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 as at and for the three months ended March 31, 2021.

Toronto, Ontario--(Newsfile Corp. - May 3, 2021) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") reports its consolidated financial and operating results for the first quarter ended March 31, 2021. Key highlights of operating performance and financial results include:

($ millions, except where noted) Q1 2021 Q4 2020 Q1 2020
Revenues $ 297.4 $ 347.5 $ 274.5
Gross profit $ 44.2 $ 84.0 $ 31.9
Net earnings (loss) attributable to equity holders $ 19.5
$ 59.0 $ (34.4 )
Net earnings (loss) per share attributable to equity holders $ 0.04
$ 0.12 $ (0.07 )
Adjusted net earnings (loss) attributable to equity holders1 $ 6.2
$ 19.1 $ (4.9 )
Adjusted net earnings (loss) per share attributable to equity holders1 $0.01
$ 0.04 $ (0.01 )
Net cash from operating activities $101.7 $ 128.7 $ 44.0
Net cash from operating activities before changes in working capital1 $82.5
$ 108.0 $ 72.8
Mine-site free cash flow1 $ 89.5 $ 77.7 $ 14.1
Capital expenditures - sustaining $13.7 $27.3 $ 14.8
Capital expenditures - expansion $ 88.8 $ 79.1 $ 52.7
Cash, cash equivalents and short-term investments $ 967.8 $ 947.5 $ 802.2
Long-term debt $ 466.7 $ 466.6 $ 419.1
Available credit facility $ 498.2 $ 498.3 $ 499.6


1 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.

Gordon Stothart, President and CEO of IAMGOLD, commented, "In the first quarter 2021, the IAMGOLD team made good progress toward our operating and development goals. Our operations generated $89.5 million in mine-site free cash flow and we ended the quarter with approximately $1.5 billion in available liquidity. Production was strong at Essakane and as expected at Westwood's Grand Duc open pit, with Rosebel and satellite Saramacca impacted by unusually heavy seasonal rains and COVID-19 restrictions. We completed the CIL mill upgrade at Essakane and continue to expand camp capacity at Rosebel. At Côté, we started major earthworks ahead of schedule and have attained 18% completion of the project at March 31st. We continue to de-risk our Boto project by advancing essential infrastructure work including the access road and camp construction. And, we recently announced two important initiatives in further support of our host communities: a substantial donation to UNICEF's COVAX vaccination program and sponsorship of the Giants of Africa youth development program. With the normalization of operations and continuous improvement, we expect to see improved production levels and costs over the balance of the year and to continue to steadily advance our development projects and pipeline."

COMPANY UPDATES

Environmental, Social and Governance

DART2 and TRI2 incident frequency rates were 0.46 and 0.67, respectively, in the first quarter 2021, consistent with 2020. The Côté Gold Project had achieved 1.24 million hours without lost time as at March 31, 2021.

Maintained previously implemented COVID-19 protocols. At Rosebel, movement restrictions have impacted operations, with ongoing expansion of site accommodations expected to enable ramp up to full workforce levels in the second half of the year.

Ranked 10th out of 116 global mining companies on the Corporate Knights 2021 Global 100 Sustainability scorecard.

Included in the 2021 Bloomberg Gender Equality Index for the 3rd consecutive year, and recognized among 380 global companies that foster a more inclusive and equitable workplace.

Provided $400,000 from the Rosebel Community Fund, along with supplemental government contributions, for the installation of solar LED street lights, electrification and potable water supplies in local communities.

Completed Phase I of the Public-Private Partnership with Canada's government, One Drop Foundation, and Cowater on the Triangle d'Eau Project bringing potable water to 60,000 people near Essakane; advanced Phase II to bring potable water to an additional 75,000 people.

Contributed $250,000 to UNICEF to support the International ACT-A / COVAX Emergency Response.

Investing $950,000 in a 4-year Giants of Africa program, aimed at encouraging the development of youth through sports in Burkina Faso, Senegal and Mali.

Sponsored the Artemis Project, which aims to promote female business owners and entrepreneurs in the mining sector.

Received Mining Association of Canada's prestigious Towards Sustainable Mining® (TSM) Excellence Award in the Environmental category for innovative recycling of plastic at Essakane.

People and Governance

Daniella Dimitrov was appointed Executive Vice President & Chief Financial Officer, effective March 29, 2021. Ms. Dimitrov succeeds Carol Banducci, who retired on March 31, 2021.

Anne Marie Toutant and Deborah Starkman were appointed as independent directors of the Company, effective December 14, 2020.

John Caldwell stepped down from the Board, effective January 4, 2021, and Mahendra Naik and Sybil Veenman are not standing for re-election at the upcoming meeting of shareholders.

The Board has adopted board renewal and diversity guidelines. Following the annual general meeting on May 4, women will represent 29% of directors, or 33% of independent directors of the Board. The average tenure of the Board will be approximately 5.5 years (down from approximately 11 years).

FINANCIAL RESULTS AND FINANCIAL POSITION

Sold 153,000 ounces at an average realized gold price of $1,781 per ounce1, resulting in gold margin of $729 per ounce1.

Gross profit for the first quarter 2021 was $44.2 million, an increase of $12.3 million compared to the prior year quarter, primarily due to higher realized prices partially offset by lower sales volumes.

Net earnings for the first quarter 2021 were $19.5 million, or $0.04 per share, compared to net loss of $34.4 million, or $0.07 per share in the prior year quarter. The increase was primarily due to the gain on the sale of the Company's non-core royalties ($35.7 million) in March 2021, a decrease in loss on non-hedge derivatives and warrants and higher gross profit, partially offset by higher other expenses and higher income taxes.

Adjusted net earnings were $6.2 million, or $0.01 per share, compared to adjusted net loss in prior year quarter of $4.9 million, or $0.01 per share.

Net cash from operating activities in the first quarter 2021 was $101.7 million, up $57.7 million from the prior year quarter, primarily due to higher earnings, favourable movements in non-cash working capital items ($38.8 million) primarily resulting from receipts for value-added taxes and a decrease in inventory and non-current ore stockpiles. Mine-site free cash flow was $89.5 million for the first quarter 2021 compared to $14.1 million in the prior year quarter.

Cash, cash equivalents and short-term investments of $967.8 million at March 31, 2021.

Total available liquidity at March 31, 2021 of $1,466 million, providing appropriate headroom to finance the Company's ongoing development activities, with the maturity date of $490 million of the Company's largely undrawn $500 million credit facility extended to January 31, 2025.

Entered into gold sale prepayment arrangement for 50,000 gold ounces at an average price of $1,753 per ounce and at a cost of 4.44% per annum, for total prepayment to the Company of $80.3 million in 2022 with physical delivery by the Company of such ounces to the counterparties in 2024. This transaction effectively rolls one-third of the Company's 2019 prepay arrangement from 2022 to 2024, with the new gold deliveries occurring after the completion of the Côté Gold Project.

OPERATIONS AND PROJECTS

Abitibi District, Canada - Westwood Mine (IAMGOLD interest - 100%)


Q1 2021 Q4 2020 Q1 2020
Mine operating statistics
Ore mined (000s t) - underground - 40 111
Ore mined (000s t) - other sources 246 169 109

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