News Summary
On December 19, 2025, Northern Superior Resources Inc. (“Northern Superior”) and IAMGOLD Corporation announced the successful closing of the previously announced plan of arrangement. IAMGOLD has acquired all issued and outstanding common shares of Northern Superior. Under the terms of the agreement, Northern Superior shareholders received CAD $0.19 in cash and 0.0991 of an IAMGOLD common share for each Northern Superior share held. Additionally, shareholders received a special distribution of approximately 0.1957 common shares of ONGold Resources Ltd. (“ONAU”) for each Northern Superior share. Northern Superior is now a wholly-owned subsidiary of IAMGOLD, and its shares are being delisted from the TSX Venture Exchange.
Material Impact
This is a terminal event for Northern Superior as a standalone public entity. The impact is a “Game Changer” as it marks the successful exit of the company through a strategic buyout by a mid-tier producer.
– Consolidation: The deal merges the Nelligan, Philibert, and Monster Lake projects into a single “Nelligan Mining Complex,” creating one of the largest pre-production gold hubs in Canada.
– Value Realization: The deal represented a significant premium (initially cited as 45% over the market price) and provided shareholders with immediate liquidity (cash), equity in a larger producer (IAMGOLD), and continued exploration exposure through the spin-out of ONGold Resources.
– Operational Continuity: IAMGOLD intends to accelerate exploration at Philibert and Nelligan to feed a potential centralized mill, a strategy Northern Superior management had advocated for throughout 2025.
Catalysts
– Delisting: Completion of the delisting process from the TSXV and OTCQX.
– ONGold Resources (ONAU) Listing: Monitor the commencement of trading for the spin-out company, which holds the Ontario (TPK) and Manitoba (Monument Bay) assets.
– IAMGOLD Integration: Results from IAMGOLD’s accelerated exploration program at the newly consolidated Nelligan Mining Complex.
– Exploration Results: Assays from the final 2,000 metres of the 2025 drilling program at Philibert, which will now be reported under IAMGOLD.
Materiality Conclusion
The acquisition is the ultimate material event. Management successfully executed a “roll-up” strategy in the Chibougamau camp—acquiring TomaGold assets in June 2025 and proving up high-grade zones at Philibert—which directly led to the takeover by IAMGOLD. For shareholders, the investment thesis has shifted from a high-risk explorer to a combination of a mid-tier producer and a new grassroots explorer (ONGold).
