Exhibit 99.1
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
(Unaudited -
Expressed in thousands of Canadian dollars (“CAD”)
except for share amounts)
|
||||||
|
|
|
|
At June
30
2022
|
|
At December
31
2021
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Cash and cash
equivalents (note 4)
|
|
|
$
|
56,839
|
$
|
63,998
|
Trade and other
receivables (note 5)
|
|
|
|
4,214
|
|
3,656
|
Inventories (note
6)
|
|
|
|
2,733
|
|
3,454
|
Investments-equity
instruments (note 7)
|
|
|
|
9,536
|
|
14,437
|
Prepaid expenses
and other
|
|
|
|
976
|
|
1,310
|
|
|
|
|
74,298
|
|
86,855
|
Non-Current
|
|
|
|
|
|
|
Inventories-ore
in stockpiles (note 6)
|
|
|
|
2,098
|
|
2,098
|
Investments-equity
instruments (note 7)
|
|
|
|
56
|
|
141
|
Investments-uranium
(note 7)
|
|
|
|
162,693
|
|
133,114
|
Investments-joint
venture (note 8)
|
|
|
|
20,088
|
|
21,392
|
Prepaid expenses
and other
|
|
|
|
110
|
|
221
|
Restricted cash
and investments (note 9)
|
|
|
|
11,563
|
|
12,001
|
Property, plant
and equipment (note 10)
|
|
|
|
252,871
|
|
254,462
|
Total
assets
|
|
|
$
|
523,777
|
$
|
510,284
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities (note 11)
|
|
|
$
|
9,404
|
$
|
8,590
|
Warrants on
investment (note 7)
|
|
|
|
455
|
|
1,625
|
Share purchase
warrant liabilities (note 15)
|
|
|
|
3,604
|
|
-
|
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)
|
|
|
|
1,181
|
|
1,181
|
Other liabilities
(note 16)
|
|
|
|
188
|
|
179
|
|
|
|
|
19,123
|
|
16,351
|
Non-Current
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
29,542
|
|
31,852
|
Post-employment
benefits (note 13)
|
|
|
|
1,099
|
|
1,154
|
Reclamation
obligations (note 14)
|
|
|
|
32,907
|
|
36,351
|
Share purchase
warrant liabilities (note 15)
|
|
|
|
-
|
|
20,337
|
Other liabilities
(note 16)
|
|
|
|
371
|
|
329
|
Deferred income
tax liability
|
|
|
|
6,372
|
|
7,219
|
Total
liabilities
|
|
|
|
89,414
|
|
113,593
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Share capital
(note 17)
|
|
|
|
1,526,909
|
|
1,517,029
|
Contributed
surplus (note 18)
|
|
|
|
68,815
|
|
67,496
|
Deficit
|
|
|
|
(1,163,134)
|
|
(1,189,610)
|
Accumulated other
comprehensive income (note 19)
|
|
|
|
1,773
|
|
1,776
|
Total
equity
|
|
|
|
434,363
|
|
396,691
|
Total
liabilities and equity
|
|
|
$
|
523,777
|
$
|
510,284
|
|
|
|
|
|
|
|
Issued and
outstanding common shares (in thousands) (note 17)
|
|
818,347
|
|
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
June
30
|
|
Six
Months Ended
June
30
|
||||||||
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
REVENUES (note 21)
|
$
|
6,800
|
$
|
4,626
|
$
|
10,925
|
$
|
7,122
|
||||
|
|
|
|
|
|
|
|
|
||||
EXPENSES
|
|
|
|
|
|
|
|
|
||||
Operating (notes
20 and 21)
|
|
(3,654)
|
|
(3,691)
|
|
(6,052)
|
|
(5,579)
|
||||
Evaluation (note
21)
|
|
(6,616)
|
|
(6,381)
|
|
(11,081)
|
|
(9,142)
|
||||
Exploration (note
21)
|
|
(1,060)
|
|
(528)
|
|
(3,626)
|
|
(1,876)
|
||||
General and
administrative (note 21)
|
|
(2,759)
|
|
(2,362)
|
|
(6,823)
|
|
(4,987)
|
||||
Other income
(expense) (note 20)
|
|
(7,481)
|
|
6,348
|
|
45,164
|
|
4,307
|
||||
|
|
(21,570)
|
|
(6,614)
|
|
17,582
|
|
(17,277)
|
||||
Income
(loss) before net finance expense
|
|
(14,770)
|
|
(1,988)
|
|
28,507
|
|
(10,155)
|
||||
Finance expense,
net (note 20)
|
|
(876)
|
|
(1,015)
|
|
(1,574)
|
|
(2,040)
|
||||
Equity share of
loss of joint venture (note 8)
|
|
(812)
|
|
-
|
|
(1,304)
|
|
-
|
||||
Income (loss)
before taxes
|
|
(16,458)
|
|
(3,003)
|
|
25,629
|
|
(12,195)
|
||||
Income tax
recovery - Deferred
|
|
311
|
|
646
|
|
847
|
|
954
|
||||
Net income (loss)
for the period
|
$
|
(16,147)
|
$
|
(2,357)
|
$
|
