Simon Marcotte has more than 25 years of experience in the mining and finance sectors, with key roles at companies such as CIBC World Markets, Sprott and Cormark Securities, and has been instrumental in founding and leading multiple successful mining ventures. 

Simon is currently the President and Chief Executive Officer of Northern Superior Resources Inc.

https://www.linkedin.com/in/simon-marcotte-macro-mining

I am firmly convinced that the Chibougamau Gold Camp in Quebec is next in line to join the ranks of the world’s most sought-after gold districts — Yukon, Guyana, and Finland.

Northern Superior Resources (TSXV:SUP | OTCQB:NSUPF) made it core to its strategy to consolidate the Chibougamau Gold Camp, and the company is now showing signs of a breakout, both fundamentally and technically, after spending several years consolidating at a base. It’s worth recalling that the stock reached as high as $1.50 during the COVID era, mainly driven by strong results from its Lac Surprise Project, interpreted as the western extension of IAMGOLD’s Nelligan deposit (1) in the Chibougamau Gold Camp.

In this context, I’ll explore why Franco-Nevada’s recent US$1 billion royalty purchase on IAMGOLD’s Côté Gold Mine may have broader implications for Northern Superior.

But, once again, it’s Philibert, the company’s flagship asset, that is making headlines. Located just 9 kilometres from IAMGOLD’s Nelligan project, Philibert is ideally positioned to feed a centralized mill. In fact, the entire camp exhibits clear hub-and-spoke potential, with multiple gold resources situated in close proximity — a rare and valuable setup, and the fundamental reason behind Northern Superior’s strategy to consolidate the key assets of the camp: Philibert (2), Lac Surprise, Chevrier (3), and Croteau (4).

Philibert hosts a near-2-million-ounce resource at 1.1 g/t, and Northern Superior’s recent 20,000-metre expansion drill program has been highly successful — expanding mineralization by an additional 800 metres along strike and delivering strong results beneath the current pit shell, including:

• A strong start to the program: 2.60 g/t Au over 26.5 metres, including 4.55 g/t Au over 13.4 metres; 200 metres southeast of the pit extent;
• Earlier this year: 31.0 metres at 1.94 g/t Au and 19.7 metres at 2.03 g/t Au, both located beneath the current pit shell. These intercepts also lie outside the existing resource envelope and therefore present clear potential to expand the resource base; and
• More recently: a New Discovery Zone, highlighted by 18.0 metres at 2.48 g/t Au, including 4.9 metres at 7.02 g/t Au. This marked a pivotal moment, as it opened the door to viable underground mineralization directly beneath the existing pit.

And today, Northern Superior announced yet another set of impressive results: 21.6 metres at 4.82 g/t Au, including 7.0 metres at 11.86 g/t, and 22.2 metres at 2.09 g/t, including 10.0 metres at 3.54 g/t. These results provide further confirmation of a meaningful high-grade underground mineralization developing beneath the current resource. Such potential is not unheard of in the area — IAMGOLD’s Monster Lake deposit, located within the same camp, hosts approximately 500,000 ounces at an average grade of 14 g/t Au. (5)

It’s important to recognize that high-grade underground mineralization is significantly more valuable when located beneath an open pit. Otherwise, accessing it requires sinking a shaft — a capital-intensive undertaking. However, when the mineralization can be reached via a ramp developed from the base of an open pit, the economics tend to be far more attractive. In this scenario, the project generates cash flow from the pit while providing access to the high-grade zones at depth — a capital-efficient, staged development model that enhances overall project returns.

To be clear, a junior company would still face the challenge of financing the initial open-pit capex — no small feat. However, major producers, with access to significant capital, especially in the current gold price environment, tend to view these types of staged mining scenarios very favorably. A prime example is the Detour Lake Mine: Agnico Eagle originally acquired it for its open pit, and, in 2024, the company announced with great enthusiasm a PEA outlining an underground component.

Northern Superior has been very successful at raising capital on good terms. It’s worth noting that the Company no longer has any warrants outstanding and, following a CAD$1 million insider participation in its latest Cormark Securities-underwritten financing, insider ownership stands at approximately 25%.

What’s Next for the Chibougamau Gold Camp?

I firmly believe that the Chibougamau Gold Camp is poised to be the next major gold district to break out on the global stage. In recent years, we’ve seen similar trajectories in the Yukon (both West and Central Yukon), Guyana, and Finland — regions that have captured investor attention and delivered substantial returns in the process, even in the sector’s recent dark years.

When China’s Zijin Mining acquired Guyana Goldfields in 2020, it became the driving force behind the development of the Guyana gold camp. This momentum catalyzed significant value creation for companies like Reunion Gold, which rose from CAD$0.08 in 2020 to CAD$0.72 in 2024 before being acquired by G Mining, and G2 Goldfields, which climbed from CAD$0.40 to over CAD$3.00 in the same period. Similarly, in Finland, Agnico Eagle played a pivotal role in the camp, only to see Rupert Resources surging from CAD$0.80 in 2020 to over CAD$5.00 today, benefiting from the region’s growing recognition and investment.

