IAMGOLD REPORTS FIRST QUARTER 2018 RESULTS: NET EARNINGS UP 335%; OPERATING CASH FLOW UP 58%; GROWTH PROJECTS FIRMLY ON TRACK.

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All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
For more information, refer to the Management Discussion and Analysis (MD&A) and Unaudited Consolidated
Interim Financial Statements for the three months ended March 31, 2018.
Toronto, Ontario, May 7, 2018 - IAMGOLD Corporation (“IAMGOLD” or the “Company”) reported its consolidated financial and operating results for the quarter ended March 31, 2018.
“We had an outstanding quarter," said Steve Letwin, President and CEO of IAMGOLD. "Earlier in the year we said our priorities were to meet expectations and to execute a robust set of growth projects. Gold production in the quarter was up year-over-year, with Essakane and Westwood setting record highs. All-in sustaining costs of $953 an ounce were down $118 an ounce from the fourth quarter of last year. A significant improvement in our bottom line drove operating cash flow up 58%. Annual production and cost guidance remains unchanged and our growth projects are firmly on track. At Essakane, the world’s largest hybrid solar/thermal power plant was completed, and the pre-feasibility study for a heap leaching project, as part of our expansion of the mine, is nearing completion. In the second half of this year, we expect to have a mineral reserve estimate for Saramacca and a completed feasibility study for our Boto Gold Project. With recent resource estimates for our Monster Lake and Eastern Borosi projects, nearly all of our advanced greenfield projects have confirmed a resource."
First Quarter 2018 Highlights
Operating Performance
• Attributable gold production of 229,000 oz, up 7% from Q1/17.
• Attributable gold sales of 235,000 oz, up 11% from Q1/17.
• Cost of sales1 of $741/oz sold, down $28/oz from Q1/17.
• All-in sustaining costs2 of $953/oz sold, down $39/oz from Q1/17.
• Total cash costs2 of $737/oz produced, down $29/oz from Q1/17.
• Gold margin2 of $594/oz, up $130/oz from Q1/17.
• Production and cost guidance for 2018 maintained.
Financial Results
• Revenues of $314.5 million, up 21% from Q1/17.
• Gross profit of $75.8 million, up 117% from Q1/17.
• Net earnings attributable to equity holders of $42.3 million, or $0.09 per share; up from Q1/17 by $60.3 million, or $0.13 per share, representing a 335% increase.
• Adjusted net earnings attributable to equity holders2 of $40.4 million, or $0.09 per share2; up from Q1/17 by $35.3 million, or $0.08 per share2, representing a 692% increase.
• Net cash from operating activities of $106.0 million, up $39.1 million or 58% from Q1/17.
• Net cash from operating activities before changes in working capital2 of $119.6 million, up $35.2 million from Q1/17.
• Cash, cash equivalents, short-term investments in money market instruments, and restricted cash of $856.3 million at March 31, 2018.

