Crowflight Announces Third Quarter 2010 Financial Results
16.11.2010 | Marketwire
TORONTO, ONTARIO -- (Marketwire) -- 11/16/10 -- CROWFLIGHT MINERALS INC. ('Crowflight' or the 'Company') (TSX: CML) today announces its financial results for the third quarter of 2010.
Complete interim financial statements and related Management's Discussion and Analysis are filed under the Company's profile on www.sedar.com. All amounts are in Canadian dollars unless otherwise indicated.
Q3 2010 Financial and Operational Highlights:
- For the quarter ended September 30, 2010, Crowflight produced 989,265
pounds of nickel, and sold 911,092 pounds of nickel payable as compared to
384,327 pounds of nickel produced and 276,918 pounds of nickel sold in the
third quarter of last year.
- Total metal revenue for the quarter ended September 30, 2010 was $8.5
million compared to $2.3 million for the third quarter last year.
- Operating cash flow for the quarter ended September 30, 2010 was ($12.5
million) compared to operating cash flow of $0.4 million in the third
quarter last year.
- Loss for the quarter ended September 30, 2010 was $14 million or ($0.02)
per share compared to net loss of $2.9 million or ($0.01) per share in the
third quarter last year.
- Commercial nickel sales settled during the quarter ended September 30,
2010 were realized at an average price of US$8.97 per pound compared with
US$7.41 per pound in the third quarter of 2010.
- Net working capital as at September 30, 2010 was ($17 million) (including
cash and cash equivalents of $1.6 million) compared to $3.2 million as at
December 31, 2009.
2010 Quarterly Bucko Mine Operations Production and Financial Data
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Q1-2010 Q2-2010 Q3-2010
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Operating Statistics:
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Tonnes ore mined 11,177 67,189 53,518
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Average Nickel head grade (%Ni) 1.02% 1.31% 1.20%
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Tonnes ore milled 9,431 58,605 53,523
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Average Recovery 66.94% 69.42% 70.79%
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Nickel pounds:
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Produced 141,970 1,177,468 989,265
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Payable sold(1) 117,600 917,977 911,092
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Commercial Production Metal
Sales Revenue:
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Average Ni price (US$/lb) $ 9.77 $ 10.25 $ 8.97
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CAD/US exchange rate $ 1.04 $ 1.03 $ 1.04
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Nickel revenue 893,266 9,594,466 9,322,945
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Pricing adjustments(3) 304,756 80,902 (826,027)
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Total metal revenue 1,198,022 9,675,368 8,496,918
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Cost of sales(2) 3,867,822 12,250,533 19,432,607
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Temporary shutdown costs 4,480,891 - -
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Depreciation, depletion, and
amortization 36,432 1,580,676 1,416,476
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Gross profit (7,187,123) (4,155,841) (12,352,165)
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Net earnings (loss) before tax (8,935,360) (5,142,199) (15,071,957)
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Basic and diluted earnings (loss
per share) $ (0.01) $ (0.01) $ (0.02)
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Cash flow from operating
activities (8,944,040) (8,769,568) (12,461,461)
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USD Cash Cost of sales per pound
sold(1)(4) $ 37.34 $ 14.43 $ 20.46
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1. Includes settlement of prior quarter sales
2. Other metal revenue is recorded as an offset to cost of sales in the
Company's financial statements
3. Pricing adjustments reflect final pricing/volume adjustments on lots
sold in prior quarters
4. Cash cost per pound sold is a Non-GAAP measure. Refer to 'Non-GAAP
Measures' section for reconciliation to GAAP
- On September 3, 2010, Crowflight issued and sold a convertible debenture
(the 'Convertible Debenture') to King Place Enterprises Limited ('King
Place') in the principal amount of $10,050,000 (see press release of
August 27, 2010). The Convertible Debenture shall mature on February 27,
2011. Amounts owing under the Convertible Debenture shall be unsecured and
interest shall accrue at a rate of 10% per annum, compounded annually. The
holder shall be entitled to convert amounts owing under the Convertible
Debenture into common shares of Crowflight at a price equal to the five-
day Volume Weighted Adjusted Price (VWAP) at the time of conversion less
the maximum discount allowed under Toronto Stock Exchange regulations at
the time of conversion. However, King Place may not convert any portion of
the amounts outstanding hereunder in excess of the amount that would
result in the obligation to issue an aggregate number of shares exceeding
58,356,471 Common Shares without prior approval of disinterested
shareholders. King Place, who purchased the Convertible Debenture, is
currently the largest shareholder of Crowflight. King Place owns and
controls a total of 247,029,971 common shares and 50,588,235 warrants of
Crowflight prior to this private placement, or 42.5% of the issued and
outstanding common shares of Crowflight on a non-diluted basis. Crowflight
previously issued and sold a non convertible debenture in the principal
amount of $5,050,000 to King Place (see press release of August 9, 2010),
which was cancelled and replaced by the $10,050,000 Convertible Debenture.
