Edgar Filing: IAMGOLD CORP

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

Date: May 30, 2003
Commission File Number 001-31528

IAMGOLD CORPORATION
(Translation of registrant's name into English)

220 Bay Street, 5^th Floor
Toronto, Ontario M5J 2W4, Canada
Tel: (416) 360-4710
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F o		Form 40-F ý
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
	Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
	Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o		No ý
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		IAMGOLD CORPORATION
Date: May 30, 2003		By:	/s/ LARRY E. PHILLIPS Larry E. Phillips Vice-President, General Counsel & Corporate Secretary

V A L U E

In Diversification

IAMGOLD
CORPORATION

2 0 0 3
Q1
INTERIM REPORT

Q1 INTERIM REPORT — 2003
For the Three Months Ended March 31, 2003

IAMGOLD
Delivers Another Solid Quarter

Highlights for the First Quarter:

•: IAMGOLD and Repadre Capital Corporation completed a business combination effective January 7, 2003.
•: IAMGOLD's attributable production for the quarter amounted to 101,102 ounces at a cash cost, as defined by the Gold Institute ("GI"), of US$217/oz.
•: IAMGOLD's operating cash flow for the quarter was US$6.8 million. This figure excludes loan repayments received from the Damang operation of US$2 million.
•: IAMGOLD's consolidated cash and gold bullion position at March 31, 2003 stood at US$93.0 million, including US$75.4 million in corporate discretionary cash and gold bullion. The Company's gold holdings amounted to 129,361 ounces of gold at March 31, 2003.

Consolidated Financial Results Summary (US$000's):

	Three Months Ended
	Mar 31, 2003		Mar 31, 2002
Net earnings	$	4,578	$	3,973	*
Operating cash flow	$	6,811	$	8,907
Net earnings per share	$	0.03	$	0.05	*
Operating cash flow per share	$	0.05	$	0.12
Gold produced (oz) IMG share	$	101,102	$	76,023
GI cash cost (US$/oz)	$	217	$	136
Total production cost (US$/oz)	$	282	$	206
Average realized gold price (US$/oz)	$	359	$	296

* Restated to reflect a change in accounting policy relating to the valuation of gold bullion from market to cost.

MANAGEMENT'S DISCUSSION AND ANALYSIS
(All monetary amounts in this MD&A are expressed in US$ unless otherwise indicated)

OVERVIEW

Effective January 7, 2003, IAMGOLD completed a business combination with Repadre Capital Corporation. Under the terms of the arrangement, Repadre shareholders received 1.6 common shares of IAMGOLD for each share of Repadre held. In aggregate, 63.0 million common shares of IAMGOLD were issued pursuant to this arrangement and Repadre became a wholly-owned subsidiary of the Company.

The total purchase consideration for the acquisition (including the direct acquisition costs incurred by IAMGOLD) is allocated to the identifiable assets acquired and liabilities assumed based on their respective fair values at the date of the acquisition. The purchase consideration has been calculated using a common share price of Cdn$5.30 per IAMGOLD share, which was the closing price of IAMGOLD shares on Friday,

October 25, 2002, the trading date immediately preceding the date the transaction was announced. The purchase consideration is calculated as below.

Purchase consideration:	(000's)
Issuance of 62,978,855 common shares of IAMGOLD	$	212,929
Issuance of 2,712,000 common share options of IAMGOLD		4,582
Acquisition related expenses paid by IAMGOLD		830

	$	218,341

As a result of this acquisition, the total assets of IAMGOLD more than doubled to $431 million as at March 31, 2003 as compared to $190 million as at December 31, 2002.

Net earnings for the first quarter of 2003 were $4.6 million or $0.03 per share compared to $4.0 million or $0.05 per share for the first quarter of 2002. The largest contributor to the absolute increase in earnings was the higher realized price for gold in the first quarter of 2003 of $359 per ounce compared to $296 per ounce for the first quarter of 2002. The decrease in per share earnings is largely attributable to the increased number of shares outstanding.

