- Delivers Mine Site Free Cash Flow of $80 million
- 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 nine months ended September 30, 2020.

Toronto, Ontario--(Newsfile Corp. - November 4, 2020) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") reported its consolidated financial and operating results for the quarter ended September 30, 2020.

"IAMGOLD performed well in challenging circumstances, generating $105.1 million in operating cash flows and producing 159,000 ounces of gold, resulting in $80.0 million in free cash flows from our operating mine sites." commented Gordon Stothart, President and CEO of IAMGOLD.

"In the quarter, we successfully completed our new bond issuance, lowering our interest costs, extending the maturity to 2028 and enhancing our financial flexibility with a cash balance of approximately $900 million. This cash position, along with access to our largely undrawn $500 million credit facility, brings our total liquidity to over $1.4 billion, enabling us to cover our portion of Côté's capital expenditures. Project engineering at Côté is now 66% complete, as early works continue and permitting advances to enable construction activities. Looking to the fourth quarter, production will be underpinned by Essakane and by Saramacca's contribution to Rosebel. As reported Monday, we had a seismic event at Westwood, with all employees safely brought above ground. I would like to recognize our Westwood team for their safe and successful response to this event. The Westwood mill is expected to restart operations in the next few days while the underground mine operations remain suspended."

"Periodically, we review opportunities to return capital to our shareholders, including a dividend policy and share buyback program, in the context of market conditions, share price, our financial position, capital requirements, forecast performance and realized gold prices. IAMGOLD is committed to delivering superior shareholder returns, with the next thirty months centered on developing our top-tier Côté Gold Project. This project requires significant capital investment funded by our current strong cash position and future cash flows from operations. As Côté Gold becomes operational, dependent on the gold price environment, we expect to generate significant free cash flow. This will allow IAMGOLD to consider its dividend policy through instituting a sustainable dividend or a share repurchase program that would recognize the interests of our shareholders in the Company's anticipated strong performance, while balancing capital allocation between future growth and distributions to shareholders."

THIRD QUARTER 2020 HIGHLIGHTS
•Attributable gold production from continuing operations of 159,000 ounces at cost of sales1 per ounce of $1,098, total cash costs2 per ounce produced of $1,006 and all-in sustaining costs2 per ounce sold of $1,206.
•Attributable gold sales from continuing operations of 162,000 ounces.
•Revenues of $335.1 million, reflecting an average realized gold price of $1,908 per ounce sold.
•Net loss from continuing operations attributable to equity holders was $11.6 million, or $0.02 per share.
•Adjusted net earnings from continuing operations attributable to equity holders2 was $52.1 million, or $0.11 per share2.
•Net cash from operating activities was $105.1 million, a 45% increase over the second quarter.
•Net cash from operating activities before changes in working capital2 was $108.4 million, a 37% increase over the second quarter.
•Mine-site free cash flow2 was $80.0 million, a 51% increase over the second quarter.
•IAMGOLD remains in a solid liquidity position with cash, cash equivalents, short-term investments and restricted cash increasing by $61.7 million over the second quarter to $928.0 million, as at September 30, 2020.

OPERATING PERFORMANCE
•Attributable gold production from continuing operations was 159,000 ounces, down 15,000 ounces from the same prior year period mainly due to lower production at Rosebel as a result of the work stoppage during July 2020, and up 4,000 ounces from the second quarter 2020.
•Attributable gold sales from continuing operations were 162,000 ounces, down 9,000 ounces from the same prior year period, and up 9,000 ounces from the second quarter 2020.
•Cost of sales1 from continuing operations was $1,098 per ounce, up 11% from the same prior year period primarily due to lower sales volume and higher royalties as a result of an increase in the gold price and realized losses on input cost hedges, and up 7% from the second quarter 2020.
•All-in sustaining costs2 from continuing operations were $1,206 per ounce, up 6% from the same prior year period, and up 1% from the second quarter 2020.
•Total cash costs2 from continuing operations were $1,006 per ounce, up 12% from the same prior year period, and up 8% from the second quarter 2020 primarily due to lower production volume and higher royalties as a result of the increase in the gold price.
•Gold margin2 from continuing operations was $902 per ounce, up $320 per ounce from the same prior year period, and up $113 per ounce from the second quarter 2020.

