IMG undervaluedInvestment Conclusion
While results were slightly below expectations, operationally the quarter was essentially in-line with
expectations and an improvement over Q1. Guidance however was reduced and high operating costs continue
to hamper most operations.
IAMGOLD remains one of the least expensive gold producers in our coverage universe and given its
diversified operating and geographic base, is an attractive lower-risk way to gain exposure to gold. We are
maintaining a BUY recommendation and $11.00 target price.