ARIS MINING CORPORATION | ||||||||
Date: May 14, 2024 | By: | (signed) Ashley Baker |
||||||
Ashley Baker | ||||||||
General Counsel and Corporate Secretary |
Exhibit Number | Description | |||||||
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended, |
|||||||||||||||||
March 31, 2024 | March 31, 2023 |
||||||||||||||||
Gold sold (ounces) | 51,044 | 49,158 | |||||||||||||||
Gold produced (ounces) | 50,768 | 50,903 | |||||||||||||||
Average realized gold price ($/ounce sold) | 2,061 | 1,869 | |||||||||||||||
Gold revenue ($’000) | 105,190 | 91,864 | |||||||||||||||
Segovia Operations cash costs ($/ounce sold)1 |
1,162 | 814 | |||||||||||||||
Segovia Operations AISC ($/ounce sold)1 |
1,434 | 1,104 | |||||||||||||||
Income from mining operations ($’000) | 25,313 | 33,152 | |||||||||||||||
EBITDA ($’000)1 |
22,386 | 20,136 | |||||||||||||||
Adjusted EBITDA ($’000)1 |
28,413 | 38,646 | |||||||||||||||
Net loss ($’000) |
(744) | (6,370) | |||||||||||||||
Adjusted net earnings ($'000)1 |
5,361 | 11,176 | |||||||||||||||
Loss per share – basic ($) |
(0.01) | (0.05) | |||||||||||||||
Adjusted net earnings per share – basic ($)1 |
0.04 | 0.08 | |||||||||||||||
Balance sheet, as at ($'000s) | March 31, 2024 | December 31, 2023 | |||||||||||||||
Cash and cash equivalents |
147,497 | 194,622 | |||||||||||||||
Total assets |
1,353,266 | 1,352,871 | |||||||||||||||
Total debt2 |
|||||||||||||||||
Senior Notes |
300,000 | 300,000 | |||||||||||||||
Gold Notes |
54,923 | 58,618 | |||||||||||||||
Convertible Debentures |
13,293 | 13,630 | |||||||||||||||
Shareholders’ equity | 634,594 | 624,655 | |||||||||||||||
Number of common shares outstanding at May 14, 2024 |
152,155,769 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended, | ||||||||||||||
($000s) | March 31, 2024 | |||||||||||||
Gold Revenue | $ | 105,190 | ||||||||||||
Total cash cost1 |
(64,811) | |||||||||||||
Royalties1 |
(4,092) | |||||||||||||
Social contributions1 |
(3,455) | |||||||||||||
Sustaining exploration1 |
(990) | |||||||||||||
Sustaining capital - other1 |
(6,836) | |||||||||||||
All in sustaining cost (AISC) 1 |
(80,184) | |||||||||||||
AISC Margin | 25,006 | |||||||||||||
General and administration expense2 |
(4,207) | |||||||||||||
Increase in VAT receivable |
(9,090) | |||||||||||||
Other changes in working capital | (17,816) | |||||||||||||
Impact of foreign exchange losses on cash balances2 |
(322) | |||||||||||||
Cash flow from operations |
(6,429) | |||||||||||||
Expansion and growth capital expenditure1 at: |
||||||||||||||
Marmato Upper Mine | (1,878) | |||||||||||||
Marmato Lower Mine | (14,865) | |||||||||||||
Segovia Operations |
(8,472) | |||||||||||||
Regional exploration |
(2,951) | |||||||||||||
Toroparu Project | (1,939) | |||||||||||||
Cash flow from operations after expansion capital |
(36,534) | |||||||||||||
Proceeds from warrant/option exercises2 |
7,671 | |||||||||||||
Principal repayment of Gold Notes2 |
(3,694) | |||||||||||||
Capitalized interest paid2 |
(2,594) | |||||||||||||
Interest (paid) received - net |
(10,598) | |||||||||||||
Cash flow after expansion capital and financing costs |
(45,749) | |||||||||||||
Cash contributions to Soto Norte Joint-Venture2 |
(1,376) | |||||||||||||
Net change in cash2 |
(47,125) | |||||||||||||
Opening cash balance at beginning of period2 |
194,622 | |||||||||||||
Closing cash balance at end of period2 |
147,497 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
For the three months ended | ||||||||||||||
Quarterly results | March 31, 2024 |
December 31, 2023 | September 30, 2023 | June 30, 2023 |
||||||||||
Revenue ($000s) | 107,620 | 124,983 | 116,469 | 109,315 | ||||||||||
Gold sold (ounces) | 51,044 | 62,083 | 59,040 | 54,228 | ||||||||||
Segovia Operations AISC ($ per oz sold)1 |
1,434 | 1,264 | 1,194 | 1,111 | ||||||||||
Earnings from mine operations ($000s) | 25,313 | 38,215 | 34,563 | 34,877 | ||||||||||
Net earnings (loss) ($000s) | (744) | (5,944) | 13,833 | 9,899 | ||||||||||
Earnings (loss) per share – basic ($) | (0.01) | (0.04) | 0.10 | 0.07 | ||||||||||
Earnings (loss) per share – diluted ($) | (0.01) | (0.04) | 0.10 | 0.02 | ||||||||||
For the three months ended | ||||||||||||||
Quarterly results | March 31, 2023 |
December 31, 2022 | September 30, 2022 | June 30, 2022 |
||||||||||
Revenue ($000s) | 96,907 | 103,361 | 93,909 | 101,371 | ||||||||||
Gold sold (ounces) | 49,158 | 59,157 | 53,411 | 53,884 | ||||||||||
Segovia Operations AISC ($ per oz sold)1 |
1,104 | 1,015 | 1,155 | 1,180 | ||||||||||
Earnings from mine operations ($000s) | 33,152 | 37,744 | 39,826 | 39,352 | ||||||||||
Net earnings (loss) ($000s) | (6,370) | (711) | (48,350) | 38,965 | ||||||||||
Earnings (loss) per share – basic ($) | (0.05) | (0.01) | (0.48) | 0.40 | ||||||||||
Earnings (loss) per share – diluted ($) | (0.05) | (0.05) | (0.48) | 0.15 | ||||||||||
1.Refer to the Non-IFRS Measures section for a full reconciliation of cash costs ($ per oz sold) and AISC ($ per oz sold) to the most directly comparable financial measure disclosed in the Interim Financial Statements. Comparative AISC values have been adjusted from amounts previously disclosed following a change in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022. |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended, | |||||||||||||||||||||||
Operating Information | March 31, 2024 | March 31, 2023 | |||||||||||||||||||||
Tonnes of ore processed (t) | 154,425 | 149,965 | |||||||||||||||||||||
Average gold grade processed (g/t) | 9.42 | 10.11 | |||||||||||||||||||||
Recoveries (%) | 95.6% | 95.4% | |||||||||||||||||||||
Gold produced (ounces) | 44,909 | 46,513 | |||||||||||||||||||||
Gold sold (ounces) | 45,288 | 44,908 | |||||||||||||||||||||
Gold revenue ($'000s) | $ | 93,389 | $ | 83,943 | |||||||||||||||||||
Mining costs | 39,117 | 29,720 | |||||||||||||||||||||
Processing costs | 5,961 | 4,403 | |||||||||||||||||||||
Administration and security costs | 9,461 | 5,685 | |||||||||||||||||||||
Inventory movement and other costs | 402 | 1,615 | |||||||||||||||||||||
By-product and concentrate revenue | (2,318) | (4,877) | |||||||||||||||||||||
Total cash costs1 |
52,623 | 36,546 | |||||||||||||||||||||
Cash cost per ounce sold1 |
$1,162 | $814 | |||||||||||||||||||||
Royalties | 3,008 | 2,660 | |||||||||||||||||||||
Social contributions | 2,289 | 2,404 | |||||||||||||||||||||
Sustaining capital - infill exploration | 990 | 820 | |||||||||||||||||||||
Other sustaining capital and lease expenditures |
6,012 | 7,167 | |||||||||||||||||||||
All-in sustaining costs1 |
64,922 | 49,597 | |||||||||||||||||||||
All-in sustaining cost per ounce sold1 |
$1,434 | $1,104 | |||||||||||||||||||||
AISC Margin | 28,468 | 34,346 | |||||||||||||||||||||
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended, | |||||||||||||||||||||||
Operating Information |
March 31, 2024 | March 31, 2023 | |||||||||||||||||||||
Tonnes of ore processed (t) | 62,421 | 50,999 | |||||||||||||||||||||
Average gold grade processed (g/t) | 3.27 | 2.93 | |||||||||||||||||||||
Gold recovery (%) | 89.0 | % | 91.0 | % | |||||||||||||||||||
Gold produced (ounces) | 5,859 | 4,390 | |||||||||||||||||||||
Gold sold (ounces) | 5,756 | 4,250 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended, | ||||||||||||||
($’000) | March 31, 2024 | March 31, 2023 | ||||||||||||
Revenue | $ | 107,620 | $ | 96,907 | ||||||||||
Costs and expenses | ||||||||||||||
