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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on IMG

IAMGOLD Corporation's recent performance was driven by strong Q3 2024 earnings, with revenue increasing 96% year-over-year to $438.9 million, beating expectations. The company's safe and stable production, as well as cash flow growth, were highlighted by CEO Renaud Adams. Additionally, the company's ability to navigate higher gold prices and production levels suggests a positive outlook. The recent earnings release and subsequent stock price movement indicate a strong momentum in the company's financial prospects.

1.c. Company Highlights

2. IAMGOLD's Strong Q3 2025 Earnings: A Closer Look

IAMGOLD reported a robust financial performance in Q3 2025, with revenues likely driven by strong gold production. Although the exact revenue figure was not disclosed, the company's mine site free cash flow reached a record $292.5 million. Earnings per share (EPS) came in at $0.4238, beating analyst estimates of $0.4067. The company's financial performance was fueled by its Cote Gold and Essakane mines, which demonstrated strong operational performance. With a net debt to EBITDA ratio of 0.74, IAMGOLD is well-positioned to continue generating strong cash flows. The company's current valuation metrics, including a P/E Ratio of 9.85 and an EV/EBITDA of 6.73, suggest that IAMGOLD is reasonably valued.

Publication Date: Nov -19

📋 Highlights
  • Record Free Cash Flow:: IAMGOLD generated $292.5M in mine site free cash flow Q3 2025, driven by Cote Gold's 106,000 oz production (record for the quarter).
  • Debt Reduction:: Net debt fell to $813.2M, a $210.7M decrease, with plans to repay $250M in 2026, targeting a net debt-to-EBITDA ratio of ≤0.5.
  • Acquisition Strategy:: Proposed $267M acquisition of Northern Superior to consolidate gold resources in Chibougamau-Chapais, creating a "next great Canadian mining camp."
  • Share Buyback Authorization:: Approved program to repurchase up to 10% of outstanding shares, with execution dependent on market conditions and financial metrics.
  • Essakane Resilience:: Produced 108,000 oz (100% basis) in Q3 despite fuel shortages, with cash costs at $1,737/oz and full-year production on track for midpoint of 400K–440K oz.

Operational Highlights

IAMGOLD's operational performance was led by its Cote Gold mine, which produced a record 106,000 ounces of gold in Q3 2025. The company's Essakane mine also performed well, producing 108,000 gold ounces on a 100% basis. In contrast, Westwood mine produced 23,000 ounces, below expectations due to challenging ground conditions and lower mining recoveries. The company's guidance for full-year production remains intact, with IAMGOLD expecting to produce between 735,000 to 825,000 ounces.

Cost Improvements and Expansion Plans

Renaud Adams, IAMGOLD's President and CEO, highlighted the company's focus on cost improvements, particularly at Cote Gold. The company expects to achieve significant cost savings in 2026, with objectives including $12 on the milling side and $3 on the mining side. IAMGOLD is also planning to expand its Cote Gold mine, with a significantly larger ore base expected from both Cote and Gosselin. The company's proposed acquisition of Northern Superior is also expected to consolidate IAMGOLD's land position and gold resources in the Chibougamau Chapais district.

Outlook and Valuation

With analysts estimating next year's revenue growth at 30.5%, IAMGOLD is well-positioned for continued growth. The company's current valuation metrics, including a P/E Ratio of 9.85 and an EV/EBITDA of 6.73, suggest that IAMGOLD is reasonably valued. Additionally, the company's ROE of 23.81% and ROIC of 16.85% indicate strong profitability. IAMGOLD's net debt to EBITDA target is below 0.74, and the company aims to pay down $250 million in 2026, further improving its financial position.

3. NewsRoom

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Northern Superior Announces Receipt of Interim Court Order and Mailing of Management Information Circular

Nov -17

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Why IAMGOLD (TSX:IMG) Is Up 9.6% After Record Côté Output and 10% Share Buyback Plan

Nov -07

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Iamgold Corp (IAG) Q3 2025 Earnings Call Highlights: Record Cash Flow and Strategic ...

