IAMGOLD Signs Agreement to Acquire Mines D'Or Orbec Inc.

Executive Summary

• IAMGOLD signed a definitive arrangement agreement to acquire 100% of Orbec’s common shares via a court‑approved plan of arrangement, consolidating its land position in the Chibougamau district.
• Consideration: C$0.125 per Orbec share (C$0.0625 cash + 0.003466 IAMGOLD common share), representing a ~25% premium and an equity value of approximately C$17.2 million.
• The transaction adds the highly prospective Muus Project (~24,979 ha) adjacent to IAMGOLD’s Nelligan and Monster Lake projects, expanding its resource base (combined Measured & Indicated resources now 3.2 Moz Au).

Key Details

• Transaction Structure: Court‑approved plan of arrangement under Ontario Business Corporations Act; expected closing in Q4 2025 pending shareholder, court, and regulatory approvals.
• Consideration Breakdown:
• Cash component: C$0.0625 per Orbec share.
• Share component: 0.003466 IAMGOLD common shares per Orbec share (≈369,341 new IAMGOLD shares issued).
• Premium: ~25% to Orbec’s closing price on October 17 2025.
• Equity Value: Approximately C$17.2 million (fully diluted).
• IAMGOLD Existing Ownership: 7.14 M Orbec shares (~6.70%). Post‑transaction, IAMGOLD will own ~100% after issuance of new shares.
• Land Package Added: Muus Project – 24,979 ha located ~50 km SW of Chibougamau, intersecting the Fancamp Deformation Zone (FDZ) and Guercheville Deformation Zone (GDZ).
• Resource Context: Nelligan & Monster Lake projects together hold Measured & Indicated resources of 3.2 Moz Au and Inferred resources of 5.6 Moz Au, positioning the consolidated camp among Canada’s largest pre‑production assets.
• Option/Warrant Treatment: All “in‑the‑money” Orbec options and warrants will be surrendered for cash equal to excess consideration over exercise price; all other options/warrants cancelled.
• Early Warning Disclosure: Orbec issued a C$500,000 unsecured convertible debenture to IAMGOLD; conversion could increase IAMGOLD’s indirect ownership to ~10.08% of Orbec shares.
• Advisors: Laurentian Bank Securities Inc. (special advisor) and Norton Rose Fulbright Canada LLP (legal advisor).
• Closing Conditions: Approval by ≥66 ⅔% of Orbec shareholders (including option‑ and warrant‑holders), ≥50 + 1% of disinterested shareholders, court sanction, and applicable regulatory approvals.

Notable Quotes

“The addition of the Muus Project provides a highly prospective land package to our rapidly expanding Nelligan Mining Complex Project,” – Renaud Adams, President & CEO, IAMGOLD.

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