Wesdome Announces Third Quarter 2023 Financial Results
Wesdome Announces Third Quarter 2023 Financial Results
TORONTO, Nov. 08, 2023 -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces third
quarter (“Q3 2023”) financial results. Management will host a conference call tomorrow, Thursday November 9, 2023, at 10:00
a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.
Third Quarter 2023 Highlights
• Payable gold production in the third quarter was 27,760 ounces at cash costs per ounce 1 of $1,755 (US$1,308) and all-
in sustaining costs (“AISC”) per ounce 1 of $2,711 (US$2,021). Q3 was forecasted as the lightest cash flow quarter of
the year due to timing of capital outlays and planned downtime at Eagle River.
• At Kiena, development of the ramp to the 129-level mining horizon tracked ahead of schedule. Delineation drilling to
date has also confirmed the continuity, thickness, and high grade of the A zone at depth, as per the reserve block
model.
• Cash margins1 were $22.2 million, and free cash flow1 was $10.7 million. During the quarter Wesdome received a $12.5
million tax refund.
• Quarterly net loss of $3.2 million ($0.02) per share in the third quarter of 2023 and adjusted net loss 1 of $2.6 million
($0.02) per share. Positive operating cash flow of $45.1 million ($0.30 per share).
• Available liquidity of $142.6 million, including $31.6 million in cash and $111 million of undrawn availability under the
Company’s revolving credit facility.
• Reaffirming consolidated 2023 production guidance of 110,000 to 130,000 ounces as well as cost guidance for cash
costs, all-in sustaining costs and capital expenditures.
Anthea Bath, President and CEO, commented, “In the recent quarter, we made solid progress in advancing development and
de-risking our future strategic plans. Eagle River reported consistent results after the completion of mill and infrastructure
upgrades during an annual shutdown, and Kiena's ramp development remains ahead of schedule, with access to the 129-
metre level achieved after quarter end in November. Elevated cost levels during the quarter were due to planned downtime and
timing of capital outlays.
Reaching the 129-level metre at Kiena was an important milestone for Wesdome as it will enable access to the higher-grade
Deep A zone stopes in the first half of next year. Also, efforts continue to further de-risk our 2024 mine plans, with delineation
drilling reinforcing our block model and overall mine strategy. Site preparation for the Presqu’Île ramp portal and related
infrastructure is also underway following the receipt of permits at the end of the quarter.
At Eagle River, performance on various fronts continues to exceed budget. An asset optimization initiative is being launched
internally to optimize the unit cost structure of the asset with a view to value by investigating alternative mining and material
handling methods, cut-off grade levels, and planning methodologies.
We are expecting a strong finish to this year and based on our year-to-date performance, we are well positioned to deliver on
the mid-point of production and cost guidance. Looking ahead, preliminary plans for 2024 continue to point to a production
and operating cash flow rebound which will support total capital investment levels similar to this year.”
Financial and Operating Highlights
A summary of the Company’s consolidated financial and operating results for the nine months ended September 30, 2023 are
presented below:
(in thousands of Canadian dollars, unless otherwise
indicated) Q3 2023 Q3 2022 YTD 2023 YTD 2022
Financial Results
Revenues 69,696 61,823 230,952 190,448
Cost of sales 71,450 56,294 216,916 152,374
Cash margin1 22,233 16,993 85,393 69,208
Net loss attributable to shareholders (3,248) (3,899) (8,607) (11,179)
Net income ($/sh) (0.02) (0.03) (0.06) (0.08)
Adjusted attributable net loss 1 (2,573) (3,899) (4,330) (2,329)
Adjusted attributable net loss 1 ($/sh) (0.02) (0.03) (0.03) (0.02)
Operating cash flow 45,076 12,945 64,175 54,939
Operating cash flow ($/sh) 0.30 0.09 0.44 0.39
Cash flow from financing activities (2,370) 21,961 7,367 20,128
Cash flow from investing activities (33,191) (33,681) (73,145) 107,090
Free cash flow1 10,672 (23,193) (14,204) (58,565)
Free cash flow1 ($/sh) 0.07 (0.16) (0.10) (0.41)
Operating Results
