XML 29 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Cash paid to suppliers and employees $ (95,871) $ (52,340) $ (55,260)
Cash received from revenue 67,724 59,517 70,178
Dividends received from Minera Santa Cruz S.A. (note 7) 12,212 17,738 548
Interest paid   (5) (156)
Interest received 501 276 287
Cash (used in) provided by operating activities (15,434) 25,186 15,597
Cash flows from investing activities:      
Additions to mineral property interests (note 5) (3,492) (5,985)  
Additions to property and equipment (note 6) (5,077) (1,174) (777)
Investment in marketable equity securities (note 3)   (4,419) (1,114)
Proceeds from sale of investments (note 3) 2,155 470  
Proceeds from disposal of property and equipment (note 6) 33 994 13
Cash used in investing activities (34,472) (10,114) (1,878)
Cash flows from financing activities:      
Proceeds from equity issuance (note 10) 42,453    
Proceeds from warrants issuance (note 10) 4,122    
Share and warrant issuance costs (note 10) (3,353)    
Issuance of flow-through common shares (note 10) 9,994    
Flow-through common share issuance costs (note 10) (551)    
Proceeds from short-term bank indebtedness     5,171
Repayment of short-term bank indebtedness   (3,395) (1,776)
Return of capital distribution (note 10) (3,059) (2,986) (1,503)
Share repurchase (note 10)   (582) (1,769)
Proceeds from the exercise of stock options (note 11) 121 3,730  
Cash provided by (used) in financing activities 49,727 (3,233) 123
Effect of exchange rate change on cash and cash equivalents (108) (273) (348)
(Decrease) increase in cash, cash equivalents and restricted cash (287) 11,566 13,494
Cash, cash equivalents and restricted cash, beginning of period 37,440 25,874 12,380
Cash, cash equivalents and restricted cash, end of period (note 21) 37,153 37,440 25,874
Reconciliation of net (loss) income to cash (used in) provided by operating activities:      
Net (loss) income (10,634) 21,055 (20,450)
Adjustments to reconcile net (loss) income from operating activities:      
Loss (Income) from investment in Minera Santa Cruz S.A., net of amortization (note 7) 44 (12,951) (2,414)
Impairment of investment in Minera Santa Cruz S.A.     11,777
Impairment of mineral property interests and property and equipment (notes 5 and 6) 711   50,600
Other-than-temporary impairment on marketable equity securities (note 3) 356 882  
Gain (loss) on disposal of fixed assets (note 6) (11) 517 (13)
Recovery of deferred income taxes (note 9) (15,675) (3,749) (24,560)
(Gain) on sale of marketable securities (note 3) (840) (22)  
Stock-based compensation (note 11) 1,309 1,039 1,305
Depreciation 3,378 1,169 942
Revision of estimates and accretion of asset reclamation obligations (note 8) 2,061 595 429
Adjustment to the asset retirement obligation estimate (note 8) 1,008 1,530 135
Amortization of mineral property interests and asset retirement obligations 3,198 2,413 1,288
Foreign exchange gain 108 273 348
Unrealized loss (gain) on derivative investments (note 3) 227 (1,379)  
Change in non-cash working capital items:      
Shares issued to supplier for settlement of accounts payable     443
(Increase) decrease in VAT taxes receivable, net of collection of $5,864 (2016 - $9,523) (945) 5,813 1,707
(Increase) in other assets related to operations (12,756) (11,156) (3,003)
Increase (decrease) in liabilities related to operations 815 1,419 (3,485)
Dividends received from Minera Santa Cruz S.A. (note 7) 12,212 17,738 548
Cash (used in) provided by operating activities (15,434) $ 25,186 $ 15,597
Lexam VG Gold      
Cash flows from investing activities:      
Acquisition costs, net of cash and cash equivalents acquired (note 19) (840)    
Black Fox      
Cash flows from investing activities:      
Acquisition costs, net of cash and cash equivalents acquired (note 19) $ (27,251)