Iamgold Announces Closing of Previously Announced Sale of Exploration and Development Assets IN Senegal
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED SALE OF
EXPLORATION AND DEVELOPMENT ASSETS IN SENEGAL
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, April 26, 2023 – IAMGOLD Corporation (TSX:IMG, NYSE:IAG) (“IAMGOLD” or the “Company”)
is pleased to announce that it has closed the sale of its 90% interest in the Boto Gold Project (“ Boto”) in Senegal
and its 100% interest in the early stage exploration properties of Boto West, Senala West, Daorala and the vested
interest in the Senala Option Earn-in Joint Venture, also in Senegal, (together with Boto, the “Senegal Assets”) for
aggregate gross cash proceeds of approximately $197.6 million (pre-tax). The gross proceeds include deferred
payments of approximately $32 million which are expected to be received during the third quarter 2023. The
remaining 10% interest in Boto will continue to be held by the Government of Senegal.
The sale of the Senegal Assets is part of the previously announced transaction s with Managem (CAS:MNG)
(collectively, the “Transactions”) pursuant to which IAMGOLD will receive approximately $282 million (pre-tax) in
consideration for the shares and subsidiary/intercompany loans of the entities that hold the Company’s interest in
the Senegal Assets, the Diakha-Siribaya Gold Project in Mali and the Karita Gold Project and associated exploration
properties in Guinea.
Closing of the remaining Transactions remain on track for later in the second quarter into the third quarter 2023.
About IAMGOLD
IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America
and West Africa. The Company is building the large-scale, long life Côté Gold project in Canada in partnership with
Sumitomo Metals & Mining of Japan, which is expected to commence production in early 2024. IAMGOLD employs
approximately 3,300 people and is committed to maintaining its culture of accountable mining through high standards
of Environmental, Social and Governance ("ESG") practices, including its commitment to Zero Harm®, in every
aspect of its business. IAMGOLD is listed on the New York Stock E xchange (NYSE:IAG) and the Toronto Stock
Exchange (TSX:IMG) and is one of the companies on the Jantzi Social Index (“JSI”), a socially screened market
capitalization-weighted consisting of companies which pass a set of broadly based environmental, social a nd
governance rating criteria.
IAMGOLD Contact Information
Graeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Statements included in this news release, including any with respect to the Company’s future financial or operating
performance and other statements that express management’s expectations or estimates of futu re performance,
including statements in respect of the sale of its interests in Diakha -Siribaya, Karita, exploration prospects and/or
development of the Company’s projects, other than statements of historical fact, constitute forward -looking
information or forward-looking statements within the meaning of applicable securities laws (collectively referred to
herein as “forward-looking statements”) and such forward-looking statements are based on expectations, estimates
and projections as of the date of this n ews release. Forward -looking statements in this news release include, but
are not limited to, statements with respect to: the ability of the Company to complete the remaining Transactions,
including receipt of applicable regulatory and other third-party approvals, and the timing thereof; the total aggregate
consideration to be received by the Company pursuant to the Transactions ; and the remaining costs to complete
and schedule for Côté Gold. Forward-looking statements are provided for the purpose of providing information about
management’s current expectations and plans relating to the future. Forward -looking statements are generally
identifiable by the use of words such as “may”, “will”, “should”, “continue”, “expect”, "budget", "forecast", “anticipate”,
“estimate”, “believe”, “intend”, “plan”, "schedule", “guidance”, “outlook”, “potential”, “seek”, “targets”, "suspended",
“strategy”, or “project” or the negative of these words or other variations on these words or comparable terminology.
The Company cautio ns the reader that forward -looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management, are inherently subject to significant
business, financial, operational and other risks, uncertai nties, contingencies and other factors, including those
described below, which could cause actual results, performance or achievements of the Company to be materially
different from results, performance or achievements expressed or implied by such forward -looking statements and,
as such, undue reliance must not be placed on them. Forward -looking statements are also based on numerous
material factors and assumptions, including as described in this news release, including with respect to: the ability
of the Company to obtain all applicable regulatory and other third-party approvals; the Company's present and future
business strategies; successful completion of financing initiatives, operations performance within expected ranges;
anticipated future production and cash flows; local and global economic conditions and the economic environment
in which the Company will operate in the future; legal and political developments in the jurisdictions in which the
Company operates; the price of gold and other key commodities; projected mineral grades; international exchanges
rates; and anticipated capital and operating costs.
Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements
of the Company to be materially different from results, performance or achievements expressed or implied by such
forward-looking statements include, without limitation: the Company's business strategies and its ability to execute
thereon, including the Transactions; legal, legislative, pol itical or economic risks and new developments in the
jurisdictions in which the Company carries on business; risks associate with the estimation of mineral reserves and
mineral resources; the ongoing impacts of COVID -19 (and its variants) and the Ukraine w ar on the Company and
its workforce, the availability of labour and contractors, key inputs for the Company and global supply chains; the
volatility of the Company's securities; potential engagements with activist shareholders; litigation; contests over title
to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; management of
certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance
covering all of the ri sks associated with a mining company's operations; business risks, including pandemics,
adverse environmental conditions and hazards; unexpected geological conditions; potential shareholder dilution;
increasing competition in the mining sector; the profitability of the Company being highly dependent on the condition
and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices
for gold and certain other commodities (such as diesel and electricity); c onsolidation in the gold mining industry;
government actions taken in response to COVID-19 and other public health emergencies and pandemics, including
new variants of COVID-19, and any worsening thereof; changes in taxes, including mining tax regimes; the failure
to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for exploration,
development or operation, operating or technical difficulties in connection with mining or development activities,
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including geotechnical difficulties and major equipment failure; seismic activity; the inability to participate in any gold
price increase above the cap in any collar transaction entered into in conjunction with certain gold sale prepayment
arrangements; the availability of capital; the level of liquidity and capital resources; access to capital markets and
financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its outstanding
debt instruments; changes in interest rates; adverse changes in the Company’s credit rating; the Company's choices
in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the ability to execute on the
Company's de -risking activities and measures to improve operations; risks relate d to third -party contractors,
including reduced control over aspects of the Company's operations and/or the failure of contractors to perform;
risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates, interest
rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the
Company’s assets, including the ongoing potential for material impairment and/or write -downs of such assets; the
speculative natur e of exploration and development, including the risks of diminishing quantities or grades of
reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are
estimates which may require revision; the presen ce of unfavourable content in ore deposits, including clay and
coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; security
risks, including civil unrest, war or terrorism; information systems secur ity threats and cybersecurity; laws and
regulations governing the protection of the environment; employee relations and labour disputes, and the ability of
the Company to successfully negotiation collective labour agreements; the maintenance of tailings storage facilities
and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, such as extreme
weather or seismic events; lack of reliable infrastructure, including access to roads, bridges, power sources and
water supplies; physical and regulatory risks related to climate change; the potential direct or indirect operational
impacts resulting from external factors, including infectious diseases, public health emergencies or pandemics, such
as COVID-19, unpredictable weather patterns and challenging weather conditions; attraction and retention of key
employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour;
the availability of qualified contractors and the ability of contractors to timely complete projects on acceptable terms;
the relationship with the communities surrounding the Company's operations and projects; indigenous rights or
claims; illegal mining; and the inherent risks involved in the exploration, development and mining industry generally.
Please see the Company’s AIF or Form 40 -F available on www.sedar.com or www.sec.gov/edgar.shtml for a
comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or
achievements of the Company to be materially different from results, performance or achievements expressed or
implied by forward-looking statements.
Although the Company has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward -looking statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events or otherwise except as required by
applicable law.
All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le www.iamgold.com/French/accueil/default.aspx.