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
2021
|
|
At December
31
2020
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Cash and cash
equivalents (note 4)
|
|
|
$
|
50,877
|
$
|
24,992
|
Trade and other
receivables (note 5)
|
|
|
|
4,469
|
|
3,374
|
Inventories (note
6)
|
|
|
|
3,119
|
|
3,015
|
Investments-equity
instruments (note 7)
|
|
|
|
25,958
|
|
16,657
|
Prepaid expenses
and other
|
|
|
|
1,163
|
|
1,373
|
|
|
|
|
85,586
|
|
49,411
|
Non-Current
|
|
|
|
|
|
|
Inventories-ore
in stockpiles (note 6)
|
|
|
|
2,098
|
|
2,098
|
Investments-equity
instruments (note 7)
|
|
|
|
468
|
|
293
|
Investments-uranium
(note 7)
|
|
|
|
131,483
|
|
-
|
Investments-joint
venture (note 8)
|
|
|
|
21,771
|
|
-
|
Prepaid expenses
and other
|
|
|
|
260
|
|
-
|
Restricted cash
and investments (note 9)
|
|
|
|
12,337
|
|
12,018
|
Property, plant
and equipment (note 10)
|
|
|
|
255,689
|
|
256,870
|
Total
assets
|
|
|
$
|
509,692
|
$
|
320,690
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities (note 11)
|
|
|
$
|
9,019
|
$
|
7,178
|
Current portion
of long-term liabilities:
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
4,656
|
|
3,478
|
Post-employment
benefits (note 13)
|
|
|
|
120
|
|
120
|
Reclamation
obligations (note 14)
|
|
|
|
802
|
|
802
|
Other liabilities
(note 16)
|
|
|
|
205
|
|
262
|
|
|
|
|
14,802
|
|
11,840
|
Non-Current
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
32,526
|
|
33,139
|
Post-employment
benefits (note 13)
|
|
|
|
1,174
|
|
1,241
|
Reclamation
obligations (note 14)
|
|
|
|
38,026
|
|
37,618
|
Share purchase
warrants liability (note 15)
|
|
|
|
24,801
|
|
-
|
Other liabilities
(note 16)
|
|
|
|
357
|
|
375
|
Deferred income
tax liability
|
|
|
|
7,707
|
|
9,192
|
Total
liabilities
|
|
|
|
119,393
|
|
93,405
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Share capital
(note 17)
|
|
|
|
1,508,481
|
|
1,366,710
|
Contributed
surplus (note 18)
|
|
|
|
67,003
|
|
67,387
|
Deficit
|
|
|
|
(1,186,961)
|
|
(1,208,587)
|
Accumulated other
comprehensive income (note 19)
|
|
|
|
1,776
|
|
1,775
|
Total
equity
|
|
|
|
390,299
|
|
227,285
|
Total
liabilities and equity
|
|
|
$
|
509,692
|
$
|
320,690
|
|
|
|
|
|
|
|
Issued and
outstanding common shares (in thousands) (note 17)
|
|
807,362
|
|
678,982
|
||
Commitments
and contingencies (note 25)
|
|
|
|
|
|
|
Subsequent
events (note 26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Month Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||||||
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
REVENUES (note 21)
|
$
|
9,541
|
$
|
2,743
|
$
|
16,663
|
$
|
10,329
|
||||
|
|
|
|
|
|
|
|
|
||||
EXPENSES
|
|
|
|
|
|
|
|
|
||||
Operating (note
20, 21)
|
|
(4,319)
|
|
(2,358)
|
|
(9,898)
|
|
(7,726)
|
||||
Evaluation (note
21)
|
|
(3,839)
|
|
(790)
|
|
(12,981)
|
|
(2,647)
|
||||
Exploration (note
21)
|
|
(842)
|
|
(954)
|
|
(2,718)
|
|
(3,133)
|
||||
General and
administrative (note 21)
|
|
(2,089)
|
|
(2,110)
|
|
(7,076)
|
|
(5,719)
|
||||
Other income
(expense) (note 20)
|
|
34,999
|
|
(1,318)
|
|
39,306
|
|
(2,347)
|
||||
|
|
23,910
|
|
(7,530)
|
|
6,633
|
|
(21,572)
|
||||
Income
(loss) before net finance expense
|
|
33,451
|
|
(4,787)
|
|
23,296
|
|
(11,243)
|
||||
Finance expense,
net (note 20)
|
|
(1,054)
|
|
(1,081)
|
|
(3,093)
|
|
(3,205)
|
||||
Equity share of
loss of joint venture (note 8)
|
|
(84)
|
|
-
|
|
(84)
|
|
-
|
||||
Income (loss)
before taxes
|
|
32,313
|
|
(5,868)
|
|
20,119
|
|
(14,448)
|
||||
Income tax
recovery (note 23)
|
|
|
|
|
|
|
|
|
||||
Deferred
|
|
553
|
|
386
|
|
1,507
|
|
1,260
|
||||
Net income (loss)
for the period
|
$
|
32,866
|
$
|
(5,482)
|
$
|
21,626
|
$
|
(13,188)
|
||||
|
|
|
|
|
|
|
|
|
||||
Other
comprehensive income (loss) (note 19):
|
|
|
|
|
|
|
|
|
||||
Items that may be