Summarized Financial Results
(in $000's except where noted)

	2002
	2002									2003 1st Qtr
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr			2003 1st Qtr
	-----------------(Restated)-----------------
Net Earnings (US$)	$	3,973	$	1,230	$	1,816	$	(1,484	)	$	4,578
Net Earnings per share (US$)		0.05		0.02		0.02		(0.02	)		0.03
Operating cash flow (US$)		8,907		4,842		5,910		4,108			6,811
Operating cash flow per share (US$)		0.12		0.06		0.08		0.05			0.05
Cash and bullion balance (US$)		8,664		25,958		29,591		30,578			41,760
Gold produced (000 oz-IMG share)		76		68		70		76			101
GI cash cost (US$/oz -IMG share)*		138		159		175		202			217
Realized gold price (US$/oz)		296		306		317		330			359

* per Gold Institute Standard

RESULTS OF OPERATIONS

As the business combination occurred in January 2003, information on operations on the assets acquired with Repadre is provided on a pro forma basis for quarterly 2002 periods.

Sadiola Mine

Summarized Results
100% basis

	2002
	2002							2003 1st Qtr
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	2003 1st Qtr
Ore milled (000t)	1,180		1,290		1,280		1,300	1,190
Head grade (g/t)	3.8		3.0		3.1		4.1	3.1
Recovery (%)	89		92		82		76	86
Gold production (000 oz)	131		118		105		126	104
Direct cash costs	124		138		163		177	212
Production taxes and fees	19		20		24		22	27
Total cash costs	144		158		187		199	239
Accounting adjustments	(8	)	(11	)	(15	)	2	(28	)
GI cash cost (US$/oz)*	136		147		172		201	211

* Calculated in accordance with the Gold Institute Standard

Gold production at Sadiola was slightly higher than budget for the first quarter, and is expected to increase modestly throughout the remainder of the year. However, unit costs continued to increase and exceeded budgeted figures. Costs increased due to higher fuel costs and the depreciation of the US$, which caused a corresponding increase to locally incurred costs. Contract mining costs were also higher than expected due to harder ore. As the pit deepens, the mine is going through a transition from the softer surface ores to the harder underlying ores. Processes are being put in place to more effectively handle these harder ores.

Asset additions at Sadiola for the first quarter of 2003 amounted to $2.5 million. During the quarter, a cash dividend of $12 million was paid to shareholders. IAMGOLD's share of this dividend was $4.6 million. Subsequent to quarter end, an additional dividend of $10 million was paid with IAMGOLD's share being $3.8 million.

The financial instrument position for the Sadiola mine at March 31, 2003 is as below:

Year	Call Options	Average Price
2003	30,000	$	385
2004	30,000		385

TOTAL	60,000	$	385

Mark to market	($0.4 million)

Yatela Mine

Summarized Results
100% basis

	2002
	2002							2003 1st Qtr
	1st Qtr		2nd Qtr	3rd Qtr		4th Qtr		2003 1st Qtr
Ore crushed (000t)	657		725	657		766		712
Head grade (g/t)	3.7		3.3	4.0		3.5		2.8
Gold stacked (000 oz)	77		76	84		90		67
Gold production (000 oz)	66		57	74		72		53
Direct cash costs	141		162	161		193		207
Production taxes and fees	21		23	23		24		26
Total cash costs	162		185	184		217		233
Accounting adjustments	(19	)	—	(8	)	(12	)	(20	)
GI cash cost (US$/oz)*	143		185	176		205		213

* Calculated in accordance with the Gold Institute Standard

Gold production at Yatela was 12% lower than budgeted for the first quarter and resulted in higher unit costs. The lower grade of ore stacked was expected, as the main Yatela pit is now entering a two-year period of mining lower grade ores. During the first quarter, approval was given to develop the nearby Alamoutala deposit to supplement gold production during this period. The Alamoutala mine will have a relatively short life of some 15 months and is expected to produce on the order of 125,000 ounces. The first gold production from Alamoutala is scheduled for the fourth quarter of 2003.

The ultimate recovery for all of the gold stacked is still expected to average 85%. However, the time required to fully extract the recoverable gold is now estimated at 140 days rather than the 60 days utilized in the initial feasibility study. The longer leach cycle results in higher levels of gold-in-process inventory.

Asset additions at Yatela for the first quarter of 2003 amounted to $3.2 million.

