A Story of Transformation...Sep 08, 2017 · A Story of Transformation 3 We’re sustaining growth through the cycles with a business model balanced between opportunities with short

IAMGOLD has been methodically executing

strategies to transform the company since the

gold price peaked in 2011, but it wasn’t until this

year that our achievements culminated in a

turning point for IAMGOLD and its shareholders.

Investors who bought IAMGOLD shares at the

start of this year and continued to own them at

the time of this writing would have earned more

than 80%1 on their investment. In A Story of

Transformation, IAMGOLD’s Steve Letwin talks

about the achievements behind IAMGOLD’s

continuing transformation.

Stephen J.J. Letwin President and CEO IAMGOLD Corporation September 8, 2017

Empowering People,

Extraordinary Performance

IAMGOLD A Story of Transformation

A Story of Transformation

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We’ve been executing a strategy to transform IAMGOLD for several years, but it wasn’t until this year that our achievements

culminated in a turning point for the company and our shareholders.

IAMGOLD has been methodically executing strategies to transform the company since the gold price peaked in 2011, but it wasn’t until this year that our achievements culminated in a turning point for our company and for our

shareholders. Investors who bought IAMGOLD shares at the end of 2016 and continued to own them at the time of this writing would have earned more than 80%2 on their investment. By comparison,

the AMEX Gold Bug Index, comprising 15 of the largest gold producing companies rose by only 19%3.

SUCCESSFUL TRANSFORMATIONS TAKE TIME. Six years ago, just before the gold price peaked, I was talking to someone about my frustration with IAMGOLD shares trading at a discount to other gold producers. “You have to focus on a long-term story, execute a plan, show evidence of growth potential, and reduce costs,” he said. Despite “long-term” having little appeal to investors at a time when gold was approaching $2,000 an ounce, that’s the path we were already on. I knew then that it would take a transformation to remove the discount and it wouldn’t happen overnight. We increased the geographic diversification of the company, made operational enhancements and reduced costs after the gold price plunged in 2013, and outlined a strategy to address flat to declining production, a challenge facing the entire gold industry. After several years, investors latched on to our growing list of catalysts and waited for us to deliver. It wasn’t until 2017 that the rate at which we were delivering began to accelerate, our achievements culminating in a turning point for IAMGOLD and our shareholders. IAMGOLD’s Board of Directors played a critical role in helping us transform the company strategically, and were it not for the hard work and dedication of our employees this transformation would not have occurred. Our achievements include the significant gold discovery at Saramacca with soft rock and higher grades, the 80% increase in reserves at Rosebel mainly due to optimization of the mine plan, the $195 million sale of a 30% joint venture interest in the Côté Gold project, Westwood now operating at a normal level of production, and a 69% increase in our total reserves mid-way through the year. With continued consolidation of attractive land packages surrounding Rosebel, the potential for heap leaching at Essakane, Westwood expected to be fully ramped up by 2019, Côté yet to be built and the potential value to be created from exploration, this is a story to be continued.

The success we’re having in transforming IAMGOLD reflects a business model conducive to sustaining growth through the cycles. It’s balanced between growth opportunities with a range of delivery times and capital requirements, so where the pendulum swings depends on where we are in the gold cycle. In the years following the steep decline in the gold price we focused more on brownfield expansion to increase the life of our mines. These are projects with short cycles that require less capital and have a faster payback. When the fundamentals in the gold industry began to improve in 2016 we continued working on short-cycle projects, but at the same time increased the emphasis on long-cycle exploration and development projects with longer paybacks and requiring more capital. Since returning to profitability in 2016 when we produced 813,000 attributable ounces, operating performance continues to improve. This year, we expect production in the range of 845,000 to 885,000 ounces, and by 2020 we’re targeting one million ounces, driven by organic growth alone. We have more than $1 billion in liquidity with long-term debt nearly 40% less than it was at the start of 2016.

Successful transformations take time. Over the past six years, we’ve become more geographically diversified, improved productivity and operating efficiency, and are executing strategies to sustain future growth. On the following pages you will read about how our achievements have transformed IAMGOLD and the opportunities to come.


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TODAY WE ARE MORE GEOGRAPHICALLY DIVERSIFIED. In 2011, before the prolonged downturn in the gold industry, we had most of our eggs in two geographic baskets - Africa and South America. North America only accounted for 3% of our Measured and Indicated Resources, and the Westwood Mine in Quebec was nearly two years out from production, with the vast majority of resources inferred. There was also this misperception, which still exists, that Africa was one homogeneous country rather than a continent with many, many countries. So in 2012 we sold our mine in Botswana and our interest in two mines in Ghana, and then acquired the Côté Gold deposit in northern Ontario. This shifted our gold resource base to one that was better balanced between the three continents. The other change we made was to increase our focus on gold. In 2011, our niobium business was generating 15% of our cash flow, so in 2015 we sold it for $500 million.

