Iamgold Announces US$300 Million Bought Deal Financing Base Shelf Prospectus is Accessible, and Prospectus Supplement Will Be Accessible ON SEDAR+ Within TWO Business Days
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TSX: IMG NYSE: IAG NEWS RELEASE
IAMGOLD ANNOUNCES US$300 MILLION BOUGHT DEAL FINANCING
BASE SHELF PROSPECTUS IS ACCESSIBLE, AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE
ON SEDAR+ WITHIN TWO BUSINESS DAYS
Toronto, Ontario, May 21, 2024 – IAMGOLD Corporation (“IAMGOLD” or the “ Company”) today announced
that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Markets,
BMO Capital Markets and RBC Capital Markets pursuant to which they have agreed to purchase, on a bought
deal basis, 72,000,000 common shares of the Company at a price of US$4.17 per common share (the “ Offering
Price”), for aggregate gross proceeds to the Company of approximately US$300 million (the “ Offering”). The
underwriters will also have the option, exercisable in whole or in part, at any time up to 30 days following the
closing of the Offering, to purchase up to an additional 10,800,000 common shares at the Offering Price to cover
over-allotments, if any. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the
Offering to the Company will be approximately US$345 million.
Use of Proceeds
IAMGOLD intends to use the net proceeds of the Offering, including the net proceeds from the Over-Allotment
Option should it be exercised, towards the repurchase of the 9.7% interest (“ Transferred Interest”) in the Côté
Gold Mine from Sumitomo Metal Mining Co. Ltd. (“Sumitomo”), in order to return to its full 70% interest in the Côté
Gold Mine. The net proceeds of the Offering are to be deposited in an interest-bearing account or used to repay
drawn amounts under its credit facility, in accordance with good cash management practices, until the completion
of the aforementioned repurchase which is expected to be completed prior to the end of the calendar year.
Based on the current ramp-up schedule of the Côté Gold Mine as well as prevailing market conditions which could
impact the amount of required expenditures during the ramp-up of Côté Gold and operating cash flows from the
Company's existing operations, the Company believes that the net proceeds of the Offering, combined with cash
and cash equivalents at March 31, 2024, expected cash flows from operations, the expected proceeds from the
sale of the remaining Bambouk assets and the available liquidity provided by the undrawn amounts under the
credit facility, will be sufficient to fund the repurchase of the Transferred Interest.
The repurchase will increase the Company’s exposure to the Côté Gold Mine and result in additional economic
benefits and cashflows and remove associated costs of holding the option to repurchase the 9.7% interest.
Background on Côté Joint Venture & Sumitomo Repurchase Agreement
The Côté Gold Mine is being operated through a joint venture (the "Côté Gold UJV" or "UJV") between IAMGOLD,
as the operator, and Sumitomo. The UJV is governed by the Côté Gold Joint Venture Agreement.
IAMGOLD’s participation is 60.3% in the UJV and has an option to repurchase a 9.7% interest from Sumitomo as
part of the JV Funding and Amending Agreement (the “ JV Funding Agreement ”) announced on December 19,
2022. Under the terms of the JV Funding Agreement the Company has the right to repurchase its 9.7% interest
(“Transferred Interest”) in the Côté Gold Mine from Sumitomo on May 31st and November 30th of every year from
November 30, 2023 up to and including November 30, 2026.
The JV Funding Agreement also provides that until the earlier of the Company repurchasing the Transferred
Interest and November 30, 2026, the Company will pay a repurchase option fee to Sumitomo equal to the three-
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month Secured Overnight Financing Rate (" SOFR") plus 4% on the contributions made by Sumitomo due to the
Transferred Interest.
The purchase price for this repurchase is equal to the initial funding of US$250 million contributed by Sumitomo
for the Transferred Interest, plus the incremental contributions made, less incremental gold production received,
by Sumitomo due to its increased ownership up to achieving commercial production, plus any accrued and unpaid
amounts for the option fee payable thereon.
In its financial statements, the Company recognizes a financial liability for the Côté Gold Repurchase Option equal
to the current repurchase price (including the accrued and unpaid amount for the option fee). As at March 31,
2024, this financial liability was US $366.8 million.
Transaction Details
The Offering will be made in all provinces and territories of Canada (other than Québec and Nunavut) by way of a
final prospectus supplement to the Company’s existing base shelf prospectus dated September 1, 2022 (the “Base
Shelf Prospectus ”) to be filed on or about May 22, 2024 (the “ Prospectus Supplement ”) with the securities
regulatory authorities in each of the provinces and territories in Canada. The Offering will be made in the United
States pursuant to a preliminary prospectus supplement and a final prospectus supplement (together, the “U.S.
