IMG.TO · 2020-03-31

IAMGOLD Achieves Target Production and Strong Gold Margins in the First Quarter 2020

Resource Estimates Production Results Exploration Programs

TSX: IMG NYSE: IAG

NEWS RELEASE

IAMGOLD ACHIEVES TARGET PRODUCTION AND STRONG GOLD MARGINS IN THE FIRST QUARTER 2020

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

For more information, refer to the Management Discussion and Analysis (MD&A) and Unaudited Consolidated Interim Financial Statements for the three months ended March 31, 2020.

Toronto, Ontario, May 4, 2020 - IAMGOLD Corporation (“IAMGOLD” or the “Company”) reported its consolidated financial and operating results for the quarter ended March 31, 2020.

"IAMGOLD benefited from strong revenues on higher gold prices in the quarter, generating $44 million in operating cash flow, notwithstanding the rapid onset of the COVID-19 crisis toward the end of the quarter," commented Gordon Stothart, newly appointed President & Chief Executive Officer of IAMGOLD. "Our gold margins improved 45% from one year ago, with production on plan, but lower sales volumes. We made good progress on waste stripping at Essakane, and are on track to achieve our 2020 run rate at Saramacca in the second half of the year, while Westwood has been steadily achieving production and cost targets. In response to the global COVID-19 crisis, the IAMGOLD team has proved both agile and resilient, drawing upon our deep bench strength to manage efforts at each of our locations, and taking a collaborative approach to government and community relations.”

Mr. Stothart stated, "I am also very pleased to announce that we have promoted Bruno Lemelin to the role of Senior Vice President, Operations & Projects, with oversight of all operational and project development activities across the organization, and Oumar Toguyeni to the role of Senior Vice President, International Affairs & Sustainability, with the primary objective of managing IAMGOLD’s relationships with our overseas host governments and other stakeholders in West Africa and South America. Both have extensive experience across IAMGOLD's operations and they bring additional leadership, technical and stakeholder engagement skills to our executive leadership team.”

“IAMGOLD has an exciting future, with a great foundation of existing operations, a superior balance sheet and one of the best growth portfolios of development assets and exploration projects in the industry." continued Mr. Stothart. “All of this is underpinned by a savvy, experienced team of technical, operational, and financial professionals."

First Quarter 2020 Highlights

Attributable gold production from continuing operations of 170,000 ounces at cost of sales¹ per ounce of $1,054, total cash costs² per ounce produced of $993 and all-in sustaining costs² per ounce sold of $1,230. Target production was achieved, with production at the end of the quarter impacted by activities related to COVID-19, including the self-confinement of Essakane and Rosebel, and the placement of Westwood on care and maintenance following provincial directives.
Attributable gold sales from continuing operations were 159,000 ounces at an average realized gold price per ounce of $1,603. Gold sales were lower at Essakane, reflecting the postponement of sales

at the quarter-end due to the global COVID-19 crisis, while Westwood was impacted by being placed on care and maintenance in response to provincial directives.

Revenues of $274.5 million, reflecting the average realized gold price of $1,603 per ounce sold.
Net loss from continuing operations attributable to equity holders of $34.4 million, or $0.07 per share, primarily due to losses on the embedded derivatives related to the Rosebel power purchase agreement and the Senior Notes.
Adjusted net loss from continuing operations attributable to equity holders² of $4.9 million or $0.01 per share².
Net cash from operating activities of $44.0 million.
Net cash from operating activities before changes in working capital² of $72.8 million.
The Company continues to manage its balance sheet prudently, with cash, cash equivalents, shortterm investments and restricted cash totaling $829.8 million at March 31, 2020.

Strategic Developments

Global COVID-19 Crisis

In response to the global COVID-19 crisis, IAMGOLD immediately activated appropriate committees at its various offices and operations world-wide to ensure a coordinated response encompassing operations, projects, exploration, and corporate offices. This enabled the timely assessment and implementation of protocols to mitigate risk to employees, contractors and local communities, including protocols aimed at complying with government-imposed restrictions and reducing the impact of supply chain disruptions.
The impact of the crisis on our business was not significant in the first quarter of 2020. Although precautionary self-confinement measures were taken at Essakane and Rosebel in late March, production continued uninterrupted. Six days of care and maintenance at Westwood in the quarter had a limited impact on production.
The continuing global COVID-19 crisis is expected to continue to affect our operations, including incremental costs and productivity impacts due to measures in place and new protocols implemented. While the precise impact continues to evolve, the impact could be significant in future periods, affecting our guidance for future years.
For 2020, primarily due to the crisis, we have lowered our total attributable gold production and capital expenditure guidance and revised upwards our cost of sales per ounce sold, total cash costs¹ per ounce produced, and all-in sustaining costs¹ per ounce sold guidance.
IAMGOLD has taken extensive steps to protect the health and safety of employees, contractors and local communities in response to the global COVID-19 crisis. This included training on new procedures and sanitary measures, adjusted work schedules and transport, and physical distancing and protective equipment. In addition, the number of sleeping quarters and handwashing stations at the mine sites was increased, temperature checks are performed and equipment is cleaned frequently.
IAMGOLD is working closely with both host communities and local governments to safeguard vulnerable communities against COVID-19 through food security, medical equipment donations and contributions to COVID-19 relief programs. We are reviewing various Federal and Provincial COVID-19 related support programs to determine eligibility and impact.

