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 November 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 |
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Name: Rick Johnson, CPA, CA |
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Title: Chief Financial Officer |
Date: November 5, 2015
EXHIBIT INDEX
Exhibit |
Description |
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99.1 |
News Release Dated November 5, 2015 - Claude Generates Third Quarter Earnings of $5.7 Million and Expects Record Gold Production in 2015 |
Exhibit 99.1
Claude Generates Third Quarter Earnings
of $5.7 Million and Expects Record Gold Production in 2015
Trading Symbols: TSX: CRJ; OTCQB: CLGRF
(All dollar amounts are in Canadian dollars
unless stated otherwise)
Highlights:
- 2015 gold production guidance increased to be between 70,000 and
75,000 ounces;
- YTD 2015 gold production of 57,408 ounces, a 13% increase over YTD
2014 and a new nine month record;
- Q3 2015 all-in sustaining cost per ounce of gold sold (1)
of $1,089 (U.S. $832), a 2% increase from Q3 2014;
- Cash and bullion (2) increased by $6.1 million to $27.0
million during Q3;
- New debt facility with Scotiabank has lowered the cost of debt to
approximately 5% from 10%; and
- Successful drill results from Santoy Gap indicate expansion up dip
and down dip of current mineral resources and initiated a 6,000 metre deep exploration drill program at the Santoy Mine Complex.
SASKATOON, Nov. 5, 2015 /CNW/ - Claude
Resources Inc. ("Claude" and or the "Company") today reported third quarter net earnings of $5.7 million
($0.03 per share) and increased cash and bullion (2) by $6.1 million to $27.0 million since the second quarter of 2015.
Year to date, net earnings of $21.0 million ($0.11 per share) were a $15.9 million improvement over the $5.1 million ($0.03 per
share) reported during the first nine months of 2014. The significant improvement in financial performance is driven by an increase
in ounces produced and sold from mining higher ore grades and continued improvement in operating efficiencies. During the quarter,
earnings were negatively impacted by a $0.8 million non-cash expense, a result of the early retirement of the Term loan with the
Company's previous lender.
"Our ability to achieve strong production
results and continue to generate free cash flow during a challenging quarter reflects the operational flexibility and strength
that we have at the Seabee Gold Operation," stated Brian Skanderbeg, President and Chief Executive Officer. "Our outlook
for 2015 has improved once again with a growing production profile and lower unit costs, a result of Santoy Gap exceeding our expectations.
We are confident that our strong production and cost performances will continue to position the Company with the financial strength
and flexibility needed to manage a volatile gold price environment and pursue growth opportunities."
Financial Review
Third quarter gold revenue of $24.5 million was slightly higher than the $24.3 million reported in the third quarter of 2014. The
increase was mainly related to a 7% increase in Canadian dollar gold prices realized per ounce and offset by a 6% decrease in gold
sales volume (Q3 2015 – 16,258 ounces; Q3 2014 – 17,578 ounces). Year to date gold revenue of $80.5 million increased
24% from the first nine months of 2014, a reflection of an 18% increase in gold sales volume (YTD 2015 – 54,388 ounces; YTD
2014 – 46,133 ounces) and a 6% increase in Canadian dollar gold prices realized from the weakening Canadian dollar.
Lower mine production costs, higher grades
and increased gold sales reduced total cash cost per ounce of gold sold (1), inclusive of royalty costs, by 8% to $677
(U.S. $517) for the quarter and by 16% to $699 (U.S. $531) for the first nine months of 2015. All-in sustaining cost per
ounce of gold sold (1) also benefited from similar drivers. All-in sustaining costs per ounce of gold sold were
up slightly to $1,089 (U.S. $832) during the quarter and for the first nine months of 2015 decreased by 11% to $1,129 (U.S. $896).
Cash flow from operations before net changes
in non-cash operating working capital (1) of $11.4 million ($0.06 per share) was up from the $10.4 million ($0.06 per
share) reported in the third quarter of 2014. Year to date, cash flow from operations before net changes in non-cash operating
working capital of $36.3 million ($0.19 per share) increased 65% from the $22.0 million ($0.12 per share) reported during
the first nine months of 2014. Year to date, the weakening of the Canadian/U.S. exchange rate had a positive $10.6 million impact
on earnings and cash flow.
Year to date, the Company's ability to continue
to generate free cash flow has resulted in a $15.8 million increase in cash and bullion (2) to $27.0 million since December
31, 2014. The strong financial performance has also allowed the Company to reduce its long-term debt by $2.3 million year to date,
to $20.3 million.
