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IAMGOLD Corp (TSE:IMG)
TSX:IMG
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IAMGOLD
(TSX:IMG)
80Outperform
Positive Factors
Asset Utilization
The Côté asset is expected to drive margin expansion for IAMGOLD Corp by bringing high-volume, lower-cost ounces into production.
Debt Restructuring
IAMGOLD Corp plans to restructure its high-cost debt into a lower-cost facility, which will enhance financial stability.
Market Valuation
The stock is currently trading at a discount to its intermediate peer group, suggesting potential for price appreciation.
Negative Factors
Operational Challenges
The ramp-up of Côté Gold faced challenges, notably with the crushing and grinding circuits, leading to unscheduled downtimes.
Operational Costs
IAMGOLD repurchased the 9.7% interest in Côté from Sumitomo for $377.7 million, ending 2024 with $347.5 million in cash and $418.5 million available on its $650 million credit facility.
IAMGOLD (IMG) vs. S&P 500 (SPY)
Market Cap
$5.81B
Dividend YieldN/A
Average Volume (3M)2.27M
Price to Earnings (P/E)5.0
Beta (1Y)2.26
Revenue Growth71.21%
EPS Growth667.30%
CountryCA
Employees3,700
SectorBasic Materials
Sector Strength61
IndustryGold
Share Statistics
EPS (TTM)0.13
Shares Outstanding574,788,760
10 Day Avg. Volume2,921,961
30 Day Avg. Volume2,272,996
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.09
Price to Cash Flow (P/CF)8.30
P/FCF Ratio0.00
Enterprise Value/Market Cap1.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit10.70
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$11.48Price Target Upside18.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
IAMGOLD Business Overview & Revenue Model
Company DescriptionIAMGOLD 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 MoneyIAMGOLD makes money primarily through the extraction and sale of gold from its mining operations. The company generates revenue by producing gold at its various mining sites and selling it on the global market. Key revenue streams include the sale of gold bullion and, to a lesser extent, by-products such as silver. IAMGOLD's earnings are influenced by factors such as gold market prices, production costs, and operational efficiency. The company may also engage in strategic partnerships and joint ventures to enhance its mining capabilities and expand its resource base, contributing to its overall revenue.
IAMGOLD Financial Statement Overview
Summary
IAMGOLD's financial performance has improved significantly, with strong revenue and profit growth. The company is efficiently utilizing its equity and managing its debt levels. However, it needs to address its negative free cash flow by optimizing capital expenditures to sustain long-term growth.Income Statement
IAMGOLD has shown significant revenue growth from 2023 to 2024, with a notable increase in net income and gross profit margins. The EBIT and EBITDA margins have improved drastically, indicating better operational efficiency and profitability. However, the company faced challenges in previous years, with fluctuating profitability.85
Very Positive
Balance Sheet
The balance sheet reflects a strong equity position with an improving debt-to-equity ratio over the years. The return on equity has significantly increased, indicating efficient use of equity capital. However, the total debt has increased, which could pose a risk if not managed properly.78
Positive
Cash Flow
The cash flow statement shows improvement in operating cash flow, though free cash flow remains negative due to high capital expenditures. The operating cash flow to net income ratio is strong, suggesting good cash generation relative to net income, but the company needs to better manage its capital expenditures to achieve positive free cash flow.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 1.63B | 987.10M | 958.80M | 1.15B | 1.24B | Gross Profit |
| 549.90M | 124.10M | 147.90M | 2.70M | 250.30M | EBIT |
| 944.00M | -300.00K | 58.80M | -103.30M | 74.10M | EBITDA |
| 1.25B | 315.40M | 273.60M | 219.00M | 375.90M | Net Income Common Stockholders |
| 819.60M | 94.30M | -36.40M | -255.10M | 42.60M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 348.50M | 367.10M | 407.80M | 552.50M | 947.50M | Total Assets |
| 5.37B | 4.54B | 4.43B | 3.97B | 4.15B | Total Debt |
| 1.15B | 952.10M | 992.50M | 530.00M | 533.40M | Net Debt |
| 805.60M | 585.00M | 584.70M | -14.90M | -408.10M | Total Liabilities |
| 1.97B | 2.27B | 2.22B | 1.65B | 1.61B | Stockholders Equity |
| 3.34B | 2.21B | 2.13B | 2.24B | 2.46B |
| Cash Flow | Free Cash Flow | |||
| -151.40M | -817.30M | -371.80M | -370.20M | 30.40M | Operating Cash Flow |
| 486.00M | 159.40M | 408.70M | 285.00M | 347.60M | Investing Cash Flow |
| -582.40M | -402.30M | -891.90M | -630.70M | -246.20M | Financing Cash Flow |
| 83.30M | 201.70M | 404.00M | -41.20M | 800.00K |
IAMGOLD Technical Analysis
Positive
9.73
Price Trends
8.92
Positive
8.57
Positive
7.73
Positive
Market Momentum
0.34
Positive
51.86
Neutral
11.38
Positive
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 9.73 is above the 20-day moving average (MA) of 9.70, above the 50-day MA of 8.92, and above the 200-day MA of 7.73, indicating a bullish trend. The MACD of 0.34 indicates Positive momentum. The RSI at 51.86 is Neutral, neither overbought nor oversold. The STOCH value of 11.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:IMG.