Nov -07

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IAMGOLD (TSX:IMG) Profit Margin Surges to 40.6% on $530M One-Off Gain, Testing Bullish Narratives

Nov -06

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IAMGOLD (TSE:IMG) delivers shareholders enviable 97% CAGR over 3 years, surging 15% in the last week alone

Nov -06

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IAMGOLD Maintained at Buy at Stifel Canada Following Q3 Results; Price Target Kept at C$28.00

Nov -06

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Why Iamgold's Stock Popped Today

Nov -05

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IAMGOLD Outperform Rating and Target of US$17 Confirmed at RBC on Q3 Results

Nov -05

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.50%)

6. Segments

Gold Mines

Expected Growth: 2.5%

IAMGOLD Corporation's 2.5% growth in Gold Mines is driven by increasing gold prices, successful exploration and development projects, and improved operational efficiency. Additionally, the company's focus on cost reduction, strategic acquisitions, and expansion into new markets also contribute to its growth.

Corporate - Royalty Interest

Expected Growth: 1.5%

IAMGOLD's royalty interest growth is driven by increasing gold prices, rising production at partner mines, and strategic acquisitions. The 1.5% growth rate is also supported by the company's diversified portfolio of royalties, providing a stable source of revenue. Additionally, IAMGOLD's strong balance sheet and disciplined cost management enable the company to capitalize on growth opportunities.

7. Detailed Products

Gold

IAMGOLD Corporation is a leading gold producer with a diverse portfolio of operating mines and development projects in North and South America, West Africa, and Asia.

Silver

IAMGOLD Corporation also produces silver as a by-product of its gold mining operations.

Copper

IAMGOLD Corporation produces copper as a by-product of its gold mining operations.

Exploration Services

IAMGOLD Corporation provides exploration services to identify and develop new mineral deposits.

Mining Services

IAMGOLD Corporation provides mining services to extract gold and other minerals from its operating mines.

8. IAMGOLD Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

IAMGOLD Corporation operates in the gold mining industry, which has few substitutes. However, the company faces competition from other precious metals and alternative investments, which can affect demand.

Bargaining Power Of Customers

IAMGOLD Corporation sells its gold to a few large refineries and banks, which have limited bargaining power. The company's customers are dependent on IAMGOLD for gold supply, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

IAMGOLD Corporation relies on suppliers for equipment, materials, and services. While the company has some bargaining power due to its size, suppliers can still exert some pressure, especially in times of high demand.

Threat Of New Entrants

Entering the gold mining industry requires significant capital investment, licenses, and expertise. These barriers to entry make it difficult for new companies to enter the market, reducing the threat of new entrants.

Intensity Of Rivalry

The gold mining industry is highly competitive, with many established players competing for market share. IAMGOLD Corporation faces intense rivalry from companies like Barrick Gold, Newmont Goldcorp, and AngloGold Ashanti.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.15%
Debt Cost 3.95%
Equity Weight 69.85%
Equity Cost 11.52%
WACC 9.23%
Leverage 43.16%

11. Quality Control: IAMGOLD Corporation passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Torex Gold Resources

A-Score: 5.7/10

Value: 6.0

Growth: 6.7

Quality: 7.5

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

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Calibre Mining

A-Score: 5.3/10

Value: 8.1

Growth: 5.9

Quality: 5.5

Yield: 0.0

Momentum: 6.0

Volatility: 6.3

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IAMGOLD

A-Score: 5.2/10

Value: 4.9

Growth: 6.0

Quality: 7.1

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

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Idaho Strategic Resources

A-Score: 4.9/10

Value: 0.0

Growth: 9.7

Quality: 8.0

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

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Sandstorm Gold

A-Score: 4.7/10

Value: 1.3

Growth: 3.0

Quality: 7.0

Yield: 0.0

Momentum: 10.0

Volatility: 7.0

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Equinox Gold

A-Score: 4.5/10

Value: 2.5

Growth: 6.9

Quality: 4.3

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

21.13$

Current Price

21.13$

Potential

-0.00%

Expected Cash-Flows