Primero Mining Corp. (
“We are very proud of Primero’s success in 2012 and the results achieved by our operating team,” stated
- Record Revenues and Operating Cash Flow: Annual 2012 revenues increased by 17% over 2011 and operating cash flows(1) increased by 14% over 2011;
- Record Annual Production: Strong fourth quarter production contributed to record annual production of 111,132 gold equivalent ounces(2), within the Company’s increased guidance range(2);
- Excellent Cost Control: The Company lowered full year cash costs(3) compared to 2011;
- Strong Balance Sheet: Grew cash position to
$139.2 million atDecember 31, 2012 while significantly reducing its debt; - Positive Exploration Results: Discovered two new high-grade veins in 2012 and increased mid-year gold reserves and resources;
- Positive Tax Ruling: Substantially increasing the Company’s cash flow;
- Increased Silver Sales At Spot: Increased silver sales at spot prices in 2012 by 40% over 2011;
- San Dimas Expansion Announced: Expansion expected to increase production by approximately 60% and reduces cash costs, with a potential further expansion possible;
- Cerro Del Gallo Acquisition Announced: Expected to increase medium-term production to over 250,000 gold equivalent ounces per year and more than triples the Company’s resource base(4).
Growing Earnings and Cash Flow Per Share
Revenues in the fourth quarter of 2012 were
Operating cash flow before working capital changes increased in the fourth quarter of 2012 to
The Company earned net income of
Adjusted net income(6) for the fourth quarter was
Revenue increased to a record
Operating cash flow before working capital changes also increased to a record
The Company earned net income of
Adjusted net income for 2012 was
Record San Dimas Throughput Drives Production Increase
Primero produced 26,310 gold equivalent ounces during the fourth quarter of 2012. This resulted in record annual production (since Primero’s acquisition of
The Company produced 23,143 ounces of gold and 1.32 million ounces of silver in the fourth quarter 2012, 15% and 10% higher, respectively, than the fourth quarter 2011, due mainly to higher throughput. This resulted in the Company producing 87,900 ounces of gold and 5.13 million ounces of silver in full year 2012, 10% and 12% higher than 2011 respectively.
Production at
The Company was also successful at controlling costs, slightly lowering 2012 costs per tonne compared to 2011. Fourth quarter 2012 cash costs were
Cash Position Continues to Build
The Company’s cash position increased to
Capital expenditures during the fourth quarter were
Tax Ruling Increases Free Cash Flow
On
During 2012 the Company received
Robust Outlook for 2013
Primero expects to increase production in 2013 to between 120,000 and 130,000 gold equivalent ounces, up to 17% higher than 2012, based on higher throughput at slightly higher grades. Production is expected to ramp-up at the end of the first quarter when the current maximum milling capacity of 2,150 TPD is achieved.
Cash costs for 2013 are expected to be in the range of
Capital expenditures during 2013 are expected to be approximately
Primero’s 2013 outlook is summarized in the following table:
Outlook 2013 | |
Attributable gold equivalent production(1) (gold equivalent ounces) | 120,000-130,000 |
Gold production (ounces) | 90,000-100,000 |
Silver production(6) (ounces) | 6,000,000-6,500,000 |
Total cash costs(3) (per gold equivalent ounce) | $620 – $640 |
Total cash costs(3) – by-product (per gold ounce) | $280 – $300 |
Capital Expenditures ($ millions) | $42 |
Material assumptions used to forecast total cash costs for 2013 include: an average gold price of
Cerro Del Gallo Acquisition Diversifies Production Base and Enhances Growth
Primero’s proposed acquisition of the Cerro Del Gallo asset, announced in early
The proposed acquisition will double Primero’s reserves and triple its measured and indicated resources(7) and will diversify and improve its production profile. The Company’s combined plan forecasts production to increase by 125% to over 250,000 gold equivalent ounces in 2016(4). The first production from
At flat metals prices of
Assuming the transaction closes in
San Dimas Expansion to 2,500 TPD On-Track
The Company’s expansion of the
Mine throughput has increased from an average 1,815 TPD in 2011 to an average 1,976 TPD in 2012, with the mine operating at over 2,066 TPD during the fourth quarter 2012. The Company expects the mine to be operating at the mill’s current capacity of 2,150 TPD by the end of the first quarter 2013.