IAMGOLD Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Performance Comparison
TSE:IMG
IAMGOLD
9.77
4.76
95.01%
AEM
Agnico Eagle
117.58
53.73
84.15%
GOLD
Barrick Gold
19.04
2.85
17.60%
KGC
Kinross Gold
14.76
8.29
128.13%
NGD
New Gold
3.98
2.16
118.68%
IAMGOLD Earnings Call Summary
Earnings Call Date:Feb 20, 2025
(Q4-2024)
| % Change Since: 8.59%|
Next Earnings Date:May 06, 2025
Earnings Call Sentiment Positive
The earnings call highlights significant achievements in production growth and financial strength, notably with the startup of Côté Gold and updates to mineral resources. However, operational challenges at Côté Gold and increased costs at Essakane present notable concerns. The overall sentiment is slightly positive, driven by strong production and financial outcomes, albeit with some operational setbacks.Q4-2024 Updates
Positive Updates
Record Gold Production Increase
IAMGOLD Corporation finished 2024 with total attributable gold production of 667,000 ounces, a 43% increase from the prior year, driven by the successful startup of Côté Gold and operational output from Essakane and Westwood.
Financial Strength and Liquidity
IAMGOLD ended the year with total liquidity of approximately $767 million, including a significant adjusted EBITDA of $781 million, and strengthened its balance sheet with bolstered credit facilities.
Significant Mineral Resource Updates
The Nelligan project saw a significant increase in ounces and grades, positioning it among the top largest gold deposits in Canada, with indications of continued growth.
Safety Improvement
The total recordable injury frequency rate improved to 0.63, showcasing efforts in health and safety.
Negative Updates
Côté Gold Operational Challenges
Côté Gold faced higher-than-expected downtime due to unplanned repairs, impacting throughput and not meeting the intended 90% of nameplate throughput by year-end.
Increased Cash Costs and AISC
Cash costs and all-in sustaining costs (AISC) increased quarter over quarter, primarily due to rising waste stripping and lower grades at Essakane, and external pressures on supply chains and consumables.
Operational Delays at Côté Gold
Operational delays at Côté Gold were caused by unscheduled equipment maintenance, including conveyor belt issues and accelerated wear on HPGR rollers.
Company Guidance
During the IAMGOLD Corporation's fourth quarter and year-end 2024 conference call, several key metrics and guidance were discussed. The company reported total attributable gold production of 667,000 ounces for 2024, reflecting a 43% increase from the previous year and aligning with their revised guidance of 625,000 to 715,000 ounces. This was supported by the successful startup of Côté Gold and robust performance from Essakane and Westwood. Financially, IAMGOLD strengthened its position, generating approximately $781 million in adjusted EBITDA and ending the year with a total liquidity of around $767 million. The cash cost per ounce sold, excluding Côté, was $1,176 for the year, with an all-in sustaining cost (AISC) of $1,725 per ounce. For 2025, the company forecasts production of 360,000 to 400,000 ounces at Côté Gold, with cash costs expected between $950 to $1,100 per ounce and AISC ranging from $1,350 to $1,550. The company also highlighted an updated mineral resource estimate at its Nelligan project, with a significant increase in ounces, positioning it among Canada's largest gold deposits. IAMGOLD aims to ramp up Côté Gold to a steady state by the fourth quarter of 2025, while continuing to optimize operations and manage costs across its assets.IAMGOLD Corporate Events
Financial DisclosuresRegulatory Filings and Compliance
IAMGOLD Files 2024 Financial Reports with Regulatory Authorities
Neutral
Mar 21, 2025
IAMGOLD Corporation has filed its 2024 annual audited financial statements and related documents with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. These filings, available on EDGAR and SEDAR, provide stakeholders with insights into the company’s financial health and strategic direction. The release of these documents is a critical step in maintaining transparency and regulatory compliance, potentially impacting investor confidence and market positioning.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.