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 for the six months ended June 30, 2020.

Toronto, Ontario--(Newsfile Corp. - August 5, 2020) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") reported its consolidated financial and operating results for the quarter ended June 30, 2020.

"IAMGOLD delivered solid operating results in the quarter, generating $72.4 million in operating cash flow and producing 155,000 ounces of gold. These results were achieved despite the temporary suspension of mining activities at Westwood and Rosebel, with both operations back online as of April 15 and July 24, respectively, and the anticipated continued impact of the global COVID-19 crisis," commented Gordon Stothart, President and CEO of IAMGOLD. "During the quarter, we have taken significant, proactive steps at each of our operations to establish protocols enabling us to deliver on our long-term strategy, while prioritizing the health and safety or our workforce and host communities. I would like to commend our employees for their extraordinary dedication, perseverance, and professionalism during these unprecedented times."

Mr. Stothart stated, "On July 21, together with our JV partner, Sumitomo Metal Mining Co., we announced the decision to proceed with the construction of the Côté Gold Project, located in northern Ontario. Côté is a world-class deposit and is transformational to IAMGOLD's future, reducing overall operating costs, increasing total production, increasing the number of mines and bringing greater geographic diversity to our portfolio. Our strong financial position, with over $860 million in cash and short-term investments, coupled with operating cash flows from our existing mines, enable us to take this important step toward executing on our best-in-class growth pipeline."

Mr. Stothart announced, "After 13 years with the Company, Carol Banducci has advised us of her intention to retire from IAMGOLD on March 31, 2021. Carol has steadfastly seen the Company through a bull market, a bear market and several transitions. Her disciplined approach to financial management and success in building an outstanding finance and accounting team, has positioned the Company exceptionally well today for both challenges and opportunities. I wish her all the best in retirement, and look forward to our continued work together until that time."

Carol Banducci, EVP and CFO, commented, "It is with mixed emotions that I announce my retirement from the Company. IAMGOLD is an exciting place to be, with an incredible pipeline of projects and outstanding people. I look forward to working with Gord and the team to advance our ongoing work, and to ensure a smooth transition process."

"In addition," Mr. Stothart continued, "Jeffery Snow, General Counsel and Senior Vice President, Business Development, will be retiring from the Company effective August 31, 2020. Jeff has had a storied 39-year career at the intersection of law and mining. We will miss his wise counsel, and wish him all the best in his well-deserved retirement."

Second Quarter 2020 Highlights
•Attributable gold production from continuing operations of 155,000 ounces at cost of sales1 per ounce of $1,030, total cash costs2 per ounce produced of $935 and all-in sustaining costs2 per ounce sold of $1,189. Production was impacted by the suspension of operations at Rosebel.
•Attributable gold sales from continuing operations of 153,000 ounces at an average realized gold price per ounce of $1,724.
•Revenues of $284.6 million, reflecting an average realized gold price of $1,724 per ounce sold.
•Net income from continuing operations attributable to equity holders was $25.5 million, or $0.05 per share, benefiting from improved operating margins.
•Adjusted net earnings from continuing operations attributable to equity holders2 was $20.1 million, or $0.04 per share2.
•Net cash from operating activities was $72.4 million, a 65% increase over the first quarter.
•Net cash from operating activities before changes in working capital2 was $79.0 million, a 9% increase over the first quarter.
•IAMGOLD remains in a solid liquidity position with cash, cash equivalents, short-term investments and restricted cash increasing by $36.5 million over the first quarter to $866.3 million, as at June 30, 2020.

OPERATING PERFORMANCE
•Attributable gold production from continuing operations was 155,000 ounces, down 29,000 ounces from the same prior year period, and down 15,000 ounces from the first quarter 2020.
•Attributable gold sales from continuing operations were 153,000 ounces, down 21,000 ounces from the same prior year period, and down 6,000 ounces from the first quarter 2020.
•Cost of sales1 from continuing operations was $1,030 per ounce, up 9% from the same prior year period, and down 2% from the first quarter 2020.
•All-in sustaining costs2 from continuing operations were $1,189 per ounce, up 4% from the same prior year period, and down 3% from the first quarter 2020.
•Total cash costs2 from continuing operations were $935 per ounce, up 5% from the same prior year period, and down 6% from the first quarter 2020.
•Gold margin2 from continuing operations was $789 per ounce, up $366 per ounce from the same prior year period, and up $179 per ounce from the first quarter 2020.