Cost of sales | (71,333) | (53,705) | ||||||||||||
Depreciation and depletion | (7,519) | (7,646) | ||||||||||||
Social contributions | (3,455) | (2,404) | ||||||||||||
Income from mining operations | 25,313 | 33,152 | ||||||||||||
General and administrative costs | (4,207) | (2,235) | ||||||||||||
Loss from equity accounting in investees |
(551) | (3,241) | ||||||||||||
Share-based compensation | (1,842) | (1,147) | ||||||||||||
Other expenses | (212) | 83 | ||||||||||||
Income from operations |
18,501 | 26,612 | ||||||||||||
Loss on financial instruments |
(3,742) | (11,779) | ||||||||||||
Finance income | 2,246 | 2,173 | ||||||||||||
Interest and accretion | (6,803) | (8,881) | ||||||||||||
Foreign exchange gain (loss) | 108 | (2,343) | ||||||||||||
Earnings before income tax |
10,310 | 5,782 | ||||||||||||
Income tax (expense) recovery | ||||||||||||||
Current | (9,369) | (12,583) | ||||||||||||
Deferred | (1,685) | 431 | ||||||||||||
(11,054) | (12,152) | |||||||||||||
Net loss |
$ | (744) | $ | (6,370) | ||||||||||
(Loss) earnings per share – basic | $ | (0.01) | $ | (0.05) | ||||||||||
Weighted average number of outstanding common shares – basic |
138,381,653 | 136,188,570 | ||||||||||||
(Loss) earnings per share – diluted | $ | (0.01) | $ | (0.05) | ||||||||||
Weighted average number of outstanding common shares – diluted |
138,381,653 | 136,188,570 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended, | ||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||
Financial Assets | ||||||||||||||
Investment in Denarius | 1,355 | (1) | ||||||||||||
Denarius convertible debenture | 1,889 | — | ||||||||||||
Denarius warrants | (163) | — | ||||||||||||
Other gain on financial instruments |
(3) | 2 | ||||||||||||
3,078 | 1 | |||||||||||||
Financial Liabilities | ||||||||||||||
Gold Notes | (2,038) | (2,714) | ||||||||||||
Convertible debenture |
503 | (1,714) | ||||||||||||
Unlisted Warrants | 39 | (566) | ||||||||||||
Listed Warrants | (5,324) | (6,786) | ||||||||||||
(6,820) | (11,780) | |||||||||||||
Total (loss) gain |
(3,742) | (11,779) |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Balance as of | ||||||||
($000s) | March 31, 2024 | December 31, 2023 | ||||||
ASSETS | ||||||||
Current | ||||||||
Cash and cash equivalents | 147,497 | 194,622 | ||||||
Gold bullion | 1,704 | 1,704 | ||||||
Accounts receivable | 58,372 | 49,269 | ||||||
Inventories | 41,191 | 38,864 | ||||||
Prepaid expenses and deposits | 5,046 | 4,641 | ||||||
253,810 | 289,100 | |||||||
Non-current | ||||||||
Cash in trust | 1,725 | 1,612 | ||||||
Mining interests, plant and equipment | 975,134 | 943,453 | ||||||
Investment in Associates | 109,605 | 108,780 | ||||||
Other financial assets | 12,837 | 9,756 | ||||||
Other non-current assets | 155 | 170 | ||||||
Total assets | 1,353,266 | 1,352,871 | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | 58,700 | 69,348 | ||||||
Income tax payable | 10,404 | 6,285 | ||||||
Current portion of long-term debt | 31,310 | 36,826 | ||||||
Current portion of warrant liabilities | 25,982 | 26,606 | ||||||
Current portion of deferred revenue | 1,728 | 1,163 | ||||||
Current portion of provisions | 2,775 | 2,950 | ||||||
Current portion of lease obligation | 1,472 | 2,015 | ||||||
132,371 | 145,193 | |||||||
Non-current | ||||||||
Long-term debt | 341,276 | 341,005 | ||||||
Non-current portion of deferred revenue | 147,885 | 147,383 | ||||||
Provisions | 30,456 | 30,378 | ||||||
Deferred income taxes | 61,759 | 60,364 | ||||||
Lease obligation | 3,609 | 3,080 | ||||||
Other non-current liabilities | 1,316 | 813 | ||||||
Total liabilities | 718,672 | 728,216 | ||||||
Total liabilities and shareholders' equity | 1,353,266 | 1,352,871 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Less than 1 year | 1 to 3 years | 4 to 5 years | Over 5 years | Total | |||||||||||||
Trade, tax and other payables | $ | 69,104 | $ | — | $ | — | $ | — | $ | 69,104 | |||||||
Reclamation and closure costs | 2,104 | 2,040 | 6,314 | 22,563 | 33,021 | ||||||||||||
Lease payments | 2,361 | 2,538 | 621 | 950 | 6,470 | ||||||||||||
Gold Notes | 25,314 | 49,318 | 10,243 | — | 84,875 | ||||||||||||
Senior Notes | 20,625 | 346,865 | — | — | 367,490 | ||||||||||||
Convertible Debentures | 13,307 | — | — | — | 13,307 | ||||||||||||
Other purchase and contractual commitments1 |
1,125 | — | — | 55,400 | 56,525 | ||||||||||||
Total | $ | 133,940 | $ | 400,761 | $ | 17,178 | $ | 78,913 | $ | 630,792 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Securities | TSX symbol | Number | Shares issuable | Exercise price per share | Expiry or maturity date | |||||||||||||||
Common shares |
ARIS | 152,155,769 | ||||||||||||||||||
Stock options | Unlisted | 60,152 | 60,152 | C$3.09 | October 1, 2026 | |||||||||||||||
Unlisted | 26,815 | 26,815 | C$3.40 | May 12, 2026 | ||||||||||||||||
Unlisted1 |
1,199,612 | 599,806 | C$3.80 | March 23, 2025 | ||||||||||||||||
Unlisted1 |
2,560,000 | 1,280,000 | C$4.00 | March 1, 2025 | ||||||||||||||||
Unlisted | 1,400,724 | 1,400,724 | C$4.03 | January 12, 2026 | ||||||||||||||||
Unlisted | 280,000 | 280,000 | C$4.05 | April 1, 2025 | ||||||||||||||||
Unlisted |
2,525,561 | 2,525,561 | C$4.09 | January 31, 2027 | ||||||||||||||||
Unlisted1 |
60,000 | 30,000 | C$5.00 | June 26, 2025 | ||||||||||||||||
Unlisted | 90,000 | 90,000 | C$5.45 | January 26, 2027 | ||||||||||||||||
Unlisted | 801,000 | 801,000 | C$5.84 | April 1, 2027 | ||||||||||||||||
Unlisted | 730,000 | 730,000 | C$6.04 | April 1, 2026 | ||||||||||||||||
Unlisted | 50,000 | 50,000 | C$6.88 | July 2, 2025 | ||||||||||||||||
Gold X Warrants2 |
Unlisted3 |
466,249 | 323,950 | C$1.90 | June 12, 2024 | |||||||||||||||
Unlisted4 |
1,947,841 | 1,353,360 | C$4.03 | August 27, 2024 | ||||||||||||||||
Aris Gold Warrants1 |
ARIS.WT.A5 |
58,118,755 | 29,059,3776 |
C$5.50 | July 29, 2025 | |||||||||||||||
Unlisted7 |
3,300,000 | 1,650,0006 |
C$6.00 | December 19, 2024 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended March 31, 2024 | Three months ended March 31, 2023 | |||||||||||||||||||
($000s except per ounce amounts) | Segovia | Marmato | Total | Segovia | Marmato |
Total | ||||||||||||||
Total gold sold (ounces) | 45,288 | 5,756 | 51,044 | 44,908 | 4,250 | 49,158 | ||||||||||||||
Cost of sales1 |
57,949 | 13,384 | 71,333 | 44,083 | 9,622 | 53,705 | ||||||||||||||
Less: royalties1 |
(3,008) | (1,084) | (4,092) | (2,660) | (750) | (3,410) | ||||||||||||||
Add: by-product revenue1 |
(2,318) | (112) | (2,430) | (4,877) | (166) | (5,043) | ||||||||||||||
Less: other adjustments |
— | — | — | — | 77 | 77 | ||||||||||||||
Total cash costs | 52,623 | 12,188 | 64,811 | 36,546 | 8,783 | 45,329 | ||||||||||||||
Total cash costs ($ per oz gold sold) | 1,162 | 814 | ||||||||||||||||||
1.As presented in the Interim Financial Statements and notes thereto for the respective periods. | ||||||||||||||||||||
Three months ended March 31, 2024 | Three months ended March 31, 2023 | |||||||||||||||||||
($000s except per ounce amounts) | Segovia | Marmato | Total | Segovia | Marmato |
Total | ||||||||||||||
Total gold sold (ounces) | 45,288 | 5,756 | 51,044 | 44,908 | 4,250 | 49,158 | ||||||||||||||
Total cash costs |
52,623 | 12,188 | 64,811 | 36,546 | 8,783 | 45,329 | ||||||||||||||
Add: royalties1 |
3,008 | 1,084 | 4,092 | 2,660 | 750 | 3,410 | ||||||||||||||
Add: social programs1 |
2,289 | 1,166 | 3,455 | 2,404 | — | 2,404 | ||||||||||||||
Add: sustaining capital expenditures |
