Mr. Renaud Adams reports

IAMGOLD REPORTS SECOND QUARTER 2023 RESULTS

Iamgold Corp. has released its financial and operating results for the second quarter ended June 30, 2023. All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

HIGHLIGHTS:

Operations

• Attributable gold production from continuing operations was 107,000 ounces. Revenues from continuing operations were $238.8 million from sales of 121,000 ounces (111,000 ounces on an attributable basis) at an average realized gold price of $1,973 per ounce.
• Cost of sales per ounce sold from continuing operations was $1,376, cash cost1per ounce sold from continuing operations was $1,372 and all-in-sustaining-cost1("AISC") per ounce sold from continuing operations was $1,912.
• Attributable gold production guidance for 2023 is unchanged and is expected to be in the range of 410,000 to 470,000 ounces. Full year costs are expected to come in at the top end of the guided ranges of between $1,125 and $1,175 per ounce sold for cash costs1 and between $1,625 to $1,700 per ounce sold for AISC1.
• In health and safety, for the six months ended June 30, 2023, the Company reported a DARTFR (days away, restricted, transferred duty frequency rate) of 0.39 and a TRIFR (total recordable injuries frequency rate) of 0.68, with a decreasing trend since the last quarter.

Financial

• Net earnings attributable to equity holders1 of $92.6 million or $0.19 per share and adjusted net loss attributable to equity holders1 of $3.3 million or $0.01 per share.
• Net cash from operating activities was $23.2 million. Net cash from operating activities, before movements in non-cash working capital and non-current ore stockpiles1 was $21.8 million. Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 from continuing operations was $166.2 million and adjusted EBITDA1 was $63.8 million.
• Mine-site free cash flow1from continuing operations was $14.6 million.
• The Company has available liquidity of $1,200.2 million comprised of cash and cash equivalents of $747.7 million and the available balance of the secured revolving credit facility ("Credit Facility") of $452.5 million as at June 30, 2023.

Cote Gold

• As of June 30, 2023, the Cote Gold Project was estimated to be 85.7% complete. Since commencement of construction, $2.23 billion ($1.56 billion at 70%) of the planned $2.965 billion ($2.08 billion at 70%) of project expenditure has been incurred.
• The estimated cost to complete the Cote Gold Project on a 100% basis is $665 to $735 million ($465 to $515 million at 70%) on an incurred basis assuming a USDCAD rate of 1.32, with the top end of the range approximating the planned $2.965 billion. Sumitomo Metal Mining Co., Ltd. and SMM Gold Cote Inc. ("Sumitomo" or "SMM") funded the final $61.0 million of the Company's funding obligation and an incremental $18.0 million based on its increased ownership during the second quarter 2023 as per the Joint Venture Funding and Amending Agreement ("JV Funding and Amending Agreement"), reducing the Company's interest in the unincorporated joint venture to 60.3%. On a 100% basis at the UJV level, the Cote Gold Project incurred project expenditures1 of $270.1 million ($189.1 million at 70%) in the second quarter 2023. IAMGOLD is expected to fund $425 to $475 million during the remainder of 2023 based on its 60.3% ownership in Cote Gold unincorporated joint venture. See "Cote Gold Project".

Corporate

• On April 25, 2023, the Company completed the sale of its 90% interest in the Boto Gold Project in Senegal and its 100% interest in 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 ("Senegal Assets") for aggregate gross cash proceeds of $197.6 million. See "Bambouk Assets". On May 16, 2023, the Company announced that it had entered into a five-year second lien secured term loan (the "Term Loan") of $400 million from three institutional lenders. The Term Loan proceeds have been used to pay down amounts drawn under its existing revolving Credit Facility, increasing liquidity and flexibility during the completion of construction, commissioning and ramp up of Cote Gold, as it allows for the Credit Facility to be available to support working capital and additional liquidity in case of unforeseen changes in the operating or macroeconomic environment.
• On August 1, 2023, the Company entered into an agreement to sell its 100% interest in the Pitangui Project, a greenfield exploration property located in Brazil, as well as its interest in the Acurui Project, to Jaguar Mining Inc. ("Jaguar") via a share purchase agreement. The Company will receive 6.3 million common shares from Jaguar, for an aggregate value of $9.0 million. The Company will also retain a net smelter returns royalty on both projects. The transaction is subject to customary closing conditions, including the approval of the TSX. The transaction is expected to close in the third quarter 2023.

