MONTREAL, QUÉBEC--(Marketwire - Nov. 13, 2012) - Osisko Mining Corporation (the "Company" or "Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to report that it has generated a net profit of $26.2 million ($0.07 per share) during the third quarter of 2012 versus a net profit of $9.3 million in the third quarter of 2011 ($0.02 per share). The higher profitability is attributable to continued progress on the ramp up of the Canadian Malartic mine and improved margins.
Q3 Highlights
- Gold production of 103,753 ounces, a new quarterly record;
- Operating cash flow of $55.4 million;
- Continued progress on plant ramp up and optimization with record tonnage mined and milled being achieved; and
- Cash costs per ounce of C$864.
Q4 Preview
- Drilling program initiated in Mexico in late October;
- Record daily mill throughput of 58,476 tonnes achieved in the first week of November; and
- Announcement of the friendly acquisition of Queenston Mining Inc. in November.
Mine operating profits during the third quarter totaled $60.1 million compared to $38.3 million in the corresponding period in 2011. Record gold production of 103,753 ounces was achieved during the period. Gold production continues to increase quarter-over-quarter with improvements in the milling plant following the installation and commissioning of the two secondary cone crushers, increased availability in the circuit and optimization measures. The table below outlines the steady progress towards achieving design mill throughput rates, rising availability and subsequent increase of gold production.
| Tonnes per Operating Day |
Availability (%) |
Gold Production (oz) |
|
| Q3 2012 | 43,181 | 94 | 103,753 |
| Q2 2012 | 38,074 | 90 | 92,003 |
| Q1 2012 | 35,728 | 87 | 91,178 |
| Q4 2011 | 33,733 | 90 | 79,718 |
| Q3 2011 | 36,742 | 86 | 73,814 |
| Q2 2011 | 29,894 | 82 | 46,606 |
Sean Roosen, President and Chief Executive Officer of Osisko, commenting on the third quarter results: "We continue to focus on ramping up our operations at Canadian Malartic to the 55,000 tonnes per day name plate capacity. We are making very good progress and are increasing our gold output and improving our profit margins. Our cash unit cost decreased by 15% during the period and we continue to benefit from robust gold market".
During the first nine months of 2012, the Canadian Malartic mine generated a net profit of $171.6 million and Osisko a net profit of $68.8 million ($0.18 per share). In 2011, the year-to-date mine operating profits amounted to $39.9 million from commencement of commercial production on May 19, 2011, and the Company incurred a net loss of $19.8 million ($0.05 per share). In addition to the shorter operation period, the 2011 results were impacted by exploration project write-offs and special incentive awards following the completion of the Canadian Malartic Project.
Operating cash flow amounted to $55.4 million for the quarter and $189.8 million for year-to-date, compared to $49.5 million and $46.0 million in the corresponding periods of 2011. Investments in mining assets totaled $189.5 million to date during 2012.
