IAMGOLD (IAG) Stock Forecast & Price Target

Iamgold is attractive because its balance sheet has materially strengthened, with the revolving credit facility fully repaid and long-term debt cut from $1.1 bn in Q2 2025 to $449 mn in Q2 2026, leaving about $1.35 bn in liquidity and a near net-cash position before leases. Its operating mix is improving as Côté ramps up and is expected to lift attributable output from roughly one-third in 2026 to more than 40% in 2027, while Essakane continues to fund buybacks and investment and 2026 attributable production is guided at 270-310 koz. The company’s cash generation and capital returns also look compelling, with Côté FCF forecast to nearly double from $430 mn in 2026 to over $800 mn in 2027-28 and 27.9 mn shares repurchased for $510.4 mn through August 5, 2026.

Iamgold is exposed to a difficult mix of macro and operating risks, with higher interest rates, a stronger U.S. dollar, and possible gold-price weakness pressuring a business that relies heavily on gold revenue while bearing fixed costs and royalty inflation. Its 2026 consolidated AISC of $2,041/oz sits in the lower half of guidance, but Côté Gold is already modeled above its own guidance at $1,963/oz, reflecting conservative 273 koz production at the bottom of range and leaving execution risk around the mine’s ramp-up. Heavy dependence on Côté and Essakane, plus FX, fuel, and jurisdictional risks in Burkina Faso, could weigh on EBITDA, free cash flow, and the company’s ability to sustain shareholder returns.