Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces second quarter (“Q2 2021”) financial results. All
figures are stated in Canadian dollars unless otherwise noted.
Mr. Duncan Middlemiss, President and CEO commented, “Strong gold
production in the second quarter of 30,375 ounces drove significant
improvement in cost performance. Cash costs of $814 per ounce
(US$663) and AISC of $1,240 (US$1,009), a decrease of 24% and 17%
respectively over Q1 2021. H1 2021 production of 52,939 ounces, and
cash costs of US$745 per ounce and AISC of US$1,085 per ounce has
us well positioned to deliver on both our production and cost
guidance for the year at Eagle River Mine Complex (92,000 – 105,000
ounces at cash costs of US$680 – 770 and AISC of US$980 – 1,090).
Cash margins also improved quarter on quarter with $40.1 million
earned in Q2 compared to $21.8 million in Q1. Cash position
increased to $67.8 million compared to $63.9 million in the
previous quarter.
During Q2, there were some one-time non-cash items which
impacted net income. After announcing a restart of operations at
Kiena on May 26, we recorded an impairment reversal charge of $58.6
million pre-tax ($36.3 million after-tax), as well, we had an
after-tax gain on the disposal of the Moss Lake mineral properties
of $34.5 million. Consequently, net income was $87.8 million, or
$0.63 per share. Net income adjusted for these one-off items was
$17.0 million, or $0.12 per share.
As a result of the above items and also due to a higher capital
spending rate at Kiena, free cash outflow for the quarter was $9.1
million. A total of $24.1M was spent at Kiena in Q2 in preparation
for the production restart that was approved by the Board of
Directors of the Company late in May. This decision was based on
the positive outcome of the independent Pre-Feasibility Study
published earlier this year. The investment includes $13.7 of mine
development and restart costs, $7.2M on mobile and fixed equipment
purchases, including headframe bin repairs and hoist system
upgrades. As a result of the preparatory work the mill was
restarted on July 12, and has been successfully processing S50 ore
since then. As well, work is underway to prepare the A Zone for its
first production stope starting in August, slightly ahead of
schedule. In addition, $3.2M was spent in surface and underground
exploration, which has confirmed the discovery of the new footwall
zone in the Kiena Deep.”
Key operating and financial highlights of the Q2 2021
results include:
- Gold production of 30,375 ounces
from the Eagle River Complex, a 21% increase over the same period
in the previous year (Q2 2020: 25,142 ounces):
- Eagle River Underground 63,057
tonnes at a head grade of 15.1 grams per tonne for 29,836 ounces
produced, 24% increase over the previous year (Q2 2020: 24,117
ounces).
- Mishi Open Pit 9,347 tonnes at a
head grade of 2.4 g/t Au for 539 ounces produced (Q2 2020: 1,026
ounces).
- Revenue of $63.9 million, a 17%
increase over the previous year (Q2 2020: $54.8 million).
- Ounces sold were 28,500 at an
average sales price of $2,239/oz (Q2 2020: 23,140 ounces at an
average price of $2,365/oz).
- Cash margin1 of $40.6 million, a
18.0% increase over Q2 2020 (Q2 2020 - $34.3 million).
- Operating cash flow of $26.9 million
or $0.19 per share1 as compared to $30.3 million or $0.22 per share
for the same period in 2020.
- Free cash outflow of $9.1 million,
net of an investment of $24.1 million in Kiena, or ($0.07) per
share1 (Q2 2020: free cash flow of $17.8 million or $0.13 per
share).
- Net income of $87.8 million or $0.63
per share (Q2 2020: $16.1 million or $0.12 per share) and Net
income (adjusted)1 of $17.0 million or $0.12 per share (Q2 2020:
$16.1 million or $0.12 per share).
- Cash position increased to $67.8
million compared to $63.9 million in the previous quarter.
- Cash costs1 of $814/oz or US$663/oz,
an 8% decrease over the same period in 2020 (Q2 2020: $882/oz or
US$637/oz).
- All-in sustaining costs (“AISC”) 1
of $1,240/oz or US$1,009/oz, a 2% increase over the same period in
2020 (Q2 2020: $1,218/oz or US$879/oz), due to higher sustaining
capital, corporate and general expenses and lease payments, which
was partially offset by a 23% increase in ounces sold.
