Iamgold Corporation (IAG) Stock Price & How to Invest

IAMGOLD Corporation (NYSE: IAG, TSX: IMG) mines gold at three sites and reports in U.S. dollars. Cote Gold in northern Ontario is the growth asset, operated by IAMGOLD in a 70/30 partnership with Sumitomo Metal Mining, and is now one of the largest gold mines in production in Canada. Westwood in Quebec is a smaller, higher-cost underground operation held at 100%. Essakane in Burkina Faso is the cash engine, an open-pit mine in which IAMGOLD's interest was reduced from 90% to 85% in June 2025 when the state took a larger share. The Nelligan Mining Complex in Quebec is the main exploration project and takes roughly ~$24 million of the ~$54 million 2026 exploration budget. The company employs about ~3,700 people.

The 2026 investment picture is a company earning far more than its mine plan assumed. Second-quarter revenue of ~$856.9 million was up ~47% year over year on ~188,100 attributable ounces, because the realized gold price of ~$4,384 per ounce ran well above the ~$4,000 per ounce assumption used to set guidance. That flipped the balance sheet from net debt of ~$228 million at the end of 2025 to a small net cash position by June 2026, funded a ~$510 million share buyback since December 2025, and paid down the revolving credit facility to zero. The offsetting fact is cost: consolidated all-in sustaining cost including royalties was ~$2,271 per ounce in the quarter, above the ~$2,000 to ~$2,150 full-year guidance range, and Cote's year-to-date AISC of ~$2,094 sits above its own ~$1,775 to ~$1,925 target. Management's case is that Cote's second-half throughput fixes close that gap. That is the specific claim the stock is underwriting.

Roughly half of attributable production comes from Essakane in Burkina Faso, where the company states plainly that security incidents continue and that it incurs additional cost moving people, contractors and supplies to site. That single asset carries three stacked exposures: physical security, a royalty regime that was rewritten upward in 2025 and rises further with the gold price, and cash that only counts once it is repatriated, which happens in installments rather than on demand. Cote's costs are currently running above its own guidance, so the second-half improvement is an assumption rather than a result, and the Q4 technical report could reset reserves and mine life in either direction. As a single-commodity producer with no meaningful hedge book, IAMGOLD's earnings track the gold price closely in both directions, and gold futures near ~$4,400 per ounce in early August 2026 sit well below the ~$5,586 level reached within the prior twelve months. The stock is up roughly ~144% over the past year and trades on trailing earnings inflated by that price, so a return toward the ~$4,000 per ounce guidance assumption would compress both earnings and the free cash flow that funds the buyback.

5 analysts publish price targets on IAG, averaging $23.40 against a $18.32 price as of August 2026, or +27.7%. The published targets run from $20.00 to $34.00, a moderate spread, and the ratings split 9 buy, 3 hold, 0 sell. Over the last six months there have been 0 raises and 3 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full IAG forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Iamgold Corporation. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Cote Gold throughput and the Q4 technical report. Cote produced ~67,300 attributable ounces in the second quarter, held back by a conveyor belt replacement in May, after which a second cone crusher was commissioned and the plant ran near full capacity in June. The most optimistic published target, $34.00, assumes this works close to its best case.

The case against. Roughly half of attributable production comes from Essakane in Burkina Faso, where the company states plainly that security incidents continue and that it incurs additional cost moving people, contractors and supplies to site. The most pessimistic target, $20.00, is roughly what IAG is worth if this bites instead.

Read the full bull and bear case on IAG, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Iamgold Corporation's investor relations page or your broker.

• Revenue (TTM): ~$3.68 billion, reported in U.S. dollars
• Q2 2026 revenue: ~$856.9 million, up ~47% year over year
• All-in sustaining cost (Q2 2026, incl. royalties): ~$2,271 per ounce sold, vs 2026 guidance of ~$2,000 to ~$2,150
• Adjusted EPS: ~$0.42 in Q2 2026; ~$1.98 trailing twelve months
• Market cap and multiple: ~$10.5 billion at ~$18 per share, ~9x trailing and ~8.5x forward earnings
• Balance sheet: ~$501 million cash, ~$52 million net cash excluding leases, ~$1.35 billion total liquidity

The trailing multiple looks undemanding, but it is computed on earnings produced at a realized gold price of ~$4,631 per ounce in the first half, well above the ~$4,000 assumption the company used to set its own cost and royalty guidance. Adjusted EBITDA of ~$507.3 million in the quarter and mine-site free cash flow of ~$368.9 million are what retired the credit facility drawing and funded the buyback. Reported all-in sustaining cost of ~$2,271 per ounce is the number to track quarter to quarter, since it includes sustaining capital and royalties and therefore captures the full cost of keeping the ounces coming, unlike cash cost.

If you want IAG exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

Other names that sit close to IAG: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get IAG exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (GDXJ), which spreads the position across many companies. Or build it into a focused thematic portfolio, so IAG sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where IAG fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

IAMGOLD is a leveraged gold producer whose earnings power in 2026 has come almost entirely from a record gold price, so the durable questions are whether Cote's costs come down as guided and how much of the Essakane cash keeps reaching Toronto.

Whether IAG is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is IAG a buy or a sell?, and where the stock could go from here in the IAG stock forecast.

For income investors, whether IAG pays a dividend and how the payout looks is covered in does IAG pay a dividend? And to weigh IAG against a peer, read the full side-by-side comparisons: IAG vs BTG and IAG vs EGO.