CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
(Unaudited -
Expressed in thousands of Canadian dollars (“CAD”)
except for share amounts)
|
|||||||
|
|
|
|
At March
31
2023
|
|
At December
31
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
Cash and cash
equivalents (note 4)
|
|
|
$
|
57,462
|
$
|
50,915
|
|
Trade and other
receivables (note 5)
|
|
|
|
4,183
|
|
4,143
|
|
Inventories (note
6)
|
|
|
|
2,768
|
|
2,713
|
|
Investments-equity
instruments (note 7)
|
|
|
|
9,192
|
|
8,022
|
|
Prepaid expenses
and other
|
|
|
|
1,687
|
|
1,367
|
|
|
|
|
|
75,292
|
|
67,160
|
|
Non-Current
|
|
|
|
|
|
|
|
Inventories-ore
in stockpiles (note 6)
|
|
|
|
2,098
|
|
2,098
|
|
Investments-equity
instruments (note 7)
|
|
|
|
83
|
|
87
|
|
Investments-uranium
(note 7)
|
|
|
|
171,362
|
|
162,536
|
|
Investments-joint
venture (note 8)
|
|
|
|
18,411
|
|
19,305
|
|
Restricted cash
and investments (note 9)
|
|
|
11,789
|
|
11,105
|
||
Property, plant
and equipment (note 10)
|
|
|
|
253,208
|
|
253,505
|
|
Total
assets
|
|
|
$
|
532,243
|
$
|
515,796
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities (note 11)
|
|
|
$
|
10,703
|
$
|
10,299
|
|
Current portion
of long-term liabilities:
|
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
4,536
|
|
4,915
|
|
Post-employment
benefits (note 13)
|
|
|
|
120
|
|
120
|
|
Reclamation
obligations (note 14)
|
|
|
|
2,681
|
|
2,865
|
|
Other liabilities
(note 16)
|
|
|
|
223
|
|
216
|
|
|
|
|
|
18,263
|
|
18,415
|
|
Non-Current
|
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
30,962
|
|
28,380
|
|
Post-employment
benefits (note 13)
|
|
|
|
1,054
|
|
1,081
|
|
Reclamation
obligations (note 14)
|
|
|
|
26,871
|
|
26,594
|
|
Other liabilities
(note 16)
|
|
|
|
339
|
|
360
|
|
Deferred income
tax liability
|
|
|
|
4,453
|
|
4,950
|
|
Total
liabilities
|
|
|
|
81,942
|
|
79,780
|
|
EQUITY
|
|
|
|
|
|
|
|
Share capital
(note 17)
|
|
|
|
1,554,991
|
|
1,539,209
|
|
Contributed
surplus (note 18)
|
|
|
|
71,180
|
|
70,281
|
|
Deficit
|
|
|
|
(1,177,656)
|
|
(1,175,256)
|
|
Accumulated other
comprehensive income (note 19)
|
|
|
|
1,786
|
|
1,782
|
|
Total
equity
|
|
|
|
450,301
|
|
436,016
|
|
Total
liabilities and equity
|
|
|
$
|
532,243
|
$
|
515,796
|
|
Issued and
outstanding common shares (note 17)
|
|
|
835,381,534
|
|
826,325,592
|
||
Commitments
and contingencies (note 24)
|
|||||||
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
(Unaudited -
Expressed in thousands of CAD dollars except for share and per
share amounts)
|
|
|
||||||||||||||
|
|
|
|
Three
Months Ended
March
31
|
|
|||||||||||
|
|
2023
|
2022
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
REVENUES (note 21)
|
|
|
|
|
$
|
1,084
|
$
|
4,125
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EXPENSES
|
|
|
|
|
|
|
|
|
|
|||||||
Operating
expenses (note 20 and 21)
|
|
|
|
|
|
(2,560)
|
|
(2,398)
|
|
|||||||
Exploration (note
21)
|
|
|
|
|
|
(3,947)
|
|
(2,566)
|
|
|||||||
Evaluation (note
21)
|
|
|
|
|
|
(2,722)
|
|
(4,465)
|
|
|||||||
General and
administrative (note 21)
|
|
|
|
|
|
(3,254)
|
|
(4,064)
|
|
|||||||
Other income
(note 20)
|
|
|
|
|
|
10,246
|
|
52,645
|
|
|||||||
|
|
|
|
|
|
(2,237)
|
|
39,152
|
|
|||||||
Income
(loss) before net finance expense, equity accounting
|
|
|
|
(1,153)
|
|