Construction of the mill circuit expansion began in
Exploration Update and Long-Hole Mining Testing Results Encouraging
Primero’s successful
The Company has a
Commitment to Corporate Responsibility and the Safety of its Workers
Primero is committed to the safety, health and well-being of its workers and their families. The Company is striving to achieve a zero-incident work environment with a strong safety culture.
Primero was proud to be recognized by the
Conference Call and Webcast RESCHEDULED TO
The Company’s senior management will host a conference call today,
Participants may join the call by dialing
A live and archived webcast of the conference call will also be available at www.primeromining.com under the News and Events section or by clicking here:
http://event.onlineseminarsolutions.com/r.htm?e=579693&s=1&k=308ED2AF1067128B6E2CFD481FC39329.
A recorded playback of the call will be available until,
This release should be read in conjunction with Primero’s audited year-end 2012 financial statements and MD&A report on the Company’s website, www.primeromining.com, in the “Financial Reports” section under “Investors”, or on the SEDAR website at www.sedar.com.
(1) | “Operating cash flow” is operating cash flow before working capital changes. This and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provides a better indicator of the Company’s ability to generate cash flow from its mining operations. See the 2012 MD&A for a reconciliation of operating cash flows to GAAP. |
(2) | “Gold equivalent ounces” include silver ounces produced, and converted to a gold equivalent based on a ratio of the average commodity prices realized for each period. The ratio for the fourth quarter 2012 was 416:1 based on the average realized prices of $1,715 per ounce of gold and $4.12 per ounce of silver. The ratio for full year 2012 was 221:1 based on the average realized prices of $1,662 per ounce of gold and $7.52 per ounce of silver. The ratio used for the 2013 guidance projection is 200:1 based on estimated average prices of $1,700 per ounce of gold and $8.52 per ounce of silver. |
(3) | Total cash costs per gold equivalent ounce and total cash costs on a by-product basis are non-GAAP measures. Total cash costs per gold equivalent ounce is defined as cost of production (including refining costs) divided by the total number of gold equivalent ounces produced. Total cash costs on a by-product basis are calculated by deducting the by-product silver (and copper in the case of Cerro de Gallo) credits from operating costs. The Company reports total cash costs on a production basis. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are non-GAAP measures. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, 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 GAAP. |
(4) | Assuming the successful closing of the Cerro Del Gallo acquisition as announced by the Company on December 12, 2012 in the news release “Primero to Acquire Cerro Del Gallo”, available on the Company’s website http://www.primeromining.com/ or Sedar http://www.sedar.com/ and that it begins production in mid-2015 in addition to the successful expansion of San Dimas to over 160,000 gold equivalent ounces per annum. |
(5) | According to the silver purchase agreement between the Company and Silver Wheaton Corp., until August 6, 2014 Primero will deliver to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of silver produced at San Dimas and 50% of any excess at $4.12 per ounce (increasing by 1% per year). Thereafter Primero will deliver to Silver Wheaton a per annum amount equal to the first 6.0 million ounces of silver produced at San Dimas and 50% of any excess at $4.20 per ounce (increasing by 1% per year). The Company will receive silver spot prices only after the annual threshold amount has been delivered. |
(6) | Adjusted net earnings/income and adjusted net earnings/income per share are non-GAAP measures. Neither of these non-GAAP performance measures has any standardized meaning and is therefore unlikely to be comparable to other measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, 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 GAAP. Refer to the 2012 MD&A for a reconciliation of adjusted net earnings/income to reported net income. |
(7) | Assuming Goldcorp Inc. converts their 30.8% position in Cerro Del Gallo to a Net Profit Interest and that resources include reserves. Cerro Resources NL has filed a technical report under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) entitled “Technical Report, First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” (the “Technical Report“) with an effective date of May 11, 2012. Mr. Gabriel Voicu, Vice President, Geology and Exploration, who is a “qualified person” for the purposes of NI 43-101, has reviewed the Technical Report on behalf of Primero. To the best of Primero’s knowledge, information and belief, there is no new material scientific or technical information that would make the Technical Report inaccurate or misleading. Primero plans to file a technical report on the Cerro Del Gallo project within 180 days of December 13, 2012 in accordance with the requirements of NI 43-101. |
About Primero
Primero’s website is www.primeromining.com.
CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION
This news release contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business and operations of
Forward-looking statements in this news release include, but are not limited to, statements regarding the level of gold equivalent production at
The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release; that there are no significant disruptions affecting operations; that development and expansion at
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the Company may not be able to achieve planned production levels; or generate significant free cash flow, the Company may not be able to expand production at
Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. In addition, although Primero has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or 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 are made as of the date hereof and accordingly are subject to change after such date. 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. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
SUMMARIZED FINANCIAL AND OPERATING RESULTS AND FINANCIAL STATEMENTS FOLLOW
SUMMARIZED FINANCIAL & OPERATING RESULTS
(in thousands of
SUMMARIZED FINANCIAL DATA
Three months | Year ended | ||||||||||||
2012 | 2012 | 2011 | 2010 | ||||||||||
Operating Data | |||||||||||||
Tonnes of ore milled | 190,073 | 721,264 | 662,612 | 257,230 | |||||||||
Produced | |||||||||||||
Gold equivalent (ounces) | 26,310 | 111,132 | 102,224 | 37,378 | |||||||||
Gold (ounces) | 23,143 | 87,900 | 79,564 | 31,943 | |||||||||
Silver (million ounces) | 1.32 | 5.13 | 4.60 | 1.79 | |||||||||
Sold | |||||||||||||
Gold equivalent (ounces) | 25,416 | 110,078 | 100,138 | 45,394 | |||||||||
Gold (ounces) | 22,404 | 87,384 | 77,490 | 39,174 | |||||||||
Silver (million ounces) | 1.25 | 5.02 | 4.63 | 2.04 | |||||||||
Average realized prices | |||||||||||||
Gold ($/ounce) | $ | 1,715 | $ | 1,662 | $ | 1,561 | $ | 1,328 | |||||
Silver ($/ounce) | $ | 4.12 | $ | 7.52 | $ | 7.69 | $ | 4.04 | |||||
Total cash costs (per gold ounce) | |||||||||||||
Gold equivalent basis | $ | 677 | $ | 636 | $ | 640 | $ | 642 | |||||
By-product basis | $ | 535 | $ | 366 | $ | 384 | $ | 525 | |||||
Financial Data | (Restated | ) | (Restated | ) | |||||||||
(in thousands of US dollars except per share amounts) | |||||||||||||
Revenues | 43,597 | 182,939 | 156,542 | 60,278 | |||||||||
Earnings from mine operations | 17,471 | 79,389 | 65,090 | 14,145 | |||||||||
Net income/(loss) | 1,245 | 49,553 | 49,644 | (28,711 | ) | ||||||||
Basic income/(loss) per share | 0.01 | 0.54 | 0.56 | (0.78 | ) | ||||||||
Diluted income/(loss) per share | 0.01 | 0.54 | 0.54 | (0.78 | ) | ||||||||
Operating cash flows before working capital changes | 17,775 | 88,808 | 77,591 | 12,221 | |||||||||
Assets | |||||||||||||
Mining interests | 496,132 | 496,132 | 486,424 | 484,360 | |||||||||
Total assets | 670,506 | 670,506 | 609,259 | 659,480 | |||||||||
Liabilities | |||||||||||||
Long-term liabilities | 45,071 | 45,071 | 52,299 | 114,329 | |||||||||
