For the month of: August 2014
|
Commission File Number: 001-35393
|
Exhibit
Number
|
Description of Exhibit
|
99.1
|
Condensed Consolidated Interim Financial Statements for the Six Months Ended June 30, 2014 and 2013
|
99.2 | Management's Discussion and Analysis for the Quarter Ended June 30, 2014 |
Date: August 13, 2014
|
PRETIUM RESOURCES INC.
|
|||
By:
|
/s/ Joseph J. Ovsenek
|
|||
Name:
|
Joseph J. Ovsenek
|
|||
Title:
|
Executive Vice President, Chief Development Officer
|
Note
|
June 30, 2014
|
December 31, 2013
|
|||||||||
ASSETS
|
|||||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
$ | 19,738,943 | $ | 11,575,090 | |||||||
Receivables and other
|
10,925,057 | 8,029,053 | |||||||||
30,664,000 | 19,604,143 | ||||||||||
Non-current assets
|
|||||||||||
Restricted cash
|
3 | 1,231,000 | 1,208,000 | ||||||||
Property, plant and equipment
|
7,963,036 | 8,658,520 | |||||||||
Mineral interests
|
3 | 709,284,399 | 696,790,071 | ||||||||
718,478,435 | 706,656,591 | ||||||||||
Total Assets
|
$ | 749,142,435 | $ | 726,260,734 | |||||||
LIABILITIES
|
|||||||||||
Current liabilities
|
|||||||||||
Accounts payable and accrued liabilities
|
$ | 7,019,807 | $ | 8,385,603 | |||||||
Flow-through premium
|
953,321 | - | |||||||||
7,973,128 | 8,385,603 | ||||||||||
Non-current liabilities
|
|||||||||||
Decommissioning and restoration provision
|
1,918,425 | 1,900,013 | |||||||||
Deferred income tax
|
18,385,068 | 17,936,121 | |||||||||
Total liabilities
|
28,276,621 | 28,221,737 | |||||||||
EQUITY
|
|||||||||||
Share capital
|
4 | 732,327,553 | 707,547,196 | ||||||||
Share based payment reserve
|
4 | 57,549,848 | 53,820,248 | ||||||||
Deficit
|
(69,011,587 | ) | (63,328,447 | ) | |||||||
Total equity
|
720,865,814 | 698,038,997 | |||||||||
Total Equity and Liabilities
|
$ | 749,142,435 | $ | 726,260,734 |
On behalf of the Board:
|
|||
‘Ross A. Mitchell’
|
‘C. Noel Dunn’
|
||
Ross A. Mitchell
(Chairman of Audit Committee)
|
C. Noel Dunn
(Director)
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||||||||||
Note
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||
EXPENSES
|
|||||||||||||||||||
|
|||||||||||||||||||
Amortization
|
$ | 19,293 | $ | 15,931 | $ | 33,903 | $ | 34,827 | |||||||||||
Consulting
|
26,701 | 10,000 | 42,424 | 22,250 | |||||||||||||||
General and administrative
|
296,908 | 199,048 | 554,208 | 409,985 | |||||||||||||||
Insurance
|
87,054 | 79,099 | 178,538 | 153,725 | |||||||||||||||
Investor relations
|
252,005 | 271,919 | 508,557 | 493,321 | |||||||||||||||
Listing and filing fees
|
35,997 | 218,034 | 238,199 | 483,210 | |||||||||||||||
Professional fees
|
570,537 | 115,287 | 1,061,348 | 190,641 | |||||||||||||||
Salaries
|
364,212 | 336,061 | 753,136 | 696,582 | |||||||||||||||
Share-based compensation
|
4 | 1,050,614 | 1,539,870 | 1,906,348 | 3,244,562 | ||||||||||||||
Travel and accommodation
|
23,032 | 55,675 | 52,970 | 105,678 | |||||||||||||||
Loss before other items
|
2,726,353 | 2,840,924 | 5,329,631 | 5,834,781 | |||||||||||||||
OTHER ITEMS
|
|||||||||||||||||||
Accretion of decommissioning and restoration provision
|
8,684 | 7,737 | 17,363 | 13,659 | |||||||||||||||
Foreign exchange
|
221,650 | - | 221,650 | - | |||||||||||||||
Interest income
|
(26,728 | ) | (152,461 | ) | (63,902 | ) | (238,251 | ) | |||||||||||
Loss before taxes
|
2,929,959 | 2,969,200 | 5,504,742 | 5,610,189 | |||||||||||||||
Deferred income tax expense
|
376,185 | 1,559,545 | 178,398 | 3,376,636 | |||||||||||||||
Net loss and comprehensive loss for the period
|
$ | 3,306,144 | $ | 4,255,745 | $ | 5,683,140 | $ | 8,986,825 | |||||||||||
