All dollar amounts are stated in Canadian
dollars, unless otherwise indicated
TORONTO, Aug. 12, 2015 /CNW/ - St Andrew Goldfields
Ltd. (T-SAS), ("SAS" or the "Company") reports
$9.2 million or $0.03 per share, in operating cash flow for Q2
2015. Net income attributable to shareholders for Q2 2015 was
$3.5 million or $0.01 per share, as compared to net income of
$0.6 million, or nil, on a per share
basis, in Q2 2014. Excluding marked-to-market adjustments on
derivative financial instruments, adjusted net earnings (1) for Q2
2015 was $3.3 million or $0.01 per share as compared to an adjusted net
loss (1) of $0.2 million or nil, on a
per share basis for Q2 2014.
Q2 2015 HIGHLIGHTS
Gold production – Produced 23,533 ounces of gold
from Holt and Holloway (17% increase from Q2 2014 for the two
mines); and on track to meet the top end of the Company's 2015
production guidance.
Gold sold - Sold 23,319 ounces of gold at an
average realized price (1) of US$1,201 per ounce for revenues of $34.4 million (9% increase from Q2 2014).
Total cash cost per ounce of gold sold
(1) – US$739 per ounce (15% decrease from Q2 2014).
Mine site cash cost of US$641
(1) for Q2 2015 is 14% below the Company's mine cash
cost guidance of between US$750 and
US$800 per ounce.
All-in sustaining cost (AISC) (1)
– US$966 per ounce of
gold sold (12% or US$132 per ounce
decrease from Q2 2014).
Cash margin from operations (1) -
$13.2 million ($3.3 million or 33% increase from Q2 2014).
Operating cash flow - $9.2
million or $0.03 per
share. For Q2 2015, SAS generated $1.8
million in net cash flow (1) as compared to a
$2.6 million cash outflow in Q2
2014.
OUTLOOK FOR 2015
The Company's 2015 production guidance for Holt and Holloway
remains between 85,000 – 95,000 ounces of gold at a mine cash costs
target of between US$750-US$800 per
ounce of gold sold (1). The Taylor production will be included in the
Company's production guidance once the timing of the commencement
of commercial production is more certain. It is anticipated that
commercial production could commence in Q4 2015 and if that occurs,
it is anticipated that Taylor
would contribute between 10,000 and 12,000 ounces of commercial
production in 2015.
SAS is focused on bringing Taylor into commercial production in 2015 and
is continuing its cost containment initiative at all of its
operations, with the objective of maximizing cash margin from mine
operations while exploration programs remain focused on the
near-mine targets. SAS is sufficiently funded to achieve its
near-term objectives.
Conference Call Information
A conference call will be
held Thursday, August 13, 2015 at
10:00 a.m. (EST) to discuss the
second quarter 2015 results. Participants may join the call via
webcast at www.sasgoldmines.com or call in toll free at
1-866-212-4491. A playback of the conference call will be available
via the website and will be posted within 24 hours of the call.
Mine Operations Review
Holt (see Operating and Financial Statistics – Holt
Mine on page 12)
Production increased by 5%
from Q2 2014 as a result of an increase in ore grade due to mining
sequence. For Q2 2015, mine cash cost improved by
US$52 per ounce of gold sold from Q2
2014, due to the increased strength of the US dollar relative to
the Canadian dollar.
Cash margin from mine operations in Q2 2015 improved by
$1.6 million or 19% when compared to
Q2 2014 due to an 11% increase in revenue, in conjunction with a 4%
reduction in royalty costs.
Holloway (see Operating and Financial
Statistics – Holloway Mine on page 13)
Both
throughput and ore grade increased by 22% and 26%, respectively,
from Q2 2014, resulting in a 55% increase in production from 4,893
ounces of gold in Q2 2014 to 7,582 ounces in Q2 2015.
In Q2 2015, cash margin from mine operations increased 3 times
or by $2.1 million over Q2 2014 as a
result of the increased throughput and ore grade.
Taylor Project
Underground development
activities started at Taylor
during Q1 2015 after the decision was made to advance the project
into commercial production by the end of 2015. During Q2 2015, the
Company commenced with the procurement of $7.2 million of mining equipment and initiated a
recruitment campaign for miners to replace the current mine
contractors for the project late this quarter. It is anticipated
that ore mined during the pre-production period will be stockpiled
and processed upon the receipt of the production closure plan.
Applications for all permitting requirements, including the mine
production closure plan, are currently underway.
Exploration Programs
Exploration activities during Q2 2015 continued to focus on the
near mine targets, specifically exploring for strike and depth
extensions of the known mineralized zones and also exploring for
potential repetitions and satellite zones situated near the
operations. In Q2 2015, SAS drilled a total of 11,400 metres of
surface core and an additional 10,000 metres of underground
drilling. The majority of surface drilling activities were focused
on Phase 2 evaluation of Zone 4 West Extension, on the Tousignant
West and Mattawasaga west pit extensions on the Holt property. At
Holloway surface drilling targeted the down-dip extension of
Blacktop mineralization and at Hislop North drilling continued to
target the southerly strike extension of the "147 Zone style"
mineralization. The majority of the underground drilling took place
on the 710m and 925m Sub-levels at Holt targeting the Zone 6
extension, and on the 945m Sub-level at Holloway to evaluate the
easterly strike potential of Smoke Deep (See press release dated
August 5, 2015 available under the
Company's profile on www.sedar.com or on the Company's website at
www.sasgoldmines.com.).
Capital Resources
SAS generated $1.8 million in net
cash flow in Q2 2015 as compared to a cash outflow of
$2.6 million in Q2 2014, despite a 7%
decline in gold price. Working capital at the end of quarter was
$17.2 million, an increase of
$7.5 million from working capital of
$9.6 million at the end of 2014. The
Company maintained a cash position of $26.8
million at the end of the quarter and also has a
US$10.0 million revolving credit
facility available and a $7.0 million
capital lease facility to be used for the procurement of mining
equipment for use at Taylor. In
conjunction with the expected cash flows from operations, the
Company is well positioned to finance its planned sustaining
capital programs, the growth capital required for Taylor and to conduct its planned exploration
programs for 2015.
