UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

Date: August 12, 2022

Commission File Number 001-31528

IAMGOLD Corporation
(Translation of registrant's name into English)

401 Bay Street Suite 3200, PO Box 153

Toronto, Ontario, Canada M5H 2Y4

Tel: (416) 360-4710
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_

Description of Exhibit

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Technical Report on the
Côté Gold Project,
Ontario, Canada
Report for NI 43-101

IAMGOLD Corporation

SLR Project No:  233.3498.R0000

Effective Date:

June 30, 2022

Signature Date:

August 12, 2022

Prepared by:

Technical Report on the Côté Gold Project, Ontario, Canada

SLR Project No:  233.3498.R0000

Prepared by

SLR Consulting (Canada) Ltd.

55 University Ave., Suite 501

Toronto, ON  M5J 2H7

for

IAMGOLD Corporation

401 Bay Street, Suite 3200

Toronto, ON

M5H 2Y4

Effective Date - June 30, 2022

Signature Date - August 12, 2022

FINAL

Distribution: 1 copy - IAMGOLD Corporation

 1 copy -  SLR Consulting (Canada) Ltd.

CONTENTS

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
NI 43-101 Technical Report - August 12, 2022	i

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
NI 43-101 Technical Report - August 12, 2022	ii

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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TABLES

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FIGURES

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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APPENDIX TABLES AND FIGURES

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1.0 SUMMARY

1.1 Executive Summary

SLR Consulting (Canada) Ltd (SLR) and Wood Canada Limited (Wood) were retained by IAMGOLD Corporation (IAMGOLD) to prepare a Technical Report on IAMGOLD's Côté Gold Project (the Project or the Property), which covers an area of 596 km² and is located approximately 125 km southwest of Timmins in northern Ontario, Canada.  The Project hosts both the Côté Gold deposit (Côté deposit or Côté) and Gosselin deposit (or Gosselin).  In 2019, SLR acquired Roscoe Postle Associates Inc. (RPA), which had been involved with the Côté Gold Project since 2011.  For the purpose of the Technical Report, references to SLR include RPA.

The purpose of this Technical Report is to support the disclosure of a Mineral Resource estimate for Gosselin and an updated Mineral Reserve estimate and economic analysis for Côté, in addition to an update on the advancement of the Project.  This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) as published by the Canadian Securities Administrators.  The effective date of this Technical Report is June 30, 2022. 

Independent Qualified Persons from SLR and Wood visited the Côté Gold property frequently from 2018 to present, most recently on July 19 to 21, 2021 (SLR) and May 7 to 9, 2019 (Wood). 

IAMGOLD is a mid-tier Canadian gold mining company operating in three regions globally: North America, South America, and West Africa.  Within these regions IAMGOLD is developing potential mining districts that encompass operating mines and construction, development, and exploration projects.  IAMGOLD's operating mines include Essakane in Burkina Faso, Rosebel (including Saramacca) in Suriname and Westwood in Canada.  A solid base of strategic assets is complemented by the Côté Gold Project in Canada, the Boto Gold development project in Senegal, as well as greenfield and brownfield exploration projects in various countries located in the Americas and West Africa.

IAMGOLD acquired the Project in 2012 following its acquisition of Trelawney Mining and Exploration Inc. (Trelawney or TME).  Trelawney had carried out exploration activities on the Property since 2009.

The Project, which is currently under construction, is a 70:30 joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. (Sumitomo).  Anticipated to begin operation in Q4 2023, the Project will feature open pit mining at rates of up to approximately 70 million tonnes per annum (Mtpa), and processing of 13.6 Mtpa of ore via high pressure grinding rolls (HPGRs), gravity concentration, whole-ore leaching, and gold recovery from solution using carbon-in-pulp (CIP).  Production is forecast to average 492,000 oz per annum for the first five years of an 18 year mine life.

In addition to the Côté deposit, this Technical Report describes a Mineral Resource estimate for nearby Gosselin, which represents potential for additional mine life for the Project.

Units of measurement used in this Technical Report conform to the metric system.  All currency in this Technical Report is US dollars (US$) unless otherwise noted.

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1.1.1 Conclusions

Project construction is 53% complete as of May 1, 2022, and is on track for H2 2023 first gold production.  Risks to Mineral Resource and Mineral Reserve estimates, or to projected economic outcomes, are low in comparison to advanced properties undergoing engineering studies.

Due to the substantial capital expenditures involved in mine development projects, developments are prone to cost overruns versus budget.  Construction costs at Côté have been impacted by a wide variety of factors, several of which are beyond the control of IAMGOLD.  The capital expenditures and long time period required to develop new mines or other projects are considerable and changes in costs and market conditions or unplanned events or construction schedules can affect project economics.  The Project may still experience further increases in capital expenditures, although given the stage of advancement, the risk is reduced.  In addition, construction and permitting delays could result in a prolonged schedule and increased project costs, and delay impacting mining activity or commissioning of the mill plant, which ultimately could impact the timing of production. 

To mitigate some of these risks, operational and economic reviews are in place, with a focus on project budget, future cash flows, profitability, and results of operations. 

Further conclusions by area are as follows.

1.1.1.1 Geology and Mineral Resources

• Côté Measured and Indicated Resources total 365.5 million tonnes (Mt) at an average grade of 0.87 g/t Au, containing 10.20 million ounces (Moz) Au.  An additional 189.6 Mt at an average grade of 0.63 g/t Au, containing 3.82 Moz Au are estimated in the Inferred Mineral Resource category.  The Mineral Resources are estimated at a 0.3 g/t Au cut-off grade, based on a gold price of US$1,500/oz Au, and have an effective date of December 19, 2019.

• Gosselin Indicated Resources total 124.5 Mt at an average grade of 0.84 g/t Au, containing 3.35 Moz Au.  An additional 72.9 Mt at an average grade of 0.73 g/t Au, containing 1.71 Moz Au are estimated in the Inferred Mineral Resource category.  The Mineral Resources are estimated at a 0.3 g/t Au cut-off grade, based on a price of US$1,500/oz Au, and have an effective date of October 4, 2021.

• These estimates remain unchanged from the previous Technical Report.

• Since the data cut-off date for the current Mineral Resource estimate (July 31, 2021), drilling at Gosselin has continued.  Along with infill and exploration holes, seven holes tested the saddle area, at the contact between Gosselin and Côté.  The new drilling confirmed a break between the existing Côté and Gosselin deposits, returning lower grade intercepts.  Based on the drilling completed to date, SLR expects that a future pit design for Gosselin will remain separate from the Côté pit. 

• There is excellent exploration potential to increase the Mineral Resources at Gosselin.

o Gosselin Mineral Resources are not yet included in the current Life of Mine (LOM) plan for the Project and represent potential for future mine life extensions.

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1.1.1.2 Mining and Mineral Reserves

• Proven and Probable Mineral Reserves are estimated to total 233.0 Mt at an average grade of 0.96 g/t Au, containing 7.17 Moz.  Mineral Reserves are estimated at a 0.35 g/t Au cut-off grade, based on a price of US$1,200/oz Au, and have an effective date of May 1, 2022.

• Pit optimization parameters, pit slope design, financial assumptions, pit-shell selection, and mining dilution and recovery factors remain unchanged from 2018.  The mine design was updated to optimize pit phasing, ramp location, and waste stripping, resulting in negligible changes to Mineral Reserves compared to the previous estimate, and small reductions in waste.

1.1.1.3 Metallurgical Test Work

• Metallurgical test work completed since 2009 has included:  comminution (Bond low-impact (crusher), rod mill (Rwi) and ball mill work (Bwi) indices, Bond abrasion indices (Ai), semi-autogenous grinding (SAG) mill comminution (SMC), HPGR, piston press, and Atwal tests, gravity recoverable gold (GRG) tests, cyanide leaching (effect of head grade, effect of grind size, reagent usage, CIP modelling, cyanide destruction, solid-liquid separation and barren solution analysis) test work, development of recovery projections; and review of the potential for deleterious elements.

• The comminution test work indicated that the material tested was very competent, and that the mineralization is well suited to an HPGR circuit. 

• The mineralization is free-milling (non-refractory). A portion of the gold liberates during grinding and is amenable to gravity concentration and the response to gravity and leaching is relatively consistent across head grades.  Therefore, the lower grade gold material is expected to exhibit the same level of metal extraction.  Individual lithologies follow the general trends for grind size sensitivity and cyanide consumption, however, there is evidence of differences in free gold content.  Silver content is consistently reported below 2 g/t Ag and the test work does not report on silver recovery.

• Overall gold recovery is estimated at 91.8% for the processing of 37,200 tonnes per day (tpd) using the proposed flowsheet.

• Cyanide and lime consumption are quite low in comparison to what is typically observed in industry, however, this reflects the lack of cyanicides and other cyanide consumers.  Lime consumption is also positively impacted by the basic nature of the ore.

• Metal dissolution during cyanide leaching was found to be low, and there are no obvious concerns with deleterious elements.

• Overall, metallurgical test results indicate that all the variability samples were readily amenable to gravity concentration and cyanide leaching.  Samples selected for metallurgical testing were representative of the various types and styles of mineralization within the different zones.  Samples were selected from a range of locations within the deposit zones.  Sufficient samples were taken so that tests were performed using adequate sample weights.

• For Gosselin, a preliminary test work program was complete in the summer of 2020.  The comminution parameters and gold recovery of Gosselin material are similar to those of the Côté ore.  Cyanide and lime consumption were slightly higher for Gosselin material, due to the higher copper and sulphur content. 

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1.1.1.4 Mineral Processing

• The processing plant is designed for a 1,596 tph throughput.

• Gold recovery is estimated at 91.8%.

• Preliminary test work indicates that Gosselin will produce metallurgical results similar to Côté.

• The process design uses conventional technology and equipment.  The process circuits will include primary crushing, secondary crushing, HPGR, ball milling, vertical milling, gravity concentration and cyanide leaching, followed by gold recovery by CIP, stripping and electrowinning (EW).

• Tailings handling will incorporate cyanide destruction and tailings thickening.

• The equipment proposed is appropriate for the type of flowsheet.

• Reagent usage and storage requirements are typical of the industry and require no specialized handling.

• Processing plant throughput will initially be 35,500 tpd at 92.6% utilization and it is expected that a ramp-up period of 20 months will be required to reach the design throughput, however, it is expected that 90% of the design throughput will be achieved after 10 months.

• As of Year 3, it is anticipated that nameplate capacity will be increased by an additional 5% to achieve 37,200 tpd.

1.1.1.5 Environment

• Environmental Assessment (EA) processes were completed providing approval for the Project under the Ontario Environmental Assessment Act and the Canadian Environmental Assessment Act, 2012.

• Permitting for the Project was initiated in 2018.

• The majority of permits required for the Project have been obtained including key permits for the construction of tailings dams and watercourse diversions, effluent discharges, and air emissions from the Province of Ontario for both the mine construction and operations phases, as well as permits to take water, a closure plan, and Schedule 2 listing under the Federal Metal and Diamond Mining Effluent Regulations.

• Extensive environmental monitoring programs have been developed through the permitting processes to protect the environment, including relating to air quality and noise emissions, effluent quality, downstream and surrounding surface waters, groundwater, terrestrial and aquatic life, geochemistry, and other aspects.  Environmental monitoring is ongoing.

• An environmental management team has been assembled to manage environmental commitments and associated regulatory requirements.

1.1.1.6 Capital Costs

The estimate was prepared in accordance with the AACE International Class 1 Estimate with an expected accuracy of +10%/-5% of the final Project cost remaining to construct.

1.1.1.6.1 Construction Progress

As of May 1, 2022, overall project progress reached 53%, with:

• Physical construction progress is estimated at 37% complete.

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• Fabrication of equipment is estimated at 70% complete.

• Detailed Engineering is progressed at 97% complete.

Construction was significantly impacted by COVID in late 2021 and early 2022.  Further, a fire in late February 2022 and a labour strike of Operating Engineers and Carpenters during the month of May, affected the project capacity to execute.  The Ontario union labour strike had an impact on the Project of approximately eight weeks delay, considering the consequence of lengthened construction activity durations, due to some work shifting to Winter 2023 season.

1.1.1.7 Sustaining Capital and Operating Costs

• Sustaining costs include purchase of replacement mobile mining equipment, annual tailings management facility (TMF) build -out costs, and capital lease payments on the initial mining fleet and permanent camp.

• Average LOM operating costs are estimated at $19.77/t of processed ore.

1.1.1.8 Economic Analysis

• The Project cash flow demonstrates economic viability of the Mineral Reserves.

1.1.2 Recommendations

SLR recommends that IAMGOLD continue with construction as planned and begin operations. Remaining Project capital construction costs total $1,908 million ($1,335 million attributable to IAMGOLD) including escalation and contingency as of May 1, 2022.

Further recommendations by area, including additional costs to carry out said recommendations where applicable, are as follows:

1.1.2.1 Geology and Mineral Resources

1. Continue diamond drilling at Gosselin, especially the down dip extensions and the saddle area between the Côté and Gosselin resource pit shells.

2. Further drilling in Gosselin deposit area should be oriented toward the south or southeast, according to the large scale curvature of the mineralization, and with a reasonable shallow dip, such that more intercepts at favourable angles to the mineralization could be obtained.

3. Diamond drilling costs for the Gosselin deposit are estimated to be $10 million to $20 million.

1.1.2.2 Mining and Mineral Reserves

1. Confirm the cut-off grade and optimization inputs once operating data become available.

2. Review mining potential for the Gosselin deposit, including impacts on the Côté pit designs and infrastructure requirements.

