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Osisko Reports Q2 2022 Results

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Osisko Reports Q2 2022 Results

 

 

 

 

 

Record cash margin of $47.8 million from royalties and streams


Operating cash flows from the royalties and streams segment of $35.0 million

 

Osisko Gold Royalties Ltd  (TSX:OR) (NYSE:OR) announced its consolidated financial results for the second quarter of 2022. Amounts presented are in Canadian dollars, except where otherwise noted.

 

Q2 2022 Financial Highlights

  • 22,243 GEOs1 earned (Q2 2021 – 20,178 GEOs);
  • Consolidated revenues of $64.0 million (Q2 2021 – $57.9 million);
    • Revenues from the royalties and streams segment2 of $51.5 million (Q2 2021 – $57.2 million, including $7.3 million from offtakes);
    • Revenues from the mining exploration and development segment3 (i.e. Osisko Development Corp.) of $12.4 million (Q2 2021 – $0.7 million);
  • Consolidated cash flows from operating activities of ($0.2 million) (Q2 2021 – $30.9 million);
    • Operating cash flows from the royalties and streams segment of $35.0 million (Q2 2021 – $37.3 million);
    • Operating cash flows from the mining exploration and development segment of ($35.2) million (Q2 2021 – ($6.4) million);
  • Cash margin4 of 93% from royalties and streams (Q2 2021 – 94%);
  • Consolidated net earnings attributable to Osisko’s shareholders of $17.2 million, or $0.09 per share (Q2 2021 – net loss of $14.8 million or $0.09 per basic share);
  • Consolidated adjusted loss4 of $4.7 million, or $0.03 per basic share (Q2 2021 – net earnings $20.2 million, $0.12 per basic share);
    • Adjusted earnings from the royalty and stream segment of $25.7 million, or $0.14 per basic share (Q2 2021 – $23.9 million, or $0.14 per basic share); and
    • Adjusted loss from the mining exploration and development segment of $30.4 million, or $0.16 per basic share (Q2 2021 – $3.7 million, or $0.02 per basic share).

 

Sandeep Singh, President and CEO of Osisko commented: “We benefited from record GEO deliveries and cash margins in Q2 despite two core assets not being at their full run rates, and we expect deliveries to continue to climb steadily in the second half of the year. The markets have become increasingly volatile, but we believe the investment thesis for Osisko has never been stronger with growing cash flows, meaningful diversification, exposure to tier-1 jurisdictions, and countless catalysts in the portfolio. And as evident with our Q2 results, our royalty and streaming business affords protection from a highly inflationary mining environment.”

 

Financial Highlights by Operating Segment
(in thousands of dollars, except per share amounts)

 

As a result of the interest held (44.1% as of June 30, 2022) and based on other facts and circumstances, the Corporation consolidates the assets, liabilities, results of operations and cash flows of the activities of Osisko Development Corp. (“Osisko Development”) and its subsidiaries. The table below provides some financial highlights per operating segment. More information per operating segment can be found in the consolidated financial statements and management’s discussion and analysis for the three and six months ended June 30, 2022.

 

 

  For the three and six months ended June 30,
  Osisko Gold Royalties (i) Osisko Development (ii) Consolidated (v)
  2022   2021   2022   2021   2022   2021  
  $ $ $ $ $ $
             
Cash (June 30, 2022 and Dec. 31, 2021) 312,981   82,291   136,302   33,407   449,283   115,698  
             
Three months ended June 30,            
Revenues 51,545   57,246   12,862   775   63,959   57,941  
Cash margin (iii) 47,789   47,150   n/a   n/a   47,789   47,150  
Gross profit 35,938   35,713   653     36,591   35,713  
Operating expenses                        
(G&A, bus. dev and exploration) (6,200 ) (6,483 ) (10,079 ) (4,649 ) (16,279 ) (11,132 )
Mining operating expenses     (20,602 )   (20,602 )  
Net earnings (loss) 18,059   16,341   (1,487 ) (41,404 ) 16,572   (25,063 )
Net earnings (loss) attributable to Osisko’s shareholders 18,059   16,341   (899 ) (31,100 ) 17,160   (14,759 )
Net earnings (loss) per share attributable to Osisko’s shareholders 0.10   0.10   (0.01 ) (0.19 ) 0.09   (0.09 )
Adjusted net earnings (loss) (iv) 25,716   23,877   (30,375 ) (3,727 ) (4,659 ) 20,150  
Adjusted net earnings (loss) per basic share (iv) 0.14   0.14   (0.16 ) (0.02 ) (0.03 ) 0.12  
             
