Core Points - iA Financial Corporation Inc. announced a quarterly dividend of $0.9900 per common share for the quarter ended September 30, 2025, payable on December 15, 2025, to shareholders of record by November 21, 2025 [1] - The company also declared a semi-annual dividend of $33.4091096 per Non-Cumulative 5-Year Rate Reset Class A Preferred Share Series C, payable on December 31, 2025, to preferred shareholders of record by December 5, 2025 [3] - All dividends paid by iA Financial Corporation Inc. are classified as eligible dividends under the Income Tax Act (Canada) [4] Dividend Reinvestment Plan - Common shareholders wishing to enroll in the Dividend Reinvestment and Share Purchase Plan (DRIP) must do so by 4:00 pm on November 14, 2025, to reinvest the next dividend [2] - Shares issued under the DRIP will be purchased on the secondary market without any discount [2] Company Overview - iA Financial Group is one of Canada's largest insurance and wealth management groups, founded in 1892 and listed on the Toronto Stock Exchange under the ticker symbol IAG [5] - The company has operations in the United States and employs approximately 10,200 people [8]

Core Insights - iA Financial Group reported strong third-quarter results for the period ending September 30, 2025, with core diluted earnings per share (EPS) of $3.47, an 18% increase year-over-year, and net income attributed to common shareholders of $364 million, reflecting a 29% increase from the previous year [3][5][27] - The company achieved a core return on common shareholders' equity (ROE) of 17.2%, aligning with its 2027 target of 17%+, and a solvency ratio of 138%, indicating a robust capital position [3][5][38] - Wealth Management activities were particularly strong, generating over $1.1 billion in net fund sales, supported by the acquisition of RF Capital Group, which is expected to enhance growth opportunities [4][5][52] Financial Performance - Core EPS increased by 18% year-over-year to $3.47, while diluted EPS rose by 31% to $3.91 [3][5] - Net income attributed to common shareholders reached $364 million, up from $283 million in Q3 2024, with year-to-date net income at $871 million, a 21% increase [6][27] - The book value per common share was $79.22, reflecting a 4% increase over the quarter and an 11% increase over the year [5][40] Business Segments - In the Insurance, Canada segment, net income attributed to common shareholders was $103 million, a slight increase from $95 million in Q3 2024, with core earnings growing by 7% [14][66] - Wealth Management saw net income attributed to common shareholders of $116 million, up from $99 million a year earlier, with core earnings increasing by 18% [20][66] - The US Operations segment reported net income of $21 million, consistent with the previous year, while core earnings rose to $32 million from $31 million [17][20] Sales and Growth - Total net premiums, premium equivalents, and deposits exceeded $5.2 billion, marking a 6% increase compared to the same period last year [35] - Assets under management and administration reached nearly $289 billion, a 15% increase year-over-year, driven by strong net fund inflows and favorable market performance [34][39] - Individual Insurance sales in Canada totaled $102 million, maintaining the company's leading market position [30][31] Capital Position - Organic capital generation for the quarter was $170 million, contributing to a total of $495 million year-to-date, on track to meet the annual target of $650 million [5][39] - The company has $1.7 billion in capital available for deployment, reflecting a solid financial foundation for future growth [5][39] - The solvency ratio remained stable at 138%, well above the regulatory minimum of 90% [38] Strategic Developments - The acquisition of RF Capital Group was completed on October 31, 2025, for $693 million, expected to unlock synergies and enhance the company's position in the wealth management sector [52][55] - The company renewed its Normal Course Issuer Bid (NCIB) program, allowing for the repurchase of up to 5% of outstanding shares [41][56] - A new brand signature, "Get Ahead," was launched to reflect the company's growth ambitions and commitment to client-centric solutions [50]

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

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

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

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

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

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

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

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