Exhibit
Number
|
Description of
Exhibit
|
|
PRETIUM
RESOURCES INC.
|
|
|
|
|
|
By:
|
/s/ Alicia
Milne
|
Date: May 11,
2018
|
Name:
|
Alicia
Milne
|
|
Title:
|
Corporate
Secretary
|
|
Gold production
(oz)
|
Gold grade
(g/t)
|
Recovery
(%)
|
Ore milled
(t)
|
March
|
32,910
|
10.9
|
96.7
|
92,580
|
February
|
27,636
|
11.4
|
97.1
|
77,763
|
January
|
15,143
|
5.4
|
96.7
|
91,100
|
Q1 2018
|
75,689
|
9.1
|
96.8
|
261,443
|
In thousands of USD,
except where noted
|
|
|
|
For the three months ended
|
||
|
|
|
|
March 31,
2018
|
March 31,
2017
|
|
Operating data(1)
|
|
|
|
|
|
|
Ore mined
|
|
t
|
|
268,339
|
|
-
|
Mining rate
|
|
tpd
|
|
2,982
|
|
-
|
|
|
|
|
|
|
|
Ore milled
|
|
t
|
|
261,443
|
|
-
|
Head grade
|
|
g/t Au
|
|
9.1
|
|
-
|
Recovery
|
|
%
|
|
96.8
|
|
-
|
Mill throughput
|
|
tpd
|
|
2,905
|
|
-
|
|
|
|
|
|
|
|
Gold ounces produced
|
|
oz.
|
|
75,689
|
|
-
|
Silver ounces produced
|
|
oz.
|
|
94,730
|
|
|
|
|
|
|
|
|
|
Gold ounces sold
|
|
oz.
|
|
68,651
|
|
-
|
Silver ounces sold
|
|
oz.
|
|
84,234
|
|
-
|
|
|
|
|
|
|
|
Financial data
|
|
|
|
|
|
|
Revenue(1)
|
|
$
|
|
89,422
|
|
-
|
Earnings from mine
operations(1,2)
|
|
$
|
|
16,834
|
|
-
|
Net loss for the period
|
|
$
|
|
(8,058)
|
|
(4,263)
|
Per share - basic
|
|
$/share
|
|
(0.04)
|
|
(0.02)
|
Per share - diluted
|
|
$/share
|
|
(0.04)
|
|
(0.02)
|
|
|
|
|
|
|
|
Adjusted earnings (loss)(2)
|
|
$
|
|
5,797
|
|
(6,089)
|
Per share - basic(2)
|
|
$/share
|
|
0.03
|
|
(0.03)
|
|
|
|
|
|
|
|
Total cash and
cash equivalents
|
|
$
|
|
70,540
|
|
171,945
|
Cash generated by (used in)
operating activities
|
|
$
|
|
24,719
|
|
(2,733)
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
|
1,678,657
|
|
1,633,083
|
Long-term debt(3)
|
|
$
|
|
292,906
|
|
601,344
|
|
|
|
|
|
|
|
Total cash costs(1,2)
|
|
$/oz
|
|
841
|
|
-
|
All-in sustaining costs(1,2)
|
|
$/oz
|
|
1,009
|
|
-
|
|
|
|
|
|
|
|
Average realized price(1,2)
|
|
$/oz
|
|
1,271
|
|
-
|
Average realized cash margin(1,2)
|
|
$/oz
|
|
430
|
|
-
|
TABLE OF CONTENTS
|
|
|
|
In thousands of USD
|
For the
three months ended
|
|
|
March
31,
2018
|
March
31,
2017
|
|
|
|
Cash flow information
|
|
|
|
|
|
Cash
generated by (used in) operations
|
$24,719
|
$(2,733)
|
Cash
used in investing activities
|
(9,540)
|
(168,050)
|
Cash
generated by (used in) financing activities
|
(768)
|
198,886
|
Effect
of foreign exchange rate changes
on
cash and cash equivalents
|
(156)
|
2,051
|
Change in cash and cash equivalents
|
$14,255
|
$30,154
|
In thousands of USD,
|
2018
|
2017
|
2017
|
2017
|
2017
|
2016
|
2016
|
2016
|
except per share data
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Revenue
|
$89,422
|
$107,058
|
$70,875
|
$-
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
Earnings
from mine
operations(1)
|
$16,834
|
$26,890
|
$25,963
|
$-
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$(8,058)
|
$(2,720)
|
$(6,975)
|
$(2,495)
|
$(4,263)
|
$(8,564)
|
$(15,115)
|
$(26,656)
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
$(6,120)
|
$(2,720)
|
$(6,975)
|
$(2,495)
|
$(4,263)
|
$(27,663)
|
$(21,933)
|
$(29,075)
|
|
|
|
|
|
|
|
|
|
Loss
per share -
|
|
|
|
|
|
|
|
|
basic
and diluted
|
$(0.04)
|
$(0.01)
|
$(0.04)
|
$(0.01)
|
$(0.03)
|
$(0.05)
|
$(0.08)
|
$(0.15)
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$1,678,657
|
$1,671,537
|
$1,673,601
|
$1,649,593
