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 March
31
2021
|
|
At December
31
2020
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Cash and cash
equivalents (note 4)
|
|
|
$
|
172,757
|
$
|
24,992
|
Trade and other
receivables (note 5)
|
|
|
|
2,759
|
|
3,374
|
Inventories (note
6)
|
|
|
|
3,124
|
|
3,015
|
Investments (note
7)
|
|
|
|
16,286
|
|
16,657
|
Prepaid expenses
and other
|
|
|
|
758
|
|
1,373
|
|
|
|
|
195,684
|
|
49,411
|
Non-Current
|
|
|
|
|
|
|
Inventories-ore
in stockpiles (note 6)
|
|
|
|
2,098
|
|
2,098
|
Investments (note
7)
|
|
|
|
573
|
|
293
|
Restricted cash
and investments (note 8)
|
|
|
|
12,596
|
|
12,018
|
Property, plant
and equipment (note 9)
|
|
|
|
256,983
|
|
256,870
|
Total
assets
|
|
|
$
|
467,934
|
$
|
320,690
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities
|
|
|
$
|
10,042
|
$
|
7,178
|
Current portion
of long-term liabilities:
|
|
|
|
|
|
|
Deferred revenue
(note 10)
|
|
|
|
3,898
|
|
3,478
|
Post-employment
benefits (note 11)
|
|
|
|
120
|
|
120
|
Reclamation
obligations (note 12)
|
|
|
|
802
|
|
802
|
Other liabilities
(note 14)
|
|
|
|
233
|
|
262
|
|
|
|
|
15,095
|
|
11,840
|
Non-Current
|
|
|
|
|
|
|
Deferred revenue
(note 10)
|
|
|
|
33,336
|
|
33,139
|
Post-employment
benefits (note 11)
|
|
|
|
1,199
|
|
1,241
|
Reclamation
obligations (note 12)
|
|
|
|
37,692
|
|
37,618
|
Share purchase
warrants liability (note 13)
|
|
|
|
14,798
|
|
-
|
Other liabilities
(note 14)
|
|
|
|
335
|
|
375
|
Deferred income
tax liability
|
|
|
|
8,906
|
|
9,192
|
Total
liabilities
|
|
|
|
111,361
|
|
93,405
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Share capital
(note 15)
|
|
|
|
1,505,937
|
|
1,366,710
|
Contributed
surplus (note 16)
|
|
|
|
66,329
|
|
67,387
|
Deficit
|
|
|
|
(1,217,471)
|
|
(1,208,587)
|
Accumulated other
comprehensive income (note 17)
|
|
|
|
1,778
|
|
1,775
|
Total
equity
|
|
|
|
356,573
|
|
227,285
|
Total
liabilities and equity
|
|
|
$
|
467,934
|
$
|
320,690
|
|
|
|
|
|
|
|
Issued and
outstanding common shares (note 15)
|
|
|
804,477,684
|
|
678,981,882
|
|
Commitments
and contingencies (note 23)
|
|
|
|
|
|
|
Subsequent
events (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
March
31
|
||||
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES (note 19)
|
|
|
|
|
$
|
2,496
|
$
|
4,660
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Operating
expenses (note 18, 19)
|
|
|
|
|
|
(1,888)
|
|
(3,320)
|
Evaluation (note
19)
|
|
|
|
|
|
(2,761)
|
|
(1,491)
|
Exploration (note
19)
|
|
|
|
|
|
(1,348)
|
|
(1,700)
|
General and
administrative (note 19)
|
|
|
|
|
|
(2,625)
|
|
(2,188)
|
Other expense
(note 18)
|
|
|
|
|
|
(2,041)
|
|
(3,192)
|
|
|
|
|
|
|
(10,663)
|
|
(11,891)
|
Loss
before net finance expense
|
|
|
|
|
|
(8,167)
|
|
(7,231)
|
Finance expense,
net (note 18)
|
|
|
|
|
|
(1,025)
|
|
(1,063)
|
Loss before
taxes
|
|
|
|
|
|
(9,192)
|
|
(8,294)
|
Income tax
recovery (note 21)
|
|
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
308
|
|