Gold produced (oz) 27,760 22,883 87,119 75,734
Gold sold (oz) 27,000 27,500 89,000 81,500
Average realized gold price ($/oz) 2,579 2,246 2,592 2,334
Average realized gold price (US$/oz) 1,923 1,720 1,926 1,819
Cash costs 1 ($/oz) 1,755 1,628 1,633 1,485
All-in sustaining costs 1 ($/oz) 2,711 2,217 2,293 1,975
All-in sustaining costs 1 (US$/oz) 2,021 1,698 1,704 1,539
Financial Position
Cash and cash equivalents 31,582 24,741 31,582 24,741
Working capital (18,839) (35,457) (18,839) (35,457)
Total assets 605,364 578,762 605,364 578,762
Current liabilities 87,577 93,733 87,577 93,733
Total liabilities 180,981 190,542 180,981 190.542
Notes:
1. Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements
to the financial statements
Eagle River, Ontario
Q3 2023 Q3 2022 YTD 2023 YTD 2022
Ore milled (tonnes)
Eagle River 55,153 52,247 167,959 165,428
Mishi - 3,595 6,150 23,153
Total Ore Milled 55,153 55,842 174,109 188,581
Head grade (grams per tonne, “g/t”)
Eagle River 11.9 10.7 12.1 10.6
Mishi - 2.8 2.3 3.2
Total head grade 11.9 10.2 12.1 9.7
Recoveries (%)
Eagle River 96.7 96.6 96.7 96.6
Mishi - 83.0 72.5 83.5
Total Gold recovery 96.7 96.3 96.7 96.0
Gold production (ounces)
Eagle River 20,391 17,405 63,395 54,495
Mishi - 270 332 2,005
Total Gold Production 20,391 17,675 63,727 56,500
Production sold (ounces) 19,600 18,800 66,100 57,600
Production costs per tonne milled 1 503 475 485 412
Cash margin1 ($/oz) 1,134 774 1,202 966
Cash costs 1 ($/oz) 1,442 1,473 1,380 1,377
All-in sustaining costs 1 ($/oz) 2,467 2,259 2,039 1,989
For the three months ended September 30, 2023 and 2022, production increased by 15% from Q3 2022 to 20,391 ounces due
to a 16% increase in head grade offset by a 1% decrease in throughput; higher grades and lower tonnes processed are due in
part to the Mishi Pit stockpile being fully depleted in Q1 2023, therefore not contributing to 2023 Q3 production. In 2022, Mishi
had contributed 3,595 tonnes grading 2.82g/t to production. Higher grades were also achieved from the underground mine as a
result of strong performances in the Falcon and 300 zones, in line with expectations. The mill performed its annual two weeks
maintenance in July.
Q3 2023 cash cost of $1,442 (US$1,075) per ounce of gold sold1 decreased by 2% or $31 per ounce from Q3 2022 primarily
due to a 4% increase in ounces sold.
Q3 2023 AISC of $2,467 (US$1,839) per ounce of gold sold1 increased by 9% or $208 per ounce from Q3 2022 due to higher
cash costs and site infrastructure spending; partially offset by a 4% increase in ounces sold.
Generated $2.1 million in cash margin net AISC1 in Q3 2023 compared to $(0.2) million in Q3 2022 primarily due to the 4%
increase in ounces sold and the higher average Canadian dollar gold price; partially offset by the 2% increase in overall
aggregate site operating costs and the 50% increase in site infrastructure spending.
Kiena, Quebec
Q3 2023 Q3 2022 YTD 2023 YTD 2022
Ore milled (tonnes) 47,351 16,112 141,499 63,752
Head grade (grams per tonne, “g/t”) 4.9 10.2 5.2 9.5
Recoveries (%) 98.4 98.5 98.0 98.4
Gold production (ounces) 7,369 5,208 23,392 19,234
Production sold (ounces) 7,400 8,700 22,900 23,900
Production costs per tonne milled 1 402 869 419 643
Cash margin1 ($/oz) 0 280 258 568
Cash costs 1 ($/oz) 2,585 1,963 2,365 1,746
All-in sustaining costs 1 ($/oz) 3,359 2,126 3,027 1,941
For the three months ended September 30, 2023 and 2022, production increased by 41% from Q3 2022 to 7,369 ounces due
to a 194% increase in throughput offset by a 52% decrease in head grade; the lower grades achieved so far in 2023 are the
result of mining lower grade ore from the Martin and S50 zones to supplement limited production from Kiena Deep. Positive
reconciliation continued into Q3, with the newly commissioned A2 zone (satellite zone running parallel to A Zone on levels
118, 116 and 114 and located entirely in the footwall schists) being a significant contributor. Development of the ramp to the
129 level mining horizon continued to track ahead of schedule during Q3 2023, positioning the mine to ramp up gold production
in 2024. Delineation drilling into the 129 level horizon was initiated during the quarter from the ramp, and preliminary results
confirm the continuity, thickness and high grade of the A zone at depth, as per the reserve block model.
