Huge cash flow lets IAMGOLD (NYSE: IAG) cut debt and buy back shares

Rhea-AI Filing Summary

IAMGOLD delivered a very strong first quarter of 2026, driven by much higher gold prices and growing production from its three mines. Revenue reached $1,030.1 million on sales of 211,500 ounces at an average realized gold price of $4,859 per ounce, compared with $477.1 million a year earlier.

Attributable gold production rose to 183,600 ounces, led by Essakane at 95,100 ounces, Côté at 52,300 ounces and Westwood at 36,200 ounces. Net earnings attributable to equity holders climbed to $379.7 million, or $0.65 per share, with adjusted net earnings of $391.1 million, or $0.67 per share.

The business generated substantial cash: net cash from operating activities was $569.9 million and mine-site free cash flow was $524.6 million. IAMGOLD ended the quarter with $550.2 million in cash and cash equivalents, net debt of $105.2 million, and total liquidity of $1,096.9 million, while repurchasing 12.9 million shares for about $260 million and repaying $100 million on its credit facility.

Positive

• Exceptionally strong profitability and cash flow with Q1 2026 revenue of $1,030.1 million, net earnings attributable to equity holders of $379.7 million, and mine-site free cash flow of $524.6 million, supported by a realized gold price of $4,859 per ounce.
• Rapid balance-sheet and capital-return progress as cash reached $550.2 million, net debt declined to $105.2 million, the Credit Facility balance was reduced by $100 million, and 12.9 million shares were repurchased for about $260 million in the quarter.

Negative

• Higher cost and geopolitical risk exposure with consolidated AISC rising to $2,124 per ounce, sharply higher royalties at Essakane under Burkina Faso’s updated royalty regime, and ongoing security-related pressures on operations and supply chains in the region.

Insights

Mining equity analyst

IAMGOLD’s Q1 2026 shows powerful cash generation, balance-sheet improvement and aggressive buybacks, supported by very high gold prices.

IAMGOLD produced 183,600 ounces in Q1 2026 and captured an average realized gold price of $4,859 per ounce, lifting revenue to $1,030.1 million. Net earnings attributable to equity holders rose to $379.7 million, while EBITDA reached $657.0 million and adjusted EBITDA $666.3 million.

Operating cash flow of $569.9 million and mine-site free cash flow of $524.6 million allowed the company to increase cash to $550.2 million, cut long-term debt to $549.2 million, and narrow net debt to $105.2 million. Liquidity of $1,096.9 million provides flexibility for capital spending and shareholder returns.

The company used part of this cash to repay $100 million on its Credit Facility and repurchase $260 million of shares under its NCIB. At the same time, consolidated AISC of $2,124 per ounce and rising royalties, particularly at Essakane, underline cost and geopolitical sensitivities that will continue to shape margins as 2026 guidance is executed.

Key Figures

Revenue: $1,030.1 million Net earnings attributable to equity holders: $379.7 million Net cash from operating activities: $569.9 million +5 more

8 metrics

Revenue $1,030.1 million Q1 2026 revenues from gold sales

Net earnings attributable to equity holders $379.7 million Q1 2026 net earnings attributable to equity holders

Net cash from operating activities $569.9 million Q1 2026 operating cash flow

Mine-site free cash flow $524.6 million Q1 2026 mine-site free cash flow

Attributable gold production 183,600 ounces Q1 2026 attributable production from Côté, Westwood, Essakane

All-in sustaining cost $2,124 per ounce Q1 2026 consolidated AISC including royalties

Cash and cash equivalents $550.2 million Cash balance as of March 31, 2026

Share repurchases $260.0 million Q1 2026 NCIB repurchases for 12.9 million shares

Key Terms

all-in sustaining cost, mine-site free cash flow, normal course issuer bid, shareholder account, +2 more

6 terms

all-in sustaining cost financial

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

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

mine-site free cash flow financial

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

normal course issuer bid financial

"through its share buyback program under a normal course issuer bid (“NCIB”)"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

shareholder account financial

"The shareholder account structure functions like an inter-company loan"

total recordable injuries frequency rate financial

"the Company reported a total recordable injuries frequency rate (“TRIFR”) of 0.44"

Total recordable injuries frequency rate measures how many work-related injuries that need medical treatment, lost time, restricted duty, or medical follow-up occur for a set amount of worker time (usually per one million hours worked). Think of it as a safety speedometer that shows how often employees are hurt on the job. Investors use it to gauge operational risk, potential costs, regulatory exposure and workforce stability—high rates can signal disruptive safety problems and added expenses.

royalty decree financial

"the Government of Burkina Faso enacted an update to the royalty decree"

Form 6-K: How Foreign Companies Report to the SEC →

FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

Date: May 5, 2026

Commission File Number 001-31528

IAMGOLD Corporation

(Translation of registrant’s name into English)

150 King Street West, Suite 2200

Toronto, Ontario, Canada M5H 1J9

Tel: (416) 360-4710

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ¨            Form 40-F  ý

Description of Exhibit

Exhibit						Description of Exhibit
99.1						Q1 2026 Management Discussion and Analysis
99.2						Q1 2026 Financial Statements
99.3						Q1 2026 Form 52-102F1 CEO Certification of Interim Filings
99.4						Q1 2026 Form 52-109F1 CFO Certification of Interim Filings

-2-

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			IAMGOLD CORPORATION
Date: May 5, 2026			By:						/s/ Annie Torkia Lagacé
									Chief Legal Officer

MANAGEMENT'S DISCUSSION AND ANALYSIS

OF FINANCIAL POSITION AND RESULTS OF OPERATIONS

First Quarter Ended March 31, 2026

INDEX

Introduction			2
About IAMGOLD			2
Highlights			2
Operating and Financial Results			4
Outlook			7
Environmental, Social and Governance			8
Operations
Côté Gold			10
Westwood Complex			13
Essakane			15
Nelligan Mining Complex			17
Exploration			18
Financial Condition
Liquidity and Capital Resources			19
Dividend Payments from Essakane			19
Share Buyback Program			20
Cash and Working Capital			20
Cash Flow			21
Long-Term Debt			21
Contractual Obligations			22
Financial Instruments			23
Shareholders’ Equity			25
Quarterly Financial Review			25
Disclosure Controls and Procedures and Internal Control over Financial Reporting			26
Critical Judgments, Estimates and Assumptions			26
New Accounting Standards			27
Risks and Uncertainties			27
Non-GAAP Financial Measures			28
Cautionary Statement on Forward-Looking Information			36

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 1

INTRODUCTION

The following Management’s Discussion and Analysis (“MD&A”) of IAMGOLD Corporation (“IAMGOLD” or the “Company”), dated May 5, 2026, should be read in conjunction with IAMGOLD's unaudited condensed consolidated interim financial statements and related notes for the three months ended March 31, 2026 ("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 year ended December 31, 2025, and the related MD&A included in the 2025 annual report. All figures in this MD&A are in U.S. dollars and tabular dollar amounts are in millions, unless stated otherwise. Additional information on IAMGOLD can be found at www.iamgold.com. However, the information on the website is not in any way incorporated in or made a part of this MD&A.

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).

HIGHLIGHTS

Operating and financial results

•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.

__________________________

1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures".

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 2

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.

____________________________

1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures".

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 3

OPERATING AND FINANCIAL RESULTS

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

1.Attributable portion for Côté Gold is based on IAMGOLD’s ownership of 70%. See “Operations – Côté Gold, Canada” for more details.

2.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 MD&A.

3.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.

4.Refer to the “Non-GAAP Financial Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 4

			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

1.Refer to the “Non-GAAP Financial Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 5

____________________________

1.Cost of sales, including depreciation, cash costs and AISC are expressed on an attributable ounce sold basis (excluding the non-controlling interests at Essakane). See “Operations – Essakane, Burkina Faso”.

2.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.

3.Côté capital expenditures reflect the proportionate interest in Côté Gold UJV on an incurred basis.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 6

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

1.Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively.

2.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.

3.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 sold
Gold Price			Consolidated			Côté Gold			Essakane
$3,500			$270			$245			$350
$4,000 (guidance price)			$325			$300			$450
$4,500			$390			$340			$540
$5,000			$440			$385			$600

The 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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 7

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

1.Capital expenditures guidance (±5%).

2.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 2026

Full Year Guidance 2026

Depreciation expense

$115.7

$480 (±5%)

Income taxes paid

$28.5

$205 – $215

The 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 quarter1.

________________________

1.IAMGOLD defines significant incidents as those assessed as Level 4 or 5 based on the Company's risk matrix, and/or resulting in fines greater than US$100,000. The Company's risk matrix includes a consequence matrix to determine incident severity that considers environmental, health and safety, social, and financial aspects.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 8

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 Action1, 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.

Governance

The Board of Directors of IAMGOLD (the “Board”) maintains diversity and renewal guidelines that reflect governance best practices. Membership should comprise, at a minimum, of the greater of (i) two women directors, or (ii) 30% women directors. The average tenure of the Board should not exceed ten years, and no director should serve as the chair of the Board or the chair of any committee for more than ten consecutive years.

As of March 31, 2026, women represented 44% of directors and 50% of the independent directors. The average tenure of directors on the Board is approximately three years.

________________________

1.The Truth and Reconciliation Commission of Canada (2015) released its Calls to Action report, which included a call to the Canadian corporate sector to support reconciliation

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 9

OPERATIONS

Côté Gold, Canada

The Côté District is located 125 kilometres southwest of Timmins and 175 kilometres north of Sudbury, Ontario, Canada. The mine is being operated through an unincorporated joint venture (the “Côté Gold UJV” or “UJV”) between IAMGOLD, as the operator, and SMM.

Côté Gold Mine (IAMGOLD interest – 70%)

			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

1.Strip ratio is calculated as waste mined divided by ore mined.

2.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.

3.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.

4.Includes the 7.5% gross margin royalty and various net smelter return royalties.

5.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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 10

Operational Insights

•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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 11

•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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 12

Westwood Complex, Canada

The Westwood Complex is located 35 kilometres northeast of Rouyn-Noranda and 80 kilometres west of Val d'Or in southwestern Québec, Canada. The Westwood Complex includes the Westwood underground mine and the Grand Duc open pit mine.