1,631
|
Net loss for the
period
|
|
|
|
|
$
|
(8,884)
|
$
|
(6,663)
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss) (note 17):
|
|
|
|
|
|
|
|
|
Items that may be
reclassified to income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency
translation change
|
|
|
|
|
|
3
|
|
(14)
|
Comprehensive
loss for the period
|
|
|
|
|
$
|
(8,881)
|
$
|
(6,677)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
net loss per share:
|
|
|
|
|
|
|
|
|
All
operations
|
|
|
|
|
$
|
(0.01)
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares outstanding (in thousands):
|
|
|
|
|
||||
Basic and
diluted
|
|
|
|
|
|
714,424
|
|
597,198
|
|
|
|
|
|
|
|
|
|
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)
|
||||||||
|
|
|
|
Three
Months Ended
March
31
|
||||
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital (note 15)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
1,366,710
|
$
|
1,335,467
|
Shares issued for
cash, net of issue costs
|
|
|
|
|
|
134,083
|
|
3
|
Share options
exercised-cash
|
|
|
|
|
|
3,711
|
|
-
|
Share options
exercised-fair value adjustment
|
|
|
|
|
|
1,266
|
|
-
|
Share units
exercised-fair value adjustment
|
|
|
|
|
|
167
|
|
28
|
Balance-end of
period
|
|
|
|
|
|
1,505,937
|
|
1,335,498
|
|
|
|
|
|
|
|
|
|
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 16)
|
|
|
|
|
|
375
|
|
483
|
Share options
exercised-fair value adjustment
|
|
|
|
|
|
(1,266)
|
|
-
|
Share units
exercised-fair value adjustment
|
|
|
|
|
|
(167)
|
|
(28)
|
Warrants
expired
|
|
|
|
|
|
-
|
|
435
|
Balance-end of
period
|
|
|
|
|
|
66,329
|
|
66,307
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
(1,208,587)
|
|
(1,192,304)
|
Net
loss
|
|
|
|
|
|
(8,884)
|
|
(6,663)
|
Balance-end of
period
|
|
|
|
|
|
(1,217,471)
|
|
(1,198,967)
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (note 17)
|
|
|
|
|
|
|
||
Balance-beginning
of period
|
|
|
|
|
|
1,775
|
|
1,134
|
Foreign currency
translation
|
|
|
|
|
|
3
|
|
(14)
|
Balance-end of
period
|
|
|
|
|
|
1,778
|
|
1,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
227,285
|
|
210,149
|
Balance-end of
period
|
|
|
|
|
$
|
356,573
|
$
|
203,958
|
|
|
|
|
|
|
|
|
|
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)
|
||||||||
|
|
|
|
Three
Months Ended
March
31
|
||||
CASH PROVIDED BY (USED IN):
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net loss for the
period
|
|
|
|
|
$
|
(8,884)
|
$
|
(6,663)
|
Items not
affecting cash and cash equivalents:
|
|
|
|
|
|
|
|
|
Depletion,
depreciation, amortization and accretion
|
|
|
|
|
|
1,294
|
|
2,209
|
Share-based
compensation (note 16)
|
|
|
|
|
|
375
|
|
483
|
Recognition
of deferred revenue (note 10)
|
|
|
|
|
|
(137)
|
|
(963)
|
Gains on
property, plant and equipment disposals (note 18)
|
|
|
|
-
|
|
(2)
|
||
Losses on
investments (note 18)
|
|
|
|
91
|
|
2,950
|
||
Losses on share
warrant liabilities (note 18)
|
|
|
|
|
|
1,564
|
|
-
|
Warrant
liabilities issue costs expensed (note 15)
|
|
|
|
789
|
|
-
|
||
