lAMGOLD REPORTS 2021 ATTRIBUTABLE RESERVES OF 12.4 MILLION OUNCES AND ATTRIBUTABLE M&I RESOURCES OF 22.1 MILLION OUNCES All amounts are in US dollars, unless otherwise indicated. Measured and indicated resources are quoted inclusive of proven and probable reserves for all sites and projects.
NEWS RELEASE
TSX: IMG NYSE: IAG
lAMGOLD REPORTS 2021 ATTRIBUTABLE RESERVES OF 12.4 MILLION OUNCES
AND ATTRIBUTABLE M&I RESOURCES OF 22.1 MILLION OUNCES
All amounts are in US dollars, unless otherwise indicated.
Measured and indicated resources are quoted inclusive of proven and probable reserves for all sites and projects.
Toronto, Ontario, February 23 , 2022 – IAMGOLD Corporation (NYSE:IAG) (TSX:IMG) (“IAMGOLD” or the
“Company”) announces its updated Mineral Reserves and Mineral Resources (“MRMR”) statement as of
December 31, 2021 prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). A complete MRMR table (Table 6) including a detailed by-asset breakdown can be found
at the end of this news release, with a summary of year over year changes as follows:
TABLE 1: ATTRIBUTABLE MRMR COMPARISON SUMMARY1
20203 2021 ▲
Tonnes
(000s)
Grade
(g/t)
Contained
Ounces
(000s)
Tonnes
(000s)
Grade
(g/t)
Contained
Ounces
(000s)
Contained
Ounces
(000s) %
P&P reserves 406,755 1.1 13,937 364,831 1.1 12,392 -1,545 -11%
M&I resources2 712,948 1.0 23,910 646,522 1.1 22,103 -1,807 -8%
Inferred resources 314,479 1.1 11,268 310,533 1.1 11,085 -183 -2%
1. Footnotes from the Mineral Reserves and Mineral Resources statement in Table 6: Mineral Reserves and Mineral Resources of Gold Operations
as of December 31, 2021 apply.
2. M&I Mineral Resources are inclusive of Mineral Reserves.
3. 2020 Mineral Reserves estimat ed as of December 31, 2020, using a gold price of $1,200 per ounce for Essakane, Rosebel, Saramacca,
Westwood, Côté Gold Project and the Boto Gold Project, and a gold price of $1,350 per ounce for the Grand Duc satellite pit at Westwood.
4. Mineral Resources estimated as of December 31, 2020, using a gold price of $1,500 per ounce for the Côté Gold Project, Boto Gold Project,
Diakha-Siribaya Gold Project, Pitangui Project, Gossey deposit, Monster Lake Project, Essakane, Rosebel, and Saramacca , and $1,200 per
ounce using a 5.5 g/t Au cut-off over a minimum width of 2.4 metres for Westwood.
Mineral Reserves
TABLE 2: ATTRIBUTABLE RESERVES RECONCILIATION
Contained Ounces
(000s) % ▲
Reserves (December 31, 2020) 13,937 –
Revisions to economic parameters1 -782 -6%
2021 mine depletion -617 -4%
Adjustments to ore stockpiles -42 < -1%
Other adjustments (drilling, additions, etc.) -104 -1%
Reserves (December 31, 2021)2 12,392 -11%
1. Primarily related to the Rosebel Gold Mine (refer to Company press release dated January 12, 2022).
2. Figures may not add due to rounding.
Attributable proven and probable gold Mineral Reserves (“reserves”) totaled 12.4 million ounces, a
decrease of 1.5 million ounces or 11% relative to the prior year MRMR statement;
The decrease was primarily related to mine depletion at all operations (617,000 ounces) reflecting the
Company’s attributable gold production of 601,000 ounces in 2021, and a revised MRMR and life-of-mine
plan at Rosebel (refer to Company press release dated January 12, 2022);
Reserves grade of 1.1 grams per tonne gold (“g/t”) remained largely unchanged on a consolidated basis;
Essakane and Rosebel, including Saramacca, used a $1,300 per ounce gold price assumption for
estimating reserves, increasing from $1,200 per ounce gold price assumption in 2020;
Page | 2 of 7
Westwood and the Grand Duc satellite pit continued to use $1,200 and $1,350 per ounce gold price
assumptions, respectively, consistent with the prior year; and
For Côté Gold and Boto Gold projects, the C ompany maintained its $1,200 per ounce gold price
assumption for estimating mineral reserves.
