IAMGOLD Announces Closing of Mines D'Or Orbec Acquisition

On December 22, 2025, IAMGOLD announced the final closing of the acquisition of Mines D'Or Orbec Inc., specifically the Muus Project. This follows the December 19, 2025, closing of the Northern Superior Resources Inc. acquisition. These two transactions effectively consolidate the "Nelligan Mining Complex" in the Chibougamau-Chapais region of Quebec. This consolidation creates what management claims is the fourth largest pre-production gold camp in Canada, boasting total mineral resources of approximately 3.8 million ounces Indicated and 8.7 million ounces Inferred.

Simultaneously, the company announced on December 9, 2025, that it has fully repaid the final $130 million outstanding on its 2nd Lien Term Loan, making the company free of this high-cost debt. To signal confidence in its cash flow profile following the ramp-up of the Côté Gold mine, the TSX has approved a Normal Course Issuer Bid (NCIB) allowing IAMGOLD to buy back up to 57 million common shares (approximately 9.92% of the public float) starting December 12, 2025.

• Strategic Consolidation: The acquisition of Northern Superior and Orbec turns the Nelligan project from a standalone asset into a district-scale play. By adding the Philibert deposit (higher grade than Nelligan), IAMGOLD gains a potential "starter pit" that could significantly improve the early-year economics of the Chibougamau camp.
• Cash Flow Inflection: The conclusion of gold prepayment arrangements in June 2025 released approximately $200–$225 million in cash flow that was previously diverted. This, combined with Côté Gold reaching nameplate capacity (36,000 tpd), has shifted IAMGOLD from a heavy-CAPEX builder to a free-cash-flow generator.
• De-risking the Balance Sheet: The full repayment of the 2nd Lien Term Loan removes a significant financial burden. While $250 million remains drawn on the revolving credit facility, the company’s net debt has plummeted from over $1 billion in mid-2024 to $813 million as of Q3 2025, with further reductions expected in Q4.
• Shareholder Returns: The shift to an NCIB is a material change in capital allocation. For a company that was struggling with liquidity just two years ago, the ability to buy back nearly 10% of the float indicates a total operational turnaround.

IAMGOLD is a mid-tier gold producer with three main operating mines: Essakane (Burkina Faso), Westwood (Quebec), and the flagship Côté Gold (Ontario). - Flagship Project: Côté Gold is a 70/30 joint venture with Sumitomo Metal Mining. It reached commercial production in August 2024 and nameplate capacity in June 2025. It is expected to be one of Canada’s largest gold mines, with a "super-pit" expansion (integrating the Gosselin deposit) targeted for 2026. - Growth Engine: The newly consolidated Nelligan Mining Complex in Quebec provides a multi-decade resource base that complements the production profile of Côté.