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Satish Kasinathan

Vice President and Equity Analyst at Bank of America

Sathish Kasinathan is a Vice President and Equity Analyst at Bank of America Securities, specializing in the basic materials sector with a focus on metals and mining. He covers specific companies including Commercial Metals (CMC), Alcoa (AA), MP Materials (MP), Steel Dynamics (STLD), and U.S. Steel (X), with a performance track record showing a 43% success rate and average return of -1.10% per rating over the past year according to TipRanks, alongside 75% buy recommendations out of 4 ratings on MarketBeat. Kasinathan has been issuing ratings since at least 2021, with no detailed prior firms disclosed in available sources. His professional credentials include expertise in financial modeling for the sector, though specific FINRA registrations are not detailed publicly.

Satish Kasinathan's questions to IAMGOLD (IAG) leadership

Question · Q4 2025

Satish Kasinathan asked for more details on the 'stage capital' mentioned in Côté's mine plan, specifically whether IAMGOLD is still targeting a 50,000 tons per day run rate or higher. He also inquired about the minimum achievable share buybacks for 2026, considering Essakane's cash repatriation and potential upside from future dividend declarations.

Answer

Renaud Adams, President and CEO, clarified that 'stage capital' means the expansion capital for Côté will be deployed sequentially, focusing on different aspects like expansion, tailings, and opening Gosselin over time, rather than all at once. He confirmed the capital would be fully funded by the asset's free cash flow. Bruno Lemelin, Chief Operating Officer, and Renaud Adams confirmed that of the $408 million shareholder account outstanding at the beginning of the year, $171 million has been received. They expect the remaining balance to be repaid by Q2/Q3, with the 2025 dividend reloading the account, ensuring sufficient funds for the buyback program to match IAMGOLD's attributable free cash flow.

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Question · Q4 2025

Satish Kasinathan from Bank of America asked for clarification on Côté Gold's mine plan, particularly the concept of 'stage capital' and the target run rate of 50,000 tons per day. He also questioned the potential for a minimum of $390 million in share buybacks for 2026, considering Essakane's cash repatriation and future dividend declarations.

Answer

Renaud Adams, President and CEO, explained that 'stage capital' for Côté Gold means the expansion will be phased, focusing on tailings and opening Gosselin, without requiring all capital upfront. He confirmed that the capital would be fully funded by the asset's free cash flow. Regarding share buybacks, Bruno Lemelin, Chief Operating Officer, stated that the remaining $408 million in shareholder accounts from Essakane is expected to be repaid by Q2/Q3, and the 2025 dividend declaration will reload the account, providing sufficient funds to match IAMGOLD's attributable free cash flow for the buyback program.

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