|
$1,633,083
|
$1,450,436
|
$1,348,184
|
$1,324,613
|
|
|
|
|
|
|
|
|
|
Long-term liabilities(2)
|
$395,208
|
$388,558
|
$736,582
|
$709,269
|
$688,617
|
$514,835
|
$420,720
|
$400,759
|
|
|
|
|
|
|
|
|
|
Cash
dividends
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
$70,540
|
$56,285
|
$53,774
|
$55,311
|
$171,945
|
$141,791
|
$178,494
|
$285,664
|
|
|
|
|
|
|
|
|
|
Mineral
properties, plant
|
|
|
|
|
|
|
|
|
and
equipment
|
$1,556,945
|
$1,564,860
|
$1,566,889
|
$1,558,652
|
$1,435,202
|
$1,270,457
|
$1,120,745
|
$989,038
|
In thousands of USD
|
Less
than 1 year
|
1-3
years
|
4-5
years
|
More
than
5
years
|
Total
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
Purchase
commitments
|
$5,508
|
$-
|
$-
|
$-
|
$5,508
|
Finance
lease obligation
|
218
|
-
|
-
|
-
|
218
|
Decommissioning
and
restoration
provision
|
89
|
232
|
-
|
19,101
|
19,422
|
Office
lease
|
651
|
-
|
-
|
-
|
651
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Repayment of credit facility(1)
|
423,776
|
-
|
-
|
-
|
423,776
|
Repayment
of
convertible
notes
|
2,250
|
4,500
|
102,250
|
-
|
109,000
|
|
$432,492
|
$4,732
|
$102,250
|
$19,101
|
$558,575
|
|
Original classification
under IAS 39
|
New classification
under IFRS 9
|
Carrying amount
under IAS 39
|
Carrying amount
under IFRS 9
|
Financial assets
|
|
|
|
|
Cash
and cash equivalents
|
Loans
and receivables
|
Amortized
cost
|
$56,285
|
$56,285
|
Trade
receivables
|
Loans
and receivables with embedded derivatives
|
FVTPL
|
11,067
|
11,067
|
Other
assets
|
FVTPL
|
FVTPL
|
132
|
132
|
Restricted
cash
|
Loans
and receivables
|
Amortized
cost
|
5,036
|
5,036
|
|
|
|
||
Financial liabilities
|
|
|
|
|
Accounts
payable and
accrued
liabilities
|
Other
financial liabilities
|
Other
financial liabilities
|
$53,436
|
$53,436
|
Restricted
share unit liability
|
FVTPL
|
FVTPL
|
2,730
|
2,730
|
Senior
secured term
credit
facility
|
Other
financial liabilities
|
Other
financial liabilities
|
365,890
|
365,890
|
Offtake
obligation
|
FVTPL
|
FVTPL
|
78,085
|
78,085
|
Stream
obligation
|
FVTPL
|
FVTPL (1)
|
224,020
|
224,020
|
Debt
portion of
convertible
note
|
Other
financial liabilities
|
Other
financial liabilities
|
76,582
|
76,582
|
In thousands of USD,
|
For the
three months ended
|
|
except for per ounce data
|
March
31,
2018
|
March
31,
2017
|
|
|
|
Gold
ounces sold
|
68,651
|
-
|
|
|
|
Cost of sales per ounce sold reconciliation
|
|
|
Cost
of sales
|
$72,588
|
$-
|
Cost
of sales per ounce of gold sold
|
$1,057
|
$-
|
|
|
|
Total cash costs reconciliation
|
|
|
Cost
of sales
|
$72,588
|
$-
|
Less:
Depreciation and depletion
|
(12,992)
|
-
|
Less:
Site share-based compensation
|
(551)
|
-
|
Less:
Silver revenue
|
(1,321)
|
-
|
Total cash costs
|
$57,724
|
$-
|
Total cash costs per ounce of gold sold
|
$841
|
$-
|
In thousands of USD,
|
For the
three months ended
|
|
except for per ounce data
|
March
31,
2018
|
March
31,
2017
|
|
|
|
Gold
ounces sold
|
68,651
|
-
|
|
|
|
All-in sustaining costs reconciliation
|
|
|
Total
cash costs
|
$57,724
|
$-
|
Sustaining capital expenditures
(1)
|
4,471
|
-
|
Accretion
on decommissioning and restoration provision
|
155
|
83
|
Treatment
and refinery charges
|
3,891
|
-
|
Site
share-based compensation
|
551
|
-
|
Corporate administrative costs (2)
|
2,466
|
7,975
|
Total all-in sustaining costs
|
$69,258
|
$8,058
|