WE ARE BETTER OPERATORS. Operational transformations are about doing what you’ve always done, but doing it better and at a lower cost. At times they are driven by necessity, at other times by opportunity. When the price of gold, having peaked in 2011, dropped in mid-2013, we worked harder at conserving cash and reducing operating costs and capital spending. We completed a corporate restructuring and streamlined exploration. We pushed back the timeline for advancing Côté Gold, focusing instead on permitting, upgrading the resource and finding a partner. These activities didn’t require a lot of capital and would prepare us to move towards development when the gold market improved. Since 2013, we’ve reduced all-in sustaining costs by more than $200 an ounce. By 2020, we’re targeting $900 to $950 an ounce. Performance optimization initiatives have driven our costs lower, and our commitment to renewable energy will become an increasingly important factor. Major mill improvements at Rosebel in 2015 and 2016, including a new secondary crusher and a power flex drive for the SAG mill, have increased mill throughput despite the higher proportion of hard rock. In 2016, Rosebel’s all-in sustaining costs fell below $1,000 an ounce, the lowest in four years. They produced more gold with 20% less people, mined a record number of tonnes, and had the lowest costs per tonne mined in years. With plans to bring Saramacca ore, about 60% soft rock, into the mill feed in 2019, mill throughput will increase and processing costs will further decline. At Essakane, a major mill expansion in 2013 doubled hard rock throughput and production rose 33% the following year. Today mill throughput is running 30% above nameplate capacity despite approaching 100% hard rock, reflecting the installation of a SAG mill liner with a new design that has increased mill speed and grinding capacity. To improve gold recoveries we installed an intensive leach reactor last year and plan to have an oxygen plant operating in 2018. Heap leaching, however, has the potential to transform Essakane and I’ll talk about that further on. Using more renewable energy to run our operations is not something we just talk about. By the next decade we’re targeting to have 15% of our energy generated from renewable sources. In 2014, we commissioned a 5MW solar power plant at Rosebel, and by the end of this year a 15MW solar plant at Essakane will be generating about 8% of their energy. The solar plant is being built by our renewable energy partner who will own and operate it and sell the power to Essakane through a power purchasing agreement. The solar plant will be integrated with Essakane’s 57MW thermal power plant, making it the largest hybrid solar/thermal project in Africa, if not in the world.


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We’re sustaining growth through the cycles with a business model balanced between opportunities with short and long delivery times.

A BALANCED BUSINESS MODEL SUSTAINS GROWTH THROUGH THE CYCLES.

At the root of our transformation is a business model enabling us to execute growth strategies regardless of where we are in the gold cycle. It’s balanced between growth opportunities with short and long delivery times. Short-cycle opportunities, which extend the lives of our existing mines, require less capital and have a shorter payback period. Long-cycle opportunities, namely development and exploration projects, have longer execution times and require more capital. When the gold price fell in 2013 we scaled back capital spending and shifted the emphasis to growth opportunities at our existing mines. We also cut back exploration spending and advanced those projects with the greatest potential. As it turned out we had more exploration successes after cutting back and setting priorities. With the new Côté Gold development project we turned our focus to completing activities that required less capital, but were necessary prerequisites to someday moving the project forward. We knew that when the gold market improved we would continue with our brownfield projects but swing the pendulum towards projects with a longer cycle, which is what we are doing today. At Côté Gold, a joint venture, environmental assessment approvals and a pre-feasibility study confirming economic viability is allowing us to advance the project towards development. This is an ideal business model as it lets us sustain growth throughout the cycles, with no need to abandon projects altogether in tough times, but rather just ease up on the pedal until conditions improve.


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Rosebel’s 80% increase in reserves extends mine life to 2028.

WE ARE EXECUTING SHORT-CYCLE STRATEGIES.

ROSEBEL: MINE PLAN OPTIMIZATION, SARAMACCA, CONSOLIDATION OF LAND PACKAGES

Since commercial production began in 2004, the Rosebel Mine in Suriname has produced nearly five million ounces of gold. Worth at least a billion dollars, the infrastructure has more than paid for itself. Rosebel has had an outstanding run, which until recently was to end in 2024. Rosebel’s proportion of soft rock was declining and a higher proportion of hard rock would reduce mill capacity and increase processing costs. To sustain mill throughput at the current rate without soft rock, a costly mill expansion would have been necessary. Fortunately, we had other options, including optimizing the mine plan to make it more economical to access additional ounces, acquiring prospective soft rock properties near the Rosebel mill, and drilling the saddle zones between the existing seven pits where there is potential for soft rock. Blending soft rock with the remaining hard rock would let Rosebel maintain mill throughput, versus the large decline we would experience with hard ore alone, which would improve operating margins and extend the life of the mine. Today, as result of mine plan optimization and success with our strategy to consolidate prospective land packages around the mine, Rosebel’s life will go beyond 2028.

