IMG.TO · 2020-01-13 12:00:00

Receives Approval of Exploitation Permit FOR Its Boto GOLD Project IN Senegal and Provides Project Update

Permits & Approvals

NEWS RELEASE

TSX:

IMG

NYSE:

IAG

IAMGOLD

RECEIVES APPROVAL OF EXPLOITATION PERMIT

FOR

ITS

BOTO GOLD PROJECT

SENEGAL

AND PROVIDES PROJECT UPDATE

All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

Toronto, Ontario,

January

2020

–

IAMGOLD Corporation (“IAMGOLD” or the “Company”)

today

announced

that the Government of

the

Republic of

Senegal has approved the mining permit application for

the Boto Gold Project (“Boto” or the “Project”)

for an initial period of 20 years

principally

under

the

provisions of Senegal’s 2003 mining code.

The receipt of the mining permit

positions the P

roject

for a

development

decision

and eventual production

Boto

is one of

IAMGOLD’s most advanced

growth

projects

Based on the results of various development

and operating optimizations

undertaken since the completion of the Feasibility Study

(“FS”)

for the Project

(see news release dated October 22, 2019)

Boto

is expected to

produce an average of

160,000 o

unces of

gold per year during the first

six

years of operation

, averaging

130

,000 ounces

of gold per year

at all

sustaining costs of $

842

per ounce sold over

a mine life of approximately

years

. With

expected

initial

capital expenditures

271

million, the Project represents a

n after

tax

Net Present Value (6% discount) of

219

million using a gold price assumption of $1

per ounce.

Gord Stothart

, President and C

O of IAMGOLD, said

“

The Boto Gold Project generates impressive

returns and margins

and we are very pleased to

now

be in receipt o

the exploitation permit.

We thank the

Government of Senegal for their ongoing support

this

roject.

ituated in

the

highly prospective

Boto

arita

Diakha

gold

district

, the Project

is well positioned to

benefit from

further

discoveries

ork is already

underway to obtain approval

for the next steps,

supporting either a decision to proceed

to full construct

ion

or further de

risk prior to

construction approval.

”

OPTIMIZATION STUDY HIGHLIGHTS (100% BASIS)

€

/US$ exchange rate of 1:

.20

;

Oil

price of $

per

barrel

Note: the Company has the option to lease finance.

A supporting N

ational

nstrument

101

(“NI 43

101”)

Technical Report will be filed on SEDAR at

www.sedar.com

within 45 days of this release.

Project Economics and Key Parameters

2018

Optimization

study 2019

Optimization

study 2019

Gold Price Assumption used in financial

analysis

$1,250/oz

$1,350/oz

Mining Capacity at peak

33 Mtpa

38 Mtpa

Milling Capacity

(hard rock equivalent)

Mtpa

2.7

Mtpa

2.7

Mtpa

Average

Annual

Gold Production (Years 1

160,000 oz

LOM Average

Annual Gold Production

140,000 oz

130,000 oz

LOM Average Recovery Rate

89.4%

Mine Life

12.8 years

years

LOM Average Total Cash Costs

$714/oz

760

/oz

$778/oz

LOM Average AISC

$753/oz

824

/oz

$842/oz

Average

Grade

1.71 g/t Au

Average LOM Strip Ratio

5.8:1

7.5:1

Estimated Capital Expenditure

Initial Capital

$254 million

$271 million

Sustaining Capital

$66 million

$68 million

After

tax NPV

(6%)

$261 million

$150 million

$219 million

After

tax IRR

23.0%

17.7%

22.6%

Payback Period

3.4 years

3.8 years

3.2 years

MINERAL RESOURCE

The

Mineral Resource

estimate

used as the basis for the study

summarized below.

Boto Gold Project

Mineral Resources

–

December 31, 2019

Classification

Tonnes

(000)

Grade

(g/t Au)

Contained Ounces

(000)

Attributable

Contained

Ounces

(000)

Indicated

40,600

1.56

2,033

1,830

Inferred

8,200

1.78

469

422

Notes:

CIM (2014) definitions were followed for Mineral Resources.

Mineral Resources are reported within an optimized constraining shell using MineSight 3D software.