TABLE 3: ATTRIBUTABLE RESERVES COMPARISON SUMMARY
Contained Ounces
(000s)
Contained Ounces
▲
2020 2021 (000s) %
Rosebel (95%) 3,188 2,466 -722 -23%
Saramacca (66.5%) 958 820 -138 -14%
Essakane (90%) 3,014 2,355 -659 -22%
Westwood (100%) 626 659 +33 +5%
Côté Gold (64.75%) 4,716 4,658 -58 -1%
Boto Gold (90%) 1,434 1,434 – –
Reserves1 13,937 12,392 -1,545 -11%
1. Figures may not add due to rounding.
Mineral Resources
TABLE 4: ATTRIBUTABLE M&I RESOURCES COMPARISON SUMMARY
Contained Ounces
(000s)
Contained Ounces
▲
2020 2021 (000s) %
Rosebel (95%) 7,508 4,551 -2,957 -39%
Saramacca (66.5%) 1,113 1,008 -105 -9%
Essakane (90%) 3,829 2,901 -928 -24%
Westwood (100%) 1,624 1,639 +15 +1%
Côté Gold (64.75%) 6,605 6,605 – –
Boto Gold (90%) 1,830 1,830 – –
Gosselin (64.75%) – 2,169 +2,169 +100%
Gossey (90%) 262 262 – –
Nelligan (75%) – – – –
Monster Lake (100%) – – – –
Pitangui (100%) 470 470 – –
Diakha-Siribaya (90%) 669 669 – –
Measured and indicated resources1 23,910 22,103 -1,807 -8%
1. Figures may not add due to rounding.
Attributable measured and indicated (“M&I”) resources totaled 22.1 million ounces, a decrease of 1.8
million ounces or 8% relative to the prior year MRMR statement;
Attributable inferred resources totaled 11.1 million ounces, a decrease of 0.2 million ounces or 2% relative
to the prior year MRMR statement;
Mineral resources decreased primarily as a result of the revised MRMR statement at the Rosebel (refer
to Company press release dated January 12, 2022 ), partially offset by the addition of the initial mineral
resources at Gosselin (refer to Company press release dated October 18, 2022);
Page | 3 of 7
There was no change in the gold price assumption for estimating mineral resources at Essakane,
Rosebel, development, and exploration properties ($1,500 per ounce of gold) or at Westwood ($1,200
per ounce of gold).
TABLE 5: ATTRIBUTABLE INFERRED RESOURCES COMPARISON SUMMARY
Contained Ounces
(000s)
Contained Ounces
▲
2020 2021 (000s) %
Rosebel (95%) 1,678 432 -1,246 -74%
Saramacca (66.5%) 172 155 -17 -10%
Essakane (90%) 317 335 +18 +6%
Westwood (100%) 1,809 1,764 -45 -2%
Côté Gold (64.75%) 2,473 2,473 – –
Boto Gold (90%) 422 422 – –
Gosselin (64.75%) – 1,107 +1,107 +100%
Gossey (90%) 77 77 – –
Nelligan (75%) 2,396 2,396 – –
Monster Lake (100%) 433 433 – –
Pitangui (100%) 433 433 – –
Diakha-Siribaya (90%) 1,058 1,058 – –
Inferred resources1 11,268 11,085 -183 -2%
1. Figures may not add due to rounding
Attributable inferred resources remained relatively flat at 11.1 million ounces relative to the prior year
MRMR statement with the primary decrease at Rosebel offset by the initial resource at Gosselin.