26,476
|
$
|
(11,241)
|
||||
|
|
|
|
|
|
|
|
|
||||
Other
comprehensive income (loss) (note 19):
|
|
|
|
|
|
|
|
|
||||
Items that are or
may be subsequently reclassified to income (loss):
|
|
|
|
|
|
|
|
|
||||
Foreign currency
translation change
|
|
(6)
|
|
2
|
|
(3)
|
|
5
|
||||
Comprehensive
income (loss) for the period
|
$
|
(16,153)
|
$
|
(2,355)
|
$
|
26,473
|
$
|
(11,236)
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Basic and diluted
net income (loss) per share:
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
(0.02)
|
$
|
(0.00)
|
$
|
0.03
|
$
|
(0.01)
|
|
|||
Diluted
|
$
|
(0.02)
|
$
|
(0.00)
|
$
|
0.03
|
$
|
(0.01)
|
|
|||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Weighted-average
number of shares outstanding
(in
thousands):
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
817,935
|
|
805,061
|
|
816,361
|
|
759,743
|
||||
Diluted
|
|
817,935
|
|
805,061
|
|
826,425
|
|
759,743
|
||||
|
|
|
|
|
|
|
|
|
||||
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)
|
||||||||
|
|
|
|
Six
Months Ended
June
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
|
|
|
|
|
|
8,292
|
|
134,050
|
Other shares
issued, net of issue costs
|
|
|
|
|
|
148
|
|
-
|
Share options
exercised-cash
|
|
|
|
|
|
807
|
|
4,289
|
Share options
exercised-transfer from contributed surplus
|
|
|
|
307
|
|
1,473
|
||
Share units
exercised-transfer from contributed surplus
|
|
|
|
326
|
|
366
|
||
Balance-end of
period
|
|
|
|
|
|
1,526,909
|
|
1,506,888
|
|
|
|
|
|
|
|
|
|
Contributed surplus
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
67,496
|
|
67,387
|
Share-based
compensation expense (note 18)
|
|
|
|
|
|
1,952
|
|
1,295
|
Share options
exercised-transfer to share capital
|
|
|
|
|
|
(307)
|
|
(1,473)
|
Share units
exercised-transfer to share capital
|
|
|
|
|
|
(326)
|
|
(366)
|
Balance-end of
period
|
|
|
|
|
|
68,815
|
|
66,843
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
(1,189,610)
|
|
(1,208,587)
|
Net income
(loss)
|
|
|
|
|
|
26,476
|
|
(11,241)
|
Balance-end of
period
|
|
|
|
|
|
(1,163,134)
|
|
(1,219,828)
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (note 19)
|
|
|
|
|
|
|
||
Balance-beginning
of period
|
|
|
|
|
|
1,776
|
|
1,775
|
Foreign currency
translation
|
|
|
|
|
|
(3)
|
|
5
|
Balance-end of
period
|
|
|
|
|
|
1,773
|
|
1,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
396,691
|
|
227,285
|
Balance-end of
period
|
|
|
|
|
$
|
434,363
|
$
|
355,683
|
|
|
|
|
|
|
|
|
|
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)
|
||||||||
|
|
|
|
Six
Months Ended
June
30
|
||||
CASH PROVIDED BY (USED IN):
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net income (loss)
for the period
|
|
|
|
|
$
|
26,476
|
$
|
(11,241)
|
Adjustments and
Items not affecting cash and cash equivalents:
|
|
|
|
|
|
|
|
|
Depletion,
depreciation, amortization and accretion
|
|
|
|
|
|
4,052
|
|
3,079
|
Fair value
change losses (gains):
|
|
|
|
|
|
|
||
Investments-equity
instruments (notes 7 and 20)
|
|
|
|
4,986
|
|
(5,142)
|
||
Investments-uranium
(notes 7 and 20)
|
|
|
|
(29,579)
|
|
(7,534)
|
||
Warrants on
investment (notes 7 and 20)
|
|
|
|
(1,170)
|
|
-
|
||
Share
purchase warrant liabilities (notes 15 and 20)
|
|
|
|
(16,733)
|
|
5,832
|
||
Joint venture-equity share of loss (note 8)
|
|
|
|
1,304
|
|
-
|
||
Recognition
of deferred revenue (note 12)
|
|
|
|
(3,976)
|
|
(719)
|
||
Loss (gain)
on property, plant and equipment disposals
|
|
|
|
36
|
|
(2)
|
||
Post-employment
benefit payments (note 13)
|
|
|
|
(66)
|
|
(61)
|
||
Reclamation
obligation expenditures (note 14)
|
|
|
|
(854)
|
|
(420)
|
||
Share-based
compensation (note 18)
