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 September
30
2023
|
|
At December
31
2022
|
ASSETS
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Cash and cash
equivalents (note 4)
|
|
|
$
|
60,839
|
$
|
50,915
|
Trade and other
receivables (note 5)
|
|
|
|
5,648
|
|
4,143
|
Inventories (note
6)
|
|
|
|
3,296
|
|
2,713
|
Investments-equity
instruments (note 7)
|
|
|
|
12,935
|
|
8,022
|
Investments-uranium
(note 7)
|
|
|
|
9,938
|
|
-
|
Prepaid expenses
and other
|
|
|
|
756
|
|
1,367
|
|
|
|
|
93,412
|
|
67,160
|
Non-Current
|
|
|
|
|
|
|
Inventories-ore
in stockpiles (note 6)
|
|
|
|
2,098
|
|
2,098
|
Investments-equity
instruments (note 7)
|
|
|
|
236
|
|
87
|
Investments-uranium
(note 7)
|
|
|
|
238,507
|
|
162,536
|
Investments-joint
venture (note 8)
|
|
|
|
17,470
|
|
19,305
|
Restricted cash
and investments (note 9)
|
|
|
11,374
|
|
11,105
|
|
Property, plant
and equipment (note 10)
|
|
|
|
250,914
|
|
253,505
|
Total
assets
|
|
|
$
|
614,011
|
$
|
515,796
|
LIABILITIES
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities (note 11)
|
|
|
$
|
10,991
|
$
|
10,299
|
Current portion
of long-term liabilities:
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
4,914
|
|
4,915
|
Post-employment
benefits (note 13)
|
|
|
|
120
|
|
120
|
Reclamation
obligations (note 14)
|
|
|
|
1,420
|
|
2,865
|
Other liabilities
(note 16)
|
|
|
|
221
|
|
216
|
|
|
|
|
17,666
|
|
18,415
|
Non-Current
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
30,344
|
|
28,380
|
Post-employment
benefits (note 13)
|
|
|
|
1,028
|
|
1,081
|
Reclamation
obligations (note 14)
|
|
|
|
27,261
|
|
26,594
|
Other liabilities
(note 16)
|
|
|
|
245
|
|
360
|
Deferred income
tax liability
|
|
|
|
3,255
|
|
4,950
|
Total
liabilities
|
|
|
|
79,799
|
|
79,780
|
EQUITY
|
|
|
|
|
|
|
Share capital
(note 17)
|
|
|
|
1,581,562
|
|
1,539,209
|
Contributed
surplus (note 18)
|
|
|
|
70,211
|
|
70,281
|
Deficit
|
|
|
|
(1,119,358)
|
|
(1,175,256)
|
Accumulated other
comprehensive income (note 19)
|
|
|
|
1,797
|
|
1,782
|
Total
equity
|
|
|
|
534,212
|
|
436,016
|
Total
liabilities and equity
|
|
|
$
|
614,011
|
$
|
515,796
|
Issued and
outstanding common shares (note 17)
|
|
|
851,532,538
|
|
826,325,592
|
|
Commitments
and contingencies (note 24)
Subsequent
events (note 25)
|
||||||
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(Unaudited -
Expressed in thousands of CAD dollars except for share and per
share amounts)
|
||||||||
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES (note 21)
|
$
|
2,770
|
$
|
3,043
|
$
|
7,345
|
$
|
13,968
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Operating
expenses (note 20 and 21)
|
|
(2,491)
|
|
(2,546)
|
|
(8,058)
|
|
(8,598)
|
Exploration (note
21)
|
|
(2,052)
|
|
(1,549)
|
|
(7,833)
|
|
(5,175)
|
Evaluation (note
21)
|
|
(5,217)
|
|
(6,730)
|
|
(12,601)
|
|
(17,811)
|
General and
administrative (note 21)
|
|
(2,999)
|
|
(2,652)
|
|
(9,462)
|
|
(9,475)
|
Other income
(note 20)
|
|
68,086
|
|
4,646
|
|
90,332
|
|
49,810
|
|
|
55,327
|
|
(8,831)
|
|
52,378
|
|
8,751
|
Income
(loss) before net finance expense, equity accounting
|
|
58,097
|
|
(5,788)
|
|
59,723
|
|
22,719
|
|
|
|
|
|
|
|
|
|
Finance expense,
net (note 20)
|
|
(418)
|
|
(668)
|
|
(1,706)
|
|
(2,242)
|
Equity share of
loss of joint venture (note 8)
|
|
(459)
|
|
(945)
|
|
(3,814)
|
|
(2,249)
|
Income (loss)
before taxes
|
|
57,220
|
|
(7,401)
|
|
54,203
|
|
18,228
|
Income tax
recovery:
|
|
|
|
|
|
|
|
|
Deferred
|
|
1,017
|
|
1,018
|
|
1,695
|
|
1,865
|
Net income (loss)
for the period
|
$
|
58,237
|
$
|
