IAMGOLD Announces Updated Strategic Focus & Asset Portfolio Optimization, Preliminary 2021 Operational Results & 2022 Guidance, Cote Q4 Activities and Rosebel Update

2022-01-12

CSE - Canadian National Stock Exchange · Gold · Copper · Arsenic · Lead · Zinc · Silver · Tin · Indium · Tungsten · Molybdenum · Gemstone · Lithium · Niobium · Beryllium · Tantalum · Canada

Strategic Focus

Prioritizing highest return portfolio assets with the strongest net free cash flow and value creation; commencing a strategic review process to evaluate options for Rosebel

2021 Operational Results

2021 attributable gold production of 601,000 ounces near the top of the updated production guidance Cash costs1expected to be within updated guidance range of $1,115 to $1,150 per ounce sold All-in sustaining costs ("AISC")1expected to be within updated guidance range of $1,395 to $1,435 per ounce sold2

2022 Outlook

Attributable gold production guidance of 570,000 to 640,000 ounces Cash costs guidance of $1,100 to $1,150 per ounce sold3and AISC guidance of $1,650 to $1,690 per ounce sold

Côté Gold Project

Project completion at 43.4% and remains on track for H2 2023 commercial production

Rosebel Life of Mine Plan

Potential for extended mine life; expected to ramp up to over 300,000 ounces per year

Toronto, Ontario--(Newsfile Corp. - January 12, 2022) - IAMGOLD Corporation(TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") today announced preliminary full year and fourth quarter 2021 operational results, 2022 operational outlook, a progress update for the Côté Gold Project ("Côté Gold"), updated Mineral Reserves and Mineral Resources estimates and a new life-of-mine plan (the "Rosebel 2022 LOMP") for the Rosebel Gold Mine, including the satellite Saramacca Mine (together, "Rosebel").

As part of a focused strategy to prioritize the highest return assets within the portfolio to achieve the strongest net free cash flow and value creation for shareholders, while concentrating on core operating jurisdictions, the Company has been progressing a review of its portfolio of assets. The key objective of this review is to deliver an appropriate allocation of capital and resources between the Company's existing mines and its Côté Gold project to generate the best return on invested capital while advancing Côté Gold to production.

"IAMGOLD finished with a strong quarter bringing production for the year to the upper end of revised guidance as we strive to deliver on our commitments," stated Gordon Stothart, President and Chief Executive Officer of IAMGOLD. "Looking ahead, we are fully focused on bringing Côté Gold into production and we remain on track to commence commercial production in the second half of 2023. Operationally, we expect continued strong performance at Essakane, following a record year of production in 2021, supporting the turnaround at Rosebel and continued ramp up of Westwood. At the same time, we will continue our review to ensure we focus on value generating assets, maximizing net free cash flow, and prudent management of IAMGOLD's capital - towards our goal of becoming a leading high-margin gold producer."

OPERATIONS

Fourth Quarter and Full Year 2021 Operational Results

In 2021, IAMGOLD achieved attributable gold production of 601,000 ounces, in line with updated guidance of 565,000 to 605,000 ounces, and including 153,000 ounces produced in the fourth quarter. Annual revenues[[4]](#_edn4)were approximately $1.2 billion based on attributable gold sales of 590,000 ounces. Fourth quarter revenues were approximately $295 million based on attributable gold sales of 152,000 ounces.

| Quarter ended December 31, 2021 | Essakane | Rosebel | Westwood | Consolidated | | | | Q4 2021 | Q3 2021 | | | | | | | Gold produced, _attributable*_ | koz | 98 | 42 | 13 | 153 | 153 | | Material mined | kt | 15,016 | 13,788 | 290 | | | | Waste mined | kt | 10,903 | 11,594 | - | | | | Ore mined | kt | 4,113 | 2,194 | 290 | | | | Mill feed | kt | 3,292 | 2,449 | 254 | | | | Mill feed grade | g/t | 1.13 | 0.78 | 1.83 | | | | Gold recovery | % | 91 | 86 | 90 | | | | Full year 2021 | | Essakane | Rosebel | Westwood | Consolidated | | | | 2021 | 2020 | | | | | | Gold produced, _attributable*_ | koz | 412 | 154 | 35 | 601 | 653 | | 2021 guidance | koz | 390 - 400 | 140 - 160 | 35 - 45 | 565 - 605 | | | Material mined | kt | 60,420 | 43,138 | 1,025 | | | | Waste mined | kt | 44,405 | 37,163 | - | | | | Ore mined | kt | 16,015 | 5,975 | 1,025 | | | | Mill feed | kt | 12,948 | 9,887 | 965 | | | | Mill feed grade | g/t | 1.31 | 0.70 | 1.24 | | | | Gold recovery | % | 84 | 85 | 92 | | | | | | | | | | | | Cash costs1 | $/oz | | | | $1,115 _-_$1,150 | $988 | | AISC1 | $/oz | | | | $1,395 _-_$1,435 | $1,232 |

