IAMGOLD Corporation entered into a definitive arrangement agreement on October 19 2025 to acquire all issued and outstanding common shares of Mines D’Or Orbec Inc. The deal values each Orbec share at C$0.0625 in cash plus 0.003466 of an IAMGOLD common share, amounting to an implied equity value of approximately C$18.1 million— a 25 % premium to Orbec’s closing price on October 17 2025. The transaction is expected to close on or about December 19 2025 after shareholder and court approvals, with a special meeting scheduled for December 15 2025 to approve the arrangement resolution.
The acquisition adds the Muus gold project, located near Chibougamau, Quebec, to IAMGOLD’s portfolio. Muus sits adjacent to IAMGOLD’s existing Nelligan and Monster Lake projects, creating a contiguous land package that enhances exploration potential within the Guercheville and Fancamp Deformation Zones. By consolidating these assets, IAMGOLD strengthens its position in the premier Chibougamau mining jurisdiction and positions the company to pursue additional exploration opportunities in the Abitibi Greenstone Belt.
IAMGOLD’s Q3 2025 results—record mine‑site free cash flow and strong revenue growth—provide a solid financial foundation for the acquisition. The company’s cash balance and share‑buyback program reduce the net cash outlay, while the issuance of new shares dilutes existing shareholders only modestly. The deal aligns with IAMGOLD’s strategy to scale its Canadian operations and capitalize on the high‑grade geology of the region.
Mines D’Or Orbec Inc. had modest financials, and the C$18.1 million purchase price reflects a 25 % premium to its recent market price. While detailed revenue and debt figures for Orbec are not disclosed, the valuation indicates that IAMGOLD is paying a premium for the strategic value of the Muus project and the contiguous land package.
Management commentary underscores the strategic fit: Orbec’s board unanimously recommended shareholders vote in favor of the arrangement, citing the premium and the opportunity to integrate Muus into IAMGOLD’s portfolio. IAMGOLD’s management expressed confidence in the acquisition, noting that the deal complements its recent share‑buyback program and reinforces its focus on high‑potential assets in Quebec.
The arrangement is a court‑approved plan of arrangement under the Business Corporations Act (Ontario). Closing is contingent on approvals from the Ontario Securities Commission and other regulatory bodies, as well as the resolution of the special meeting of shareholders. These regulatory steps are standard for cross‑border acquisitions of this nature.
Analysts maintain a “Buy” rating on IAMGOLD and view the Orbec acquisition as a positive step toward consolidating the company’s presence in the Chibougamau district. The deal is expected to enhance IAMGOLD’s exploration pipeline and support its 2025 production guidance of 735,000 to 820,000 ounces, driven by the ramp‑up of the Côté Gold mine.
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