Cash flows from operating activities            
Before working capital items 40,870   39,026   (24,913 ) (3,708 ) 15,957   35,318  
Working capital items (5,905 ) (1,685 ) (10,276 ) (2,716 ) (16,181 ) (4,401 )
After working capital items 34,965   37,341   (35,189 ) (6,424 ) (224 ) 30,917  
Cash flows from investing activities 2,573   (42,377 ) (97,759 ) (47,464 ) (95,186 ) (89,841 )
Cash flows from financing activities (125,705 ) (3,542 ) 210,225   (1,718 ) 84,520   (5,260 )
             
Six months ended June 30,            
Revenues 102,234   124,169   22,029   775   123,357   124,864  
Cash margin (iii) 95,297   93,676   n/a   n/a   95,297   93,676  
Gross profit 72,148   70,312   653     72,801   70,312  
Operating expenses                        
(G&A, bus. dev and exploration) (12,457 ) (12,511 ) (18,007 ) (9,851 ) (30,464 ) (22,362 )
Mining operating expenses     (35,848 )      
Net earnings (loss) 34,863   29,805   (23,820 ) (45,105 ) 11,043   (15,300 )
Net earnings (loss) attributable to Osisko’s shareholders 34,863   29,805   (17,377 ) (33,970 ) 17,486   (4,165 )
Net earnings (loss) per share attributable to Osisko’s shareholders 0.20   0.18   (0.10 ) (0.20 ) 0.10   (0.02 )
Adjusted net earnings (loss) (iv) 50,559   47,316   (50,982 ) (9,238 ) (423 ) 38,078  
Adjusted net earnings (loss) per basic share (iv) 0.29   0.28   (0.29 ) (0.06 ) (0.00 ) 0.23  
             
Cash flows from operating activities            
Before working capital items 80,762   78,565   (42,182 ) (1,285 ) 38,580   71,570  
Working capital items (5,290 ) (4,487 ) (9,904 ) (14,842 ) (15,194 ) (19,329 )
After working capital items 75,472   74,078   (52,086 ) (16,127 ) 23,386   52,241  
Cash flows from investing activities (13,013 ) (56,158 ) (94,445 ) (69,172 ) (107,458 ) (119,620 )
Cash flows from financing activities 159,823   (11,053 ) 247,362   33,895   407,185   22,842  

 

(i) Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and other interests segment.
(ii) Osisko Development Corp. and its subsidiaries. Represents the exploration, evaluation and development of mining projects segment.
(iii) Cash margin is a non-IFRS financial performance measure for the royalties and streams segment which has no standard definition under IFRS. It is calculated by deducting the cost of sales (excluding depletion) from the revenues. Please refer to the Non-IFRS Financial Performance Measures section of the MD&A for the three and six months ended June 30, 2022 or the Notes section at the end of this press release.
(iv) Adjusted earnings (loss) and adjusted earnings (loss) per basic share are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of the Corporation’s MD&A for the three and six months ended June 30, 2022 or the Notes section at the end of this press release.
(v) Consolidated results are net of the intersegment transactions. Refer to the Segment Disclosure section of the Corporation’s MD&A for the three and six months ended June 30, 2022.

