INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
(Unaudited -
Expressed in thousands of Canadian dollars (“CAD”)
except for share amounts)
|
||||||
|
|
|
|
At September
30
2022
|
|
At December
31
2021
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Cash and cash
equivalents (note 4)
|
|
|
$
|
54,902
|
$
|
63,998
|
Trade and other
receivables (note 5)
|
|
|
|
4,881
|
|
3,656
|
Inventories (note
6)
|
|
|
|
2,798
|
|
3,454
|
Investments-equity
instruments (note 7)
|
|
|
|
10,235
|
|
14,437
|
Prepaid expenses
and other
|
|
|
|
808
|
|
1,310
|
|
|
|
|
73,624
|
|
86,855
|
Non-Current
|
|
|
|
|
|
|
Inventories-ore
in stockpiles (note 6)
|
|
|
|
2,098
|
|
2,098
|
Investments-equity
instruments (note 7)
|
|
|
|
162
|
|
141
|
Investments-uranium
(note 7)
|
|
|
|
165,330
|
|
133,114
|
Investments-joint
venture (note 8)
|
|
|
|
19,143
|
|
21,392
|
Prepaid expenses
and other
|
|
|
|
55
|
|
221
|
Restricted cash
and investments (note 9)
|
|
|
|
11,296
|
|
12,001
|
Property, plant
and equipment (note 10)
|
|
|
|
255,706
|
|
254,462
|
Total
assets
|
|
|
$
|
527,414
|
$
|
510,284
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities (note 11)
|
|
|
$
|
12,361
|
$
|
8,590
|
Warrants on
investment (note 7)
|
|
|
|
33
|
|
1,625
|
Share purchase
warrant liabilities (note 15)
|
|
|
|
3,414
|
|
-
|
Current portion
of long-term liabilities:
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
4,171
|
|
4,656
|
Post-employment
benefits (note 13)
|
|
|
|
120
|
|
120
|
Reclamation
obligations (note 14)
|
|
|
|
2,122
|
|
1,181
|
Other liabilities
(note 16)
|
|
|
|
189
|
|
179
|
|
|
|
|
22,410
|
|
16,351
|
Non-Current
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
29,285
|
|
31,852
|
Post-employment
benefits (note 13)
|
|
|
|
1,092
|
|
1,154
|
Reclamation
obligations (note 14)
|
|
|
|
33,312
|
|
36,351
|
Share purchase
warrant liabilities (note 15)
|
|
|
|
-
|
|
20,337
|
Other liabilities
(note 16)
|
|
|
|
405
|
|
329
|
Deferred income
tax liability
|
|
|
|
5,354
|
|
7,219
|
Total
liabilities
|
|
|
|
91,858
|
|
113,593
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Share capital
(note 17)
|
|
|
|
1,533,545
|
|
1,517,029
|
Contributed
surplus (note 18)
|
|
|
|
69,763
|
|
67,496
|
Deficit
|
|
|
|
(1,169,517)
|
|
(1,189,610)
|
Accumulated other
comprehensive income (note 19)
|
|
|
|
1,765
|
|
1,776
|
Total
equity
|
|
|
|
435,556
|
|
396,691
|
Total
liabilities and equity
|
|
|
$
|
527,414
|
$
|
510,284
|
|
|
|
|
|
|
|
Issued and
outstanding common shares (in thousands) (note 17)
|
|
822,215
|
|
812,430
|
||
Commitments
and contingencies (note 24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are integral to the condensed interim consolidated financial
statements
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||
(Unaudited -
Expressed in thousands of CAD dollars except for share and per
share amounts)
|
||||||||||||
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||||||
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
REVENUES (note 21)
|
$
|
3,043
|
$
|
9,541
|
$
|
13,968
|
$
|
16,663
|
||||
|
|
|
|
|
|
|
|
|
||||
EXPENSES
|
|
|
|
|
|
|
|
|
||||
Operating (notes
20 and 21)
|
|
(2,546)
|
|
(4,319)
|
|
(8,598)
|
|
(9,898)
|
||||
Evaluation (note
21)
|
|
(6,730)
|
|
(3,839)
|
|
(17,811)
|
|
(12,981)
|
||||
Exploration (note
21)
|
|
(1,549)
|
|
(842)
|
|
(5,175)
|
|
(2,718)
|
||||
General and
administrative (note 21)
|
|
(2,652)
|
|
(2,089)
|
|
(9,475)
|
|
(7,076)
|
||||
Other income
(note 20)
|
|
4,646
|
|
34,999
|
|
49,810
|
|
39,306
|
||||
|
|
(8,831)
|
|
23,910
|
|
8,751
|
|
6,633
|
||||
Income
(loss) before net finance expense
|
|
(5,788)
|
|
33,451
|
|
22,719
|
|
23,296
|
||||
Finance expense,
net (note 20)
|
|
(668)
|
|
(1,054)
|
|
(2,242)
|
|
(3,093)
|
||||
Equity share of
loss of joint venture (note 8)
|
|
(945)
|
|
(84)
|
|
(2,249)
|
|
(84)
|
||||
Income (loss)
before taxes
|
|
(7,401)
|
|
32,313
|
|
18,228
|
|
20,119
|
||||
Income tax
recovery - Deferred
|
|
1,018
|
|
553
|
|
1,865
|
|
1,507
|
||||
Net income (loss)
for the period
|
$
|
(6,383)
|
$
|
32,866
|
$
|
