Wesdome Announces 2021 Third Quarter Financial Results
TORONTO, Nov. 10, 2021 - Wesdome Gold Mines Ltd. (TSX: WDO) ("Wesdome" or the "Company") today announces third quarter ("Q3 2021") financial results. All figures are stated in Canadian dollars unless otherwise noted.
Achievements for Q3 include:
- Eagle River Complex production of 23,833 ounces Au and YTD production of 76,773 ounces Au sets up well for achieving mid to high end of 2021 guidance (92,000 ounces Au - 105,000 ounces Au)
- Kiena pre commercial production of 5,511 ounces ramping up as planned. Good progress made on Tailings Management Facility enhancements, Paste Fill Plant construction, and mobile equipment procurement advancing this asset towards commercial production status
- The company remains well funded with $69.5 M of cash on hand which allows for organically funding the Kiena restart and aggressive company wide exploration program
Mr. Duncan Middlemiss, President and CEO commented, "During the quarter, the Company completed a significant milestone with the successful restart of the Kiena mill, the commencement of underground mining, and the increase in mine construction activities associated with the mine restart. The restart at Kiena has been entirely internally funded, with no debt or dilution to the Company. We produced 5,511 pre-commercial production ounces, and expect 2021's total production from the asset to be within guidance range of 15,000 - 25,000 ounces. As expected, due to initial start up focused on the lower grade S50 zone, located closest to existing development, Kiena cash costs of $1,844 (US$1,463 per ounce) and AISC of $1,891 (US$1,501) per ounce, are not reflective of the asset long term. We expect to be in full commercial production at this asset in Q2 2022. As we continue to ramp up our production, we continue to expect costs to trend downward.
At Eagle, cash costs of $987 (US$783) per ounce and AISC of $1,451 (US$1,152) per ounce were within our guidance range. Operating cash flows were $33.9 million or $0.24 per, and cash margin was $35.3 million. Free cash outflow of $9.1 million was incurred, net of an investment of a $41.1 million investment into the operations, including $27.5 million at Kiena. Year to date, production at Eagle River of 76,773 ounces, leaves us very well positioned to meet the mid to high point of our guidance range of 92,000 ounces - 105,000 ounces.
With the higher costs realized in Q3 from the Kiena start up, year to date combined cash costs of $983 (US$785) per ounce and AISC cost of $1,406 ($US1,123) are slightly above our US cost guidance range of $900 - $1,000 (US$680 - $770) per ounce for cash costs and $1,300 - $1,450 (US$980 - $1090) per ounce AISC. The Kiena costs are pre-commercial production and we expect to achieve full year production guidance. We expect reductions in unit costs as Kiena comes progresses towards commercial production, expected mid next year.
Q3 2021 was a very successful quarter in terms of achieving our stated corporate goals. We now are on the path to having our second operating high-grade underground gold mine, de-risking the Company's single asset producer status, and bringing us that much closer to our objective of becoming Canada's next intermediate gold producer."
The Company also announces today the resignation of Marc-Andre Pelletier, Chief Operating Officer, effective January 15, 2022. Marc will be pursuing another opportunity in a more senior role, a natural progression in his career trajectory. We wish to sincerely thank him for his extensive contributions to the Company, and his key role in the reopening of the Kiena mine, and wish him all the best in his new endeavour."
Key operating and financial highlights of the Q3 2021 results include:
- Gold production of 29,344 ounces, which includes 5,511 Kiena pre-commercial ounces, is a 47% increase over the same period in the previous year (Q3 2020: 20,008 ounces):
- Eagle River Underground 56,003 tonnes at a head grade of 13.4 grams per tonne for 23,621 ounces produced, 22% increase over the previous year (Q3 2020: 19,319 ounces).
- Mishi Open Pit 3,727 tonnes at a head grade of 2.3 g/t Au for 212 ounces produced (Q3 2020: 689 ounces).
- Kiena 30,470 tonnes at a head grade of 5.8 grams per tonne for 5,511 pre-commercial ounces produced.
- Revenue of $67.5 million, a 23% increase over the previous year (Q3 2020: $55.0 million).