Strategic Developments
• On April 3, 2018, we reported a new resource estimate for the Eastern Borosi Project, comprising, on a 100% basis, 4.4 million tonnes of inferred resources grading 4.93 g/t Au and 80 g/t Ag for 700,500 ounces of contained gold and 11,359,500 ounces of contained silver, respectively.
• On March 28, 2018, we reported the first mineral resource estimate for the Monster Lake Project, comprising, on a 100% basis, 1.1 million tonnes of inferred resources grading 12.14 g/t Au for 433,300 ounces of contained gold.
• On March 19, 2018, we announced the completion of the 15 megawatt-peak solar power plant at our Essakane mine in Burkina Faso, which will save approximately 6 million litres of fuel per year and reduce carbon dioxide emissions by 18,500 tonnes annually.
• On March 6, 2018, IAMGOLD and its joint venture partner, Sumitomo Metal Mining Co., Ltd. ("SMM" or "Sumitomo"), were awarded the Prospectors and Developers Association of Canada’s 2018 Viola R. MacMillan Award in recognition of their leadership in the financing and management of the Côté Gold Project as it advances towards development.
• On February 28, 2018, we announced further high-grade intersections from infill and expansion drilling at the Saramacca Project. Highlights included 11.73 g/t Au over 46.0 metres, 22.90 g/t Au over 15.0 metres, and 3.70 g/t Au over 31.5 metres.
Upcoming Growth Catalysts
• Mineral reserve estimate expected for Saramacca H2/18; production start expected H2/19.
• Completion of pre-feasibility study for Essakane's Heap Leach Project, as part of our expansion of the mine, expected Q2/18.
• Commissioning of oxygen plant to improve recoveries at Essakane expected Q4/18.
• Completion of Boto Gold feasibility study expected H2/18.
• Westwood ramp-up to full production expected by 2020.
• Completion of feasibility study at Côté Gold expected H1/19; potential production start 2021.
• Expect to receive remaining $95 million cash payment from Sumitomo by end of 2018 in conjunction with the sale of a 30% interest in the Côté Gold Project in June 2017.
• Targeting initial resource estimate for Nelligan Project in Quebec in Q4/18.
• Targeting initial resource estimate for Gossey satellite prospect at Essakane in Q4/18.
• Advance exploration at Brokolonko to confirm the presence of mineralization and evaluate the resource potential. SUMMARY OF FINANCIAL AND OPERATING RESULTS
Three months ended March 31,
Financial Results ($ millions, except where noted) 2018
2017
Revenues $ 314.5 $ 260.5
Cost of sales $ 238.7 $ 225.5
Gross profit $ 75.8 $ 35.0
Net earnings (loss) attributable to equity holders of IAMGOLD $ 42.3 $ (18.0)
Net earnings (loss) attributable to equity holders ($/share) $ 0.09 $ (0.04)
Adjusted net earnings attributable to equity holders of IAMGOLD1 $ 40.4 $ 5.1
Adjusted net earnings attributable to equity holders ($/share)1 $ 0.09 $0.01
Net cash from operating activities $ 106.0 $ 66.9
Net cash from operating activities before changes in working capital1 $ 119.6
$ 84.4

Key Operating Statistics
Gold sales – attributable (000s oz) 235 212
Gold production – attributable (000s oz) 229 214
Average realized gold price1 ($/oz) $ 1,331 $ 1,230
Cost of sales2 ($/oz) $ 741 $ 769
Total cash costs1 ($/oz) $ 737 $ 766
All-in sustaining costs1 ($/oz) $ 953 $ 992
Gold margin1 ($/oz) $ 594 $ 464

1 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.
2 Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel) and does not include Joint Ventures which are accounted for on an equity basis. FIRST QUARTER 2018 HIGHLIGHTS