Foreign exchange
gains (note 18)
|
|
|
|
|
|
(441)
|
|
-
|
Deferred income
tax recovery
|
|
|
|
|
|
(308)
|
|
(1,631)
|
Post-employment
benefits (note 11)
|
|
|
|
|
|
(48)
|
|
(27)
|
Reclamation
obligations (note 12)
|
|
|
|
|
|
(262)
|
|
(238)
|
Change in
non-cash working capital items (note 18)
|
|
|
|
|
|
3,984
|
|
1,503
|
Net
cash used in operating activities
|
|
|
|
|
|
(1,983)
|
|
(2,379)
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Expenditures on
property, plant and equipment (note 9)
|
|
|
|
(293)
|
|
(22)
|
||
Proceeds
on sale of property, plant and equipment
|
|
|
|
|
|
-
|
|
2
|
Increase
in restricted cash and investments
|
|
|
|
(578)
|
|
(609)
|
||
Net
cash used in investing activities
|
|
|
|
|
|
(871)
|
|
(629)
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Repayment
of debt obligations (note 14)
|
|
|
|
|
|
(59)
|
|
(283)
|
Proceeds
from unit issues, net of issue costs (note 15)
|
|
|
|
135,660
|
|
-
|
||
Proceeds
from other share issues, net of issue costs (note 15)
|
|
|
|
|
|
10,868
|
|
3
|
Share
option exercise proceeds (note 15)
|
|
|
|
|
|
3,711
|
|
-
|
Net
cash provided by (used in) financing activities
|
|
|
|
|
|
150,180
|
|
(280)
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
|
|
|
|
|
147,326
|
|
(3,288)
|
Foreign
exchange effect on cash and cash equivalents
|
|
|
|
|
|
439
|
|
-
|
Cash
and cash equivalents, beginning of period
|
|
|
|
|
|
24,992
|
|
8,190
|
Cash
and cash equivalents, end of period
|
|
|
|
|
$
|
172,757
|
$
|
4,902
|
|
||||||||
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 THREE MONTHS ENDED MARCH 31, 2021
|
|
(Unaudited -
Expressed in CAD dollars except for shares and per share
amounts)
|
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
110,844
|
$
|
12,004
|
Cash in MLJV and
MWJV
|
|
|
|
1,083
|
|
540
|
Cash
equivalents
|
|
|
|
60,830
|
|
12,448
|
|
|
|
$
|
172,757
|
$
|
24,992
|
|
|
|
|
At March
31
|
|
At December
31
|
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
$
|
2,508
|
$
|
2,644
|
|
Receivables in
MLJV and MWJV
|
|
|
|
99
|
|
394
|
|
Sales tax
receivables
|
|
|
|
150
|
|
154
|
|
Sundry
receivables
|
|
|
|
2
|
|
182
|
|
|
|
|
$
|
2,759
|
$
|
3,374
|
|
|
|
|
At March
31
|
|
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
|
|
|
|
3,124
|
|
3,015
|
|
|
|
$
|
5,222
|
$
|
5,113
|
|
|
|
|
|
|
|
Inventories-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
3,124
|
$
|
3,015
|
Long-term-ore in
stockpiles
|
|
|
|
2,098
|
|
2,098
|
|
|
|
$
|
5,222
|
$
|
5,113
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
Equity
instruments
|
|
|
$
|
16,859
|
$
|
16,950
|
|
|
|
$
|
16,859
|
$
|
16,950
|
|
|
|
|
|
|
|
Investments-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
16,286
|
$
|
16,657
|
Long-term
|
|
|
|
573
|
|
293
|
|
|
|
$
|
16,859
|
$
|
16,950
|
(in thousands of
CAD dollars)
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
|
Balance -
December 31, 2020
|
|
|
|
|
$
|
16,950
|
Fair value gain
(loss) to profit and loss (note 18)
|
|
|
|