"As we move into the second half of 2023, IAMGOLD is proud of its achievements so far this year," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "Gold production from continuing operations year to date is 220,000 ounces at cash costs of $1,234 per ounce sold. We have seen remarkable progress and a transformation of Cote Gold as project activities begin the critical transition from bulk construction to finishing activities and operational readiness, including a steady ramp up of autonomous mining activities towards production early next year. The project is now over 86% complete and the remaining capital outlay is in line with our estimates. At Essakane, we saw the mine return to full mining and milling capacity in the second quarter, as our teams worked tirelessly to manage the in-country supply chain while commencing the next phase of mining in the pit. On health and safety, the company has seen an improving trend with improvements year over year, though we will continuously work to achieve our goal of Zero Harm(TM) for the people and the places where we operate."

"As we look to the end of this year, we see IAMGOLD is well on track to meet its gold production guidance targets of 410,000 to 470,000 ounces. We are currently forecasting costs to come in on the upper end of our guidance ranges, due to sustained higher costs of doing business from cooling, yet still present, inflationary pressures and associated complexities in the regions in which we operate. We are excited about where IAMGOLD is positioned today, as when Cote Gold comes online, the Company will have a significantly higher production base and lower cost profile, providing a strong foundation of cashflow and growth opportunities in Canada," added Mr. Adams.

QUARTERLY SUMMARY

The following table summarizes certain operating and financial results for the three months ended June 30, 2023 (Q2 2023), June 30, 2022 (Q2 2022) and the six months ended June 30 (or YTD) 2023 and 2022 and certain measures of the Company's financial position as at June 30, 2023 and December 31, 2022. Financial results of Rosebel include the one month period ended January 31, 2023, prior to the closing of the sale to Zijin Mining Group Co. Ltd. ("Zijin") that was announced on October 18, 2022.

The full year guidance is based on the following 2023 full year assumptions, before the impact of hedging: average realized gold price of $1,650 per ounce, USDCAD exchange rate of 1.32, EURUSD exchange rate of 1.10 and average crude oil price of $91 per barrel. Consists of Essakane and Westwood on an attributable basis of 90% and 100%, respectively. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".The income taxes paid guidance reflects continuing operations and does not include the cash tax obligation arising as part of the Bambouk sales process. See "Bambouk Assets" for additional details.

Production Outlook

Attributable gold production guidance for 2023 is unchanged and is expected to be in the range of 410,000 to 470,000 ounces.

Costs Outlook

The Company expects full year costs to come in at the top end of the guided ranges of between $1,125 and $1,175 per ounce sold for cash costs1 and between $1,625 to $1,700 per ounce sold for AISC1.

At Essakane, the landed cost of fuel has increased due to the measures taken to reduce the impact of the security situation on the supply chain which allowed for a return to full mining and milling capacity during the quarter. In addition, heavy fuel used for power generation is periodically substituted with more expensive light fuel due to availability, further increasing the cost of producing energy used in the mill.

At Westwood, the level of ground support required for the development and rehabilitation work increased relative to the annual plan; however, productivity rates are higher than plan and allowed for an increased rate of underground rehabilitation and repair work thereby advancing a portion of the 2024 scope of work into the current year to de-risk future years.

The Company notes that continued pressures on the Essakane supply chain and costs may result in an increase to costs and capital expenditure guidance estimates and will provide further updates as warranted.

Capital Expenditures

Sustaining capital expenditures Superscript 1 for 2023 have been revised upwards to approximately $230 million (plus or minus 5%) of which the majority is related to capitalized stripping at Essakane and underground development and rehabilitation work at Westwood. At Westwood, the sustaining capital guidance is being raised by $35 million as underground rehabilitation and development has been progressing ahead of schedule due to better than planned productivity rates moving some of the 2024 work into 2023 and reducing the work required in 2024, while some of the rehabilitation work requires more ground support increasing costs (as outlined above). During the second quarter of 2023, Essakane ramped up its stripping program in line with the mine plan. The Company expects that Essakane will be able to complete its capital stripping program for the year should the fuel supply remain stable, reversing the impact of lower stripping in the first quarter due to supply chain issues encountered at the time. (see quarterly update on "Essakane, Burkina Faso" and "Westwood, Canada").

