Iamgold to acquire Northern Superior, Orbec in separate deals

Iamgold Corp. [IMG-TSX, IAG-NYSE] said it has struck a definitive deal to acquire all the issued and outstanding shares of Northern Superior Resources Inc. [SUP-TSXV, NSUPF-OTCQB, D9M1-GR] for $267 million.

Northern Superior shares jumped 45% to 64 cents to $2.06 in early trading, Monday. The shares previously traded in a 52-week range of $1.72 and 41.5 cents. Iamgold eased 9.0% or $1.83 to $18.76.

The transaction will consolidate Northern Superior’s significant land package and notable deposits in the Chibougamau region of Quebec, including Philibert, Chevrier, and Croteau, with Iamgold’s Nelligen and Monster Lake project. The combined assets, known as the “Nelligan Mining Complex” will rank as one of the largest pre-production gold camps in Canada with measured and indicated resource of 3.75 million ounces of gold and inferred resources of 8.65 million ounces gold. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.

Under the agreement, Northern Superior’s shareholders will receive 0.0991 of an Iamgold share and 19 cents in cash for each common share of Northern Superior. This implies a total consideration of $2.05 per Northern Superior share, and total transaction value of $267.4 million. The transaction will also include a concurrent distribution to Northern Superior’s shareholders of all the common shares of ONGold Resources Ltd. [ONAU-TSXV] currently held by Northern Superior.

“This acquisition aligns with our strategy to become a leading Canadian focused mid-tier gold producer, bolstering our organic pipeline in Quebec, where we have maintained a longstanding presence,’’ said Iamgold CEO Renaud Adams.

Iamgold is an intermediate gold producer and developer with operating mines in North America and West Africa, including Cote Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Cote Gold Mine achieved full nameplate in June, 2025, and has the potential to be among the largest gold mines in Canada. It operates the mine in partnership with Sumitomo Metal Mining Co. Ltd. of Japan.

Meanwhile, on Monday Iamgold announced a separate deal to acquire all the issued and outstanding shares of Mines D’Or Orbec Inc. [BLUE-TSXV]. The acquisition is expected to consolidate Iamgold’s existing ownership of Orbec shares through which the company will add the highly prospective Muus Projec, which is adjacent to Iamgold’s Nelligen and Monster Lake projects.

Under the agreement, Orbec shareholders will receive a total consideration of $0.125 per Orbec in a cash and shares transaction consisting of $0.0625 per Orbec share and 0.003466 of an Iamgold common share for each Orbec share.  This implies a total equity value based on fully diluted shares outstanding, new of Iamgold’s ownership, of $17.2 million. Iamgold currently owns 7.14 million Orbec shares, or 6.70% of the shares outstanding.

Orbec shares rose 20% or $0.02 to 12 cents and trade in a 52-week range of 11 cents and $0.035.