20,093
|
$
|
21,626
|
||||
|
|
|
|
|
|
|
|
|
||||
Other
comprehensive income (loss) (note 19):
|
|
|
|
|
|
|
|
|
||||
Items that are or
may be subsequently reclassified to income (loss):
|
|
|
|
|
|
|
|
|
||||
Foreign currency
translation change
|
|
(8)
|
|
4
|
|
(11)
|
|
1
|
||||
Comprehensive
income (loss) for the period
|
$
|
(6,391)
|
$
|
32,870
|
$
|
20,082
|
$
|
21,627
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Basic and diluted
net income (loss) per share:
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
(0.01)
|
$
|
0.04
|
$
|
0.02
|
$
|
0.03
|
|
|||
Diluted
|
$
|
(0.01)
|
$
|
0.04
|
$
|
0.02
|
$
|
0.03
|
|
|||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Weighted-average
number of shares outstanding
(in
thousands):
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
819,228
|
|
805,987
|
|
817,317
|
|
775,157
|
||||
Diluted
|
|
819,228
|
|
816,365
|
|
827,555
|
|
784,991
|
||||
|
|
|
|
|
|
|
|
|
||||
The accompanying
notes are integral to the condensed interim consolidated financial
statements
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
|
||||||||
(Unaudited -
Expressed in thousands of CAD dollars)
|
||||||||
|
|
|
|
Nine
Months Ended
September
30
|
||||
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital (note 17)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
1,517,029
|
$
|
1,366,710
|
Shares issued for
cash, net of issue costs
|
|
|
|
|
|
14,853
|
|
134,050
|
Other shares
issued, net of issue costs
|
|
|
|
|
|
169
|
|
-
|
Share options
exercised-cash
|
|
|
|
|
|
827
|
|
5,349
|
Share options
exercised-transfer from contributed surplus
|
|
|
|
316
|
|
1,833
|
||
Share units
exercised-transfer from contributed surplus
|
|
|
|
351
|
|
538
|
||
Warrants
exercised-cash
|
|
|
|
-
|
|
1
|
||
Balance-end of
period
|
|
|
|
|
|
1,533,545
|
|
1,508,481
|
|
|
|
|
|
|
|
|
|
Contributed surplus
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
67,496
|
|
67,387
|
Share-based
compensation expense (note 18)
|
|
|
|
|
|
2,934
|
|
1,987
|
Share options
exercised-transfer to share capital
|
|
|
|
|
|
(316)
|
|
(1,833)
|
Share units
exercised-transfer to share capital
|
|
|
|
|
|
(351)
|
|
(538)
|
Balance-end of
period
|
|
|
|
|
|
69,763
|
|
67,003
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
(1,189,610)
|
|
(1,208,587)
|
Net
income
|
|
|
|
|
|
20,093
|
|
21,626
|
Balance-end of
period
|
|
|
|
|
|
(1,169,517)
|
|
(1,186,961)
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (note 19)
|
|
|
|
|
|
|
||
Balance-beginning
of period
|
|
|
|
|
|
1,776
|
|
1,775
|
Foreign currency
translation
|
|
|
|
|
|
(11)
|
|
1
|
Balance-end of
period
|
|
|
|
|
|
1,765
|
|
1,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
396,691
|
|
227,285
|
Balance-end of
period
|
|
|
|
|
$
|
435,556
|
$
|
390,299
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are integral to the condensed interim consolidated financial
statements
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW
|
|
||||||||
(Unaudited -
Expressed in thousands of CAD dollars)
|
|
||||||||
|
|
|
|
Nine
Months Ended
September
30
|
|
||||
CASH PROVIDED BY (USED IN):
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Net income for
the period
|
|
|
|
|
$
|
20,093
|
$
|
21,626
|
|
Adjustments and
Items not affecting cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
Depletion,
depreciation, amortization and accretion
|
|
|
|
|
|
6,124
|
|
5,095
|
|
Fair value
change losses (gains):
|
|
|
|
|
|
|
|
||
Investments-equity
instruments (notes 7 and 20)
|
|
|
|
4,181
|
|
(9,476)
|
|
||
Investments-uranium
(notes 7 and 20)
|
|
|
|
(32,216)
|
|
(43,672)
|
|
||
Warrants on
investment (notes 7 and 20)
|
|
|
|
(1,592)
|
|
-
|
|
||
Share
purchase warrant liabilities (notes 15 and 20)
|
|
|
|
(16,923)
|
|
11,567
|
|
||
Joint venture-equity share of loss (note 8)
|
|
|
|
2,249
|
|
84
|
|
||
Recognition
of deferred revenue (note 12)
|
|
|
|
(4,971)
|
|
(1,756)
|
|
||
Loss on
property, plant and equipment disposals
|
|
|
|
28
|
|
2
|
|
||
Gain on lease
liability derecognition
|
|
|
|
-
|
|
(4)
|
|