 

Other Highlights

  • Publication of the inaugural Asset Handbook and the second edition of the environmental, social and governance report, Growing Responsibly;
  • Repayment in full of the outstanding revolving credit facility for $113.1 million;
  • Osisko Development completed the acquisition of Tintic Consolidated Metals LLC (“TCM”) and related financings, which resulted in the Corporation’s equity ownership in Osisko Development reducing from 70.1% to 44.1%;
  • Osisko Bermuda Limited entered into a binding agreement with TCM with respect to the previously announced metals stream on the Trixie test mine, as well as mineral claims covering more than 17,000 acres in Central Utah’s historic Tintic Mining District (the “Tintic Property”), for US$20.0 million in exchange for 2.5% of all metals produced and a transfer price of 25% of the spot prices;
  • Quarterly dividend of $0.055 per common share paid on July 15, 2022 to shareholders of record as of the close of business on June 30, 2022;
  • In July 2022, the Corporation purchased for cancellation a total of 659,520 common shares for $8.3 million (average acquisition price per share of $12.65) under its 2022 NCIB program; and
  • Declaration of a quarterly dividend of $0.055 per common share payable on October 14, 2022 to shareholders of record as of the close of business on September 30, 2022.

 

Qualified Person

 

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at Osisko Gold Royalties Ltd, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

About Osisko Gold Royalties Ltd

 

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 165 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.

 

 

Notes:

(1)   Gold Equivalent Ounces

 

GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period. Offtake agreements are converted using the financial settlement equivalent divided by the average gold price for the period.

 

Average Metal Prices and Exchange Rate

  Three months ended
June 30,
  Six months ended
June 30,
    2022   2021     2022   2021
           
Gold(i) $ 1,871 $ 1,816   $ 1,874 $ 1,805
Silver(ii) $ 23 $ 27   $ 23 $ 26
           
Exchange rate (US$/Can$)(iii)   1.2768   1.2282     1.2715   1.2471

 

  (i) The London Bullion Market Association’s pm price in U.S. dollars.
  (ii) The London Bullion Market Association’s price in U.S. dollars.
  (iii) Bank of Canada daily rate.

(2)   The royalties and streams segment refers to the royalty, stream and other interests segment, which corresponds to the activities of Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries.

(3)   The mining exploration and development segment refers to the mining exploration, evaluation and development segment, which corresponds to the activities of Osisko Development Corp. and its subsidiaries.

(4)   Non-IFRS Measures

The Corporation has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) including (i) cash margin (in dollars and in percentage) for the royalties and streams segment, (ii) adjusted earnings (loss) and (iii) adjusted earnings (loss) per share. The presentation of these non-IFRS measures 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 IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. As Osisko’s operations are primarily focused on precious metals, the Corporation presents cash margins and adjusted earnings as it believes that certain investors use this information, together with measures determined in accordance with IFRS, to evaluate the Corporation’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. However, other companies may calculate these non-IFRS measures differently.

 

 

Cash Margin (in dollars and in percentage of revenues)

 

Cash margin (in dollars) represents revenues from the royalties and streams segment less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in dollars) divided by revenues from the royalties and streams segment.

 

    Three months ended
June 30,
  Six months ended
June,
 
    2022   2021   2022   2021  
    $   $   $   $  
           
  Royalty and stream interests        
  Total Revenues 63,959   57,941   123,357   124,864  
  Less: Revenues from mining activities (Osisko Development) (12,414 ) (695 ) (21,123 ) (695 )
  Less: Revenues from offtake interests   (7,339 )   (25,265 )
  Revenues from royalty and stream interests 51,545   49,907   102,234   98,904  
           
  Total Cost of sales (15,318 ) (10,791 ) (26,480 ) (31,188 )
  Less: Cost of sales from mining activities (Osisko Development) 11,562   695   19,543   695  
  Less: Cost of sales from offtake interests   7,104     24,343  
  Cost of sales of royalty and stream interests (3,756 ) (2,992 ) (6,937 ) (6,150 )
           
           
  Revenues from royalty and stream interests 51,545   49,907   102,234   98,904  
  Less: Cost of sales of royalty and stream interests (3,756 ) (2,992 ) (6,937 ) (6,150 )
  Cash margin (in dollars) – royalty and stream interests 47,789   46,915   95,297   92,754  
           
