SAS reports 2015 third quarter results, increases production guidance to 100,000-110,000 oz, and lowers its mine cash cost guidance to US$630-680 per oz
TORONTO, Nov. 10, 2015 /CNW/ - St Andrew Goldfields Ltd. (T-SAS), ("SAS" or the "Company") reports $8.7 million or $0.02 per share, in operating cash flow for Q3 2015, after a $5.3 million working capital adjustment for the ore stockpile at Taylor. Net income attributable to shareholders for Q3 2015 was $2.3 million or $0.01 per share, as compared to a net loss of $7.5 million, or $0.02 per share basis, in Q3 2014. Excluding marked-to-market adjustments on derivative financial instruments, adjusted net earnings (1) for Q3 2015 was $3.2 million or $0.01 per share as compared $1.6 million or nil, on a per share basis for Q3 2014.Q3 2015 HIGHLIGHTS
Gold production – Produced 23,317 ounces of gold from Holt and Holloway (10% increase from Q3 2014 for the two mines); and on track to meet the top end of the Company's 2015 production guidance.
Gold sold - Sold 23,621 ounces of gold at an average realized price (1) of US$1,122 per ounce for revenues of $34.8 million (14% increase from Q3 2014).
Total cash cost per ounce of gold sold (1) – US$687 per ounce (20% decrease from Q3 2014). Mine site cash cost of US$591 (1) per ounce for Q3 2015 and US$613 per ounce for year-to-date are 21% and 18% respectively, below the lower end of the Company's mine cash cost guidance of between US$750 and US$800 per ounce.
All-in sustaining cost (AISC) (1) – US$901 per ounce of gold sold (15% or US$159 per ounce decrease from Q3 2014).
Cash margin from operations (1) - $13.6 million ($3.5 million or 34% increase from Q3 2014).
Operating cash flow - $8.7 million or $0.02 per share, after a $5.3 million working capital adjustment for Taylor stockpile inventory, as compared to $8.4 million generated in Q3 2014.
OUTLOOK FOR 2015
As a result of achieving commercial production at the Taylor Mine, the Company has revised its 2015 production guidance for Holt, Holloway, and Taylor to between 100,000 – 110,000 ounces of gold at a revised mine cash costs target of between US$630-US$680 per ounce of gold sold (1).
Throughout 2015, SAS has been focused on bringing Taylor into commercial production 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 Wednesday, November 11, 2015 at 2:00PM EST to discuss the third 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 and Financial Review
Gold production and sales volume in Q3 2015 were 9% higher than Q3 2014 due to an improvement in ore grade at both Holt and Holloway. Gold sales revenue, despite a US$153 per ounce or 12% decrease in spot gold price, increased by 14% from Q3 2014. For Q3 2015, cash margin from mine operations increased by $3.5 million of 34% from the same period in 2014 primarily due to the strong US dollar relative to the Canadian dollar, which led to the increase in revenue, while mine cash operating costs for the quarter were kept at optimal levels.
Taylor Mine Development
During Q3 2015, the Company completed the transition of phasing out contracting operations for Taylor. In the quarter, the Company added 60 employees and procured $6.2 million of mining equipment with the objective of bringing Taylor to production capacity by the end of 2015. Also in the quarter, the Company substantially finalized all permitting work for the production closure plan, which was accepted by the regulatory agencies in early November 2015. The Company declared commercial production at Taylor on November 5, 2015.
Exploration Programs
Exploration activities during Q3 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 Q3 2015, SAS drilled a total of 16,500 metres ("m") of surface core and an additional 1,000 m of underground drilling. The majority of surface drilling activities were focused on Phase 2 evaluation of Zone 4 West Extension on the Holt property. At Holloway, surface drilling targeted both the down-dip extension of Blacktop mineralization and near surface mineralization encountered in recent trenching on the Holloway West property. At Taylor, surface drilling continued to target strike and dip extensions of the 1004 and 1003 mineralized lenses, the Shaft zone at depth and explore for mineralization situated in the footwall (north) of the Porcupine Destor Fault Zone ("PDFZ"). The majority of the underground drilling took place on the 925m Level at Holt targeting the Zone 6 extension, and on the 845m Sublevel at Holloway to evaluate the easterly strike potential of Smoke Deep. At Taylor, a select number of underground definition drill holes were extended north to test for mineralization associated with the Porcupine Destor Fault Zone and the1003 lens.