FINANCIAL RESULTS
•Revenues were $335.1 million, up $60.7 million from the same prior year period, and up $50.5 million from the second quarter 2020, reflecting an average realized gold price of $1,908 per ounce.
•Gross profit was $78.1 million, up $55.3 million from the same prior year period, and up $21.8 million from the second quarter 2020.
•Net loss from continuing operations attributable to equity holders was $11.6 million, or $0.02 per share, compared to net loss from continuing operations of $10.2 million, or $0.02 per share in the same prior year period, and compared to net income from continuing operations of $25.5 million, or $0.05 per share in the second quarter 2020.
•Adjusted net earnings from continuing operations attributable to equity holders2 was $52.1 million, or $0.11 per share2, compared to adjusted net loss from continuing operations2 of $7.2 million, or $0.02 per share2 in the same prior year period, and compared to adjusted net earnings from continuing operations2 of $20.1 million, or $0.04 per share2 in the second quarter 2020.
•Net cash from operating activities was $105.1 million, up $53.3 million from the same prior year period, and up $32.7 million from the second quarter 2020.
•Net cash from operating activities before changes in working capital1 was $108.4 million, up $43.0 million from the same prior year period, and up $29.4 million from the second quarter 2020.
•Mine-site free cash flow2 was $80.0 million, up $56.8 million from the same prior year period, and up $27.0 million from the second quarter 2020.
•Cash, cash equivalents, short-term investments and restricted cash totaled $928.0 million at September 30, 2020. Cash and cash equivalents were $890.6 million, short-term investments were $6.6 million and restricted cash was $30.8 million. $498.3 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 IAMGOLD operates. IAMGOLD continues to work closely with local and national governments and communities on limiting the impact of the COVID-19 crisis on its 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 and COVID-19 prevention protocols. The protocols address risk controls, including: restricting site access to employees, contractors and incoming supplies; screening processes (introduction of Antigen test kits and the use of thermal cameras to check temperatures before entering the site); physical distancing; the use of personal protective equipment; arranging additional transportation buses and increasing on-site medical personnel. Along with these measures, 200 beds were added at Essakane and a project to add 300 beds at Rosebel is in development and planned to be completed in the first quarter 2021.
•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. In conjunction with the Surinamese Health Authorities, Rosebel implemented all required preventive measures, including the disinfecting of sleeping quarters and work areas. The beginning of the quarter showed a steeper curve of new cases as the measures were being implemented. These measures were proven to be effective with a flat curve of new cases through the remainder of the third quarter. Strict protocols ensured that personnel exhibiting flu like symptoms were immediately isolated and tested. Positive cases were managed by the Health Authorities, and isolated in governmental quarantine locations in Paramaribo. By the end of the third quarter 2020, 98% of affected personnel had recovered.
•In line with IAMGOLD's COVID-19 safety protocols, additional steps have been taken to protect the health and safety of employees and contractors at the Côté Gold Project which include screening of all personnel and visitors entering the site and the mandatory use of masks in vehicles, common areas, or where social distancing is not possible.

STRATEGIC DEVELOPMENTS

IAMGOLD's transformational strategy centres on delivering the lower cost Côté Gold Project, de-risking the Boto Gold Project, optimizing our current operations and continuing to invest in our pipeline of brownfield and greenfield exploration. Together with our financial strategy of maintaining a strong balance sheet, opportunistically securing favourable hedges on cost inputs and protective hedges on a portion of gold production during Côté construction, we believe IAMGOLD is positioned to deliver on its goal of superior returns to shareholders.

Financial
•On September 8, 2020, IAMGOLD issued a notice to redeem its 7% Senior Notes due 2025 for a total amount of $421.3 million and funded the redemption on September 29, 2020 and the indenture governing the 2025 Notes was satisfied and discharged on this date.
•On September 23, 2020, IAMGOLD announced that it had completed its private offering of $450 million aggregate principal amount of 5.75% Senior Notes ("Notes") due 2028. IAMGOLD used the net proceeds from the offering of the Notes to fund the redemption of all of its outstanding 7% Senior Notes due 2025 and for general corporate purposes.
•The redemption of the 7% Senior Notes and issuance of the 5.75% Senior Notes will result in lower interest expense over an extended term. The redemption also resulted in a cash loss of $21.3 million that is expected to be offset by lower interest expense over the remaining term of the 7% Notes.
•During the third quarter 2020, IAMGOLD implemented a gold hedging strategy to mitigate gold price exposure and to further de-risk the balance sheet during the Côté Gold Project construction period. IAMGOLD intends, under appropriate conditions, to hedge 15% to 20% of total production between 2021 and mid-2023 through a combination of options and/or collars (see news release dated July 21, 2020). During the quarter, IAMGOLD executed gold bullion collar option contracts with strike prices of $1,800 to $3,000 per ounce on 114,000 ounces for 2021 and 18,000 ounces for 2022, for which premiums of $5.3 million were paid.
•Subsequent to the end of the third quarter 2020, IAMGOLD added to its gold hedge position for 2021 with a zero cost collar with strike prices of $1,600 to $2,505 per ounce on 28,000 ounces as well as a collar with strike prices of $1,700 to $2,800 per ounce on 50,040 ounces, for which a premium of $1.3 million was paid.
•During the third quarter 2020, IAMGOLD executed zero cost collar option contracts based on the West Texas Intermediate ("WTI") benchmark, in the range of $33.80 to $50.00 per barrel, from January 2021 to July 2023 to hedge attributable fuel consumption related to the Côté Gold Project. These contracts represent approximately 90% of anticipated attributable fuel consumption during construction. IAMGOLD also hedged C$65 million of the Project's Canadian dollar exposure at an average forward contract rate of $1.3604 from April 2023 to July 2023. These contracts represent approximately 6% of the attributable Canadian dollar capital expenditures on the Project.
•Following the new bond issuance, both Moody's and S&P re-affirmed their ratings of B1 and B+, respectively for IAMGOLD.
•In a recent ESG assessment, Moody's affiliate Vigeo Eiris ranked IAMGOLD 4th out of 45 sector peers, with notable strengths in community involvement, environmental strategy, health & safety and governance.
•IAMGOLD lowered its 2020 total attributable gold production guidance to the range of 630,000 to 680,000 ounces due to the suspension of operations at Westwood resulting from a seismic event subsequent to the quarter.
•IAMGOLD revised upwards its 2020 cost of sales1 per ounce sold and total cash costs2 per ounce produced guidance to the range of $1,045 to $1,075 and $980 to $1,010, respectively, to reflect higher costs incurred from processing lower grade stockpiles to compensate for lower levels of production as a result of the COVID-19 crisis.
•IAMGOLD revised upwards its 2020 all-in sustaining costs2 per ounce sold guidance to the range of $1,240 to $1,270 to reflect higher operating costs incurred to date, lower production at Westwood and higher royalties.
•IAMGOLD maintained its 2020 depreciation expense guidance range of $245 million to $255 million.
•IAMGOLD maintained its cash taxes guidance range of $30 million to $45 million.
•IAMGOLD reduced its 2020 capital expenditures guidance by $25 million to $315 million (±5%) primarily due to the timing of expenditures on the Côté Gold and Boto Gold Projects and lower expected capital expenditures at Westwood.
•IAMGOLD has withdrawn its 2021 production guidance and expects to provide its regular annual guidance in early 2021.