Mine Plan Optimization Increases Reserves On July 26, 2017 we reported an 80% increase in reserves at Rosebel, bringing attributable ounces to 3.5 million and extending Rosebel’s mine life to 20284. Total attributable measured and indicated resources, which include reserves, increased 55% to 8.9 million ounces and attributable inferred resources increased 322% to 2.5 million ounces5,6. The vast majority of the increase was due to mine plan optimization and cost reduction, making it more economical to access ounces deeper in the pits. Only a limited amount of ore from the saddle zones was included in the resource model as the drilling was incomplete at the time of the cut-off. Rosebel continues to work at reducing costs, and once Saramacca with its high proportion of soft rock is added to the mine plan we expect further improvements.

Consolidating Prospective Land Packages Near Rosebel Our strategy to consolidate land packages around Rosebel continues within the framework of our 2013 unincorporated joint venture agreement (UJV) with the Republic of Suriname who has a 30% participating interest. Our objective has been to acquire prospective properties within a 45-kilometre radius of the Rosebel mill owned by third parties or entities controlled by the Republic of Suriname. Excluding the Rosebel concession, this area comprises about 6,200 square kilometres. In August 2016 we acquired the Saramacca property, which followed the acquisition of the Sarafina property in 2014.


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Saramacca exceeded our initial target, has higher grades, 60% soft rock, and the deposit remains open in both directions and at depth.

Heap Leaching could add 3-5 years to

Essakane’s mine life.

Saramacca Declares Initial Resource Estimate On September 5, 2017 we declared an initial NI 43-101 resource estimate for Saramacca - 1,022,000 indicated ounces at 2.2 grams of gold per tonne and 518,000 inferred ounces averaging 1.2 grams of gold per tonne7,8. The indicated resource has an average grade 120% higher than the average grade of Rosebel’s reserves and resources. Additionally, 60% of the resources are contained in softer rock extending to depths of 50 to 100 metres. Adding higher grade, softer rock to the Rosebel feed will reduce costs and increase mill capacity, which would otherwise have declined once into 100% hard rock.

We expect to complete permitting and to have a preliminary reserve estimate by the first half of 2018. With Rosebel only 25 kilometres away, we think rail will be the most cost effective way to haul the ore to the Rosebel mill. Construction on the infrastructure should be underway by the second half of 2018 followed by a production start in 2019. This is truly transformational for Rosebel, and we’re even more excited about the potential for Saramacca to be an even larger resource as the deposit remains open along strike in both directions and at depth. Saramacca is the first major achievement under our consolidation strategy. With the many land packages surrounding Rosebel, and given the size of the area, there’s considerable opportunity to bring in more properties. The Government of Suriname is aligned with our consolidation strategy to add more years to the life of Rosebel.

ESSAKANE: FALAGOUNTOU AND OTHER SATELLITE PROSPECTS, HEAP LEACHING

Since commencing production in 2010, the Essakane Mine in Burkina Faso has produced 2.6 million ounces of gold. Essakane has a remaining mine life of 8 years under the current mine plan. The Falagountou deposit, the largest satellite deposit discovered so far on the property, already extended the life of the mine, heap leaching could add another 3-5 years, and other satellite prospects could potentially add more.

Falagountou and Other Satellite Prospects Essakane also has excellent opportunities to increase its reserves and resources as mining and exploration permits comprise an extensive 1,200 km2 land package. Since 2015 we’ve been mining Falagountou, which is only 8 kilometres from the Essakane mill. Before Falagountou, Essakane’s indicated resource was 4.4 million ounces. The western portion of the deposit increased Essakane’s indicated resource by 14% or 600,000 ounces9. We’re targeting an updated resource estimate for the eastern part of the deposit by the end of this year. Similar to Falagountou West, the eastern portion also has high-grade soft rock material that comes close to surface. In addition to Falagountou, there are other satellite prospects where we have been drilling and assessing results - Gossey, Korezena, Tassiri and Sokadie - which are about 10-15 kilometres from Essakane.

