Iamgold (IAG)
Market Price (10/23/2026): $16.415 | Market Cap: $9.5 BilSector: Materials | Industry: Gold
Iamgold (IAG)
Market Price (10/23/2026): $16.415Market Cap: $9.5 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.2%, FCF Yield is 17% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 87% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 54%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Renewable Energy Transition. Themes include Resource Efficiency Solutions, Solar Energy Generation, Show more. | Key risksIAG key risks include [1] geopolitical instability in its West African and Surinamese mining regions and [2] a substantial debt burden that limits financial flexibility. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.2%, FCF Yield is 17% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 87% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 54%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Renewable Energy Transition. Themes include Resource Efficiency Solutions, Solar Energy Generation, Show more. |
| Key risksIAG key risks include [1] geopolitical instability in its West African and Surinamese mining regions and [2] a substantial debt burden that limits financial flexibility. |
Qualitative Assessment
AI Analysis | Feedback
Iamgold (IAG) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong operational performance and record throughput at the Côté Gold Mine in fiscal Q3 2026. IAMGOLD's key Côté Gold mine achieved attributable production of 64,400 ounces in fiscal Q3 2026 (on a 70% basis), with total mining operations setting a quarterly record of 12.4 million tonnes. Notably, September's milling throughput at the mine reached a record 37,100 tonnes per day, surpassing its nameplate capacity of 36,000 tonnes per day. This demonstrates successful operational ramp-up and efficiency gains.
2. Positive future outlook for the Côté Gold Mine, including anticipated higher production and reserve expansion. The company projects increased output from Côté Gold in fiscal Q4 2026, driven by improved ore grades and processing rates. Furthermore, an updated mine plan and Mineral Reserve estimate for Côté Gold is expected in fiscal Q4 2026, which is anticipated to reveal a significant expansion of Mineral Reserves and outline a pathway to sustained processing rates of approximately 40,000 tonnes per day.
Show more
Iamgold (IAG) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong operational performance and record throughput at the Côté Gold Mine in fiscal Q3 2026. IAMGOLD's key Côté Gold mine achieved attributable production of 64,400 ounces in fiscal Q3 2026 (on a 70% basis), with total mining operations setting a quarterly record of 12.4 million tonnes. Notably, September's milling throughput at the mine reached a record 37,100 tonnes per day, surpassing its nameplate capacity of 36,000 tonnes per day. This demonstrates successful operational ramp-up and efficiency gains.
2. Positive future outlook for the Côté Gold Mine, including anticipated higher production and reserve expansion. The company projects increased output from Côté Gold in fiscal Q4 2026, driven by improved ore grades and processing rates. Furthermore, an updated mine plan and Mineral Reserve estimate for Côté Gold is expected in fiscal Q4 2026, which is anticipated to reveal a significant expansion of Mineral Reserves and outline a pathway to sustained processing rates of approximately 40,000 tonnes per day.
3. Sustained positive analyst sentiment and price targets. IAMGOLD holds a "Strong Buy" consensus rating from analysts. The average 12-month price target is $23.74, suggesting a potential upside of 32.12% from the stock's price of $17.97 as of October 22, 2026. Throughout the period, several firms initiated or maintained "Buy" or "Outperform" ratings, with specific actions including Jefferies initiating a "Buy" rating on August 21, 2026, and Canadian Imperial Bank of Commerce setting a $25.00 target price on October 16, 2026.
4. Macroeconomic headwinds from declining gold prices partially offset company-specific gains. Despite the positive company developments, the price of gold experienced a decline during the period. The gold price, which was around $4,038 per ounce in mid-July 2026, fell to a three-month low of $3,986.74 on October 23, 2026, amidst surging energy prices and expectations of continued hawkish monetary policy. This broad commodity price weakness likely limited the extent of IAMGOLD's stock appreciation.