Capital Resources
Net cash flow (1) in Q3 2015 was an outflow of $2.2 million as compared to a cash inflow of $1.4 million in Q3 2014, primarily resulting from increased preproduction activities at Taylor. Working capital at the end of quarter was $12.8 million, an increase of $3.2 million from working capital of $9.6 million at the end of 2014. The Company maintained a cash position of $22.3 million at the end of the quarter and also has a US$10.0 million revolving credit facility available for additional liquidity. In conjunction with the expected cash flows from operations, the Company is well positioned to finance its planned sustaining capital programs and to conduct its planned exploration programs for Q4 2015 and beyond.
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 2015 | July 1, 2015 – September 30, 2015 | Q3 2014 | July 1, 2014 – September 30, 2014 |
| Q4 2014 | October 1, 2014 - December 31, 2014 | Q4 2013 | October 1, 2013 - December 31, 2013 |
| YTD 2015 | January 1, 2015 – September 30, 2015 | YTD 2014 | January 1, 2014 – September 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 19 – 23 of the Company's Q3 2015 Management's Discussion and Analysis ("Q3 2015 MD&A") for a discussion and the reconciliation of these non-GAAP measurements to reported financial information per the unaudited Condensed Interim Financial Statements for the three months and nine months ended September 30, 2015.
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 Q3 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 nine months ended September 30, 2015, can be found on pages 14 – 16 of this press release.
To review the complete unaudited Condensed Interim Financial Statements and the Q3 2015 MD&A, 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, Holloway and Taylor mines. The Company is conducting various exploration programs across 120km of land straddling the PDFZ.
| Keyvan Salehi, P. Eng., MBA VP, Corporate Development and Technical Services ksalehi@sasgoldmines.com | |||
| Duncan Middlemiss, P. Eng. President & CEO dmiddlemiss@sasgoldmines.com | Ben Au CFO, VP Finance & Administration bau@sasgoldmines.com | ||
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 contribution of Taylor to production in 2015; 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 | Q3 2015 | Q3 2014 | YTD 2015 | YTD 2014 | |||||
| SAS Operating Results | |||||||||
| Gold production (ounces)2 | 23,317 | 21,166 | 70,578 | 68,033 | |||||
| Commercial gold production sold (ounces)2 | 23,621 | 21,728 | 71,891 | 68,078 | |||||
| Per ounce data (US$) | |||||||||
| Average realized price(1) | $ | 1,122 | $ | 1,275 | $ | 1,179 | $ | 1,285 | |
| Mine cash costs | $ | 591 | $ | 742 | $ | 613 | $ | 748 | |
| Royalty costs | $ | 96 | $ | 116 | $ | 101 | $ | 114 | |
| Total cash cost (1) | $ | 687 | $ | 858 | $ | 714 | $ | 862 | |
| Cash margin(1) | $ | 435 | $ | 417 | $ | 465 | $ | 423 | |
| All-in sustaining costs (1) | $ | 901 | $ | 1,060 | $ | 934 | $ | 1,083 | |
| SAS Financial Results | |||||||||
| Gold sales and total revenue (3) | $ | 36,023 | $ | 31,660 | $ | 109,249 | $ | 97,075 | |
| Cash margin from mine operations (1) | $ | 13,576 | $ | 10,125 | $ | 41,326 | $ | 31,348 | |
| Net income (loss) | $ | 2,274 | $ | (7,495) | $ | 8,820 | $ | (8,748) | |
| Adjusted net earnings (loss) (1) | $ | 3,164 | $ | 1,635 | $ | 10,079 | $ | (414) | |
| Operating cash flow | $ | 8,719 | $ | 8,355 | $ | 27,443 | $ | 23,284 | |
| Net cash flow (1) | $ | (2,157) | $ | 1,412 | $ | 4,454 | $ | 246 | |
| Per share information: | |||||||||