reclassified to income (loss):
|
|
|
|
|
|
|
|
|
||||
Foreign currency
translation change
|
|
4
|
|
3
|
|
1
|
|
(4)
|
||||
Comprehensive
income (loss) for the period
|
$
|
32,870
|
$
|
(5,479)
|
$
|
21,627
|
$
|
(13,192)
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Basic and diluted
net income (loss) per share:
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.04
|
$
|
(0.01)
|
$
|
0.03
|
$
|
(0.02)
|
|
|||
Diluted
|
$
|
0.04
|
$
|
(0.01)
|
$
|
0.03
|
$
|
(0.02)
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Weighted-average number of
shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
805,987
|
|
626,182
|
|
775,157
|
|
614,871
|
||||
Diluted
|
|
816,365
|
|
626,182
|
|
784,991
|
|
614,871
|
||||
|
|
|
|
|
|
|
|
|
||||
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
|
||||
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital (note 17)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
1,366,710
|
$
|
1,335,467
|
Shares issued for
cash, net of issue costs
|
|
|
|
|
|
134,050
|
|
6,878
|
Share options
exercised-cash
|
|
|
|
|
|
5,349
|
|
77
|
Share options
exercised-fair value adjustment
|
|
|
|
|
|
1,833
|
|
25
|
Share units
exercised-fair value adjustment
|
|
|
|
|
|
538
|
|
164
|
Warrants
exercised-cash
|
|
|
|
|
|
1
|
|
-
|
Balance-end of
period
|
|
|
|
|
|
1,508,481
|
|
1,342,611
|
|
|
|
|
|
|
|
|
|
Share purchase warrants
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
-
|
|
435
|
Warrants
expired
|
|
|
|
|
|
-
|
|
(435)
|
Balance-end of
period
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Contributed surplus
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
67,387
|
|
65,417
|
Share-based
compensation expense (note 18)
|
|
|
|
|
|
1,987
|
|
1,373
|
Share options
exercised-fair value adjustment
|
|
|
|
|
|
(1,833)
|
|
(25)
|
Share units
exercised-fair value adjustment
|
|
|
|
|
|
(538)
|
|
(164)
|
Warrants
expired
|
|
|
|
|
|
-
|
|
435
|
Balance-end of
period
|
|
|
|
|
|
67,003
|
|
67,036
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
(1,208,587)
|
|
(1,192,304)
|
Net income
(loss)
|
|
|
|
|
|
21,626
|
|
(13,188)
|
Balance-end of
period
|
|
|
|
|
|
(1,186,961)
|
|
(1,205,492)
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (note 19)
|
|
|
|
|
|
|
||
Balance-beginning
of period
|
|
|
|
|
|
1,775
|
|
1,134
|
Foreign currency
translation
|
|
|
|
|
|
1
|
|
(4)
|
Balance-end of
period
|
|
|
|
|
|
1,776
|
|
1,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
227,285
|
|
210,149
|
Balance-end of
period
|
|
|
|
|
$
|
390,299
|
$
|
205,285
|
|
|
|
|
|
|
|
|
|
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):
|
|
|
|
|
|
2021
|
|
2020
|
||
|
|
|
|
|
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
||
Net income (loss)
for the period
|
|
|
|
|
$
|
21,626
|
$
|
(13,188)
|
||
Items not
affecting cash and cash equivalents:
|
|
|
|
|
|
|
|
|
||
Depletion,
depreciation, amortization and accretion
|
|
|
|
|
|
5,095
|
|
4,920
|
||
Share-based
compensation (note 18)
|
|
|
|
|
|
1,987
|
|
1,373
|
||
Recognition
of deferred revenue (note 12)
|
|
|
|
|
|
(1,756)
|
|
(1,210)
|
||
Loss (gain)
on property, plant and equipment disposals (note 20)
|
|
|
|
2
|
|
(407)
|
||||
Gain on lease
liability derecognition
|
|
|
|
(4)
|
|
-
|
||||
Fair value
change losses (gains):
|
|
|
|
|
|
|
||||
Investments-equity
instruments (note 20)
|
|
|
|
(9,476)
|
|
2,094
|
||||
Investments-uranium
(note 20)
|
|
|
|
(43,672)
|
|
-
|
||||
Share warrant
liabilities (note 20)
|
|
|
|
11,567
|
|
-
|
||||
Joint
venture-share of equity loss (note 8)
|
|
|
|
84
|
|
-
|
||||
Warrant
liabilities issue costs expensed (note 17)
|
|
|
|
791
|
|
-
|
||||
Foreign exchange
losses (gains) (note 20)
|
|
|
|
|
|
1,219
|
|
-
|
||
Deferred income
tax recovery
|
|
|
|
|
|
(1,507)
|
|
(1,260)
|
||
Post-employment