Show less
Stock Movement Drivers
Fundamental Drivers
The 3.7% change in IAG stock from 6/30/2026 to 10/22/2026 was primarily driven by a 8.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.84 | 16.42 | 3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,406 | 3,682 | 8.1% |
| Net Income Margin (%) | 29.5% | 31.4% | 6.5% |
| P/E Multiple | 9.3 | 8.2 | -11.4% |
| Shares Outstanding (Mil) | 588 | 578 | 1.7% |
| Cumulative Contribution | 3.7% |
Market Drivers
6/30/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| IAG | 3.7% | |
| Market (SPY) | 2.3% | 43.8% |
| Sector (XLB) | 1.7% | 46.3% |
Fundamental Drivers
The -12.8% change in IAG stock from 3/31/2026 to 10/22/2026 was primarily driven by a -49.8% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.82 | 16.42 | -12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,853 | 3,682 | 29.1% |
| Net Income Margin (%) | 23.3% | 31.4% | 34.8% |
| P/E Multiple | 16.4 | 8.2 | -49.8% |
| Shares Outstanding (Mil) | 578 | 578 | -0.1% |
| Cumulative Contribution | -12.8% |
Market Drivers
3/31/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| IAG | -12.8% | |
| Market (SPY) | 17.8% | 54.1% |
| Sector (XLB) | 3.8% | 53.7% |
Fundamental Drivers
The 27.0% change in IAG stock from 9/30/2025 to 10/22/2026 was primarily driven by a 87.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.93 | 16.42 | 27.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,967 | 3,682 | 87.2% |
| Net Income Margin (%) | 40.6% | 31.4% | -22.7% |
| P/E Multiple | 9.3 | 8.2 | -11.8% |
| Shares Outstanding (Mil) | 575 | 578 | -0.5% |
| Cumulative Contribution | 27.0% |
Market Drivers
9/30/2025 to 10/22/2026| Return | Correlation | |
|---|---|---|
| IAG | 27.0% | |
| Market (SPY) | 15.6% | 41.7% |
| Sector (XLB) | 16.9% | 52.6% |
Fundamental Drivers
The 663.7% change in IAG stock from 9/30/2023 to 10/22/2026 was primarily driven by a 1340.7% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.15 | 16.42 | 663.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 927 | 3,682 | 297.3% |
| Net Income Margin (%) | 2.2% | 31.4% | 1340.7% |
| P/E Multiple | 51.2 | 8.2 | -84.0% |
| Shares Outstanding (Mil) | 481 | 578 | -16.8% |
| Cumulative Contribution | 663.7% |
Market Drivers
9/30/2023 to 10/22/2026| Return | Correlation | |
|---|---|---|
| IAG | 663.7% | |
| Market (SPY) | 84.8% | 28.8% |
| Sector (XLB) | 38.8% | 38.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IAG Return | -15% | -18% | -2% | 104% | 220% | 8% | 386% |
| Peers Return | 20% | 1% | 16% | 25% | 127% | 3% | 309% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| IAG Win Rate | 50% | 50% | 42% | 67% | 67% | 40% | |
| Peers Win Rate | 50% | 50% | 62% | 53% | 78% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IAG Max Drawdown | -45% | -74% | -39% | -22% | -25% | -43% | |
| Peers Max Drawdown | -31% | -44% | -31% | -28% | -22% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEM, GOLD, AEM, KGC, AGI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/22/2026 (YTD)
How Low Can It Go
| Event | IAG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.8% | -18.8% |
| % Gain to Breakeven | 21.7% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.6% | -7.8% |
| % Gain to Breakeven | 17.0% | 8.5% |
| Time to Breakeven | 2 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.9% | -9.5% |
| % Gain to Breakeven | 40.6% | 10.5% |
| Time to Breakeven | 154 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.4% | -6.7% |
| % Gain to Breakeven | 22.6% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -67.8% | -24.5% |
| % Gain to Breakeven | 210.5% | 32.4% |
| Time to Breakeven | 196 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.3% | -33.7% |
| % Gain to Breakeven | 67.6% | 50.9% |
| Time to Breakeven | 38 days | 140 days |
In The Past
Iamgold's stock fell -17.8% during the 2025 US Tariff Shock. Such a loss loss requires a 21.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | IAG | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.9% | -9.5% |
| % Gain to Breakeven | 40.6% | 10.5% |
| Time to Breakeven | 154 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -67.8% | -24.5% |
| % Gain to Breakeven | 210.5% | 32.4% |
| Time to Breakeven | 196 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.3% | -33.7% |
| % Gain to Breakeven | 67.6% | 50.9% |
| Time to Breakeven | 38 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.5% | -19.2% |
| % Gain to Breakeven | 32.4% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -25.0% | -3.7% |
| % Gain to Breakeven | 33.3% | 3.9% |
| Time to Breakeven | 21 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.2% | -12.2% |
| % Gain to Breakeven | 61.7% | 13.9% |