|
|
(91)
|
Balance - March
31, 2021
|
|
|
|
|
$
|
16,859
|
|
|
|
|
At March
31
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
12,596
|
$
|
2,883
|
Investments
|
|
|
|
-
|
|
9,135
|
|
|
|
$
|
12,596
|
$
|
12,018
|
Restricted cash
and investments-by item:
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
|
$
|
3,461
|
$
|
2,883
|
Letters of credit
facility pledged assets
|
|
|
|
9,000
|
|
9,000
|
Letters of credit
additional collateral
|
|
|
|
135
|
|
135
|
|
|
|
$
|
12,596
|
$
|
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
|
|
282
|
|
-
|
|
11
|
|
293
|
Balance
– March 31, 2021
|
$
|
106,369
|
$
|
891
|
$
|
179,754
|
$
|
287,014
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization, depreciation:
|
|
|
|
|
|
|
|
|
Balance –
December 31, 2020
|
$
|
(29,495)
|
$
|
(356)
|
$
|
-
|
$
|
(29,851)
|
Amortization
|
|
(70)
|
|
-
|
|
-
|
|
(70)
|
Depreciation
|
|
(62)
|
|
(48)
|
|
-
|
|
(110)
|
Balance
– March 31, 2021
|
$
|
(29,627)
|
$
|
(404)
|
$
|
-
|
$
|
(30,031)
|
|
|
|
|
|
|
|
|
|
Carrying
value:
|
|
|
|
|
|
|
|
|
Balance –
December 31, 2020
|
$
|
76,592
|
$
|
535
|
$
|
179,743
|
$
|
256,870
|
Balance –
March 31, 2021
|
$
|
76,742
|
$
|
487
|
$
|
179,754
|
$
|
256,983
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Deferred revenue
– pre-sold toll milling:
|
|
|
|
|
|
|
CLJV toll milling
– APG
|
|
|
$
|
37,234
|
$
|
36,617
|
|
|
|
$
|
37,234
|
$
|
36,617
|
|
|
|
|
|
|
|
Deferred
revenue-by balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
3,898
|
$
|
3,478
|
Non-current
|
|
|
|
33,336
|
|
33,139
|
|
|
|
$
|
37,234
|
$
|
36,617
|
(in thousands of
CAD dollars)
|
|
|
|
|
|
Deferred
Revenue
|
|
|
|
|
|
|
|
Balance -
December 31, 2020
|
|
|
|
|
$
|
36,617
|
Accretion
|
|
|
|
|
|
754
|
Revenue
recognized during the period (note 19)
|
|
|
|
|
|
(137)
|
Balance - March
31, 2021
|
|
|
|
|
$
|
37,234
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Accrued benefit
obligation
|
|
|
$
|
1,319
|
$
|
1,361
|
|
|
|
$
|
1,319
|
$
|
1,361
|
|
|
|
|
|
|
|
Post-employment
benefits-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
120
|
$
|
120
|
Non-current
|
|
|
|
1,199
|
|
1,241
|
|
|
|
$
|
1,319
|
$
|
1,361
|
(in thousands of
CAD dollars)
|
|
|
|
|
|
Post-Employment
Benefits
|
|
|
|
|
|
|
|
Balance -
December 31, 2020
|
|
|
|
|
$
|
1,361
|
Accretion
|
|
|
|
|
|
6
|
Benefits
paid
|
|
|
|
|
|
(48)
|
Balance - March
31, 2021
|
|
|
|
|
$
|
1,319
|
|
|
|
|
At March
31
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2020
|
|
2020
|
|
|
|
|
|
|
|
Reclamation
obligations-by location:
|
|
|
|
|
|
|
Elliot
Lake
|
|
|
$
|
21,450
|
$
|
21,523
|
McClean and
Midwest Joint Ventures
|
|
|
|
17,022
|
|
16,875
|
Other
|
|
|
|
22
|
|
22
|
|
|
|
$
|
38,494
|
$
|
38,420
|
|
|
|
|
|
|
|
Reclamation
obligations-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
802
|
$
|
802
|
Non-current
|
|
|
|
37,692
|
|
37,618
|
|
|
|
$
|
38,494
|
$
|
38,420
|
(in thousands of
CAD dollars)
|
|
|
|
|
|
Reclamation
Obligations
|
|
|
|
|
|
|
|
