Intrinsic value of IAMGOLD - IAG

Previous Close

$3.08

  Intrinsic Value

$1.50

stock screener

  Rating & Target

str. sell

-51%

Previous close

$3.08

 
Intrinsic value

$1.50

 
Up/down potential

-51%

 
Rating

str. sell

We calculate the intrinsic value of IAG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  1,214
  1,339
  1,470
  1,607
  1,750
  1,898
  2,053
  2,213
  2,380
  2,553
  2,734
  2,921
  3,116
  3,318
  3,529
  3,748
  3,977
  4,215
  4,463
  4,721
  4,991
  5,273
  5,567
  5,875
  6,196
  6,532
  6,884
  7,252
  7,636
  8,040
Variable operating expenses, $m
  1,175
  1,297
  1,423
  1,556
  1,694
  1,837
  1,987
  2,142
  2,304
  2,472
  2,646
  2,827
  3,016
  3,212
  3,416
  3,628
  3,849
  4,080
  4,320
  4,570
  4,831
  5,104
  5,389
  5,687
  5,998
  6,323
  6,663
  7,019
  7,392
  7,782
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,175
  1,297
  1,423
  1,556
  1,694
  1,837
  1,987
  2,142
  2,304
  2,472
  2,646
  2,827
  3,016
  3,212
  3,416
  3,628
  3,849
  4,080
  4,320
  4,570
  4,831
  5,104
  5,389
  5,687
  5,998
  6,323
  6,663
  7,019
  7,392
  7,782
Operating income, $m
  39
  43
  47
  51
  56
  61
  66
  71
  76
  82
  87
  93
  100
  106
  113
  120
  127
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  232
  244
  257
EBITDA, $m
  333
  367
  403
  440
  479
  520
  562
  606
  652
  700
  749
  800
  854
  909
  967
  1,027
  1,090
  1,155
  1,223
  1,294
  1,368
  1,445
  1,526
  1,610
  1,698
  1,790
  1,886
  1,987
  2,093
  2,203
Interest expense (income), $m
  25
  21
  28
  35
  43
  51
  59
  68
  77
  86
  96
  106
  116
  127
  139
  150
  162
  175
  188
  202
  217
  232
  247
  264
  281
  299
  317
  337
  357
  379
  401
Earnings before tax, $m
  18
  15
  12
  8
  5
  2
  -2
  -6
  -10
  -14
  -18
  -23
  -28
  -32
  -37
  -43
  -48
  -54
  -59
  -66
  -72
  -79
  -86
  -93
  -100
  -108
  -117
  -125
  -134
  -144
Tax expense, $m
  5
  4
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  13
  11
  8
  6
  4
  1
  -2
  -6
  -10
  -14
  -18
  -23
  -28
  -32
  -37
  -43
  -48
  -54
  -59
  -66
  -72
  -79
  -86
  -93
  -100
  -108
  -117
  -125
  -134
  -144