Total liabilities | 98,768 | 98,768 | 121,419 | 226,687 | |||||||||
Equity | 571,738 | 571,738 | 487,840 | 432,793 | |||||||||
Weighted average shares outstanding (basic) (000’s) | 91,469 | 91,469 | 88,049 | 37,031 | |||||||||
Weighted average shares outstanding (diluted) (000’s) | 91,635 | 91,635 | 96,562 | 37,031 | |||||||||
SUMMARIZED OPERATING DATA
Year ended | Three months ended | |||||||||||||||||||||
2012 | 2011 | 31-Dec-12 | 30-Sep-12 | 30-Jun-12 | 31-Mar-12 | 31-Dec-11 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||
Tonnes of ore milled | 721,264 | 662,612 | 190,073 | 177,926 | 174,742 | 178,523 | 176,633 | |||||||||||||||
Average mill head grade (grams/tonne) | ||||||||||||||||||||||
Gold | 3.90 | 3.86 | 3.90 | 3.40 | 4.25 | 4.05 | 3.70 | |||||||||||||||
Silver | 234 | 226 | 228 | 210 | 256 | 242 | 223 | |||||||||||||||
Average recovery rate (%) | ||||||||||||||||||||||
Gold | 97 | % | 97 | % | 97 | % | 97 | % | 97 | % | 97 | % | 98 | % | ||||||||
Silver | 95 | % | 94 | % | 95 | % | 95 | % | 95 | % | 95 | % | 95 | % | ||||||||
Produced | ||||||||||||||||||||||
Gold equivalent (ounces) | 111,132 | 102,224 | 26,310 | 25,582 | 33,598 | 25,793 | 23,115 | |||||||||||||||
Gold (ounces) | 87,900 | 79,564 | 23,143 | 18,892 | 23,277 | 22,588 | 20,191 | |||||||||||||||
Silver (million ounces) | 5.13 | 4.60 | 1.32 | 1.14 | 1.36 | 1.32 | 1.20 | |||||||||||||||
Sold | ||||||||||||||||||||||
Gold equivalent (ounces) | 110,078 | 100,138 | 25,416 | 23,251 | 35,442 | 26,229 | 21,192 | |||||||||||||||
Gold (ounces) | 87,384 | 77,490 | 22,404 | 17,100 | 24,876 | 23,004 | 18,487 | |||||||||||||||
Silver at fixed price (million ounces) | 4.30 | 4.12 | 1.25 | 0.80 | 0.92 | 1.33 | 1.11 | |||||||||||||||
Silver at spot (million ounces) | 0.72 | 0.51 | – | 0.25 | 0.47 | – | – | |||||||||||||||
Average realized price (per ounce) | ||||||||||||||||||||||
Gold | $ | 1,662 | $ | 1,561 | $ | 1,715 | $ | 1,646 | $ | 1,610 | $ | 1,678 | $ | 1,679 | ||||||||
Silver | $ | 7.52 | $ | 7.69 | $ | 4.12 | $ | 9.66 | $ | 12.24 | $ | 4.08 | $ | 4.08 | ||||||||
Total cash operating costs ($000s) | $ | 70,716 | $ | 65,410 | $ | 17,818 | $ | 17,872 | $ | 17,645 | $ | 17,381 | $ | 16,622 | ||||||||
Total cash costs (per gold ounce) | ||||||||||||||||||||||
Gold equivalent basis | $ | 636 | $ | 640 | $ | 677 | $ | 699 | $ | 525 | $ | 674 | $ | 719 | ||||||||
By-product basis | $ | 366 | $ | 384 | $ | 535 | $ | 363 | $ | 44 | $ | 532 | $ | 580 | ||||||||
(1) | Total cash costs per gold ounce on a gold equivalent and by-product basis are non-GAAP financial measures. Refer to “Non-GAAP measure – Total cash costs per gold ounce calculation” in the Company’s year-end 2012 MD&A for a reconciliation to operating expenses. |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
THREE MONTHS AND YEARS ENDED DECEMBER 31, 2012 AND 2011 | ||||||||||
(In thousands of United States dollars, except for share and per share amounts) | ||||||||||
Unaudited | Audited | |||||||||
Three months ended | Year ended | |||||||||
2012 | 2011 | 2012 | 2011 | |||||||