- Ounces sold were 30,000 at an average sales price of $2,249/oz (Q3 2020: 21,700 ounces at an average price of $2,532/oz).
- Cash margin1 of $35.3 million, a 10.0% increase over Q3 2020 (Q3 2020 - $32.1 million).
- Operating cash flows increased by 33% to $33.9 million or $0.24 per share1 as compared to $25.6 million or $0.18 per share for the same period in 2020.
- Free cash outflow of $9.1 million, net of an investment of $27.5 million in Kiena, or ($0.06) per share1 (Q3 2020: free cash flow of $3.3 million or $0.02 per share).
- Net income of $15.3 million or $0.11 per share (Q3 2020: $14.6 million or $0.10 per share) and Net income (adjusted)1 of $18.3 million or $0.13 per share (Q3 2020: $14.6 million or $0.10 per share).
- Cash position increased to $69.5 million compared to $67.8 million in the previous quarter.
- Cash costs1 of $1,072/oz or US$851/oz, a 2% increase over the same period in 2020 (Q3 2020: $1,052/oz or US$790/oz) due to the inclusion of the higher cost Kiena pre-commercial ounces ($1,844 (US$1,463) per ounce), which increased the cash cost per ounce sold by $85 (US$67) per ounce;
- All-in sustaining costs ("AISC") 1 increased by 7% to $1,495/oz or US$1,186/oz (Q3 2020 - $1,395 (US$1,047) per ounce) due to the inclusion of the higher cost Kiena pre-commercial ounces ($1,891 (US$1,501) per ounce), which increased the AISC per ounce sold by $44 (US$35), combined with higher sustaining capital, corporate and general expenses and lease payments.
| 1 | Refer to the Company's 2021 Third Quarter Management Discussion and Analysis, section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements to the financial statements. |
| Production and Exploration Highlights | Achievements |
| Eagle River |
|
| Kiena |
|
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Marc-Andre Pelletier, P. Eng, Chief Operating Officer, and Michael Michaud, P.Geo., Vice President, Exploration of the Company and each a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission (the "SEC") applies different standards in order to classify and report mineralization. This news release uses the terms "measured", "indicated" and "inferred" mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, "inferred" mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.
Wesdome Gold Mines 2021 Third Quarter Financial Results Conference Call
November 11, 2021 at 10:00 am ET
North American Toll Free: + 1 (844) 202-7109
International Dial-In Number: +1 (703) 639-1272
Conference ID: 1534619
Webcast link: https://edge.media-server.com/mmc/p/8rk2xyk3
The webcast can also be accessed under the News and Events section of the Company's website (www.wesdome.com)
ABOUT WESDOME
Wesdome is Canadian focused with two producing underground gold mines. The Company's strategy is to build Canada's next intermediate gold producer, producing 200,000+ ounces from two mines in Ontario and Qu?bec. The Eagle River Underground Mine in Wawa, Ontario is currently producing gold at a rate of 92,000 - 105,000 ounces per year. The Kiena Complex is a fully permitted mine with a 930-metre shaft and 2,000 tonne-per-day mill, and a restart of operations was announced on May 26, 2021. The Company has completed a PFS in support of the production restart decision. Wesdome is actively exploring both underground and on surface within the mine area and more regionally at both the Eagle River and Kiena Complex. The Company also retains meaningful exposure to the Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario through its equity position in Goldshore Resources Inc. The Company has approximately 140.0 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol "WDO".
| For further information, please contact: | ||
| Duncan Middlemiss | or | Lindsay Carpenter Dunlop |
| President and CEO | VP Investor Relations | |
| 416-360-3743 ext. 2029 | 416-360-3743 ext. 2025 | |
| duncan.middlemiss@wesdome.com | lindsay.dunlop@wesdome.com | |
| 220 Bay St, Suite 1200 | ||
| Toronto, ON, M5J 2W4 | ||
| Toll Free: 1-866-4-WDO-TSX | ||
| Phone: 416-360-3743, Fax: 416-360-7620 | ||
| Website: www.wesdome.com | ||
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company has included in this news release certain non-IFRS performance measures, including, but not limited to, mine operating profit, mining and processing costs and cash costs. Cash costs per ounce reflect actual mine operating costs incurred during the fiscal period divided by the number of ounces produced. These measures are not defined under IFRS and therefore should not be considered in isolation or as an alternative to or more meaningful than, net income (loss) or cash flow from operating activities as determined in accordance with IFRS as an indicator of our financial performance or liquidity. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow.