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,783
  4,173
  4,581
  5,007
  5,451
  5,913
  6,394
  6,895
  7,414
  7,955
  8,516
  9,100
  9,706
  10,337
  10,993
  11,677
  12,388
  13,129
  13,902
  14,708
  15,549
  16,427
  17,344
  18,301
  19,303
  20,350
  21,445
  22,590
  23,790
  25,045
Adjusted assets (=assets-cash), $m
  3,783
  4,173
  4,581
  5,007
  5,451
  5,913
  6,394
  6,895
  7,414
  7,955
  8,516
  9,100
  9,706
  10,337
  10,993
  11,677
  12,388
  13,129
  13,902
  14,708
  15,549
  16,427
  17,344
  18,301
  19,303
  20,350
  21,445
  22,590
  23,790
  25,045
Revenue / Adjusted assets
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
Average production assets, $m
  2,469
  2,723
  2,989
  3,267
  3,557
  3,859
  4,173
  4,499
  4,839
  5,191
  5,558
  5,938
  6,334
  6,746
  7,174
  7,620
  8,084
  8,568
  9,072
  9,598
  10,147
  10,720
  11,318
  11,943
  12,597
  13,280
  13,995
  14,742
  15,525
  16,344
Working capital, $m
  154
  170
  187
  204
  222
  241
  261
  281
  302
  324
  347
  371
  396
  421
  448
  476
  505
  535
  567
  600
  634
  670
  707
  746
  787
  830
  874
  921
  970
  1,021
Total debt, $m
  521
  656
  797
  944
  1,097
  1,256
  1,422
  1,595
  1,774
  1,961
  2,154
  2,356
  2,565
  2,783
  3,009
  3,245
  3,490
  3,746
  4,013
  4,291
  4,581
  4,884
  5,200
  5,530
  5,876
  6,237
  6,615
  7,010
  7,424
  7,857
Total liabilities, $m
  1,305
  1,440
  1,580
  1,727
  1,881
  2,040
  2,206
  2,379
  2,558
  2,744
  2,938
  3,139
  3,349
  3,566
  3,793
  4,028
  4,274
  4,530
  4,796
  5,074
  5,364
  5,667
  5,984
  6,314
  6,659
  7,021
  7,398
  7,794
  8,207
  8,641
Total equity, $m
  2,478
  2,733
  3,000
  3,279
  3,570
  3,873
  4,188
  4,516
  4,856
  5,210
  5,578
  5,960
  6,358
  6,771
  7,201
  7,648
  8,114
  8,600
  9,106
  9,634
  10,185
  10,760
  11,360
  11,987
  12,643
  13,329
  14,046
  14,797
  15,582
  16,405
Total liabilities and equity, $m
  3,783
  4,173
  4,580
  5,006
  5,451
  5,913
  6,394
  6,895
  7,414
  7,954
  8,516
  9,099
  9,707
  10,337
  10,994
  11,676
  12,388
  13,130
  13,902
  14,708
  15,549
  16,427
  17,344
  18,301
  19,302
  20,350
  21,444
  22,591
  23,789
  25,046
Debt-to-equity ratio
  0.210
  0.240
  0.270
  0.290
  0.310
  0.320
  0.340
  0.350
  0.370
  0.380
  0.390
  0.400
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.440
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.480
  0.480
Adjusted equity ratio
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  13
  11
  8
  6
  4
  1
  -2
  -6
  -10
  -14
  -18
  -23
  -28
  -32
  -37
  -43
  -48
  -54
  -59
  -66
  -72
  -79
  -86
  -93
  -100
  -108
  -117
  -125
  -134
  -144
Depreciation, amort., depletion, $m
  294
  324
  356
  389
  423
  459
  497
  536
  576
  618
  662
  707
  754
  803
  854
  907
  962
  1,020
  1,080
  1,143
  1,208
  1,276
  1,347
  1,422
  1,500
  1,581
  1,666
  1,755
  1,848
  1,946
Funds from operations, $m
  307
  335
  364
  395
  427
  461
  495
  530
  566
  604
  643
  684
  727
  771
  817
  865
  914
  966
  1,021
  1,077
  1,136
  1,198
  1,262
  1,329
  1,399
  1,473
  1,550
  1,630
  1,714
  1,802
Change in working capital, $m
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
Cash from operations, $m
  292
  319
  348
  378
  409
  442
  475
  509
  545
  582
  620
  660
  702
  745
  790
  837
  885
  936
  989
  1,044
  1,102
  1,162
  1,224
  1,290
  1,358
  1,430
  1,505
  1,583
  1,665
  1,751
Maintenance CAPEX, $m
  -265
  -294
  -324
  -356
  -389
  -423
  -459
  -497
  -536
  -576
  -618
  -662
  -707
  -754
  -803
  -854
  -907
  -962
  -1,020
  -1,080
  -1,143
  -1,208
  -1,276
  -1,347
  -1,422
  -1,500
  -1,581
  -1,666
  -1,755
  -1,848
New CAPEX, $m
  -242
  -255
  -266
  -278
  -290
  -302
  -314
  -326
  -339
  -353
  -366
  -381
  -396
  -412
  -428
  -446
  -464
  -484
  -504
  -526
  -549
  -573
  -598
  -625
  -653
  -683
  -715
  -748
  -783
  -819
Cash from investing activities, $m
  -507
  -549
  -590
  -634
  -679
  -725
  -773
  -823
  -875
  -929
  -984
  -1,043
  -1,103
  -1,166
  -1,231
  -1,300
  -1,371
  -1,446
  -1,524
  -1,606
  -1,692
  -1,781
  -1,874
  -1,972
  -2,075
  -2,183
  -2,296
  -2,414
  -2,538
  -2,667
Free cash flow, $m
  -216
  -229
  -243
  -256
  -270
  -284
  -298
  -314
  -330
  -347
  -364
  -382
  -401
  -421
  -441
  -463
  -486
  -510
  -535
  -562
  -590
  -619
  -650
  -683
  -717
  -753
  -791
  -831
  -873
  -917
Issuance/(repayment) of debt, $m
  130
  135
  141
  147
  153
  160
  166
  173
  179
  186
  194
  201
  209
  218
  226
  236
  245
  256
  267
  278
  290
  303
  316
  330
  345
  361
  378
  395
  414
  433
Issuance/(repurchase) of shares, $m
  233
  245
  259
  273
  287
  302
  317
  334
  350
  368
  386
  405
  425
  446
  467
  490
  514
  539
  566
  593
  623
  654
  686
  720
  756
  794
  834
  876
  920
  966
Cash from financing (excl. dividends), $m  
  363
  380
  400
  420
  440
  462
  483
  507
  529
  554
  580
  606
  634
  664
  693
  726
  759
  795
  833
  871
  913
  957
  1,002
  1,050
  1,101
  1,155
  1,212
  1,271
  1,334
  1,399
Total cash flow (excl. dividends), $m
  147
  150
  157
  164
  171
  178
  185
  192
  200
  208
  216
  224
  233
  242
  252
  263
  273
  285
  297
  310
  323
  337
  352
  368
  385
  402
  421
  440
  461
  483
Retained Cash Flow (-), $m
  -246
  -255
  -267
  -279
  -291
  -303
  -317
  -334
  -350
  -368
  -386
  -405
  -425
  -446
  -467
  -490
  -514
  -539
  -566
  -593
  -623
  -654
  -686
  -720
  -756
  -794
  -834
  -876
  -920
  -966
Prev. year cash balance distribution, $m
  560
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  461
  -106
  -110
  -115
  -120
  -125
  -132
  -141
  -151
  -160
  -170
  -181
  -192
  -203
  -215
  -227
  -241
  -254
  -269
  -284
  -300
  -316
  -334
  -352
  -371
  -392
  -413
  -435
  -459
  -483
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  442
  -97
  -96
  -95
  -93
  -91
  -89
  -88
  -87
  -84
  -81
  -77
  -73
  -68
  -63
  -58
  -52
  -47
  -41
  -36
  -31
  -26
  -22
  -18
  -14
  -11
  -9
  -7
  -5
  -4
Current shareholders' claim on cash, %
  87.0
  76.2
  67.2
  59.4
  52.8
  47.1
  42.2
  37.9
  34.1
  30.8
  27.8
  25.2
  22.9
  20.8
  18.9
  17.3
  15.7
  14.4
  13.1
  12.0
  11.0
  10.1
  9.2
  8.5
  7.8
  7.1
  6.5
  6.0
  5.5
  5.1

IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents. The Company's gold mine segment is divided into geographic segments, such as Burkina Faso - Essakane mine; Suriname-Rosebel mine; Canada-Doyon division, which includes the Westwood mine and the Doyon mine, and Joint ventures (Mali)-Sadiola mine (41%) and Yatela mine (40%). The Company's non-gold segments are divided into Exploration and evaluation, and Corporate, which includes royalty interests located in Canada and investments in associates and joint ventures. In Canada, the Company owns the Westwood mine in Quebec and the Cote Gold project, a development project located in Ontario.

FINANCIAL RATIOS  of  IAMGOLD (IAG)

Valuation Ratios
P/E Ratio 26.4
Price to Sales 1.4
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 34.9
Growth Rates
Sales Growth Rate 7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.3%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity 21.8%
Total Debt to Equity 21.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. -7%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. -10%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. -12.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 10.3%
Gross Margin - 3 Yr. Avg. 5.2%
EBITDA Margin 38.9%
EBITDA Margin - 3 Yr. Avg. -1.1%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. -27.7%
Pre-Tax Margin 9.6%
Pre-Tax Margin - 3 Yr. Avg. -30.1%
Net Profit Margin 5.4%
Net Profit Margin - 3 Yr. Avg. -32.5%
Effective Tax Rate 34.7%
Eff/ Tax Rate - 3 Yr. Avg. -16.2%
Payout Ratio 0%

IAG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IAG stock intrinsic value calculation we used $1094.9 million for the last fiscal year's total revenue generated by IAMGOLD. The default revenue input number comes from 0001 income statement of IAMGOLD. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IAG stock valuation model: a) initial revenue growth rate of 10.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for IAG is calculated based on our internal credit rating of IAMGOLD, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of IAMGOLD.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IAG stock the variable cost ratio is equal to 96.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IAG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for IAMGOLD.

Corporate tax rate of 27% is the nominal tax rate for IAMGOLD. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IAG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IAG are equal to 203.3%.

Life of production assets of 8.4 years is the average useful life of capital assets used in IAMGOLD operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IAG is equal to 12.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2791.6 million for IAMGOLD - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 466.433 million for IAMGOLD is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of IAMGOLD at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ IAMGOLD Hosts Analyst Tour of Rosebel Gold Mine   [Nov-12-18 06:55AM  Newsfile]
▶ IAMGOLD Corp Tumbles on 3rd-Quarter Results   [12:22PM  GuruFocus.com]
▶ Iamgold: 3Q Earnings Snapshot   [Nov-06-18 07:37PM  Associated Press]
▶ Iamgold to Sail Through Increased Reserves at Rosebel   [Sep-24-18 11:50AM  GuruFocus.com]
▶ Here's Why These Gold Stocks Lost Their Luster in August   [Sep-12-18 04:01PM  Motley Fool]
▶ 2 Stocks I'd Never Touch   [Aug-22-18 08:03AM  Motley Fool]
▶ Consider Iamgold With a Rising Gold Price   [Aug-20-18 01:44PM  GuruFocus.com]
▶ IAMGOLD Corporation to Host Earnings Call   [Aug-09-18 06:30AM  ACCESSWIRE]
▶ Iamgold: 2Q Earnings Snapshot   [Aug-08-18 06:27PM  Associated Press]
▶ Who Really Owns IAMGOLD Corporation (TSE:IMG)?   [12:04PM  Simply Wall St.]
▶ Q2 Earnings Preview: IAMGold   [10:33AM  Benzinga]
▶ Theres Too Many Reasons Not to Chase Goldcorp Stock   [Jul-09-18 06:45AM  InvestorPlace]
▶ IAMGOLD to Host Investor Day   [Jun-25-18 05:05PM  PR Newswire]
▶ IAMGOLD to Host Investor Day   [05:05PM  CNW Group]
▶ 3 Gold Stocks That Could Bounce Back   [Jun-07-18 10:13AM  InvestorPlace]

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