Qualified Person
Production at Holt and Holloway, processing at the Holt Mill,
and mine development at Taylor are
conducted under the supervision of Marc-Andre Pelletier, P.Eng., the Company's
Vice-President and General Manager of Operations.
Exploration activities on the Company's various mineral
properties, including the drilling program at Taylor are under the supervision of Mr.
Doug Cater, P. Geo., the Company's
Vice-President of Exploration.
Messrs. Pelletier and Cater are qualified persons as defined by
NI 43-101, and have reviewed and approved this news release.
The following abbreviations are used to describe the periods
under review throughout this release.
|
|
|
|
Abbreviation
|
Period
|
Abbreviation
|
Period
|
Q1
2015
|
January 1, 2015 –
March 31, 2015
|
Q1
2014
|
January 1, 2014 –
March 31, 2014
|
Q2
2015
|
April 1, 2015 –
June 30, 2015
|
Q2
2014
|
April 1, 2014 –
June 30, 2014
|
Q3
2014
|
July 1, 2014 –
September 30, 2014
|
Q3
2013
|
July 1, 2013 –
September 30, 2013
|
Q4
2014
|
October 1, 2014 -
December 31, 2014
|
Q4
2013
|
October 1, 2013 -
December 31, 2013
|
YTD
2015
|
January 1, 2015 –
June 30, 2015
|
YTD
2014
|
January 1, 2014 –
June 30, 2014
|
FY
2015
|
January 1, 2015 –
December 31, 2015
|
FY
2014
|
January 1, 2014 –
December 31, 2014
|
Non-GAAP Measures
The Company has included the following non-GAAP performance
measures: adjusted net earnings; operating cash flow per share; net
cash flow; average realized price per ounce of gold sold; total
cash cost and all-in sustaining cash costs per ounce of gold sold;
cash margin from mine operations; cash margin per ounce of gold
sold; and mine-site cost per tonne milled throughout this press
release, which do not have standardized meanings prescribed by
International Financial Reporting Standards ("IFRS") and are
not necessarily comparable to other similarly titled measures of
other companies due to potential inconsistencies in the method of
calculation. The Company believes that, in addition to conventional
measures prepared in accordance
with IFRS, the Company and certain investors use this
information to evaluate the Company's performance. Accordingly, it
is intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Refer to pages 6 –11
of this press release for a discussion and the reconciliation of
these non-GAAP measurements to the Company's Unaudited Q2 2015
Condensed Interim Financial Statements ("Financial
Statements").
The unaudited Balance Sheets, Statements of Operations and
Statements of Cash Flows for the Company for the three months and
six months ended June 30, 2015, can
be found on pages 14 – 16 of this press release.
To review the complete unaudited Condensed Interim Financial
Statements and the Q2 2015 Management's Discussion and Analysis,
please see the Company's SEDAR filings under the Company's profile
at www.sedar.com or the Company's website at
www.sasgoldmines.com.
About SAS
SAS (operating as "SAS Goldmines"), is a gold mining and
exploration company with an extensive land package in the
Timmins mining district,
north-eastern Ontario, which lies
within the Abitibi greenstone belt, the most important host of
historical gold production in Canada.
SAS owns and operates the Holt and Holloway mines and is also
advancing its Taylor Project into commercial production. The
Company is conducting various exploration programs across 120km of
land straddling the Porcupine-Destor Fault Zone.
FORWARD-LOOKING INFORMATION
This news release contains forward-looking information and
forward-looking statements (collectively, "forward-looking
information") under applicable securities laws, concerning the
Company's business, operations, financial performance, condition
and prospects, as well as management's objectives, strategies,
beliefs and intentions. Forward-looking information is frequently
identified by such words as "may", "will", "plan", "expect",
"estimate", "anticipate", "believe", "intend" and similar words
referring to future events and results, including the Company's
production and cash cost guidance for 2015; the advancement of
Taylor towards production, the
timing thereof, and Taylor's
potential 2015 production level; the Company's exploration programs
in 2015; and the sufficiency of the Company's capital resources to
carry out its planned objectives. Also, Mineral Reserves and
Mineral Resources are considered to be forward-looking information
as they involve the assessment, based on certain estimates and
assumptions, that such Mineral Reserves and Resources can be
economically produced in the future.
This forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause actual
results to differ materially from those expressed or implied by the
forward-looking information. Factors that may cause actual results
to vary materially include, but are not limited to, uncertainties
relating to the interpretation of the geology, continuity, grade
and size estimates of the mineral reserves and resources;
unanticipated operational or technical difficulties which could
escalate operating and/or capital costs and reduce anticipated
production levels; the Company's dependence on key employees and
changes in the availability of qualified personnel; fluctuations in
gold prices and exchange rates; insufficient funding or delays or
inability to raise additional financing on satisfactory terms if
required; operational hazards and risks, including the inability to
insure against all risks; changes in laws, regulations and the
risks of obtaining necessary licenses and permits; changes in
general economic conditions and changes in conditions in the
financial markets. Such forward looking information is based on a
number of assumptions, including but not limited to the level and
volatility of the price of gold, the accuracy of reserve and
resource estimates and the assumptions on which such estimates are
based, the ability to achieve capital and operating cost estimates,
the ability of the Company to retain and attract qualified
personnel, the sufficiency of the Company's cash reserves and
operating cash flow to complete planned development and exploration
activities, the availability of additional financing on acceptable
terms if and as required and the level of stability of general
business and economic conditions. Should one or more risks and
uncertainties materialize or should any assumptions prove
incorrect, then actual results could vary materially from those
expressed or implied in the forward-looking information and
accordingly, readers are cautioned not to place undue reliance on
this forward-looking information. SAS does not assume the
obligation to revise or update this forward-looking information
after the date of this release or to revise such information to
reflect the occurrence of future unanticipated events, except as
may be required under applicable securities laws. A description of
these risks and uncertainties are can also be found in the
Company's Annual Information Form obtained on SEDAR at
www.sedar.com.