  Cash margin (in percentage of revenues) – royalty and stream interests 93 % 94 % 93 % 94 %
           
  Offtake interests        
  Revenues from offtake interests   7,339     25,265  
  Less: Cost of sales of offtake interests   (7,104 )   (24,343 )
  Cash margin (in dollars)   235     922  
           
  Cash margin (in percentage of revenues)   3 %   4 %

 

 

Adjusted earnings (loss) and adjusted earnings (loss) per basic share

 

Adjusted earnings (loss) is defined as: net earnings (loss) adjusted for certain items: foreign exchange gain (loss), impairment of assets (including impairment on financial assets and investments in associates), gains (losses) on disposal of exploration and evaluation assets, unrealized gain (loss) on investments, share of loss of associates, deferred premium income on flow-through shares, deferred income tax expense (recovery), transaction costs and other items such as non-cash gains (losses).

 

Adjusted earnings (loss) per basic share is obtained from the adjusted earnings (loss) divided by the weighted average number of common shares outstanding for the period.

 

  For the three months ended June 30,
  2022 2021
  Osisko Gold
Royalties (i)
  Osisko Development (ii)   Consolidated   Osisko Gold
Royalties (i)
  Osisko Development (ii)   Consolidated  
(in thousands of dollars, except per share amounts) $   $   $   $   $   $  
             
Net earnings (loss) 18,059   (1,487 ) 16,572   16,341   (41,404 ) (25,063 )
             
Adjustments:            
Impairment of assets 384     384     40,479   40,479  
Foreign exchange (gain) loss (7,593 ) (1,563 ) (9,156 ) (169 ) 791   622  
Unrealized loss (gain) on investments 5,574   (11,697 ) (6,123 ) 1,553   13   1,566  
Variation of fair value of derivative instruments   (19,381 ) (19,381 )      
Share of loss of associates 1,078   141   1,219   1,111   750   1,861  
Deferred premium income on flow-through shares   (573 ) (573 )   (2,798 ) (2,798 )
Transaction cost – Tintic   2,664   2,664        
Deferred income tax expense (recovery) 8,214   1,521   9,735   5,041   (1,558 ) 3,483  
             
Adjusted earnings (loss) 25,716   (30,375 ) (4,659 ) 23,877   (3,727 ) 20,150  
             
Weighted average number of common shares outstanding (000’s) 185,316   185,316   185,316   167,895   167,895   167,895  
             
Adjusted earnings (loss) per basic share 0.14   (0.16 ) (0.03 ) 0.14   (0.02 ) 0.12  

 

  For the six months ended June 30,
  2022   2021  
  Osisko Gold
Royalties (i)
  Osisko Development (ii)   Consolidated   Osisko Gold
Royalties (i)
  Osisko Development (ii)   Consolidated  
(in thousands of dollars, except per share amounts) $   $   $   $   $   $  
             
Net earnings (loss) 34,863   (23,820 ) 11,043   29,805   (45,105 ) (15,300 )
             
Adjustments:            
Impairment of assets 904     904   4,400   40,479   44,879  
Foreign exchange loss (gain) (8,469 ) (2,087 ) (10,556 ) (140 ) 1,535   1,395  
Unrealized (gain) loss on investments 11,414   (11,469 ) (55 ) 2,942   (1,297 ) 1,645  
Variation of fair value of derivative instruments   (19,381 ) (19,381 )      
Share of (earnings) loss of associates (1,526 ) 472   (1,054 ) 736   1,157   1,893  
Deferred premium income on flow-through shares   (914 ) (914 )   (3,267 ) (3,267 )
Transaction cost – Tintic   4,727   4,727        
Deferred income tax expense (recovery) 13,373   1,490   14,863   9,573   (2,740 ) 6,833  
             
Adjusted earnings (loss) 50,559   (50,982 ) (423 ) 47,316   (9,238 ) 38,078  
             
Weighted average number of common shares outstanding (000’s) 176,182   176,182   176,182   167,696   167,696   167,696  
             
Adjusted earnings (loss) per basic share 0.29   (0.29 ) 0.00   0.28   (0.06 ) 0.23  

(i)   Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and other interests segment.
(ii)   Osisko Development Corp. and its subsidiaries. Represents the mining exploration, evaluation and development segment.

