Wedoany.com Report-Oct. 21, Toronto-listed Iamgold announced on Monday its $267.4-million acquisition of Northern Superior Resources, consolidating a major gold district in Quebec’s Chibougamau region into the Nelligan Mining Complex. Under the deal, Northern Superior shareholders will receive 0.0991 of an Iamgold share plus C$0.19 in cash per share, representing a 27.4% premium to Northern Superior’s 20-day volume-weighted average price.

The acquisition combines Northern Superior’s Philibert, Chevrier, and Croteau projects with Iamgold’s Nelligan and Monster Lake deposits. The consolidated land package covers over 109,000 hectares and hosts measured and indicated resources of 3.75 million ounces and inferred resources of 8.65 million ounces, making it one of Canada’s largest preproduction gold camps. The close proximity of all deposits—within a 17 km radius—supports the concept of a central processing facility supplied by multiple ore sources.

“The addition of Northern Superior’s assets to Iamgold’s Nelligan Mining Complex in the Chibougamau region of Quebec is extremely exciting,” said president and CEO Renaud Adams. “This acquisition aligns with our strategy to become a leading Canada-focused midtier gold producer, bolstering our organic pipeline in Quebec where we have maintained a longstanding presence.”

Adams added that the combined portfolio “complements both the scale and timing of our Côté Gold mine and its forthcoming expansion” and positions Iamgold to accelerate exploration aimed at expanding and extending mineralisation across Nelligan, Philibert, and Monster Lake.

Upon completion of the transaction, Iamgold shareholders will hold approximately 97% of the combined company, while Northern Superior shareholders will own the remaining 3%. The agreement also includes the distribution of all ONGold Resources shares currently held by Northern Superior to its shareholders.

This consolidation strengthens Iamgold’s presence in Quebec, enhancing operational efficiency and creating opportunities for integrated mining and processing. The Nelligan Mining Complex is expected to benefit from shared infrastructure and synergies across the combined deposits, supporting both near-term development and long-term growth.

The deal reflects Iamgold’s strategic focus on Canada, leveraging high-quality assets in established mining regions and reinforcing its position as a midtier gold producer with a robust exploration pipeline. By combining these assets, the company aims to maximize resource potential while improving production planning and operational flexibility across the Chibougamau district.

The acquisition underscores the potential of centralized processing facilities in regions with closely located deposits, offering economies of scale and streamlined operations. With the completion of this transaction, Iamgold is positioned to accelerate both exploration and development efforts, strengthening its long-term resource base and contributing to sustained growth in Canada’s gold sector.