Westwood Complex (IAMGOLD interest – 100%)

			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

1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.

2.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.

3.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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 13

Operational Insights

•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.

Brownfield Exploration

During the three months ended March 31, 2026, approximately 10,400 metres of diamond drilling were completed to largely support the continued ramp-up of underground mining operations and assess potential expansion of the Grand Duc open-pit operation. The Company is investigating high priority underground targets which could offer potential additional sources of high-grade material and/or areas of broader mineralization particularly in the eastern extension.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 14

Essakane, Burkina Faso

The Essakane District is located in north-eastern Burkina Faso, West Africa approximately 330 kilometres northeast of the capital, Ouagadougou. The Essakane District includes the Essakane mine and the surrounding mining lease and exploration concessions totaling approximately 600 square kilometres. Effective June 20, 2025, in accordance with the amended Burkina Faso Mining Code, the government of Burkina Faso increased its ownership interest in the Essakane mine from 10% to 15%. As a result, the Company’s interest decreased thereafter from 90% to 85%.

Essakane Mine (IAMGOLD interest – 85% for Q1 2026, 90% for Q1 2025)

			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

1.100% basis, unless otherwise stated.

2.Strip ratio is calculated as waste mined divided by ore mined.

3.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.

4.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.

5.Includes contributions made by the Essakane mine to the development fund for local communities, equating to 1% of total revenues.

6.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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 15

Operational Insights

•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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 16

•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.”

Brownfield Exploration

During the three months ended March 31, 2026, approximately 8,300 metres of diamond drilling were completed as part of a step-out and infill drilling program to extend known mineralization and convert some Inferred Resources into the Indicated Resource category within selected areas of Essakane North, Essakane Main Zone and the Lao Junction sector. The deposits remain open along strike and at depth. Exploration activities on concessions surrounding the mine lease continue to be suspended due to regional security constraints.

Nelligan Mining Complex, 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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 17

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).

Exploration

In the first quarter of 2026, drilling activities on active projects and mine sites totaled approximately 61,000 metres. For additional information regarding the brownfield and greenfield exploration projects, see “Operations”. The Company's exploration expenditures guidance for 2026 is $54 million.

($ millions)			Q1 2026			Q1 2025
Exploration projects – greenfield			$	11.3		$	5.7
Exploration projects – brownfield1			2.8			2.5
Total – all operations			$	14.1		$	8.2

1.Exploration projects – brownfield for the first quarter 2026 included near-mine exploration and resource development of $2.3 million (first quarter 2025 - $1.9 million), which are capitalized.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 18

FINANCIAL CONDITION

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 MD&A.

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

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 19

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.

Cash and Working Capital

The following sets out the changes in cash balance from December 31, 2025, to March 31, 2026:

Current assets as at March 31, 2026, were $990.7 million, an increase of $87.0 million compared with December 31, 2025. The increase was due to higher cash and cash equivalents of $128.3 million, partially offset by lower inventories of $21.1 million and lower receivables and other current assets of $20.2 million.

Current liabilities as at March 31, 2026, were $523.3 million, an increase of $6.2 million compared with December 31, 2025. The increase was primarily due to an increase of $45.2 million in income tax payable and an increase of $2.7 million in other current liabilities, partially offset by lower accounts payable and accrued liabilities of $35.5 million and a decrease in the current portion of other liabilities of $6.2 million.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 20

Cash Flow

($ millions)			Q1 2026			Q1 2025
Net cash from (used in) per consolidated interim financial statements:
Operating activities			$	569.9		$	74.3
Investing activities			(81.0)			(86.6)
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

Cash flow provided by 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 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.

Cash flow used in 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.

Cash flow used in 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.

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

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

1.Includes principal for the 5.75% senior notes and equipment loan and leases.

2.Excludes the amounts drawn on the Credit Facility, which can be repaid at any time prior to maturity in 2028.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 21

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.

Contractual Obligations

As at March 31, 2026, contractual obligations from operations with various maturities were approximately $1.3 billion, primarily comprising expected future contractual payments of long-term debt, including principal and interest, purchase obligations, capital expenditures obligations, asset retirement obligations and lease obligations, partially offset by cash collateralized letters of credit and restricted cash in support of environmental closure cost obligations for certain mines. The Company believes these obligations will be met through available cash resources and net cash from operating activities. The Company entered into derivative contracts for risk management purposes, which are not included in the contractual obligations. Details of these contracts are included in “Financial Instruments”.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 22

Financial Instruments

The Company seeks to manage its exposure to fluctuations in foreign exchange rates and commodity prices by entering into derivative financial instruments from time to time. The Company establishes trading agreements with counterparties under which there is no requirement to post any collateral or make any margin calls on derivatives. Counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative.

Foreign Currency Contracts

The Company’s functional currency is the U.S. dollar with revenues primarily denominated in U.S. dollars which creates currency exchange risk exposure primarily associated with its expenditures denominated in Canadian dollars and Euros (input costs). Separately, additional currency exchange rate risk exists on earnings distributions from Essakane where total notional amount of the distribution is effectively denominated in EUR and converted to USD upon payment. The total amount of the distribution fluctuates based on EUR/USD rates and is realized based on the timing of distribution payments

At March 31, 2026, the Company’s outstanding foreign currency contracts were as follows:

			2026			2027
Foreign Currency (Input Hedge)1
Canadian dollar contracts (millions of C$)			378			42
Rate range (USD/CAD)			1.33 — 1.50			1.35 — 1.41
Hedge ratio2			36%			4%
Foreign Currency (Input Hedge)
Euro contracts (millions of EUR)			99
Rate range (EUR/USD)			1.12 — 1.21
Hedge ratio3			30%
Foreign Currency (Output Hedge)4
Euro contracts (millions of EUR)			55
Rate range (EUR/USD)			1.15 — 1.22
Hedge ratio5			32%

1.Canadian dollar hedges exclude Canadian dollars on hand which functions as a natural hedge for the Company’s Canadian dollar expenditures. USD/CAD hedges are CAD notional hedges.

2.The Company calculates the CAD hedge ratio based on future estimates of operating and capital expenditures such as its Canadian dollar operating and capital expenditures at Côté Gold, Westwood and its corporate office. Outstanding derivative contracts are allocated based on a specified allocation methodology. The hedge ratio is effective on the remaining expenditures for the balance of the period and is exclusive of Q1 2026 exposure.

3.The Company calculates the EUR Input hedge ratio based on the Essakane mine’s input cost exposure to the XOF which is pegged to the EUR. The notional amount of EUR input hedges is denominated in EUR and settle financially in USD. The EUR hedge ratio excludes XOF on hand which functions as a natural hedge for the Company’s XOF expenditures.

4.Euro output hedges are for the sale of EUR (purchase of USD) when repatriating funds from Burkina Faso.

5.The Company calculates the EUR output hedge ratio based on the Essakane estimated cash repatriation to IAMGOLD.

			Q1 2026			Q1 2025
Average rates
USD/CAD			1.3717			1.4346
EUR/USD			1.1703			1.0530
Closing rates
USD/CAD			1.3939			1.4387
EUR/USD			1.1555			1.0816

Commodity Contracts

Energy Contracts

The Company uses option structures to help mitigate the risk of fluctuations in the cost of energy, which is a major input in its ongoing mine-site operating costs. The Company has historically used Brent hedges for the exposure of its Essakane mine and uses WTI hedges for energy exposure at its Côté Gold and Westwood mines. At March 31, 2026, the Company’s outstanding energy contracts relate strictly to Côté Gold exposure and the exposure for the Essakane and Westwood mines remains unhedged.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 23

At March 31, 2026, the Company’s outstanding energy contracts in respect of Côté Gold were as follows:

									2026
Energy Contracts1
WTI oil contracts (thousands of barrels)									22
Contract price range ($barrel of crude oil)									55 — 70
Hedge ratio2									22%

1.Subsequent to the quarter end, the Company purchased additional WTI call contracts at $85 per barrel for 26,500 barrels settling monthly between June and September 2026.

2.The Company calculates the hedge ratio for Côté Gold based on future estimates of its fuel consumption for operating and capital activities. Outstanding derivative contracts are allocated based on a specified allocation methodology.

Gold Contracts

The Company’s primary source of revenue is gold that is denominated in U.S. dollars. To manage such risk, the Company may use various hedging strategies, including the use of put and call option contracts. Option contracts can also include put option contracts and call option contracts (collar structure), within a range of expiry dates and strike prices.

Gold prices remained highly volatile during the period, and this variability continued to impact the Company’s operating and financial performance. Fluctuations in realized prices affected revenue, cash flow generation, and operating margins, in addition, the broader market’s sensitivity to commodity price movements contributed to the increase in volatility in the Company’s share price. Volatility in the gold price is expected to continue in the future which will continue to impact the Company’s share price.

In the third quarter 2025, the Company purchased gold puts for the purpose of ensuring the timely payment of dividends from the Essakane mine. The put purchase price is financed such that the cash outlay for the purchase price is aligned with the hedges’ expiries occurring monthly in 2026. As the hedges are paid for with cash at the time of delivery, no call option was sold to finance the put purchase, and therefore the gold hedges allow unlimited participation in market spot gold prices above the put level (floor price).

At March 31, 2026, the Company’s outstanding gold contracts were as follows:

												2026
Gold Contracts
Gold put options (thousands of ounces)												133
Put price level ($/ounce)												$3,100

The following table compares the market price of gold with the average price of gold:

			Q1 2026			Q1 2025
Average market gold price ($/oz)			$	4,873		$	2,860
Average realized gold price1 ($/oz), inclusive of prepay deliveries:			$	4,859		$	2,731
Average realized gold price, excluding prepay deliveries ($/oz)			$	4,859		$	2,909
Average realized gold price of prepay deliveries2 ($/oz)			$	—		$	1,887
Closing market gold price ($/oz)			$	4,608		$	3,115

1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.

2.No further deliveries are required. The Company delivered 37,500 ounces into the Q1 2024 Prepay Arrangements in the first quarter of 2025 fulfilling the terms of the arrangements. See “Gold prepay arrangements” above.