| Time to Breakeven | 17 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -71.3% | -6.8% |
| % Gain to Breakeven | 248.7% | 7.3% |
| Time to Breakeven | 119 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -39.9% | -0.2% |
| % Gain to Breakeven | 66.3% | 0.2% |
| Time to Breakeven | 955 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -70.2% | -53.4% |
| % Gain to Breakeven | 236.0% | 114.4% |
| Time to Breakeven | 113 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.7% | -8.6% |
| % Gain to Breakeven | 29.4% | 9.5% |
| Time to Breakeven | 20 days | 47 days |
In The Past
Iamgold's stock fell -17.8% during the 2025 US Tariff Shock. Such a loss loss requires a 21.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Iamgold (IAG)
IAMGOLD Corporation (IAG) is a Canadian-headquartered mining company primarily focused on gold. Its core business encompasses the entire lifecycle of gold production: exploring for new gold deposits, developing these discoveries into viable mines, and then operating established gold mines. This integrated approach allows the company to maintain a pipeline of projects from early-stage exploration to active production.
The company's main product is refined gold, which it extracts from its various mining operations. IAMGOLD boasts a diversified portfolio of assets, including producing gold mines in South America (Rosebel mine in Suriname), West Africa (Essakane mine in Burkina Faso), and North America (Westwood mine in Quebec, Canada). A significant growth project, the Côté gold project in Ontario, Canada, is currently under development and expected to be a major contributor, alongside the Boto gold project in Senegal and numerous other exploration and development initiatives across its global footprint.
As a producer of a globally recognized commodity, IAMGOLD sells its extracted gold into the international bullion market. Its primary customers are typically institutional buyers, central banks, and refiners worldwide. Gold serves various markets, including investment (as a store of value and hedge against inflation), jewelry, and industrial applications, thereby positioning IAMGOLD within the global commodities and financial markets.
AI Analysis | Feedback
Iamgold is like a smaller Barrick Gold, focused on exploring and operating gold mines.
Iamgold is like a Newmont, but with its gold projects primarily in North America, South America, and West Africa.
AI Analysis | Feedback
- Gold: A precious metal extracted and produced from its mining operations.
AI Analysis | Feedback
IAMGOLD Corporation (IAG) is a gold mining company. Companies in the gold mining industry typically extract gold and process it into a saleable form, such as dore bars or refined gold bullion. This product is then sold into the global commodity market.
Due to the fungible nature of gold as a commodity and the structure of the global gold market, gold mining companies generally do not have "major customers" that are publicly identified by name, in the same way a manufacturing or service company might. Instead, they sell their gold primarily to other companies in the wholesale market, including:
- Gold Refineries: These specialized companies process dore bars into highly pure gold bullion (e.g., 99.99% pure), which meets international standards for trade.
- Bullion Banks and Traders: These financial institutions and commodity trading firms act as intermediaries, buying and selling large quantities of gold in the wholesale market. They facilitate transactions and often hold gold inventories.
The ultimate demand for gold comes from various sectors, including jewelry manufacturing, industrial applications, central bank reserves, and individual investors, but IAMGOLD's direct sales are to the wholesale market participants mentioned above rather than directly to these end-users or a limited set of named major corporate customers.
AI Analysis | Feedback
- Metso Corporation (METSO.HE)
- WSP Global Inc. (WSP.TO)
AI Analysis | Feedback
Renaud Adams, President and Chief Executive Officer
Renaud Adams has over 30 years of global mining experience in senior executive positions and operations. He served as President and Chief Executive Officer of New Gold Inc. from 2018 to 2022, where he was responsible for the strategic repositioning of the company. Prior to that, Mr. Adams was President and Chief Executive Officer of Richmont Inc. from 2014 until its acquisition by Alamos Gold in November 2017. He also held the role of Chief Operating Officer at Primero Mining Corporation from 2011 to 2014 and was previously General Manager of IAMGOLD's Rosebel mine before becoming Senior Vice President, Americas Operations.