The mine operating statement for the production period is as follows:
| Q3 2012 | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | ||||||
| Gold sales (ounces) | 95,424 | 95,675 | 92,400 | 75,100 | 72,100 | |||||
| Silver sales (ounces) | 49,751 | 48,880 | 52,800 | 42,100 | 49,800 | |||||
| ($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | |
| Revenues | 158,503 | 157,134 | 158,658 | 128,100 | 122,879 | |||||
| Production Costs | (81,841 | ) | (98,837 | ) | (71,910 | ) | (74,841 | ) | (74,647 | ) |
| Royalties | (1,998 | ) | (2,021 | ) | (2,359 | ) | (1,933 | ) | (1,192 | ) |
| Depreciation | (14,605 | ) | (15,289 | ) | (13,877 | ) | (11,800 | ) | (8,748 | ) |
| Total | (98,444 | ) | (116,147 | ) | (88,146 | ) | (88,574 | ) | (84,587 | ) |
| Net Mining Profit | 60,059 | 40,987 | 70,512 | 39,526 | 38,292 |
Improvements in unit cost in the quarter compared to the second quarter include:
- Increased throughput and mill efficiencies;
- Lower contractors' costs;
- Improved mining conditions (second quarter results were impacted by defective boosters in the blasting cycle); and
- Elimination of inefficiencies caused by the May 9, 2012 mill fire;
Key operating results
(in thousands of Canadian dollars, unless otherwise noted)
| Q3 2012 | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | |
| Gold Production (oz) | 103,753 | 92,003 | 91,178 | 79,718 | 73,814 |
| Gold Sales (oz) | 95,424 | 95,675 | 92,400 | 75,100 | 72,100 |
| Average Sale Price (US$/oz) | 1,659 | 1,605 | 1,698 | 1,655 | 1,695 |
| Average Market Price (US$/oz) | 1,652 | 1,609 | 1,691 | 1,688 | 1,702 |
| Cash Costs per Ounce (C$/oz) | 864 | 1,015 | 860 | 936 | 918 |
| Cash Costs per Ounce (US$/oz) | 867 | 1,004 | 858 | 914 | 939 |
| Cash Margin per Ounce (US$/oz) | 792 | 601 | 840 | 741 | 756 |
| Revenues | 158,503 | 157,134 | 158,658 | 128,100 | 122,879 |
| Mine Operating Profit | 60,059 | 40,987 | 70,512 | 39,526 | 38,292 |
| Net Earnings | 26,156 | 13,271 | 29,359 | 37,802 | 9,302 |
| Net Earnings per Share | 0.07 | 0.03 | 0.08 | 0.10 | 0.02 |
| Operating Cash Flows | 55,353 | 55,698 | 78,716 | 39,660 | 49,512 |
The production statistics are as follows:
| Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
||
| Tonnes Mined (000's) | ||||||
| - Ore | 4,853 | 3,234 | 4,037 | 3,549 | 3,005 | |
| - Waste | 9,215 | 9,545 | 8,458 | 10,590 | 7,899 | |
| - Overburden | 1,409 | 1,740 | 1,954 | 1,823 | 1,029 | |
| Total | 15,477 | 14,519 | 14,449 | 15,962 | 11,933 | |
| Tonnes Milled (000's) | 3,757 | 3,236 | 2,965 | 2,935 | 3,086 | |
| Grade (g Au/t) | 0.97 | 0.99 | 1.05 | 0.96 | 0.85 | |
| Recovery (%) | 88.7 | 89.2 | 91.2 | 88.3 | 87.0 | |
| Gold production (oz) | 103,753 | 92,003 | 91,178 | 79,718 | 73,814 | |
Mining activities in the period were impacted by a delay in executing a blast of 940,000 tonnes over old underground workings, which limited access to higher grade ore. The blast was successfully completed on October 27, 2012.
During October 2012, mill throughput continued to progress with more than 1.53 million tonnes being milled for an average daily throughput rate of 49,361 tonnes per day. Gold production totaled 36,440 ounces. Ore grade was 0.83 g/t, due to constraints in the mining areas as a result of the delayed blast and processing stockpiled ore. Though throughputs continue to increase in October, recoveries remain above feasibility expectations at 88.9%.
In the first eight days of November, the mill processed at an average daily rate of 52,853 tonnes and achieved a record throughput of 58,476 tonnes on November 4, 2012.
Mill operating statistics continue to show progress in all categories.
| Total Available Hours |
Operating Hours |
(%) | Tonnage Produced (t) |
Tonnes per Hour |
Tonnes per Operating Day |
|
| Q2 2011 | 2,184 | 1,793 | 82 | 2,481,196 | 1,384 | 29,894 |
| Q3 2011 | 2,208 | 1,890 | 86 | 3,086,324 | 1,633 | 36,742 |
| Q4 2011 | 2,208 | 1,995 | 90 | 2,934,803 | 1,471 | 33,733 |
| Q1 2012 | 2,184 | 1,890 | 87 | 2,965,456 | 1,569 | 35,728 |
| Q2 2012 | 2,184 | 1,960 | 90 | 3,236,281 | 1,651 | 38,074 |
| Q3 2012 | 2,208 | 2,071 | 94 | 3,756,768 | 1,814 | 43,181 |
Osisko's operating focus for the balance of 2012 will be:
- Complete planned mill modifications with the installation of the second pebble crusher;
- Stabilize the operating circuit to reach steady-state throughput design capacity of 55,000 tonnes per day;
- Improve productivity of the mine;
- Focus on optimization of operations and unit cost reduction.