All-in sustaining costs per ounce of gold sold
|
$1,009
|
$-
|
In thousands of USD,
|
For the
three months ended
|
|
except for per ounce data
|
March
31,
2018
|
March
31,
2017
|
|
|
|
Revenue
from contracts with customers
|
$88,589
|
$-
|
Less:
Silver revenue
|
(1,321)
|
-
|
Gold revenue(1)
|
$87,268
|
$-
|
Gold
ounces sold
|
68,651
|
-
|
Average realized price
|
$1,271
|
$-
|
Less:
Total cash costs per ounce of gold sold
|
(841)
|
-
|
Average realized cash margin per ounce of gold sold
|
$430
|
$-
|
In thousands of USD,
|
For the
three months ended
|
|
except for per share data
|
March
31,
2018
|
March
31,
2017
|
|
|
|
Basic
weighted average shares outstanding
|
182,378,707
|
180,656,271
|
|
|
|
Adjusted earnings (loss) and adjusted basic earnings (loss) per
share reconciliation
|
||
|
|
|
Net
loss for the period
|
$(8,058)
|
$(4,263)
|
Adjusted
for:
|
|
|
Loss
on financial instruments at fair value
|
2,637
|
3,229
|
Amortization
of discount on senior secured term credit facility
|
||
Accretion
on convertible notes
|
1,373
|
-
|
Deferred
income tax expense (recovery)
|
3,611
|
(5,055)
|
Adjusted earnings (loss)
|
$5,797
|
$(6,089)
|
Adjusted basic earnings (loss) per share
|
$0.03
|
$(0.03)
|
|
|
Number of
securities
|
Exercise price
($)
|
Exercise price currency
|
Weighted average remaining life (years)
|
Common shares
|
|
182,390,374
|
|
|
-
|
Stock options
|
|
5,567,577
|
$5.85 - $15.17
|
CAD
|
2.41
|
Convertible notes
|
|
6,250,000
|
$16.00
|
USD
|
3.85
|
|
|
194,207,951
|
|
|
|
PRETIUM RESOURCES INC.
|
|||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
POSITION
|
|||
(Unaudited - Expressed in thousands of United States
dollars)
|
|||
|
|
|
|
|
|
March
31,
|
December
31,
|
|
Note
|
2018
|
2017
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
Cash
and cash equivalents
|
|
$70,540
|
$56,285
|
Receivables
and other
|
3
|
17,226
|
19,551
|
Inventories
|
4
|
28,715
|
25,673
|
|
|
116,481
|
101,509
|
Non-current assets
|
|
|
|
Mineral
properties, plant and equipment
|
5
|
1,556,945
|
1,564,860
|
Other
assets
|
7
|
331
|
132
|
Restricted
cash
|
|
4,900
|
5,036
|
Total assets
|
|
$1,678,657
|
$1,671,537
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
Accounts
payable and accrued liabilities
|
6
|
$53,010
|
$60,438
|
Current
portion of long-term debt
|
7
|
388,068
|
374,966
|
Income
taxes payable
|
|
-
|
379
|
Flow-through
share premium
|
|
82
|
135
|
|
|
441,160
|
435,918
|
Non-current liabilities
|
|
|
|
Restricted
share unit liability
|
6
|
544
|
511
|
Long-term
debt
|
7
|
292,906
|
293,029
|
Convertible
notes
|
8
|
77,955
|
76,582
|
Decommissioning
and restoration provision
|
9
|
19,422
|
18,436
|
Deferred
income tax liability
|
|
4,381
|
-
|
|
|
836,368
|
824,476
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Share
capital
|
13
|
1,126,473
|
1,125,932
|
Contributed
surplus
|
13
|
50,749
|
49,942
|
Equity
component of convertible notes
|
8
|
17,603
|
17,603
|
Accumulated
other comprehensive loss
|
|
(197,602)
|
(193,772)
|
Deficit
|
|
(154,934)
|
(152,644)
|
|
|
842,289
|
847,061
|
Total liabilities and equity
|
|
$1,678,657
|
$1,671,537
|
|
|
|
|
Contingencies
|
16
|
|
|
On behalf of the Board:
|
|
|
|
“David S. Smith”
|
|
“George N. Paspalas”
|
|
David
S. Smith
(Chair
of the Audit Committee)
|
|
George
N. Paspalas
(Director)
|
|
PRETIUM RESOURCES INC.