||
Post-employment
benefit payments (note 13)
|
|
|
|
(78)
|
|
(84)
|
|
||
Reclamation
obligation expenditures (note 14)
|
|
|
|
(1,129)
|
|
(599)
|
|
||
Share-based
compensation (note 18)
|
|
|
|
2,934
|
|
1,987
|
|
||
Foreign exchange
(gains) losses (note 20)
|
|
|
|
|
|
(902)
|
|
1,219
|
|
Warrant
liabilities, issue costs expensed
|
|
|
|
|
|
-
|
|
791
|
|
Deferred income
tax recovery
|
|
|
|
|
|
(1,865)
|
|
(1,507)
|
|
Change in
non-cash working capital items (note 20)
|
|
|
|
|
|
3,806
|
|
(114)
|
|
Net
cash used in operating activities
|
|
|
|
|
|
(20,261)
|
|
(14,841)
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Purchase of
investments-uranium (note 7)
|
|
|
|
|
|
-
|
|
(87,811)
|
|
Increase in term
loan receivable and investment in joint venture (note
8)
|
|
|
|
-
|
|
(40,950)
|
|
||
Repayment of term
loan receivable (note 8)
|
|
|
|
|
|
-
|
|
20,450
|
|
Transaction
costs-investment in joint venture (note 8)
|
|
|
|
|
|
-
|
|
(1,355)
|
|
Additions of
property, plant and equipment (note 10)
|
|
|
|
(6,093)
|
|
(446)
|
|
||
Proceeds on sale
of property, plant and equipment
|
|
|
|
8
|
|
2
|
|
||
Decrease
(increase) in restricted cash and investments
|
|
|
|
705
|
|
(319)
|
|
||
Net
cash used in investing activities
|
|
|
|
|
|
(5,380)
|
|
(110,429)
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Issuance of debt
obligations (note 16)
|
|
|
|
|
|
141
|
|
34
|
|
Repayment
of debt obligations (note 16)
|
|
|
|
|
|
(154)
|
|
(189)
|
|
Proceeds
from unit issues, net of issue costs (note 17)
|
|
|
|
-
|
|
135,630
|
|
||
Proceeds
from share issues, net of issue costs (note 17)
|
|
|
|
|
|
14,803
|
|
10,863
|
|
Proceeds
from share options exercised (note 17)
|
|
|
|
|
|
827
|
|
5,349
|
|
Warrant
exercise proceeds
|
|
|
|
|
|
-
|
|
1
|
|
Net
cash provided by financing activities
|
|
|
|
|
|
15,617
|
|
151,688
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease)
increase in cash and cash equivalents
|
|
|
|
|
|
(10,024)
|
|
26,418
|
|
Foreign
exchange effect on cash and cash equivalents
|
|
|
|
|
|
928
|
|
(533)
|
|
Cash
and cash equivalents, beginning of period
|
|
|
|
|
|
63,998
|
|
24,992
|
|
Cash
and cash equivalents, end of period
|
|
|
|
|
$
|
54,902
|
$
|
50,877
|
|
|
|
||||||||
The accompanying
notes are integral to the condensed interim consolidated financial
statements
|
|
||||||||
|
|
||||||||
|
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022
(Unaudited -
Expressed in CAD dollars except for shares and per share
amounts)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
1,785
|
$
|
2,002
|
Cash in MLJV and
MWJV
|
|
|
|
1,364
|
|
1,275
|
Cash
equivalents
|
|
|
|
51,753
|
|
60,721
|
|
|
|
$
|
54,902
|
$
|
63,998
|
|
|
|
|
At September
30
|
|
At December
31
|
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
$
|
3,888
|
$
|
2,866
|
|
Receivables in
MLJV and MWJV
|
|
|
|
539
|
|
533
|
|
Sales tax
receivables
|
|
|
|
425
|
|
255
|
|
Sundry
receivables
|
|
|
|
29
|
|
2
|
|
|
|
|
$
|
4,881
|
$
|
3,656
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Uranium
concentrates
|
|
|
$
|
-
|
$
|
451
|
Inventory of ore
in stockpiles
|
|
|
|
2,098
|
|
2,098
|
Mine and mill
supplies in MLJV
|
|
|
|
2,798
|
|
3,003
|
|
|
|
$
|
4,896
|
$
|
5,552
|
|
|
|
|
|
|
|
Inventories-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
2,798
|
$
|
3,454
|
Long-term-ore in
stockpiles
|
|
|
|
2,098
|
|
2,098
|
|
|
|
$
|
4,896
|
$
|
5,552
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
Equity
instruments
|
|
|
|
|
|
|
Shares
|
|
|
$
|
10,141
|
$
|
14,349
|
Warrants
|
|
|
|
256
|
|
229
|
Uranium
|
|
|
|
165,330
|
|
133,114
|
|
|
|
$
|
175,727
|
$
|
147,692
|
|
|
|
|
|
|
|
Investments-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
10,235
|
$
|
14,437
|
Long-term
|
|
|
|
165,492
|
|
133,255
|
|
|
|
$
|
175,727
|
$
|
147,692
|
(in
thousands)
|
|
Equity
Instruments
|
|
Physical
Uranium
|
|
Total
Investments
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
$
|
14,578
|
$
|
133,114
|
$
|
147,692
|
Change in fair
value to profit and (loss) (note 20)
|
|
(4,181)
|
|