(6,383)
|
$
|
55,898
|
$
|
20,093
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss) (note 19):
|
|
|
|
|
|
|
|
|
Items that are or
may be subsequently reclassified to income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency
translation change
|
|
(114)
|
|
(8)
|
|
15
|
|
(11)
|
Comprehensive
income (loss) for the period
|
$
|
58,123
|
$
|
(6,391)
|
$
|
55,913
|
$
|
20,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
net income (loss) per share:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.07
|
$
|
(0.01)
|
$
|
0.07
|
$
|
0.02
|
Diluted
|
$
|
0.07
|
$
|
(0.01)
|
$
|
0.07
|
$
|
0.02
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Weighted-average
number of shares outstanding
(in
thousands):
|
|
|
|
|
|
|
|
|
Basic
|
|
840,036
|
|
819,228
|
|
836,174
|
|
817,317
|
Diluted
|
|
847,684
|
|
819,228
|
|
843,306
|
|
827,555
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of 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
|
||||
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Share capital (note 17)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
1,539,209
|
$
|
1,517,029
|
Shares issued for
cash, net of issue costs
|
|
|
|
|
|
37,042
|
|
14,853
|
Other shares
issued, net of issue costs
|
|
|
|
|
|
193
|
|
169
|
Share options
exercised-cash
|
|
|
|
|
|
2,362
|
|
827
|
Share options
exercised-transfer from contributed surplus
|
|
|
|
981
|
|
316
|
||
Share units
exercised-transfer from contributed surplus
|
|
|
|
1,775
|
|
351
|
||
Balance-end of
period
|
|
|
|
|
|
1,581,562
|
|
1,533,545
|
|
|
|
|
|
|
|
|
|
Contributed surplus
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
70,281
|
|
67,496
|
Share-based
compensation expense (note 18)
|
|
|
|
|
|
2,686
|
|
2,934
|
Share options
exercised-transfer to share capital
|
|
|
|
|
|
(981)
|
|
(316)
|
Share units
exercised-transfer to share capital
|
|
|
|
|
|
(1,775)
|
|
(351)
|
Balance-end of
period
|
|
|
|
|
|
70,211
|
|
69,763
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
(1,175,256)
|
|
(1,189,610)
|
Net
income
|
|
|
|
|
|
55,898
|
|
20,093
|
Balance-end of
period
|
|
|
|
|
|
(1,119,358)
|
|
(1,169,517)
|
|
|
|
|
|
|
|
|
|
Accumulated
other comprehensive income (note 19)
|
|
|
|
|
|
|
||
Balance-beginning
of period
|
|
|
|
|
|
1,782
|
|
1,776
|
Foreign currency
translation
|
|
|
|
|
|
15
|
|
(11)
|
Balance-end of
period
|
|
|
|
|
|
1,797
|
|
1,765
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
436,016
|
$
|
396,691
|
Balance-end of
period
|
|
|
|
|
$
|
534,212
|
$
|
435,556
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of 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
|
||||
|
|
|
|
2023
|
|
2022
|
||
CASH PROVIDED BY (USED IN):
|
|
|
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
||
Net income (loss)
for the period
|
|
|
$
|
55,898
|
$
|
20,093
|
||
Adjustments and
items not affecting cash and cash equivalents:
|
|
|
|
|
|
|
||
Depletion,
depreciation, amortization and accretion
|
|
|
|
6,934
|
|
6,124
|
||
Fair value change
losses (gains):
|
|
|
|
|
|
|
||
Investments-equity
instruments (notes 7 and 20)
|
|
|
|
(2,645)
|
|
4,181
|
||
Investments-uranium
(notes 7 and 20)
|
|
|
|
(85,910)
|
|
(32,216)
|
||
Warrants
on investment (notes 7 and 20)
|
|
|
|
-
|
|
(1,592)
|
||
Share
purchase warrants liabilities (note 20)
|
|
|
|
-
|
|
(16,923)
|
||
Joint
venture-equity share of loss (note 8)
|
|
|
|
3,814
|
|
2,249
|
||
Recognition of
deferred revenue (note 12)
|
|
|
|
(763)
|
|
(4,971)
|
||
Loss (gain) on
property, plant and equipment disposals
|
|
|
|
(1,299)
|
|
28
|
||