6,496 | 824 | 7,320 | 7,332 | 535 | 7,867 | ||||||||||||||
Add: lease payments on sustaining capital |
506 | — | 506 | 655 | — | 655 | ||||||||||||||
Total AISC | 64,922 | 15,262 | 80,184 | 49,597 | 10,068 | 59,665 | ||||||||||||||
Total AISC ($ per oz gold sold) | 1,434 | 1,104 | ||||||||||||||||||
1.As presented in the Interim Financial Statements and notes thereto for the respective periods. | ||||||||||||||||||||
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended, | |||||||||||||||||||||||
($’000) | March 31, 2024 | March 31, 2023 | |||||||||||||||||||||
Sustaining capital | |||||||||||||||||||||||
Segovia Operations | 6,496 | 7,332 | |||||||||||||||||||||
Marmato Upper Mine | 824 | 535 | |||||||||||||||||||||
Total | 7,320 | 7,867 | |||||||||||||||||||||
Non-sustaining capital | |||||||||||||||||||||||
Segovia Operations | 11,023 | 2,641 | |||||||||||||||||||||
Toroparu Project | 1,939 | 4,690 | |||||||||||||||||||||
Marmato Lower Mine | 14,865 | 3,881 | |||||||||||||||||||||
Marmato Upper Mine | 2,278 | 681 | |||||||||||||||||||||
Juby Project | 3 | 33 | |||||||||||||||||||||
Total | 30,108 | 11,926 | |||||||||||||||||||||
Additions to mining interest, plant and equipment1 |
37,428 | 19,793 | |||||||||||||||||||||
1.As presented in the Interim Financial Statements and notes thereto for the respective periods. |
Three months ended, | |||||||||||||||||
($000s except shares amount) | March 31, 2024 | March 31, 2023 | |||||||||||||||
Basic weighted average shares outstanding |
138,381,653 | 136,188,570 | |||||||||||||||
Net loss1 |
(744) | (6,370) | |||||||||||||||
Add back: | |||||||||||||||||
Share-based compensation1 |
1,842 | 1,147 | |||||||||||||||
(Income) loss from equity accounting in investee1 |
551 | 3,241 | |||||||||||||||
(Gain) loss on financial instruments1 |
3,742 | 11,779 | |||||||||||||||
Foreign exchange (gain) loss1 |
(108) | 2,343 | |||||||||||||||
Income tax effect on adjustments | 78 | (964) | |||||||||||||||
Adjusted net (loss) / earnings | 5,361 | 11,176 | |||||||||||||||
Per share – basic ($/share) | 0.04 | 0.08 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended, | |||||||||||||||||
($000s) | March 31, 2024 | March 31, 2023 | |||||||||||||||
Earnings (loss) before tax1 |
10,310 | 5,782 | |||||||||||||||
Add back: |
|||||||||||||||||
Depreciation and depletion1 |
7,519 | 7,646 | |||||||||||||||
Finance income1 |
(2,246) | (2,173) | |||||||||||||||
Interest and accretion1 |
6,803 | 8,881 | |||||||||||||||
EBITDA |
22,386 | 20,136 | |||||||||||||||
Add back: |
|||||||||||||||||
Share-based compensation1 |
1,842 | 1,147 | |||||||||||||||
(Income) loss from equity accounting in investee1 |
551 | 3,241 | |||||||||||||||
(Gain) loss on financial instruments1 |
3,742 | 11,779 | |||||||||||||||
Foreign exchange (gain) loss1 |
(108) | 2,343 | |||||||||||||||
Adjusted EBITDA |
28,413 | 38,646 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Valuation Inputs | Description | ||||
Financing Rate | IFRS 15 requires the Company to recognize a notional financing charge due to the significant time delay between receiving the upfront streaming payment and satisfying the related performance obligations. |
||||
Long-term commodities price curves | Estimates of the long-term commodities prices are estimated in order to calculate the expected revenue value per ounce to be recognized from deferred revenue for each delivery to WPMI. | ||||
Life of Mine Production | Life of mine production is estimated giving consideration to IFRS 15 requirements constraining estimates of variable consideration and therefore is based on the approved life of mine and the portion of mineral resources anticipated to be converted to mineral reserves and mined. | ||||
Timing of construction milestones | The expected timing for when the Company will achieve the construction milestone requirements for the additional funding from WPMI have been estimated based on the Marmato prefeasibility study. |
March 31, 2024 | December 31, 2023 | |||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||
Gold Notes | $ | — | $ | 63,170 | $ | — | $ | 63,310 | ||||||
Warrant liabilities | 25,468 | 514 | 26,053 | 553 | ||||||||||
DSU and PSU liabilities | 1,863 | 3,167 | 1,903 | 2,804 | ||||||||||
Investments and other assets | 5,437 | 7,400 | 4,254 | 5,505 | ||||||||||
Convertible Debentures | — | 13,307 | — | 13,913 | ||||||||||
Total | $ | 32,768 | $ | 87,558 | $ | 32,210 | $ | 86,085 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
Trade | $ | 3,009 | $ | 3,505 | ||||
VAT receivable | 49,034 | 40,045 | ||||||
Income tax receivable | 5,188 | 4,503 | ||||||
Other, net of allowance for doubtful accounts | 1,296 | 1,386 | ||||||
Total | $ | 58,527 | $ | 49,439 |
March 31, 2024 | Impact of a 10% Change |
December 31, 2023 | Impact of a 10% Change |
|||||||||||
Canadian Dollar (C$) | (1,628) | (149) | (15,664) | (1,425) | ||||||||||
Colombian Peso (COP) | 12,118 | 1,101 | 11,301 | 1,027 | ||||||||||
Guyanese Dollar (GYD) | 475 | 43 | 100 | 9 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Three months ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Short-term employee benefits | $ | 828 | $ | 993 | ||||||||||
Termination benefits | 1,394 | — | ||||||||||||
Share-based compensation | 976 | 718 | ||||||||||||
Total | $ | 3,198 | $ | 1,711 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Property | Proven | Probable | Proven & Probable | ||||||||||||||||||||||||||
Tonnes (kt) |
Gold grade (g/t) |
Contained gold (koz) |
Tonnes (kt) |
Gold grade (g/t) |
Contained gold (koz) |
Tonnes (kt) |
Gold grade (g/t) |
Contained gold (koz) |
|||||||||||||||||||||
Marmato | 2,196 | 4.31 | 304 | 29,082 | 3.08 | 2,874 | 31,277 | 3.16 | 3,178 | ||||||||||||||||||||
Soto Norte | - | - | - | 4,953 | 6.22 | 990 | 4,953 | 6.22 | 990 | ||||||||||||||||||||
Segovia | 1,515 | 12.25 | 597 | 2,017 | 11.16 | 723 | 3,531 | 11.63 | 1,320 | ||||||||||||||||||||
Total | 901 | 4,587 | 5,488 |
Property | Measured | Indicated | Measured & Indicated | Inferred | ||||||||||||||||||||||||||||||||||
Tonnes (Mt) |
Gold grade (g/t) |
Contained gold (koz) |
Tonnes (Mt) |
Gold grade (g/t) |
Contained gold (koz) |
Tonnes (Mt) |
Gold grade (g/t) |
Contained gold (koz) |
Tonnes (Mt) |
Gold grade (g/t) |
Contained gold (koz) |
|||||||||||||||||||||||||||
Marmato | 2.8 | 6.04 | 545 | 58.7 | 2.89 | 5,452 | 61.5 | 3.03 | 5,997 | 35.6 | 2.43 | 2,787 | ||||||||||||||||||||||||||
Soto Norte | - | - | - | 9.6 | 5.47 | 1,691 | 9.6 | 5.47 | 1,691 | 5.5 | 4.06 | 714 | ||||||||||||||||||||||||||
Segovia | 4.1 | 14.31 | 1,893 | 3.8 | 14.38 | 1,736 | 7.9 | 14.34 | 3,629 | 4.7 | 12.11 | 1,823 | ||||||||||||||||||||||||||
Toroparu | 42.4 | 1.45 | 1,975 | 72.6 | 1.46 | 3,398 | 115.0 | 1.50 | 5,373 | 21.2 | 1.71 | 1,168 | ||||||||||||||||||||||||||
Juby | - | - | - | 21.3 | 1.13 | 773 | 21.3 | 1.13 | 773 | 47.1 | 0.98 | 1,488 | ||||||||||||||||||||||||||
Total | 4,413 | 13,050 | 17,463 | 7,980 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Management's Discussion and Analysis Three months ended March 31, 2024 and 2023 |
Condensed Consolidated Interim Statements of Financial Position
(Unaudited; Expressed in thousands of US dollars)
|
Notes | March 31, 2024 |
December 31, 2023 |
January 1, 2023 |
|||||||||||
(Restated - Note 3) |
||||||||||||||
ASSETS | ||||||||||||||
Current | ||||||||||||||
Cash and cash equivalents | $ | 147,497 | $ | 194,622 | $ | 299,461 | ||||||||