| Basic and diluted income (loss) | $ | 0.01 | $ | (0.02) | $ | 0.02 | $ | (0.02) | |
| Adjusted net earnings (loss) (1) | $ | 0.01 | $ | 0.00 | $ | 0.03 | $ | 0.00 | |
| Operating cash flow (1) | $ | 0.04 | $ | 0.02 | $ | 0.09 | $ | 0.06 | |
| September 30, | December 31, | ||||||||
| SAS Financial Position | |||||||||
| Cash and cash equivalents | $ | 22,267 | $ | 21,485 | |||||
| Working capital | $ | 12,771 | $ | 9,634 | |||||
| Total assets | $ | 211,159 | $ | 191,553 | |||||
| Total non-current financial liabilities | $ | 4,024 | $ | 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, and 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 3,055 ounces (none in YTD 2014 of gold poured from processing 11,556 tonnes of material extracted from Taylor during its exploration stage. |
| (3) | Gold sales and total revenue includes $1.2 million of toll milling revenue earned in Q3 2015 and $3.3 million in YTD 2015 ($1.2 million in Q3 2014 and $1.5 million in YTD 2014). |
Operating and Financial Statistics – Holt Mine
| Amounts in thousands of Canadian dollars, except per unit amounts | Q3 2015 | Q3 2014 | Q2 2015 | YTD 2015 | YTD 2014 | |||||||
| Tonnes milled | 107,552 | 101,826 | 106,026 | 322,344 | 321,387 | |||||||
| Head grade (g/t Au) | 5.06 | 4.82 | 4.91 | 4.94 | 4.87 | |||||||
| Average mill recovery | 94.8% | 95.5% | 95.4% | 95.1% | 94.7% | |||||||
| Gold produced (ounces) | 16,597 | 15,087 | 15,951 | 48,700 | 47,724 | |||||||
| Commercial gold production sold (ounces) | 16,098 | 15,400 | 16,201 | 48,945 | 47,450 | |||||||
| Gold sales revenue | $ | 23,731 | $ | 21,572 | $ | 23,909 | $ | 72,138 | $ | 66,634 | ||
| Cash margin from mine operations (1) | $ | 9,930 | $ | 8,191 | $ | 10,010 | $ | 30,148 | $ | 27,419 | ||
| Mine site cost per tonne milled (1) | $ | 112 | $ | 108 | $ | 108 | $ | 109 | $ | 103 | ||
| Total cash cost per ounce of gold sold (US dollars) (1) | ||||||||||||
| Mine cash costs * | $ | 550 | $ | 669 | $ | 592 | $ | 570 | $ | 625 | ||
| Royalty costs | $ | 104 | $ | 129 | $ | 106 | $ | 110 | $ | 130 | ||
| Total cash cost per ounce of gold sold (US dollars) (1) | $ | 654 | $ | 798 | $ | 698 | $ | 680 | $ | 755 | ||
| Capital expenditures | $ | 3,766 | $ | 2,699 | $ | 3,710 | $ | 11,693 | $ | 10,379 | ||
| Depreciation and depletion expense | $ | 2,825 | $ | 3,299 | $ | 2,884 | $ | 8,816 | $ | 8,842 | ||
| * 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 | Q3 2015 | Q3 2014 | Q2 2015 | YTD 2015 | YTD 2014 | ||||||
| Tonnes milled | 43,873 | 47,651 | 49,856 | 139,346 | 131,565 | ||||||
| Head grade (g/t Au) | 5.28 | 4.27 | 5.15 | 5.33 | 4.17 | ||||||
| Average mill recovery | 90.2% | 91.8% | 91.9% | 91.6% | 91.0% | ||||||
| Gold produced (ounces) | 6,720 | 5,999 | 7,582 | 21,877 | 16,046 | ||||||
| Commercial gold production sold (ounces) | 7,523 | 5,356 | 7,118 | 22,945 | 15,688 | ||||||
| Gold sales revenue | $ | 11,079 | $ | 7,518 | $ | 10,492 | $ | 33,828 | $ | 22,035 | |
| Cash margin from mine operations (1) | $ | 3,647 | $ | 1,606 | $ | 3,197 | $ | 11,178 | $ | 3,278 | |
| Mine site cost per tonne milled (1) | $ | 147 | $ | 119 | $ | 132 | $ | 143 | $ | 131 | |
| Total cash cost per ounce of gold sold (US dollars) (1) | |||||||||||
| Mine cash costs * | $ | 677 | $ | 915 | $ | 755 | $ | 701 | $ | 991 | |
| Royalty costs | $ | 77 | $ | 99 | $ | 79 | $ | 82 | $ | 101 | |
| Total cash cost per ounce of gold sold (US dollars) (1) | $ | 754 | $ | 1,014 | $ | 834 | $ | 783 | $ | 1,092 | |
| Capital expenditures | $ | 593 | $ | 290 | $ | 231 | $ | 1,055 | $ | 810 | |
