Iamgold Announces Return to 70% Ownership IN Côté GOLD with Repurchase of 9.7% Interest
NEWS RELEASE TSX: IMG NYSE: IAG
IAMGOLD ANNOUNCES RETURN TO 70% OWNERSHIP IN CÔTÉ GOLD
WITH REPURCHASE OF 9.7% INTEREST
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, December 2, 202 4 – IAMGOLD Corporation (TSX:IMG, NYSE:IAG) (“IAMGOLD” or the
“Company”) is pleased to announce that effective November 30, 2024, it has exercised the right to repurchase the
9.7% interest of the Côté Gold Mine (“Côté Gold”) that was transferred to Sumitomo Metal Mining Co., Ltd.
(“Sumitomo”) through the amended Côté Gold Joint Venture Agreement announced on December 19, 2022. This
transaction returns IAMGOLD to its full 70% interest in Côté Gold.
“I would like to sincerely thank Sumitomo on behalf of IAMGOLD and the Côté Gold team for their partnership and
support,” commented Renaud Adams, President and Chief Executive Officer of IAMGOLD . “This transaction was
very important for IAMGOLD, demonstrating our strong working relationship and our mutual belief in the potential
of Côté. We are honoured to stand beside Sumitomo as we work together to advance and grow what we believe
will be among Canada’s largest gold mines for decades to come. In the near term, Côté remains on track for exiting
this year at 90% of nameplate throughput, positioning the project well to achieve full run rate next year.”
The final purchase price for this repurchase was approximately $377 million and include d $23.7 million for the
repurchase option fee accrued during 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 has commenced production at the large -scale, long life Côté Gold Mine in
partnership with Sumitomo Metal Mining Co. Ltd., which is expected to be among the largest gold mines in Canada.
In addition, the Company has an established portfolio of early stage and advanced exploration projects within high
potential mining districts. IAMGOLD employs approximately 3,600 people and is committed to maintaining its
culture of accountable mining through high standards of Environmental, Social and Governance practices,
including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD is listed on the New York Stock
Exchange (NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG).
IAMGOLD Contact Information
Graeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
All information included or incorporated by reference in this news release, including any information as to the Company’s vision, strategy,
future financial or operating performance and other statements that express management’s expectations or estimates o f future
performance or impact, including statements in respect of the prospects and/or development of the Company’s projects, other t han
statements of historical fact, constitutes forward -looking information or forward -looking statements within the meanin g of applicable
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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 news release. Forward-looking statements are generally identifiable by the
use of words such as “may”, “will”, “should”, “would”, “could”, “continue”, “expect”, “budget”, “aim”, “can”, “focus”, “forecast”, “anticipate”,
“estimate”, “believe”, “intend”, “plan”, “schedule”, “guidance”, “outlook”, “potential”, “seek”, “ targets”, “cover”, “strategy”, “during”,
“ongoing”, “subject to”, “future”, “objectives”, “opportunities”, “committed”, “prospective”, “likely”, “progress”, “strive”, “sustain”, “effort”,
“extend”, “remain”, “pursue”, “predict”, or “project” or the negativ e of these words or other variations on these words or comparable
terminology.