Sensitivity Impact

The following table provides estimated cost per ounce sensitivities around certain inputs, excluding the impact of the Company’s hedging program which can affect the Company’s operating results, assuming guided 2026 production and costs levels:

			Change of			Annualized impact on Cost of Sales $/oz			Annualized impact on Cash Costs1 $/oz			Annualized impact on AISC1 $/oz
Oil price			$10/barrel			$12			$12			$12
USD/CAD			$0.10			$46			$46			$78
EUR/USD			$0.10			$14			$14			$22

1.This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”. Cash costs and AISC per ounce of gold sold consist of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively.

The cost of sales and cash costs of the Company are impacted by the gold price linked payments and royalties at Côté Gold and Essakane. See “Outlook – Costs”.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 24

Shareholders' Equity

Number issued and outstanding (millions)			March 31, 2026			May 4, 2026
Common shares			580.1			578.0
Options1			1.4			1.4

1.Refer to note 20 of the consolidated interim financial statements for all outstanding equity awards.

QUARTERLY FINANCIAL REVIEW

			2026			2025												2024
($ millions, except where noted)			Q1			Q4			Q3			Q2			Q1			Q4			Q3			Q2
Revenues			$	1,030.1		$	1,088.1		$	706.7		$	580.9		$	477.1		$	469.9		$	438.9		$	385.3
Net earnings			$	417.4		$	444.7		$	155.2		$	85.9		$	46.5		$	91.1		$	602.5		$	92.5
Net earnings attributable to equity holders			$	379.7		$	406.6		$	139.4		$	78.7		$	39.7		$	86.2		$	594.1		$	84.5
Basic earnings per share attributable to equity holders			$	0.65		$	0.70		$	0.24		$	0.14		$	0.07		$	0.15		$	1.04		$	0.16
Diluted earnings per share attributable to equity holders			$	0.64		$	0.70		$	0.24		$	0.14		$	0.07		$	0.15		$	1.03		$	0.16

In the third quarter 2024, net earnings from operations were higher due to the reversal of previous impairments in respect of the Westwood CGU, which includes the Doyon closed mine.

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

The Company is subject to tax in various jurisdictions, including Burkina Faso and Canada. There are a number of factors that can significantly impact the Company’s effective tax rate, including the geographic distribution of income, varying rates in different jurisdictions, the non-recognition of tax assets, mining allowances, foreign currency exchange rate movements, changes in tax laws and the impact of specific transactions and assessments. Due to the number of factors that can potentially impact the effective tax rate and the sensitivity of the tax provision to these factors, it is expected that the Company’s effective tax rate will fluctuate from one period to the next.

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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 25

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING

Disclosure Controls and Procedures

The Company’s disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is communicated to senior management to allow timely decisions regarding required disclosure. An evaluation of the effectiveness of the Company’s disclosure controls and procedures, as defined under the rules of the Canadian Securities Administration, was conducted as at December 31, 2025, under the supervision of the Company’s Disclosure Committee and with the participation of management. Based on the results of that evaluation, the CEO and the CFO concluded that the Company’s disclosure controls and procedures were effective as at December 31, 2025, providing reasonable assurance that the information required to be disclosed in the Company’s annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported in accordance with securities legislation.

Internal Control over Financial Reporting

Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of consolidated interim financial statements in compliance with IFRS as issued by the International Accounting Standards Board (“IASB”). The Company’s internal control over financial reporting includes policies and procedures that:

•pertain to the maintenance of records that accurately and fairly reflect the transactions of the Company;

•provide reasonable assurance that transactions are recorded as necessary to permit the preparation of consolidated annual and interim financial statements in accordance with IFRS as issued by the IASB;

•ensure the Company’s receipts and expenditures are made only in accordance with authorization of management and the Company’s directors; and

•provide reasonable assurance regarding the prevention or timely detection of unauthorized transactions that could have a material effect on the consolidated interim financial statements.

An evaluation of the effectiveness of the Company’s internal control over financial reporting, including an evaluation of material changes, that may have materially affected or are reasonably likely to have materially affected the internal control over financial reporting based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, was conducted as of December 31, 2025 by the Company’s management, including the CEO and the CFO. Based on this evaluation, management, including the CEO and the CFO, has concluded that the Company’s internal control over financial reporting was effective as of December 31, 2025.

There have been no material changes in the Company’s internal control over financial reporting or in other factors that could affect internal controls during the first quarter 2026 and their design remains effective.

Limitations of Control and Procedures

The Company’s management, including the CEO and the CFO, believe that any disclosure of controls and procedures and internal control over financial reporting, no matter how well designed, can have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance that the objectives of the control system are met.

CRITICAL JUDGMENTS, ESTIMATES AND ASSUMPTIONS

The Company’s management makes judgments in its process of applying the Company’s accounting policies in the preparation of its consolidated interim financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions on, and estimates of effects of, uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The critical judgments, estimates, and assumptions applied in the preparation of the Company's consolidated interim financial statements are reflected in note 3 of the Company's audited annual consolidated financial statements for the year ended December 31, 2025.

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 MD&A 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

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 26

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.

NEW ACCOUNTING STANDARDS

For a discussion of new accounting standards adopted and new accounting standards issued but not yet effective that may impact the Company, refer to note 3 of the Company’s consolidated interim financial statements.

RISKS AND UNCERTAINTIES

The Company is subject to various business, operational, geopolitical, security, market and financial risks that could materially adversely affect the Company’s future business, operations and financial condition and could cause such future business, operational and financial condition to differ materially from the forward-looking statements and information contained in this MD&A and as described under the heading “Cautionary Statement On Forward-Looking Information”.

Readers of this MD&A should consider the information included or incorporated by reference in this document and the Company’s consolidated interim financial statements and related notes for the three months ended March 31, 2026.

The inherently volatile nature of the Company’s activities, the international geographies and emerging, undeveloped economies in which it operates mean that the Company’s business, operations and financial condition are generally exposed to significant risk factors, known and unknown, stable and unstable, many of which are beyond its control. Managing these risks is a key component of the Company’s business strategy and is supported by a risk management culture and an enterprise risk management (“ERM”) system. The Company’s view of risks is not static. An important component of the ERM approach is to identify evolving or emerging key risks, manage those risks and incorporate them into existing ERM assessment, measurement, monitoring and reporting processes. These practices are designed to ensure management is forward-looking in its assessment of risks. Identification of key risks occurs in the course of business activities, while pursuing approved strategies and as part of the execution of risk oversight responsibilities at the Management and Board of Directors levels.

Risks and uncertainties to the Company’s business, operations, and financial condition that were identified by management as new or elevated in the first quarter of 2026 are described below. Readers are cautioned that no ERM framework or system, including that employed by the Company, can ensure that all risks to the Company, at any point in time, are accurately identified, assessed as to significance or impact, managed, effectively controlled or mitigated. As such, there may be additional new or elevated risks to the Company in the first quarter of 2026 that are not described below.

Geopolitical Risks Related to Ongoing Middle East Conflicts

Ongoing or escalating geopolitical tensions and military activity, including the conflict involving the Middle East, may adversely affect the Company’s results of operations, costs, and financial condition. Heightened geopolitical instability in the Middle East has contributed to uncertainty in global economic and financial conditions, including potential constraints affecting key shipping routes such as the Strait of Hormuz, and increased volatility in energy, fuel, and transportation markets, as well as the volatility in financial and commodity markets. These developments may disrupt global supply chains, including the availability and cost of fuel, transportation, and other critical materials, which would have an adverse effect on the results of operations. Disruptions to fuel or other consumable material supply, including as a result the government-imposed restrictions, sanctions, export controls, or other regulatory actions, could require the temporary suspension or shutdown of certain mining operations where reliable access to fuel is essential to safe and continuous operations. Heightened geopolitical tensions may also increase cybersecurity risks, including threats to energy infrastructure, logistics providers, financial systems, and other third-party service providers.

Changes in Laws, Regulations and Government Participation in Burkina Faso

In July 2024, the Government of Burkina Faso adopted a new Mining Code that increased state participation in the mining sector, from 10% to 15% and providing the Government of Burkina Faso, through its state‑owned mining entity with enhanced rights to acquire additional paid equity interests and preferential economic benefits. The Mining Code also requires mining companies to open their share capital to Burkinabe investors. While transitional provisions initially contemplated that existing mining permits would continue to be governed by prior legislation until renewal, the Government has demonstrated a willingness to apply elements of the new regime to existing operations prior to permit expiry through decrees, negotiations and state transactions.

Recent actions by the Government of Burkina Faso, including decrees authorizing increased state ownership in producing mines, could indicate a broader policy trend toward increased resource nationalism and state control over mineral assets in Burkina Faso. As a result, there can be no assurance that further changes to laws, fiscal terms, regulatory requirements or government participation will not be applied to the Company’s mining operations, including Essakane, either upon permit renewal or earlier. Such measures could result in dilution of the Company’s ownership interest, restrictions on cash flows or in extreme circumstances, partial or total expropriation or nationalization of assets and could have a material adverse effect on the Company’s business, results of operations and financial condition.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 27

For a comprehensive discussion of the risk factors that may affect the Company, its business operations and financial performance, refer to the risk disclosure contained in the Company’s latest annual information form (“AIF”), filed with Canadian securities regulatory authorities at www.sedarplus.ca and filed under Form 40-F with the United States Securities and Exchange Commission (“SEC”) at www.sec.gov/edgar, and is hereby incorporated by reference into this MD&A.

NON-GAAP1 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 sold

•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

•Cash costs excluding royalties, cash costs, cash costs per ounce sold, all in sustaining cost and all in sustaining cost per ounce sold

•Net earnings (loss) attributable to shareholders and adjusted net earnings (loss) attributable to shareholders

•Net cash from operating activities, before movements in working capital and non-current ore stockpiles

•Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)

•Mine-site free cash flow

•Sustaining and expansion capital expenditures

The 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

1.Average realized gold price per ounce sold may not be calculated based on amounts presented in this table due to rounding.

2.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%.

3.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.

___________________________

1.GAAP - Generally accepted accounting principle

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 28

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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 29

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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 30

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

1.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.