43,277
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Finance expense,
net (note 20)
|
|
|
|
|
|
(850)
|
|
(698)
|
|
|||||||
Equity share of
loss of joint venture (note 8)
|
|
|
|
|
|
(894)
|
|
(492)
|
|
|||||||
Income (loss)
before taxes
|
|
|
|
|
|
(2,897)
|
|
42,087
|
|
|||||||
Income tax
recovery:
|
|
|
|
|
|
|
|
|
|
|||||||
Deferred
|
|
|
|
|
|
497
|
|
536
|
|
|||||||
Net income (loss)
for the period
|
|
|
|
|
$
|
(2,400)
|
$
|
42,623
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Other
comprehensive income (loss) (note 19):
|
|
|
|
|
|
|
|
|
||||||||
Items that are or
may be subsequently reclassified to income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency
translation change
|
|
|
|
|
|
4
|
|
3
|
|
|||||||
Comprehensive
income (loss) for the period
|
|
|
|
|
$
|
(2,396)
|
$
|
42,626
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Basic and diluted
net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
|
|
|
|
$
|
0.00
|
$
|
0.05
|
||||||||
Diluted
|
|
|
|
|
$
|
0.00
|
$
|
0.05
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average
number of shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
|
832,826
|
814,788
|
|
||||||||||
Diluted
|
|
|
|
|
|
832,826
|
|
825,148
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
|
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
(Unaudited -
Expressed in thousands of CAD dollars)
|
||||||||
|
|
|
|
Three
Month Ended
March
31
|
||||
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Share capital (note 17)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
1,539,209
|
$
|
1,517,029
|
Shares issued for
cash, net of issue costs
|
|
|
|
|
|
15,298
|
|
8,241
|
Other shares
issued, net of issue costs
|
|
|
|
|
|
-
|
|
39
|
Share options
exercised-cash
|
|
|
|
|
|
339
|
|
688
|
Share options
exercised-transfer from contributed surplus
|
|
|
|
129
|
|
254
|
||
Share units
exercised-transfer from contributed surplus
|
|
|
|
16
|
|
143
|
||
Balance-end of
period
|
|
|
|
|
|
1,554,991
|
|
1,526,394
|
|
|
|
|
|
|
|
|
|
Contributed surplus
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
70,281
|
|
67,496
|
Share-based
compensation expense (note 18)
|
|
|
|
|
|
1,044
|
|
930
|
Share options
exercised-transfer to share capital
|
|
|
|
|
|
(129)
|
|
(254)
|
Share units
exercised-transfer to share capital
|
|
|
|
|
|
(16)
|
|
(143)
|
Balance-end of
period
|
|
|
|
|
|
71,180
|
|
68,029
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
(1,175,256)
|
|
(1,189,610)
|
Net income
(loss)
|
|
|
|
|
|
(2,400)
|
|
42,623
|
Balance-end of
period
|
|
|
|
|
|
(1,177,656)
|
|
(1,146,987)
|
|
|
|
|
|
|
|
|
|
Accumulated
other comprehensive income (note 19)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
1,782
|
|
1,776
|
Foreign currency
translation
|
|
|
|
|
|
4
|
|
3
|
Balance-end of
period
|
|
|
|
|
|
1,786
|
|
1,779
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
436,016
|
$
|
396,691
|
Balance-end of
period
|
|
|
|
|
$
|
450,301
|
$
|
449,215
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited -
Expressed in thousands of CAD dollars)
|
||||||||
|
|
|
|
Three
Month Ended
March
31
|
||||
|
|
|
|
2023
|
|
2022
|
||
CASH PROVIDED BY (USED IN):
|
|
|
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
||
Net income (loss)
for the period