3. Optimize pit slope designs based on ongoing review of as-built pit wall performance and compliance to design parameters.

4. Confirm geotechnical design assumptions and improve designs based on ongoing pit wall mapping and geotechnical data collection.

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5. As a greater understanding of the smaller faults and their orientations is obtained with pit development, incorporate these into the geotechnical model for confirmation of inter-ramp and overall pit stability.

6. Establish a prism monitoring program early in the pit life to identify areas of potential instability and to validate design assumptions for rock mass.

7. Perform additional geotechnical/oriented core drilling to supplement the current data set, particularly focussing on north/northwest trending holes along the west, north, and northeast walls.

8. Optimize control blasting near interim and ultimate pit walls.

9. Costs to implement mining recommendations are largely accounted for in the LOM capital and operating costs.  An initial review of mining potential at Gosselin is estimated to cost $50,000.

1.1.2.3 Mineral Processing

1. Perform complete metallurgical test work with samples from the Gosselin Mineral Resource update.  The test work scope should include, comminution (Bond low-impact (crusher), RWi and BWi, Ai, SMC, HPGR, piston press, and Atwal) tests, GRG tests, cyanide leaching (effect of head grade, effect of grind size, reagent usage, CIP modelling, cyanide destruction, solid-liquid separation and barren solution analysis) test work, development of recovery projections, and review of the potential for deleterious elements.

2. This work is estimated at $450,000 to $500,000.

1.1.2.4 Infrastructure

1. Review infrastructure requirements for Gosselin, including site roads, waste storage, and tailings management options.

1.1.2.5 Environment

1. Ensure that Project design and operational changes continue to be coordinated with the environmental management team to ensure consistency with EA commitments and permitting requirements.

2. Ensure that environmental management team staffing is sufficient to meet corporate and regulatory performance metrics, particularly regarding monitoring and reporting requirements.   

1.1.2.6 Cost Estimates and Economic Analysis

1. Review cost and economic inputs as operating data becomes available.

1.2 Economic Analysis

The economic analysis contained in this Technical Report is based on the Project Mineral Reserves, economic assumptions, and capital and operating costs provided by IAMGOLD and reviewed by SLR (all reported on a 100% ownership basis - IAMGOLD owns 70%).  All costs are expressed in Q2 2022 US dollars.  Unless otherwise indicated, all costs in this section of the Technical Report are expressed without allowance for escalation, currency fluctuation, or interest during construction.  Costs quoted in Canadian dollars were converted to US dollars at an exchange rate of US$1 = C$1.25. 

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A summary of the key project criteria is provided below.

1.2.1 Economic Criteria

1.2.1.1 Physicals

• Project life: 18 year LOM with 16 years of mining and stockpile reclaim extending into Year 18

• Open Pit operations

• Processing of Mineral Reserves:

1.2.1.2 Revenue

• For the purposes of this economic analysis, revenue is estimated based on the IAMGOLD assumed LOM gold price of US$1,750/oz Au for 2023, US$1,700/oz Au for 2024 and 2025 and US$1,600/oz Au for 2026 onwards.  SLR considers this price to be aligned with latest industry consensus long term forecast prices.  Gold prices were kept constant throughout the life of the Project.

• For transportation and refining charges, the current assumption is that the Mint will transport doré from the Project to its refinery in Ottawa.  An indicative quote for transportation, insurance and refining was received from the Mint estimating costs at approximately $1.75/oz Au over the LOM.

• Royalty rates are presented in Section 4 of this Technical Report and range from 0% to a maximum of 1.5% depending on the source of the ore within the Project area.

• LOM net revenue is $6,102 million (after Royalty and Treatment Charges).

1.2.1.3 Capital Costs

• The revised Project construction capital costs are estimated to be $2,965 million.

• Pre-production capital costs already spent on the Project up to May 1, 2022, amounted to $1,057 million (considered as sunk cost for the current economic analysis).

• IAMGOLD has forecasted capital expenditures for the remaining pre-production period from May 1, 2022 onward of $1,908 million.

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1.2.1.4 Sustaining Capital and Operating Costs

• LOM sustaining capital costs of $1,136 million

o Lease payments including interest: $156 million

o Capital Waste Stripping (CWS): $462 million

• Concurrent reclamation and closure costs of $83 million included in the analysis over the LOM.

1.2.1.5 Taxation

• Income tax is payable to the Federal Government of Canada, pursuant to the Income Tax Act (Canada).  The applicable Federal income tax rate is 15% of taxable income.

• Income tax is payable to the Province of Ontario at a tax rate of 11.5% of taxable income, which includes the manufacturing and processing tax credit.  Ontario income tax is administered by the Canada Revenue Agency and, since 2008, Ontario's definition of taxable income is fully harmonized with the Federal definition.

• Ontario Mining Tax (OMT) is levied at a rate of 10% on taxable profit in excess of C$500,000 derived from mining operations in Ontario.  OMT is deductible in calculating Federal income tax and a similar resource allowance is available as a deduction in calculating Ontario income tax.  OMT is not affected by harmonization, accordingly, it is administered provincially by Ontario.

• SLR has relied on IAMGOLD's taxation model for the calculation of income and mining taxes applicable to the cash flow.

1.2.2 Cash Flow

SLR has reviewed the IAMGOLD Côté Financial Model and has prepared its own unlevered after-tax LOM cash flow model based on the information contained in this Technical Report to confirm the physical and economic parameters of the Project.

The model does not consider the following components:

• Financing costs

• Insurance

• Overhead cost for a corporate office

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SLR notes that taxes were estimated by IAMGOLD and have not been confirmed by SLR.  An after-tax cash flow summary is presented in Table 1-1.  All costs are in Q2 2022 US$ millions with no allowance for inflation.

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Table 1-1: After-Tax Cash Flow Summary

IAMGOLD Corporation - Côté Gold Project

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1.2.3 Cash Flow Analysis

The Project economics have been evaluated using the discounted cash flow method by considering annual processed tonnages and gold grade of ore.  The associated process recovery, gold prices, operating costs, refining and transportation charges, royalties, and capital expenditures were also considered.

The economic analysis uses a reference date of May 1, 2022.  The base discount rate used in this Technical Report is 5%, which has been commonly used to evaluate gold projects.  The discounted present values of the cash flows are summed to arrive at the Project's NPV.  In addition to the NPV, the internal rate of return (IRR) and the payback period were also calculated.  The IRR is defined as the discount rate that results in an NPV equal to zero.  The payback period is calculated as the time required to achieve positive cumulative cash flow from the start of production.

1.2.3.1 Economic Results

For the scenario that excludes sunk costs the pre-tax NPV at a 5% discount rate is $1,283 million and the after-tax NPV at a 5% discount is $1,109 million.

The LOM total cash cost is $693/oz Au derived from mining, processing, on-site G&A, refining, doré transportation and insurance, royalties, owner's other costs and OMT costs per ounce payable.  The AISC is $854/oz Au derived from total cash costs plus sustaining capital (including interest on capital leases), and reclamation and remediation costs.

The summary of the results of the cash flow analysis is presented in Table 1-2.

Table 1-2: Cash Flow Analysis 

IAMGOLD Corporation - Côté Gold Project

1.2.3.1.1 Economic Results Including Capital Spent To Date

The aforementioned NPVs and IRRs do not include capital expenditures to date.  Capital costs spent on the Project prior to May 1, 2022, amount to $1,057 million.  IAMGOLD has forecasted capital expenditures of $1,908 million for the remaining pre-production period.  An additional $1,136 million of sustaining capital is estimated during the LOM.

1.2.4 Sensitivity Analysis

Project risks can be identified in both economic and non-economic terms.  Key economic risks were examined by running cash flow sensitivities on after-tax NPV at a 5% discount rate.  The following parameters were examined:

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• Gold metal price

• Gold head grade

• Gold metallurgical recovery

• Operating costs

• Capital costs (Development, Sustaining, and Closure)

For the case that includes mine equipment capital leases, after-tax sensitivities have been calculated for -30% to +30% variations (for gold grade, gold price and operating costs and capital costs), and -2% to +2% variations (for gold recovery) to determine the most sensitive parameter of the Project.  The sensitivities are presented in Table 1-3 and Figure 1-1.

Table 1-3: After-Tax Sensitivity Analysis  (Excluding Sunk Costs)

IAMGOLD Corporation - Côté Gold Project

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Figure 1-1: After-Tax NPV 5% Sensitivity Graph

In after-tax evaluations, the Project is most sensitive to changes in gold price and gold head grade (the lines are superimposed on the graph above), and less sensitive to changes in mill recovery and operating and capital costs from the factors that were evaluated.

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1.3 Technical Summary

1.3.1 Property Description and Location

The Project is located in the Porcupine Mining Division, 20 km southwest of Gogama, Ontario and extends approximately 73 km from Esther Township in the west to Londonderry Township in the east.  The Project comprises a group of properties assembled through staking and option agreements covering a total area of approximately 596 km².  The Project mining leases area forms a portion of the overall claim area.

The Project is bisected by Highway 144 and is approximately 175 km north of Sudbury via Highway 144 and 125 km southwest of Timmins via Highways 101 and 144.

The Chester property is located in the central portion of the Project mining leases area which hosts the Côté and Gosselin deposits, as well as the Chester 1 zone and several other gold occurrences. 

1.3.2 Land Tenure

On April 27, 2012, IAMGOLD announced that it had entered into a definitive agreement with Trelawney to acquire, through a wholly owned subsidiary, all the issued and outstanding common shares of Trelawney through a plan of arrangement (the Trelawney transaction).  On June 21, 2012, IAMGOLD announced the acquisition of all issued and outstanding common shares of Trelawney, which was subsequently delisted.

Trelawney Augen Acquisition Corporation (TAAC), a subsidiary of Trelawney at the time of the Trelawney acquisition, became an indirectly wholly owned IAMGOLD subsidiary.

Following an amalgamation on June 1, 2017, all of IAMGOLD's interests in the groups of properties comprising the Project are now owned by and registered in the name of IAMGOLD, with the exception of the 986813 Ontario Ltd (986813 Ontario) property, which is held in the name of 986813 Ontario, an IAMGOLD subsidiary.

On June 20, 2017, IAMGOLD completed a transaction with Sumitomo wherein Sumitomo agreed to acquire a 30% undivided participating joint venture interest in the IAMGOLD's property interests in the Property package.  Sumitomo's interest in the Project is held by the Sumitomo subsidiary SMM Gold Côté Inc. (SMM). 

The properties acquired through the Trelawney transaction were the result of a number of agreements with third parties.  These third parties may retain an interest in some of the properties within the Property package either by way of an actual property interest or through royalty interests. 

IAMGOLD holds a significant land package which adequately covers the Project and area outside the Project mining leases.  Overall, the Property package consists of 2,976 tenures covering a surface area of approximately 59,591 ha (or 595.91 km²). 

IAMGOLD has regularly completed assessment work to maintain the claims in good standing.

1.3.3 Existing Infrastructure

Surface infrastructure at Chester 1 includes an electrical distribution system, warehouse, workshop, offices, and various pieces of mobile equipment.  As part of the Project early works a temporary construction camp was fully installed at Chester 1 to temporarily accommodate workers, this camp remains in place to complement the current Côté camp facilities and will be dismantled at the end of Project Construction.  Chester 1 is currently connected to the 115 kV Provincial power grid via a 24 kV feeder.  The surface electrical distribution system, warehouse, workshop, offices, and various pieces of mobile equipment of the Chester 1 site were used to support the construction of the Project. 

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A facility located on Mesomikenda Lake Road includes the exploration core shack, a kitchen, rooms for 55 people, and a recreation hall.  These have been used as needed during the exploration work phases for the Gosselin drilling program and regional exploration activities.  A series of cabins and a lodge located by Mesomikenda Lake also exist and can accommodate up to 15 people.

1.3.4 History

Prospecting and exploration activity in the Project area began circa 1900 and has continued sporadically to the present, spurred on periodically from exploration in the Porcupine and Elk Lake-Gowganda-Shiningtree camps.  The first discovery of note was the Lawrence copper prospect on the east shore of Mesomikenda Lake in 1910.  Further interest in the area was sparked in 1930 when Alfred Gosselin found outcropping gold mineralization on the east shore of Three Duck Lakes. 

Historical work on the Property has been conducted in multiple stages:

• In the early 1940s extensive prospecting and trenching was conducted, in addition to the sinking of several shallow shafts and some minor production.

• Through to the late 1960s little or no work was performed.

• From the early 1970s to approximately 1990, extensive surface work was performed, in addition to some limited underground investigations.

• From 1990 to 2009, fragmented property ownership precluded any major programs.

• In 2009, a group of properties that became the Chester property was consolidated by Trelawney.

A significant number of gold showings have been discovered on the Property.

1.3.5 Geology and Mineralization

The Côté and Gosselin deposits are located in the Swayze greenstone belt in the southwestern extension of the Abitibi greenstone belt of the Superior Province.  The Abitibi Subprovince comprises Late Archean metavolcanic rocks, related synvolcanic intrusions, and clastic metasedimentary rocks, intruded by Archean alkaline intrusions and Paleoproterozoic diabase dykes.  The Swayze greenstone belt, like the rest of the Abitibi greenstone belt, contains extrusive and intrusive rock types ranging from ultramafic through felsic in composition, as well as both chemical and clastic sedimentary rocks.

