On December 19, 2022, IAMGOLD Corporation reached an agreement to amend the Côté Gold Joint Venture Agreement with Sumitomo Metal Mining Co., Ltd. and SMM Gold Cote Inc. Starting January 2023, Sumitomo will contribute approximately $340 million (CAD 464,613,400) to the Côté Gold Project throughout 2023. Consequently, IAMGOLD will transfer a roughly 10% interest in Côté to SMM. However, IAMGOLD retains the option to repurchase these interests between November 30, 2023, and November 30, 2026, which would reinstate its 70% stake in the project. Sumitomo will fund IAMGOLD's proportionate cash calls, totaling up to $250 million, from January 2023 to April 2023. IAMGOLD’s stake in the Côté Gold Project will then decrease to approximately 60%. Additionally, Sumitomo is expected to contribute an extra $90 million for the project in 2023. Upon the project’s production commencement, both firms will finance joint venture expenditures proportionate to their stakes. IAMGOLD can return to a 70% joint venture interest by repaying the $250 million funded by Sumitomo, alongside other costs related to the Transferred Interests. They have the option to exercise this repurchase on specific dates from November 30, 2023, to November 30, 2026. The deal is pending approval from IAMGOLD’s senior lending syndicate. Maryse Bélanger, CEO of IAMGOLD, appreciated Sumitomo's support, emphasizing the Côté Gold Project's potential to become Canada’s third-largest gold mine. Sumitomo's President, Mr. Akira Nozaki, recognized the project’s potential and reinforced the collaboration's significance.