Organizational Changes

P.Gordon Stothart was appointed President and Chief Executive Officer and joined the Board of Directors, effective March 1, 2020.
IAMGOLD strengthened its leadership, technical and stakeholder engagement talent with the following appointments to our Executive Leadership Team:
- Bruno Lemelin was appointed to the role of Senior Vice President, Operations & Projects, with oversight of all operational and project development activities across the Company.
- Oumar Toguyeni was appointed to the role of Senior Vice President, International Affairs & Sustainability, with the primary objective of managing the Company's relationships with governments and other stakeholders in West Africa and South America.

Financial

We lowered our total attributable gold production guidance to the range of 685,000 to 740,000 ounces, lowered capital expenditure guidance to $345 million (±5%), revised upwards cost of sales per ounce sold guidance to the range of $955 to $995, revised upwards total cash costs¹ per ounce produced guidance to the range of $920 to $960, and revised upwards all-in sustaining costs¹ per ounce sold guidance to the range of $1,195 to $1,245, primarily due to the impact of the global COVID-19 crisis.
On February 26, 2020, IAMGOLD further amended its $500 million credit facility with a maturity date of January 31, 2023. These amendments included, among other things, extending $447 million of credit available under the credit facility agreement to a maturity date of January 31, 2024.
The Company acted on its financial risk mitigation strategies by executing currency hedges and fuel hedges due to favourable market conditions relative to internal planning rates.

Reserves and Resources

On February 18, 2020, we announced updated total attributable proven and probable reserves of 16.7 million ounces at the end of 2019. In addition, total attributable measured and indicated resources (inclusive of reserves) were reported at 27.2 million ounces of gold, while total attributable inferred resources were reported at 12.0 million ounces of gold.

Exploration

IAMGOLD announced an updated mineral resource estimate for the Pitangui Project in Brazil, comprising 3.33 million tonnes of indicated resources grading 4.39 g/t Au for 470,000 ounces and 3.56 million tonnes of inferred resources grading 3.78 g/t Au for 433,000 ounces.

Development and Operations

Mining activities continued at Saramacca with the construction of mine site facilities, water management infrastructure, site roads and the preparation of waste dumps. The delivery and commissioning of the hauling fleet and mining equipment also continued during the quarter. Construction of the haul road progressed with the road connection completed in the first quarter 2020 and ore from Saramacca was delivered to the Rosebel mill using the substantially completed haul road.
We continued to de-risk the Côté Gold Project, approaching 60% completion of the detailed project engineering as at March 31, 2020.
IAMGOLD announced that the Government of the Republic of Senegal approved the mining permit application for the Boto Gold Project for an initial 20-year period. The receipt of the mining permit positions the Project for a development decision and eventual production.
Our Westwood Gold Mine in Canada was placed on care and maintenance on March 25, 2020, along with other mining companies province-wide, as directed by the Government of Quebec in response to the global COVID-19 crisis as mining was considered a non-essential business. Subsequently, on April 15, 2020, Westwood commenced the restart of operations from care and maintenance following the April 13, 2020 confirmation from the Government of Quebec that mining is an essential business.
IAMGOLD's Rosebel mine in Suriname and the Essakane mine in Burkina Faso were moved into selfconfinement on March 22, 2020 and March 24, 2020, respectively, to better protect employees and communities, and to support the continuity of these operations. The Government of Burkina Faso subsequently imposed a curfew and limited movement in the country by placing a number of locations, including Ouagadougou and Essakane under administrative quarantine. Although the Essakane mine was placed under administrative quarantine on April 8, 2020, production has continued uninterrupted.