Maarten Theunissen, Chief Financial Officer
Maarten Theunissen possesses over 15 years of progressive experience within the mining industry. He served as Interim Chief Financial Officer and Vice President, Finance for IAMGOLD prior to his permanent appointment as CFO. Before joining IAMGOLD, Mr. Theunissen was the Chief Financial Officer for a Canadian junior gold producer and Senior Vice President of Finance for one of the world's largest uranium producers. He is a Chartered Accountant, designated in both South Africa and Canada, and commenced his career with KPMG in their mining group.
Bruno Lemelin, Chief Operating Officer
Bruno Lemelin was appointed Chief Operating Officer in September 2023. He previously held the position of Senior Vice President – Operations and Projects since March 2020, overseeing operational and project development activities. His tenure at IAMGOLD, which he joined in 2014, also includes roles as Regional Vice President – Americas and General Manager at the Essakane mine. Before IAMGOLD, Mr. Lemelin gained mining expertise with various international companies, including SNC-Lavalin as Vice President, Sustainable Mining, and Xstrata (now Glencore), where he held positions such as Head of Mining Engineering and Manager, Strategy, Risks and Communications. He holds a doctorate in mineral economics.
Annie Torkia Lagacé, Chief Legal and Strategy Officer
Annie Torkia Lagacé became Chief Legal and Strategy Officer at IAMGOLD in February 2025. She brings over two decades of experience as a Corporate and Mergers & Acquisitions lawyer, as well as an executive in the mining and industrial manufacturing sectors. Prior to this role, she served as Senior Vice-President, Legal Affairs, General Counsel, and Corporate Secretary of Bombardier, Inc. Ms. Lagacé also held positions in natural resources at Stornoway Diamond Corp and Cliffs Natural Resources.
Dorena Quinn, Chief People Officer
Dorena Quinn is the Chief People Officer at IAMGOLD Corporation, based in the Toronto office. She joined the company in 2018 and has progressively advanced through senior HR roles. Ms. Quinn is responsible for the architecture, implementation, and oversight of global employee programs, processes, and leadership capabilities, aimed at driving performance, engagement, inclusion, and belonging.
AI Analysis | Feedback
Here are the key risks to IAMGOLD Corporation's business, listed in order from most significant to less significant:
- Geopolitical and Security Risks in West Africa: IAMGOLD operates mines and projects in West Africa, specifically the Essakane mine in Burkina Faso and the Boto gold project in Senegal, as well as exploration projects in Guinea and Mali. These regions expose the company to risks associated with political instability, regulatory changes, security challenges, and social unrest. Such factors can disrupt operations, impact supply chains and transit routes, and potentially affect asset ownership or financial performance.
- Operational Challenges and Cost Pressures: While IAMGOLD has achieved significant success with its Côté Gold Mine, it continues to face operational challenges and higher costs at other key assets, including the Westwood mine in Quebec and the Essakane mine. These challenges can manifest as lower grades, transitional mining activities, grade variability, and inflationary pressures on input costs such as labor, energy, and consumables, which can impact overall production and profitability.
- Gold Price Volatility: As a gold mining company, IAMGOLD's financial results are highly sensitive to fluctuations in the global price of gold. A sustained decline in gold prices would negatively impact the company's revenues, cash flow, and profitability, tempering its overall financial outlook.
AI Analysis | Feedback
AI Analysis | Feedback
IAMGOLD Corporation's primary product is gold. The addressable market for gold is global.
The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, with a compound annual growth rate (CAGR) of 6.51% during the forecast period (2025-2030). In terms of volume, the global gold market was estimated at 4.42 kilotons in 2024 and is expected to reach 6.32 kilotons by 2029, growing at a CAGR of 7.38% during that period. Another estimate indicates the market size stood at 4,890.0 Tons in 2025 and is expected to grow to 7,424.4 Tons by 2034.
