital expenditures4
21.8

16.8

51.7

-

90.3
Corporate general and administrative costs5
-

-

-

15.4

15.4
Other costs6
0.6

0.6

1.0

-

2.2
Cost attributable to non-controlling interests3
-

-

(7.9)
-

(7.9)AISC - attributable$116.4
$65.0
$214.6
$15.4
$411.4
Total gold sales (000 oz) - attributable
55.1

37.5

101.1

-

193.7
Cost of sales excluding depreciation7($/oz sold) - attributable$1,713
$1,296
$1,688
$-
$1,619
Cash costs - excluding royalties7 ($/oz sold) - attributable$1,369
$1,270
$1,083
$-
$1,201
Cash costs7 ($/oz sold) - attributable$1,704
$1,270
$1,680
$-
$1,608
AISC7 all operations ($/oz sold) - attributable$2,109
$1,733
$2,125
$80
$2,124
Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements. Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.Adjustments for the consolidation of Essakane (85%) to its attributable portion of cost of sales. Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below. Corporate general and administrative costs exclude one-time material severance charges.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Three months ended March 31, 2025

($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate

Total
Cost of sales1$99.2
$54.5
$181.7
$0.5
$335.9
Depreciation expense1
(34.0)
(12.4)
(32.8)
(0.5)
(79.7)Cost of sales, excluding depreciation expense$65.2
$42.1
$148.9
$-
$256.2
Royalties2
9.6

-

20.0

-

29.6
Cost of sales, excluding depreciation expense and royalties$55.6
$42.1
$128.9
$-
$226.6
Adjust for:
 

 

 

 

 
By-product credit
(0.1)
(0.5)
(0.3)
-

(0.9)Cost attributed to non-controlling interests3
-

-

(14.9)
-

(14.9)Cash costs - attributable$65.1
$41.6
$133.7
$-
$240.4
Adjust for:
 

 

 

 

 
Sustaining capital expenditures4
19.3

15.5

26.0

0.5

61.3
Corporate general and administrative costs5
-

-

-

16.4

16.4
Other costs6
0.5

0.7

1.5

(3.7)
(1.0)Cost attributable to non-controlling interests3
-

-

(2.8)
-

(2.8)AISC - attributable$84.9
$57.8
$158.4
$13.2
$314.3
Total gold sales (000 oz) - attributable
51.6

27.2

85.9

-

164.7
Cost of sales excluding depreciation7 ($/oz sold) - attributable$1,264
$1,547
$1,560
$-
$1,465
Cash costs7 - excluding royalties ($/oz sold) - attributable$1,074
$1,527
$1,324
$-
$1,280
Cash costs7 ($/oz sold) - attributable$1,260
$1,527
$1,557
$-
$1,459
AISC7 all operations ($/oz sold) - attributable$1,643
$2,124
$1,846
$80
$1,908
Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements. Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.Adjustments for the consolidation of Essakane (90%) to its attributable portion of cost of sales. Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below. Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Sustaining and Expansion Capital Expenditures

Sustaining capital expenditures are expenditures required to support current production levels at a mine site and exclude all expenditures at the Company's development projects as well as certain expenditures at the Company's operating sites that are deemed expansionary in nature which result in a material increase in annual or life of mine gold ounce production, net present value, or reserves. The distinctions between sustaining and expansion capital used by the Company align with the guidelines set out by the World Gold Council. Expansion capital is capital expenditures incurred at new projects and capital expenditures related to major projects or expansion at existing operations where these projects will materially benefit the operations. This non-GAAP financial measure provides investors with transparency regarding the capital expenditures required to support the ongoing operations at its mines, relative to its total capital expenditures.

Reconciliation of incurred capital expenditure per the segmented note in the financial statements to incurred sustaining and expansion capital for the three months ended March 31, 2026, and March 31, 2025:

($ millions, except where noted)
Sustaining

Expansion

Q1 2026

Sustaining

Expansion

Q1 2025
Capital expenditures for property, plant and equipment$88.6
$12.8
$101.4
$61.7
$5.3
$67.0
Côté Gold (IMG basis)
18.8

9.1

27.9

18.2

3.1

21.3
Westwood
16.6

3.1

19.7

15.1

-

15.1
Essakane
53.2

0.6

53.8

27.9

2.2

30.1
Corporate
-

-

-

0.5

-

0.5
Reconciliation of capital expenditure and exploration and evaluation expenditures per cash flow statement in the financial statements to cash payments for sustaining and expansion capital for the three months ended March 31, 2026, and March 31, 2025:

($ millions, except where noted)
Sustaining

Expansion

Q1 2026

Sustaining

Expansion

Q1 2025
Capital expenditures for property, plant and equipment$88.6
$12.8
$101.4
$61.7
$5.3
$67.0
Working capital adjustments
1.7

1.6

3.3

(0.4)
(1.9)
(2.3)Capital expenditures per statement of cash flows$90.3
$14.4
$104.7
$61.3
$3.4
$64.7
Côté Gold (IMG basis)
21.7

10.5

32.2

19.3

1.2

20.5
Westwood
16.9

3.3

20.2

15.5

-

15.5
Essakane
51.7

0.6

52.3

26.0

2.2

28.2
Corporate
-

-

-

0.5

-

0.5
EBITDA and Adjusted EBITDA

EBITDA (earnings before income taxes, depreciation and amortization and finance costs) is an indicator of the Company's ability to produce operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures.

Adjusted EBITDA represents EBITDA excluding certain impacts such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company's ability to generate operating cash flow by excluding from the calculation these non-cash amounts and cash amounts that are not indicative of the recurring performance of the underlying operations for the periods presented.