Basic and diluted loss per common share
|
$ | 0.03 | $ | 0.04 | $ | 0.05 | $ | 0.09 | |||||||||||
Weighted average number of common shares outstanding
|
108,476,377 | 100,605,005 | 107,178,086 | 100,086,036 |
Six months ended June 30,
|
|||||||||||
Note
|
2014
|
2013
|
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|||||||||||
Loss for the period
|
$ | (5,683,140 | ) | $ | (8,986,825 | ) | |||||
Items not affecting cash:
|
|||||||||||
Accretion of decommissioning and restoration provision
|
17,363 | 13,659 | |||||||||
Amortization
|
33,903 | 34,827 | |||||||||
Deferred income tax expense
|
178,398 | 3,376,636 | |||||||||
Share-based compensation
|
4 | 1,906,348 | 3,244,562 | ||||||||
Change in non-cash working capital items:
|
|||||||||||
Receivables and other
|
(173,634 | ) | 102,056 | ||||||||
Accounts payable and accrued liabilities
|
388,314 | (786,143 | ) | ||||||||
Net cash used in operating activities
|
(3,332,448 | ) | (3,001,228 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|||||||||||
Common shares issued, net
|
4 | 26,004,227 | 59,483,712 | ||||||||
Net cash generated by financing activities
|
26,004,227 | 59,483,712 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|||||||||||
Expenditures on mineral interests
|
3 | (23,022,041 | ) | (49,015,284 | ) | ||||||
Mineral recoveries
|
3 | 8,719,690 | - | ||||||||
Purchase of property, plant and equipment
|
(182,575 | ) | (3,077,524 | ) | |||||||
Restricted cash
|
3 | (23,000 | ) | (69,000 | ) | ||||||
Net cash used in investing activities
|
(14,507,926 | ) | (52,161,808 | ) | |||||||
Change in cash and cash equivalents for the period
|
8,163,853 | 4,320,676 | |||||||||
|
|||||||||||
Cash and cash equivalents, beginning of period
|
11,575,090 | 28,991,606 | |||||||||
Cash and cash equivalents, end of period
|
$ | 19,738,943 | $ | 33,312,282 |
Note
|
Number
of shares
|
Amount
|
Share-based
payments
reserve
|
Deficit
|
Total
|
||||||||||||||||||
Balance – December 31, 2012
|
94,827,636 | $ | 623,469,609 | $ | 44,529,084 | $ | (46,744,761 | ) | $ | 621,253,932 | |||||||||||||
Shares issued under flow-through agreement
|
1,648,550 | 19,337,492 | - | - | 19,337,492 | ||||||||||||||||||
Shares issued under private placement
|
5,780,346 | 40,000,000 | - | - | 40,000,000 | ||||||||||||||||||
Share issue costs
|
- | (1,517,198 | ) | - | - | (1,517,198 | ) | ||||||||||||||||
Deferred income tax on share issuance costs
|
- | 379,697 | - | - | 379,697 | ||||||||||||||||||
Value assigned to options vested
|
- | - | 5,629,550 | - | 5,629,550 | ||||||||||||||||||
Loss for the period
|
- | - | - | (8,986,825 | ) | (8,986,825 | ) | ||||||||||||||||
Balance – June 30, 2013
|
102,256,532 | $ | 681,669,600 | $ | 50,158,634 | $ | (55,731,586 | ) | $ | 676,096,648 | |||||||||||||
Balance – December 31, 2013
|
105,051,050 | $ | 707,547,196 | $ | 53,820,248 | $ | (63,328,447 | ) | $ | 698,038,997 | |||||||||||||
Shares issued under flow-through agreement
|
4 | 3,425,327 | 26,306,513 | - | - | 26,306,513 | |||||||||||||||||
Share issue costs
|
4 | - | (1,995,793 | ) | - | - | (1,995,793 | ) | |||||||||||||||
Deferred income tax on share issuance costs
|
- | 469,637 | - | - | 469,637 | ||||||||||||||||||
Value assigned to options vested
|
4 | - | - | 3,729,600 | - | 3,729,600 | |||||||||||||||||
Loss for the period
|
- | - | - | (5,683,140 | ) | (5,683,140 | ) | ||||||||||||||||
Balance – June 30, 2014
|
108,476,377 | $ | 732,327,553 | $ | 57,549,848 | $ | (69,011,587 | ) | $ | 720,865,814 | |||||||||||||
|
a)
|
Statement of Compliance
|
|
b)
|
Critical accounting estimates and judgments
