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olivLaw · US equity research

IAMGOLD Corporation IAG

Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)

17.47USD+10.22% · 1 dayClose 04 Nov 2026

IAMGOLD Corporation is a mining company that files with the SEC on Form 40-F and is listed in Toronto and New York. The filing for the year ended December 31, 2025 shows a stable capital structure with a large number of shares outstanding.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, IAMGOLD Corporation (IAG) stock was 17.47 USD (+10.22% on the day), with market capitalisation 10.3 bn USD, P/E 15.3 on diluted EPS of 1.14 USD over the last 12 months, beta 1.18, 52-week range 11.92–24.57 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
10.3 bn USD
shares as of 31 Dec 2025
P/E (TTM)
15.3
Diluted EPS TTM 1.14 · TTM to 31 Dec 2025
E/P (TTM)
6.53%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.18
Volatility (1y) 65%
52-week range
11.9224.57

Price history

Loading chart…

Technical reading

RSI (14)
50.1
neutral
Bollinger (20, 2)
15.36 – 19.16
in the upper half of the band · %B 0.56 · band width 22.0%
SMA 50 / 200
18.76 / 18.32
mixed trend
MACD (12, 26, 9)
-0.63 / -0.64
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−5.3%−1.1%−4.2 pp—
3 months+9.9%−0.5%+10.4 pp—
6 months−5.6%+4.4%−10.0 pp—
Year to date+5.9%+12.3%−6.4 pp—
1 year+59.4%+13.5%+45.9 pp−9.2%
3 years+571.9%+76.4%+495.5 pp+145.5%
5 years+476.6%+63.7%+412.9 pp—
Max drawdown (1y)
−43.3%
27 Feb 2026 → 29 Jul 2026
Max drawdown (5y)
−73.6%
14 Apr 2022 → 27 Sept 2022
Compound annual growth (5y)
+42.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 6-quarter history (min 3.4, median 13.9, max 40.8; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.1 bn1.1 bn1.2 bn875.5 m958.8 m987.1 m1.6 bn2.9 bn
Revenue YoY+1.5%−4.1%+16.6%−29.5%+9.5%+3.0%+65.4%+74.7%
Net income-28.2 m-412.6 m42.6 m-254.4 m-70.1 m94.3 m819.6 m732.3 m
Net income YoY−105.6%unavailableunavailable−697.2%unavailableunavailable+769.1%−10.7%
Diluted EPS-0.06-0.880.09-0.53-0.150.191.501.14
Diluted EPS YoY−105.6%unavailableunavailable−688.9%unavailableunavailable+689.5%−24.0%
net %-2.5%-38.7%3.4%-29.1%-7.3%9.6%50.2%25.7%
Free cash flow-66.1 m114.9 m55.5 m-240.2 m-334.0 m-747.9 m-72.6 m849.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
421.9 m USD
Financial debt
649.8 m USD
Net debt
227.9 m USD
Equity
4.2 bn USD
Total assets
5.9 bn USD
Debt / equity
0.15x
Current ratio
1.75x
ROE
19.2%
ROA
13.0%
FCF margin
29.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
987.1 m
2024
1.6 bn
2025
2.9 bn

