Richmont Mines Reports First Quarter 2014 Results
MONTREAL, QUEBEC--(Marketwired - May 8, 2014) - Richmont Mines
Inc. (TSX:RIC)(NYSEMKT:RIC), ("Richmont" or the "Corporation"),
announces its first quarter results for the period ended March 31,
2014. Financial results are based on International Financial
Reporting Standards ("IFRS") and dollars are reported in Canadian
currency, unless otherwise noted.
Highlights:
- Improved first quarter gold sales of 20,412 ounces, on target
with 2014 production guidance of 70,000 - 80,000 ounces of
gold;
- Strong year-over-year improvement: Revenues increased 26%,
while average cash cost per ounce decreased by 19% at the Island
Gold Mine and 22% at the Beaufor Mine;
- Q1 2014 operating cash flows of $2.4 million, or $0.06 per
share, on revenues of $29.5 million, versus Q1 2013 operating cash
flows of ($6.8) million, or ($0.17) per share, on revenues of $23.4
million;
- Island Gold Deep ramp extended to a 610 metre vertical depth;
Chip sampling results from 92 metres of development within upper
portion of Deep C Zone averaged 12.73 g/t of gold over 2.92 metres
(grade should be seen as indicative, as capping value needs to be
confirmed); definition drilling confirms prior exploration
data;
- Balance sheet: cash balance at March 31, 2014 of $13.5 million,
working capital of $11.2 million, and long-term debt of $5.1
million;
- Bought deal common share financing completed in April 2014,
generating gross proceeds of $11.67 million, cash balance at April
30, 2014 of approximately $23.5 million.
Mr. Paul Carmel, President and CEO of Richmont Mines commented:
"We are very pleased to see the Island Gold production and costs
back on track after a difficult 2013. Teams at all of our
operations continue to strive to reach our objectives and to make
2014 an operational success. The Island Gold Deep resource
continues to come into its own as the long-life, low cost asset
that we are expecting it to be. We recently drifted into the
deposit on the 560 metre level and for the first time exposed the
Deep C Zone over 92 metres and attained excellent grades and
continuity. Ramp and level development will continue throughout the
year and we expect to extract our first long-hole stope in the
second half of the year, giving us further important geotechnical
information ahead of converting resources to reserves at Island
Gold Deep. Lastly, the recently announced bought deal financing
gives us additional working capital flexibility to face a volatile
and uncertain gold price environment while continuing to advance
Island Gold Deep through internally generated cash flows."
Mr. Carmel concluded: "The focus for the Corporation over the
remaining three quarters of 2014 will be the continued advancement
of Island Gold Deep and the phasing out of the high cost W Zone
operation. In addition, mining will commence in the newly developed
M Zone at our Beaufor Mine operation where grade expectations are
good. We will continue to focus on maintaining a sound balance
sheet and deploy our capital in a judicious fashion."
Q1 2014 Results
Richmont generated revenues of $29.5 million during the first
quarter of 2014. This compared to revenues of $23.4 million that
were recorded in the comparable period of 2013, and represents a
notable 26% year-over-year increase in spite of the lower gold
price environment. Driving the year-over-year increase were higher
gold ounce sales at the Island Gold Mine and the addition of
production from the Monique Mine and the W Zone in the quarter,
which were partially offset by the expected lower gold sales from
the Beaufor Mine and the 12% decrease in the average price of gold
sold in Canadian dollars year-over-year. In the first quarter of
2014 a total of 20,412 ounces of gold were sold at an average price
of CAN$1,441 (US$1,306), versus gold sales of 14,261 ounces at an
average price of CAN$1,636 (US$1,623) in the first quarter of
2013.
Richmont generated a net loss of ($1.9) million, or ($0.05) per
share, in the first quarter of 2014, versus a net loss of ($2.2)
million, or ($0.06) per share, in the comparable period of 2013.
The year-over-year improvement was driven primarily by improved
grades and solid operational performances at both the Island Gold
and Beaufor mines during the quarter. Offsetting this were a 12%
reduction in the average realized gold sales price combined with
high costs at the Monique Mine and W Zone operation.
