IAMGOLD Agrees to Acquire Northern Superior Consolidating a Premier Mining Jurisdiction

Executive Summary

• IAMGOLD entered into a definitive arrangement agreement to acquire all outstanding shares of Northern Superior Resources Inc. via a court‑approved plan of arrangement, creating the “Nelligan Mining Complex.”
• The transaction values Northern Superior at approximately US$267.4 million, offering shareholders 0.0991 IAMGOLD common share plus C$0.19 cash per Northern Superior share (≈C$2.05 total), representing a 27.4% premium to the 20‑day VWAP.
• Post‑closing ownership is projected at ~97 % IAMGOLD and ~3 % former Northern Superior shareholders, with combined Measured & Indicated resources of 3.75 Moz Au and Inferred resources of 8.65 Moz Au, positioning the complex as one of Canada’s largest pre‑production gold camps.

Key Details

• Land Package: Adds 70,636 ha to IAMGOLD’s holdings; total land in Chibougamau district exceeds 109,000 ha.
• Asset Consolidation: Combines IAMGOLD’s Nelligan & Monster Lake projects with Northern Superior’s Philibert, Chevrier and Croteau projects.
• Resource Estimate (combined):
• Measured & Indicated: 3.75 million ounces Au
• Inferred: 8.65 million ounces Au
• Consideration per Share:
• 0.0991 IAMGOLD common share
• C$0.19 cash (total C$2.05 ≈ US$267.4 M)
• Premium: 27.4 % over the 20‑day VWAP of IAMGOLD (TSX) and Northern Superior (TSXV) as of Oct 17, 2025.
• Concurrent Distribution: Northern Superior shareholders will receive all common shares of ONGold Resources Ltd. currently held by Northern Superior.
• Ownership Structure After Closing: ~97 % IAMGOLD, ~3 % former Northern Superior shareholders.
• Closing Timeline: Expected Q4 2025 or Q1 2026, subject to shareholder, court, stock‑exchange and other customary approvals.
• Shareholder Approval Requirements: ≥66 % of votes cast at a special meeting (or >50 % of disinterested shareholders if required).
• Voting Support Agreements: Directors/officers of Northern Superior have entered into voting support agreements.
• Option on Philibert Project: Subject to an option for Northern Superior to acquire the remaining 25 % from SOQUEM for C$3.5 M cash.
• Advisors & Counsel:
• Financial Advisor – National Bank Capital Markets
• Special Advisor – Laurentian Bank Securities Inc.
• Legal Advisor – Norton Rose Fulbright Canada LLP (to IAMGOLD)

Notable Quotes

“The addition of Northern Superior's assets to IAMGOLD's Nelligan Mining Complex … is extremely exciting for IAMGOLD, the region and our mutual shareholders,” said Renaud Adams, President & CEO, IAMGOLD.
“This acquisition aligns with our strategy to become a leading Canadian‑focused mid‑tier gold producer…”

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