Gold in trust | 9b | 1,704 | 1,704 | 907 | ||||||||||
Trade and other receivables | 13b | 58,372 | 49,269 | 48,526 | ||||||||||
Inventories | 5 | 41,191 | 38,864 | 26,633 | ||||||||||
Prepaid expenses and deposits | 5,046 | 4,641 | 2,674 | |||||||||||
253,810 | 289,100 | 378,201 | ||||||||||||
Non-current | ||||||||||||||
Cash in trust | 1,725 | 1,612 | 1,110 | |||||||||||
Mining interests, plant and equipment | 7 | 975,134 | 943,453 | 749,146 | ||||||||||
Investments in associates | 6 | 109,605 | 108,780 | 113,527 | ||||||||||
Other financial assets | 6b | 12,837 | 9,756 | — | ||||||||||
Other long-term assets | 13b | 155 | 170 | 136 | ||||||||||
Total assets | $ | 1,353,266 | $ | 1,352,871 | $ | 1,242,120 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current | ||||||||||||||
Accounts payable and accrued liabilities | 8 | $ | 58,700 | $ | 69,348 | $ | 47,282 | |||||||
Income tax payable | 10,404 | 6,285 | 25,765 | |||||||||||
Note payable | 6a | — | — | 51,504 | ||||||||||
Current portion of long-term debt | 9 | 31,310 | 36,826 | 28,706 | ||||||||||
Warrant liabilities | 12c | 25,982 | 26,606 | 21,794 | ||||||||||
Current portion of deferred revenue | 11 | 1,728 | 1,163 | 1,606 | ||||||||||
Current portion of provisions | 10 | 2,775 | 2,950 | 1,153 | ||||||||||
Current portion of lease obligations | 1,472 | 2,015 | 2,416 | |||||||||||
132,371 | 145,193 | 180,226 | ||||||||||||
Non-current | ||||||||||||||
Long-term debt | 9 | 341,276 | 341,005 | 349,727 | ||||||||||
Deferred revenue | 11 | 147,885 | 147,383 | 143,052 | ||||||||||
Provisions | 10 | 30,456 | 30,378 | 20,963 | ||||||||||
Deferred income taxes | 61,759 | 60,364 | 48,255 | |||||||||||
Lease obligations | 3,609 | 3,080 | 3,710 | |||||||||||
Other long-term liabilities | 12g | 1,316 | 813 | 292 | ||||||||||
Total liabilities | 718,672 | 728,216 | 746,225 | |||||||||||
Equity | ||||||||||||||
Share capital | 12a | 733,945 | 719,806 | 715,035 | ||||||||||
Share purchase warrants | 12d | 9,442 | 9,708 | 10,183 | ||||||||||
Contributed surplus | 182,000 | 181,758 | 180,674 | |||||||||||
Accumulated other comprehensive loss | (74,611) | (71,179) | (183,140) | |||||||||||
Retained earnings (deficit) | (216,182) | (215,438) | (226,857) | |||||||||||
Total equity | 634,594 | 624,655 | 495,895 | |||||||||||
Total liabilities and equity | $ | 1,353,266 | $ | 1,352,871 | $ | 1,242,120 |
Commitments and contingencies |
Note 10d, 13c |
||||
Subsequent Events |
Note 9c, 12c,d,e |
(signed) Neil Woodyer |
Director |
(signed) David Garofalo |
Director |
Condensed Consolidated Interim Statements of Income (Loss) (Unaudited; Expressed in thousands of US dollars, except share and per share amounts) |
Three months ended March 31, | |||||||||||
Notes | 2024 | 2023 | |||||||||
(Recast - Note 12c) | |||||||||||
Revenue | 14 | $ | 107,620 | $ | 96,907 | ||||||
Cost of sales | 15 | (71,333) | (53,705) | ||||||||
Depreciation and depletion | (7,519) | (7,646) | |||||||||
Social contributions | (3,455) | (2,404) | |||||||||
Income (loss) from mining operations | 25,313 | 33,152 | |||||||||
General and administrative costs | (4,207) | (2,235) | |||||||||
Income (loss) from investments in associates | 6 | (551) | (3,241) | ||||||||
Share-based compensation | 12h | (1,842) | (1,147) | ||||||||
Other income (expense) | (212) | 83 | |||||||||
Income (loss) from operations | 18,501 | 26,612 | |||||||||
Gain (loss) on financial instruments | 17 | (3,742) | (11,779) | ||||||||
Finance income | 2,246 | 2,173 | |||||||||
Interest and accretion | 16 | (6,803) | (8,881) | ||||||||
Foreign exchange gain (loss) | 108 | (2,343) | |||||||||
Income (loss) before income tax | 10,310 | 5,782 | |||||||||
Income tax (expense) recovery | |||||||||||
Current | (9,369) | (12,583) | |||||||||
Deferred | (1,685) | 431 | |||||||||
Net income (loss) | $ | (744) | $ | (6,370) | |||||||
Earnings (loss) per share – basic |
12i | $ | (0.01) | $ | (0.05) | ||||||
Weighted average number of outstanding common shares – basic | 138,381,653 | 136,188,570 | |||||||||
Earnings (loss) per share - diluted | 12i | $ | (0.01) | $ | (0.05) | ||||||
Weighted average number of outstanding common shares – diluted | 138,381,653 | 136,188,570 |
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(Unaudited; Expressed in thousands on US dollars)
|
Three months ended March 31, | |||||||||||
Notes | 2024 | 2023 | |||||||||
(Recast - Note 12c) | |||||||||||
Net income (loss) | $ | (744) | $ | (6,370) | |||||||
Other comprehensive earnings (loss): | |||||||||||
Items that will not be reclassified to profit in subsequent periods: | |||||||||||
Unrealized gain on Convertible Debentures due to change in credit risk ($nil tax effect) |
9c | 103 | 69 | ||||||||
Actuarial gain (loss) on health plan obligation ($nil tax effect) |
10 | — | (341) | ||||||||
Unrealized loss on Gold Notes due to changes in credit risk (net of tax effect) (1) |
9b | (1,516) | 2,269 | ||||||||
Items that may be reclassified to profit in subsequent periods: | |||||||||||
Equity accounted investees – share of other comprehensive income (loss) ($nil tax effect) |
6b | — | 64 | ||||||||
Reclassification of OCI to net earnings due to Denarius dilution and derecognition ($nil tax effect) |
— | 536 | |||||||||
Foreign currency translation adjustment (net of tax effect) |
(2,019) | 13,726 | |||||||||
Other comprehensive income (loss) | (3,432) | 16,323 | |||||||||
Comprehensive income (loss) | $ | (4,176) | $ | 9,953 |
Condensed Consolidated Interim Statements of Equity
(Unaudited; Expressed in thousands of US dollars, except share and per share amounts)
|
Share Capital - common shares | Share purchase warrants |
Contributed surplus |
Accumulated OCI |
Retained earnings |
Total equity |
|||||||||||||||||||||
Three months ended March 31, 2024 | Notes | Number | Amount | |||||||||||||||||||||||
At December 31, 2023 | 137,569,590 | $ | 719,806 | $ | 9,708 | $ | 181,758 | $ | (71,179) | $ | (215,438) | $ | 624,655 | |||||||||||||
Exercise of options |
12b,e | 460,102 | 1,578 | — | (296) | — | — | 1,282 | ||||||||||||||||||
Exercise of warrants |
12b,c,d | 3,850,732 | 12,561 | (266) | — | — | — | 12,295 | ||||||||||||||||||
Stock-based compensation |
— | — | — | 538 | — | — | 538 | |||||||||||||||||||
Comprehensive earnings (loss) |
— | — | — | — | (3,432) | (744) | (4,176) | |||||||||||||||||||
At March 31, 2024 | 141,880,424 | $ | 733,945 | $ | 9,442 | $ | 182,000 | $ | (74,611) | $ | (216,182) | $ | 634,594 | |||||||||||||
Share Capital - common shares | Share purchase warrants |
Contributed surplus |
Accumulated OCI |
Retained earnings |
Total equity |
|||||||||||||||||||||
Three months ended March 31, 2023 | Notes | Number | Amount | |||||||||||||||||||||||
(Recast - Note 12c) | ||||||||||||||||||||||||||
At December 31, 2022 | 136,057,661 | $ | 715,035 | $ | 10,183 | $ | 180,674 | $ | (183,140) | $ | (226,857) | $ | 495,895 | |||||||||||||
Exercise of options |
12e | 100,000 | 311 | — | (72) | — | — | 239 | ||||||||||||||||||
Exercise of warrants |
12c,d | 101,246 | 415 | (235) | — | — | — | 180 | ||||||||||||||||||
Stock based compensation |
— | — | — | 388 | — | — | 388 | |||||||||||||||||||
Comprehensive earnings (loss) |
— | — | — | — | 16,323 | (6,370) | 9,953 | |||||||||||||||||||
At March 31, 2023 | 136,258,907 | $ | 715,761 | $ | 9,948 | $ | 180,990 | $ | (166,817) | $ | (233,227) | $ | 506,655 |
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited; Expressed in thousands of US dollars)