Post-employment
benefit payments (note 13)
|
|
|
|
(68)
|
|
(78)
|
||
Reclamation
obligation expenditures (note 14)
|
|
|
|
(2,138)
|
|
(1,129)
|
||
Reclamation
liability deposit from joint venture partner (note 14)
|
|
|
|
99
|
|
-
|
||
Share-based
compensation (note 18)
|
|
|
|
2,686
|
|
2,934
|
||
Foreign exchange
gain (note 20)
|
|
|
|
(150)
|
|
(902)
|
||
Deferred income
tax recovery
|
|
|
|
(1,695)
|
|
(1,865)
|
||
Change in
non-cash operating working capital items (note 20)
|
|
|
|
(571)
|
|
3,806
|
||
Net
cash used in operating activities
|
|
|
|
(25,808)
|
|
(20,261)
|
||
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
||
(Decrease)/Increase
in restricted cash and investments (note 9)
|
|
|
|
(269)
|
|
705
|
||
Purchase of
investment in joint venture (note 8)
|
|
|
|
(1,979)
|
|
-
|
||
Additions of
property, plant and equipment (note 10)
|
|
|
|
(1,525)
|
|
(6,093)
|
||
Proceeds on
disposal of property, plant and equipment
|
|
|
|
125
|
|
8
|
||
Net
cash used in investing activities
|
|
|
|
(3,648)
|
|
(5,380)
|
||
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
||
Issuance of debt
obligations (note 16)
|
|
|
|
-
|
|
141
|
||
Repayment
of debt obligations (note 16)
|
|
|
|
(164)
|
|
(154)
|
||
Proceeds
from share issues, net of issue costs (note 17)
|
|
|
|
37,022
|
|
14,803
|
||
Proceeds
from share options exercised (note 17)
|
|
|
|
2,362
|
|
827
|
||
Net
cash provided by financing activities
|
|
|
|
39,220
|
|
15,617
|
||
|
|
|
|
|
|
|
||
Increase/(Decrease)
in cash and cash equivalents
|
|
|
|
9,764
|
|
(10,024)
|
||
Foreign
exchange effect on cash and cash equivalents
|
|
|
|
160
|
|
928
|
||
Cash
and cash equivalents, beginning of period
|
|
|
|
50,915
|
|
63,998
|
||
Cash
and cash equivalents, end of period
|
|
|
$
|
60,839
|
$
|
54,902
|
||
|
||||||||
|
||||||||
The accompanying
notes are an integral part of 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, 2023
|
|
(Unaudited -
Expressed in CAD dollars except for shares and per share
amounts)
|
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
1,659
|
$
|
1,801
|
Cash in MLJV and
MWJV
|
|
|
|
660
|
|
1,263
|
Cash
equivalents
|
|
|
|
58,520
|
|
47,851
|
|
|
|
$
|
60,839
|
$
|
50,915
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
$
|
4,711
|
$
|
3,184
|
Receivables in
MLJV and MWJV
|
|
|
|
645
|
|
508
|
Sales tax
receivables
|
|
|
|
266
|
|
428
|
Sundry
receivables
|
|
|
|
26
|
|
23
|
|
|
|
$
|
5,648
|
$
|
4,143
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Inventory of ore
in stockpiles
|
|
|
$
|
2,098
|
$
|
2,098
|
Mine and mill
supplies in MLJV
|
|
|
|
3,296
|
|
2,713
|
|
|
|
$
|
5,394
|
$
|
4,811
|
|
|
|
|
|
|
|
Inventories-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
3,296
|
$
|
2,713
|
Long term-ore in
stockpiles
|
|
|
|
2,098
|
|
2,098
|
|
|
|
$
|
5,394
|
$
|
4,811
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
Equity
instruments
|
|
|
|
|
|
|
Shares
|
|
|
$
|
12,866
|
$
|
8,022
|
Warrants
|
|
|
|
304
|
|
87
|
Physical
Uranium
|
|
|
|
248,446
|
|
162,536
|
|
|
|
$
|
261,616
|
$
|
170,645
|
|
|
|
|
|
|
|
Investments-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
22,873
|
$
|
8,022
|
Long-term
|
|
|
|
238,743
|
|
162,623
|
|
|
|
$
|
261,616
|
$
|
170,645
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
Equity
Instruments
|
|
Physical
Uranium
|
|
Total
Investments
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
$
|
8,109
|
$
|
162,536
|
$
|
170,645
|
Acquired
investments (note 10)
|
|
2,416
|
|
-
|
|
2,416
|
Change in fair
value gain to profit (note 20)
|
|
2,645
|
|