The Côté and Gosselin deposits are situated within the Chester Township area, within the southeast corner of the Swayze greenstone belt.  The greenstone (supracrustal) assemblage is part of the well-defined Ridout syncline that separates the Kenogamissi granitoid complex to the north from the Ramsey-Algoma granitoid complex to the south.

The Côté and Gosselin deposit type gold mineralization consists of low to moderate grade gold (±copper) mineralization associated with brecciated and altered tonalite and diorite rocks.

Several styles of gold mineralization are recognized within the deposit, and include disseminated, breccia hosted and vein type, all of which are co-spatial with biotite (± chlorite), sericite and for the Côté deposit silica-sodic alteration.

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Disseminated mineralization in the hydrothermal matrix of the breccia is the most important style of gold (±copper) mineralization.  This style consists of disseminated pyrite, chalcopyrite, pyrrhotite, magnetite, gold (often in native form), and molybdenite in the matrix of the breccia and is associated with primary hydrothermal biotite and chlorite after biotite.

The nature of the veins and fractures vary from stockworks to closely-spaced, planar, subparallel sheeted vein sets. 

1.3.6 Exploration Status

Exploration programs to date have identified the Côté and the Gosselin deposits and have evaluated several nearby gold showings for their potential to be bulk-mineable gold deposits.  The discovery of the Gosselin deposit resulted from IAMGOLD's focussed exploration efforts.  Other gold zones situated near the Côté and Gosselin deposits remain prospective for additional bulk-tonnage gold mineralization, and active exploration programs will continue to evaluate these targets.

Exploration programs to date have been sufficient to screen many areas for the presence of a Côté-style deposit, with grid line spacing and general traverse spacing of <200 m (some areas <100 m spacing for traverse/grid line density).  Litho-sampling and geological mapping is representative over much of the Property land holdings, with some exceptions where glacial till and lacustrine deposits form thick mantles on the bedrock.  In areas of thick overburden, induced polarization (IP) geophysical surveys and diamond drilling has helped screen these overburden-covered areas.

1.3.7 Mineral Resources

The current Côté and Gosselin Mineral Resource estimates are based on drill hole databases with cut-off dates of September 30, 2019 for Côté and July 31, 2021 for Gosselin.  At Gosselin, since the database cut-off date, IAMGOLD completed the 2021 drilling campaign and commenced the 2022 campaign, resulting in seven new holes testing the contact between the two deposits (saddle area), along with 19 infill and exploration holes in the central, northern, and eastern portions of Gosselin.  The Gosselin 2022 drilling campaign is currently in progress.  No drilling program has been conducted for Côté since the current Mineral Resource estimate.  SLR concluded that the new drilling in the saddle area confirms the break between the two deposits and that no adjustments were necessary for the current Mineral Resource estimates at this time.  Data collection, manipulation, and validation for the drilling performed at Gosselin after the current Mineral Resource estimate followed the same procedures that IAMGOLD used for the 2021 drilling included in the current Mineral Resource estimate.  SLR applied the same validation steps to the new data prior to the comparison with the drilling databases supporting the current Mineral Resource estimates.

1.3.7.1 Côté Deposit

In 2019, SLR prepared an updated Côté Mineral Resource estimate which included the incorporation of additional drilling and updated mineralization wireframes, recognized local grade trends, eliminated the Fault domain, and used a new classification approach.  IAMGOLD is treating this estimate as the current Mineral Resource estimate for the Côté deposit.  Table 1-4 presents a summary of the updated Côté deposit Mineral Resource estimate as of December 19, 2019.

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Table 1-4: Summary of Côté Mineral Resources - December 19, 2019

IAMGOLD Corporation - Côté Gold Project

Notes:

1. Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions) were followed for Mineral Resources.

2. Mineral Resources are inclusive of Mineral Reserves.

3. Mineral Resources are estimated at a cut-off grade of 0.3 g/t Au.

4. Mineral Resources are estimated using a long term price of US$1,500/oz Au, and a USD/CAD exchange rate of 1:1.30.

5. Bulk density varies from 2.69 t/m³ to 2.85 t/m³.

6. Mineral Resources are constrained by an optimized resource shell.

7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

8. Numbers may not add due to rounding.

The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

1.3.7.2 Gosselin Deposit

In 2021, SLR prepared an estimate of the Gosselin Mineral Resources based on an open pit mining scenario.  Indicated Resources total 124.5 Mt at an average grade of 0.84 g/t Au, containing 3.35 Moz Au.  An additional 72.9 Mt at an average grade of 0.73 g/t Au, containing 1.71 Moz Au are estimated in the Inferred Mineral Resource category.  The Mineral Resources are estimated at a 0.3 g/t Au cut-off grade, based on a price of US$1,500/oz Au, and have an effective date of October 4, 2021 (Table 1-5).

Table 1-5: Summary of Gosselin Mineral Resources - October 4, 2021

IAMGOLD Corporation - Côté Gold Project

Notes:

1. CIM (2014) definitions were followed for Mineral Resources.

2. Mineral Resources are estimated at a cut-off grade of 0.3 g/t Au.

3. Mineral Resources are estimated using a long term price of US$1,500/oz Au, and a USD/CAD exchange rate 1:1.2.

4. Bulk density varies from 2.69 t/m³ to 2.85 t/m³.

5. Mineral Resources are constrained by an optimized resource shell.

6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

7. Numbers may not add due to rounding.

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The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

1.3.8 Mineral Reserves

Mineral Reserves were classified in accordance with the CIM (2014) definitions.  Only Mineral Resources that were classified as Measured and Indicated were given economic attributes in the mine design and when demonstrating economic viability.  Mineral Reserves for the Côté deposit incorporate mining dilution and mining recovery estimations for the open pit mining method.

The Mineral Reserve estimate for the Côté deposit is based on the resource block model estimated by SLR (2019), as well as information provided by IAMGOLD and information generated by Wood.

The Mineral Reserves statement is summarized in Table 1-6.

Table 1-6: Mineral Reserves Statement - May 1, 2022

IAMGOLD Corporation - Côté Gold Project

Notes:

1. The Mineral Reserves were estimated assuming open pit mining methods and are reported on a 100% Project basis. 

2. Mineral Reserves used the following assumptions:  price of US$1,200/oz Au; fixed process recovery of 91.8%; treatment and refining costs, including transport and selling costs of $1.75/oz Au; variable royalty percentages by zone: 0.75% for Zone 1, 1.00% for Zone 2, 0.00% for Zone 3, 1.50% for Zone 4, 0.75% for Zone 5, 1.50% for Zone 6, and 0.75% for zones 7 and 8; overall pit slope angles varying by sector with a range of 45.8° to 56.4°; processing costs of $10.17/t, which includes process operating costs of $7.01/t, general and administrative costs of $1.84/t, sustaining costs of $0.82/t, and closure costs of $0.50/t; mining costs of $1.61/t incremented at $0.029/t/12m below 388 elevation (life-of-mine average mining costs of $2.01/t); and rehandling costs of $0.87/t.  The cut-off applied to the reserves is 0.35 g/t Au.

3. Numbers have been rounded.  Totals may not sum due to rounding.

The Mineral Reserves estimated for the Côté deposit are subject to the types of risks common to most open pit gold mining operations in Ontario.  The risks are reasonably well understood at the feasibility level of study and should be manageable.  Proper management of groundwater will be important to maintaining pit slope stability.  The current TMF permit covers approximately 87% of the Mineral Reserves.  There is a reasonable expectation that all permitting required to support the Mineral Reserve-based LOM plan will be obtained.

The QP is not aware of any mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

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1.3.8.1 Dilution and Ore Losses

The resource model is diluted by regularization to a standard block size of 10 m wide by 10 m deep by 12 m high.  Individual blocks captured within the final pit design were tagged as either ore or waste by cut-off grade, accounting for increasing mining costs with depth and varying royalties by zone. 

Ore losses during mining are accounted for by simulating the mixing of material from adjacent blocks.  The procedure to determine ore losses during mining results in a reduction of gold grade but does not reduce tonnage.  Ore losses were estimated using the following steps:

• The grade of a given block will be blended using 5% of the tonnage from each of the four adjacent blocks.

• If an adjacent block is classified as an Inferred Mineral Resource, its grade is considered to be zero.  If the adjacent block is Measured or Indicated, but below cut-off, dilution is taken at the grade of the adjacent block.

After the above adjustments, the Mineral Reserve tonnage and grade was reported using the partial block percentages within the final pit design.

1.3.9 Mining Method

Pit optimization parameters, financial assumptions, pit-shell selection, and mining dilution and recovery factors remain unchanged from 2018.  The current Mineral Reserves are based on an updated mine design which optimizes pit phasing, ramp location, and waste stripping, resulting in negligible changes to Mineral Reserves compared to the previous estimate, and small reductions in waste. 

1.3.9.1 Geotechnical Considerations

Wood updated the mine plan to a feasibility level pit slope design by carrying out geomechanical logging, compilation of previous geotechnical data, geotechnical modelling, kinematic analysis, and confirmation of overall slope stability by limit equilibrium and finite element analysis.

Initial pit slope design criteria were based primarily on all the compiled, reconciled, and updated geomechanical data, with reference to the prefeasibility study (PFS) pit shell geometry defined by Amec Foster Wheeler (2017).  Following pit optimization, the pit geometry was compared for changes in the slope orientation that may be impacted by different kinematic influences and reviewed using limit equilibrium modelling of the potential modes of failure to determine adequacy of the bench and inter-ramp design, with recommendations for adjustments which were incorporated into the final pit design.

1.3.9.2 Pit Optimization

The pit shells that define the ultimate pit limit, as well as the internal phases, were derived using the Lerchs-Grossmann (LG) pit optimization algorithm.  This process considers the information stored in the geological block model, the pit slope angles by geotechnical sector, commodity prices, cost inputs, and royalties by zone. 

Wood imported the resource model, containing gold grades, block percentages, material density, slope sectors, rock types, and net smelter return (NSR), into the optimization software.  The optimization run was carried out using only Measured and Indicated Mineral Resources to define the optimal mining limits.

The optimization run included 55 pit shells defined according to different revenue factors, where a revenue factor of 1 is the base case.  To select the optimal pit shell that defines the ultimate pit limit, Wood conducted a pit-by-pit analysis to evaluate the contribution of each incremental shell to NPV, assuming a processing plant capacity of 36,000 tpd and a discount rate of 6%.

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In 2022, pit optimizations run with current inputs confirmed the previous pit shell selection.

1.3.9.3 Mine Design

The mine plan is designed as a truck-shovel operation assuming 212 t autonomous and 34 m³ shovels.  The pit design includes five phases to balance stripping requirements while satisfying concentrator requirements. 

The design parameters include a ramp width of 36 m, maximum road grades of 10%, bench height of 12 m, berm height interval of 24 m, geotechnical catch bench of 20 m if height is greater than 150 m, a minimum mining width of 40 m, and variable slope angles and berm widths by sector.

The smoothed final pit design contains approximately 235 Mt of ore at 0.95 g/t Au and 575 Mt of waste for a resulting stripping ratio of 2.4:1.  The total LOM mill feed is 233 Mt at 0.96 g/t Au, constrained by TMF capacity, and 2.3 Mt of low grade ore material remaining in stockpiles at the end of mine life.  These tonnages and grades were derived by following an elevated cut-off strategy in the production schedule. 

1.3.9.4 Storage Facilities

The mine rock area (MRA), overburden stockpile, and ore stockpiles have been designed to ensure physical and chemical stability during and after mining activities.  To achieve this, the storage facilities were designed to account for benching, drainage, geotechnical stability, and concurrent reclamation.

1.3.9.5 Production Schedule

Pre-production commenced with contractor works in Q1 2021 consisting of overburden removal, supply of material for construction, and initial bench establishment.  Contractor mining will continue for a period of two years until Q2 2023.  In parallel, delivery and assembly of autonomous equipment has begun and owner mining will commence in Q1 2023.  Mechanical completion, first gold, and commercial production are planned in Q4 2023.

The Côté deposit is planned to be mined in five phases included within the ultimate pit limit.  The scheduling constraints establish the maximum mining capacity at 70 Mtpa and the maximum number of benches mined per year at eight in each phase.  Additional constraints were used to guide the schedule and to obtain the desired results.  Examples of these additional constraints include feeding lower grade material during the first months of the plant ramp up schedule, the maximum stockpile capacity, and reducing the mining capacity in later years to balance the number of trucks required per period.

The schedule produced an 18 year LOM with stockpile reclaim accounting for the final four years.  The amount of re-handled mill feed is 78 Mt, which requires a maximum stockpile capacity of 55 Mt, in Year 13.  The average grade is 0.96 g/t Au. 

The mine is scheduled to operate 24 hr/day, seven days per week (24/7 schedule), using four rotating crews working 12 h shifts.

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1.3.9.6 Mining Equipment

Mining operations will use an autonomous truck and drill fleet, supported by a conventional manned loading fleet and a fleet of manned support equipment.  The truck fleet will be diesel-powered with the capacity to mine approximately 60.0 Mtpa operating on 12 m benches.  The loading fleet will include two electric-powered hydraulic shovels, supported by three large diesel-powered front-end loaders (FELs).  Primary mobile equipment will consist of:

• Loading - CAT 6060 electric/hydraulic (6060E) shovel and CAT 994K high lift FELs

• Hauling - CAT 793F mechanical drive truck operated in autonomous mode

Multiple contractors will support the mine.  A contractor miner is assumed to mine all overburden within the mine plan and to develop the initial benches in the pre-production period for the autonomous fleet.  A maintenance and repair contract (MARC) will be in place during pre-production and the first three years of operation.  Blasting will be conducted by a contract down hole service during the LOM.  A full-service contract tire provider will be used throughout the LOM to supply, repair, and change tires at the mine site.

