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FORM 6-K

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

Report of Foreign Private Issuer

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

Date: May 15, 2003
Commission File Number 001-31528

IAMGold Corporation
(Translation of registrant's name into English)

220 Bay Street, 5th 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):             

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):             

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
   
  /s/ Larry E. Phillips                                                           
Date: May 15, 2003 Vice President, General Counsel & Corporate Secretary

2


INDEX

Press Release dated May 15, 2003: "IAMGOLD Delivers Another Solid Quarter"

3


 
    
GRAPHIC   IAMGOLD CORPORATION
220 Bay Street, 5th Flr, Toronto, Ontario, Canada, M5J 2W4
Ph: 416 360 4710    Fx: 416 360 3750    Toll free: 1 888 IMG 9999
e-mail: info@iamgold.com                   website: www.iamgold.com
TSX Trading Symbol:   IMG
AMEX Trading Symbol:   IAG
52 Week Trading Range:   CDN $4.01 – $8.75
Total Shares Outstanding:   143.5 million
Fully Diluted:   150.7 million

FOR IMMEDIATE RELEASE: MAY 15, 2003   No. 09/03
     

IAMGOLD DELIVERS ANOTHER SOLID QUARTER

Highlights:

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   $ 138
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.

For further information contact:
Joseph F. Conway, President and Chief Executive Officer
or
Grant A. Edey, Chief Financial Officer
Tel: (416) 360-4710    North America Toll-Free: 1 (888) IMG-9999    Fax: (416) 360-4750

Please note:
This entire press release may be accessed via fax, email, IAMGOLD's website at www.iamgold.com
and through Canada Newswire's website at www.newswire.ca.
All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.
If you wish to be placed on IAMGOLD's email press release list,
please contact us at info@iamgold.com.


MANAGEMENTS 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.

 
   (000's)
Purchase consideration:      
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
   2003
 
   1st Qtr
   2nd Qtr
   3rd Qtr
   4th Qtr
   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

2

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

 
   2002
   2003
  
100% basis
  
  1st Qtr
   2nd Qtr
   3rd Qtr
   4th Qtr
   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   144   158   187   199   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)

3

Yatela Mine

Summarized Results

 
   2002
   2003
  
100% basis
  
  1st Qtr
   2nd Qtr
   3rd Qtr
   4th Qtr
   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.

4

Tarkwa Mine

Summarized Results

 
   2002
   2003
100% basis
  1st Qtr
   2nd Qtr
   3rd Qtr
   4th Qtr
   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 of 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.

5

Damang Mine

Summarized Results

 
   2002
   2003
100% basis
  1st Qtr**
   2nd Qtr
   3rd Qtr
   4th Qtr
   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.

6

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.

 
   2002
   2003
IAMGold basis
  1st Qtr
   2nd Qtr
   3rd Qtr
   4th Qtr
   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

Mining Interests

        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

 
   Mar 31, 2003
   Mar 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.

7


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.

8

        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.

9


IAMGOLD Corporation
Consolidated Statements of Earnings and Retained Earnings
(unaudited) (United States Dollars in 000's, except per share data)
For the period ended March 31, 2003

 
   Three months ended
  
 
   Mar. 31, 2003
   Mar. 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  
   
 
 
Dividends     —     —  
   
 
 
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
 

10

IAMGOLD Corporation
Consolidated Balance Sheet
(unaudited) (United States Dollars in 000's, except per share data)
As at March 31, 2003

 
   As at Mar. 31, 2003
   As at Dec. 31, 2002
  
 
    
   (Restated)
  
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  
   
 
 

11

IAMGOLD Corporation
Consolidated Statement of Cash Flows
(unaudited) (United States Dollars in 000's, except per share data)
For the period ended March 31, 2003

 
   Three months ended
  
 
   Mar. 31, 2003
   Mar. 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     —  
Mine 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  
   
 
 

12

IAMGOLD Corporation
Notes to Consolidated Statements
(unaudited) (Tabular amounts in thousands of United States Dollars except per share data)
For the period ended March 31, 2003

        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  
   
 

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        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.

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b)    Restructuring costs

2.     Cash and cash equivalents

 
   March 31, 2003
   Dec. 31, 2002
Corporate   $ 33,621   $ 5,783
Joint ventures     17,633     10,052
   
 
    $ 51,254   $ 15,835
   
 

3.     Gold bullion

4.     Non-recourse loans payable

 
   March 31, 2003
   Dec. 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
   
 

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   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
   
 

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   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     —     —     737     737  
Interest and investment expenses (income), net     106     —     (226 )   (120 )
Income taxes     879     16     (729 )   166  
   
 
 
 
 
Net income (loss)   $ 5,168   $ 73   $ (663 ) $ 4,578  
   
 
 
 
 
Cash flows from (used in) operations   $ 14,547   $ 297   $ (2,552 ) $ 12,292  
Cash flows from (used in) financing     (1 )   —     (52 )   (53 )
Cash flows from (used in) investments     (265 )   —     23,445     23,180  
   
 
 
 
 

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INDEX
MANAGEMENTS DISCUSSION AND ANALYSIS
Summarized Financial Results (in $000's except where noted)
Summarized Results
Consolidated Statements of Earnings and Retained Earnings
Consolidated Balance Sheet
Consolidated Statement of Cash Flows
Notes to Consolidated Statements