|
|
|
|
1,952
|
|
1,295
|
||
Foreign exchange
(gains) losses (note 20)
|
|
|
|
|
|
(287)
|
|
1,618
|
Warrant
liabilities, issue costs expensed
|
|
|
|
|
|
-
|
|
791
|
Deferred income
tax recovery
|
|
|
|
|
|
(847)
|
|
(954)
|
Change in
non-cash working capital items (note 20)
|
|
|
|
|
|
1,377
|
|
618
|
Net
cash used in operating activities
|
|
|
|
|
|
(13,329)
|
|
(12,840)
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchase of
investments-uranium (note 7)
|
|
|
|
|
|
-
|
|
(76,390)
|
Additions of
property, plant and equipment (note 10)
|
|
|
|
(3,644)
|
|
(355)
|
||
Proceeds on sale
of property, plant and equipment
|
|
|
|
-
|
|
2
|
||
Decrease
(increase) in restricted cash and investments
|
|
|
|
438
|
|
(318)
|
||
Net
cash used in investing activities
|
|
|
|
|
|
(3,206)
|
|
(77,061)
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Issuance of debt
obligations (note 16)
|
|
|
|
|
|
72
|
|
34
|
Repayment
of debt obligations (note 16)
|
|
|
|
|
|
(106)
|
|
(124)
|
Proceeds
from unit issues, net of issue costs (note 17)
|
|
|
|
-
|
|
135,630
|
||
Proceeds
from share issues, net of issue costs (note 17)
|
|
|
|
|
|
8,292
|
|
10,863
|
Proceeds
from share options exercised (note 17)
|
|
|
|
|
|
807
|
|
4,289
|
Net
cash provided by financing activities
|
|
|
|
|
|
9,065
|
|
150,692
|
|
|
|
|
|
|
|
|
|
(Decrease)
increase in cash and cash equivalents
|
|
|
|
|
|
(7,470)
|
|
60,791
|
Foreign
exchange effect on cash and cash equivalents
|
|
|
|
|
|
311
|
|
(931)
|
Cash
and cash equivalents, beginning of period
|
|
|
|
|
|
63,998
|
|
24,992
|
Cash
and cash equivalents, end of period
|
|
|
|
|
$
|
56,839
|
$
|
84,852
|
|
||||||||
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 SIX MONTHS ENDED JUNE 30, 2022
|
|
(Unaudited -
Expressed in CAD dollars except for shares and per share
amounts)
|
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
1,215
|
$
|
2,002
|
Cash in MLJV and
MWJV
|
|
|
|
1,216
|
|
1,275
|
Cash
equivalents
|
|
|
|
54,408
|
|
60,721
|
|
|
|
$
|
56,839
|
$
|
63,998
|
|
|
|
|
At June
30
|
|
At December
31
|
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
$
|
3,636
|
$
|
2,866
|
|
Receivables in
MLJV and MWJV
|
|
|
|
378
|
|
533
|
|
Sales tax
receivables
|
|
|
|
188
|
|
255
|
|
Sundry
receivables
|
|
|
|
12
|
|
2
|
|
|
|
|
$
|
4,214
|
$
|
3,656
|
|
|
|
|
At June
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
|
|
|
|
2,733
|
|
3,003
|
|
|
|
$
|
4,831
|
$
|
5,552
|
|
|
|
|
|
|
|
Inventories-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
2,733
|
$
|
3,454
|
Long-term-ore in
stockpiles
|
|
|
|
2,098
|
|
2,098
|
|
|
|
$
|
4,831
|
$
|
5,552
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
Equity
instruments
|
|
|
|
|
|
|
Shares
|
|
|
$
|
9,514
|
$
|
14,349
|
Warrants
|
|
|
|
78
|
|
229
|
Uranium
|
|
|
|
162,693
|
|
133,114
|
|
|
|
$
|
172,285
|
$
|
147,692
|
|
|
|
|
|
|
|
Investments-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
9,536
|
$
|
14,437
|
Long-term
|
|
|
|
162,749
|
|
133,255
|
|
|
|
$
|
172,285
|
$
|
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)
|
|
(4,986)
|
|
29,579
|
|
24,593
|
Balance–June
30, 2022
|
$
|
9,592
|
$
|
162,693
|
$
|
172,285
|
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)
|
-
|
|
(1,170)
|
Balance–June 30,
2022
|
32,500,000
|
$
|
455
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Investment in
joint venture-by investee:
|
|
|
|
|
|
|
JCU
|
|
|
$
|
20,088
|
$
|
21,392
|
|
|
|
$
|
20,088
|
$
|
21,392
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2021
|
|
|
|
|
$
|
21,392
|
Equity share of
loss
|
|
|
|
|
|
(1,304)
|
Balance-June 30,
2022
|
|
|
|
|
$
|
20,088