Balance -
December 31, 2020
|
|
|
|
|
$
|
38,420
|
Accretion
|
|
|
|
|
|
336
|
Expenditures
incurred
|
|
|
|
|
|
(262)
|
Balance - March
31, 2021
|
|
|
|
|
$
|
38,494
|
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
|
Change in fair
value estimates
|
-
|
|
1,564
|
Balance - March
31, 2021
|
55,011,975
|
$
|
14,798
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Debt
obligations:
|
|
|
|
|
|
|
Lease
liabilities
|
|
|
$
|
537
|
$
|
582
|
Loan
liabilities
|
|
|
|
31
|
|
33
|
Flow-through
share premium obligation (note 16)
|
|
|
|
-
|
|
22
|
|
|
|
$
|
568
|
$
|
637
|
|
|
|
|
|
|
|
Other
liabilities-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
233
|
$
|
262
|
Non-current
|
|
|
|
335
|
|
375
|
|
|
|
$
|
568
|
$
|
637
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in thousands of
CAD dollars)
|
|
|
|
Liabilitites
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Balance –
December 31, 2020
|
|
|
$
|
582
|
$
|
33
|
$
|
615
|
|
Accretion
|
|
|
|
12
|
|
-
|
|
12
|
|
Repayments
|
|
|
|
(57)
|
|
(2)
|
|
(59)
|
|
Balance
– March 31, 2021
|
|
|
$
|
537
|
$
|
31
|
$
|
568
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in thousands of
CAD dollars)
|
|
|
|
Liabilitites
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Maturity analysis
– contractual undiscounted cash flows:
|
|
|
|
|
|
|
|||
Next 12
months
|
|
|
$
|
224
|
$
|
9
|
$
|
233
|
|
One to five
years
|
|
|
|
407
|
|
24
|
|
431
|
|
More than five
years
|
|
|
|
-
|
|
-
|
|
-
|
|
Total obligation
– March 31, 2021 – undiscounted
|
|
631
|
|
33
|
|
664
|
|||
Present value
discount adjustment
|
|
|
|
(94)
|
|
(2)
|
|
(96)
|
|
Total
obligation – March 31, 2021 – discounted
|
|
|
$
|
537
|
$
|
31
|
$
|
568
|
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
|
-
|
|
(13,234)
|
Unit issue costs
- total
|
-
|
|
(8,554)
|
Less: allocation
to share warrants issue expense
|
-
|
|
789
|
Other share issue
proceeds – total
|
10,156,186
|
|
11,914
|
Less: other share
issue costs
|
-
|
|
(1,046)
|
Share option
exercises
|
5,016,000
|
|
3,711
|
Share option
exercises – fair value adjustment
|
-
|
|
1,266
|
Share units
exercises – fair value adjustment
|
299,666
|
|
167
|
|
125,495,802
|
|
139,227
|
Balance - March
31, 2021
|
804,477,684
|
$
|
1,505,937
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Share based
compensation expense for:
|
|
|
|
|
|
|
|
|
Stock
options
|
|
|
|
|
$
|
(195)
|
$
|
(157)
|
RSUs
|
|
|
|
|
|
(206)
|
|
(228)
|
PSUs
|
|
|
|
|
|
26
|
|
(98)
|
Share
based compensation expense
|
|
|
|
|
$
|
(375)
|
$
|
(483)
|
|
|
|
|
|
|
|
|
|
Weighted-
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
|
|
|
|
|
Number
of
|
|
Price
per
|
|
|
|
|
|
|
|
Common
|
|
Share
|
|
|
|
|
|
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
Stock options
outstanding – December 31, 2020
|
|
|
|
15,077,243
|
$
|
0.67
|
|||
Grants
|
|
|
|
|
|
|
3,666,000
|
|
1.26
|
Exercises
(1)
|
|
|
|
|
|
|
(5,016,000)
|
|
0.74
|
Expiries
|
|
|
|
|
|
|
(15,000)
|
|
0.64
|
Forfeitures
|