 

 

 

 

Osisko Gold Royalties Ltd
Consolidated Balance Sheets
(tabular amounts expressed in thousands of Canadian dollars)

  June 30,     December 31,  
  2022     2021  
  $     $  
       
Assets      
       
Current assets      
       
Cash 449,283     115,698  
Amounts receivable 27,736     14,691  
Inventories 26,361     18,596  
Other assets 6,698     3,941  
  510,078     152,926  
       
Non-current assets      
       
Investments in associates 126,523     125,354  
Other investments 113,302     169,010  
Royalty, stream and other interests 1,148,482     1,154,801  
Mining interests and plant and equipment 836,706     635,655  
Exploration and evaluation 42,758     3,635  
Goodwill 111,204     111,204  
Other assets 34,381     18,037  
  2,923,434     2,370,622  
       
Liabilities      
       
Current liabilities      
       
Accounts payable and accrued liabilities 33,341     30,049  
Dividends payable 10,177     9,157  
Provisions and other liabilities 12,663     12,179  
Current portion of long-term debt 300,600     294,891  
  356,781     346,276  
       
Non-current liabilities      
       
Provisions and other liabilities 89,855     60,334  
Long-term debt 4,636     115,544  
Deferred income taxes 96,417     68,407  
  547,689     590,561  
       
Equity      
       
Share capital 2,085,642     1,783,689  
Warrants     18,072  
Contributed surplus 59,383     42,525  
Equity component of convertible debentures 14,510     14,510  
Accumulated other comprehensive income 28,010     58,851  
Deficit (305,499 )   (283,042 )
Equity attributable to Osisko Gold Royalties Ltd’s shareholders 1,882,046     1,634,605  
Non-controlling interests 493,699     145,456  
Total equity 2,375,745     1,780,061  
  2,923,434     2,370,622  

 

 

 

Osisko Gold Royalties Ltd
Consolidated Statements of Income (Loss)
For the three and six months June 30, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

  Three months ended
June 30,
    Six months ended
June 30,
 
  2022     2021     2022     2021  
  $     $     $     $  
               
Revenues 63,959     57,941     123,357     124,864  
               
Cost of sales (15,318 )   (10,791 )   (26,480 )   (31,188 )
Depletion and amortization (12,050 )   (11,437 )   (24,076 )   (23,364 )
Gross profit 36,591     35,713     72,801     70,312  
               
Other operating expenses              
General and administrative (14,875 )   (9,171 )   (27,519 )   (19,077 )
Business development (1,260 )   (1,118 )   (2,681 )   (2,105 )
Exploration and evaluation (144 )   (843 )   (264 )   (1,180 )
Mining operating expenses (20,602 )       (35,848 )    
Impairments – royalty, stream and other interests             (2,288 )
Impairments – mining exploration, evaluation and development     (40,479 )       (40,479 )
Operating (loss) income (290 )   (15,898 )   6,489     5,183  
Interest income 2,292     1,348     3,483     2,658  
Finance costs (7,310 )   (5,884 )   (13,683 )   (12,027 )
Foreign exchange gain (loss) 9,405     (406 )   10,592     (1,535 )
Share of (loss) income of associates (1,219 )   (1,861 )   1,054     (1,893 )
Other gains (losses), net 23,884     1,629     18,660     (281 )
Earnings (loss) before income taxes 26,762     (21,072 )   26,595     (7,895 )
Income tax expense (10,190 )   (3,991 )   (15,552 )   (7,405 )
Net earnings (loss) 16,572     (25,063 )   11,043     (15,300 )
               
Net earnings (loss) attributable to:              
Osisko Gold Royalties Ltd’s shareholders 17,159     (14,759 )   17,485     (4,165 )
Non-controlling interests (587 )   (10,304 )   (6,442 )   (11,135 )
               