Cost of sales totaled $28.6 million in the first quarter of
2014, an increase of 37% from $21.0 million in the year-ago period,
primarily reflecting the 53% increase in processed tonnage
year-over-year. The average total cash cost per ounce decreased by
10% year-over-year, driven by strong realized improvements at both
the Island Gold and Beaufor mines, which saw respective 19% and 22%
decreases in their average cash cost per ounce year-over-year in
Canadian dollars. Specifically, the Corporation's average cash cost
per ounce of gold sold totaled CAN$1,169 (US$1,060) in the first
quarter of 2014 versus CAN$1,305 (US$1,294) in the year-ago period,
driven primarily by the notably improved grades at both the Island
Gold Mine and the Beaufor Mine.
The Corporation spent $0.7 million on exploration and project
evaluation efforts in the first quarter of 2014, versus $2.7
million in the year-ago period. In addition to highlighting lower
year-over-year exploration costs at Island Gold as efforts were
focused on the development of the deep resource base, the decrease
also reflects lower exploration and project evaluation costs
incurred at the Beaufor Mine and at the Wasamac property in the
current period. The Corporation incurred a $0.2 million expense in
the current quarter related to an adjustment on previous year
exploration tax credits, versus a credit of $0.3 million in the
comparable period of last year.
Financial Position
At March 31, 2014, cash and cash equivalents were $13.5 million,
compared with $17.6 million at December 31, 2013. At March 31,
2014, Richmont Mines had working capital of $11.2 million, minimal
long-term debt of $5.1 million, and 39.6 million shares
outstanding.
Operational Highlights
Island Gold Mine
|
|
Three months ended |
|
|
March 31, |
March 31, |
|
|
2014 |
2013 |
|
|
|
|
|
Tonnes |
59,011 |
60,194 |
| Head
grade (g/t) |
5.63 |
4.90 |
| Gold
recovery (%) |
96.10 |
95.52 |
|
Recovered grade (g/t) |
5.41 |
4.68 |
|
Ounces sold |
10,259 |
9,060 |
|
Cash cost per ounce (US$) |
849 |
1,154 |
The Island Gold Mine had a solid first quarter of 2014, during
which a total of 59,011 tonnes were processed at an average grade
of 5.63 g/t. This represented a 14% improvement over the fourth
quarter 2013 processed grade of 4.96 g/t, as mining was migrated to
higher grade areas of the mine, and was similarly a 15% increase
over the 4.90 g/t average processed grade realized in the first
three months of 2013. The higher grade coupled with an improved
gold recovery rate translated into a notable year-over-year
decrease in cash cost per ounce to CAN$937 (US$849) per ounce in
the first quarter of 2014, from CAN$1,163 (US$1,154) in the prior
year. First quarter 2014 gold sales increased 13% year-over-year to
10,259 ounces at an average price of CAN$1,447 (US$1,312) per
ounce, versus gold sales of 9,060 ounces at an average price of
CAN$1,639 (US$1,626) per ounce in the comparable period of
2013.
Richmont continues to forecast 2014 annual production of
approximately 35,000 to 40,000 ounces of gold at the Island Gold
Mine.
Beaufor Mine
|
|
Three months ended |
|
|
March 31, |
March 31, |
|
|
2014 |
2013 |
|
|
|
|
|
Tonnes |
22,504 |
37,069 |
| Head
grade (g/t) |
6.06 |
4.48 |
| Gold
recovery (%) |
98.17 |
97.33 |
|
Recovered grade (g/t) |
5.95 |
4.36 |
|
Ounces sold |
4,302 |
5,201 |
|
Cash cost of production per ounce (US$) |
1,102 |
1,539 |
The first quarter operational performance of the Beaufor Mine
was in line with the Corporation's expectations. A total of 22,504
tonnes of ore were processed from the Beaufor Mine at an average
grade of 6.06 g/t during the first three months of 2014, versus
processed tonnage of 37,069 tonnes at an average grade of 4.48 g/t
in the comparable period of 2013. While tonnage was down
year-over-year as a result of a more selective mining approach that
focused on higher grade stopes, the implementation of this approach
successfully increased the average processed grade to 6.06 g/t,
which translated into notable grade improvements of 35%
year-over-year and 18% over results in the fourth quarter of 2013.