SUMMARIZED OPERATING AND FINAL INFORMATION
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except per share
and per unit
amounts
|
Q2
2015
|
Q2
2014
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
SAS Operating
Results
|
|
|
|
|
Gold production
(ounces)2
|
23,533
|
22,505
|
47,260
|
46,866
|
Commercial gold
production sold (ounces)2
|
23,319
|
22,850
|
48,270
|
46,350
|
|
|
|
|
|
Per ounce data
(US$)
|
|
|
|
|
|
Average realized
price(1)
|
$
|
1,201
|
$
|
1,285
|
$
|
1,209
|
$
|
1,289
|
|
|
|
|
|
|
Mine cash
costs
|
$
|
641
|
$
|
761
|
$
|
624
|
$
|
750
|
|
Royalty
costs
|
$
|
98
|
$
|
111
|
$
|
104
|
114
|
|
Total cash cost
(1)
|
$
|
739
|
$
|
872
|
$
|
728
|
$
|
864
|
|
|
|
|
|
|
Cash
margin(1)
|
$
|
462
|
$
|
413
|
$
|
481
|
$
|
425
|
|
|
|
|
|
|
All-in sustaining
costs (1)
|
$
|
966
|
$
|
1,098
|
$
|
951
|
$
|
1,094
|
|
|
|
|
|
SAS Financial
Results
|
|
|
|
|
Gold sales and total
revenue (3)
|
$
|
35,388
|
$
|
31,934
|
$
|
73,226
|
$
|
65,415
|
Cash margin from mine
operations (1)
|
$
|
13,207
|
$
|
9,948
|
$
|
27,750
|
$
|
21,223
|
Net income
(loss)
|
$
|
3,503
|
$
|
553
|
$
|
6,546
|
$
|
(1,253)
|
Adjusted net earnings
(loss) (1)
|
$
|
3,255
|
$
|
(186)
|
$
|
6,915
|
$
|
(2,049)
|
Operating cash
flow
|
$
|
9,238
|
$
|
5,461
|
$
|
18,724
|
$
|
14,929
|
Net cash flow
(1)
|
$
|
1,759
|
$
|
(2,647)
|
$
|
6,611
|
$
|
(1,166)
|
|
|
|
|
|
Per share
information:
|
|
|
|
|
|
Basic and diluted
income (loss)
|
$
|
0.01
|
$
|
0.00
|
$
|
0.02
|
$
|
0.00
|
|
Adjusted net earnings
(loss) (1)
|
$
|
0.01
|
$
|
0.00
|
$
|
0.02
|
$
|
0.00
|
|
Operating cash flow
(1)
|
$
|
0.03
|
$
|
0.01
|
$
|
0.05
|
$
|
0.04
|
|
|
|
|
|
|
|
|
June
30,
|
December
31,
|
SAS Financial
Position
|
|
|
2015
|
2014
|
Cash and cash
equivalents
|
|
|
$
|
26,805
|
$
|
21,485
|
Working
capital
|
|
|
$
|
17,161
|
$
|
9,634
|
Total
assets
|
|
|
$
|
198,406
|
$
|
191,553
|
Total non-current
financial liabilities
|
|
|
$
|
344
|
$
|
1,284
|
|
|
|
|
|
|
Notes:
|
(1)
|
Average realized
price per ounce of gold sold, Total cash costs and All-in
sustaining cash cost per ounce of gold sold, adjusted
net earnings (loss),
Net cash flow and Operating cash flow per share are non-GAAP
measures. Refer to pages 6–11 hereof for
a discussion and the
reconciliation of these non-GAAP measurements to reported gold
sales and production costs per the
Financial
Statements.
|
(2)
|
Gold production and
commercial production sold in YTD 2015 excludes 2,427 ounces (none
in YTD 2014) of gold poured from
processing 7,756
tonnes of material extracted from the Taylor bulk sample program;
and 628 ounces of gold recovered from
processing 3,800
tonnes of material from Taylor in Q2 2015.
|
(3)
|
Gold sales and total
revenue includes $1.1 million of toll milling revenue earned in Q1
2015 and $1.0 million in Q2 2015 (none in
Q1 2014 and $0.3
million in Q2 2014).
|
NON-GAAP MEASURES
Adjusted net earnings (loss)
Adjusted net earnings
(loss) is a non-GAAP performance measure and does not constitute a
measure recognized by IFRS and does not have a standardized meaning
defined by IFRS, and may not be comparable to information in other
gold producers' reports and filings. Adjusted net earnings (loss)
is calculated by removing the gains and losses, resulting from the
mark-to-market revaluation of the Company's gold-linked liabilities
and foreign currency derivative contracts, one-time gains or losses
on the disposition of non-core assets, periodic adjustments to the
Company's asset retirement obligations, and expenses, asset
impairment gains or losses and significant tax adjustments not
related to current period's earnings, as detailed in the table
below. The Company discloses this measure, which is based on its
Financial Statements, to assist in the understanding of the
Company's operating results and financial position.
