Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss for the year $ (30,656) $ (17,140) $ (22,938)
Items not affecting cash:      
Stock based compensation 1,026 1,142 1,080
Net realizable value adjustments 10,689 6,861 7,000
Amortization of mineral properties 814 1,247 2,045
Depreciation of capital assets 2,167 1,768 1,789
Accretion expense 497 460 486
Amortization of deferred loan costs (43) (43) (46)
Gain on loan forgiveness 0 0 (903)
Provision for reclamation 0 (2) (5)
Mark to market loss (gain) 1,586 (1,835) 5,998
Gain on sale of assets 0 67 0
Unrealized foreign exchange loss (gain) (319) (25) 353
Changes in non-cash working capital:      
Lease receivable (285) 0 0
Inventory (3,357) (8,841) (7,109)
Prepaid expenses (178) (140) (84)
Accounts payable and accrued liabilities 991 (1,696) 544
Cash provided by used in operating activities (16,982) (18,091) (11,698)
Investing activities      
Purchase of capital assets (2,039) (709) (1,190)
Cash provided by used in investing activities (2,039) (709) (1,190)
Financing activities      
Issuance of common shares and warrants for cash 53,142 3,775 48,841
Share issue costs (3,165) (94) (2,188)
Proceeds from exercise of warrants and stock options 1,586 3,722 8,507
RSU redeemed for cash (69) (205) (289)
Repayment of debt (5,409) (1,305) 0
Cash provided by used in financing activities 46,085 5,893 54,871
Effects of foreign exchange rate changes on cash 45 (108) 45
Increase (decrease) in cash, cash equivalents, and restricted cash 27,109 (13,015) 42,028
Beginning cash, cash equivalents, and restricted cash 41,140 54,155 12,127
Ending cash, cash equivalents, and restricted cash $ 68,249 $ 41,140 $ 54,155