|
Three months ended March 31, | |||||||||||
Notes | 2024 | 2023 | |||||||||
(Recast - Note 12c) | |||||||||||
Operating Activities |
|||||||||||
Net income (loss) |
$ | (744) | $ | (6,370) | |||||||
Adjusted for the following items: |
|||||||||||
Depreciation | 7,762 | 7,930 | |||||||||
Loss from investments in associates | 6 | 551 | 3,241 | ||||||||
Materials and supplies inventory provision | 14 | — | |||||||||
Share-based compensation | 12h | 1,842 | 1,147 | ||||||||
Interest and accretion | 16 | 6,803 | 8,881 | ||||||||
Loss (gain) on financial instruments | 17 | 3,742 | 11,779 | ||||||||
Loss (gain) on gold in trust | — | (83) | |||||||||
Amortization of deferred revenue | 11 | (954) | (733) | ||||||||
Unrealized foreign exchange loss (gain) | (60) | 1,858 | |||||||||
Change in provisions | 10 | (52) | 357 | ||||||||
Income tax expense | 11,054 | 12,152 | |||||||||
Payment of PSUs and DSUs | 12f,g | (981) | (46) | ||||||||
Settlement of provisions |
10 | (295) | (164) | ||||||||
Increase in cash in trust |
(126) | (28) | |||||||||
Changes in non-cash operating working capital items |
18 | (29,343) | (20,153) | ||||||||
Operating cash flows before taxes | (787) | 19,768 | |||||||||
Income taxes paid |
— | — | |||||||||
Net cash (used in) provided by operating activities |
(787) | 19,768 | |||||||||
Investing Activities |
|||||||||||
Additions to mining interests, plant and equipment (net) |
7 | (34,771) | (19,764) | ||||||||
Acquisition of interest in Soto Norte | 6a | — | (50,000) | ||||||||
Contributions to investment in associates |
6a | (1,376) | (2,262) | ||||||||
Capitalized interest paid (net) |
(2,594) | (1,307) | |||||||||
Net cash used in investing activities |
(38,741) | (73,333) | |||||||||
Financing Activities |
|||||||||||
Repayment of Gold Notes |
9b | (3,694) | (1,847) | ||||||||
Payment of lease obligations |
(654) | (951) | |||||||||
Interest paid | (10,598) | (14,235) | |||||||||
Proceeds from exercise of stock options and warrants |
7,671 | 417 | |||||||||
Net cash used in financing activities |
(7,275) | (16,616) | |||||||||
Impact of foreign exchange rate changes on cash and equivalents |
(322) | 70 | |||||||||
Increase (decrease) in cash and cash equivalents | (47,125) | (70,111) | |||||||||
Cash and cash equivalents, beginning of period |
194,622 | 299,461 | |||||||||
Cash and cash equivalents, end of period |
$ | 147,497 | $ | 229,350 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Entity | Property/ function |
Registered | Functional currency (1) |
||||||||
Aris Mining Corporation | Corporate | Canada | USD | ||||||||
Aris Mining Holdings Corp. | Corporate | Canada | USD | ||||||||
Aris Mining Guyana Holdings | Corporate | Canada | USD | ||||||||
Aris Mining Segovia Holdings, S.A. | Corporate | Panama | USD | ||||||||
Aris Mining (Panama) Marmato Inc. | Corporate | Panama | USD | ||||||||
Aris Mining Segovia |
Segovia Operations | Colombia | COP | ||||||||
Aris Mining Marmato |
Marmato Mine | Colombia | COP | ||||||||
Minerales Andinos de Occidente, S.A.S. |
Marmato Zona Alta | Colombia | COP | ||||||||
Minera Croesus S.A.S. |
Marmato Zona Alta | Colombia | COP | ||||||||
Aris Gold Switzerland AG |
Soto Norte Project | Switzerland | USD | ||||||||
ETK Inc. |
Toroparu Project | Guyana | USD | ||||||||
Aris Mining Toroparu Holdings Ltd. |
Toroparu Project | BVI | USD |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
As at January 1, 2023 | As at December 31, 2023 | |||||||||||||||||||
As previously disclosed | Adjustment | Adjusted balances | As previously disclosed | Adjustment | Adjusted balances | |||||||||||||||
Current portion of long-term debt | $ | 15,525 | $ | 13,182 | $ | 28,707 | $ | 36,826 | $ | — | $ | 36,826 | ||||||||
Current portion of warrant liabilities | — | 21,794 | 21,794 | 15,625 | 10,981 | 26,606 | ||||||||||||||
Long-term debt | 362,909 | (13,182) | 349,727 | 341,005 | — | 341,005 | ||||||||||||||
Warrant liabilities | 21,794 | (21,794) | — | 10,981 | (10,981) | — |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
March 31, 2024 |
December 31, 2023 |
|||||||
Finished goods | $ | 8,680 | $ | 7,907 | ||||
Metal in circuit | 722 | 783 | ||||||
Ore stockpiles | 709 | 794 | ||||||
Materials and supplies | 31,080 | 29,380 | ||||||
As at March 31, 2024 | $ | 41,191 | $ | 38,864 |
Percentage of ownership |
Common shares |
March 31, 2024 |
December 31, 2023 |
|||||||||||
Soto Norte (a) | 20.0 | % | 1,825,721 | $ | 109,373 | $ | 108,527 | |||||||
Denarius (b) | — | % | — | — | — | |||||||||
Western Atlas (c) | 25.4 | % | 29,910,588 | 232 | 253 | |||||||||
Total | $ | 109,605 | $ | 108,780 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Soto Norte (a) | $ | (530) | $ | (1,301) | ||||
Denarius (b) | — | (1,899) | ||||||
Western Atlas (c) | (21) | (41) | ||||||
Total | $ | (551) | $ | (3,241) |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Amount | |||||
Investment in associate as of December 31, 2022 | $ | 100,772 | |||
Company’s share of the income from the associate | 2,650 | ||||
Cash contributions to Soto Norte | 5,105 | ||||
Investment in associate as of December 31, 2023 | 108,527 | ||||
Company’s share of the loss from the associate | (530) | ||||
Cash contributions to Soto Norte | 1,376 | ||||
Investment in associate as of March 31, 2024 | $ | 109,373 |
Amount | |||||
As at December 31, 2022 | $ | 51,504 | |||
Interest expense | 2,246 | ||||
Repayment | (50,000) | ||||
Interest paid | (3,750) | ||||
As at December 31, 2023 | $ | — |
March 31, 2024 | March 31, 2023 | |||||||
Revenues | $ | — | $ | — | ||||
Operating expenses | (5,761) | (3,919) | ||||||
Depreciation and depletion | (194) | (278) | ||||||
Loss before finance expenses and income tax | (5,955) | (4,197) | ||||||
Finance income (expense) | 13 | (842) | ||||||
Income tax recovery (expense) | 3,290 | (1,464) | ||||||
Net loss and comprehensive loss of associate | (2,652) | (6,503) | ||||||
Company’s equity share of the net loss and comprehensive loss of associate – 20% |
$ | (530) | $ | (1,301) |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
March 31, 2024 | December 31, 2023 | |||||||
Current assets | $ | 3,482 | $ | 3,922 | ||||
Non-current assets | 681,467 | 678,206 | ||||||
Total | 684,949 | 682,128 | ||||||
Current liabilities | 3,076 | 1,851 | ||||||
Non-current liabilities | 135,009 | 137,641 | ||||||
Total | 138,085 | 139,492 | ||||||
Net assets | $ | 546,864 | $ | 542,636 | ||||
Company’s share of the net assets of Soto Norte – 20% |
$ | 109,373 | $ | 108,527 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Common shares |
Warrants |
Total |
|||||||||
As of December 31, 2022 | $ | 11,960 | $ | 409 | $ | 12,369 | |||||
Additions | 1,122 | — | 1,122 | ||||||||
Company’s share of the loss from the associate | (783) | — | (783) | ||||||||
Equity share of other comprehensive loss | 600 | — | 600 | ||||||||
Loss on dilution | (1,680) | — | (1,680) | ||||||||
Loss on derecognition | (8,142) | — | (8,142) | ||||||||
Reclassification of investment | (3,077) | (409) | (3,486) | ||||||||
Investment in Denarius at at December 31, 2023 | $ | — | $ | — | $ | — |
Common shares | Warrants | Convertible Debenture | Total | |||||||||||
Reclassification of investment | $ | 3,077 | $ | 409 | $ | — | $ | 3,486 | ||||||
Purchase of Denarius Debenture | — | — | 3,603 | 3,603 | ||||||||||
Change in fair value | 919 | (160) | 1,908 | 2,667 | ||||||||||