| Depreciation and depletion expense | $ | 229 | $ | 625 | $ | 266 | $ | 1,069 | $ | 11,216 | |
| * 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 September 30, | Nine months ended September 30, | |||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||
| Revenue | ||||||||||
| Gold sales | $ | 34,810 | $ | 30,430 | $ | 105,966 | $ | 95,576 | ||
| Toll milling | 1,213 | 1,230 | 3,283 | 1,499 | ||||||
| 36,023 | 31,660 | 109,249 | 97,075 | |||||||
| Operating costs and expenses: | ||||||||||
| Mine site operating | 19,486 | 18,800 | 58,741 | 57,217 | ||||||
| Production royalty | 2,961 | 2,735 | 9,182 | 8,510 | ||||||
| Site maintenance | 30 | 21 | 132 | 29 | ||||||
| Exploration | 2,831 | 1,380 | 6,645 | 3,808 | ||||||
| Corporate administration | 1,491 | 1,210 | 5,208 | 3,974 | ||||||
| Depreciation and depletion | 3,108 | 4,243 | 10,192 | 21,033 | ||||||
| Loss on disposal of fixed assets | - | (4) | - | 145 | ||||||
| Impairment loss | - | 13,110 | - | 13,110 | ||||||
| 29,907 | 41,495 | 90,100 | 107,826 | |||||||
| Operating income (loss) | 6,116 | (9,835) | 19,149 | (10,751) | ||||||
| Finance costs | 162 | 253 | 688 | 1,222 | ||||||
| Mark-to-market (gain) loss on gold-linked liabilities | 121 | (116) | 236 | 284 | ||||||
| Mark-to-market (gain) loss on foreign currency derivatives | 1,066 | 280 | 1,443 | (603) | ||||||
| Foreign exchange (gain) loss | 572 | 44 | 773 | 1,285 | ||||||
| Finance income and other | (55) | (1,147) | (187) | (2,087) | ||||||
| 1,866 | (686) | 2,953 | 101 | |||||||
| Income (loss) before taxes | 4,250 | (9,149) | 16,196 | (10,852) | ||||||
| Net deferred tax expense (recovery) | 1,976 | (1,654) | 7,376 | (2,104) | ||||||
| Net income (loss) attributable to shareholders | $ | 2,274 | $ | (7,495) | $ | 8,820 | $ | (8,748) | ||
| Other comprehensive income (loss) | ||||||||||
| Unrealized gain (loss) on available-for-sale investments | (4) | 32 | 58 | 147 | ||||||
| Unrealized loss on derivatives designated as cash flow | (46) | (29) | 122 | 75 | ||||||
| (50) | 3 | 180 | 222 | |||||||
| Comprehensive income (loss) for the period | $ | 2,224 | $ | (7,492) | $ | 9,000 | $ | (8,526) | ||
| Basic and diluted income (loss) per share | $ | 0.01 | $ | (0.02) | $ | 0.02 | $ | (0.02) | ||
| Weighted average number of shares outstanding (000's) | ||||||||||
| Basic | 368,274 | 368,296 | 368,274 | 368,296 | ||||||
| Diluted | 368,300 | 368,296 | 368,304 | 368,296 | ||||||
Statements of Cash Flows (unaudited)
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars
| Three months ended September 30, | Nine months ended September 30, | ||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||
| Operating activities: | |||||||||||
| Net income (loss) for the period | $ | 2,274 | $ | (7,495) | $ | 8,820 | $ | (8,748) | |||
| Items not affecting cash: | |||||||||||
| Net deferred tax expense (recovery) | 1,976 | (1,654) | 7,376 | (2,104) | |||||||
| Mark-to-market loss on gold-linked liabilities | 121 | (116) | 236 | 284 | |||||||
| Non-cash interest | 92 | 206 | 528 | 973 | |||||||
| Mark-to-market loss on foreign currency derivatives | 1,066 | 280 | 1,443 | (603) | |||||||
| Depreciation and depletion | 3,108 | 4,243 | 10,192 | 21,033 | |||||||
| Impairment loss | - | 13,110 | - | 13,110 | |||||||
| Loss (gain) on disposal of fixed assets | - | (4) | - | 145 | |||||||
| Net change in provision | - | - | - | (777) | |||||||
| Share-based payments | 59 | 82 | 243 | 272 | |||||||
| Net change in non-cash operating working capital and other | 61 | (273) | (1,303) | (129) | |||||||
| Interest paid | (38) | (24) | (92) | (172) | |||||||
