Shares of the gold and niobium mining company have depreciated by 19.32% over the course of the past month, underperforming the Basic Materials sector's loss of 3.61% and the S&P 500's gain of 4.15%. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system. The Zacks Industry Rank is ordered from b ...

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Iamgold (IAG) been one of those stocks this year? A quick glance at the company's year-todate performance in comparison to the rest of the Basic Materials sector should help us answer this question. Iamgold is one of 241 companies in the Basic Materials group. The Basic Materials group currently sits at #6 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different g ...

Group 1 - IAMGOLD Corporation held its Annual and Special Meeting of Shareholders on May 29, 2024, where key decisions were made regarding the election of directors, appointment of auditors, executive compensation, and amendments to the share incentive plan [1][2][3][4] - All eight nominees for the board of directors were elected with high approval rates, ranging from 99.34% to 99.77% for individual nominees [1] - KPMG LLP was appointed as the auditor with 91.09% of votes in favor, while 8.91% of votes were withheld [2] - The advisory vote on executive compensation received 97.93% approval, indicating strong shareholder support for IAMGOLD's compensation practices [3] - Amendments to the share incentive plan were approved with 97.15% of votes in favor, reflecting shareholder confidence in the company's incentive structure [4] Group 2 - IAMGOLD is an intermediate gold producer and developer based in Canada, with operating mines in North America and West Africa [4] - The company has commenced production at the Côté Gold Mine, which is expected to be one of the largest gold mines in Canada [4] - IAMGOLD employs approximately 3,600 people and is committed to high standards of Environmental, Social, and Governance practices, including a commitment to Zero Harm® [4]

Core Viewpoint - IAMGOLD Corporation successfully closed a bought deal equity financing, raising $300.24 million to repurchase a 9.7% interest in the Côté Gold mine, restoring its total interest to 70% [1][4]. Financing and Agreements - IAMGOLD entered an agreement with underwriters to purchase 72,000,000 shares at $4.17 per share [2]. - The company had previously held a 60.3% stake in the Côté Gold mine and had the option to repurchase the additional interest from Sumitomo [4]. Côté Gold Mine Operations - The Côté Gold mine is projected to be one of Canada's largest gold mines with an expected mine life exceeding 18 years, containing an estimated 16.5 million ounces of measured and indicated resources and 4.2 million ounces of inferred resources [3]. - The mine commenced production in Q1 2024, contributing 1,000 ounces to IAMGOLD's output [5]. Production and Financial Performance - In Q1 2024, IAMGOLD's total attributable production was 151,000 ounces, a 34% increase year-over-year, driven by contributions from the Côté Gold mine, Essakane, and Westwood mines [6]. - The Essakane mine produced 118,000 ounces, a 28% increase year-over-year, while Westwood's output was 32,000 ounces, up 50% year-over-year [6]. - For 2024, the Côté Gold mine is expected to produce between 220,000 and 290,000 ounces, while IAMGOLD anticipates total attributable production (excluding Côté Gold) to be between 430,000 and 490,000 ounces [7]. Earnings and Revenue Growth - IAMGOLD reported Q1 adjusted earnings per share of 11 cents, reflecting a 120% year-over-year increase, with revenues rising 50% to $339 million [8]. - Gold sales reached 150,000 ounces, a 38% increase from 109,000 ounces in Q1 2023, with the average realized gold price per ounce increasing by 10% to $2,077 [8]. Stock Performance - IAMGOLD shares have increased by 54.3% over the past year, significantly outperforming the industry average growth of 14.3% [9].

IAMGOLD Completes US$300 Million Bought Deal Financing May 24, 2024 8:03 AM EDT | Source: IAMGOLD Corporation Toronto, Ontario--(Newsfile Corp. - May 24, 2024) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") is pleased to announce the closing of its "bought deal" equity financing of 72,000,000 common shares of the Company (the "Offering"). At a price of US$4.17 per common share, the Company raised aggregate gross proceeds of US$300.24 million pursuant to the Offering. The Offering, ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental ...