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated interim financial statements:

($ millions, except where noted)
Q1 2026

Q1 2025
Earnings before income taxes $533.8
$85.7
Add:
 

 
Depreciation
115.7

79.7
Finance costs
7.5

29.8
EBITDA $657.0
$195.2
Adjusting items:
 

 
Unrealized (gain)/loss on non-hedge derivatives
-

2.8
Foreign exchange (gain)/loss
5.4

(1.6)Write-down of assets
1.3

0.1
Changes in estimates of asset retirement obligations at closed sites
1.3

4.9
Fair value of deferred consideration from sale of Sadiola
(3.0)
(0.5)Severance costs
0.1

3.8
Other
4.2

(0.2)Adjusted EBITDA $666.3
$204.5
Adjusted Net Earnings (Loss) Attributable to Equity Holders

Adjusted net earnings (loss) attributable to equity holders represents net earnings (loss) attributable to equity holders excluding certain impacts, net of taxes, such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives and warrants, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. This measure is not necessarily indicative of net earnings (loss) or cash flows as determined under IFRS. Management believes this measure better reflects the Company's performance for the current period and is a better indication of its expected performance in future periods. As such, the Company believes that this measure is useful to investors in assessing the Company's underlying performance. The following table provides a reconciliation of earnings (loss) before income taxes and non-controlling interests as per the consolidated statements of earnings (loss) to adjusted net earnings (loss) attributable to equity holders of the Company.

($ millions, except where noted)
Q1 2026

Q1 2025
Earnings before income taxes and non-controlling interests$533.8
$85.7
Adjusting items:
 

 
Unrealized gain/(loss) on non-hedge derivatives
-

2.8
Other finance costs
1.8

5.1
Foreign exchange (gain)/loss
5.4

(1.6)Write-down of assets
1.3

0.1
Changes in estimates of asset retirement obligations at closed sites
1.3

4.9
Fair value of deferred consideration from sale of Sadiola
(3.0)
(0.5)Severance costs
0.1

3.8
Other
4.2

(0.2)Adjusted earnings before income taxes and non-controlling interests$544.9
$100.1
Income taxes
(116.4)
(39.2)Tax on foreign exchange translation of deferred income tax balances
0.8

2.3
Tax impact of adjusting items
(0.5)
(1.2)Non-controlling interests
(37.7)
(6.8)Adjusted net earnings attributable to equity holders $391.1
$55.2
Adjusted net earnings per share attributable to equity holders $0.67
$0.10
Basic weighted average number of common shares outstanding (millions)
587.6

572.5
Net Cash from Operating Activities before Changes in Working Capital

The Company makes reference to net cash from operating activities before changes in working capital which is calculated as net cash from operating activities less working capital items and non-current ore stockpiles. Working capital can be volatile due to numerous factors, including a build-up or reduction of inventories. Management believes that this non-GAAP measure, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company.

The following table provides a reconciliation of net cash from operating activities before changes in working capital to net cash from operating activities:

($ millions, except where noted)
Q1 2026

Q1 2025
Net cash from operating activities$569.9
$74.3
Adjusting items from working capital items and non-current ore stockpiles:
 

 
Receivables and other current assets
12.9

18.3
Inventories and non-current ore stockpiles
6.5

22.5
Accounts payable and accrued liabilities
40.2

(10.2)Net cash from operating activities before changes in working capital$629.5
$104.9
Mine-Site Free Cash Flow

Mine-site free cash flow is calculated as cash flow from mine-site operating activities less capital expenditures from operating mine sites. The Company believes this measure is useful to investors in assessing the Company's ability to operate its mine sites without reliance on additional borrowing or usage of existing cash.

Three months ended March 31, 2026

($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate & other

Total
Net cash from operating activities$144.1
$130.2
$355.0
$(59.4)$569.9
Add:
 

 

 

 

 
Operating cash flow used by non-mine site activities
-

-

-

59.4

59.4
Cash flow from operating mine-sites$144.1
$130.2
$355.0
$-
$629.3
Capital expenditures
32.2

20.2

52.3

-

104.7
Less:
 

 

 

 

 
Capital expenditures from corporate and development projects
-

-

-

-

-
Capital expenditures from operating mine-sites$32.2
$20.2
$52.3
$-
$104.7
Mine-site cash flow$111.9
$110.0
$302.7
$-
$524.6
Three months ended March 31, 2025

($ millions, except where noted)
Côté Gold

Westwood

Essakane

Corporate & Other

Total
Net cash from operating activities$78.1
$32.1
$93.6
$(129.5)$74.3
Add:
 

 

 

 

 
Operating cash flow used by non-mine site activities
-

-

-

129.5

129.5
Cash flow from operating mine-sites$78.1
$32.1
$93.6
$-
$203.8
Capital expenditures
20.5

15.5

28.2

0.5

64.7
Less:
 

 

 

 

 
Capital expenditures from construction and development projects and corporate
-

-

-

(0.5)
(0.5)Capital expenditures from operating mine-sites$20.5
$15.5
$28.2
$-
$64.2
Mine-site cash flow$57.6
$16.6
$65.4
$-
$139.6
Liquidity and Net Cash (Debt)

Liquidity is defined as cash and cash equivalents, short-term investments and the credit available under the Credit Facility. Net cash (debt) is calculated as cash, cash equivalents and short-term investments less long-term debt, lease liabilities and the drawn portion of the Credit Facility. The Company believes this measure provides investors with additional information regarding the liquidity position of the Company.