Wesdome Gold Mines Ltd.
Summarized Operating and Financial Data
(Unaudited, expressed in thousands of Canadian dollars, except per share and per unit amounts and otherwise indicated)
| Three Months Ended | Nine Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| Operating data | ||||||||
| Milling (tonnes) | ||||||||
| Eagle River | 56,003 | 44,667 | 172,600 | 142,890 | ||||
| Mishi | 3,727 | 11,533 | 30,293 | 36,301 | ||||
| Kiena | 30,470 | 0 | 30,470 | 0 | ||||
| Throughput 2 | 90,200 | 56,200 | 233,363 | 179,191 | ||||
| Head grades (g/t) | ||||||||
| Eagle River | 13.4 | 13.8 | 13.8 | 15.1 | ||||
| Mishi | 2.3 | 2.5 | 2.4 | 2.7 | ||||
| Kiena | 5.8 | 0.0 | 5.8 | 0.0 | ||||
| Recovery (%) | ||||||||
| Eagle River | 97.9 | 97.7 | 97.5 | 97.6 | ||||
| Mishi | 78.0 | 74.7 | 81.4 | 77.8 | ||||
| Kiena | 97.9 | 0.0 | 97.9 | 0.0 | ||||
| Production (ounces) | ||||||||
| Eagle River | 23,621 | 19,319 | 74,853 | 67,893 | ||||
| Mishi | 212 | 689 | 1,920 | 2,379 | ||||
| Kiena | 5,511 | 0 | 5,511 | 0 | ||||
| Total gold produced 2 | 29,344 | 20,008 | 82,284 | 70,272 | ||||
| Total gold sales (ounces) 4 | 30,000 | 21,700 | 80,957 | 71,340 | ||||
| Eagle River Complex (per ounce of gold sold) 1 | ||||||||
| Average realized price | $ | 2,254 | $ | 2,532 | $ | 2,240 | $ | 2,341 |
| Cash costs | 987 | 1,052 | 966 | 1,022 | ||||
| Cash margin | $ | 1,267 | $ | 1,480 | $ | 1,274 | $ | 1,319 |
| All-in Sustaining Costs 1 | $ | 1,451 | $ | 1,395 | $ | 1,413 | $ | 1,348 |
| Mine operating costs/tonne milled 1 | $ | 388 | $ | 389 | $ | 347 | $ | 385 |
| Average 1 USD → CAD exchange rate | 1.2600 | 1.3321 | 1.2513 | 1.3541 | ||||
| Cash costs per ounce of gold sold (US$) 1 | $ | 783 | $ | 790 | $ | 772 | $ | 755 |
| All-in Sustaining Costs (US$) 1 | $ | 1,152 | $ | 1,047 | $ | 1,129 | $ | 995 |
| Kiena Mine (per ounce of gold sold) 1 | ||||||||
| Average realized price | $ | 2,210 | $ | 0 | $ | 2,210 | $ | 0 |
| Cash costs 3 | 1,844 | 0 | 1,243 | 0 | ||||
| Cash margin | $ | 366 | $ | 0 | $ | 967 | $ | 0 |
| All-in Sustaining Costs 1, 3 | $ | 1,891 | $ | 0 | $ | 1,288 | $ | 0 |
| Mine operating costs/tonne milled 1 | $ | 335 | $ | 0 | $ | 335 | $ | 0 |
| Average 1 USD → CAD exchange rate | 1.2600 | 1.3321 | 1.2513 | 1.3541 | ||||
| Cash costs per ounce of gold sold (US$) 1 | $ | 1,463 | $ | 0 | $ | 993 | $ | 0 |
| All-in Sustaining Costs (US$) 1 | $ | 1,501 | $ | 0 | $ | 1,029 | $ | 0 |
| Financial Data | ||||||||
| Cash margin 1 | $ | 35,306 | $ | 32,116 | $ | 97,672 | $ | 94,039 |
| Net income | $ | 15,344 | $ | 14,614 | $ | 110,254 | $ | 42,224 |
| Net income adjusted 1 | $ | 18,266 | $ | 14,614 | $ | 44,467 | $ | 42,224 |
| Earnings before interest, taxes, depreciation and amortization 1 | $ | 32,828 | $ | 28,564 | $ | 84,302 | $ | 84,325 |