Notes: The numbers contained in this document are subject to finalization. Attributable ounces account for IAMGOLD ownership interests: Essakane - 90%; Rosebel (excluding Saramacca) - 95%, Saramacca - 66.5%; Westwood - 100%

Annual attributable gold production for Essakane was 412,000 ounces (457,000 ounces on a 100% basis), exceeding the upper end of the updated guidance range of 390,000 to 400,000 ounces, as the mine continued to benefit from the mill debottlenecking project completed earlier in the year. In the fourth quarter, attributable production was 98,000 ounces based on a record mill feed of 3.3 million tonnes at a head grade of 1.13 grams per tonne gold ("g/t Au") and improved gold recoveries of 91% as mining activities moved into lower graphitic ore zones.

Annual attributable gold production for Rosebel was 154,000 ounces (188,000 ounces on a 100% basis), at the upper end of the updated guidance range of 140,000 to 160,000 ounces. In the fourth quarter, attributable production was 42,000 ounces based on total mill feed of 2.4 million tonnes at an average head grade of 0.78 g/t Au and average recovery of 86%. Mining activities saw the Rosebel pits contribute 1.16 million ore tonnes with a strip ratio of 8.1 (waste to ore), and Saramacca contribute 1.03 million ore tonnes with a strip ratio of 2.1 (waste to ore). Efficiency improvements of the carbon adsorption/desorption circuit were completed at the end of the fourth quarter, with further improvements in the drawdown from gold-in-circuit expected in the first quarter of 2022.

Annual gold production for Westwood was 35,000 ounces, at the lower end of updated guidance of 35,000 to 45,000 ounces, following the restart of underground operations in June 2021. In the fourth quarter, the operations produced 13,000 ounces, as ore production from Westwood underground ramped up and resulted in a higher average head grade of 1.83 g/t Au. Mill feed totaled 254,000 tonnes and gold recoveries were 90%. Although underground mine productivity is improving, the pace of the ramp up remains cautious in keeping with the safety-first culture of IAMGOLD, as the Company continues to prioritize the implementation of enhanced ground support and additional safety measures, coupled with continued pressures associated with general labour shortages in the region.

The Company's consolidated cash costs and consolidated AISC for its three operating mines are expected to be between the 2021 updated guidance ranges of $1,115 and $1,150 per ounce sold and $1,395 and $1,435 per ounce sold, respectively, excluding the impact of potential net realizable value adjustments on long term stockpiles. Long term stockpiles include historic costs which relate to ore mined in prior periods not expected to be processed in 2022. Capital expenditures for 2021 are expected to come in line with expectations, with Côté Gold preliminary spending in the fourth quarter estimated at $147 million, comparing well with guidance estimates of $150 million.

IAMGOLD ended 2021 with approximately $545 million in cash and cash equivalents, $42 million in restricted cash, $8 million in short term investments and $498 million in its undrawn credit facility.

COVID-19 Response

The global COVID-19 pandemic continues to evolve. Despite widespread mass immunization programs intended to limit the effect of the virus in many countries, including Canada and Suriname, the emergence of new variants, such as the new Omicron variant, has been causing rates of infection to rapidly increase again globally. The Company continues to closely monitor developments and is taking necessary measures to manage the impact of the COVID-19 pandemic on its personnel, operations, construction and development projects and exploration activities. The previously implemented protocols remain in place at our sites and are reviewed on an ongoing basis to adapt to the evolving situation.

2022 Guidance

IAMGOLD's operational guidance for 2022 is as follows:

Attributable gold production of 570,000 to 640,000 ounces; Cash costs1between $1,100 and $1,150 per ounce sold; AISC1between $1,650 and $1,690 per ounce sold. Sustaining capital expenditures have increased due to a higher proportion of stripping costs categorized as sustaining capital due to the particular areas that are mined and the stage of the mine's life to align with World Gold Council guidelines; Sustaining capital expenditures1of $310 million (± 5%) of which the majority is related to capital waste stripping and underground development; Côté Gold expenditures of between approximately $590 to $620 million; Other expansion capital expenditures1(ex-Côté Gold) of approximately $70 million (± 5%) including approximately $20 million at Boto Gold project; and Exploration expenditures of approximately $35 million, including near-mine and greenfield programs.