|
|
|
$
|
(2,400)
|
$
|
42,623
|
||
Adjustments and
items not affecting cash and cash equivalents:
|
|
|
|
|
|
|
||
Depletion,
depreciation, amortization and accretion
|
|
|
|
2,689
|
|
1,674
|
||
Fair value change
losses (gains):
|
|
|
|
|
|
|
||
Investments-equity
instruments (notes 7 and 20)
|
|
|
|
(1,166)
|
|
(4,275)
|
||
Investments-uranium
(notes 7 and 20)
|
|
|
|
(8,826)
|
|
(47,756)
|
||
Warrants
on investment (notes 7 and 20)
|
|
|
|
-
|
|
1,138
|
||
Share
purchase warrants liabilities (note 20)
|
|
|
|
-
|
|
484
|
||
Joint
venture-equity share of loss (note 8)
|
|
|
|
894
|
|
492
|
||
Reversal
(recognition) of deferred revenue (note 12)
|
|
|
|
982
|
|
(2,471)
|
||
Post-employment
benefit payments (note 13)
|
|
|
|
(32)
|
|
(48)
|
||
Reclamation
obligation expenditures (note 14)
|
|
|
|
(327)
|
|
(264)
|
||
Share-based
compensation (note 18)
|
|
|
|
1,044
|
|
930
|
||
Foreign exchange
loss (gain) (note 20)
|
|
|
|
(163)
|
|
200
|
||
Deferred income
tax recovery
|
|
|
|
(497)
|
|
(536)
|
||
Change in
non-cash operating working capital items (note 20)
|
|
|
|
(13)
|
|
4,341
|
||
Net
cash used in operating activities
|
|
|
|
(7,815)
|
|
(3,468)
|
||
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
||
Increase in
restricted cash and investments (note 9)
|
|
|
|
(684)
|
|
(985)
|
||
Additions of
property, plant and equipment (note 10)
|
|
|
|
(702)
|
|
(2,995)
|
||
Net
cash used in investing activities
|
|
|
|
(1,386)
|
|
(3,980)
|
||
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
||
Issuance of debt
obligations (note 16)
|
|
|
|
-
|
|
72
|
||
Repayment
of debt obligations (note 16)
|
|
|
|
(54)
|
|
(60)
|
||
Proceeds
from share issues, net of issue costs (note 17)
|
|
|
|
15,298
|
|
8,241
|
||
Proceeds
from share options exercised (note 17)
|
|
|
|
339
|
|
688
|
||
Net
cash provided by financing activities
|
|
|
|
15,583
|
|
8,941
|
||
|
|
|
|
|
|
|
||
Increase
in cash and cash equivalents
|
|
|
|
6,382
|
|
1,493
|
||
Foreign
exchange effect on cash and cash equivalents
|
|
|
|
165
|
|
(201)
|
||
Cash
and cash equivalents, beginning of period
|
|
|
|
50,915
|
|
63,998
|
||
Cash
and cash equivalents, end of period
|
|
|
$
|
57,462
|
$
|
65,290
|
||
|
||||||||
|
||||||||
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2023
|
|
(Unaudited -
Expressed in CAD dollars except for shares and per share
amounts)
|
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
2,680
|
$
|
1,801
|
Cash in MLJV and
MWJV
|
|
|
|
1,299
|
|
1,263
|
Cash
equivalents
|
|
|
|
53,483
|
|
47,851
|
|
|
|
$
|
57,462
|
$
|
50,915
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
$
|
3,286
|
$
|
3,184
|
Receivables in
MLJV and MWJV
|
|
|
|
644
|
|
508
|
Sales tax
receivables
|
|
|
|
238
|
|
428
|
Sundry
receivables
|
|
|
|
15
|
|
23
|
|
|
|
$
|
4,183
|
$
|
4,143
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Inventory of ore
in stockpiles
|
|
|
$
|
2,098
|
$
|
2,098
|
Mine and mill
supplies in MLJV
|
|
|
|
2,768
|
|
2,713
|
|
|
|
$
|
4,866
|
$
|
4,811
|
|
|
|
|
|
|
|
Inventories-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
2,768
|
$
|
2,713
|
Long term-ore in
stockpiles
|
|
|
|
2,098
|
|
2,098
|
|
|
|
$
|
4,866
|
$
|
4,811
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
Equity
instruments
|
|
|
|
|
|
|