TABLE 6: MINERAL RESERVES AND MINERAL RESOURCES OF GOLD OPERATIONS
AS OF DECEMBER 31, 2021(1)(2)(3)(4)(5)
Page | 4 of 7
GOLD OPERATIONS
Tonnes
(000s)
Grade
(g/t Au)
Ounces Contained
(000s)
Attributable Contained
Ounces (000s)
Rosebel, Suriname(3) (95%)
Proven Mineral Reserves 10,828 0.6 219 208
Probable Mineral Reserves 75,974 1.0 2,377 2,258
Subtotal Rosebel 86,803 0.9 2,596 2,466
Saramacca, Suriname(3) (66.5%)
Proven Mineral Reserves 499 0.5 8 6
Probable Mineral Reserves 21,863 1.7 1,225 814
Subtotal Saramacca 22,361 1.7 1,233 820
Subtotal Rosebel (Consolidated) 109,164 1.1 3,829 3,286
Rosebel, Suriname(3) (95%)
Measured Mineral Resources 10,736 0.6 223 212
Indicated Mineral Resources 139,813 1.0 4,567 4,339
Inferred Mineral Resources 16,051 0.9 455 432
Saramacca, Suriname(3) (66.5%)
Measured Mineral Resource 499 0.5 8 6
Indicated Mineral Resources 22,667 2.1 1,507 1,002
Inferred Mineral Resources 5,966 1.2 233 155
Essakane, Burkina Faso(3) (90%)
Proven Mineral Reserves 32,930 0.5 503 453
Probable Mineral Reserves 62,532 1.1 2,114 1,902
Subtotal 95,462 0.9 2,617 2,355
Measured Mineral Resources 32,930 0.5 503 453
Indicated Mineral Resources 75,665 1.1 2,720 2,448
Inferred Mineral Resources 7,872 1.5 373 335
Westwood, Canada(4) (100%)
Proven Mineral Reserves 500 6.9 111 111
Probable Mineral Reserves 4,079 4.2 548 548
Subtotal 4,579 4.5 659 659
Measured Mineral Resources 1,039 11.3 377 377
Indicated Mineral Resources 6,568 6.0 1,262 1,262
Inferred Mineral Resources 5,970 9.2 1,764 1,764
Gossey, Burkina Faso(3) (90%)
Indicated Mineral Resources 10,454 0.9 291 262
Inferred Mineral Resources 2,939 0.9 85 77
Côté Gold, Canada(5) (64.75%)
Proven Mineral Reserves 130,522 1.0 4, 262 2,760
Probable Mineral Reserves 102,478 0.9 2,932 1,898
Subtotal 233,000 1.0 7,194 4,658
Measured Mineral Resources 152,100 1.0 4,720 3,056
Indicated Mineral Resources 213,400 0.8 5,480 3,548
Inferred Mineral Resources 189,600 0.6 3,820 2,473
TABLE 6: MINERAL RESERVES AND MINERAL RESOURCES OF GOLD OPERATIONS
AS OF DECEMBER 31, 2021(1)(2)(3)(4)(5)
Page | 5 of 7
GOLD OPERATIONS
Tonnes
(000s)
Grade
(g/t Au)
Ounces Contained
(000s)
Attributable Contained
Ounces (000s)
Gosselin, Canada(3) (64.75%)
Indicated Mineral Resources 124,500 0.8 3,350 2,169
Inferred Mineral Resources 72,900 0.7 1,710 1,107
Boto Gold, Senegal(5) (90%)
Probable Mineral Reserves 29,040 1.7 1,593 1,434
Subtotal 29,040 1.7 1,593 1,434
Indicated Mineral Resources 40,567 1.6 2,033 1,830
Inferred Mineral Resources 8,196 1.8 469 422
Diakha-Siribaya, Mali(3) (90%)
Indicated Mineral Resources 18,031 1.3 744 669
Inferred Mineral Resources 23,179 1.6 1,176 1,058
Monster Lake, Canada(3) (100%)
Inferred Mineral Resources 1,110 12.1 433 433
Nelligan, Canada(3) (75%)
Inferred Mineral Resources 96,990 1.0 3,194 2,396
Pitangui, Brazil(3) (100%)
Indicated Mineral Resources 3,330 4.4 470 470
Inferred Mineral Resources 3,559 3.8 433 433
TOTAL
Proven Mineral Reserves &
Probable Mineral Reserves 471,245 1.0 15,891 12,392
Measured Mineral Resources &
Indicated Mineral Resources 852,300 1.0 28,255 22,103
Inferred Mineral Resources 434,332 1.0 14,144 11,085
1. In mining operations, Measured Mineral Resources and Indicated Mineral Resources that are not Mineral Reserves are considered uneconomic
at the price used for Mineral Reserve estimations but are deemed to have a reasonable prospect of economic extraction.