85,910
|
|
88,555
|
Balance-September
30, 2023
|
$
|
13,170
|
$
|
248,446
|
$
|
261,616
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Investment in
joint venture:
|
|
|
|
|
|
|
JCU
|
|
|
$
|
17,470
|
$
|
19,305
|
|
|
|
$
|
17,470
|
$
|
19,305
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
|
|
$
|
19,305
|
Investment at
cost:
|
|
|
|
|
|
|
Equity
share of loss
|
|
|
|
|
|
(3,814)
|
Additional
investment in JCU
|
|
|
|
|
|
1,979
|
Balance-September
30, 2023
|
|
|
|
|
$
|
17,470
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Total current
assets(1)
|
|
|
$
|
1,166
|
$
|
2,273
|
Total non-current
assets
|
|
|
|
38,459
|
|
38,371
|
Total current
liabilities
|
|
|
|
(887)
|
|
(1,949)
|
Total non-current
liabilities
|
|
|
|
(3,798)
|
|
(86)
|
Total net
assets
|
|
|
$
|
34,940
|
$
|
38,609
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
August 31,
2023(2)
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
-
|
Net
loss
|
|
|
|
|
|
(7,628)
|
Other
comprehensive income
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
JCU net assets to Denison investment carrying value:
|
|
|
||||
Adjusted net assets of
JCU–at December 31, 2022
|
|
|
$
|
38,609
|
||
Net
loss
|
|
|
|
|
|
(7,628)
|
Investment from
owners
|
|
|
|
|
|
3,959
|
Net assets of
JCU–at August 31, 2023
|
|
|
|
|
$
|
34,940
|
Denison ownership
interest
|
|
|
|
|
|
50.00%
|
Investment in
JCU
|
|
|
|
|
$
|
17,470
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
3,402
|
$
|
3,133
|
Investments
|
|
|
|
7,972
|
|
7,972
|
|
|
|
$
|
11,374
|
$
|
11,105
|
|
|
|
|
|
|
|
Restricted cash
and investments-by item:
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
|
$
|
3,402
|
$
|
3,133
|
Letters of credit
facility pledged assets
|
|
|
|
7,972
|
|
7,972
|
|
|
|
$
|
11,374
|
$
|
11,105
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
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)
|
|
1,145
|
|
34
|
|
380
|
|
1,559
|
Disposals
|
|
(260)
|
|
(28)
|
|
(1,242)
|
|
(1,530)
|
Balance-September
30, 2023
|
$
|
108,953
|
$
|
769
|
$
|
179,357
|
$
|
289,079
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization, depreciation:
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
$
|
(35,150)
|
$
|
(395)
|
$
|
-
|
$
|
(35,545)
|
Amortization
|
|
(141)
|
|
-
|
|
-
|
|
(141)
|
Depreciation
(note 20)
|
|
(2,661)
|
|
(105)
|
|
-
|
|
(2,766)
|
Disposals
|
|
260
|
|
27
|
|
-
|
|
287
|
Balance-September
30, 2023
|
$
|
(37,692)
|
$
|
(473)
|
$
|
-
|
$
|
(38,165)
|
|
|
|
|
|
|
|
|
|
Carrying
value:
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
$
|
72,918
|
$
|
368
|
$
|
180,219
|
$
|
253,505
|
Balance-September
30, 2023
|
$
|
71,261
|
$
|
296
|
$
|
179,357
|
$
|
250,914
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
$
|
5,607
|
$
|
5,434
|
Payables in MLJV
and MWJV
|
|
|
|
4,866
|
|
4,036
|
Other
payables
|
|
|
|
518
|
|
829
|
|
|
|
$
|
10,991
|
$
|
10,299
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Deferred
revenue-pre-sold toll milling:
|
|
|
|
|
|
|
CLJV Toll
Milling-Ecora
|
|
|
$
|
35,258
|
$
|
33,295
|
|
|
|
$
|
35,258
|
$
|
33,295
|
Deferred
revenue-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
4,914
|
$
|
4,915
|
Non-current
|
|
|
|
30,344
|
|
28,380
|
|
|
|
$
|
35,258
|
$
|
33,295
|
(in
thousands)
|
|
|
|
|
|
|
Deferred
Revenue
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
|
|
$
|
33,295
|
|
Revenue
recognized during the period (note 21)
|
|
|
|
|
|
(763)
|
|
Accretion (note
20)
|
|
|
|
|
|
2,726
|
|
Balance-September
30, 2023
|
|
|
|
|
$
|
35,258
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Accrued benefit