Shares
|
|
|
$
|
9,192
|
$
|
8,022
|
Warrants
|
|
|
|
83
|
|
87
|
Uranium
|
|
|
|
171,362
|
|
162,536
|
|
|
|
$
|
180,637
|
$
|
170,645
|
|
|
|
|
|
|
|
Investments-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
9,192
|
$
|
8,022
|
Long-term
|
|
|
|
171,445
|
|
162,623
|
|
|
|
$
|
180,637
|
$
|
170,645
|
(in
thousands)
|
|
Equity
Instruments
|
|
Physical
Uranium
|
|
Total
Investments
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
$
|
8,109
|
$
|
162,536
|
$
|
170,645 |
Change in fair
value gain to profit (note 20)
|
|
1,166
|
|
8,826
|
|
9,992
|
Balance-March 31,
2023
|
$
|
9,275
|
$
|
171,362
|
$
|
180,637
|
|
Number
of
|
|
Warrant
|
(in thousands
except warrant amounts)
|
Warrants
|
|
Liability
|
|
|
|
|
Balance-December
31, 2022
|
32,500,000
|
$
|
-
|
Change in fair
value to profit and (loss) (note 20)
|
-
|
|
-
|
Balance-March 31,
2023
|
32,500,000
|
$
|
-
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Investment in
joint venture:
|
|
|
|
|
|
|
JCU
|
|
|
$
|
18,411
|
$
|
19,305
|
|
|
|
$
|
18,411
|
$
|
19,305
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
|
|
$
|
19,305
|
Investment at
cost:
|
|
|
|
|
|
|
Equity
share of loss
|
|
|
|
|
|
(894)
|
Balance-March 31,
2023
|
|
|
|
|
$
|
18,411
|
|
|
|
|
At March
31
|
|
At December
31
|
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Total current
assets(1)
|
|
|
$
|
577
|
$
|
2,273
|
|
Total non-current
assets
|
|
|
|
38,466
|
|
38,371
|
|
Total current
liabilities
|
|
|
|
(2,132)
|
|
(1,949)
|
|
Total non-current
liabilities
|
|
|
|
(90)
|
|
(86)
|
|
Total net
assets
|
|
|
$
|
36,821
|
$
|
38,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
February
28
2023(2)
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
-
|
|
Net
loss
|
|
|
|
|
|
(1,788)
|
|
Other
comprehensive income (loss)
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
JCU net assets to Denison investment carrying value:
|
|
|
|||||
Adjusted net assets of
JCU–at December 31, 2022
|
|
|
$
|
38,609
|
|||
Net
loss
|
|
|
|
|
|
(1,788)
|
|
Net assets of
JCU-at March 31, 2023
|
|
|
|
|
$
|
36,821
|
|
Denison ownership
interest
|
|
|
|
|
|
50.00%
|
|
Investment in
JCU
|
|
|
|
|
$
|
18,411
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
3,817
|
$
|
3,133
|
Investments
|
|
|
|
7,972
|
|
7,972
|
|
|
|
$
|
11,789
|
$
|
11,105
|
|
|
|
|
|
|
|
Restricted cash
and investments-by item:
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
|
$
|
3,817
|
$
|
3,133
|
Letters of credit
facility pledged assets
|
|
|
|
7,972
|
|
7,972
|
|
|
|
$
|
11,789
|
$
|
11,105
|
|
|
Plant
and Equipment
|
|
Mineral
|
|
Total
|
||
(in
thousands)
|
|
Owned
|
|
Right-of-Use
|
|
Properties
|
|
PP&E
|
|
|
|
|
|
|
|
|
|
Cost:
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
$
|
108,068
|
$
|
763
|
$
|
180,219
|
$
|
289,050
|
Additions (note
21)
|
|
321
|
|
34
|
|
381
|
|
736
|
Disposals
|
|
(157)
|
|
(28)
|
|
-
|
|
(185)
|
Balance-March 31,
2023
|
$
|
108,232
|
$
|
769
|
$
|
180,600
|
$
|
289,601
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization, depreciation:
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
$
|
(35,150)
|
$
|
(395)
|
$
|
-
|
$
|
(35,545)
|
Amortization
|
|
(47)
|
|
-
|
|
-
|
|
(47)
|
Depreciation
(note 20)
|
|
(950)
|
|
(35)
|
|
-
|
|
(985)
|
Disposals
|
|
157
|