|
|||
CONDENSED
CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE INCOME
(LOSS)
|
|||
(Unaudited
- Expressed in thousands of United States dollars, except for share
data)
|
|||
|
|
|
|
|
|
For the
three months ended
|
|
|
|
March
31,
|
March
31,
|
|
Note
|
2018
|
2017
|
|
|
|
|
Revenue
|
10
|
$89,422
|
$-
|
|
|
|
|
Cost
of sales
|
11
|
72,588
|
-
|
|
|
|
|
Earnings from mine operations
|
|
16,834
|
-
|
|
|
|
|
Corporate
administrative costs
|
|
2,498
|
8,011
|
|
|
|
|
Operating earnings (loss)
|
|
14,336
|
(8,011)
|
|
|
|
|
Interest
and finance (expense) income
|
12
|
(15,437)
|
37
|
Foreign
exchange (loss) gain
|
|
(83)
|
1,885
|
Loss
on financial instruments at fair value
|
7
|
(2,637)
|
(3,229)
|
|
|
|
|
Loss before taxes
|
|
(3,821)
|
(9,318)
|
|
|
|
|
Current
income tax expense
|
|
(626)
|
-
|
Deferred
income tax (expense) recovery
|
|
(3,611)
|
5,055
|
|
|
|
|
Net loss for the period
|
|
$(8,058)
|
$(4,263)
|
|
|
|
|
Other comprehensive earnings (loss), net of tax
|
|
|
|
Items
that will not be reclassified to earnings or loss:
|
|
|
|
Change
in fair value attributable to change in credit risk
of
financial instruments designated at fair value
through
profit or loss
|
7c
|
1,938
|
-
|
|
|
|
|
Comprehensive loss for the period
|
|
$(6,120)
|
$(4,263)
|
|
|
|
|
|
|
|
|
Basic and diluted loss per common share
|
|
$(0.04)
|
$(0.02)
|
|
|
|
|
Weighted average number of common shares outstanding
|
|
182,378,707
|
180,656,271
|
PRETIUM RESOURCES INC.
|
|||
CONDENSED
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
|
|||
(Unaudited
- Expressed in thousands of United States dollars)
|
|||
|
|
|
|
|
|
For the
three months ended
|
|
|
|
March
31,
|
March
31,
|
|
Note
|
2018
|
2017
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
Net
loss for the period
|
|
$(8,058)
|
$(4,263)
|
Items
not affecting cash:
|
|
|
|
Current
income tax expense
|
|
626
|
-
|
Deferred
income tax expense (recovery)
|
|
3,611
|
(5,055)
|
Depreciation
and depletion
|
|
13,024
|
36
|
Interest
and finance expense, net
|
|
15,374
|
(59)
|
Loss
on financial instruments at fair value
|
7
|
2,637
|
3,229
|
Settlement
of offtake obligation
|
7
|
(695)
|
-
|
Share-based
compensation
|
13
|
739
|
1,625
|
Unrealized
foreign exchange loss (gain)
|
|
47
|
(2,315)
|
Changes
in non-cash working capital items:
|
|
|
|
Receivables
and other
|
|
2,230
|
189
|
Inventories
|
|
(2,880)
|
-
|
Accounts
payable and accrued liabilities
|
|
(931)
|
3,880
|
Income
taxes paid
|
|
(1,005)
|
-
|
Net
cash generated by (used in) operating activities
|
|
24,719
|
(2,733)
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
Proceeds
from exercise of stock options
|
|
357
|
5,797
|
Proceeds
from convertible notes, net
|
8
|
-
|
96,089
|
Proceeds
from credit facility, net
|
7
|
-
|
97,000
|
Interest
paid
|
|
(1,125)
|
-
|
Net
cash generated by (used in) financing activities
|
|
(768)
|
198,886
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
Expenditures
on mineral properties, plant and equipment
|
5
|
(9,742)
|
(168,192)
|
Interest
received
|
|
202
|
142
|
Net
cash used in investing activities
|
|
(9,540)
|
(168,050)
|
|
|
|
|
Increase in cash and cash equivalents for the period
|
|
14,411
|
28,103
|
|
|
|
|
Cash and cash equivalents, beginning of the period
|
|
56,285
|
141,791
|
Effect of foreign exchange rate changes on cash and
cash equivalents
|
|||
|
|
(156)
|
2,051
|
Cash and cash equivalents, end of the period
|
|
$70,540
|
$171,945
|
PRETIUM RESOURCES INC.
