Iamgold to acquire Northern Superior for $2.05/share

Executive Summary

• Iamgold Corp. has entered into a definitive arrangement agreement to acquire all issued and outstanding shares of Northern Superior Resources Inc. for approximately $267.4 million CAD.
• The transaction consolidates Northern Superior's Philibert, Chevrier, and Croteau projects with Iamgold's Nelligan and Monster Lake projects to form the "Nelligan mining complex," creating one of Canada's largest preproduction gold camps.
• Northern Superior shareholders will receive 0.0991 Iamgold common shares and $0.19 CAD in cash per share, representing a 27.4% premium based on the 20-day VWAP as of October 17, 2025.

Key Details

• Transaction Value: Total consideration of approximately $267.4 million CAD.
• Consideration Structure: Northern Superior shareholders receive 0.0991 Iamgold common shares and $0.19 CAD in cash for each Northern Superior common share.
• Implied Price: Total consideration of $2.05 CAD per Northern Superior share.
• Premium: 27.4% premium based on the 20-day VWAP of Iamgold (TSX) and Northern Superior (TSXV) as of October 17, 2025.
• Pro Forma Ownership: Upon completion, existing Iamgold shareholders will own approximately 97% and Northern Superior shareholders will own approximately 3% of the pro forma company.
• Asset Consolidation: Combines Iamgold's Nelligan and Monster Lake projects with Northern Superior's Philibert, Chevrier, and Croteau projects.
• Resource Estimates (Nelligan Mining Complex):
  • Measured and Indicated Mineral Resources: 3.75 million ounces (Moz) Au.
  • Inferred Mineral Resources: 8.65 Moz Au.
• Land Position: Adds 70,636 hectares of claims, consolidating over 109,000 hectares in the Chibougamau district, Quebec.
• Operational Concept: Close proximity of deposits (within a 17-kilometre radius) supports a central processing facility fed from multiple ore sources.
• ONGold Resources: Transaction includes a concurrent distribution of all common shares in ONGold Resources Ltd. currently held by Northern Superior to Northern Superior shareholders.
• Philibert Option: Philibert project is subject to an option to acquire the remaining 25% interest from SOQUEM for a cash payment of $3.5 million CAD.
• Closing Conditions: Requires approval of at least 66.67% of votes cast by Northern Superior shareholders, court approval, and stock exchange approvals.
• Expected Closing: Fourth quarter of 2025 or first quarter of 2026.
• Advisers:
  • Financial Adviser: National Bank Capital Markets.
  • Special Adviser: Laurentian Bank Securities Inc.
  • Legal Adviser: Norton Rose Fulbright Canada LLP.

Notable Quotes

• "The addition of Northern Superior's assets to Iamgold's Nelligan mining complex in the Chibougamau region of Quebec is extremely exciting for Iamgold, the region and our mutual shareholders... This acquisition aligns with our strategy to become a leading Canadian-focused mid-tier gold producer, bolstering our organic pipeline in Quebec... We look forward to accelerating our exploration program in the region with a goal of further expansion and extension of the mineralization at Nelligan, Philibert and Monster Lake." — Renaud Adams, President and CEO of Iamgold.