|
27
|
|
-
|
|
184
|
Balance-March 31,
2023
|
$
|
(35,990)
|
$
|
(403)
|
$
|
-
|
$
|
(36,393)
|
|
|
|
|
|
|
|
|
|
Carrying
value:
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
$
|
72,918
|
$
|
368
|
$
|
180,219
|
$
|
253,505
|
Balance-March 31,
2023
|
$
|
72,242
|
$
|
366
|
$
|
180,600
|
$
|
253,208
|
|
|
|
|
At March
31
|
|
At December
31
|
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
$
|
4,059
|
$
|
5,434
|
|
Payables in MLJV
and MWJV
|
|
|
|
4,793
|
|
4,036
|
|
Other
payables
|
|
|
|
1,851
|
|
829
|
|
|
|
|
$
|
10,703
|
$
|
10,299
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Deferred
revenue-pre-sold toll milling:
|
|
|
|
|
|
|
CLJV Toll
Milling-Ecora
|
|
|
$
|
35,498
|
$
|
33,295
|
|
|
|
$
|
35,498
|
$
|
33,295
|
Deferred
revenue-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
4,536
|
$
|
4,915
|
Non-current
|
|
|
|
30,962
|
|
28,380
|
|
|
|
$
|
35,498
|
$
|
33,295
|
(in
thousands)
|
|
|
|
|
|
|
Deferred
Revenue
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
|
|
$
|
33,295
|
|
Revenue reversed
during the period (note 21)
|
|
|
|
|
|
982
|
|
Accretion (note
20)
|
|
|
|
|
|
1,221
|
|
Balance-March 31,
2023
|
|
|
|
|
$
|
35,498
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Accrued benefit
obligation
|
|
|
$
|
1,174
|
$
|
1,201
|
|
|
|
$
|
1,174
|
$
|
1,201
|
|
|
|
|
|
|
|
Post-employment
benefits-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
120
|
$
|
120
|
Non-current
|
|
|
|
1,054
|
|
1,081
|
|
|
|
$
|
1,174
|
$
|
1,201
|
(in
thousands)
|
|
|
|
|
|
Post-Employment
Benefits
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
|
|
$
|
1,201
|
Accretion (note
20)
|
|
|
|
|
|
5
|
Benefits
paid
|
|
|
|
|
|
(32)
|
Balance-March 31,
2023
|
|
|
|
|
$
|
1,174
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Reclamation
obligations-by item:
|
|
|
|
|
|
|
Elliot
Lake
|
|
|
$
|
16,632
|
$
|
16,634
|
MLJV and
MWJV
|
|
|
|
10,210
|
|
10,069
|
Wheeler River and
other
|
|
|
|
2,710
|
|
2,756
|
|
|
|
$
|
29,552
|
$
|
29,459
|
|
|
|
|
|
|
|
Reclamation
obligations-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
2,681
|
$
|
2,865
|
Non-current
|
|
|
|
26,871
|
|
26,594
|
|
|
|
$
|
29,552
|
$
|
29,459
|
(in
thousands)
|
|
|
|
|
|
Reclamation
Obligations
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
|
|
$
|
29,459
|
Accretion (note
20)
|
|
|
|
|
|
420
|
Expenditures
incurred
|
|
|
|
|
|
(327)
|
Balance-March 31,
2023
|
|
|
|
|
$
|
29,552
|
|
Number
of
|
|
Warrant
|
(in thousands
except warrant amounts)
|
Warrants
|
|
Liability
|
|
|
|
|
Balance-December
31, 2022
|
55,006,475
|
$
|
-
|
Expiry of share
purchase warrants
|
(55,006,475)
|
|
-
|
Balance-March 31,
2023
|
-
|
$
|
-
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Other
liabilities:
|
|
|
|
|
|
|
Lease
obligations
|
|
|
$
|
394
|
$
|
396
|
Loan
obligations
|
|
|
|
168
|
|
180
|
|
|
|
$
|
562
|
$
|
576
|
|
|
|
|
|
|
|
Other
liabilities-by balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
223
|
$
|
216
|
Non-current
|
|
|
|
339
|
|
360
|
|
|
|
$
|
562
|
$
|
576
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
$
|
396
|
$
|
180
|
$
|
576
|
|
Accretion (note
20)
|
|
|
|
7
|
|
-
|
|
7
|
|
Additions (note
10)
|
|
|
|
34
|
|
-
|
|
34
|
|
Repayments
|
|
|
|
(42)
|
|
(12)
|
|
(54)
|
|
Liability
adjustment gain
