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, 2022.

Q1 2022 HIGHLIGHTS:

Attributable gold production of 174,000 ounces on continued strong performance from Essakane and improvements at Rosebel.
Cost of sales per ounce sold of $1,035, cash cost1 per ounce sold of $1,017 and all-in sustaining costs1 ("AISC") per ounce sold of $1,490.
Mine-site free cash flow1 of $87.5 million.
Net earnings and adjusted net earnings1 per share attributable to equity holders of $0.05.
Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 of $135.0 million and adjusted EBITDA1 of $137.6 million.
Cash, cash equivalents and short-term investments and available liquidity1 at the end of the quarter of $524.4 million and $1.0 billion, respectively.
The Company estimates, based on the ongoing analysis, assessment and preliminary information available to date, that the remaining Côté Gold project costs to completion at April 1, 2022 could be between approximately $1,200 to $1,300 million. Accordingly, the Company is withdrawing its 2022 and 2023 Côté Gold project costs guidance and will provide a detailed updated costs and schedule estimates review before the end of the second quarter.
Subsequent to the approval of the consolidated interim financial statements, Maryse Bélanger, Chair of the Board was also appointed Interim President and Chief Executive Officer ("CEO") and David Smith was appointed Lead Director.
Toronto, Ontario--(Newsfile Corp. - May 3, 2022) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the first quarter ended March 31, 2022, the appointment of current Chair of the Board, Maryse Bélanger, as Interim President and CEO and an update to the Côté Gold Project.

Maryse Belanger, Chair of the Board and incoming Interim President and CEO, said: "The Company delivered good results in the first quarter of 2022, resulting primarily from solid operating performance at Essakane. However, preliminary cost estimates from the ongoing risk analysis at our Côté development project, coupled with the need for additional liquidity represent significant near- and mid-term challenges.

"Given the complexity of the business from both an operational and project development standpoint, in addition to the need to actively investigate financing measures, further management capacity is needed to bridge the gap until a search for a permanent CEO is concluded. As a result, I have agreed to step in as Interim President and CEO. On behalf of the entire Board, I thank Daniella for effectively leading the Company through a difficult period. I am looking forward to working closely with Daniella and the rest of the management team to complete the Côté risk analysis and advance project development, to continue operational and efficiency improvements at our mines, and to address the Company's liquidity. I am confident we will address these near-term challenges and we remain fully focused on our goal of becoming a leading high-margin gold producer."

Daniella Dimitrov, Chief Financial Officer and Executive Vice President, Strategy and Corporate Development, said: "I am delighted to welcome Maryse as Interim President and CEO. She has been actively engaged in the business since being appointed Chair and I look forward to working more closely with her under her leadership as Interim President and CEO. Her proven strengths and experience in operational and efficiency improvements and in project development bring important capacity and capability to the management team as we actively address the challenges before us."

The following table summarizes certain financial results for the three months ended March 31, 2022 (Q1 2022), December 31, 2021 (Q4 2021) and March 31, 2021 (Q1 2021):
Q1 2022 Q4 2021 Q1 2021
Financial Results ($ millions, except where noted)

Revenues $356.6 $ 294.6 $ 297.4
Gross profit (loss) $ 81.0 $(76.3) $ 44.2
EBITDA1 $ 135.0 $(193.4) $ 113.8
Adjusted EBITDA1 $ 137.6 $ 90.0 $ 100.1
Net earnings (loss) attributable to equity holders $ 23.8 $ (194.1) $19.5
Adjusted net earnings attributable to equity holders1 $26.1 $44.3 $6.2
Net earnings (loss) per share attributable to equity holders $0.05
$(0.41) $0.04
Adjusted net earnings per share attributable to equity holders1 $ 0.05
$ 0.09 $0.01
Net cash from operating activities before changes in working capital1 $ 133.9
$ 76.0 $ 82.5
Net cash from operating activities $142.3 $67.5 $101.7
Mine-site free cash flow1 $ 87.5 $12.3 $ 89.5
Capital expenditures1 - sustaining $ 76.6 $41.4 $13.7
Capital expenditures1 - expansion $ 92.1 $190.1 $88.8

1 This is a non-GAAP measure. See "Non-GAAP Financial Measures".

QUARTERLY REVIEW
Operating Results
Q1 2022 Q4 2021 Q1 2021
Key Operating Statistics

Gold production - attributable (000s oz)
174

153

156
Gold sales - attributable (000s oz)
181

152

153
Average realized gold price1 ($/oz) $ 1,813
$ 1,794
$ 1,781
Cost of sales2 ($/oz sold) - attributable $ 1,035
$ 1,597
$ 1,075
Cash costs1 ($/oz sold) - attributable $ 1,017
$ 1,213
$ 1,073
AISC1 ($/oz sold) - attributable $ 1,490
$ 1,537
$ 1,238


1 This is a non-GAAP measure. See "Non-GAAP Financial Measures".

Attributable gold production for the first quarter was 174,000 ounces, up 21,000 ounces or 14% from the prior quarter, on continued strong performance from Essakane and improvements at Rosebel. Attributable gold sales of 181,000 ounces came in above production due to the timing of sales of gold inventory at Essakane, with the average realized gold price of $1,813 per ounce reflecting the delivery of 37,500 ounces at $1,500 per ounce in accordance with the 2019 prepay arrangement.

Cost of sales (excluding depreciation) per ounce sold was $1,035 for the first quarter, down $562 per ounce or 35% from $1,597 per ounce sold in the prior quarter. Excluding depreciation and the NRV write-downs, cost of sales per ounce sold was lower by $245 per ounce sold due to higher production resulting from higher head grades at Essakane and higher sales volumes, partially offset by higher operating costs of $18 per ounce sold.

Cash costs1 per ounce sold in the first quarter was $1,017, down $196 per ounce or 16% from the prior quarter on strong gold sales. AISC per ounce sold of $1,490 was down $47 per ounce or 3% from the prior quarter, due to higher sales volume of $235 per ounce sold, partially offset by higher sustaining capital expenditures of $179 per ounce sold.

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