Mines d'Or Orbec Signs Agreement to Be Acquired by IAMGOLD Corporation

On October 20, 2025, Mines d'Or Orbec Inc. ("Orbec") announced it has entered into a definitive agreement to be acquired by IAMGOLD Corporation ("IAMGOLD"). Under the terms of the agreement, Orbec shareholders will receive C$0.0625 in cash and 0.003466 of an IAMGOLD common share for each Orbec share held. This represents a total implied value of C$0.125 per share, a 25% premium to the last closing price, and a total equity value of approximately C$18.1 million.

The transaction is structured as a Plan of Arrangement and is subject to customary closing conditions, including approval by 66 2/3% of Orbec securityholders, a simple majority of disinterested shareholders, as well as court and stock exchange approvals. Completion is expected by the end of 2025.

Concurrently, IAMGOLD will provide Orbec with a C$500,000 convertible debenture to fund working capital requirements through to the closing of the transaction.

This is a material and positive event for Orbec shareholders, representing the successful culmination of the company's exploration strategy since pivoting back to its Quebec assets in late 2023. An acquisition by a major producer like IAMGOLD provides shareholders with a clear exit, immediate liquidity through the cash component, and continued upside exposure to the project through IAMGOLD shares.

A chronological review of the company's progress provides crucial context: * Strategic Missteps (Early-Mid 2023): The company, formerly Blue Thunder Mining, engaged in two failed corporate actions: a proposed RTO with Mexico-focused Analog Gold and a pivot to critical metals via a related-party transaction for Yukon assets. Both were terminated, indicating a period of strategic uncertainty. * The IAMGOLD Pivot (Late 2023): In November 2023, the company executed a critical strategic reset, refocusing on its Muus gold project in Quebec. This was validated by a C$500,000 strategic investment from IAMGOLD at C$0.07 per share, making IAMGOLD a key shareholder (~14.5% at the time) and technical partner. This was the single most important de-risking event in the company's recent history. * Execution (2024-2025): The company recapitalized, changed its name to Orbec, and strengthened its management team to align with its new Quebec focus. It successfully raised C$1 million in mid-2025 to fund the first-ever drill program at the Lac Bernard Sud target on the Muus property. * Drilling & Validation (September 2025): On September 11, 2025, Orbec released the first drill results from Muus. While the grades were low-grade and not economic on their own (e.g., 15.8m of 0.15 g/t Au), the company stressed that the geology and alteration intersected were highly similar to IAMGOLD's adjacent, multi-million-ounce Nelligan bulk-tonnage deposit. * The Buyout (October 2025): The acquisition announcement just over a month after these initial drill results is a clear validation of the exploration model. IAMGOLD, as the foremost expert on Nelligan-style mineralization in the district, clearly saw enough potential in the geology from this first drill program to consolidate the land package and take full control.

The acquisition removes the significant financing and exploration risks inherent in a junior exploration company. While the 25% premium to the last closing price is modest, it represents a nearly 70% premium to the market capitalization just before the announcement and provides a certain outcome for shareholders who have endured significant volatility and strategic shifts. This is a logical and positive conclusion to the Orbec story.

Mines d'Or Orbec Inc. is a junior mineral exploration company focused on its 100%-owned flagship asset, the Muus Gold Project. The project is located in the Abitibi greenstone belt near Chibougamau, Quebec, and is contiguous with IAMGOLD's multi-million-ounce Nelligan gold deposit. After several failed strategic pivots in 2023, the company refocused on the Muus project, securing IAMGOLD as a strategic partner and investor. The exploration thesis is that the Muus property hosts the extension of the geological structures and mineralization style found at Nelligan. The initial 2025 drill program confirmed the presence of Nelligan-style geology, leading directly to the acquisition by IAMGOLD. All properties appear to be royalty-free, though a 2% NSR was granted on a minor, non-core lithium property in Nevada.