AI Analysis | Feedback
Here are the expected drivers of future revenue growth for Iamgold (IAG) over the next 2-3 years:
- Côté Gold Mine Ramp-up and Optimization: The Côté Gold mine, which achieved nameplate capacity in June 2025, is a significant driver of future revenue. It recorded a strong first full year of production in 2025 and is projected to continue increasing its attributable gold production in 2026. Planned capital investments in 2026 focus on stabilization, optimization, and preparing for a contemplated expansion of Côté, with a "Super-Pit Expansion Study" expected in Q4 2026, which could further boost future production and revenue.
- Increased Production from Operating Mines: Beyond Côté, Iamgold's existing operations, Essakane and Westwood, also demonstrated production gains in Q4 2025. The company's 2026 guidance includes anticipated attributable gold production from all its operations, indicating a sustained focus on maximizing output from its asset base.
- Leverage to Gold Prices: Iamgold's revenue is highly sensitive to the price of gold. The company significantly benefited from higher average realized gold prices in 2025 and expects strong results in 2026, with gold prices around $5,000 per ounce, contributing substantially to revenue growth.
- Advancement of the Nelligan Mining Complex: The Nelligan Mining Complex is identified as a major future long-term growth driver and the largest pre-production stage gold project in Canada. Iamgold has increased its exploration budget for Nelligan and consolidated the complex through strategic acquisitions, which could lead to future mine development and production within the 2-3 year timeframe, strengthening its Canadian growth pipeline.
- Operational Efficiencies and Cost Control: While not a direct revenue driver, Iamgold's commitment to operational excellence and cost discipline is expected to drive down costs. These efforts, including optimizing processes at Côté Gold and installing additional crushing capacity, can lead to improved margins and stronger free cash flow. This enhanced financial health supports reinvestment in current operations and growth projects, indirectly contributing to sustainable revenue expansion.
AI Analysis | Feedback
Share Repurchases
- IAMGOLD deployed a share buyback program in December 2025, purchasing approximately $100 million in shares since its inception.
- The company announced a normal course issuer bid (NCIB) in November 2025 to repurchase up to 57,000,000 common shares, representing 9.9% of its outstanding common shares, with the bid continuing until December 11, 2026.
- The share buyback program is expected to continue in 2026, with a direct link to the cash flows generated by the Essakane mine.
Share Issuance
- The number of IAMGOLD's shares outstanding increased by 6.56% in the year leading up to March 13, 2026.
Inbound Investments
- Sumitomo Metal Mining was expected to fund approximately $340 million of IAMGOLD's 2023 funding requirement for the Côté Gold project under an amended Joint Venture Agreement.
Outbound Investments
- In November 2025, IAMGOLD announced acquisitions to consolidate the Chibougamau region in Quebec, acquiring Northern Superior Resources Inc. and Orbec for approximately $267.4 million and $12.6 million (C$17.2 million) respectively, through a combination of shares and cash, to create the Nelligan Complex.
Capital Expenditures
- Sustaining capital expenditures for 2026 are expected to be approximately $380 million, focused on operational reliability and infrastructure maintenance across the Côté, Essakane, and Westwood mines.
- Expansion capital expenditures are projected to be $120 million in 2026, primarily allocated to early works at the Côté Gold project to de-risk a planned expansion.
- As of May 1, 2022, the estimated remaining costs to complete the Côté Gold project were $1,908 million on a 100% basis ($1,335 million attributable to IAMGOLD), including contingency and escalation.