|
|
b)
|
Critical accounting estimates and judgments (cont’d)
|
|
·
|
Impairment
|
|
c)
|
Mineral recoveries
|
|
d)
|
New accounting standards and recent pronouncements
|
Six months ended June 30, 2014
|
||||||||||||
Brucejack
|
Snowfield
|
Total
|
||||||||||
Acquisition
|
||||||||||||
Balance, beginning of period
|
$ | 143,109,910 | $ | 309,067,638 | $ | 452,177,548 | ||||||
Additions in the period
|
127,133 | - | 127,133 | |||||||||
Balance, end of period
|
$ | 143,237,043 | $ | 309,067,638 | $ | 452,304,681 | ||||||
Exploration
|
||||||||||||
Balance, beginning of period
|
$ | 243,190,077 | $ | 1,422,446 | $ | 244,612,523 | ||||||
Costs incurred in the period
|
||||||||||||
Project
|
14,817,319 | - | 14,817,319 | |||||||||
Feasibility
|
5,087,689 | 147,026 | 5,234,715 | |||||||||
Road infrastructure
|
1,755,925 | - | 1,755,925 | |||||||||
Salaries, benefits & other
|
2,633,926 | - | 2,633,926 | |||||||||
Recoveries
|
||||||||||||
BC METC
|
(1,155,000 | ) | - | (1,155,000 | ) | |||||||
Gold sales
|
(10,919,690 | ) | - | (10,919,690 | ) | |||||||
Balance, end of period
|
$ | 255,410,246 | $ | 1,569,472 | $ | 256,979,718 | ||||||
Balance, June 30, 2014
|
$ | 398,647,289 | $ | 310,637,110 | $ | 709,284,399 |
Year ended December 31, 2013
|
||||||||||||
Brucejack
|
Snowfield
|
Total
|
||||||||||
Acquisition
|
||||||||||||
Balance, beginning of year
|
$ | 142,949,319 | $ | 309,067,638 | $ | 452,016,957 | ||||||
Additions in the year
|
160,591 | - | 160,591 | |||||||||
Balance, end of year
|
$ | 143,109,910 | $ | 309,067,638 | $ | 452,177,548 | ||||||
Exploration
|
||||||||||||
Balance, beginning of year
|
$ | 143,602,828 | $ | 539,057 | $ | 144,141,885 | ||||||
Costs incurred in the year
|
||||||||||||
Project
|
72,550,481 | - | 72,550,481 | |||||||||
Feasibility
|
9,997,091 | 883,389 | 10,880,480 | |||||||||
Road infrastructure
|
12,122,368 | - | 12,122,368 | |||||||||
Salaries, benefits & other
|
12,720,617 | - | 12,720,617 | |||||||||
Recoveries – BC METC
|
(7,803,308 | ) | - | (7,803,308 | ) | |||||||
Balance, end of year
|
$ | 243,190,077 | $ | 1,422,446 | $ | 244,612,523 | ||||||
Balance, December 31, 2013
|
$ | 386,299,987 | $ | 310,490,084 | $ | 696,790,071 |
2014
|
2013
|
|||||||||||||||
Number of options
|
Weighted average exercise price
|
Number of options
|
Weighted average exercise price
|
|||||||||||||
Outstanding, January 1
|
9,841,950 | $ | 8.63 | 8,541,950 | $ | 9.13 | ||||||||||
Granted
|
510,000 | 7.44 | 185,000 | 6.62 | ||||||||||||
Forfeited/expired
|
- | - | (100,000 | ) | 9.70 | |||||||||||
Outstanding, June 30
|
10,351,950 | $ | 8.57 | 8,626,950 | $ | 9.07 |
Stock options outstanding
|
Stock options exercisable
|
||||||||||||||||
Exercise prices
|
Number of options outstanding
|
Weighted average years to expiry
|
Number of options exercisable
|
Weighted average exercise price
|
|||||||||||||
$5.85 – $7.99 | 6,185,000 | 2.49 | 5,081,250 | $ | 6.06 | ||||||||||||
$8.00 - $9.99 | 528,750 | 2.52 | 483,750 | 9.46 | |||||||||||||
$10.00 - $11.99 | 2,023,200 | 2.22 | 2,023,200 | 11.53 | |||||||||||||
$12.00 - $13.99 | 1,395,000 | 3.42 | 1,395,000 | 13.69 | |||||||||||||
$14.00 - $15.99 | 95,000 | 2.85 | 95,000 | 14.70 | |||||||||||||
$16.00 - $17.99 | 125,000 | 2.58 | 125,000 | 16.48 | |||||||||||||
Outstanding, June 30
|
10,351,950 | 2.57 | 9,203,200 | $ | 8.83 |
Six months ended June 30
|
||||||||
2014
|
2013
|
|||||||
Risk-free interest rate
|
1.63 | % | 1.15 | % | ||||
Expected volatility
|
59.2 | % | 66.49 | % | ||||
Expected life
|
5 years
|
5 years
|
||||||
Expected dividend yield
|
Nil
|
Nil
|
5.
