RBC Capital Remains a Buy on IAMGOLD (IAG)

Darden Restaurants fell 6.6% after Q1 results met earnings estimates but missed revenue expectations. MGM Resorts dropped 9% as Barry Diller withdrew a buyout offer. BlackBerry rose 2% after beating Q2 earnings and revenue estimates. Meta slipped 2% following a 12% weekly gain. Knife River gained 5% on activist investor interest. Everpure rose 6.7% on positive 2028 guidance. Gold miners declined with gold futures.

Iamgold (IAG) expects to produce 720,000-820,000 oz of gold in 2026, has shifted to a net cash position of $52M, and generated $893M in mine-site FCF in H1 2026. The company plans to evaluate shareholder returns, including dividends, as it completes major mine construction and clears debt. Revenue rose 27.9% YoY to $293M in Q2, with EPS up 223% YoY to $0.42. IAG trades at less than 10x trailing and forward earnings.

U.S. stock futures dipped late Tuesday due to software sector declines and AI disruption fears. Key software stocks like Palo Alto Networks (PANW) and Oracle fell, while financials outperformed. PANW cut its FY26 EPS forecast, causing an 8% drop in after-hours trading. Applied Digital (APLD) also fell 8% after Nvidia exited its stake. Iamgold (IAG) rose 0.2% on record EBITDA, and Infleqtion (INFQ) gained 13% on its NYSE debut. Investors await Fed minutes and economic data.

Federal Reserve Chair Kevin Warsh's hawkish remarks on inflation caused a sharp decline in precious metals mining stocks. First Majestic Silver (AG) led the drop, falling 5.09%, while other miners like AngloGold Ashanti (AU) and Barrick Mining (B) also saw significant decreases. Warsh's comments pushed up interest-rate expectations, increasing the opportunity cost of holding non-yielding assets like gold and silver.

IAMGOLD (IAG) reported Q2 2026 results on an earnings call. Gold production was 188,100 oz in Q2 and 371,700 oz YTD, targeting 720,000 to 820,000 oz. Mine site free cash flow was $368.9M in Q2 and $893.5M YTD. Adjusted net earnings were $241.6M or $0.42/share. The company said it returned $147.9M via buybacks and had ~$1.35B liquidity.

Fortuna Mining said it acquired the Bambadji gold project in Senegal from Barrick Mining and Iamgold for $200 million in cash plus a 0.5% net smelter return royalty on the first 1.75Moz of gold produced, according to the company. The transaction adds a Senegal asset to Fortuna’s portfolio.