32,216
|
|
28,035
|
Balance–September
30, 2022
|
$
|
10,397
|
$
|
165,330
|
$
|
175,727
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Number
of
|
|
Warrant
|
(in thousands
except warrant amounts)
|
Warrants
|
|
Liability
|
|
|
|
|
Balance–December 31,
2021
|
32,500,000
|
$
|
1,625
|
Change in fair
value to (profit) and loss (note 20)
|
-
|
|
(1,592)
|
Balance–September 30,
2022
|
32,500,000
|
$
|
33
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Investment in
joint venture-by investee:
|
|
|
|
|
|
|
JCU
|
|
|
$
|
19,143
|
$
|
21,392
|
|
|
|
$
|
19,143
|
$
|
21,392
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2021
|
|
|
|
|
$
|
21,392
|
Equity share of
loss
|
|
|
|
|
|
(2,249)
|
Balance-September
30, 2022
|
|
|
|
|
$
|
19,143
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Total current
assets(1)
|
|
|
$
|
2,032
|
$
|
4,851
|
Total non-current
assets
|
|
|
|
38,067
|
|
38,067
|
Total current
liabilities
|
|
|
|
(1,813)
|
|
(134)
|
Total non-current
liabilities
|
|
|
|
-
|
|
-
|
Total net
assets
|
|
|
$
|
38,286
|
$
|
42,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
September 30,2022(2)
|
||||
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
-
|
Net
loss
|
|
|
|
|
|
(4,498)
|
Other
comprehensive income
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
JCU net assets to Denison investment carrying value:
|
|
|
||||
Adjusted net assets of JCU–at December 31, 2021
|
|
|
$
|
42,784
|
||
Net
loss
|
|
|
|
|
|
(4,498)
|
Adjusted net assets of JCU–at
September 30, 2022
|
|
|
$
|
38,286
|
||
Denison ownership
interest
|
|
|
|
|
|
50.00%
|
Denison share of
adjusted net assets of JCU
|
|
|
|
|
|
19,143
|
Investment in
JCU
|
|
|
|
|
$
|
19,143
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
3,324
|
$
|
2,866
|
Investments
|
|
|
|
7,972
|
|
9,135
|
|
|
|
$
|
11,296
|
$
|
12,001
|
Restricted cash
and investments-by item:
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
|
$
|
3,324
|
$
|
2,866
|
Letters of credit
facility pledged assets
|
|
|
|
7,972
|
|
9,000
|
Letters of credit
additional collateral
|
|
|
|
-
|
|
135
|
|
|
|
$
|
11,296
|
$
|
12,001
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Plant
and Equipment
|
|
Mineral
|
|
Total
|
||
(in
thousands)
|
|
Owned
|
|
Right-of-Use
|
|
Properties
|
|
PP&E
|
|
|
|
|
|
|
|
|
|
Cost:
|
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
$
|
105,683
|
$
|
953
|
$
|
179,788
|
$
|
286,424
|
Additions
|
|
5,981
|
|
75
|
|
112
|
|
6,168
|
Disposal
|
|
(187)
|
|
(267)
|
|
-
|
|
(454)
|
Reclamation–Adjustment
(note 14)
|
|
(2,038)
|
|
-
|
|
-
|
|
(2,038)
|
Balance–September
30, 2022
|
$
|
109,439
|
$
|
761
|
$
|
179,900
|
$
|
290,100
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization, depreciation:
|
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
$
|
(31,420)
|
$
|
(542)
|
$
|
-
|
$
|
(31,962)
|
Amortization
|
|
(139)
|
|
-
|
|
-
|
|
(139)
|
Depreciation
|
|
(2,599)
|
|
(111)
|
|
-
|
|
(2,710)
|
Disposal
|
|
150
|
|
267
|
|
-
|
|
417
|
Balance–September
30, 2022
|
$
|
(34,008)
|
$
|
(386)
|
$
|
-
|
$
|
(34,394)
|
|
|
|
|
|
|
|
|
|
Carrying
value:
|
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
$
|
74,263
|
$
|
411
|
$
|
179,788
|
$
|
254,462
|
Balance–September 30,
2022
|
$
|
75,431
|
$
|
375
|
$
|
179,900
|
$
|
255,706
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
$
|
6,517
|
$
|
3,179
|
|
Payables in MLJV
and MWJV
|
|
|
|
4,422
|
|
4,316
|
|
Other
payables
|
|
|
|
1,422
|
|
1,095
|
|
|
|
|
$
|
12,361
|
$
|
8,590
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Deferred
revenue–pre-sold toll milling:
|
|
|
|
|
|
|
CLJV toll
milling–Ecora
|
|
|
$
|
33,456
|
$
|
36,508
|
|
|
|
$
|
33,456
|
$
|
36,508
|
|
|
|
|
|
|
|
Deferred
revenue-by balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
4,171
|
$
|
4,656
|
Non-current
|
|
|
|
29,285
|
|
31,852
|
|
|
|
$
|
33,456
|
$
|
36,508
|
(in
thousands)
|
|
|
|
|
|
Deferred
Revenue
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
|
|
|
|
$
|
36,508
|
Accretion (note
20)
|
|
|
|
|
|
1,919
|
Revenue
recognized during the period (note 21)