Expansion capital1 and project expenditures Superscript 1 for 2023 are expected to be approximately $830 to $880 million, on an incurred basis, including approximately $825 to $875 million of project expenditures for Cote Gold, on a 70% basis (see also "Cote Gold Project") and consists of capital expenditures, right of use assets purchased through leasing, supplies inventory and the cost to build the ore stockpile. Other expansion capital expenditures Superscript 1 (excluding Cote Gold) are expected to be approximately $5 million (plus or minus 5%) at Essakane in fulfillment of the relocation commitment to the Essakane village.

100% basis, unless otherwise stated. Capital expenditures guidance (plus or minus5%) at Essakane and Westwood. Sustaining capital expenditure guidance at Westwood increased by $35 million. Cote Gold expansion capital guidance narrowed from $800 - $875 million to $825 - $875 million.Sustaining capital includes capitalized stripping of (i) $14.3 million for Essakane and $1.2 million for Westwood in the second quarter 2023, (ii) $20.7 for Essakane and $3.9 million at Westwood YTD 2023, and (iii) $90 million for Essakane and $6.0 million for Westwood for the full year guidance. See "Outlook" sections below. 70% basis.Represents Cote Gold project expenditures of $359.8 million (see Cote Gold Project) that consists of capital expenditures of $331.4 million, right of use assets of $34.8 million, supplies inventory and the cost to build the ore stockpile, less certain cash and non-cash corporate level adjustments included in capital expenditures. Includes $3.0 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.Capitalized borrowing costs are not included.

Exploration Outlook

Exploration expenditures for 2023 are expected to be approximately $18.0 million, including $3.0 million on the Gosselin resource delineation drilling program, as well as other near-mine and greenfield programs.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

IAMGOLD is committed to maintaining its culture of accountable mining through high standards of ESG practices and the principle of Zero Harm(TM) in every aspect of its business, with particular emphasis on respecting the natural environment, building strong community partnerships and putting the health and safety of the Company's employees, contractors and consultants first. The Company will issue its 16th annual Sustainability Report in the third quarter of this year.

Health and Safety

Health and safety is core to the Company's relentless pursuit of its Zero Harm(TM) vision. Through various prevention programs, the Company continuously promotes a safe work environment and a wellness program at all sites. The DARTFR was 0.39 for the six months ended June 30, 2023, with a decreasing trend since the last quarter (compared to 0.31 for the same period ended June 30, 2022). The TRIFR was 0.68 for the six months ended June 30, 2023 (compared to 0.85 for the same period ended June 30, 2022). At Cote Gold, total project hours worked reached 11.5 million hours with an LTIFR (lost time injury frequency rate) of 0.03.

During the month of June, wildfires contributed to regional adverse air quality at Cote Gold and Westwood. Air monitoring stations at our sites recorded values for particulate matter that exceeded recommended limits with notifications provided to the respective Ministries of the Environment, Conservation and Parks.

Environment

The Company recognizes that mining activities are energy intensive and generate significant greenhouse gas ("GHG") emissions. To this end, IAMGOLD began working on each operation in 2022 to develop site-specific emissions reduction roadmaps. That work continues and is expected to culminate in a corporate roadmap, accompanying targets, and the publication of a TCFD report by the fourth quarter of 2023.

At Cote Gold, permitting efforts continued in the second quarter 2023 with permit amendments received allowing for additional temporary camp infrastructure to support an increase in workers on site during construction. A Notice of Material Change to the Closure Plan was also filed in March 2023 to update financial assurance and consolidate the existing Cote Gold and Chester mine closure plans. During the quarter, the Company's environment department prepared the site for freshet conditions, continued to work closely with the construction and operational readiness teams and is developing the departmental strategy to lead into operations.