Subsequent to the Quarter

On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture (“UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating to the concession areas within the UJV Area of Interest, which includes Saramacca. The UJV excludes the existing gross Rosebel mining concession, which is 95% owned by Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and Staatsolie holds a 30% participating interest in the UJV on behalf of the Republic of Suriname. Staatsolie has paid Rosebel an initial amount of $34.0 million toward an aggregate owing of $54.9 million for all operating and capital expenses related to the Saramacca Project. The remaining amount will be paid out of Staatsolie’s gold entitlement.

Upcoming Growth Catalysts

We continue the strategic review of our growth projects, Côté Gold and Boto Gold. The Company is well positioned for growth, with a strong reserve and resource base, robust balance sheet and skilled workforce.
IAMGOLD expects to complete an updated life of mine plan for Westwood, and accompanying National Instrument 43-101 technical report, by mid-year 2020. The report is expected to outline the details of a safe, profitable and long life mine plan.
We continue to advance various ongoing and planned delineation and resource evaluation drilling programs at selected projects including the Nelligan Gold, Monster Lake and the Rouyn Gold Projects in Quebec, the Gosselin discovery on the Côté Gold property in Ontario, and the Karita Gold discovery in Guinea.

SUMMARY OF FINANCIAL AND OPERATING RESULTS

Three months ended March 31,

Financial Results ($ millions, except where noted)	2020	2019
Continuing Operations Revenues $ Cost of sales $		$ 251.0 $ 251.9
	274.5
	242.6
Gross profit (loss) $	31.9	$ (0.9
Net loss from continuing operations attributable to equity holders of $ IAMGOLD Net loss from continuing operations attributable to equity holders of IAMGOLD ($/share) $		) $ (40.7 ) $ (0.09
	(34.4
	(0.07
Adjusted net loss from continuing operations attributable to equity $ holders of IAMGOLD1		) $ (6.9 ) $ (0.01
	(4.9
Adjusted net loss from continuing operations attributable to equity holders of IAMGOLD ($/share)1 $
	(0.01
Net cash from operating activities $ Net cash from operating activities before changes in working capital1 $	44.0	$ 8.8 $ 33.8
	72.8
Key Operating Statistics Gold sales – attributable (000s oz) Gold production – attributable (000s oz) Average realized gold price1 ($/oz) $ Cost of sales2 ($/oz) $ Total cash costs1 ($/oz) $ All-in sustaining costs1 ($/oz) $ Gold margin1 ($/oz) $		178 173 $ 1,308 $ 962 $ 884 $ 1,103 $ 420
	159
	170
	1,603
	1,054
	993
	1,230
	610

1 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.

2 Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).

FIRST QUARTER 2020 SUMMARY

Financial Performance

Revenues from continuing operations for the first quarter 2020 were $274.5 million up $23.5 million or 9% from the same prior year period. The increase was primarily due to a higher realized gold price ($50.3 million) and higher sales volume at Westwood ($4.5 million), partially offset by lower sales volume at Essakane ($25.8 million) and Rosebel ($6.2 million).
Cost of sales from continuing operations for the first quarter 2020 was $242.6 million, down $9.3 million or 4% from the same prior year period. The decrease was primarily due to lower operating costs and depreciation expense partially offset by higher royalty expense as a result of an increase in the gold price. Operating costs were lower primarily due to higher capitalized stripping due to pushbacks at Essakane and Rosebel, a build of finished goods at Essakane reflecting the postponement of gold sales at the quarter-end due to the global COVID-19 crisis, partially offset by a drawdown of lower grade ore stockpiles to supplement ore feed at Rosebel.
Depreciation expense from continuing operations for the first quarter 2020 was $63.4 million, down $5.2 million or 8% from the same prior year period. The decrease was primarily due to lower depreciation at Westwood resulting from the impairment charge recorded in the fourth quarter 2019.
Income tax expense for the first quarter 2020 was $3.6 million, up $2.2 million from the same prior year period. Income tax expense for the first quarter 2020 comprised current income tax expense of $8.9 million (March 31, 2019 - $9.7 million) and deferred income tax recovery of $5.3 million (March 31, 2019
- recovery of $8.3 million). The increase in income tax expense was due to a lower deferred tax recovery

primarily due to changes to deferred income tax assets and liabilities, differences in the impact of fluctuations in foreign exchange, and differences in the level of taxable income in the Company’s operating jurisdictions from one period to the next.