- On September 20, 2010, Crowflight announced the appointment of Kevin Zhu
(Xuexin), M. Eng, PMP to its Board of Directors. Kevin will act as King
Place's representative on the Crowflight Board of Directors. King Place
and Crowflight agreed to appoint a representative of King Place to the
Crowflight Board of Directors.
- On September 23, 2010, Crowflight announced a private placement financing
in the form of a convertible debenture issued to King Place in the
principal amount of $3,000,000 (the 'Convertible Debenture'). The
Convertible Debenture shall mature on the date that is six months from the
date of issue. Amounts owing under the Convertible Debenture shall be
unsecured and interest shall accrue at a rate of 10% per annum, compounded
annually. The Convertible Debenture holder shall be entitled to convert
amounts owing into common shares of Crowflight at a price equal to the
five-day value weighted average price on the Toronto Stock Exchange (the
'TSX') at the time of conversion less the maximum discount allowed under
TSX regulations, subject to the Company not issuing an aggregate of more
than 58,356,471 common shares of Crowflight in total pursuant to the
Convertible Debenture and the convertible debenture of the Company issued
to King Place on September 3, 2010, without prior approval from a simple
majority of disinterested shareholders. In addition, King Place holds a
pre-emptive right to maintain its 42.5% interest (see press release of
September 3, 2010).
- On October 1, 2010, Crowflight announced that it was temporarily
suspending ore production mining operations at the Bucko Lake Nickel Mine,
located in the Thompson Nickel Belt near Wabowden, Manitoba. Crowflight
plans to temporarily suspend the Bucko Lake Mine to facilitate the
introduction of its own underground mining equipment and team and to make
readjustments to address certain operational issues. The Company intends
to provide further details regarding the re-start of production mining
operations at Bucko Lake, including a timetable for the re-start, in the
coming weeks.
- Crowflight also announced on October 1, 2010, that its Board of Directors
has commenced a review of the potential of the Company's exploration
properties for possible spin-off, joint venturing or other value
realization event. Crowflight intends to review strategic options in
relation to its exploration assets with the objective of finding ways to
unlock Crowflight shareholder value.
- Also on October 1, 2010, the Company announced that an extension to the
offer letter from Jinchuan Group Ltd. ('Jinchuan') had not been received
(see previous press releases dated April 6, 2010 and September 3, 2010
regarding the offer letter). Accordingly, the Company considers
negotiations to have terminated.
- On October 29, 2010, Crowflight announced the appointment of Rick Sproule
to Vice President of Geology for Crowflight. Rick has served as the
Company's Chief Geologist for the Bucko Lake Nickel Mine since 2009.
- On November 2, 2010, the company sadly announced the passing of Steve
Davies, Crowflight's Chief Operating Officer. Steve had joined the company
earlier in the year. Steve was 47 years old. Steve was well known for his
achievements in the Manitoba mining camp; he was also, at the time, Chief
Operating Officer of Kria Resources, a company with zinc development
properties in New Brunswick.
Outlook
On October 1, 2010, Crowflight announced that it was temporarily suspending operations at the Bucko Lake Mine. The Company is seeking to hire its own mining team and purchase its own underground mobile mining equipment fleet. Crowflight is also seeking to make improvements to its reclaim water quality, backfill systems and crushing and milling facilities. Crowflight does not expect to be operating its Bucko Lake operation before the end of 2010. Crowflight has been working with King Place (its majority shareholder) to arrange a debt facility to support the above improvement initiatives.