Tarkwa Mine

Summarized Results
100% basis

	2002
	2002							2003 1st Qtr
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr		2003 1st Qtr
Ore crushed (000t)	3,700		3,765		3,820	3,820		3,847
Head grade (g/t)	1.6		1.5		1.6	1.5		1.4
Expected yield (%)	79		76		73	76		74
Gold stacked (000 oz)	189		186		195	183		172
Gold production (000 oz)	129		120		149	126		136
Direct cash costs	183		203		164	200		178
Production taxes and fees	16		17		17	18		19
Total cash costs	199		220		181	217		198
Accounting adjustments	(28	)	(31	)	9	(20	)	14
GI cash cost (US$/oz)*	171		190		190	197		212

* Calculated in accordance with the Gold Institute Standard

Gold production for the quarter was 8% higher than the previous quarter at 136,000 ounces. Direct cash costs decreased from the prior quarter while cash costs, as defined by the Gold Institute, increased. The Gold Institute costs include costs from prior periods relating to the current period's production and exclude costs incurred in the current period that relate to future periods production.

During May, the decision was made i) to construct a milling circuit at Tarkwa, and ii) to mine the deposit with company personnel and company-owned mining equipment rather than using a mining contractor. The 4.2 million tonne per annum mill is forecast to cost $85 million to construct and should be operational by the end of 2004. The new fleet of mining equipment is forecast to cost $85 million and the first stage of the fleet should be ready for use by June 2004. It is expected that most of the capital cost of these two projects will be financed through internal cash flow. The effect of the investment will be i) an increase in the sustainable production rate to 600,000 to 650,000 ounces per year, ii) an extension of the mine life by four years, and iii) a lowering of the mining costs.

Asset additions at Tarkwa for the first quarter of 2003 amounted to $9.8 million and consisted primarily of an extension to the North leach pads.

Damang Mine

Summarized Results
100% basis

	2002
	2002						2003 1st Qtr
	1st Qtr	2nd Qtr		3rd Qtr	4th Qtr		2003 1st Qtr
Ore crushed (000t)	728	1,224		1,153	1,187		1,228
Head grade (g/t)	2.4	2.5		2.1	2.1		2.2
Recovery (%)	91	90		89	90		91
Gold production (000 oz)	56	86		72	74		77
Direct cash costs	184	188		227	222		210
Production taxes and fees	13	14		14	15		15
Total cash costs	197	202		241	237		226
Accounting adjustments	24	(7	)	15	(2	)	21
GI cash cost (US$/oz)*	221	195		256	235		247

* Calculated in accordance with the Gold Institute Standard
** 2 months only

Operations at Damang for the quarter were essentially steady state and as expected. Exploration drill programs continue on satellite zones to the main orebody with a view to extending the mine life. The target areas contain grades similar to the Tarkwa mine and therefore a substantial amount of drilling is required to prove up significant tonnages.

Asset additions at Damang for the first quarter of 2003 amounted to $0.5 million. During the quarter, shareholder loans were reduced by $9.5 million, of which $2.0 million was received by IAMGOLD as its proportionate share.

IAMGOLD Attributable Production and Costs

The table below presents the production attributable to IAMGOLD's ownership in the four operating gold mines in West Africa. The percentage ownership in each operation is indicated, along with the weighted average cost of production.

IAMGold basis

		2002
		2002				2003 1st Qtr
		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	2003 1st Qtr
Production (000 oz)
	Sadiola — 38%	50	45	40	48	40
	Yatela — 40%	26	23	30	29	21
**Tarkwa — 18.9%		24	23	28	24	26
**Damang — 18.9%		11	16	14	14	15
Total production		111	107	111	114	101
GI cash cost (US$/oz -IMG share)*		153	171	188	205	217

* Total cash operating cost as defined by the Gold Institute
** Tarkwa and Damang shown on a pro forma basis for 2002

CORPORATE RESULTS

The Company's records its proportionate share of assets, liabilities and results of operations from its joint venture interests in the Sadiola mine (38%) and the Yatela mine (40%). Earnings from these operations were $4.1 million for the first quarter of 2003 as compared to $6.3 million for the first quarter of 2002.