1.3.10 Metallurgical Test Work and Mineral Processing

1.3.10.1 Metallurgical Test Work

Metallurgical laboratories involved with the test work programs have included:  SGS facilities (SGS) in Lakefield, Ontario, COREM (a consortium composed of several mining companies and the Government of Québec), in Québec City, Québec, and the University of British Columbia.

Metallurgical test work completed since 2009 has included:  comminution (Bond low-impact (crusher), RWi and BWi, Ai, SMC, HPGR, piston press, and Atwal) tests, GRG tests, cyanide leaching (effect of head grade, effect of grind size, reagent usage, CIP modelling, cyanide destruction, solid-liquid separation and barren solution analysis) test work, development of recovery projections; and review of the potential for deleterious elements.

The comminution test work indicated that the material tested was very competent, and that the mineralization is well-suited to an HPGR circuit. 

The mineralization is free-milling (non-refractory).  A portion of the gold liberates during grinding and is amenable to gravity concentration and the response to gravity and leaching is relatively consistent across head grades.  Therefore, the lower grade gold material is expected to exhibit the same level of metal extraction.  Individual lithologies follow the general trends for grind size sensitivity and cyanide consumption, however, there is evidence of differences in free gold content.  Silver content is consistently reported below 2 g/t Ag and the test work does not report on silver recovery.

Overall gold recovery is estimated at 91.8% for the processing at an initial rate of 35,500 tpd using the proposed flowsheet, with a later expansion to 37,200 tpd.

Cyanide and lime consumption are quite low in comparison to what is typically observed in industry, however, this reflects the lack of cyanicides and other cyanide consumers.  Lime consumption is also positively impacted by the basic nature of the ore.

Metal dissolution during cyanide leaching was found to be low, and there are no obvious concerns with deleterious elements.

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Overall, metallurgical test results indicate that all the variability samples were readily amenable to gravity concentration and cyanide leach.  Samples selected for metallurgical testing were representative of the various types and styles of mineralization within the different zones.  Samples were selected from a range of locations within the deposit zones.  Sufficient samples were taken so that tests were performed using adequate sample weights.

For the Gosselin deposit a preliminary test work program was complete in the summer of 2020.  The comminution parameters and gold recovery are similar to those of the Côté ore.  Cyanide and lime consumption were slightly higher for Gosselin material, due to the higher copper and sulphur content. 

A more detailed test work program needs to be undertaken for the Gosselin deposit.  The program should include gravity recovery and metal dissolution characterization.

1.3.10.2 Mineral Processing

The process plant design is conventional and uses conventional equipment.  The process plant will consist of:

• Primary (gyratory) crushing

• Secondary cone crushing and coarse ore screening

• A coarse ore stockpile

• Tertiary HPGR crushing

• Fine ore screening and storage

• Two milling stages (ball mill followed by vertical stirred mills)

• Gravity concentration and intensive leaching

• Pre-leach thickening

• Whole ore cyanide leaching

• CIP recovery of precious metals from solution

• Cyanide destruction

• Tailings thickening

• Elution of precious metals from carbon

• Recovery of precious metals by EW

• Smelting to doré

The processing plant will have facilities for carbon regeneration, tailings thickening, and cyanide destruction.  Plant throughput will initially be 35,500 tpd and it is expected that a ramp up period of 10 months will be required to reach the design throughput.

Water from the mine water pond will be the primary source of mill water, providing the majority of the processing plant requirements, whereas the plant site pond and other collection areas will be secondary sources of process water.  Fresh water required for reagent mixing at the processing plant will be pumped from Mesomikenda Lake.

The primary reagents required will include flocculant, sodium hydroxide, cyanide, copper sulphate, liquid sulphur dioxide, anti-scalant, lime, hydrochloric acid, and oxygen.  A dedicated, self-contained air service system will be provided.

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The mill will require approximately 54 MW of power to operate at full capacity.

1.3.11 Project Infrastructure

Project infrastructure will include:

• Open pit

• MRA and stockpile facilities

• TMF

• Permanent camp and a temporary construction camp

• Emulsion plant

• Process facilities

• Workshop, offices, facilities, and other services

• Watercourse realignment dams and channels

• New lake to be created to compensate for the loss of Côté Lake habitat

• Storm/mine water, polishing, and tailings reclaim ponds

• Collection, surplus water discharge, and dispersion systems

• Two-lane gravel access road

• Upgraded existing transmission line from Timmins to Shining Tree Junction and a new 44 km long 115 kV electrical power transmission line from Shining Tree Junction to the Project site

• Electrical distribution network.

1.3.12 Market Studies

Gold doré bullion is typically sold through commercial banks and metals traders, with sales prices obtained from the World Spot or London fixes.  These contracts are easily transacted, and standard terms apply. 

IAMGOLD expects that the terms of any sales contracts would be typical of, and consistent with, standard industry practices, and would be similar to contracts for the supply of gold doré elsewhere in Canada. 

1.3.13 Environmental, Permitting and Social Considerations

1.3.13.1 Environmental Considerations

An EA was completed for the Project under the Ontario Environmental Assessment Act (EAA, 1990) and the Canadian Environmental Assessment Act, 2012 (CEAA 2012).  The Amended Environmental Impact Statement / Final Environmental Assessment Report is hereafter referred to as the EA (AMEC, January 2015).  A Decision Statement was issued by the Federal Minister of Environment and Climate Change Canada (ECCC) on April 13, 2016, and a Notice of Approval was issued by the Ontario Minister of the Environment and Climate Change (MOECC) on December 22, 2016.

Following receipt of the EA approvals, IAMGOLD optimized the Project based on feedback from First Nations, Métis, local communities, and regulators.  Project optimizations were evaluated through an Environmental Effects Review (EER) which concluded that predicted environmental effects of the Project are similar or reduced compared to the EA, and the conclusions of the EA remain valid.  The EER also included an updated summary of EA process mitigation and monitoring commitments, including commitments resulting from the consultation and engagement program.  The EER was accepted by the Ontario Ministry of Environment, Conservation and Parks (previously the MOECC, now the MECP) and Canadian Environmental Assessment Agency (now the Impact Assessment Agency of Canada).  IAMGOLD received a revised Decision Statement from the Federal Minister of Environment and Climate Change Canada on February 25, 2019.  The MECP confirmed via letter on April 29, 2019, that the 2016 Notice of Approval remains in effect for the Project.  The MECP letter provided comments on the applicability of each EA condition, and included guidance and clarifications related to MECP expectations.

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Permitting for mine construction was initiated in 2018 and since that time environmental permits have been secured to advance mine construction, as well as for the mine operations phase.  The majority of these permits have been issued by the Province of Ontario with lesser numbers being issued by the Federal government.  Provincial permits have included those pertaining to water management, dam construction, ore processing and tailings deposition, watercourse diversions and water crossings, air and noise emissions, tree clearing, closure planning, and domestic sewage treatment.  Permits received from the Federal government have included those related to fish habitat offset authorizations, including Schedule 2 listings and effluent discharges pursuant to Metal and Diamond Mining Effluent Regulations requirements, and permits pertaining to navigable waters.  Additional permitting to meet further project needs is in progress.

1.3.13.2 Social Considerations

IAMGOLD has actively engaged Indigenous, local, and regional communities, as well as other stakeholders, to gain a better understanding of their issues and interests, identify potential partnerships, and build social acceptance for the Project.  Stakeholders involved in Project consultations to date include those with a direct interest in the Project, and those who provided data for the baseline studies.  The involvement of stakeholders will continue throughout the various Project stages.  The range of stakeholders is expected to increase and evolve over time, to reflect varying levels of interest and issues.

As part of the Provincial conditions of EA approval, IAMGOLD developed and submitted a Community Communication Plan to the responsible Provincial ministry, outlining its plan to communicate with stakeholders through all phases of the project.

IAMGOLD worked collaboratively with the community of Gogama on the development of a socio-economic management and monitoring plan to manage potential socio-economic effects of the Project (both adverse and positive).  The plan was accepted in 2020 and implementation began in 2021.

An understanding of the Indigenous communities potentially interested in the Project was first developed through advice from the Province of Ontario to the previous property owner Trelawney in a letter dated August 19, 2011, and through advice from the Canadian Environmental Assessment Agency based on information provided by Aboriginal Affairs and Northern Development Canada (now Indigenous and Northern Affairs Canada).  IAMGOLD sought further direction from both Provincial and Federal Crown agencies on the potentially affected communities.

Based on Federal and Provincial advice and information gathered through engagement activities, IAMGOLD engaged a range of Indigenous groups during the preparation of the EA.  IAMGOLD has continued to engage the identified communities through information sharing (e.g., newsletters, notices, invitations to open houses, various permit applications), and has focused on actively engaging affected communities identified through the EA process.  IAMGOLD signed Impact Benefit Agreements (IBAs) with the Mattagami First Nation and Flying Post First Nation in April 2019 and with the Métis Nation of Ontario (Region 3) in June 2021.

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As part of the Provincial and Federal conditions of EA approval, IAMGOLD developed and submitted an Indigenous Consultation Plan to the responsible government departments, outlining the Project's plan to consult with identified Indigenous groups throughout all phases of the Project.  IAMGOLD consulted all identified Indigenous groups as part of the development of the Indigenous Consultation Plan, as required.

IAMGOLD committed to work with the communities of Mattagami First Nation and Flying Post First Nation to collaboratively develop a socio-economic management and monitoring plan to manage potential socio-economic effects of the project (both adverse and positive).  This plan was developed collaboratively with the communities and implementation began in 2021.

1.3.14 Capital and Operating Cost Estimates

1.3.14.1 Capital Cost Estimates

The total cost to design, construct, and commission the Project with a throughput of 35,500 tpd is estimated to be approximately $2,965 million, with a remaining cost of $1,908 million on May 1, 2022, inclusive of an allowance for contingency of $185 million and an escalation allowance of $80 million.  Table 1-7 presents a summary of the Project scope capital cost estimate. 

The total cost estimate is expressed in Q2 2022 US dollars.  Unless otherwise indicated, all costs in this section of the Technical Report are expressed without allowance for currency fluctuation, or interest during construction.  Costs going forward quoted in Canadian dollars were converted to US dollars at an exchange rate of US$1 = C$1.25

Cost implications and/or delays arising from the current COVID-19 pandemic have been considered in the forecast estimate.

The forecast estimate includes:

• Construction costs to execute the Project

• Contracts and Purchase Orders (POs)

• Indirect costs associated with the design, construction, and commissioning of the new facilities

• Camp costs

• Mining costs

• Owner's costs, including Operational Readiness and fees, and funds for labour availability risks

• Contingency and escalation allowance

Table 1-7: Project Scope Capital Cost Estimate Summary 

IAMGOLD Corporation - Côté Gold Project

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The estimate addresses the mine, process facilities, ancillary buildings, infrastructure, water management, and tailings facilities scope, and includes:

• Direct field costs including construction and commissioning of all structures, utilities, and equipment.

• Indirect costs associated with design, construction, and commissioning.

• Provisions for contingency, escalation, and Owner's costs.

The estimate was prepared in accordance with the AACE International Class 1 Estimate with an expected accuracy of +10%/-5% of the final Project cost remaining to construct.

Capital costs for surface facilities include the construction and installation of all structures, utilities, materials, and equipment, as well as all associated indirect and management costs.  The capital cost includes contractor and engineering support to commission the processing plant to ensure all systems are operational.  At the point of hand over of the processing plant to IAMGOLD, all operational costs, including ramp up to full production, are considered as operating costs.  The capital cost estimate is based on the remaining duration to commercial production, as shown in Figure 1-2.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Figure 1-2: Project Execution Schedule

1.3.14.2 Sustaining Capital and Operating Cost Estimates

After commercial production is achieved, sustaining capital costs, estimated at $1,136 million, include the following:

• Purchase of mining fleet to maintain production.

• Annual TMF build-out costs.

• Capital lease payments on the initial mining fleet.

The basis for estimating the sustaining costs for capital leases of mining equipment are as follows:

• 0% to 15% down payment of PO value on placement of order depending on the equipment (included in capital cost).

• Lease rate of 3.85% to 4.5% per annum depending on the equipment

• Lease term of five to seven years depending on the equipment.

Reclamation and closure costs are estimated to total $83 million, distributed annually from early in the mine life until post-closure.  This is based on a detailed closure cost estimate prepared by Wood as part of the 2018 Feasibility Study (2018 FS), adjusted to include an allowance for security bond fees and a credit at the end of mine life to account for the estimated salvage value of equipment and materials.  This was also adjusted for inflation to bring the estimate to 2022 dollars.

Total operating costs over the LOM are estimated to be $4,073 million (Table 1-8).  Mining (excluding CWS) and processing costs represent 35% and 46% of this total, respectively.  Average operating costs are estimated at $17.48/t of processed ore, as summarized in Table 1-9.