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except per share
amounts
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Net income (loss) per
Financial Statements
|
$
|
3,504
|
$
|
553
|
$
|
3,043
|
$
|
6,546
|
$
|
(1,253)
|
Mark-to-market loss
(gain) on gold-linked liabilities
|
(62)
|
(56)
|
177
|
115
|
400
|
Mark-to-market loss
(gain) on foreign currency derivatives
|
(269)
|
(1,128)
|
646
|
377
|
(883)
|
Loss on disposal of
fixed assets
|
-
|
149
|
-
|
-
|
149
|
Net change in
provision
|
-
|
-
|
-
|
-
|
(777)
|
Tax effect of above
items
|
83
|
296
|
(206)
|
(123)
|
315
|
Adjusted net earnings
(loss)
|
$
|
3,256
|
$
|
(186)
|
$
|
3,660
|
$
|
6,915
|
$
|
(2,049)
|
|
|
|
|
|
|
Weighted average
number of shares outstanding (000s)
|
|
|
|
|
|
|
Basic
|
368,274
|
368,296
|
368,274
|
368,274
|
368,296
|
|
Diluted
|
368,314
|
368,237
|
368,296
|
368,306
|
368,296
|
|
|
|
|
|
|
Adjusted net earnings
(loss) per share - basic and diluted
|
$
|
0.01
|
$
|
0.00
|
$
|
0.01
|
$
|
0.02
|
$
|
(0.01)
|
|
|
|
|
|
|
Total cash cost per ounce of gold sold
Total cash cost
per ounce of gold sold is a non-GAAP performance measure, which
does not have a standardized meaning defined by IFRS and may not be
comparable to information in other gold producers' reports and
filings. The Company has included this non-GAAP performance measure
throughout this document as the Company believes that this
generally accepted industry performance measure provides a useful
indication of the Company's operational performance. The Company
believes that, in addition to conventional measures prepared in
accordance with IFRS, certain investors use this information to
evaluate the Company's performance and ability to generate cash
flow. Accordingly, it is intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. The
following table provides a reconciliation of total cash costs per
ounce of gold sold to production expenses per the Financial
Statements for Q2 2015, Q2 2014 and Q1 2015; and YTD 2015 and
2014:
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except where
indicated
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Mine site operating
costs per Financial Statements
|
$
|
19,367
|
$
|
19,228
|
$
|
19,888
|
$
|
39,255
|
$
|
38,417
|
Less: Toll milling
revenue
|
(987)
|
(269)
|
(1,083)
|
(2,070)
|
(269)
|
Production royalties
per Financial Statements
|
2,814
|
2,758
|
3,407
|
6,221
|
5,775
|
Total cash
costs
|
$
|
21,194
|
$
|
21,717
|
$
|
22,212
|
$
|
43,406
|
$
|
43,923
|
|
|
|
|
|
|
Divided by gold
ounces sold
|
23,319
|
22,850
|
24,951
|
48,270
|
46,350
|
|
|
|
|
|
|
Total cash cost per
ounce of gold sold (Canadian dollars)
|
$
|
909
|
$
|
950
|
$
|
890
|
$
|
899
|
$
|
948
|
|
|
|
|
|
|
Average 1 USD →CAD
exchange rate
|
$
|
1.23
|
$
|
1.09
|
$
|
1.24
|
$
|
1.24
|
$
|
1.10
|
|
|
|
|
|
|
Total cash cost per
ounce of gold sold (US$)
|
$
|
739
|
$
|
872
|
$
|
717
|
$
|
728
|
$
|
864
|
|
|
|
|
|
|
All-in sustaining cost per ounce of gold sold
All-in
sustaining cost per ounce of gold sold is a non-GAAP performance
measure, which does not have a standardized meaning defined by IFRS
and may not be comparable to information in other gold producers'
reports and filings. The Company has included this non-GAAP
performance measure throughout this document as the Company
believes that this generally accepted industry performance measure
provides a useful indication of the Company's operational
performance. To report on this performance metrics, the Company
uses the all-in sustaining definition as set out in the guidance
note released by the World Gold Council on June 27, 2013. All-in sustaining costs include
mine-site operating costs and production royalties incurred at the
Company's mining operations (net of toll milling revenue),
sustaining capital expenditures, corporate administration expense,
mine-site exploration costs, and reclamation cost accretion. The
Company believes that this measure represents the total costs of
producing gold from current operations, and provides the Company
and other stakeholders with additional information that illustrates
the Company's operational performance and ability to generate cash
flow. This cost measure is reported on a consolidated level and on
a per-ounce of gold sold basis. As the measure seeks to reflect the
full cost of gold production from current operations, new project
capital is not included. Certain other cash expenditures, including
tax payments and financing costs are also not included.
The Company determines sustaining capital as those capital
expenditures that are necessary to maintain current gold production
and execute the current mine plan. Capital expenditures to develop
new operations, or related to projects at existing operations where
these projects will enhance gold production or Mineral Reserves,
are considered development capital. For Q2 2015, all capital
expenditures at Holt and Holloway are classified as sustaining; and
the capital expenditures incurred to bring Taylor, net of bulk sample gold sales, are
classified as development capital.
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except where
indicated
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Mine site operating
costs per Financial Statements
|
$
|
19,367
|
$
|
19,228
|
$
|
19,888
|
$
|
39,255
|
$
|
38,417
|
Less: Toll
milling revenue
|
(987)
|
(269)
|
(1,083)
|
(2,070)
|
(269)
|
Production royalties
per Financial Statements
|
2,814
|
2,758
|
3,407
|
6,221
|
5,775
|
|
|
|
|
|
|
Add
(less):
|
|
|
|
|
|
|
Sustaining mine
capital
|
4,021
|
3,921
|
4,460
|
8,481
|
8,270
|
|
Mine site
exploration
|
343
|
207
|
605
|
948
|
434
|
|
Mine reclamation
obligation
|
49
|
104
|
102
|
151
|
208
|
|
Corporate
administration
|
2,083
|
1,402
|
1,634
|
3,717
|
2,764
|
All-in sustaining
costs
|
$
|
27,690
|
$
|
27,351
|
$
|
29,013
|
$
|
56,703
|
$
|
55,599
|
|
|
|
|
|
|
Divided by gold
ounces sold
|
23,319
|
22,850
|
24,951
|
48,270
|
46,350
|
|
|
|
|
|
|
All-in sustaining
cost per ounce of gold sold (Canadian dollars)
|
$
|
1,187
|
$
|
1,197
|
$
|
1,163
|
$
|
1,175
|
$
|
1,200
|
|
|
|
|
|
|
Average 1 USD →CAD
exchange rate
|
$
|
1.23
|
$
|
1.09
|
$
|
1.24
|
$
|
1.24
|
$
|
1.10
|
|
|
|
|
|
|
All-in sustaining
cost per ounce of gold sold (US$)
|
$
|
966
|
$
|
1,098
|
$
|
937
|
$
|
951
|
$
|
1,094
|
|
|
|
|
|
|
Mine-site cost per tonne milled
Mine-site cost per
tonne milled is a non-GAAP performance measure, which does not have
a standardized meaning defined by IFRS and may not be comparable to
information in other gold producers' reports and filings. As
illustrated in the table below, this measure is calculated by
adjusting Production Costs, as shown in the statements of
operations for toll milling revenue and inventory level changes and
then dividing by tonnes processed through the mill. Since total
cash cost per ounce of gold sold data can be affected by
fluctuations in foreign currency exchange rates, Management
believes that mine-site cost per tonne milled provides additional
information regarding the performance of mining operations and
allows management to monitor operating costs on a more consistent
basis as the per tonne milled measure reduces the cost variability
associated with varying production levels. Management also uses
this measure to determine the economic viability of mining blocks.
