SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2015
Commission File Number: 001-31956
Claude Resources Inc.
(Name of Registrant)
200 - 219 Robin Crescent, Saskatoon, SK, S7L
6M8
(Address of Principal Executive Office)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F *
Form 40-F þ
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): *
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): *
Indicate by check mark whether by furnishing
the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes *
No þ
If "Yes" is marked, indicate below the
file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
| Claude Resources Inc. |
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| (Registrant) |
|
| |
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| By: /s/ Rick Johnson |
|
| Name: Rick Johnson, CPA, CA |
|
| Title: Chief Financial Officer |
Date: August 13, 2015
EXHIBIT INDEX
| Exhibit |
Description |
| |
|
| 99.1 |
News Release Dated August 13, 2015 - Claude Generates Record Quarterly Earnings of $10.2 Million in Q2 |
Exhibit 99.1
Claude Generates Record Quarterly Earnings of $10.2 Million in
Q2
Trading Symbols: TSX: CRJ; OTCQB: CLGRF
(All dollar amounts are in Canadian dollars unless stated
otherwise)
Highlights:
| · | 2015 gold production guidance increased to 68,000 to 72,000 ounces |
| · | Q2 2015 gold production of 20,619 ounces, a 10% increase over Q2 2014
|
| · | Q2 2015 total cash cost per ounce of gold sold (1) of $623
(U.S. $507), a 17% decrease from Q2 2014 |
| · | Q2 2015 all-in sustaining cost per ounce of gold sold (1)
of $954 (U.S. $776), a 10% decrease from Q2 2014 |
| · | Q2 2015 mill head grade of 8.88 grams of gold per tonne, a 15% increase
over Q2 2014 |
| · | H1 2015 gold production of 41,686 ounces, a 39% increase over H1 2014
and a new six month record |
| · | Increased cash and bullion (2) to $20.9 million which exceeds
long-term debt |
| · | Santoy Gap deposit advancing ahead of schedule and on pace to achieve
500 tonnes per day |
SASKATOON, Aug. 13, 2015 /CNW/ - Claude Resources
Inc. ("Claude" and or the "Company") today reported that record second quarter net earnings of $10.2 million
($0.05 per share) were a $6.9 million improvement from net earnings of $3.3 million ($0.02 per share) for the same period in 2014.
Year to date, net earnings of $15.4 million ($0.08 per share) were a $17.2 million improvement over the net loss of $1.8 million
($0.01 per share) reported during the first half of 2014. The improvement in financial performance period over period and
year to date was due to increased ounces produced and sold along with higher realized Canadian dollar gold prices.
"Our strong first half production performance and cost
control has allowed the Company to continue to generate free cash flow at current gold prices," stated Brian Skanderbeg, President
and Chief Executive Officer. "Our outlook for 2015 is on pace to set new production records, decrease unit costs, generate
free cash flow and to strengthen the balance sheet. By achieving the midpoint of our updated production guidance, remaining on
budget with our costs and realizing similar gold prices for the remainder of the year, we expect to yield strong annual free cash
flow margins in 2015, positioning the Company to deliver continued shareholder value."
Financial Review
Second quarter gold revenue of $29.7 million was 20% higher than the $24.7 million reported in the comparable period in 2014. The
increase was related to a 16% increase in gold sales volume (Q2 2015 – 20,534 ounces; Q2 2014 – 17,690 ounces) and
a 4% increase in Canadian dollar gold prices realized per ounce. Year to date, gold revenue of $55.9 million increased 39% from
the first half of 2014, a reflection of a 33% increase in gold sales volume (YTD 2015 – 37,860 ounces; YTD 2014 – 28,555
ounces) and a 5% increase in Canadian dollar gold prices realized.
Strong operating performance and higher grades reduced total
cash cost per ounce of gold sold (1), inclusive of royalty costs, by 17% to $623 (U.S. $507) for the quarter and by
23% to $647 (U.S. $524) for the first six months of 2015. All-in sustaining cost per ounce of gold sold (1) also
benefited from similar drivers along with lower development costs from the Alimak mining method. All-in sustaining cost per
ounce of gold sold (1) decreased by 10% to $954 (U.S. $776) during the quarter and by 18% to $1,146 (U.S. $928) for
the first six months of 2015.
Cash flow from operations before net changes in non-cash operating
working capital (1) of $15.6 million ($0.08 per share) was up significantly from the $9.9 million ($0.05 per share)
reported in the second quarter of 2014. Year to date, cash flow from operations before net changes in non-cash operating working
capital (1) of $24.9 million ($0.13 per share) more than doubled the $11.6 million ($0.06 per share) reported during
the first half of 2014. The strong financial performance year to date has allowed the Company to reduce long-term debt by $1.8
million and to increase our cash and bullion (2) position to $20.9 million from $11.2 million at December 31, 2014.