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Table 1-8: Total Operating Costs Over the LOM

IAMGOLD Corporation - Côté Gold Project

Note:

1. Operating costs include those incurred during two months of mill commissioning in 2023.

Table 1-9: Average Unit Operating Costs

IAMGOLD Corporation - Côté Gold Project

In addition to the general G&A costs included above, Other Owner's Costs are incurred during the operating period, consisting of a refining charge, operator's fee, royalties, and payment of net profits interests.  These costs are estimated to total $483 million over the LOM, averaging $2.07/t processed.

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2.0 INTRODUCTION

SLR Consulting (Canada) Ltd (SLR) and Wood Canada Limited (Wood) were retained by IAMGOLD Corporation (IAMGOLD) to prepare a Technical Report on IAMGOLD's Côté Gold Project (the Project or the Property), which covers an area of 596 km² and is located approximately 125 km southwest of Timmins in northern Ontario, Canada.  The Project hosts both the Côté Gold deposit (Côté deposit or Côté) and Gosselin deposit (or Gosselin).  In 2019, SLR acquired Roscoe Postle Associates Inc. (RPA), which had been involved with the Côté Gold Project since 2011.  For the purpose of the Technical Report, references to SLR include RPA.

The purpose of this Technical Report is to support the disclosure of a Mineral Resource estimate for Gosselin and an updated Mineral Reserve estimate and economic analysis for Côté, in addition to an update on the advancement of the Project.  This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) as published by the Canadian Securities Administrators.  The effective date of this Technical Report is June 30, 2022.

IAMGOLD is a mid-tier Canadian gold mining company operating in three regions globally: North America, South America, and West Africa.  Within these regions IAMGOLD is developing potential mining districts that encompass operating mines and construction, development, and exploration projects.  IAMGOLD's operating mines include Essakane in Burkina Faso, Rosebel (including Saramacca) in Suriname and Westwood in Canada.  A solid base of strategic assets is complemented by the Côté Gold Project in Canada, the Boto Gold development project in Senegal, as well as greenfield and brownfield exploration projects in various countries located in the Americas and West Africa.

IAMGOLD acquired the Project in 2012 following its acquisition of Trelawney Mining and Exploration Inc. (Trelawney or TME).  Trelawney had carried out exploration activities on the Property since 2009.

The Project, which is currently under construction, is a 70:30 joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. (Sumitomo).  Anticipated to begin operation in Q4 2023, the Project will feature open pit mining at rates of up to approximately 70 million tonnes per annum (Mtpa), and processing of 13.6 Mtpa of ore via high pressure grinding rolls (HPGRs), gravity concentration, whole-ore leaching, and gold recovery from solution using carbon-in-pulp (CIP).  Production is forecast to average 492,000 oz per annum for the first five years of an 18 year mine life.

In addition to the Côté deposit, this Technical Report describes a Mineral Resource estimate for nearby Gosselin, which represents potential for additional mine life for the Project.

2.1 Sources of Information

This Technical Report is authored by Qualified Persons (QPs) with IAMGOLD, SLR, and Wood.  Numerous site visits have been carried out by the IAMGOLD, SLR, and Wood.  The most recent site visits by a number of the QPs are provided in Table 2-1 and the QP responsibility summary for this Technical Report is provided in Table 2-2.

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Table 2-1: Recent QP Site Visits

IAMGOLD Corporation - Côté Gold Project

Mr. Ciuculescu carried out a site visit to the Côté deposit on October 7 to 8, 2019.  During the site visit, Mr. Ciuculescu reviewed the work performed at Côté.  The review included outcrop observations, collar position check with a hand-held GPS, review of core handling, logging, and sampling procedures.  Core from several drill holes was reviewed, covering the main lithologies and mineralization styles.  Drill logs and assay results from the selected drill holes were compared against the core. 

Mr. Ciuculescu carried out a site visit to the Gosselin deposit on July 19 to 21, 2021 accompanied by Marie-France Bugnon, Alan Smith, and Brad McKinley.  During the site visit, Mr. Ciuculescu reviewed the work performed at Gosselin.  The review included stops at various outcrops and at working drill rigs on land and lake.  Collar positions were measured with a hand-held GPS.  Core handling, logging, sampling, assay methodology, and quality assurance/quality control (QA/QC) protocols were reviewed.  Relevant intervals of core from various holes were examined, comparing the logged information to the core.  The assay results were reviewed along with the core for the mineralized intercepts.

Mr. Theben visited the Property in October 2020, to review the Project environmental and permitting compliance.

Ms. Bugnon and Mr. Smith have visited the Property numerous times since June 2012 and January 2013, respectively.  Most recent site visits occurred on June 3, 2022 (Ms. Bugnon) and from July 12 to 14 (Mr. Smith).

Dr. Davachi visited the Property on several occasions since 2019, with the most recent visit occurring from August 4 to 7, 2022.  During these site visits, Dr. Davachi inspected the Property mineral lease boundaries, topographic and geographical features, bedrock outcrops, drill sites, drill cores, proposed infrastructure locations, reviewed construction progress, and participated in meetings.

Ms. Nada visited the Property on the following occasions, from January 18 to 22, 2021, March 9 to 12, 2021, and December 3 to 5, 2021.  During these site visits, Ms. Nada inspected the site for construction progress.  The site visits also included meetings with potential contractors and coordination meetings with the construction management team.

Mr. Shah visited the Property from October 10 to 12, 2018.  During this site visit, Mr. Shah inspected existing and proposed Project infrastructure locations.

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Dr. Coulson visited the Property from December 10 to 13, 2017.  During this site visit, Dr. Coulson inspected the previously drilled geotechnical cores used for the open pit mine design to validate the rock mass quality recorded in two previous geotechnical drilling campaigns performed by others.

Table 2-2: Summary of QP Responsibilities

IAMGOLD Corporation - Côté Gold Project

Discussions were held with the following technical personnel from IAMGOLD:

• Craig MacDougall, M.Sc., P.Geo., Executive Vice President, Growth

• Philippe Gauthier, M.A.Sc., ing., Vice-President - Development Projects

• Mathew Wilson, Mine Manager, Côté Gold Project

• Neil Lincoln, P.Eng., Metallurgical Consultant

• Marie-France Bugnon, M.Sc., P. Geo., General Manager Exploration - Americas

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• Alan R. Smith, M.Sc., P.Geo., District Manager - Exploration

• Brad McKinley, M.Sc., P.Geo., Senior Geologist - Exploration

• Lisa Ragsdale, P.Geo., Director, Mining Geology

• Martin Perron, P.Eng., Manager, Resource Estimation

• Kenny Cheong, P.Eng., Mine Technical Services Superintendent, Côté Gold Project

• Irikefe Eruero, P.Geo., Senior Geologist, Production, Côté Gold Project

• Simon Bachand, P.Geo., Geologist

• Fumiaki Takeda, Geologist, Côté Gold Project

• Francis Letarte-Lavoie, Manager, Operations Readiness, Côté Gold Project

SLR would like to acknowledge the cooperation in the transmittal of data and the report production and editing assistance by a large team of IAMGOLD, Wood, and SLR personnel.

The documentation reviewed, and other sources of information, are listed at the end of this Technical Report in Section 27 References.

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2.2 List of Abbreviations

Units of measurement used in this Technical Report conform to the metric system.  All currency in this Technical Report is US dollars (US$) unless otherwise noted.

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3.0 RELIANCE ON OTHER EXPERTS

This Technical Report has been prepared by SLR, Wood, and IAMGOLD.  The information, conclusions, opinions, and estimates contained herein are based on:

• Information available to the QPs at the time of preparation of this Technical Report.

• Assumptions, conditions, and qualifications as set forth in this Technical Report.

For the purpose of this Technical Report, the QPs have relied on ownership information provided by IAMGOLD.

The QP has not researched property title or mineral rights for the Project and has no opinion as to the ownership status of the property. 

The QP has relied upon, and disclaims responsibility for taxation information as applied in the financial model, which was sourced from IAMGOLD through the following document:

Wilson, A.R., 2018:  Taxation Information and tax inputs to the financial model used in the Côté Gold Project Feasibility Study National Instrument 43-101 Technical Report prepared by Amec Foster Wheeler for IAMGOLD:  letter prepared by IAMGOLD for Wood, 15 November, 2018, 2 p.

This information is used in support of the financial analysis in Section 22 and in support of the Mineral Reserve estimate in Section 15.

Except for the purposes legislated under Provincial securities laws, any use of this Technical Report by any third party is at that party's sole risk.

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4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 Location

The Project is located in the Porcupine Mining Division, 20 km southwest of Gogama, Ontario and extends approximately 73 km from Esther Township in the west to Londonderry Township in the east.  The Project comprises a group of properties assembled through staking and option agreements covering a total area of approximately 596 km².  The Project mining leases area forms a portion of the overall claim area.

The Project is bisected by Highway 144 and is approximately 175 km north of Sudbury via Highway 144 and 125 km southwest of Timmins via Highways 101 and 144.

The original Chester exploration property is located in the central portion of the mining leases area, which hosts the Côté and Gosselin deposits, as well as the Chester 1 zone and several other gold occurrences. 

The mining leases area is a subset of the overall tenement package of the Project as presented in Figure 4-1.  The Project mining leases area is within the area demarcated by a thick black line on Figure 4-1.

4.2 Property and Title in Ontario

This subsection provides a general overview of mineral related laws and titles in Ontario, sourced from documentation in the public domain, including Natural Resources Canada (2015), Norton Rose Fulbright (2013), and the Ontario Mines Act (1990). 

4.2.1 Introduction

Until 1913, surface and mineral rights in Ontario were acquired with the land purchase.  In 1913, the Ontario Government enacted legislation reserving land mineral rights to the Crown and granting leases to individuals or companies seeking to extract minerals.  Where mineral rights are privately owned due to granting prior to 1913, they can be sold independently of surface rights, as such the surface and mineral rights on the same property can be held by different owners.

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Figure 4-1: Project Land Holdings

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The Ministry of Northern Development, Mines, Natural Resources and Forestry (NDMNRF) serves as the primary mineral rights regulatory body in Ontario.  The Canadian Federal Government may also be involved in the mining process where First Nations matters arise, or where the subject lands are federally regulated such as when the lands are classified as navigable bodies of water.

4.2.2 Mineral Tenure

4.2.2.1 Mining Claim

Ontario's unpatented mining claims are administered through the Mining Lands Administration System (MLAS) providing 24/7 online access to mining lands management.  All unpatented claims are contained within a cell based Provincial grid.  Mining claims are legally defined by their cell position on the grid and coordinate location in the MLAS Map Viewer bringing accuracy and certainty to the location of mining claims, greater certainty of rights and interests, as well as flexible management of land assets.

Annual assessment work requirements remain unchanged.  Assessment work requirements are C$400/cell claim and C$200/boundary claim or any claim that is encumbered.  Assessment work can be filed to renew or extend the claims at any time during the permitted five year period.  Where work has not been completed ahead of the due date, claims forfeit to the Crown.

Mining claims in the Sudbury area are administered under Mining Act, R.S.O. 1990, c. M.14 as well as several regulations thereunder.

4.2.2.2 Mining Lease

Mining claims can be converted into mining leases.  To convert a mining claim into a lease an application letter must be submitted to the Provincial Recording Office's Technical Services Unit any time after the fifth unit of assessment work has been performed on the land and the work has been submitted and approved.  Cash payment may be made in lieu of the second to fifth unit of assessment work.  After submitting the application letter, the land covered by the mining claims must be surveyed.  The applicant may also request that the surface rights be included in the mining lease where the Crown holds the surface rights.  Where the surface rights are privately held, the lessee of the mineral rights may need to acquire the surface rights if required for development or production purposes.

A mining lease grants its owner title and ownership to the land, permits the extracting and sale of extracted resources, and removes the requirement to perform yearly assessment work.

To maintain a mining lease, rent must be paid annually.  A mining lease expires after 21 years but can be renewed if the lease holder can demonstrate continuous production of minerals for at least one year since issuance or if the lease holder can demonstrate that it has taken a reasonable effort to bring the property into production.  A mining lease can also be renewed on the basis of contiguity with other mining leases where production has occurred.

A mining lease cannot be transferred or mortgaged by the lessee without the prior consent of the NDMNRF.  Transfers require the lessee to submit various documentation and pay a fee.

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4.2.2.3 Patented Claim

The owner of freehold lands in Ontario holds a fee simple real property interest.  Historically, the holder of a mining claim interested in extracting minerals from the ground could, instead of obtaining a mining lease, apply to the Ministry of Natural Resources and Forestry (MNRF), now NDMNRF, to acquire the freehold interest in the subject lands through the granting of a mining patent.

Such patents can include surface and mining rights or may only comprise mining rights.  They give the patentee all of the Crown's title to the subject lands and to all mines and minerals relating to such lands, subject to any reservations set out in the patent.  Patented claims are subject to annual Ontario mining taxes and, where surface rights are held, Ontario mineral land taxes.

No regulatory consent is required for the patentee to transfer or mortgage those lands other than Planning Act approval where the transferred lands are adjacent to other lands held by the same party.

4.2.2.4 Mining Licence of Occupation

These mining licences of occupation (MLO) allow the holder to use the land in the manner specified in each licence, including the right to dig, excavate, and remove ores and minerals from below the surface.  The Province of Ontario has the right to revoke licences of occupation on 30 days prior notice. 

4.2.3 Surface Rights

Surface rights refer to any land right that is not a mining right.  The process of acquiring surface rights for mining purposes depends on the owner of the rights:

• If the surface rights are owned by the claim holder, no action is required.