Exploration
•On August 11, 2020, IAMGOLD reported additional assay results from its 2020 diamond drilling program at the Nelligan Gold Project in Canada. Drilling highlights included: 39.1 metres grading 2.14 g/t Au, 34.5 metres grading 1.85 g/t Au, and 5.1 metres grading 2.81 g/t Au.
•On August 13, 2020, IAMGOLD reported assay results from its 2020 drilling program at the Monster Lake Project in Canada. Drilling highlights included: 3.8 metres grading 16.9 g/t Au, 2.82 metres grading 5.63 g/t Au, and 12.3 metres grading 2.09 g/t Au.
•On August 20, 2020, IAMGOLD reported additional assay results from its 2020 diamond drilling program at the Rouyn Gold Project in Canada. Drilling highlights included: 4.1 metres grading 10.4 g/t Au, 8.9 metres grading 4.3 g/t Au, and 7.4 metres grading 8.3 g/t Au.

Development and Operations
•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 third quarter 2020, Early Works activities were ongoing, including for the camp pad, fish salvage, site access roads and aggregate production. The permit to take water was received on August 21, 2020 as well as an Environmental Compliance Approval for dewatering the tailings management facility ("TMF") ponds in time to begin the TMF fish salvage activities. Project engineering is approximately 66% complete.
•On August 5, 2020, IAMGOLD filed a National Instrument ("NI") 43-101 Technical Report for its Westwood mine, 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.
•The Rosebel mine in Suriname resumed operations on July 24, 2020 after a work stoppage initiated by the Rosebel Union on June 12, 2020 (see news releases dated June 16, 2020 and July 24, 2020).

Organizational Changes
•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. IAMGOLD's succession program is in progress.

Subsequent to the Quarter
•On November 2, 2020, IAMGOLD reported that a seismic event occurred at Westwood on October 30, 2020. All employees were brought safely above ground. The appropriate government authorities were notified and the cause of the seismic event is being investigated. IAMGOLD is expected to restart milling operations in the next few days to process stockpile and Grand Duc open pit ore. The Westwood underground mine operations are suspended pending the results of the investigation and while a business recovery plan is being assessed.

UPCOMING GROWTH CATALYSTS
•Over the fourth quarter 2020, IAMGOLD expects to obtain further key permits for construction work at the Côté Gold Project and advance Early Works in preparation for the Major Earthworks activities, which commence in the second quarter 2021.
•At Westwood, work is being done to evaluate the Fayolle deposit, which, pending permitting, is targeted to provide incremental feed commencing in the fourth quarter 2022 to the Westwood mill as part of its "hub-and-spoke" model. This model exploits the significant mill capacity available at Westwood to bring forward regional exploration value from assets like Fayolle and the optioned Rouyn Gold Project and enhance the overall value of Westwood with incremental production growth from such supplementary feed.
•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 its 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 September 30,
Nine months ended September 30,
Financial Results ($ millions, except where noted) 2020 2019 2020 2019

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