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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Centamin Plc | TSX:CEE | Toronto | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.22 | 2.25 | 2.29 | 0 | 12:06:31 |
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FNX Mining Company Inc. (TSX:FNX) ("FNX" or the "Company") reports unaudited
operating and financial results for the quarter ending March 31, 2010 for its
Sudbury Mining Operations and DMC Mining Services business ("DMC").
Consolidated revenues for the first quarter were $50.6 million, compared to
$49.0 million for the same period of 2009. Net earnings for the period were $1.9
million ($0.02 per share), compared to a net loss of $26.2 million ($0.31 per
share) for the comparable period in 2009. The operating cash flow for this
quarter was $20.0 million ($0.20 per share), compared to an outflow of $2.7
million ($0.03 per share) in the first three months of 2009. Adjusted EBITDA for
this quarter was $13.1 million, compared to $12.4 million in the same period of
2009.
The McCreedy West Mine performed well in the first quarter with slightly higher
tonnages and predicted payable metal production. At the Podolsky Mine payable
copper was lower in 2010 than the comparable period in 2009 as a result of stope
sequencing and restricted work areas, which resulted in fewer tons being mined
and lower grade ore than expected. However, almost half of the Podolsky Mine's
first quarter production shortfall has been made up in April and the Company
expects to achieve its 2010 ore and payable metal guidance. Production from LFD1
(formerly Rob's Deposit) was less than expected but the grades were very strong.
Terry MacGibbon, Chairman and CEO of FNX stated that, "The first quarter results
were impacted by a temporary shortfall at the Podolsky Mine, however record
production levels have been achieved in April and the first half of May. FNX
continues to confirm its 2010 guidance. The commencement of initial production
from the LFD remains on schedule for mid-2010 and the Company is preparing for
the possible resumption of primary nickel mining at the McCreedy West Mine later
in 2010."
Mr. MacGibbon continued, "On March 23, 2010, FNX announced a plan of arrangement
for a merger of equals with Quadra Mining Ltd. The merged company will be called
Quadra FNX Mining Ltd. and will have five operating mines located in low risk
jurisdictions (Canada, US and Chile) with a very strong balance sheet, excellent
organic growth and the financial strength to support future M&A activities. The
information circular was mailed to shareholders in late April and the special
meeting of shareholders will be held May 19th. FNX's management and board of
directors unanimously support the merger."
The cost to produce a pound of copper, net of by-product credits, for the
quarter was negative US$0.74, compared to US$0.53 in the first quarter of 2009.
The average minesite cash revenue per ton of ore shipped during the first
quarter was $280, while the average minesite cash operating cost per ton of ore
shipped was $143, yielding an average minesite cash operating margin per ton of
ore shipped of $137, compared to $366, $218 and $148 respectively in the same
period of 2009. Guidance for the average total production costs for 2010 remains
as originally budgeted at $167 per ton of ore shipped with mining costs to
slightly exceed processing costs. Table 1 provides operating and financial
highlights for the first quarters of 2010 and 2009.
Cash and cash equivalents and working capital as at March 31, 2010 were $236.3
million and $253.9 million respectively, compared to $238.6 million and $262.3
million respectively as at December 31, 2009. FNX continues to have zero debt.