|
|
|
|
|
|
(520,500)
|
|
0.53
|
Stock options
outstanding – March 31, 2021
|
|
|
|
13,191,743
|
$
|
0.81
|
|||
Stock options
exercisable – March 31, 2021
|
|
|
|
7,766,243
|
$
|
0.68
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
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
|
|
3.97
|
|
2,916,000
|
$
|
0.45
|
|||
$ 0.50 to $
0.74
|
|
|
|
|
2.51
|
|
4,055,143
|
|
0.64
|
$ 0.75 to $
0.99
|
|
|
|
|
0.94
|
|
2,554,600
|
|
0.85
|
$ 1.00 to $
1.39
|
|
|
|
|
4.94
|
|
3,666,000
|
|
1.26
|
Stock options
outstanding – March 31, 2021
|
|
|
3.20
|
|
13,191,743
|
$
|
0.81
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March 31,
2021
|
|
|
|
|
|
|
|
Risk-free
interest rate
|
|
|
|
0.76%
|
|
Expected stock
price volatility
|
|
|
|
66.11%
|
|
Expected
life
|
|
|
|
3.4
years
|
|
Expected dividend
yield
|
|
|
|
-
|
|
Fair value
per share under options granted
|
|
|
$0.59
|
|
|
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
|
|
1,730,000
|
|
1.42
|
|
-
|
|
-
|
Exercises
(1)
|
|
(239,666)
|
|
0.52
|
|
(60,000)
|
|
0.69
|
Forfeitures
|
|
(649,896)
|
|
0.46
|
|
(180,000)
|
|
0.69
|
Units outstanding – March 31,
2021
|
|
6,532,337
|
$
|
0.76
|
|
1,780,000
|
$
|
0.62
|
Units
vested – March 31, 2021
|
|
2,053,672
|
$
|
0.58
|
|
640,000
|
$
|
0.65
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in thousands of
CAD dollars)
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Cumulative
foreign currency translation
|
|
|
$
|
416
|
$
|
413
|
Unamortized
experience gain-post employment liability
|
|
|
|
|
||
Gross
|
|
|
|
1,847
|
|
1,847
|
Tax
effect
|
|
|
|
(485)
|
|
(485)
|
|
|
|
$
|
1,778
|
$
|
1,775
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Cost of goods and
services sold:
|
|
|
|
|
|
|
|
|
Cost of goods
sold – mineral concentrates
|
|
|
|
|
$
|
-
|
$
|
(526)
|
Operating
overheads:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
|
|
|
|
(232)
|
|
(213)
|
Milling,
conversion expense
|
|
|
|
|
|
(4)
|
|
(740)
|
Less
absorption:
|
|
|
|
|
|
|
|
|
-Mineral
properties
|
|
|
|
|
|
11
|
|
12
|
Cost of
services
|
|
|
|
|
|
(1,593)
|
|
(1,715)
|
Cost of goods and
services sold
|
|
|
|
|
|
(1,818)
|
|
(3,182)
|
Reclamation asset
amortization
|
|
|
|
|
|
(70)
|
|
(60)
|
Selling
expenses
|
|
|
|
|
|
-
|
|
(14)
|
Sales royalties
and non-income taxes
|
|
|
|
|
|
-
|
|
(64)
|
Operating
expenses
|
|
|
|
|
$
|
(1,888)
|
$
|
(3,320)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Gains (losses)
on:
|
|
|
|
|
|
|
|
|
Foreign
exchange
|
|
|
|
|
$
|
441
|
$
|
20
|
Disposal of
property, plant and equipment
|
|
|
|
|
|
-
|
|
2
|
Fair value
changes - investments (note 7)
|
|
|
|
(91)
|
|
(2,950)
|
||
Fair value
changes – warrant liabilities (note 13)
|
|
|
|
(1,564)
|
|
-
|
||
Issue costs
– warrant liabilities (note 15)
|
|
|
|
(789)
|
|
-
|
||
Other
|
|
|
|
|
|
(38)
|
|
(264)
|
Other
income (expense)
|
|
|
|
|
$
|
(2,041)
|
$
|
(3,192))
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
$
|
83
|
$
|
92
|
Interest
expense
|
|
|
|