2.Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.

3.Adjustments for the consolidation of Essakane (85%) to its attributable portion of cost of sales.

4.Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below.

5.Corporate general and administrative costs exclude one-time material severance charges.

6.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.

7.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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 31

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

1.Excludes depreciation – as disclosed in the segment note in the consolidated interim financial statements.

2.Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.

3.Adjustments for the consolidation of Essakane (90%) to its attributable portion of cost of sales.

4.Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below.

5.Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.

6.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.

7.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

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 32

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

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 33

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

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 34

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

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 35

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)

1. 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.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

All information included or incorporated by reference in this MD&A, 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 MD&A. 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 MD&A 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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 36

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 MD&A 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.

IAMGOLD CORPORATION First Quarter 2026 Management's Discussion and Analysis 37

UNAUDITED CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

As at and for the Three Months Ended March 31, 2026

INDEX
Consolidated balance sheets			39
Consolidated statements of earnings			40
Consolidated statements of comprehensive income			41
Consolidated statements of cash flows			42
Consolidated statements of changes in equity			43
Notes to consolidated financial statements			44 to 59

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 38

CONSOLIDATED BALANCE SHEETS

(Unaudited) (In millions of U.S. dollars)			Notes			March 31, 2026			December 31, 2025
Assets
Current assets
Cash and cash equivalents						$	550.2		$	421.9
Receivables and other current assets			7			59.4			79.6
Inventories			8			355.9			377.0
Assets held for sale			5			25.2			25.2
						990.7			903.7
Non-current assets
Property, plant and equipment			9			4,156.6			4,162.8
Exploration and evaluation assets			10			403.7			396.1
Restricted cash			6			69.6			71.0
Inventories			8			219.1			194.8
Deferred income tax assets						22.5			—
Other assets			11			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			12			8.6			5.1
Current portion of lease liabilities						32.2			32.3
Current portion of long-term debt			15			0.3			1.0
Other current liabilities			14			43.8			50.0
						523.3			517.1
Non-current liabilities
Deferred income tax liabilities						117.0			52.6
Provisions			12			307.5			308.3
Lease liabilities						69.6			79.7
Long-term debt			15			548.9			648.8
Other liabilities			14			—			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			28
						$	5,993.0		$	5,852.5

The accompanying notes are an integral part of these consolidated financial statements.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 39

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)									Three months ended March 31,
(In millions of U.S. dollars, except per share amounts)			Notes									2026			2025
Revenues			16									$	1,030.1		$	477.1
Cost of sales			21									(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			22									(2.9)			(5.1)
Earnings from operations												544.6			113.1
Finance costs			23									(7.5)			(29.8)
Foreign exchange gain (loss)												(5.4)			1.6
Interest income, derivatives and other investment gains (losses)			24									2.1			0.8
Earnings before income taxes												533.8			85.7
Income tax expense			13									(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			25									587.6			572.5
Diluted			25									594.0			579.6
Basic earnings per share			25									$	0.65		$	0.07
Diluted earnings per share			25									$	0.64		$	0.07

The accompanying notes are an integral part of these consolidated financial statements.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 40

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)									Three months ended March 31,
(In millions of U.S. dollars)			Notes									2026			2025
Net earnings												$	417.4		$	46.5
Other comprehensive income (loss), net of income taxes
Items that will not be reclassified to the statements of earnings
Movement in marketable securities fair value reserve
Net unrealized change in fair value of marketable securities												7.2			2.1
Net realized change in fair value of marketable securities												(5.8)			—
												1.4			2.1
Items that may be reclassified to the statements of earnings
Movement in cash flow hedge fair value reserve
Effective portion of changes in fair value of cash flow hedges			17(b)(i)									(0.9)			3.5
Time value of options contracts excluded from hedge relationship			17(b)(i)									1.0			(2.8)
Time value of options reclassified to the statements of earnings			17(b)(ii)									2.9			—
Net change in fair value of cash flow hedges reclassified to the statements of earnings			17(b)(ii)									(0.2)			1.7
												2.8			2.4
Total other comprehensive income												4.2			4.5
Comprehensive income												$	421.6		$	51.0
Comprehensive income attributable to:
Equity holders												$	383.9		$	44.2
Non-controlling interests												37.7			6.8
Comprehensive income												$	421.6		$	51.0

The accompanying notes are an integral part of these consolidated financial statements.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 41

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)									Three months ended March 31,
(In millions of U.S. dollars)			Notes									2026			2025
Operating activities
Net earnings												$	417.4		$	46.5
Adjustments for:
Depreciation expense			21									115.7			79.7
Deferred revenue recognized			16									—			(77.7)
Income tax expense			13									116.4			39.2
Derivative loss												2.7			4.5
Finance costs			23									7.5			29.8
Other non-cash items			26(a)									1.8			3.5
Adjustments for cash items:
Settlement of derivatives												(2.7)			(1.7)
Disbursements related to asset retirement obligations			12(a)									(0.8)			(3.7)
Movements in non-cash working capital items and non-current ore stockpiles			26(b)									(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			23									(3.2)			(5.6)
Other investing activities			26(c)									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")			19(b)									(260.0)			—
Proceeds from credit facility			26(e)									—			50.0
Repayment of credit facility			26(e)									(100.0)			(60.0)
Interest paid			23									(1.9)			(14.0)
Other financing activities			26(d)									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

The accompanying notes are an integral part of these consolidated financial statements.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 42

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Attributable to equity holders of the Company
												Accumulated other comprehensive income (loss)
(Unaudited) (In millions of U.S. dollars)			Common shares			Contributed surplus			Retained Earnings (Deficit)			Marketable securities fair value reserve			Cash flow hedge fair value reserve			Total			Non-controlling interests			Total equity
Balance, January 1, 2026			$	3,383.8		$	(27.4)		$	872.6		$	(29.5)		$	(8.1)		$	4,191.4		$	54.5		$	4,245.9
Net earnings			—			—			379.7			—			—			379.7			37.7			417.4
Other comprehensive income			—			—			—			1.4			2.8			4.2			—			4.2
Total comprehensive income			—			—			379.7			1.4			2.8			383.9			37.7			421.6
Issuance of flow-through common shares (note 19(a))			9.6			—			—			—			—			9.6			—			9.6
Issuance of common shares for share-based compensation			6.0			(3.4)			—			—			—			2.6			—			2.6
Share-based compensation			—			1.9			—			—			—			1.9			—			1.9
Common shares repurchased under the NCIB (note 19(b))1			(73.8)			(191.4)			—			—			—			(265.2)			—			(265.2)
Accrual for automatic share purchase plan (note 19(b))			—			10.0			—			—			—			10.0			—			10.0
Other			—			0.3			—			0.3			(0.3)			0.3			—			0.3
Balance, March 31, 2026			$	3,325.6		$	(210.0)		$	1,252.3		$	(27.8)		$	(5.6)		$	4,334.5		$	92.2		$	4,426.7
1.For the three months ended March 31, 2026, the repurchase of shares under the NCIB is reported inclusive of a 2% share buy back tax of $5.2 million.
Balance, January 1, 2025			$	3,070.6		$	57.6		$	259.4		$	(41.1)		$	(9.8)		$	3,336.7		$	64.0		$	3,400.7
Net earnings			—			—			39.7			—			—			39.7			6.8			46.5
Other comprehensive income			—			—			—			2.1			2.4			4.5			—			4.5
Total comprehensive income			—			—			39.7			2.1			2.4			44.2			6.8			51.0
Issuance of flow-through common shares (note 19(a))			5.1			—			—			—			—			5.1			—			5.1
Issuance of common shares for share-based compensation			10.1			(7.8)			—			—			—			2.3			—			2.3
Share-based compensation			—			3.3			—			—			—			3.3			—			3.3
Net change in fair value and time value in property, plant and equipment			—			—			—			—			0.7			0.7			—			0.7
Other			—			0.1			—			—			—			0.1			—			0.1
Balance, March 31, 2025			$	3,085.8		$	53.2		$	299.1		$	(39.0)		$	(6.7)		$	3,392.4		$	70.8		$	3,463.2

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2026 and 2025

(Amounts in notes and in tables are in millions of U.S. dollars, except where otherwise indicated)

1.    Corporate Information and Nature of Operations

IAMGOLD Corporation (“IAMGOLD” or the "Company”) is a corporation governed by the Canada Business Corporations Act whose shares are publicly traded on the New York Stock Exchange (NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG). The address of the Company’s registered office is 150 King Street West, Suite 2200, Toronto, Ontario, Canada, M5H 1J9.

The Company has three operating mines: Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Company has an established portfolio of early stage and advanced exploration projects within highly prospective mining districts in Canada, including the Nelligan Mining Complex located in Quebec, Canada.

2. Basis of Preparation

(a)    Statement of compliance

These unaudited condensed consolidated interim financial statements ("consolidated interim financial statements") of IAMGOLD and all of its subsidiaries and joint venture as at and for the three months ended March 31, 2026, have been prepared in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting, and do not include all of the information required for annual consolidated financial statements. Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB") have been omitted or condensed. These consolidated interim financial statements have been prepared on a basis consistent with and should be read in conjunction with the annual audited consolidated financial statements as at and for the year ended December 31, 2025.

These consolidated interim financial statements of IAMGOLD were authorized for issue in accordance with a resolution of the Board of Directors of the Company approved on May 5, 2026.

(b)    Basis of measurement

The consolidated interim financial statements have been prepared on a historical cost basis, except for items measured at fair value as discussed in note 18.

(c) Basis of consolidation

The Company’s subsidiaries and divisions related to significant properties are consistent and accounted for consistently with the audited annual consolidated financial statements for the year ended December 31, 2025.

(d)    Significant accounting judgments, estimates and assumptions

The preparation of consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities as at the date of the consolidated interim financial statements and reported amounts of revenues and expenses during the three months ended March 31, 2026. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events which are believed to be reasonable under the circumstances. The areas involving significant judgments, estimates and assumptions have been set out in and are consistent with note 3 of the Company’s annual audited consolidated financial statements for the year ended December 31, 2025.