Financial Performance
• Revenues for the first quarter 2018 were $314.5 million, up $54.0 million or 21% from the same prior year period. The increase was primarily due to higher sales volume at Essakane ($25.4 million) and Westwood ($12.9 million), and a higher realized gold price ($23.9 million), partially offset by lower sales volume at Rosebel ($7.7 million).
• Cost of sales for the first quarter 2018 was $238.7 million, up $13.2 million or 6% from the same prior year period. The increase was primarily due to higher operating costs ($9.5 million), higher royalties expense ($2.8 million), and higher depreciation ($0.9 million). Operating costs were higher primarily due to higher energy costs at Essakane and Rosebel, a weaker U.S. dollar relative to the euro and the Canadian dollar, and higher operating costs at Westwood resulting from the continued ramp-up, partially offset by higher capitalized stripping due to mine sequencing at Essakane.
• Depreciation expense for the first quarter 2018 was $64.3 million, up $0.9 million from the same prior year period. The increase was primarily due to higher amortization of capitalized stripping, and higher production at Essakane, partially offset by an increase in reserves at Rosebel.
• Income tax expense for the first quarter 2018 was $11.8 million, up $3.1 million from the same prior year period. Income tax expense for the first quarter 2018 comprised current income tax expense of $22.5 million (Q1/17 - $11.4 million) and deferred tax recovery of $10.7 million (Q1/17 - $2.7 million). The increase in income tax expense was primarily due to changes in deferred income tax assets and liabilities, fluctuations in foreign exchange, and differences in the level of taxable income in IAMGOLD's operating jurisdictions from one period to the next.
• Net earnings attributable to equity holders for the first quarter 2018 were $42.3 million, or $0.09 per share, up $60.3 million, or $0.13 per share, from the same prior year period. The increase was mainly due to higher gross profit ($40.8 million), higher interest income, derivatives and other investment gains ($18.2 million), and lower finance costs ($3.5 million), partially offset by higher income tax ($3.1 million).
• Adjusted net earnings attributable to equity holders2 for the first quarter 2018 were $40.4 million, or $0.09 per share2, up $35.3 million, or $0.08 per share2, from the same prior year period.
• Net cash from operating activities for the first quarter 2018 was $106.0 million, up $39.1 million from the same prior year period. The increase was mainly due to higher earnings after non-cash adjustments ($32.2 million) and higher net settlement of derivatives ($3.1 million).
• Net cash from operating activities before changes in working capital2 for the first quarter 2018 was $119.6 million, up $35.2 million from the same prior year period.
Financial Position
• We ended the first quarter in a strong financial position, with Cash, cash equivalents, short-term investments in money market instruments and restricted cash of $856.3 million at March 31, 2018, up $40.5 million from December 31, 2017. The increase was primarily due to cash generated from operating activities ($106.0 million), partially offset by spending on Property, plant and equipment ($57.1 million) and Exploration and evaluation assets ($11.3 million).
Production and Costs
• Attributable gold production, inclusive of joint venture operations, was 229,000 ounces for the first quarter 2018, up 15,000 ounces from the same prior year period. The increase was due to higher grades at Essakane (16,000 ounces) and higher grades and continued ramp-up at Westwood (10,000 ounces), partially offset by lower grades at Rosebel (9,000 ounces) and lower throughput at the Joint Ventures (2,000 ounces).
• Attributable gold sales, inclusive of joint venture operations, were 235,000 ounces for the first quarter 2018, up 23,000 ounces from the same prior year period. The increase was primarily due to higher sales at Essakane (19,000 ounces) and Westwood (10,000 ounces), partially offset by lower sales at Rosebel (5,000 ounces) and the Joint Ventures (1,000 ounces).
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• Cost of sales1 per ounce for the first quarter 2018 was $741, down 4% from the same prior year period. The decrease was primarily due to higher sales volume and capitalized stripping, partially offset by higher energy costs at Essakane and Rosebel, and a weaker U.S. dollar relative to the euro and the Canadian dollar.
• Total cash costs2 for the first quarter 2018 were $737 per ounce produced, down 4% from the same prior year period. The decrease was primarily due to higher production volume and capitalized stripping, partially offset by higher energy costs at Essakane and Rosebel, higher royalties driven by a higher gold price and a weaker U.S. dollar relative to the euro and the Canadian dollar.
• All-in sustaining costs2 per ounce sold for the first quarter 2018 were $953, down 4% from the same prior year period. The decrease was primarily due to higher sales volume and capitalized stripping, partially offset by higher energy costs at Essakane and Rosebel, higher sustaining capital, and a weaker U.S. dollar relative to the euro and the Canadian dollar.
• While there was no impact on total cash costs2 and all-in sustaining costs2 for the first quarter 2018, the first quarter 2017 included a reduction of $3 per ounce produced and sold, respectively, for the normalization of costs and the revised ramp-up at Westwood. Total cash costs2 and all-in sustaining costs2 for the first quarter 2018 included realized derivative gains from fuel and currency hedging programs of $11 per ounce produced and $13 per ounce sold, respectively (Q1/17 - $nil and $nil).
• We maintain our full-year attributable production and cost guidance for 2018. Production in the second quarter is expected to be at a lower level than the first quarter and to trend upwards from there in the second half of the year. While first quarter production benefited from planned mining in higher grade areas augmented by significant positive grade reconciliation at Essakane and Westwood, the second quarter is expected to reflect the impact of scheduled mill maintenance activities at Rosebel and Essakane and the seasonal rains at Rosebel. All-in sustaining costs2 are expected to move higher in the second quarter before trending downwards in the second half of the year.

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