	March 31, 2003	March 31, 2002
	($ millions)
Gold sales	23.5	21.3
Mining expense	14.0	10.2
Depreciation and depletion	5.4	4.8

	4.1	6.3

The average realized gold price in the first quarter of 2003 at Sadiola and Yatela was US$363 per ounce compared to US$296 per ounce for the same period in 2002. Spot gold prices averaged US$357 per ounce in the first quarter of 2003 compared to US$289 per ounce in the first quarter of 2002. The recording of forwards, closed out in prior years, increased revenues at Sadiola and Yatela by US$6 per ounce in both the first quarter of 2003 and 2002. IAMGOLD increased the first quarter of 2003 revenue by a net of US$0.5 million to reflect its share of the change in the mark to market loss on Sadiola call options at March 31, 2003 of US$0.2 million (March 31, 2002 of US$0.2 million) and to reflect the first quarter amortization for the deferred hedge revenue of US$0.4 million for 2003 and 2002.

Working Interests

The Company records on its consolidated statement of earnings, the proportionate share of the profits from its working interests in the Tarkwa mine (18.9%) and the Damang mine (18.9%). The two working interests are recorded on the balance sheet at their fair values as determined at the time of acquisition.

The Company's share of income from its working interests in Tarkwa and Damang amounted to $1.9 million for the quarter. The excess of the fair value to the book value of the assets prior to the business combination is amortized over the expected future units of production from the assets and amounted to $0.6 million for the first quarter.

Cash balances at the Tarkwa and Damang operations stood at $41.0 million at March 31, 2003.

Royalty Interests

Revenue from royalty interests acquired through the combination with Repadre was recorded at $0.3 million. The royalty interests that contributed to this amount were: the Williams gold mine in northern Ontario; the Joe Mann mine in Quebec; and the Limon mine in Nicaragua. Amortization associated with these interests amounted to $0.2 million. The royalty interests have been recorded on the balance sheet of the consolidated company at their estimated fair values, which is amortized over the expected production remaining at those operations. As such, while the royalty revenue contributes to cash flow, net earnings from royalty interests are expected to be modest unless gold prices are higher, or mine lives are longer, than those used in the fair valuing exercise.

Exploration

The exploration programs planned for the first half of the year are progressing as expected. Drill programs have recently been completed on the Bambadji project in Senegal, at Cerro Tornillo in Argentina and at the Retazos project in Ecuador and are currently being assessed. Drilling is still in progress at Quimsacocha and Norcay in Ecuador. Results will be reported on completion of the assessments.

Corporate Administration

Corporate administration totalled $2.0 million for the first quarter of 2003 compared to $0.7 million for the first quarter of 2002. The higher cost results from the combining of IAMGOLD's and Repadre's corporate functions following the business combination in January. This has given rise to a number of one-time charges, primarily severance payments and office relocation expenses. General and administrative expenses, after these one-time charges, will be at levels lower than incurred by the two companies separately.

Cash Flow

Operating cash flow (excluding changes in working capital) for the first quarter of 2003 was $6.8 million compared to $8.9 million for the first quarter of 2002. The decrease is primarily attributable to higher operating costs at the Sadiola mine and Yatela mine. A reduction in accounts receivable on sales of gold from these operations contributed $5.1 million to operating cash flow for the first quarter.

In respect of investing activities, $2.0 million of shareholder loan repayments was received from the Damang mine operations while $2.2 million was invested in the Sadiola and Yatela operations.

The corporate cash position was augmented from $5.8 million at December 31, 2002 to $33.6 million as at March 31, 2003 primarily from the acquisition of Repadre. An additional 30,000 ounces of gold were purchased during the quarter for $10.7 million. Total bullion holdings now stand in excess of 129,000 ounces.

LIQUIDITY AND CAPITAL RESOURCES

The Company's discretionary cash balance at the end of the first quarter stood at $33.6 million compared to $5.8 million at year-end 2002. Gold bullion balances stood at $41.8 million compared to $30.6 million at year-end 2002. The aggregate balance, which stands in excess of $75 million, provides the Company with substantial liquidity and will allow the Company to aggressively pursue acquisitions and other growth opportunities in the near term. The Company is debt-free, other than a $13.1 million non-recourse loan to AngloGold which is repayable from the operating cash flows generated by the Yatela mine.