|
RELATED PARTIES
|
|
Transactions with directors and key management personnel
|
Six months ended June 30
|
||||||||
2014
|
2013
|
|||||||
Salaries and management fees
|
$ | 787,061 | $ | 604,071 | ||||
Share based compensation
|
2,794,312 | 2,752,856 | ||||||
Total management compensation
|
$ | 3,581,373 | $ | 3,356,927 |
Name of Subsidiary
|
Place of Incorporation
|
Proportion of Ownership Interest
|
Principal Activity
|
Pretium Exploration Inc.
|
British Columbia, Canada
|
100%
|
Holds interest in the Brucejack and Snowfield Projects
|
0890696 BC Ltd.
|
British Columbia, Canada
|
100%
|
Holds real estate in Stewart, BC
|
6.
|
CONTINGENCIES
|
|
a) Canadian Class Actions
|
6.
|
CONTINGENCIES (Cont’d)
|
|
b) United States Class Actions
|
7.
|
SUBSEQUENT EVENT
|
·
|
On April 16 2014, we announced, among other things, that we expected to file our Environmental Assessment Certificate application (“EAC application”) during the second quarter once we received the final Application Information Requirements from the British Columbia Environmental Assessment Office (“BCEAO”). We also announced that the 1,000 tonnes of bagged material from the 2013 Valley of the Kings exploration program was processed at the Contact Mill in Montana and produced gravity and flotation concentrates containing approximately 3,120 ounces of gold, with final gold production subject to remaining assays and final establishment of weights and assays and settlement.
|
·
|
On June 4, 2014, we announced a surface drilling program comprising three deep geological holes collared near the Brucejack camp and drilled to the south was underway to test gold mineralization at depth in the Valley of the Kings. The results from hole SU-627 (1,158 meters) confirmed that the gold mineralization extends below the block model for the December 2013 Valley of the Kings Mineral Resource estimate, and demonstrated the significant untested exploration potential at the Valley of the Kings.
|
·
|
On June 19, 2014, we announced an updated National Instrument 43-101-compliant Feasibility Study for the Brucejack Project, with updated metals prices, currency exchange rate, and costs, which confirmed the positive economics for a high-grade gold underground mine at Brucejack.
|
|
·
|
Increase in Valley of the Kings Mineral Reserve gold grade:
|
|
o
|
Valley of the Kings Proven and Probable Mineral Reserves of 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne);
|
|
o
|
West Zone Proven and Probable Mineral Reserves of 0.6 million ounces of gold (2.9 million tonnes grading 6.9 grams of gold per tonne);
|
|
·
|
Gold and silver recoveries of 96.7% and 90.0% over mine life;
|
|
·
|
Mine life of 18 years producing an estimated 7.27 million ounces of gold;
|
|
·
|
Average annual production of 504,000 ounces of gold over the first 8 years and 404,000 ounces of gold over mine life;
|
|
·
|
Estimated project capital cost, including contingencies, of US$746.9 million;
|
|
·
|
Average operating costs of C$163.05/tonne milled over mine life;
|
|
·
|
Base case economics: At US$1,100/ounce gold, US$17/ounce silver and exchange rate of 0.92 US$/C$, Brucejack has a pre-tax net present value (“NPV”) at a 5% discount of US$2.25 billion (US$1.45 billion post-tax), a pre-tax internal rate of return (“IRR”) of 34.7%, and a pre-tax payback period of 2.7 years;
|
|
·
|
Alternative high case economics: At US$1,400/ounce gold, US$21/ounce silver and exchange rate of 0.92 US$/C$, Brucejack has a pre-tax NPV at a 5% discount of US$3.54 billion (US$2.28 billion post-tax), a pre-tax IRR of 47%, and a pre-tax payback period of 2 years.
