Billionaire John Paulson’s 10 Stocks with Huge Upside Potential

6. IAMGOLD Corp. (NYSE:IAG)

Paulson & Co.’s Stake: $9.55 million

Number of Hedge Fund Holders: 23

Average Upside Potential as of May 2: 27.48%

IAMGOLD Corp. (NYSE:IAG) is a gold producer and developer in Canada and Burkina Faso (West Africa). It owns 100% interest in the Westwood project in Quebec, 60% interest in the Côté gold project in Ontario, and 90% interest in the Essakane project in Burkina Faso.

In Q4 2024, IAMGOLD produced 667,000 ounces of gold, which was up 43% increase year-over-year. The company also posted a record revenue of $1.63 billion from selling 699,000 ounces of gold at an average price of $2,330 per ounce. This was fueled by favorable gold prices and better-than-expected results from Côté Gold. Despite higher costs due to Côté Gold’s ramp-up, IAMGOLD ended the year with $1.2 billion in cash.

The Côté Gold ramp-up is progressing smoothly, with production beating expectations and approaching full capacity. Essakane has also exceeded production targets. For 2025, IAMGOLD targets gold production between 735,000 and 820,000 ounces, with a focus on maximizing Côté Gold’s potential. The company aims to maintain cost controls and projects cash costs of $1,200 to $1,350 per ounce.