2. Although “measured resources”, “indicated resources” and “inferred resources” are categories of mineralization that are recog nized and required
to be disclosed under Canadian regulations, SEC Industry G uide 7 does not recognize them. Disclosure of contained ounces is permitted under
Canadian regulations; however, SEC Industry Guide 7 generally permits resources to be reported only as in place tonnage and grade. See
“Cautionary Note to U.S. Investors Regarding Disclosure of Mineral Reserve and Mineral Resource Estimates”.
3. Mineral Reserves have been estimated using a $1 ,300/oz gold price and Mineral Resources using a $1 ,500/oz gold price at the following
operations and projects: Rosebel, Saramacca, Essakane, Diakha-Siribaya, Monster Lake, Pitangui, Gossey, Nelligan, and Gosselin.
4. Westwood Mineral Reserves have been estimated using a $1,200/oz gold price and Mineral Resources using a 5.5 g/t Au cut-off grade over a
minimum width of 2.4 metres, using a $1 ,200/oz gold price. The Grand Duc Mineral Reserves and Resources estimates are included in the
Westwood Mineral Reserves and Resources estimates, and have been estimated using a gold price of $1 ,350/oz for Mineral Reserves and a
gold price of $1,500/oz for Mineral Resources.
5. Côté Gold and Boto Gold Mineral Reserves have been estimated using a $1 ,200/oz gold price and Mineral Resources using a $1 ,500/oz gold
price.
Technical Information and Quality Control Notes
The Company’s mineral reserves are comprised of in -place material, i.e. material containing ounces of gold for
which an assessment of key modifying factors such as mining, processing, metallurgical recovery, infrastructure,
economic, legal, environmental, social and governmental factors are used to determine their economic viability.
There are numerous parameters inherent in estimating proven mineral reserves and probable mineral reserves,
including many factors beyond the Company’s control. The estimation of mineral reserves is a subjective process,
and the accuracy of any mineral reserves estimate is a function of the quality of available data and of engineering
and geological interpretation and judgment. Results from drilling, testing and production, as well as material
changes in metal prices subsequent to the date of an estimate, may justify a revision of such estimates.
Page | 6 of 7
Lisa Ragsdale, Director, Min ing Geology, IAMGOLD Corporation is the “qualified person” for the purposes of NI
43-101 (“QP”) with respect to the mineralization being reported on and is responsible for the review and approval
of all mineral resources estimates for IAMGOLD. Guy Bourque, Director, Mining, IAMGOLD Corporation is the QP
responsible for the review and approval of all mineral reserves estimates for IAMGOLD. The technical information
in this news release has been included with the consent and prior review of Ms. Ragsdale and Mr. Bourque, as
applicable. The QPs have verified the data disclosed and data underlying the information or opinions contained
in this news release.
For each of the projects and proper ties it operates, the Company has established rigorous methods and
procedures aimed at assuring reliable estimates of its mineral reserves and resources. For each mine and project,
the relevant QPs verified the data incorporated, including sampling, analyt ical and test data underlying the
information contained in this news release. Quality control falls under the responsibility of Ms. Ragsdale and Mr.
Bourque.
In estimating mineral reserves, cut-off grades are established using the Company’s long -term metal price and
foreign exchange assumptions, the average metallurgical recovery rates and estimated production costs over the
life of the related operation. As part of the annual mineral reserve estimation process, the cost models used for
cut-off grade calcul ations are compared to prior studies or estimates and are updated appropriately based on
actual operating performance and price projections for inputs. For an underground operation, a cut -off grade is
calculated for each mining method, as production costs vary from one method to another. For a surface operation,
production costs are determined for each block included in the block model of the relevant operation.