At Essakane, progress has been made in the studies and the action plan for the update of the mine closure plan, in consultation with government authorities. The updated closure plan is scheduled to be completed by mid-2023.

At Westwood, the 2021 closure plan update is currently under review by the Quebec Ministry of Natural Resources and Forestry (MRNF), with the MRNF engaging the Company with a list of questions in accordance with their ongoing analysis.

Social and Economic Development

The Company is continuously exploring opportunities for investing and partnering with the communities impacted by its continuing operations.

At Essakane, the Company continued its participation in the Mining Fund for Local Development in Burkina Faso, a program established by the government, pursuant to which the Company committed to contribute 1% of its annual revenues. The contribution for the second quarter 2023 is estimated at $2.0 million and $3.9 million for the six months ended June 30, 2023. During the second quarter, the United Nations Development Programme ("UNDP") launched calls for tenders for the selection of companies to carry out the work in the areas of implementation of the FAMAGODO project, a two year partnership program with the UNDP for the implementation of a local development initiative to benefit local communities, fostering youth employment, reducing poverty, strengthening local infrastructure, and supporting capacity as well as local governance. Essakane also continued its direct community investment initiative. Also, as part of the community health program, medicines were distributed to the health districts of Zone 1 and to the Regional Hospital Center of Dori.

At Cote Gold, various meetings were held (Impact Benefit Agreement ("IBA") Committee, Environmental Management Committee, Employment and Training sub-Committee and Socio-economic Management and Monitoring Committee) as part of the implementation of the IBA between the Company and its First Nation Partners Mattagami First Nation and Flying Post First Nation. In May, an annual environmental session was held at Mattagami First Nation to share information about the environmental management best practices employed at Cote Gold.

At Westwood, the second monitoring committee meeting for Fayolle was held on June 15 and the Grand Duc monitoring committee met on June 22. Scholarships were awarded to students of the Cegep in Abitibi-Temiscamingue while financial support was given to the Defi IAMGOLD fundraiser event to help raise a record amount of $185,326 benefiting local sick children (Comite de soutien a la pediatrie de l'Abitibi-Temiscamingue).

Governance

The Board of Directors of IAMGOLD (the "Board") adopted new diversity and renewal guidelines in 2021, reflecting governance best practices. Currently, women represent approximately 44% of the directors and 50% of the independent directors. The average tenure of directors on the Board is less than two years. On June 20, 2023, Audra Walsh was appointed to the Company's Board as an independent director.

Upcoming Milestones and Schedule Summary

Cote Gold is expected to commence production in early 2024. Construction of the project commenced in the third quarter 2020 and major earthworks commenced in the first quarter 2021.

The Company that potential further impacts, including, without limitation, inflationary pressures, global supply chain disturbances, disruptions from weather events resulting in limited or no productivity such as extreme cold or forest fires in dry, hot summer months, labour disputes and the tight labour market could impact the timing of activities, costs, availability of workforce, productivity and supply chain and logistics and, consequently, could further impact the timing of actual commercial production and, consequently, project costs.

Gosselin Zone

The Gosselin zone is located immediately to the northeast of the Cote Gold deposit. During the first quarter 2023, the Company reported assay results from its ongoing drill program with highlights including: 342.2 metres grading 1.99 g/t Au, 313.0 metres grading 1.29 g/t Au and 181.0 metres grading 1.50 g/t Au (see news release dated February 2, 2023).

Approximately 15,500 metres of diamond drilling is planned in 2023 to further delineate and expand the Gosselin mineral resources and test selected targets along an interpreted favourable deposit corridor, of which approximately 12,900 metres were completed in the first half of 2023. Technical studies are planned to advance metallurgical testing, conduct mining and infrastructure studies in order to review alternatives for potential inclusion of the Gosselin deposit into a future Cote Gold LOM plan.

Nelligan Gold Project | Chibougamau District, Quebec, Canada

The Nelligan Gold project is located approximately 45 kilometres south of the Chapais - Chibougamau area in Quebec and is operating as a 75:25 earn-in option to joint venture with Vanstar Mining Resources Inc ("Vanstar"). The Company holds an option to earn an additional 5% interest, for an 80% total interest, by completing a feasibility study on the project.