FINANCIAL RESULTS
•Revenues were $284.6 million, up $38.1 million from the same prior year period, and up $10.1 million from the first quarter 2020, reflecting an average realized gold price of $1,724 per ounce sold.
•Gross profit was $56.3 million, up $49.7 million from the same prior year period, and up $24.4 million from the first quarter 2020.
•Net income from continuing operations attributable to equity holders was $25.5 million, or $0.05 per share, compared to net loss from continuing operations of $18.6 million, or $0.04 per share in the same prior year period, and compared to net loss from continuing operations of $34.4 million, or $0.07 per share in the first quarter 2020.
•Adjusted net earnings from continuing operations attributable to equity holders2 was $20.1 million, or $0.04 per share2, compared to adjusted net loss from continuing operations2 of $15.5 million, or $0.03 per share2 in the same prior year period, and compared to adjusted net loss from continuing operations2 of $4.9 million, or $0.01 per share2 in the first quarter 2020.
•Net cash from operating activities was $72.4 million, up $31.8 million from the same prior year period, and up $28.4 million from the first quarter 2020.
•Net cash from operating activities before changes in working capital1 was $79.0 million, up $36.2 million from the same prior year period, and up $6.2 million from the first quarter 2020.
•Cash, cash equivalents, short-term investments and restricted cash totaled $866.3 million at June 30, 2020. Cash and cash equivalents were $831.9 million, short-term investments were $6.2 million and restricted cash was $28.2 million. $499.6 million was available under the credit facility.

GLOBAL COVID-19 CRISIS
•The global COVID-19 crisis continues to evolve including the continuing imposition of restrictions on the movement of people and goods, social distancing measures, restrictions on group gatherings, quarantine requirements and contact tracing. IAMGOLD has been closely monitoring and taking necessary measures to manage the impact of the COVID-19 crisis on its operations, development projects and exploration activities. IAMGOLD is managing the financial and operational challenges of COVID-19 while rapidly addressing the needs of its employees and the communities where we operate. IAMGOLD continues to work closely with local and national governments and communities on limiting the impact of the COVID-19 crisis on our people and business, and supporting the local efforts to manage the crisis.
•IAMGOLD has taken extensive steps, across its operations and offices, to protect the health and safety of employees, contractors and local communities in response to the COVID-19 crisis. These steps included: implementation of sanitary measures recommended by Health Authorities; physical distancing; use of personal protective equipment; restricted site access; screening processes for employees, contractors and incoming supplies; use of thermal cameras to check temperatures before site entrance; reduction of the on-site workforce to essential personnel only and arranging additional transportation buses and on-site medical personnel. In addition, the number of sleeping quarters at the mine sites will be further increased.
•Additional measures included reconfiguration of site facilities to accommodate physical distancing rules, setting up of a field hospital, 24/7 ambulance service and air evacuation plans for emergency situations at the Essakane mine site. As well, detailed safety procedures were developed, communication channels were created for questions and concerns, and regular inspections were conducted by internal site health professionals and by the local health authorities to ensure these measures were appropriately implemented and consistently followed.
•Given the surge of COVID-19 infections in the region, a number of personnel at the Rosebel Gold Mine operations in Suriname were diagnosed with COVID-19. Affected personnel were moved to Government supervised quarantine facilities in Paramaribo and received medical care, as appropriate. Currently, there are no cases at the mine site and a limited number in quarantine offsite, with the majority of affected personnel having already recovered. In conjunction with the Surinamese Health Authorities, Rosebel implemented all required preventive measures, including the disinfecting of living quarters and work areas.
•Westwood commenced the restart of operations from care and maintenance on April 15, 2020. The restart was done in accordance with the standards set by the Government of Quebec, the Public Health Directorate and the Commission des normes, de l'équité, de la santé et de la sécurité du travail ("CNESST") to limit the risk of the spread of COVID-19. Ramp-up activities included training employees on new procedures and sanitary measures, adjusted work schedules and transport, and physical distancing and protective equipment.

