Regarding the estimated costs increases of the Cote Gold Project (Canada) announced by IAMGOLD

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August 4, 2022
Sumitomo Metal Mining Co., Ltd.

Sumitomo Metal Mining Co., Ltd. (Head Office: Minato-ku, Tokyo, Japan; President & Representative Director: Akira Nozaki; hereinafter, "SMM") has confirmed Canadian gold mining company IAMGOLD Corporation (Head Office: Toronto, Canada; Interim President and CEO: Maryse Belanger; hereinafter, "IMG"), SMM's partner in the Cote Gold Project (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, has announced an estimate for cost increases of the Project based on the outcome of its analysis work, assessment and information available to date. SMM will further continue to review this estimate and will announce the results as soon as they are confirmed.