3. Adoption of New Accounting Standards and New Accounting Standards Issued but Not Yet Effective

(a)    Adoption of new accounting standards

The following new accounting pronouncement is effective for annual periods beginning on or after January 1, 2026 and has been incorporated into the consolidated interim financial statements:

•Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) which is effective for periods on or after January 1, 2026.

•Power Purchase Agreement (Amendments to IFRS 9) effective for periods on or after January 1, 2026.

•Annual Improvements to IFRS Accounting Standards (includes Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7) effective for periods on or after January 1, 2026.

There were no changes to the financial statements from the adoption of new accounting standards.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 44

(b)    New accounting standards issued but not effective

Certain pronouncements have been issued by the IASB that are mandatory for accounting periods after March 31, 2026:

•Hyperinflationary presentation currency (Amendments to IAS 21) effective for periods on or after January 1, 2027.

•Presentation and Disclosure in Financial Statements (IFRS 18) which is effective for periods on or after January 1, 2027.

•Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) amendments were to be applied prospectively for annual periods beginning on or after January 1, 2016, however, on December 17, 2015 the IASB decided to defer the effective date for these amendments indefinitely. Early adoption is still permitted.

The Company does not intend to early adopt these standards. Pronouncements related to IFRS 10, IAS 21 and IAS 28 are not expected to have a significant impact on the Company's consolidated financial statements upon adoption. The impact of IFRS 18 on the Company's consolidated financial statements includes revised presentation of the Company’s statement of earnings including new categories and subtotals and the addition of disclosure reconciling and describing management performance measures.

4.     Acquisitions

									2025
									Northern Superior Resources Inc.			Mines D'Or Orbec Inc.			Total
Assets acquired and liabilities assumed
Exploration and evaluation assets									$	330.1		$	15.2		$	345.3
Current Assets									3.3			1.0			4.3
Current Liabilities									(1.2)			(1.6)			(2.8)
Non Current Liabilities									(0.9)			—			(0.9)
									$	331.3		$	14.6		$	345.9
Consideration transferred
Share consideration									$	304.0		$	7.4		$	311.4
Cash and cash equivalents									25.0			5.8			30.8
Existing Interest in Mines D'Or Orbec									—			1.0			1.0
									$	329.0		$	14.2		$	343.2
Transaction costs									2.3			0.4			2.7
									$	331.3		$	14.6		$	345.9

Northern Superior Resources Inc.

On December 19, 2025, the Company acquired all of the issued and outstanding shares of Northern Superior Resources Inc. (“Northern Superior”) for total consideration of approximately $329.0 million which included 18.1 million common shares of the Company and cash of $25.0 million. The purchase price reflects the fair value of consideration at the acquisition date, including the Company’s share consideration, measured using the Company’s closing share price on the acquisition date, and the cash consideration described above.

The acquisition did not meet the IFRS definition of a business combination as the identifiable assets acquired are exploration stage properties with no identified economically recoverable reserves. Consequently, the transaction was recorded as an asset acquisition.

The total purchase price was allocated to the assets acquired and the liabilities assumed based on the fair value of the total consideration transferred at the closing date of the acquisition.

The Company also incurred transaction costs of $2.3 million.

Mines D'Or Orbec Inc.

On December 22, 2025, the Company acquired all of the issued and outstanding shares of Mines D’Or Orbec Inc. (“Orbec”) for total consideration of approximately $14.2 million which included 0.4 million common shares of the Company and cash of $5.8 million.

The acquisition did not meet the IFRS definition of a business combination as the asset acquired is an exploration stage property with no identified economically recoverable reserves. Consequently, the transaction was recorded as an asset acquisition.

The total purchase price was allocated to the assets acquired and the liabilities assumed based on the fair value of the total consideration transferred at the closing date of the acquisition.

The Company also incurred transaction costs of $0.4 million.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 45

5.    Assets and Liabilities Held for Sale

The Company is advancing a process to sell its exploration projects in Mali. During September 2025 the sale of these projects became highly probable to be completed in the next 12 months and therefore the underlying assets have been classified as held for sale. The Company has recorded an adjustment to the value of the assets to reflect the best estimate of consideration to be received in exchange for the Malian assets.

6.    Restricted Cash

As at March 31, 2026, the Company had long-term restricted cash of XOF 38.0 billion (March 31, 2026 - $66.7 million; December 31, 2025 - XOF 38.0 billion, $68.0 million) in support of environmental closure costs obligations related to the Essakane mine. Additionally, the Company has posted CAD$4.1 million (March 31, 2026 - $2.9 million; December 31, 2025 - CAD$4.1 million, $3.0 million) as security for certain environmental closure cost obligations at the Westwood division. The XOF currency, also referred to as the West African CFA franc, is issued by the Central Bank of West African States (BCEAO) and is the denomination of the long-term restricted cash related to the Essakane mine.

7.    Receivables and Other Current Assets

			Notes			March 31, 2026			December 31, 2025
Government receivables and investments						$	24.5		$	56.8
Gold receivables						0.4			0.2
Other receivables						5.1			3.9
Total receivables						30.0			60.9
Short-term investments			18(a)			1.0			1.0
Prepaid expenses						26.2			15.4
Hedge derivatives			17(b)(i)			2.2			2.3
						$	59.4		$	79.6

Government receivables and investments relate to Harmonized Sales Taxes in Canada. Value added taxes (“VAT”) in Burkina Faso of $75.2 million (December 31, 2025 - $67.8 million) is classified as non-current and the VAT balance is net of a provision of $12.9 million (December 31, 2025 - $11.4 million) as the Company does not expect to recover these amounts within 12 months due to delays in receiving the refunds (note 11).

8.    Inventories

						March 31, 2026			December 31, 2025
Finished goods						$	47.0		$	53.1
Ore stockpiles						100.4			125.3
Mine supplies						208.5			198.6
						355.9			377.0
Non-current ore stockpiles						219.1			194.8
						$	575.0		$	571.8

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 46

9. Property, Plant and Equipment

			Construction in progress			Mining properties			Plant and equipment			Right-of-use assets1			Total
Cost
Balance, January 1, 2025			$	107.6		$	4,119.8		$	3,011.1		$	164.9		$	7,403.4
Additions			123.2			123.6			106.5			12.8			366.1
Changes in asset retirement obligations			—			8.7			—			—			8.7
Disposals/derecognition			—			—			(34.2)			(4.4)			(38.6)
Transfers within property, plant and equipment			(35.6)			28.4			10.6			(3.4)			—
Balance, December 31, 2025			$	195.2		$	4,280.5		$	3,094.0		$	169.9		$	7,739.6
Additions			24.9			68.8			17.7			—			111.4
Changes in asset retirement obligations			—			2.1			—			—			2.1
Disposals/derecognition			—			—			—			(3.1)			(3.1)
Transfers within property, plant and equipment			(4.3)			—			4.3			—			—
Balance, March 31, 2026			$	215.8		$	4,351.4		$	3,116.0		$	166.8		$	7,850.0

						Construction in progress			Mining properties			Plant and equipment			Right-of-use assets1			Total
Accumulated Depreciation and Impairment
Balance, January 1, 2025						$	—		$	1,878.4		$	1,199.3		$	56.3		$	3,134.0
Depreciation expense						—			268.5			173.7			30.8			473.0
Disposals/derecognition						—			—			(28.7)			(1.5)			(30.2)
Transfers within property, plant and equipment						—			2.1			0.5			(2.6)			—
Balance, December 31, 2025						$	—		$	2,149.0		$	1,344.8		$	83.0		$	3,576.8
Depreciation expense						—			68.5			42.6			7.3			118.4
Disposals/derecognition						—			—			(0.1)			(1.7)			(1.8)
Balance, March 31, 2026						$	—		$	2,217.5		$	1,387.3		$	88.6		$	3,693.4
Carrying amount, December 31, 2025						$	195.2		$	2,131.5		$	1,749.2		$	86.9		$	4,162.8
Carrying amount, March 31, 2026						$	215.8		$	2,133.9		$	1,728.7		$	78.2		$	4,156.6

1.Right-of-use assets ("ROU assets") consist of property, plant and equipment related to assets leased and accounted for under IFRS 16.

10.    Exploration and Evaluation Assets

			Notes			Nelligan			Gosselin			Monster Lake			Diakha, Siribaya Project			Other			Total
Balance, January 1, 2025						$	31.1		$	4.5		$	7.8		$	34.1		$	2.1		$	79.6
Acquired exploration and evaluation assets1						345.3			—			—			3.2			—			348.5
Exploration and evaluation expenditures						—			2.6			0.7			—			2.0			5.3
Reclassification from/(to) assets held for sale2			5			—			—			—			(37.3)			—			(37.3)
Balance at December 31, 2025						$	376.4		$	7.1		$	8.5		$	—		$	4.1		$	396.1
Acquired exploration and evaluation assets						2.4			—			—			—			1.0			3.4
Exploration and evaluation expenditures						—			1.0			—			—			3.2			4.2
Balance, March 31, 2026						$	378.8		$	8.1		$	8.5		$	—		$	8.3		$	403.7

1.During 2025, the Company acquired all issued and outstanding common shares of Northern Superior Inc. and Mines D'Or Orbec Inc. (note 4), respectively.

2.During 2025, the Company has advanced a process to sell its exploration projects in Mali (note 5). Amount reclassified to assets held for sale is prior to fair value adjustment.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 47

11.    Other Non-Current Assets

			Notes			March 31, 2026			December 31, 2025
Government receivables and investments			7			$	75.2		$	67.8
Advances for the purchase of capital equipment						7.0			7.7
Deferred consideration from the sale of Sadiola						22.1			19.1
Marketable securities			18(a)			14.7			18.4
Income taxes receivable						0.9			0.4
Bond fund investments			18(a)			1.0			1.0
Other						9.9			9.7
						$	130.8		$	124.1

12.    Provisions

			Notes			March 31, 2026			December 31, 2025
Asset retirement obligations			(a)			$	290.9		$	287.6
Other						25.2			25.8
						$	316.1		$	313.4
Current portion of provisions						$	8.6		$	5.1
Non-current provisions						307.5			308.3
						$	316.1		$	313.4

(a)Asset retirement obligations

The Company’s activities are subject to various laws and regulations regarding environmental restoration and closure for which the Company estimates future costs and recognizes a provision. The Company makes a provision based on the best estimate of the future cash flows required to close and rehabilitate mine sites and related production facilities on a discounted basis.

