The following Management's Discussion and Analysis ("MD&A") of IAMGOLD Corporation ("IAMGOLD" or the "Company"), dated November 4, 2025, should be read in conjunction with IAMGOLD's unaudited condensed consolidated interim financial statements and related notes for the three and nine months ended September 30, 2025 ("consolidated interim financial statements"). This MD&A should be read in conjunction with IAMGOLD's audited annual consolidated financial statements and related notes as at and for the fiscal y ...

Core Viewpoint - The third quarter of 2025 is a significant period for IAMGOLD, showcasing operational excellence, financial discipline, and responsible growth, with a strong focus on gold production and strategic initiatives [2]. Operating and Financial Highlights - Attributable gold production for Q3 2025 was 190,000 ounces, totaling 524,000 ounces year-to-date, on track to meet full-year guidance [5][13]. - Côté Gold Mine achieved record production of 106,000 ounces in Q3, with year-to-date production of 275,000 ounces [5][35]. - Revenues for Q3 2025 reached $706.7 million from sales of 203,000 ounces at an average realized gold price of $3,492 per ounce [5][12]. - Cost of sales per ounce sold was $1,593, with cash costs at $1,588 and all-in sustaining costs (AISC) at $1,956 [5][12]. - The company expects to achieve the top end of revised annual cash cost guidance of $1,375 to $1,475 per ounce sold and AISC guidance of $1,830 to $1,930 per ounce sold [6][17]. Corporate Financial Performance - Net earnings attributable to equity holders for Q3 2025 were $139.4 million, with adjusted net earnings of $170.9 million [8][12]. - EBITDA for Q3 was $338.4 million, with adjusted EBITDA at $359.5 million, contributing to a trailing twelve-month EBITDA exceeding $1 billion [8][12]. - The company reported record mine-site free cash flow of $292.3 million for Q3 2025 [8][49]. - Liquidity available was $707.2 million, with net debt reduced to $813.2 million, down $201.7 million during the quarter [8][12]. Strategic Initiatives - A share buyback program has been approved, allowing for the purchase of up to 10% of outstanding common shares, reflecting management's confidence in the company's future [8][9]. - The company is advancing expansion plans at Côté Gold and has announced acquisitions to consolidate the Chibougamau region, creating the Nelligan Complex [2][9]. - The combined assets from the acquisitions will position IAMGOLD as one of the largest pre-production gold camps in Canada, with significant mineral resources [9]. Health and Safety - The total recordable injuries frequency rate (TRIFR) for Q3 2025 was 0.56, indicating a focus on improving safety and reducing incidents [29]. Environmental, Social, and Governance (ESG) - The company released its 2024 Sustainability Report, aligning with various ESG frameworks and standards [26].

Core Viewpoint - The IAG share price is approaching its all-time high, reflecting a significant uptrend that began in April when it was priced at 206p, with an increase of over 107% [1] Group 1 - The share price of IAG has jumped by over 107%, making it one of the top gainers in the FTSE 100 [1]

Core Insights - The FTSE 100 Index is experiencing a strong bull run this year, currently trading at a record high of £9,760 [1] - The index has increased by 30% from its lowest point this year [1]

Core Viewpoint - Iamgold (IAG) is experiencing a mixed performance in the market, with a recent increase in share price but a significant decline over the past month, while upcoming earnings are anticipated to show substantial growth compared to the previous year [1][2]. Company Performance - Iamgold closed at $11.66, reflecting a +1.48% change from the previous day, outperforming the S&P 500's loss of 0.99% [1]. - Over the past month, Iamgold shares have decreased by 11.95%, underperforming the Basic Materials sector's loss of 5.52% and the S&P 500's gain of 3.59% [1]. Upcoming Earnings - The earnings report for Iamgold is expected on November 4, 2025, with a predicted EPS of $0.21, indicating a growth of 16.67% year-over-year [2]. - Full-year Zacks Consensus Estimates project earnings of $0.79 per share and revenue of $2.6 billion, representing year-over-year changes of +43.64% and +59.22%, respectively [2]. Analyst Estimates - Recent changes to analyst estimates for Iamgold indicate a positive outlook, reflecting optimism about the company's business and profitability [3]. Zacks Rank and Performance - The Zacks Rank system, which assesses estimate changes, currently ranks Iamgold at 3 (Hold), with a 3.49% increase in the consensus EPS estimate over the last 30 days [5]. - Historically, stocks rated 1 (Strong Buy) have delivered an average annual return of +25% since 1988 [5]. Valuation Metrics - Iamgold is trading at a Forward P/E ratio of 14.54, which is at a premium compared to the industry average of 14.3 [6]. - The company has a PEG ratio of 0.39, while the average PEG ratio for the Mining - Gold industry is 0.52 [6]. Industry Context - The Mining - Gold industry ranks in the top 10% of all industries, with a current Zacks Industry Rank of 23 [7]. - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7].