March 31

December 31
($ millions, except where noted)
2026

2025
Cash and cash equivalents$550.2
$421.9
Short-term investments
1.0

1.0
Available Credit Facility
545.7

445.7
Available Liquidity$1,096.9
$868.6

March 31

December 31
($ millions, except where noted)
2026

2025
Cash and cash equivalents$550.2
$421.9
Short-term investments
1.0

1.0
Long-term debt1
(550.3)
(651.0)Net cash (debt) excluding lease liabilities and letters of credit
0.9

(228.1)Lease liabilities
(101.8)
(112.0)Drawn letters of credit issued under Credit Facility
(4.3)
(4.3)Net cash (debt)$(105.2)$(344.4)Includes principal amount of the Notes of $450.0 million, Credit Facility of $100.0 million and equipment loan of $0.3 million (December 31, 2025 - $450.0 million, $200.0 million, and $1.0 million, respectively). Excludes deferred transaction costs and embedded derivatives on the Notes.CONSOLIDATED BALANCE SHEETS

(Unaudited ) (In millions of U.S. dollars)
March 31,
2026

December 31, 2025
Assets

Current assets

Cash and cash equivalents$550.2
$421.9
Receivables and other current assets
59.4

79.6
Inventories
355.9

377.0
Assets held for sale
25.2

25.2

990.7

903.7
Non-current assets
 

 
Property, plant and equipment
4,156.6

4,162.8
Exploration and evaluation assets
403.7

396.1
Restricted cash
69.6

71.0
Inventories
219.1

194.8
Deferred income tax assets
22.5

-
Other assets
130.8

124.1

5,002.3

4,948.8

$5,993.0
$5,852.5
Liabilities and Equity
 

 
Current liabilities
 

 
Accounts payable and accrued liabilities$293.6
$329.1
Income taxes payable
144.8

99.6
Current portion of provisions
8.6

5.1
Current portion of lease liabilities
32.2

32.3
Current portion of long-term debt
0.3

1.0
Other current liabilities
43.8

50.0

523.3

517.1
Non-current liabilities
 

 
Deferred income tax liabilities
117.0

52.6
Provisions
307.5

308.3
Lease liabilities
69.6

79.7
Long-term debt
548.9

648.8
Other liabilities
-

0.1

1,043.0

1,089.5

1,566.3

1,606.6
Equity
 

 
Attributable to equity holders
 

 
Common shares
3,325.6

3,383.8
Contributed surplus
(210.0)
(27.4)Retained earnings
1,252.3

872.6
Accumulated other comprehensive income (loss)
(33.4)
(37.6)

4,334.5

4,191.4
Non-controlling interests
92.2

54.5

4,426.7

4,245.9
Commitments
 

 

$5,993.0
$5,852.5
Refer to Q1 2026 Financial Statements for accompanying notes.

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)
Three months ended March 31,
(In millions of U.S. dollars, except per share amounts)
2026

2025

Revenues$1,030.1
$477.1
Cost of sales
(459.4)
(335.9)Gross profit
570.7

141.2
General and administrative expenses
(15.4)
(16.4)Exploration expenses
(7.8)
(6.6)Other expenses
(2.9)
(5.1)Earnings from operations
544.6

113.1
Finance costs
(7.5)
(29.8)Foreign exchange gain (loss)
(5.4)
1.6
Interest income, derivatives and other investment gains (loses)
2.1

0.8
Earnings before income taxes
533.8

85.7
Income tax expense
(116.4)
(39.2)Net earnings$417.4
$46.5
Net earnings attributable to:
 

 
Equity holders$379.7
$39.7
Non-controlling interests
37.7

6.8
Net earnings$417.4
$46.5

 

 
Attributable to equity holders
 

 
Weighted average number of common shares outstanding (in millions)
 

 
Basic
587.6

572.5
Diluted
594.0

579.6

 

 
Basic earnings per share$0.65
$0.07
Diluted earnings per share$0.64
$0.07
Refer to Q1 2026 Financial Statements for accompanying notes.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three months ended March 31,
(In millions of U.S. dollars)

2026

2025
Operating activities

Net earnings
$417.4
$46.5
Adjustments for:

 

 
Depreciation expense

115.7

79.7
Deferred revenue recognized

-

(77.7)Income tax expense

116.4

39.2
Derivative loss

2.7

4.5
Finance costs

7.5

29.8
Other non-cash items

1.8

3.5
Adjustments for cash items:

 

 
Settlement of derivatives

(2.7)
(1.7)Disbursements related to asset retirement obligations

(0.8)
(3.7)Movements in non-cash working capital items and non-current ore stockpiles

(59.6)
(30.6)Cash from operating activities, before income taxes paid

598.4

89.5
Income taxes paid

(28.5)
(15.2)Net cash from operating activities

569.9

74.3
Investing activities

 

 
Capital expenditures for property, plant and equipment

(101.6)
(64.7)Capitalized borrowing costs

(3.2)
(5.6)Other investing activities

23.8

(16.3)Net cash used in investing activities

(81.0)
(86.6)Financing activities

 

 
Repurchase of shares under the Normal Course Issuer Bid ("NCIB")

(260.0)
-
Proceeds from credit facility

-

50.0
Repayment of credit facility

(100.0)
(60.0)Interest paid

(1.9)
(14.0)Other financing activities

5.4

(1.1)Net cash used in financing activities

(356.5)
(25.1)Effects of exchange rate fluctuation on cash and cash equivalents

(4.1)
6.5
Increase (decrease) in cash and cash equivalents

128.3

(30.9)Cash and cash equivalents, beginning of the period

421.9

347.5
Cash and cash equivalents, end of the period
$550.2
$316.6
Refer to Q1 2026 Financial Statements for accompanying notes.

QUALIFIED PERSON AND TECHNICAL INFORMATION

The technical and scientific information relating to exploration activities disclosed in this document was prepared under the supervision of and verified and reviewed by Marie-France Bugnon, P.Geo., Vice President, Exploration, IAMGOLD. Ms. Bugnon is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Data verification involves data input and review by senior project geologists at site, scheduled weekly and monthly reporting to senior exploration management and the completion of project site visits by senior exploration management to review the status of ongoing project activities and data underlying reported results. All drilling results for exploration projects or supporting resource and reserve estimates referenced in this news release have been previously reported in news release disclosures either by the Company or the project operator as the case may be (see referenced news releases) and have been prepared in accordance with NI 43-101. The sampling and assay data from drilling programs are monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practices. Drill core (HQ and NQ size) samples are selected by the project geologists and sawn in half with a diamond saw at the project site. Half of the core is typically retained at the site for reference purposes. Generally, sample intervals are 1.0 to 1.5 metres in length, and reverse circulation holes are sampled at 1.0 metre intervals at the drill rig. Samples are prepared and analyzed at site for the Company's producing mines and at accredited regional laboratories for the Company's exploration projects, using analysis techniques such as standard fire assay with a 50 gram charge, fire assay with gravimetric finish, or LeachWELL rapid cyanide leach with fire assay with a 50 gram charge.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

All information included or incorporated by reference in this news release, including any information as to the Company's vision, strategy, future financial or operating performance and other statements that express management's expectations or estimates of future performance or impact, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "would", "could", "continue", "expect", "budget", "aim", "can", "focus", "forecast", "anticipate", "estimate", "maintain", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "cover", "strategy", "during", "ongoing", "subject to", "future", "objectives", "opportunities", "committed", "prospective", "likely", "progress", "strive", "sustain", "effort", "extend", "remain", "pursue", "predict", or "project" or the negative of these words or other variations on these words or comparable terminology.