Other financial asset as at December 31, 2023 | $ | 3,996 | $ | 249 | $ | 5,511 | $ | 9,756 | ||||||
Change in fair value | 1,355 | (163) | 1,889 | 3,081 | ||||||||||
Other financial asset as at March 31, 2024 | $ | 5,351 | $ | 86 | $ | 7,400 | $ | 12,837 |
Amount | ||||||||
As of December 31, 2022 | $ | 381 | ||||||
Company’s share of the loss from the associate | (128) | |||||||
As of December 31, 2023 | $ | 253 | ||||||
Company’s share of the loss from the associate | (21) | |||||||
Investment in Western Atlas as of March 31, 2024 | $ | 232 |
Notes to the Consolidated Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Plant and equipment |
Depletable mineral properties | Non-Depletable development projects |
Exploration projects |
Total | |||||||||||||
Cost | |||||||||||||||||
Balance at December 31, 2023 | $ | 253,861 | $ | 427,182 | $ | 216,723 | $ | 521,200 | $ | 1,418,966 | |||||||
Additions | 11,643 | 11,054 | 12,789 | 1,942 | 37,428 | ||||||||||||
Disposals | (349) | — | — | — | (349) | ||||||||||||
Change in decommissioning liability (Note 10) | — | (105) | — | — | (105) | ||||||||||||
Capitalized interest | — | — | 4,615 | — | 4,615 | ||||||||||||
Exchange difference | (910) | (2,363) | (326) | (73) | (3,672) | ||||||||||||
Balance at March 31, 2024 | $ | 264,245 | $ | 435,768 | $ | 233,801 | $ | 523,069 | $ | 1,456,883 | |||||||
Accumulated Depreciation and Impairment Charges | |||||||||||||||||
Balance at December 31, 2023 | $ | (91,854) | $ | (204,183) | $ | — | $ | (179,476) | $ | (475,513) | |||||||
Depreciation | (3,867) | (3,895) | — | — | (7,762) | ||||||||||||
Disposals | 119 | — | — | — | 119 | ||||||||||||
Exchange difference | 436 | 971 | — | — | 1,407 | ||||||||||||
Balance at March 31, 2024 | $ | (95,166) | $ | (207,107) | $ | — | $ | (179,476) | $ | (481,749) | |||||||
Net book value at December 31, 2023 | $ | 162,007 | $ | 222,999 | $ | 216,723 | $ | 341,724 | $ | 943,453 | |||||||
Net book value at March 31, 2024 | $ | 169,079 | $ | 228,661 | $ | 233,801 | $ | 343,593 | $ | 975,134 |
Plant and equipment |
Depletable mineral properties | Non-Depletable development projects |
Exploration projects |
Total | |||||||||||||
Cost | |||||||||||||||||
Balance at December 31, 2022 | $ | 182,566 | $ | 292,386 | $ | 153,540 | $ | 503,759 | $ | 1,132,251 | |||||||
Additions | 33,455 | 36,190 | 30,412 | 14,969 | 115,026 | ||||||||||||
Disposals | (1,937) | — | — | — | (1,937) | ||||||||||||
Transfers | 105 | (105) | — | — | — | ||||||||||||
Change in decommissioning liability (Note 10) | — | 3,182 | — | — | 3,182 | ||||||||||||
Capitalized interest | — | — | 14,550 | — | 14,550 | ||||||||||||
Exchange difference | 39,672 | 95,529 | 18,221 | 2,472 | 155,894 | ||||||||||||
Balance at December 31, 2023 | $ | 253,861 | $ | 427,182 | $ | 216,723 | $ | 521,200 | $ | 1,418,966 | |||||||
Accumulated Depreciation and Impairment Charges | |||||||||||||||||
Balance at December 31, 2022 | $ | (60,844) | $ | (142,785) | $ | — | $ | (179,476) | $ | (383,105) | |||||||
Depreciation | (13,478) | (23,034) | — | — | (36,512) | ||||||||||||
Disposals | 668 | — | — | — | 668 | ||||||||||||
Exchange difference | (18,200) | (38,364) | — | — | (56,564) | ||||||||||||
Balance at December 31, 2023 | $ | (91,854) | $ | (204,183) | $ | — | $ | (179,476) | $ | (475,513) | |||||||
Net book value at December 31, 2022 | $ | 121,722 | $ | 149,601 | $ | 153,540 | $ | 324,283 | $ | 749,146 | |||||||
Net book value at December 31, 2023 | $ | 162,007 | $ | 222,999 | $ | 216,723 | $ | 341,724 | $ | 943,453 |
Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2024 and 2023 (Tabular amounts expressed in thousands of US dollars unless otherwise noted) |
March 31, 2024 |
December 31, 2023 |
|||||||
Capitalized Interest - Gold Notes (Note 9b) | $ | 2,670 | $ | 7,484 | ||||
Capitalized Interest - Deferred Revenue (Note 11) | 2,021 | 7,818 | ||||||
Capitalized Interest - Income | (76) | (752) | ||||||
Total | $ | 4,615 | $ | 14,550 |
March 31, 2024 |
December 31, 2023 |
|||||||
Trade payables related to operating, general and administrative expenses | $ | 41,506 | $ | 53,913 | ||||
Trade payables related to capital expenditures | 4,090 | 1,591 | ||||||
Other provisions | 8,752 | 9,312 | ||||||
Acquisitions of mining interests | 623 | 623 | ||||||
DSU and PSU Liability (Note 12g,f) | 3,714 | 3,894 | ||||||
Other taxes payable | 15 | 15 | ||||||
Total | $ | 58,700 | $ | 69,348 |
March 31, 2024 |
December 31, 2023 |
|||||||
Senior Notes (a) | $ | 296,109 | $ | 300,608 | ||||
Gold Notes (b) | 63,170 | 63,310 | ||||||
Convertible Debentures (c) | 13,307 | 13,913 | ||||||
Total | 372,586 | 377,831 | ||||||
Less: current portion | (31,310) | (36,826) | ||||||
Non-current portion | $ | 341,276 | $ | 341,005 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Amount | |||||
Carrying value of the debt as at December 31, 2022 | $ | 298,107 | |||
Interest expense accrued | 20,625 | ||||
Interest expense paid | (20,625) | ||||
Accretion of discount | 2,501 | ||||
Carrying value of the debt as at December 31, 2023 | $ | 300,608 | |||
Interest expense accrued | 5,156 | ||||
Interest expense paid | (10,313) | ||||
Accretion of discount (Note 16) | 658 | ||||
As at March 31, 2024 | 296,109 | ||||
Less: current portion, represented by accrued interest | (2,979) | ||||
Non-current portion as at March 31, 2024 | $ | 293,130 |
Number of Gold Notes |
Amount | |||||||
Fair value of Gold Notes as at December 31, 2022 | 66,006,346 | $ | 67,145 | |||||
Repayments | (7,388,882) | (7,388) | ||||||
Change in fair value through profit and loss (Note 17) | — | 8,950 | ||||||
Change in fair value through other comprehensive income due to changes in credit risk | — | (5,397) | ||||||
Fair value of Gold Notes as at December 31, 2023 | 58,617,464 | 63,310 | ||||||
Repayments | (3,694,378) | (3,694) | ||||||
Change in fair value through profit and loss (Note 17) |
— | 2,038 | ||||||
Change in fair value through other comprehensive income due to changes in credit risk | — | 1,516 | ||||||
Fair value of Gold Notes as at March 31, 2024 | 54,923,086 | 63,170 | ||||||
Less: current portion | (15,023,804) | (15,024) | ||||||
Non-current portion as at March 31, 2024 | 39,899,282 | $ | 48,146 |
2024 | 2023 | |||||||
Repayments | $ | 3,694 | $ | 1,847 | ||||
Gold premiums | 1,594 | 569 | ||||||
Interest payment | 1,076 | 1,281 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Number of Debentures | Amount | |||||||
As at December 31, 2022 | 18,000 | $ | 13,182 | |||||
Change in fair value through profit and loss (Note 17) | — | 1,032 | ||||||
Change in FVOCI due to changes in credit risk | — | (301) | ||||||
As at December 31, 2023 | 18,000 | $ | 13,913 | |||||
Change in fair value through profit and loss (Note 17) |
— | (503) | ||||||
Change in FVOCI due to changes in credit risk | — | (103) | ||||||
Current portion as at March 31, 2024 ⁽¹⁾ | 18,000 | $ | 13,307 |
Reclamation and rehabilitation |
Environmental fees |
Health plan obligations |
Total | |||||||||||
As at December 31, 2023 | $ | 15,984 | $ | 5,480 | $ | 11,864 | $ | 33,328 | ||||||
Recognized in period | — | 16 | — | 16 | ||||||||||
Change in assumptions | (105) | — | (68) | (173) | ||||||||||
Settlement of provisions | (116) | — | (179) | (295) | ||||||||||
Accretion expense (Note 16) |
209 | 11 | 301 | 521 | ||||||||||
Exchange difference | (79) | (29) | (58) | (166) | ||||||||||
As at March 31, 2024 | $ | 15,893 | $ | 5,478 | $ | 11,860 | $ | 33,231 | ||||||