| Cash provided by operating activities | 8,719 | 8,355 | 27,443 | 23,284 | |||||||
| Investing activities: | |||||||||||
| Additions to exploration and evaluation assets | - | (4,576) | (14) | (12,686) | |||||||
| Mine development expenditures | (6,443) | (1,782) | (15,390) | (6,392) | |||||||
| Additions to plant and equipment | (1,927) | (1,815) | (4,103) | (5,737) | |||||||
| Amounts payable on capital additions | (1,463) | 1,242 | (2,317) | 1,737 | |||||||
| Reclamation costs and other | (7) | (17) | (30) | (50) | |||||||
| Proceeds on disposal of fixed assets | - | 5 | - | 90 | |||||||
| Cash collateralized for banking facilities | (1,036) | - | (1,135) | - | |||||||
| Cash used in investing activities | (10,876) | (6,943) | (22,989) | (23,038) | |||||||
| Financing activities: | |||||||||||
| Advance royalty payments | (1,940) | - | (2,839) | (708) | |||||||
| Capital lease payments | (619) | (265) | (1,164) | (805) | |||||||
| Repayment of term credit facility | - | - | - | (9,815) | |||||||
| Cash used in financing activities | (2,559) | (265) | (4,003) | (11,328) | |||||||
| Effects of exchange rate changes on cash and cash equivalents | 178 | (34) | 331 | (1,432) | |||||||
| Increase (decrease) in cash and cash equivalents | (4,538) | 1,113 | 782 | (12,514) | |||||||
| Cash and cash equivalents, beginning of period | 26,805 | 20,063 | 21,485 | 33,690 | |||||||
| Cash and cash equivalents, end of period | $ | 22,267 | $ | 21,176 | $ | 22,267 | $ | 21,176 | |||
Balance Sheet
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars
| September 30, 2015 | December 31, 2014 | |||||||
| Unaudited | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,267 | $ | 21,485 | ||||
| Accounts receivable | 1,788 | 1,220 | ||||||
| Inventories | 15,020 | 10,128 | ||||||
| Prepayments and other assets | 740 | 324 | ||||||
| 39,815 | 33,157 | |||||||
| Exploration and evaluation assets | 9,949 | 47,193 | ||||||
| Mines under development | 43,589 | - | ||||||
| Producing properties and mines under development | 47,219 | 41,907 | ||||||
| Plant and equipment | 40,525 | 36,144 | ||||||
| Reclamation deposits | 7,388 | 7,736 | ||||||
| Restricted cash | 3,910 | 2,397 | ||||||
| Deferred tax assets | 18,495 | 22,809 | ||||||
| Other assets | 269 | 210 | ||||||
| $ | 211,159 | $ | 191,553 | |||||
| Liabilities and Shareholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and other liabilities | $ | 15,746 | $ | 13,094 | ||||
| Employee-related liabilities | 5,457 | 4,954 | ||||||
| Royalties payable | 988 | 1,220 | ||||||
| Provisions | 250 | 250 | ||||||
| Derivative liabilities | 1,782 | 501 | ||||||
| Current portion of long-term debt | 2,512 | 2,579 | ||||||
| Current portion of asset retirement obligations | 309 | 925 | ||||||
| 27,044 | 23,523 | |||||||
| Long-term debt | 4,024 | 1,284 | ||||||
| Asset retirement obligations | 8,950 | 7,950 | ||||||
| Deferred tax liabilities | 6,328 | 3,226 | ||||||
| 46,346 | 35,983 | |||||||
| Shareholders' equity: | ||||||||
| Share capital | 98,569 | 98,575 | ||||||
| Contributed surplus | 21,358 | 21,157 | ||||||
| Stock options | 4,034 | 3,986 | ||||||
| Retained earnings | 40,782 | 31,962 | ||||||
| Accumulated other comprehensive income (loss) | 70 | (110) | ||||||
| 164,813 | 155,570 | |||||||
| $ | 211,159 | $ | 191,553 | |||||
All dollar amounts are stated in Canadian dollars, unless otherwise indicated
SOURCE St Andrew Goldfields Ltd.
Contact
about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855
Fax: (416) 815-9437
Website: www.sasgoldmines.com