- Refer to the Company’s 2021 Second
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 |
- The Eagle
River underground ore production increased to 693 tpd in Q2 2021
due to the ventilation system upgrade that occurred in the previous
quarter, which included the development of the 640 m ramp to
provide a connection with the main ramp, a new ventilation raise
underground, and the installation of a second fan on surface.
Operational efficiencies have also contributed positively.
-
Definition drilling and initial sill development continues at the
Falcon Zone, which will provide an opportunity to assess the gold
mineralization of the Falcon Zone in the volcanic rocks. 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.
- Surface
drilling is ongoing both east and west of the mine to follow up on
anomalous values returned from regional drilling program in
2020.
|
Kiena |
- The
Preliminary Feasibility Study (“PFS”) was completed in Q2 2021 and
based on the positive results the operations will restart in H2
2021. Mineral reserves are over 1.5M tonnes at a head grade of
11.89 g/t for a total of 602,000 ounces. Remaining mineral
resources (exclusive of mineral reserves) for the Kiena Complex
total 0.6M tonnes grading 7.6 g/t Au totaling 156,500 ounces of
gold and remaining inferred resources totaling 3.4 million tonnes
grading 5.9 g/t Au for 649, 200 ounces.
- 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.
- The discovery of the high-grade
Footwall Zone could have significant positive impacts on the
resources, the ounces per vertical metre, and the overall project
economics. This drilling highlights the potential to add ounces not
only in this area but illustrates the untested potential of the
entire gold system around the Kiena mine. This footwall zone will
be one of the zones of focus for the continuing drilling.
- 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. Hole 6750 returned
122.1 g/t Au over 7.5 m core length (26.7 g/t Au capped, 4.7 m true
width).
- Surface
drilling is ongoing with a 42,000 m drilling program. These initial
targets are located along the Marbenite Fault (within 1.5 km from
Kiena Mine Complex).
- Wesdome
purchased 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 Second Quarter
Financial Results Conference Call
North American Toll Free: + 1
(844) 202-7109International Dial-In Number:
+1 (703) 639-1272Conference ID:
9491665 Webcast link:
https://edge.media-server.com/mmc/p/xxgwkhekThe
webcast can also be accessed under the News and Events section of
the Company’s website (www.wesdome.com)
Webcast can also be accessed under the News and Events section
of the Company’s website (www.wesdome.com)
ABOUT WESDOMEWesdome is
Canadian focused with a pipeline of projects in various stages of
development. 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. Wesdome is actively exploring its
brownfields asset, the Kiena Complex in Val d’Or, Québec. The Kiena
Complex is a fully permitted former 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. 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 |
duncan.middlemiss@wesdome.com |
|