OUTLOOK

Production levels at the Company's operations met or exceeded budgeted levels for the first quarter of 2003. As a result, the Company's attributable share of gold production for the full year is now expected to exceed 430,000 ounces rather than the 421,000 ounces previously forecast. Cost levels at three of the four operations, however, are rising and are not fully offset by forecast cost reductions expected at the Tarkwa mine. As a result, total unit cash costs (per the Gold Institute Standard) for the Company's attributable production are expected to average $215 per ounce in 2003 rather than the previously forecast $210 per ounce.

Royalty income for the first quarter was at expected levels. Additional levels of royalty income are anticipated from new gold operations at Magistral in Mexico during the second quarter and the Don Mario project in Bolivia during the third quarter. Production at the Diavik diamond mine in the Northwest Territories has commenced and Aber Diamond Corporation announced the sale of its first parcel of diamonds from the property on April 2, 2003. Royalty revenues are anticipated subject to finalization of detailed documentation.

Some of the disclosures included in this interim report for the first quarter of 2003 represent forward-looking statements (as defined in the US Securities Exchange Act of 1934). Such statements are based on assumptions and estimates related to future economic and market conditions. While management reviews the reasonableness of such assumptions and estimates, unusual or unanticipated events may occur which render them inaccurate. Under such circumstances, future performances may differ materially from projections.

CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
For the period ended March 31, 2003
(United States Dollars in 000's, except per share data)
(unaudited)

		Three months ended
		March 31, 2003			March 31, 2002
					(Restated)
Revenue:
	Gold sales	$	23,529		$	21,289
	Royalties		313			—

			23,842			21,289
Expenses:
	Mining		13,955			10,228
	Depreciation and depletion		5,386			4,840
	Amortization of royalty interests		224			—

			19,565			15,068

			4,277			6,221
Earnings from working interests			1,859			—

			6,136			6,221

Other expenses (income):
	Corporate administration		1,313			639
	Restructuring costs (note 1(b))		689			—
	Exploration		878			1,176
	Foreign exchange		(1,255	)		—
	Investment income		(233	)		(113	)

			1,392			1,702

Earnings before income taxes			4,744			4,519
Income taxes (recovery):
	Current		876			736
	Future		(710	)		(190	)

			166			546

Net earnings			4,578			3,973
Retained earnings, beginning of period			33,709			30,693

Retained earnings, end of period		$	38,287		$	34,666

Number of common shares
	Average outstanding during period		138,868,000			73,659,000
	Outstanding at end of period		143,512,210			73,925,190
Net earnings per share (basic and diluted)		$	0.03		$	0.05

CONSOLIDATED BALANCE SHEET
For the period ended March 31, 2003
(United States Dollars in 000's, except per share data)
(unaudited)

		As at March 31, 2003			As at December 31, 2002
ASSETS
Current assets:
	Cash and cash equivalents (note 2)	$	51,254		$	15,835
	Gold bullion (129,361 oz — market value: $43,317,000) (note 3)		41,760			30,578
	Accounts receivable and other		8,174			13,346
	Inventories		8,893			9,793

			110,081			69,552
Marketable securities			2,955			500
Long-term inventory			11,029			10,044
Long-term receivables			13,569			11,524
Working interests			57,944			—
Royalty interests			65,432			—
Mining interests			93,680			96,852
Future tax asset			285			304
Other assets			128			805
Goodwill			75,739			—

		$	430,842		$	189,581

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Accounts payable & accrued liabilities	$	14,761		$	16,772
Long-term liabilities:
	Deferred revenue		2,896			3,309
	Future tax liability		22,434			3,310
	Rehabilitation provision		2,441			2,150
	Non-recourse loans payable (note 4)		13,159			13,091

			55,691			38,632

Shareholders' equity:
	Common shares (Issued: 143,512,210 shares) (note 5)		335,339			118,289
	Share options (note 5(c))		2,977			8
	Share purchase loans		(1,452	)		(1,057	)
	Retained earnings		38,287			33,709

			375,151			150,949

		$	430,842		$	189,581

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the period ended March 31, 2003
(United States Dollars in 000's, except per share data)
(unaudited)