The nature of mining activities is such that the extraction of ore from a mine reduces mineral reserves. In order to
renew mineral reserves (at least partially) on most of its producing properties, the Company carries out exploration
drilling programs at depth and laterally.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained or incorporated by reference in this news release including, but not
limited to, any statements or information with respect to the Company’s mineral resources or mineral reserves, constitute “fo rward-
looking information” or “forward-looking statements” and are based on expectations, estimates and projections as of the date of this
news release. Forward -looking statements contained in this news release, include, but are not limited to, those with respect to the
Company’s mineral resources or mineral reserves. Forward-looking statements are generally identifiable by, but not limited to, the use
of the words “may”, “will”, “should”, “continue”, “expect”, “budget”, “forecast”, “anticipate”, “estimate”, “believe” , “prospective”,
“significant”, “potential”, “significant potential”, “substantial”, “transformative”, “intend”, “plan” or “project” or the negative of these words
or other variations on these words or comparable terminology. Forward -looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results to differ materially
from those discussed in the forward -looking statements. Factors that could cause a ctual results or events to differ materially from
current expectations include, among other things, without limitation, the failure to accurately estimate mineral resources or mineral
reserves, differences in the mineral content within the material identified as mineral resources or mineral reserves from that predicted,
unexpected increases in all-in sustaining costs or other costs, unexpected increases in capital expenditures, operating expenditures
and exploration expenditures, changes in development or m ining plans due to changes in logistical, technical or other factors, the
possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold mar kets and
other risks disclosed in IAMGOLD’s most recent F orm 40-F/Annual Information Form on file with the United States Securities and
Exchange Commission and Canadian securities regulatory authorities, which are incorporated by reference herein. Any forward-looking
statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking statement. 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.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING DISCLOSURE OF MINERAL RESE RVE AND
MINERAL RESOURCE ESTIMATES
The mineral resource and reserve estimates contained in this news release have been prepared in accordance with NI 43-101 and the
Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) – CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). These standards are similar to those used by the United
States Securities and Exchange Commission (the “SEC”) Industry Guide No. 7, as interpreted by the SEC staff. However, the definitions
in NI 43-101 and the CIM Standards differ in certain respects from those under Industry Guide 7. Accordingly, mineral resource and
reserve information contained in this news release may not be comparable to similar information disclosed by United States companies.
Page | 7 of 7
Under the SEC's Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that
the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.
As a result of the adoption of amendments to the SEC’s disclosure rules (the “SEC Modernization Rules”), which more closely align its
disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including
NI 43-101 and the CIM Standards, and which became effective on February 25, 2019, the SEC now recognizes estimates of "measured
mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SE C has amended definitions of
"proven mineral reserves" and "probable mineral reserves" in its amended rules, with definitions that are substantially similar to those
used in NI 43 -101 and the CIM Standards. Issuers must begin to comply with the SEC Moderni zation Rules in their first fiscal year
beginning on or after January 1, 2021, though Canadian issuers that report in the United States using the Multijurisdictional Disclosure
System ("MJDS") may still use NI 43-101 rather than the SEC Modernization Rules when using the SEC's MJDS registration statement
and annual report forms.
United States investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources"
and "inferred mineral resources" under the SEC Mo dernization Rules, investors should not assume that any part or all of the mineral
deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. The se terms
have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances.
Investors are cautioned not to assume that any " measured mineral resources", "indicated mineral resources", or "inferred mineral
resources" that the Company reports in this news release are or will be economically or legally mineable. Further, "inferred mineral
resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed
that any part or all of an inferred mineral resource will ever be upgraded to a higher category.
The mineral reserve and mineral resource data set out in this n ews release are estimates, and no assurance can be given that the
anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized.
About IAMGOLD
IAMGOLD is a mid-tier gold mining company operating in three regions globally: North America, South America
and West Africa. Within these regions the Company is developing high potential mining districts that encompass
operating mines and construction, development and exploration projects. The Company’s operating mines include
Essakane in Burkina Faso, Rosebel (including Saramacca) in Suriname and Westwood in Canada. A solid base
of strategic assets is complemented by the Côté Gold construction project in Canada, the Boto Gold development
project in Senegal, as well as green field and brownfield exploration projects in various countries located in the
Americas and West Africa.
IAMGOLD employs approximately 5,000 people. IAMGOLD is committed to maintaining its culture of accountable
mining through high standards of Environment al, Social and Governance practices, including its commitment to
Zero Harm®, in every aspect of its business. IAMGOLD (www.iamgold.com) 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 JSI
index1.
1 Jantzi Social Index (“JSI”). The JSI is a socially screened market capitalization-weighted common stock index modeled on the S&P/TSX 60. It consists
of companies which pass a set of broadly based environmental, social and governance rating criteria.
IAMGOLD Contact Information
Graeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Philip Rabenok, Manager, Investor Relations
Tel: 416 933 5783 | Mobile: 647 967 9942
Toll-free: 1 888 464 9999
This entire news release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Newsfile’s website
at www.newsfilecorp.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le www.iamgold.com/French/accueil/default.aspx.