obligation
|
|
|
$
|
1,148
|
$
|
1,201
|
|
|
|
$
|
1,148
|
$
|
1,201
|
|
|
|
|
|
|
|
Post-employment
benefits-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
120
|
$
|
120
|
Non-current
|
|
|
|
1,028
|
|
1,081
|
|
|
|
$
|
1,148
|
$
|
1,201
|
(in
thousands)
|
|
|
|
|
|
Post-Employment
Benefits
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
|
|
$
|
1,201
|
Accretion (note
20)
|
|
|
|
|
|
15
|
Benefits
paid
|
|
|
|
|
|
(68)
|
Balance-September
30, 2023
|
|
|
|
|
$
|
1,148
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Reclamation
obligations-by item:
|
|
|
|
|
|
|
Elliot
Lake
|
|
|
$
|
16,673
|
$
|
16,634
|
MLJV and
MWJV
|
|
|
|
10,480
|
|
10,069
|
Wheeler River and
other
|
|
|
|
1,528
|
|
2,756
|
|
|
|
$
|
28,681
|
$
|
29,459
|
|
|
|
|
|
|
|
Reclamation
obligations-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
1,420
|
$
|
2,865
|
Non-current
|
|
|
|
27,261
|
|
26,594
|
|
|
|
$
|
28,681
|
$
|
29,459
|
(in
thousands)
|
|
|
|
|
|
Reclamation
Obligations
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
|
|
$
|
29,459
|
Reclamation
liability deposit from joint venture partner
|
|
|
|
|
|
99
|
Accretion (note
20)
|
|
|
|
|
|
1,261
|
Expenditures
incurred
|
|
|
|
|
|
(2,138)
|
Balance-September
30, 2023
|
|
|
|
|
$
|
28,681
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
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-September
30, 2023
|
-
|
$
|
-
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Other
liabilities:
|
|
|
|
|
|
|
Lease
obligations
|
|
|
$
|
323
|
$
|
396
|
Loan
obligations
|
|
|
|
143
|
|
180
|
|
|
|
$
|
466
|
$
|
576
|
|
|
|
|
|
|
|
Other
liabilities-by balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
221
|
$
|
216
|
Non-current
|
|
|
|
245
|
|
360
|
|
|
|
$
|
466
|
$
|
576
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2022
|
|
|
$
|
396
|
$
|
180
|
$
|
576
|
|
Accretion (note
20)
|
|
|
|
21
|
|
-
|
|
21
|
|
Additions (note
10)
|
|
|
|
34
|
|
-
|
|
34
|
|
Repayments
|
|
|
|
(127)
|
|
(37)
|
|
(164)
|
|
Liability
adjustment gain
|
|
|
|
(1)
|
|
-
|
|
(1)
|
|
Balance-September
30, 2023
|
|
|
$
|
323
|
|
143
|
$
|
466
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Maturity
analysis-contractual undiscounted cash flows:
|
|
|
|
|
|
|
|||
Next 12
months
|
|
|
$
|
166
|
|
55
|
$
|
221
|
|
One to five
years
|
|
|
|
187
|
|
95
|
|
282
|
|
More than five
years
|
|
|
|
-
|
|
-
|
|
-
|
|
Total
obligation-end of period-undiscounted
|
|
|
|
353
|
|
150
|
|
503
|
|
Present value
discount adjustment
|
|
|
|
(30)
|
|
(7)
|
|
(37)
|
|
Total
obligation-end of period-discounted
|
|
|
$
|
323
|
|
143
|
$
|
466
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
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
|
19,786,160
|
|
37,887
|
Less: share issue
costs
|
-
|
|
(845)
|
Other share issue
proceeds-total
|
153,237
|
|
213
|
Less: other share
issue costs
|
-
|
|
(20)
|
Share option
exercises
|
2,970,381
|
|
2,362
|
Share option
exercises-transfer from contributed surplus
|
-
|
|
981
|
Share unit
exercises-transfer from contributed surplus
|
2,297,168
|
|
1,775
|
|
25,206,946
|
|
42,353
|
Balance-September
30, 2023
|
851,532,538
|
$
|
1,581,562
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Share based
compensation expense for:
|
|
|
|
|
|
|
|
|
Share
options
|
$
|
(261)
|
$
|
(360)
|
$
|
(958)
|
$
|
(1,119)
|
RSUs
|
|
(488)
|
|
(552)
|
|
(1,642)
|
|
(1,612)
|
PSUs
|
|
-
|
|
(70)
|
|
(86)
|
|
(203)
|
Share
based compensation expense
|
$
|
(749)
|
$
|
(982)
|
$
|
(2,686)
|
$
|
(2,934)
|
|
|
|
|
2023
|
||||