Net loss from continuing operations attributable to equity holders for the first quarter 2020 was $34.4 million, or $0.07 per share, compared to net loss of $40.7 million, or $0.09 per share in the same prior year period. The decrease in net loss was primarily due to higher gross profit ($32.8 million) and lower other expenses ($19.1 million), partially offset by lower interest income, derivatives and other investment gains (losses) ($35.6 million) primarily due to losses on the embedded derivatives related to the Rosebel power purchase agreement and the Senior Notes.
Adjusted net loss attributable to equity holders¹ was $4.9 million, or $0.01 per share¹, compared to adjusted net loss¹ of $6.9 million, or $0.01 per share¹ in the same prior year period.
Net cash from operating activities for the first quarter 2020 was $44.0 million, up $35.2 million from the same prior year period. The increase was primarily due to higher earnings after non-cash adjustments ($35.3 million).
Net cash from operating activities before changes in working capital¹ for the first quarter 2020 was $72.8 million, up $39.0 million from the same prior year period.

Financial Position

Our cash, cash equivalents, short-term investments and restricted cash balance was $829.8 million at March 31, 2020, down $35.0 million from December 31, 2019. The decrease was due to spending on property, plant and equipment ($67.5 million), partially offset by cash generated from operating activities ($44.0 million).

Production and Costs

Attributable gold production from continuing operations was 170,000 ounces for the first quarter 2020, down 3,000 ounces from the same prior year period. The decrease was primarily due to lower grades at Essakane as a result of mine sequencing (6,000 ounces), lower throughput at Rosebel as ore feed was supplemented from lower grade ore stockpiles and higher grade mill pebbles as mining activity focused on achieving strategic pushbacks (4,000 ounces), partially offset by increased throughput at Westwood due to the ramp up of mining activity compared to the reduced activity resulting from increased seismicity in the fourth quarter 2018 (7,000 ounces).
Attributable gold sales from continuing operations were 159,000 ounces for the first quarter 2020, down 19,000 ounces from the same prior year period. The decrease was due to lower sales at Essakane (18,000 ounces) and Rosebel (4,000 ounces) partially offset by higher sales at Westwood (3,000 ounces).
Cost of sales³ per ounce from continuing operations for the first quarter 2020 was $1,054, up 10% from the same prior year period primarily due to lower sales volume and higher royalties as a result of an increase in the gold price.
Total cash costs¹per ounce produced from continuing operations for the first quarter 2020 were $993, up 12% from the same prior year period primarily due to lower production volume and higher royalties as a result of an increase in the gold price.
All-in sustaining costs¹ per ounce sold from continuing operations for the first quarter 2020 were $1,230, up 12% from the same prior year period. The increase was primarily due to higher cost of sales per ounce, partially offset by lower sustaining capital expenditures.
While there was no impact on total cash costs¹ and all-in sustaining costs¹ from continuing operations for the first quarter 2020, the first quarter 2019 included a reduction of $61 per ounce produced and $60 per ounce sold, respectively, for the normalization of costs due to abnormally low production at Westwood.
Included in total cash costs¹and all-in sustaining costs¹ from continuing operations for the first quarter 2020 were realized derivative losses from hedging programs of $9 per ounce produced and $12 per ounce sold, respectively (2019 - $2 gain and $2 gain).

Commitment to Zero Harm Continues

The DART rate², representing the frequency of all types of serious injuries across all sites and functional areas for the first quarter 2020 was 0.65, above IAMGOLD's target of 0.57. We continue the implementation of several initiatives, including a behaviour-based safety program, to ensure a safer work environment.
In response to the global COVID-19 crisis, IAMGOLD has taken extensive steps to protect the health and safety of employees and contractors.

ATTRIBUTABLE GOLD PRODUCTION AND COSTS

Total Cash All-in Sustaining Gold Production Cost of Sales¹ Costs²Costs^2,3 (000s oz) ($ per ounce)

($ per ounce ($ per ounce produced) sold)

Three months ended March 31,		2019	2020		2019		2019		2019
	2020					2020		2020
Continuing operations Essakane (90%) Rosebel (95%) Westwood (100%)4,5		90 68 15			$ 896 $ 889 1,549		$ 883 $ 901 858		$ 1,010 1,064 1,192
	84		$	970		909		1,054
	64		1,114			1,042		1,248
	22		1,162			1,176		1,242
	170	173	$	1,054	$ 962 $	993	$ 888 $	1,230	$ 1,103
Cost of sales1 ($/oz)			$	1,054	$ 962
Cash costs, excluding royalties $ Royalties						920	$ 826 62
						73
Total cash costs2 $						993	$ 888
All-in sustaining costs2,3 $								1,230	$ 1,103

1 Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).

2 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.

3 All-in sustaining costs include corporate general and administrative costs. Refer to all-in sustaining costs reconciliation on page 29 of the MD&A. 4 Cost of sales per ounce sold for Westwood does not include the impact of normalization of costs for the first quarter 2020 of $nil per ounce (2019 - $60 per ounce).

