IAMGOLD Corp (TSE:IMG)
NYSE:IMG
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IAMGOLD
(NYSE:IMG)
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Rating:75Outperform
Price Target:
C$25.00
▼(-5.20% Downside)
Action:Upgraded
Date:05/09/26
The score is driven primarily by strong recent financial performance (high margins, improving leverage, and sharply better free cash flow) and a supportive earnings update (reaffirmed production outlook, strong cash generation, and buybacks/deleveraging). Valuation is also favorable with a low P/E. Offsetting these positives, technical signals are neutral-to-weak (negative MACD and price below key mid-term averages), and the call highlighted cost sensitivity (royalties/energy) plus some operational disruption at Côté.
Positive Factors
Free cash flow generation
Sustained, materially positive free cash flow (Q1 mine-site FCF ~$525M; operating cash flow ~$629.5M) provides durable internalFunding for maintenance capex, growth studies, buybacks and debt reduction. Strong cash conversion improves resilience to commodity cycles and underpins strategic optionality over 2–6 months.
Negative Factors
Earnings and cash-flow volatility
Historical swings from negative to strongly positive earnings and free cash flow reflect operational and commodity cyclicality. This structural volatility means recent strength may reverse in weaker price or operational scenarios, complicating capital allocation and requiring sustained execution to lock in gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Sustained, materially positive free cash flow (Q1 mine-site FCF ~$525M; operating cash flow ~$629.5M) provides durable internalFunding for maintenance capex, growth studies, buybacks and debt reduction. Strong cash conversion improves resilience to commodity cycles and underpins strategic optionality over 2–6 months.
Read all positive factors
IAMGOLD (IMG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$13.01B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)9.1
Beta (1Y)2.73
Revenue Growth87.39%
EPS Growth21.18%
CountryCA
Employees3,741
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.74
Shares Outstanding578,000,000
10 Day Avg. Volume1,888,595
30 Day Avg. Volume1,608,818
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$37.16Price Target Upside40.90% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)3.39
Revenue Forecast (FY)C$5.75B
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 primarily makes money by producing and selling gold (and, where applicable, other by-product metals) from its mining operations. Revenue is generated when mined ore is processed to produce doré or refined gold, which is then sold—typically...
IAMGOLD Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasizes materially positive financial and operational momentum: strong free cash flow ($525M mine-site FCF), robust adjusted EBITDA ($666M) and a transition to a net cash position, enabling $350M+ of share repurchases and debt reduction. Operationally, Essakane and Westwood delivered strong cash generation and safety improvements; Cote experienced early, nonrecurring throughput issues but has remedial actions (conveyor replacement, HPGR maintenance) and an upcoming resource update and expansion study that management expects to be highly accretive. Key risks are concentrated around royalty effects at elevated gold prices, energy/fuel cost volatility (notably at Essakane), and some near-term operational costs and inflationary pressures. On balance, positives (cash generation, capital returns, strengthened balance sheet, and multiple near-term growth catalysts) significantly outweigh the operational and cost headwinds discussed.Positive Updates
Strong Production Start and Full-Year Outlook
Q1 attributable production of 183,600 ounces; company remains on track for FY2026 guidance of 720,000–820,000 ounces. Notable asset-level production: Essakane ~111,900 oz (100% basis) and Cote ~74,700 oz (100% basis). Management expects Q2+ improvement at Cote and stronger H2 overall.
Negative Updates
Cote Early-Stage Operational Disruption
Unplanned downtime at Cote due to conveyor stress following commissioning of the secondary crusher led to reduced throughput (net throughput limited, cited ~2.3M t for the quarter) and attributable production impact (Cote attributable ~52,300 oz). Replacement of conveyor belt planned for May; management characterizes the issue as nonrecurring but it reduced Q1 throughput.
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Q1-2026 Updates
Positive
Negative
Strong Production Start and Full-Year Outlook
Q1 attributable production of 183,600 ounces; company remains on track for FY2026 guidance of 720,000–820,000 ounces. Notable asset-level production: Essakane ~111,900 oz (100% basis) and Cote ~74,700 oz (100% basis). Management expects Q2+ improvement at Cote and stronger H2 overall.