SEC (XBRL)· 18 Feb 2026verified

Cost of revenue
2023
863.0 m
2024
1.1 bn
2025
1.6 bn

SEC (XBRL)· 18 Feb 2026verified

Gross profit
2023
124.1 m
2024
549.9 m
2025
1.2 bn

SEC (XBRL)· 18 Feb 2026verified

Operating income
2023
-300.0 k
2024
944.0 m
2025
1.1 bn

SEC (XBRL)· 18 Feb 2026verified

Interest expense
2023
21.0 m
2024
70.8 m
2025
112.2 m

SEC (XBRL)· 18 Feb 2026verified

Pre-tax income
2023
128.2 m
2024
977.2 m
2025
969.8 m

SEC (XBRL)· 18 Feb 2026verified

Income tax
2023
30.7 m
2024
129.4 m
2025
237.5 m

SEC (XBRL)· 18 Feb 2026verified

Net income
2023
94.3 m
2024
819.6 m
2025
732.3 m

SEC (XBRL)· 18 Feb 2026verified

Diluted EPS
2023
0.19
2024
1.50
2025
1.14

SEC (XBRL)· 18 Feb 2026verified

Weighted average diluted shares
2023
484.6 m
2024
545.9 m
2025
581.7 m

SEC (XBRL)· 18 Feb 2026verified

Balance sheet · USD

Cash
2023
367.1 m
2024
347.5 m
2025
421.9 m

SEC (XBRL)· 18 Feb 2026verified

Receivables
2023
67.8 m
2024
34.7 m
2025
60.9 m

SEC (XBRL)· 18 Feb 2026verified

Inventories
2023
266.3 m
2024
271.9 m
2025
377.0 m

SEC (XBRL)· 18 Feb 2026verified

Current assets
2023
753.7 m
2024
668.3 m
2025
903.7 m

SEC (XBRL)· 18 Feb 2026verified

Property, plant & equipment, net
2023
3.5 bn
2024
4.3 bn
2025
4.2 bn

SEC (XBRL)· 18 Feb 2026verified

Total assets
2023
4.5 bn
2024
5.4 bn
2025
5.9 bn

SEC (XBRL)· 18 Feb 2026verified

Accounts payable
2023
317.6 m
2024
264.8 m
2025
329.1 m

SEC (XBRL)· 18 Feb 2026verified

Short-term debt
2023
5.0 m
2024
1.0 m
2025
1.0 m

SEC (XBRL)· 18 Feb 2026verified

Long-term debt
2023
825.8 m
2024
1.0 bn
2025
648.8 m

SEC (XBRL)· 18 Feb 2026verified

Current liabilities
2023
630.8 m
2024
550.6 m
2025
517.1 m

SEC (XBRL)· 18 Feb 2026verified

Total liabilities
2023
2.3 bn
2024
2.0 bn
2025
1.6 bn

SEC (XBRL)· 18 Feb 2026verified

Equity
2023
2.3 bn
2024
3.4 bn
2025
4.2 bn

SEC (XBRL)· 18 Feb 2026verified

Shares outstanding at year end
2023
481.3 m
2024
571.4 m
2025
591.1 m

SEC (XBRL)· 18 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
159.4 m
2024
486.0 m
2025
1.1 bn

SEC (XBRL)· 18 Feb 2026verified

Capex
2023
907.3 m
2024
558.6 m
2025
293.5 m

SEC (XBRL)· 18 Feb 2026verified

Free cash flow
2023
-747.9 m ≈
2024
-72.6 m ≈
2025
849.1 m ≈

SEC (XBRL)· 18 Feb 2026derived

Investing cash flow
2023
-402.3 m
2024
-582.4 m
2025
-378.3 m

SEC (XBRL)· 18 Feb 2026verified

Financing cash flow
2023
201.7 m
2024
83.3 m
2025
-709.4 m

SEC (XBRL)· 18 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
50.0 m

SEC (XBRL)· 18 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
74.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
43.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
18.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
15.8%
computed by olivLawFY 2025
Net income growth (YoY)
-10.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
76.6%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-24.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
66.2%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
42.3%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
38.3%
computed by olivLawFY 2025
Net margin
25.7%
computed by olivLawFY 2025
FCF margin
29.8%
computed by olivLawFY 2025

Returns

ROE
19.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
13.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
19.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
20.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
227.9 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
9.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.7x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
1.1 bn USD
computed by olivLawFY 2025
Capital expenditure
293.5 m USD
computed by olivLawFY 2025
Free cash flow
849.1 m USD
computed by olivLawFY 2025
FCF conversion
115.9%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
6 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
72 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
66 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
12 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
10.3 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
10.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
14.1x
computed by olivLawFY 2025
P/E (TTM)
15.3x
computed by olivLawFY 2025
Earnings yield
6.5%
computed by olivLawFY 2025
P/B
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
3.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
9.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
3.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
12.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
8.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Risk