5 Total cash costs per ounce produced and all-in sustaining costs per ounce sold for Westwood include the impact of normalization of costs for the first quarter 2020 of $nil per ounce (2019 - $61 per ounce produced and $60 per ounce sold, respectively).

UPDATED 2020 GUIDANCE

IAMGOLD Full Year Attributable Guidance	Revised1	Previous2
Essakane (000s oz) Rosebel (000s oz) Westwood (000s oz)	350 – 370	365 – 385 245 – 265 90 – 110
	250 – 270
	85 – 100
Total attributable production (000s oz)	685 - 740	700 - 760
Cost of sales3 ($/oz)	$955 - $995	$900 - $950
Total cash costs4,5 ($/oz)	$920 - $960	$840 - $890
All-in sustaining costs4,5 ($/oz)	$1,195 - $1,245	$1,100 - $1,150

1. The revised outlook is based on 2020 full year assumptions with an average realized gold price of $1,500 per ounce, U.S.$ / Canadian $ exchange rate of 1.40, € / U.S.$ exchange rate of 1.12 and average crude oil price of $35 per barrel.

2. The previous outlook was based on 2020 full year assumptions with an average realized gold price of $1,350 per ounce, U.S.$ / Canadian $ exchange rate of 1.30, € / U.S.$ exchange rate of 1.15 and average crude oil price of $62 per barrel.

3. Cost of sales, excluding depreciation, is on an attributable ounce sold basis (excluding the non-controlling interest of 10% at Essakane and 5% at Rosebel).

4. This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.

5. Consists of Essakane, Rosebel, and Westwood on an attributable basis.

GOLD PRODUCTION, COST OF SALES, TOTAL CASH COSTS AND ALL-IN SUSTAINING COSTS We lowered our 2020 total attributable gold production guidance to the range of 685,000 to 740,000 ounces from 700,000 to 760,000 ounces primarily due to the impact of the global COVID-19 crisis at Essakane and Westwood.

We expect to incur incremental costs including charter flights for gold shipments, increased number of sleeping quarters, adjusted work schedules and transport, expediting key supplies, additional security and screening measures, and personal protective equipment to protect the Company's workforce. Higher royalty expenses are expected due to the higher gold price expected in the year.

IAMGOLD revised upwards our 2020 cost of sales per ounce sold guidance to the range of $955 to $995 from $900 to $950 primarily due to the global COVID-19 crisis resulting in lower sales volume relative to the initial guidance.

We revised upwards our 2020 total cash costs¹ per ounce produced guidance to the range of $920 to $960 from $840 to $890 primarily due to the global COVID-19 crisis resulting in lower production volume relative to the initial guidance.

We also revised upwards our 2020 all-in sustaining costs¹ per ounce sold guidance to the range of $1,195 to $1,245 from $1,100 to $1,150 primarily due to the global COVID-19 crisis resulting in a decrease in sales volume.

DEPRECIATION EXPENSE

Depreciation expense in 2020 is expected to be in the range of $250 million to $260 million, down $10 million from the previous guidance.

INCOME TAXES

IAMGOLD expects to pay cash taxes in the range of $30 million to $45 million in 2020. The Company is subject to income tax in several jurisdictions, at various tax rates. However, the consolidated effective tax rate for IAMGOLD is subject to significant fluctuations period over period due to: expenditures and revenues recognized only for financial accounting purposes or only for income tax purposes; income tax unrelated to the income or loss before taxes for the current period, such as withholding taxes; and adjustments for deferred tax purposes that are not directly related to the income or loss before taxes for the current period, such as foreign exchange rate changes. In addition, adjustments to deferred income tax assets and/or liabilities may be recorded during the year.

CAPITAL EXPENDITURES OUTLOOK

	Revised			Previous
($ millions)	Sustaining1	Non-sustaining (Development/ Expansion)2	Total	Sustaining1 Non-sustaining Total (Development/ Expansion)2
Essakane Rosebel Westwood	$ 40	$ 80	$ 120	40 100 140 55 60 115 25 25 50
	60	55	115
	25	15	40
Côté Gold (70%) Boto Gold	125	150	275	120 185 305 — 35 35 — 30 30
	—	45	45
	—	25	25
Total3,4,5 (±5%)	$ 125	$ 220	$ 345	120 250 370

1 Sustaining capital includes capitalized stripping of $15 million for Rosebel.

2 Non-sustaining capital includes capitalized stripping of $65 million for Essakane (previously $80 million) and $30 million for Rosebel (previously $35 million).

3 Includes $16 million of capitalized exploration and evaluation expenditures (previously $11 million). Refer to the Exploration section of the MD&A. 4 Capitalized borrowing costs are not included.