In particular, forward-looking statements in this news release include, without limitation, those under the headings "About IAMGOLD", "Highlights", "Outlook", "Environmental, Social and Governance", "Operations", "Financial Condition" and "Quarterly Financial Review" and include, but are not limited to, statements with respect to: the estimation of mineral reserves and mineral resources and the realization of such estimates; operational and financial performance including the Company's guidance for and actual results of production, ESG performance, costs and capital and other expenditures such as exploration and including depreciation expense and effective tax rate; long-term value and capital allocation; the updated life-of-mine plan, ramp-up assumptions and other project metrics including operating costs in respect to the Côté Gold Mine; expected production of the Côté Gold Mine; expected benefits from the operational improvements and de-risking strategies implemented or to be implemented by the Company; mine development activities; the Company's capital allocation and liquidity; the composition of the Company's portfolio of assets including its operating mines, development and exploration projects; the sale of its Malian asset; permitting timelines and the expected receipt of permits; inflation, including global inflation and inflationary pressures; global supply chain constraints; environmental verification, biodiversity, including commitments related thereto and social development projects; plans, targets, proposals and strategies with respect to sustainability, including third party data on which the Company relies, and their implementation; commitments with respect to sustainability and the impact thereof; commitments with respect to greenhouse gas emissions and energy transition; commitments related to social performance, including commitments in furtherance of Indigenous relations; the ability to secure alternative sources of consumables of comparable quality and on reasonable terms; workforce and contractor availability, labour costs and other labour impacts; the future price of gold and other commodities; equity financings, foreign exchange rates and currency fluctuations; financial instruments; hedging strategies; impairment assessments and assets carrying values estimates; safety and security concerns in the jurisdictions in which the Company operates and the impact thereof on the Company's operational and financial performance and financial condition; and government regulation of mining operations.

The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this news release with respect to: the Company's present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals, other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the construction of the Company's projects.

Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the Company's business strategies and its ability to execute thereon; the development and execution of implementing strategies to meet the Company's sustainability vision and targets; security risks, including civil unrest, war or terrorism and disruptions to the Company's supply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company's Essakane mine; the availability of labour and qualified contractors; the availability of key inputs for the Company's operations and disruptions in global supply chains; tariffs and increase costs of supplies and equipment; the volatility of the Company's securities; litigation; contests over title to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; management of certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks associated with a mining company's operations; unexpected geological conditions; competition and consolidation in the mining sector; the profitability of the Company being highly dependent on the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (including, but not limited to diesel, fuel oil and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions in which the Company carries on business, including the imposition of tariffs by the United States on Canadian products; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for transactions, exploration, development or operation, operating or technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the Company's ability to execute on de-risking activities and measures to improve operations; availability of specific assets to meet contractual obligations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks relating to acquisitions and divestitures; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment (including greenhouse gas emission reduction and other energy transition requirements; the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather conditions at mine sites; disruptions from weather related events resulting in limited or no productivity such as forest fires, severe storms, flooding, drought, heavy snowfall, poor air quality, and extreme heat or cold; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour agreements and/or collective bargaining agreements may not be agreed to; the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; and the inherent risks involved in the exploration, development and mining business generally. Please see the Company's AIF available on SEDAR+ at www.sedarplus.ca or Form 40-F available on EDGAR at www.sec.gov/edgar for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296062

Source: IAMGOLD Corporation

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IAMGOLD Corporation (IMG:CA) Q1 2026 Earnings Call Transcript

iA Financial Corporation Inc. (IAG:CA) Shareholder/Analyst Call Transcript

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QUEBEC CITY--(BUSINESS WIRE)--iA Financial Group (TSX: IAG) has been notified of a new unsolicited mini-tender offer made by Ocehan LLC (“Ocehan”) to purchase up to 50,000 common shares of iA Financial Group, representing approximately 0.06% of the common shares outstanding, at a price of $ 130.00 per share, representing an aggregate purchase price of $ 6.5 million.

iA Financial Group is not associated with Ocehan and does not recommend or endorse in any way the acceptance of this restricted tender offer.

iA Financial Group cautions shareholders that this offer was made at a price that is significantly lower than recent market prices for common shares of iA Financial Group on the Toronto Stock Exchange (the “TSX”). Ocehan’s unsolicited offer price of $130.00 per share represents a discount of approximately 22.71% to the closing price of iA Financial Group’s common shares on the TSX on May 11, 2026.

It should be noted that mini-tender offers are generally designed to obtain relatively small percentages of a company's outstanding shares, thereby avoiding the disclosure and procedural requirements applicable to most bids under Canadian securities regulations. Moreover, the Canadian Securities Administrators (CSA) and other securities regulatory authorities have expressed serious concerns regarding mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities. For more information on the risks associated with mini tender offers, shareholders and market participants may consult the CSA’s long-standing guidance at CSA Staff Notice 61-301 Staff Guidance on the Practice of “Mini-Tenders”.

According to Ocehan’s offer documents, iA Financial Group shareholders who have already tendered their shares may withdraw them by following the procedures described in those documents.