Altman Z
5.25
computed by olivLawbalance sheet at 31 Dec 2025

Valuation

olivLaw classification

Neutral profile

Score: 74 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

17.47 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 10.3 bn USD

Key indicators

Market capitalisation
10.3 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
15.3x
computed by olivLawFY 2025
P/B
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
19.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
25.7%
computed by olivLawFY 2025
Revenue growth (YoY)
74.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 18 Feb 2026
verified 301

Score by group

  • Balance sheet92
  • Valuation77
  • Quality72
  • Growth100
  • Returns7

Estimated value range

Low
21.10
USD per share
Mid
25.35
USD per share
High
36.90
USD per share
Price: 17.47 USD
The price is below the range
Potential to the central value: 45.1% (value / price − 1)
Margin of safety: 31.1% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.62 – 41.54 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)26.57 – 41.54 (Mid 32.34)
    WACC 9.0% · starting FCFF 933.8 m USD · terminal value share of EV 75%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -11.2%
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E15.62 – 32.26 (Mid 18.35)
    18 companies used · median multiple 16.1x · quartiles 13.7x – 28.3x
    AEM, AGI, ARIS, AU, B, CDE, EGO, FNV, GFI, IDR, KGC, MUX, NAMM, NEM, PAAS, TII, VOXR, WPM
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Gold and Silver Ores (SIC 1040)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 74/100

FactorValueScoreWeight used
ROIC · Quality19.3%67 (vs peers)16%
Net margin · Quality25.7%52 (vs peers)9%
FCF conversion · Quality115.9%100 (on a fixed band)9%
Revenue CAGR 3Y · Growth43.8%100 (on a fixed band)13%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet9.7x100 (on a fixed band)9%
Current ratio · Balance sheet1.7x79 (on a fixed band)6%
P/E (TTM) · Valuation15.3x58 (vs peers)16%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation8.2%100 (on a fixed band)13%
Shareholder yield (distributions) · Returns0.5%7 (on a fixed band)9%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet92/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality72/100 · 3/3 factors with a value
  • Returns· partial7/100 · 1/2 factors with a value
  • Valuation77/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

IAMGOLD Corporation (IAG). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 2.9 bn USD in 2025; YoY growth 74.7%; net margin 25.7%; ROE 19.5%.

The estimated value range is 21.10–36.90 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 25.35 USD, the price of 17.47 USD leaves a potential of 45.1% (value / price − 1) and a margin of safety of 31.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 115.9%
  • Revenue CAGR 3Y: 43.8%
  • Interest coverage: 9.7x
  • Current ratio: 1.7x
  • FCF yield: 8.2%
  • The price is below the estimated value range

