IAMGOLD Corp. (NYSE:IAG) is one of the best precious metals stocks to buy now. On September 9, RBC Capital’s Michael Siperco upgraded the stock, moving it to Outperform from Sector Perform and lifting the target price to $14 from $9. One of the key reasons for his upgrade is his confidence in the company’s growth pipeline beyond Côté mine, which is now running at full planned capacity.

The analyst believes that the future growth opportunities from Gosselin, expansion projects, and possibly Nelligan and Monster Lake are becoming an increasingly important part of its investment case. Interestingly, his updated model assumes a 15% higher long-term gold price forecast, which means $3,550 versus $3,100, resulting in an estimated $2.5 billion of free cash flow through fiscal 2030.RBC Capital Sees IAMGOLD’s (IAG) Growth Story Extending Beyond 2025 Rally

Following this update, on September 15, the company announced assay results from its ongoing 2025 drilling programs at its Nelligan and Monster Lake Project, both of which are 100% owned by IAMGOLD. These results were positive and confirmed the extension of the mineralized zones of both deposits to nearly 9 million ounces of resources.

On the significance of the results, Renaud Adams, President and Chief Executive Officer of IAMGOLD, stated:

“When you combine Nelligan with the high-grade satellite Monster Lake deposit, there are nearly 9 million ounces of resources in this mining camp already, positioning Nelligan among the largest gold projects in Canada with significant potential for further growth. Together, the Nelligan and Monster Lake camp offers a compelling opportunity for organic growth, further positioning IAMGOLD as a leading mid-tier mining company with a high-quality pipeline in a stable, mining-friendly jurisdiction like Canada.”

IAMGOLD Corp. (NYSE:IAG) is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada), and Essakane (Burkina Faso).

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Disclosure: None. This article is originally published at Insider Monkey.

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