|
||||||||
CONDENSED
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
|
||||||||
(Unaudited
- Expressed in thousands of United States dollars, except for share
data)
|
||||||||
|
|
|
|
|
|
|
|
|
|
Note
|
Number
of common shares
|
Share
capital
|
Contributed
surplus
|
Equity
component of convertible notes
|
Accumulated
other comprehensive loss
|
Deficit
|
Total
|
Balance
- December 31, 2016
|
|
180,113,252
|
$1,101,428
|
$53,072
|
$-
|
$(193,772)
|
$(136,191)
|
$824,537
|
|
|
|
|
|
|
|
|
|
Shares
issued upon
exercise
of options
|
13
|
679,675
|
8,333
|
(2,536)
|
-
|
-
|
-
|
5,797
|
|
|
|
|
|
|
|
|
|
Value
assigned to
options
vested
|
13
|
-
|
-
|
1,772
|
-
|
-
|
-
|
1,772
|
|
|
|
|
|
|
|
|
|
Equity
component of
convertible
notes, net of taxes
|
8
|
-
|
-
|
-
|
17,843
|
-
|
-
|
17,843
|
|
|
|
|
|
|
|
|
|
Loss
for the period
|
|
-
|
-
|
-
|
-
|
-
|
(4,263)
|
(4,263)
|
|
|
|
|
|
|
|
|
|
Balance
- March 31, 2017
|
|
180,792,927
|
$1,109,761
|
$52,308
|
$17,843
|
$(193,772)
|
$(140,454)
|
$845,686
|
|
|
|
|
|
|
|
|
|
Balance
- December 31, 2017
|
|
182,337,874
|
$1,125,932
|
$49,942
|
$17,603
|
$(193,772)
|
$(152,644)
|
$847,061
|
|
|
|
|
|
|
|
|
|
Adjustment
on adoption of
IFRS
9, net of taxes
|
2b
|
-
|
-
|
-
|
-
|
(5,768)
|
5,768
|
-
|
|
|
|
|
|
|
|
|
|
Adjusted
balance -
January
1, 2018
|
|
182,337,874
|
$1,125,932
|
$49,942
|
$17,603
|
$(199,540)
|
$(146,876)
|
$847,061
|
|
|
|
|
|
|
|
|
|
Shares
issued upon
exercise
of options
|
13
|
52,500
|
541
|
(184)
|
-
|
-
|
-
|
357
|
|
|
|
|
|
|
|
|
|
Value
assigned to
options
vested
|
13
|
-
|
-
|
991
|
-
|
-
|
-
|
991
|
|
|
|
|
|
|
|
|
|
Other
comprehensive earnings
for
the period, net of taxes
|
|
-
|
-
|
-
|
-
|
1,938
|
-
|
1,938
|
|
|
|
|
|
|
|
|
|
Loss
for the period
|
|
-
|
-
|
-
|
-
|
-
|
(8,058)
|
(8,058)
|
|
|
|
|
|
|
|
|
|
Balance
- March 31, 2018
|
|
182,390,374
|
$1,126,473
|
$50,749
|
$17,603
|
$(197,602)
|
$(154,934)
|
$842,289
|
|
Original classification
under IAS 39
|
New classification
under IFRS 9
|
Carrying amount
under IAS 39
|
Carrying amount
under IFRS 9
|
Financial assets
|
|
|
|
|
Cash
and cash equivalents
|
Loans
and receivables
|
Amortized
cost
|
$56,285
|
$56,285
|
Trade
receivables
|
Loans
and receivables with embedded derivatives
|
FVTPL
|
11,067
|
11,067
|
Other
assets
|
FVTPL
|
FVTPL
|
132
|
132
|
Restricted
cash
|
Loans
and receivables
|
Amortized
cost
|
5,036
|
5,036
|
|
|
|
||
Financial liabilities
|
|
|
|
|
Accounts
payable and
accrued
liabilities
|
Other
financial liabilities
|
Other
financial liabilities
|
$53,436
|
$53,436
|
Restricted
share unit liability
|
FVTPL
|
FVTPL
|
2,730
|
2,730
|
Senior
secured term
credit
facility
|
Other
financial liabilities
|
Other
financial liabilities
|
365,890
|
365,890
|
Offtake
obligation
|
FVTPL
|
FVTPL
|
78,085
|
78,085
|
Stream
obligation
|
FVTPL
|
FVTPL (1)
|
224,020
|
224,020
|
Debt
portion of
convertible
note
|
Other
financial liabilities
|
Other
financial liabilities
|
76,582
|
76,582
|
|
March
31,
|
December
31,
|
|
2018
|
2017
|
|
|
|
Trade
receivables
|
$12,810
|
$11,067
|
Prepayments
and deposits
|
2,979
|
2,064
|
Tax
receivables
|
968
|
6,166
|
BC
Mineral Exploration Tax Credit ("BCMETC") receivable
|
242
|
249
|
Other
receivables
|
227
|
5
|
