IAMGOLD enters the back half of September having slipped just 1.7% on the week — a contained pullback that looks measured against a gold sector dealing with broader headwinds.
The most interesting feature of the week is how little short sellers seem to care about IAMGOLD right now. Short interest has fallen nearly 16% over the past month to 0.66% of the free float — a level so low it barely registers as a positioning story. Borrow is correspondingly easy: availability is effectively uncapped, with over 416 million shares available to lend against roughly 3.8 million currently borrowed. Cost to borrow has more than halved over the past week to around 0.6%, near the low end of its range for the year. The lending market, in short, is giving shorts no structural reason to cover and new bears no friction to build.
The more interesting contrast is in how IMG is performing relative to its closest peers. Aris Mining and Kinross Gold — both highly correlated TSX gold names — dropped around 6% on the week. and each fell 3.5-4%. and shed roughly 2.5%. Against that backdrop, IMG's 1.7% decline looks more like relative resilience than weakness, consistent with the recent note on its Côté Gold mine in Ontario driving improved operational confidence.
On valuation, the numbers are lean by any measure. EV/EBITDA is running near 4.8x and the trailing P/E at 8.5x — both modest for a producer that posted a Q2 earnings beat and is generating positive operating leverage from rising bullion. The EV/EBIT factor score ranks in the 90th percentile of the ORTEX universe, confirming the market is not paying a premium for the company's asset base. Momentum on the 30-day EPS factor is strong at the 79th percentile, though the 90-day reading at the 24th percentile suggests the pace of estimate revisions has been uneven. The short score of 26.9 — ranking in the 88th percentile for favourable short positioning — supports the picture of a stock where bears have largely stepped aside.
One item worth watching on the ownership register is Resource Capital Fund VII, which filed a Schedule 13D amendment in February 2025, flagging activist intent at a 3.8% stake. That filing is now more than 18 months old. Under the disclosure rules, a holder who has since fallen below 5% may not have filed a further update, so the current position is as-last-disclosed rather than confirmed. Van Eck Associates — the largest institutional holder at roughly 6.7% of shares — trimmed from 9.2% to 6.4% between its two most recent 13G filings, a reduction worth tracking given Van Eck's prominence as a gold-sector specialist. Fidelity International also disclosed a move lower in its last filing, while Millennium Management added over 2.2 million shares in the period to June 30.
The next scheduled catalyst is the Q3 earnings release on November 5. Given that the most recent print sent the stock up over 14% in a single session, how the market reads Côté Gold's quarterly throughput numbers will be the key variable to watch heading into that date.
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