STRATEGIC DEVELOPMENTS

Exploration
•On May 13, 2020, IAMGOLD reported assay results from the 2020 diamond drilling program at the Rouyn Gold Project in Canada. Drilling highlights included: 9.8 metres grading 10.4 g/t Au, 9.8 metres grading 27.8 g/t Au (including 4.4 metres grading 58.4 g/t Au), and 9.0 metres grading 5.8 g/t Au.
•On June 18, 2020, IAMGOLD reported initial assay results from the 2020 infill and expansion diamond drilling program at the Nelligan Project in Canada. Drilling highlights included: 25.1 metres grading 1.87 g/t Au, 27.0 metres grading 2.86 g/t Au, and 10.5 metres grading 10.5 g/t Au.

Development and Operations
•On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture ("Rosebel UJV") agreement with Staatsolie Maatschappij Suriname N.V. ("Staatsolie") relating to the concession areas within the Rosebel UJV Area of Interest, which includes Saramacca. The Rosebel UJV excludes the existing gross Rosebel mining concession, which is 95% owned by Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and Staatsolie holds a 30% participating interest in the Rosebel UJV on behalf of the Republic of Suriname. Staatsolie has paid Rosebel an initial amount of $34.0 million toward an aggregate owing of $54.9 million for all operating and capital expenses related to the Saramacca Project. The remaining amount will be paid out of Staatsolie's gold entitlement from the Saramacca property.
•On April 15, 2020, IAMGOLD's Westwood Gold Mine commenced the restart of operations from care and maintenance following the April 13, 2020 confirmation from the Government of Quebec that mining is an essential business. Previously, Westwood was placed on care and maintenance on March 25, 2020, along with other mining companies province-wide, as directed by the Government of Quebec in response to the global COVID-19 crisis as mining was considered a non-essential business.
•The Rosebel mine in Suriname was moved into self-confinement on March 22, 2020 to better protect employees and communities, and to support the continuity of operations. Following a surge in COVID-19 infections in the region, a number of personnel at Rosebel were diagnosed with COVID-19 in mid-June. IAMGOLD implemented further protocols in response to these cases to enable quarantining, contact tracing, disinfection and increased physical distancing. Unfortunately, the Union chose to use one of these preventative measures, which would support physical distancing through the reduction of the number of people sharing accommodations, as the basis for a work stoppage on June 12, 2020, which required Rosebel to concurrently suspend operations until the appropriate controls could be implemented to protect the safety of all employees. With confirmation and advice from the medical experts of the COVID-19 Outbreak Management Team of Suriname, and explicit agreement between the Union and Rosebel, Rosebel resumed operations on July 24, 2020.
•On March 24, 2020, the Essakane mine in Burkina Faso was also moved into self-confinement to better protect employees and communities, and to support the continuity of operations. The Government of Burkina Faso subsequently imposed a curfew and limited movement in the country by placing a number of locations, including Ouagadougou and Essakane under administrative quarantine on April 8, 2020. Administrative quarantine was lifted on May 19, 2020. Production continued uninterrupted during the quarantine period.

