10 Cheap Gold Stocks to Invest In Right Now

8. IAMGOLD Corporation (NYSE:IAG)

Forward P/E: 10.25

Number of Hedge Fund Holders: 23

Based in Canada, IAMGOLD Corporation (NYSE:IAG) is an intermediate gold developer and producer that operates gold mining properties in West Africa and North America. Its projects include Essakane, Westwood, and Cote Gold.

IAMGOLD Corporation (NYSE:IAG) exhibited strong growth in 2024, finishing the year with a total attributable gold production of 667,000 ounces, a 43% increase from the previous year. The growth was attributed to the successful startup of Cote Gold and strong performances at Essakane and Westwood. It also took significant steps to improve its financial position and capitalize on the strong operating results and robust gold market.

The company generated around $781 million in adjusted EBITDA for the year and strengthened its financial position by completing a repurchase agreement to regain a 70% interest in Cote Gold and fulfilling half of a legacy gold prepayment arrangement. IAMGOLD Corporation (NYSE:IAG) also strengthened its balance sheet and financial flexibility, ending the year with total liquidity of approximately $767 million and the expectation of increasing free cash flow this year. It ranks eighth on our list of the 10 cheap gold stocks to invest in right now.