----------------------------------------------------------------------------
Table 1 - Financial and Operating Highlights Q1 2010 Q1 2009
----------------------------------------------------------------------------
Consolidated
----------------------------------------------
Revenue 50,577 48,953
Net Earnings (Loss) (C$000) 1,878 (26,151)
Basic Earnings (Loss) per Share (C$) 0.02 (0.31)
Diluted Earnings (Loss) per Share (C$) 0.02 (0.31)
Cash and Cash Equivalents (C$000) 236,266 114,572
Cash Flow from Operating Activities (C$000) 19,989 (2,673)
Cash Flow per Share (C$) 0.20 (0.03)
Adjusted EBITDA (C$000) 13,087 12,385
Mining Operations
----------------------------------------------
Total Revenue (C$000) 41,092 35,485
Cash Operating Costs (C$000) (22,746) (22,906)
Cash Operating Margin (C$000) 18,346 12,579
Depreciation and Amortization (C$000) (3,676) (3,032)
Operating Margin (C$000) 14,670 9,547
Net Earnings (Loss) (C$000) 2,064 (25,188)
Cash Flow From Operating Activities (C$000) 19,653 1,356
Total Ore Sold (tons) 158,952 105,044
Copper Ore Sold (tons) 152,775 100,629
Grade of Copper Ore Sold (%Cu) 1.8 5.6
Payable Metal Sold - Copper (000 lbs) 4,811 9,718
Nickel Ore Sold (tons) 6,177 4,415
Grade of Nickel Ore Sold (%Ni) 3.4 1.8
Payable Metal Sold - Nickel (000 lbs) 798 1,177
Payable Metal Sold - Total Precious Metals
(oz) 13,258 7,415
Minesite Revenue per Ton Sold (C$) 280 366
Cash Operating Costs per Ton Sold (C$) (143) (218)
Minesite Cash Operating Margin per Ton Sold
(C$) 137 148
Cash Operating Cost/lb of Copper, net of by-
product credits (US$) (0.74) 0.53
Realized Copper Price (US$/lb) 3.63 1.77
Realized Nickel Price (US$/lb) 11.47 5.00
Exchange Rate (C$ /US$) 1.04 1.24
DMC Mining Services
----------------------------------------------
Total Revenue (C$000) 9,485 13,468
Cash Operating Costs (C$000) (8,562) (13,273)
Cash Operating Margin (C$000) 923 195
Net Earnings (Loss) (C$000) (186) (963)
Cash Flow from Operating Activities(C$000) 336 (4,029)
----------------------------------------------------------------------------
Certain of the above items are considered to be non-GAAP performance
measures (see below)
Mining Operations
Revenues from Sudbury Mining Operations for the first quarter were $41.1
million, compared to revenues of $35.5 million during the same period in 2009.
Sudbury Mining Operations shipped a total of 158,952 tons of ore during this
quarter composed of 152,775 tons of copper-precious metal ore and 6,177 tons of
nickel-copper ore. This compares to 105,044 tons of ore shipped, including
100,629 tons of copper ore and 4,415 tons of nickel ore in the first quarter of
2009. Ore inventories as at March 31, 2010 consisted of 14,867 tons of
copper-precious metal ore. A total of 13,998 tons of pre-production ore was
mined and shipped from the LFD during the quarter generating $9.8 million of
preproduction credits (approximately $700 per ton) in the first quarter of 2010.
Total payable metals produced during the quarter were 4.8 million pounds of
copper, 0.8 million pounds of nickel and 13,258 ounces of platinum, palladium
and gold, compared to 9.7 million, 1.2 million and 7,415 ounces respectively in
the first quarter of 2009. Positive provisional pricing adjustments of $9.4
million in the first quarter of 2010 were included in revenues, compared to $8.5
million in the first quarter of 2009. The average realized metal prices this
quarter were US$3.63 per pound of copper, US$11.47 per pound of nickel, US$2,006
per ounce of platinum, US$685 per ounce for palladium and US$1,124 per ounce for
gold, compared to US$1.77, US$5.00, US$1,883, US$278 and US$1,654, respectively
in the comparable period of 2009. In the first quarter of 2010, precious metal
sales to Gold Wheaton Gold Corp. ("Gold Wheaton") totaled 11,883 gold equivalent
ounces, compared to 5,218 gold equivalent ounces for the first quarter of 2009.
Tables 2 and 3 summarize the first quarter production statistics from the
Podolsky Mine and the Levack Complex, respectively. The Podolsky Mine shipped a
total of 78,643 tons during the quarter, compared to 92,349 tons shipped for the
comparable period of 2009. The Levack Complex shipped a total of 80,309 tons
during the quarter, compared to total shipments of 12,695 tons in the first
quarter of 2010.