lindsay.dunlop@wesdome.com |
|
|
|
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 |
Six Months
Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Operating data |
|
|
|
|
|
|
|
|
|
|
Milling (tonnes) |
|
|
|
|
|
|
|
|
|
|
Eagle
River |
|
63,057 |
|
|
42,349 |
|
|
116,596 |
|
|
98,223 |
|
Mishi |
|
9,347 |
|
|
13,721 |
|
|
26,567 |
|
|
24,768 |
|
Throughput
2 |
|
72,404 |
|
|
56,070 |
|
|
143,163 |
|
|
122,991 |
|
Head
grades (g/t) |
|
|
|
|
|
|
|
|
|
|
Eagle
River |
|
15.1 |
|
|
18.1 |
|
|
14.1 |
|
|
15.8 |
|
Mishi |
|
2.4 |
|
|
2.9 |
|
|
2.4 |
|
|
2.7 |
|
Recovery (%) |
|
|
|
|
|
|
|
|
|
|
Eagle
River |
|
97.4 |
|
|
97.9 |
|
|
97.3 |
|
|
97.6 |
|
Mishi |
|
76.1 |
|
|
79.8 |
|
|
81.9 |
|
|
77.8 |
|
Production (ounces) |
|
|
|
|
|
|
|
|
|
|
Eagle
River |
|
29,836 |
|
|
24,117 |
|
|
51,232 |
|
|
48,574 |
|
Mishi |
|
539 |
|
|
1,026 |
|
|
1,707 |
|
|
1,690 |
|
Total gold produced 2 |
|
30,375 |
|
|
25,142 |
|
|
52,939 |
|
|
50,264 |
|
Total gold sales (ounces) |
|
28,500 |
|
|
23,140 |
|
|
50,957 |
|
|
49,640 |
|
|
|
|
|
|
|
|
|
|
|
|
Eagle River Complex (per ounce of gold sold)
1 |
|
|
|
|
|
|
|
|
Average
realized price |
$ |
2,239 |
|
$ |
2,365 |
|
$ |
2,232 |
|
$ |
2,257 |
|
Cash
costs |
|
814 |
|
|
882 |
|
|
930 |
|
|
1,009 |
|
Cash
margin |
$ |
1,425 |
|
$ |
1,483 |
|
$ |
1,302 |
|
$ |
1,248 |
|
All-in
Sustaining Costs 1 |
$ |
1,240 |
|
$ |
1,218 |
|
$ |
1,353 |
|
$ |
1,327 |
|
|
|
|
|
|
|
|
|
|
|
|
Mine
operating costs/tonne milled 1 |
$ |
324 |
|
$ |
331 |
|
$ |
330 |
|
$ |
383 |
|
|
|
|
|
|
|
|
|
|
|
|
Average 1
USD → CAD exchange rate |
|
1.2282 |
|
|
1.3853 |
|
|
1.247 |
|
|
1.3651 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash costs
per ounce of gold sold (US$) 1 |
$ |
663 |
|
$ |
637 |
|
$ |
745 |
|
$ |
739 |
|
All-in
Sustaining Costs (US$) 1 |
$ |
1,009 |
|
$ |
879 |
|
$ |
1,085 |
|
$ |
972 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Data |
|
|
|
|
|
|
|
|
|
|
Cash margin
1 |
$ |
40,590 |
|
$ |
34,304 |
|
$ |
62,366 |
|
$ |
61,923 |
|
Net
income |
$ |
87,807 |
|
$ |
16,097 |
|
$ |
94,910 |
|
$ |
27,610 |
|
Net income
adjusted 1 |
$ |
17,028 |
|
$ |
16,097 |
|
$ |
24,131 |
|
$ |
27,610 |
|
Earnings
before interest, taxes, depreciation and amortization 1 |
$ |
32,812 |
|
$ |
30,347 |
|
$ |
51,474 |
|
$ |
55,761 |
|
Operating
cash flow |
$ |
26,875 |
|
$ |
30,348 |
|
$ |
48,908 |
|
$ |
63,839 |
|
Free cash
flow |
$ |
(9,131 |
) |
$ |
17,793 |
|
$ |
(9,032 |
) |
$ |
34,527 |
|
Per share
data |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
0.63 |
|
$ |
0.12 |
|
$ |
0.68 |
|
$ |
0.20 |
|
Adjusted net income 1 |
$ |
0.12 |
|
$ |
0.12 |
|
$ |
0.17 |
|
$ |
0.20 |
|
Operating cash flow 1 |
$ |
0.19 |
|
$ |
0.22 |
|
$ |
0.35 |
|
$ |
0.46 |
|
Free cash flow 1 |
$ |
(0.07 |
) |
$ |
0.13 |
|
$ |
(0.06 |
) |
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
- Refer to the Company’s 2021 Second
Quarter Management Discussion and Analysis, section entitled
“Non-IFRS Performance Measures” for the reconciliation of these
non-IFRS measurements to the financial statements.
- Totals for tonnage and gold ounces
information may not add due to rounding.
