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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 40-F
_______________________  
[ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
OR
[X] ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
Commission file number: 001-31528
_______________________

IAMGOLD CORPORATION
(Exact Name of Registrant as Specified in its Charter)
_______________________  
Canada1040Not Applicable
(Province or other jurisdiction of(Primary Standard Industrial(I.R.S. Employer
incorporation or organization)Classification Code)Identification No.)
401 Bay Street, Suite 3200
P.O. Box 153
Toronto, Ontario M5H 2Y4
(416) 360-4710
(Address and Telephone Number of Registrant’s Principal Executive Offices) 
DL Services, Inc.
Columbia Center
701 5th Avenue, Suite 6100
Seattle, WA 98104
(206) 903-8800
(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class:Trading Symbol(s)Name of Each Exchange On Which Registered:
Common Shares, no par valueIAGNew York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
_______________________
For annual reports, indicate by check mark the information filed with this form:
[X] Annual Information Form
[X] Audited Annual Financial Statements



_______________________



Doc#: US1:14434281v4


Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 475,316,176
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
[X] Yes [ ] No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
[X] Yes [ ] No
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company [ ]
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. [X]
The Annual Information Form dated February 17, 2021, Management’s Discussion and Analysis, and Audited Consolidated Financial Statements for the year ended December 31, 2020, in each case, of IAMGOLD Corporation (the “Company”), included as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3, respectively, to this annual report on Form 40-F of the Company (the “Annual Report”), are incorporated by reference into and as an exhibit to the Company’s Registration Statement on Form F-10 (File No. 333-238310), and the Annual Report is incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-142127).




INCORPORATED DOCUMENTS
Annual Information Form
The Company’s Annual Information Form (“AIF”) is filed as Exhibit 99.1 to this Annual Report.
Management’s Discussion and Analysis
The Company’s management’s discussion and analysis (“MD&A”) is filed as Exhibit 99.2 to this Annual Report.
Audited Annual Financial Statements
The Company’s audited consolidated financial statements and the notes thereto (the “Annual Financial Statements”) are filed as Exhibit 99.3 to this Annual Report.
DISCLOSURE CONTROLS AND PROCEDURES
At the end of the period covered by this report, an evaluation was carried out under the supervision of and with the participation of the Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the United States Securities Exchange Act (the “Exchange Act”)). Based on that evaluation, the CEO and the CFO have concluded that as of the end of the period covered by this report, the Company’s disclosure controls and procedures were adequately designed and effective in ensuring that: (i) information required to be disclosed by the Company in reports that it files or submits to the Commission under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) information required to be disclosed in the Company’s reports filed under the Exchange Act is accumulated and communicated to management, including the CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company’s internal control over financial reporting process is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles.
Because of its inherent limitations, the internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management conducted an evaluation of the design and operation of the Company’s internal controls over financial reporting as of the end of the Company’s last fiscal year, based on the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on this evaluation. Based on this evaluation, management has concluded that the Company’s internal control over financial reporting was effective as of the end of the Company’s last fiscal year.



ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM
The Company’s auditor has attested to internal control over financial reporting for the past fiscal year. The auditor’s attestation immediately precedes the audited consolidated financial statements of the Company in Exhibit 99.3 and is incorporated by reference in this Annual Report.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During the period covered by this Annual Report, no change occurred in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect the Company’s internal control over financial reporting.
The Company’s management, including the CEO and CFO, do not expect that its disclosure controls and procedures or internal controls and procedures will prevent all error and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur, and not be detected.
AUDIT COMMITTEE FINANCIAL EXPERT
The required disclosure is included under the heading “Audit and Finance Committee—Composition and Relevant Education and Experience of Members” in the AIF, and is incorporated by reference in this Annual Report.
CODE OF ETHICS
The Board has adopted a written Code of Conduct by which it and all officers and employees of the Company abide. All departures from, all amendments to the Code, and all waivers of the Code with respect to any of the senior officers covered by it, which waiver may be made only by the Board in respect of senior officers, will be disclosed as required. The Company’s Code of Business Conduct and Ethics is located on its website at www.iamgold.com.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
The required disclosure is included under the headings “Audit and Finance Committee—External Auditor Service Fees” and “Audit and Finance Committee—Pre-Approval Policies and Procedures” in the AIF, and is incorporated by reference in this Annual Report.
OFF-BALANCE SHEET TRANSACTIONS
The Company does not have any off-balance sheet financing arrangements or relationships with unconsolidated special purpose entities.
CONTRACTUAL OBLIGATIONS
The required disclosure is included under the heading “Financial Condition—Contractual Obligations” in the MD&A, and is incorporated by reference in this Annual Report.