Mineral Resources are reported inclusive of Mineral

Reserves;

Cut

off grades vary between 0.37 g/t Au and 0.50 g/t Au, depending on the deposit and the weathering

type

of material;

Mineral resources were estimat

ed based on a gold price of $

1,500

per ounce

;

Capping of grades varied between 2 g/t Au and 25 g/

t Au on raw assays by mineralized zone;

The density varies between 1.65 g/cm

and 2.75 g/cm

depending on weathering zone.

Attributable is a representation of dividends calculated as 90% for IAMGOLD, with 10% to the government of

Senegal.

MINERAL RES

ERVE

The tonnes, gr

ades

and classification of the Mineral R

erves captured within the

optimization study

mine

plan are summarized below.

Boto Gold Project

Mineral Reserves

–

December 31, 2019

Classification

Tonnes

(000)

Grade

(g/t Au)

Contained

Ounces

(000)

Attributable

Contained

Ounces

(000)

Probable

29,

040

1.7

1,592

Waste within Designed Pit

218,

300

Total Tonnage within Designed Pit

340

Notes:

CIM (2014) definitions were followed for Mineral

Reserves.

Reserves estimated assuming open pit mining methods.

Mineral Reserves are estimated using a l

ong

term gold price of $1,200 per ounce

Average weighted process recovery of 89.4%.

Quantity of gold payable is 99%.

Transportation and refining costs e

stimated at $

3.04 per ounce

Royalty and other charges of 4.0% are applied to the gold metal value.

Processing costs estimated at

10.82,

11.28 and $

15.61 per

tonne

for saprolite, transition and fresh rock

material

respectively.

G&A costs estimated at

.29

per

tonne

for saprolite for the Malikoundi deposit and $

4.37

per

tonne

for all

other material at the Malikoundi deposit and for the Boto 5 deposit.

10.

The cut

off grades for the Malikoundi deposit are 0.42 g/t

for saprolite, 0.43 g/t

for transition rock and

0.58 g/t

for hard rock.

11.

The cut

off grades for the Boto 5 deposit are 0.41 g/t

for saprolite, 0.43 g/t

for transition rock and 0.58

g/t

for hard rock.

12.

The tonnes and grades are diluted.

13.

Numbers may not add due to round

ing.

14.

Attributable is a representation of dividends calculated as 90% for IAMGOLD, with 10% to the government of

Senegal.

OPTIMIZATION

WORK

The FS issued in October 2018 was used to support the application for an exploitation permit,

which was

received as noted above, in December 2019. During 2019, the project team

completed further

engineering

work to optimize the project. Work included condemnation drilling, plant engineering

water management

optimization

and additional resource drilling

e update of the

reserve

block model

(“BM”

)

resulted in a

modest

reserve decrease

compared to the

2018

FS.

Based on the revised BM

and results of

the

optimization work,

including

the mining plan,

and review of

the

forecast

capital

and operating

cost

estimat

es, the economic analysis of the project was

updated

as outlined above.

The

optimization study

confirms

the preferred development

approach

to be

a conventional truck and

shovel open pit mining operation

with a

mineral

processing circuit

incorporating primary crushing,

grinding

and

cyanide leaching, followed

by gold recovery

using

carbon

pulp, stripping and electrowinning.

Open p

it mining includes

approximately

13.7

Mt of

waste

stripping

and

1.2

Mt of ore stockpiling in

pre

production mining during a

thirteen

month

pre

production

period

followed by

years

of production mining

along with s

tockpile reclaim

The m

aximum mining rate is

Mt per annum. T

average

ore

grade is

g/t Au and

the LOM stripping ratio is

7.5

:1.

Future Work

he project team

now

focusing on long lead

items

engineering

and critical path activities to be in

position to rapidly launch

the project in case of

either a decision to proceed to full construction or further

risk

and optimize the project

prior to construction approval

The exploration team

is conducting

del

ineation drilling

program

target the

conver

sion of

additional inferred resources to

indicated

category

, which may be upgraded to reserves, as well as continu

ing

exploration to expand resources

proximity

to the

resource

pits

on the exploitation lease

as well as regionally

Qualified Persons

The

initial

and subsequent optimization studies were completed

IAMGOLD and Lycopodium

and

incorporate the work of IAMGOLD

Lycopodium

and Specialist Consultants

Qualified Persons

(QPs)

(as

defined under National Instrument 43

101).