Heap Leaching Would Transform Essakane Heap leaching would transform Essakane. Within the Essakane Main Zone there is a significant amount of marginal or lower grade mineralization below the current cut-off grade. There’s also a small volume of marginal grade mineralization in the stockpiles. We have two choices as to what we do with the marginal grade mineralization. We can do nothing, since the low grade makes it uneconomical to mine using the current processing method, or we can consider heap leaching, an economically viable method. Heap leaching is a mineral extraction process involving the extraction of gold, or any other precious metal, by heaping the ore on a pad and sprinkling it with a leach solution. The dissolved metals are then collected at the bottom of the pad.


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For the past year we have been assessing the economics of heap leaching for processing low and marginal grade mineralization. Preliminary test work using rock samples of different sizes shows attractive recoveries, and with the short leaching cycles reagent consumption is lower. Permeability has been excellent, allowing for high heaps and eliminating the need to add costly cement. We expect to complete the pre-feasibility study by the second half of 2018. If the results are as positive as we expect, we will begin construction before the end of the year, with production from the heaps potentially starting by the end of 2019.

With heap leaching, the improved economics may justify additional pushbacks of the main zone allowing us to access the additional higher grade resources. We could see gold production at Essakane increase by 15% to 20% from what we can achieve under the current LOM plan, resulting in an additional 3-5 years.

WESTWOOD: RAMPING UP TO FULL PRODUCTION

IAMGOLD’s current production profile doesn’t reflect the full ramp-up of our Westwood Mine in Quebec. Although commercial production commenced in 2014, a seismic event in 2015 pushed back the ramp-up-to-full-production timeline. Seismic events are not unusual for underground mines. AngloGold’s Mponeng Mine in South Africa experiences 600 seismic events of varying degrees every month10. The focus at Westwood over the past two years has been on completing underground development and ensuring the safety of our operations so that we could go back in and resume mining in the affected mining block. In 2016 we completed 25 kilometres of underground development and this year plan to complete 20 more. Earlier this year, the Quebec regulators approved the reopening of the mining block affected by the seismic event, so mining has resumed in that area. Westwood is now producing at a normal level as it ramps up to full production by 2019, with a mine life to 2033. They’ve had much success in converting resources to reserves. In 2016, reserves increased by 75% to one million ounces, with the grade increasing 16% to 8.8 grams of gold per tonne11. With underground development a critical priority over the past few years, there will be opportunities in the future to optimize performance, as our other mines have done. With the evolution of underground mining technology, we will be looking at ways to incorporate new technologies, such as those related to communication systems, personnel tracking and the operation of equipment.

SADIOLA: SULPHIDE PROJECT WOULD ADD 10 YEARS, BUT THE MINE OWES US NOTHING The Sadiola Sulphide Project is an outstanding organic growth opportunity. Since 2008, production has been declining due to the depletion of soft rock. The mill was not built for hard rock. The opportunity to extend the life of Sadiola lies beneath the depleted oxides (soft rock) where there is a sulphide deposit (hard rock) with 3.4 million ounces in reserves12. This would provide average annual gold production of 300,000 ounces, on a 100% basis for 10 years13. To process the hard rock a major modification to the plant is required. The Sadiola mine has been a mainstay of the Malian economy for more than 20 years. Without this expansion, the mine will come to an end. At this point, despite the tremendous benefits that the Project would generate locally and to the Malian Treasury, and to our great disappointment, critical fiscal terms and power pricing have not been resolved with the government. The passage of time negatively impacts the feasibility of the Project, and, as things stand, our growth attention is shifting towards Suriname, Burkina Faso, and our Côté Gold project in Ontario.

Westwood Mine to achieve full

production in 2019 with mine life

extending to 2033. Average

reserve grade 8.8 g/t Au.


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Nearly 6 million ounces converted to reserves (100% basis).

WE ARE EXECUTING LONG-CYCLE STRATEGIES.

CÔTÉ GOLD: JOINT VENTURE, POSITIVE PFS, ENVIRONMENTAL APPROVALS, FS UNDERWAY Côté Gold is one of Canada’s largest undeveloped gold deposits in a prolific mining region in northern Ontario. Given the shortage of undeveloped gold deposits in attractive mining jurisdictions with established infrastructure, this is an exceptional organic growth project. Côté has nearly 6 million ounces in reserves on a 100% basis as well as another 2 million in Measured and Indicated resources and 1.2 million ounces inferred14,15. Since acquiring Côté five years ago, we have been completing activities necessary to advance the project towards development: significant expansion of the total resource ounces, conversion of the vast majority of the inferred resource to indicated, a preliminary economic assessment, environmental assessment approvals from the provincial and federal governments, and just a few months ago positive pre-feasibility study results, the conversion of nearly six million ounces from resources to reserves and a joint-venture with Sumitomo Metal Mining.