IDENTIFICATION OF THE AUDIT COMMITTEE
The Company’s Board of Directors (the “Board”) has a separately designated standing Audit and Finance Committee established in accordance with section 3(a)(58)(A) of the Exchange Act. The members of the Company’s Audit and Finance Committee are disclosed under the heading “Audit and Finance Committee—Composition and Relevant Education and Experience of Members” in the AIF and is incorporated by reference in this Annual Report.
CORPORATE GOVERNANCE
The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and the Company complies with the corporate governance requirements of the TSX and NYSE, as they relate to the Company. As a foreign private issuer, the Company is permitted, by the NYSE, not to comply with certain of the NYSE’s corporate governance rules. A description of the significant ways in which the Company’s governance practices differ from those followed by domestic companies pursuant to NYSE standards can be found on the Company’s website at www.iamgold.com.
UNDERTAKING
The Company undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an this Annual Report arises; or transactions in said securities.
CONSENT TO SERVICE OF PROCESS
The Company filed an Appointment of Agent for Service of Process and Undertaking on Form F-X with respect to the class of securities in relation to which the obligation to file the Form 40-F arises.
Any change to the name or address of the agent for service of process of the Registrant shall be communicated promptly to the Commission by an amendment to the Form F-X referencing the file number of the Registrant.
EXHIBITS
99.1Annual Information Form
99.2Management's Discussion and Analysis
99.3Annual Financial Statements (see 40-F cover)
99.4Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934
99.5Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.6Consent of KPMG LLP
99.7Consent of Wood Canada Limited
99.8Consent of R. McIsaac
99.9Consent of C. MacDougall
99.10Consent of R. Dutaut
99.11Consent of R. Sirois
99.12Consent of G Mining Services Inc.
99.13Consent of L-B. Denoncourt
99.14Consent of K. Besemann
99.15Consent of A. Smith
99.16Consent of M-F. Bugnon



99.17Consent of M. Payeur
99.18Consent of A. Doucette
99.19Consent of V. Blanchet
99.20Consent of SRK Consulting (Canada) Inc.
99.21Consent of D. Chartier
99.22Consent of D. Isabel
99.23Consent of O. Leuangthong
99.24Consent of P. Chabot
99.25Consent of T. Manning
99.26Consent of N. Morrison
99.27Consent of Lycopodium Mineral Canada Limited
99.28Consent of M. Oliazadeh
99.29Consent of S. Rivard
99.30Consent of Knight Piésold Ltd.
99.31Consent of T. Ciuculescu
99.32Consent of SLR Consulting (Canada) Ltd. (formerly Roscoe Postle Associates)
99.33Consent of F. J. Sawadogo
99.34Consent of R. B. Burnley
99.35Consent of J. Purchase
99.36Consent of M. Gauthier
99.37Consent of A. Ladidi
99.38Consent of C. Charles
99.39Consent of N. Landry
99.40Consent of M. Deshaies
99.41Consent of P. Ferland
99.42Consent of S. Pelletier
99.43Consent of L. Ragsdale
101Interactive data files with respect to the Annual Financial Statements





SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
IAMGOLD CORPORATION
    /s/ P. Gordon Stothart
By:                
Name:    P. Gordon Stothart
Title:    Chief Executive Officer
Date:    February 17, 2021



iag-20201231_g1.jpg

CONSOLIDATED FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2020
 






Management's responsibility for financial reporting

41 
Management's report on internal control over financial reporting

42 
Report of independent registered public accounting firm

43 to 44
Report of independent registered public accounting firm 45 
Consolidated financial statements
Consolidated balance sheets46 
Consolidated statements of earnings (loss)47 
Consolidated statements of comprehensive income (loss)48 
Consolidated statements of changes in equity49 
Consolidated statements of cash flows50 
Notes to consolidated financial statements51 to 97




MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
To the Shareholders and Board of Directors of IAMGOLD Corporation
The accompanying consolidated financial statements of IAMGOLD Corporation (“the Company”), their presentation and the information contained in Management's Discussion and Analysis including information determined by specialists, are the responsibility of management. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
The financial information of the Company presented in Management's Discussion and Analysis is consistent with that in the consolidated financial statements.
The integrity of the consolidated financial reporting process is the responsibility of management. Management maintains systems of internal controls designed to provide reasonable assurance that transactions are authorized, assets are safeguarded, and reliable financial information is produced. Management selects accounting principles and methods that are appropriate to the Company’s circumstances, and makes certain determinations of amounts reported in which estimates or judgments are required.
The Board of Directors is responsible for ensuring that management fulfills its responsibility for financial reporting. The Board of Directors carries out this responsibility principally through its Audit and Finance Committee which consists of independent directors. The Board of Directors has also designated the Chairman of the Audit and Finance Committee as the Board’s financial expert. The Audit and Finance Committee meets periodically with management and the external auditors to discuss internal controls, auditing matters and financial reporting requirements. The Audit and Finance Committee satisfies itself that each party is properly discharging its responsibilities; reviews the quarterly and annual consolidated financial statements and any reports by the external auditors; and recommends the appointment of the external auditors for review by the Board of Directors and approval by the shareholders.
The external auditors audit the consolidated financial statements annually on behalf of the shareholders. The external auditors have full and free access to management and the Audit and Finance Committee.
    
iag-20201231_g2.jpg             iag-20201231_g3.jpg         
Gordon Stothart                          Carol T. Banducci
Chief Executive Officer                     Chief Financial Officer
February 17, 2021                     February 17, 2021
IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 41


MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with IFRS as issued by the IASB.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The CEO and CFO conducted an evaluation of the design, implementation and operating effectiveness of the Company’s internal control over financial reporting as of December 31, 2020. This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on this evaluation. Based on this evaluation, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, 2020, based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2020 has been audited by KPMG LLP, Chartered Professional Accountants, as stated in their report located on page 45 of the consolidated financial statements.
IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 42


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of IAMGOLD Corporation:

Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of IAMGOLD Corporation (the Company) as of December 31, 2020 and 2019, the related consolidated statements of earnings (loss), comprehensive income (loss), changes in equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and its financial performance and its cash flows for each of the years then ended, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2020, based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 17, 2021 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Recoverable amount of the Doyon Cash Generating Unit (CGU)
As discussed in Note 3(h) to the consolidated financial statements, the carrying amounts of the Company’s non-current assets are reviewed at each reporting date to determine whether there is any indication of impairment and if any such indicator exists, the Company performs an impairment test. As discussed in Note 30 to the consolidated financial statements, an indicator of impairment was identified for the Doyon CGU as a result of the placement of the underground operations on care and maintenance and the uncertainty regarding the impact of the October 30, 2020 seismic event on the life of mine plan. The Company estimated the recoverable amount of the Doyon CGU based on its fair value less cost of disposal. The Company used a discounted cash flow model derived from the most recent budget, five year plan and life of mine plan, adjusted where necessary to reflect the impact of the seismic event and updated with relevant macro-economic assumptions at December 31, 2020, plus the estimated fair value of known mineral resources not included in the discounted cash flow model.
We identified the assessment of the recoverable amount of the Doyon CGU as a critical audit matter. A high degree of auditor judgment was required to evaluate the estimated future cash flows used to estimate the recoverable amount of the Doyon CGU as minor changes in the key assumptions of future costs, future gold prices, foreign exchange rates, discount rate and fair value per ounce of known mineral resources not included in the life of mine plan could have had a significant effect on the Company’s estimate of the recoverable amount of the CGU. In addition, auditor judgment was required to assess the mineral reserves and resources which form the basis of the future cash flows.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s impairment assessment process. This included controls related to the determination of each of the key assumptions in the estimated recoverable amount and controls related to the determination of estimated mineral reserves and resources. We compared the future costs in the discounted cash flow model to technical reports and to actual historical costs incurred. We evaluated the Company’s estimate of mineral reserves and
IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 43