benefit payments (note 13)
|
|
|
|
|
|
(84)
|
|
(63)
|
||
Reclamation
obligation expenditures (note 14)
|
|
|
|
|
|
(599)
|
|
(606)
|
||
Change in
non-cash working capital items (note 20)
|
|
|
|
|
|
(114)
|
|
(133)
|
||
Net
cash used in operating activities
|
|
|
|
|
|
(14,841)
|
|
(8,480)
|
||
|
|
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
||
Sale of
investments-equity instruments (note 7)
|
|
|
|
|
|
-
|
|
477
|
||
Purchase of
investments-uranium (note 7)
|
|
|
|
|
|
(87,811)
|
|
(7)
|
||
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)
|
|
-
|
||
Purchase of
property, plant and equipment (note 10)
|
|
|
|
(446)
|
|
(153)
|
||||
Proceeds
on sale of property, plant and equipment
|
|
|
|
|
|
2
|
|
137
|
||
Increase
in restricted cash and investments
|
|
|
|
(319)
|
|
(196)
|
||||
Net
cash (used in) contributed by investing activities
|
|
|
|
|
|
(110,429)
|
|
258
|
||
|
|
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
||
Issuance of debt
obligations (note 16)
|
|
|
|
|
|
34
|
|
-
|
||
Repayment
of debt obligations (note 16)
|
|
|
|
|
|
(189)
|
|
(405)
|
||
Proceeds
from unit issues, net of issue costs (note 17)
|
|
|
|
135,630
|
|
-
|
||||
Proceeds
from share issues, net of issue costs (note 17)
|
|
|
|
|
|
10,863
|
|
6,878
|
||
Share
option exercise proceeds (note 17)
|
|
|
|
|
|
5,349
|
|
77
|
||
Warrant
exercise proceeds
|
|
|
|
|
|
1
|
|
-
|
||
Net
cash provided by financing activities
|
|
|
|
|
|
151,688
|
|
6,550
|
||
|
|
|
|
|
|
|
|
|
||
Increase
(decrease) in cash and cash equivalents
|
|
|
|
|
|
26,418
|
|
(1,672)
|
||
Foreign
exchange effect on cash and cash equivalents
|
|
|
|
|
|
(533)
|
|
-
|
||
Cash
and cash equivalents, beginning of period
|
|
|
|
|
|
24,992
|
|
8,190
|
||
Cash
and cash equivalents, end of period
|
|
|
|
|
$
|
50,877
|
$
|
6,518
|
||
|
||||||||||
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, 2021
|
|
(Unaudited -
Expressed in CAD dollars except for shares and per share
amounts)
|
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
2,344
|
$
|
12,004
|
Cash in MLJV and
MWJV
|
|
|
|
613
|
|
540
|
Cash
equivalents
|
|
|
|
47,920
|
|
12,448
|
|
|
|
$
|
50,877
|
$
|
24,992
|
|
|
|
|
At September
30
|
|
At December
31
|
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
$
|
3,836
|
$
|
2,644
|
|
Receivables in
MLJV and MWJV
|
|
|
|
307
|
|
394
|
|
Sales tax
receivables
|
|
|
|
325
|
|
154
|
|
Sundry
receivables
|
|
|
|
1
|
|
182
|
|
|
|
|
$
|
4,469
|
$
|
3,374
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Inventory of ore
in stockpiles
|
|
|
$
|
2,098
|
$
|
2,098
|
Mine and mill
supplies in MLJV
|
|
|
|
3,119
|
|
3,015
|
|
|
|
$
|
5,217
|
$
|
5,113
|
|
|
|
|
|
|
|
Inventories-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
3,119
|
$
|
3,015
|
Long-term-ore in
stockpiles
|
|
|
|
2,098
|
|
2,098
|
|
|
|
$
|
5,217
|
$
|
5,113
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
Equity
instruments
|
|
|
|
|
|
|
Shares
|
|
|
$
|
25,958
|
$
|
16,657
|
Warrants
|
|
|
|
468
|
|
293
|
Uranium
|
|
|
|
131,483
|
|
-
|
|
|
|
$
|
157,909
|
$
|
16,950
|
|
|
|
|
|
|
|
Investments-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
25,958
|
$
|
16,657
|
Long-term
|
|
|
|
131,951
|
|
293
|
|
|
|
$
|
157,909
|
$
|
16,950
|
(in thousands of
CAD dollars)
|
|
Equity
Instruments
|
|
Physical
Uranium
|
|
Investments
|
|
|
|
|
|
|
|
Balance -
December 31, 2020
|
$
|
16,950
|
$
|
-
|
$
|
16,950
|
Purchase of
investments
Fair value gain
to profit and loss (note 20)
|
|
-
9,476
|
|
87,811
43,672
|
|
87,811
53,148
|
Balance –
September 30, 2021
|
$
|
26,426
|
$
|
131,483
|
$
|
157,909
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At September
30
|
(in
thousands)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Investment in
joint venture-by investee:
|
|