|
$17,226
|
$19,551
|
|
March
31,
|
December
31,
|
|
2018
|
2017
|
|
|
|
Finished
metal
|
$19,343
|
$15,309
|
Materials
and supplies
|
8,702
|
8,201
|
In-circuit
|
670
|
2,163
|
|
$28,715
|
$25,673
|
|
Mineral
properties
|
Construction
in progress
|
Plant
and equipment
|
Exploration
and evaluation assets
|
Total
|
Cost
|
|
|
|
|
|
Balance,
December 31, 2017
|
$807,519
|
$5,723
|
$544,849
|
$246,463
|
$1,604,554
|
Additions
|
-
|
4,599
|
1,076
|
278
|
5,953
|
Transfer
from construction in
|
|
|
|
|
|
progress
to plant and equipment
|
-
|
(1,989)
|
1,989
|
-
|
-
|
Transfer
from construction in
|
|
|
|
|
|
progress
to mineral properties
|
830
|
(830)
|
-
|
-
|
-
|
Balance,
March 31, 2018
|
$808,349
|
$7,503
|
$547,914
|
$246,741
|
$1,610,507
|
|
|
|
|
|
|
Accumulated depreciation and depletion
|
|
|
|
|
|
Balance,
December 31, 2017
|
$14,924
|
$-
|
$24,770
|
$-
|
$39,694
|
Depreciation
and depletion
|
7,160
|
-
|
6,708
|
-
|
13,868
|
Balance,
March 31, 2018
|
$22,084
|
$-
|
$31,478
|
$-
|
$53,562
|
|
|
|
|
|
|
Net book value - March 31, 2018
|
$786,265
|
$7,503
|
$516,436
|
$246,741
|
$1,556,945
|
|
March
31,
|
December
31,
|
|
2018
|
2017
|
|
|
|
Trade
payables
|
$33,482
|
$35,142
|
Accrued
liabilities
|
12,702
|
17,488
|
Employee
benefit liability
|
4,653
|
4,783
|
Restricted
share unit liability
|
2,206
|
2,730
|
Finance
lease obligation
|
218
|
-
|
Royalty
payable
|
203
|
146
|
Accrued
interest on convertible notes
|
90
|
660
|
|
$53,554
|
$60,949
|
Non-current
portion of restricted share unit liability
|
(544)
|
(511)
|
Current
portion of accounts payable and accrued liabilities
|
$53,010
|
$60,438
|
|
Senior
secured term credit facility
|
Offtake
obligation
|
Stream
obligation
|
Total
long-term debt
|
Balance,
December 31, 2017
|
$365,890
|
$78,085
|
$224,020
|
$667,995
|
Interest
expense including amortization of discount
|
13,493
|
-
|
-
|
13,493
|
Settlement
of offtake obligation
|
-
|
(695)
|
-
|
(695)
|
Loss
(gain) on financial instruments at fair value
|
-
|
(1,809)
|
4,645
|
2,836
|
Change
in fair value attributable to change in credit
risk
of financial instruments designated at FVTPL
|
-
|
-
|
(2,655)
|
(2,655)
|
Balance,
March 31, 2018
|
$379,383
|
$75,581
|
$226,010
|
$680,974
|
Current
portion of long-term debt
|
(379,383)
|
(8,685)
|
-
|
(388,068)
|
Non-current
portion of long-term debt
|
$-
|
$66,896
|
$226,010
|
$292,906
|
|
For the
three months ended
|
For the
year ended
|
|
March
31,
|
December
31,
|
|
2018
|
2017
|
|
|
|
Opening
balance
|
$76,582
|
$-
|
Face
value of convertible notes
|
-
|
100,000
|
Transaction
costs associated with convertible notes
|
-
|
(4,205)
|
Equity
component of convertible notes, net of
allocated
transaction costs
|
-
|
(24,110)
|
|
|
|
Accretion
of convertible notes
|
1,373
|
4,897
|
Ending
balance
|
$77,955
|
$76,582
|
|
For the
three months ended
|
For the
year ended
|
|
March
31,
|
December
31,
|
|
2018
|
2017
|
|
|
|
Opening
balance
|
$18,436
|
$13,675
|
Change
in discount rate
|
936
|
(1,933)
|
Accretion
of decommissioning and restoration provision
|
155
|
465
|
Change
in amount and timing of cash flows
|
(105)
|
6,229
|
Ending
balance
|
$19,422
|
$18,436
|
|
For the
three months ended
|
|
|
March
31,
|
March
31,
|
|
2018
