Ms. Maryse Belanger reports

IAMGOLD REPORTS FIRST QUARTER 2022 RESULTS; ANNOUNCES APPOINTMENT OF MARYSE BELANGER AS INTERIM PRESIDENT AND CEO & PROVIDES COTE GOLD PROJECT UPDATE

Iamgold Corp. has released its financial and operating results for the first quarter ended March 31, 2022, has appointed current chair of the board, Maryse Belanger, as interim president and chief executive officer, and has provided an update for its Cote gold project. All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. For more information, refer to management's discussion and analysis and the unaudited consolidated interim financial statements as at and for the three months ended March 31, 2022.

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 Cote development project, coupled with the need for additional liquidity, represent significant near- and midterm 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 Cote 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 attached financial results table summarizes certain financial results for the three months ended March 31, 2022 (first quarter 2022), Dec. 31, 2021 (fourth quarter 2021), and March 31, 2021 (first quarter 2021).

Liquidity outlook

Based on the information currently available, the company's cash and cash equivalent balance, the net cash expected to be generated by the company's operations in the next 12 months, and undrawn amounts of the credit facility are expected to be sufficient to continue to finance the construction of Cote gold, to meet obligations and to finance planned investing activities at the company's existing operations for approximately the next 12 months. The company expects that the change in the remaining costs to complete and schedule the Cote gold project will result in the company requiring additional financing in 2023, in addition to its existing credit facility, to complete the construction of Cote gold. The company is, therefore, actively investigating measures to increase its liquidity and capital resources, including additional debt or equity financing, strategically disposing of assets or pursuing joint venture partnerships.

Production outlook

Attributable gold production guidance for 2022 is unchanged and is expected to be in the range of 570,000 to 640,000 ounces.

Cost outlook

Cost guidance for 2022 is unchanged with cash costs (1) expected to be between $1,100 and $1,150 per ounce sold and AISC (all-in sustaining costs) (1) expected to be between $1,650 and $1,690 per ounce sold. These estimates included an inflation assumption of 5 per cent to 7 per cent on key consumables, translating to an increase of 1 per cent to 2 per cent in cash costs and AISC (reflected in the guidance figures). Toward the end of the first quarter, additional cost pressures emerged arising from systemic inflation, constrained global supply chains and the sanctions on trade with Russia, increasing the average cost of key consumables, such as oil, ammonium nitrate, grinding media, lime and cyanide. The company continues to work with its supply chain and seek alternatives to mitigate continuing cost pressures, including the sourcing of appropriate alternatives, albeit at higher prices and/or varying quality, as well as progressing productivity initiatives at its operations through the I am all-in operational improvement program. Increases in oil prices have been partially mitigated by the existing oil hedge program, details of which can be found in the market risk section of the company's management's discussion and analysis. For reference, excluding the impact of the company's hedging program, a $10-per-barrel increase in the oil price would translate to a $15-per-ounce increase in cash costs; however, with current hedges in place, the same movement would equate to a $6-per-ounce increase in cash costs. The company notes that continued external cost pressures may result in an increase to cost and capital expenditure guidance estimates, and will provide further updates next quarter.

Conference call

A conference call will be held on May 4, 2022, at 8:30 a.m. Eastern Time, for a discussion with senior management regarding Iamgold's first quarter 2022 operating performance and financial results.

Listeners may view the live webcast of the conference call from the events section of the company's website or by dialling toll-free 1-800-319-4610 within North America or 1-604-638-5340 from international locations.

An on-line archive of the webcast will be available by going to the company's website. A telephone replay will be available for one month following the call by dialling toll-free at 1-800-319-6413 within North America or 1-604-638-9010 from international locations and entering the passcode 8699.

About Iamgold Corp.

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) and Westwood (Canada), and is building the large-scale, long-life Cote gold project (Canada), which is expected to start production toward the end of 2023. 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, socially screened and market capitalization weighted, consisting of companies which pass a set of broadly based environmental, social and governance rating criteria.

End notes

(1) This is a non-generally accepted accounting principle financial measure. Further information on the non-GAAP financial measure is included on pages 30 to 35 of the company's Q1 2022 MD&A filed on SEDAR and on EDGAR.

Qualified person and technical information

The technical and scientific information relating to exploration activities disclosed in this document was prepared under the supervision of and verified and reviewed by Craig MacDougall, PGeo, executive vice-president, growth, Iamgold. Mr. MacDougall is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

We seek Safe Harbor.