		Three months ended
		March 31, 2003			March 31, 2002
					(Restated)
Operating activities:
Net income		$	4,578		$	3,973
Items not affecting cash:
	Earnings from working interests		(1,859	)		—
	Depreciation and amortization		5,613			4,861
	Deferred revenue		(413	)		(414	)
	Future income taxes		(710	)		(190	)
	Share options		41			—
	Gain on gold bullion		—			(15	)
	Loss on sale of marketable securities		3			—
	Unrealized foreign exchange losses (gains)		(442	)		692
Change in non-cash current working capital			7,046			727
Change in non-cash long-term working capital			(1,565	)		(801	)

			12,292			8,833

Financing activities:
Issue of common shares, net of issue costs			2,467			900
Dividends paid			(2,519	)		(2,306	)
Restricted cash			—			(165	)
Proceeds from non-recourse loans			(1	)		96
Repayments of non-recourse loans			—			(272	)

			(53	)		(1,747	)

Investing activities:
Net cash acquired from Repadre Capital Corporation			33,402			—
Mining interests			(2,213	)		(3,959	)
Note receivable			(57	)		332
Distributions received from working interests			2,005			—
Purchase of gold bullion			(10,655	)		(9,000	)
Proceeds from gold bullion sales			—			351
Proceeds from disposition of marketable securities			24			—
Other assets			674			(2	)

			23,180			(12,278	)

Increase (decrease) in cash and cash equivalents			35,419			(5,192	)
Cash and cash equivalents, beginning of period			15,835			25,332

Cash and cash equivalents, end of period		$	51,254		$	20,140

Supplemental cash flow information:
	Interest paid	$	315		$	119
	Income taxes		860			736

NOTES TO CONSOLIDATED STATEMENTS

For the period ended March 31, 2003

(Tabular amounts in thousands of United States Dollars except per share data)
(unaudited)

The interim consolidated financial statements of IAMGOLD Corporation ("the Company") have been prepared by management in accordance with accounting principles generally accepted in Canada. The interim consolidated financial statements have been prepared following the same accounting policies and methods of computation as the consolidated financial statements for the fiscal year ended December 31, 2002. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in the Company's annual report for the year ended December 31, 2002 since they do not include all of the disclosures required by GAAP.

1. ACQUISITION

On January 7, 2003, the Company acquired all of the issued and outstanding shares and assumed all of the common share options of Repadre Capital Corporation ("Repadre") in exchange for the issuance of 62,978,855 common shares and 2,712,000 replacement common share options ("Options"). Repadre, through its subsidiaries, owns non-controlling interests in mining operations in Ghana and owns royalties in diamond and gold mining operations. The purchase price has been determined to be $218,341,000, including acquisition costs of $830,000.

The acquisition has been accounted for by the purchase method with the fair value of the consideration paid being allocated to the fair value of the identifiable assets acquired and liabilities assumed on the closing date as set out below. The Company has not yet completed the determination of fair values of the individual assets and liabilities acquired or its restructuring and integration plans for the operations acquired. Accordingly, the allocation of the purchase cost to the assets and liabilities acquired is preliminary and will change further as restructuring plans are finalized.

		Fair Value
Net tangible assets acquired:
	Cash and cash equivalents	$	34,232
	Gold bullion		535
	Accounts receivable		1,331
	Marketable securities		2,481
	Long-term receivables		1,444
	Working interests		58,040
	Royalty interests		65,656
	Other assets		60
	Accounts payable and other liabilities		(1,191	)
	Future tax liability		(19,986	)
	Goodwill		75,739

		$	218,341

Consideration paid:
	Issue of 62,978,855 common shares of IMG	$	212,929
	Issue of 2,712,000 common share options of IMG		4,582
	Cost of acquisition		830

		$	218,341

The opening balance sheet of the combined entity as of January 8, 2003 is as follows:

		IAMGOLD Corporation Pre-Acquisition			Repadre Capital Corporation Assets Acquired			IAMGOLD Corporation Post Acquisition
Assets
Current Assets:
	Cash and cash equivalents	$	15,835		$	34,232		$	50,067
	Gold bullion		30,578			535			31,113
	Accounts receivable and other		13,346			1,331			14,677
	Inventories		9,793			—			9,793

			69,552			36,098			105,650
Marketable securities			—			2,481			2,481
Long-term inventory			10,044			—			10,044
Long-term receivables			11,524			1,000			12,524
Working interests			—			58,040			58,040
Net royalty interests			—			65,656			65,656
Mining interests			96,852			—			96,852
Future tax asset			304			—			304
Other assets			530			60			590
Goodwill			830			74,909			75,739