|
|
|
|
(1)
|
|
-
|
|
(1)
|
|
Balance-March 31,
2023
|
|
|
$
|
394
|
$
|
168
|
$
|
562
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Maturity
analysis-contractual undiscounted cash flows:
|
|
|
|
|
|
|
|||
Next 12
months
|
|
|
$
|
168
|
$
|
55
|
$
|
223
|
|
One to five
years
|
|
|
|
269
|
|
122
|
|
391
|
|
More than five
years
|
|
|
|
-
|
|
-
|
|
-
|
|
Total
obligation-end of period-undiscounted
|
|
|
|
437
|
|
177
|
|
614
|
|
Present value
discount adjustment
|
|
|
|
(43)
|
|
(9)
|
|
(52)
|
|
Total
obligation-end of period-discounted
|
|
|
$
|
394
|
$
|
168
|
$
|
562
|
|
Number
of
|
|
|
|
|
Common
|
|
Share
|
|
(in thousands
except share amounts)
|
Shares
|
|
Capital
|
|
|
|
|
|
|
Balance-December
31, 2022
|
826,325,592
|
$
|
1,539,209
|
|
Issued for
cash:
|
|
|
|
|
Shares issued
proceeds-total
|
8,481,060
|
|
15,653
|
|
Less: share issue
costs
|
-
|
|
(355)
|
|
Share option
exercises
|
554,214
|
|
339
|
|
Share option
exercises-transfer from contributed surplus
|
-
|
|
129
|
|
Share unit
exercises-transfer from contributed surplus
|
20,668
|
|
16
|
|
|
9,055,942
|
|
15,782
|
|
Balance-March 31,
2023
|
835,381,534
|
$
|
1,554,991
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Share based
compensation expense for:
|
|
|
|
|
|
|
|
|
Share
options
|
|
|
|
|
$
|
(375)
|
$
|
(389)
|
RSUs
|
|
|
|
|
|
(607)
|
|
(499)
|
PSUs
|
|
|
|
|
|
(62)
|
|
(42)
|
Share
based compensation expense
|
|
|
|
|
$
|
(1,044)
|
$
|
(930)
|
|
|
|
|
2023
|
||||
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
|
|
|
|
Number
of
Common
|
|
Price
per
Share
|
|
|
|
|
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
Share options
outstanding-December 31, 2022
|
|
|
|
|
|
8,539,214
|
$
|
1.09
|
Grants
|
|
|
|
|
|
1,726,000
|
|
1.49
|
Exercises
(1)
|
|
|
|
|
|
(554,214)
|
|
0.61
|
Expiries
|
|
|
|
|
|
(24,000)
|
|
0.60
|
Forfeitures
|
|
|
|
|
|
(182,000)
|
|
1.03
|
Share options
outstanding-March 31, 2023
|
|
|
|
|
|
9,505,000
|
$
|
1.19
|
Share
options exercisable-March 31, 2023
|
|
|
|
|
|
6,435,003
|
$
|
0.99
|
|
|
|
|
|
Weighted
|
|
|
|
Weighted-
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
Remaining
|
|
|
|
Exercise
|
Range of
Exercise
|
|
|
|
|
Contractual
|
|
Number
of
|
|
Price
per
|
Prices per
Share
|
|
|
|
|
Life
|
|
Common
|
|
Share
|
(CAD)
|
|
|
|
|
(Years)
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
Share options
outstanding
|
|
|
|
|
|
|
|||
$ 0.25 to $
0.49
|
|
1.94
|
|
1,697,500
|
$
|
0.46
|
|||
$ 0.50 to $
0.74
|
|
|
|
|
1.00
|
|
1,308,500
|
|
0.68
|
$ 0.75 to $
0.99
|
|
|
|
|
-
|
|
-
|
|
-
|
$ 1.00 to $
1.49
|
|
|
|
|
3.68
|
|
4,808,000
|
|
1.36
|
$ 1.50 to $
1.99
|
|
|
|
|
3.97
|
|
1,575,000
|
|
1.81
|
$ 2.00 to $
2.49
|
|
|
|
|
3.66
|
|
116,000
|
|
2.27
|
Share options
outstanding-March 31, 2023
|
|
3.05
|
|
9,505,000
|
$
|
1.19
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March 31,
2023
|
|
|
|
|
|
|
|
Risk-free
interest rate
|
|
|
|
3.95%
|
|
Expected stock
price volatility
|
|
|
|
72.86%
|
|
Expected
life
|
|
|
|
3.43
years
|
|
Expected dividend
yield
|
|
|
|
-
|
|
Fair value
per options granted
|
|
|
$0.80
|
|
|
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, 2022
|
|
6,416,089
|
$
|
1.04
|
|
1,470,000
|
$
|
0.77
|
Grants
|
|
1,377,000
|
|
1.49
|
|
-
|
|
-
|
Exercises
(1)