|
|
|
|
|
JCU
|
|
|
$
|
21,771
|
$
|
-
|
|
|
|
$
|
21,771
|
$
|
-
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2020
|
|
|
|
|
$
|
-
|
Investment at
cost:
|
|
|
|
|
|
|
Acquisition of
50% of JCU
|
|
|
|
21,855
|
||
Share of equity
loss
|
|
|
|
|
|
(84)
|
Balance-September
30, 2021
|
|
|
|
|
$
|
21,771
|
|
|
|
|
At September
30
|
|
At
|
(in
thousands)
|
|
|
|
2021
|
|
Acquisition
(1)
|
|
|
|
|
|
|
|
Total current
assets(2)
|
|
|
$
|
5,825
|
$
|
5,825
|
Total non-current
assets
|
|
|
|
38,064
|
|
38,064
|
Total current
liabilities
|
|
|
|
(348)
|
|
(181)
|
Total non-current
liabilities
|
|
|
|
-
|
|
-
|
Total net
assets
|
|
|
$
|
43,541
|
$
|
43,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Month Ended
|
|
|
|
|
|
|
August
31,2021
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
-
|
Net
loss
|
|
|
|
|
|
(167)
|
Other
comprehensive income (loss)
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
Reconciliation of
JCU net assets to Denison investment carrying value:
|
|
|
||||
Net assets of
JCU–at acquisition
|
|
|
|
|
$
|
43,708
|
Net
loss
|
|
|
|
|
|
(167)
|
Net assets of
JCU–at September 30, 2021
|
|
|
|
|
$
|
43,541
|
Denison ownership
interest
|
|
|
|
|
|
50.00%
|
Denison share of
net assets of JCU
|
|
|
|
|
|
21,771
|
Other
adjustments
|
|
|
|
|
|
-
|
Investment in
JCU
|
|
|
|
|
$
|
21,771
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
3,202
|
$
|
2,883
|
Investments
|
|
|
|
9,135
|
|
9,135
|
|
|
|
$
|
12,337
|
$
|
12,018
|
Restricted cash
and investments-by item:
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
|
$
|
3,202
|
$
|
2,883
|
Letters of credit
facility pledged assets
|
|
|
|
9,000
|
|
9,000
|
Letters of credit
additional collateral
|
|
|
|
135
|
|
135
|
|
|
|
$
|
12,337
|
$
|
12,018
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Plant
and Equipment
|
|
Mineral
|
|
Total
|
||
(in thousands of
CAD dollars)
|
|
Owned
|
|
Right-of-Use
|
|
Properties
|
|
PP&E
|
|
|
|
|
|
|
|
|
|
Cost:
|
|
|
|
|
|
|
|
|
Balance –
December 31, 2020
|
$
|
106,087
|
$
|
891
|
$
|
179,743
|
$
|
286,721
|
Additions
|
|
404
|
|
83
|
|
32
|
|
519
|
Disposals
|
|
(117)
|
|
(21)
|
|
-
|
|
(138)
|
Recoveries
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
Balance
– September 30, 2021
|
$
|
106,374
|
$
|
953
|
$
|
179,774
|
$
|
287,101
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization, depreciation:
|
|
|
|
|
|
|
|
|
Balance –
December 31, 2020
|
$
|
(29,495)
|
$
|
(356)
|
$
|
-
|
$
|
(29,851)
|
Amortization
|
|
(210)
|
|
-
|
|
-
|
|
(210)
|
Depreciation
|
|
(1,333)
|
|
(152)
|
|
-
|
|
(1,485)
|
Disposals
|
|
117
|
|
17
|
|
-
|
|
134
|
Balance
– September 30, 2021
|
$
|
(30,921)
|
$
|
(491)
|
$
|
-
|
$
|
(31,412)
|
|
|
|
|
|
|
|
|
|
Carrying
value:
|
|
|
|
|
|
|
|
|
Balance –
December 31, 2020
|
$
|
76,592
|
$
|
535
|
$
|
179,743
|
$
|
256,870
|
Balance –
September 30, 2021
|
$
|
75,453
|
$
|
462
|
$
|
179,774
|
$
|
255,689
|
|
|
|
|
At September
30
|
|
At December
31
|
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
$
|
4,119
|
$
|
2,513
|
|
Payables in MLJV
and MWJV
|
|
|
|
4,010
|
|
3,719
|
|
Other
payables
|
|
|
|
890
|
|
946
|
|
|
|
|
$
|
9,019
|
$
|
7,178
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Deferred revenue
– pre-sold toll milling:
|
|
|
|
|
|
|
CLJV toll milling
– APG
|
|
|
$
|
37,182
|
$
|
36,617
|
|
|
|
$
|
37,182
|
$
|
36,617
|
|
|
|
|
|
|
|
Deferred
revenue-by balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
4,656
|
$
|
3,478
|
Non-current
|
|
|
|
32,526
|
|
33,139
|
|
|
|
$
|
37,182
|
$
|
36,617
|
(in thousands of
CAD dollars)
|
|
|
|
|
|
Deferred
Revenue
|
|
|
|
|
|
|
|
Balance -
December 31, 2020
|
|
|
|
|
$
|
36,617
|
Accretion (note
20)
|
|
|
|
|
|
2,321
|
Revenue
recognized during the period (note 21)
|
|
|
|
|
|
(1,756)
|
Balance –