Core Viewpoint - IAMGOLD Corporation has announced a bought deal offering of 72 million common shares at a price of US$4.17 per share, aiming to raise approximately US$300 million, with the potential to increase to US$345 million if the over-allotment option is fully exercised [1][2]. Use of Proceeds - The net proceeds from the offering will be used to repurchase a 9.7% interest in the Côté Gold Mine from Sumitomo Metal Mining Co. Ltd., restoring IAMGOLD's ownership to 70% [2][4]. - Until the completion of the repurchase, the proceeds will be held in an interest-bearing account or used to repay amounts drawn under the credit facility [2][3]. Financial Context - The company believes that the net proceeds, combined with existing cash and expected cash flows, will be sufficient to fund the repurchase of the Transferred Interest [3][9]. - As of March 31, 2024, the financial liability for the Côté Gold Repurchase Option was US$366.8 million [9]. Joint Venture Background - The Côté Gold Mine operates as a joint venture between IAMGOLD and Sumitomo, with IAMGOLD holding a 60.3% interest and an option to repurchase the 9.7% interest [5][6]. - The repurchase option fee is based on the three-month Secured Overnight Financing Rate (SOFR) plus 4% on contributions made by Sumitomo [7]. Offering Details - The offering will be made in Canada (excluding Québec and Nunavut) and the United States, with the closing expected around May 24, 2024, subject to necessary approvals [11][12].

BASE SHELF PROSPECTUS IS ACCESSIBLE, AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE ON SEDAR+ WITHIN TWO BUSINESS DAYS TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Markets, BMO Capital Markets and RBC Capital Markets pursuant to which they have agreed to purchase, on a bought deal basis, 72,000,000 common shares of the Company at a price of US$4.17 ...

Core Viewpoint - IAMGOLD Corporation's shares have reached a new 52-week high, driven by rising gold prices and strong first-quarter production results, particularly from the newly operational Côté Gold mine [1][2]. Company Performance - IAMGOLD's market capitalization stands at $2.25 billion, with shares increasing by 75.6% over the past three months, significantly outperforming the industry growth of 35.5% and the S&P 500's 4.8% increase during the same period [2]. - The Côté Gold mine, a joint venture with Sumitomo Metal Mining, began production in the first quarter, contributing 1,000 ounces to IAMGOLD's output, which now includes three active mines: Côté Gold, Essakane in Burkina Faso, and Westwood in Quebec [3]. - The Essakane mine produced 118,000 ounces in Q1 2024, a 28% year-over-year increase, while Westwood's output reached 32,000 ounces, up 50% year-over-year, marking its highest production since 2021 [4]. Production Outlook - IAMGOLD expects the Côté Gold mine to produce between 220,000 and 290,000 ounces of gold in 2024, with plans to ramp up operations in Q2 and achieve commercial production by Q3 2024 [5]. - For 2024, excluding Côté Gold, IAMGOLD anticipates attributable gold production between 430,000 and 490,000 ounces, compared to 465,000 ounces reported for 2023 [5]. Financial Results - The company reported adjusted earnings per share of 11 cents for Q1 2024, reflecting a 120% year-over-year increase, driven by higher gold sales and prices [5]. - Revenues for the first quarter increased by 50% year-over-year to $339 million, with gold sales reaching 150,000 ounces, a 38% increase from 109,000 ounces in Q1 2023 [6]. Gold Market Trends - Gold prices have increased by 17.6% year-to-date, influenced by geopolitical tensions, a depreciating U.S. dollar, potential monetary policy easing, and strong physical demand, particularly from China [8]. - Current gold prices are approximately $2,414.87 per ounce, supported by expectations of interest rate cuts and safe haven demand amid geopolitical uncertainties [8].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: Iamgold (IAG) - Iamgold currently holds a Momentum Style Score of A, indicating strong momentum potential [3]. - The company has a Zacks Rank of 1 (Strong Buy), which historically outperforms the market when combined with a Style Score of A or B [4]. Price Performance - IAG shares have increased by 5.12% over the past week, outperforming the Zacks Mining - Gold industry, which rose by 4.65% [6]. - Over the last month, IAG's price change is 29.8%, significantly higher than the industry's 11.74% [6]. - In the last three months, IAG shares have risen by 67.16%, and by 64.73% over the past year, compared to the S&P 500's increases of 7.06% and 28.36%, respectively [7]. Trading Volume - IAG's average 20-day trading volume is 8,547,162 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - In the past two months, five earnings estimates for IAG have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $0.04 to $0.25 [10]. - For the next fiscal year, three estimates have also moved upwards without any downward revisions [10]. Conclusion - Given the strong momentum indicators and positive earnings outlook, Iamgold is positioned as a promising investment opportunity with a Momentum Score of A and a Zacks Rank of 1 (Strong Buy) [11].