Compass Gold Corporation and Mali Gold Exploration Pty Ltd. (MGE) announced that they have entered into a binding letter of intent dated July 13, 2017, setting out the terms and conditions for Compass to acquire all of the issued and outstanding shares of MGE in exchange for the issuance of Post-Consolidation Shares of Compass to the shareholders of MGE. On the completion of the Acquisition, it is proposed that Malcom Carson and Lara Iacusso resign from the Board of Compass and Bill Pugliese and Joe Conway be appointed. It is also proposed that Larry Phillips will be appointed as President and Chief Executive Officer of Compass.

Larry Phillips, Joe Conway and Bill Pugliese were the founders and members of the senior management team of IAMGold Corporation.