IAMGOLD is poised to become the driving force behind the Chibougamau Gold Camp. Once its Côté Gold Mine in Ontario is fully de-risked and operating smoothly, the company is expected to redirect its capital, focus, and narrative toward Chibougamau. In that context, what’s good for IAMGOLD is good for Northern Superior — as the strategic alignment and regional synergy between our assets only continue to strengthen.

The Question is: How is IAMGOLD Doing?

IAMGOLD is a company with unbelievable momentum, reflected in its share price performance.  Investor confidence appears well-founded — CEO Renaud Adams recently purchased CAD$250,000 worth of stock on the open market — a notable vote of confidence. Further reinforcing the value of IAMGOLD’s flagship asset, Franco-Nevada recently paid more than US$1 billion for a royalty on the Côté Gold Mine, which followed extensive due diligence. Remarkably, this transaction implies a valuation for the Côté Gold Mine that is well above the valuation implied by IAMGOLD’s share price, not only a powerful indicator of latent value, but also a testament of Franco’s confidence in continued flawless execution. It is only a matter of time before IAMGOLD’s success and transition to its next phase of growth put the spotlights on Chibougamau.

In preparation for its next phase of growth, IAMGOLD has recently been acquiring private assets in the area. In 2024, IAMGOLD also acquired Vanstar Resources, its joint venture partner on Nelligan.

Northern Superior Also Owns 56% of ONGold Resources

To focus entirely on the Chibougamau Gold Camp, Northern Superior spun out its Ontario assets to form ONGold Resources, retaining a 56% stake. Agnico Eagle also owns 15%. ONGold’s key assets include Monument Bay and the TPK Project.

Monument Bay: Yamana Gold initially acquired Mega Precious Metals for Monument Bay, its flagship asset. When Agnico Eagle later acquired Yamana’s Canadian portfolio, Monument Bay appeared to be relegated to the back burner. However, that was short-lived, with Agnico subsequently partnering with ONGold Resources and recognizing ONGold’s team as the ideal steward for the asset. 

Monument Bay has a historic resource estimate of 2,321,840 oz at 1.24 g/t Au in the Measured + Indicated category, as well as 719,584 oz at 0.92 g/t Au in the Inferred category. (6)

The famous TPK Project: TPK is widely considered to be North America’s largest gold-in-till anomaly, and a standout intercept of 25.87 g/t Au over 13.45 metres undeniably drew attention when it was first announced. With its exceptional geological potential, TPK remains a major discovery in the making, and now stands to benefit significantly from the government’s long-awaited push to develop Northern Ontario’s vast mineral wealth. When the Company was granted its drilling permits last year, Barrick Gold secured claims all around TPK.

What’s Next?

Northern Superior has multiple catalysts ahead and significant room to grow its resource base. After focusing on Philibert this year, the Company believes it can grow the resources at:

• Lac Surprise (interpreted as the western extension of Nelligan)
• Chevrier and Croteau — two large, underexplored systems

This is the year…

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Footnotes:

(1)   “lAMGOLD Announces Significant Increase in Nelligan Ounces & Update of Global Mineral Reserves and Resources”; IAMGOLD reports increase in mineral reserves and resources at existing assets, with increase in resources at Gosselin; IAMGOLD Corporation News Release dated February 15, 2024, October 23, 2024, and February 20, 2025. Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

(2)  Northern Superior announces 1,708,809 gold ounces in inferred category and 278,921 gold ounces in indicated category at 1.10 g/t in maiden NI 43-101 pit constrained resource estimate at Philibert; Northern Superior’s press release dated August 08, 2023. Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

(3)   NI 43-101 Technical Report Mineral Resource Estimation for the Chevrier Main Deposit, Chevrier Project Chibougamau, Quebec, Canada, October 20, 2021, Prepared in accordance with NI 43-101 by Lions Gate Geological Consulting Inc. IOS Services Géoscientifiques Inc. for Northern Superior. Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

(4)  Chalice Gold Mines Limited and Northern Superior Resources Inc. Technical Report on the Croteau Est Gold Project, Québec, September 2015, Prepared in accordance with NI 43-101 by Optiro Pty Ltd (“Optiro”) to Chalice Gold Mines Limited and Northern Superior. Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

(5)   Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

(6)   This estimate is no longer current and should not be relied upon. The 2015 pit shell used to constrain the resource is outdated and would need to be updated to reflect current economic conditions and technical parameters. A qualified person has not done sufficient work to classify this historic estimate as current mineral resources or mineral reserves, and ONGold is not treating the historical estimates as current mineral resources or current mineral reserves. ONGold does not have any more recent estimates or data available with respect to these historical estimates and has not conducted sufficient work to establish the relevance & reliability of the historical resource estimates. 

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Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the proposed transaction; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward- looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Northern Superior, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of the parties to execute the proposed transaction. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.