Core Insights - IAMGOLD Corporation has signed a definitive agreement to acquire all outstanding common shares of Mines D'Or Orbec Inc. to consolidate its land position in Quebec's Chibougamau region [1] - The acquisition aims to add the Muus Project, which is adjacent to IAMGOLD's existing Nelligan and Monster Lake assets, enhancing its exploration potential [1][3] Group 1: Acquisition Details - The Muus Project adds 24,979 hectares of mineral rights, increasing IAMGOLD's total property in the area to 38,403 hectares [2] - The project is strategically located at the intersection of two significant deformation zones, enhancing its geological potential [2] Group 2: Resource Expansion - The combined Nelligan and Monster Lake Projects hold estimated Measured and Indicated Mineral Resources of 3.2 million ounces of gold and Inferred Mineral Resources of 5.6 million ounces of gold [3] - IAMGOLD plans to expand its exploration program in the region, focusing on extending mineralization at both Nelligan and Monster Lake [3]

Group 1 - The IAG share price is experiencing a rebound and is close to its all-time high [1] - The current trading price is 410p, marking its highest level since February 2020 [1]

Mergers and Acquisitions - Northern Superior's shareholders will receive 0.0991 of an Iamgold share and 19 cents in cash for each common share, valuing Northern Superior at $2.05 per share based on Iamgold's closing price on October 17 [1] - Iamgold will acquire Mines D'Or Orbec Inc. in a stock-and-cash deal valued at $17.2 million, with Orbec shareholders receiving 6.25 cents and 0.003466 of an Iamgold share for each share held, equating to 12.5 cents per share [2] Teck Resources - Teck Resources is in discussions with Canadian regulators regarding its proposed merger with Anglo American, with the CEO expressing satisfaction with the progress of these talks [4][5] - The merger aims to create a $70 billion copper mining powerhouse, with headquarters in Vancouver, and is described as a "merger of equals" despite Anglo American's higher valuation [7] - Teck and Anglo American have committed approximately $4.5 billion in spending in Canada over five years as part of the merger agreement [8] Financial Performance - Teck Resources reported a profit of $281 million or 57 cents per diluted share for the third quarter, a significant recovery from a loss of $748 million or $1.45 per diluted share in the same quarter last year [9][11] - Revenue for Teck in the latest quarter was $3.39 billion, up from $2.86 billion in the same quarter last year [11][12] - Mullen Group Ltd. reported a profit of $33.2 million or 36 cents per diluted share for the third quarter, down from $38.3 million or 41 cents per diluted share a year earlier, despite revenue increasing to $561.8 million from $532 million [15][16][17] Wealthsimple - Wealthsimple Inc. announced that its assets under administration have reached $100 billion, doubling from the previous year, achieving its target ahead of the 2028 goal set in 2023 [18]

Core Points - iA Financial Group will disclose its 2025 third quarter earnings results on November 4, 2025, after market close [1] - A conference call to discuss the results will be held on November 5, 2025, at 9:00 a.m. (ET) [1] - Participants can join the conference call via a live webcast or through the iA Financial Group website [1]

Core Viewpoint - Iamgold is expanding its footprint in northern Quebec's Chibougamau region through the acquisition of Northern Superior Resources and Mines D'Or Orbec, significantly increasing its land holdings and resource potential [1][2][4]. Company Acquisitions - Iamgold agreed to acquire Northern Superior Resources for approximately C$267.4 million and Mines D'Or Orbec for C$17.2 million, enhancing its land position in the region [2][10]. - The acquisition of Northern Superior will more than double Iamgold's landholding in the district to 1,090 sq. km, adding 706 sq. km of claims [7]. Resource Consolidation - The combined assets from these acquisitions will create one of Canada's largest pre-production gold camps, with 3.75 million oz. of measured and indicated resources and 8.65 million oz. of inferred resources [6]. - The Nelligan and Monster Lake projects together hold 3.21 million indicated oz. of gold and 5.65 million inferred ounces, supporting the vision of a central processing facility [3][6]. Strategic Focus - Iamgold is sharpening its focus on Canadian gold production, with 87% of its mineral resources and 82% of net asset value coming from operations in Ontario and Quebec [5]. - The acquisitions align with Iamgold's strategy to become a leading Canadian-focused mid-tier gold producer, enhancing its organic pipeline in Quebec [8]. Market Reaction - Following the announcement, shares of Iamgold rose by 3.3% to C$19.37, while Northern Superior and Orbec saw increases of 56% and 20%, respectively [12].