Should You Buy IAMGOLD Gold Stock Ahead of Q3 Earnings Release?

Core Viewpoint - IAMGOLD Corporation (IAG) is anticipated to show a year-over-year improvement in its earnings for Q3 2024, with a consensus estimate of 11 cents per share, a significant recovery from a loss of 1 cent per share in Q3 2023 [1][12]. Earnings Estimates - The Zacks Consensus Estimate for IAG's earnings has increased by 10% over the past 60 days [1]. - The current earnings estimates for upcoming quarters are as follows: Q1 2024 at 11 cents, Q2 2024 at 17 cents, and for the full year 2024 at 53 cents [2][4]. Production Performance - The Essakane mine reported a production of 229,000 ounces in Q2 2024, a 27% increase year-over-year, although a decline is expected in the second half due to lower average head grades [7]. - The Westwood complex produced 67,000 ounces in the first half of 2024, marking a 68% year-over-year increase [8]. - The Côté Gold mine contributed 68,000 ounces in Q3 2024, with an attributable production of 41,000 ounces [10][11]. Gold Prices and Market Conditions - Average gold prices in Q3 2024 were $2,491 per ounce, a 29% increase from the previous year, driven by expectations of interest rate cuts and geopolitical tensions [12]. - Gold prices have risen 33% year-to-date, currently at $2,730 per ounce, indicating strong demand and a favorable market environment for gold [16]. Financial Performance and Valuation - IAMGOLD's stock has increased by 110.8% over the past year, outperforming the industry average of 37.4% [13]. - The company is trading at a forward price/sales ratio of 1.43, significantly lower than the industry average of 2.85 and other major gold miners [14]. Strategic Outlook - IAMGOLD is focused on maximizing production and extending the life of its existing mines, with several operational projects planned to enhance efficiency and reduce costs [15]. - The ongoing ramp-up at Côté Gold and a portfolio of exploration projects position IAMGOLD as a strong investment opportunity in the gold sector [18].