During the first quarter 2023, the Company reported and filed an updated Mineral Resource Estimate (on a 100% basis) of 73.5 million tonnes of Indicated Mineral Resources averaging 0.84 g/t Au for 1.99 million ounces of gold, and 129.5 million tonnes of Inferred Mineral Resources averaging 0.87 g/t Au for 3.60 million ounces of gold (see news releases dated February 23, 2023).

Approximately 10,000 metres of step-out and delineation diamond drilling is planned in 2023, of which approximately 3,500 metres were completed in the first half of 2023.

Subsequent to the quarter, Vanstar reported assay result from the 2023 drill program with highlights including: 4.5 metres grading 10.53 g/t Au, 5.2 metres grading 6.97 g/t Au and 9.0 metres grading 3.76 g/t Au, (see Vanstar news release dated July 5, 2023).

Bambouk Assets | West Africa

On December 20, 2022, the Company announced it had entered into definitive agreements with Managem S.A (CAS: MNG) ("Managem") to sell its interests in the Bambouk Assets. Under the terms of the agreements, IAMGOLD will receive total cash payments of approximately $282.0 million (pre-tax) as consideration for the shares and subsidiary/intercompany loans for the entities that hold the Company's 90% interest in the Boto Gold Project in Senegal and 100% interest in each of: Karita Gold Project and associated exploration properties in Guinea, the Diakha-Siribaya Gold Project in Mali, 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.

On April 25, 2023, the Company completed the sale of its 90% interest in the Boto Gold Project in Senegal and its 100% interest in 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, for aggregate gross cash proceeds of $197.6 million. The gross proceeds include deferred proceeds of $32.0 million which are expected to be received by October 31, 2023. The Company recognized a gain on disposal of the Senegal Assets of $109.1 million and paid taxes of $4.1 million during the second quarter 2023.

The remaining transactions are subject to certain regulatory approvals from the respective Governments, as well as other customary closing conditions included in the transaction agreements. The Company received consent of IAMGOLD's syndicate of lenders to complete the sale of its interests in the Bambouk Assets. Closings of the remaining parts of the Bambouk Assets transactions are anticipated before the end of the year.

Under the terms of the transaction agreements, exploration expenditures incurred to further develop the Bambouk Assets will be recouped from Managem upon closing.

FINANCIAL REVIEW

Liquidity and Capital Resources

As at June 30, 2023, the Company had $747.7 million in cash and cash equivalents at its continuing operations and net debt1 of $280.3 million. Approximately $452.5 million was available under the Company's Credit Facility resulting in liquidity at June 30, 2023, of approximately $1,200.2 million.

Within cash and cash equivalents, $91.3 million was held by Cote Gold and $170.1 million was held by Essakane. The Cote Gold UJV requires its joint venture partners to fund, in advance, two months of future expenditures and cash calls are made at the beginning of each month, resulting in the month end cash balance approximating the following month's expenditure. The Company uses dividends and intercompany loans to repatriate funds from its operations and the timing of dividends may impact the timing and amount of required financing at the corporate level, including the Company's drawdowns under the Credit Facility. Excess cash at Essakane is mainly repatriated through dividend payments, of which the Company will receive its 90% share, net of dividend taxes. Essakane declared a dividend during the second quarter 2023 of $120.0 million which was received by IAMGOLD subsequent to the quarter end, net of minority interest and withholding taxes. SMM funded the Company's portion of the Cote UJV funding in the first quarter 2023 and partially during the second quarter 2023 as part of the funding arrangement announced on December 19, 2022. During the remainder of the year, the Company will fund its portion of the Cote UJV funding of approximately $425 to $475 million from available cash balances.

Restricted cash in support of environmental closure costs obligations related to Essakane, Doyon division and Cote Gold project totaled $58.9 million.

Long-term debt does not include leases in place at continuing operations of $128.5 million as at June 30, 2023 (December 31, 2022 - $73.8 million). IFRS requires that the Company recognize 100% of the Cote Gold UJV lease liability and right-of-use assets on its balance sheet, including the $24.0 million portion guaranteed by SMM.