Total capital expenditures for the quarter were $22.1 million, including $18.5
million in new operating capital on the Levack Complex ($2.3 million), Podolsky
($2.9 million) and the LFD ($13.3 million). The balance of the capital
expenditures was for exploration, Corporate and DMC ($3.6 million).
Sudbury Mining Operations had zero lost time accidents and a Total Medical
Injury Frequency Rate ("TMIFR") of 6.7 in this quarter, compared to 7.0 in the
same quarter of 2009. Combined, DMC and Sudbury Mining Operations experienced
zero lost time injuries and a TMIFR of 5.5, compared to 6.1 in the comparable
quarter in 2009. During the quarter, employees at the McCreedy West Mine
achieved a milestone of 365 Zero Harm Days. There were no reported environmental
incidents during the quarter and zero in the first quarter of 2009.
----------------------------------------------------------------------------
Table 2 - Production and Sales Summary Three months ended March 31
Podolsky Mine 2010 2009
----------------------------------------------------------------------------
Ore sold (tons)
Copper ore 78,643 92,349
----------------------------------------------------------------------------
Grade of ore sold
Copper ore (%Cu) 2.6 6.0
Payable metal sold
Copper (000s lbs) 3,234 9,352
Nickel (000s lbs) 250 799
TPM (ozs) 5,280 3,923
Metal sales and costs
Minesite Revenue ($/ton of ore sold) 300 331
Cash cost ($/ton of ore sold) 160 213
Minesite Cash operating margin ($/ton of ore
sold) 140 118
Cash Operating Cost/lb of Copper, net of by-
product credits (US$) 0.49 0.83
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Table 3 - Production and Sales Summary Three months ended March 31
Levack Complex 2010 2009
----------------------------------------------------------------------------
Ore sold (tons)
Copper ore 74,132 8,280
Nickel ore 6,177 4,415
----------------------------------------------------------------------------
Total ore sold 80,309 12,695
----------------------------------------------------------------------------
Grade of ore sold
Copper ore (%Cu) 1.1 1.4
Nickel ore (%Ni) 3.4 1.8
Payable metal sold
Copper (000s lbs) 1,576 366
Nickel (000s lbs) 548 378
TPM (ozs) 7,978 3,492
Metal sales and costs
Minesite Revenue ($/ton of ore sold) 261 618
Cash cost ($/ton of ore sold) 127 252
Minesite Cash operating margin ($/ton of ore
sold) 134 366
Cash Operating Cost/lb of Copper, net of by-
product credits (US$) (3.25) (7.34)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Development
Development of the LFD continued to represent FNX's largest capital expenditure
and its key corporate priority. Capital expenditures at the LFD during the
quarter totaled $13.3 million. The LFD access ramp was advanced to the 3870
Level by the end of the first quarter for a total lateral advance of 3,659 ft.
Infrastructure development at the LFD also focused on power and ventilation
systems. Work on the backfill system continued during the quarter.
In the first quarter of 2010, capital development at Podolsky was focused on
providing multiple access points to offer increased flexibility to the mine's
stope sequencing. In addition, work on extending the ramp access and level
development of the bulk mining zone of the 2000 Deposit continues above the 1750
Level. The ramp was completed between the 2450 and 1750 Levels in 2009.Total
lateral development was 2,293 ft and this work will support a schedule of
stoping to meet the production plan for 2010. Total capital expenditures in the
first quarter were $2.9 million.
McCreedy West development during the quarter advanced the PM access ramp to the
2000 Level and prepared new drill stations. Additional ventilation capacity to
increase the airflow for the lower PM was nearing completion at quarter end.
Several level extensions for exploration purposes were commenced during the
quarter and will continue to be advanced through the second quarter. The mine is
currently well sequenced to meet the 2010 production schedule. Additional
development at McCreedy West also started to set up primary nickel areas to
prepare for possible resumption of primary nickel mining later in 2010. Capital
expenditures for the Levack Complex, excluding the LFD, totaled $2.3 million in
this quarter.