What contradicts it

  • Shareholder yield (distributions): 0.5%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
15.3x
vertical median 16.2x
below median (−5.4%)
EV/EBITDA
—
vertical median 8.8x
P/S
3.6x
vertical median 4.6x
below median (−20.4%)
P/B
2.5x
vertical median 3.0x
below median (−16.5%)
ROE
19.5%
vertical median 7.4%
above median (+162.5%)
Net margin
25.7%
vertical median 23.9%
above median (+7.2%)
EBIT margin
38.3%
vertical median 27.6%
above median (+38.7%)
Revenue YoY
74.7%
vertical median 35.6%
above median (+109.7%)
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
—
vertical median 0.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NEMNewmont Corporation122.7 bn13.726.8%34.7%+21.3%+30% / +194%
AEMAgnico Eagle Mines Limited91.7 bn20.719.6%37.5%+43.7%+5% / +242%
BBarrick Mining Corp67.2 bn13.719.6%29.4%+31.2%−3% / +128%
WPMWheaton Precious Metals Corp.59.7 bn40.618.5%63.6%+80.2%+19% / +169%
FNVFRANCO NEVADA Corp46.7 bn42.016.3%61.0%+63.7%+15% / +116%
AUAngloGold Ashanti plc44.4 bn17.043.1%32.1%+70.8%+3% / +357%
GFIGold Fields Limited32.9 bn26.625.7%23.9%+15.6%−14% / +140%
KGCKinross Gold Corp25.7 bn11.031.0%33.9%+36.9%−24% / +264%
PAASPan American Silver Corp.17.5 bn16.216.8%27.1%+28.4%−9% / +165%
CDECoeur Mining, Inc.14.9 bn16.010.3%19.2%+96.4%−16% / +378%
AGIAlamos Gold Inc.12.6 bn14.322.1%49.0%+34.3%−20% / +103%
HMYHarmony Gold Mining Company Limited10.4 bn———+25.8%−17% / +163%
IAGIAMGOLD Corporation10.3 bn15.319.5%25.7%+74.7%+59% / +572%
EGOEldorado Gold Corp6.7 bn13.612.4%27.9%+37.5%+7% / +155%
CGAUCenterra Gold Inc.4.3 bn—-4.7%-7.4%+28.8%+61% / +249%
ARISAris Mining Corp3.2 bn38.37.0%8.4%+81.7%+12% / +396%
NGNovagold Resources Inc.2.7 bn—-32.8%—unavailable−40% / +45%
AAUCAllied Gold Corporation2.5 bn—-13.8%-3.9%+82.3%−3% / unavailable
EXKEndeavour Silver Corp.2.1 bn—-22.4%-25.5%+114.8%−21% / +259%
HYMCHycroft Mining Holding Corporation1.6 bn—-72.3%—−100.0%+49% / +716%
IAUXi-80 GOLD CORP.1.2 bn—-81.9%-202.7%+89.1%+18% / −15%
MUXMcEWEN INC.916.1 m12.813.5%32.5%+13.2%−20% / +94%
MTAMetalla Royalty & Streaming Ltd.732.0 m—-1.7%-36.1%+99.6%+6% / +145%
GROYGold Royalty Corp.648.9 m—-0.7%-26.5%+54.5%−34% / +86%
ITRGIntegra Resources Corp.398.7 m—-1.4%-0.9%+703.7%−37% / +157%

1- and 3-year price returns: for IAG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
12.41
Total return -29% · Per year -29%
21.83
Total return 25% · Per year 25%
32.75
Total return 87% · Per year 87%
3 years
14.71
Total return -16% · Per year -6%
28.87
Total return 65% · Per year 18%
47.16
Total return 170% · Per year 39%
5 years
17.45
Total return -0% · Per year -0%
38.18
Total return 119% · Per year 17%
67.90
Total return 289% · Per year 31%
What moves the 3-year price the most
  • Exit P/E± 7.22
  • Net margin± 5.05
  • Annual revenue growth± 3.77
  • Annual dilution± 0.42

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 18 Feb 2026; since then the company filed 6-K (27 Oct 2026), 6-K (21 Oct 2026), 6-K (05 Oct 2026), 6-K (09 Sept 2026), 6-K (11 Aug 2026), 6-K (07 Aug 2026).

In brief

IAMGOLD Corporation is a mining company that files with the SEC on Form 40-F and is listed in Toronto and New York. The filing for the year ended December 31, 2025 shows a stable capital structure with a large number of shares outstanding 1.

SWOT

Strengths

  • Internal control over financial reporting was assessed as effective, and the auditor confirmed this conclusion.
  • The company maintains a complete reporting structure, with audited financial statements and detailed attached documents.
  • Dual listing in Toronto and New York provides access to two major capital markets.

Weaknesses

  • The source gives no data on production, costs or reserves, which limits the assessment of operating performance.
  • Detailed information is spread across several exhibits, making the analysis harder for a general reader.
  • Foreign private issuer status allows exemptions from some NYSE governance rules.

Opportunities

  • If reporting processes remain effective, the company could keep investor confidence on both listing markets.
  • The compensation recovery policy could strengthen discipline in long-term financial reporting.
  • If operating information in the AIF and MD&A is well structured, it could make comparisons with other issuers easier.

Threats

  • Rising compliance requirements could increase the company's administrative costs.
  • Any errors in the financial statements could lead to corrections and extra scrutiny from regulators.
  • Reliance on the Toronto and New York capital markets could expose the company to their volatility.

Risks

  • Lack of operating datamedium

    The source contains no figures on production, costs or reserves, which makes operating risks hard to assess from this document.

  • Error in financial statementslow

    The form includes a recovery policy, suggesting reporting errors are treated seriously and could lead to corrections if they arise.