Shareholders should carefully review the Ocehan offer documents and current market price for iA Financial Group’s shares and consult their investment advisors regarding any offer they may receive and review with their advisors all options for investment in iA Financial Group shares.

iA Financial Group’s transfer agent, Computershare, provides services directly to registered shareholders of iA Financial Group in Canada and can provide information on share account management, direct deposit of dividends, dividend reinvestment and share purchase plans. For more information, iA Financial Group shareholders can contact Computershare by email at [email protected] or by phone at toll-free number 1 877 684-5000 or 514 982-7555.

iA Financial Group requests that a copy of this news release be included in any distribution of materials relating to Ocehan’s mini-tender offer for iA Financial Group common shares.

About iA Financial Group
iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares).

To learn more about iA Financial Group, you can sign up for our newsletter on our website at ia.ca

iA Financial Group is a business name and trademark of iA Financial Corporation Inc.

Legacy European airlines are trimming their summer schedules more aggressively as elevated fuel prices broaden the scope of network cuts, though Citi said the adjustments remain small enough to support near-term pricing power.

The broker said early summer 2026 growth on legacy carrier networks remains minimal, ranging from a 0.1% decline to a 0.7% increase in the second quarter, accelerating to growth of between 1.6% and 4.7% in the third quarter.

Capacity reductions have been most pronounced on routes between Europe and the Middle East and Africa, where month-on-month cuts of between 2.2 and 5.2 percentage points have been recorded.

However, Citi noted the cuts are now broadening to include North and South Atlantic routes for International Consolidated Airlines Group SA (LSE:IAG) and Air France-KLM, each down roughly one percentage point month on month, and intra-European services for Lufthansa, down 1.6 percentage points.

If fuel prices remain elevated, Citi expects this broadening to continue through the summer, though at a low single-digit percentage magnitude as adjustments remain predominantly driven by aircraft utilisation rather than structural network changes.

The broker said the capacity environment, combined with still-resilient demand for premium travel, is supportive of near-term unit revenue trends across legacy carriers.

Within the group, Citi identified IAG, the owner of British Airways, Iberia and Aer Lingus, as by far the best positioned to weather current challenges.

The broker estimates IAG's full-year 2026 operating profit will decline 13% year on year, a considerably shallower fall than the 19% drop forecast for Lufthansa and 31% decline expected at Air France-KLM, even using what Citi described as conservative pricing assumptions.

On valuation, IAG trades at 4.8 times two-year forward EV/EBIT, which Citi said represents the most normalised margin view, compared with 7.6 times for Lufthansa and 8.4 times for Air France-KLM.

That gap offers considerable relative value for IAG investors, according to the broker, at a time when the airline sector is navigating a difficult fuel cost environment while benefiting from disciplined capacity management.

On May 27, 2026, Iamgold Corp IAG shares fell 4.2% to a current price of $16.58. This decline comes in the context of a 52-week price range of $6.57 to $24.87, reflecting both volatility and the potential for significant price movements over the past year.

GF Value™ verdict: Current price is $16.58, which is 35.0% above the GF Value™ estimate of $12.28.GF Score™: 71/100 (Above Average), indicating a relatively strong performance across key metrics.Most notable signal: Insiders sold $1.0M worth of shares in the last 3 months, with no buying activity recorded. Is IAG Overvalued or Undervalued? Based on the current price of $16.58 compared to the GF Value™ estimate of $12.28, Iamgold Corp appears to be significantly overvalued, with a margin of safety of 35.0%. The GF Valuation label categorizes the stock as "Significantly Overvalued," which suggests that the current market price exceeds what is deemed fair value according to GuruFocus' intrinsic value calculations. This overvaluation carries inherent risks, particularly if market sentiment shifts or if the company's financial performance does not meet investor expectations.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the substantial gap between the market price and the GF Value™, potential investors should exercise caution and thoroughly evaluate the risks associated with investing in a stock that is currently trading above its estimated fair value.

How Does IAG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 9.6x 14.6x (5-Year Median) Forward P/E 6.6x - Iamgold's current P/E ratio of 9.6x is significantly below its 5-year median of 14.6x, indicating that the stock is trading at a lower valuation compared to its historical average. This disparity suggests that the stock may be undervalued based on earnings; however, this analysis does not align with the GF Value™ verdict, which categorizes the stock as overvalued. This contradiction raises questions about the sustainability of IAG's earnings and whether the current price can be justified moving forward.

What Does IAG's GF Score™ Tell Us? Metric Rating GF Score™ 71/100 Financial Strength 8/10 Profitability 6/10 Growth 5/10 Valuation 5/10 Momentum 3/10 The GF Score™ of 71/100 indicates that Iamgold Corp is positioned above average in terms of overall quality. The strongest area is Financial Strength, where the company scored 8/10, suggesting robust financial health. Conversely, the weakest area is Momentum, with a score of 3/10, indicating that the stock may be experiencing challenges in maintaining price momentum. These scores illustrate a mixed picture of IAG's performance, with solid financial foundations but relatively poor momentum, reinforcing the need for cautious evaluation given the stock's current valuation.

What Are Insiders Doing with IAG Stock? In recent months, insider activity at Iamgold has indicated a bearish sentiment, with insiders selling $1.0 million worth of shares and no buying activity reported. This pattern may suggest that those with the most intimate knowledge of the company's operations and prospects are not confident in the stock's future performance at current price levels. Insider selling can often be a red flag for potential investors, as it may indicate that insiders believe the stock is overvalued or that they foresee challenges ahead.

What This Means for Investors Based on the analysis of GF Value™, Iamgold Corp appears to be overvalued at its current price of $16.58. With a significant gap between market price and intrinsic value, potential investors should proceed with caution and consider the risks of investing in a stock that is trading above its estimated fair value.

For the complete analysis, visit the Iamgold Corp IAG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is IAG's GF Score™?

IAG's GF Score™ is 71/100, indicating an above-average performance across key metrics that are predictive of long-term returns.

Is IAG overvalued or undervalued?

