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

Toronto, Ontario--(Newsfile Corp. - December 20, 2022) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") is pleased to announce that it has entered into definitive agreements with Managem (CAS: MNG) to sell, for aggregate consideration of approximately $282 million, the Company's interests in its exploration and development projects in Senegal, Mali and Guinea (collectively, the "Bambouk assets").

Under the terms of the agreements, IAMGOLD will receive total cash payments of approximately $282 million as consideration for the shares and subsidiary/intercompany loans for the entities that hold the Company's 90% interest in the Boto Gold Project ("Boto") in Senegal and 100% interest in each of: the Diakha-Siribaya Gold Project in Mali, Karita Gold Project and associated exploration properties in Guinea, and the early stage exploration properties of Boto West, Senala West, Daorala and the vested interest in the Senala Option Earn-in Joint Venture also in Senegal. The remaining 10% of Boto will continue to be held by the Government of Senegal. The total consideration of $282 million is subject to changes in intercompany loans associated with continued advancement of the projects between the date of the definitive agreement announcement and closing of respective asset sales. Inclusive of the total consideration is a $30 million deferred payment to be paid out at the earlier of: six months after closing of the Boto Gold Project and associated properties in Senegal, or at a time mutually agreed to by the parties.

Maryse Bélanger, Chair of the Board of IAMGOLD and Interim President and CEO, commented: "The sale of our Bambouk assets to Managem is the culmination of a comprehensive strategic review and sale process. We are pleased that ownership of the Bambouk assets will be assumed by Managem, which has decades of mining development and operating experience in Africa and intends to advance these assets responsibly, for the benefit of all stakeholders. IAMGOLD and Managem will work closely towards a smooth transition of ownership.

"The proceeds of the sales, coupled with the financing agreement with Sumitomo announced last night, meet the remaining funding requirements for completion of construction at the Côté Gold Project, which is approximately 70% complete and on track for production in early 2024."

Imad Toumi, Chairman and Chief Executive Officer of Managem, added "We are very pleased to have reached a deal with IAMGOLD on the Bambouk assets. This transaction will add to our solid portfolio of assets, reinforce our role as a Gold regional leader in Africa and contribute further to our position as a top-tier performer in the African mining industry. We are looking forward to work with the teams at Boto, Diakha and Karita to advance these projects within the framework and focus that is characteristic of Managem's responsible and dynamic approach."

The transactions are subject to certain regulatory approvals including, as applicable, approval for the transfer of permits and licenses from the Governments of Senegal, Mali, and Guinea, as well as other customary closing conditions, including the consent of IAMGOLD's syndicate of lenders. Closing of various components of the transactions are expected to occur upon satisfaction of the applicable regulatory conditions, and are expected to close over the course of the second quarter into early third quarter of 2023.

BMO Capital Markets is acting as financial advisor and Fasken Martineau Dumoulin LLP is acting as legal advisor to IAMGOLD in connection with the sale, while Sprott Capital Partners is acting as financial advisor and Naciri & Associés Allen & Overy is acting as legal advisor to Managem.

About Managem

Managem Group is a Pan-African and fully integrated mining group that has been developing and mining a balanced portfolio between gold and energy transition metals for more than 90 years. The group is present throughout the entire mining cycle, from exploration to the trading of commodities. The group employs 6,000 people, operates in 6 African countries, including Morocco and is committed to maintaining its culture of responsible mining through high standards of Environmental, Social and Governance ("ESG") practices, including its commitment to Zero Harm, in every aspect of its business

Managem Group is majority owned by Al Mada, a pan-African private equity fund. A signature accompanies the name "Al Mada": "Positive impact", reflecting the fund's commitment to promoting "useful" investment.

About IAMGOLD

IAMGOLD is a mid-tier gold mining company operating in North America, South America and West Africa. The Company has three operating mines: Essakane (Burkina Faso), Rosebel (Suriname) (sale transaction previously announced on October 18, 2022) and Westwood (Canada), and is building the large-scale, long life Côté Gold project (Canada), in partnership with Sumitomo Metals & Mining of Japan, which is expected to commence production in early 2024. In addition, the Company has a robust development and exploration portfolio within high potential mining districts in the Americas and West Africa.

IAMGOLD employs approximately 5,000 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance ("ESG") practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD is listed on the New York Stock Exchange (NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG) and is one of the companies on the Jantzi Social Index ("JSI"), a socially screened market capitalization-weighted consisting of companies which pass a set of broadly based environmental, social and governance rating criteria.

IAMGOLD Contact Information

Graeme Jennings, Vice President, Investor Relations

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