EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 IAMGOLD Corporation : Exhibit 99.1 - Filed by newsfilecorp.com

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1 Name and Address of Company:
   
  IAMGOLD Corporation
  401 Bay Street, Suite 3200
  Toronto, Ontario
  M5H 2Y4
   
Item 2 -  Date of Material Change:
   
  January 15, 2019
   
Item 3 News Release:
   

The news release in respect of this material change was disseminated over Newswire Corp on January 15, 2019. A copy of the news release has been filed on SEDAR and is available at www.sedar.com and EDGAR at www.sec.gov/edgar/html.

   
Item 4 Summary of Material Change:
   

On January 15, 2019, IAMGOLD Corporation (the “Company”) announced that it entered into a forward gold sale arrangement with financial institutions whereby the Company will receive US $170 million later this year in exchange for delivering 150,000 ounces of gold in 2022.

   
Item 5 Full Description of Material Change:

5.1 Full Description of Material Change

  

On January 15, 2019, the Company announced that it had entered into a forward gold sale arrangement with financial institutions whereby the Company will receive a prepayment of US $170 million later this year in exchange for delivering 150,000 ounces of gold in 2022. A floor price of US $1,300 per ounce and a cap price of US $1,500 per ounce were set. This arrangement was supported by a syndicate of banks including Citibank N.A. and National Bank of Canada. Terms are:

     

Funding of US $170 million is provided to the Company in December 2019 in exchange for physical delivery of 150,000 ounces of gold over the period of January 2022 to December 2022.

   

Delivery can be made from the production of gold from any of the Company’s operating mines.



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The cost of the arrangement before fees is 5.38% per annum, which is based on the date the prepayment is made, the quantity of ounces settled and timing of delivery.

 

The collar on the arrangement, at the time of delivery of ounces, results in the following:

 

o

If the prevailing gold price is equal to or less than $1,300 per ounce, there is no incremental payment to the Company;

 

o

If the prevailing gold price is greater than US $1,300 per ounce but less than US $1,500 per ounce, the Company is paid the difference between the prevailing gold price and $1,300;

 

o

If the prevailing gold price is greater than US $1,500 per ounce, the Company is paid the difference between $1,300 and $1,500, or $200 per ounce.

 

5.2

Disclosure for Restructuring Transactions

 

 

 Not applicable.


Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102:
   
  Not applicable.
   
Item 7 - Omitted Information:
   
  Not applicable.
   
Item 8 Executive Officer:
   
The executive officer of IAMGOLD knowledgeable about the material change and whom may be contacted at the following telephone number is:
   
Tim Bradburn, Vice President, Legal & Corporate Secretary Phone: 416-360-4710
   
Item 9 Date of Report:
   
  January 24, 2019