Read all positive updates
Company Guidance
IAMGOLD guided full‑year attributable production of 720,000–820,000 ounces and reconfirmed Côté (100%) guidance of 390,000–440,000 ounces with refined throughput of 12–13 Mtpa, a ~1.1 g/t net grade and ~93% recoveries, targeting a near‑term expansion to 50–55 ktpd; management expects a catalyst calendar (Côté resource update this quarter, Côté expansion study Q4, Nelligan PEA H1 2027, Westwood technical update H2 2027). In Q1 the company produced 183,600 attributable ounces, reported >$1.0 billion revenue, adjusted EBITDA of $666 million (trailing 12‑month EBITDA ≈ $2 billion), operating cash flow before working capital of $629.5 million and mine‑site free cash flow of $524.6 million, enabling $260 million of share buybacks in the quarter (additional $40 million post‑quarter, $350 million total to date) and $100 million repayment of the credit facility; cash was $505.2 million and liquidity ≈ $1.1 billion. Unit costs in Q1 included consolidated cash costs (incl. royalties) ≈ $1,301/oz, Côté cash costs ex‑royalties $1,359/oz and AISC $2,109/oz, Westwood cash costs $1,270/oz and AISC $1,733/oz, and Essakane cash costs ex‑royalties $1,083/oz and AISC $2,125/oz; royalties materially increased costs (Côté ≈ $335/oz, Essakane ≈ $597/oz) and energy sensitivity was highlighted (approx. +$12/oz consolidated, +$7/oz Côté and +$20/oz Essakane per $10/bbl increase).IAMGOLD Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.42B | 2.90B | 1.63B | 987.10M | 958.80M | 1.15B |
| Gross Profit | 1.64B | 1.20B | 549.90M | 124.10M | 147.90M | 2.70M |
| EBITDA | 1.97B | 1.56B | 1.25B | 315.40M | 273.60M | 219.00M |
| Net Income | 1.01B | 676.03M | 819.60M | 94.30M | -36.40M | -255.10M |
Balance Sheet | ||||||
| Total Assets | 5.99B | 6.34B | 5.37B | 4.54B | 4.43B | 3.97B |
| Cash, Cash Equivalents and Short-Term Investments | 551.20M | 422.13M | 348.50M | 367.10M | 407.80M | 552.50M |
| Total Debt | 651.00M | 761.80M | 1.15B | 952.10M | 992.50M | 530.00M |
| Total Liabilities | 1.57B | 2.10B | 1.97B | 2.27B | 2.22B | 1.65B |
| Stockholders Equity | 4.33B | 4.18B | 3.34B | 2.21B | 2.13B | 2.24B |
Cash Flow | ||||||
| Free Cash Flow | 1.28B | 771.37M | -151.40M | -817.30M | -371.80M | -370.20M |
| Operating Cash Flow | 1.63B | 1.07B | 486.00M | 159.40M | 408.70M | 285.00M |
| Investing Cash Flow | -366.06M | -358.06M | -582.40M | -402.30M | -891.90M | -630.70M |
| Financing Cash Flow | -1.04B | -656.09M | 83.30M | 201.70M | 404.00M | -41.20M |
IAMGOLD Technical Analysis
Negative
26.37
Price Trends
23.58
Negative
25.72
Negative
23.12
Negative
Market Momentum
-0.29
Positive
45.61
Neutral
18.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IMG, the sentiment is Negative. The current price of 26.37 is above the 20-day moving average (MA) of 23.14, above the 50-day MA of 23.58, and above the 200-day MA of 23.12, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 45.61 is Neutral, neither overbought nor oversold. The STOCH value of 18.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:IMG.
IAMGOLD Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$13.01B | 9.12 | 26.05% | ― | 87.39% | 21.18% | |
75 Outperform | C$7.47B | 9.77 | 15.70% | 1.71% | 85.46% | ― | |
74 Outperform | C$17.05B | 14.31 | 27.75% | 2.31% | 38.40% | ― | |
72 Outperform | C$7.87B | 9.04 | 34.87% | 0.42% | 61.07% | 163.91% | |
72 Outperform | C$10.90B | 12.02 | 10.73% | ― | 65.86% | 10.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:IMG
IAMGOLD
22.51
12.48
124.43%
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5.61
0.78
16.10%
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84.59%
TSE:EDV
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70.54
29.75
72.92%
TSE:EQX
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13.81
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76.08%
IAMGOLD Corporate Events
Financial Disclosures
IAMGOLD Sets Date for Q1 2026 Results and Investor Call
Neutral
Apr 10, 2026
IAMGOLD said it will publish its first-quarter 2026 operating and financial results after markets close on May 5, 2026, followed by a management-hosted conference call on May 6 to discuss performance. The results release and webcast, which will al...
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.