These provisions may be revised on the basis of amendments to such laws and regulations and the availability of new information, such as changes in reserves corresponding to a change in the LOM, changes in discount rates, approved closure plans and estimated costs of reclamation activities and acquisition or construction of a new mine.

13.    Income Taxes

The Company estimates the effective tax rates expected to be applied for the full year and uses these rates to determine income tax provisions in interim periods. The impact of changes in judgments and estimates concerning the probable realization of losses, changes in tax rates, and foreign exchange rates are recognized in the interim period in which they occur.

The income tax expense for the three months ended March 31, 2026 was $116.4 million (three months ended March 31, 2025 - $39.2 million) and varied from the income tax expense calculated using the combined Canadian federal and provincial statutory tax rate of 26.5%. The variance was mainly due to unrecognized deferred tax assets, withholding tax on intercompany dividends, net foreign earnings taxed at different tax rates, and Canadian provincial mining taxes.

14.    Other Liabilities

			Notes			March 31, 2026			December 31, 2025
Automatic share purchase plan liability			19(b)			$	40.0		$	50.0
Deferred gain on flow-through share issuance			19(a)			3.6			—
Other liabilities						0.2			0.1
						$	43.8		$	50.1
Current portion of other liabilities						$	43.8		$	50.0
Non-current portion of other liabilities						—			0.1
						$	43.8		$	50.1

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 48

15.    Long-term Debt and Credit Facility

			Notes			March 31, 2026			December 31, 2025
Credit facility			(a)			$	100.0		$	200.0
5.75% senior notes			(b)			448.9			448.8
Equipment loans			(c)			0.3			1.0
						$	549.2		$	649.8
Current portion of long-term debt						$	0.3		$	1.0
Non-current portion of long-term debt						548.9			648.8
						$	549.2		$	649.8

The following are the contractual maturities related to the long-term debts, including interest payments:

						Payments due by period
March 31, 2026			Notes			Carrying amount			Contractual cash flows			1 yr			2-3 yrs
Notes			(b)			$	450.0		$	527.7		$	25.9		$	501.8
Equipment loans			(c)			$	0.3		$	0.3		$	0.3		$	—

(a)Credit facility

The Company has a revolving credit facility ("Credit Facility") of $650 million with a maturity date December 20, 2028.

									Three months ended March 31,
			Notes									2026			2025
Available amount under Credit Facility, beginning of year												$	445.7		$	418.5
Draws			26(e)									—			(50.0)
Repayments			26(e)									100.0			60.0
Available amount under Credit Facility, end of year												$	545.7		$	428.5

The Credit Facility provides for an interest rate margin above Secured Overnight Financing Rate (“SOFR”) prime rate, base rate advances and CORRA advances which vary, together with fees related thereto, according to the total Net Debt to Earnings Before Interest, Tax, Depreciation and Amortization ("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 and 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.

(b)5.75% senior notes ("Notes")

On September 23, 2020, the Company completed the issuance of $450 million aggregate principal amount of Notes with an interest rate of 5.75% per annum. The Notes are denominated in U.S. dollars and mature on October 15, 2028. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year. The Notes are guaranteed by certain of the Company's subsidiaries.

The Company has the right to redeem the Notes, in whole or in part, at the relevant redemption price (expressed as a percentage of the principal amount of the Notes) plus accrued and unpaid interest, if any, up to the redemption date. 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%.

The prepayment options represent an embedded derivative asset to the Company and are presented as an offset to the Notes on the consolidated balance sheets.

The debt component is recognized at amortized cost using the effective interest rate method. The embedded derivative is classified as a financial asset at FVTPL. The fair value of the embedded derivative as at March 31, 2026 was $nil (December 31, 2025 - $nil) (note 18(a)).

(c)Equipment loans

The Company has an equipment loan with a carrying value of $0.3 million as at March 31, 2026 (December 31, 2025 - $1.0 million), secured by certain mobile equipment, with interest rates at 5.30% and which mature in 2026. The equipment loan is carried at amortized cost on the consolidated balance sheet.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 49

(d)Surety bonds

As at March 31, 2026, the Company had CAD $274.7 million ($196.9 million) (December 31, 2025 ‐ CAD $274.7 million, $200.3 million) of surety bonds, issued pursuant to arrangements with insurance companies, for guarantee of environmental closure costs obligations related to Doyon, the Westwood mine and the Côté Gold mine. The entire balance of $196.9 million remains uncollateralized.

(e)Performance bonds

As at March 31, 2026, performance bonds of CAD $32.1 million ($23.0 million) (December 31, 2025 - CAD $32.1 million, $23.4 million) were outstanding in support of certain obligations related to the construction of the Côté Gold mine.

16.    Deferred Revenue

Deferred revenue arrangements have been accounted for as contracts in the scope of IFRS 15, Revenue from Contracts with Customers, whereby the cash prepayments are recorded as deferred revenue in the consolidated balance sheets when received and revenue is recognized as deliveries are made. The cash payments received on gold collars at the time of delivery were also recognized as revenue when the gold was delivered.

An interest cost, representing the financing component of the cash prepayment, was recognized as part of finance costs.

Deferred revenue arrangements were fully satisfied in 2025. There are no deferred revenue arrangements as at March 31, 2026. The following table summarizes the change in deferred revenue:

						2022 Prepay Arrangements			2024 Q1 Prepay Arrangements			2024 Q2 Prepay Arrangements			Total
Balance, December 31, 2024						$	22.6		$	65.5		$	63.0		$	151.1
Deferred revenue recognized						(21.9)			(66.7)			(65.7)			(154.3)
Finance costs						(0.7)			1.2			2.7			3.2
Balance, December 31, 2025						$	—		$	—		$	—		$	—

17.    Financial Instruments

(a)Risks

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial and other liabilities that are settled by delivering cash, another financial asset or physical production. The Company manages this risk through regular monitoring of its cash flow requirements to support ongoing operations and expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its anticipated business requirements, taking into account anticipated cash flows from operations and holdings of cash and cash equivalents. The Company ensures that it has sufficient cash and cash equivalents and loan facilities available to meet its anticipated short-term obligations.

The following table summarizes the maturity date and principal amount of the Company's obligations as at March 31, 2026:

			Notes			2026			2027			2028			2029 onwards			Total
Accounts payable and accrued liabilities						$	293.6		$	—		$	—		$	—		$	293.6
Lease liabilities						30.9			37.3			19.6			14.0			101.8
Equipment loans			15(c)			0.3			—			—			—			0.3
Credit Facility			15(a)			—			—			100.0			—			100.0
Notes			15(b)			—			—			450.0			—			450.0
						$	324.8		$	37.3		$	569.6		$	14.0		$	945.7

Included in the cash and cash equivalents balance of $550.2 million as at March 31, 2026 is $74.0 million held by the Côté UJV and $281.9 million held by Essakane. The Côté UJV requires its joint venture partners to fund, in advance, two months of future expenditures. The Company uses dividends and intercompany loans to repatriate funds from its operations and the timing of dividends may impact the liquidity position of the Company.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 50

(b)Cash flow hedge fair value reserve

(i)Reconciliation of cash flow hedge assets (liabilities)

						FX contracts			Oil contracts			Gold price contracts			Total
Balance, January 1, 2025						$	(9.8)		$	—		$	—		$	(9.8)
Unrealized gain (loss) recognized in cash flow hedge reserve						5.3			—			(10.5)			(5.2)
Realized (gain) loss reclassified or adjusted from cash flow hedge reserve						3.8			—			—			3.8
Premiums accrued						—			—			10.5			10.5
Time value excluded from hedge relationship						2.7			—			0.3			3.0
Balance, December 31, 2025						$	2.0		$	—		$	0.3		$	2.3
Unrealized gain (loss) recognized in cash flow hedge reserve						(1.4)			0.5			—			(0.9)
Realized (gain) loss reclassified or adjusted from cash flow hedge reserve						(0.1)			(0.1)			—			(0.2)
Time value excluded from hedge relationship						0.6			—			0.4			1.0
Balance, March 31, 2026						$	1.1		$	0.4		$	0.7		$	2.2
Consisting of:
Current portion of hedge asset						$	1.1		$	0.4		$	0.7		$	2.2
						$	1.1		$	0.4		$	0.7		$	2.2

(ii)Allocation of realized hedge (gain) loss reclassified from cash flow hedge reserve

									Three months ended March 31,
			2026			2025
Consolidated balance sheets
Property, plant and equipment									$	—		$	0.7
Consolidated statements of earnings (loss)
Revenues1									2.9			—
Cost of sales									(0.2)			1.5
General and administrative expenses									—			0.2
									2.7			1.7
									$	2.7		$	2.4

1.Realized losses included in revenue are related to premiums on Gold price contracts.

18.    Fair Value Measurements

The fair value hierarchy categorizes into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities which the entity can access at the measurement date.

•Level 2 inputs are inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly such as those derived from prices.

•Level 3 inputs are unobservable inputs for the asset or liability.

There have been no changes in the classification of the financial instruments in the fair value hierarchy since December 31, 2025.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 51

(a)The Company's fair values of financial assets and liabilities

			March 31, 2026
			Carrying Amount			Level 1			Level 2			Level 3			Total Fair Value
Assets
Cash and cash equivalents			$	550.2		$	550.2		$	—		$	—		$	550.2
Short-term investments			1.0			1.0			—			—			1.0
Restricted cash			69.6			69.6			—			—			69.6
Marketable securities			14.7			14.7			—			—			14.7
Bond fund investments			1.0			1.0			—			—			1.0
Deferred consideration from the sale of Sadiola			22.1			—			—			22.1			22.1
Derivatives
Currency contracts			1.1			—			1.1			—			1.1
Crude oil contracts			0.4			—			0.4			—			0.4
Gold bullion contracts			0.7			—			0.7			—			0.7
			$	660.8		$	636.5		$	2.2		$	22.1		$	660.8
Liabilities
Long-term debt - Notes1			$	(451.3)		$	(447.3)		$	—		$	—		$	(447.3)
Long-term debt - equipment loan			(0.3)			—			(0.3)			—			(0.3)
Long-term debt - Credit Facility			(100.0)			—			(100.0)			—			(100.0)
			$	(551.6)		$	(447.3)		$	(100.3)		$	—		$	(547.6)

1.The carrying amount excludes unamortized deferred transaction costs of $2.4 million and the embedded derivative.