(Restated) | (Restated) | |||||||||
$ | $ | $ | $ | |||||||
Revenue | 43,597 | 35,645 | 182,939 | 156,542 | ||||||
Operating expenses | (19,328 | ) | (15,825 | ) | (75,495 | ) | (64,845 | ) | ||
Depreciation and depletion | (6,798 | ) | (6,534 | ) | (28,055 | ) | (26,607 | ) | ||
Total cost of sales | (26,126 | ) | (22,359 | ) | (103,550 | ) | (91,452 | ) | ||
Earnings from mine operations | 17,471 | 13,286 | 79,389 | 65,090 | ||||||
General and administrative expenses | (11,064 | ) | (5,066 | ) | (30,003 | ) | (18,872 | ) | ||
Earnings from operations | 6,407 | 8,220 | 49,386 | 46,218 | ||||||
Other (expense) income | (1,129 | ) | (1,129 | ) | (1,842 | ) | 17,407 | |||
Foreign exchange (loss) gain | (1,250 | ) | (3,723 | ) | (948 | ) | 912 | |||
Finance income | 172 | 139 | 1,192 | 2,795 | ||||||
Finance expense | (769 | ) | (181 | ) | (2,887 | ) | (7,810 | ) | ||
Loss on derivative contracts | (750 | ) | (899 | ) | (226 | ) | (1,284 | ) | ||
Earnings before income taxes | 2,681 | 2,427 | 44,675 | 58,238 | ||||||
Income tax recovery (expense) | (1,436 | ) | 28,789 | 4,878 | (8,594 | ) | ||||
Net income for the period | 1,245 | 31,216 | 49,553 | 49,644 | ||||||
Other comprehensive income | ||||||||||
Exchange differences on translation of foreign operations | 197 | (106 | ) | 386 | (1,588 | ) | ||||
Total comprehensive income for the period | 1,442 | 31,110 | 49,939 | 48,056 | ||||||
Basic income per share | 0.01 | 0.35 | 0.54 | 0.56 | ||||||
Diluted income per share | 0.01 | 0.32 | 0.54 | 0.54 | ||||||
Weighted average number of common shares outstanding | ||||||||||
Basic | 93,406,583 | 88,253,347 | 91,469,356 | 88,049,171 | ||||||
Diluted | 94,784,589 | 96,719,907 | 91,635,428 | 96,562,288 | ||||||
PRIMERO MINING CORP. | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(In thousands of United States dollars) | |||||
December 31, | December 31, | ||||
2012 | 2011 | ||||
(Restated) | |||||
$ | $ | ||||
Assets | |||||
Current assets | |||||
Cash | 139,244 | 80,761 | |||
Trade and other receivables | 3,792 | 5,526 | |||
Taxes receivable | 5,914 | 20,969 | |||
Prepaid expenses | 4,607 | 5,570 | |||
Inventories | 11,044 | 9,463 | |||
Derivative asset | – | 203 | |||
Total current assets | 164,601 | 122,492 | |||
Non-current assets | |||||
Mining interests | 496,132 | 486,424 | |||
Deferred tax asset | 9,773 | 343 | |||
Total assets | 670,506 | 609,259 | |||
Liabilities | |||||
Current liabilities | |||||
Trade and other payables | 36,520 | 24,907 | |||
Taxes payable | 2,209 | 4,213 | |||
Current portion of decommissioning liability | 2,182 | – | |||
Current portion of long-term debt | 12,786 | 40,000 | |||
Total current liabilities | 53,697 | 69,120 | |||
Non-current liabilities | |||||
Taxes payable | 6,055 | – | |||
Decommissioning liability | 6,101 | 9,373 | |||
Long-term debt | 27,214 | 40,000 | |||
Other long-term liabilities | 5,701 | 2,926 | |||
Total liabilities | 98,768 | 121,419 | |||
Equity | |||||
Share capital | 456,734 | 423,250 | |||
Warrant reserve | 34,237 | 34,237 | |||