|
|
(20,668)
|
|
0.79
|
|
-
|
|
-
|
Forfeitures
|
|
(46,667)
|
|
1.76
|
|
-
|
|
-
|
Units
outstanding–March 31, 2023
|
|
7,725,754
|
$
|
1.12
|
|
1,470,000
|
$
|
0.77
|
Units
vested–March 31, 2023
|
|
4,778,171
|
$
|
0.82
|
|
1,200,000
|
$
|
0.79
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Cumulative
foreign currency translation
|
|
|
$
|
424
|
$
|
420
|
Experience
gains-post employment liability
|
|
|
|
|
||
Gross
|
|
|
|
1,847
|
|
1,847
|
Tax
effect
|
|
|
|
(485)
|
|
(485)
|
|
|
|
$
|
1,786
|
$
|
1,782
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Cost of goods and
services sold:
|
|
|
|
|
|
|
|
|
Operating
overheads:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
|
|
|
$
|
(55)
|
$
|
(72)
|
Milling,
conversion expense
|
|
|
|
|
|
(652)
|
|
(635)
|
Less
absorption:
|
|
|
|
|
|
|
|
|
-Mineral
properties
|
|
|
|
|
|
-
|
|
11
|
Cost of
services-Closed Mines Services
|
|
|
|
|
|
(1,806)
|
|
(1,656)
|
Cost of goods and
services sold
|
|
|
|
|
|
(2,513)
|
|
(2,352)
|
Reclamation asset
amortization
|
|
|
|
|
|
(47)
|
|
(46)
|
Operating
expenses
|
|
|
|
|
$
|
(2,560)
|
$
|
(2,398)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Gains (losses)
on:
|
|
|
|
|
|
|
|
|
Foreign
exchange
|
|
|
|
|
$
|
163
|
$
|
(200)
|
Fair value
changes:
|
|
|
|
|
|
|
|
|
Investments-equity
instruments (note 7)
|
|
|
|
|
|
1,166
|
|
4,275
|
Investments-uranium (note
7)
|
|
|
|
|
|
8,826
|
|
47,756
|
Warrants on
investment (note 7)
|
|
|
|
|
|
-
|
|
(1,138)
|
Share purchase
warrant liabilities (note 15)
|
|
|
|
|
|
-
|
|
(484)
|
Gain
on recognition of proceeds–U.I.
Repayment Agreement
|
|
269
|
|
2,586
|
||||
Uranium
investment carrying charges
|
|
|
|
|
|
(96)
|
|
(78)
|
Other
|
|
|
|
|
|
(82)
|
|
(72)
|
Other
income
|
|
|
|
|
$
|
10,246
|
$
|
52,645
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
$
|
804
|
$
|
116
|
Interest
expense
|
|
|
|
|
|
(1)
|
|
(1)
|
Accretion
expense
|
|
|
|
|
|
|
|
|
Deferred
revenue (note 12)
|
|
|
|
|
|
(1,221)
|
|
(442)
|
Post-employment
benefits (note 13)
|
|
|
|
|
|
(5)
|
|
(5)
|
Reclamation
obligations (note 14)
|
|
|
|
|
|
(420)
|
|
(357)
|
Debt
obligations (note 16)
|
|
|
|
|
|
(7)
|
|
(9)
|
Finance
expense
|
|
|
|
|
$
|
(850)
|
$
|
(698)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
|
|
|
$
|
(1)
|
$
|
(1)
|
Milling,
conversion expense
|
|
|
|
|
|
(654)
|
|
(624)
|
Cost of
services
|
|
|
|
|
|
(52)
|
|
(44)
|
Evaluation
|
|
|
|
|
|
(144)
|
|
(33)
|
Exploration
|
|
|
|
|
|
(96)
|
|
(25)
|
General and
administrative
|
|
|
|
|
|
(38)
|
|
(42)
|
Depreciation
expense-gross
|
|
|
|
|
$
|
(985)
|
$
|
(769)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
|
|
|
|
$
|
(2,897)
|
$
|
(3,882)
|
Share-based
compensation (note 18)
|
|
|
|
|
|
(1,044)
|
|
(930)
|
Employee
benefits expense
|
|
|
|
|
$
|
(3,941)
|
$
|
(4,812)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Change in
non-cash working capital items:
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
$
|
(40)
|
$
|
492
|
Inventories
|
|
|
|
|
|
(55)
|
|
183
|
Prepaid expenses
and other assets
|
|
|
|
|
|
(325)
|
|
(363)
|
Accounts payable
and accrued liabilities
|
|
|
|
|
|
407
|
|
4,029
|
Change
in non-cash working capital items
|
|
|
|
|
$
|
(13)
|
$
|
4,341
|
(in
thousands)
|
|
|
Mining
|
Closed
Mines