Q3 2023 cash cost of $2,585 (US$1,927) per ounce of gold sold 1 increased by 32% or $622 per ounce from Q3 2022 primarily
due to a 15% decrease in ounces sold and 12% increase in aggregate mine operating costs.
Q3 2023 AISC of $3,359 (US$2,504) per ounce of gold1 sold increased by 58% or $1,233 per ounce as compared to Q3 2022
due to the increased cash costs and the sustaining mine exploration and development costs, mine capital equipment costs
and a 15% decrease in ounces sold. The costs remain consistent with the plan and will decrease as the mine increases gold
production levels in 2024.
Q3 2023 cash margin net AISC1 of negative $5.7 million decreased by $6.7 million compared to $1.0 million in Q3 2022 due to
the increased overall aggregate cash cost, the inclusion of sustaining development and exploration costs and a 15% decrease
in ounces sold; offset partially by the higher average Canadian dollar gold price.
Exploration Updates
Eagle River
Recent exploration drilling within the mine diorite, has extended the 300 East Zone to the 1,600 m-level and remains open
down plunge.
The drilling has confirmed the continuity of the mineralization at depth, thus suggesting that many other similar parallel zones,
such as 808, 811, 818, 711 and 7 East, have this same potential to continue at depth and will be tested with ongoing drilling.
Initial surface and underground exploration drilling, commenced in July 2023 to test the volcanic rocks west of the mine diorite,
has returned high grades within 200 metres from surface, while the first underground hole 750 metres down plunge has also
intersected similar mineralization. Highlights of the initial surface drilling of the volcanic rocks returned 64.4 g/t Au over 0.4 m
core length. These intersections suggest that a newly defined shoot could be located in this area.
Kiena
Underground exploration drilling has been focused on better delineating Kiena Deep A zones in advance of the planned mining.
Limited exploration has been completed to extend and better define the deeper portion of the Kiena Deep zones. This drilling
will be increased in the future once more optimal drill platforms are established.
Recent surface drilling at the Presqu’ile zone has confirmed not only the continuity of the gold mineralization and the validity of
the geologic model, but also the potential for down plunge extensions towards the east. Highlights of recent in-fill drilling
include 32.5 g/t over 3.0 m core length. The drilling will be used to convert resources into reserves at year end.
The excavation of an exploration ramp from surface to access the near-surface Presqu’ile Zone will be underway in Q4 2023
now that the necessary permits have been secured.
2023 Outlook
2023 Guidance YTD 2023 Performance
Gold production
Eagle River 80,000 – 90,000 ounces 63,395 ounces
Mishi - 332 ounces
Kiena 30,000 – 40,000 ounces 23,392 ounces
Total 110,000 – 130,000 ounces 87,119 ounces
Head grade (g/t Au)
Eagle River 11.5 – 12.5 12.1
Mishi - 2.3
Kiena 3.7 – 4.7 5.2
Cash cost per ounce 1 $1,500 - $1,670
(US$1,150 – US$1,290)
$1,633
(US$1,214)
AlSC per ounce 1 $2,100 - $2,340
(US$1,620 – US$1,800)
$2,293
(US$1,704)
1 Operating cost per ounce sold and all-in sustaining cost per ounce are non-IFRS measures, please reference the Company’s
interim management discussion and analysis for the period ended September 30, 2023
Third Quarter 2023 Conference Call and Webcast
The financial statements and management discussion and analysis will be available on the company’s website at
www.wesdome.com and on SEDAR+ www.sedarplus.ca. A conference call and webcast to discuss these results will be held
on November 9, at 10:00 am ET.
• Participants may register for the call at the link below to obtain dial in details. Preregistration is required for this event. It
is recommended you join 10 minutes prior to the start of the event.
• Participant Registration Link: https://register.vevent.com/register/BI342316b2dae64c7fa72b789b4ffcb8a1
• Webcast Link: https://edge.media-server.com/mmc/p/4bu4ty2t
• The webcast can also be accessed under the news and events section of the company’s website
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Frédéric Langevin, Eng, Chief Operating
Officer of the Company 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.
About Wesdome
Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and
the recently commissioned Kiena mine in Quebec. The Company’s primary goal is to responsibly leverage this operating
platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer.
