By Adriano Marchese
IAMGOLD shares climbed after RBC Capital Markets upgraded the stock, citing stronger gold price forecasts that could transform the miner's balance sheet.
Shares rose 12% to 15.51 Canadian dollars ($11.20).
Analyst Michael Siperco said in a report that a projected 15% rise in gold prices through the end of the decade, reaching as high as $3,550 an ounce, could generate about $2.5 billion in free cash flow, allowing IAMGOLD to fully repay debt by 2026 while funding new growth.
"The balance sheet, once a major concern, now appears manageable with rising production and higher prices boosting returns," Siperco said.
Siperco also pointed to output gains at the company's Cote Gold mine in northeastern Ontario, which has reached nameplate capacity of 36,000 metric tons a day, marking what he called an inflection point for free cash flow in the second half.
RBC raised its price target to C$14 from C$9 and lifted its rating to outperform from sector perform.
The stock has performed strongly in the year, rising about 107% in 2025. Over the past 52 weeks, the stock rose 132%.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 10, 2025 10:40 ET (14:40 GMT)
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