| Operating cash flow | $ | 33,890 | $ | 25,560 | $ | 82,798 | $ | 89,399 |
| Free cash flow | $ | (9,087) | $ | 3,295 | $ | (18,119) | $ | 37,822 |
| Per share data | ||||||||
| Net income | $ | 0.11 | $ | 0.10 | $ | 0.79 | $ | 0.30 |
| Adjusted net income 1 | $ | 0.13 | $ | 0.10 | $ | 0.32 | $ | 0.30 |
| Operating cash flow 1 | $ | 0.24 | $ | 0.18 | $ | 0.59 | $ | 0.64 |
| Free cash flow 1 | $ | (0.06) | $ | 0.02 | $ | (0.13) | $ | 0.27 |
| 1 | Refer to the Company's 2021 Third Quarter Management Discussion and Analysis, section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements to the financial statements. |
| 2 | Totals for tonnage and gold ounces information may not add due to rounding. |
| 3 | YTD 2021 includes a $0.4 million charge for product inventory costs from the sale of 1,793 ounces of gold from the Kiena bulk sample, which was processed in Q4 2020. |
| 4 | YTD 2021 includes 1,793 ounces of gold from the Kiena bulk sample, which was processed in Q4 2020. |
Wesdome Gold Mines Ltd.
Consolidated Statements of Financial Position
(Unaudited, expressed in thousands of Canadian dollars)
| As at September 30, 2021 | As at December 31, 2020 | |||||
| Assets | ||||||
| Current | ||||||
| Cash and cash equivalents | $ | 69,473 | $ | 63,480 | ||
| Receivables and prepaids | 12,690 | 8,974 | ||||
| Share consideration receivable | 4,930 | - | ||||
| Inventories | 17,780 | 12,451 | ||||
| Total current assets | 104,873 | 84,905 | ||||
| Restricted cash | 657 | 657 | ||||
| Deferred financing costs | 840 | 827 | ||||
| Mining properties, plant and equipment | 203,053 | 128,670 | ||||
| Mines under development | 179,029 | - | ||||
| Exploration properties | 10,826 | 143,524 | ||||
| Share consideration receivable | 13,585 | - | ||||
| Investment in associate | 19,451 | - | ||||
| Total assets | $ | 532,314 | $ | 358,583 | ||
| Liabilities | ||||||
| Current | ||||||
| Payables and accruals | $ | 38,823 | $ | 21,123 | ||
| Income and mining tax payable | 3,961 | 3,481 | ||||
| Current portion of lease liabilities | 6,466 | 5,901 | ||||
| Total current liabilities | 49,250 | 30,505 | ||||
| Lease liabilities | 7,753 | 5,604 | ||||
| Deferred income and mining tax liabilities | 75,259 | 37,354 | ||||
| Decommissioning provisions | 21,832 | 22,270 | ||||
| Total liabilities | 154,094 | 95,733 | ||||
| Equity | ||||||
| Equity attributable to owners of the Company | ||||||
| Capital stock | 184,849 | 179,540 | ||||
| Contributed surplus | 6,279 | 6,472 | ||||
| Retained earnings | 187,092 | 76,838 | ||||
| Total equity attributable to owners of the Company | 378,220 | 262,850 | ||||
| $ | 532,314 | $ | 358,583 | |||
Wesdome Gold Mines Ltd.