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| Financial Highlights |
Q2
2015 |
Q2
2014 |
Change |
YTD
2015 |
YTD
2014 |
Change |
| |
|
|
|
|
|
|
| Revenue (000's) |
$29,739 |
$24,718 |
20% |
$55,922 |
$40,342 |
39% |
| Production costs (000's) |
$11,910 |
$12,594 |
(5%) |
$22,640 |
$23,222 |
(3%) |
| Cash flow from operations* (000's) (1) |
$15,645 |
$9,863 |
59% |
$24,913 |
$11,647 |
114% |
| Cash flow from operations* per share (1) |
$0.08 |
$0.05 |
60% |
$0.13 |
$0.06 |
117% |
| Net earnings (loss) (000's) |
$10,245 |
$3,327 |
208% |
$15,367 |
($1,784) |
961% |
| Earnings (loss) per share (basic and diluted) |
$0.05 |
$0.02 |
150% |
$0.08 |
($0.01) |
900% |
| Average realized price per ounce |
$1,448 |
$1,397 |
4% |
$1,477 |
$1,413 |
5% |
| Average realized price per ounce (U.S.$) |
$1,178 |
$1,282 |
(8%) |
$1,196 |
$1,288 |
(7%) |
| Total cash cost per ounce (1) |
$623 |
$753 |
(17%) |
$647 |
$841 |
(23%) |
| Total cash cost per ounce (U.S.$) (1) |
$507 |
$691 |
(27%) |
$524 |
$767 |
(32%) |
| All-in sustaining cost per ounce (1) |
$954 |
$1,065 |
(10%) |
$1,146 |
$1,390 |
(18%) |
| All-in sustaining cost per ounce (U.S.$) (1) |
$776 |
$977 |
(21%) |
$928 |
$1,267 |
(27%) |
| *Cash flow from operations before net changes in non-cash operating working capital. |
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Operations Review
Second quarter gold production of 20,619 ounces was 10% higher than the same period in 2014 – a product of higher ore
grades averaging 8.88 grams of gold per tonne and strong recovery rates of 96.5%, partially offset by lower mill throughput. Year
to date, total gold production of 41,686 ounces was a new six month production record. The 39% increase in gold production from
the same period in 2014 was driven by a 39% increase in grade, positive reconciliation on grade and ounces from the mine plan at
both the L62 and Santoy Gap deposits and the replacement of the lower grade Santoy 8 ore with higher grade Santoy Gap ore.
For the first six months of 2015, the Santoy Gap deposit has increased overall head grades at the Santoy Mine Complex by 86% and
combined with a 47% increase in mill throughput, has improved gold ounces produced by 177% - demonstrating its high grade nature
and significance to our future production profile. Over the last four quarters, the Company has produced 74,584 ounces of gold.
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| Production Highlights |
Q2
2015 |
Q2
2014 |
Change |
YTD
2015 |
YTD
2014 |
Change |
| Santoy Mine Complex |
|
|
|
|
|
|
| |
Tonnes milled |
41,717 |
27,450 |
52% |
80,614 |
54,784 |
47% |
| |
Head grade (grams per tonne) |
8.96 |
5.65 |
59% |
8.65 |
4.66 |
86% |
| |
Ounces produced |
11,603 |
4,742 |
145% |
21,585 |
7,801 |
177% |
| Seabee Gold Mine |
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|
|
|
|
|
| |
Tonnes milled |
33,064 |
52,296 |
(37%) |
61,416 |
89,332 |
(31%) |
| |
Head grade (grams per tonne) |
8.79 |
8.77 |
- |
10.60 |
8.17 |
30% |
| |
Ounces produced |
9,016 |
14,000 |
(36%) |
20,101 |
22,285 |
(10%) |
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|
| Total tonnes milled |
74,781 |
79,746 |
(6%) |
142,030 |
144,116 |
(1%) |
| Average head grade (grams per tonne) |
8.88 |
7.70 |
15% |
9.49 |
6.83 |
39% |
| Recovery (%) |
96.5 |
95.0 |
2% |
96.2 |
95.0 |
1% |
| Total gold produced (ounces) |
20,619 |
18,742 |
10% |
41,686 |
30,086 |
39% |
| Total gold sold (ounces) |
20,534 |
17,690 |
16% |
37,860 |
28,555 |
33% |
Outlook
Based on our record operating performance, the Company has increased its 2015 production guidance at the Seabee Gold Operation
to 68,000 to 72,000 ounces of gold (previously 60,000 – 65,000 ounces). With the increase in production guidance and our
ability to remain on budget, unit cash costs and all-in sustaining costs are estimated to be 6% lower than original guidance.
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Revised 2015
Guidance |
Previous 2015
Guidance |
Variance
(oz)* |
Variance
(%)* |
| Gold production |
68,000 – 72,000 |
60,000 – 65,000 |
7,500 |
12% |
| Total cash cost per ounce (1) |
$730 - $800 |
$785 - $850 |
($53) |
(6%) |
| Total cash cost per ounce (U.S.$) (1) (3) |
$580 - $635 |
|
|
|
| All-in sustaining cost per ounce (1) |
$1,100 - $1,200 |
$1,175 - $1,275 |
($75) |
(6%) |
| All-in sustaining cost per ounce (U.S.$) (1) (3) |
$875 - $950 |
|
|
|
| *At mid-point of guidance. |
For the remainder of the year, production and financial performance
is expected to remain strong with mill throughput to average 800 tonnes per day while grades are expected to be more in-line with
mineral reserve grades. The Santoy Gap ended the second quarter ahead of schedule by producing on average 458 tonnes per day and
will continue to decrease production risk with the addition of multiple long-hole mining fronts. By year-end, we expect the Santoy
Gap deposit to play an increasing role in our future production profile by producing on average over 500 tonnes per day. Infrastructure
upgrades are ongoing to further increase the production rate to 600 to 700 tonnes per day in 2016.