Exploration
During the first quarter, exploration activities were recorded on four
properties in the Sudbury area. The Victoria Discovery received the bulk of the
activity with five surface drills turning for most of the quarter. While the
majority of these drills focused primarily on further delineation of Zone 2 and
the newly discovered Zone 4, additional broader drilling also tested the overall
potential of the Ethel Lake Quartz Diorite Offset Dyke environment. Drilling at
Zone 2 further expanded the mineralization corridor for over 2,500 ft down
plunge with a 150 to 350 ft strike extent.
Late in the first quarter, FNX initiated a surface drilling program at the
Kirkwood Property to test the footwall lithologies related to the Segway and
3800 zones. A total of three holes were initiated during the quarter and 3,235
ft were completed. FNX Hole #8019 intersected massive pyrrhotite-cholcopyrite
pendlandite-marcasite mineralization between 212.7 and 250.4 ft (net 37.7 ft
intersection width), which averaged 3.6% copper, 0.7% nickel and 16.3 g/t
platinum, palladium and gold. This mineralization is interpreted to represent
the westward extension of the Segway Zone mineralization. A second hole
intersected only narrow mineralization, while a third hole remains in progress
and is still short of its target.
The Company incurred $3.6 million of ("CEE") in the first quarter of 2010
bringing the total CEE to $10.5 million as at March 31, 2010, leaving a balance
of $4.5 million to be spent in the remainder of 2010. In February 2010, the full
$15.0 million of CEE from the flow-through common shares were renounced with an
effective date of December 31, 2009, resulting in a future income tax liability
of $4.8 million being recognized in the first quarter.
No first aid or medical aid incidents were reported for the exploration team or
contractors during the first quarter.
DMC Mining Services
Revenues from DMC for the three months ended March 31, 2010 totaled $9.5
million, compared to $13.5 million in the first quarter of 2009. Revenues were
lower in the first quarter of 2010 than in comparable periods as a result of
completion of several contracts in the quarter. The operating margin for the
first three months of 2010 was $0.9 million, compared to $0.2 for the comparable
period of 2009. The net loss for this quarter was $0.2 million, compared to a
net loss of $1.0 million for the first quarter of 2009. Operating cash flow for
this quarter was $0.3 million, compared to an outflow of $4.0 million for the
same period in 2009.
The overall business climate for mining contracting in the US and Canada remains
positive. The volume of bidding has increased significantly since 2009. DMC's
work backlog is currently $23.1 million, of which approximately 66% is in the
US. Consequently 100% of the backlog work is expected to be completed in 2010.
In March 2010, DMC celebrated 30 years of serving the mining business completing
numerous projects in Canada, the United States and in many other mining areas of
the world.
During the quarter, the TMIFR for DMC was 2.0, compared to 4.6 in the first
quarter of 2009. DMC had zero lost time injuries during this quarter.
Investments
On July 15, 2008, FNX and Gold Wheaton entered into an agreement whereby Gold
Wheaton purchased 50% of the gold equivalent ounces of gold, platinum and
palladium metal contained in ore mined and shipped from certain of the Company's
deposits. FNX produces more gold equivalent ounces than the 50% being sold to
Gold Wheaton and will, therefore, continue to have full market exposure to these
excess ounces.
FNX accounts for its investment in Gold Wheaton using the equity method and is,
therefore, required to include in earnings FNX's share of Gold Wheaton's
earnings or loss for the period, and the Company's investment therein is
adjusted by an equivalent amount. For the quarter ended March 31, 2010, FNX's
25.2% share of the loss of its equity investee, Gold Wheaton, was $0.6 million,
compared to earnings of $0.7 million in the fourth quarter of 2009 and a loss of
$0.2 million in the first quarter of 2009.
On February 2, 2010, Gold Wheaton announced the consolidation of its common
shares on a one for ten basis. The consolidation was effective February 4, 2010
and resulted in FNX owning 36,000,000 common shares in Gold Wheaton. At March
31, 2010, the market value of FNX's 36,000,000 Gold Wheaton common shares was
approximately $103.7 million.