Improved Financial Flexibility
During the second quarter, the Company amended its $150 million credit facility with CPPIB Credit Investments Inc. ("CPPIB"), a wholly-owned subsidiary of the CPP Investment Board, with CPPIB making available to the Company an additional $100 million delayed draw term loan. The key terms of the amendment are as follows:
- The initial cash repayment schedule has been extended by one year to June 30, 2013. The reimbursements are based on 50% of free cash flow up to $60 million per annum.
- CPPIB will make available a delayed draw term loan of $100 million for working capital and general corporate purposes. Osisko may draw funds under this facility in $20 million increments, and any funds outstanding are reimbursable by December 31, 2013. No funds were drawn to date on this facility. There are no standby fees related to this tranche.
As part of the agreement, Osisko has agreed to reduce the strike price of share purchase warrants to $10 for Tranche A (was previously $10.75) and Tranche B (was previously $19.25). Of the total 12.5 million of warrants, 5.5 million Tranche B warrants can be accelerated at Osisko's discretion if the share price trades at a 50% premium to the exercise price for a period of 15 days. Tranche A warrants expire on September 24, 2014 and Tranche B warrants are set to expire on December 31, 2015.
A summary of the Company's financial position is as follows:
| ($ Million) | September 30, 2012 | December 31, 2011 |
| Cash Position(1) | 114.9 | 142.0 |
| Working Capital | 37.8 | 47.4 |
| Total Assets | 2,232.5 | 2,069.2 |
| Total Debt | 327.9 | 331.6 |
| Shareholders' Equity | 1,756.2 | 1,654.1 |
| (1) Includes Cash and Cash equivalents and Restricted cash. |
Osisko made its second installment guarantee payment of $12.7 million to the Quebec Government on October 1, 2012, to fund future estimated closure costs which are estimated at $46.4 million. Total funds deposited with the Government amount to $34.8 million.
Exploration and Development
The Company continues to conduct exploration work on a regional basis around the Canadian Malartic infrastructure for additional resources and reserves. At Hammond Reef, the Company has initiated work necessary for the Project Feasibility Study, which is expected to be completed in late 2012 or early 2013. The Minister of Environment of Ontario has approved the Terms of Reference for the Environmental Impact Assessment.
The Company has also acquired a significant land package in an emerging Mexican gold belt. To date, approximately 1M hectares of ground have been staked. A systematic greenfield exploration program has been completed, and a significant target has been identified following a high density stream sediment survey, detailed mapping, geochemistry and geophysics work. An initial 10,000 meter drill program was initiated in late October.
Proposed Friendly Acquisition of Queenston Mining Inc.
On November 12, 2012, Osisko announced that it had entered into a definitive agreement to acquire, on a friendly basis, all of the issued and outstanding common shares of Queenston Mining Inc. ("Queenston") on the basis of 0.611 of an Osisko common share for each common share of Queenston. Queenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp comprising 230km2 of exploration lands. Osisko has entered into lock-up agreements with Queenston insiders and certain significant shareholders representing approximately 30% of the issued and outstanding common shares of Queenston. At the date of announcement, the transaction valued Queenston's equity at approximately $550,000,000, and would result in the issuance of approximately 56,000,000 common shares of Osisko, based on the fully diluted in-the-money common shares outstanding of Queenston, representing approximately 12% of Osisko outstanding common shares, post transaction.
The board of directors of Queenston has unanimously approved the transaction and will recommend that shareholders vote in favor of the transaction. Completion of the transaction, by way of a plan of arrangement, is subject to customary conditions, including court approval, a favourable vote of at least 66 2/3 % of the holders of Queenston common shares and the receipt of all necessary regulatory and stock exchange approvals. Assuming all of the conditions are fulfilled, it is expected the transaction will be completed in late 2012 or early 2013.