• If the surface rights are owned by the Crown, the ownership of the surface rights will be granted to the claim holder during the lease application process as requested by the claim holder.

• If the surface rights are privately owned by an individual or company, an agreement to allow the claim holder to use the land must be made with the surface rights holder.  The agreement should outline the compensation given if the land covered by the surface rights sustains any damages. 

Confirmation of an agreement with the surface rights owner is required for the granting of a mining lease, or an order from the Mining Lands Commissioner indicating that surface rights compensation, if any, has been paid, secured, or settled must be provided.

4.2.4 Environmental Considerations

The Ontario Environmental Assessment Act is the legislation most often applied to environmental aspects of mining projects in Ontario.  Mining project components may also be subject to the Federal Canadian Environmental Assessment Act. 

4.2.5 Closure Considerations

All land affected by mining development activity must be rehabilitated after the activity has finished.  A closure plan must be developed and acknowledged by the NDMNRF prior to mine development beginning.  The closure plan must outline how the affected land will be rehabilitated and the costs associated with doing so.  A financial guarantee equal to the estimated cost of the rehabilitation work is held in trust by the NDMNRF and is included with the submission of a closure plan.

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4.2.6 First Nations and Métis Considerations

Section 35 of the Canadian Constitution Act, 1982, recognizes and protects Aboriginal and treaty rights in Canada.  The Crown has a legal duty to engage in meaningful consultation whenever it has reason to believe that its decisions or actions might infringe upon recognized Aboriginal or treaty rights and typically delegates the procedural aspects of the duty to consult to project proponents.

NDMNRF has the responsibility for coordinating the Crown's consultation efforts on decisions relating to mining and mineral exploration.  If the project requires approvals or decisions by other Ministries with mineral development regulatory authority, there will be a coordinated approach to the government's consultation with Aboriginal communities.

4.3 Beneficial Ownership

On April 27, 2012, IAMGOLD announced that it had entered into a definitive agreement with Trelawney to acquire, through a wholly owned subsidiary, all the issued and outstanding common shares of Trelawney through a plan of arrangement (the Trelawney transaction).  On June 21, 2012, IAMGOLD announced the acquisition of all issued and outstanding common shares of Trelawney, which was subsequently delisted.

Trelawney Augen Acquisition Corporation (TAAC), a subsidiary of Trelawney at the time of the Trelawney acquisition, became an indirectly wholly owned IAMGOLD subsidiary.

Following an amalgamation on June 1, 2017, all of IAMGOLD's interests in the groups of properties comprising the Project are now owned by and registered in the name of IAMGOLD, with the exception of the 986813 Ontario Ltd (986813 Ontario) property, which is held in the name of 986813 Ontario, an IAMGOLD subsidiary.

On June 20, 2017, IAMGOLD completed a transaction with Sumitomo wherein Sumitomo agreed to acquire a 30% undivided participating joint venture interest in the IAMGOLD's property interests in the Property package.  Sumitomo's interest in the Project is held by the Sumitomo subsidiary SMM Gold Côté Inc. (SMM). 

The properties acquired through the Trelawney transaction were the result of a number of agreements with third parties.  These third parties may retain an interest in some of the properties within the Property package either by way of an actual property interest or through royalty interests (see discussions on each agreement in Section 4.4 of this Technical Report).  IAMGOLD notes that the ownership interests discussed in Section 4.4 reflect the current registered ownership status, rather than the beneficial ownership status, with rare situations where some of the tenures may still need to change the registered ownership. 

4.4 Mineral Title

4.4.1 Overall Tenure Package

IAMGOLD holds a significant land package which adequately covers the Project and area outside the Project mining leases (Figure 4-1).  Overall, the Property package consists of 2,976 tenures covering a surface area of approximately 59,591 ha (or 595.91 km²). 

IAMGOLD has regularly completed assessment work to maintain the claims in good standing.

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4.4.2 Project Mining Leases Area

The mineral tenure for the 2018 Feasibility Study (2018 FS) area consisted of a mixture of patented claims, mining leases, and a series of unpatented cell and boundary claims covering the area defined by the black outline in Figure 4-1.  The area of unpatented cell and boundary claims has since been converted to lease and is now referred to as the Project mining leases area.

The following section describes each property included in the Project mining leases area using the property nomenclature of the legend in Figure 4-1 and the property names in Figure 4-2.  Figure 4-3 provides the location of the various leases (mining and surface leases) and patented claims listed in each subsection of Section 4.4.3.

The location of the Côté deposit open pit boundary and Gosselin resource pit with respect to the underlying mineral tenure is provided in Figure 4-2.

The Chester 1, Chester 2, and Chester 3 agreement/property areas are primarily held under patented lands and mining leases.  This combined area represents the original Chester property.  The remaining agreement/property areas were generally held as unpatented claims.

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Figure 4-2: Project Mining Leases Area - Property Group Map

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Figure 4-3: Project Mining Leases and Patented Claims Location Map

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4.4.3 Option Agreement Summaries - Project Mining Leases Area

Mineral claims subject to option agreements are kept in good standing by IAMGOLD as a requirement of the agreements.   

IAMGOLD has no additional exploration expense obligations regarding the various option property agreements.  The following subsections are summaries of the various agreements included in the Project mining leases area.  Only a few unpatented mining claims, which form part of the Clam Lake property, were originally staked by Trelawney and are not subject to any agreement or any royalties.

4.4.3.1 Chester 1 Agreement 

The location of the Chester 1 (Murgold-Chesbar) claims is presented in Figure 4-2.

4.4.3.1.1 Agreements

On August 11, 2009, Trelawney entered into a definitive option agreement with Treelawn Investment Corp. (Treelawn Investment) granting Trelawney the exclusive and irrevocable option to earn up to a 70% interest in the Chester 1 (Murgold-Chesbar) claims.  Pursuant to the terms of this option agreement with Treelawn Investment, Trelawney had the option to acquire an initial 50% interest in the claims (the First Chester 1 Option) and an option to increase the 50% interest in 10% increments to 70% (the Second Chester 1 Option). 

Treelawn Investment and the Treelawn Group Inc. (Treelawn Group) are sister companies owned by Mr. Jeff Wood and are independent of Trelawney.

Under the terms of an amending agreement between Trelawney and Treelawn Investment, dated November 22, 2011, Trelawney accelerated the terms of the Chester 1 Option Agreement dated August 11, 2009 and announced on November 23, 2011 that it had exercised the First Chester 1 Option and the Second Chester 1 Option, to earn 70% of Treelawn Investment's interest in the Chester 1 (Murgold-Chesbar) claims.

4.4.3.1.2 Tenure

The mineral tenure within the Chester 1 (Murgold-Chesbar) agreement area is summarized in Table 4-1 and covers an area of approximately 150 ha. 

The beneficial and registered ownership of the Chester 1 (Murgold-Chesbar) claims package presented in Table 4-1 is:

Table 4-1: Chester 1 (Murgold-Chesbar) Mining Leases

IAMGOLD Corporation - Côté Gold Project

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4.4.3.1.3 Royalties

In addition, in consideration of waiving certain commercial production requirements under the Chester 1 Option Agreement, Treelawn Investment's residual 30% working interest in the Chester 1 (Murgold-Chesbar) claims was converted into a 30% net profits interest (NPI) in November 2011 and transferred to Treelawn Capital in October 2016.

Mining Lease 107446 covering CLM270 is also subject to a 3% net smelter return (NSR) payable to Larry Noël Gervais, with IAMGOLD having the right to purchase 2% of the NSR for C$2.0 million.

4.4.3.2 Chester 2 Agreement

The location of the Chester 2 claims is presented in Figure 4-2.

4.4.3.2.1 Agreements

On October 27, 2009, Trelawney signed an amended and restated Mining Claim Acquisition Agreement with Metallum Resources Inc. (Metallum), which would allow Trelawney to acquire a 92.5% interest in the Young-Shannon property (now part of the Chester 2 property package).

At the time of closing the Metallum agreement in 2009, Trelawney held at least a 92.5% interest in the staked and patented Young-Shannon property claims and the remaining interest was held by Treelawn Investment. 

On February 2, 2017, Metallum received final approval from the TSX Venture Exchange to change its principal business from a Mining Issuer to an Investment Issuer (Torrent Capital Ltd).  Metallum has no further rights or interests associated with the Chester 2 property packages.

Treelawn Investment acquired its undivided property interest as a result of a settlement of a charge on a minority owner of the Young-Shannon property.

4.4.3.2.2 Tenure

The Chester 2 agreement property package consists of four mining leases, four surface rights leases, 11 patented claims (PAT) and three MLO.  These claims cover the southern portion of the Côté deposit and its northeast (Gosselin deposit discovery) and southwest geological extensions.  The mining leases and patented claims held in the Chester 2 agreement tenure are summarized in Table 4-2 and are contiguous, covering an area of approximately 674 ha. 

The beneficial and registered ownership of the Chester 2 claims package presented in Table 4-2 is:

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Table 4-2: Chester 2 Mining Leases and Patented Claims

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.

2. Mining Rights and Surface Rights both approved.  PIN denotes Surface Rights awarded June 13, 2022 over the MLO area.

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4.4.3.2.3 Royalties

The patented Chester 2 claims are subject to a 3.0% NSR payable as follows: (i) 1.5% to IAMGOLD, (ii) 1.35% to Metalla Royalty & Streaming Ltd., and (iii) 0.15% to James T. Riley. 

The Chester 2 leases are also subject to a 3.0% NSR payable as follows: (i) 2.25% to IAMGOLD, and (ii) 0.75% to Deborah Depuis, as successor to Edward Blanchard.

4.4.3.3 Chester 3 Agreements

The location of the Chester 3 claims is presented in Figure 4-2.

4.4.3.3.1 Agreements

On December 21, 2009, Trelawney and Treelawn Group entered into a Mining Option Agreement, pursuant to which Treelawn Group granted Trelawney the right to acquire up to a 92.5% interest in Treelawn Group's interests (the Treelawn Interest) in the Chester 3 claims.  The Treelawn Interest included various mining leases, patented claims, and unpatented claims.  Pursuant to the terms of the Mining Option Agreement, Trelawney had the option to acquire an initial 50% interest in the Treelawn Interest (First Chester 3 Option) and an option to increase such interest to 92.5% (the Second and Third Chester 3 Options).  Under the terms of an amending agreement between Trelawney and Treelawn Group, dated November 22, 2011, Trelawney accelerated the terms of the Second and Third Chester 3 Options of the Chester 3 Option Agreement dated December 21, 2009 and announced on November 23, 2011 that it had exercised the First Chester 1 Option and the Second Chester 1 Option, to earn 92.5% of the Treelawn Interest in the Chester 3 claims. 

On November 26, 2010, Trelawney entered into an agreement to purchase Gold Bar Resources Inc.'s (Gold Bar) 21.62% undivided interest in Mining Lease CLM266.  On September 9, 2011, Trelawney announced that it had completed the acquisition of the 21.62% undivided interest in Mining Lease CLM266 to hold a 94.1215% interest.  Gold Bar retains no interest in the Project.

4.4.3.3.2 Tenure

The Chester 3 agreement tenure package is entirely located in the center of Chester township and is mostly included in the Project mining leases area.  For reference different sub-property names were given to blocks of tenures with different ownerships and existing royalties.  These sub-properties include Chester 3A (also referred to as Emerald Isle Block), Chester 3B (also referred to as Gold Bar or Jack Rabbit), Chester 3C, Chester 3D, and Chester 3E (also referred to as the Spider Block).

The Chester 3 agreement tenure package included in the Project mining leases area consists of four mining leases, two surface leases, and 13 patented claims for approximately 659.9 ha.  The Chester 3 agreement tenure package hosts a large portion of the Côté deposit (refer to Figure 4-2). 

An additional 12 unpatented claims (pertaining to Chester 3C) and six patented claims (Chester 3E block) border the mining leases area to the east and cover approximately 232.3 ha.  These 18 mining claims forming the remainder of the Chester 3 property are described in Section 4.4.4 Project Regional Land Holding and listed in Appendix 1. 

Table 4-3 summarizes the Chester 3A (Emerald Isle Block), currently held as one mining lease and one surface lease within the Chester 3 agreement tenure package (shown in green on Figure 4-2).  The Chester 3A (Emerald Isle Block) hosts the northern portion of the Côté deposit. 

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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The beneficial and registered ownership of the Chester 3A (Emerald Isle Block) claims package presented in Table 4-3 is:

Table 4-3: Chester 3A (Emerald Isle Block) Mining Leases

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.

Table 4-4 summarizes the Chester 3B (Jack Rabbit) claim held under a mining lease and referred to as Chester 3B (Jack Rabbit) in Figure 4-2.

The beneficial and registered ownership of the Chester 3B (Jack Rabbit) claim package presented in Table 4-4 is:

Table 4-4: Chester 3B (Jack Rabbit) Mining Lease

IAMGOLD Corporation - Côté Gold Project

Table 4-5 presents the Chester 3C surface and mineral rights that surround the Chester 1 agreement property and are bounded in part by the Chester 2 agreement property as shown in Figure 4-2.  Different registered ownerships are linked to the Chester 3C mineral tenure.

The beneficial and registered ownership of the Chester 3C claims package presented in Table 4-5 is:

986813 Ontario acquired Arimathaea Resources Inc.'s (Arimathaea) original interest in this portion of Chester 3C after an. order by the Commissioner dated February 6, 2012 granted 986813 Ontario the transfer of this interest in the Arimathaea property.  Refer to section 4.4.3.6.1.023.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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The two patented claims (S19992 and S20009) that form part of the Chester 3C sub-property have the following beneficial and registered ownership:

The existing Murgold registered Interest in S19992 and S20009 is beneficially owned by 986813 Ontario and title is currently in the process of being transferred from Murgold to 986813 Ontario.