resources by comparing the Company’s historical estimates to actual production results. We assessed the competence, capabilities and objectivity of the Company’s personnel who prepared the mineral reserve and resource estimates, including the industry and regulatory standards they applied. We involved valuation professionals with specialized skills and knowledge, who assisted in:
evaluating the future gold prices, foreign exchange rates and discount rate assumptions, by comparing to estimates that were independently developed using publicly available third party sources and data for comparable entities; and
assessing the fair value per ounce of known mineral resources not included in the life of mine plan, by comparing the assumptions to the implied value per ounce from comparable market transactions and the implied value per ounce of the mineral reserves and resources in the discounted cash flow model.




iag-20201231_g4.jpg

Chartered Professional Accountants, Licensed Public Accountants

We have served as the Company’s auditor since 1998.

Toronto, Canada
February 17, 2021

IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 44


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of IAMGOLD Corporation:

Opinion on Internal Control Over Financial Reporting
We have audited IAMGOLD Corporation’s (the Company) internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2020 and 2019, the related consolidated statements of earnings (loss), comprehensive income (loss), changes in equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements), and our report dated February 17, 2021 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


iag-20201231_g4.jpg

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada
February 17, 2021
IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 45


CONSOLIDATED BALANCE SHEETS
(In millions of U.S. dollars)
NotesDecember 31,
2020
December 31, 2019
Assets
Current assets
Cash and cash equivalents6$941.5 $830.6 
Short-term investments6.0 6.1 
Receivables and other current assets8120.7 72.2 
Inventories9327.3 308.5 
Assets classified as held for sale11 45.6 
1,395.5 1,263.0 
Non-current assets
Investment in associate109.0 10.0 
Property, plant and equipment122,362.0 2,239.6 
Exploration and evaluation assets1354.8 42.2 
Restricted cash738.6 28.1 
Inventories9198.3 223.2 
Other assets1496.1 56.0 
2,758.8 2,599.1 
$4,154.3 $3,862.1 
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities$244.7 $211.9 
Income taxes payable29.6 12.8 
Current portion of provisions156.7 4.8 
Current portion of lease liabilities1618.0 13.4 
Current portion of derivative liabilities179.4  
Current portion of long-term debt197.9 4.6 
Liabilities classified as held for sale1118.5 18.5 
334.8 266.0 
Non-current liabilities
Deferred income tax liabilities18168.8 180.6 
Provisions15388.0 374.6 
Lease liabilities1648.8 45.4 
Derivative liabilities1725.9 2.3 
Long-term debt19458.7 403.9 
Deferred revenue20179.8 170.5 
Other liabilities4.0  
1,274.0 1,177.3 
1,608.8 1,443.3 
Equity
Equity attributable to IAMGOLD Corporation shareholders
Common shares2,710.8 2,686.8 
Contributed surplus60.6 54.0 
Accumulated deficit(307.9)(350.2)
Accumulated other comprehensive loss(5.3)(44.5)
2,458.2 2,346.1 
Non-controlling interests87.3 72.7 
2,545.5 2,418.8 
Contingencies and commitments15(b), 36
Subsequent events39
$4,154.3 $3,862.1 
The accompanying notes are an integral part of these consolidated financial statements.        
Signed on behalf of the Board of Directors,
iag-20201231_g5.jpg                    iag-20201231_g2.jpg
Donald K. Charter, Chairman                Gordon Stothart, Director    
IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 46


CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
 Years ended December 31,
(In millions of U.S. dollars, except per share amounts)Notes20202019
Continuing Operations
Revenues$1,241.7 $1,065.3 
Cost of sales28991.4 995.7 
Gross profit250.3 69.6 
General and administrative expenses29(46.8)(42.0)
Exploration expenses(27.9)(34.5)
Impairment charges, net of reversal3045.8 (287.8)
Other expenses31(76.0)(43.4)
Earnings (loss) from operations145.4 (338.1)
Share of net loss from investment in associate, net of income taxes10(1.6)(1.4)
Finance costs32(23.3)(14.4)
Foreign exchange gain (loss)2.2 (3.5)
Interest income, derivatives and other investment gains (losses)33(23.9)29.1 
Earnings (loss) before income taxes98.8 (328.3)
Income taxes18(44.1)(30.4)
Net earnings (loss) from continuing operations54.7 (358.7)
Net earnings (loss) from discontinued operations114.1 (39.3)
Net earnings (loss)$58.8 $(398.0)
Net earnings (loss) from continuing operations attributable to
Equity holders of IAMGOLD Corporation$38.5 $(373.3)
Non-controlling interests16.2 14.6 
Net earnings (loss) from continuing operations$54.7 $(358.7)
Net earnings (loss) attributable to
Equity holders of IAMGOLD Corporation$42.6 $(412.6)
Non-controlling interests16.2 14.6 
Net earnings (loss)$58.8 $(398.0)
Attributable to equity holders of IAMGOLD Corporation
Weighted average number of common shares outstanding (in millions)
Basic26472.6 468.0 
Diluted26478.0 468.0 
Basic and diluted earnings (loss) per share from continuing operations ($ per share)26$0.08 $(0.80)
Basic and diluted earnings (loss) per share from discontinued operations ($ per share)26$0.01 $(0.08)
Basic and diluted earnings (loss) per share ($ per share)26$0.09 $(0.88)
The accompanying notes are an integral part of these consolidated financial statements.
IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 47


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 Years ended December 31,
(In millions of U.S. dollars)Notes20202019
Net earnings (loss)$58.8 $(398.0)
Other comprehensive income (loss), net of income taxes
Items that will not be reclassified to the statements of earnings (loss)
Movement in marketable securities fair value reserve
Net unrealized change in fair value of marketable securities4.9 0.5 
Net realized change in fair value of marketable securities21(b)(4.9)(0.5)
Tax impact(0.3)0.1 
(0.3)0.1 
Items that may be reclassified to the statements of earnings (loss)
Movement in cash flow hedge fair value reserve
Effective portion of changes in fair value of cash flow hedges18.8 5.3 
Time value of options contracts excluded from hedge relationship7.9 9.2 
Net change in fair value of cash flow hedges reclassified to the statements of earnings (loss)10.0 (1.4)
Tax impact0.2 (0.5)
36.9 12.6 
Currency translation adjustment100.6 1.4 
37.5 14.0 
Total other comprehensive income37.2 14.1 
Comprehensive income (loss)$96.0 $(383.9)
Comprehensive income (loss) attributable to:
Equity holders of IAMGOLD Corporation$79.8 $(398.5)
Non-controlling interests16.2 14.6 
Comprehensive income (loss) $96.0 $(383.9)
Comprehensive income (loss) arises from:
Continuing operations$91.9 $(344.6)
Discontinued operations4.1 (39.3)
Comprehensive income (loss)$96.0 $(383.9)
The accompanying notes are an integral part of these consolidated financial statements.



IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 48


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Years ended December 31,
(In millions of U.S. dollars)Notes20202019
Common shares
Balance, beginning of the year$2,686.8 $2,680.1 
Issuance of common shares for share-based compensation12.4 2.9 
Issuance of common shares11.6 3.8 
Balance, end of the year2,710.8 2,686.8 
Contributed surplus 
Balance, beginning of the year54.0 48.2 
Issuance of common shares for share-based compensation(7.4)(2.9)
Share-based compensation2711.7 9.2 
Other2.3 (0.5)
Balance, end of the year60.6 54.0 
 
Retained earnings (Accumulated deficit)
Balance, beginning of the year(350.2)63.1 
IFRS 16 Leases transition adjustment (0.5)
Adjusted balance, beginning of the year(350.2)62.6 
Net loss attributable to equity holders of IAMGOLD Corporation42.6 (412.6)
Other(0.3)(0.2)
Balance, end of the year(307.9)(350.2)
Accumulated other comprehensive loss
Marketable securities fair value reserve
Balance, beginning of the year(31.9)(32.0)
Net change in fair value of marketable securities, net of income taxes(0.3)0.1 
Balance, end of the year(32.2)(31.9)
Cash flow hedge fair value reserve
Balance, beginning of the year(9.5)(22.3)
Net change in fair value of cash flow hedges recognized in property, plant and equipment21(c)2.0 0.2 
Net change in fair value of cash flow hedges recognized in other comprehensive income (loss), net of income taxes36.9 12.6 
Balance, end of the year29.4 (9.5)
Currency translation adjustment
Balance, beginning of the year(3.1)(4.5)
Change for the year100.6 1.4 
Balance, end of the year(2.5)(3.1)
Total accumulated other comprehensive loss(5.3)(44.5)
Equity attributable to equity holders of IAMGOLD Corporation 2,458.2 2,346.1 
Non-controlling interests
Balance, beginning of the year72.7 60.0 
Net earnings attributable to non-controlling interests16.2 14.6 
Dividends to non-controlling interests(1.9)(1.9)
Transaction with equity holders0.3 — 
Balance, end of the year87.3 72.7 
$2,545.5 $2,418.8 
The accompanying notes are an integral part of these consolidated financial statements.
IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 49


CONSOLIDATED STATEMENTS OF CASH FLOWS    
 Years ended December 31,
(In millions of U.S. dollars)Notes20202019
Operating activities
Net earnings (loss)$58.8 $(398.0)
Net loss from closed mines7.4 27.4 
Net earnings (loss) related to open mines66.2 (370.6)
Adjustments for:
Finance costs3222.2 13.4 
Depreciation expense268.0 276.6 
Impairment charges, net of reversal30(45.8)287.8 
Write-down (reversal of write-down) of inventories95.7 (12.3)
Derivative (gain) loss2153.0 (18.6)
Income taxes1844.1 30.4 
Gain on establishment of the Rosebel UJV5(16.9) 
Gain on sale of Sadiola11(4.1) 
Loss on redemption of 7% Senior Notes
19(b)22.5  
Other non-cash items35(a)(0.2)38.6 
Adjustments for cash items:
Proceeds from gold prepayment20 169.8 
Dividends from related parties10, 118.2 2.1 
Settlement of derivatives(16.4)1.5 
Disbursements related to asset retirement obligations15(a)(0.3)(0.3)
Other (0.7)
Movements in non-cash working capital items and non-current ore stockpiles35(b)(20.5)(4.5)
Cash from operating activities, before income taxes paid385.7 413.2 
Income taxes paid18(35.9)(47.9)
Net cash from operating activities related to open mines349.8 365.3 
Net cash used in operating activities related to closed mines35(c)(2.2)(2.3)
Net cash from operating activities347.6 363.0 
Investing activities related to open mines
Capital expenditures for property, plant and equipment(292.1)(248.1)
Capitalized borrowing costs32(24.5)(23.0)
Disposal of short-term investments (net) 112.3 
Capital expenditures for exploration and evaluation assets(0.6)(3.3)
Proceeds on the establishment of the Rosebel UJV534.0  
Proceeds from sale of Sadiola1125.0  
Other investing activities35(d)12.0 12.3 
Net cash used in investing activities related to open mines(246.2)(149.8)
Net cash used in investing activities related to closed mines  
Net cash used in investing activities(246.2)(149.8)
Financing activities related to open mines
Interest paid32(6.9)(7.5)
Payment of lease obligations16(16.5)(6.8)
Dividends paid to non-controlling interests(1.9)(1.9)
Proceeds from Equipment Loan19(c)10.9 23.3 
Repayment of Equipment Loan(6.2)(2.3)
Redemption of 7% Senior Notes
19(b)(421.3) 
Net proceeds from issuance of Senior Notes19(a)443.6  
Common shares issued for cash on exercise of stock options5.0  
Other financing activities(4.7)(3.1)
Net cash from financing activities related to open mines2.0 1.7 
Net cash used in financing activities related to closed mines(1.2)(0.9)
Net cash from financing activities0.8 0.8 
Effects of exchange rate fluctuation on cash and cash equivalents8.7 1.5 
Increase in cash and cash equivalents110.9 215.5 
Cash and cash equivalents, beginning of the year830.6 615.1 
Cash and cash equivalents, end of the year$941.5 $830.6 
The accompanying notes are an integral part of these consolidated financial statements.
IAMGOLD CORPORATION
2020 CONSOLIDATED FINANCIAL STATEMENTS - DECEMBER 31, 2020
PAGE 50