|
2017
|
|
|
|
Gold
revenue
|
$87,268
|
$-
|
Silver
revenue
|
1,321
|
-
|
Revenue
from contracts with customers
|
$88,589
|
$-
|
Gain
on trade receivables at fair value
|
833
|
-
|
|
$89,422
|
$-
|
|
For the
three months ended
|
|
|
March
31,
|
March
31,
|
|
2018
|
2017
|
|
|
|
Gold
revenue - doré
|
$58,971
|
$-
|
Gold
revenue - concentrate
|
28,297
|
-
|
Silver
revenue - concentrate
|
788
|
-
|
Silver
revenue - doré
|
533
|
-
|
|
$88,589
|
$-
|
|
For the
three months ended
|
|
|
March
31,
|
March
31,
|
|
2018
|
2017
|
|
|
|
Consultants
and contractors
|
$28,852
|
$-
|
Depreciation
and depletion
|
13,836
|
-
|
Salaries
and benefits
|
9,964
|
-
|
Supplies
and consumables
|
8,291
|
-
|
Royalties
and selling costs
|
5,735
|
-
|
Energy
|
3,880
|
-
|
Travel
and camp accommodation
|
1,759
|
-
|
Freight
|
1,048
|
-
|
Camp
administrative costs
|
507
|
-
|
Rentals
|
493
|
-
|
Insurance
|
420
|
-
|
Site
share-based compensation
|
344
|
-
|
|
75,129
|
-
|
Change
in inventories
|
(2,541)
|
-
|
|
$72,588
|
$-
|
|
For the
three months ended
|
|
|
March
31,
|
March
31,
|
|
2018
|
2017
|
|
|
|
Interest
expense on credit facility
|
$13,493
|
$-
|
Interest
expense on convertible notes
|
1,928
|
-
|
Accretion
of decommissioning and restoration provision
|
155
|
83
|
Other
interest expense
|
55
|
-
|
Bank
charges
|
8
|
22
|
Interest
and finance income
|
(202)
|
(142)
|
|
$15,437
|
$(37)
|
|
2018
|
2017
|
||
|
Number
of options
|
Weighted
average exercise price
(in CAD)
|
Number
of options
|
Weighted
average exercise price
(in CAD)
|
Outstanding,
January 1,
|
6,454,327
|
$9.32
|
7,524,727
|
$9.05
|
Exercised
|
(52,500)
|
8.45
|
(679,675)
|
10.06
|
Expired
|
(815,500)
|
13.70
|
(120,000)
|
16.49
|
Forfeited
|
(18,750)
|
12.32
|
-
|
-
|
Outstanding,
March 31,
|
5,567,577
|
$8.68
|
6,725,052
|
$8.82
|
|
Stock options outstanding
|
Stock options exercisable
|
||
Exercise prices (in
CAD)
|
Number of options outstanding
|
Weighted average years to expiry
|
Number of options exercisable
|
Weighted average exercise price
(in CAD)
|
$5.85
- $7.99
|
2,700,250
|
1.79
|
2,700,250
|
$6.68
|
$8.00
- $9.99
|
1,714,452
|
2.40
|
1,546,543
|
8.96
|
$10.00
- $11.99
|
130,000
|
3.88
|
50,000
|
10.89
|
$12.00
- $13.99
|
982,875
|
4.55
|
7,500
|
13.42
|
$14.00
- $15.99
|
40,000
|
3.36
|
40,000
|
15.17
|
Outstanding, March 31, 2018
|
5,567,577
|
2.52
|
4,344,293
|
$7.63
|
|
2018
|
2017
|
||
|
Number
of RSU's
|
Weighted average fair value (in CAD)
|
Number
of RSU's
|
Weighted average fair value (in CAD)
|
Outstanding,
January 1,
|
729,064
|
$14.41
|
735,729
|
$10.65
|
Forfeited
|
(6,877)
|
13.78
|
-
|
-
|
Outstanding,
March 31,
|
722,187
|
$8.69
|
735,729
|
$14.58
|
|
2018
|
2017
|
||
|
Number
of PSU's
|
Weighted average fair value (in CAD)
|
Number
of PSU's
|
Weighted average fair value (in CAD)
|
Outstanding,
January 1,
|
74,140
|
$14.41
|
-
|
$-
|
Outstanding,
March 31,
|
74,140
|
$8.69
|
-
|
$-
|
|
For the
three months ended
|
|
|
March
31,
|
March
31,
|
|
2018
|
2017
|
Salaries
and benefits
|
$647
|
$5,045
|
Share-based
compensation
|
(52)
|
1,912
|
|
$595
|
$6,957
|
Level
1:
|
Quoted
prices in active markets for identical assets or liabilities that
the Company has the ability to access at the measurement
date.
