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

November 8, 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 completed another review of the development plan of the Cote Gold Project (IAMGOLD Corporation (Head Office: Toronto, Canada; Interim President and CEO: Maryse Belanger; 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 releases entitled "Regarding the estimated costs increases of the Cote Gold Project (Canada) announced by IAMGOLD" dated May 4, 2022 and August 4, 2022. As a result of this review, the initial capital expenses required for the construction of the Project are estimated to increase from 1.785 billion US dollars (excluding costs of 125 million US dollars for leasing heavy equipment) to 2.820 billion US dollars (excluding costs of 145 million US dollars for leasing heavy equipment).

Please check the below PDF file for details.

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