Pre-feasibility Study Indicates Low-Cost, Long-Life Mine In June of this year we announced the results of the pre-feasibility study demonstrating attractive project economics. Based on a $1,250 per ounce gold price, the project has a net present value of $703 million and an after-tax IRR of 14%16. Nearly six million ounces of resources were converted to reserves. Annual production would average 320,000 ounces for 17 years, with all-in sustaining costs averaging 689/oz over the life of the mine17. Additionally, Côté has significant upside potential with more than a 500 km2 exploration rights-held property surrounding the deposit. By the second half of 2018 we expect to complete the feasibility study. Based on what we know today, construction could begin in 2019 followed by production in 2021.

Sumitomo Joint Venture Sumitomo, a Japanese company with expertise in building and operating mines, acquired 30% of our interest in the project for $195 million18. This was a pivotal transaction, implying a $650 million valuation for Côté at a time when the market was attributing a value only a fifth of that. The valuation gap reflects unwarranted comparisons to other Canadian projects with significant cost over-runs, and uncertainty as to whether we would ever find a partner. We had been exploring the idea of a partnership for several years, thinking that a project of this scale might appeal to someone seeking a foothold in a Canadian mining jurisdiction. We found that in Sumitomo with whom we will share the capital costs. Their expertise will complement our track record as a builder and operator of mines. Additionally, both companies have strong business capabilities and a common interest in pursuing growth opportunities beyond Côté Gold.


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GREENFIELD EXPLORATION PROJECTS Over the past four years we have made three greenfield discoveries, adding 1.6 million indicated ounces and 1.4 million inferred ounces to our resources19. We expect resource upgrades at our wholly-owned projects and initial resource estimates from two joint venture projects by year end. While the payback period is considerably longer than brownfield and development projects, greenfield exploration is critical to long-term reserve replacement.

Boto, Senegal Since announcing an initial resource estimate for Boto Gold in 2013, we increased the indicated resource by 37% to 1.6 million ounces along with an 11% increase in grade to 1.8 g/t Au. The inferred resource increased by 54% to 125,000 ounces20. In addition to the Malikoundi deposit, comprising the vast majority of the resource, we are exploring other zones with potential for additional resources. We are targeting a resource upgrade by the end of 2017 and continue with studies to evaluate the economics of the project.

Pitangui, Brazil In April 2014, we declared an initial resource estimate for the São Sebastião deposit at our Pitangui project, located in the prospective Belo Horizonte region of Brazil. The deposit now has an inferred resource of 679,000 ounces grading 5.0 g/t Au.21. The exploration team is focused on an extension of the deposit where there is potential for additional resources. As with Boto, a resource upgrade is expected by year-end and studies are ongoing to assess the economics of the project.

Siribaya, Mali The Siribaya project, located on the same trend as Boto, has an inferred resource of 1.1 million ounces grading 1.7 g/t Au and an indicated resource of 129,000 ounces22. Until February of this year, Siribaya was a joint venture project with Merrex Gold. During the eight years that we have been working with them we discovered the Diakha deposit which accounts for nearly 80% of the contained gold within the inferred resource. In February we acquired 100% of Merrex, thus consolidating the ownership of the Siribaya project.

Joint Venture Projects With our joint venture projects we can increase our ownership over time if we like the results. Presently, we have three: Monster Lake in Quebec with Toma Gold, Nelligan 15 kilometres to the south with Vanstar Mining, and Eastern Borosi, a gold and silver project with Calibre Mining in Nicaragua. By the end of this year we’re targeting Initial resource estimates for the Monster Lake and Eastern Borosi projects.

BONUS - LOMA LARGA IN ECUADOR

We have a 36% stake in the Loma Larga gold/silver/copper project in Ecuador which could begin producing gold in 2020. Recent changes to Ecuador’s fiscal regime have been favourable for the mining sector. The results of the pre-feasibility study (August 2016) indicate a 26% after-tax IRR at a $1,250/oz. gold price. With 1.9 million ounces of gold reserves averaging 5 g/t Au, annual production is expected to average 150,000 ounces for 12 years. A feasibility study should be completed by the end of 201823.


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THESE ACHIEVEMENTS ARE TRANSFORMING IAMGOLD.