Non-IFRS Financial Performance Measures
The Company has included certain non-IFRS measures including "cash cost per ounce" and "cash margin per ounce" to supplement its consolidated financial statements, which are presented in accordance with International Financial Reporting Standards ("IFRS"). Refer to the Company's Management Discussion and Analysis for the three months ended September 30, 2012.
Q3 Conference Call Information
Osisko will host a conference call on Wednesday November 14th at 8:00am EST, where senior management will discuss the financial results and provide an update of the Company's activities. Those interested in participating in the conference call should dial in at (416) 981-9012 (Toronto local and international), or 1-800-909-4792 (North American toll free). An operator will direct participants to the call.
The conference call replay will be available from 10:00 a.m. EST on November 14, 2012 until 11:59 p.m. EST on November 29, 2012 with the following dial in number: (416) 626-4100 or Toll-free 1-800-558-5253, access code 21607972.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic gold mine in Malartic, Quebec and is pursuing exploration on a number of properties, including the Hammond Reef Gold Project in Northern Ontario.
Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work will lead to mineral reserves that can be mined economically.
For further information in relation to the Hammond Reef project, please refer to the "Technical Report on the Hammond Reef Gold Property Atikokan area, Ontario" dated December 20, 2011. For further information in relation to the Canadian Malartic project, please refer to the "Feasibility Study - Canadian Malartic Project (Malartic, Quebec)", dated December 2008. Both of these reports are available under the Osisko profile at www.sedar.com.
Note Regarding Certain Measures of Performance
This press release contains certain non-IFRS measures, including "cash cost per ounce" and "cash margin per ounce". The Company believes that these measures, together with measures determined in accordance with IFRS, provides investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other 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 IFRS.
Forward-Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, timely and successful completion of the planned mill modifications with the installation of the second pebble crusher, stabilization of the operating circuit to reach throughput design capacity of 55,000 tonnes per day, improvement of mine productivity, the optimization of the plant and the reduction of cost, positive outcome of any exploration work conducted around the Canadian Malartic infrastructure or at the Hammond Reef project, further development of its Hammond Reef project including timely completion of various studies necessary for the project feasibility study, and positive outcome of any claim to be filed with the Company's explosive contractor. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical and financial conditions will be met in order to achieve such events qualified by the foregoing cautionary note regarding forward looking statements, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
| Osisko Mining Corporation | |||||
| Consolidated Balance Sheets | |||||
| (Unaudited) | |||||
| (tabular amounts expressed in thousands of Canadian dollars) | |||||
| September 30, | December 31, | ||||
| 2012 | 2011 | ||||
| $ | $ | ||||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 78,260 | 100,670 | |||
| Restricted cash | 13,006 | 14,485 | |||
| Accounts receivable | 29,924 | 39,419 | |||