Iamgold Corp is currently overvalued, with a GF Value™ of $12.28 compared to the market price of $16.58, representing a 35.0% overvaluation.

What is IAG's P/E ratio?

IAG's P/E (TTM) is 9.6x, which is 34% below its 5-year median P/E of 14.6x, indicating that the stock is trading at a lower valuation compared to its historical averages.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

IAMGOLD Corp (TSX:IMG, NYSE:IAG) reported a consolidated measured and indicated mineral resource of 20.3 million ounces of gold for its Côté Gold mine in Ontario, an increase of approximately 2.2 million ounces, or 12%, from its December 31, 2025 statement.

The updated estimate integrates the Côté and Gosselin zones into a single consolidated block model.

On a 100% basis, the Côté zone holds 12.7 million measured and indicated ounces, up 13%, and the Gosselin zone holds 7.4 million ounces, up 8%, while consolidated inferred resources rose 61% to 3.5 million ounces.

The update applies a gold price assumption of $2,500 per ounce and a cut-off grade of 0.25 grams per tonne, down from 0.30 g/t previously.

"This updated mineral resource estimate combines the Côté and Gosselin zones within a single geological framework, an important technical milestone as we move toward the expansion study and updated mine plan expected in the fourth quarter," said Renaud Adams, CEO of IAMGOLD.

The consolidated model will inform an upcoming Côté Gold technical report and mine plan, on track for the fourth quarter of 2026, which is expected to evaluate a plant expansion and a larger-scale mining scenario across the combined resource.

IAMGOLD is a gold mining company listed on the NYSE and the Toronto Stock Exchange, with the Côté Gold mine in Ontario operated through a 70/30 joint venture with Sumitomo Metal Mining.

Citi and Panmure Liberum have both flagged significant undervaluation in International Consolidated Airlines Group SA (LSE:IAG) following the carrier's Loyalty Day investor presentation, where management set a medium-term earnings target of €1 billion for its loyalty division.

The loyalty business generated €593 million in earnings before interest and tax in 2025, implying near-doubling is required to hit the new target, though IAG set no specific timeframe for achieving it.

Citi said the trajectory looks broadly achievable given the 16% compound annual growth rate the division delivered between 2019 and 2025, and that a continuation of around 10% annual growth would reach €1 billion by 2030.

The bank argued that loyalty, as a standalone business, could be worth €10.5 billion to €13 billion on a 17x to 21x earnings multiple, assuming medium-term growth of 6% to 8% and a weighted average cost of capital of 9% to 10%.

That range would imply loyalty accounting for 40% to 50% of IAG's current enterprise value, leaving the rest of the group implicitly trading on just 3.4x to 4.1x enterprise value to earnings before interest and tax for 2026.

Citi said that multiple was far too low for airlines generating double-digit margins through a crisis, pointing to a substantial mispricing in the stock.

Panmure Liberum, which has a 'buy' rating on IAG with a 620p target price, drew similar conclusions, describing loyalty as an asset-light, high-margin, high-growth business whose earnings are materially less seasonal and less cyclical than the core airline operation, with free cash flow conversion above 100% and margins exceeding 18%.

The broker said there should be significant upside from expanding the membership base and improving engagement among existing members.

Both banks argued that loyalty, assessed on its own merits, should command a premium multiple, whereas it is currently being valued implicitly at a discount alongside the rest of the group, a structural anomaly they believe the market will eventually be forced to correct.

International Airlines Group (IAG) CEO Luis Gallego speaks at the International Air Transport Association (IATA) on growing demand in Asia, consolidation & increasing fuel prices. -------- More on Bloomberg Television and Markets Like this video?

The war with Iran is creating one of the biggest energy supply disruptions in decades. Roughly 20% of global oil and liquefied natural gas (LNG) had moved through the Strait of Hormuz before the war. With that now down to a trickle due to its closure, prices have soared. That's leading countries, especially in Europe and Asia, to accelerate their shift to alternative energy.

Here are two energy stocks that should be on your radar as the global energy landscape shifts away from oil and gas in the coming years.

Image source: Getty Images.

Brookfield Renewable Brookfield Renewable (BEPC +0.51%)(BEP +0.31%) is a leading global renewable energy producer and sustainable solutions provider. The company operates hydro, wind, solar, and energy storage assets across North and South America, Europe, and Asia. Additionally, it has investments in nuclear energy services (Westinghouse) and the production of biofuels and eFuels. Brookfield's large-scale, global operations and diversified platform put it in a strong position to benefit from the global shift toward alternative energy sources.

The company has spent the past several years expanding its global scale and development capabilities. Brookfield Renewable recently agreed to acquire Boralex, a leading renewable energy development platform with operations in Canada, the U.S., the U.K., and France. That follows the acquisition of Neoen, a leader in battery storage with developments across Australia, France, and the Nordics. Brookfield has also acquired India's Leap Green and South Korea's Hanmaeum Energy to bolster its renewable energy development capabilities in Asia.

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Brookfield currently expects to grow its funds from operations at a more than 10% annual rate through 2031. It could grow even faster in the future as the war accelerates the shift to alternative energy in Europe and Asia, providing Brookfield with even more investment opportunities in the coming years.

Bloom Energy Bloom Energy (BE +6.25%) makes solid-oxide fuel cell systems that enable customers to take control of their energy needs through on-site generation. Large-scale energy users such as semiconductor manufacturing facilities, data centers, and utilities are increasingly turning to Bloom Energy's ultra-resilient power solutions.

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The company has formed several strategic partnerships with leading data center developers. Oracle recently expanded its partnership with Bloom Energy to deploy up to 2.8 gigawatts of its fuel cell systems to accelerate the AI infrastructure build-out. The company also formed a $5 billion strategic AI partnership with Brookfield Asset Management to deploy its advanced fuel cell systems in global AI factories (specialized AI data centers).