September 30, 2021
|
|
|
|
|
$
|
37,182
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Accrued benefit
obligation
|
|
|
$
|
1,294
|
$
|
1,361
|
|
|
|
$
|
1,294
|
$
|
1,361
|
|
|
|
|
|
|
|
Post-employment
benefits-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
120
|
$
|
120
|
Non-current
|
|
|
|
1,174
|
|
1,241
|
|
|
|
$
|
1,294
|
$
|
1,361
|
(in thousands of
CAD dollars)
|
|
|
|
|
|
Post-Employment
Benefits
|
|
|
|
|
|
|
|
Balance -
December 31, 2020
|
|
|
|
|
$
|
1,361
|
Accretion (note
20)
|
|
|
|
|
|
17
|
Benefits
paid
|
|
|
|
|
|
(84)
|
Balance –
September 30, 2021
|
|
|
|
|
$
|
1,294
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Reclamation
obligations-by location:
|
|
|
|
|
|
|
Elliot
Lake
|
|
|
$
|
21,489
|
$
|
21,523
|
McClean and
Midwest Joint Ventures
|
|
|
|
17,317
|
|
16,875
|
Other
|
|
|
|
22
|
|
22
|
|
|
|
$
|
38,828
|
$
|
38,420
|
|
|
|
|
|
|
|
Reclamation
obligations-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
802
|
$
|
802
|
Non-current
|
|
|
|
38,026
|
|
37,618
|
|
|
|
$
|
38,828
|
$
|
38,420
|
(in thousands of
CAD dollars)
|
|
|
|
|
|
Reclamation
Obligations
|
|
|
|
|
|
|
|
Balance -
December 31, 2020
|
|
|
|
|
$
|
38,420
|
Accretion (note
20)
|
|
|
|
|
|
1,007
|
Expenditures
incurred
|
|
|
|
|
|
(599)
|
Balance –
September 30, 2021
|
|
|
|
|
$
|
38,828
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Number
of
|
|
Warrant
|
(in thousands of
CAD dollars except warrant amounts)
|
Warrants
|
|
Liability
|
|
|
|
|
Balance -
December 31, 2020
|
-
|
$
|
-
|
Warrants issued
on February 19, 2021
|
15,796,975
|
|
3,499
|
Warrants issued
on March 22, 2021
|
39,215,000
|
|
9,735
|
February 2021
warrants exercised
Change in fair
value estimates
|
(500)
-
|
|
-
11,567
|
Balance –
September 30, 2021
|
55,011,475
|
$
|
24,801
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Debt
obligations:
|
|
|
|
|
|
|
Lease
liabilities
|
|
|
$
|
502
|
$
|
582
|
Loan
liabilities
|
|
|
|
60
|
|
33
|
Flow-through
share premium obligation (note 17)
|
|
|
|
-
|
|
22
|
|
|
|
$
|
562
|
$
|
637
|
|
|
|
|
|
|
|
Other
liabilities-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
205
|
$
|
262
|
Non-current
|
|
|
|
357
|
|
375
|
|
|
|
$
|
562
|
$
|
637
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in thousands of
CAD dollars)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Balance –
December 31, 2020
|
|
|
$
|
582
|
$
|
33
|
$
|
615
|
|
Accretion (note
20)
|
|
|
|
35
|
|
-
|
|
35
|
|
Additions
|
|
|
|
72
|
|
34
|
|
106
|
|
Disposal
Repayments
|
|
|
|
(5)
(182)
|
|
-
(7)
|
|
(5)
(189)
|
|
Balance
– September 30, 2021
|
|
|
$
|
502
|
$
|
60
|
$
|
562
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in thousands of
CAD dollars)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Maturity analysis
– contractual undiscounted cash flows:
|
|
|
|
|
|
|
|||
Next 12
months
|
|
|
$
|
188
|
$
|
17
|
$
|
205
|
|
One to five
years
|
|
|
|
393
|
|
48
|
|
441
|
|
More than five
years
|
|
|
|
-
|
|
-
|
|
-
|
|
Total obligation
– September 30, 2021 – undiscounted
|
|
581
|
|
65
|
|
646
|
|||
Present value
discount adjustment
|
|
|
|
(79)
|
|
(5)
|
|
(84)
|
|
Total
obligation – September 30, 2021 –
discounted
|
|
|
$
|
502
|
$
|
60
|
$
|
562
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Number
of
|
|
|
|
Common
|
|
Share
|
(in thousands of
CAD dollars except share amounts)
|
Shares
|
|
Capital
|
|
|
|
|
Balance -
December 31, 2020
|
678,981,882
|
$
|
1,366,710
|
Issued for
cash:
|
|
|
|
Unit issue
proceeds – total
|
110,023,950
|
|
144,214
|
Less: allocation
to share warrants liability (note 15)
|
-
|
|
(13,234)
|
Unit issue costs
- total
|
-
|
|
(8,584)
|
Less: allocation
to share warrants issue expense
|
-
|
|
791
|
Other share issue
proceeds – total
|
10,156,186
|
|
11,914
|
Less: other share
