10 Best Gold Stocks Under $30

3. IAMGOLD Corporation (NYSE:IAG)

Upside potential as of November 18: 40.02%

Share Price as of November 18: $5.29

IAMGOLD Corporation (NYSE:IAG) is a gold mining firm that operates in the mid-tier. The firm that runs gold mines is separated into geographical divisions, such as Canada’s Doyon division, which includes the Westwood mine, and Burkina Faso’s Essakane mine. The company’s non-gold mine segments are the Cote Gold project, Exploration, Evaluation, and Development, and Corporate, which includes royalty interests. The Burkina Faso segment is where the company makes the majority of its revenue. It ranks third on our list of the best gold stocks.

IAMGOLD Corporation (NYSE:IAG) announced an outstanding third quarter in 2024, with a 96% YoY rise in revenue growth mainly due to year-to-date gold production of 490,000 ounces, bolstered by impressive performances at Westwood and Essakane. Thus, putting the firm on track to fulfill its yearly targets. Significant operational improvements and commercial production were attained by the Côté Gold Mine, which improved the outlook for cash flow.

Repurchasing a 9.7% stake in Côté Gold from Sumitomo is one of IAMGOLD Corporation’s (NYSE:IAG) strategic measures aimed at increasing its financial flexibility and production capability.

On November 21, 2024, Scotiabank maintained its Sector Perform rating on IAMGOLD Corporation (NYSE:IAG) and increased its price target from $6.25 to $6.75. The analyst informs investors that the firm has modified its gold estimates for 2025, 2026, and 2027 to reflect SC Economics/Strategy forecasts for interest rates, inflation, and USD expectations. Scotiabank modified its net asset values and target prices for equities covered in its Gold & Precious Minerals sector, but it did not alter its long-term gold price estimate.