Wesdome Announces 2021 Third Quarter Financial Results Kiena Progresses Towards Commercial Production
Wesdome Announces 2021 Third Quarter Financial Results
Kiena Progresses Towards Commercial Production
TORONTO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- 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 costs 1 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
• Q3 2021 Eagle River production increased by 22% from Q3 2020 to 23,621 ounces of gold,
due to a 25% increase in total throughput; offset partially by a 3% decrease in head grade.
Head grade at Eagle River in Q3 2021 averaged 13.4 g/t.
• Q3 2021 Cash cost of $987 (US$783) per ounce of gold sold 1 decreased by 6% or $66 from
Q3 2020 primarily due to a 24% increase in ounces sold.
• Q3 2021 AISC of $1,451 (US$1,152) per ounce of gold sold1 increased by 6% or $56 from Q3
2020 primarily due to higher mine development and infrastructure spending; partially offset by
a 24% increase in ounces sold.
• Generated $34.2 million in cash margin in Q3 2021 compared to $32.1 million in the same
period in 2020, despite the average realized Canadian gold price being 11% lower at
$2,249/oz (Q3 2020 - $2,532/oz).
• The Eagle River underground ore processed was slightly lower in Q3 2021 due to two weeks
of scheduled downtime for the installation of a new cone crusher and the annual mill
maintenance. Production in Q4 is expected to increase to 650 tpd as no project maintenance
downtime is planned. Ventilation improvements continue at depth, which has increased the
air flow in the deepest section of the ramp area. Production from the Falcon Zone started late
in Q3 and will continue in Q4, providing a new high-grade area. Initial sill development has
been completed on the Falcon 7 zone on the 622 and 635 levels in support of the current
mining. Chip sampling and test holes taken on these two horizons during the initial
development confirms earlier exploration drill results by returning high gold grades over
continuous strike length. 622 level chip sampling yielded 54.3 grams of gold per tonne (g/t
Au) (uncapped) and 37.9 g/t Au (capped at 125 g/t Au) over an average thickness of 2.1
metres (m) over a continuous strike length of 75.6 m. Also, 635 level chip sampling yielded
67.3 g/t Au (uncapped) and 34.3 g/t Au (capped) over an average thickness of 1.9 m over
61.0 m. Additionally the Company is continuing to develop and explore the 311 West Zone
along the western margin of the mine diorite. The zone has transitioned from the diorite into
the adjacent mafic volcanics, again highlighting the potential of the volcanic rocks to host
gold mineralization, similar to that observed at the neighbouring Falcon 7 zone.
• Additional underground exploration is ongoing further to the east of the current mining areas,
in the east-central area of the mine, to test for parallel zones north of the historic 8 and 6
zones. A comprehensive structural study has been completed and is being utilized to assist
the exploration targeting.
• Surface drilling is ongoing with 2 drills both east and west of the mine to follow up on
anomalous values returned from the regional drilling program in 2020.
Kiena
• During Q3 2021, operations at the Kiena Mine commenced, producing 5,511 ounces from the
lower grade S-50 zone. The mill start-up in July went according to plan with no major issues.
Mine operations were halted for 18 days in September for upgrading of the hoist system
which has now been completed. Progress on the paste fill plant and tailings management
area construction is on schedule. All key mobile equipment has been ordered and we have
already received four underground haulage trucks with the remainder of the equipment
scheduled to arrive by Q2 of 2022.
• Total throughput was 30,470 tonnes or 331 tpd and the head grade averaged 5.8 g/t.
• Generated $1.1 million in cash margin despite the high cash costs of $1,844 per ounce of
gold sold1 due to low pre-commercial production levels.
• Late in Q3, first stope production began at the higher grade A Zone, and this is expected to
increase significantly in the coming quarters. The reconciliation of the A zone bulk sample
that was processed in Q4 2020 recovered 6% more gold than the MRE with a feed grade of
15.7 g/t Au versus model grade of 14.7 g/t Au. Total gold produced from the 7,032 tonnes
milled was 3,479 ounces with gold recovery in the Kiena mill of 98.2%.
• The new Footwall Zone was initially announced in March of this year. To date, the Footwall
Zone is defined by new intersections of gold mineralization located within a 50 metre (‘m’)
wide corridor adjacent to the footwall of A2 Zone. The Footwall Zone corridor remains open
laterally and down plunge. The location of new gold intercepts in recent holes suggest that
the Footwall Zone extends over 300 m along plunge. The deepest hole returned 41.2 g/t Au
(uncapped) over 51.2 m core length.
• Ongoing drilling also continues to better define and expand the Kiena Deep A Zone
predominantly along the lateral extensions of the zone. The high grades intersected will be
included in future resource updates. One hole returned 132.1 g/t Au over 7.4 m core length
(27.6 g/t Au capped, 3.9 m true width) A Zone.
• Initial surface drilling has focused on the Presqu’ile and Shawkey areas located northwest
and southeast of the Kiena Mine, respectively. Since July 2021, two drills on barges have
been testing the continuity of some gold anomalies in the Jacola Formation which host the
Kiena mine. Recent drilling at Presqu’ìle zones returned 1515.0 g/t Au over 0.5 m core
length.
• Wesdome finalized the purchase of the Tarmac Gold Property from Globex Mining
Enterprises. The Property consists of 6 claims covering 94 hectares located entirely within
Wesdome’s Kiena Mine Complex and less than 2 kilometers northeast of the Kiena
underground mine, all located beneath Lac De Montigny.
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 Québec. 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
[email protected] [email protected]
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 -