Most significantly, the Corporation's focused mining approach had a
favorable impact on cash costs at this mine, which decreased 22% to
CAN$1,215 (US$1,102) in the first quarter from CAN$1,552 (US$1,539)
in the year-ago period, and similarly improved 19% over the 2013
fourth quarter level of CAN$1,494 (US$1,423). Gold sales totaled
4,302 ounces in the first quarter of 2014 at an average realized
price of CAN$1,465 (US$1,328) per ounce, compared to gold sales of
5,201 ounces at an average realized price of CAN$1,631 (US$1,618)
per ounce in the year-ago period.
The 2014 production forecast for the Beaufor Mine remains 18,000
to 20,000 ounces of gold.
Monique Mine
|
|
Three months ended |
|
|
March 31, |
March 31, |
|
|
2014 |
2013 |
|
|
|
|
Tonnes |
52,053 |
- |
| Head
grade (g/t) |
2.64 |
- |
| Gold
recovery (%) |
96.04 |
- |
|
Recovered grade (g/t) |
2.54 |
- |
|
Ounces sold |
4,251 |
- |
|
Cash cost of production per ounce (US$) |
1,262 |
- |
A total of 52,053 tonnes of ore were processed from the Monique
Mine during the first quarter of the year. The processed ore had an
average grade of 2.64 g/t, and generated gold sales of 4,251 ounces
at an average price of CAN$1,407 (US$1,275) per ounce. Cash costs
at Monique were CAN$1,392 (US$1,262), higher than expected, as more
waste was stripped and less ore mined than was planned. Water
treatment issues also resulted in delays in the pit sequencing that
translated into lower levels of processed tonnage during the
quarter. The Corporation has addressed these issues, and expects
cash costs to decrease for the remaining three quarters of
2014.
As previously noted by the Corporation, the contractor is
expected to finish mining the Monique open-pit by the end of 2014,
and Richmont will continue to batch process the stockpiled ore at
the Corporation's Camflo Mill through the first half of 2015.
Richmont continues to expect annual production of 13,000 to
16,000 ounces of gold from Monique in 2014.
W Zone Mine
|
|
Three months ended |
|
|
March 31, |
March 31, |
|
|
2014 |
2013 |
|
|
|
|
Tonnes |
15,468 |
- |
| Head
grade (g/t) |
3.33 |
- |
| Gold
recovery (%) |
96.58 |
- |
|
Recovered grade (g/t) |
3.22 |
- |
|
Ounces sold |
1,600 |
- |
|
Cash cost of production per ounce (US$) |
1,764 |
- |
A total of 15,468 tonnes of ore were processed from the W Zone
Mine during the first three months of 2014 at an average grade of
3.33 g/t. This resulted in gold sales of 1,600 ounces at an average
price of CAN$1,420 (US$1,287) per ounce during the three-month
period. The low tonnage and grade generated at the W Zone during
the quarter translated into a high cash cost per ounce of CAN$1,946
(US$1,764), and is the result of an orebody that is more
geologically complex than previously thought. The results reinforce
the Corporation's previously announced decision to suspend
operations in the second quarter of 2014 following the production
of approximately 4,000 ounces of gold from the already developed
part of the ore body.
Camflo Mill
The Camflo Mill processed a total of 90,948 tonnes during the
first quarter of 2014, compared to 37,335 tonnes in the comparable
period of 2013. While the amount of processed tonnage from the
Beaufor Mine declined year-over-year, the addition of ore from the
Monique Mine and the W Zone resulted in the significant increase in
the mill's capacity utilization in the current quarter.
Recent News
Island Gold Mine
Development Update
In late January 2014, Richmont announced important developments
at the Island Gold Deep deposit, and filed an updated National
Instrument 43-101 technical report on SEDAR (www.sedar.com) on
March 31, 2014. Indicated resources were estimated at 456,000
tonnes at an average grade of 11.52 g/t for 169,000 ounces of gold
and Inferred resources were estimated at 3.2 million tonnes at an
average grade of 9.29 g/t for 955,000 ounces of gold. This upgraded
and expanded resource base was a notable increase over the
previously reported Inferred resource estimate of 2.3 million
tonnes grading 10.53 g/t Au for 771,000 ounces of gold established
in October 2013, further highlighting the potential to become an
important high-grade and long life contributor to the Corporation's
Island Gold Mine. Mineral Resources which are not Mineral Reserves
do not have demonstrated economic viability. The Corporation
continues to advance the development of the Deep zones via ramp
development, definition drilling and continued exploration efforts.