|
|
|
|
|
|
(4,971)
|
Balance–September
30, 2022
|
|
|
|
|
$
|
33,456
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Accrued benefit
obligation
|
|
|
$
|
1,212
|
$
|
1,274
|
|
|
|
$
|
1,212
|
$
|
1,274
|
|
|
|
|
|
|
|
Post-employment
benefits-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
120
|
$
|
120
|
Non-current
|
|
|
|
1,092
|
|
1,154
|
|
|
|
$
|
1,212
|
$
|
1,274
|
(in
thousands)
|
|
|
|
|
|
Post-Employment
Benefits
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
|
|
|
|
$
|
1,274
|
Accretion (note
20)
|
|
|
|
|
|
16
|
Benefits
paid
|
|
|
|
|
|
(78)
|
Balance–September
30, 2022
|
|
|
|
|
$
|
1,212
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Reclamation
obligations-by location:
|
|
|
|
|
|
|
Elliot
Lake
|
|
|
$
|
20,755
|
$
|
20,877
|
McClean and
Midwest Joint Ventures
|
|
|
|
12,457
|
|
15,405
|
Wheeler River and
other
|
|
|
|
2,222
|
|
1,250
|
|
|
|
$
|
35,434
|
$
|
37,532
|
|
|
|
|
|
|
|
Reclamation
obligations-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
2,122
|
$
|
1,181
|
Non-current
|
|
|
|
33,312
|
|
36,351
|
|
|
|
$
|
35,434
|
$
|
37,532
|
(in
thousands)
|
|
|
|
|
|
Reclamation
Obligations
|
|
|
|
|
|
|
|
Balance–December
31, 2021
|
|
|
|
|
$
|
37,532
|
Accretion (note
20)
|
|
|
|
|
|
1,069
|
MLJV site
restoration–adjustment
|
|
|
|
|
|
(3,303)
|
Wheeler River and
other-addition
|
|
|
|
|
|
1,265
|
Expenditures
incurred
|
|
|
|
|
|
(1,129)
|
Balance–September
30, 2022
|
|
|
|
|
$
|
35,434
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Number
of
|
|
Warrant
|
(in thousands
except warrant amounts)
|
Warrants
|
|
Liability
|
|
|
|
|
Balance–December 31,
2021
|
55,006,475
|
$
|
20,337
|
Change in fair
value to (profit) and loss (note 20)
|
-
|
|
(16,923)
|
Balance–September 30,
2022
|
55,006,475
|
$
|
3,414
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Debt
obligations:
|
|
|
|
|
|
|
Lease
obligations
|
|
|
$
|
401
|
$
|
452
|
Loan
obligations
|
|
|
|
193
|
|
56
|
|
|
|
$
|
594
|
$
|
508
|
|
|
|
|
|
|
|
Other
liabilities-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
189
|
$
|
179
|
Non-current
|
|
|
|
405
|
|
329
|
|
|
|
$
|
594
|
$
|
508
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Balance–December
31, 2021
|
|
|
$
|
452
|
$
|
56
|
$
|
508
|
|
Accretion (note
20)
|
|
|
|
24
|
|
-
|
|
24
|
|
Additions
|
|
|
|
58
|
|
158
|
|
216
|
|
Repayments
|
|
|
|
(133)
|
|
(21)
|
|
(154)
|
|
Balance–September
30, 2022
|
|
|
$
|
401
|
$
|
193
|
$
|
594
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Maturity
analysis–contractual undiscounted cash flows:
|
|
|
|
|
|
|
|||
Next 12
months
|
|
|
$
|
149
|
$
|
40
|
$
|
189
|
|
One to five
years
|
|
|
|
301
|
|
164
|
|
465
|
|
More than five
years
|
|
|
|
-
|
|
-
|
|
-
|
|
Total
obligation–September 30, 2022–undiscounted
|
|
450
|
|
204
|
|
654
|
|||
Present value
discount adjustment
|
|
|
|
(49)
|
|
(11)
|
|
(60)
|
|
Total
obligation–September 30, 2022–discounted
|
$
|
401
|
$
|
193
|
$
|
594
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Number
of
|
|
|
|
Common
|
|
Share
|
(in thousands
except share amounts)
|
Shares
|
|
Capital
|
|
|
|
|
Balance–December 31,
2021
|
812,429,995
|
$
|
1,517,029
|
Issued for
cash:
|
|
|
|
Shares issued for
cash–total
|
8,025,460
|
|
15,306
|
Less: share issue
costs
|
-
|
|
(453)
|
Other shares
issued–total
|
128,052
|
|
219
|
Less: other share
issue costs
|
-
|
|
(50)
|
Share option
exercises
|
1,115,500
|
|
827
|
Share option
exercises–transfer from contributed
surplus
|
-
|
|
316
|
Share unit
exercises–transfer from contributed
surplus
|
515,669
|
|
351
|
|
9,784,681
|
$
|
16,516
|
Balance–September 30,
2022
|
822,214,676
|
$
|
1,533,545
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Share based
compensation expense for:
|
|
|
|
|
|
|
|
|
Share
options
|
$
|
(360)
|
$
|
(368)
|
$
|
(1,119)
|
$
|
(983)
|
RSUs
|
|
(552)
|
|
(348)
|
|
(1,612)
|
|
(1,011)
|
PSUs
|
|
(70)
|
|
24
|
|
(203)
|
|
7
|
Share
based compensation expense
|
$
|
(982)
|
$
|
(692)
|
$
|
(2,934)
|
$
|
(1,987)
|
|
|
|
|
|
|
|
|
|
Weighted-