issue costs
|
-
|
|
(1,051)
|
Share option
exercises
|
7,280,548
|
|
5,349
|
Share option
exercises – fair value adjustment
|
-
|
|
1,833
|
Warrants
exercises – fair value adjustment
|
500
|
|
1
|
Share unit
exercises – fair value adjustment
|
919,413
|
|
538
|
|
128,380,597
|
|
141,771
|
Balance –
September 30, 2021
|
807,362,479
|
$
|
1,508,481
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Share based
compensation expense for:
|
|
|
|
|
|
|
|
|
Stock
options
|
$
|
(368)
|
$
|
(138)
|
$
|
(983)
|
$
|
(434)
|
RSUs
|
|
(348)
|
|
(273)
|
|
(1,011)
|
|
(760)
|
PSUs
|
|
24
|
|
(58)
|
|
7
|
|
(179)
|
Share
based compensation expense
|
$
|
(692)
|
$
|
(469)
|
$
|
(1,987)
|
$
|
(1,373)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
|
|
|
Weighted-
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
|
|
|
|
|
Number
of
|
|
Price
per
|
|
|
|
|
|
|
|
Common
|
|
Share
|
|
|
|
|
|
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
Stock options
outstanding – December 31, 2020
|
|
|
|
15,077,243
|
$
|
0.67
|
|||
Grants
|
|
|
|
|
|
|
4,067,000
|
|
1.28
|
Exercises
(1)
|
|
|
|
|
|
|
(7,280,548)
|
|
0.74
|
Expiries
|
|
|
|
|
|
|
(31,000)
|
|
0.66
|
Forfeitures
|
|
|
|
|
|
|
(1,065,500)
|
|
0.77
|
Stock options
outstanding – September 30, 2021
|
|
|
|
10,767,195
|
$
|
0.84
|
|||
Stock options
exercisable – September 30, 2021
|
|
|
|
5,517,195
|
$
|
0.66
|
|
|
|
|
|
Weighted
|
|
|
|
Weighted-
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
Remaining
|
|
|
|
Exercise
|
Range of
Exercise
|
|
|
|
|
Contractual
|
|
Number
of
|
|
Price
per
|
Prices per
Share
|
|
|
|
|
Life
|
|
Common
|
|
Share
|
(CAD)
|
|
|
|
|
(Years)
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
Stock options
outstanding
|
|
|
|
|
|
|
|||
$ 0.25 to $
0.49
|
|
3.39
|
|
2,452,000
|
$
|
0.45
|
|||
$ 0.50 to $
0.74
|
|
|
|
|
2.00
|
|
3,295,395
|
|
0.64
|
$ 0.75 to $
0.99
|
|
|
|
|
0.44
|
|
1,351,800
|
|
0.85
|
$ 1.00 to $
1.39
|
|
|
|
|
4.45
|
|
3,370,000
|
|
1.26
|
$ 1.40 to $
1.79
|
|
|
|
|
4.61
|
|
298,000
|
|
1.43
|
Stock options
outstanding – September 30, 2021
|
|
|
2.96
|
|
10,767,195
|
$
|
0.84
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
September 30,
2021
|
|
|
|
|
|
|
|
Risk-free
interest rate
|
|
|
|
0.70% -
0.80%
|
|
Expected stock
price volatility
|
|
|
|
66.11% -
69.66%
|
|
Expected
life
|
|
|
|
3.4
years
|
|
Expected dividend
yield
|
|
|
|
-
|
|
Fair value
per share under options granted
|
|
|
$0.59 -
$0.69
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
RSUs
|
|
PSUs
|
||||
|
|
|
|
Weighted
|
|
|
|
Weighted
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
Number
of
|
|
Fair
Value
|
|
Number
of
|
|
Fair
Value
|
|
|
Common
|
|
Per
RSU
|
|
Common
|
|
Per
PSU
|
|
|
Shares
|
|
(CAD)
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
Units outstanding
– December 31, 2020
|
|
5,691,899
|
$
|
0.52
|
|
2,020,000
|
$
|
0.63
|
Grants
|
|
1,905,000
|
|
1.42
|
|
-
|
|
-
|
Exercises
(1)
|
|
(709,413)
|
|
0.56
|
|
(210,000)
|
|
0.66
|
Forfeitures
|
|
(1,052,729)
|
|
0.63
|
|
(280,000)
|
|
0.68
|
Units outstanding
– September 30, 2021
|
|
5,834,757
|
$
|
0.79
|
|
1,530,000
|
$
|
0.62
|
Units
vested – September 30, 2021
|
|
2,041,260
|
$
|
0.59
|
|
870,000
|
$
|
0.63
|
|
|
|
|
At September
30
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Cumulative
foreign currency translation
|
|
|
$
|
414
|
$
|
413
|
Unamortized
experience gain-post employment liability
|
|
|
|
|
||
Gross
|
|
|
|
1,847
|
|
1,847
|
Tax
effect
|
|
|
|
(485)
|
|
(485)
|
|
|
|
$
|
1,776
|
$
|
1,775
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Cost of goods and
services sold:
|
|
|
|
|
|
|
|
|
Cost of goods
sold – mineral concentrates
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(526)
|
Operating
overheads:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