Wesdome trades on the Toronto Stock Exchange under the symbol “WDO,” with a secondary listing on the OTCQX under the
symbol “WDOFF.”
For further information, please contact:
Lindsay Carpenter Dunlop
VP Investor Relations
416-360-3743 ext. 2025
To receive Wesdome’s news releases by email, please register using the Wesdome website at www.wesdome.com
Cautionary Note Regarding Forward-Looking Information and Statements
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.
FINANCIAL AND OPERTAIONAL RESULTS
Three Months Ended Six Months Ended
June 30, June 30,
2023 2022 2023 2022
Operating data
Milling (tonnes)
Eagle River 64,672 59,964 112,805 113,181
Mishi 0 7,685 6,150 19,558
Kiena 51,824 26,478 94,148 47,640
Throughput 2 116,496 94,127 213,103 180,379
Head grades (g/t)
Eagle River 11.4 9.6 12.3 10.6
Mishi 0.0 2.8 2.3 3.3
Kiena 5.0 10.6 5.4 9.3
Recovery (%)
Eagle River 96.5 95.6 96.7 96.6
Mishi 0.0 81.2 72.5 83.6
Kiena 97.7 98.5 97.8 98.3
Production (ounces)
Eagle River 22,845 17,756 43,004 37,090
Mishi 0 570 332 1,735
Kiena 8,147 8,914 16,024 14,026
Total gold produced 2 30,992 27,240 59,360 52,851
Total gold sales (ounces) 32,000 26,000 62,000 54,000
Eagle River Complex (per ounce of gold sold) 1
Average realized price $ 2,625 $ 2,382 $ 2,584 $ 2,389
Cash costs 1,526 1,395 1,353 1,330
Cash margin $ 1,099 $ 987 $ 1,231 $ 1,059
All-in Sustaining Costs 1 $ 2,019 $ 1,940 $ 1,859 $ 1,858
Mine operating costs/tonne milled 1 $ 503 $ 387 $ 474 $ 386
Average 1 USD → CAD exchange rate 1.3428 1.2768 1.3477 1.2715
Cash costs per ounce of gold sold (US$) 1 $ 1,136 $ 1,093 $ 1,004 $ 1,046
All-in Sustaining Costs ( US$) 1 $ 1,504 $ 1,519 $ 1,379 $ 1,461
Kiena Mine (per ounce of gold sold) 1
Average realized price $ 2,676 $ 2,372 $ 2,642 $ 2,355
Cash costs 3, 5 2,257 2,018 2,261 1,622
Cash margin $ 419 $ 354 $ 381 $ 733
All-in Sustaining Costs 1 $ 2,755 $ 2,284 $ 2,868 $ 1,834
Mine operating costs/tonne milled 1 $ 379 $ 557 $ 430 $ 567
Average 1 USD → CAD exchange rate 1.3428 1.2768 1.3477 1.2715
Cash costs per ounce of gold sold (US$) 1 $ 1,681 $ 1,581 $ 1,678 $ 1,276
All-in Sustaining Costs ( US$) 1 $ 2,052 $ 1,789 $ 2,128 $ 1,442
Financial Data
Cash margin 1 $ 28,722 $ 21,873 $ 63,130 $ 52,215
Net loss $ (5,014) $ (14,331) $ (5,359) $ (7,280)
Net income (loss) adjusted 1 $ (5,014) $ (5,481) $ (1,757) $ 1,570
Earnings before interest, taxes, depreciation and
amortization 1 $ 22,020 $ 8,844 $ 48,144 $ 29,494
Operating cash flow $ 13,979 $ 12,101 $ 19,099 $ 41,994
Free cash outflow 1 $ (5,279) $ (28,576) $ (24,876) $ (35,372)
Per share data
Net income $ (0.03) $ (0.10) $ (0.04) $ (0.05)
Adjusted net income 1 $ (0.03) $ (0.04) $ (0.01) $ 0.01
Operating cash flow 1 $ 0.09 $ 0.08 $ 0.13 $ 0.30
Free cash flow 1 $ (0.04) $ (0.20) $ (0.17) $ (0.25)
Wesdome Gold Mines Ltd.