Peer Outperformance in Gold
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Steel | 14 | 22.9% | 47.0% | 138.5% | STLD 307% · HCC 262% · RS 203% |
| Copper | 7 | 46.0% | 110.7% | 126.9% | SCCO 253% · TGB 217% · HBM 207% |
| Gold ← | 36 | 2.2% | 161.5% | 100.2% | IAG 474% · OGC 380% · AGI 293% |
| Silver | 6 | 27.8% | 244.6% | 85.5% | AYA 219% · HL 147% · EXK 53% |
| Construction Materials | 6 | -16.8% | 27.6% | 45.5% | USLM 379% · CRH 94% · VMC 51% |
| Aluminum | 3 | 12.7% | 100.4% | 36.4% | CENX 109% · AA -17% |
| Metal, Glass & Plastic Containers | 11 | -4.5% | 9.6% | 7.1% | GEF 52% · SLGN 8% · ATR 7% |
| Paper & Plastic Packaging Products & Materials | 7 | 13.1% | 18.7% | -2.3% | PKG 115% · CCK 20% · SON 2% |
| Diversified Metals & Mining | 23 | -63.5% | -21.4% | -12.2% | USAR 32215% · MTRN 217% · MP 6% |
| Diversified Chemicals | 3 | 7.2% | 4.6% | -16.9% | CBT 54% · ASH -17% |
| Specialty Chemicals | 41 | 12.8% | 7.6% | -22.0% | NEU 159% · ESI 55% · SXT 51% |
| Commodity Chemicals | 13 | 2.1% | -21.6% | -34.2% | HWKN 268% · MEOH 43% · DOW -28% |
| Precious Metals & Minerals | 8 | -13.7% | 149.2% | -46.3% | PPTA 260% |
| Fertilizers & Agricultural Chemicals | 10 | -46.3% | -55.7% | -60.8% | CF 121% · NTR 17% · SMG -51% |
| Paper Products | 4 | -35.1% | -55.1% | -76.3% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 34.56 |
| Mkt Cap | 27.1 |
| Rev LTM | 8,471 |
| Op Inc LTM | 4,409 |
| FCF LTM | 3,082 |
| FCF 3Y Avg | 1,920 |
| CFO LTM | 4,456 |
| CFO 3Y Avg | 3,107 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 47.8% |
| Rev Chg 3Y Avg | 34.4% |
| Rev Chg Q | 35.0% |
| QoQ Delta Rev Chg LTM | 7.3% |
| Op Inc Chg LTM | 91.4% |
| Op Inc Chg 3Y Avg | 147.4% |
| Op Mgn LTM | 55.6% |
| Op Mgn 3Y Avg | 39.2% |
| QoQ Delta Op Mgn LTM | 1.8% |
| CFO/Rev LTM | 51.1% |
| CFO/Rev 3Y Avg | 45.0% |
| FCF/Rev LTM | 36.4% |
| FCF/Rev 3Y Avg | 24.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Essakane | 1,490 | 1,083 | 810 | 883 | 814 |
| Côté Gold | 1,014 | 284 | 0 | 0 | |
| Westwood complex | 403 | 323 | 177 | 121 | 62 |
| Corporate | -54 | -58 | 1 | -45 | |
| Exploration and evaluation and development | 0 | 0 | |||
| Total | 2,853 | 1,633 | 987 | 959 | 876 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Essakane | 608 | 384 | 92 | 220 | 83 |
| Côté Gold | 465 | 106 | -6 | -4 | -4 |
| Westwood complex | 171 | 579 | -10 | -41 | -94 |
| Exploration and evaluation and development | -31 | -16 | -22 | -29 | -32 |
| Corporate | -120 | -109 | -55 | -104 | -59 |
| Total | 1,094 | 944 | -0 | 41 | -105 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Côté Gold | 3,053 | 3,016 | 2,638 | 1,822 | 1,118 |
| Essakane | 1,308 | 1,206 | 1,100 | 1,183 | 1,153 |
| Westwood complex | 841 | 822 | 390 | 349 | 369 |
| Exploration and evaluation and development | 419 | 78 | 47 | 22 | 45 |
| Corporate | 232 | 252 | 328 | 264 | 453 |
| Assets held for sale | 35 | 786 | 833 | ||
| Total | 5,852 | 5,374 | 4,538 | 4,425 | 3,972 |
Price Behavior
| Market Price | $16.42 | |
| Market Cap ($ Bil) | 9.5 | |
| First Trading Date | 07/15/2003 | |
| Distance from 52W High | -33.2% | |
| 50 Days | 200 Days | |
| DMA Price | $19.37 | $18.37 |
| DMA Trend | up | up |
| Distance from DMA | -15.2% | -10.6% |
| 3M | 1YR | |
| Volatility | 58.3% | 63.3% |
| Downside Capture | 187.75 | 240.97 |
| Upside Capture | 273.30 | 253.28 |
