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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 2025 Performance Sets Stage for Future Growth

IAMGOLD reported record revenues of nearly $3 billion in 2025, with a gross margin of over 40% and operating cash flow of over $1 billion. The company's adjusted earnings per share came in at $1.23, beating estimates. The strong financial performance was driven by record quarterly productions across all sites, with Essakane and Côté Gold contributing significantly to the company's mine-site free cash flow. As Renaud Adams, President and CEO, highlighted, the company is well-positioned to capitalize on the gold market.

Publication Date: Feb -22

📋 Highlights
  • Record Revenues & Margins: Achieved $3 billion in revenues with over 40% gross margin in 2025.
  • Free Cash Flow Surge: Generated $626.6M in Q4, totaling $1.2B annually, with Essakane contributing $340.4M.
  • Debt Reduction & Shareholder Returns: Reduced net debt by $468.8M to $344.4M and returned $50M to shareholders.
  • Côté Gold Production Success: Produced 399,800 oz (100% basis) in first full year, exceeding guidance by 87,200 oz in Q4.
  • Essakane Expansion Potential: Block 3 project could extend mine life to 2032, adding 5 years with $1,150–$1,300/oz cash cost guidance.

Operational Highlights

Côté Gold reported a strong fourth quarter with attributable gold production of 87,200 ounces on a 100% basis, achieving the top end of its guidance estimates. The mine completed the ramp-up and demonstrated its nameplate throughput of 36,000 tonnes per day ahead of schedule. Essakane also reported record production of 138,100 ounces on a 100% basis, with mining totaling 9.4 million tonnes in the fourth quarter.

Cost Management and Guidance

The company reported cash costs averaging $1,288 per ounce and all-in sustained costs averaging $1,719 per ounce in the fourth quarter, well below the average for the year. Looking ahead to 2026, IAMGOLD expects Côté Gold to focus on fine-tuning the operation, with a goal of achieving unit cost improvement and stable and efficient mining practices. The company has guided to cash costs, excluding royalties, to be in the range of $1,150 to $1,300 per ounce sold.

Valuation and Growth Prospects

With a P/E Ratio of 19.24 and an EV/EBITDA of 9.02, IAMGOLD's valuation appears reasonable, considering its strong financial performance and growth prospects. Analysts estimate next year's revenue growth at -0.1%, but the company's efforts to expand its operations, including the Côté Gold mine plan update, are expected to drive future growth. The actual EPS of $0.975 beat estimates of $0.625, indicating a positive surprise.

Future Plans and Expansion

The company is studying the Block 3 project, which would add an additional 5 years of life of mine expanding Essakane until at least 2032. The Nelligan Mining Complex has a significant mineral inventory, positioning the project among the largest preproduction stage gold projects in Canada. IAMGOLD plans to declare the 2025 dividend in the third quarter and will continue its share buyback program.

3. NewsRoom

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THE Mining Investment Event Announces 2026 Issuers and Welcomes New and Returning Partners

Feb -19

Source: feeds.newsfilecorp.com

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IAMGOLD annonce la clôture de l'acquisition de Mines d'Or Orbec

Dec -22

Source: feeds.newsfilecorp.com

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IAMGOLD annonce la clôture de l'acquisition de Northern Superior

Dec -19

Source: feeds.newsfilecorp.com

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Northern Superior Obtains Final Order Approving Plan of Arrangement

Dec -15

Source: accessnewswire.com

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Northern Superior Announces Approval of Arrangement Resolution

Dec -10

Source: accessnewswire.com

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Mines d'Or Orbec annonce le dépôt et l'envoi de sa circulaire de sollicitation de procurations dans le cadre de l'assemblée spéciale des porteurs de titres en vue d'approuver l'acquisition par IAMGOLD

Nov -18

Source: feeds.newsfilecorp.com

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

Nov -17

Source:

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

Nov -07

Source:

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: 5.8

Growth: 6.7

Quality: 7.5

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

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Calibre Mining

A-Score: 5.1/10

Value: 8.1

Growth: 5.8

Quality: 5.4

Yield: 0.0

Momentum: 8.0

Volatility: 3.3

1-Year Total Return ->

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IAMGOLD

A-Score: 4.9/10

Value: 4.0

Growth: 5.8

Quality: 6.9

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

1-Year Total Return ->

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Sandstorm Gold

A-Score: 4.8/10

Value: 1.4

Growth: 2.9

Quality: 7.3

Yield: 0.0

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

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Equinox Gold

A-Score: 4.6/10

Value: 2.2

Growth: 6.9

Quality: 4.6

Yield: 0.0

Momentum: 10.0

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

30.66$

Current Price

30.66$

Potential

-0.00%

Expected Cash-Flows