5 In addition to the above capital expenditures, $20 million in total principal lease payments are expected.

We reduced our 2020 capital expenditure guidance by $25 million to $345 million (±5%). Non-sustaining capital expenditures decreased by $30 million and sustaining capital expenditures increased by $5 million compared to the previous guidance. The $30 million decrease in non-sustaining capital expenditures was primarily due to a reduction in capitalized stripping ($10 million) and timing of spend on other projects ($5 million) at Essakane, timing of spend on the Saramacca Project ($5 million), and lower development at Westwood ($10 million), partially offset by higher expected capital expenditures to continue progressing the Early Works program at the Côté Gold Project ($10 million).

2021 GUIDANCE

(refer to February 19, 2020 news release)

Although guidance for 2021 remains unchanged at this time, it is under review given the current global uncertainty with respect to the spread of COVID-19 and the effect it may have on IAMGOLD's operations.

We expect 2021 attributable gold production to be in the range of 760,000 to 840,000 ounces, approximately 12% higher than the expected 2020 production levels.

Capital expenditures, not inclusive of development projects, are expected to be approximately $250 million with the expected completion of the development of Saramacca in 2020 and lower capitalized stripping compared to 2020.

OPERATIONS ANALYSIS BY MINE SITE

Essakane Mine - Burkina Faso (IAMGOLD interest - 90%)

Attributable gold production for the first quarter 2020 was lower by 7% compared to the same prior year period as ore feed was sourced from lower grade zones due to mine sequencing. Gold sales for the first quarter 2020 were lower by 19%, reflecting the postponement of gold sales at the quarter end due to the global COVID-19 crisis.

Material mined in the first quarter 2020 was 30% higher compared to the same prior year period due to increased mining fleet and equipment availability combined with the utilization of contractors. Waste mined for the first quarter 2020 was 33% higher compared to the same prior year period as mining was focused on strategic pushbacks. The mill upgrade continued to progress in the quarter with engineering work being completed, project planning for the installation commenced and preliminary earthwork conducted to build access for the primary screen and the dust scrubber area.

Cost of sales per ounce sold for the first quarter 2020 were higher by 8% compared to the same prior year period primarily due to lower sales volume and higher royalties due to higher realized gold prices, partially offset by higher capitalized stripping resulting from strategic pushbacks and the build of low grade Heap Leach material stockpiles.

Total cash costs per ounce produced for the first quarter 2020 were higher by 3% compared to the same prior year period primarily due to lower production and higher royalties, partially offset by the higher capitalized stripping and the stockpile build up as noted above. Included in total cash costs for the first quarter 2020 was the impact of realized derivative losses from hedging programs of $9 per ounce produced (2019 - $3 gain).

All-in sustaining costs per ounce sold for the first quarter 2020 were higher by 4% compared to the same prior year period, primarily due to higher cost of sales per ounce, partially offset by lower sustaining capital expenditures. Included in all-in sustaining costs for the first quarter 2020 was the impact of realized derivative losses from hedging programs of $10 per ounce sold (2019 - $3 gain).

Sustaining capital expenditures for the first quarter 2020 of $5.6 million included capital spares of $1.9 million, mobile equipment and resource development of $0.4 million each, and various other sustaining capital expenditures of $2.9 million. Non-sustaining capital expenditures of $26.3 million included capitalized stripping of $19.0 million, tailings liners and dams of $4.8 million, mill upgrade of $1.8 million and mobile equipment of $0.7 million.

Outlook

We have lowered Essakane's 2020 attributable production guidance to the range of 350,000 to 370,000 ounces from 365,000 to 385,000 ounces reflecting the expected operational impact of measures taken to mitigate any health risks arising from the global COVID-19 crisis. The mine has proactively undertaken several COVID-19 related risk mitigation measures to limit the level of interaction within the workforce so that operations can continue. A lower than optimum capacity is expected in the second quarter. Capital expenditures are expected to be approximately $120 million, comprising $40 million of sustaining capital expenditures and $80 million of non-sustaining capital expenditures. The non-sustaining capital expenditures of $80 million reflect a decrease of $20 million primarily due to lower volumes of capitalized stripping and a deferral of spend into 2021.

Rosebel Mine - Suriname (IAMGOLD interest - 95%)

Attributable gold production for the first quarter 2020 was lower by 6% compared to the same prior year period as ore feed was supplemented from lower grade ore stockpiles and higher grade mill pebbles as the mining activity focused on pushbacks on the Rosebel concession and opening up access to the Saramacca pit. The development of future ore access resulted in lower ore mined compared to the same prior year period. Included in the mill feed were marginal amounts of higher grade ore from the Saramacca deposit. The carbon-in-column plant continued to perform favourably with 3,000 ounces recovered from tailings in the first quarter 2020, compared to 2,200 ounces in the same prior year period at a marginal operating cost of approximately $35 per ounce to cover additional power and elution costs.