|
|
-
|
|
(2)
|
Accretion
expense
|
|
|
|
|
|
|
|
|
Deferred
revenue (note 10)
|
|
|
|
|
|
(754)
|
|
(782)
|
Post-employment
benefits (note 11)
|
|
|
|
|
|
(6)
|
|
(17)
|
Reclamation
obligations (note 12)
|
|
|
|
|
|
(336)
|
|
(338)
|
Debt
obligations (note 13)
|
|
|
|
|
|
(12)
|
|
(16)
|
Finance
income (expense)
|
|
|
|
|
$
|
(1,025)
|
$
|
(1,063)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
|
|
|
$
|
(1)
|
$
|
(1)
|
Milling,
conversion expense
|
|
|
|
|
|
-
|
|
(736)
|
Cost of
services
|
|
|
|
|
|
(45)
|
|
(53)
|
Evaluation
|
|
|
|
|
|
(9)
|
|
(9)
|
Exploration
|
|
|
|
|
|
(30)
|
|
(41)
|
General and
administrative
|
|
|
|
|
|
(25)
|
|
(32)
|
Depreciation
expense-gross
|
|
|
|
|
$
|
(110)
|
$
|
(872)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
|
|
|
|
$
|
(3,035)
|
$
|
(2,158)
|
Share-based
compensation (note 16)
|
|
|
|
|
|
(375)
|
|
(483)
|
Termination
benefits
|
|
|
|
|
|
(28)
|
|
-
|
Employee
benefits expense
|
|
|
|
|
$
|
(3,438)
|
$
|
(2,641)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Change in
non-cash working capital items:
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
$
|
615
|
$
|
471
|
Inventories
|
|
|
|
|
|
(109)
|
|
641
|
Prepaid expenses
and other assets
|
|
|
|
|
|
609
|
|
(81)
|
Accounts payable
and accrued liabilities
|
|
|
|
|
|
2,869
|
|
472
|
Change
in non-cash working capital items
|
|
|
|
|
$
|
3,984
|
$
|
1,503
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
(in thousands of
CAD dollars)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
137
|
1,744
|
615
|
2,496
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(295)
|
(1,593)
|
-
|
(1,888)
|
Evaluation
|
|
|
(2,761)
|
-
|
-
|
(2,761)
|
Exploration
|
|
|
(1,348)
|
-
|
-
|
(1,348)
|
General and
administrative
|
|
|
(17)
|
-
|
(2,608)
|
(2,625)
|
|
|
|
(4,421)
|
(1,593)
|
(2,608)
|
(8,622)
|
Segment income
(loss)
|
|
|
(4,284)
|
151
|
(1,993)
|
(6,126)
|
|
|
|
|
|
|
|
Revenues – supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
|
-
|
1,744
|
-
|
1,744
|
Management
fees
|
|
|
-
|
-
|
615
|
615
|
Toll milling
services–deferred revenue (note 10)
|
|
137
|
-
|
-
|
137
|
|
|
|
|
137
|
1,744
|
615
|
2,496
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property, plant
and equipment
|
|
|
293
|
-
|
-
|
293
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
|
101,823
|
4,545
|
892
|
107,260
|
Accumulated
depreciation
|
|
|
(26,351)
|
(3,238)
|
(442)
|
(30,031)
|
Mineral
properties
|
|
|
179,754
|
-
|
-
|
179,754
|
|
|
|
255,226
|
1,307
|
450
|
256,983
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
(in thousands of
CAD dollars)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
|
1,815
|
2,028
|
817
|
4,660
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(1,605)
|
(1,715)
|
-
|
(3,320)
|
Evaluation
|
|
|
(1,491)
|
-
|
-
|
(1,491)
|
Exploration
|
|
|
(1,700)
|
-
|
-
|
(1,700)
|
General and
administrative
|
|
|
(14)
|
-
|
(2,174)
|
(2,188)
|
|
|
|
(4,810)
|
(1,715)
|
(2,174)
|
(8,699)
|
Segment income
