Massive Gold Discovery Reshapes Quebec's Mining Landscape

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IAMGOLD Corp. (IMG:TSX; IAG:NYSE) announced a pair of definitive agreements on October 20, 2025, to acquire both Mines D'Or Orbec Inc.(TSX.V: BLUE) and Northern Superior Resources Inc. (SUP:CVE), consolidating a dominant position in Quebec's Chibougamau gold district.

Under the agreement with Northern Superior, IAMGOLD will acquire all issued and outstanding shares through a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Northern Superior shareholders will receive 0.0991 of an IAMGOLD common share and CA$0.19 in cash for each share, implying total consideration of CA$2.05 per Northern Superior share and a transaction value of approximately US$267.4 million. The offer represented a 27.4% premium to Northern Superior's 20-day volume-weighted average price on October 17.

The acquisition will bring Northern Superior's Philibert, Chevrier, and Croteau deposits into IAMGOLD's existing portfolio, joining the company's Nelligan and Monster Lake projects to form what it calls the Nelligan Mining Complex. Combined, the assets are estimated to contain measured and indicated resources of 3.75 million ounces of gold and inferred resources of 8.65 million ounces, positioning the district as one of the largest pre-production gold camps in Canada.

In a company news release, President and Chief Executive Officer Renaud Adams said, "The addition of Northern Superior's assets to IAMGOLD's Nelligan Mining Complex in the Chibougamau region of Quebec is extremely exciting for IAMGOLD, the region and our mutual shareholders." He added that the transaction aligns with IAMGOLD's goal "to become a leading Canadian-focused mid-tier gold producer" while complementing the scale and timing of the company's Côté Gold mine and its planned expansion.

The same day, IAMGOLD also announced a separate agreement to acquire all outstanding shares of Mines D'Or Orbec Inc. through a court-approved plan of arrangement under the Business Corporations Act (Ontario). Orbec shareholders will receive total consideration valued at 12.5 Canadian cents per share, consisting of 6.25 Canadian cents in cash and 0.003466 of an IAMGOLD common share, for a total equity value of approximately CA$17.2 million and a 25% premium to the October 17 closing price.

The Orbec acquisition adds the 24,979-hectare Muus project to IAMGOLD's holdings. Muus is located at the intersection of two major mineralized structural zones, the Fancamp and Guercheville deformation zone, that also host IAMGOLD's Nelligan and Monster Lake deposits. Limited modern exploration has been conducted on the Muus property since the 1990s, offering opportunities for further discovery.

Following completion of both transactions, IAMGOLD will hold a consolidated land position of approximately 134,000 hectares in the Chibougamau region. The expanded Nelligan Mining Complex will combine multiple ore sources within a 17-kilometer radius, supporting the company's conceptual vision of a centralized processing facility serving several deposits.

Central Banks Anchor Gold's Record-Breaking Rally

Gold's historic surge in October underscored a global pivot toward tangible assets amid economic uncertainty and shifting monetary dynamics. On October 6, spot gold broke through US$4,000 per ounce for the first time, marking a milestone analysts described as both "structural and symbolic." The move reflected investors' search for stability as confidence in fiat currencies and sovereign debt weakened. Much of the buying momentum occurred during Asian trading hours, highlighting the region's increasing influence in global financial markets.

Central banks played a central role in the rally. Analysts noted that official sector purchases remained elevated as nations prioritized security of reserves over yield. By 2023, roughly 68% of gold-buying central banks held their reserves domestically, compared with 50% in 2020, a trend seen as signaling a broader preference for self-custody of assets.

A subsequent analysis by Bruno Venditti on October 8 found that, for the first time since 1996, foreign central banks collectively held more gold than U.S. Treasuries. Nearly one-fifth of all gold ever mined was now owned by central banks, with consistent buying through 2022, 2023, and 2024 helping push the metal above the US$4,000 threshold. The shift pointed to an ongoing move away from dollar-denominated assets toward physical stores of value.

In an October 10 report, Anthony Keane noted that gold had risen 123% over two years, outperforming most asset classes. Analysts attributed the strength to lower interest rates, geopolitical instability, and renewed demand for finite resources. Kyle Rodda of Capital.com observed that "the supply of money grows at a much faster pace than we can pull gold out of the ground," while Tony Catt of Catapult Wealth said, "gold is an asset class where there is a lot of central bank buying," emphasizing its enduring appeal during volatile periods.

A research note from UBS captured the prevailing sentiment, remarking that it was "hard to find anyone who isn't a gold bull." Even so, historical analysis from Dimensional Fund Advisors offered perspective, showing that gold has delivered positive annual returns in just over half of all calendar years since 1980.

By October 21, Business Today reported a mild pullback, with gold futures easing 0.24% to US$4,349.24 per ounce and silver down 1.72% to US$50.50. The moderation followed easing geopolitical tensions ahead of a scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

Precious metals analyst Michael Maloney characterized the dip as a short-term pause within a longer structural trend, stating that "the accelerating devaluation of fiat currencies has made holding real assets more vital than ever." He warned that global debt and currency debasement continue to threaten financial stability, calling gold and silver "monetary anchors in a world adrift." Despite brief corrections, physical demand — especially in India during the Diwali season — remained strong, reinforcing confidence in the precious metals sector.

Expert Perspectives: Acquisition Underscores Confidence in IAMGOLD's Strategy

In an October 20 analysis, market commentator Robert Sinn described IAMGOLD's agreement to acquire Northern Superior Resources Inc. as a significant validation of the company's expansion strategy. He noted that the US$300 million transaction represented "a fantastic outcome for shareholders" and highlighted that investors who wished to maintain exposure to the Chibougamau Gold Camp could do so by holding the IAMGOLD shares received in the deal.

According to Sinn, the acquisition aligned with IAMGOLD's growing role as a consolidator in Quebec's premier gold district. He described the Chibougamau Gold Camp as an area controlled primarily by "a US$6.4 billion market cap producer, IAMGOLD," underscoring the company's established presence and operational scale within the region. Sinn also referred to IAMGOLD as one of the two primary entities shaping the camp's development, citing his previous assessment that the company's position and leadership made it a cornerstone of the district's ongoing growth.

Sinn concluded that the announcement further strengthened market confidence in IAMGOLD's long-term vision and execution, characterizing the transaction as a natural progression of its consolidation strategy.

Building a Canadian-Focused Gold Hub

IAMGOLD's acquisition of Orbec complements its broader strategy of becoming a leading Canadian-focused, multi-asset producer. The company's October 2025 presentation emphasized its expanding exploration and development pipeline, led by the Côté Gold operation in Ontario and the Westwood mine in Quebec. The new Nelligan Mining Complex, which includes the Muus, Nelligan, Monster Lake, Philibert, and Chevrier projects, is central to that vision.

The combined district offers proximity to infrastructure and multiple ore sources that could support a central processing facility, reflecting IAMGOLD's stated goal of unlocking long-term potential near existing operations. With this transaction, the company strengthens its presence in a premier mining jurisdiction while advancing its exploration focus across one of Canada's most promising gold belts. 

Ownership and Share Structure

According to LSEG, 75.32% of IAMGOLD is held by Institutions. Of those, Van Eck Associates holds 6.66%, Donald Smith & Company hold 4.68%, and BlackRock Investment Management holds 4.07%.

Management and Insiders hold 0.18%.

The rest is retail.

IAMGOLD Corp. has a 572.97 million free float shares, a market cap of CA$7 billion, and a 52-week trading range of CA$4.89 to CA$14.67.