(1,199)
|
|
(454)
|
|
(2,254)
|
|
(1,001)
|
Milling,
conversion expense
|
|
(767)
|
|
(84)
|
|
(1,242)
|
|
(830)
|
Less
absorption:
|
|
|
|
|
|
|
|
|
-Mineral
properties
|
|
10
|
|
13
|
|
32
|
|
38
|
Cost of
services
|
|
(2,293)
|
|
(1,773)
|
|
(6,224)
|
|
(5,147)
|
Cost of goods and
services sold
|
|
(4,249)
|
|
(2,298)
|
|
(9,688)
|
|
(7,466)
|
Reclamation asset
amortization
|
|
(70)
|
|
(60)
|
|
(210)
|
|
(182)
|
Selling
expenses
|
|
-
|
|
-
|
|
-
|
|
(14)
|
Sales royalties
and non-income taxes
|
|
-
|
|
-
|
|
-
|
|
(64)
|
Operating
expenses
|
$
|
(4,319)
|
$
|
(2,358)
|
$
|
(9,898)
|
$
|
(7,726)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Gains (losses)
on:
|
|
|
|
|
|
|
|
|
Foreign
exchange
|
$
|
398
|
$
|
(81)
|
$
|
(1,219)
|
$
|
(159)
|
Disposal of
property, plant and equipment
|
|
(4)
|
|
|
|
(2)
|
|
407
|
Fair value
changes:
|
|
|
|
|
|
|
|
|
Investments-equity
instruments (note 7)
|
|
4,334
|
|
(1,133)
|
|
9,476
|
|
(2,094)
|
Investments-uranium (note
7)
|
|
36,138
|
|
-
|
|
43,672
|
|
-
|
Warrant
liabilities (note 15)
|
|
(5,735)
|
|
-
|
|
(11,567)
|
|
-
|
Issue
costs-warrant liabilities (note 17)
|
|
-
|
|
-
|
|
(791)
|
|
-
|
Uranium
investment carrying charges
|
|
(72)
|
|
-
|
|
(126)
|
|
-
|
Other
|
|
(60)
|
|
(104)
|
|
(137)
|
|
(501)
|
Other
income (expense)
|
$
|
34,999
|
$
|
(1,318)
|
$
|
39,306
|
$
|
(2,347)
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
76
|
$
|
60
|
$
|
288
|
$
|
216
|
Interest
expense
|
|
(1)
|
|
(1)
|
|
(1)
|
|
(4)
|
Accretion
expense
|
|
|
|
|
|
|
|
|
Deferred
revenue (note 12)
|
|
(777)
|
|
(772)
|
|
(2,321)
|
|
(2,309)
|
Post-employment
benefits (note 13)
|
|
(6)
|
|
(17)
|
|
(17)
|
|
(51)
|
Reclamation
obligations (note 14)
|
|
(335)
|
|
(338)
|
|
(1,007)
|
|
(1,014)
|
Debt
obligations (note 16)
|
|
(11)
|
|
(13)
|
|
(35)
|
|
(43)
|
Finance
income (expense)
|
$
|
(1,054)
|
$
|
(1,081)
|
$
|
(3,093)
|
$
|
(3,205)
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
$
|
-
|
$
|
|
$
|
(1)
|
$
|
(2)
|
Milling,
conversion expense
|
|
(678)
|
|
(62)
|
|
(1,107)
|
|
(798)
|
Cost of
services
|
|
(46)
|
|
(47)
|
|
(136)
|
|
(147)
|
Evaluation
|
|
(9)
|
|
(9)
|
|
(27)
|
|
(27)
|
Exploration
|
|
(49)
|
|
(36)
|
|
(129)
|
|
(114)
|
General and
administrative
|
|
(30)
|
|
(32)
|
|
(85)
|
|
(96)
|
Depreciation
expense-gross
|
$
|
(812)
|
$
|
(186)
|
$
|
(1,485)
|
$
|
(1,184)
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
$
|
(2,173)
|
$
|
(1,831)
|
$
|
(7,311)
|
$
|
(5,534)
|
Share-based
compensation (note 18)
|
|
(692)
|
|
(469)
|
|
(1,987)
|
|
(1,373)
|
Termination
benefits
|
|
(85)
|
|
-
|
|
(114)
|
|
-
|
Employee
benefits expense
|
$
|
(2,950)
|
$
|
(2,300)
|
$
|
(9,412)
|
$
|
(6,907)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Change in
non-cash working capital items:
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
$
|
(1,095)
|
$
|
1,013
|
Inventories
|
|
|
|
|
|
(104)
|
|
157
|
Prepaid expenses
and other assets
|
|
|
|
|
|
(70)
|
|
151
|
Accounts payable
and accrued liabilities
|
|
|
|
|
|
1,155
|
|
(1,454)
|
Change
in non-cash working capital items
|
|
|
|
|
$
|
(114)
|
$
|
(133)
|
(in thousands of
CAD dollars)
|
|
|
Mining
|
Closed
Mine
Services
|
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 – as at September 30, 2021:
|
|
|
|
|
|
|
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
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(in thousands of
CAD dollars)
|
|
|
Mining
|
Closed
Mine
Services
|
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
|
|
|
|
|
5,848
|
5,848
|
Management
fees
|
|
|
-
|
-
|
23
|
23
|
Toll milling
services–deferred revenue
|
|
1,037
|
-
|
-
|
1,037
|
|
|
|
|
1,037
|
2,633
|
5,871
|
9,541
|
(in thousands of
CAD dollars)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
2,062
|