Bloom Energy's business is already booming due to the acceleration in power demand from AI data centers. Its revenue grew an eye-popping 130% last quarter to over $750 million. Bloom Energy expects its revenue to surge 80% this year, up from its prior guidance of 60%. Demand for its power solutions could grow even faster in the future as more companies worldwide turn to Bloom Energy to meet their energy needs.

Benefitting from an acceleration in the global energy transition Brookfield Renewable and Bloom Energy were already benefiting from surging demand for alternative energy before the war. Demand could accelerate further following the massive disruptions to global energy supplies. With the war dramatically altering the global energy landscape in the coming years, Bloom Energy and Brookfield Renewable should be on your radar.

Matt DiLallo has positions in Brookfield Asset Management, Brookfield Renewable, and Brookfield Renewable Partners. The Motley Fool has positions in and recommends Bloom Energy, Brookfield Asset Management, and Oracle. The Motley Fool recommends Brookfield Renewable and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

It's been rough going for a handful of dividend stocks of late. Investors just sense more downside than upside, and are pricing it in. And the market's concerns make enough superficial sense.

If you dig deeper, however, some of these names' dividend payments are far more resilient than investors are giving them credit for. That means their stocks' recent weakness is ultimately a buying opportunity, giving you a chance to get in at an elevated dividend yield.

Here's a closer look at three of the best bets among this bunch right now, with one of them down as much as 55% from its peak price.

Realty Income It's not difficult to understand why Realty Income (O 0.32%) shares are down 20% from their early March high. The stock soared early in the year in anticipation of the strong Q4 results that would be reported in late February. That left shares vulnerable to profit-taking, though. Between the beginning of the conflict with Iran, worries that interest rates aren't going to be coming down as soon as hoped, and profit guidance for the current quarter that wasn't quite as healthy as analysts expected, those profits were indeed taken.

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This is a case, however, where the market threw the baby out with the bathwater. Realty Income is a real estate investment trust, or REIT. That just means it owns revenue-bearing real estate and passes along the majority of its profits to shareholders in the form of dividends. That's why its ticker was hit so hard in March; this business is particularly vulnerable to the sort of economic turbulence that materialized a couple of months back.

Realty Income is far better equipped to resist the sort of impact of this turbulence can make, though. See, this REIT's specialty is brick-and-mortar retailing. Its top tenants include 7-Eleven, Dollar General, FedEx, Walmart, and Tractor Supply, just to name a few. At first blush, the market's worry makes sense, particularly given the entire retail industry's ongoing challenges.

That's not a key concern for this particular REIT, however, since it serves the most resilient names in the business. That's why its occupancy rate has consistently remained above 98% since 2013, even in the midst of the COVID-19 pandemic. To the extent it matters though, no single sliver of the retail industry makes up more than 11% of its total revenue, and no single tenant accounts for more than 4%.

You'd be plugging into this monthly (yes, monthly) dividend payer while its forward-looking yield stands at just over 5%. And that's based on a dividend that's not only been paid like clockwork for decades now, but also raised every quarter for the past 28 years at an average annual rate of more than 4%.

Brookfield Renewable Brookfield Renewable (BEPC +0.51%) trades just like any other ordinary stock, and importantly, is taxed like one. (That's not the case with its counterpart Brookfield Renewable Partners (BEP +0.31%), which is legally classified at a partnership, and as such, requires special tax treatment. So, if you're interested, just be sure you're purchasing the right ticker for you.)

But what is it? Simply put, the company manages a range of renewable energy assets like solar farms, wind farms, energy storage solutions, and -- interestingly enough -- a whole lot of exposure to the hydropower business that accounts for over 40% of its operating cash flow.

Image source: Getty Images.

And income-minded investors will certainly want to consider a stake in this often overlooked outfit sooner rather than later. Not only has its 20% pullback from its mid-April high pushed its projected dividend yield up to more than 4.4%, but it's also dragged the stock to a multi-year low that doesn't make much sense.

Sure, the same geopolitical tensions and interest rate dynamics that undermined Realty Income shares eventually also undermined Brookfield Renewable's stock. Broad weakness from utilities stocks and weakness from renewable energy stocks isn't helping either. Of course, Morgan Stanley's downgrade all the way from overweight to underweight and target price cut from $48 to $42 per share in March also left this ticker very vulnerable headed into that period.

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The sellers, however, have arguably overshot their target. Nothing about the current economic backdrop should prevent Brookfield Renewable from achieving its long-term target of yearly dividend growth between 5% and 9%, and subsequent annualized total returns of between 12% and 15%. Renewables are still the future of the power business, with Mordor Intelligence expecting this sliver of the energy market to grow at an average annual pace of nearly 14% through 2031.

Pfizer Finally, add drugmaker Pfizer (PFE +2.21%) to your list of dividend stocks you can comfortably buy and hold for a lifetime.

This certainly doesn't seem to be the case right now. Even well up from early 2025's multiyear low, Pfizer's stock is still down 55% from its late-2021 peak. That's when demand for its COVID vaccine and infection treatments was insatiable, resulting in 2022's record-breaking revenue of just over $100 billion... a feat that's not even come close to being matched in the meantime. Last's year's top line was only $62.6 billion, for perspective.

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Just don't jump to any sweeping conclusions based on its recent results. The pharmaceutical company arguably became so focused on the opportunity stemming from the coronavirus pandemic that it didn't do enough development or dealmaking to fully reload its pipeline.

But it's made up for lost time. Pfizer's management team still contends it's got several new blockbusters in the works right now, with the goal of turning them alone into $15 billion and $20 billion worth of new revenue by 2030.

Although investors aren't likely to see any real fiscal evidence of a revitalization until 2028 at the earliest -- when it's expected to enter the GLP-1 weight loss market -- the company's got 18 phase 3 trials underway right now, 10 of which are tests for brand new molecular entities that aren't already on the market. Updates on these trials' progress could light a bullish fire under Pfizer's stock well before then.

More important to income investors, the company's dividend payment isn't in any real jeopardy even if Pfizer is spending a fortune refilling its pipeline that will eventually result in an oncology-focused portfolio. You can get into this savvy evolution right now at forward-looking dividend yield of 6.5%.