Non-GAAP Measures
This press release refers to net working capital and cash cost per pound, which are not recognized measures under Canadian GAAP. These non-GAAP performance measures does not have any standardized meaning prescribed by Canadian GAAP and is therefore unlikely to be comparable to similar measure presented by other issuers. Management uses these measures internally. The use of these measures enables management to better assess performance trends. Management understands that a number of investors and others who follow the Company's performance assess performance in this way. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP.
Three Months Ended Nine Months Ended
September 30, 2010 September 30, 2010
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Bucko Lake Mine operating
expenses, excluding
depreciation, depletion and
amortization 19,827,018 26,976,310
Less by-product credit (451,910) (1,038,101)
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Cash cost net of by-products 19,375,108 25,938,209
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Exchange rate (US$1 to C$) 1.04 1.04
Cash cost net of by-products USD USD 18,639,755 USD 25,031,661
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Nickel payable sold (lb) 911,092 1,946,668
Cash cost per pound of nickel
payable sold, net of by-product
credits in USD/lb USD 20.46 USD 12.86
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Qualified Person/Quality Control Procedures
This press release has been reviewed by Greg Collins, P. Geo and Mark Trevisiol, P. Eng., both are Qualified Persons under the National Instrument 43-101 guidelines. Mr. Trevisiol is the President and CEO of the Company.
About Crowflight Minerals
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba that resumed production in March 2010. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
Cautionary Note on Forward-Looking Information
This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Company's development potential and timetable of the Company's properties, including the Bucko Lake Project; the future price of nickel and other minerals; foreign exchange rates; the estimation of mineral reserves and mineral resources; conclusions of economic evaluations; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the anticipated timing, amount and cost of mining at the Bucko Lake Project are based on assumptions underlying mineral reserve and mineral resource estimates and the probability of realizing such estimates that are set out herein. Capital and operating cost estimates are based on extensive research of the Company, purchase orders placed by the Company to date, recent estimates of construction and mining costs and other factors that are set out herein. Production estimates are based on mine plans and production schedules, which have been developed by the Company's personnel and independent consultants.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks of the Company described in its annual information form that is available under its profile on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Further information is available on the Company's website at www.crowflight.com.
INTERIM CONSOLIDATED BALANCE SHEETS
(unaudited)
As at
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September 30, December 31,
2010 2009
ASSETS
Current
Cash and cash equivalents $ 1,648,877 $ 10,040,475
Amounts receivable 5,486,005 1,291,687
Inventory 3,582,399 1,031,734
Prepaid expenses and deposits 418,810 135,290
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11,136,091 12,499,186
Deposits and advances 534,709 534,709
Property, plant and equipment 144,042,650 138,568,967
Exploration and development property and
deferred expenditures 14,970,550 14,704,437
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$ 170,684,000 $ 166,307,299
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LIABILITIES
Current
Accounts payable and accrued liabilities $ 15,268,927 $ 9,282,060
Loans 12,672,971 -
Equipment leases 48,598 45,371
Derivative liability 191,149 -
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28,181,645 9,327,431
Equipment leases 23,942 61,281
Asset retirement obligations 977,864 918,387
Future income tax liability 2,127,000 6,000,200
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31,310,451 16,307,299
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SHAREHOLDERS' EQUITY
Common shares 150,684,828 138,758,903
Warrants 9,855,793 10,195,919
Contributed surplus 17,268,440 15,698,606
Equity component of convertible debentures 1,531,857 -
(Deficit) (39,967,369) (14,653,428)
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139,373,549 150,000,000
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$ 170,684,000 $ 166,307,299
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These financials should be read in conjunction with the Notes and
Management's Discussion and Analysis available online at www.sedar.com and
on the Company's website at www.crowflight.com.
INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)
Contributed
Common Shares Warrants Surplus
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No. $ $ $
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Balance, December 31,
2008 293,304,323 99,289,864 4,944,374 13,485,751
Private placement 215,411,765 47,820,000 - -
Value of warrants
granted - (4,842,336) 4,842,336 -
Value of warrants
granted related to debt
facility - - 107,597 -
Exercise of stock
options 245,000 49,000 - -
Valuation allocation on
exercise of stock
options - 18,586 - (18,586)
Stock based compensation
- shares 562,464 113,130 - -
Stock based compensation
- options - - - 2,231,441
Flow through share tax
effect - (2,982,000) - -
Value of broker warrants - (301,612) 301,612 -
Share issue costs - (523,400) - -
Tax effect of cost of
issue - 117,671 - -
Loss for the period - - -
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Balance, December 31,
2009 509,523,552 138,758,903 10,195,919 15,698,606
Private placement 72,200,000 11,552,000 - -
Stock based compensation
- shares 319,980 48,353 - -
Stock based compensation
- options - - - 1,325,003
Share issue costs - (125,000) - -
Exercise of warrants 1,588,259 317,652 - -
Valuation allocation on
exercise of warrants - 95,295 (95,295) -
Valuation allocation on
expiry of warrants - - (244,831) 244,831
Tax effect of cost of
issue - 37,625 - -
Equity component of
convertible debentures - - - -
Loss for the period - - - -
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Balance, September 30,
2010 583,631,791 150,684,828 9,855,793 17,268,440
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Equity component
of convertible Accumulated Shareholders'
debentures Deficit Equity
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$ $
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Balance, December 31,
2008 - 12,327,459 130,047,448
Private placement - - 47,820,000
Value of warrants
granted - - -
Value of warrants
granted related to debt
facility - - 107,597
Exercise of stock
options - - 49,000
Valuation allocation on
exercise of stock
options - - -
Stock based compensation
- shares - - 113,130
Stock based compensation
- options - - 2,231,441
Flow through share tax
effect - - (2,982,000)
Value of broker warrants - - -
Share issue costs - - (523,400)
Tax effect of cost of
issue - - 117,671
Loss for the period - (26,980,887) (26,980,887)
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Balance, December 31,
2009 - (14,653,428) 150,000,000
Private placement - - 11,552,000
Stock based compensation
- shares - - 48,353
Stock based compensation
- options - - 1,325,003
Share issue costs - - (125,000)
Exercise of warrants - - 317,652
Valuation allocation on
exercise of warrants - - -
Valuation allocation on
expiry of warrants - - -
Tax effect of cost of
issue - - 37,625
Equity component of
convertible debentures 1,531,857 - 1,531,857
Loss for the period - (25,313,941) (25,313,941)
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Balance, September 30,
2010 1,531,857 (39,967,369) 139,373,549
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These financials should be read in conjunction with the Notes and
Management's Discussion and Analysis available online at www.sedar.com and
on the Company's website at www.crowflight.com.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
(unaudited)
For the three and nine months ended September 30,
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Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
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Revenue
Nickel sales $ 9,322,945 $ 2,231,683 $ 19,810,677 $ 4,239,133
Pricing adjustments (826,027) 52,810 (440,369) 52,810
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Revenue - after
pricing adjustments $ 8,496,918 $ 2,284,493 19,370,308 $ 4,291,943
Cost of sales
(excludes accretion,
depreciation,
depletion and
amortization) 19,432,607 2,546,116 35,550,962 4,991,329
Depreciation,
depletion and
amortization 1,416,476 605,141 3,033,584 941,234
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Gross margin - mining
operations (12,352,165) (866,764) (19,214,238) (1,640,620)
Temporary shutdown
costs - 2,381,083 4,480,891 2,381,083
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Loss from mining
operations (12,352,165) (3,247,847) (23,695,129) (4,021,703)
Other expenses
Professional,
consulting and
management fees 1,143,380 1,036,527 3,771,862 2,327,994
General and office 182,527 372,310 668,155 1,199,837
Shareholder
communications and
investor relations 75,389 127,433 277,895 331,859
Travel 25,082 42,214 67,853 160,900
Interest expenses and
bank charges 368,669 51,773 429,634 128,621
Amortization 201 201 603 1,355
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1,795,248 1,630,458 5,216,002 4,150,566
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(Loss) before the