| Inventories | 82,084 | 47,552 | |||
| Prepaid expenses and other assets | 8,492 | 7,174 | |||
| 211,766 | 209,300 | ||||
| Non-current assets | |||||
| Restricted cash | 23,608 | 26,878 | |||
| Investments in associates | 4,871 | 1,698 | |||
| Other investments | 18,576 | 16,041 | |||
| Property, plant and equipment | 1,973,716 | 1,801,325 | |||
| Deferred income and mining taxes | - | 14,000 | |||
| 2,232,537 | 2,069,242 | ||||
| Liabilities | |||||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | 90,489 | 74,562 | |||
| Current portion of long-term debt | 82,220 | 86,485 | |||
| Provisions and other liabilities | 1,227 | 824 | |||
| 173,936 | 161,871 | ||||
| Non-current liabilities | |||||
| Long-term debt | 245,696 | 245,139 | |||
| Provisions and other liabilities | 17,032 | 6,038 | |||
| Deferred income and mining taxes | 39,714 | 2,126 | |||
| 476,378 | 415,174 | ||||
| Equity attributable to Osisko Mining Corporation shareholders | |||||
| Share capital | 1,683,185 | 1,656,034 | |||
| Warrants | 18,261 | 13,166 | |||
| Contributed surplus | 57,127 | 55,909 | |||
| Equity component of convertible debenture | 8,005 | 8,005 | |||
| Accumulated other comprehensive income | (9,556 | ) | (9,397 | ) | |
| Deficit | (863 | ) | (69,649 | ) | |
| 1,756,159 | 1,654,068 | ||||
| 2,232,537 | 2,069,242 | ||||
| Osisko Mining Corporation | |||||||||
| Consolidated Statements of Income (Loss) | |||||||||
| For the three and nine months ended September 30, 2012 and 2011 | |||||||||
| (Unaudited) | |||||||||
| (tabular amounts expressed in thousands of Canadian dollars, except per share amounts) | |||||||||
| Three months ended | Nine months ended | ||||||||
| September 30, | September 30, | ||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||
| $ | $ | $ | $ | ||||||
| Revenues | 158,503 | 122,879 | 474,295 | 135,308 | |||||
| Mine operating costs | |||||||||
| Production costs | (81,841 | ) | (74,647 | ) | (252,588 | ) | (84,045 | ) | |
| Royalties | (1,998 | ) | (1,192 | ) | (6,378 | ) | (1,351 | ) | |
| Depreciation | (14,605 | ) | (8,748 | ) | (43,771 | ) | (9,986 | ) | |
| Earnings from mine operations | 60,059 | 38,292 | 171,558 | 39,926 | |||||
| General and administrative expenses | (7,601 | ) | (6,577 | ) | (20,950 | ) | (24,563 | ) | |
| Exploration and corporate development expenses | (2,852 | ) | (7,774 | ) | (8,105 | ) | (20,934 | ) | |
| Other expenses | - | - | - | (485 | ) | ||||
| Earnings (loss) from operations | 49,606 | 23,941 | 142,503 | (6,056 | ) | ||||
| Interest income | 233 | 454 | 1,145 | 1,964 | |||||
| Finance costs | (7,983 | ) | (6,995 | ) | (22,825 | ) | (10,766 | ) | |
| Foreign exchange gain (loss) | 3,431 | (4,331 | ) | 3,160 | (2,817 | ) | |||
| Share of loss of associates | (353 | ) | (29 | ) | (628 | ) | (480 | ) | |
| Other gains (losses) | 82 | (1,758 | ) | (2,982 | ) | 1,326 | |||
| Earnings (loss) before income and mining taxes | 45,016 | 11,282 | 120,373 | (16,829 | ) | ||||
| Income and mining tax expense | (18,860 | ) | (1,980 | ) | (51,587 | ) | (2,976 | ) | |
| Net earnings (loss) | 26,156 | 9,302 | 68,786 | (19,805 | ) | ||||
| Net earnings (loss) per share | |||||||||
| Basic | 0.07 | 0.02 | 0.18 | (0.05 | ) | ||||
| Diluted | 0.07 | 0.02 | 0.18 | (0.05 | ) | ||||
| Weighted average number of common shares outstanding (in thousands) | |
|
|
|
|
|
|
|
|
| Basic | 388,153 | 384,307 | 387,588 | 382,995 | |||||
| Diluted | 390,238 | 394,528 | 389,653 | 382,995 | |||||
| Osisko Mining Corporation | ||||||||||
| Consolidated Statements of Cash Flows | ||||||||||