Construction of the haul road progressed with the road connection completed in the first quarter 2020 and ore from Saramacca was delivered to the Rosebel mill using the substantially completed haul road. Mining activities continued at Saramacca in the first quarter 2020 with the construction of mine site facilities, water management infrastructure, site roads and preparation of waste dumps. Construction of the haul road along with site infrastructure are expected to be completed by the second half of 2020. Deliveries and commissioning of the hauling fleet and other mining equipment continued during the first quarter 2020 in anticipation of the ramp up of Saramacca's mining activities.

Cost of sales per ounce sold for the first quarter 2020 was higher by 25% compared to the same prior year period. This was primarily due to the reduction in sales volume combined with the drawdown of long term stockpiles to supplement ore feed and increased royalties due to higher realized gold prices, partially offset by increased capitalized stripping.

Total cash costs per ounce produced for the first quarter 2020 were higher by 16% compared to the same prior year period primarily due to the reduction in volume produced and the factors noted above. Included in total cash costs for the first quarter 2020 was the impact of realized derivative losses from hedging programs of $9 per ounce produced (2019 - $1 gain).

All-in sustaining costs per ounce sold for the first quarter 2020 were higher by 17% compared to the same prior year period primarily due to higher cost of sales per ounce sold partially offset by lower sustaining capital expenditures. Included in all-in sustaining costs for the first quarter 2020 was the impact of realized derivative losses from hedging programs of $9 per ounce sold (2019 - $1 gain).

Sustaining capital expenditures for the first quarter 2020 of $6.8 million included capital spares of $3.1 million, resource development of $0.8 million, tailings management of $0.7 million, mill equipment of $0.6 million, building upgrades of $0.4 million and various other sustaining capital expenditures of $1.2 million. Non-sustaining capital expenditures of $13.7 million included $8.6 million related to the Saramacca Project and $5.1 million of capitalized stripping.

Outlook

We have increased Rosebel's attributable production guidance in 2020 to the range of 250,000 to 270,000 ounces from 245,000 to 265,000 ounces reflecting the benefits of positive grade reconciliation on the Rosebel concession, despite the expected operational impact of measures taken to mitigate any health risks arising from the global COVID-19 crisis. To mitigate the impact of the global COVID-19 crisis, the mine has proactively undertaken measures to protect employees as they enter and exit the site, and to lower interaction within the workforce, resulting in lower levels of activity and increased costs expected in the second quarter. Capital expenditures are expected to be approximately $115 million, comprising $60 million of sustaining capital expenditures and $55 million of non-sustaining capital expenditures. The sustaining capital expenditures of $60 million reflect a $5 million increase to support additional resource development drilling. The non-sustaining capital expenditures of $55 million reflect a decrease of $5 million due to lower volumes of expansionary capitalized stripping in 2020.

Westwood Mine - Canada (IAMGOLD interest - 100%)

Westwood was placed on care and maintenance on March 25, 2020, along with other mining companies province-wide, as directed by the Government of Quebec in response to the global COVID-19 crisis as mining was considered a non-essential business. Subsequently on April 15, 2020, Westwood commenced the restart of operations from care and maintenance following the April 13, 2020 confirmation from the Government of Quebec that mining is an essential business. The restart at Westwood was done in accordance with the standards set by the Government of Quebec, the Public Health Directorate and the Commission des normes, de l'équité, de la santé et de la sécurité du travail ("CNESST") to limit the risk of the spread of COVID-19. Ramp-up activities included training employees on new procedures and sanitary measures, adjusted work schedules and transport, and physical distancing and protective equipment. Gold production for the first quarter 2020 was 47% higher than the same prior year period primarily due to higher throughput as mining activities in the prior year period were adversely affected by increased seismic activity in localized areas in the fourth quarter 2018.

In the first quarter 2020, 109,000 tonnes of ore were mined from the Grand Duc satellite deposit (2019 - nil) at a head grade of 0.92 g/t Au (2019 - nil g/t Au). Head grade, excluding marginal ore and ore mined from Grand Duc for the first quarter 2020 was 5.77 g/t Au (2019 - 5.23 g/t Au).

Underground development continued to progress in the first quarter 2020 to open up access to new mining areas with lateral development of approximately 1,305 metres, averaging 14 metres per day. Development at Westwood continues and is expected to increase with a three to four year ramp up to steady state production levels. An updated life of mine plan for Westwood and accompanying National Instrument 43-101 Technical Report are expected by mid-year 2020.