As each mining block is evaluated based on the net realizable value
of each tonne mined, the estimated revenue on a per tonne basis
must be in excess of the mine-site cost per tonne milled in order
to be economically viable. Management is aware that this per tonne
milled measure is impacted by fluctuations in throughput and thus
uses this evaluation tool in conjunction with production costs
prepared in accordance with IFRS. This measure supplements
production cost information prepared in accordance with IFRS and
allows investors to distinguish between changes in production costs
resulting from changes in production versus changes in operating
performance.
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except per tonne
amounts
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Holt
Mine
|
|
|
|
|
|
Mine site costs per
Financial Statements
|
$
|
12,479
|
$
|
11,051
|
$
|
12,579
|
$
|
25,058
|
$
|
21,355
|
Less: toll milling
revenue allocation
|
(700)
|
(137)
|
(769)
|
(1,469)
|
(137)
|
Inventory adjustments
(1)
|
(341)
|
354
|
(157)
|
(498)
|
954
|
Mine site operating
costs
|
$
|
11,438
|
$
|
11,268
|
$
|
11,653
|
$
|
23,091
|
$
|
22,172
|
|
|
|
|
|
|
Divided by tonnes of
ore milled
|
106,026
|
106,282
|
108,766
|
214,792
|
219,561
|
|
|
|
|
|
|
Mine site cost per
tonne milled
|
$
|
108
|
$
|
106
|
$
|
107
|
$
|
108
|
$
|
101
|
|
|
|
|
|
|
Holloway
Mine
|
|
|
|
|
|
Mine site costs per
Financial Statements
|
$
|
6,888
|
$
|
5,597
|
$
|
7,309
|
$
|
14,197
|
$
|
11,778
|
Less: toll milling
revenue allocation
|
(287)
|
(92)
|
(314)
|
(601)
|
(92)
|
Inventory adjustments
(1)
|
1
|
(441)
|
(87)
|
(86)
|
(67)
|
Mine site operating
costs
|
$
|
6,602
|
$
|
5,064
|
$
|
6,908
|
$
|
13,510
|
$
|
11,619
|
|
|
|
|
|
|
Divided by tonnes of
ore milled
|
49,856
|
40,932
|
45,617
|
95,473
|
83,913
|
|
|
|
|
|
|
Mine site cost per
tonne milled
|
$
|
132
|
$
|
124
|
$
|
151
|
$
|
142
|
$
|
138
|
|
|
|
|
|
|
Hislop
Mine
|
|
|
|
|
|
Mine site costs per
Financial Statements
|
$
|
-
|
$
|
2,580
|
-
|
-
|
$
|
5,284
|
Less: toll milling
revenue allocation
|
-
|
(41)
|
-
|
-
|
(41)
|
Inventory adjustments
(1)
|
-
|
(49)
|
-
|
-
|
7
|
Mine site operating
costs
|
$
|
-
|
$
|
2,490
|
$
|
-
|
$
|
-
|
$
|
5,250
|
|
|
|
|
|
|
Divided by tonnes of
ore milled
|
-
|
47,785
|
-
|
-
|
79,784
|
|
|
|
|
|
|
Mine site cost per
tonne milled
|
$
|
-
|
$
|
52
|
$
|
-
|
$
|
-
|
$
|
66
|
|
|
|
|
|
|
Mine site costs per
Financial Statements
|
|
|
|
|
|
|
Holt
|
$
|
12,479
|
$
|
11,051
|
$
|
12,579
|
$
|
25,058
|
$
|
21,355
|
|
Holloway
|
6,888
|
5,597
|
7,309
|
14,197
|
11,778
|
|
Hislop
|
-
|
2,580
|
-
|
-
|
5,284
|
|
$
|
19,367
|
$
|
19,228
|
$
|
19,888
|
$
|
39,255
|
$
|
38,417
|
|
|
|
|
|
|
Note:
|
(1)
|
Inventory adjustment
reflects production costs associated with unsold bullion and
in-circuit inventory.
|
Cash margin from mine operations
Cash margin from mine
operations is a non-GAAP measure, which does not have a
standardized meaning defined by IFRS and may not be comparable to
information in other gold producers' reports and filings. It is
calculated as the difference between gold sales and production
costs (comprised of mine-site operating costs and production
royalties) per the Company's Financial Statements. The Company
believes it illustrates the performance of the Company's operating
mines and enables investors to better understand the Company's
performance in comparison to other gold producers who present
results on a similar basis.
|
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars
|
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
|
Gold sales per
Financial Statements
|
[A]
|
$
|
34,401
|
$
|
31,665
|
$
|
36,755
|
$
|
71,156
|
$
|
65,146
|
|
|
|
|
|
|
|
Mine site operating
costs per Financial Statements
|
|
19,367
|
19,228
|
19,888
|
39,255
|
38,417
|
Less: Toll milling
revenue
|
|
(987)
|
(269)
|
(1,083)
|
(2,070)
|
(269)
|
Production royalties
per Financial Statements
|
|
2,814
|
2,758
|
3,407
|
6,221
|
5,775
|
|
[B]
|
21,194
|
21,717
|
22,212
|
43,406
|
43,923
|
Cash margin from mine
operations
|
[A] - [B]
|
$
|
13,207
|
$
|
9,948
|
$
|
14,543
|
$
|
27,750
|
$
|
21,223
|
|
|
|
|
|
|
|
Breakdown of cash
margin from mine operations by mines:
|
|
|
|
|
|
|
|
Holt Mine
|
|
$
|
10,010
|
$
|
8,407
|
$
|
10,209
|
$
|
20,219
|
$
|
19,226
|
|
Holloway
Mine
|
|
3,197
|
1,083
|
4,334
|
7,531
|
1,672
|
|
Hislop
Mine
|
|
-
|
458
|
-
|
-
|
325
|
|
|
$
|
13,207
|
$
|
9,948
|
$
|
14,543
|
$
|
27,750
|
$
|
21,223
|
|
|
|
|
|
|
|
Average realized price per ounce of gold sold
Average
realized price per ounce of gold sold is a non-GAAP measure, which
does not have a standardized meaning defined by IFRS and is
calculated by dividing gold sales proceeds received by the Company
for the relevant period by the ounces of gold sold. It may not be
comparable to information in other gold producers' reports and
filings.
