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

Toronto, Ontario--(Newsfile Corp. - November 9, 2023) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the third quarter ended September 30, 2023.

HIGHLIGHTS:

Operations

Attributable gold production from continuing operations was 109,000 ounces. Attributable gold production guidance for 2023 is unchanged and is expected to be in the range of 410,000 to 470,000 ounces.

Revenues from continuing operations were $224.5 million from sales of 116,000 ounces (106,000 ounces on an attributable basis) at an average realized gold price1 of $1,937 per ounce.

Cost of sales per ounce sold from continuing operations was $1,436, cash cost1 per ounce sold from continuing operations was $1,400 and all-in-sustaining-cost1 ("AISC") per ounce sold from continuing operations was $1,975.

The Company now expects cash costs1 to be between $1,250 and $1,325 per ounce sold and AISC1 to be between $1,750 and $1,825 per ounce sold for the year, an increase from prior guidance due to the impact of the security situation in Burkina Faso on the supply chain combined with continued elevated costs from the recent inflationary cycle in the industry.

In health and safety, for the nine months ended September 30, 2023, the Company reported a DARTFR (days away, restricted, transferred duty frequency rate) of 0.36 and a TRIFR (total recordable injuries frequency rate) of 0.66, both with a decreasing trend since the last quarter.
Financial

Net earnings (loss) attributable to equity holders1 of $(0.8) million or $(0.00) per share and adjusted net loss attributable to equity holders1 of $(4.0) million or $(0.01) per share.

Net cash from operating activities was $37.5 million. Net cash from operating activities, before movements in non-cash working capital and non-current ore stockpiles1 was $29.3 million.

Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1from continuing operations was $61.8 million and adjusted EBITDA1 was $57.8 million.

The Company has available liquidity1 of $1,001.8 million comprised of cash and cash equivalents of $548.9 million and the available balance of the secured revolving credit facility ("Credit Facility") of $452.9 million as at September 30, 2023.
Côté Gold

As of September 30, 2023, the Côté Gold Project was estimated to be 90.6% complete, with construction progress approximately 92% complete.

On a 100% basis at the UJV level, the Côté Gold Project incurred project expenditures1 of $317.3 million ($222.0 million at 70%) in the third quarter 2023.

Since commencement of construction, $2.54 billion ($1.78 billion at 70%) of the planned $2.965 billion ($2.08 billion at 70%) of project expenditures has been incurred. The total expected project expenditures are expected to be in line with the planned $2.965 billion (± 1.5%) and the estimated remaining cost to complete the Côté Gold Project on a 100% basis is $425 million ($298 million at 70%) on an incurred basis assuming a USDCAD rate of 1.35 during the remainder of construction. A portion of the expenditures is expected to be incurred in 2024 during commissioning and ramp up.

IAMGOLD is expected to fund $325 million during the remainder of construction based on its 60.3% ownership in the Côté Gold unincorporated joint venture.

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