		$	189,636		$	238,244		$	427,880

Liabilities and Shareholders' Equity
Current liabilities:
	Accounts payable and other liabilities	$	16,827		$	1,191		$	18,018
Future tax liability			3,310			19,986			23,296
Non-recourse loans payable			13,091			—			13,091
Deferred revenue			3,309			—			3,309
Rehabilitation provision			2,150			—			2,150
Shareholders' equity:
	Common shares		118,289			212,929			331,218
	Share options		8			4,582			4,590
	Share purchase loans		(1,057	)		(444	)		(1,501	)
	Retained earnings		33,709			—			33,709

			150,949			217,067			368,016

		$	189,636		$	238,244		$	427,880

a) Accounting Policies

The following represents accounting policies adapted by the Corporation as a result of the business combination.

Revenue Recognition

Royalty revenue is recognized when the Company has reasonable assurance with respect to measurement and collectability. The Company holds two types of royalties:

i): Revenue based royalties such as net smelter return (NSR) or gross proceeds royalties. Revenue royalties are based on the proceeds of production paid by a smelter, refinery or other customer to the miner and revenue is recognized in accordance with the relevant agreement.

ii): Profits based royalties such a net profits interests (NPI) or a Working Interest (WI). An NPI is a royalty based on the profit after allowing for costs related to production. The expenditure that the operator deducts from revenues are defined in the relevant royalty agreements. Payments generally begin after pay-back of capital costs. The royalty holder is not responsible for providing capital nor covering operating losses or environmental liabilities. Revenue is recognized in accordance with the relevant agreement. A WI is similar to an NPI except working interest holders have an ownership position. A working interest holder is liable for its share of capital, operating and environmental costs. The Company records its interest in the Tarkwa mine and the Damang mine as a profits based royalty interest.

Goodwill

Goodwill with an indefinite life is tested for impairment at least annually to ensure that the fair value remains greater than or equal to, book value. Any excess of book value over fair value would be charged to income in the period in which the impairment is determined.

b) Restructuring costs

As a result of the business combination, the Company has incurred one-time costs of $689,000 in respect of severance and office restructuring as at March 31, 2003.

2. CASH AND CASH EQUIVALENTS:

	March 31, 2003		December 31, 2002
Corporate	$	33,621	$	5,783
Joint ventures		17,633		10,052

	$	51,254	$	15,835

3. GOLD BULLION:

As at March 31, 2003, the Company held 129,361 ounces of gold bullion at an average cost of US$323 per ounce. The market value of this gold bullion, based on the market close price of $335 per ounce was $43,317,000.

4. NON-RECOURSE LOANS PAYABLE:

	March 31, 2003		December 31, 2002
Yatela loans	$	13,159	$	13,091
Note receivable from the Government of Mali, included in long-term receivables		7,477		7,420

Net Yatela obligation	$	5,682	$	5,671

5. SHARE CAPITAL:

Authorized:
Unlimited first preference of shares, issuable in series
Unlimited second preference shares, issuable in series
Unlimited common shares
Issued and outstanding common shares are as follows:

	Number of shares	Amount
Issued and outstanding, December 31, 2002	79,244,088	$	118,289
Shares issued on acquisition of Repadre Capital Corporation (a)	62,978,855		212,847
Exercise of options	1,289,267		4,203

Issued and outstanding, March 31, 2003	143,512,210	$	335,339

(a): On January 7, 2003, in connection with the acquisition of Repadre Capital Corporation (note 8), the Company issued 62,978,855 common shares and 2,712,000 replacement common share options with a value of $212,847,000, net of share issue costs of $82,000, and $4,582,000 respectively.
(b): Share Option Plan:

The Company has a comprehensive share option plan for its full-time employees, directors and officers and self-employed consultants. The options vest over three years and expire no longer than 10 years from the date of grant.

A summary of the status of the Company's share option plan as of March 31, 2003 and changes during the three months then ended is presented below. All exercise prices are denominated in Canadian dollars.

