IAMGOLD (IMG) AI Stock Analysis

• Market Cap: C$15.82B
• Dividend Yield: N/A
• Average Volume (3M): 2.15M
• Price to Earnings (P/E): 14.0
• Beta (1Y): 2.61
• Revenue Growth: 56.17%
• EPS Growth: -51.73%
• Country: CA
• Employees: 3,700
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.96
• Shares Outstanding: 588,800,000
• 10 Day Avg. Volume: 1,784,761
• 30 Day Avg. Volume: 2,152,954
• PEG Ratio: -0.61
• Price to Book (P/B): 2.27
• Price to Sales (P/S): 3.27
• P/FCF Ratio: 12.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$36.30
• Price Target Upside: 33.32% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 3.29
• Revenue Forecast (FY): C$5.57B

• Rating: 75 Outperform
• Price Target: C$30.00 ▲(10.17% Upside)
• Action: Upgraded Date: 02/19/26
• Date: Action: Upgraded 02/19/26

The score is driven primarily by improved financial performance (profitability rebound, deleveraging, and 2025 positive free cash flow) and strong technical uptrend (price above key moving averages with positive MACD). The latest earnings call supports the outlook via record cash generation and shareholder returns, while valuation is only moderate and the key risk remains cost pressure and historically volatile cash flows.

Positive Factors

Strong free cash flow & deleveraging

IAMGOLD delivered materially positive operating and free cash flow in 2025 and cut net debt substantially. Durable cash generation and improved leverage enhance financial flexibility to fund sustaining/expansion capex, strategic M&A, and shareholder returns without immediate refinancing risk.

Côté Gold ramp-up and scale

Côté’s successful ramp to nameplate throughput and high annual production establishes a large, scalable asset base. Sustained high throughput reduces unit-cost sensitivity over time, underpins consolidated output, and materially strengthens the company’s multi-year production profile and cash-generation capacity.

Resource base growth & strategic consolidation

Substantially larger measured & indicated resources and strategic asset consolidation increase reserve conversion optionality and pipeline for future production. A deeper resource base supports long-term mine life, staged expansions and optional capital projects, improving strategic optionality and value sustainability.

Negative Factors

High royalties and elevated unit costs

Material royalty burdens significantly raise per-ounce cash costs and compress margins even when gold prices rise. Because royalties scale with production and prices, they are a structural cost headwind that reduces sustainable free cash flow and weakens cost competitiveness versus lower-royalty peers.

Essakane reserve decline

A sizable reserve reduction at a core asset shortens visible mine life and raises replacement risk. Converting M&I resources to reserves will require investment and time; until replacement is secured, long-term output and free-cash-flow sustainability at Essakane are less certain.

Historical cash-flow volatility

Past multi-year swings in free cash flow highlight exposure to commodity cycles and operational variability. While 2025 was strong, inconsistent earnings-to-cash conversion undermines predictability for capital allocation and increases execution and refinancing risk during downturns, a durable structural concern.

IAMGOLD Business Overview & Revenue Model

Company Description

IAMGOLD Corporation, through its subsidiaries, explores, develops, and operates gold mining properties in North America, South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine situated in Burkina Faso and Boto gold project located in Senegal, West Africa; and Westwood mine, covers an area of 1,925 hectare and located in Quebec and the Côté gold project, which covers an area of 586 square kilometer located in Ontario, Canada. Its exploration and development projects include the Pitangui project in Brazil; the Karita project located in Guinea; the Diakha-Siribaya project situated in Mali; and the Nelligan and Monster Lake projects located in Quebec, Canada. IAMGOLD Corporation was incorporated in 1990 and is headquartered in Toronto, Canada.

How the Company Makes Money

IAMGOLD makes money primarily by producing gold and selling it to customers, generating revenue based on the volume of gold sold and the realized gold price. Its core revenue stream is the sale of mined gold (typically sold as doré or refined gold, depending on the operation and off-take arrangements), with revenues recognized when control of the product transfers to the buyer under the applicable sales contract terms. Profitability is driven by (1) production levels and ore grades, (2) realized gold prices (often linked to prevailing market prices), (3) operating costs such as mining, processing, labor, energy, consumables, and sustaining capital, and (4) royalties, refining and transportation charges, and other site-level costs. IAMGOLD can also generate cash flows through by-product sales if present at specific operations, but specific by-product revenue details are null. The company’s earnings are influenced by factors such as reserve and resource conversion, operational reliability, capital expenditures for development and expansion projects, permitting and regulatory compliance, currency movements (as many costs are incurred in local currencies while gold is priced in U.S. dollars), and risk management practices such as hedging if used; specific hedging arrangements are null. Significant partnerships, streaming/royalty agreements, or long-term off-take contracts that materially affect revenues are not specified here and are therefore null.