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Total current
assets(1)
|
|
|
$
|
3,048
|
$
|
4,851
|
Total non-current
assets
|
|
|
|
38,067
|
|
38,067
|
Total current
liabilities
|
|
|
|
(939)
|
|
(134)
|
Total non-current
liabilities
|
|
|
|
-
|
|
-
|
Total net
assets
|
|
|
$
|
40,176
|
$
|
42,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
June 30, 2022(2)
|
|
|
|||||
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
-
|
Net
loss
|
|
|
|
|
|
(2,608)
|
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
|
|
|
|
|
|
(2,608)
|
Adjusted net
assets of JCU–at June 30, 2022
|
|
|
|
|
$
|
40,176
|
Denison ownership
interest
|
|
|
|
|
|
50.00%
|
Denison share of
adjusted net assets of JCU
|
|
|
|
|
|
20,088
|
Investment in
JCU
|
|
|
|
|
$
|
20,088
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
3,591
|
$
|
2,866
|
Investments
|
|
|
|
7,972
|
|
9,135
|
|
|
|
$
|
11,563
|
$
|
12,001
|
Restricted cash
and investments-by item:
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
|
$
|
3,591
|
$
|
2,866
|
Letters of credit
facility pledged assets
|
|
|
|
7,972
|
|
9,000
|
Letters of credit
additional collateral
|
|
|
|
-
|
|
135
|
|
|
|
$
|
11,563
|
$
|
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
|
|
3,533
|
|
75
|
|
104
|
|
3,712
|
Disposal
|
|
(78)
|
|
(267)
|
|
-
|
|
(345)
|
Reclamation–Adjustment
(note 14)
|
|
(3,303)
|
|
-
|
|
-
|
|
(3,303)
|
Balance–June
30, 2022
|
$
|
105,835
|
$
|
761
|
$
|
179,892
|
$
|
286,488
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization, depreciation:
|
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
$
|
(31,420)
|
$
|
(542)
|
$
|
-
|
$
|
(31,962)
|
Amortization
|
|
(92)
|
|
-
|
|
-
|
|
(92)
|
Depreciation
|
|
(1,795)
|
|
(77)
|
|
-
|
|
(1,872)
|
Disposal
|
|
42
|
|
267
|
|
-
|
|
309
|
Balance–June
30, 2022
|
$
|
(33,265)
|
$
|
(352)
|
$
|
-
|
$
|
(33,617)
|
|
|
|
|
|
|
|
|
|
Carrying
value:
|
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
$
|
74,263
|
$
|
411
|
$
|
179,788
|
$
|
254,462
|
Balance–June 30,
2022
|
$
|
72,570
|
$
|
409
|
$
|
179,892
|
$
|
252,871
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At June
30
|
|
At December
31
|
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
$
|
4,068
|
$
|
3,179
|
|
Payables in MLJV
and MWJV
|
|
|
|
4,065
|
|
4,316
|
|
Other
payables
|
|
|
|
1,271
|
|
1,095
|
|
|
|
|
$
|
9,404
|
$
|
8,590
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Deferred
revenue–pre-sold toll milling:
|
|
|
|
|
|
|
CLJV toll
milling–APG
|
|
|
$
|
33,713
|
$
|
36,508
|
|
|
|
$
|
33,713
|
$
|
36,508
|
|
|
|
|
|
|
|
Deferred
revenue-by balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
4,171
|
$
|
4,656
|
Non-current
|
|
|
|
29,542
|
|
31,852
|
|
|
|
$
|
33,713
|
$
|
36,508
|
(in
thousands)
|
|
|
|
|
|
Deferred
Revenue
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
|
|
|
|
$
|
36,508
|
Accretion (note
20)
|
|
|
|
|
|
1,181
|
Revenue
recognized during the period (note 21)
|
|
|
|
|
|
(3,976)
|
Balance–June
30, 2022
|
|
|
|
|
$
|
33,713
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Accrued benefit
obligation
|
|
|
$
|
1,219
|
$
|
1,274
|
|
|
|
$
|
1,219
|
$
|
1,274
|
|
|
|
|
|
|
|
Post-employment
benefits-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
120
|
$
|
120
|
Non-current
|
|
|
|
1,099
|
|
1,154
|
|
|
|
$
|
1,219
|
$
|
1,274
|
(in
thousands)
|
|
|
|
|
|
Post-Employment
Benefits
|
|
|
|
|
|
|
|
Balance–December 31,
2021
|
|
|
|
|
$
|
1,274
|
Accretion (note
20)
|
|
|
|
|
|
11
|
Benefits
paid
|
|
|
|
|
|
(66)
|
Balance–June
30, 2022
|
|
|
|
|
$
|
1,219
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Reclamation
obligations-by location:
|
|
|
|
|
|
|
Elliot
Lake
|
|
|
$
|
20,769
|
$
|
20,877
|
McClean and
Midwest Joint Ventures
|
|
|
|
12,366
|
|
15,405
|
Other
|
|
|
|
953
|
|
1,250
|
|
|
|
$
|
34,088
|
$
|
37,532
|
|
|
|
|
|
|
|
Reclamation
obligations-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
1,181
|
$
|
1,181
|
Non-current
|
|
|
|
32,907
|
|
36,351
|
|
|
|
$
|
34,088
|
$
|
37,532
|
(in
thousands)
|
|
|
|
|
|
Reclamation
Obligations
|
|
|
|
|
|
|
|
Balance–December
31, 2021
|
|
|
|
|
$
|
37,532
|
Accretion (note
20)
|
|
|
|
|
|
713
|
MLJV site
restoration–adjustment
|
|
|
|
|
|
(3,303)
|
Expenditures
incurred
|
|
|
|
|
|
(854)
|
Balance–June
30, 2022
|
|
|
|
|
$
|
34,088
|
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)
|
-
|
|
(16,733)
|
Balance–June 30,
2022
|
55,006,475
|
$
|
3,604
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Debt
obligations:
|
|
|
|
|
|
|
Lease
obligations
|
|
|
$
|
434
|
$
|
452
|
Loan
obligations
|
|
|
|
125
|
|
56
|
|
|
|
$
|
559
|
$
|
508
|
|
|
|
|
|
|
|
Other
liabilities-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
188
|
$
|
179
|
Non-current
|
|
|
|
371
|
|
329
|
|
|
|
$
|
559
|
$
|
508
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Balance–December
31, 2021
|
|
|
$
|
452
|
$
|
56
|
$
|
508
|
|
Accretion (note
20)
|
|
|
|
17
|
|
-
|
|
17
|
|
Additions
|
|
|
|
58
|
|
82
|
|
140
|
|
Repayments
|
|
|
|
(93)
|
|
(13)
|
|
(106)
|
|
Balance–June
30, 2022
|
|
|
$
|
434
|
$
|
125
|
$
|
559
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Maturity
analysis–contractual undiscounted cash flows:
|
|
|
|
|
|
|
|||
Next 12
months
|
|
|
$
|
153
|
$
|
35
|
$
|
188
|
|
One to five
years
|
|
|
|
337
|
|
100
|
|
437
|
|
More than five
years
|
|
|
|
-
|
|
-
|
|
-
|
|
Total
obligation–June 30, 2022–undiscounted
|
|
490
|
|
135
|
|
625
|
|||
Present value
discount adjustment
|
|
|
|
(56)
|
|
(10)
|
|
(66)
|
|
Total
obligation–June 30, 2022–discounted
|
|
|
$
|
434
|
$
|
125
|
$
|
559
|
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
|
4,238,600
|
|
8,563
|
Less: share issue
costs
|
-
|
|
(271)
|
Other shares
issued–total
|
99,850
|
|
183
|
Less: other share
issue costs
|
-
|
|
(35)
|
Share option
exercises
|
1,100,000
|
|
807
|
Share option
exercises–transfer from contributed surplus
|
-
|
|
307
|
Share unit
exercises–transfer from contributed surplus
|
478,503
|
|
326
|
|
5,916,953
|
|
9,880
|
Balance–June 30,
2022
|
818,346,948
|
$
|
1,526,909
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
June
30
|
|
Six
Months Ended
June
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Share based
compensation expense for:
|
|
|
|
|
|
|
|
|
Share
options
|
$
|
(370)
|
$
|
(420)
|
$
|
(759)
|
$
|
(615)
|
RSUs
|
|
(561)
|
|
(457)
|
|
(1,060)
|
|
(663)
|
PSUs
|
|
(91)
|
|
(43)
|
|
(133)
|
|
(17)
|
Share
based compensation expense
|
$
|
(1,022)
|
$
|
(920)
|
$
|
(1,952)
|
$
|
(1,295)
|
|
|
|
|
|
|
|
|
|
Weighted-
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
|
|
|
|
|
Number
of
|
|
Price
per
|
|
|
|
|
|
|
|
Share
|
|
Share
|
|
|
|
|
|
|
|
Options
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
Share options
outstanding–December 31, 2021
|
|
|
|
9,449,895
|
$
|
0.86
|
|||
Grants
|
|
|
|
|
|
|
1,573,000
|
|
1.84
|
Exercises(1)
|
|
|
|
|
|
|
(1,100,000)
|
|
0.73
|
Expiries
|
|
|
|
|
|
|
(26,000)
|
|
0.85
|
Forfeitures
|
|
|
|
|
|
|
(284,000)
|
|
1.13
|
Share options
outstanding–June 30, 2022
|
|
|
|
9,612,895
|
$
|
1.03
|
|||
Share options
exercisable–June 30, 2022
|
|
|
|
6,156,395
|
$
|
0.73
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
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
|
|
2.71
|
|
1,840,000
|
$
|