Credit Facility

As at June 30, 2023, the Credit Facility was undrawn and the Company issued letters of credit under the Credit Facility in the amount of $22.5 million as collateral for surety bonds issued and $10.9 million as guarantees for certain environmental indemnities to government agencies, and $4.1 million as a supplier payment guarantee, with $452.5 million remaining available under the Credit Facility.

Senior Notes

In September 2020, the Company completed the issuance of $450 million of senior notes at face value with an interest rate of 5.75% per annum (the "Notes"). The Notes are denominated in U.S. dollars and mature on October 15, 2028. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year, beginning on April 15, 2021, in the amount of approximately $12.9 million for each payment. The Notes are guaranteed by certain of the Company's subsidiaries. The Company incurred transaction costs of $7.5 million which have been capitalized and offset against the carrying amount of the Notes within long-term debt in the consolidated balance sheets and are being amortized using the effective interest rate method.

Term Loan

On May 16, 2023, the Company entered into the $400 million Term Loan. The Term Loan has a 3% original issue discount, bears interest at a floating interest rate of either one month or three month SOFR + 8.25% per annum and matures on May 16, 2028. The Term Loan is denominated in U.S. dollars and interest is payable upon each SOFR maturity date. The Term Loan notes are guaranteed by certain of the Company's subsidiaries, subordinated to the Credit Facility.

The Company incurred transaction costs of $11.0 million, in addition to the 3% discount, which has been capitalized and offset against the carrying amount of the Term Loan within long-term debt in the consolidated balance sheets and is being amortized using the effective interest rate method. The Term Loan can be repaid in $20 million tranches at any time and has a make-whole premium if repaid in the first two years, a 104% premium if repaid after year two, a 101% premium if repaid after year three and 100% thereafter.

The Term Loan has a minimum liquidity ($150 million consolidated cash plus available amounts under the Company's revolving credit facility) and interest coverage ratio (1.5x trailing consolidated EBTIDA to consolidated interest expense) covenants, and has no mandatory requirements for gold or other forms of hedging, cost overrun reserves or cash sweeps.

Liquidity Outlook

At June 30, 2023, the Company had available liquidity of $1,200.2 million comprised of $747.7 million in cash and cash equivalents and $452.5 million available under the Credit Facility.

Based on 70% at the unincorporated joint venture level, the estimated cost to complete the construction of Cote Gold Project is $465 to $515 million (all on a 70% basis). IAMGOLD is expected to fund $425 to $475 million during the remainder of 2023 based on its 60.3% ownership in Cote Gold UJV.

On April 25, 2023, the Company completed the sale of its 90% interest in the Boto Gold Project in Senegal and its 100% interest in 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 for aggregate gross cash proceeds of $197.6 million. The gross proceeds include deferred payments of $32.0 million which are anticipated to be received by October 31, 2023. The remainder of the transactions, in respect to the assets in Guinea and Mali, with expected gross proceeds of approximately $84.4 million are expected to close before the end of the year.

On May 16, 2023, the Company entered into the Term Loan of $400 million. The Term Loan increases the financial flexibility and liquidity of the Company to support the completion of the construction of a large scale project such as Cote that will produce significant cash flows once in production. The Credit Facility that was expected to be fully drawn by the completion of construction, is now fully undrawn and will provide an important source of excess liquidity as Cote ramps up production during 2024.

Based on prevailing market conditions, which could impact project expenditures and operating cash flows, the Company believes that its available liquidity at June 30, 2023, combined with cash flows from operations and the expected proceeds from the sale of the remaining Bambouk Assets, is sufficient to fund the Cote UJV to complete the construction, commissioning and ramp up of the Cote Gold Project.

The Company's financial results are highly dependent on the price of gold, oil and foreign exchange rates and future changes in these prices will, therefore, impact performance. The Company's ability to draw down on the Credit Facility is dependent on its ability to meet net debt to EBITDA and interest ratio covenants.