The value of the Company's other investments as at March 31, 2010 was $12.1
million, compared to $16.7 million as at December 31, 2010.
Share Capital and Warrants
In the first quarter of 2010, share capital and warrants decreased by $4.1
million as a result of the renunciation in February 2010 of tax credits
associated with the April 2009 flow-through share issuance, with an effective
date of December 31, 2009. The renunciation resulted in a decrease in share
capital of $4.8 million, which was partially offset by an increase in share
capital of $0.8 million as a result of the exercise of 72,500 stock options.
Under the terms of a deferred share unit ("DSU") plan, the number of DSUs
granted to directors and executive employees is based upon the fair market value
of FNX's common shares at that time. DSUs are only paid out in cash upon the
director's or executive employee's death or resignation from the Board of
Directors or the Company. Included in accrued liabilities at March 31, 2010, is
$4.8 million related to 339,019 DSUs outstanding.
As at March 31, 2010, stock options to purchase 3,448,000 common shares at a
weighted average price of $13.55 per share were outstanding. As at May 10, 2010,
the Corporation had 102,161,689 common shares issued and outstanding and stock
options to purchase 3,372,008 common shares had been granted and were
outstanding, which represents 3.3% of the issued and outstanding common shares
as at that time.
Non-GAAP Performance Measures
Minesite revenue per ton of ore sold, cash operating cost, operating cost, cash
operating margin, operating margin, cash operating cost per pound of copper net
of by-product credits, cash operating cost per ton of ore sold, minesite margin
per ton of ore sold, cash flow per share, EBITDA and Adjusted EBITDA are
included in this MD&A because these statistics are key performance measures that
management uses to monitor performance. Management uses these statistics to
assess how well the Company is performing compared to plan and to assess the
overall effectiveness and efficiency of its operations. Management believes that
the inclusion of these statistics in the MD&A helps an investor to assess
performance "through the eyes of management" and that certain investors use
these statistics to assess the Company's performance. These performance measures
do not have a meaning within GAAP and, therefore, amounts presented may not be
comparable to similar data presented by other mining companies. The data 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 GAAP.
Forward-Looking Statement
Certain information included in this press release, including information
relating to future financial or operating performance and other statements that
express management's expectations or estimates of future performance constitute
"forward-looking statements." Such forward-looking statements include, without
limitation, (i) estimates of future capital expenditures; (ii) estimates
regarding timing of future development and production; and (iii) estimates of
future costs towards profitable commercial operations. Where the Company
expresses or implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed to have a
reasonable basis. However, forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by such
forward-looking statements. Such risks include, but are not limited to,
interpretation and implications of drilling and geophysical results; estimates
regarding timing of future capital expenditures and costs towards profitable
commercial operations. Other factors that could cause actual results,
developments or events to differ materially from those anticipated include,
among others, increases/decreases in production; volatility in metals prices and
demand; currency fluctuations; cash operating margins; cash operating cost per
pound sold; costs per ton of ore; variances in ore grade or recovery rates from
those assumed in mining plans; reserves and/or resources; the ability to
successfully integrate acquired assets; operational risks inherent in mining or
development activities, and legislative factors relating to prices, taxes,
royalties, land use, title and permits, importing and exporting of minerals and
environmental protection. Accordingly, undue reliance should not be placed on
forward-looking statements. These forward-looking statements are made as at the
date hereof and the Company does not undertake any obligation to update publicly
or revise any such forward-looking statements or any forward-looking statements
contained in any other documents whether as a result of new information, future
events or otherwise, except as may be required under applicable securities law.
For a more detailed discussion of such risks and other factors, see the
Company's latest filings with Canadian securities regulators.
Conference Call
FNX will be hosting a First quarter conference call on May 13, 2010 at 10:00 am
Eastern Time.
CONFERENCE CALL numbers are:
Live in North America:
Toll-Free Access: 1-888-789-9572 or 416-695-7806
Enter Passcode: 6671164#
Replay Access information:
Toll-Free Access: 1-800-408-3053 or 416-695-5800
Passcode: 8440718#
Available until May 31, 2010 at Midnight (Eastern Time)
Slides for the conference call may be accessed on the Company's website at
www.fnxmining.com. There will be no transcript available for the conference
call.