Please see the January 28, 2014 press release for additional
details.
The development of Island Gold Deep continued to proceed in the
first three months of 2014. Specifically, 164 linear metres of ramp
development were completed during the period, which resulted in the
ramp being extended to a vertical depth of 610 metres at March 31,
2014, in line with the Corporation's schedule. In addition, the
Corporation completed 1,076 metres of additional development,
including lateral drifting and ramp extension toward near-term
targeted mining areas within the mine infrastructure.
In April 2014, the Corporation announced that ongoing
development work had provided access to the upper portion of the
Island Gold Deep resource with approximately 130 metres of lateral
drift development into the C Zone, on claims that are 100% owned by
the Corporation, at a vertical depth of 560 metres. Within this
development, approximately 92 metres was well mineralized and
consistent with the established resource. Chip samples taken from
the advancing development faces on this level averaged a cut grade
of 12.73 g/t over an average width of 2.92 metres. It was noted
that this grade value should be seen as indicative, as further
studies are required to verify the capping value used (75 g/t). In
addition, approximately 5,000 metres of definition drilling
completed within the deep resource obtained some notable results,
including 36.40 g/t Au over 4.46 metres and 33.14 g/t Au over 5.05
metres in the C Zone, and 19.82 g/t Au over 2.09 metres in the B
Zone, thus providing additional support for the long-term potential
of the Island Gold Mine at depth. Richmont similarly highlighted
new exploration drill results. Please see the April 24, 2014 press
release for additional details.
Bought-Deal Financing
of Common Shares Completed
On April 3, 2014 Richmont announced that it had entered into a
bought-deal financing agreement with Macquarie Capital Markets
Canada Ltd. as lead underwriter, on behalf of a syndicate of
underwriters that included BMO Capital Markets, CIBC World Markets
and Desjardins Securities (the "Offering"). The Corporation
subsequently announced that it had closed the Offering on April 23,
2014, and that it had issued a total of 8.05 million common shares
at a price of CAN$1.45 per share, including the entire
over-allotment option of 1.05 million common shares, for aggregate
gross proceeds of $11,672,500. Richmont plans to use the net
proceeds of the Offering for working capital and general corporate
purposes.
Paul Carmel
President and Chief Executive Officer
About Richmont Mines Inc.
Richmont Mines has produced over 1,400,000 ounces of gold from
its operations in Quebec, Ontario and Newfoundland since beginning
production in 1991. The Corporation currently produces gold from
the Island Gold Mine in Ontario and the Beaufor, Monique and W Zone
mines in Quebec. The Corporation is also advancing the Island Gold
Deep resource located directly beneath the Island Gold Mine in
Ontario. With over 20 years of experience in gold production,
exploration and development, and prudent financial management, the
Corporation is well-positioned to cost-effectively build its
Canadian reserve base and to successfully enter its next phase of
growth. Richmont routinely posts news and other important
information on its website (www.richmont-mines.com).
Forward-Looking Statements
This news release contains forward-looking statements that
include risks and uncertainties. When used in this news release,
the words "estimate", "project", "anticipate", "expect", "intend",
"believe", "hope", "may" and similar expressions, as well as
"will", "shall" and other indications of future tense, are intended
to identify forward-looking statements. The forward-looking
statements are based on current expectations and apply only as of
the date on which they were made. Except as may be required by law,
the Corporation undertakes no obligation and disclaims any
responsibility to publicly update or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise.
The factors that could cause actual results to differ materially
from those indicated in such forward-looking statements include
changes in the prevailing price of gold, the Canadian-United States
exchange rate, grade of ore mined and unforeseen difficulties in
mining operations that could affect revenue and production costs.
Other factors such as uncertainties regarding government
regulations could also affect the results. Other risks may be set
out in Richmont Mines' Annual Information Form, Annual Reports and
periodic reports.
