IAMGOLD Corporation has agreed to acquire Northern Superior Resources in a deal that will consolidate several key gold projects in Quebec’s Chibougamau district. The aggreement positions IAMGOLD to develop one of Canada’s largest pre-production gold camps.
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The agreement, valued at about C$267.4 million, will see IAMGOLD purchase all outstanding shares of Northern Superior. Shareholders will receive C$2.05 per share, made up of C$0.19 in cash and 0.0991 of an IAMGOLD common share. The offer represents a 27.4% premium based on the companies’ 20-day average share prices. Once the transaction closes, IAMGOLD shareholders will own about 97% of the combined company, while Northern Superior shareholders will hold the remaining 3%.
The deal brings together IAMGOLD’s Nelligan and Monster Lake projects with Northern Superior’s Philibert, Chevrier, and Croteau deposits. Together, the assets will form the Nelligan Mining Complex, with combined resources of 3.75 million ounces of measured and indicated gold and 8.65 million ounces inferred. The land package will span more than 109,000 hectares, making it one of the most significant undeveloped gold districts in the country.
The proximity of the deposits, each within about 17 kilometres of one another, supports plans for a central processing facility that would draw ore from multiple sources. IAMGOLD said combining Northern Superior’s assets could streamline development and reduce production costs.
The Philibert Project, located nine kilometres northeast of Nelligan, is seen as central to the plan. IAMGOLD holds an option to acquire the remaining 25% of Philibert from SOQUEM for C$3.5 million.
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The transaction will more than double IAMGOLD’s landholding in the Chibougamau district, expanding its position in one of Quebec’s most active gold exploration zones. The combined resource base would rank the Nelligan Mining Complex as the fourth-largest pre-production gold camp in Canada.
Northern Superior shareholders will also receive shares in ONGold Resources Ltd., a subsidiary currently owned by Northern Superior.
The acquisition is subject to shareholder, court, and regulatory approvals. Northern Superior directors and officers have already agreed to vote in favour of the deal. A shareholder meeting is expected to be held in November this year, with the transaction likely to close by late 2025 or early 2026.
National Bank Capital Markets is acting as IAMGOLD’s financial advisor, with Laurentian Bank Securities as special advisor and Norton Rose Fulbright Canada LLP providing legal counsel.
If approved, the acquisition would strengthen IAMGOLD’s Canadian growth pipeline and expand its presence in Quebec, complementing its existing operations and the upcoming expansion of its Côté Gold Mine in Ontario.