Lycopodium and Specialist Consultant

QPs

are independent of

IAMGOLD and have reviewed and approved this news release. IAMGOLD Q

are not independent of

IAMG

OLD and have reviewed and approved this news release. The areas of responsibility for each Q

involved in preparing the

, upon which the technical report will be based, are:

Lycopodium

QPs



Morrison

, P. Eng.,

etallurgical

testing and mineral

processing

ecovery methods

and

plant

operating costs



M. Oliazadeh, P.Eng.,

Summary, p

roject infrastructure and

plant

capital cost

Specialist Consultants QPs



T. Ciuculescu

, P.

Geo

(

RPA

) Summary, accessibility, geological setting, deposit type,

exploration,

drilling, sample preparation and analysis and security, data verifica

tion, mineral resource estimate



R. McIsaac P. Eng. (Knight Piésold), Tailings and water

IAMGOLD



P. Chabot,

ng., Summary, mine design, mine capital and

operating costs, reserve estimate



B. Denoncourt

Summary,

property description,

historical setting,

permitting,

financial

analysis and adjacent properties

The information in this news release was reviewed and approved by Craig MacDougall, P.Geo., S

enior

Vice President, Exploration for IAMGOLD. Mr. MacDougall is a Qualified Person as defined by National

Instrument 43

101.

Forward

Looking Information

All Mineral Reserve and Mineral Resou

rces estimates reported by the Company

were estimated in accordance with

the Canadian National Instrument 43

101 and the Canadian Institute of Mining

Metallurgy

, and Petroleum

Definition

Standards

(May 10, 2014)

. These standards differ significantly from the requirements of the U.S. Securitie

s and

Exchange Commission. Mineral Resources which are not Mineral Reserves do not have demonstrated economic

viability.

This document contains "forward

looking information" within the meaning of Canadian securities legislation and

"forward

looking stateme

nts" within the meaning of the United States Private Securities Litigation Reform Act of 1995.

This information and these statements, referred to herein as "forward

looking statements" are made as of the date of

this document. Forward

looking statements re

late to future events or future performance and reflect current estimates,

predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect

to:

(i) the estimated amount and grade of Mineral Resource

and Mineral Reserves

;

(ii) the

optimization study

representing

potentially

viable development option for the Project;

(iii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of sustaining

capital and the duration of financing payback periods;

(iv) the estimated amount of future production, both produced and metal recovered; and,

(v) estimates of operating costs and total costs, net cash flow, net present value and economic returns from an

operating mine.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans,

projections, objectives or future events or performance (often, but not always, using words or phrases such as

"expects", "antici

pates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals",

"objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or

"will" be taken, occur or be achieve

d, or the negative of any of these terms and similar expressions) are not statements

of historical fact and may be forward

looking statements.

All forward

looking statements are based on IAMGOLD's or its consultants' current beliefs as well as various

assu

mptions made by them and information currently available to them. The most significant assumptions are set forth

above, but generally these assumptions include:

(i) the presence of and continuity of metals at the

Boto

Gold

Project at estimated grades;

i) the geotechnical and metallurgical characteristics of rock conforming to sampled results; including the

quantities of water and the quality of the water that must be diverted or treated during mining operations;

(iii) the capacities and durability of v

arious machinery and equipment;

(iv) the availability of personnel, machinery and equipment at estimated prices and within the estimated delivery

times;

(v) currency exchange rates;

(vi) metals sales prices and exchange rate assumed;

(vii) appropriate

discount rates applied to the cash flows in the economic analysis;

(viii) tax rates and royalty rates applicable to the proposed mining operation;

(ix) the availability of acceptable financing under assumed structure and costs;

(x) anticipated mining los

ses and dilution;

) metallurgical performance;

(xi

) reasonable contingency requirements;

(xi

i) success in realizing proposed operations;

(xi

) receipt

of permits and other regulatory approvals on acceptable terms; and

(xv)

the fulfillment of environmental assessment commitments

and arrangements with

local

communities

Although management considers these assumptions to be reasonable based on informatio

n currently available to it,

they may prove to be incorrect. Many forward

looking statements are made assuming the correctness of other

forward

looking statements, such as statements of net present value and internal rates of return, which are based on

mos

t of the other forward

looking statements and assumptions herein. The cost information is also prepared using

current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over

the relevant period.