Furthermore, Mining Lease 107448 covering claim P1238635 has the following beneficial and registered ownership:

Table 4-5: Chester 3C Mining Leases and Patented Claims

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.

Table 4-6 presents a list of the surface and mineral rights held under patented claim in the Chester 3D package shown in Figure 4-2.  On August 10, 2020, IAMGOLD entered into a purchase agreement with Canorth Resources Inc. to acquire Canorth's 25% registered interest in the eleven Chester 3D patented mining claims. 

IAMGOLD notes that there is a difference in ownership between the surface rights, and the mineral rights. 

The beneficial and registered ownership of the Chester 3D surface rights is:

• IAMGOLD: 64.75%

• SMM: 27.75%

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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• Treelawn Group: 7.5%

The beneficial and registered ownership of the Chester 3D mineral rights is:

• IAMGOLD: 66.0625%

• SMM: 28.3125%

• Treelawn Group: 5.625%

Table 4-6: Chester 3D Patented Claims

IAMGOLD Corporation - Côté Gold Project

Note:

1. SRO = surface rights ownership, MRO = mineral rights ownership.

4.4.3.3.3 Royalties

In accordance with the Mining Option Agreement, after exercising the First Chester 3 Option, Trelawney granted Treelawn Group a 1.5% NSR on the Treelawn Interest in the Chester 3 claims.  During the 48 months following the grant of the royalty, Trelawney had the right to purchase 0.5% of the royalty from Treelawn Group for the sum of C$1.0 million.  On May 20, 2015, Trelawney exercised its right to purchase a 0.5% NSR by paying Treelawn Group the sum of C$1.0 million.  This royalty is payable as follows: (i) 1% to International Royalty Corporation and (ii) 0.5% to IAMGOLD.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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In consideration for accelerating the exercise of the Chester 3 Option Agreement, Treelawn Group's residual interest in the Chester 3 property was converted into a free-carried interest of 7.5% on the Treelawn Interest (Amended Interest dated November 22, 2011).  On 28 March 2012, Trelawney announced that it had entered into a restated amending agreement with Treelawn Group regarding the Chester 3 property.  Pursuant to the restated amending agreement, the Amended Interest was converted into a 7.5% NPI on the Treelawn Interest.

In addition to Treelawn Group's royalty under the Mining Option Agreement covering Chester 3B (Jack Rabbit), CLM266 is also subject to an additional 1% NSR royalty payable to a third party.

4.4.3.4 Clam Lake

The location of the Clam Lake claims is presented in Figure 4-2.

4.4.3.4.1 Agreements

On May 19, 2010, Trelawney announced that it had signed a letter of intent with Crown Minerals Inc. (Crown Minerals) on its Chester/Yeo property in close proximity to the Chester properties and contiguous to some mining claims staked by Trelawney.  Trelawney purchased an 80% interest in the Chester/Yeo property and Crown Minerals was to retain a 20% carried interest until the completion of a positive pre-feasibility study (PFS).

On June 13, 2013, TAAC signed an Acquisition Agreement with Crown Minerals to purchase its interest to earn a 100% interest in the Chester/Yeo property. 

Under the Sanatana Option and Joint Venture Agreement signed on February 14, 2011 between Sanatana Resources Inc. (Sanatana) and TAAC further described in Section 4.4.3.9, Sanatana exercised its right under the area of interest clause of five kilometres from any portion of the Watershed property to acquire half of the acquired interest in the Chester/Yeo claims (the location of the Watershed property is included as the pale lavender claims in Figure 4-1).  This 20% interest was then held 50:50 between Sanatana and TAAC.  Following the purchase of Sanatana's 50% interest in the 20% interest in the Watershed property on March 9, 2016, TAAC obtained control of the full 20% interest. 

In July 2017, the TAAC and Trelawney interests were transferred to IAMGOLD.

4.4.3.4.2 Tenure

The Clam Lake property tenure package acquired from Crown Minerals and staked by Trelawney is provided in Table 4-7.  The claims are within the Chester and Yeo townships.  The Clam Lake property is contiguous with, and to the west of, the Chester properties, and consists of two mining leases and three surface leases covering an area of approximately 321 ha.

The beneficial and registered ownership of the Clam Lake claims package presented in Table 4-7 is:

• IAMGOLD: 70%

• SMM: 30%

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Table 4-7: Clam Lake Mining Leases

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.

4.4.3.4.3 Royalties

The Crown Minerals mining claims are subject to a 2% NSR payable to Peter Roberts, Yvan Veronneau, and Steve Anderson with IAMGOLD having the right to purchase 1% of the NSR for C$1.0 million.

There is no royalty payable on the Trelawney staked mining claims.

4.4.3.5 Leliever Property

The location of the Leliever property, is presented in Figure 4-2 (labelled as Leliever Patents).

4.4.3.5.1 Agreements

Pursuant to an acquisition agreement between Trelawney and John Leliever, dated February 24, 2012, Trelawney purchased a 100% interest in the Leliever Patents.

4.4.3.5.2 Tenure

The Leliever property is located in the central area of the Project mining leases area, immediately to the northwest of the Côté deposit.  The Leliever property is found exclusively within Chester Township and is a single contiguous block of three patented claims with an approximate area of 54.4 ha (Table 4-8).  In addition a small open space was noted in the Clam Lake area creating a new claim (claim 687057) which has been included in the Leliever property.  The new claim was part of a controlled staking effort made in late November 2021 in collaboration with the MNDM to correct an MLAS error.  The claim is now under application to be converted to a mining lease and has been recently surveyed (0.343 ha).

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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The beneficial and registered ownership of the Leliever claims package presented in Table 4-8 is:

• IAMGOLD: 70%

• SMM: 30%

Table 4-8: Leliever Patented Claims

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.

4.4.3.5.3 Royalties

The Leliever property is not currently subject to any royalty payments.

4.4.3.6 986813 Ontario Ltd. Property

The location of the 986813 Ontario property is presented in Figure 4-1, Figure 4-2, and Figure 4-4.

4.4.3.6.1 Agreements

Pursuant to an asset purchase agreement between Arimathaea and 986813 Ontario dated June 26, 1982, 986813 Ontario acquired the Arimathaea property.  By an application to the Commissioner from 986813 Ontario, dated December 26, 2011, several separate requests were made.  These included vesting a 100% interest in the claims comprising the Arimathaea property to 986813 Ontario, an application for exclusions, and an application for a time extension.

An order by the Commissioner dated February 6, 2012 granted all of the relief sought with the effective transfer date of the Arimathaea property to 986813 Ontario being June 26, 1992.  2294167 Ontario Inc. (2294167 Ontario) acquired 55%ownership of 986813 Ontario on August 3, 2011.  2294167 Ontario was a wholly-owned Trelawney subsidiary.

4.4.3.6.2 Tenure

The entire 986813 Ontario property is separated into four, 100% 986813 Ontario owned distinct blocks in the Project area as illustrated in Figure 4-4, however the Project mining leases area includes only a portion of the 986813 Ontario claims.  While all the claims for the mining leases area are within Chester township the 986813 Ontario property also extends into the Benneweis township.

The portion of the 986813 Ontario property included in the Project mining leases area consists of three mining leases and four surface rights leases as presented in Table 4-9.  These leases combine for a total area of approximately 1,095.4 ha.  The 119 unpatented claims forming the remainder of the 986813 Ontario property are described in Section 4.4.4 Project Regional Land Holding and listed in Appendix 1. 

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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The beneficial and registered ownership of the 986813 Ontario claims package presented in Table 4-9 is:

• IAMGOLD: 70%

• SMM: 30%

Table 4-9: 986813 Ontario Property Mining Leases

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.

2. Mining Rights Only, and no current surface lease application.

4.4.3.6.3 Royalties

The 986813 Ontario property is not currently subject to any royalty payments.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Figure 4-4: IAMGOLD Regional Property Interests - Central Area

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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4.4.3.7 Watershed Property

The location of the Watershed property is presented in Figure 4-1, Figure 4-2, and Figure 4-4.

4.4.3.7.1 Agreements

The Sanatana Option was under an earn-in agreement between TAAC and Sanatana signed on February 14, 2011.  Under the terms of the Sanatana Option agreement, Sanatana had the right to acquire a 50% interest in the originally 100% TAAC owned claims of the Watershed property by completing various terms including, staged payments in cash, shares of Sanatana, and exploration expenditures.  Sanatana met all the conditions of the Sanatana Option agreement and could have increased its interest to 51% in the Watershed property upon completion and delivery of a PFS on or before March 23, 2016.  On November 30, 2015, Sanatana announced that it had given TAAC notice to form a 50/50 joint venture (the JV) to manage the Watershed property.

The JV agreement included a provision for an area of interest (also termed the Sanatana right of first refusal or Sanatana ROFR) extending up to five kilometres from any portion of the Watershed property.  This required that any acquisition or staking of mineral claims by TAAC or its affiliates must be offered to Sanatana for the benefit of the parties.  If exercised by Sanatana, the costs of such an acquisition would be reimbursed under the JV terms and the interest would be included in the property for the benefit of Sanatana and TAAC.  This was exercised once in relation to TAAC's purchase of Crown Minerals 20% interest in the original Crown Minerals Clam Lake property as indicated in Section 4.4.3.4.1.  This 20% interest was then held 50:50 between Sanatana and TAAC.

On March 9, 2016, Sanatana sold its 50% interest in the Watershed property (including its interest in the Crown Minerals Clam Lake property) to TAAC in exchange for C$2.0 million in cash consideration, C$3.0 million in contingent consideration and a 1% NSR.  In July 2017, the TAAC interests were transferred to IAMGOLD. 

4.4.3.7.2 Tenure

The entire Watershed property as illustrated in Figure 4-4 surrounds the Project mining leases and forms a single contiguous block of mining leases and unpatented claims located in the Yeo, Chester, Neville, and Benneweis townships.  The Project mining leases area includes only a portion of the claims located in the Chester and Yeo townships.

The portion of the Watershed property included in the Project mining leases area consists of five mining leases and 11 surface rights leases as presented in Table 4-10.  The Watershed property leases combine for a total area of approximately 1,277.0 ha.  The 427 unpatented claims forming the remainder of the Watershed property are described in Section 4.4.4 Project Regional Land Holding and listed in Appendix 1. 

The beneficial and registered ownership of the Watershed claims package presented in Table 4-10 is:

• IAMGOLD: 70%

• SMM: 30%

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Table 4-10: Watershed Property Mining Leases

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.

4.4.3.7.3 Royalties

In the agreement signed on March 9, 2016 whereby Sanatana sold its 50% interest in the Watershed property to TAAC, a 1% NSR was granted to Sanatana.  IAMGOLD has the option to re-purchase 0.5% of the NSR for a C$2.0 million cash payment.  In addition, IAMGOLD also has the right of refusal on any sale of the NSR to other parties.  The royalty is currently payable to Ely Gold Royalties.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Both the patented and unpatented claims that comprise the Watershed property and the area of the Sanatana ROFR were also subject to a 1% NSR payable to Trelawney based on an agreement signed between TAAC and Trelawney (pre-acquisition of TAAC).

4.4.3.8 GoldON Swayze Properties

The location of the GoldON Swayze properties is presented in Figure 4-1, Figure 4-2, and Figure 4-4 (identified as GoldON).

4.4.3.8.1 Agreements

Under the terms of a definitive agreement dated December 30, 2016, Trelawney purchased a 100% interest in GoldON Resources Ltd.'s (GoldON) Swayze properties including the small block located in the Project mining leases area for C$300,000 in cash, forgiveness of the C$125,000 promissory note issued by GoldON to Trelawney, and assignment of Trelawney's 1,170,544 GoldON shares.  In addition, if a storage facility or pond of any nature is constructed on any of the GoldON Swayze properties for the purpose of tailings storage, Trelawney will pay to GoldON an additional C$800,000.

4.4.3.8.2 Tenure

The GoldON Swayze properties were originally separated into three blocks composed of the Chester township lease, the Neville-Potier townships block, and the Mollie River block located in Benneweis township.  Only the Chester block is located within the Project mining leases area.

The Chester block consists of one mining lease located approximately two kilometres north of the Côté deposit.  This mining lease covers an approximate surface area of 30.1 ha.  The 315 unpatented claims forming the Neville-Potier block and 46 unpatented claims forming the Mollie River block are described in Section 4.4.4 Project Regional Land Holding and listed in Appendix 1. 

The Chester block consists of one mining lease and one surface lease shown in dark green on Figure 4-2 and detailed in Table 4-11. 

All the GoldON Swayze claims were registered in Trelawney's name at the time of their acquisition.  The beneficial and registered ownership of the GoldON Swayze claim package presented in Table 4-11 is:

• IAMGOLD: 70%

• SMM: 30%

Table 4-11: GoldON Swayze Property Mining Leases

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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4.4.3.8.3 Royalties

On May 12, 2010, GoldON acquired a 100% interest in the Chester block and signed a Royalty Agreement dated May 12, 2010 with the original owner Pete Robert.  The original owner is entitled to a 3.0% NSR with the possibility to buy-back one-third of the NSR (total 1.0% NSR) at any time within 25 years from the date of signature of the agreement, upon payment of C$1.0 million.