  • Internal controlmedium

    Internal control was considered effective but could become inadequate if conditions change, as the form cautions.

  • Reduced NYSE governancemedium

    Foreign private issuer status allows exemptions from some governance rules, which could reduce investor protections.

  • Reliance on exhibitslow

    Essential information is spread across separate documents, and failing to read them in full could lead to incomplete interpretations.

Investment thesis

What would need to be true (bull case)

  • If control processes remain effective, the company could sustain credible reporting on both listing markets.
  • A large number of shares outstanding could support liquidity on the markets where they are listed.
  • The auditor's attestation on internal control could support investor confidence in the reported figures.

What would break the thesis

  • The lack of production and cost data in this source makes it impossible to verify operating performance from the document.
  • Foreign private issuer status could limit governance protections compared with standards applying to US companies.
  • If compliance requirements grow, administrative costs could reduce the company's profit margin.

What to watch

  • AIF updates on assets and deposits2027
  • Internal control results in future reports2027
  • Any changes to the compensation recovery policy2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 18 Feb 2026; since then the company filed 6-K (27 Oct 2026), 6-K (21 Oct 2026), 6-K (05 Oct 2026), 6-K (09 Sept 2026), 6-K (11 Aug 2026), 6-K (07 Aug 2026).

The business

According to the Form 40-F filed for fiscal 2025, IAMGOLD is a foreign private issuer that reports under SEC rules and whose capital is listed on the Toronto Stock Exchange (TSX) and the NYSE 1. The company publishes an Annual Information Form, an MD&A and audited consolidated financial statements, documents included as exhibits to the report 1. The auditor is KPMG LLP in Toronto 1.

The filing meets its reporting obligations through several separate exhibits, so operational details are mainly available in the AIF and the MD&A rather than in the form itself 1. It also confirms that the organization maintains internal control over financial reporting, assessed as effective at December 31, 2025 1.

The President and Chief Executive Officer signs the report, and management periodically evaluates the effectiveness of disclosure controls 1. These elements define the company through its governance and reporting framework, without the source giving details on production or deposits 1.

Segments

Reporting and governance

The segment visible in this source is the reporting framework: the 40-F, the AIF, the MD&A and the audited financial statements filed for fiscal 2025 1.

Mining operations

The source provided contains no figures on operating segments or production, so mining activities cannot be described separately; details should be sought in the company's AIF, indicated as Exhibit 99.1 1.

Market context

The company's shares trade on the TSX and the NYSE, and the issuer holds foreign private issuer status, which allows it not to comply with certain NYSE governance rules 1. The number of shares outstanding at period end is 591,144,545 1.

The source gives no data on market share or the share price, so the analysis of its position in the gold market is limited to its listing and capital structure 1.

Trends

  • Compliance and SEC reporting standardsmixed

    Foreign issuers filing 40-F must meet increasingly detailed reporting and internal control requirements, which could raise compliance costs if the requirements expand 1.

  • Executive compensation recoverytailwind

    The form includes a clawback policy, which indicates heightened attention to correcting errors in financial statements 1.

  • Internal control over reportingtailwind

    Management concluded that internal control was effective at December 31, 2025, and the auditor attested to the same conclusion, which lowers the risk of material errors if processes remain stable 1.

  • Reliance on attached documentsmixed

    Detailed information is delegated to attached documents, and changes in those could alter how investors view the company 1.

Competitive position

The source does not identify the company's competitors and contains no market comparisons. Competitor names or relative positions in the gold and silver industry cannot be established from this document 1.

Any comparison would require data from other sources, since the 40-F does not describe the competitive environment 1.

  • Not identified in source

    The source provided does not name competitors, so no ticker can be assigned.

  • Not identified in source

    The lack of competitive information in the document calls for caution in comparisons with other mining companies.

  • Not identified in source

    The source contains no reference to other listed gold or silver producers.

  • Not identified in source

    Competitors should be identified from the AIF or MD&A, which are not included in the text provided.

News & filings

In the press

The latest news item in our archive is from 19 Sept 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / IAMGOLD Corporation · 18 Feb 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.