|
·
|
On July 2, 2014, we announced the submission of our Environmental Assessment Certificate application to the British Columbia Environmental Assessment Office (“BCEAO”) for our high-grade gold Brucejack Project and the filing on SEDAR of the National Instrument 43-101 "Feasibility Study and Technical Report Update" referenced in the news release dated June 19, 2014 highlighting the positive results of the updated feasibility study for the Brucejack Project.
|
·
|
On July 8, 2014, we announced the filing of a preliminary short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada, except Quebec (the “Securities Regulators”), and a corresponding shelf registration statement on Form F-10 with the U.S. Securities and Exchange Commission (the “SEC”) under the U.S. Securities Act of 1933, as amended, and the U.S./Canada Multijurisdictional Disclosure System.
|
·
|
On July 18, 2014, we announced the filing of a final short form base shelf prospectus (the “Base Shelf Prospectus”) with the Securities Regulators, and a corresponding shelf registration statement on Form F-10 with the SEC under the U.S. Securities Act of 1933, as amended, and the U.S./Canada Multijurisdictional Disclosure System. The Base Shelf Prospectus allows us to offer up to US$600,000,000 of common shares, debt securities, preferred shares, subscription receipts, units and warrants from time to time over a 25-month period after Canadian securities regulatory authorities have issued a receipt for the final short form base shelf prospectus.
|
·
|
On July 21, 2014, we announced the filing of a preliminary prospectus supplement to our Prospectus dated July 16, 2014 in connection with a US$60 million marketed offering of our common shares through a syndicate of underwriters, with approximately 82.5% of the common shares offered by Pretivm and the remaining 17.5% of the common shares offered by shareholder Silver Standard Resources Inc. (“Silver Standard”) pursuant to their existing registration rights. On July 22, 2014, we announced the underwriters had agreed to purchase 8,280,000 of our common shares at a price of US$7.25 per share for gross proceeds to us of US$49,524,750 and US$10,505,250 to Silver Standard. The underwriters were also granted an over-allotment option to purchase an additional 1,242,000 common shares at US$7.25 per share, exercisable for a period of 30 days following closing.
|
·
|
On July 29, 2014, we announced the closing of the marketed offering of our common shares for gross proceeds to us of US$49,524,750.
|
|
·
|
1.2 million ounces of gold in the Measured Mineral Resource category (2.0 million tonnes grading 19.3 grams of gold per tonne);
|
|
·
|
7.5 million ounces of gold in the Indicated Mineral Resource category (13.4 million tonnes grading 17.4 grams of gold per tonne); and
|
|
·
|
4.9 million ounces of gold in the Inferred Mineral Resource category (5.9 million tonnes grading 25.6 grams of gold per tonne).