6,197
|
2,070
|
10,329
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(2,579)
|
(5,144)
|
(3)
|
(7,726)
|
Evaluation
|
|
|
(2,647)
|
-
|
-
|
(2,647)
|
Exploration
|
|
|
(3,133)
|
-
|
-
|
(3,133)
|
General and
administrative
|
|
|
(19)
|
-
|
(5,700)
|
(5,719)
|
|
|
|
(8,378)
|
(5,144)
|
(5,703)
|
(19,225)
|
Segment income
(loss)
|
|
|
(6,316)
|
1,053
|
(3,633)
|
(8,896)
|
|
|
|
|
|
|
|
Revenues – supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
6,197
|
-
|
6,197
|
Management
fees
|
|
|
-
|
-
|
2,070
|
2,070
|
Uranium
concentrate sales
|
|
|
852
|
-
|
-
|
852
|
Toll milling
services–deferred revenue (note 12)
|
|
1,210
|
-
|
-
|
1,210
|
|
|
|
|
2,062
|
6,197
|
2,070
|
10,329
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property, plant
and equipment
|
|
|
138
|
15
|
-
|
153
|
|
|
|
|
|
|
|
Long-lived assets – as at Sept 30, 2020:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
|
99,994
|
4,546
|
908
|
105,448
|
Accumulated
depreciation
|
|
|
(25,473)
|
(3,148)
|
(400)
|
(29,021)
|
Mineral
properties
|
|
|
179,619
|
-
|
-
|
179,619
|
|
|
|
254,140
|
1,398
|
508
|
256,046
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(in thousands of
CAD dollars)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
95
|
2,065
|
583
|
2,743
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(585)
|
(1,770)
|
(3)
|
(2,358)
|
Evaluation
|
|
|
(790)
|
-
|
-
|
(790)
|
Exploration
|
|
|
(954)
|
-
|
-
|
(954)
|
General and
administrative
|
|
|
-
|
-
|
(2,110)
|
(2,110)
|
|
|
|
(2,329)
|
(1,770)
|
(2,113)
|
(6,212)
|
Segment income
(loss)
|
|
|
(2,234)
|
295
|
(1,530)
|
(3,469)
|
|
|
|
|
|
|
|
Revenues – supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
2,065
|
-
|
2,065
|
Management
fees
|
|
|
-
|
-
|
583
|
583
|
Toll milling
services–deferred revenue (note 12)
|
|
95
|
-
|
-
|
95
|
|
|
|
|
95
|
2,065
|
583
|
2,743
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Management
fees:
|
|
|
|
|
|
|
|
|
Base and variable
fees
|
$
|
23
|
$
|
509
|
$
|
1,069
|
$
|
1,523
|
Commission
fees
|
|
-
|
|
74
|
|
697
|
|
247
|
Termination
fee
|
|
5,848
|
|
-
|
|
5,848
|
|
-
|
Discretionary
fees
|
|
-
|
|
-
|
|
350
|
|
300
|
|
$
|
5,871
|
$
|
583
|
$
|
7,964
|
$
|
2,070
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in thousands of
CAD dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
$
|
(518)
|
$
|
(465)
|
$
|
(2,055)
|
$
|
(1,420)
|
Share-based
compensation
|
|
(526)
|
|
(383)
|
|
(1,583)
|
|
(1,133)
|
Key
management personnel compensation
|
$
|
(1,044)
|
$
|
(848)
|
$
|
(3,638)
|
$
|
(2,553)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
September
30
|
|
December
31,
|
|
|
Financial
|
|
Fair
|
|
2021
|
|
2020
|
|
|
Instrument
|
|
Value
|
|
Fair
|
|
Fair
|
(in thousands of
CAD dollars)
|
|
Category(1)
|
|
Hierarchy
|
|
Value
|
|
Value
|
|
|
|
|
|
|
|
|
|
Financial
Assets:
|
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
Category
B
|
|
|
$
|
50,877
|
$
|
24,992
|
Trade and other
receivables
|
|
Category
B
|
|
|
|
4,469
|
|
3,374
|
Investments
|
|
|
|
|
|
|
|
|
Equity
instruments-shares
|
|
Category
A
|
|
Level
1
|
|
25,958
|
|
16,657
|
Equity
instruments-warrants
|
|
Category
A
|
|
Level
2
|
|
468
|
|
293
|
Elliot Lake
reclamation trust fund
|
|
Category
B
|
|
|
|
3,202
|
|
2,883
|
Credit
facility pledged assets
|
|
Category
B
|
|
|
|
9,000
|
|
9,000
|
Reclamation
letter of credit collateral
|
|
Category
B
|
|
|
|
135
|
|
135
|
|
|
|
|
|
$
|
94,109
|
$
|
57,334
|
|
|
|
|
|
|
|
|
|
Financial
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
Category
C
|
|
|
|
9,019
|
|
7,178
|
Share
purchase warrants liability
|
|
Category
A
|
|
Level
2
|
|
24,801
|
|
-
|
Debt
obligations
|
|
Category
C
|
|
|
|
562
|
|
615
|
|
|
|
|
|
$
|
34,382
|
$
|
7,793
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|