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
|
|
|
|
Number
of
Common
|
|
Price
per
Share
|
|
|
|
|
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
Share options
outstanding-December 31, 2022
|
|
|
|
|
|
8,539,214
|
$
|
1.09
|
Grants
|
|
|
|
|
|
1,785,000
|
|
1.49
|
Exercises
(1)
|
|
|
|
|
|
(2,970,381)
|
|
0.80
|
Expiries
|
|
|
|
|
|
(24,000)
|
|
0.60
|
Forfeitures
|
|
|
|
|
|
(437,333)
|
|
1.40
|
Share options
outstanding-September 30, 2023
|
|
|
|
|
|
6,892,500
|
$
|
1.30
|
Share
options exercisable-September 30, 2023
|
|
|
|
|
|
4,170,336
|
$
|
1.09
|
|
|
|
|
|
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
|
|
1.44
|
|
977,500
|
$
|
0.46
|
|||
$ 0.50 to $
0.74
|
|
|
|
|
0.59
|
|
488,000
|
|
0.68
|
$ 0.75 to $
0.99
|
|
|
|
|
-
|
|
-
|
|
-
|
$ 1.00 to $
1.49
|
|
|
|
|
3.33
|
|
3,929,000
|
|
1.37
|
$ 1.50 to $
1.99
|
|
|
|
|
3.47
|
|
1,417,000
|
|
1.83
|
$ 2.00 to $
2.49
|
|
|
|
|
3.18
|
|
81,000
|
|
2.21
|
Share options
outstanding-September 30, 2023
|
|
2.89
|
|
6,892,500
|
$
|
1.30
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
September 30,
2023
|
|
|
|
|
|
Risk-free
interest rate
|
|
|
|
3.68% to
4.70%
|
Expected stock
price volatility
|
|
|
|
71.57 % to
73.41%
|
Expected
life
|
|
|
|
3.41 to
3.43
|
Expected dividend
yield
|
|
|
|
-
|
Fair value
per options granted
|
|
|
0.79 to
0.98
|
|
|
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
|
|
1,456,000
|
|
1.50
|
|
-
|
|
-
|
Exercises
(1)
|
|
(1,737,168)
|
|
0.76
|
|
(560,000)
|
|
0.80
|
Forfeitures
|
|
(153,334)
|
|
1.67
|
|
-
|
|
-
|
Units
outstanding–September 30, 2023
|
|
5,981,587
|
$
|
1.22
|
|
910,000
|
$
|
0.74
|
Units
vested–September 30, 2023
|
|
3,253,255
|
$
|
0.85
|
|
910,000
|
$
|
0.74
|
|
|
|
|
At September
30
|
|
At December
31
|
(in
thousands)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Cumulative
foreign currency translation
|
|
|
$
|
435
|
$
|
420
|
Experience
gains-post employment liability
|
|
|
|
|
||
Gross
|
|
|
|
1,847
|
|
1,847
|
Tax
effect
|
|
|
|
(485)
|
|
(485)
|
|
|
|
$
|
1,797
|
$
|
1,782
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Cost of goods and
services sold:
|
|
|
|
|
|
|
|
|
Cost
of goods sold-mineral concentrates
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(444)
|
Operating
overheads:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
(85)
|
|
(215)
|
|
(203)
|
|
(405)
|
Milling,
conversion expense
|
|
(422)
|
|
(616)
|
|
(1,689)
|
|
(2,171)
|
Less
absorption:
|
|
|
|
|
|
|
|
|
-Mineral
properties
|
|
-
|
|
8
|
|
-
|
|
29
|
-Milling
|
|
-
|
|
-
|
|
-
|
|
(11)
|
Cost of
services-Closed Mines Services
|
|
(1,937)
|
|
(1,662)
|
|
(6,025)
|
|
(5,193)
|
Cost of goods and
services sold
|
|
(2,444)
|
|
(2,485)
|
|
(7,917)
|
|
(8,195)
|
Selling
expenses
|
|
-
|
|
(14)
|
|
-
|
|
(48)
|
Sales
royalties
|
|
-
|
|
-
|
|
-
|
|
(216)
|
Reclamation asset
amortization
|
|
(47)
|
|
(47)
|
|
(141)
|
|
(139)
|
Operating
expenses
|
$
|
(2,491)
|
$
|
(2,546)
|
$
|
(8,058)
|
$
|
(8,598)
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Gains (losses)
on:
|
|
|
|
|
|
|
|
|
Foreign
exchange
|
$
|
341
|
$
|
615
|
$
|
150
|
$
|
902
|
Disposal of
property, plant and equipment
|
|
-
|
|
8
|
|
1,299
|
|
(28)
|
Fair value
changes:
|
|
|
|
|
|
|
|
|
Investments-equity
instruments (note 7)
|
|
4,530
|
|
805
|
|
2,645
|
|
(4,181)
|
Investments-uranium (note
7)
|
|
63,089
|
|
2,637
|
|
85,910
|
|
32,216
|
Warrants on
investment (note 7)
|
|
-
|
|
422
|
|
-
|
|
1,592
|
Share purchase
warrant liabilities (note 15)
|
|
-
|
|
190
|
|
-
|
|
16,923
|
Gain
on recognition of proceeds–UI