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
|
|
|
|
|
Number
of
|
|
Price
per
|
|
|
|
|
|
|
|
Share
|
|
Share
|
|
|
|
|
|
|
|
Options
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
Share options
outstanding–December 31, 2021
|
|
|
|
9,449,895
|
$
|
0.86
|
|||
Grants
|
|
|
|
|
|
|
1,671,000
|
|
1.82
|
Exercises(1)
|
|
|
|
|
|
|
(1,115,500)
|
|
0.74
|
Expiries
|
|
|
|
|
|
|
(26,000)
|
|
0.85
|
Forfeitures
|
|
|
|
|
|
|
(320,500)
|
|
1.13
|
Share options
outstanding–September 30, 2022
|
|
|
|
9,658,895
|
$
|
1.03
|
|||
Share options
exercisable–September 30, 2022
|
|
|
|
6,189,395
|
$
|
0.74
|
|
|
|
|
|
Weighted
|
|
|
|
Weighted-
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
Remaining
|
|
|
|
Exercise
|
Range of
Exercise
|
|
|
|
|
Contractual
|
|
Number
of
|
|
Price
per
|
Prices per
Share
|
|
|
|
|
Life
|
|
Share
|
|
Share
|
(CAD)
|
|
|
|
|
(Years)
|
|
Options
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
Share options
outstanding
|
|
|
|
|
|
|
|||
$ 0.25 to $
0.49
|
|
2.46
|
|
1,830,000
|
$
|
0.45
|
|||
$ 0.50 to $
0.74
|
|
|
|
|
0.94
|
|
2,916,895
|
|
0.64
|
$ 0.75 to $
0.99
|
|
|
|
|
-
|
|
-
|
|
-
|
$ 1.00 to $
1.49
|
|
|
|
|
3.47
|
|
3,153,000
|
|
1.28
|
$ 1.50 to $
1.99
|
|
|
|
|
4.46
|
|
1,643,000
|
|
1.82
|
$ 2.00 to $
2.49
|
|
|
|
|
4.16
|
|
116,000
|
|
2.27
|
Stock options
outstanding–September 30, 2022
|
|
2.69
|
|
9,658,895
|
$
|
1.03
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
September 30,
2022
|
|
|
|
|
|
|
|
Risk-free
interest rate
|
|
|
|
1.44% -
2.96%
|
|
Expected stock
price volatility
|
|
|
|
74.56% -
76.78%
|
|
Expected
life
|
|
|
|
3.38 years -
3.42 years
|
|
Expected dividend
yield
|
|
|
|
-
|
|
Fair value
per share under options granted
|
|
|
$0.82 -
$1.10
|
|
|
RSUs
|
|
PSUs
|
|||||
|
|
|
|
Weighted
|
|
|
|
Weighted
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Number
of
|
|
Fair
Value
|
|
Number
of
|
|
Fair
Value
|
|
|
|
Share
|
|
Per
RSU
|
|
Share
|
|
Per
PSU
|
|
|
|
Units
|
|
(CAD)
|
|
Units
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
|
Units
outstanding–December 31, 2021
|
|
5,801,841
|
$
|
0.80
|
|
1,530,000
|
$
|
0.62
|
|
Grants
|
|
1,251,000
|
|
2.08
|
|
120,000
|
|
2.08
|
|
Exercises
(1)
|
|
(395,669)
|
|
0.77
|
|
(120,000)
|
|
0.38
|
|
Forfeitures
|
|
(181,749)
|
|
1.02
|
|
-
|
|
-
|
|
Units
outstanding–September 30, 2022
|
|
6,475,423
|
$
|
1.05
|
|
1,530,000
|
$
|
0.75
|
|
Units
vested–September 30, 2022
|
|
3,322,174
|
$
|
0.67
|
|
1,080,000
|
$
|
0.65
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Cumulative
foreign currency translation
|
|
|
$
|
403
|
$
|
414
|
Experience
gain-post employment liability
|
|
|
|
|
||
Gross
|
|
|
|
1,847
|
|
1,847
|
Tax
effect
|
|
|
|
(485)
|
|
(485)
|
|
|
|
$
|
1,765
|
$
|
1,776
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Cost of goods and
services sold:
|
|
|
|
|
|
|
|
|
Cost
of goods sold-mineral concentrates
|
$
|
-
|
$
|
-
|
$
|
(444)
|
$
|
-
|
Operating
overheads:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
(215)
|
|
(1,199)
|
|
(405)
|
|
(2,254)
|
Milling,
conversion expense
|
|
(616)
|
|
(767)
|
|
(2,171)
|
|
(1,242)
|
Less
absorption:
|
|
|
|
|
|
|
|
|
-Mineral
properties
|
|
8
|
|
10
|
|
29
|
|
32
|
-Milling
|
|
-
|
|
-
|
|
(11)
|
|
-
|
Cost of
services-Closed Mines group
|
|
(1,662)
|
|
(2,293)
|
|
(5,193)
|
|
(6,224)
|
Cost of goods and
services sold
|
|
(2,485)
|
|
(4,249)
|
|
(8,195)
|
|
(9,688)
|
Selling
expenses
|
|
(14)
|
|
-
|
|
(48)
|
|
-
|
Sales
royalties
|
|
-
|
|
-
|
|
(216)
|
|
-
|
Reclamation asset
amortization
|
|
(47)
|
|
(70)
|
|
(139)
|
|
(210)
|
Operating
expenses
|
$
|
(2,546)
|
$
|
(4,319)
|
$
|
(8,598)
|
$
|
(9,898)
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
|||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
Gains (losses)
on:
|
|
|
|
|
|
|
|
|
|
Foreign
exchange
|
$
|
615
|
$
|
398
|
$
|
902
|
$
|
(1,219)
|
|
Disposal of
property, plant and equipment
|
|
8
|
|
(4)
|
|
(28)
|
|
(2)
|
|
Fair value
changes:
|
|
|
|
|
|
|
|
|
|
Investments-equity
instruments (note 7)
|
|
805
|
|
4,334
|
|
(4,181)
|
|
9,476
|
|
