11 Cheap Canadian Stocks to Buy Now

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4. IAMGOLD Corporation (NYSE:IAG)

Forward P/E Ratio as of July 22: 8.81

Number of Hedge Fund Holders: 27

Average Upside Potential as of July 22: 30.70%

IAMGOLD Corporation (NYSE:IAG) is one of the cheap Canadian stocks to buy now. Earlier on June 24, National Bank increased its price target for IAMGold from C$15 to C$16, while maintaining an Outperform rating on the shares. This showed a positive outlook on the company’s stock performance.

In Q1 2025, the company showed attributable gold production of 161,000 ounces. Cash costs were $1,459 per ounce, and all-in sustaining costs reached $1,908 per ounce. Mine site free cash flow increased to $140 million in Q1 2025, up from $46 million in Q1 2024. The company reported revenue of $477.1 million from the sale of 174,000 gold ounces.

IAMGold delivered 37,500 ounces under gold prepay arrangements in Q1 2025, with 25,000 ounces remaining as of April this year. The average realized gold price, which includes the impact of gold prepays, was $2,731 per ounce, rising to $2,909 per ounce when excluding this impact. Production from Cote Gold was 73,000 ounces (on a 100% basis), Westwood produced 24,000 ounces, and Essakane contributed 86,000 attributable ounces.

IAMGOLD Corporation (NYSE:IAG) is a gold producer and developer in Canada and Burkina Faso.

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