|
|
|
Level
2:
|
Inputs
other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
|
|
|
Level
3:
|
Inputs
for the asset or liability that are not based on observable market
data
|
As at March 31, 2018
|
Carrying value
|
Fair value
|
||||
|
Designated
at
|
Amortized
|
Other
financial
|
Level
1
|
Level
2
|
Level
3
|
|
FVTPL
|
cost
|
liabilities
|
|
|
|
Financial assets
|
|
|
|
|
|
|
Cash
and cash equivalents
|
$-
|
$70,540
|
$-
|
$-
|
$-
|
$-
|
Trade
receivables
|
12,810
|
-
|
-
|
-
|
12,810
|
-
|
Other
assets
|
331
|
-
|
-
|
-
|
-
|
331
|
Restricted
cash
|
-
|
4,900
|
-
|
-
|
-
|
-
|
|
$13,141
|
$75,440
|
$-
|
$-
|
$12,810
|
$331
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
Accounts
payable and
accrued
liabilities
|
$-
|
$-
|
$46,477
|
$-
|
$-
|
$-
|
Restricted
share unit liability
|
2,206
|
-
|
-
|
-
|
2,206
|
-
|
Finance
lease obligation
|
-
|
|
218
|
-
|
-
|
-
|
Senior
secured term credit facility
|
-
|
-
|
379,383
|
-
|
-
|
-
|
Offtake
obligation
|
75,582
|
-
|
-
|
-
|
-
|
75,582
|
Stream
obligation
|
226,010
|
-
|
-
|
-
|
-
|
226,010
|
Debt
portion of convertible note
|
-
|
-
|
77,955
|
-
|
77,955
|
-
|
|
$303,798
|
$-
|
$504,033
|
$-
|
$80,161
|
$301,592
|
|
|
|
|
|
|
|
As at December 31, 2017
|
Carrying value
|
Fair value
|
||||
|
Designated
at
|
Loans
and
|
Other
financial
|
Level
1
|
Level
2
|
Level
3
|
|
FVTPL
|
receivables
|
liabilities
|
|
|
|
Financial assets
|
|
|
|
|
|
|
Cash
and cash equivalents
|
$-
|
$56,285
|
$-
|
$-
|
$-
|
$-
|
Trade
receivables
|
-
|
11,067
|
-
|
-
|
11,067
|
-
|
Other
assets
|
132
|
-
|
-
|
-
|
-
|
132
|
Restricted
cash
|
-
|
5,036
|
-
|
-
|
-
|
-
|
|
$132
|
$72,388
|
$-
|
$-
|
$11,067
|
$132
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
Accounts
payable and
accrued
liabilities
|
$-
|
$-
|
$53,436
|
$-
|
$-
|
$-
|
Restricted
share unit liability
|
2,730
|
-
|
-
|
-
|
2,730
|
-
|
Senior
secured term credit facility
|
-
|
-
|
365,890
|
-
|
-
|
-
|
Offtake
obligation
|
78,085
|
-
|
-
|
-
|
-
|
78,085
|
Stream
obligation
|
224,020
|
-
|
-
|
-
|
-
|
224,020
|
Debt
portion of convertible note
|
-
|
-
|
76,582
|
-
|
76,582
|
-
|
|
$304,835
|
$-
|
$495,908
|
$-
|
$79,312
|
$302,105
|
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