Wesdome Gold Mines
Ltd.Consolidated Statements of Financial
Position(Expressed in thousands of Canadian dollars)
|
|
|
|
|
As at June30, 2021 |
|
As at December31, 2020 |
Assets |
|
|
|
Current |
|
|
|
Cash and cash equivalents |
$ |
67,799 |
|
$ |
63,480 |
Receivables and prepaids |
|
10,997 |
|
|
8,974 |
Share consideration receivable |
|
4,882 |
|
|
- |
Inventories |
|
16,761 |
|
|
12,451 |
Total
current assets |
|
100,439 |
|
|
84,905 |
|
|
|
|
Restricted
cash |
|
657 |
|
|
657 |
Deferred
financing costs |
|
938 |
|
|
827 |
Mining
properties, plant and equipment |
|
193,641 |
|
|
128,670 |
Mines under
development |
|
151,651 |
|
|
- |
Exploration
properties |
|
15,202 |
|
|
143,524 |
Share
consideration receivable |
|
13,265 |
|
|
- |
Investment
in associate |
|
19,466 |
|
|
- |
Total
assets |
$ |
495,259 |
|
$ |
358,583 |
|
|
|
|
Liabilities |
|
|
|
Current |
|
|
|
Payables and accruals |
$ |
23,088 |
|
$ |
21,123 |
Income and mining tax payable |
|
3,466 |
|
|
3,481 |
Current portion of lease liabilities |
|
6,744 |
|
|
5,901 |
Total
current liabilities |
|
33,298 |
|
|
30,505 |
|
|
|
|
Lease
liabilities |
|
6,465 |
|
|
5,604 |
Deferred
income and mining tax liabilities |
|
73,198 |
|
|
37,354 |
Decommissioning provisions |
|
21,794 |
|
|
22,270 |
Total
liabilities |
|
134,755 |
|
|
95,733 |
|
|
|
|
Equity |
|
|
|
Equity
attributable to owners of the Company |
|
|
|
Capital stock |
|
182,144 |
|
|
179,540 |
Contributed surplus |
|
6,612 |
|
|
6,472 |
Retained earnings |
|
171,748 |
|
|
76,838 |
Total equity
attributable to owners of the Company |
|
360,504 |
|
|
262,850 |
|
$ |
495,259 |
|
$ |
358,583 |
|
|
|
|
Wesdome Gold Mines
Ltd.Consolidated Statements of Income (loss) and
Comprehensive Income (loss)(Expressed in thousands of
Canadian dollars except for per share amounts)
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Revenues |
$ |
63,881 |
|
|
$ |
54,772 |
|
|
$ |
109,854 |
|
|
$ |
112,104 |
|
Cost
of sales |
|
(29,774 |
) |
|
|
(26,826 |
) |
|
|
(60,038 |
) |
|
|
(64,416 |
) |
Gross profit |
|
34,107 |
|
|
|
27,946 |
|
|
|
49,816 |
|
|
|
47,688 |
|
|
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
|
|
Corporate
and general |
|
2,841 |
|
|
|
1,805 |
|
|
|
5,232 |
|
|
|
3,776 |
|
Stock-based
compensation |
|
1,203 |
|
|
|
1,340 |
|
|
|
1,513 |
|
|
|
1,744 |
|
Reversal of
impairment charges |
|
(58,563 |
) |
|
|
- |
|
|
|
(58,563 |
) |
|
|
- |
|
Write-down
of exploration properties |
|
3,113 |
|
|
|
- |
|
|
|
3,113 |
|
|
|
- |
|
|
|
(51,406 |
) |
|
|
3,145 |
|
|
|
(48,705 |
) |
|
|
5,520 |
|
|
|
|
|
|
|
|
|
Operating income |
|
85,513 |
|
|
|
24,801 |
|
|
|
98,521 |
|
|
|
42,168 |
|
|
|
|
|
|
|
|
|
Gain on sale
of Moss Lake exploration properties |
|
39,143 |
|
|
|
- |
|
|
|
39,143 |
|
|
|
- |
|
Interest
expense |
|
(271 |
) |
|
|
(284 |
) |
|
|
(530 |
) |
|
|
(539 |
) |
Accretion of
decommissioning provisions |
|
(124 |
) |
|
|
(52 |
) |
|
|
(234 |
) |
|
|
(177 |
) |
Share of
loss of associate |
|
(89 |
) |
|
|
- |
|
|
|
(89 |
) |
|
|
- |
|
Fair value
adjustment on share consideration receivable |
|
(8 |
) |