For example, forward-looking statements include, but are not limited to, statements with respect to: the estimation of mineral reserves
and mineral resources and the realization of such estimates; operational and financial performance including the Company’s guidance
for and actual results of production, ESG (including environmental) performance, costs and capital and other expenditures suc h as
exploration and including depreciation expense and effective tax rate; the updated life -of-mine plan, ramp-up assumptions and other
project metrics including operating costs in respect to the Côté Gold Mine; expected production of the Côté Gold Mine, expected benefits
from the operational improvements and de -risking strategies implemented or to be implemented by the C ompany; mine development
activities; the Company's capital allocation and liquidity; the announced intention to repurchase the Transferred Interests i n the Côté
Gold Mine, the composition of the Company’s portfolio of assets including its operating mines, development and exploration projects;
the completion of the sale of the Bambouk Assets; permitting timelines and the expected receipt of permits; inflation, includ ing global
inflation and inflationary pressures; global supply chain constraints; environment al verification, biodiversity and social development
projects; plans, targets, proposals and strategies with respect to sustainability, including third party data on which the Company relies,
and their implementation; commitments with respect to sustainabi lity and the impact thereof, including the Company’s “Zero Harm”
vision; commitments with respect to greenhouse gas emissions and decarbonization initiatives (eg. interim target of achieving 30%
absolute reduction in Scope 1 and 2 emissions by 2030); the d evelopment of the Company’s Water Management Standard;
commitments with respect to biodiversity; commitments related to social performance, including commitments in furtherance of
Indigenous relations; the ability to secure alternative sources of consumables of comparable quality and on reasonable terms; workforce
and contractor availability, labour costs and other labour impacts; the impacts of weather; the future price of gold and other commodities;
foreign exchange rates and currency fluctuations; financ ial instruments; hedging strategies; impairment assessments and assets
carrying values estimates; safety and security concerns in the jurisdictions in which the Company operates and the impact the reof on
the Company’s operational and financial performance and financial condition; and government regulation of mining operations (including
the Competition Act and the regulations associated with the fight against climate change).
The Company cautions 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,
uncertainties, contingencies and other factors, including those described below, which could cause actual results, performanc e or
achievements of the Company to be materially different from results, performance or achievements expressed or implie d 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: th e Company's
present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows;
local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals,
other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operatin g costs;
the availability and timing of required governmental and other approvals for the construction of the Company's projects.
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 i nclude,
without limitation: the ability of the Company to complete the repurchase of the Transferred Interest in the Côté Gold Mine; the ability of
the Company to complete the sales of the remaining Bambouk Assets; the Company's business strategies and its ability to execute
thereon; the ability of the Company to complete pending transactions; the development and execution of implementing strategie s to
meet the Company’s sustainability vision and targets; security risks, including civil unrest, war or terro rism and disruptions to the
Company’s supply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel regi on
surrounding the Company’s Essakane mine; the availability of labour and qualified contractors; the a vailability of key inputs for the
Company's operations and disruptions in global supply chains; the volatility of the Company's securities; litigation; contests over title to
properties, particularly title to undeveloped properties; mine closure and rehabi litation 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 risks associated with a mining
company's operations; unexpected geological conditions; com petition and consolidation 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 i n
particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (included, but not
limited to diesel, fuel oil and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions
in which the Company carries on business; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from
authorities key permits, authorizations or approvals necessary for transactions, exploration, development or operation, opera ting or
technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure;
the inability of the Company to participate in any gold price increase above the cap in any collar transaction entered into in conjunction
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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 cr edit facilities;
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 Company's ability to execute on de -risking activities and measures to improve
operations; availability of specific assets to meet contractual obligations; risks related to third-party contractors, including reduced control
over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks arising from holding
derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency co ntrols in
foreign jurisdictions; assessment of carrying values for the Comp any’s assets, including the ongoing potential for material impairment
and/or write-downs of such assets; the speculative nature 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 presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of
mine plans; failure to meet op erational targets; equipment malfunctions; information systems security threats and cybersecurity; laws
and regulations governing the protection of the environment (including greenhouse gas emission reduction and other decarboniz ation
requirements and the uncertainty surrounding the interpretation of omnibus Bill C -59 and the related amendments to the Competition
Act (Canada)); employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill
or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridg es, power
sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and c hallenging
weather conditions at mine sites; disruptions from weather related events resulting in limited or no productivity such as for est fires,
flooding, heavy snowfall, poor air quality, and extreme heat or cold; attraction and retention of key employe es and other qualified
personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reas onable
collective labour agreements and/or collective bargaining agreements may not be agreed to; the ability of contractors to timely complete
projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indige nous
rights or claims; illegal mining; the potential direct or indirect operational impacts res ulting from external factors, including infectious
diseases, pandemics, or other public health emergencies; and the inherent risks involved in the exploration, development and mining
business generally. Please see the Company’s AIF or Form 40 -F available o n www.sedarplus.ca or www.sec.gov/edgar 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 i ntended. 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.