Iamgold Completes Acquisition of Vanstar Resources
NEWS RELEASE
281889.00224/304466246.2
TSX: IMG NYSE: IAG
IAMGOLD COMPLETES ACQUISITION OF VANSTAR RESOURCES
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, February 13, 2024 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”)
is pleased to announce the successful completion of the previously announced transaction with Vanstar Mining Resources
Inc. (“Vanstar”), whereby IAMGOLD has acquired all of the issued and outstanding common shares of Vanstar (the “Vanstar
Shares”) pursuant to a court-approved plan of arrangement (the “Arrangement”).
Pursuant to the Arrangement, former Vanstar shareholders received 0.2008 of an IAMGOLD common share (each whole
common share of IAMGOLD, an “IAMGOLD Share”) for each Vanstar Share. As a result of the Arrangement, IAMGOLD
issued an aggregate of 11,989,406 IAMGOLD shares.
With the acquisition of Vanstar complete, IAMGOLD now owns a 100% interest in the Nelligan Gold Project, located 60
kilometres southwest of Chibougamau, Quebec, Canada . In addition, IAMGOLD acquired a 1% NSR royalty on selected
claims of Nelligan, as well as other earlier stage exploration properties in Northern Quebec.
Trading of the Vanstar Shares on the TSX Venture Exchange (the “TSXV”) has been halted and will remain halted until the
Vanstar Shares have been delisted from the TSXV, which is expected to be on February 15, 2024. The Vanstar Shares are
also expected to be delisted from the OTCQX and the Frankfurt Stock Exchange . Following the delisting, Vanstar intends
to submit an application to the applicable securities regulators in Canada to cease to be a reporting issuer. In connection
with the Arrangement, IAMGOLD will file a report on its SEDAR+ profile at www.sedarplus.ca pursuant to National
Instrument 62 -103 – The Early Warning System and Related Take -Over Bid and Insider Reporting Issues containing
additional informat ion respecting the foregoing matters. A copy of such report may be obtained by contacting Graeme
Jennings, Vice President Investor Relations at IAMGOLD at (416) 360-4743.
Fasken Martineau Dumoulin LLP is acting as Canadian legal advisor to IAMGOLD in connection with the Arrangement.
Paul Weiss Rifkind Wharton & Garrison LLP is acting as US legal advisor.
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
Metal Mining Co. Ltd., which is expected to commence production in early 2024. In addition, the Company has an
established portfolio of early stage and advanced exploration projects within high potential mining districts in Canada.
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) and is one of the companies on the Jantzi Social Index, a socially screened market capitalization -weighted
consisting of companies which pass a set of broadly based environmental, social and 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
All information included in this news release, including any information as to the Company’s future financial or operating performance and
other statements that express management’s expectations or estimates of future performance, including statements in respect o f the
prospects and/or development of the Company’s projects, other than statements of historical fact, constitutes 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 news
release. Forward-looking statements are generally identifiable by the use of words such as “may”, “will”, “should”, “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. For example, forward -looking
statements in this news release include, without limitation , statements with respect to: the estimation of mineral reserves and mineral
resources and the realization of such estimates; the expected commencement of commercial production at the Côté Gold project; expected
delisting of the Vanstar Shares; Vanstar ceasing to be a reporting issuer in Canada;and the completion of the Arrangement.
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 o ther 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 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 Company's present and future
business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and g lobal
economic conditions and the environment in which the Company wi ll operate in the future; the p rice 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.
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 ability of the Company to successfully complete the construction of Côté Gold and commence commercial production from
the 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; security risks, including civil unrest, war or terrorism and disruptions to the Company’s supply chain as a result
of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company’s Essakane mine; the ongoing impacts
of COVID-19 (and its variants) on the Company and its workforce; the availability of labour and qualified contractors; the availability 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 rehabilitation risks; management of certain of the
Company's assets by other companies o r joint venture partners; the lack of availability of insurance covering all of the risks associated
with a mining company's operations; unexpected geological conditions; competition 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 in
particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (such as d iesel 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 author ities key permits,
authorizations or approvals necessary for exploration, development or operation, operating or technical difficulties in conne ction 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 with certain gold sale prepaym ent
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 credit facilities; changes in interest rates; adv erse 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 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 nature
of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves a nd 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 operational targ ets; equipment
malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment;
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, bridges, power sources and water
supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather con ditions at
mine sites; disruptions from weather related events resulting in limited or no productivity such as forest fires, flooding, heavy snowfall,
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poor air quality, and extreme heat or cold; attraction and retention of key employees and other qualified personnel; availability and
increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour 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; indigenous rights or claims; illegal mining; the potential direct or indirect operational
impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; and th e inherent
risks involved in the exploration, development and mining business generally. Please see the Company’s Annual Information Form or
Form 40-F available on www.sedarplus.ca 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.sedarplus.ca 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.