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Financial Highlights |
Q3
2015 |
Q3
2014 |
Change |
YTD
2015 |
YTD
2014 |
Change |
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Revenue (000's) |
$24,549 |
$24,323 |
1% |
$80,471 |
$64,665 |
24% |
Production costs (000's) |
$11,183 |
$12,021 |
(7%) |
$33,823 |
$35,243 |
(4%) |
Cash flow from operations* (000's) (1) |
$11,397 |
$10,368 |
10% |
$36,310 |
$22,015 |
65% |
Cash flow from operations* per share (1) |
$0.06 |
$0.06 |
- |
$0.19 |
$0.12 |
58% |
Net earnings (000's) |
$5,662 |
$6,852 |
(17%) |
$21,029 |
$5,068 |
315% |
Earnings per share (basic and diluted) |
$0.03 |
$0.04 |
(25%) |
$0.11 |
$0.03 |
267% |
Average realized price per ounce |
$1,485 |
$1,384 |
7% |
$1,480 |
$1,402 |
6% |
Average realized price per ounce (U.S.$) |
$1,135 |
$1,270 |
(11%) |
$1,174 |
$1,281 |
(8%) |
Total cash cost per ounce (1) |
$677 |
$735 |
(8%) |
$669 |
$801 |
(16%) |
Total cash cost per ounce (U.S.$) (1) |
$517 |
$675 |
(23%) |
$531 |
$732 |
(27%) |
All-in sustaining cost per ounce (1) |
$1,089 |
$1,063 |
2% |
$1,129 |
$1,265 |
(11%) |
All-in sustaining cost per ounce (U.S.$) (1) |
$832 |
$976 |
(15%) |
$896 |
$1,156 |
(22%) |
*Cash flow from operations before net changes in non-cash operating working capital. |
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Operations Review
Third quarter gold production of 15,722 ounces was strong considering the 10 days of lost underground mine production from the
precautionary shutdown due to local forest fires. During the quarter, the Santoy Gap deposit continued to ramp up ahead of
schedule and averaged 584 tonnes per day or 77% of total mill throughput.
Year to date, total gold production of 57,408
ounces was a nine month production record. The 13% increase in gold production over the same period in 2014 was driven by a 16%
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 nine months of 2015, the Santoy
Gap deposit has increased overall head grades at the Santoy Mine Complex by 46% and combined with a 53% increase in mill throughput,
has improved gold ounces produced by 125%. The Company expects the Santoy Gap deposit to play an increasing role at the Seabee
Gold Operation in 2016 and continues to make progress in developing the deposit to achieve full production rates in 2017.
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Production Highlights |
Q3
2015 |
Q3
2014 |
Change |
YTD
2015 |
YTD
2014 |
Change |
Santoy Mine Complex |
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Tonnes milled |
53,747 |
33,221 |
62% |
134,361 |
88,005 |
53% |
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Head grade (grams per tonne) |
6.92 |
6.75 |
3% |
7.96 |
5.45 |
46% |
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Ounces produced |
11,575 |
6,957 |
66% |
33,160 |
14,758 |
125% |
Seabee Gold Mine |
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Tonnes milled |
15,641 |
41,709 |
(62%) |
77,057 |
131,041 |
(41%) |
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Head grade (grams per tonne) |
8.56 |
10.57 |
(19%) |
10.18 |
8.93 |
14% |
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Ounces produced |
4,147 |
13,657 |
(70%) |
24,248 |
35,942 |
(33%) |
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Total tonnes milled |
69,388 |
74,930 |
(7%) |
211,418 |
219,046 |
(3%) |
Average head grade (grams per tonne) |
7.29 |
8.88 |
(18%) |
8.77 |
7.53 |
16% |
Recovery (%) |
96.6 |
96.4 |
- |
96.3 |
95.6 |
1% |
Total gold produced (ounces) |
15,722 |
20,614 |
(24%) |
57,408 |
50,700 |
13% |
Total gold sold (ounces) |
16,528 |
17,578 |
(6%) |
54,388 |
46,133 |
18% |
Exploration
In addition to the on-going 2015 program at Santoy Gap, the Company has initiated an additional 6,000 metre drill program to target
the plunge continuity of the Santoy 8 Deposit proximal to hole JOY-13-692, which graded 30.08 (uncut) or 22.89 (cut) grams of gold
per tonne over 5.90 metres true width (See news release May 22, 2013, "Claude Discovers Significant Extensions at the Santoy
Gap and Santoy 8 Deposits"). Drilling will test from 450 metres to 800 metres below surface with drill spacing between
50 and 100 metres. This program is of particular significance as drill testing of the continuity between the Santoy Gap and Santoy
8 deposits is limited and the inferred resources remain open along strike, down dip and down plunge.
Outlook
Based on the record operating performance to date, the Company has increased its 2015 gold production guidance at the Seabee Gold
Operation to be between 70,000 and 75,000 ounces (previously 68,000 – 72,000 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% and 3% lower than original
guidance, respectively.
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Revised 2015
Forecast |
Previous 2015
Forecast |
Variance
($/oz)* |
Variance
(%)* |
Gold production |
70,000 - 75,000 |
68,000 - 72,000 |
2,500 |
4% |
Total cash cost per ounce |
$685 - $750 |
$730 - $800 |
($48) |
(6%) |
Total cash cost per ounce (U.S.$) (4) |
$535 - $600 |
$580 - $635 |
($40) |
(7%) |
All-in sustaining cost per ounce |
$1,065 - $1,175 |
$1,100 - $1,200 |
($30) |
(3%) |
All-in sustaining cost per ounce (U.S.$) (3) |
$830 - $920 |
$875 - $950 |
($38) |
(4%) |
*At mid-point of guidance. |
Conference Call and Webcast
We invite you to join our conference call and webcast today at 2:00 PM 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 November 12, 2015 by calling
1-855-859-2056 and entering the passcode 64017914.
To view and listen to the webcast on November
5, 2015, please use the following URL in your web browser:
http://event.on24.com/r.htm?e=1079626&s=1&k=E8F4ABD5D40DFBB509CC988B0F95B1A0
A copy of Claude's Q3 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.
Brian Skanderbeg, P.Geo. and M.Sc., President
and CEO, has reviewed the contents of this news release for accuracy, and is a "qualified person" as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
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 Q3 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 $24.5 million
and $2.5 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 $1.28 CDN$/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 07:45e 05-NOV-15