Less: current portion | (2,007) | (81) | (687) | (2,775) | ||||||||||
Non-current portion | $ | 13,886 | $ | 5,397 | $ | 11,173 | $ | 30,456 | ||||||
As at December 31, 2022 | $ | 9,540 | $ | 4,299 | $ | 8,277 | $ | 22,116 | ||||||
Recognized in period | — | 57 | — | 57 | ||||||||||
Change in assumptions | 3,182 | — | 215 | 3,397 | ||||||||||
Settlement of provisions | (83) | (79) | (618) | (780) | ||||||||||
Accretion expense (Note 16) |
715 | 86 | 1,546 | 2,347 | ||||||||||
Exchange difference | 2,630 | 1,117 | 2,444 | 6,191 | ||||||||||
As at December 31, 2023 | $ | 15,984 | $ | 5,480 | $ | 11,864 | $ | 33,328 | ||||||
Less: current portion | (2,194) | (65) | (691) | (2,950) | ||||||||||
Non-current portion | $ | 13,790 | $ | 5,415 | $ | 11,173 | $ | 30,378 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Expected date of expenditures |
Inflation rate | Pre-tax risk-free rate |
|||||||||
Marmato Mine | 2024-2042 |
2.58 | % | 10.27 | % | ||||||
Segovia Operations | 2024-2034 |
3.08 | % | 9.64 | % |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
March 31, 2024 |
December 31, 2023 |
|||||||
Marmato (a) | $ | 65,613 | $ | 64,546 | ||||
Toroparu (b) | 84,000 | 84,000 | ||||||
Total | $ | 149,613 | $ | 148,546 | ||||
Less: current portion | (1,728) | (1,163) | ||||||
Non-current portion | $ | 147,885 | $ | 147,383 |
Key inputs in the estimate | March 31, 2024 | December 31, 2023 | ||||||
Estimated financing rate | 12.50 | % | 12.50 | % | ||||
Gold price | $1,790 - $2,025 |
$1,724 - $1,939 |
||||||
Silver price | $23.04 - $24.54 |
$22.71 - $24.33 |
||||||
Construction milestone timelines | 2024 - 2025 |
2024 - 2025 |
Total | |||||
As at December 31, 2022 | $ | 60,658 | |||
Acquisition of Aris Gold’s deferred revenue liability | (3,878) | ||||
Recognition of revenue on ounces delivered | (52) | ||||
Accretion (Note 7) | 7,818 | ||||
As at December 31, 2023 | $ | 64,546 | |||
Recognition of revenue on ounces delivered | (937) | ||||
Cumulative catch-up adjustment | (17) | ||||
Accretion (Note 7) |
2,021 | ||||
As at March 31, 2024 | $ | 65,613 | |||
Less: current portion | (1,728) | ||||
Non-current portion as at March 31, 2024 | $ | 63,885 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Units | Amount | |||||||
Listed Warrants(1) – exercise price C$2.21, exercisable until Apr 30, 2024 |
||||||||
As at December 31, 2022 | 10,064,255 | $ | 9,667 | |||||
Exercised | (763,103) | (924) | ||||||
Fair value adjustment (Note 17) |
— | 6,329 | ||||||
Balance at December 31, 2023 | 9,301,152 | $ | 15,072 | |||||
Exercised | (3,723,152) | (5,909) | ||||||
Fair value adjustment (Note 17) |
— | 1,712 | ||||||
Balance at March 31, 2024 | 5,578,000 | $ | 10,875 | |||||
Aris Unlisted Warrants(2) – exercise price C$6.00, exercisable until Dec 19, 2024 |
||||||||
Balance at December 31, 2022 | 1,650,000 | 588 | ||||||
Fair value adjustment (Note 17) |
— | (35) | ||||||
Balance at December 31, 2023 | 1,650,000 | $ | 553 | |||||
Fair value adjustment (Note 17) |
— | (39) | ||||||
Balance at March 31, 2024 | 1,650,000 | $ | 514 | |||||
Aris Listed Warrants(2) – exercise price C$5.50, exercisable until Jul 29, 2025 |
||||||||
Balance at December 31, 2022 | 29,084,377 | 11,173 | ||||||
Exercised | (25,000) | (21) | ||||||
Fair value adjustment (Note 17) | — | (171) | ||||||
Balance at December 31, 2023 | 29,059,377 | $ | 10,981 | |||||
Fair value adjustment (Note 17) |
— | 3,612 | ||||||
Balance at March 31, 2024 | 29,059,377 | $ | 14,593 | |||||
Balance at December 31, 2023 | $ | 26,606 | ||||||
Balance at March 31, 2024 | $ | 25,982 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Valuation Inputs | Aris Unlisted Warrants | ||||
Expected volatility | 46 | % | |||
Liquidity discount | 1 | % | |||
Risk-free interest rate | 4.17 | % | |||
Expected life of warrants | 1.0 year | ||||
Dividend yield | 0 | % |
Units | Common shares issuable |
Amount | |||||||||
As at December 31, 2022 | 7,224,965 | 5,019,905 | $ | 10,183 | |||||||
Exercised (1) |
(281,500) | (195,586) | (475) | ||||||||
Expired | (2,795,090) | (1,942,029) | — | ||||||||
As at December 31, 2023 | 4,148,375 | 2,882,290 | 9,708 | ||||||||
Exercised (2) |
(183,624) | (127,580) | (266) | ||||||||
Expired | — | — | — | ||||||||
Balance at March 31, 2024 | 3,964,751 | 2,754,710 | $ | 9,442 |
Warrants outstanding
|
Common shares issuable | Exercise price C$/common shares issuable |
|||||||||
Gold X Warrants | |||||||||||
June 12, 2024 (1) |
848,750 | 589,712 | $ | 1.90 | |||||||
August 27, 2024 ⁽²⁾ | 3,116,001 | 2,164,998 | $ | 4.03 | |||||||
Balance at March 31, 2024 | 3,964,751 | 2,754,710 | $ | 3.57 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Options outstanding |
Weighted average exercise price (C$) |
|||||||
Balance at December 31, 2022 | 6,713,506 | $ | 4.71 | |||||
Options granted | 1,778,931 | 3.99 | ||||||
Exercised (1) |
(528,241) | 3.27 | ||||||
Expired or cancelled | (683,076) | 5.11 | ||||||
Balance at December 31, 2023 | 7,281,120 | $ | 4.71 | |||||
Options granted | 2,525,561 | 4.09 | ||||||
Exercised (2) |
(460,102) | 3.79 | ||||||
Expired or cancelled | (508,190) | 6.20 | ||||||
Balance at March 31, 2024 (3) |
8,838,389 | $ | 4.38 |
January 12, 2023 |
May 12, 2023 |
October 2, 2023 |
January 31, 2024 |
|||||||||||||||||||||||
Total options issued | 1,691,964 | 26,815 | 60,152 | 2,525,561 | ||||||||||||||||||||||
Market price of shares at grant date | $4.03 | $3.40 | $3.09 | $4.09 | ||||||||||||||||||||||
Exercise price | $4.03 | $3.40 | $3.09 | $4.09 | ||||||||||||||||||||||
Dividends expected | Nil | Nil | Nil | Nil | ||||||||||||||||||||||
Expected volatility | 58.36 | % | 55.47 | % | 46.95 | % | 44.42 | % | ||||||||||||||||||
Risk-free interest rate | 3.67 | % | 3.50 | % | 4.64 | % | 3.82% | |||||||||||||||||||
Expected life of options | 3.0 years | 3.01 years | 3.00 years | 3.0 years | ||||||||||||||||||||||
Vesting terms | 2 years | (1) |
2 years | (1) |
2 years | (1) |
2 years | (1) |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Expiry date | Outstanding | Vested stock options | Remaining contractual life in years | Exercise price (C$/share) |
||||||||||
April 1, 2025 | 445,000 | 445,000 | 1.25 | 4.05 | ||||||||||
July 2, 2025 | 50,000 | 50,000 | 1.51 | 6.88 | ||||||||||
April 1, 2026 | 730,000 | 730,000 | 2.25 | 6.04 | ||||||||||
January 26, 2027 | 90,000 | 90,000 | 3.07 | 5.45 | ||||||||||
April 1, 2027 | 801,000 | 801,000 | 3.25 | 5.84 | ||||||||||
April 6, 2024 | 4,439 | 4,439 | 0.27 | 4.70 | ||||||||||
March 1, 2025 | 1,860,000 | 1,860,000 | 1.17 | 4.00 | ||||||||||
March 23, 2025 | 599,806 | 599,806 | 1.23 | 3.80 | ||||||||||
May 31, 2025 | 66,300 | 66,300 | 1.42 | 3.72 | ||||||||||
June 26, 2025 | 30,000 | 30,000 | 1.49 | 5.00 | ||||||||||
January 12, 2026 | 1,549,316 | 834,089 | 2.03 | 4.03 | ||||||||||
May 12, 2026 | 26,815 | — | 2.37 | 3.40 | ||||||||||
October 2, 2026 | 60,152 | — | 2.76 | 3.09 | ||||||||||
January 31, 2027 | 2,525,561 | — | 2.83 | 4.09 | ||||||||||
Balance at March 31, 2024 | 8,838,389 | 5,510,634 | 1.93 | $ | 4.38 |
Units | Amount | |||||||
Balance at December 31, 2022 | 333,818 | $ | 826 | |||||
Granted and vested during the period | 241,223 | 649 | ||||||
Change in fair value | — | 428 | ||||||
Balance at December 31, 2023 | 575,041 | $ | 1,903 | |||||
Granted and vested during the period | 52,501 | 181 | ||||||
Paid | (108,219) | (312) | ||||||
Change in fair value | — | 91 | ||||||