IAMGOLD Financial Statement Overview

Summary

Strong rebound in 2024–2025 with sharp profitability improvement, better leverage (debt-to-equity down to ~0.20), and meaningful 2025 operating cash flow (~$1.07B) with positive free cash flow (~$0.77B). The main drag is cyclicality/volatility: earnings and free cash flow were uneven across prior years, with negative FCF in 2022–2024, making durability less proven.

Income Statement

Profitability has improved sharply over the period, with 2025 showing strong revenue growth (+29.9%) and solid margins (gross margin ~41%, net margin ~23%). Results were much weaker in 2021–2022 (losses and very low/negative margins), followed by a strong recovery in 2023 and a step-change higher in 2024–2025. The main offset is volatility: earnings and margins have swung meaningfully across years, which is typical in gold but still raises sustainability risk.

Balance Sheet

Leverage appears manageable and improving, with debt-to-equity declining from ~0.47 (2022) to ~0.20 (2025) while equity and total assets expanded. Returns on equity are strong in the last two years (~24.6% in 2024 and ~16.2% in 2025) after being negative/low earlier, signaling a healthier balance sheet and better capital productivity. The key weakness is the historical variability in profitability, which can quickly change balance-sheet strength in a cyclical commodity environment.

Cash Flow

Cash generation strengthened materially in 2025, with operating cash flow of ~$1.07B and positive free cash flow of ~$0.77B (strongly higher versus prior years), and operating cash flow more than covering net income (~2.07x). However, cash flow quality has been uneven: free cash flow was deeply negative in 2022–2024 (including a large outflow in 2023 and still negative in 2024), and 2025 free cash flow covers only ~72% of net income, suggesting earnings-to-cash conversion is better but not consistently strong yet.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.90B	1.63B	987.10M	958.80M	1.15B
Gross Profit	1.20B	549.90M	124.10M	147.90M	2.70M
EBITDA	1.56B	1.25B	315.40M	273.60M	219.00M
Net Income	676.03M	819.60M	94.30M	-36.40M	-255.10M
Balance Sheet
Total Assets	6.34B	5.37B	4.54B	4.43B	3.97B
Cash, Cash Equivalents and Short-Term Investments	422.13M	348.50M	367.10M	407.80M	552.50M
Total Debt	839.97M	1.15B	952.10M	992.50M	530.00M
Total Liabilities	2.10B	1.97B	2.27B	2.22B	1.65B
Stockholders Equity	4.18B	3.34B	2.21B	2.13B	2.24B
Cash Flow
Free Cash Flow	771.37M	-151.40M	-817.30M	-371.80M	-370.20M
Operating Cash Flow	1.07B	486.00M	159.40M	408.70M	285.00M
Investing Cash Flow	-358.06M	-582.40M	-402.30M	-891.90M	-630.70M
Financing Cash Flow	-656.09M	83.30M	201.70M	404.00M	-41.20M

IAMGOLD Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 27.23
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IMG, the sentiment is Neutral. The current price of 27.23 is below the 20-day moving average (MA) of 30.42, below the 50-day MA of 27.83, and above the 200-day MA of 18.15, indicating a neutral trend. The MACD of 0.30 indicates Positive momentum. The RSI at 41.33 is Neutral, neither overbought nor oversold. The STOCH value of 19.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:IMG.

IAMGOLD Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OGC	81 Outperform	$10.84B	10.22	30.82%	0.42%	51.00%	532.40%
IMG	75 Outperform	C$15.82B	14.03	18.40%	―	56.17%	-51.73%
EDV	74 Outperform	C$20.04B	18.05	16.65%	2.31%	73.23%	―
NGD	73 Outperform	$11.17B	10.07	22.38%	―	48.70%	1718.41%
BTO	66 Neutral	C$8.86B	14.58	12.15%	1.71%	34.31%	―
EQX	62 Neutral	$16.03B	39.29	4.51%	―	90.17%	-91.76%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

IAMGOLD Corporate Events

IAMGOLD Files 2025 Annual Disclosure with U.S. and Canadian Regulators

IAMGOLD Corporation has filed its 2025 annual audited financial statements, management discussion and analysis, and annual information form with the U.S. Securities and Exchange Commission on Form 40-F, making these disclosures available to investors through the EDGAR system. The company has also submitted its annual information form and related financial disclosures to Canadian securities regulators via SEDAR+ and its own website, enhancing transparency and regulatory compliance for shareholders in both markets.