Cautionary note to US investors concerning resource
estimates
Information in this press release is intended to comply with the
requirements of the Toronto Stock Exchange and applicable Canadian
securities legislation, which differ in certain respects with the
rules and regulations promulgated under the United States
Securities Exchange Act of 1934, as amended ("Exchange Act"), as
promulgated by the SEC. The reserve and resource estimates in this
press release were prepared in accordance with National Instrument
43-101 adopted by the Canadian Securities Administrators. The
requirements of National Instrument 43-101 differ significantly
from the requirements of the United States Securities and Exchange
Commission (the "SEC").
U.S. Investors are urged to consider the disclosure in our
annual report on Form 20-F, File No. 001-14598, as filed with the
SEC under the Exchange Act, which may be obtained from us (without
cost) or from the SEC's web site: http://sec.gov/edgar.shtml.
National Instrument 43-101 ("NI 43-101")
The geological data in this news release has been reviewed by
Mr. Daniel Adam, Geo., Ph.D., Vice-President, Exploration, an
employee of Richmont Mines Inc., and a qualified person as defined
by NI 43-101.
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FINANCIAL STATEMENTS FOLLOW.
EXPLORATION AND PROJECT EVALUATION
| (Unaudited) |
(in thousands of Canadian dollars) |
|
|
Three months ended |
|
|
March 31, |
March 31, |
|
|
2014 |
2013 |
|
|
$ |
$ |
|
|
|
|
|
| Exploration costs - Mines |
|
|
|
|
Island Gold |
132 |
1,463 |
|
|
Beaufor |
250 |
597 |
|
|
Monique |
2 |
161 |
|
|
|
|
|
|
384 |
2,221 |
|
|
|
|
|
| Exploration costs - Other properties |
|
|
|
|
Wasamac |
38 |
474 |
|
|
Other |
6 |
78 |
|
|
Project evaluation |
117 |
148 |
|
|
|
|
|
| Exploration and project evaluation before depreciation
and exploration tax credits |
545 |
2,921 |
|
|
|
|
|
|
Depreciation |
23 |
76 |
|
|
Exploration tax adjustments (credits) |
155 |
(311 |
) |
|
|
|
|
|
723 |
2,686 |
|
FINANCIAL DATA
|
|
Three months ended |
|
|
|
March 31, |
|
March 31, |
|
|
CAN$ |
2014 |
|
2013 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
Results (in thousands of $) |
|
|
|
|
|
Revenues |
29,468 |
|
23,398 |
|
|
Net loss |
(1,903 |
) |
(2,240 |
) |
|
Cash flows from (used in) operating activities |
2,379 |
|
(6,775 |
) |
|
|
|
|
|
|
|
Results per share ($) |
|
|
|
|
|
Basic net loss |
(0.05 |
) |
(0.06 |
) |
|
Diluted net loss |
(0.05 |
) |
(0.06 |
) |
|
Cash flows from (used in) operating activities |
0.06 |
|
(0.17 |
) |
|
|
|
|
|
|
|
Basic weighted average number of common shares outstanding
(thousands) |
39,596 |
|
39,586 |
|
|
Diluted weighted average number of common shares outstanding
(thousands) |
39,718 |
|
39,607 |
|
|
|
|
|
|
|
|
Average selling price of gold per ounce |
1,441 |
|
1,636 |
|
|
Average selling price of gold per ounce (US$) |
1,306 |
|
1,623 |
|
|
|
March 31, 2014 |
December 31, 2013 |
|
|
(Unaudited) |
(Audited) |
|
Financial position (in thousands of $) |
|
|
|
Total assets |