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
$
|
(982)
|
2,066
|
-
|
1,084
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
|
(754)
|
(1,806)
|
-
|
(2,560)
|
Exploration
|
|
|
(3,947)
|
-
|
-
|
(3,947)
|
Evaluation
|
|
|
(2,722)
|
-
|
-
|
(2,722)
|
General and
administrative
|
|
|
(19)
|
-
|
(3,235)
|
(3,254)
|
|
|
|
(7,442)
|
(1,806)
|
(3,235)
|
(12,483)
|
Segment income
(loss)
|
|
$
|
(8,424)
|
260
|
(3,235)
|
(11,399)
|
|
|
|
|
|
|
|
Revenues-supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
$
|
-
|
2,066
|
-
|
2,066
|
Toll milling
services-deferred revenue (note 12)
|
|
(982)
|
-
|
-
|
(982)
|
|
|
|
$
|
(982)
|
2,066
|
-
|
1,084
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property,
plant and equipment (note 10)
|
$
|
400
|
60
|
276
|
736
|
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
$
|
98,907
|
4,289
|
5,805
|
109,001
|
Accumulated
depreciation
|
|
|
(32,731)
|
(2,878)
|
(784)
|
(36,393)
|
Mineral
properties
|
|
|
180,600
|
-
|
-
|
180,600
|
|
|
$
|
246,776
|
1,411
|
5,021
|
253,208
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
$
|
2,471
|
1,654
|
-
|
4,125
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
$
|
(725)
|
(1,656)
|
(17)
|
(2,398)
|
Evaluation
|
|
|
(4,465)
|
-
|
-
|
(4,465)
|
Exploration
|
|
|
(2,566)
|
-
|
-
|
(2,566)
|
General and
administrative
|
|
|
(14)
|
-
|
(4,050)
|
(4,064)
|
|
|
|
(7,770)
|
(1,656)
|
(4,067)
|
(13,493)
|
Segment income
(loss)
|
|
$
|
(5,299)
|
(2)
|
(4,067)
|
(9,368)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
$
|
-
|
1,654
|
-
|
1,654
|
Toll milling
services–deferred revenue (note 12)
|
|
2,471
|
-
|
-
|
2,471
|
|
|
|
$
|
2,471
|
1,654
|
-
|
4,125
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property, plant
and equipment
|
|
|
146
|
13
|
2,874
|
3,033
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
|
98,017
|
4,195
|
4,143
|
106,355
|
Accumulated
depreciation
|
|
|
(29,270)
|
(2,952)
|
(555)
|
(32,777)
|
Mineral
properties
|
|
|
179,799
|
-
|
-
|
179,799
|
|
|
|
248,546
|
1,243
|
3,588
|
253,377
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
|
|
|
|
$
|
(1,098)
|
$
|
(1,623)
|
Share-based
compensation
|
|
|
|
|
|
(814)
|
|
(823)
|
Key
management personnel compensation
|
|
|
|
|
$
|
(1,912)
|
$
|
(2,446)
|
|
|
Financial
|
|
Fair
|
|
March
31,
|
|
December
31,
|
|
|
Instrument
|
|
Value
|
|
2023
|
|
2022
|
(in
thousands)
|
|
Category(1)
|
|
Hierarchy
|
|
Fair
Value
|
|
Fair
Value
|
|
|
|
|
|
|
|
|
|
Financial
Assets:
|
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
Category
B
|
|
|
$
|
57,462
|
$
|
50,915
|
Trade and other
receivables
|
|
Category
B
|
|
|
|
4,183
|
|
4,143
|
Investments
|
|
|
|
|
|
|
|
|
Equity
instruments-shares
|
|
Category
A
|
|
Level
1
|
|
9,192
|
|
8,022
|
Equity
instruments-warrants
|
|
Category
A
|
|
Level
2
|
|
83
|
|
87
|
Restricted
cash and equivalents
|
|
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
Category
B
|
|
|
|
3,817
|
|
3,133
|
Credit
facility pledged assets
|
|
Category
B
|
|
|
|
7,972
|
|
7,972
|
|
|
|
|
|
$
|
82,709
|
$
|
74,272
|
|
|
|
|
|
|
|
|
|
Financial
Liabilities:
|
|
|
|
|
|
|
|
|
Account
payable and accrued liabilities
|
|
Category
C
|
|
|
|
10,703
|
|
10,299
|
Debt
obligations
|
|
Category
C
|
|
|
|
562
|
|
576
|
|
|
|
|
|
$
|
11,265
|
$
|
10,875
|