IAMGOLD : 2021 Notice of Annual Meeting and Management Information Circular

Management Information Circular

In connection with the

Annual and Special Meeting on May 4, 2021

April 7, 2021

MANAGEMENT INFORMATION

CIRCULAR SUMMARY

This summary highlights information contained elsewhere in this management information circular. It does not contain all of the information that you should consider. Please read the entire management information circular carefully before voting.

Voting Recommendations

	Proposal	Board Recommendation
	Elect directors of the Corporation.	FOR
	Appoint KPMG LLP as auditor of the Corporation and	FOR
	authorize directors to fix their remuneration.
	Approve, in a non-binding, advisory manner, the	FOR
	Corporation's approach to compensation.
	Approve the resolution authorizing amendments to the
	share incentive plan of the Corporation and the amended	FOR
	and restated share incentive plan of the Corporation.

Record Date			Vote Deadline
You are entitled to vote at the meeting	To ensure that your vote is counted,
if you were a holder of the	please vote by 5:00 p.m. (EDT) on
Corporation's	common	shares	April 30, 2021.

("Common Shares") at the close of business on March 30, 2021.

Shareholder Engagement

Open dialogue with shareholders is a key priority for the Board and shareholders are encouraged to provide feedback. To this end, the Board has adopted a formal shareholder engagement policy which reinforces the commitment to regular and constructive communication and engagement with shareholders and speaks to how this commitment is fulfilled and executive management and the Board may be contacted about perspectives or concerns. The policy is available at: www.iamgold.com/English/corporate/corporate-governance/default.aspx.

Board of Directors		Management
Shareholders can write to the	The President and Chief Executive
independent	Chair of	the Board	Officer and the executive team meet
through the	Corporate	Secretary at	regularly with financial analysts and
[e-mail]	institutional investors.

2021 Management Proxy Circular

Meeting Information

Date: Tuesday, May 4, 2021

Time: 4:00 p.m. (EDT)

Place: The Corporation will hold the meeting in a virtual only format, which will be conducted via live audio webcast at https:// web.lumiagm.com/230975554

Password: iamgold2021 (case sensitive)

How You Can Vote

Your vote is important. To ensure that your Common Shares will be represented and voted at the meeting, please submit your vote as soon as possible by one of the following methods:

Internet

You will need to have your proxy form or voting instruction form in hand. Go to the web- site listed on the form that you received and follow the instructions on the screen.

Telephone

You will need to have your proxy form or voting instruction form in hand. Dial the phone number listed on the form that you received and follow the voting prompts.

Investor Relations

Our Investor Relations group is

responsible for maintaining communications with the investing public. Investor Relations staff are available to shareholders by email at: [e-mail]

Live Broadcasts

Quarterly earnings calls with analysts are broadcast live and are archived on our Investor Relations website at: www.iamgold.com/English/investors/ events/events-and-webcasts/default.aspx

Events

The President and Chief Executive Officer and the executive team regularly attend and speak at industry events. A list of upcoming and past events can be found on our web-site at: www.iamgold.com/English/ investors/events/events-and-webcasts/default.aspx

Mail

Complete your proxy form or voting instruction form and return using the enclosed postage-paid envelope.

Virtual-Only Meeting

You must complete the steps described on page 7 to attend and vote at the meeting, which will be conducted via live audio

webcast at: https:// web.lumiagm.com/230975554 Password: iamgold2021 (case sensitive)

2021 Management Proxy Circular

Notice of Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

General Proxy Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Voting Securities and Principal Holders Thereof . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Business of the Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9

Election of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Re-appointment of Auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 Advisory Vote on the Corporation's Approach to Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 Amendments to the Share Incentive Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

Statement of Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Compensation Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 Compensation Decisions Related to 2020 Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 CEO's compensation for 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52 Summary of Compensation Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56 Incentive Plan Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57 Termination and Change of Control Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59 Director Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63 Share Incentive Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66

Statement of Corporate Governance Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73

Key Governance Attributes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73

Nomination of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75

Board Skills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76

Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78

Board Performance Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78

Term Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78

Independence and In Camera Sessions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79

Meeting Frequency, Time Commitment, Attendance and Interlocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80

Board Roles and Responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81

Committees of the Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82

Position Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86

Director Orientation and Continuing Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .87

Majority Voting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .87

Advance Notice of Director Nominations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88

Code of Business Conduct and Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88

Environmental, Social and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88

Interest of Informed Persons in Material Transactions and Matters to be Acted Upon . . . . . . . . . . . . . . . . . . . . . .90

Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90

APPENDIX 'A' - Plan Resolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 APPENDIX 'B' - Share Incentive Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92 APPENDIX 'C' - Board of Directors Mandate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105 APPENDIX 'D' - 2020 Voting Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110 APPENDIX 'E' - Use of Non-GAAP Financial Performance Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111

2021 Management Proxy Circular

GLOSSARY

AFC: means the Audit and Finance Committee of the Board.

AIF: means the Annual Information Form.

AISC: means All-in Sustaining Costs.

Board: means the Board of Directors of the Corporation.

CD&A: means the Compensation Discussion and Analysis.

CEO: means the Chief Executive Officer of the Corporation.

CFO: means the Chief Financial Officer of the Corporation.

CIP: means the Cash Incentive Plan of the Corporation.

Circular: means the Management Information Circular.

Code: means the Code of Conduct and Business Ethics of the Corporation.

Common Share: means a share of the Corporation.

Corporate G&A: means Corporate General and Administration Costs.

Corporation: means IAMGOLD Corporation.

COVID-19: means the novel coronavirus.

CPRC: means the Côté Project Review Committee of the Board.

Designated Groups: means women, aboriginal peoples, persons with disabilities, and members of visible minorities all as defined under the Canadian Employment Equity Act.

EBITDA: means Earnings Before Interest, Taxes, Depreciation and Amortization.

EDGAR: means the Electronic Data Gathering, Analysis and Retrieval System.

EIP: means the Equity Incentive Plan of the Corporation.

Equity Retainer: means the annual grant of equity to a director.

ESG: means Environmental, Social and Governance.

EVP: means an Executive Vice President of the Corporation.

Executive: means a member of the executive leadership team.

FCF: means Free Cash Flow.

GL: means Glass Lewis & Co.

HRCC: means the Human Resources and Compensation Committee of the Board.

IAMGOLD: means the Corporation.

IFRS: means International Financial Reporting Standards.

ISS: means Institutional Shareholder Services.

Meeting: means the Annual and Special Meeting of Shareholders of the Corporation.

Meeting Materials: means the Notice of Meeting, the Circular and a form of proxy.

NCGC: means the Nominating and Corporate Governance Committee of the Board.

NEO: means a Named Executive Officer.

Non-GAAP: means not consistent with generally accepted accounting principles.

Notice of Meeting: means the notice of the Meeting.

NYSE: means the New York Stock Exchange.

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