Catalysts Transformation Summary ROSEBEL MINE

Suriname

Mine Optimization

Saramacca

Consolidation of Land Packages

Rosebel’s increasing proportion of hard rock and average reserve and resource grade of 1.0 g/t Au meant a remaining mine life of 7 years. For several years we have been seeking properties with soft rock that could be processed at the Rosebel mill and focusing on mine improvements to make it economic to access more ounces. As a result of mine plan optimization and cost reduction Rosebel achieved an 80% increase in reserves24. This was followed by a maiden resource estimate for the Saramacca deposit comprising one million indicated ounces and .5 million inferred ounces25. This large, higher-grade gold discovery is only 25km from the Rosebel mill, approximately 60% soft rock, and open at depth and along strike. Production is expected to begin in 2019. Today, Rosebel’s mine life is expected to go beyond 2028, with further opportunities to consolidate properties around Rosebel.

ESSAKANE MINE Burkina Faso

Falagountou

Satellite Prospects

Heap Leaching

Essakane has a remaining mine life under the current mine plan of 8 years. It has been focused on improving recoveries and tapping into satellite prospects on its 1,200 km2 land package. Falagountou West increased Essakane’s indicated resource by 14% and we expect an updated resource estimate for Falagountou East by the end of this year. The big game changer for Essakane would be heap leaching, as it would enable processing of marginal or lower grade mineralization, which could increase the life of the mine by 3-5 years.

WESTWOOD MINE Canada

Production Ramp-up

Since the seismic event in 2015, Westwood has been focused on underground development. In 2016 Westwood increased its reserves by 75%, and this year the mining block affected by the seismic event was re-opened for mining. Now producing at a normal level, Westwood is on track to a full ramp-up in 2019 with a life expected to extend to 2033.

CÔTÉ GOLD Canada

Sumitomo JV

Positive PFS

We acquired Côté Gold before the drop in the gold price in 2013. We continued to drill the resource, advance the permitting process, and look for a development partner. Since then we’ve received government approvals of environmental assessments, sold a 30% JV interest to Sumitomo Metal Mining for $195M26, completed a pre-feasibility study indicating a 17-year mine life, and converted 5.9 million ounces of resources to reserves27.

RESERVE REPLACEMENT

The gold industry faces a major challenge with reserve replacement, yet we’ve increased our reserves by 69% this year.

A STORY TO BE CONTINUED. Successful transformations take time. We have accomplished a great deal over the past six years operationally and strategically. It wasn’t until this year, however, that our achievements culminated in a turning point for IAMGOLD and our shareholders: the significant gold discovery at Saramacca; the 80% increase in reserves at Rosebel; the sale of a 30% joint venture interest in Côté Gold; Westwood operating at a normal level of production; and, the 69% increase in consolidated reserves. This is the story of our transformation, but it’s a story to be continued as new chapters unfold: heap leaching at Essakane; further consolidation at Rosebel; the development of Côté Gold; Westwood producing at full capacity; further expansion at our mines; and value created through exploration. As I said at the beginning, all of this would not be possible without empowered people, and empowerment will continue for that is the only way you can deliver extraordinary performance.


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Footnotes 1,2, Based on closing price of $3.85 on December 30, 2016 and $7.03 on September 8, 2017 on the NYSE.

3 NASDAQ OMX. NYSE ARCA Gold Bugs Index (HUI). Percentage increase from December 30, 2016 to September 8, 2017.

4,5 IAMGOLD News Release “IAMGOLD Reports 80% Increase in Reserves at Rosebel Mine Concession Not Including Saramacca,” July 26, 2017.

6 Effective date of Rosebel’s Reserve and Resource estimate is June 30, 2017.

7 IAMGOLD News Release “IAMGOLD Confirms Significant Gold Discovery Exceeding Initial Targets at Saramacca - Strategically Located Near its Rosebel Gold Mine,” September 5, 2017.

8 Effective date of Saramacca’s Resource estimate is August 28, 2017.

9 IAMGOLD News Release “ Indicated Resource Increase of 6% at Essakane Mine, Burkina Faso and Diamond Drilling Update at Boto Gold Project, Senegal,” April 23, 2015.

10 Matthew Hart, GOLD The Race for the World’s Most Seductive Metal. Toronto: The Penguin Group, 2013, p.3.

11 Effective date of Westwood’s Reserve estimate is December 31, 2016.

12 IAMGOLD News Release “IAMGOLD Reports 2016 Reserves of 7.8 Million Ounces and Measured and Indicated Resources of 23.3 Million Ounces,” February 22, 2017. (Effective date of resource estimate for Sadiola is December 31, 2016).

13 On a 100% basis, using 7.2 Mtpa scenario in Sadiola’s 2015 43-101 Technical Report. See report for more details regarding price assumptions and technical disclosure.

14 IAMGOLD News Release “IAMGOLD's Pre-Feasibility Study for Côté Gold Project Demonstrates Low Operating Costs and Attractive Returns,” June 5, 2017.