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019
(Amounts in notes and in tables are in millions of U.S. dollars, except where otherwise indicated)
1.    CORPORATE INFORMATION
IAMGOLD Corporation (“IAMGOLD” or “the Company”) is a corporation governed by the Canada Business Corporations Act and domiciled in Canada whose shares are publicly traded. The address of the Company’s registered office is 401 Bay Street, Suite 3200, Toronto, Ontario, Canada, M5H 2Y4.
The principal activities of the Company are the exploration, development and operation of gold mining properties. 
2.    BASIS OF PREPARATION
(a)    Statement of compliance
These consolidated financial statements of IAMGOLD and all of its subsidiaries, joint ventures and associate as at and for the years ended December 31, 2020 and 2019, have been prepared in accordance with IFRS as issued by the IASB.
These consolidated financial statements were prepared on a going concern basis. The significant accounting policies applied in these consolidated financial statements are presented in note 3 and have been consistently applied in each of the years presented.
These consolidated financial statements of IAMGOLD were authorized for issue in accordance with a resolution of the Board of Directors on February 17, 2021.
(b)    Basis of measurement
The consolidated financial statements have been prepared on a historical cost basis, except for items measured at fair value as discussed in note 22.
(c)    Basis of consolidation
Subsidiaries, divisions and investments in joint ventures related to significant properties of the Company are accounted for as outlined below.
NameProperty
(Location)
December 31,
2020
December 31,
2019
Type of
Arrangement
Accounting 
Method
Essakane S.A.Essakane mine (Burkina Faso)90%90%SubsidiaryConsolidation
Rosebel Gold Mines N.V.1
Rosebel mine (Suriname)95%95%SubsidiaryConsolidation
Doyon division including the Westwood mineDoyon division (Canada)100%100%DivisionConsolidation
Côté Gold division2
Côté Gold Project
(Canada)
70%70%DivisionProportionate share
IAMGOLD Boto S.A.3
Boto Gold Project (Senegal)90%SubsidiaryConsolidation
Euro Ressources S.A.France90%90%SubsidiaryConsolidation
Société d'Exploitation des Mines d'Or de Sadiola S.A.4
Sadiola mine
(Mali)
41%Incorporated joint ventureEquity accounting
Merrex Gold Inc.Diakha-Siribaya Gold Project (Mali)100%100%SubsidiaryConsolidation
1On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture (“Rosebel UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating to the concession areas within the Rosebel UJV Area of Interest, which includes Saramacca. The Rosebel 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 Rosebel UJV on behalf of the Republic of Suriname (note 5).
2