Consolidated Statements of Income and Comprehensive Income
(Expressed in thousands of Canadian dollars except for per share amounts)
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Revenues | $ | 67,548 | $ | 55,000 | $ | 177,402 | $ | 167,104 | ||||
| Cost of sales | (39,636) | (30,487) | (99,674) | (94,903) | ||||||||
| Gross profit | 27,912 | 24,513 | 77,728 | 72,201 | ||||||||
| Other expenses | ||||||||||||
| Corporate and general | 2,565 | 1,371 | 7,797 | 5,147 | ||||||||
| Stock-based compensation | 558 | 518 | 2,071 | 2,262 | ||||||||
| Reversal of impairment charges | - | - | (58,563) | - | ||||||||
| Gain on disposal of mining equipment | (3) | - | (3) | - | ||||||||
| Impairment charge on exploration properties | 4,394 | - | 7,507 | - | ||||||||
| 7,514 | 1,889 | (41,191) | 7,409 | |||||||||
| Operating income | 20,398 | 22,624 | 118,919 | 64,792 | ||||||||
| Gain on sale of Moss Lake exploration properties | - | - | 39,143 | - | ||||||||
| Interest expense | (325) | (263) | (855) | (802) | ||||||||
| Accretion of decommissioning provisions | (176) | (88) | (410) | (265) | ||||||||
| Share of loss of associate | (15) | - | (104) | - | ||||||||
| Fair value adjustment on share consideration receivable | 368 | - | 360 | - | ||||||||
| Other income (expenses) | 464 | (294) | (239) | (203) | ||||||||
| Income before income and mining taxes | 20,714 | 21,979 | 156,814 | 63,522 | ||||||||
| Income and mining tax expense | ||||||||||||
| Current | 3,309 | 2,195 | 8,655 | 6,234 | ||||||||
| Deferred | 2,061 | 5,170 | 37,905 | 15,064 | ||||||||
| 5,370 | 7,365 | 46,560 | 21,298 | |||||||||
| Net income and total | ||||||||||||
| comprehensive income | $ | 15,344 | $ | 14,614 | $ | 110,254 | $ | 42,224 | ||||
| Earnings per share | ||||||||||||
| Basic | $ | 0.11 | $ | 0.10 | $ | 0.79 | $ | 0.30 | ||||
| Diluted | $ | 0.11 | $ | 0.10 | $ | 0.77 | $ | 0.30 | ||||
| Weighted average number of common | ||||||||||||
| shares (000s) | ||||||||||||
| Basic | 140,432 | 139,308 | 139,872 | 138,898 | ||||||||
| Diluted | 143,069 | 142,969 | 142,653 | 142,478 | ||||||||
Wesdome Gold Mines Ltd.
Consolidated Statements of Total Equity
(Unaudited, expressed in thousands of Canadian dollars)
| Capital | Contributed | Retained | Total | |||||||||
| Stock | Surplus | Earnings | Equity | |||||||||
| Balance, December 31, 2019 | $ | 174,789 | $ | 5,590 | $ | 26,123 | $ | 206,502 | ||||
| Net income for the period ended | ||||||||||||
| September 30, 2020 | - | - | 42,224 | 42,224 | ||||||||
| Exercise of options | 2,405 | - | - | 2,405 | ||||||||
| Value attributed to options exercised | 1,103 | (1,103) | - | - | ||||||||
| Value attributed to RSUs exercised | 577 | (577) | - | - | ||||||||
| Stock-based compensation | - | 2,262 | - | 2,262 | ||||||||
| Balance, September 30, 2020 | $ | 178,874 | $ | 6,172 | $ | 68,347 | $ | 253,393 | ||||
| Balance, December 31, 2020 | $ | 179,540 | $ | 6,472 | $ | 76,838 | $ | 262,850 | ||||
| Net income for the period ended | ||||||||||||
| September 30, 2021 | - | - | 110,254 | 110,254 | ||||||||
| Exercise of options | 3,045 | - | - | 3,045 | ||||||||
| Value attributed to options exercised | 1,478 | (1,478) | - | - | ||||||||
| Value attributed to RSUs exercised | 786 | (786) | - | - | ||||||||
| Stock-based compensation | - | 2,071 | - | 2,071 | ||||||||
| Balance, September 30, 2021 | $ | 184,849 | $ | 6,279 | $ | 187,092 | $ | 378,220 | ||||
Wesdome Gold Mines Ltd.