|
Low Case
|
Base Case
|
High Case
|
|
Gold Price (US$/ounce)
|
$800
|
$1,100
|
$1,400
|
Silver Price (US$/ounce)
|
$15.00
|
$17.00
|
$21.00
|
Net Cash Flow (US$)
|
$2.02 billion (pre-tax)
$1.34 billion (post-tax)
|
$4.16 billion (pre-tax)
$2.72 billion (post-tax)
|
$6.35 billion (pre-tax)
$4.13 billion (post-tax)
|
Net Present Value(1)
(5.0% discount) (US$)
|
$985 million (pre-tax)
$620 million (post-tax)
|
$2.25 billion (pre-tax)
$1.45 billion (post-tax)
|
$3.54 billion (pre-tax)
$2.28 billion (post-tax)
|
Internal Rate of Return
|
20.3% (pre-tax)
16.5% (post-tax)
|
34.7% (pre-tax)
28.5% (post-tax)
|
47%(pre-tax)
38.7% (post-tax)
|
Payback(from start of production period)
|
4.4 years (pre-tax)
4.5 years (post-tax)
|
2.7 years (pre-tax)
2.8 years (post-tax)
|
2.0 years (pre-tax)
2.1 years (post-tax)
|
Exchange Rate (US$:C$)
|
0.92
|
0.92
|
0.92
|
Category
|
Tonnes
(millions)
|
Gold
(g/t)
|
Silver
(g/t)
|
Contained
|
|
Gold
(million oz)
|
Silver
(million oz)
|
||||
Proven
|
2.1
|
15.6
|
12
|
1.1
|
0.8
|
Probable
|
11.5
|
15.7
|
10
|
5.8
|
3.9
|
Total P&P
|
13.6
|
15.7
|
11
|
6.9
|
4.6
|
Category
|
Tonnes
(millions)
|
Gold
(g/t)
|
Silver
(g/t)
|
Contained
|
|
Gold
(million oz)
|
Silver
(million oz)
|
||||
Proven
|
1.4
|
7.2
|
383
|
0.3
|
17.4
|
Probable
|
1.5
|
6.5
|
181
|
0.3
|
8.6
|
Total P&P
|
2.9
|
6.9
|
279
|
0.6
|
26.0
|
Year
|
Tonnage
(t)
|
Gold grade
(g/t)
|
Silver grade
(g/t)
|
Gold Production
(‘000 ounces)
|
Silver
Production
(‘000 ounces)
|
1
|
839,000(6)
|
15.4
|
11.7
|
403
|
268
|
2
|
995,000
|
15.2
|
11.7
|
470
|
318
|
3
|
995,000
|
16.7
|
12.8
|
519
|
349
|
4
|
984,000
|
15.9
|
9.9
|
488
|
263
|
5
|
988,000
|
16.9
|
11.0
|
521
|
296
|
6
|
999,000
|
17.5
|
10.6
|
545
|
287
|
7
|
986,000
|
17.8
|
11.8
|
547
|
319
|
8
|
996,000
|
17.5
|
11.7
|
542
|
319
|
9
|
994,000
|
14.9
|
10.2
|
461
|
276
|
10
|
987,000
|
15.5
|
11.2
|
476
|
302
|
Years 11-18
|
6,788,000
|
11.0
|
124.5
|
2,303
|
24,630
|
Life of Mine (Years 1-18)
|
16,550,000
|
14.1
|
57.7
|
7,274
|
27,626
|
(US$ million)
|
|
Mine underground
|
179.5
|
Mine site(7)
|
210.8
|
Offsite Infrastructure
|
89.1
|
Total Direct Costs
|
479.4
|
Indirect Costs
|
127.5
|
Owner’s Costs
|
71.0
|
Contingency
|
69.0
|
Total Capital Cost
|
746.9
|
(C$/tonne)
|
|
Mining
|
91.34(8)
|
Processing
|
19.69
|
General & Administrative
|
30.87
|
Surface Services and Others
|
21.15
|
Total Operating Cost
|
163.05
|
(US$ million)
|
|
Total Cash Costs(9)
|
2,814.5
|
Reclamation Cost Accretion
|
27.5
|
Sustaining Capital Expenditure
|
320.6
|
All-in Sustaining Cash Costs
|
3,162.6
|
Gold Sales
|
7,067
|
All-in Sustaining Cash Costs per Ounce
|
US$448/ounce
|
2014 Q2 | 2014 Q1 | 2013 Q4 | 2013 Q3 | 2013 Q2 | 2013 Q1 | 2012 Q4 | 2012 Q3 | |||||||||||||||||||||||||
Total revenue
|
$ | Nil | $ | Nil | $ | Nil | $ | Nil | $ | Nil | $ | Nil | $ | Nil | $ | Nil | ||||||||||||||||
Loss per share – basic and diluted
|
$ | 0.03 | $ | 0.02 | $ | 0.04 | $ | 0.03 | $ | 0.04 | $ | 0.05 | $ | 0.05 | $ | 0.03 | ||||||||||||||||
Loss and comprehensive loss
|
$ | 3,306 | $ | 2,377 | $ | 5,006 | $ | 2,591 | $ | 4,256 | $ | 4,731 | $ | 4,095 | $ | 3,213 | ||||||||||||||||
Total assets
|
$ | 749,142 | $ | 746,736 | $ | 726,261 | $ | 731,775 | $ | 702,571 | $ | 667,049 | $ | 647,472 | $ | 638,810 | ||||||||||||||||
Long-term liabilities
|
$ | 20,303 | $ | 19,228 | $ | 19,836 | $ | 16,853 | $ | 15,943 | $ | 13,076 | $ | 10,780 | $ | 9,586 | ||||||||||||||||
Cash dividends
|
$ | Nil | $ | Nil | $ | Nil | $ | Nil | $ | Nil | $ | Nil | $ | Nil | $ | Nil | ||||||||||||||||
Cash and cash equivalents
|
$ | 19,739 | $ | 24,706 | $ | 11,575 | $ | 30,564 | $ | 33,312 | $ | 20,764 | $ | 28,992 | $ | 52,859 | ||||||||||||||||
Mineral interests
|
