Review of the development plan of the Cote Gold Project (Canada)

November 8, 2021
Sumitomo Metal Mining Co., Ltd.

Sumitomo Metal Mining Co., Ltd. (Head Office: Minato-ku, Tokyo, Japan; President & Representative Director: Akira Nozaki; hereinafter, "SMM") has completed a review of the development plan of the Cote Gold Project (IAMGOLD Corporation (Head Office: Toronto, Canada; President & CEO: Gordon Stothart; hereinafter, "IMG") and SMM hold a combined 92.5% interest in the project; IMG:SMM stake-holding ratio of 70:30, hereinafter, "the Project") in Ontario, Canada as previously announced in the press release entitled "Regarding the estimated costs increases of the Cote Gold Project (Canada) announced by IAMGOLD" dated July 23, 2021. As a result of this review, the initial capital expenses required for the construction of the Project are estimated to increase from 1.423 billion US dollars (The amount does not include 115 million US dollars for leasing heavy equipment) to 1.785 billion US dollars (The amount does not include 125 million US dollars for leasing heavy equipment).

Please check the below PDF file for details.

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