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
Other income
(expenses) |
|
(400 |
) |
|
|
(204 |
) |
|
|
(703 |
) |
|
|
91 |
|
Income
before income and mining taxes |
|
123,764 |
|
|
|
24,261 |
|
|
|
136,100 |
|
|
|
41,543 |
|
|
|
|
|
|
|
|
|
Income and mining tax expense |
|
|
|
|
|
|
|
Current |
|
4,250 |
|
|
|
1,769 |
|
|
|
5,346 |
|
|
|
4,039 |
|
Deferred |
|
31,707 |
|
|
|
6,395 |
|
|
|
35,844 |
|
|
|
9,894 |
|
|
|
35,957 |
|
|
|
8,164 |
|
|
|
41,190 |
|
|
|
13,933 |
|
|
|
|
|
|
|
|
|
Net
income and total |
|
|
|
|
|
|
|
comprehensive income |
$ |
87,807 |
|
|
$ |
16,097 |
|
|
$ |
94,910 |
|
|
$ |
27,610 |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
Basic |
$ |
0.63 |
|
|
$ |
0.12 |
|
|
$ |
0.68 |
|
|
$ |
0.20 |
|
Diluted |
$ |
0.62 |
|
|
$ |
0.11 |
|
|
$ |
0.67 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
Weighted average number of common |
|
|
|
|
|
|
|
shares (000s) |
|
|
|
|
|
|
|
Basic |
|
139,754 |
|
|
|
138,918 |
|
|
|
139,587 |
|
|
|
138,691 |
|
Diluted |
|
142,630 |
|
|
|
142,430 |
|
|
|
142,454 |
|
|
|
142,227 |
|
|
|
|
|
|
|
|
|
Wesdome Gold Mines
Ltd.Consolidated Statements of Total
Equity(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 |
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
- |
|
|
|
- |
|
|
|
27,610 |
|
|
|
27,610 |
|
Exercise of
options |
|
1,782 |
|
|
|
- |
|
|
|
- |
|
|
|
1,782 |
|
Value
attributed to options exercised |
|
825 |
|
|
|
(825 |
) |
|
|
- |
|
|
|
- |
|
Value
attributed to RSUs exercised |
|
577 |
|
|
|
(577 |
) |
|
|
- |
|
|
|
- |
|
Stock-based
compensation |
|
- |
|
|
|
1,744 |
|
|
|
- |
|
|
|
1,744 |
|
Balance,
June 30, 2020 |
$ |
177,973 |
|
|
$ |
5,932 |
|
|
$ |
53,733 |
|
|
$ |
237,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2020 |
$ |
179,540 |
|
|
$ |
6,472 |
|
|
$ |
76,838 |
|
|
$ |
262,850 |
|
Net income
for the period ended |
|
|
|
|
|
|
|
|
|
June 30, 2021 |
|
- |
|
|
|
- |
|
|
|
94,910 |
|
|
|
94,910 |
|
Exercise of
options |
|
1,231 |
|
|
|
- |
|
|
|
- |
|
|
|
1,231 |
|
Value
attributed to options exercised |
|
587 |
|
|
|
(587 |
) |
|
|
- |
|
|
|
- |
|
Value
attributed to RSUs exercised |
|
786 |
|
|
|
(786 |
) |
|
|
- |
|
|
|
- |
|
Stock-based
compensation |
|
- |
|
|
|
1,513 |
|
|
|
- |
|
|
|
1,513 |
|
Balance,
June 30, 2021 |
$ |
182,144 |
|
|
$ |
6,612 |
|
|
$ |
171,748 |
|
|
$ |
360,504 |
|
|
|
|
|
|
|
|
|
|
|
Wesdome Gold Mines
Ltd.Consolidated Statements of Cash
Flows(Unaudited, expressed in thousands of Canadian
dollars)
|
|
|
|
|
Three months
ended June 30, |
|
Six months
ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Operating Activities |
|
|
|
|
|
|
|
Net income |
$ |
87,807 |
|
|
$ |
16,097 |
|
|
$ |
94,910 |
|
|
$ |
27,610 |
|
Depreciation and depletion |
|
6,483 |
|
|
|
5,802 |
|
|
|
12,550 |
|
|
|
13,679 |
|
Stock-based compensation |
|
1,203 |
|
|
|
1,340 |
|
|
|
1,513 |
|
|
|
1,744 |
|
Accretion of decommissioning provisions |
|
124 |
|
|
|
52 |
|
|
|
234 |
|
|
|
177 |
|
Deferred income and mining tax expense |
|
31,707 |
|
|
|
6,395 |
|
|
|
35,844 |
|
|
|
9,894 |
|
Amortization of deferred financing cost |
|
119 |
|
|
|
102 |
|
|
|
224 |
|
|
|
164 |
|