Balance at March 31, 2024 | 519,323 | $ | 1,863 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Units | Amount | |||||||
Balance at December 31, 2022 | 706,286 | $ | 292 | |||||
Unvested PSUs recognized in the period | 796,758 | 1,178 | ||||||
Vested PSUs recognized in the period | — | 29 | ||||||
Paid |
(30,325) | (47) | ||||||
Change in fair value | — | 1,352 | ||||||
Balance at December 31, 2023 | 1,472,719 | $ | 2,804 | |||||
Unvested PSUs recognized in the period | 915,319 | 389 | ||||||
Paid | (282,670) | (669) | ||||||
Change in fair value | — | 643 | ||||||
Balance at March 31, 2024 | 2,105,368 | $ | 3,167 | |||||
Less: current portion | (1,851) | |||||||
Non-current portion as at March 31, 2024 | $ | 1,316 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Stock-option expense | $ | 538 | $ | 388 | ||||
DSU expense | 272 | 365 | ||||||
PSU expense | 1,032 | 394 | ||||||
Total | $ | 1,842 | $ | 1,147 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
March 31, 2024 | March 31, 2023 | |||||||||||||||||||
(Recast - Note 12c) | ||||||||||||||||||||
Weighted average shares outstanding |
Net earnings (loss) |
Net earnings (loss) per share |
Weighted average shares outstanding |
Net earnings (loss) |
Net earnings (loss) per share |
|||||||||||||||
Basic EPS | 138,381,653 | $ | (744) | $ | (0.01) | 136,188,570 | $ | (6,370) | $ | (0.05) | ||||||||||
Effect of dilutive stock-options | — | — | — | — | ||||||||||||||||
Effect of Convertible Debenture | — | — | — | — | ||||||||||||||||
Effect of dilutive warrants | — | — | — | — | ||||||||||||||||
Diluted EPS | 138,381,653 | $ | (744) | $ | (0.01) | 136,188,570 | $ | (6,370) | $ | (0.05) |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Stock options | 8,838,389 | 8,176,470 | ||||||
Convertible Debenture | 3,789,474 | 3,789,474 | ||||||
Warrants | 40,252,128 | 50,984,377 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
March 31, 2024 | December 31, 2023 | ||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Gold Notes (Note 9b) |
$ | — | $ | 63,170 | $ | — | $ | 63,310 | |||||||||
Warrant liabilities (Note 12c) |
25,468 | 514 | 26,053 | 553 | |||||||||||||
DSU and PSU liabilities (Note 12,g,f) |
1,863 | 3,167 | 1,903 | 2,804 | |||||||||||||
Investments and other assets (Note 6b) |
5,437 | 7,400 | 4,254 | 5,505 | |||||||||||||
Convertible Debentures (Note 9c) |
— | 13,307 | — | 13,913 | |||||||||||||
Total | $ | 32,768 | $ | 87,558 | $ | 32,210 | $ | 86,085 |
March 31, 2024 |
December 31, 2023 |
|||||||
Trade |
$ | 3,009 | $ | 3,505 | ||||
VAT receivable | 49,034 | 40,045 | ||||||
Tax recoverable | 5,188 | 4,503 | ||||||
Other, net of allowance for doubtful accounts | 1,296 | 1,386 | ||||||
Total | $ | 58,527 | $ | 49,439 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Less than 1 year | 1 to 3 years | 4 to 5 years | Over 5 years | Total | |||||||||||||
Trade, tax and other payables | $ | 69,104 | $ | — | $ | — | $ | — | $ | 69,104 | |||||||
Reclamation and closure costs | 2,104 | 2,040 | 6,314 | 22,563 | 33,021 | ||||||||||||
Lease payments | 2,361 | 2,538 | 621 | 950 | 6,470 | ||||||||||||
Gold Notes | 25,314 | 49,318 | 10,243 | — | 84,875 | ||||||||||||
Senior unsecured notes | 20,625 | 346,865 | — | — | 367,490 | ||||||||||||
Convertible Debentures | 13,307 | — | — | — | 13,307 | ||||||||||||
Other contractual commitments | 1,125 | — | — | 55,400 | 56,525 | ||||||||||||
Total | $ | 133,940 | $ | 400,761 | $ | 17,178 | $ | 78,913 | $ | 630,792 |
March 31, 2024 |
Impact of a 10% Change |
December 31, 2023 |
Impact of a 10% Change |
|||||||||||
Canadian Dollars (C$) | (1,628) | (149) | (15,664) | (1,425) | ||||||||||
Colombian Peso (COP) | 12,118 | 1,101 | 11,301 | 1,027 | ||||||||||
Guyanese Dollar (GYD) | 475 | 43 | 100 | 9 |
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
|
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Gold in dore | $ | 105,190 | $ | 91,864 | ||||
Silver in dore | 1,196 | 1,109 | ||||||
Metals In concentrate | 1,234 | 3,934 | ||||||
Total | $ | 107,620 | $ | 96,907 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Production costs | $ | 67,241 | $ | 50,295 | ||||
Royalties | 4,092 | 3,410 | ||||||
Total | $ | 71,333 | $ | 53,705 |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Interest expense | $ | 5,435 | $ | 7,687 | ||||
Financing fees (income) | (18) | (34) | ||||||
Accretion of Senior Notes (Note 9a) |
658 | 607 | ||||||
Accretion of lease obligations |
207 | 104 | ||||||
Accretion of provisions (Note 10) |
521 | 517 | ||||||
Total | $ | 6,803 | $ | 8,881 |
Notes to the Condensed Consolidated Financial Statements
Three months ended March 31, 2024 and 2023
(Tabular amounts expressed in thousands in US dollars unless otherwise noted)
|
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
(Recast - Note 12c) | ||||||||
Financial Assets | ||||||||
Investment in Denarius (Note 6b) |
$ | 1,355 | $ | (1) | ||||
Denarius convertible debenture | 1,889 | — | ||||||
Denarius warrants | (163) | — | ||||||
Other gain (loss) on financial instruments | (3) | 2 | ||||||
3,078 | 1 | |||||||
Financial Liabilities | ||||||||
Gold Notes (Note 9b) |
(2,038) | (2,714) | ||||||
Convertible Debentures (Note 9c) |
503 | (1,714) | ||||||
Unlisted Warrants (Note 12c) |
39 | (566) | ||||||
Listed Warrants (Note 12c) |
(5,324) | (6,786) | ||||||
(6,820) | (11,780) | |||||||
Total | $ | (3,742) | $ | (11,779) |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Accounts receivable |
$ | (9,090) | $ | (6,978) | ||||
Inventories | (2,499) | (1,965) | ||||||
Prepaid expenses and deposits | (408) | 365 | ||||||
Accounts payable and accrued liabilities | (17,346) | (11,575) | ||||||
Total | $ | (29,343) | $ | (20,153) |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Short-term employee benefits | $ | 828 | $ | 993 | ||||
Termination benefits | 1,394 | — | ||||||
Share-based compensation | 976 | 718 | ||||||
Total | $ | 3,198 | $ | 1,711 |
Notes to the Condensed Consolidated Financial Statements Three months ended March 31, 2024 and 2023 (Tabular amounts expressed in thousands in US dollars unless otherwise noted) |
Segovia | Marmato | Toroparu | Soto Norte | Corporate and Other |
Total | |||||||||||||||
Three months ended Mar 31, 2024 | ||||||||||||||||||||
Revenue | $ | 95,707 | $ | 11,913 | $ | — | $ | — | $ | — | $ | 107,620 | ||||||||
Cost of sales | (57,949) | (13,384) | — | — | — | (71,333) | ||||||||||||||
Segment net income (loss) | 16,544 | (1,938) | — | 3,420 | (18,770) | (744) | ||||||||||||||
Capital expenditures | 16,472 | 17,947 | 2,436 | — | 224 | 37,079 | ||||||||||||||
Three months ended Mar 31, 2023 (Recast - Note 12c) | ||||||||||||||||||||
Revenue | $ | 88,854 | $ | 8,053 | $ | — | $ | — | $ | — | $ | 96,907 | ||||||||
Cost of sales | (44,083) | (9,622) | — | — | — | (53,705) | ||||||||||||||
Segment net income (loss) | 18,662 | (1,233) | — | (1,301) | (22,498) | (6,370) | ||||||||||||||
Capital expenditures | 9,973 | 5,130 | 4,654 | — | — | 19,757 | ||||||||||||||
As at Mar 31, 2024 | ||||||||||||||||||||
Total assets | $ | 330,000 | $ | 379,778 | $ | 350,445 | $ | 109,374 | $ | 183,669 | $ | 1,353,266 | ||||||||
Total liabilities | (91,028) | (132,896) | (86,365) | — | (408,383) | (718,672) | ||||||||||||||
As at Dec 31, 2023 | ||||||||||||||||||||
Total assets | $ | 311,680 | $ | 367,188 | $ | 348,397 | $ | 108,527 | $ | 217,079 | $ | 1,352,871 | ||||||||
Total liabilities | (90,953) | (133,061) | (86,174) | — | (418,028) | (728,216) |