The 2015 exploration program at the Santoy Mine Complex, consisting
of approximately 6,000 metres, is advancing with the development of a drill chamber to test depth extensions. The drill chamber
is anticipated to be complete near the end of the third quarter, at which time drilling will commence. At the Seabee Gold Mine,
the 10,000 metre underground drill program has begun testing seven high priority near mine targets. Results from the Seabee Gold
Mine underground program are expected in the third and fourth quarters while results from the Santoy Mine Complex are expected
later in the year.
Conference Call and Webcast
We invite you to join our conference call and webcast today
at 11:00 AM Eastern Time.
To participate in the conference call please dial 1-888-231-8191
or 1-647-427-7450. A replay of the conference call will be available until August 20, 2015 by calling 1-855-859-2056 and
entering the pass code 95997193.
To view and listen to the webcast please use the following
URL in your web browser: http://event.on24.com/r.htm?e=1029307&s=1&k=C8EDEB40CECE766CB077A051B173B0FB
A copy of Claude's Q2 2015 Management's Discussion & Analysis,
Financial Statements and Notes thereto (unaudited) can be viewed at www.clauderesources.com. Further information relating
to Claude Resources Inc. has been filed on SEDAR and EDGAR and may be viewed at www.sedar.com or www.sec.gov.
Claude Resources Inc. is a public gold exploration
and mining company based in Saskatoon, Saskatchewan, with an asset base located entirely in Canada. Its shares trade on the Toronto
Stock Exchange (TSX: CRJ) and the OTCQB (OTCQB: CLGRF). Since 1991, Claude has produced over 1,000,000 ounces of gold from its
Seabee Gold Operation in northeastern Saskatchewan. The Company also owns 100 percent of the Amisk Gold Project in northeastern
Saskatchewan.
Footnotes
| (1) |
See description and reconciliation of non-IFRS financial measures in the "Non-IFRS Financial Measures and Reconciliations" section in the Company's Q2 2015 MD&A available on the Company's website at www.clauderesources.com or on www.sedar.com or www.sec.gov |
| (2) |
Cash and bullion relates to current cash on hand of $16.8 million and $4.1 million of bullion (gold poured in dore bars which has not yet been sold and is valued at market prices) |
| (3) |
Forecast uses a foreign exchange rate assumption of $1.26 CDN$/U.S.$ |
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact,
contained or incorporated by reference in this news release and constitute "forward-looking information" within
the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking
statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves
and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production,
capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines,
currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation
thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved" or the negative
connotation thereof.
All forward-looking statements are based on various assumptions,
including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company
will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient
labour, and that the political environment within Canada will continue to support the development of mining projects in Canada.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Claude
to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
actual results of current exploration activities; environmental risks; future prices of gold; possible variations in ore reserves,
grade or recovery rates; mine development and operating risks; accidents, labour issues and other risks of the mining industry;
delays in obtaining government approvals or financing or in the completion of development or construction activities; and other
risks and uncertainties, including but not limited to those discussed in the section entitled "Business Risk" in the
Company's Annual Information Form. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although Claude has attempted to identify important factors
that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as
of the date of this news release and accordingly, are subject to change after such date. Except as otherwise indicated by
Claude, these statements do not reflect the potential impact of any non-recurring or other special items that may occur after the
date hereof. Forward-looking statements are provided for the purpose of providing information about management's current
expectations and plans and allowing investors and others to get a better understanding of our operating environment.
Claude does not undertake to update any forward-looking statements
that are incorporated by reference herein, except in accordance with applicable securities laws.
CAUTIONARY NOTE TO US INVESTORS CONCERNING RESOURCES ESTIMATES
The resource estimates in this document 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"). In this
document, we use the terms "measured", "indicated" and "inferred" resources. Although these terms
are recognized and required in Canada, the SEC does not recognize them. The SEC permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that constitute "reserves". Under United States standards, mineralization
may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally
extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured
or indicated resource will ever be converted into "reserves". Further, "inferred resources" have a great amount
of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should
not assume that "inferred resources" exist or can be legally or economically mined, or that they will ever be upgraded
to a more certain category.
SOURCE Claude Resources Inc.
%CIK: 0001173924
For further information: Brian Skanderbeg, President &
CEO, Phone: (306) 668-7505, or Marc Lepage, Manager, Investor Relations, Phone: (306) 668-7501, Email: ir@clauderesources.com,
Website: www.clauderesources.com
CO: Claude Resources Inc.
CNW 08:00e 13-AUG-15