Prospectus Supplements”), filed as part of an effective registration statement on Form F-10 (the “ Registration
Statement”), filed with the U.S. Securities and Exchange Commission (“ SEC”) under the Canada/U.S. multi-
jurisdictional disclosure system.
The Offering is scheduled to close on or about May 24, 2024, and is subject to certain conditions including, but
not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the
New York Stock Exchange.
The Company has filed the Registration Statement (including the Base Shelf Prospectus) with the SEC for the
Offering to which this communication relates. The Company has filed the Base Shelf Prospectus with each of the
securities regulatory authorities in each of the provinces and territories in Canada. Before you invest, you should
read the Registration Statement, the Base Shelf Prospectus, the U.S. Prospectus Supplements, the Prospectus
Supplement and the documents incorporated by reference therein and other documents the Company has filed
with the SEC and with the Canadian securities regulators, as applicable, for more complete information about the
Company and the Offering. You may get documents filed with the SEC for free on the SEC’s Electronic Data
Gathering, Analysis and Retrieval system at www.sec.gov. Access to the Base Shelf Prospectus, the Prospectus
Supplement and any amendments to such documents are provided in accordance with securities legislation
relating to procedures for providing access to a base shelf prospectus, a shelf prospectus supplement and any
amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within
two business days from the date hereof), accessible on SEDAR+ at www.sedarplus.com or www.sedarplus.ca. An
electronic or paper copy of the Registration Statement, the Base Shelf Prospectus, the U.S. Prospectus
Supplements, the Prospectus Supplement, and any amendment to such documents may be obtained, without
charge, in Canada, from National Bank Financial Inc., by phone at (416) 869-8414 or by e-mail at NBF-
[email protected]; BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies
by phone at 905-791-3151 Ext 4312 or by email at [email protected]; and from RBC Dominion
Securities Inc., by phone at 416-842-5349 or by email at [email protected] by providing the contact
with an email address or address, as applicable, and in the United States, from National Bank of Canada Financial
Inc., 65 E. 55th St., 8th Floor, New York, New York 10022; by phone at (416) 869-8414 or by e-mail at NBF-
[email protected]; BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42nd Street,
32nd Floor, New York, New York 10036, by phone at (800) 414-3627 or by email at [email protected];
and from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; Attention: Equity
Syndicate; by phone at 877-822-4089 or by email at [email protected] by providing the contact with
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an email address or address, as applicable.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that jurisdiction.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements. All statements, other than of historical fact, that address
activities, events or developments that the Company believes, expects or anticipates will or may occur in the future
(including, without limitation, statements with respect to the timing of the completion and size of the Offering and
the use of the proceeds of the Offering) are forward-looking statements. Forward-looking statements are generally
identifiable by use of the words “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”, or “project” or the negative of these words or other variations on these words or comparable
terminology. 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, 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 with respect to: the Company's present and future business strategies; operations performance
within expected ranges; anticipated future production and cash flows; the Company’s ability to repurchase the
Transferred Interest on its expected terms or at all; 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 operating costs; the availability and timing of
required governmental and other approvals for the construction of the Company's projects.
Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the
Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from
those discussed in the forward-looking statements. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, without limitation, failure to meet expected,
estimated or planned gold production, unexpected increases in all-in sustaining costs or other costs, unexpected
increases in capital expenditures and exploration expenditures, variation in the mineral content within the material
identified as Mineral Resources and Mineral Reserves from that predicted, changes in development or mining
plans due to changes in logistical, technical or other factors, the possibility that future exploration results will not
be consistent with the Company’s expectations, changes in the Company’s relationship with Sumitomo, instability
in financial markets, currency exchange risk, changes in world gold markets, cybersecurity risks, and other risks
disclosed in IAMGOLD’s most recent Form 40-F and Annual Information Form and in IAMGOLD’s management’s
discussion and analysis of financial position and results of operations for the first quarter ended March 31, 2024
on file with the SEC and Canadian securities regulatory authorities. Any forward-looking statement speaks only as
of the date on which it is made and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking statement.
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
addition, the Company has an established portfolio of early stage and advanced exploration projects within high
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potential mining districts.
IAMGOLD is committed to maintaining its culture of accountable mining through high standards of Environmental,
Social and Governance practices. 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