Condensed Interim Statements of Financial Position
(Unaudited, expressed in thousands of Canadian dollars)
As at
September
30, 2023
As at
December 31,
2022
Assets
Current
Cash $ 31,582 $ 33,185
Receivables and prepaids 9,962 12,755
Inventories 25,636 22,119
Income and mining tax receivable - 6,494
Share consideration receivable 1,558 2,994
Total current assets 68,738 77,547
Restricted cash 2,718 1,176
Deferred financing costs 1,014 1,411
Mining properties, plant and equipment 525,649 525,860
Exploration properties 1,339 1,139
Marketable securities 480 960
Share consideration receivable 1,425 2,576
Investment in associate 4,001 8,458
Total assets $ 605,364 $ 619,127
Liabilities
Current
Payables and accruals $ 43,056 $ 54,734
Borrowings 38,766 54,697
Income and mining tax payable 2,317 -
Current portion of lease liabilities 3,438 6,160
Total current liabilities 87,577 115,591
Lease liabilities 1,453 3,126
Deferred income and mining tax liabilities 72,670 82,950
Decommissioning provisions 19,281 18,941
Total liabilities 180,981 220,608
Equity
Equity attributable to owners of the Company
Capital stock 237,922 205,361
Contributed surplus 9,749 7,359
Retained earnings 178,332 186,939
Accumulated other comprehensive loss (1,620) (1,140)
Total equity attributable to owners of the Company 424,383 398,519
Total liabilities and equity $ 605,364 $ 619,127
Wesdome Gold Mines Ltd.
Condensed Interim Statements of Loss and Comprehensive Loss
(Unaudited, expressed in thousands of Canadian dollars except for per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023 2022 2023 2022
Revenues $ 69,696 $ 61,823 $ 230,952 $ 190,448
Cost of sales (71,450) (56,294) (216,916) (152,374)
Gross profit (1,754) 5,529 14,036 38,074
Other expenses
Corporate and general 4,707 2,918 12,376 9,514
Stock-based compensation 328 823 3,653 2,453
Retirement costs - - 1,190 -
Exploration and evaluation 2,935 5,273 5,162 12,442
(Gain) loss on disposal of mining equipment (5) 74 312 62
Total other expenses 7,965 9,088 22,693 24,471
Operating (loss) income (9,719) (3,559) (8,657) 13,603
Impairment of investment in associate (900) - (3,600) (11,800)
Interest expense (1,114) (588) (3,598) (1,167)
Fair value adjustment on share consideration receivable (1,010) (1,552) (2,587) (7,391)
Share of (loss) income of associate (328) 155 (994) (388)
Accretion of decommissioning provisions (269) (239) (759) (618)
(Loss) gain on dilution of ownership (91) (35) 137 (669)
Other income (expense) 363 (1,420) 508 (1,363)
Loss before income and mining taxes (13,068) (7,238) (19,550) (9,793)
Income and mining tax expense (recovery)
Current (4,202) 325 (662) 4,601
Deferred (5,618) (3,664) (10,281) (3,215)
Total income and mining tax expense (recovery) (9,820) (3,339) (10,943) 1,386
Net loss $ (3,248) $ (3,899) $ (8,607) $ (11,179)
Other comprehensive loss
Change in fair value of marketable securities (120) (360) (480) (1,260)
Total comprehensive loss $ (3,368) $ (4,259) $ (9,087) $ (12,439)
Loss per share
Basic $ (0.02) $ (0.03) $ (0.06) $ (0.08)
Diluted $ (0.02) $ (0.03) $ (0.06) $ (0.08)
Weighted average number of common
shares (000s)
Basic 148,952 142,487 147,155 142,260
Diluted 148,952 142,487 147,155 142,260
Wesdome Gold Mines Ltd.
Condensed Interim Statements of Changes in Equity
(Unaudited, expressed in thousands of Canadian dollars)
Accumulated
Other
Capital Contributed Retained Comprehensive Total
Stock Surplus Earnings Loss Equity
Balance, December 31, 2021 $ 187,911 $ 5,859 $ 201,645 $ (240) $ 395,175
Net loss for the period ended
September 30, 2022 - - (11,179) - (11,179)
Other comprehensive loss - - - (1,260) (1,260)
Exercise of options 3,031 - - - 3,031
Value attributed to RSUs exercised 638 (638) - - -
Stock-based compensation - 2,453 - - 2,453
Balance, September 30, 2022 $ 192,753 $ 6,501 $ 190,466 $ (1,500) $ 388,220
Balance, December 31, 2022 $ 205,361 $ 7,359 $ 186,939 $ (1,140) $ 398,519
Net loss for the period ended
September 30, 2023 - - (8,607) - (8,607)
At-the-Market offering:
Common shares issued for cash 31,988 - - - 31,988