Note: The unaudited balance sheet, statement of operations and statement of cash
flow are appended to this news release.
Consolidated Balance Sheets
As at March 31 and December 31
(in thousands of Canadian dollars) March 31 December 31
(Unaudited) 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $
Assets
Current
Cash and cash equivalents 236,266 238,571
Accounts receivable 82,289 85,744
Inventory 1,581 1,232
Prepaid and other assets 1,165 1,523
----------------------------------------------------------------------------
321,301 327,070
Investments 12,141 16,743
Investment in Gold Wheaton 143,636 143,015
Property, plant and equipment 488,660 481,567
Reclamation deposits 6,485 6,485
----------------------------------------------------------------------------
972,223 974,880
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Current
Accounts payable and accrued liabilities 45,115 42,677
Deferred revenue 22,275 22,106
----------------------------------------------------------------------------
67,390 64,783
----------------------------------------------------------------------------
Long-term deferred revenue 351,175 357,102
Mine closure and site restoration 5,772 5,716
Future income and resource taxes 65,213 58,191
----------------------------------------------------------------------------
422,160 421,009
----------------------------------------------------------------------------
489,550 485,792
----------------------------------------------------------------------------
Shareholders' equity
Share capital 707,099 711,153
Warrants 13,873 13,873
Contributed surplus 19,299 18,542
Deficit (258,777) (260,655)
Accumulated other comprehensive income 1,179 6,175
----------------------------------------------------------------------------
482,673 489,088
----------------------------------------------------------------------------
972,223 974,880
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Segmented Balance Sheets
As at March 31, 2010
(in thousands of Canadian dollars)
(Unaudited) Mining DMC Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Assets $ $ $
Cash and cash equivalents 227,571 8,695 236,266
Accounts receivable 73,135 9,154 82,289
Other current assets 1,980 766 2,746
----------------------------------------------------------------------------
302,686 18,615 321,301
Investments 12,141 - 12,141
Investment in Gold Wheaton 143,636 - 143,636
Property, plant and equipment 468,635 20,025 488,660
Reclamation deposits 6,485 - 6,485
----------------------------------------------------------------------------
933,583 38,640 972,223
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Accounts payable and accrued liabilities 39,860 5,255 45,115
Deferred revenue 21,648 627 22,275
----------------------------------------------------------------------------
61,508 5,882 67,390
----------------------------------------------------------------------------
Long-term deferred revenue 351,175 - 351,175
Mine closure and site restoration 5,772 - 5,772
Future income and resource taxes 63,682 1,531 65,213
----------------------------------------------------------------------------
420,629 1,531 422,160
----------------------------------------------------------------------------
482,137 7,413 489,550
----------------------------------------------------------------------------
----------------------------------------------------------------------------
As at December 31, 2009 Mining DMC Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Assets $ $ $
Cash and cash equivalents 229,901 8,670 238,571
Accounts receivable 74,988 10,756 85,744
Other current assets 1,820 935 2,755
----------------------------------------------------------------------------
306,709 20,361 327,070
Investments 16,743 - 16,743
Investment in Gold Wheaton 143,015 - 143,015
Property, plant and equipment 459,934 21,633 481,567
Reclamation deposits 6,485 - 6,485
----------------------------------------------------------------------------
932,886 41,994 974,880
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Accounts payable and accrued liabilities 36,634 6,043 42,677
Deferred revenue 21,367 739 22,106
----------------------------------------------------------------------------
58,001 6,782 64,783
----------------------------------------------------------------------------
Long-term deferred revenue 357,102 - 357,102
Mine closure and site restoration 5,716 - 5,716
Future income and resource taxes 57,439 752 58,191
----------------------------------------------------------------------------
420,257 752 421,009
----------------------------------------------------------------------------
478,258 7,534 485,792
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Statements of Operations
For the three months ended March 31
(in thousands of Canadian dollars except earnings per share)
(Unaudited) 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $
Operating revenues 50,577 48,953
----------------------------------------------------------------------------
Operating expenses
Expenses, excluding depreciation and
amortization 31,308 36,179
Depreciation and amortization 4,775 4,251
----------------------------------------------------------------------------
36,083 40,430
----------------------------------------------------------------------------
14,494 8,523
----------------------------------------------------------------------------
Expenses
Administration 3,407 2,967
Depreciation 149 234
Stock-based compensation 1,757 1,353
Dilution loss - 31,238
Other expenses (income) 5,170 (3,547)
----------------------------------------------------------------------------
10,483 32,245
----------------------------------------------------------------------------
Earnings (loss) before taxes and other items 4,011 (23,722)
Income and resource taxes recovery (expense) (1,544) (2,199)
Share of loss of equity investee (589) (230)
----------------------------------------------------------------------------
Net earnings (loss) for the period 1,878 (26,151)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic earnings (loss) per share 0.02 (0.31)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Diluted earnings (loss) per share 0.02 (0.31)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Segmented Statements of Operations
For the three months ended March 31, 2010
(in thousands of Canadian dollars)
(Unaudited) Mining DMC Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $ $
Operating revenues 41,092 9,485 50,577
----------------------------------------------------------------------------
Operating expenses
Expenses, excluding depreciation and
amortization 22,746 8,562 31,308
Depreciation and amortization 3,676 1,099 4,775
----------------------------------------------------------------------------
26,422 9,661 36,083
----------------------------------------------------------------------------
14,670 (176) 14,494
----------------------------------------------------------------------------
Expenses
Administration 3,407 - 3,407
Depreciation 149 - 149
Stock-based compensation 1,663 94 1,757
Other expenses (income) 5,388 (218) 5,170
----------------------------------------------------------------------------
10,607 (124) 10,483
----------------------------------------------------------------------------
Earnings (loss) before taxes and other 4,063 (52) 4,011
Income and resource taxes recovery
(expense) (1,410) (134) (1,544)
Share of loss of equity investee (589) - (589)
----------------------------------------------------------------------------
Net earnings (loss) for the period 2,064 (186) 1,878
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the three months ended March 31, 2009 Mining DMC Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $ $
Operating revenues 35,485 13,468 48,953
----------------------------------------------------------------------------
Operating expenses
Expenses, excluding depreciation and
amortization 22,906 13,273 36,179
Depreciation and amortization 3,032 1,219 4,251
----------------------------------------------------------------------------
25,938 14,492 40,430
----------------------------------------------------------------------------
9,547 (1,024) 8,523
----------------------------------------------------------------------------
Expenses
Administration 2,967 - 2,967
Depreciation 234 - 234
Stock-based compensation 1,150 203 1,353
Dilution loss 31,238 - 31,238
Other expenses (income) (3,283) (264) (3,547)
----------------------------------------------------------------------------
32,306 (61) 32,245
----------------------------------------------------------------------------
Earnings (loss) before taxes and other (22,759) (963) (23,722)
Income and resource taxes recovery
(expense) (2,199) - (2,199)
Share of loss of equity investee (230) - (230)
----------------------------------------------------------------------------
Net earnings (loss) for the period (25,188) (963) (26,151)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Statements of Cash Flow
For the three months ended March 31
(in thousands of Canadian dollars)
(Unaudited) 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $
Operating activities
Net earnings (loss) for the period 1,878 (26,151)
Non-cash items
Depreciation and amortization 4,924 4,485
Stock-based compensation 965 1,183
Future income and resource taxes 1,410 2,199
Dilution loss on investment in Gold Wheaton - 31,238
Amortization of Gold Wheaton deferred
revenue (5,431) (2,139)
Mark-to-market and accretion of Gold Wheaton
note receivable (1,210) (688)
Gain on disposal of fixed assets (125) -
Decrease in value of investments held-for-
trading 333 3
Share of loss of equity investee 589 230
Other (191) 18
----------------------------------------------------------------------------
3,142 10,378