15 Effective date of Côté Gold’s Reserve and Resource estimate is May 26, 2017.

16, 17IAMGOLD News Release “IAMGOLD's Pre-Feasibility Study for Côté Gold Project Demonstrates Low Operating Costs and Attractive Returns,” June 5, 2017.

18 IAMGOLD News Release “IAMGOLD Announces Strategic Agreement with Sumitomo Metal Mining for the Development of Côté Gold,” June 5, 2017.

19,20,21,22 IAMGOLD News Release “IAMGOLD Reports 2016 Reserves of 7.8 Million Ounces and Measured and Indicated Resources of 23.3 Million Ounces,” February 22, 2017. (Effective date of resource estimates for Boto, Pitangui and Siribaya is December 31, 2016).

23 INV Metals News Release “INV Metals Announces Robust Preliminary Feasibility Study at Loma Larga,” July 14, 2016. 24 IAMGOLD News Release “IAMGOLD Reports 80% Increase in Reserves at Rosebel Mine Concession Not Including Saramacca,” July 26, 2017.

25 IAMGOLD News Release “IAMGOLD Confirms Significant Gold Discovery Exceeding Initial Targets at Saramacca - Strategically Located Near its Rosebel Gold Mine,” September 5, 2017.

26 IAMGOLD News Release “IAMGOLD Announces Strategic Agreement with Sumitomo Metal Mining for the Development of Côté Gold,” June 5, 2017.

27 IAMGOLD News Release “IAMGOLD's Pre-Feasibility Study for Côté Gold Project Demonstrates Low Operating Costs and Attractive Returns,” June 5, 2017.

28 Note the following with respect to the numbers on this graph

Reserves for all sites included in these numbers except Sadiola have been estimated in accordance with NI 43-101; Reserves for Sadiola have been estimated in accordance with JORC code.

2016 Year End Reserves for all sites included in these numbers except Sadiola are estimated using a gold price of $US 1,200/oz, Sadiola uses a gold price of $US 1,100/oz.


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2017 Reserves for Côté Gold are estimated using an economic model assuming a gold price of $US 1,250/oz and based on a mine design originally done using a gold price of $US 1,200/oz.

2017 Reserves for Rosebel are estimated using a gold price of $1,200 an ounce.

2017 Reserves for all other entities other than Côté Gold and Rosebel included in these numbers are assumed unchanged from the 2016 Year End Reserves excluding depletion or additions.

Reserve numbers on this graph have been rounded.

Refer to IAMGOLD News Releases dated Feb. 22, 2017, June 5, 2017 and July 26, 2017.

Cautionary Statement on Forward-looking Information

All information included in this paper, including any information as to the Company’s future financial or operating performance, and other statements that express management’s expectations or estimates of IAMGOLD’s future performance, other than statements of historical fact, constitute forward looking information or forward-looking statements and are based on expectations, estimates and projections as of the date of this paper. Forward-looking statements contained in this paper include, without limitation, statements with respect to: the Company’s guidance for production, cash costs, all-in sustaining costs, depreciation expense, effective tax rate, and operating margin, capital expenditures, operations outlook, cost management initiatives, development and expansion projects, exploration, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, permitting timelines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Forward-looking statements are generally identifiable by, but are not limited to the, use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “opportunities”, “intend”, “plan”, ”possible”, “prospective”, “suggest”, “guidance”, “outlook”, “potential”, “prospects”, “transformation”, “transformational”, “transform”, “significant”, “seek”, “targets”, “strategy” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that reliance on such forward-looking statements involve risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of IAMGOLD to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward-looking statements, and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to, changes in the global prices for gold, copper, silver or certain other commodities (such as diesel and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, and financing; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; adverse changes in the Company’s credit rating; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. With respect to development projects, IAMGOLD’s ability to sustain or increase its present levels of gold production is dependent in part on the success of its projects. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. Development projects have no operating history upon which to base estimates of future cash flows. The capital expenditures and time required to develop new mines or other projects are considerable, and changes in costs or construction schedules can affect project economics. Actual costs and economic returns may differ


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materially from IAMGOLD’s estimates or IAMGOLD could fail to obtain the governmental approvals necessary for the operation of a project; in either case, the project may not proceed, either on its original timing or at all.

For a more comprehensive discussion of the risks faced by the Company, and which may cause the actual financial results, performance or achievements of IAMGOLD to be materially different from the company’s estimated future results, performance or achievements expressed or implied by forward-looking information or forward-looking statements, please refer to the Company’s latest Annual Information Form, filed with Canadian securities regulatory authorities at www.sedar.com, and filed under Form 40-F with the United States Securities Exchange Commission at www.sec.gov/edgar.shtml. The risks described in the Annual Information Form (filed and viewable on www.sedar.com and www.sec.gov/edgar.shtml, and available upon request from the Company) are hereby incorporated by reference into this paper. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.