Investments-uranium (note
7)
|
|
2,637
|
|
36,138
|
|
32,216
|
|
43,672
|
|
Warrants on
investment (note 7)
|
|
422
|
|
-
|
|
1,592
|
|
-
|
|
Share purchase
warrant liabilities (note 15)
|
|
190
|
|
(5,735)
|
|
16,923
|
|
(11,567)
|
|
Gain
on recognition of proceeds–UI
repayment (note 24)
|
|
131
|
|
-
|
|
2,844
|
|
-
|
|
Issue
costs–share purchase warrant liabilities (note
17)
|
|
-
|
|
-
|
|
-
|
|
(791)
|
|
Uranium
investment storage charges
|
|
(88)
|
|
(72)
|
|
(259)
|
|
(126)
|
|
Other
|
|
(74)
|
|
(60)
|
|
(199)
|
|
(137)
|
|
Other
income (expense)
|
$
|
4,646
|
$
|
34,999
|
$
|
49,810
|
$
|
39,306
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
439
|
$
|
76
|
$
|
791
|
$
|
288
|
Interest
expense
|
|
(1)
|
|
(1)
|
|
(5)
|
|
(1)
|
Accretion
expense
|
|
|
|
|
|
|
|
|
Deferred
revenue (note 12)
|
|
(738)
|
|
(777)
|
|
(1,919)
|
|
(2,321)
|
Post-employment
benefits (note 13)
|
|
(5)
|
|
(6)
|
|
(16)
|
|
(17)
|
Reclamation
obligations (note 14)
|
|
(356)
|
|
(335)
|
|
(1,069)
|
|
(1,007)
|
Debt
obligations (note 16)
|
|
(7)
|
|
(11)
|
|
(24)
|
|
(35)
|
Finance
expense, net
|
$
|
(668)
|
$
|
(1,054)
|
$
|
(2,242)
|
$
|
(3,093)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
$
|
-
|
$
|
-
|
$
|
(1)
|
$
|
(1)
|
Milling,
conversion expense
|
|
(613)
|
|
(678)
|
|
(2,166)
|
|
(1,107)
|
Cost of
services-Closed Mines group
|
|
(47)
|
|
(46)
|
|
(135)
|
|
(136)
|
Evaluation
|
|
(67)
|
|
(9)
|
|
(130)
|
|
(27)
|
Exploration
|
|
(33)
|
|
(49)
|
|
(82)
|
|
(129)
|
General and
administrative
|
|
(78)
|
|
(30)
|
|
(196)
|
|
(85)
|
Depreciation
expense-gross
|
$
|
(838)
|
$
|
(812)
|
$
|
(2,710)
|
$
|
(1,485)
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
$
|
(2,528)
|
$
|
(2,173)
|
$
|
(8,860)
|
$
|
(7,311)
|
Share-based
compensation (note 18)
|
|
(983)
|
|
(692)
|
|
(2,934)
|
|
(1,987)
|
Termination
benefits
|
|
-
|
|
(85)
|
|
(2)
|
|
(114)
|
Employee
benefits expense
|
$
|
(3,511)
|
$
|
(2,950)
|
$
|
(11,796)
|
$
|
(9,412)
|
|
|
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Change in
non-cash working capital items:
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
$
|
(1,250)
|
$
|
(1,095)
|
Inventories
|
|
|
|
|
|
656
|
|
(104)
|
Prepaid expenses
and other assets
|
|
|
|
|
|
637
|
|
(70)
|
Accounts payable
and accrued liabilities
|
|
|
|
|
|
3,763
|
|
1,155
|
Change
in non-cash working capital items
|
|
|
|
|
$
|
3,806
|
$
|
(114)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
|
Corporate
and
Other
|
Total
|
|
|||
|
|
|
|
|
|
|
|
|||
Statement of Operations:
|
|
|
|
|
|
|
|
|||
Revenues
|
|
|
7,957
|
6,011
|
-
|
13,968
|
|
|||
|
|
|
|
|
|
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|||
Operating
expenses
|
|
|
(3,405)
|
(5,193)
|
-
|
(8,598)
|
|
|||
Evaluation
|
|
|
(17,811)
|
-
|
-
|
(17,811)
|
|
|||
Exploration
|
|
|
(5,175)
|
-
|
-
|
(5,175)
|
|
|||
General and
administrative
|
|
|
(21)
|
-
|
(9,454)
|
(9,475)
|
|
|||
|
|
|
(26,412)
|
(5,193)
|
(9,454)
|
(41,059)
|
|
|||
Segment income
(loss)
|
|
|
(18,455)
|
818
|
(9,454)
|
(27,091)
|
|
|||
|
|
|
|
|
|
|
|
|||
Revenues–supplemental:
|
|
|
|
|
|
|
|
|||
Environmental
services
|
|
|
-
|
6,011
|
-
|
6,011
|
|
|||
Toll milling
services–deferred revenue (note 12)
|
|
4,971
|
-
|
-
|
4,971
|
|
||||
Uranium
concentrate sale
|
|
2,986
|
-
|
-
|
2,986
|
|
||||
|
|
|
7,957
|
6,011
|
-
|
13,968
|
|
|||
|
|
|
|
|
|
|
|
|||
Capital additions:
|
|
|
|
|
|
|
|
|||
Property, plant
and equipment
|
|
|
1,934
|
293
|
3,941
|
6,168
|
|
|||
|
|
|
|
|
|
|
|
|||
Long-lived assets:
|
|
|
|
|
|
|
||||
Plant and
equipment
|
|
|
|
|
|
|
|
|||
Cost
|
|
|
94,116
|
4,366
|
11,718
|
110,200
|
|
|||
Accumulated
depreciation
|
|
|
(28,604)
|
(2,932)
|
(2,858)
|
(34,394)
|
||||
Mineral
properties
|
|
|
179,900
|
-
|
-
|
179,900
|
|
|||
|
|
|
245,412
|
1,434
|
8,860
|
255,706
|
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
995
|
2,048
|
-
|
3,043
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(884)
|
(1,662)
|
-
|
(2,546)
|
Evaluation
|
|
|
(6,730)
|
-
|
-
|
(6,730)
|
Exploration
|
|
|
(1,549)
|
-
|
-
|
(1,549)
|
General and