| Operating Guidance | | Consolidated | Essakane | Rosebel | Westwood | Côté | Boto | | Gold production, _attributable_* | koz | 570 _-_640 | 360_- _385 | 155 _-_180 | 55 _-_75 | | | | Cash costs1 | $/oz | 1,100 _-_1,150 | | | | | | | AISC1,2 | $/oz | 1,650 _-_1,690 | | | | | | | Sustaining capital1expenditures (± 5%) incl. capitalized stripping* | $M | 310 | 165 | 105 | 40 | | | | Expansion capital1expenditures (± 5%)* | $M | 660 _- _690 | 5 | 35 | 10 | 590 _-_620 | 20 |

Notes: Figures may not add due to rounding. The 2022 guidance is based on the following full year assumptions: USD:CAD exchange rate of 1.25 (Côté 2022 capital expenditures assumes USD:CAD of 1.30), EUR:USD exchange rate of 1.20 and average crude oil price of $70 per barrel. Attributable ounces and capital expenditures account for IAMGOLD ownership interests: Essakane - 90%; Rosebel (ex-Saramacca) - 95%, Saramacca - 66.5%; Westwood - 100%; The Company owns 64.75% of Côté Gold and is contributing 70% of the Côté Gold joint venture capital expenditures.

In 2022, Essakane attributable gold production is forecast to be in the range of 360,000 to 385,000 ounces, with production expected to be relatively steady over the year as planned grades normalize closer to reserve grades, offset slightly by higher recoveries due to expected lower graphitic content. Cash costs are expected to increase slightly due to increased cost pressures and additional security measures. The increase in AISC reflects the increase in operating costs, as well as higher sustaining capital and capitalized waste stripping. Sustaining capital expenditures of $165 million include capitalized waste stripping, while expansion capital expenditures are expected to reduce accordingly to approximately $5 million. Looking beyond 2022, Essakane is expected to continue to produce in the range of 325,000 ounces and 375,000 ounces in each of 2023 and 2024.

In 2022, Rosebel attributable gold production is forecast to be in the range of 155,000 to 180,000 ounces, with production expected to be stronger in the second half after the seasonal rains subside and as a result of expected increased recoveries from continuing refurbishment initiatives at the mill complex. Sustaining capital expenditures of $105 million include capitalized waste stripping, tailings facility expansion and maintenance. Expansion capital of $35 million includes the completion of non-critical path items related to Saramacca and investments in the processing facility. Looking beyond 2022, Rosebel is expected to produce 180,000 to 200,000 of attributable gold ounces in 2023 and 2024. The Company has completed an updated Mineral Resource and Mineral Reserve estimate and life-of-mine plan for Rosebel, details of which are outlined below in the section titled "_Rosebel Update_".

In 2022, gold production at the Westwood complex is forecast to be in the range of 55,000 to 75,000 ounces, assuming the safe re-start of two additional underground zones (Central and West). Production levels are expected to increase each quarter benefitting from the continued ramp-up of underground mining activities and increasing grade from the adjacent Grand Duc open pit. Looking beyond 2022, the Company is continuing to evaluate potential strategic alternatives for Westwood, while ramping up mining activities and development, balanced with the need for the ground support activities implemented in 2021. The additional development and resumption of mining in the Central and West zones are expected to allow for the Westwood complex to ramp up to the 90,000 to 100,000 ounce per year production level with corresponding improvements in cost profile.

Fourth Quarter and Full Year 2021 Financial Results

IAMGOLD will release its fourth quarter and full year 2021 financial results after market hours on Wednesday, February 23, 2022. A conference call will be held on Thursday, February 24, 2022, at 8:30 a.m. (Eastern Time) for a discussion with management regarding IAMGOLD's 2021 fourth quarter and full-year operating performance and financial results.

CÔTÉ GOLD - FOURTH QUARTER PROJECT UPDATE

Project Activities

In December 2021, the Company announced the appointment of Jerzy Orzechowski as Executive Project Director for Côté Gold. Mr. Orzechowski is a senior executive specializing in project development, management, engineering, construction and strategic planning with 40 years of experience working in various project execution strategies (EPC, EPCM, joint ventures, turn-key) and in all phases of large capital projects implementation and execution. His wealth of experience with large projects will be invaluable in bringing Côté Gold through construction completion to production. The management of the project now reports to Mr. Orzechowski and he reports directly to the CEO and is involved in the oversight by the Côté Project Review Committee of the Board.