Income Statement

• Revenues - Revenues from continuing operations were $238.8 million in the second quarter 2023 from sales of 121,000 ounces (111,000 ounces on an attributable basis) at an average realized gold price of $1,973 per ounce, higher by $6.7 million or 3% than the prior year period, due to a higher realized gold price, partially offset by lower sales.
• Cost of sales - Cost of sales excluding depreciation was $165.2 million in the second quarter 2023, higher by $32.5 million or 24% than the prior year period, due to increased mining activity at Westwood and the impact of higher commodity price inputs from inflation and supply chain constraints.
• Depreciation expense - Depreciation expense was $47.0 million in the second quarter 2023, lower by $18.3 million or 28% than the prior year period primarily due to lower production volumes at Essakane compared to the prior year period.
• Exploration expense - Exploration expense was $8.8 million in the second quarter 2023, lower by $0.2 million or 2% than the prior year period due to lower planned spend.
• General and administrative expense - General and administrative expense was $12.8 million in the second quarter 2023, lower by $3.5 million or 21% than the prior year period, primarily due to lower severance costs ($2.4 million), bonus accruals ($1.8 million) and consulting costs ($0.8 million), partially offset by higher share-based payments ($1.5 million) due to the grants for 2023 occurring in the second quarter 2023 compared to the first quarter in 2022.
• Income tax expense - Income tax expense was $16.9 million in the second quarter 2023, lower by $4.3 million or 20% than the prior year period. It is comprised of a current income tax expense of $20.1 million offset by a deferred income tax recovery of $3.2 million, lower than the prior year period for current tax expense by $7.5 million or 27% and lower for deferred tax recovery by $3.2 million or 50%, respectively.

Operating Activities

Net cash flow from operating activities from continuing operations was $23.2 million for the second quarter 2023. Net cash from operating activities from the continuing operations decreased by $10.7 million from the same prior year period, primarily due to net proceeds from the 2022 Prepay Arrangements of $59.0 million included in the second quarter 2022, offset by:Higher cash earnings of $16.0 million,A decrease in receivables and other current assets of $31.5 million, and An increase in trade and other payables of $5.2 million primarily due to the timing of supplier payments.

Investing Activities

Net cash used in investing activities from continuing operations for the second quarter 2023 was $53.9 million. Compared to the second quarter 2022, net cash used in investing activities from the continuing operations decreased by $170.7 million, primarily due to $165.6 million of cash proceeds received from the sale of the Senegal Assets.

Financing Activities

Net cash from financing activities from continuing operations for the second quarter 2023 was $246.2 million. Compared to the second quarter 2022, net cash from financing activities for continuing operations increased by $112.1 million, primarily due to $379.0 million of net proceeds received from the Term Loan and proceeds received through the SMM funding arrangement of $79.0 million, offset by the repayment of the Credit Facility of $200.0 million compared to a draw of $150.0 million in the second quarter 2022.

CONFERENCE CALL

A conference call will be held on Friday, August 11, 2023 at 8:30 a.m. (Eastern Time) for a discussion with senior management regarding IAMGOLD's second quarter 2023 operating performance and financial results.

Listeners may access the conference call via webcast from the events section of the Company's website or through the following dial-in numbers:

• Toll free (North America): 1 (800) 319-4610
• International: +1 (604) 638-5340

An online archive of the webcast will be available by accessing the Company's website. A telephone replay will be available for one month following the call by dialing toll free 1 (800) 319-6413 within North America or +1 (604) 638-9010 from international locations and entering the passcode: 0315.

For more information, refer to the Management Discussion and Analysis ("MD&A") and unaudited consolidated interim Financial Statements as at and for the six months ended June 30, 2023, available on the Company's website and on SEDAR. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information.

End Notes (excluding tables)This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below. Further information on these non-GAAP financial measures is included on pages 30 to 37 of the Company's Q2 2023 MD&A filed on SEDAR and on EDGAR.

ABOUT IAMGOLD

IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The Company is building the large-scale, long life Cote Gold project in Canada in partnership with Sumitomo Metal Mining Co. Ltd., which is expected to commence production in early 2024. In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts in the Americas. IAMGOLD employs approximately 3,300 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(TM), 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.

We seek Safe Harbor.