administrative
|
|
|
(1)
|
-
|
(2,651)
|
(2,652)
|
|
|
|
(9,164)
|
(1,662)
|
(2,651)
|
(13,477)
|
Segment income
(loss)
|
|
|
(8,169)
|
386
|
(2,651)
|
(10,434)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
2,048
|
-
|
2,048
|
Toll milling
services–deferred revenue (note 12)
|
|
995
|
-
|
-
|
995
|
|
|
|
|
995
|
2,048
|
-
|
3,043
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
1,756
|
6,943
|
7,964
|
16,663
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(3,673)
|
(6,225)
|
-
|
(9,898)
|
Evaluation
|
|
|
(12,981)
|
-
|
-
|
(12,981)
|
Exploration
|
|
|
(2,718)
|
-
|
-
|
(2,718)
|
General and
administrative
|
|
|
(19)
|
-
|
(7,057)
|
(7,076)
|
|
|
|
(19,391)
|
(6,225)
|
(7,057)
|
(32,673)
|
Segment income
(loss)
|
|
|
(17,635)
|
718
|
907
|
(16,010)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
6,943
|
-
|
6,943
|
Contract
termination fee (note 22)
|
|
|
-
|
-
|
5,848
|
5,848
|
Management fees
(note 22)
|
|
|
-
|
-
|
2,116
|
2,116
|
Toll milling
services–deferred revenue (note 12)
|
|
1,756
|
-
|
-
|
1,756
|
|
|
|
|
1,756
|
6,943
|
7,964
|
16,663
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property, plant
and equipment
|
|
|
372
|
48
|
99
|
519
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
|
101,880
|
4,477 |
970
|
107,327
|
Accumulated
depreciation
|
|
|
(27,715)
|
(3,212) | (485) | (31,412) |
Mineral
properties
|
|
|
179,774
|
-
|
-
|
179,774
|
|
|
|
253,939
|
1,265
|
485
|
255,689
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
1,037
|
2,633
|
5,871
|
9,541
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(2,025)
|
(2,294)
|
-
|
(4,319)
|
Evaluation
|
|
|
(3,839)
|
-
|
-
|
(3,839)
|
Exploration
|
|
|
(842)
|
-
|
-
|
(842)
|
General and
administrative
|
|
|
(2)
|
-
|
(2,087)
|
(2,089)
|
|
|
|
(6,708)
|
(2,294)
|
(2,087)
|
(11,089)
|
Segment income
(loss)
|
|
|
(5,671)
|
339
|
3,784
|
(1,548)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
2,633
|
-
|
2,633
|
Contract
termination fee (note 22)
|
|
|
-
|
-
|
5,848
|
5,848
|
Management
fees
|
|
|
-
|
-
|
23
|
23
|
Toll milling
services–deferred revenue (note 12)
|
|
1,037
|
-
|
-
|
1,037
|
|
|
|
|
1,037
|
2,633
|
5,871
|
9,541
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Management
fees:
|
|
|
|
|
|
|
|
|
Base and variable
fees
|
$
|
-
|
$
|
23
|
$
|
-
|
$
|
1,069
|
Commission
fees
|
|
-
|
|
-
|
|
-
|
|
697
|
Termination
fee
|
|
|
|
5,848
|
|
|
|
5,848
|
Discretionary
fees
|
|
-
|
|
-
|
|
-
|
|
350
|
|
$
|
-
|
|
5,871
|
$
|
-
|
$
|
7,964
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
$
|
(543)
|
$
|
(518)
|
$
|
(2,711)
|
$
|
(2,055)
|
Share-based
compensation
|
|
(774)
|
|
(526)
|
|
(2,422)
|
|
(1,583)
|
Key
management personnel compensation
|
$
|
(1,317)
|
$
|
(1,044)
|
$
|
(5,133)
|
$
|
(3,638)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
September
30
|
|
December
31
|
|
|
Financial
|
|
Fair
|
|
2022
|
|
2021
|
|
|
Instrument
|
|
Value
|
|
Fair
|
|
Fair
|
(in
thousands)
|
|
Category(1)
|
|
Hierarchy
|
|
Value
|
|
Value
|
|
|
|
|
|
|
|
|
|
Financial
Assets:
|
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
Category
B
|
|
|
$
|
54,902
|
$
|
63,998
|
Trade and other
receivables
|
|
Category
B
|
|
|
|
4,881
|
|
3,656
|
Investments
|
|
|
|
|
|
|
|
|
Equity
instruments-shares
|
|
Category
A
|
|
Level
1
|
|
10,141
|
|
14,349
|
Equity
instruments-warrants
|
|
Category
A
|
|
Level
2
|
|
256
|
|
229
|
Elliot Lake
reclamation trust fund
|
|
Category
B
|
|
|
|
3,324
|
|
2,866
|
Credit
facility pledged assets
|
|
Category
B
|
|
|
|
7,972
|
|
9,000
|
Reclamation
letter of credit collateral
|
|
Category
B
|
|
|
|
-
|
|
135
|
|
|
|
|
|
$
|
81,476
|
$
|
94,233
|
|
|
|
|
|
|
|
|
|
Financial
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
Category
C
|
|
|
|
12,361
|
|
8,590
|
Debt
obligations
|
|
Category
C
|
|
|
|
594
|
|
508
|
Warrants on
investment
|
|
Category
A
|
|
Level
2
|
|
33
|
|
1,625
|
Share
purchase warrant liabilities
|
|
Category
A
|
|
Level
2
|
|
3,414
|
|
20,337
|
|
|
|
|
|
$
|
16,402
|
$
|
31,060
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|