Oil prices are making headlines, but don't get caught up in what is likely to be a transitory price swing. The world is still shifting toward cleaner energy options. Given the green energy sector's still small size, there are material growth opportunities ahead for investors. Two great options that let you lean into the growing importance of clean energy on planet Earth are Brookfield Renewable (BEP +0.31%)(BEPC +0.51%) and NextEra Energy (NEE 0.33%). Here's a look at each one.

Brookfield Renewable has all of your bases covered Brookfield Renewable's portfolio spans across North America, South America, Europe, and Asia. It generates electricity via hydroelectric, solar, and wind systems. And it provides energy storage and nuclear power services, as well. It is a simple and easy way to add green energy investments to your portfolio.

Image source: Getty Images.

It is also a reliable high-yield income investment. The distribution has been increased regularly for a decade at an annualized rate of 5%. The goal is to continue increasing the distribution at a rate of 5% to 9% per year. Backing that is management's projection for 10% funds from operation growth through at least 2031. The goal is to invest up to $10 billion in growth over that span.

The yield is currently 4.7% for the partnership units and 4.4% for the corporate shares. They represent the same entity; the yield difference is due to higher demand for the corporate shares. While institutional investors may not be allowed to buy partnerships, there's no particular reason why smaller investors should avoid the higher-yielding partnership units.

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NextEra Energy gets you halfway in NextEra Energy is one of the world's biggest utilities, operating a large regulated utility in Florida. However, there's another side to the business. The company is also one of the world's largest producers of solar and wind power. The utility is a slow-and-steady foundation, while the clean energy business is the company's growth engine. The company is working on a backlog of 20 gigawatts of clean energy projects, but hopes to grow its backlog to as much as 100 gigawatts by 2032.

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Management is projecting earnings growth of 8% a year through 2035. That supports the near-term goal of 6% dividend growth through 2028, but likely means that the multi-decade dividend streak will continue well past that. The dividend yield is a well above market 2.6%.

Have your green energy and collect some green along the way The growth of the clean energy sector will take place over decades. Brookfield Renewable and NextEra Energy are already industry leaders. Still, buying them today will let you collect attractive and growing dividends while continuing to benefit from the long-term green energy transition. Now that's something to celebrate if you are a dividend investor.

Reuben Gregg Brewer has positions in Brookfield Renewable Partners. The Motley Fool has positions in and recommends NextEra Energy. The Motley Fool recommends Brookfield Renewable and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

The energy sector plays a vital role in powering the global economy. The transportation sector runs on refined petroleum products (gasoline, jet fuel, and diesel), while homes and businesses need natural gas and electricity to stay warm and power our modern society. As the economy grows, energy demand rises to support that expansion.

As a result, energy stocks can play an important role in fueling your portfolio. Here are three energy stocks worth investing $1,000 in right now.

Image source: Getty Images.

Brookfield Renewable Brookfield Renewable (BEPC +0.51%)(BEP +0.31%) is a leading global renewable energy producer and sustainable solutions provider. It has a diversified platform across technologies (hydro, wind, utility-scale solar, distributed energy, and storage, as well as nuclear services, biofuels, and carbon capture). The company's operations span North and South America, Europe, and Asia. That puts it in a strong position to capitalize on the expected surge in power demand driven by catalysts such as AI data centers, electric vehicles, and advanced manufacturing.

The company expects a combination of inflation-linked rate increases, margin-enhancement activities, development projects, and acquisitions to drive funds from operations per share growth of more than 10% annually through 2031. That should support continued dividend growth of 5% to 9% each year (Brookfield has increased its dividend by at least 5% every year since 2011). That income (Brookfield's dividend currently yields more than 4%) and growth combination puts it in a strong position to deliver on its goal of providing investors with annualized total returns of 12% to 15%.

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Enbridge Enbridge (ENB +0.04%) is a leading North American energy infrastructure company. It operates the longest and most complex crude oil and liquids pipeline system in North America, handling 30% of the continent's oil production. Meanwhile, its natural gas pipelines move 20% of the gas consumed in the U.S., while it also operates the largest gas utility franchise in North America by volume. Additionally, Enbridge is a major renewable energy investor.

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The Canadian pipeline and utility operator plans to continue its heavy investment in expanding energy infrastructure. It currently has about 40 billion Canadian dollars ($29.2 billion) in commercially secured capital projects underway, which should enter service through the early 2030s. It's expanding its liquids pipeline infrastructure, building new gas pipelines, supporting the growth of its utilities, and constructing new renewable energy projects. These investments should drive around 5% compound annual cash flow per share growth after this year, supporting dividend growth at a similar annual rate. Enbridge has increased its dividend (which currently yields 5%) for 31 consecutive years (in Canadian dollars). That income-and-growth combo should fuel strong total returns for Enbridge shareholders.

NextEra Energy NextEra Energy (NEE 0.33%) is North America's largest electric power and energy infrastructure company. It operates America's largest electric utility, Florida Power & Light, while its energy resources segment is a leader in developing energy infrastructure, including renewable energy, electricity transmission, and gas infrastructure.

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The company expects to invest an astounding amount of capital to capitalize on expansion opportunities across its two franchises. The two businesses could invest a combined $295 billion to $325 billion through 2035 on renewable energy generation capacity, electric transmission lines, gas-powered data center hubs, and other capital projects. This heavy investment should support more than 8% annual adjusted earnings-per-share growth through 2035. Despite that heavy investment, NextEra plans to continue increasing its dividend (6% annual growth expected in 2027 and 2028). With a yield above 2.5% and above-average growth over the next decade, NextEra Energy could deliver powerful total returns for its investors.

Top-tier energy stocks The world will continue to need more energy in the future. Few companies are in a better position to capitalize on the economy's surging energy needs than Brookfield Renewable, Enbridge, and NextEra Energy. If you have $1,000 to invest, they'd be worth every penny right now.