NOTES TO INVESTORS REGARDING THE USE OF RESOURCES

Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources

This paper uses the terms "measured resources" and "indicated resources". The Company advises investors that while those terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission (“the SEC”) does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

Cautionary Note to Investors Concerning Estimates of Inferred Resources

This paper also uses the term "inferred resources". The Company advises investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Scientific and Technical Disclosure

IAMGOLD is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification and reporting of resources and reserves.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. IAMGOLD uses certain terms in this paper, such as "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosure in the IAMGOLD Annual Reports on Forms 40-F. Investors can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml or by contacting the Investor Relations department.

The Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101") requires mining companies to disclose reserves and resources using the subcategories of "proven" reserves, "probable" reserves, "measured" resources, "indicated" resources and "inferred" resources. Mineral resources that are not mineral reserves do not demonstrate economic viability.

A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is mined. A proven mineral reserve is the economically mineable part of a measured mineral resource

http://www.sedar.com/

http://www.sec.gov/edgar.shtml

http://www.sedar.com/

http://www.sec.gov/edgar.html


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demonstrated by at least a preliminary feasibility study. A probable mineral reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. A mineral resource is a concentration or occurrence of natural, solid, inorganic material, or natural, solid fossilized organic material including base and precious metals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental considerations together with any other relevant operational factors and detailed financial analysis, that are necessary to demonstrate at the time of reporting that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study.

A pre-feasibility study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental considerations and the evaluation of any other relevant factors which are sufficient for a qualified person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve.

Technical Information and Qualified Person The mineral resource estimates contained in this paper have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

The “Qualified Person” responsible for the supervision of the preparation and review of resource and reserve estimates for IAMGOLD is Lise Chenard, Eng., Director, Mining Geology. Lise has worked in the mining industry for more than 30 years, mainly in operations, project development and consulting. She joined IAMGOLD in April 2013 and acquired her knowledge of the Company’s operations and projects through site visits, information reviews and ongoing communication and oversight of mine site technical service teams or consultants responsible for resource and reserve modeling and estimation. She is considered a “Qualified Person” for the purposes of NI 43-101 with respect to the mineralization being reported on. The technical information has been included herein with the


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consent and prior review of the above noted Qualified Person. The Qualified person has verified the data disclosed, and data underlying the information or opinions contained herein. The mineral resource estimate for Saramacca, including verification of the data disclosed, has been completed by SRK Consulting (Canada) Inc. (“SRK”) and reported in accordance with NI 43-101 requirements and CIM Estimation Best Practice Guidelines. The resource estimate was prepared by Mr. Glen Cole, P.Geo., Principal Resource Geologist and Dr. Oy Leuangthong, P.Eng., Principal Geostatistician with SRK. Both Mr. Cole and Dr. Leuangthong, who are independent qualified persons under NI 43-101, have reviewed and approved the contents relating to the mineral resource estimate referred to in this paper.

The 2017 Côté Gold PFS was prepared by Amec Foster Wheeler and incorporates the work of IAMGOLD and RPA Qualified Persons (QPs) (as defined under National Instrument 43-101). Amec Foster Wheeler and RPA Qualified Persons are independent of IAMGOLD. Refer to IAMGOLD’s June 5, 2017 news release” IAMGOLD's Pre-Feasibility Study for Côté Gold Project Demonstrates Low Operating Costs and Attractive Returns” for more information on each of the Qualified Persons involved in preparing the 2017 Côté Gold PFS, upon which the technical report is based.

The technical information for Sadiola referred to in this paper has been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The “Qualified Person” responsible for the supervision of the preparation and review of all technical information for IAMGOLD is Philippe Gaulthier, BSc. Mechanical Engineering and MASc Mechanical Engineering, the Director Development Projects for IAMGOLD. He is considered a “Qualified Person” for the purposes of NI 43-101 with respect to the technical information being reported on. The technical information has been included herein with the consent and prior review of the above noted Qualified Person. The Qualified person has read and verified the data disclosed, and data underlying the information or opinions contained herein.

The technical information in this paper was reviewed and approved by Craig MacDougall, P.Geo., Senior Vice President, Exploration for IAMGOLD. Mr. MacDougall is a Qualified Person as defined by National Instrument 43-101. (All monetary amounts in this paper are in U.S. dollars unless otherwise noted.)

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