Net change in non-cash working capital 16,847 (13,051)
----------------------------------------------------------------------------
19,989 (2,673)
----------------------------------------------------------------------------
Financing activities
Common shares issued 572 -
----------------------------------------------------------------------------
Investing activities
Property, plant and equipment (22,139) (13,111)
----------------------------------------------------------------------------
Effect of exchange rate changes on cash (727) 795
----------------------------------------------------------------------------
Change in cash and cash equivalents for the
period (2,305) (14,989)
Cash and cash equivalents - beginning of
period 238,571 129,561
----------------------------------------------------------------------------
Cash and cash equivalents - end of period 236,266 114,572
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Segmented Statements of Cash Flow
For the three months ended March 31, 2010
(in thousands of Canadian dollars)
(Unaudited) Mining DMC Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating activities $ $ $
Net earnings (loss) for the period 2,064 (186) 1,878
Non-cash items
Depreciation and amortization 3,825 1,099 4,924
Stock-based compensation 871 94 965
Future income and resource taxes 1,410 - 1,410
Amortization of Gold Wheaton deferred
revenue (5,431) - (5,431)
Mark-to-market and accretion of Gold Wheaton
note (1,210) - (1,210)
Share of loss of equity investee 589 - 589
Other 156 (139) 17
----------------------------------------------------------------------------
2,274 868 3,142
Net change in non-cash working capital 17,379 (532) 16,847
----------------------------------------------------------------------------
19,653 336 19,989
Financing activities
Common shares issued 572 - 572
Investing activities
Property, plant and equipment (22,555) 416 (22,139)
Effect of exchange rate changes on cash - (727) (727)
----------------------------------------------------------------------------
Change in cash and cash equivalents for the
period (2,330) 25 (2,305)
Cash and cash equivalents - beginning of
period 229,901 8,670 238,571
----------------------------------------------------------------------------
Cash and cash equivalents - end of period 227,571 8,695 236,266
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Segmented Statements of Cash Flow
For the three months ended March 31, 2009
(in thousands of Canadian dollars) (Unaudited) Mining DMC Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating activities $ $ $
Net earnings (loss) for the period (25,188) (963) (26,151)
Non-cash items
Depreciation and amortization 3,266 1,219 4,485
Stock-based compensation 980 203 1,183
Future income and resource taxes 2,199 - 2,199
Dilution loss on investment in Gold Wheaton 31,238 - 31,238
Amortization of Gold Wheaton deferred
revenue (2,139) - (2,139)
Mark-to-market and accretion of Gold Wheaton
note (688) - (688)
Share of loss of equity investee 230 - 230
Other (124) 145 21
----------------------------------------------------------------------------
9,774 604 10,378
Net change in non-cash working capital (8,418) (4,633) (13,051)
----------------------------------------------------------------------------
1,356 (4,029) (2,673)
Financing activities - - -
Investing activities
Property, plant and equipment (13,183) 72 (13,111)
Effect of exchange rate changes on cash - 795 795
----------------------------------------------------------------------------
Change in cash and cash equivalents for the
period (11,827) (3,162) (14,989)
Cash and cash equivalents - beginning of
period 120,131 9,430 129,561
----------------------------------------------------------------------------
Cash and cash equivalents - end of period 108,304 6,268 114,572
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Statements of Deficit
For the three months ended March 31
(in thousands of Canadian dollars)
(Unaudited) 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $
Deficit - beginning of period (260,655) (220,580)
Net earnings (loss) for the period 1,878 (26,151)
----------------------------------------------------------------------------
Deficit - end of period (258,777) (246,731)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income (Loss)
For the three months ended March 31
(in thousands of Canadian dollars)
(Unaudited) 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $
Net earnings (loss) for the period 1,878 (26,151)
Other comprehensive income (loss), net of tax
Changes in unrealized gain (loss) on
available for sale investments (4,269) 593
Cumulative translation adjustment (727) 795
----------------------------------------------------------------------------
Comprehensive income (loss) (3,118) (24,763)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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