0.45
|
|||
$ 0.50 to $
0.74
|
|
|
|
|
1.19
|
|
2,916,895
|
|
0.64
|
$ 0.75 to $
0.99
|
|
|
|
|
-
|
|
-
|
|
-
|
$ 1.00 to $
1.49
|
|
|
|
|
3.72
|
|
3,189,000
|
|
1.28
|
$ 1.50 to $
1.99
|
|
|
|
|
4.69
|
|
1,551,000
|
|
1.84
|
$ 2.00 to $
2.49
|
|
|
|
|
4.41
|
|
116,000
|
|
2.27
|
Stock options
outstanding–June 30, 2022
|
|
|
2.92
|
|
9,612,895
|
$
|
1.03
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
June 30,
2022
|
|
|
|
|
|
|
|
Risk-free
interest rate
|
|
|
|
1.44% -
2.82%
|
|
Expected stock
price volatility
|
|
|
|
74.56% -
74.93%
|
|
Expected
life
|
|
|
|
3.38 years -
3.42 years
|
|
Expected dividend
yield
|
|
|
|
-
|
|
Fair value
per share under options granted
|
|
|
$0.84 -
$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
|
|
1,242,000
|
|
2.08
|
|
120,000
|
|
2.08
|
|
Exercises
(1)
|
|
(358,503)
|
|
0.78
|
|
(120,000)
|
|
0.38
|
|
Forfeitures
|
|
(181,749)
|
|
1.02
|
|
-
|
|
-
|
|
Units
outstanding–June 30, 2022
|
|
6,503,589
|
$
|
1.04
|
|
1,530,000
|
$
|
0.75
|
|
Units
vested–June 30, 2022
|
|
3,342,008
|
$
|
0.67
|
|
1,080,000
|
$
|
0.65
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At June
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Cumulative
foreign currency translation
|
|
|
$
|
411
|
$
|
414
|
Experience
gain-post employment liability
|
|
|
|
|
||
Gross
|
|
|
|
1,847
|
|
1,847
|
Tax
effect
|
|
|
|
(485)
|
|
(485)
|
|
|
|
$
|
1,773
|
$
|
1,776
|
|
|
Three
Months Ended
June
30
|
|
Six
Months Ended
June
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Cost of goods and
services sold:
|
|
|
|
|
|
|
|
|
Cost
of goods sold-mineral concentrates
|
$
|
(444)
|
$
|
-
|
$
|
(444)
|
$
|
-
|
Operating
overheads:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
(118)
|
|
(823)
|
|
(190)
|
|
(1,055)
|
Milling,
conversion expense
|
|
(931)
|
|
(471)
|
|
(1,555)
|
|
(475)
|
Less
absorption:
|
|
|
|
|
|
|
|
|
-Mineral
properties
|
|
10
|
|
11
|
|
21
|
|
22
|
-Milling
|
|
-
|
|
-
|
|
(11)
|
|
-
|
Cost of
services-Closed Mines Group
|
|
(1,875)
|
|
(2,338)
|
|
(3,531)
|
|
(3,931)
|
Cost of goods and
services sold
|
|
(3,358)
|
|
(3,621)
|
|
(5,710)
|
|
(5,439)
|
Selling
expenses
|
|
(34)
|
|
-
|
|
(34)
|
|
-
|
Sales
royalties
|
|
(216)
|
|
-
|
|
(216)
|
|
-
|
Reclamation asset
amortization
|
|
(46)
|
|
(70)
|
|
(92)
|
|
(140)
|
Operating
expenses
|
|
(3,654)
|
|
(3,691)
|
$
|
(6,052)
|
$
|
(5,579)
|
|
|
Three
Months Ended
June
30
|
|
Six
Months Ended
June
30
|
|||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
Gains (losses)
on:
|
|
|
|
|
|
|
|
|
|
Foreign
exchange
|
$
|
487
|
$
|
(2,059)
|
$
|
287
|
$
|
(1,618)
|
|
Disposal of
property, plant and equipment
|
|
(36)
|
|
2
|
|
(36)
|
|
2
|
|
Fair value
changes:
|
|
|
|
|
|
|
|
|
|
Investments-equity
instruments (note 7)
|
(9,261)
|
|
5,233
|
|
(4,986)
|
|
5,142
|
||
Investments-uranium (note
7)
|
(18,177)
|
|
7,534
|
|
29,579
|
|
7,534
|
||
Warrants on
investment (note 7)
|
|
2,308
|
|
-
|
|
1,170
|
|
-
|
|
Share purchase
warrant liabilities (note 15)
|
17,217
|
|
(4,268)
|
|
16,733
|
|
(5,832)
|
||
Gain
on recognition of proceeds–UI
repayment (note 24)
|
|
127
|
|
-
|
|
2,713
|
|
-
|
|
Issue
costs–share purchase warrant liabilities (note
17)
|
|
-
|
|
(2)
|
|
-
|
|
(791)
|
|
Uranium
investment carrying charges
|
|
(93)
|
|
(54)
|
|
(171)
|
|
(54)
|
|
Other
|
|
(53)
|
|
(38)
|
|
(125)
|
|
(76)
|
|
Other
income (expense)
|
$
|
(7,481)
|
$
|
6,348
|
$
|
45,164
|
$
|
4,307
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
June
30
|
|
Six
Months Ended
June
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
236
|
$
|
130
|
$
|
352
|
$
|
213
|
Interest
expense
|
|
(3)
|
|
(1)
|
|
(4)
|
|