Repayment Agreement
|
|
267
|
|
131
|
|
802
|
|
2,844
|
Uranium
investment carrying charges
|
|
(95)
|
|
(88)
|
|
(286)
|
|
(259)
|
Other
|
|
(46)
|
|
(74)
|
|
(188)
|
|
(199)
|
Other
income
|
$
|
68,086
|
$
|
4,646
|
$
|
90,332
|
$
|
49,810
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
741
|
$
|
439
|
$
|
2,321
|
$
|
791
|
Interest
expense
|
|
(2)
|
|
(1)
|
|
(4)
|
|
(5)
|
Accretion
expense
|
|
-
|
|
|
|
|
|
|
Deferred
revenue (note 12)
|
|
(725)
|
|
(738)
|
|
(2,726)
|
|
(1,919)
|
Post-employment
benefits (note 13)
|
|
(5)
|
|
(5)
|
|
(15)
|
|
(16)
|
Reclamation
obligations (note 14)
|
|
(421)
|
|
(356)
|
|
(1,261)
|
|
(1,069)
|
Debt
obligations (note 16)
|
|
(6)
|
|
(7)
|
|
(21)
|
|
(24)
|
Finance
expense
|
$
|
(418)
|
$
|
(668)
|
$
|
(1,706)
|
$
|
(2,242)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Month Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
$
|
-
|
$
|
-
|
$
|
(1)
|
$
|
(1)
|
Milling,
conversion expense
|
|
(422)
|
|
(613)
|
|
(1,690)
|
|
(2,166)
|
Cost of
services
|
|
(53)
|
|
(47)
|
|
(159)
|
|
(135)
|
Evaluation
|
|
(144)
|
|
(67)
|
|
(433)
|
|
(130)
|
Exploration
|
|
(174)
|
|
(33)
|
|
(368)
|
|
(82)
|
General and
administrative
|
|
(38)
|
|
(78)
|
|
(115)
|
|
(196)
|
Depreciation
expense-gross
|
$
|
(831)
|
$
|
(838)
|
$
|
(2,766)
|
$
|
(2,710)
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
$
|
(3,161)
|
$
|
(2,528)
|
$
|
(9,144)
|
$
|
(8,860)
|
Share-based
compensation (note 18)
|
|
(749)
|
|
(982)
|
|
(2,686)
|
|
(2,934)
|
Termination
benefits
|
|
(7)
|
|
-
|
|
(107)
|
|
(2)
|
Employee
benefits expense
|
$
|
(3,917)
|
$
|
(3,510)
|
$
|
(11,937)
|
$
|
(11,796)
|
|
|
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Change in
non-cash working capital items:
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
$
|
(1,505)
|
$
|
(1,250)
|
Inventories
|
|
|
|
|
|
(582)
|
|
656
|
Prepaid expenses
and other assets
|
|
|
|
|
|
592
|
|
637
|
Accounts payable
and accrued liabilities
|
|
|
|
|
|
924
|
|
3,763
|
Change
in non-cash working capital items
|
|
|
|
|
$
|
(571)
|
$
|
3,806
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Closed
Mines
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
$
|
763
|
6,582
|
-
|
7,345
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
$
|
(2,033)
|
(6,025)
|
-
|
(8,058)
|
Exploration
|
|
|
(7,833)
|
-
|
-
|
(7,833)
|
Evaluation
|
|
|
(12,601)
|
-
|
-
|
(12,601)
|
General and
administrative
|
|
|
(19)
|
-
|
(9,443)
|
(9,462)
|
|
|
|
(22,486)
|
(6,025)
|
(9,443)
|
(37,954)
|
Segment income
(loss)
|
|
$
|
(21,723)
|
557
|
(9,443)
|
(30,609)
|
|
|
|
|
|
|
|
Revenues-supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
$
|
-
|
6,582
|
-
|
6,582
|
Toll milling
services-deferred revenue (note 12)
|
|
763
|
-
|
-
|
763
|
|
|
|
$
|
763
|
6,582
|
-
|
7,345
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property,
plant and equipment (note 10)
|
$
|
447
|
113
|
999
|
1,559
|
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
$
|
98,925
|
4,342
|
6,455
|
109,722
|
Accumulated
depreciation
|
|
|
(34,167)
|
(2,985)
|
(1,013)
|
(38,165)
|
Mineral
properties
|
|
|
179,357
|
-
|
-
|
179,357
|
|
|
$
|
244,115
|
1,357
|
5,442
|
250,914
|
(in
thousands)
|
|
|
Mining
|
Closed
Mines
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
$
|
777
|
1,993
|
-
|
2,770
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
$
|
(554)
|
(1,937)
|
-
|
(2,491)
|
Exploration
|
|
|
(2,052)
|
-
|
-
|
(2,052)
|
Evaluation
|
|
|
(5,217)
|
-
|
-
|
(5,217)
|
General and
administrative
|
|
|
-
|
-
|
(2,999)
|
(2,999)
|
|
|
|
(7,823)
|
(1,937)
