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Wesdome Announces Third Quarter 2023 Financial Results

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Wesdome Announces Third Quarter 2023 Financial Results

 

 

 

 

 

Wesdome Gold Mines Ltd. (TSX: WDO) announces third quarter financial results.

 

Third Quarter 2023 Highlights

  • Payable gold production in the third quarter was 27,760 ounces at cash costs per ounce1 of $1,755 (US$1,308) and all-in sustaining costs 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 loss1 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 ($/sh) (0.02 ) (0.03 ) (0.06 ) (0.08 )
Adjusted attributable net loss1 (2,573 ) (3,899 ) (4,330 ) (2,329 )
Adjusted attributable net loss1 ($/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 costs1 ($/oz) 1,755   1,628   1,633   1,485  
All-in sustaining costs1 ($/oz) 2,711   2,217   2,293   1,975  
All-in sustaining costs1 (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 milled1 503 475 485 412
         
Cash margin1 ($/oz) 1,134 774 1,202 966
Cash costs1 ($/oz) 1,442 1,473 1,380 1,377
All-in sustaining costs1 ($/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 milled1 402 869 419 643
         
Cash margin1 ($/oz) 0 280 258 568
Cash costs1 ($/oz) 2,585 1,963 2,365 1,746
All-in sustaining costs1 ($/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 sold1 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

 

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 as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission 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.

 

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  
Agents’ fees and issuance costs   (1,366 )                       (1,366 )
Other comprehensive loss                     (480 )     (480 )
Exercise of options   676                         676  
Value attributed to options exercised   276       (276 )                  
Value attributed to RSUs exercised   616       (616 )                  
Value attributed to PSUs exercised   371       (371 )                  
Stock-based compensation         3,653                   3,653  
Balance, September 30, 2023 $ 237,922     $ 9,749     $ 178,332     $ (1,620 )   $ 424,383  

 

 

Wesdome Gold Mines Ltd.

Condensed Interim Statements of Cash Flows
(Unaudited, expressed in thousands of Canadian dollars)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
        2023       2022       2023       2022  
                   
                   
Operating Activities                  
Net loss     $ (3,248 )   $ (3,899 )   $ (8,607 )   $ (11,179 )
Depreciation and depletion       23,987       11,464       71,327       31,134  
Stock-based compensation       328       823       3,653       2,453  
Accretion of decommissioning provisions       269       239       759       618  
Deferred income and mining tax recovery       (5,618 )     (3,664 )     (10,281 )     (3,215 )
Amortization of deferred financing cost       133       99       397       268  
Interest expense       1,114       588       3,598       1,167  
(Gain) loss on disposal of mining equipment       (5 )     74       312       62  
Impairment of investment in associate       900             3,600       11,800  
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  
Loss (gain) on dilution of ownership       91       35       (137 )     669  
Foreign exchange loss (gain) on borrowings       4       1,569       (3 )     1,460  
Net changes in non-cash working capital       13,275       6,978       (13,498 )     25,884  
Mining and income tax refund (paid)       12,508       (2,758 )     9,474       (13,961 )
Net cash from operating activities       45,076       12,945       64,175       54,939  
                   
Financing Activities                  
Proceeds from At-the-Market offering                   31,988        
Agents’ fees and issuance costs       (35 )           (1,366 )      
Proceeds from revolving credit facility       10,000       25,928       10,000       40,884  
Repayment of revolving credit facility       (10,013 )           (25,931 )     (14,810 )
Exercise of options                   676       3,031  
Repayment of lease liabilities       (1,208 )     (2,300 )     (4,402 )     (6,731 )
Deferred financing costs             (1,079 )           (1,079 )
Interest paid       (1,114 )     (588 )     (3,598 )     (1,167 )
Net cash (used in) from financing activities       (2,370 )     21,961       7,367       20,128  
                   
Investing Activities                  
Additions to mining properties       (31,654 )     (11,058 )     (72,235 )     (24,380 )
Additions to mines under development             (22,780 )           (82,393 )
Purchase of exploration property                   (200 )      
Funds held against standby letter of credit       (1,542 )     (25 )     (1,542 )     (519 )
Proceeds on disposal of mining equipment       5       182       832       202  
Net cash used in investing activities       (33,191 )     (33,681 )     (73,145 )     (107,090 )
                   
Increase (decrease) in cash       9,515       1,225       (1,603 )     (32,023 )
Cash – beginning of period       22,067       23,516       33,185       56,764  
Cash – end of period     $ 31,582     $ 24,741     $ 31,582     $ 24,741  
                   

 

Posted November 9, 2023

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