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except where
indicated
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Gold sales per
Financial Statements
|
$
|
34,401
|
$
|
31,665
|
$
|
36,755
|
$
|
71,156
|
$
|
65,146
|
Foreign exchange loss
(gain) realized on the settlement of gold sales
|
33
|
192
|
(637)
|
(614)
|
98
|
Loss on foreign
currency derivative cash flow hedges realized
|
15
|
158
|
1,437
|
1,452
|
387
|
|
$
|
34,449
|
$
|
32,015
|
$
|
37,555
|
$
|
71,994
|
$
|
65,631
|
|
|
|
|
|
|
Average 1 USD →CAD
exchange rate
|
1.23
|
1.09
|
1.24
|
1.24
|
1.10
|
|
|
|
|
|
|
Gold sales recorded
in US$
|
$
|
28,028
|
$
|
29,353
|
$
|
30,262
|
$
|
58,290
|
$
|
59,759
|
|
|
|
|
|
|
Divided by gold
ounces sold
|
23,319
|
22,850
|
24,751
|
48,270
|
46,350
|
|
|
|
|
|
|
Average realized
price per ounce of gold sold (US$)
|
$
|
1,201
|
$
|
1,285
|
$
|
1,213
|
$
|
1,209
|
$
|
1,289
|
|
|
|
|
|
|
Cash margin per ounce of gold sold
Cash margin per
ounce of gold sold is a non-GAAP measure, which does not have a
standardized meaning defined by IFRS and is calculated by
subtracting the total cash cost per ounce of gold sold from the
average realized price per ounce of gold sold. It may not be
comparable to information in other gold producers' reports and
filings.
|
|
|
|
|
|
|
Amounts in United
States dollars
|
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
|
|
Per ounce of gold
sold:
|
|
|
|
|
|
|
|
Average realized
price per ounce of gold sold
|
[A]
|
$
|
1,201
|
$
|
1,285
|
$
|
1,213
|
$
|
1,209
|
$
|
1,289
|
|
Total cash cost per
ounce of gold sold
|
[B]
|
739
|
872
|
717
|
728
|
864
|
Cash margin per ounce
of gold sold
|
[A] - [B]
|
$
|
462
|
$
|
413
|
$
|
496
|
$
|
481
|
$
|
425
|
|
|
|
|
|
|
|
|
Net cash flow
Net cash flow is a non-GAAP measure
which does not have a standardized meaning defined by IFRS and is
calculated by taking cash flow from operating activities less cash
used in investing activities as reported in the Company's Financial
Statements. It may not be comparable to information in other gold
producers' reports and filings.
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Cash flow from
operating activities per Financial Statements
|
$
|
9,238
|
$
|
5,461
|
$
|
9,486
|
$
|
18,724
|
$
|
14,929
|
Less:
|
|
|
|
|
|
|
Cash used in
investing activities per Financial Statements
|
7,479
|
8,108
|
4,634
|
12,113
|
16,095
|
|
$
|
1,759
|
$
|
(2,647)
|
$
|
4,852
|
$
|
6,611
|
$
|
(1,166)
|
|
|
|
|
|
|
Operating cash flow per share
Operating cash flow per
share is a non-GAAP measure and is calculated by dividing cash flow
from operating activities in the Company's Financial Statements by
the weighted average number of shares outstanding for each year. It
may not be comparable to information in other gold producers'
reports and filings.
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except per share
amounts
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Cash flow from
operating activities per Financial Statements
|
$
|
9,238
|
$
|
5,461
|
$
|
9,486
|
$
|
18,724
|
$
|
14,929
|
|
|
|
|
|
|
Weighted average
number of shares outstanding (000s)
|
368,274
|
368,296
|
368,274
|
368,274
|
368,296
|
|
|
|
|
|
|
Operating cash flow
per share
|
$
|
0.03
|
$
|
0.01
|
$
|
0.03
|
$
|
0.05
|
$
|
0.04
|
|
|
|
|
|
|
Operating and Financial Statistics – Holt Mine
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except per unit
amounts
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Tonnes
milled
|
106,026
|
106,282
|
108,766
|
214,792
|
219,561
|
Head grade (g/t
Au)
|
4.91
|
4.70
|
4.86
|
4.88
|
4.90
|
Average mill
recovery
|
95.4%
|
94.2%
|
95.0%
|
95.2%
|
94.4%
|
|
|
|
|
|
|
Gold produced
(ounces)
|
15,951
|
15,140
|
16,152
|
32,103
|
32,637
|
Commercial gold
production sold (ounces)
|
16,201
|
15,534
|
16,646
|
32,847
|
32,050
|
|
|
|
|
|
|
Gold sales
revenue
|
$
|
23,909
|
$
|
21,521
|
$
|
24,499
|
$
|
48,408
|
$
|
45,062
|
|
|
|
|
|
|
Cash margin from mine
operations (1)
|
$
|
10,010
|
$
|
8,407
|
$
|
10,209
|
$
|
20,219
|
$
|
19,226
|
|
|
|
|
|
|
Mine site cost per
tonne milled (1)
|
$
|
108
|
$
|
106
|
$
|
107
|
$
|
108
|
$
|
101
|
|
|
|
|
|
|
Total cash cost per
ounce of gold sold (US dollars) (1)
|
|
|
|
|
|
|
Mine cash costs
*
|
$
|
592
|
$
|
644
|
$
|
572
|
$
|
581
|
$
|
604
|
|
Royalty
costs
|
106
|
130
|
120
|
113
|
131
|
Total cash cost per
ounce of gold sold (US dollars) (1)
|
$
|
698
|
$
|
774
|
$
|
692
|
$
|
694
|
$
|
735
|
|
|
|
|
|
|
Capital
expenditures
|
$
|
3,710
|
$
|
3,608
|
$
|
4,217
|
$
|
7,927
|
$
|
7,680
|
|
|
|
|
|
|
Depreciation and
depletion expense
|
$
|
2,884
|
$
|
2,749
|
$
|
3,107
|
$
|
5,991
|
$
|
5,542
|
|
|
|
|
|
|
* Toll milling
revenue is allocated to each of SAS's mine operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
(1)
|
Total cash cost per
ounce of gold sold, mine-site cost per tonne milled and cash margin
from mine operations are non-GAAP measures
and are
not necessarily comparable to similarly
titled measures of other companies due to potential inconsistencies
in the method of
calculation (see
pages 6 – 11 for an explanation
and reconciliation of non-GAAP measurements).