			December 31, 2025
			Carrying Amount			Level 1			Level 2			Level 3			Total Fair Value
Assets
Cash and cash equivalents			$	421.9		$	421.9		$	—		$	—		$	421.9
Short-term investments			1.0			1.0			—			—			1.0
Restricted cash			71.0			71.0			—			—			71.0
Marketable securities			18.4			18.4			—			—			18.4
Bond fund investments			1.0			1.0			—			—			1.0
Other investments			23.5			23.5			—			—			23.5
Deferred consideration from the sale of Sadiola			19.1			—			—			19.1			19.1
Derivatives
Currency contracts			2.0			—			2.0			—			2.0
Gold bullion contracts			0.3			—			0.3			—			0.3
			$	558.2		$	536.8		$	2.3		$	19.1		$	558.2
Liabilities
Long-term debt - Notes1			$	(451.7)		$	(451.1)		$	—		$	—		$	(451.1)
Long-term debt - equipment loans			(1.0)			—			(1.0)			—			(1.0)
Long-term debt - Credit Facility			(200.0)			—			(200.0)			—			(200.0)
			$	(652.7)		$	(451.1)		$	(201.0)		$	—		$	(652.1)

1.The carrying amount excludes unamortized deferred transaction costs of $2.9 million and the embedded derivative.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 52

19.    Share Capital

The Company is authorized to issue an unlimited number of common shares, first preference shares issuable in series and second preference shares issuable in series.

						Three months ended March 31,
Number of common shares (in millions)			Notes			2026			2025
Outstanding, beginning of the period						591.1			571.4
Shares repurchased under NCIB			(b)			(12.9)			—
Issuance of flow-through common shares			(a)			0.4			0.8
Issuance of shares for share-based compensation			20			1.5			2.8
Outstanding, end of the period						580.1			575.0

(a)Flow-through common shares

In March 2026, the Company issued 0.4 million flow-through common shares at CAD$43.22 per share for net proceeds of $13.2 million (CAD$18.0 million), which included a $3.6 million premium reported as a deferred gain on the balance sheet to be recognized in earnings as eligible expenditures are made. A total of $9.6 million was recognized in equity based on the quoted price of the shares on the date of the issue less issuance costs. The flow-through common shares were issued to fund exploration expenditures for the Company's exploration properties in Quebec, Canada. Flow-through common shares require the Company to incur an amount equivalent to the proceeds of the issue on prescribed expenditures in accordance with the applicable tax legislation.

In February 2025, the Company issued 0.8 million flow-through common shares at CAD$12.25 per share for net proceeds of $6.8 million (CAD$10.0 million), which included a $1.7 million premium reported as a deferred gain on the balance sheet to be recognized in earnings as eligible expenditures are made. A total of $5.1 million was recognized in equity based on the quoted price of the shares on the date of the issue less issuance costs. The flow-through common shares were issued to fund exploration expenditures for the Company's exploration properties in Quebec, Canada.

For the three months ended March 31, 2026, $nil (three months ended March 31, 2025 - $0.5 million) was recognized as amortization of the gains related to the issuances of flow-through common shares and was included in interest income, derivatives and other investment gains in the consolidated statements of earnings (note 24).

(b)Normal Course Issuer Bid

On December 9, 2025, the Company received approval from the TSX of its normal course issuer bid (“NCIB”) program. Under the program, the Company is authorized to purchase up to 57.0 million of its common shares during the period from December 12, 2025 to December 11, 2026.

The book value of any cancelled shares are treated as a reduction to common share capital. During the first quarter ended March 31, 2026, the Company repurchased 12.9 million common shares for $260.0 million at an average price of $20.18 per share, which includes $50 million of an automatic share purchase plan ("ASPP") accrued as of December 31, 2025. The book value of the cancelled shares was $73.8 million and was treated as a reduction to common share capital.

On March 31, 2026, the Company initiated an ASPP under its NCIB by authorizing its independent broker to purchase common shares of the Company up to $40.0 million (December 31, 2025 - $50 million) based on certain market criteria. The instructions expire on May 1, 2026. The Company recognized a financial liability associated with the total maximum amount that may be repurchased during that period by the broker, with an offsetting entry in contributed surplus. The full amount of the financial liability was purchased subsequent to March 31, 2026, totaling 2.1 million common shares.

20.    Share-Based Compensation

(a)Options

(i)Share option plan

A summary of the status of the Company's share option plan and changes during the period is presented below:

Three months ended March 31, 2026			Options (in millions)			Weighted average exercise price (CAD/share)
Outstanding, beginning of the period			2.2			$	4.53
Exercised1			(0.8)			4.11
Outstanding, end of the period			1.4			$	4.78
Exercisable, end of the period			0.6			$	4.29

1.Exercise prices are denominated in Canadian dollars. The USDCAD exchange rate at March 31, 2026 was $1.3955/CAD.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 53

(b)Other share-based compensation

(i)Share incentive plans

A summary of the status of the Company’s outstanding share units issued to directors and employees under the Company's share incentive plan and changes during the year is presented below.

Three months ended March 31, (share units in millions)			2026
Outstanding, beginning of the period			5.1
Granted			0.4
Issued			(0.7)
Outstanding, end of the period			4.8

(ii)Summary of share units granted

Deferred share units

The estimated fair value of the awards is expensed immediately.

Three months ended March 31,			2026
Granted during the period (in millions)			—
Grant-date fair value (CAD per unit)1			$	26.16

1.The grant-date fair value is equal to the share price on grant date.

Restricted share units

Employee restricted share unit grants ("RSU") vest over twelve to thirty-six months and have no restrictions upon vesting. Prior to December 31, 2025 all granted RSUs are and will continue to be equity settled. The structure of all subsequently granted RSUs will be settled in cash or equity at the discretion of the Company. As these RSUs are expected to be cash settled a liability has been recorded to reflect the new RSU grants. There are no vesting conditions other than service.

The estimated fair value of the awards is expensed over their vesting period. Cash settled RSUs will be revalued based on the Company's share price at each period.

Three months ended March 31,			2026
Granted during the period (in millions)			0.3
Grant-date fair value (CAD per unit)1			$	33.54

1.The grant-date fair value is equal to the share price on grant date.

Performance share units

The performance share unit grants vest over thirty-six months and are equity settled. There are no cash settlement alternatives for these grants.

The estimated fair value of the awards is expensed over their vesting period.

Three months ended March 31,			2026
Granted during the period (in millions)			0.1
Grant-date fair value (CAD per unit)1			$	33.56

1.The grant-date fair value was determined using a Monte Carlo model.

21. Cost of Sales

									Three months ended March 31,
												2026			2025
Operating costs1												$	254.3		$	227.2
Royalties												89.4			29.0
Depreciation expense												115.7			79.7
												$	459.4		$	335.9

1.Operating costs include mine production, transport and smelter costs, and site administrative expenses.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 54

22.    Other Expenses

									Three months ended March 31,
			Notes									2026			2025
Changes in asset retirement obligations at closed mines			12(a)									$	1.3		$	4.9
Write-down of assets												1.3			0.1
Other												0.3			0.1
												$	2.9		$	5.1

23. Finance Costs

									Three months ended March 31,
			Notes									2026			2025
Interest expense												$	11.0		$	26.8
Accretion expense - gold prepayment			16									—			3.0
Credit Facility fees												1.2			1.1
Accretion expense - asset retirement obligations												1.5			1.1
Other finance costs												2.2			6.2
												$	15.9		$	38.2
Borrowing costs attributable to qualifying assets												$	(8.4)		$	(8.4)
												$	7.5		$	29.8
Interest paid1												$	5.1		$	19.6

1.Interest paid relates to interest charges on the Company's 5.75% senior notes, Term Loan, Credit Facility, equipment loans and leases.

24.    Interest Income, Derivatives and Other Investment Gains (Losses)    

									Three months ended March 31,
			Notes									2026			2025
Interest income			26(a)									$	3.2		$	2.2
Gains (losses) on non-hedge derivatives												—			(2.8)
Amortization of gain related to flow-through common shares			26(a)									—			0.5
Changes in fair value of deferred consideration from the sale of Sadiola			26(a)									3.0			0.5
Other gains (losses)												(4.1)			0.4
												$	2.1		$	0.8

For the three months ended March 31, 2026, gains (losses) on non-hedge derivatives include $nil (three months ended March 31, 2025 - $2.5 million) of unrealized losses that relate to fair value movements of the embedded derivative related to prepayment options for the Term Loan, which was paid in full in 2025.