(loss)
|
|
|
(2,995)
|
313
|
(1,357)
|
(4,039)
|
|
|
|
|
|
|
|
Revenues – supplemental:
|
|
|
|
|
|
|
Uranium
concentrate sales
|
|
|
852
|
-
|
-
|
852
|
Environmental
services
|
|
|
-
|
2,028
|
-
|
2,028
|
Management
fees
|
|
|
-
|
-
|
817
|
817
|
Toll milling
services–deferred revenue (note 10)
|
|
963
|
-
|
-
|
963
|
|
|
|
|
1,815
|
2,028
|
817
|
4,660
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property, plant
and equipment
|
|
|
7
|
15
|
-
|
22
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
|
99,994
|
4,546
|
908
|
105,448
|
Accumulated
depreciation
|
|
|
(25,196)
|
(3,055)
|
(336)
|
(28,587)
|
Mineral
properties
|
|
|
179,488
|
-
|
-
|
179,488
|
|
|
|
254,286
|
1,491
|
572
|
256,349
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Management
fees:
|
|
|
|
|
|
|
|
|
Base and variable
fees
|
|
|
|
|
$
|
475
|
$
|
463
|
Commission
fees
|
|
|
|
|
|
-
|
|
54
|
Discretionary
fees
|
|
|
|
|
|
140
|
|
300
|
|
|
|
|
|
$
|
615
|
$
|
817
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in thousands of
CAD dollars)
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
|
|
|
|
$
|
(1,043)
|
$
|
(584)
|
Share-based
compensation
|
|
|
|
|
|
(320)
|
|
(430)
|
Key
management personnel compensation
|
|
|
|
|
$
|
(1,363)
|
$
|
(1,014)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
March
31
|
|
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
|
|
|
$
|
172,757
|
$
|
24,992
|
Trade and other
receivables
|
|
Category
B
|
|
|
|
2,759
|
|
3,374
|
Investments
|
|
|
|
|
|
|
|
|
Equity
instruments-shares
|
|
Category
A
|
|
Level 1
|
|
16,286
|
|
16,657
|
Equity
instruments-warrants
|
|
Category
A
|
|
Level 2
|
|
573
|
|
293
|
Restricted
cash and equivalents
|
|
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
Category
B
|
|
|
|
3,461
|
|
2,883
|
Credit
facility pledged assets
|
|
Category
B
|
|
|
|
9,000
|
|
9,000
|
Reclamation
letter of credit collateral
|
|
Category
B
|
|
|
|
135
|
|
135
|
|
|
|
|
|
$
|
204,971
|
$
|
57,334
|
|
|
|
|
|
|
|
|
|
Financial
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
Category
C
|
|
|
|
10,042
|
|
7,178
|
Share
purchase warrants liabilty
|
|
Category
A
|
|
Level 2
|
|
14,798
|
|
-
|
Debt
obligations
|
|
Category
C
|
|
|
|
568
|
|
615
|
|
|
|
|
|
$
|
25,408
|
$
|
7,793
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(in thousands of
dollars, except per pound amounts)
|
|
|
|
March
2021
|
||||
|
|
|
|
|
|
USD$
|
|
CAD$ (1)
|
|
|
|
|
|
|
|
|
|
Purchase
commitment of 2,500,000 pounds:
|
|
|
|
|
|
|
|
|
Purchase
price
|
|
|
|
|
$
|
74,034
|
$
|
93,097
|
Add: purchase
commissions
|
|
|
|
|
|
106
|
|
133
|
Total purchase
price, including commissions
|
|
|
|
|
$
|
74,140
|
$
|
93,230
|
|
|
|
|
|
|
|
|
|
Purchase
commitment cost per pound:
|
|
|
|
|
|
|
|
|
Purchase
price
|
|
|
|
|
$
|
29.61
|
$
|
37.23
|
Add: purchase
commissions
|
|
|
|
|
|
0.05
|
|
0.06
|
Total
purchase price, including commissions
|
|
|
|
|
$
|
29.66
|
$
|
37.29
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|