|
(2,999)
|
(12,759)
|
Segment income
(loss)
|
|
$
|
(7,046)
|
56
|
(2,999)
|
(9,989)
|
|
|
|
|
|
|
|
Revenues-supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
$
|
-
|
1,993
|
-
|
1,993
|
Toll milling
services-deferred revenue (note 12)
|
|
777
|
-
|
-
|
777
|
|
|
|
$
|
777
|
1,993
|
-
|
2,770
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
$
|
7,957
|
6,011
|
-
|
13,968
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
$
|
(3,405)
|
(5,193)
|
-
|
(8,598)
|
Evaluation
|
|
|
(17,811)
|
-
|
-
|
(17,811)
|
Exploration
|
|
|
(5,175)
|
-
|
-
|
(5,175)
|
General and
administrative
|
|
|
(21)
|
-
|
(9,454)
|
(9,475)
|
|
|
|
(26,412)
|
(5,193)
|
(9,454)
|
(41,059)
|
Segment income
(loss)
|
|
$
|
(18,455)
|
818
|
(9,454)
|
(27,091)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
$
|
-
|
6,011
|
-
|
6,011
|
Toll milling
services–deferred revenue (note 12)
|
|
4,971
|
-
|
-
|
4,971
|
|
Uranium
concentrate sale
|
|
2,986
|
-
|
-
|
2,986
|
|
|
|
$
|
7,957
|
6,011
|
-
|
13,968
|
Capital additions:
|
|
|
|
|
|
|
Property, plant
and equipment
|
|
$
|
1,934
|
293
|
3,941
|
6,168
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
|
Cost
|
|
$
|
94,116
|
4,366
|
11,718
|
110,200
|
Accumulated
depreciation
|
|
|
(28,604)
|
(2,932)
|
(2,858)
|
(34,394)
|
Mineral
properties
|
|
|
179,900
|
-
|
-
|
179,900
|
|
|
$
|
245,412
|
1,434
|
8,860
|
255,706
|
(in
thousands)
|
|
|
Mining
|
Closed
Mine
Services
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
$
|
995
|
2,048
|
-
|
3,043
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
$
|
(884)
|
(1,662)
|
-
|
(2,546)
|
Evaluation
|
|
|
(6,730)
|
-
|
-
|
(6,730)
|
Exploration
|
|
|
(1,549)
|
-
|
-
|
(1,549)
|
General and
administrative
|
|
|
(1)
|
-
|
(2,651)
|
(2,652)
|
|
|
|
(9,164)
|
(1,662)
|
(2,651)
|
(13,477)
|
Segment income
(loss)
|
|
$
|
(8,169)
|
386
|
(2,651)
|
(10,434)
|
|
|
|
|
|
|
|
Revenues–supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
$
|
-
|
2,048
|
-
|
2,048
|
Toll milling
services–deferred revenue (note 12)
|
|
995
|
-
|
-
|
995
|
|
|
|
$
|
995
|
2,048
|
-
|
3,043
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Three
Months Ended
September
30
|
|
Nine
Months Ended
September
30
|
||||
(in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
$
|
(512)
|
$
|
(543)
|
$
|
(2,156)
|
$
|
(2,711)
|
Share-based
compensation
|
|
(544)
|
|
(774)
|
|
(2,017)
|
|
(2,422)
|
Key
management personnel compensation
|
$
|
(1,056)
|
$
|
(1,317)
|
$
|
(4,173)
|
$
|
(5,133)
|
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Financial
|
|
Fair
|
|
September
30,
|
|
December
31,
|
|
|
Instrument
|
|
Value
|
|
2023
|
|
2022
|
(in
thousands)
|
|
Category(1)
|
|
Hierarchy
|
|
Fair
Value
|
|
Fair
Value
|
|
|
|
|
|
|
|
|
|
Financial
Assets:
|
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
Category
B
|
|
|
$
|
60,839
|
$
|
50,915
|
Trade and other
receivables
|
|
Category
B
|
|
|
|
5,648
|
|
4,143
|
Investments
|
|
|
|
|
|
|
|
|
Equity
instruments-shares
|
|
Category
A
|
|
Level
1
|
|
12,866
|
|
8,022
|
Equity
instruments-warrants
|
|
Category
A
|
|
Level
2
|
|
304
|
|
87
|
Restricted
cash and equivalents
|
|
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
Category
B
|
|
|
|
3,402
|
|
3,133
|
Credit
facility pledged assets
|
|
Category
B
|
|
|
|
7,972
|
|
7,972
|
|
|
|
|
|
$
|
91,031
|
$
|
74,272
|
|
|
|
|
|
|
|
|
|
Financial
Liabilities:
|
|
|
|
|
|
|
|
|
Account
payable and accrued liabilities
|
|
Category
C
|
|
|
|
10,991
|
|
10,299
|
Debt
obligations
|
|
Category
C
|
|
|
|
466
|
|
576
|
|
|
|
|
|
$
|
11,457
|
$
|
10,875
|