$ | 709,284 | $ | 704,021 | $ | 696,790 | $ | 674,869 | $ | 645,878 | $ | 621,315 | $ | 596,159 | $ | 565,522 |
|
i)
|
the carrying value of the investment in the Projects and the recoverability of the carrying value;
|
Number of securities
|
Exercise price
($)
|
Weighted Average Remaining Life (years)
|
|
Common shares
|
115,307,377
|
||
Share purchase options
|
10,351,950
|
$5.85 - $17.46
|
2.57
|
Fully diluted
|
125,659,327
|
|
·
|
uncertainty as to the outcome of legal proceedings including certain class action proceedings in the U.S. and Canada;
|
|
·
|
the exploration, development and operation of a mine or mine property, including the potential for undisclosed liabilities on our mineral projects;
|
|
·
|
the fact that we are a relatively new company with no mineral properties in production or development and no history of production or revenue;
|
|
·
|
our ability to obtain adequate financing for our planned exploration and development activities and to complete further exploration programs;
|
|
·
|
dependency on the Brucejack Project for our future operating revenue;
|
|
·
|
our mineral resource estimates, including accuracy thereof and our ability to upgrade such mineral resource estimates and establish mineral reserve estimates;
|
|
·
|
uncertainties relating to the interpretation of drill results and the geology, grade and continuity of our mineral deposits;
|
|
·
|
commodity price fluctuations, including gold price volatility;
|
|
·
|
our history of negative operating cash flow, incurred losses and accumulated deficit;
|
|
·
|
market events and general economic conditions;
|
|
·
|
the inherent risk in the mining industry;
|
|
·
|
the commercial viability of our current and any acquired mineral rights;
|
|
·
|
availability of suitable infrastructure or damage to existing infrastructure;
|
|
·
|
governmental regulations, including environmental regulations;
|
|
·
|
delay in obtaining or failure to obtain required permits, or non-compliance with permits that are obtained;
|
|
·
|
increased costs and restrictions on operations due to compliance with environmental laws and regulations;
|
|
·
|
compliance with emerging climate change regulation;
|
|
·
|
adequate internal control over financial reporting;
|
|
·
|
increased costs of complying with the Dodd-Frank Act;
|
|
·
|
potential opposition from non-governmental organizations;
|
|
·
|
uncertainty regarding unsettled First Nations rights and title in British Columbia;
|
|
·
|
uncertainties related to title to our mineral properties and surface rights;
|
|
·
|
land reclamation requirements;
|
|
·
|
our ability to identify and successfully integrate any material properties we acquire;
|
|
·
|
currency fluctuations;
|
|
·
|
increased costs affecting the mining industry;
|
|
·
|
increased competition in the mining industry for properties, qualified personnel and management;
|
|
·
|
our ability to attract and retain qualified management;
|
|
·
|
some of our directors’ and officers’ involvement with other natural resource companies;
|
|
·
|
potential inability to attract development partners or our ability to identify attractive acquisitions;
|
|
·
|
potential liabilities associated with our acquisition of material properties;
|
|
·
|
our ability to comply with foreign corrupt practices regulations and anti-bribery laws;
|
|
·
|
changes to relevant legislation, accounting practices or increasing insurance costs;
|
|
·
|
our anti-takeover provisions could discourage potentially beneficial third party takeover offers;
|
|
·
|
significant growth could place a strain on our management systems;
|
|
·
|
share ownership by our significant shareholders, their ability to influence our governance and possible market overhang;
|
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