Royalties associated with the GoldON Neville-Potier block and Mollie River block are described in Section 4.4.4.

4.4.3.9 TAAC Properties

The location of the TAAC properties is presented in Figure 4-1, Figure 4-2, and Figure 4-4.  The TAAC properties are separated into two distinct blocks and are labelled TAAC East and TAAC West.

4.4.3.9.1 Agreements

There are no agreements in place for the TAAC properties.  These properties were acquired by IAMGOLD with the acquisition of Trelawney, TAAC being a subsidiary of Trelawney at the time of the Trelawney acquisition.  TAAC is currently an indirectly wholly owned IAMGOLD subsidiary.

4.4.3.9.2 Tenure

The TAAC properties originally consisted of two 100% TAAC owned distinct blocks separated by the Watershed property.  Only the TAAC East block is located within the Project mining leases area and is shown in light red on Figure 4-1, Figure 4-2, and Figure 4-4.  The TAAC West block is referred to as TAAC West property in Figure 4-1 and Figure 4-4 and consists of a number of patented claims, MLO, and unpatented claims.  The TAAC West claim package is described in Section 4.4.4 Project Regional Land Holding and listed in Appendix 1. 

The TAAC East block is located directly to the north of the Côté deposit and comprises one mining lease and three portions of surface leases covering a total area of approximately 337.8 ha as presented in Table 4-12.

The beneficial and registered ownership of the TAAC East claim package presented in Table 4-12 is:

• IAMGOLD: 70%

• SMM: 30%

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Table 4-12: TAAC East Property Mining Leases

IAMGOLD Corporation - Côté Gold Project

Note:

1. Surface Rights Only Lease acquired to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights

4.4.3.9.3 Royalties

The TAAC properties are not currently subject to any royalty payments.

4.4.4 Project Regional Land Holding

IAMGOLD holds an extensive regional land package consisting of 2,923 tenures covering a surface area of approximately 55,081 ha (or 550.81 km²).  The regional land package entirely surrounds the Project mining leases area and is constituted largely of unpatented mining claims and a certain number of patented claims and MLO (Chester 3 and TAAC West properties only).

As noted in Section 4.3, the regional package includes tenures with different ownership interests and royalty considerations as some properties were acquired through option agreements.  Table 4-13 indicates the number of tenures, surface area, registered ownerships, and existing royalty obligations of the various property blocks of the regional land holding.  For some properties, the option agreements are already summarized in Sections 4.4.3.3 and 4.4.3.6 to 4.4.3.9 of this Technical Report (Chester 3, 986813 Ontario, Watershed, GoldON Swayze, and TAAC East properties).  Reference is made to the 2018 FS for the other option agreements concerning the rest of the regional land holding (Huffman Lake, Falcon Gold, Champagne, and Sheridan Options).

Table 4-13 uses the same property nomenclature as used in Figure 4-1 and illustrated in detail in Figure 4-4 (Central Area), in Figure 4-5 (West Area) and in Figure 4-6 (East Area).

All mineral claims are kept in good standing by IAMGOLD.  There are no additional exploration expense obligations regarding any of the existing option property agreements.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Table 4-13: Project Regional Land Holding Tenures Summary

IAMGOLD Corporation - Côté Gold Project

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Notes:

1. IMG for IAMGOLD Corporation and SMM for SMM Côté Gold Inc. (Sumitomo).

2. Compensation payment of C$800,000 if a storage facility or pond is constructed.

3. The application to transfer a 30% interest in IAMGOLD's interest to SMM Gold Côté Inc. in the unpatented and patented claims is still pending.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Figure 4-5: IAMGOLD Regional Property Interests - West Area

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Figure 4-6: IAMGOLD Regional Property Interests - East Area

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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4.5 Surface Rights

The owner of a mining claim does not hold the surface rights.  At the time of application for a mining lease, mining claims must be surveyed, and an application for surface rights submitted.

IAMGOLD has applied for the necessary surface rights as part of the mining lease applications and has also applied for a number of surface leases to cover surface rights setbacks or road reservations (as the case may be) and cover existing mining rights.  The surface leasing process for few minor areas located east of Upper Three Ducks Lake is still under planning.

All mining leases and surface leases are listed in subsections of Section 4.4.3 with the appropriate property agreement.

4.6 Water Rights

On February 23, 2010, Trelawney announced that it had received a permit to take water (PTTW) for dewatering from the Ontario Ministry of the Environment (MECP).  The PPTW grants the taking of water from the Bates shaft on the Chester 1 property for construction dewatering.  Trelawney initiated the process to begin dewatering the Chester 1 ramp in Summer 2010.  On July 7, 2010, Trelawney announced that the Mineral Development and Lands Branch of the NDMNRF acknowledgement the filing of its Advanced Exploration Closure Plan for the Chester 1 Project.  Pursuant to approval for filing of the Closure Plan by the NDMNRF, Trelawney began the planned underground exploration program.

Portal and underground rehabilitation began in H2 2010 and continued through early 2011.  Trelawney recovered an underground bulk sample comprising approximately 10,000 t of mineralized material and on May 25, 2011, announced its intention to reduce underground operations at the Chester 1 Project.  The Chester 1 Project was placed on care and maintenance (State of Inactivity) until 2018 at which point its status was changed to Advanced Exploration.  IAMGOLD has received approval for the erection of a 264 temporary camp facility on the Chester 1 Project to support development of the Project.

All Project permits and approvals are in good standing with the appropriate regulatory bodies.  Amendments are performed in compliance with appropriate legislation.  Further detail is available in Section 20 of this Technical Report.

4.7 Indigenous Communities

Information about affected and interested Indigenous communities engaged by IAMGOLD is presented in Section 20.8.2.  In addition to the Impact Benefit Agreements (IBAs) described therein, Augen Gold Corp. (Augen Gold) entered into an Exploration Agreement with Mattagami First Nation, Flying Post First Nation and Brunswick House First Nation in 2008 related to the Jerome mining claims (or TAAC West property block), which are located outside of the Project area as described within this Technical Report.

This agreement remains current and is administered by IAMGOLD.  The Exploration Agreement establishes a commitment to an ongoing relationship between IAMGOLD and the communities with respect to IAMGOLD's exploration activities on the TAAC West property, located in the traditional territories of the three First Nations.

Further detail is available in Section 20 of this Technical Report.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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4.8 Environmental Site Remediation

IAMGOLD is not aware of any environmental liabilities associated with or attributable to any of the subject property groups in the Project area, other than those that would normally be expected as a result of historical mining activities and associated mine workings.

Legacy diamond drill site remediation took place from 2013 to 2018 with 186 legacy drill sites remediated.  This work comprised removal of historic debris, capping of drill casings, and attaching a marker flag to the casing.

A program of drill collar decommissioning took place between 2019 to 2020 in areas of planned Côté Mine Infrastructure.  These drill holes were grouted to prevent ground water flow and the casings were removed.

4.9 Access and Work Program Risks

IAMGOLD is not aware of any other risks that could affect access, title, or the right or ability to perform work on the Project.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 Accessibility

The Project is located approximately 20 km southwest of Gogama, Ontario.  The Project is bisected by Highway 144 and is approximately 175 km north of Sudbury via Highway 144 and 125 km southwest of Timmins via Highways 101 and 144 (Figure 5-1).

Access to the Project area is via a network of logging roads and local bush roads accessed from Highway 144 and from the Sultan Industrial Road which runs east-west along, and below, the southern portion of the Project area.

Additional information on Project access is provided in Section 18 of this Technical Report.

5.2 Climate

The Project is located in the Boreal Shield Ecozone of Ontario, which is characterized by long, cold winters and short, warm summers.  Regional Environment Canada climate stations indicate total annual precipitation of 800 mm to 900 mm, and average temperatures in the range 1.3°C to 3.7°C with minimums occurring in January and maximums in June to July.  Winds are generally from the south or southwest during the summer months and from the north and northwest during the winter months. 

Data collected from the Project site meteorological station indicates that precipitation at the Project site falls within the range of average annual precipitation for the region, as do daily average temperatures.  Wind speeds at the Project site range from approximately 27 km/h to 5.4 km/h, based on readings taken from August 2012 to August 2013.

Any future mining operations would be expected to be conducted year round.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Figure 5-1: Project Access Plan

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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5.3 Local Resources and Infrastructure

The community of Gogama is located on the Canadian National Railway Company (CN Rail) line and is connected to the regional electric power grid but has few resources that could be used to support exploration and mining activity.  Sudbury and Timmins, however, are approximately 175 km and 125 km via road, respectively, both of which have mining suppliers and contractors plus experienced mining and general labour.

The closed mine infrastructure on the Chester 1 property, consists of a 3 m by 5 m, 1,675 m decline to a final depth of 162 m plus 700 m of lateral drifting on five levels.  A shallow shaft (Bates) is located on the east end of the main vein structure and 90 m of raises in mineralization.  This infrastructure is located on Lease CLM 270 and Mining Lease P1222832 (Chester 1).  While development work on the Chester 1 property was completed from 1986 to 1989, no formal production was achieved.  Chester 1 was closed in July 2015, and all infrastructure was placed on care and maintenance, with all underground infrastructure decommissioned.

Surface infrastructure at Chester 1 includes an electrical distribution system, warehouse, workshop, offices, and various pieces of mobile equipment As part of the Project early works a temporary construction camp was fully installed at Chester 1 to temporarily accommodate workers, this camp remains in place to complement the current Côté camp facilities and will be dismantled at the end of Project Construction.  Chester 1 is currently connected to the 115 kV Provincial power grid via a 24 kV feeder.  The surface electrical distribution system, warehouse, workshop, offices, and various pieces of mobile equipment of the Chester 1 site were used to support the construction of the Project. 

A facility located on Mesomikenda Lake Road includes the exploration core shack, a kitchen, rooms for 55 people, and a recreation hall.  These have been used as needed during the exploration work phases for the Gosselin drilling program and regional exploration activities.  A series of cabins and a lodge located by Mesomikenda Lake also exist and can accommodate up to 15 people.

A permanent camp has been completed at another location to the northeast of the Côté deposit, which can accommodate up to 1,000 workers for the Project.  Additional accommodations are being added to address peak demand during construction.

5.4 Physiography

The Project area is typical glaciated terrain of the Canadian Shield, consisting of gently rolling topography, with glaciated high points seldom exceeding 50 m above local lake levels.  Elevations range from 375 MASL to 425 MASL in the general area, however, elevations within the Project are generally between 380 MASL and 400 MASL (IAMGOLD and AMEC, 2015d).

Higher ground typically has a veneer of glacial soil over bedrock, with peat and glaciolacustrine deposits present in the low lying areas between the hills.  Outcrops represent only a small percentage of the area and are mostly confined to higher ground. 

The Project is located within an area with moderately hilly boreal mixed wood forest (birch, pine, poplar, and spruce), bogs, fens, and lakes commonly less than 10 m deep.  Most of the area has been logged in the last 30 years, so vegetation is generally small and second growth.

Watersheds in the Project area form part of the headwaters of the Mattagami River Watershed, just north of the divide that separates the James Bay Watershed from the Great Lakes Watershed.  Surface water flows at the Project are controlled by a number of lakes and creeks, which flow to the Mollie River and Mesomikenda Lake prior to discharging to Minisinakwa Lake and ultimately the Mattagami River.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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5.5 Comments on Section 5

There is sufficient space available in the Project area to locate the Project infrastructure envisaged in the 2018 FS and currently being constructed.  This includes space for the potential future development of Gosselin, and the tailings management facility (TMF) (as initially planned or expanded), mine rock area (MRA), mine infrastructure, and mineral processing plant.

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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6.0 HISTORY

6.1 Exploration History

Prospecting and exploration activity in the Project area began circa 1900 and has continued sporadically to the present, spurred on periodically from exploration in the Porcupine and Elk Lake-Gowganda-Shiningtree camps.  The first discovery of note was the Lawrence copper prospect on the east shore of Mesomikenda Lake in 1910.  Further interest in the area was sparked in 1930 when Alfred Gosselin found outcropping gold mineralization on the east shore of Three Duck Lakes (Laird, 1932). 

Historical work on the Property has been conducted in multiple stages:

• In the early 1940s extensive prospecting and trenching was conducted, in addition to the sinking of several shallow shafts and some minor production.

• Through to the late 1960s little or no work was performed.

• From the early 1970s to approximately 1990, extensive surface work was performed, in addition to some limited underground investigations.

• From 1990 to 2009, fragmented property ownership precluded any major programs.

• In 2009, a group of properties that became the Chester property was consolidated by Trelawney.

A significant number of gold showings have been discovered on the Property.

Table 6-1 summarizes the work completed in the general Project area prior to IAMGOLD's involvement in the Project.  Exploration conducted by IAMGOLD is detailed in Section 9 of this Technical Report.

Figure 6-1 presents the locations of the occurrences and prospects recorded on OGS Map P-3511 (2002) and discussed in Table 6-1.  In Figure 6-1, the numbered occurrences and the locality they correspond to are:

• Murgold-Chesbar (Chester 1):  67, 68, 69, 70

• Young-Shannon (Chester 2):  58, 59, 82

• Jack Rabbit (Chester 3):  73, 76, 77

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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Table 6-1: Exploration History

IAMGOLD Corporation - Côté Gold Project

IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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IAMGOLD Corporation | Côté Gold Project, SLR Project No:  233.3498.R0000
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