	Options		2003 Weighted Average Exercise Price
Outstanding, beginning of period	4,983,437		$	5.18
Granted on acquisition of Repadre Capital Corporation (a)	2,712,000			2.65
Granted	800,000			7.60
Exercised	(1,289,267	)		3.00

Outstanding, March 31, 2003	7,206,170		$	4.88

Options exercisable, March 31, 2003	4,765,948		$	4.38

(c): Stock-based compensation:

The Company accounts for all stock-based compensation to non-employees granted on or after January 1, 2002, using the fair value based method. Stock options granted to employees are accounted for as a capital transaction. The Company is also required to disclose the pro forma effect of accounting for stock option awards granted to employees subsequent to January 1, 2002, under the fair value based method.

The fair value of the options granted to employees subsequent to January 1, 2002 has been estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: risk-free interest rate of 5%, dividend yield of 1%, volatility factor of the expected market price of the Company's common stock of 37%; and a weighted average expected life of these options of 8 years. The estimated fair value of the options is expensed over the options' vesting period of 3 years.

For the three months ended March 31, 2003, $41,000 was recorded as compensation expense relating to the 150,000 options granted during 2002 to non-employees at a value of Cdn$7.35 per option. The following is the Company's pro forma earnings with the fair value method applied to the 507,000 options granted during 2002 to

employees at an average value of Cdn$7.28 per option and 800,000 options granted during 2003 to employees at an average value of Cdn$7.60 per option:

	March 31, 2003		March 31, 2002
Net earnings for the three months ended March 31, 2003	$	4,578	$	3,973
Compensation expense related to fair value of employee stock options		423		—

Pro forma earnings for the three months ended March 31	$	4,155	$	3,973

Pro forma earnings per share, basic and diluted	$	0.03	$	0.05

6. SEGMENTED INFORMATION:

Following the acquisition of Repadre Capital Corporation (note 1), the Company has identified the following reporting segments. The Company's share in assets, liabilities, revenue and expenses, and cash flows in those segments are as below:

March 31, 2003	Joint Venture and Working Interests			Royalties		Corporate			Total
Cash and gold bullion	$	17,633		$	—	$	75,381		$	93,014
Other current assets		15,589			—		1,478			17,067
Long-term assets		251,246			65,432		4,083			320,761

	$	284,468		$	65,432	$	80,942		$	430,842

Current liabilities	$	9,046		$	—	$	5,715		$	14,761
Long-term liabilities		18,496			—		22,434			40,930

	$	27,542		$	—	$	28,149		$	55,691

Revenues	$	25,388		$	313	$	—		$	25,701
Operating costs of mine		13,849			—		—			13,849
Depreciation and amortization		5,386			224		3			5,613
Exploration expense		—			—		878			878
Other expense		—			—		48			48
Interest and investment expense (income), net		106			—		(226	)		(120	)
Income taxes		879			16		(729	)		166

Net income (loss)	$	5,168		$	73	$	26		$	5,267

Cash flows from (used in) operations	$	14,547		$	297	$	(1,863	)	$	12,981
Cash flows from (used in) financing		(1	)		—		(52	)		(53	)
Cash flows from (used in) investments		(265	)		—		23,445			23,180

		220 Bay Street, 5th Floor Toronto, Ontario, M5J 2W4 Tel: (416) 360-4710 Fax: (416) 360-4750 Toll Free: 1 888 IMG 9999
		e-mail: info@iamgold.com website: www.iamgold.com

Please note:
Further information may be accessed via fax, email, IAMGOLD's website at www.iamgold.com.
All material information can be found at www.sedar.com or at www.sec.gov.

Printed in Canada

QuickLinks

SIGNATURES
Highlights for the First Quarter
Consolidated Financial Results Summary (US$000's)
MANAGEMENT'S DISCUSSION AND ANALYSIS (All monetary amounts in this MD&A are expressed in US$ unless otherwise indicated)
CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS For the period ended March 31, 2003 (United States Dollars in 000's, except per share data) (unaudited)
CONSOLIDATED BALANCE SHEET For the period ended March 31, 2003 (United States Dollars in 000's, except per share data) (unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS For the period ended March 31, 2003 (United States Dollars in 000's, except per share data) (unaudited)
NOTES TO CONSOLIDATED STATEMENTS For the period ended March 31, 2003 (Tabular amounts in thousands of United States Dollars except per share data) (unaudited)