All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

Toronto, Ontario--(Newsfile Corp. - November 8, 2022) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the third quarter ended September 30, 2022.

HIGHLIGHTS:

Attributable gold production of 184,000 ounces in the third quarter and 528,000 ounces year-to-date ("YTD") as a result of continued strong performance from Essakane and improvements at Rosebel.
The Company expects that annual production will exceed the top end of the previous guidance range of 570,000 to 640,000 ounces and is revising guidance upwards to 650,000 to 705,000 ounces.
Cost of sales per ounce sold of $1,140 ($1,102 YTD), cash cost1 per ounce sold of $1,126 ($1,087 YTD) and all-in sustaining costs1 ("AISC") per ounce sold of $1,559 ($1,550 YTD).
The Company expects AISC1 to be below the bottom end of guidance range of $1,650 to $1,690 and revised guidance downwards to between $1,600 and $1,650 per ounce sold. Cash costs1 guidance for 2022 is revised downwards to be between $1,100 and $1,130 per ounce sold from the previous guidance range of $1,100 to $1,150 per ounce.
Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 of $(41.3) million ($195.0 million YTD) and adjusted EBITDA1 of $103.1 million ($350.6 million YTD).
Mine-site free cash flow1 of $59.2 million ($189.3 million YTD).
Net loss and adjusted net loss per share attributable to equity holders1 of $(0.23) and $(0.03), respectively; YTD net earnings (loss) and adjusted net earnings (loss) per share attributable to equity holders1 of $(0.20) and $0.01, respectively.
Cash, cash equivalents and short-term investments of $536.1 million and liquidity1 of $636.8 million at September 30, 2022.
As of September 30, 2022, the Côté Gold project was approximately 64.2% complete, with detailed engineering fully complete and construction in line with the updated technical report. The Company's share of remaining project spend to bring Côté Gold into production is estimated to be between $1.0 and $1.1 billion from October 1, 2022, net of leases and working capital.
On October 18, 2022, the Company announced that it had entered into a definitive agreement with Zijin Mining Group Co. Ltd. to sell its interests in the Rosebel mine for cash consideration of $360 million plus working capital adjustments, as well as the release of approximately $41 million of IAMGOLD obligations related to equipment leases, on closing.
"IAMGOLD has continued to build upon its recent successes, reporting attributable gold production of 184,000 ounces, which represents the highest quarterly production for the Company in over 2.5 years, driven by record production from Essakane," said Maryse Bélanger, Chair and Interim President and CEO of IAMGOLD. "On behalf of the Board and the executive team, we applaud the tireless efforts of the IAMGOLD team for this achievement and their continued commitment to operating safely and responsibly.

"The Côté Gold Project is approximately 64% complete and advancing well following the schedule and cost update released in the summer. With approximately 1,500 workers on site, the project is nearing peak capacity and has seen significant progress in the third quarter towards the target of production in early 2024. The announced sale of Rosebel to Zijin Mining last month represents the first significant step towards addressing the funding commitments to deliver Côté Gold. The remaining funding alternatives are well advanced and we expect to be able to provide further updates in the fourth quarter."

QUARTERLY REVIEW

The following table summarizes certain operating and financial results for the three months ended September 30, 2022 (Q3 2022), June 30, 2022 (Q2 2022) and September 30, 2021 (Q3 2021) and the nine months ended September 30 (or YTD), 2022 and 2021 and certain measures of the Company's financial position as at September 30, 2022, June 30, 2022 and December 31, 2021:
Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021

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