121,272 |
123,328 |
|
Working capital |
11,235 |
13,952 |
|
Long-term debt |
5,098 |
5,196 |
SALES AND PRODUCTION DATA
|
|
Three-month period ended March 31 |
|
|
|
Ounces of gold |
Cash cost |
|
|
Year |
Sales |
Production |
(per ounce sold) |
|
|
US$ |
CAN$ |
|
Island Gold Mine |
2014 |
10,259 |
10,299 |
849 |
937 |
|
|
2013 |
9,060 |
8,604 |
1,154 |
1,163 |
|
Beaufor Mine |
2014 |
4,302 |
4,401 |
1,102 |
1,215 |
|
|
2013 |
5,201 |
5,212 |
1,539 |
1,552 |
|
W Zone Mine |
2014 |
1,600 |
1,707 |
1,764 |
1,946 |
|
|
2013 |
- |
- |
- |
- |
|
Monique Mine |
2014 |
4,251 |
2,673 |
1,262 |
1,392 |
|
|
2013 |
- |
- |
- |
- |
|
Total |
2014 |
20,412 |
19,080 |
1,060 |
1,169 |
|
|
2013 |
14,261 |
13,816 |
1,294 |
1,305 |
|
|
|
|
|
|
|
|
|
|
| Note: |
Average exchange rate used for Q1 2014: US$1
= CAN$1.1033 |
|
Average exchange rate used for Q1 2013: US$1
= CAN$1.0083 |
CONSOLIDATED INCOME STATEMENT
| (Unaudited) |
(in thousands of Canadian dollars) |
|
|
Three months ended |
|
|
March 31, |
|
March 31, |
|
|
2014 |
|
2013 |
|
|
$ |
|
$ |
|
|
|
|
|
|
| CONTINUING OPERATIONS |
|
|
|
|
|
Revenues |
29,468 |
|
23,398 |
|
|
Cost
of sales |
28,649 |
|
20,950 |
|
|
|
|
|
|
| GROSS PROFIT |
819 |
|
2,448 |
|
|
|
|
|
|
| OTHER EXPENSES (REVENUES) |
|
|
|
|
|
Exploration and project evaluation |
723 |
|
2,686 |
|
|
Administration |
1,731 |
|
2,122 |
|
|
Loss
(gain) on disposal of long-term assets |
(12 |
) |
34 |
|
|
Other
revenues |
(9 |
) |
(4 |
) |
|
|
|
|
|
|
2,433 |
|
4,838 |
|
|
|
|
|
|
| OPERATING LOSS |
(1,614 |
) |
(2,390 |
) |
|
|
|
|
|
| Financial expenses |
27 |
|
26 |
|
| Financial revenues |
(82 |
) |
(218 |
) |
|
|
|
|
|
| LOSS BEFORE MINING AND INCOME TAXES |
(1,559 |
) |
(2,198 |
) |
|
|
|
|
|
| MINING AND INCOME TAXES |
344 |
|
42 |
|
|
|
|
|
|
| NET LOSS FOR THE PERIOD |
(1,903 |
) |
(2,240 |
) |
|
|
|
|
|
| NET LOSS PER SHARE |
|
|
|
|
|
Basic
and diluted |
(0.05 |
) |
(0.06 |
) |
|
|
|
|
|
| BASIC WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING (in thousands) |
39,596 |
|
39,586 |
|
|
|
|
|
|
| DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING (in thousands) |
39,718 |
|
39,607 |
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
(in thousands of Canadian dollars) |
|
|
March 31, |
|
December 31, |
|
|
2014 |
|
2013 |
|
|
$ |
|
$ |
|
|
(Unaudited |
) |
(Audited |
) |
| ASSETS |
|
|
|
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
Cash
and cash equivalents |
13,501 |
|
17,551 |
|
|
Receivables |
2,744 |
|
3,008 |
|
|
Income and mining tax assets |
925 |
|
925 |
|
|
Exploration tax credits receivable |
5,603 |
|
5,670 |
|
|
Inventories |
10,172 |
|
9,075 |
|
|
|
|
|
|
|
32,945 |
|
36,229 |
|
|
|
|
|
|
| RESTRICTED DEPOSITS |
3,895 |
|
3,421 |
|
|
|
|
|
|
| PROPERTY, PLANT AND EQUIPMENT |
84,432 |
|
83,678 |
|
|
|
|
|
|
| TOTAL ASSETS |
121,272 |
|
123,328 |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
|
Payables, accruals and provisions |
19,140 |
|
19,897 |
|
|
Income and mining taxes payable |
1,469 |
|
1,225 |
|
|
Current portion of long-term debt |
