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IAMGOLD
(TSX:IMG)
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Rating:81Outperform
Price Target:
C$33.00
▲(10.40% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by materially stronger recent financial performance (high TTM margins, strong free cash flow, and reduced leverage) and a supportive earnings update (guidance reaffirmed, net-cash balance sheet, strong mine-site free cash flow and buybacks). Offsetting factors include elevated cost pressures (royalties/energy) and extended technical momentum (overbought signals), while valuation is helped by a low P/E but lacks dividend support.
Positive Factors
Strong cash generation
Strong operating and free cash flow gives IAMGOLD internal funding capacity for sustaining investment, debt management, and shareholder returns. High cash conversion also indicates that recent earnings are translating into liquidity, strengthening financial resilience over the next several quarters.
Negative Factors
Elevated operating costs
Higher cash costs and AISC reduce the margin retained from each ounce and make profitability more sensitive to operating execution. Royalties, energy, and input-cost pressures may remain relevant across coming quarters unless planned efficiency improvements are delivered.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Strong operating and free cash flow gives IAMGOLD internal funding capacity for sustaining investment, debt management, and shareholder returns. High cash conversion also indicates that recent earnings are translating into liquidity, strengthening financial resilience over the next several quarters.
Read all positive factors
IAMGOLD (IMG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$15.85B
Dividend Yield5.79%
Average Volume (3M)1.83M
Price to Earnings (P/E)10.3
Beta (1Y)2.98
Revenue Growth83.00%
EPS Growth41.80%
CountryCA
Employees3,800
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)1.99
Shares Outstanding571,000,000
10 Day Avg. Volume1,656,837
30 Day Avg. Volume1,829,853
Financial Highlights & Ratios
PEG Ratio-0.61
Price to Book (P/B)2.27
Price to Sales (P/S)3.27
P/FCF Ratio12.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$34.20Price Target Upside14.43% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)2.95
Revenue Forecast (FY)C$5.40B
IAMGOLD Business Overview & Revenue Model
Company Description
IAMGOLD Corporation, through its subsidiaries, operates as a gold producer and developer in Canada and Burkina Faso. The company’s flagship project includes Côté Gold that covers an area of 596 hectares located in the Chester and Yeo Townships, di...
How the Company Makes Money
IAMGOLD makes money primarily by producing and selling gold from its mining operations. Revenue is generated when gold produced (typically refined to doré and then further refined by third parties) is sold into the commodities market at prevailing...
IAMGOLD Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call highlights a clear financial and operational turnaround: strong production, substantial free cash flow generation, a move to net cash and expanded liquidity, significant share repurchases and concrete operational improvements (notably at Côté, Essakane and Westwood). Management acknowledges elevated unit costs driven by royalties, energy and transitionary contractor impacts but has articulated credible operational actions and targets to reduce costs and increase throughput (near‑term path to ~40,000 tpd at Côté, reserve and resource growth, and mine life extension studies). While there are notable near‑term cost pressures and potential large capital requirements for larger expansions, the balance of strong cash generation, improved balance sheet flexibility and clear operational progress supports a positive outlook.Positive Updates
Strong Quarterly and Year‑to‑Date Production
Q2 production of 188,100 ounces (company-wide) and year‑to‑date production of 371,700 ounces. Company remains on track to meet full‑year guidance of 720,000 to 820,000 ounces.
Negative Updates
Elevated Unit Costs — Company Level
Q2 cash costs including royalty $1,289/oz and year‑to‑date cash costs $1,244/oz; both tracking toward the upper half of full‑year guidance ranges. All‑in sustaining costs are likewise toward the upper half of guidance.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly and Year‑to‑Date Production
Q2 production of 188,100 ounces (company-wide) and year‑to‑date production of 371,700 ounces. Company remains on track to meet full‑year guidance of 720,000 to 820,000 ounces.