Share-based payment reserve | 15,120 | 14,645 | |||
Foreign currency translation reserve | (1,064 | ) | (1,450 | ) | |
Retained earnings | 66,711 | 17,158 | |||
Total equity | 571,738 | 487,840 | |||
Total liabilities and equity | 670,506 | 609,259 | |||
PRIMERO MINING CORP. | ||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
THREE MONTHS AND YEARS ENDED DECEMBER 31, 2012 AND 2011 | ||||||||||
(In thousands Of United States dollars) | ||||||||||
Unaudited | Audited | |||||||||
Three months ended | Year ended | |||||||||
2012 | 2011 | 2012 | 2011 | |||||||
(Restated) | (Restated) | |||||||||
Operating activities | ||||||||||
Earnings before income taxes | 2,681 | 2,427 | 44,675 | 58,238 | ||||||
Adjustments for: | ||||||||||
Depreciation and depletion | 6,798 | 6,534 | 28,055 | 26,607 | ||||||
Changes to decommissioning liability | (161 | ) | (1,619 | ) | (161 | ) | (851 | ) | ||
Share-based payments | 6,527 | 1,557 | 16,233 | 8,073 | ||||||
Payments made under the phantom share unit plan | (499 | ) | – | (877 | ) | – | ||||
Cash paid for unrealized derivative contracts (net of sales proceeds) | 271 | – | (23 | ) | (4,118 | ) | ||||
Loss on derivative asset | 750 | 874 | 226 | 1,284 | ||||||
Assets written off | 477 | 931 | 811 | 931 | ||||||
Unrealized foreign exchange loss (gain) | 803 | 3,742 | 175 | (153 | ) | |||||
Taxes paid | (469 | ) | (1,135 | ) | (2,001 | ) | (17,435 | ) | ||
Other adjustments | ||||||||||
Finance income (disclosed in investing activities) | (172 | ) | (139 | ) | (1,192 | ) | (2,795 | ) | ||
Finance expense | 769 | 1,430 | 2,887 | 7,810 | ||||||
17,775 | 14,602 | 88,808 | 77,591 | |||||||
Changes in non-cash working capital | 10,734 | (1,565 | ) | 25,402 | 74,974 | |||||
Cash provided by operating activities | 28,509 | 13,037 | 114,210 | 152,565 | ||||||
Investing activities | ||||||||||
Acquisition of San Dimas | – | – | – | (3,928 | ) | |||||
Expenditures on exploration and evaluation assets | (15,665 | ) | (3,856 | ) | (35,267 | ) | (8,171 | ) | ||
Expenditures on mining interests | (1,422 | ) | (4,974 | ) | (4,473 | ) | (18,994 | ) | ||
Interest received | 172 | 139 | 1,192 | 2,795 | ||||||
Cash used in investing activities | (16,915 | ) | (8,691 | ) | (38,548 | ) | (28,298 | ) | ||
Financing activities | ||||||||||
Repayment of VAT loan | – | – | – | (70,000 | ) | |||||
Repayment of debt | (5,000 | ) | (30,000 | ) | (10,050 | ) | (30,000 | ) | ||
Proceeds on exercise of options and warrants | 2,532 | 26 | 2,532 | 1,047 | ||||||
Interest paid | (2,760 | ) | (1,103 | ) | (9,024 | ) | (2,154 | ) | ||
Cash used in financing activities | (5,228 | ) | (31,077 | ) | (16,542 | ) | (101,107 | ) | ||
Effect of foreign exchange rate changes on cash | (252 | ) | 265 | (637 | ) | (697 | ) | |||
Increase in cash | 6,114 | (26,466 | ) | 58,483 | 22,463 | |||||
Cash, beginning of period | 133,130 | 107,227 | 80,761 | 58,298 | ||||||
Cash, end of period | 139,244 | 80,761 | 139,244 | 80,761 | ||||||
Contact Information:
VP, Investor Relations
(416) 814 3168
[email protected]
www.primeromining.com