These dual U.S. and Canadian filings provide stakeholders with detailed insight into IAMGOLD’s financial performance and operations for the year ended December 31, 2025, supporting informed investment decisions across its cross-listed shares. By ensuring broad access to its annual disclosure package, IAMGOLD reinforces its reporting standards and governance practices, which are key to maintaining investor confidence in a sector where regulatory oversight and ESG performance are increasingly scrutinized.

The most recent analyst rating on (TSE:IMG) stock is a Hold with a C$23.00 price target. To see the full list of analyst forecasts on IAMGOLD stock, see the TSE:IMG Stock Forecast page.

IAMGOLD Delivers Record 2025 Results and Targets Growth, Buybacks in 2026

IAMGOLD reported strong fourth-quarter and full-year 2025 results, with attributable gold production of 242,400 ounces in the quarter and 765,900 ounces for the year, hitting the midpoint of guidance despite Westwood underperforming. Côté and Essakane delivered record output, helping drive annual revenues to $2.85 billion and adjusted EBITDA to $1.5 billion, alongside robust margins and cash flows that supported balance-sheet deleveraging and roughly $100 million of share repurchases.

Fourth-quarter revenue reached $1.09 billion on sales of 259,000 ounces at a high realized gold price, while full-year AISC of $1,900 per ounce came in within guidance, underscoring disciplined cost control in a favourable gold price environment. Management flagged 2026 as a pivotal year, tying further buybacks to Essakane cash generation, targeting unit cost improvements at Côté ahead of a planned expansion, and advancing a major drill program at the Nelligan Complex that could strengthen IAMGOLD’s longer-term production base and competitive position in the Canadian gold sector.

The most recent analyst rating on (TSE:IMG) stock is a Buy with a C$40.00 price target. To see the full list of analyst forecasts on IAMGOLD stock, see the TSE:IMG Stock Forecast page.

IAMGOLD Boosts Gold Resource Base and Highlights Mine Life Upside

IAMGOLD reported updated mineral resources and reserves for year-end 2025, disclosing proven and probable reserves of 9.9 million ounces of gold and a 16% rise in measured and indicated resources to 31.0 million ounces, largely driven by conversions at the Gosselin and Nelligan deposits and the addition of Philibert and Chevrier. The company highlighted resource growth at its Côté Gold, Essakane and Westwood assets, underscoring potential mine life extensions and an expanded production base, while emphasizing that roughly 80% of measured and indicated ounces and 90% of inferred ounces are now in Canada, reinforcing IAMGOLD’s strategic positioning as a growth-focused Canadian mid-tier producer.

The most recent analyst rating on (TSE:IMG) stock is a Buy with a C$40.00 price target. To see the full list of analyst forecasts on IAMGOLD stock, see the TSE:IMG Stock Forecast page.

IAMGOLD Hits Record Operational Milestones in 2025 and Sets Growth-Focused 2026 Plan

IAMGOLD reported preliminary 2025 results showing attributable gold production of 765,900 ounces, in line with guidance, with record quarterly output at all three operating mines and particularly strong performance from the new Côté Gold mine, alongside expected record revenues driven by high realized gold prices. For 2026, the company is guiding attributable production of 720,000 to 820,000 ounces with tighter cost targets, higher sustaining and expansion capital at Côté to optimize operations and de‑risk a planned expansion, and a materially higher exploration budget at its Nelligan Mining Complex, underscoring a strategy to solidify its position as a high‑cash‑flow mid‑tier producer with significant long‑term growth potential.

The most recent analyst rating on (TSE:IMG) stock is a Buy with a C$27.00 price target. To see the full list of analyst forecasts on IAMGOLD stock, see the TSE:IMG Stock Forecast page.

IAMGOLD Closes Northern Superior Deal, Expands Quebec Gold Footprint

IAMGOLD Corporation has completed its acquisition of Northern Superior Resources, making Northern Superior a wholly owned subsidiary and consolidating ownership of key exploration assets in Quebec’s Chibougamau-Chapais region. The all-share-and-cash transaction, which will see Northern Superior delisted and cease to be a reporting issuer, folds the Nelligan, Philibert and Monster Lake properties into IAMGOLD’s Nelligan Mining Complex, elevating it to one of Canada’s largest pre-production gold projects. This bolsters IAMGOLD’s growth pipeline alongside its Côté Gold mine, aligning project scale and timelines and potentially strengthening the company’s long-term production profile and strategic position in the Canadian gold sector.

The most recent analyst rating on (TSE:IMG) stock is a Buy with a C$21.00 price target. To see the full list of analyst forecasts on IAMGOLD stock, see the TSE:IMG Stock Forecast page.