Read all positive updates
Company Guidance
IAMGOLD reaffirmed full‑year 2026 production guidance of 720,000–820,000 oz (Q2 production 188,100 oz; sales 195,100 oz at an average realized price of $4,384/oz) with year‑to‑date production 371,700 oz and strong mine‑site free cash flow of $893.5M YTD (Q2 mine‑site FCF $368.9M); Q2 revenue was $856.9M, adjusted EBITDA $507.1M, adjusted net earnings $241.6M ($0.42/share) and trailing‑12‑month adjusted EBITDA ≈$2.2B. Balance sheet/returns: ended Q2 with $501.4M cash, net‑cash position, ~ $1.35–1.4B liquidity after amending the credit facility to $850M (2030) with a $250M accordion, and since December repurchased ~28M shares for $510.4M (≈45% of mine‑site FCF returned). By asset: Côté (100%) Q2 production 96,200 oz (attributable 67,300 oz), YTD 170,900 oz, guidance 309,000–440,000 oz; Q2 moved 11.7M t total (3.1M t ore), strip ratio 2.8:1, milled 2.9M t, head grade ~1.12 g/t, recovery 93%, Q2 processing cost June ~$17.72/t (prior 3‑quarter avg $22.50/t), Q2 cash cost excl. royalty $1,245/oz and AISC $2,082/oz, nameplate 36,000 tpd with a near‑term path toward ~40,000 tpd and a combined Côté–Gosselin M&I resource of 20.3M oz (updated technical report due end‑2026). Essakane Q2 attributable 88,400 oz, YTD 183,500 oz, Q2 throughput 3.2M t, head grade 1.13 g/t, recovery 88%, Q2 cash cost excl. royalty $1,214/oz and AISC excl. royalty $1,691/oz, royalties ~$510/oz (~30% of cash costs), Q2 FCF $162.1M and $464.8M YTD, mine‑life update targeting extension to 2035 (H1‑2027). Westwood Q2 32,400 oz, YTD 68,600 oz (guidance 110,000–130,000 oz), Q2 mill 287k t, blended grade 3.75 g/t, recovery 94%, Q2 cash cost $1,606/oz and AISC $2,163/oz, Q2 FCF $56.5M and ~$30M expansion capex this year. Company costs: Q2 cash costs incl. royalty $1,289/oz (YTD $1,244/oz) and AISC tracking to the upper half of guidance, royalties have added ~ $380/oz YTD (≈$55/oz above plan), H1 input costs were ~+3% and oil was ~$25–30/bbl above guidance (adding ≈$35/oz); safety TRIF Q2 0.70 (YTD 0.56).IAMGOLD Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.68B | 2.90B | 1.63B | 987.10M | 958.80M | 1.15B |
| Gross Profit | 1.83B | 1.20B | 549.90M | 124.10M | 147.90M | 2.70M |
| EBITDA | 2.19B | 1.56B | 1.25B | 315.40M | 273.60M | 219.00M |
| Net Income | 1.16B | 676.03M | 819.60M | 94.30M | -36.40M | -255.10M |
Balance Sheet | ||||||
| Total Assets | 5.94B | 6.34B | 5.37B | 4.54B | 4.43B | 3.97B |
| Cash, Cash Equivalents and Short-Term Investments | 501.58M | 422.13M | 348.50M | 367.10M | 407.80M | 552.50M |
| Total Debt | 538.92M | 761.80M | 1.15B | 952.10M | 992.50M | 530.00M |
| Total Liabilities | 1.51B | 2.10B | 1.97B | 2.27B | 2.22B | 1.65B |
| Stockholders Equity | 4.39B | 4.18B | 3.34B | 2.21B | 2.13B | 2.24B |
Cash Flow | ||||||
| Free Cash Flow | 1.58B | 771.37M | -151.40M | -817.30M | -371.80M | -370.20M |
| Operating Cash Flow | 1.96B | 1.07B | 486.00M | 159.40M | 408.70M | 285.00M |
| Investing Cash Flow | -436.11M | -358.06M | -582.40M | -402.30M | -891.90M | -630.70M |
| Financing Cash Flow | -1.24B | -656.09M | 83.30M | 201.70M | 404.00M | -41.20M |
IAMGOLD Technical Analysis
Positive
29.89
Price Trends
24.21
Positive
23.90
Positive
24.80
Positive
Market Momentum
1.21
Positive
57.83
Neutral
38.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IMG, the sentiment is Positive. The current price of 29.89 is above the 20-day moving average (MA) of 27.87, above the 50-day MA of 24.21, and above the 200-day MA of 24.80, indicating a bullish trend. The MACD of 1.21 indicates Positive momentum. The RSI at 57.83 is Neutral, neither overbought nor oversold. The STOCH value of 38.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:IMG.
IAMGOLD Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$9.28B | 8.68 | 37.64% | 0.99% | 55.87% | 135.78% | |
81 Outperform | C$15.85B | 10.32 | 28.08% | 5.79% | 83.00% | 41.80% | |
74 Outperform | C$20.87B | 18.23 | 26.18% | 2.30% | 27.09% | 253.66% | |
72 Outperform | C$20.34B | 12.24 | 13.71% | 0.41% | 62.66% | ― | |
69 Neutral | C$9.94B | 9.48 | 21.87% | 1.45% | 72.47% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
TSE:IMG
IAMGOLD
28.43
13.31
88.03%
TSE:BTO
B2Gold
7.65
1.69
28.36%
TSE:OGC
OceanaGold
42.93
14.93
53.31%
TSE:EDV
Endeavour Mining
87.14
35.31
68.12%
TSE:EQX
Equinox Gold
17.75
2.90
19.54%
IAMGOLD Corporate Events
Business Operations and StrategyM&A Transactions
IAMGOLD Nets $70 Million From Sale of Senegal Exploration Stake
Positive
Aug 10, 2026
IAMGOLD has completed the sale of its indirect 35% interest in the Bambadji Joint Venture and its related Bambadji Sud exploration permit in Senegal to Fortuna Mining Corp., generating about $70 million in cash before taxes and transaction costs. ...
Business Operations and StrategyStock BuybackFinancial Disclosures
IAMGOLD Posts Strong Q2 2026 and Highlights Growing Côté Gold Potential
Positive
Aug 6, 2026
IAMGOLD reported a strong second quarter, with attributable gold production of 188,100 ounces and revenues of $856.9 million, supported by solid output from its Côté, Westwood and Essakane mines. The company generated adjusted EBITDA of ...
Business Operations and StrategyExecutive/Board Changes
IAMGOLD Adds Veteran Mining Deal-Maker Catherine McLeod-Seltzer to Board
Positive
Aug 6, 2026
IAMGOLD Corporation has appointed veteran mining executive Catherine McLeod-Seltzer to its board of directors, effective September 1, 2026, as the company looks to strengthen governance and capitalize on growth opportunities. Chair David Smith hig...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.