|
Operating and Financial Statistics – Holloway
Mine
|
|
|
|
|
|
Amounts in
thousands of Canadian dollars, except per unit
amounts
|
Q2
2015
|
Q2
2014
|
Q1
2015
|
YTD
2015
|
YTD
2014
|
|
|
|
|
|
|
Tonnes
milled
|
49,856
|
40,932
|
45,617
|
95,473
|
83,913
|
Head grade (g/t
Au)
|
5.15
|
4.09
|
5.58
|
5.35
|
4.12
|
Average mill
recovery
|
91.9%
|
90.9%
|
92.6%
|
92.2%
|
90.5%
|
|
|
|
|
|
|
Gold produced
(ounces)
|
7,582
|
4,893
|
7,575
|
15,157
|
10,047
|
Commercial gold
production sold (ounces)
|
7,118
|
5,157
|
8,305
|
15,423
|
10,332
|
|
|
|
|
|
|
Gold sales
revenue
|
$
|
10,492
|
$
|
7,149
|
$
|
12,256
|
$
|
22,748
|
$
|
14,518
|
|
|
|
|
|
|
|
|
Cash margin from mine
operations (1)
|
$
|
3,197
|
$
1,083
|
$
|
4,334
|
$
|
7,531
|
$
|
1,672
|
|
|
|
|
|
|
Mine site cost per
tonne milled (1)
|
$
|
132
|
$
|
124
|
$
|
151
|
$
|
142
|
$
|
138
|
|
|
|
|
|
|
Total cash cost per
ounce of gold sold (US dollars) (1)
|
|
|
|
|
|
|
Mine cash costs
*
|
$
|
755
|
$
|
979
|
$
|
679
|
$
|
714
|
$
|
1,031
|
|
Royalty
costs
|
79
|
100
|
90
|
85
|
102
|
Total cash cost per
ounce of gold sold (US dollars) (1)
|
$
|
834
|
$
|
1,079
|
$
|
769
|
$
|
799
|
$
|
1,133
|
|
|
|
|
|
|
Capital
expenditures
|
$
|
231
|
$
|
270
|
$
|
231
|
$
|
462
|
$
|
520
|
|
|
|
|
|
|
Depreciation and
depletion expense
|
$
|
266
|
$
|
3,266
|
$
|
574
|
$
|
839
|
$
|
10,591
|
|
|
|
|
|
|
* Toll milling
revenue is allocated to each of SAS's mine operations
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
(1)
|
Total cash cost per
ounce of gold sold, mine-site cost per tonne milled and cash margin
from mine operations, are non-GAAP measures
and are
not necessarily comparable to similarly
titled measures of other companies due to potential inconsistencies
in the method of
calculation (see
pages 6-11 hereof for an
explanation and reconciliation of non-GAAP
measurements).
|
Statements of Operations (unaudited)
St Andrew
Goldfields Ltd.
Expressed in thousands of Canadian dollars except per share
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Gold sales
|
$
|
34,401
|
$
|
31,665
|
|
$
|
71,156
|
$
|
65,146
|
|
|
|
Toll
milling
|
987
|
269
|
|
2,070
|
269
|
|
|
|
|
35,388
|
31,934
|
|
73,226
|
65,415
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
|
Mine site
operating
|
19,367
|
19,228
|
|
39,255
|
38,417
|
|
|
|
Production
royalty
|
2,814
|
2,758
|
|
6,221
|
5,775
|
|
|
|
Site
maintenance
|
51
|
(34)
|
|
102
|
8
|
|
|
|
Exploration
|
2,004
|
1,263
|
|
3,814
|
2,428
|
|
|
|
Corporate
administration
|
2,083
|
1,402
|
|
3,717
|
2,764
|
|
|
|
Depreciation and
depletion
|
3,269
|
6,370
|
|
7,084
|
16,790
|
|
|
|
Loss on disposal of
fixed assets
|
-
|
149
|
|
-
|
149
|
|
|
|
29,588
|
31,136
|
|
60,193
|
66,331
|
|
|
Operating income
(loss)
|
5,800
|
798
|
|
13,033
|
(916)
|
|
|
|
|
|
|
|
|
|
|
Finance
costs
|
237
|
421
|
|
526
|
969
|
|
|
Mark-to-market (gain)
loss on gold-linked liabilities
|
(62)
|
(56)
|
|
115
|
400
|
|
|
Mark-to-market (gain)
loss on foreign currency derivatives
|
(269)
|
(1,128)
|
|
377
|
(883)
|
|
|
Foreign exchange
(gain) loss
|
(150)
|
458
|
|
201
|
1,241
|
|
|
Finance income and
other
|
(81)
|
(70)
|
|
(132)
|
(940)
|
|
|
|
(325)
|
(375)
|
|
1,087
|
787
|
|
|
Income (loss) before
taxes
|
6,125
|
1,173
|
|
11,946
|
(1,703)
|
|
|
Net deferred tax
expense (recovery)
|
2,622
|
620
|
|
5,400
|
(450)
|
|
|
Net income (loss)
attributable to shareholders
|
$
|
3,503
|
$
|
553
|
|
$
|
6,546
|
$
|
(1,253)
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
Unrealized gain
(loss) on available-for-sale investments (nil tax
effect)
|
(64)
|
(23)
|
|
62
|
115
|
|
|
Unrealized loss on
derivatives designated as cash flow hedges, net of
tax of $32, $42, $56
and $34
|
97
|
126
|
|
168
|
104
|
|
|
|
33
|
103
|
|
230
|
219
|
|
|
Comprehensive
income (loss) for the period
|
$
|
3,536
|
$
|
656
|
|
$
|
6,776
|
$
|
(1,034)
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per share
|
$0.01
|
$0.00
|
|
$0.02
|
$0.00
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding (000's)
|
|
|
|
|
|
|
|
Basic
|
368,274
|
368,296
|
|
368,274
|
368,296
|
|
|
Diluted
|
368,314
|
368,337
|
|
368,306
|
368,296
|
|
|
|
|
|
|
|
|
|
Statements of Cash Flows (unaudited)
St Andrew
Goldfields Ltd.