Net earnings (loss) per share              
Basic and diluted 0.09     (0.09 )   0.10     (0.02 )

 

 

 

 

 

 

 

Osisko Gold Royalties Ltd
Consolidated Statements of Cash Flows
For the three and six months ended June 30, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars)

  Three months ended
June 30,
    Six months ended
June 30,
 
  2022     2021     2022     2021  
  $   $   $   $
               
Operating activities              
Net earnings (loss) 16,572     (25,063 )   11,043     (15,300 )
Adjustments for:              
Share-based compensation 2,525     2,090     6,156     5,390  
Depletion and amortization 15,983     11,794     31,000     24,055  
Impairment of assets 384     40,479     904     44,879  
Finance costs 2,570     1,716     4,715     3,555  
Share of loss of associates 1,219     1,861     (1,054 )   1,893  
Net gain on acquisition of investments     (211 )   (48 )   (649 )
Change in fair value of financial assets and liabilities at fair value through profit and loss (12,106 )   1,777     (3,930 )   3,685  
Net gain on dilution of investments (1,544 )       (3,604 )   (1,391 )
Gain in deemed disposal of associate (11,854 )       (11,854 )    
Foreign exchange (gain) loss (9,156 )   622     (10,556 )   1,395  
Flow-through shares premium income (573 )   (2,798 )   (914 )   (3,268 )
Deferred income tax expense 9,735     3,483     14,863     6,833  
Other 2,202     (432 )   1,859     493  
Net cash flows provided by operating activities
before changes in non-cash working capital items
15,957     35,318     38,580     71,570  
Changes in non-cash working capital items (16,181 )   (4,401 )   (15,194 )   (19,329 )
Net cash flows (used in) provided by operating activities (224 )   30,917     23,386     52,241  
               
Investing activities              
Acquisition of Tintic, net of cash acquired (62,189 )       (62,189 )    
Acquisition of investments (384 )   (4,026 )   (11,118 )   (13,837 )
Proceeds on disposal of investments 3,186     8,338     24,241     28,109  
Acquisition of royalty and stream interests     (39,085 )   (9,290 )   (42,877 )
Mining assets and plant and equipment (20,973 )   (53,839 )   (34,007 )   (89,651 )
Exploration and evaluation expenses, net (681 )   (1,028 )   (686 )   (1,163 )
Reclamation deposits, net (13,371 )       (13,371 )    
Other (774 )   (201 )   (1,038 )   (201 )
Net cash flows used in investing activities (95,186 )   (89,841 )   (107,458 )   (119,620 )
               
Financing activities              
Bought deal equity financing         311,962      
Share issue costs (1,125 )       (13,941 )    
Increase in long-term debt 3,666         7,536     50,000  
Repayment of long-term debt (115,095 )       (115,700 )   (50,000 )
Investments from minority shareholders 213,153         255,543     38,841  
Share issue expenses from investments from minority shareholders (5,108 )       (7,238 )   (2,581 )
Exercise of share options and shares issued under the share purchase plan 312     8,129     934     13,107  
Normal course issuer bid purchase of common shares         (4,879 )   (4,464 )
Dividends paid (9,755 )   (7,914 )   (18,478 )   (15,696 )
Capital payments on lease liabilities (1,060 )   (1,928 )   (6,332 )   (2,780 )
Withholding taxes on settlement of restricted and deferred share units (1,800 )   (3,544 )   (2,224 )   (3,582 )
Other 1,332     (3 )   2     (3 )
Net cash flows provided by (used in) financing activities 84,520     (5,260 )   407,185     22,842  
               
(Decrease) increase in cash before effects of exchange rate changes on cash (10,890 )   (64,184 )   323,113     (44,537 )
Effects of exchange rate changes on cash 10,723     (1,483 )   10,472     (3,024 )
(Decrease) increase in cash (167 )   (65,667 )   333,585     (47,561 )
Cash – beginning of period 449,450     320,630     115,698     302,524  
Cash  – end of period 449,283     254,963     449,283     254,963  

 

Posted August 11, 2022

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