Subsequent to the Quarter
•On July 21, 2020, IAMGOLD, together with joint venture partner Sumitomo Metal Mining Co., Ltd. ("SMM") announced the decision to proceed with the construction of the Côté Gold Project. During the second quarter 2020, de-risking activities related to the development of the Project continued, with project engineering over 60% complete. De-risking activities remain within the capital expenditure guidance and include detailed engineering, refining the resource block model, and advancing project permitting, including receipt of notification of approval for the application under Section 36 of the Fisheries Act (Canada) for the Project, a key milestone in attaining permits relating to impacts on fish habitats and tailings management. The first phase of camp construction and site tree clearing were also completed during the quarter.
• IAMGOLD filed a National Instrument ("NI") 43-101 Technical Report for its Westwood mine on August 5, 2020, confirming the details of a safe and profitable operation and re-affirmed long-term production guidance originally disclosed in December 2019. The NI 43-101 Technical Report incorporated modified mining methods, operational practices and revised productivity assumptions. In this context, total attributable reserves decreased by 48% to 0.618 million ounces (2.698 million tonnes grading 7.1 g/t Au), with the balance of reserve ounces being reclassified to resource ounces. While overall mineral resources have remained largely unchanged at 4.764 million tonnes grading 10.2 g/t Au for a total of 1.557 million ounces in measured and indicated resources, mineral reserves were impacted primarily by more conservative geotechnical assumptions related to specific zones located in higher seismic risk areas. As is typical for underground operations, and supported by reasonable assumptions in-line with historical operating experience, IAMGOLD continues to work on converting its significant underground mineral resources to mineral reserves over time.
•On August 5, 2020, IAMGOLD announced the retirement of Carol Banducci, EVP and CFO, effective March 31, 2021 and the retirement of Jeffery Snow, General Counsel and SVP Business Development, effective August 31, 2020.

UPCOMING GROWTH CATALYSTS
•IAMGOLD continues de-risking activities at the Boto Gold Project, by advancing engineering, building access infrastructure, and progressing with environmental and social programs to support the project development. Building on our exploration success along the Senegal-Mali Shear Zone with several other discoveries located within 15 kilometres of the Boto Gold Project in adjacent countries, IAMGOLD has also initiated a strategic study, referred to as the "Bambouk Gold Complex," to advance resource evaluation and delineation at the Diakha-Siribaya and Karita projects to support the evaluation of various potential development scenarios and identify regional synergies.
•IAMGOLD continues to advance various ongoing and planned delineation and resource evaluation drilling programs at selected projects including the Nelligan Gold, the Monster Lake and the Rouyn Gold Projects in Quebec, the Gosselin discovery on the Côté Gold property in Ontario, and the Karita Gold discovery in Guinea.

SUMMARY OF FINANCIAL AND OPERATING RESULTS

Three months ended June 30, Six months ended June 30,
Financial Results ($ millions, except where noted) 2020 2019 2020 2019

Continuing Operations
Revenues $ 284.6 $ 246.5 $ 559.1 $ 497.5
Cost of sales $ 228.3 $ 239.9 $ 470.9 $ 491.8

Gross profit $ 56.3 $ 6.6 $ 88.2 $ 5.7

Net earnings (loss) from continuing operations attributable to equity holders of IAMGOLD $ 25.5 $ (18.6 ) $ (8.9 ) $ (59.3 )

Net earnings (loss) from continuing operations attributable to equity holders of IAMGOLD ($/share) $ 0.05 $ (0.04 ) $ (0.02 ) $ (0.13 )

Adjusted net earnings (loss) from continuing operations attributable to equity holders of IAMGOLD1 $ 20.1 $ (15.5 ) $ 16.5 $ (17.7 )

Adjusted net earnings (loss) from continuing operations attributable to equity holders of IAMGOLD ($/share)1 $ 0.04 $ (0.03 ) $ 0.03 $ (0.04 )
Net cash from operating activities $ 72.4 $ 40.6 $ 116.4 $ 48.7
Net cash from operating activities before changes in working capital1 $ 79.0
$ 42.8 $ 151.8 $ 75.9

Key Operating Statistics
Gold sales - attributable (000s oz) 153 174 312 352
Gold production - attributable (000s oz) 155 184 325 357
Average realized gold price1 ($/oz) $ 1,724 $ 1,316 $ 1,663 $ 1,312
Cost of sales2 ($/oz) $ 1,030 $ 941 $ 1,042 $ 952
Total cash costs1 ($/oz) $ 935 $ 893 $ 966 $ 891

All-in sustaining costs1 ($/oz) $ 1,189 $ 1,146 $ 1,210 $ 1,124
Gold margin1 ($/oz) $ 789 $ 423 $ 697 $ 421

1.This is a non-GAAP measure. Refer to the non-GAAP performance measures section of IAMGOLD's MD&A.
2.Cost of sales, excluding depreciation, as disclosed in note 31 of IAMGOLD's consolidated interim financial statements expressed on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).

SECOND QUARTER 2020 SUMMARY
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