Expressed in thousands of Canadian dollars
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
Net income (loss) for
the period
|
$
|
3,503
|
$
|
553
|
|
$
|
6,546
|
$
|
(1,253)
|
|
|
|
Items not affecting
cash:
|
|
|
|
|
|
|
|
|
|
Net deferred tax
expense (recovery)
|
2,622
|
620
|
|
5,400
|
(450)
|
|
|
|
|
Mark-to-market loss
on gold-linked liabilities
|
(62)
|
(56)
|
|
115
|
400
|
|
|
|
|
Non-cash
interest
|
193
|
348
|
|
436
|
767
|
|
|
|
|
Mark-to-market loss
on foreign currency derivatives
|
(269)
|
(1,128)
|
|
377
|
(883)
|
|
|
|
|
Depreciation and
depletion
|
3,269
|
6,370
|
|
7,084
|
16,790
|
|
|
|
|
Loss on disposal of
fixed assets
|
-
|
149
|
|
-
|
149
|
|
|
|
|
Net change in
provision
|
-
|
-
|
|
-
|
(777)
|
|
|
|
|
Share-based
payments
|
127
|
146
|
|
184
|
190
|
|
|
|
Net change in
non-cash operating working capital and other
|
(118)
|
(1,496)
|
|
(1,364)
|
144
|
|
|
|
Interest
paid
|
(27)
|
(45)
|
|
(54)
|
(148)
|
|
|
|
|
Cash provided by
operating activities
|
9,238
|
5,461
|
|
18,724
|
14,929
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
Additions to
exploration and evaluation assets
|
(12)
|
(3,746)
|
|
(14)
|
(8,110)
|
|
|
|
|
Mine development
expenditures
|
(6,510)
|
(2,000)
|
|
(8,947)
|
(4,610)
|
|
|
|
|
Additions to plant
and equipment
|
(1,375)
|
(2,030)
|
|
(2,176)
|
(3,922)
|
|
|
|
|
Amounts payable on
capital additions
|
429
|
(400)
|
|
(854)
|
495
|
|
|
|
|
Reclamation costs and
other
|
(11)
|
(17)
|
|
(23)
|
(33)
|
|
|
|
|
Cash collateralized
for banking facilities
|
-
|
85
|
|
(99)
|
85
|
|
|
|
|
Cash used in
investing activities
|
(7,479)
|
(8,108)
|
|
(12,113)
|
(16,095)
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
Advance royalty
payments
|
(441)
|
(289)
|
|
(899)
|
(708)
|
|
|
|
|
Capital lease
payments
|
(274)
|
(280)
|
|
(545)
|
(540)
|
|
|
|
|
Repayment of term
credit facility
|
-
|
(7,576)
|
|
-
|
(9,815)
|
|
|
|
|
Cash used in
financing activities
|
(715)
|
(8,145)
|
|
(1,444)
|
(11,063)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of
exchange rate changes on cash and cash equivalents
|
4
|
(760)
|
|
153
|
(1,398)
|
|
|
Increase (decrease)
in cash and cash equivalents
|
1,048
|
(11,552)
|
|
5,320
|
(13,627)
|
|
|
Cash and cash
equivalents, beginning of period
|
25,757
|
31,615
|
|
21,485
|
33,690
|
|
|
Cash and cash
equivalents, end of period
|
$
|
26,805
|
$
|
20,063
|
|
$
|
26,805
|
$
|
20,063
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheets
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
December 31,
2014
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$
|
26,805
|
$
|
21,485
|
|
|
|
Accounts
receivable
|
|
|
|
1,285
|
1,220
|
|
|
|
Inventories
|
|
|
|
9,523
|
10,128
|
|
|
|
Prepayments and other
assets
|
|
|
|
1,333
|
324
|
|
|
|
|
|
|
|
38,946
|
33,157
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and
evaluation assets
|
|
|
|
9,949
|
47,193
|
|
|
Mines under
development
|
|
|
|
39,835
|
-
|
|
|
Producing properties
and mines under development
|
|
|
|
45,273
|
41,907
|
|
|
Plant and
equipment
|
|
|
|
34,317
|
36,144
|
|
|
Reclamation
deposits
|
|
|
|
7,759
|
7,736
|
|
|
Restricted
cash
|
|
|
|
2,496
|
2,397
|
|
|
Deferred tax
assets
|
|
|
|
19,559
|
22,809
|
|
|
Other
assets
|
|
|
|
272
|
210
|
|
|
|
|
|
|
|
$
|
198,406
|
$
|
191,553
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and
other liabilities
|
|
|
|
$
|
11,996
|
$
|
13,094
|
|
|
|
Employee-related
liabilities
|
|
|
|
5,106
|
4,954
|
|
|
|
Royalties
payable
|
|
|
|
1,138
|
1,220
|
|
|
|
Provisions
|
|
|
|
250
|
250
|
|
|
|
Derivative
liabilities
|
|
|
|
654
|
501
|
|
|
|
Current portion of
long-term debt
|
|
|
|
2,385
|
2,579
|
|
|
|
Current portion of
asset retirement obligations
|
|
|
|
256
|
925
|
|
|
|
|
|
|
|
21,785
|
23,523
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
344
|
1,284
|
|
|
Asset retirement
obligations
|
|
|
|
8,315
|
7,950
|
|
|
Deferred tax
liabilities
|
|
|
|
5,432
|
3,226
|
|
|
|
|
|
|
|
35,876
|
35,983
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
|
98,569
|
98,575
|
|
|
|
Contributed
surplus
|
|
|
|
21,358
|
21,157
|
|
|
|
Stock
options
|
|
|
|
3,975
|
3,986
|
|
|
|
Retained
earnings
|
|
|
|
38,508
|
31,962
|
|
|
|
Accumulated other
comprehensive income (loss)
|
|
|
|
120
|
(110)
|
|
|
|
|
|
|
|
162,530
|
155,570
|
|
|
|
|
|
|
|
$
|
198,406
|
$
|
191,553
|
|
|
|
|
|
|
|
|
|
|
SOURCE St Andrew Goldfields Ltd.