(1)
|
Accretion
expense
|
|
|
|
|
|
|
|
|
Deferred
revenue (note 12)
|
|
(739)
|
|
(790)
|
|
(1,181)
|
|
(1,544)
|
Post-employment
benefits (note 13)
|
|
(6)
|
|
(6)
|
|
(11)
|
|
(12)
|
Reclamation
obligations (note 14)
|
|
(356)
|
|
(336)
|
|
(713)
|
|
(672)
|
Debt
obligations (note 16)
|
|
(8)
|
|
(12)
|
|
(17)
|
|
(24)
|
Finance
expense, net
|
$
|
(876)
|
$
|
(1,015)
|
$
|
(1,574)
|
$
|
(2,040)
|
|
|
Three
Months Ended
June
30
|
|
Six
Months Ended
June
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
$
|
(1)
|
$
|
-
|
$
|
(1)
|
$
|
(1)
|
Milling,
conversion expense
|
|
(929)
|
|
(429)
|
|
(1,553)
|
|
(429)
|
Cost of
services
|
|
(44)
|
|
(46)
|
|
(88)
|
|
(91)
|
Evaluation
|
|
(29)
|
|
(9)
|
|
(63)
|
|
(18)
|
Exploration
|
|
(24)
|
|
(50)
|
|
(49)
|
|
(80)
|
General and
administrative
|
|
(76)
|
|
(30)
|
|
(118)
|
|
(55)
|
Depreciation
expense-gross
|
$
|
(1,103)
|
$
|
(564)
|
$
|
(1,872)
|
$
|
(674)
|
|
|
Three
Months Ended
June
30
|
|
Six
Months Ended
June
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
$
|
(2,449)
|
$
|
(2,104)
|
$
|
(6,331)
|
$
|
(5,138)
|
Share-based
compensation (note 18)
|
|
(1,022)
|
|
(920)
|
|
(1,952)
|
|
(1,295)
|
Termination
benefits
|
|
(2)
|
|
-
|
|
(2)
|
|
(29)
|
Employee
benefits expense
|
$
|
(3,473)
|
$
|
(3,024)
|
$
|
(8,285)
|
$
|
(6,462)
|
|
|
|
|
Six
Months Ended
June
30
|
||||
(in
thousands)
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Change in
non-cash working capital items:
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
$
|
(583)
|
$
|
(1,265)
|
Inventories
|
|
|
|
|
|
721
|
|
(1)
|
Prepaid expenses
and other assets
|
|
|
|
|
|
427
|
|
262
|
Accounts payable
and accrued liabilities
|
|
|
|
|
|
812
|
|
1,622
|
Change
in non-cash working capital items
|
|
|
|
|
$
|
1,377
|
$
|
618
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|||
|
|
|
|
|
|
|
|
|||
Statement of Operations:
|
|
|
|
|
|
|
|
|||
Revenues
|
|
|
6,962
|
3,963
|
-
|
10,925
|
|
|||
|
|
|
|
|
|
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|||
Operating
expenses
|
|
|
(2,521)
|
(3,531)
|
-
|
(6,052)
|
|
|||
Evaluation
|
|
|
(11,081)
|
-
|
-
|
(11,081)
|
|
|||
Exploration
|
|
|
(3,626)
|
-
|
-
|
(3,626)
|
|
|||
General and
administrative
|
|
|
(20)
|
-
|
(6,803)
|
(6,823)
|
|
|||
|
|
|
(17,248)
|
(3,531)
|
(6,803)
|
(27,582)
|
|
|||
Segment income
(loss)
|
|
|
(10,286)
|
432
|
(6,803)
|
(16,657)
|
|
|||
|
|
|
|
|
|
|
|
|||
Revenues–supplemental:
|
|
|
|
|
|
|
|
|||
Environmental
services
|
|
|
-
|
3,963
|
-
|
3,963
|
|
|||
Toll milling
services–deferred revenue (note 12)
|
|
3,976
|
-
|
-
|
3,976
|
|
||||
Uranium
concentrate sale
|
|
2,986
|
-
|
-
|
2,986
|
|
||||
|
|
|
6,962
|
3,963
|
-
|
10,925
|
|
|||
|
|
|
|
|
|
|
|
|||
Capital additions:
|
|
|
|
|
|
|
|
|||
Property, plant
and equipment
|
|
|
464
|
36
|
3,212
|
3,712
|
|
|||
|
|
|
|
|
|
|
|
|||
Long-lived assets:
|
|
|
|
|
|
|
||||
Plant and
equipment
|
|
|
|
|
|
|
|
|||
Cost
|
|
|
95,810
|
4,218
|
6,568
|
106,596
|
|
|||
Accumulated
depreciation
|
|
|
(27,996)
|
(2,994)
|
(2,627)
|
(33,617) |
|
|||
Mineral
properties
|
|
|
179,892
|
-
|
-
|
179,892
|
|
|||
|
|
|
247,706
|
1,224
|
3,941
|
252,871
|
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
4,491
|
2,309
|
-
|
6,800
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(1,779)
|
(1,875)
|
-
|
(3,654)
|
Evaluation
|
|
|
(6,616)
|
-
|
-
|
(6,616)
|
Exploration
|
|
|
(1,060)
|
-
|
-
|
(1,060)
|
General and
administrative
|
|
|
(7)
|
-
|
(2,752)
|
(2,759)
|
|
|
|
(9,462)
|
(1,875)
|
(2,752)
|
(14,089)
|
Segment income
(loss)
|
|
|
(4,971)
|
434
|
(2,752)
|
(7,289)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
2,309