| For the three and nine months ended September 30, 2012 and 2011 | ||||||||||
| (Unaudited) | ||||||||||
| (tabular amounts expressed in thousands of Canadian dollars) | ||||||||||
| Three months ended | Nine months ended | |||||||||
| September 30, | September 30, | |||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||
| $ | $ | $ | $ | |||||||
| Operating activities | ||||||||||
| Net earnings (loss) | 26,156 | 9,302 | 68,786 | (19,805 | ) | |||||
| Adjustments for: | ||||||||||
| Interest income | (233 | ) | (454 | ) | (1,145 | ) | (1,964 | ) | ||
| Share-based compensation | 2,273 | 2,327 | 7,612 | 7,780 | ||||||
| Depreciation | 14,765 | 8,730 | 44,248 | 10,304 | ||||||
| Finance costs | 7,983 | 6,994 | 22,825 | 10,765 | ||||||
| Write-off of property, plant and equipment | 102 | 4,895 | 719 | 16,276 | ||||||
| Gain on disposal of property, plant and equipment | - | - | (319 | ) | - | |||||
| Unrealized foreign exchange loss (gain) | (3,644 | ) | 5,404 | (3,469 | ) | 3,395 | ||||
| Share of loss of associates | 353 | 29 | 628 | 480 | ||||||
| Gain on sale of available-for-sale financial assets | (670 | ) | (24 | ) | (602 | ) | (5,041 | ) | ||
| |
|
Unrealized net loss (gain) on financial assets at fair value through profit and loss | (160 |
) |
4,044 |
|
1,545 |
|
8,515 |
|
| Unrealized loss on available-for-sale financial assets | - | - | 152 | - | ||||||
| Impairment on available-for-sale financial assets | 428 | - | 1,522 | - | ||||||
| Deferred gain - premium on flow-through shares | - | (2,054 | ) | - | (4,282 | ) | ||||
| Provisions and other liabilities | 1,797 | 260 | 1,879 | 395 | ||||||
| Income and mining tax expense | 18,860 | 1,980 | 51,587 | 2,976 | ||||||
| Other non-cash gain | - | - | - | (639 | ) | |||||
| 68,010 | 41,433 | 195,968 | 29,155 | |||||||
| Change in non-cash working capital items | (12,657 | ) | 8,079 | (6,201 | ) | 16,885 | ||||
| Net cash flows from operating activities | 55,353 | 49,512 | 189,767 | 46,040 | ||||||
| Investing activities | ||||||||||
| Net decrease in short-term investments | - | 3,045 | - | 17,068 | ||||||
| Net decrease in restricted cash | 4,238 | 954 | 4,749 | 1,644 | ||||||
| Acquisition of investments | (3,404 | ) | (989 | ) | (10,950 | ) | (12,283 | ) | ||
| Proceeds on disposal of investments | 1,364 | 204 | 1,838 | 12,038 | ||||||
| Property, plant and equipment, net of government credits | (57,876 | ) | (60,231 | ) | (189,504 | ) | (297,254 | ) | ||
| Interest received | 232 | 555 | 1,027 | 2,169 | ||||||
| Net cash flows from investing activities | (55,446 | ) | (56,462 | ) | (192,840 | ) | (276,618 | ) | ||
| Financing activities | ||||||||||
| Debt issuance costs | (6 | ) | (617 | ) | (116 | ) | (635 | ) | ||
| Finance lease payments | (5,736 | ) | (3,004 | ) | (16,702 | ) | (3,823 | ) | ||
| Long-term debt repayments | (1,250 | ) | (1,250 | ) | (3,750 | ) | (2,083 | ) | ||
| Issuance of common shares, net of expenses | 8,409 | 18,885 | 17,896 | 38,776 | ||||||
| Interest paid | (5,588 | ) | (5,281 | ) | (16,665 | ) | (7,391 | ) | ||
| Net cash flows from financing activities | (4,171 | ) | 8,733 | (19,337 | ) | 24,844 | ||||
| Increase (decrease) in cash and cash equivalents | (4,264 | ) | 1,783 | (22,410 | ) | (205,734 | ) | |||
| Cash and cash equivalents - beginning of period | 82,524 | 150,976 | 100,670 | 358,493 | ||||||
| Cash and cash equivalents - end of period | 78,260 | 152,759 | 78,260 | 152,759 | ||||||
Contact Information:
Vice-President Corporate Development
(416) 363-8653
Sylvie Prud'homme
Director of Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563
www.osisko.com