| Correlation (S&P 500) | 36.8% | 43.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.69 | 2.08 | 2.23 | 2.62 | 2.06 | 1.11 |
| Up Beta | -3.06 | -0.75 | 1.07 | 1.99 | 1.88 | 0.79 |
| Down Beta | 7.73 | 5.50 | 3.50 | 3.47 | 1.09 | 0.86 |
| Up Capture | 246% | 370% | 297% | 286% | 554% | 772% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 21 | 28 | 59 | 134 | 402 |
| Down Capture | 347% | 124% | 182% | 243% | 163% | 105% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 20 | 33 | 62 | 113 | 325 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IAG | |
|---|---|---|---|---|
| IAG | 34.9% | 63.3% | 0.71 | - |
| Sector ETF (XLB) | 18.3% | 17.7% | 0.79 | 53.8% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 43.6% |
| Gold (GLD) | -2.2% | 28.4% | -0.09 | 79.4% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | 4.3% |
| Real Estate (VNQ) | 4.7% | 13.9% | 0.08 | 15.9% |
| Bitcoin (BTCUSD) | -22.4% | 43.4% | -0.47 | 29.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IAG | |
|---|---|---|---|---|
| IAG | 43.0% | 60.9% | 0.83 | - |
| Sector ETF (XLB) | 6.3% | 19.1% | 0.21 | 37.8% |
| Equity (SPY) | 13.0% | 17.1% | 0.57 | 27.0% |
| Gold (GLD) | 17.1% | 18.9% | 0.72 | 64.2% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 21.5% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 25.9% |
| Bitcoin (BTCUSD) | 8.0% | 51.7% | 0.33 | 15.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IAG | |
|---|---|---|---|---|
| IAG | 17.0% | 58.1% | 0.51 | - |
| Sector ETF (XLB) | 10.5% | 20.7% | 0.45 | 25.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 18.3% |
| Gold (GLD) | 11.9% | 16.4% | 0.59 | 62.3% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 19.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 18.5% |
| Bitcoin (BTCUSD) | 63.0% | 66.2% | 1.03 | 14.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 6-K |
| 03/31/2026 | 05/05/2026 | 6-K |
| 12/31/2025 | 02/18/2026 | 40-F |
| 09/30/2025 | 11/04/2025 | 6-K |
| 06/30/2025 | 08/08/2025 | 6-K |
| 03/31/2025 | 05/06/2025 | 6-K |
| 12/31/2024 | 03/21/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/09/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 40-F |
| 09/30/2023 | 11/09/2023 | 6-K |
| 06/30/2023 | 08/10/2023 | 6-K |
| 03/31/2023 | 05/11/2023 | 6-K |
| 12/31/2022 | 03/28/2023 | 40-F |
| 09/30/2022 | 11/08/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 6-K |
| 03/31/2026 | 05/05/2026 | 6-K |
| 12/31/2025 | 02/18/2026 | 40-F |
| 09/30/2025 | 11/04/2025 | 6-K |
| 06/30/2025 | 08/08/2025 | 6-K |
| 03/31/2025 | 05/06/2025 | 6-K |
| 12/31/2024 | 03/21/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/09/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 40-F |
| 09/30/2023 | 11/09/2023 | 6-K |
| 06/30/2023 | 08/10/2023 | 6-K |
| 03/31/2023 | 05/11/2023 | 6-K |
| 12/31/2022 | 03/28/2023 | 40-F |
| 09/30/2022 | 11/08/2022 | 6-K |
| 06/30/2022 | 08/03/2022 | 6-K |
| 03/31/2022 | 05/11/2022 | 6-K |
| 12/31/2021 | 02/24/2022 | 40-F |
| 09/30/2021 | 11/03/2021 | 6-K |
| 06/30/2021 | 08/05/2021 | 6-K |
| 03/31/2021 | 05/04/2021 | 6-K |
| 12/31/2020 | 02/18/2021 | 40-F |
| 09/30/2020 | 11/04/2020 | 6-K |
| 06/30/2020 | 08/05/2020 | 6-K |
| 03/31/2020 | 05/04/2020 | 6-K |
| 12/31/2019 | 02/19/2020 | 40-F |
| 09/30/2019 | 11/06/2019 | 6-K |
Investor Activity (13F)
Updated Oct 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.