771 |
|
825 |
|
|
Current portion of asset retirement obligations |
330 |
|
330 |
|
|
|
|
|
|
|
21,710 |
|
22,277 |
|
|
|
|
|
|
| LONG-TERM DEBT |
5,098 |
|
5,196 |
|
|
|
|
|
|
| ASSET RETIREMENT OBLIGATIONS |
7,630 |
|
7,603 |
|
|
|
|
|
|
| DEFERRED INCOME AND MINING TAX LIABILITIES |
2,055 |
|
1,899 |
|
|
|
|
|
|
| TOTAL LIABILITIES |
36,493 |
|
36,975 |
|
|
|
|
|
|
| EQUITY |
|
|
|
|
|
Share
capital |
132,202 |
|
132,202 |
|
|
Contributed surplus |
11,582 |
|
11,253 |
|
|
Deficit |
(59,005 |
) |
(57,102 |
) |
|
|
|
|
|
| TOTAL EQUITY |
84,779 |
|
86,353 |
|
|
|
|
|
|
| TOTAL LIABILITIES AND EQUITY |
121,272 |
|
123,328 |
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS
| (Unaudited) |
(in thousands of Canadian dollars) |
|
|
Three months ended |
|
|
March 31, |
|
March 31, |
|
|
2014 |
|
2013 |
|
|
$ |
|
$ |
|
|
|
|
|
|
| OPERATING ACTIVITIES |
|
|
|
|
|
Net loss for the period |
(1,903 |
) |
(2,240 |
) |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation and depletion |
4,834 |
|
2,468 |
|
|
|
Taxes
received (paid) |
55 |
|
(1,500 |
) |
|
|
Interest revenues |
(63 |
) |
(153 |
) |
|
|
Interest and accretion expenses on long-term debt |
44 |
|
7 |
|
|
|
Share-based compensation |
414 |
|
622 |
|
|
|
Accretion expense - asset retirement obligations |
27 |
|
19 |
|
|
|
Loss
(gain) on disposal of long-term assets |
(12 |
) |
32 |
|
|
|
Mining and income taxes |
344 |
|
42 |
|
|
|
|
|
|
|
3,740 |
|
(703 |
) |
|
|
|
|
|
|
Net change in non-cash working capital items |
(1,361 |
) |
(6,072 |
) |
|
|
|
|
|
| Cash flows from (used in) operating activities |
2,379 |
|
(6,775 |
) |
|
|
|
|
|
| INVESTING ACTIVITIES |
|
|
|
|
|
Restricted deposits |
(474 |
) |
- |
|
|
Interest received |
82 |
|
161 |
|
|
Property, plant and equipment - Island Gold Mine |
(1,670 |
) |
(3,112 |
) |
|
Property, plant and equipment - Island Gold Deep
Project |
(2,825 |
) |
(1,523 |
) |
|
Property, plant and equipment - Beaufor Mine |
(602 |
) |
(208 |
) |
|
Property, plant and equipment - W Zone Mine |
(233 |
) |
(1,881 |
) |
|
Property, plant and equipment - Monique Mine |
(21 |
) |
(2,222 |
) |
|
Property, plant and equipment - Other |
(569 |
) |
(398 |
) |
|
Disposition of property, plant and equipment |
177 |
|
88 |
|
|
|
|
|
|
| Cash flows used in investing activities |
(6,135 |
) |
(9,095 |
) |
|
|
|
|
|
| FINANCING ACTIVITIES |
|
|
|
|
|
Issue of common shares |
- |
|
62 |
|
|
Interest paid |
(44 |
) |
(7 |
) |
|
Payment of finance leases obligations |
(250 |
) |
(228 |
) |
|
|
|
|
|
| Cash flows used in financing activities |
(294 |
) |
(173 |
) |
|
|
|
|
|
| Net change in cash and cash equivalents |
(4,050 |
) |
(16,043 |
) |
|
|
|
|
|
| Cash and cash equivalents, beginning of period |
17,551 |
|
59,810 |
|
|
|
|
|
|
| Cash and cash equivalents, end of period |
13,501 |
|
43,767 |
|
Investor Relations:Jennifer AitkenRICHMONT MINES INC.514
397-1410 ext.
101jaitken@richmont-mines.comwww.richmont-mines.com
Richmont Mines, Inc. (NYSE:RIC)
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