their very nature, forward

looking statements involve inherent risks and uncertainties, both general and specific,

and risks exist that estimates, forecasts, projections and other forward

looking statements will not be achieved or that

assumptions do not

reflect future experience. We caution readers not to place undue reliance on these forward

looking

statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs,

plans, objectives, expectations, anticipat

ions, estimates assumptions and intentions expressed in such forward

looking

statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed

above do not occur as forecast, but specifically include, without l

imitation: risks relating to variations in the mineral

content within the material identified as Mineral Resources

and Mineral Reserves

from that predicted; variations in

rates of recovery and extraction; the geotechnical characteristics of the rock mined

or through which infrastructure is

built differing from that predicted, the quantity of water that will need to be diverted or treated during mining operations

being different from what is expected to be encountered during mining operations or post closure

, or the rate of flow of

the water being different; developments in world metals markets; risks relating to fluctuations in the Canadian dollar

relative to the US dollar; increases in the estimated capital and operating costs or unanticipated costs; diffic

ulties

attracting the necessary work force; increases in financing costs or adverse changes to the terms of available

financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to

changes in logistical,

technical or other factors; changes in project parameters as plans continue to be refined; risks

relating to receipt of regulatory approvals

;

delays in stakeholder negotiations;

changes in regulations applying to the

development, operation, and closure of

mining operations from what currently exists; the effects of competition in the

markets in which IAMGOLD operates; operational and infrastructure risks and the additional risks described in

IAMGOLD’s Annual Information Form filed with SEDAR in Canada (ava

ilable at

www.sedar.com

) for

the year ended

December 31,

201

and in the Corporation's Annual Report Form 40

F filed with the U.S. Securities and Exchange

Commission on EDGAR (available at

https://www.sec.gov/edgar/searchedgar/companysearch.html

IAMGOLD

cautions that the foregoing list of factors that may affect future results is not exhaustive.

When relying on our forward

looking statements to make decisions with respect to IAMGOLD, investors and others

should carefully consider the foregoing

factors and other uncertainties and potential events. IAMGOLD does not

undertake to update any forward

looking statement, whether written or oral, that may be made from time to time by

IAMGOLD or on our behalf, except as required by law.

Cautionary Note t

o Investors Concerning Estimates of Inferred Resources

This news release also uses the term "inferred resources". We advise 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 exist

ence, 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.

Cautionary Note to U.S. Investors

The SEC li

mits 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 news release, such as "measured," "indicated," or "inferred,"

which may not be consistent wi

th the resource definitions established by the SEC. U.S. investors are urged to

consider closely the disclosure in the IAMGOLD Annual Reports on Form 40

F. You can review and obtain copies of

these filings from the SEC's website at http://www.sec.gov/edga

r.shtml or by contacting the Investor Relations

department.

The Canadian Securities Administrators' NI 43

101 requires mining companies to disclose reserves and resources

using the subcategories of "proven" reserves, "probable" reserves, "measured" resou

rces, "indicated" resources and

"inferred" resources. Mineral resources that are not mineral reserves do not demonstrate economic viability.

A Mineral Resource is a concentration or occurrence of natural, solid, inorganic material, or natural, solid fos

silized

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

characterist

ics 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

approp

riate 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 techni

ques 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 a

nd 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.

About IAMGOLD

IAMGOL

D (

www.iamgold.com

)

is a mid

tier mining company with four operating gold mines on three

continents. A solid base of strategic assets in North and South America and West Africa is complemented

by development and exploratio

n projects and continued assessment of accretive acquisition opportunities.

IAMGOLD is in a strong financial position with extensive management and operational expertise.

For further information please contact

Indi Gopinathan,

Investor

Relations Lead, IAMGOLD Corporation

Tel: (416) 360

4743 Mobile: (416) 388

6883

Martin Dumont

, Senior Analyst Investor Relations, IAMGOLD Corporation

Tel: (416) 933

5783

Mobile: (647) 967

9942

Toll

free: 1

888

464

9999

[email protected]

Please note:

This entire news release may be accessed via fax, e

mail, IAMGOLD's website at www.iamgold.com and through Newsfile's websi

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 de presse, veuillez consulter le

http://www.iamgold.com/French/accueil/default.aspx.

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