Interest expense |
|
271 |
|
|
|
284 |
|
|
|
530 |
|
|
|
539 |
|
Reversal of impairment charges |
|
(58,563 |
) |
|
|
- |
|
|
|
(58,563 |
) |
|
|
- |
|
Gain on sale of Moss Lake exploration properties |
|
(39,143 |
) |
|
|
- |
|
|
|
(39,143 |
) |
|
|
- |
|
Write down of exploration properties |
|
3,113 |
|
|
|
- |
|
|
|
3,113 |
|
|
|
- |
|
Share of loss of associate |
|
89 |
|
|
|
- |
|
|
|
89 |
|
|
|
- |
|
Fair value adjustment on share consideration |
|
8 |
|
|
|
- |
|
|
|
8 |
|
|
|
- |
|
receivable |
|
|
|
|
|
|
|
Foreign exchange loss (gain) on lease financing |
|
(50 |
) |
|
|
(236 |
) |
|
|
(79 |
) |
|
|
184 |
|
|
|
33,168 |
|
|
|
29,836 |
|
|
|
51,230 |
|
|
|
53,991 |
|
Net changes in non-cash working capital |
|
(1,131 |
) |
|
|
512 |
|
|
|
3,039 |
|
|
|
11,168 |
|
Mining and income tax paid |
|
(5,162 |
) |
|
|
- |
|
|
|
(5,361 |
) |
|
|
(1,320 |
) |
Net
cash from operating activities |
|
26,875 |
|
|
|
30,348 |
|
|
|
48,908 |
|
|
|
63,839 |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Exercise of options |
|
910 |
|
|
|
1,100 |
|
|
|
1,231 |
|
|
|
1,782 |
|
Deferred financing costs |
|
(95 |
) |
|
|
(99 |
) |
|
|
(334 |
) |
|
|
(198 |
) |
Repayment of borrowings |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,636 |
) |
Repayment of lease liabilities |
|
(1,884 |
) |
|
|
(1,152 |
) |
|
|
(3,400 |
) |
|
|
(2,209 |
) |
Interest paid |
|
(271 |
) |
|
|
(284 |
) |
|
|
(530 |
) |
|
|
(539 |
) |
Net
cash used in financing activities |
|
(1,340 |
) |
|
|
(435 |
) |
|
|
(3,033 |
) |
|
|
(4,800 |
) |
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
Additions to mining properties |
|
(10,050 |
) |
|
|
(5,445 |
) |
|
|
(17,873 |
) |
|
|
(11,991 |
) |
Additions to mines under development |
|
(12,704 |
) |
|
|
- |
|
|
|
(13,400 |
) |
|
|
- |
|
Additions to exploration properties |
|
(11,368 |
) |
|
|
(5,958 |
) |
|
|
(23,267 |
) |
|
|
(15,112 |
) |
Cash proceeds on sale of Moss Lake, net |
|
11,762 |
|
|
|
- |
|
|
|
11,762 |
|
|
|
- |
|
of transaction costs |
|
|
|
|
|
|
|
Net changes in non-cash working capital |
|
740 |
|
|
|
(1,175 |
) |
|
|
1,222 |
|
|
|
(860 |
) |
Net
cash used in investing activities |
|
(21,620 |
) |
|
|
(12,578 |
) |
|
|
(41,556 |
) |
|
|
(27,963 |
) |
|
|
|
|
|
|
|
|
Increase in
cash and cash equivalents |
|
3,915 |
|
|
|
17,335 |
|
|
|
4,319 |
|
|
|
31,076 |
|
Cash and
cash equivalents - beginning of the period |
|
63,884 |
|
|
|
49,398 |
|
|
|
63,480 |
|
|
|
35,657 |
|
Cash and
cash equivalents - end of the period |
$ |
67,799 |
|
|
$ |
66,733 |
|
|
$ |
67,799 |
|
|
$ |
66,733 |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents consist of: |
|
|
|
|
|
|
|
Cash |
$ |
67,799 |
|
|
$ |
66,733 |
|
|
$ |
67,799 |
|
|
$ |
66,733 |
|
Term
deposits |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
67,799 |
|
|
$ |
66,733 |
|
|
$ |
67,799 |
|
|
$ |
66,733 |
|
PDF
available: http://ml.globenewswire.com/Resource/Download/f7a95385-47d1-4cea-b2ec-f21465ab70e0
Wesdome Gold Mines (TSX:WDO)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Wesdome Gold Mines (TSX:WDO)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024