25.    Earnings Per Share

(a)Basic earnings per share computation

						Three months ended March 31,
									2026			2025
Numerator
Net earnings attributable to equity holders									$	379.7		$	39.7
Denominator (in millions)
Weighted average number of common shares (basic)									587.6			572.5
Basic earnings per share attributable to equity holders									$	0.65		$	0.07

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 55

(b)Diluted earnings per share computation

						Three months ended March 31,
									2026			2025
Denominator (in millions)
Weighted average number of common shares (basic)									587.6			572.5
Dilutive effect of options									1.6			1.4
Dilutive effect of share units									4.8			5.7
Weighted average number of common shares (diluted)									594.0			579.6
Diluted earnings per share attributable to equity holders									$	0.64		$	0.07

Equity instruments excluded from the computation of diluted earnings per share which could be dilutive in the future were as follows:

									Three months ended March 31,
(in millions)												2026			2025
Options												—			0.4

26.    Cash Flow Items

(a)Adjustments for other non-cash items within operating activities

									Three months ended March 31,
			Notes									2026			2025
Share-based compensation												$	1.9		$	3.1
Write-down of assets			22									1.3			—
Write-down of inventories												1.2			0.6
Changes in estimates of asset retirement obligations at closed sites			22									1.3			4.9
Interest income			24									(3.2)			(2.2)
Changes in fair value of deferred consideration from the sale of Sadiola			24									(3.0)			(0.5)
Amortization of gains related to flow-through common shares			24									—			(0.5)
Effects of exchange rate fluctuation on cash and cash equivalents												4.1			(6.5)
Effects of exchange rate fluctuation on restricted cash												1.4			(2.4)
Employee service provision												(0.2)			3.5
Other												(3.0)			3.5
												$	1.8		$	3.5

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

						Three months ended March 31,
									2026			2025
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
									$	(59.6)		$	(30.6)

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 56

(c)    Other investing activities

									Three months ended March 31,
			Notes									2026			2025
Interest received			24									$	3.2		$	2.3
(Increase) decrease in restricted cash												—			4.4
Capital expenditures for exploration and evaluation assets												(5.2)			(0.2)
Acquisition of exploration and evaluation assets			10									(2.4)			—
(Acquisition)/Disposal of marketable securities												5.0			—
Change in government receivables and investments												23.2			—
Settlement of Yatela Sale												—			(18.2)
Other												—			(4.6)
												$	23.8		$	(16.3)

(d) Other financing activities

									Three months ended March 31,
			Notes									2026			2025
Proceeds from issuance of flow-through common shares			19(a)									$	13.2		$	6.9
Repayment of equipment loans			15(c)									(0.7)			(0.4)
Payment of lease obligations												(8.6)			(7.1)
Common shares issued for cash on exercise of stock options												2.4			2.3
Other												(0.9)			(2.8)
												$	5.4		$	(1.1)

(e)    Reconciliation of long-term debt arising from financing activities

						Equipment loans			5.75% senior notes			Credit facility			Term Loan			Total
Balance, January 1, 2025						$	2.1		$	448.4		$	220.0		$	358.4		$	1,028.9
Cash changes:
Proceeds						—			—			130.0			—			130.0
Repayments						(1.3)			—			(150.0)			(400.0)			(551.3)
Non-cash changes:
Amortization of deferred financing charges						—			1.0			—			15.6			16.6
Foreign currency translation						0.2			—			—			—			0.2
Change in fair value of embedded derivative						—			—			—			26.7			26.7
Other						—			(0.6)			—			(0.7)			(1.3)
Balance, December 31, 2025						$	1.0		$	448.8		$	200.0		$	—		$	649.8
Cash changes:
Repayments						(0.7)			—			(100.0)			—			(100.7)
Non-cash changes:
Amortization of deferred financing charges						—			0.2			—			—			0.2
Other						—			(0.1)			—			—			(0.1)
Balance, March 31, 2026						$	0.3		$	448.9		$	100.0		$	—		$	549.2

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 57

27.    Segmented Information

The Company’s gold mines are divided into geographic segments as follows:

•Côté Gold mine - Ontario, Canada;

•Westwood complex - Quebec, Canada; and

•Essakane mine - Burkina Faso.

The Company’s non-gold mine segments are divided as follows:

•Exploration and evaluation and development; and

•Corporate.

			March 31, 2026									December 31, 2025
			Total non- current assets			Total assets			Total liabilities			Total non- current assets			Total assets			Total liabilities
Gold mines
Côté Gold			$	2,900.0		$	3,080.7		$	256.5		$	2,881.8		$	3,053.2		$	276.9
Westwood complex			804.2			837.9			238.1			801.0			841.2			233.6
Essakane			854.3			1,396.7			354.1			825.0			1,307.5			310.0
Total gold mines			4,558.5			5,315.3			848.7			4,507.8			5,201.9			820.5
Exploration and evaluation and development			391.7			423.8			10.7			388.0			418.7			14.9
Corporate			52.1			253.9			706.9			53.0			231.9			771.2
Total			$	5,002.3		$	5,993.0		$	1,566.3		$	4,948.8		$	5,852.5		$	1,606.6

Three months ended March 31, 2026

			Consolidated statements of earnings (loss) information																								Capital expenditures2
			Revenues			Cost of sales1			Depreciation expense			General  and administrative			Exploration						Other			Earnings (loss) from operations
Gold mines
Côté Gold			$	267.1		$	94.5		$	38.9		$	—		$	1.3					$	1.4		$	131.0					$	27.9
Westwood complex			184.3			48.5			17.4			—			—						1.1			117.3						19.7
Essakane			578.7			200.7			59.1			—			—						0.3			318.6						53.8
Total gold mines			1,030.1			343.7			115.4			—			1.3						2.8			566.9						101.4
Exploration and evaluation and development			—			—			—			—			6.5						—			(6.5)						—
Corporate3			—			—			0.3			15.4			—						0.1			(15.8)						—
Total			$	1,030.1		$	343.7		$	115.7		$	15.4		$	7.8					$	2.9		$	544.6					$	101.4

1.Excludes depreciation expense.

2.Includes incurred capital expenditures for property, plant and equipment, exploration and evaluation assets at the Company's gold mines, and excludes capitalized study costs, acquisition of Nelligan assets, capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.

3.Includes impact on earnings from royalty interests.

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 58

Three months ended March 31, 2025

			Consolidated statements of earnings (loss) information																								Capital expenditures2
			Revenues			Cost of sales1			Depreciation expense			General  and administrative			Exploration						Other			Earnings (loss) from operations
Gold mines
Côté Gold			$	151.2		$	65.2		$	34.0		$	—		$	1.8					$	0.5		$	49.7					$	21.3
Westwood complex			79.8			42.1			12.4			—			—						4.2			21.1						15.1
Essakane			276.9			148.9			32.8			—			—						0.4			94.8						30.1
Total operating gold mines			507.9			256.2			79.2			—			1.8						5.1			165.6						66.5
Exploration and evaluation and development			—			—			—			—			4.8						0.1			(4.9)						—
Corporate3			(30.8)			—			0.5			16.4			—						(0.1)			(47.6)						0.5
Total			$	477.1		$	256.2		$	79.7		$	16.4		$	6.6					$	5.1		$	113.1					$	67.0

1.Excludes depreciation expense.

2.Includes incurred capital expenditures for property, plant and equipment, exploration and evaluation assets at the Company's gold mines, and excludes capitalized study costs, acquisition of Nelligan assets, capitalized borrowing costs and ROU assets. Côté Gold is presented at 70%.

3.Includes impact on revenues of delivering ounces into gold sale prepayment arrangements (note 16) and earnings from royalty interests.

28.    Commitments

			March 31, 2026			December 31, 2025
Purchase obligations			$	271.0		$	180.6
Capital expenditure obligations			43.9			37.4
Lease obligations			107.5			118.9
			$	422.4		$	336.9

IAMGOLD CORPORATION Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2026 59

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Renaud Adams, President and Chief Executive Officer of IAMGOLD Corporation, certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of IAMGOLD Corporation (the “issuer”) for the interim period ended March 31, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings.

A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

a.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

b.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control - Integrated Framework (2013 COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2 N/A

5.3 N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2026, and ended on March 31, 2026, that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 5, 2026

/s/ "Renaud Adams"

____________________

Renaud Adams

President and Chief Executive Officer

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATION

I, Marthinus (Maarten) Theunissen, Chief Financial Officer of IAMGOLD Corporation, certify the following:

1.    Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of IAMGOLD Corporation (the "issuer") for the interim period ended March 31, 2026.

2.     No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.    Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.    Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.    Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(A) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(I)    material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(II)    information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(B)     designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control-Integrated Framework (2013 COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2    N/A

5.3    N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR

    that occurred during the period beginning on January 1, 2026, and ended on March 31, 2026, that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 5, 2026

/s/ "Marthinus (Maarten) Theunissen"

______________________

Mathinus (Maarten) Theunissen

Chief Financial Officer

FAQ

How did IAMGOLD (IAG) perform financially in Q1 2026?

IAMGOLD generated strong Q1 2026 results with revenue of $1,030.1 million from 211,500 ounces sold at $4,859 per ounce. Net earnings attributable to equity holders were $379.7 million, or $0.65 per share, supported by higher gold prices and volumes.

What was IAMGOLD (IAG) gold production and 2026 guidance?

In Q1 2026, IAMGOLD’s attributable gold production was 183,600 ounces: Côté 52,300, Westwood 36,200 and Essakane 95,100. For full-year 2026, total attributable production is guided between 720,000 and 820,000 ounces, with output expected to increase as Côté optimizes operations.

What are IAMGOLD (IAG) cash costs and AISC for Q1 2026 and 2026?

Consolidated Q1 2026 cost of sales was $1,619 per ounce, cash costs including royalties were $1,608 per ounce, and AISC were $2,124 per ounce. For 2026, IAMGOLD guides cash costs including royalties of $1,425–$1,575 per ounce and AISC of $2,000–$2,150 per ounce.

What is IAMGOLD (IAG) liquidity and debt position after Q1 2026?

At March 31, 2026, IAMGOLD held $550.2 million in cash and cash equivalents and had long-term debt of $549.2 million, resulting in net debt of $105.2 million. With $545.7 million available on its Credit Facility, total liquidity was about $1,096.9 million.

How much free cash flow did IAMGOLD (IAG) generate in Q1 2026?

IAMGOLD generated strong cash in Q1 2026, with net cash from operating activities of $569.9 million and mine-site free cash flow of $524.6 million. This supported higher cash balances, debt reduction and share repurchases while funding sustaining and expansion capital across its operations.

What share buybacks did IAMGOLD (IAG) complete under its NCIB?

During Q1 2026, IAMGOLD repurchased and cancelled about 12.9 million shares for approximately $260 million at an average price of $20.18 per share. Since the NCIB began in December 2025 through March 31, 2026, total repurchases reached 15.85 million shares for about $310 million.

How important is Essakane to IAMGOLD’s (IAG) cash generation and dividends?

Essakane is a key cash generator, producing 95,100 attributable ounces in Q1 2026 and mine-site free cash flow of $302.7 million on a 100% basis. It declared an $855 million dividend in 2025 and plans another $500 million dividend in June 2026, largely funding IAMGOLD’s shareholder returns.

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EX-99.1 1.1 MB
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