While there was no impact on total cash costs per ounce produced and all-in sustaining costs per ounce sold for the first quarter 2020 related to normalization, the first quarter 2019 included a reduction of $778 per ounce produced and $610 per ounce sold, respectively, for the normalization of costs due to abnormally low production following increased seismic activity in the fourth quarter 2018.

Cost of sales per ounce sold for the first quarter 2020 were lower by 25% compared to the same prior year period, primarily due to higher sales volume partially offset by increased mining and milling costs due to the mining of the Grand Duc.

Total cash costs per ounce produced for the first quarter 2020 were higher by 37% compared to the same prior year period as the prior year costs were normalized by $778 per ounce produced and due to increased mining and milling costs from the mining of Grand Duc, partially offset by higher production volume in the first quarter 2020. Included in total cash costs for the first quarter 2020 was the impact of realized derivative losses from currency hedging programs of $9 per ounce produced (2019 - $2 gain).

All-in sustaining costs per ounce sold for the first quarter 2020 were higher by 4% compared to the same prior year period as the prior year costs were normalized by $610 per ounce sold partially offset by lower sustaining capital expenditures and lower cost of sales per ounce. Included in all-in sustaining costs for the first quarter 2020 was the impact of realized derivative losses from currency hedging programs of $10 per ounce sold (2019 - $2 gain).

Sustaining capital expenditures for the first quarter 2020 of $2.4 million included deferred development of $1.7 million, underground construction of $0.3 million and underground equipment of $0.4 million. Nonsustaining capital expenditures of $2.2 million included deferred development of $1.2 million, development drilling of $0.7 million and underground construction of $0.3 million.

Outlook

We have lowered Westwood’s production guidance in 2020 to the range of 85,000 to 100,000 ounces from 90,000 and 110,000 ounces reflecting the government-mandated closure in March and April 2020, and the expected operational impact of measures taken to mitigate any health risks arising from the global COVID- 19 crisis. Production for the first half of 2020 is expected to be adversely impacted by the care and maintenance shutdown and subsequent time to ramp back up to full capacity. Capital expenditures are expected to be approximately $40 million, comprising $25 million in sustaining capital expenditures and $15 million in non-sustaining capital expenditures. The decrease of $10 million in non-sustaining capital expenditures reflects a lower volume of deferred development and deferral of non-critical underground construction into 2021.

DISCONTINUED OPERATIONS

Mali – Sadiola Mine (IAMGOLD interest – 41%)

On December 20, 2019, IAMGOLD, together with our joint venture partner, AngloGold Ashanti Limited ("AGA"), entered into an agreement to sell our collective interests in Société d'Exploitation des Mines d'Or de Sadiola S.A. ("Sadiola") to Allied Gold Corp. for a cash consideration of US$105 million. The transaction remains subject to the fulfillment, or waiver, of a number of conditions precedent, including the receipt of certain approvals and releases from the Government of Mali. In addition, upon the fulfillment or waiver of all conditions precedent to the transaction but immediately prior to closing of the transaction, Sadiola will pay a dividend of $15 million pro rata to its shareholders.

As of December 31, 2019, the Sadiola disposal group met the criteria to be classified as held for sale.

Mali - Yatela Mine (IAMGOLD interest - 40%)

On February 14, 2019, Sadiola Exploration Limited ("SADEX"), a subsidiary jointly held by IAMGOLD and AGA, entered into a share purchase agreement with the Government of Mali, whereby SADEX agreed to sell to the Government of Mali its 80% participation in Société d’Exploitation des Mines d’Or de Yatela ("Yatela"), for a consideration of $1. The transaction remains subject to the fulfillment of a number of conditions precedent, among which the adoption of two laws, confirming the change of status of Yatela to a State Entity, and also the creation of a dedicated state agency, notably in charge of mine rehabilitation and closure. As part of the transaction, and upon its completion, IAMGOLD will make a one-time payment of approximately $18.5 million to the said state agency, in an amount corresponding to the estimated costs of completing the rehabilitation and closure of the Yatela mine, and also financing certain outstanding social programs. Upon completion and this payment being made, SADEX and its affiliated companies will be released of all obligations relating to the Yatela mine, including those relating to rehabilitation, mine closure and the financing of social programs.

As of March 31, 2019, the Yatela disposal group met the criteria to be classified as held for sale.

Together the Sadiola and Yatela disposal groups are considered a separate geographical area of operation and have therefore been presented as discontinued operations in the Consolidated statement of earnings (loss).

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