|
-
|
2,309
|
Toll milling
services–deferred revenue (note 12)
|
|
1,505
|
-
|
-
|
1,505
|
|
Uranium
concentrate sale
|
|
2,986
|
-
|
-
|
2,986
|
|
|
|
|
4,491
|
2,309
|
-
|
6,800
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
719
|
4,310
|
2,093
|
7,122
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(1,648)
|
(3,931)
|
-
|
(5,579)
|
Evaluation
|
|
|
(9,142)
|
-
|
-
|
(9,142)
|
Exploration
|
|
|
(1,876)
|
-
|
-
|
(1,876)
|
General and
administrative
|
|
|
(17)
|
-
|
(4,970)
|
(4,987)
|
|
|
|
(12,683)
|
(3,931)
|
(4,970)
|
(21,584)
|
Segment income
(loss)
|
|
|
(11,964)
|
379
|
(2,877)
|
(14,462)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
4,310
|
-
|
4,310
|
Management
fees
|
|
|
-
|
-
|
2,093
|
2,093
|
Toll milling
services–deferred revenue (note 12)
|
|
719
|
-
|
-
|
719
|
|
|
|
|
719
|
4,310
|
2,093
|
7,122
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property, plant
and equipment
|
|
|
310
|
36
|
83
|
429
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
|
101,829
|
4,465
|
974
|
107,268
|
Accumulated
depreciation
|
|
|
(26,910)
|
(3,167)
|
(471)
|
(30,548)
|
Mineral
properties
|
|
|
179,764
|
-
|
-
|
179,764
|
|
|
|
254,683
|
1,298
|
503
|
256,484
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
582
|
2,566
|
1,478
|
4,626
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(1,353)
|
(2,338)
|
-
|
(3,691)
|
Evaluation
|
|
|
(6,381)
|
-
|
-
|
(6,381)
|
Exploration
|
|
|
(528)
|
-
|
-
|
(528)
|
General and
administrative
|
|
|
-
|
-
|
(2,362)
|
(2,362)
|
|
|
|
(8,262)
|
(2,338)
|
(2,362)
|
(12,962)
|
Segment income
(loss)
|
|
|
(7,680)
|
228
|
(884)
|
(8,336)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
2,566
|
-
|
2,566
|
Management
fees
|
|
|
-
|
-
|
1,478
|
1,478
|
Toll milling
services–deferred revenue (note 12)
|
|
582
|
-
|
-
|
582
|
|
|
|
|
582
|
2,566
|
1,478
|
4,626
|
|
|
Three
Months Ended
June
30
|
|
Six
Months Ended
June
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Management
fees:
|
|
|
|
|
|
|
|
|
Base and variable
fees
|
$
|
-
|
$
|
571
|
$
|
-
|
$
|
1,046
|
Commission
fees
|
|
-
|
|
697
|
|
-
|
|
697
|
Discretionary
fees
|
|
-
|
|
210
|
|
-
|
|
350
|
|
$
|
-
|
|
1,478
|
$
|
-
|
$
|
2,093
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
June
30
|
|
Six
Months Ended
June
30
|
||||
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
$
|
(545)
|
$
|
(494)
|
$
|
(2,168)
|
$
|
(1,537)
|
Share-based
compensation
|
|
(825)
|
|
(737)
|
|
(1,648)
|
|
(1,057)
|
Key
management personnel compensation
|
$
|
(1,370)
|
$
|
(1,231)
|
$
|
(3,816)
|
$
|
(2,594)
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
June
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
|
|
|
$
|
56,839
|
$
|
63,998
|
Trade and other
receivables
|
|
Category
B
|
|
|
|
4,214
|
|
3,656
|
Investments
|
|
|
|
|
|
|
|
|
Equity
instruments-shares
|
|
Category
A
|
|
Level
1
|
|
9,514
|
|
14,349
|
Equity
instruments-warrants
|
|
Category
A
|
|
Level
2
|
|
78
|
|
229
|
Elliot Lake
reclamation trust fund
|
|
Category
B
|
|
|
|
3,591
|
|
2,866
|
Credit
facility pledged assets
|
|
Category
B
|
|
|
|
7,972
|
|
9,000
|
Reclamation
letter of credit collateral
|
|
Category
B
|
|
|
|
-
|
|
135
|
|
|
|
|
|
$
|
82,208
|
$
|
94,233
|
|
|
|
|
|
|
|
|
|
Financial
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
Category
C
|
|
|
|
9,404
|
|
8,590
|
Debt
obligations
|
|
Category
C
|
|
|
|
559
|
|
508
|
Warrants on
investment
|
|
Category
A
|
|
Level
2
|
|
455
|
|
1,625
|
Share
purchase warrant liabilities
|
|
Category
A
|
|
Level
2
|
|
3,604
|
|
20,337
|
|
|
|
|
|
$
|
14,022
|
$
|
31,060
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|