As of December 31, 2021, detailed engineering reached approximately 92.2% with plant civil and concrete deliverables principally completed and mechanical, piping, electrical and instrumentation continuing into the first quarter of 2022. Overall the Project was approximately 43.4% complete. The following provides an update on project activities for the fourth quarter of 2021:

| Project Activity | Q4 2021 Update | | Health and safety | The Project surpassed 3.4 million hours with no lost time injuries. Our COVID-19 monitoring programs, including antigen, PCR and sewage testing, remain robust and we continue to assess site protocols in view of the emergence of the Omicron variant. The return of the workforce from the holiday period is being structured to adjust ramp up and permit close monitoring of the Omicron variant threats. Improvements in vaccination rates on site continued. | | | | | Earthworks activities | Earthwork activities continued with the main focus on ensuring major infrastructure for 2022 freshet are in place. Water realignment channel work continued. Clam Lake Dam #1 and #2 are now complete. Work on New Lake South Dam final lifts was completed prior to the end of the year and New Lake North Dam is progressing well. Tailings management facility starter dam foundation excavation commenced as planned in early December. | | | | | Mining activities | Overburden pre-stripping in the pit is advancing and during the period access to fresh rock was achieved to the east. The first ore blast was taken in October 2021 in the southern area of the pit and mining activities broke through elevation 382 throughout several areas of the pit - a significant milestone achieved for the project. | | | | | Processing plant | Processing facility structural steel erection, which commenced in mid-October, has completed all major lifts with only a minor part of in-fill steel remaining to be erected for the high-bay grinding section of the building. Wall panel cladding installation has started with approximately 32% completed at quarter end. The Company remains on track for process building enclosure by the end of the first quarter of 2022. Other civil works associated with the processing facility including the HPGR/secondary crusher building and primary crushing building were completed during the quarter. The primary crusher feeder frames, chutes and associated supports are now on site. Fabrication of conveyors is progressing well with delivery as sections are completed. Major components of the ball mill such as motor, chillers and shells are progressing well and elements have started shipping. | | | | | _Other activities and supply chain_ | Permanent camp commissioning is complete providing, along with the construction camp, a total of 1388 rooms. The project averaged approximately 800 workers at site prior to the ramp down for the holidays. The permanent potable water treatment plant has been commissioned and the camp is planning to switch to grid power early in the new year. Work on the 42 kilometer 115KV power line has started with tree clearing.

Equipment delivery is ongoing and inventory on site continues to increase. We continue to closely monitor global logistics risks and, at this time, are not expecting material impacts on the project schedule, although challenges in the global supply chain persist which may be amplified by impacts from the current Omicron wave. | | | | | _Permitting and sustainability_ | The Company secured a number of key operations phase permits during the quarter, including the provincial Environmental Compliance Authorization for operations, the key remaining permit, the permit to take water and permits required to support the construction of the transmission line. Community consultations and ongoing implementation of the impact benefit agreements signed with indigenous partners continue. Remaining, non-critical path, minor permits are expected to be received during the remainder of the project. | | | | | Operational readiness | Operational readiness continued to advance mainly focused on organizational design, and hiring, and initiation of training programs which are expected to ramp up in the first quarter of 2022. Other key activities included the ongoing work related to the identification of spare parts requirements for critical equipment and procurement strategies for key consumables. |

Project Expenditures

At the end of the fourth quarter 2021, 87%ofprocurement and 79% of contracts packages have been awarded. The Company incurred $119 million and expended $147 million in project costs (at an average recorded USDCAD exchange rate, excluding the impact of hedges, of 1.27) in the fourth quarter of 2021 and expended $412 million (at an average recorded USDCAD exchange rate of 1.26) since July 1, 2020, including capital expenditures summarized in the table below and non-capital project costs.

| | | Q4 2021 | | | Q3 2021 | | | Q2 2021 | | | Q1 2021 | | | 2021 | | Since July 1, 2020 | | | | Expended costs* ($ millions) | $ | 147 | | $ | 72 | | $ | 90 | | $ | 50 | | $ | 359 | | $ | 412 | |

Project costs prior to July 1, 2020 are not included in the Company's portion of reported total expended costs. Project costs include (i) ore mined recorded as stockpiles which totaled $1.8 million in the fourth quarter 2021, and (ii) certain offsets including realized derivative gains of $4.8 million in the fourth quarter and $16.2 million in 2021.

The Company's share of estimated remaining total costs to completion from January 1, 2022 onwards is $710 to $760 million and is estimated to be expended based on the following updated schedule: 2022 - approximately $590 to $620 million; and 2023 - approximately $120 to $140 million. These amounts are estimated at a USDCAD exchange rate of 1.30 and take into consideration working capital adjustments and the schedule and upcoming milestones set out below. Accordingly, actual reported results may vary.