TomaGold sells Monster Lake interest to IAMGOLD Transaction valued at $8.5 million in cash and shares

PRESS RELEASE

TSXV: LOT

TomaGold sells Monster Lake interest to IAMGOLD

Transaction valued at $8.5 million in cash and shares

Montreal, Quebec, September 17, 2020 - TOMAGOLD CORPORATION (TSXV: LOT) (“TomaGold” or the

“Corporation”) is pleased to announce the signing of an asset purchase agreement (the “Agreement”) for

the sale of its 25% interest in the Monster Lake Project (the “Minority Interest”) to IAMGOLD Corporation

(“IAMGOLD”). The Monster Lake Project comprises the Monster Lake, Winchester and Lac à l’eau jaune

properties located in the Chibougamau mining camp in Quebec. IAMGOLD will pay TomaGold $8.5 million

as consideration for the Minority Interest, consisting of $500,000 in cash and $8.0 million in IAMGOLD

common shares based on a 10-day volume weighted average price (VWAP) on the TSX preceding the date

of signing. IAMGOLD currently holds a 75% interest in the Monster Lake Project.

“This is a great transaction for TomaGold, as it will allow us to refocus our efforts on exploration with a

combined cash and share position of over $10 million,” said David Grondin, President and Chief Executive

Officer of TomaGold. “We are proud of what we have accomplished with Monster Lake, taking a promising

exploration gold project and developing it into a high-grade gold deposit with the help of our joint-venture

partner, IAMGOLD.”

“We believe that our current portfolio of properties has strong exploration potential, with Obalski and

Baird showing high-grade historical results generated with very limited work. Our properties are also

located in known mining camps in proximity to major discoveries: Monster Lake East, Monster Lake West

and Hazeur are adjacent to the Monster Lake Deposit; Obalski, an old high-grade gold-copper mine, is

located in the Chibougamau mining camp; and Baird is located in the Red Lake mining camp, adjacent to

Pure Gold’s Madsen Mine. Our goal will be to replicate the success we achieved at Monster Lake by

enhancing our management team and adding strong technical expertise to lead the work on our promising

exploration projects,” added Mr. Grondin.

Completion of the sale of the Minority Interest is subject to approval by TomaGold shareholders at a special

meeting to be held in November 2020 (the “Meeting”). The Agreement will also require minority approval

in accordance with Multilateral Instrument 61-101, for which the votes attached to the TomaGold shares

owned by IAMGOLD and certain individuals will be excluded. The TomaGold shares owned by IAMGOLD

are excluded due to the fact that it owns in excess of 10% of the issued and outstanding shares of

TomaGold.

The sale of the Minority Interest is also subject to other customary closing conditions, including the

approval of the TSX Venture Exchange (for TomaGold) and the Toronto and New York stock exchanges (for

IAMGOLD).

About TomaGold

TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the

acquisition, assessment, exploration and development of gold mineral properties. It currently has joint

venture agreements with IAMGOLD Corporation for the Monster Lake project and with Evolution Mining

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Ltd and New Gold Inc. for the Baird property. TomaGold has interests in eight gold properties near the

Chibougamau mining camp in northern Quebec: Monster Lake, Winchester, Lac à l'eau jaune, Monster Lake

East, Monster Lake West, Hazeur, Obalski and Lac Doda. It also holds a 24.5% interest in the Baird property,

near the Red Lake mining camp in Ontario.

Contact:

David Grondin

President and Chief Executive Officer

(514) 583-3490

www.tomagoldcorp.com

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Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements in this

news release that are not historical facts are "forward-looking statements". Readers are cautioned that any such

statements are not guarantees of future performance, and that actual developments or results may vary materially from

those described in such "forward-looking" statements.