Consolidated Statements of Cash Flows
(Unaudited, expressed in thousands of Canadian dollars)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Operating Activities | ||||||||||||
| Net income | $ | 15,344 | $ | 14,614 | $ | 110,254 | $ | 42,224 | ||||
| Depreciation and depletion | 7,395 | 6,322 | 19,945 | 20,001 | ||||||||
| Stock-based compensation | 558 | 518 | 2,071 | 2,262 | ||||||||
| Accretion of decommissioning provisions | 176 | 88 | 410 | 265 | ||||||||
| Deferred income and mining tax expense | 2,061 | 5,170 | 37,905 | 15,064 | ||||||||
| Amortization of deferred financing cost | 104 | 98 | 328 | 269 | ||||||||
| Interest expense | 325 | 263 | 855 | 802 | ||||||||
| Reversal of impairment charges | - | - | (58,563) | - | ||||||||
| Gain on sale of Moss Lake exploration properties | - | - | (39,143) | - | ||||||||
| Impairment charge on exploration properties | 4,394 | - | 7,507 | - | ||||||||
| Gain on disposal of mining equipment | (3) | - | (3) | - | ||||||||
| Share of loss of associate | 15 | - | 104 | - | ||||||||
| Fair value adjustment on share consideration | (368) | - | (360) | - | ||||||||
| receivable | ||||||||||||
| Foreign exchange loss (gain) on lease financing | 64 | (83) | (15) | 94 | ||||||||
| 30,065 | 26,990 | 81,295 | 80,981 | |||||||||
| Net changes in non-cash working capital | 6,638 | 2,139 | 9,677 | 13,307 | ||||||||
| Mining and income tax paid | (2,813) | (3,569) | (8,174) | (4,889) | ||||||||
| Net cash from operating activities | 33,890 | 25,560 | 82,798 | 89,399 | ||||||||
| Financing Activities | ||||||||||||
| Exercise of options | 1,814 | 623 | 3,045 | 2,405 | ||||||||
| Deferred financing costs | (5) | - | (339) | (198) | ||||||||
| Repayment of borrowings | - | - | - | (3,636) | ||||||||
| Repayment of lease liabilities | (1,877) | (1,322) | (5,277) | (3,531) | ||||||||
| Interest paid | (325) | (263) | (855) | (802) | ||||||||
| Net cash used in financing activities | (393) | (962) | (3,426) | (5,762) | ||||||||
| Investing Activities | ||||||||||||
| Additions to mining properties | (12,620) | (6,981) | (30,492) | (18,972) | ||||||||
| Additions to mines under development | (27,481) | - | (40,882) | - | ||||||||
| Additions to exploration properties | - | (13,962) | (23,267) | (29,074) | ||||||||
| Purchase of exploration property | (1,000) | - | (1,000) | - | ||||||||
| Cash proceeds on sale of Moss Lake, net | - | - | 11,762 | - | ||||||||
| of transaction costs | ||||||||||||
| Proceeds on disposal of mining assets | 73 | - | 73 | - | ||||||||
| Net changes in non-cash working capital | 9,205 | 3,125 | 10,427 | 2,265 | ||||||||
| Net cash used in investing activities | (31,823) | (17,818) | (73,379) | (45,781) | ||||||||
| Increase in cash and cash equivalents | 1,674 | 6,780 | 5,993 | 37,856 | ||||||||
| Cash and cash equivalents - beginning of the period | 67,799 | 66,733 | 63,480 | 35,657 | ||||||||
| Cash and cash equivalents - end of the period | $ | 69,473 | $ | 73,513 | $ | 69,473 | $ | 73,513 | ||||
| Cash and cash equivalents consist of: | ||||||||||||
| Cash | $ | 69,473 | $ | 73,513 | $ | 69,473 | $ | 73,513 | ||||
| $ | 69,473 | $ | 73,513 | $ | 69,473 | $ | 73,513 | |||||
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