undernoted (14,147,413) (4,878,305) (28,911,131) (8,172,269)
Interest income 488 3,161 13,889 26,672
Interest on long term
debt - - - (48,673)
General exploration - - - (50,000)
Debt facility
transaction costs - (322) - (383,464)
Write down of
exploration property
and deferred
expenditures - - (101,771) (50,000)
Accretion (19,826) - (59,477) 57,416
Recovery of
expenditures - - - 66,958
Unrealized loss on
derivative
instruments (826,204) (339,371) (139,950) 1,402,100
Foreign exchange
gain/(loss) (79,002) - 48,924 -
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(loss) before income
taxes (15,071,957) (5,214,837) (29,149,516) (7,151,260)
Future income taxes 1,095,000 2,308,970 3,835,575 2,503,070
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(loss) for the period (13,976,957) (2,905,867) (25,313,941) (4,648,190)
RETAINED
EARNINGS/(DEFICIT),
beginning of period (25,990,412) 10,585,136 (14,653,428) 12,327,459
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RETAINED
EARNINGS/(DEFICIT),
end of period $(39,967,369) $ 7,679,269 $(39,967,369) $ 7,679,269
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Loss per share -
basic & diluted $ (0.02) $ (0.01) $ (0.04) $ (0.01)
Weighted average
number of shares -
basic & diluted 583,563,106 415,524,927 570,426,682 351,897,975
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These financials should be read in conjunction with the Notes and
Management's Discussion and Analysis available online at www.sedar.com and
on the Company's website at www.crowflight.com.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
unaudited
For the three and nine months months ended September 30,
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Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
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OPERATING ACTIVITIES:
Net loss for the
period $(13,976,957) $ (2,905,867) $(25,313,941) $ (4,648,190)
Charges not affecting
cash:
Depreciation,
depletion and
amortization 1,416,676 603,321 3,034,187 940,568
Stock-based
compensation
expense 307,491 334,705 1,373,356 1,052,626
Warrants issued on
In-process working
capital facility - - - 107,597
Accretion 19,826 - 59,477 (57,416)
Change in value of
derivative
instruments 877,403 (131,737) 191,149 8,261,517
Future income tax
(recovery) (1,095,000) (2,308,970) (3,835,575) (2,503,070)
Net change in non-
cash working capital (10,900) 4,797,759 (5,683,721) 7,236,213
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(12,461,461) 389,211 (30,175,068) 10,389,845
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FINANCING ACTIVITIES:
Debt facility, net of
transaction costs - - - (7,600,000)
Private placements
Common shares
issued - 21,129,366 11,552,000 28,949,366
Issue costs - 3,180 (125,000) (523,400)
Shares issued from
exercise of warrants
and options - - 317,652 -
Proceeds from
convertible
debentures
financing:
Liability Portion 11,518,143 - 11,518,143 -
Equity Portion 1,531,857 - 1,531,857 -
Issue costs (50,000) - (50,000) -
Payments on equipment
leases (11,628) (10,624) (34,112) (37,897)
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12,988,372 21,121,922 24,710,540 20,788,069
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INVESTING ACTIVITIES:
Exploration and
development
property, plant and
equipment, and
deferred
expenditures (446,436) (6,761,989) (8,436,529) (27,070,312)
(Decrease)/increase
in accounts payable
attributable to
property development
and exploration (222,156) (2,732,055) 5,509,459 (4,039,309)
Change in restricted
cash - - - 2,999,998
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(668,592) (9,494,044) (2,927,070) (28,109,623)
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CHANGE IN CASH AND
CASH EQUIVALENTS (141,681) 12,017,089 (8,391,598) 3,068,291
CASH AND CASH
EQUIVALENTS,
beginning of period $ 1,790,558 $ 1,658,745 10,040,475 10,607,543
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CASH AND CASH
EQUIVALENTS, end of
period $ 1,648,877 $ 13,675,834 $ 1,648,877 $ 13,675,834
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Cash and cash
equivalents consist
of:
Cash 1,574,119 5,509,476 1,574,119 5,509,476
Cash equivalents 74,758 8,166,358 74,758 8,166,358
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$ 1,648,877 $ 13,675,834 $ 1,648,877 $ 13,675,834
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SUPPLEMENTAL
INFORMATION:
Stock based
compensation charged
to exploration
properties - - - 14,250
Amortization of
assets deferred to
exploration
properties 604 604 1,812 9,437
Interest received 488 3161 13,889 28,672
Interest paid 368,669 8885 466,016 69,405
These financials should be read in conjunction with the Notes and
Management's Discussion and Analysis available online at www.sedar.com and
on the Company's website at www.crowflight.com.
Contacts:
Crowflight Minerals
David Hunter
Chief Financial Officer
(416) 861-5885
www.crowflight.com