Condensed Interim Consolidated Financial Statements
For the three and six-month periods ended June 30, 2023 and 2022
Presented in Canadian dollars
(Unaudited)
Table of Contents
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | 3 | |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE (INCOME)/LOSS | 4 | |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | 5 | |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS | 6 | |
NOTES TO FINANCIAL STATEMENTS | 7 | |
1) | Reporting entity | 7 |
2) | Basis of presentation | 7 |
3) | Tax recoverable | 9 |
4) | Marketable securities | 10 |
5) | Investment in associate | 10 |
6) Investment in joint venture …….…………………………………………………………………………………. 11
7) | Property, plant and equipment | 13 |
8) | Exploration and evaluation assets | 13 |
9) | Deferred share unit and restricted share unit plans | 13 |
10) | Convertible debenture | 14 |
11) | Asset retirement obligation | 15 |
12) | Income taxes | 15 |
13) | Capital and other components of equity | 16 |
14) | Expenses | 18 |
15) | Related party transactions | 18 |
16) | Other receivables | 19 |
17) | Long-term receivables and advances | 19 |
18) | Commitments | 20 |
19) | Subsequent events | 20 |
Condensed Interim Consolidated Statements of Financial Position (Tabular amounts express in thousands of Canadian dollars) (Unaudited)
June 30, | December 31, | |||
As at | 2023 | 2022 | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 340,214 | $ | 62,904 |
Restricted cash | 1,100 | 1,100 | ||
Other receivables (note 16) | 73,572 | 29,298 | ||
Tax recoverable (note 3) | 36,976 | 41,257 | ||
Marketable securities (note 4) | 14,314 | 15,679 | ||
Other assets | 577 | 2,785 | ||
Total current assets | 466,753 | 153,023 | ||
Non-current assets | ||||
Long-term receivables and advances (note 6 and 17) | 265,111 | 6,000 | ||
Investment in associate (note 5) | 39,673 | 39,878 | ||
Investment in joint venture (note 6) | 480,375 | - | ||
Property, plant and equipment (note 7) | 1,034 | 36,032 | ||
Exploration and evaluation assets (note 8) | 2,077 | 730,403 | ||
Total non-current assets | 788,270 | 812,313 | ||
Total assets | $ | 1,255,023 | $ | 965,336 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 30,316 | $ | 27,596 |
Current lease liabilities | 252 | 385 | ||
Total current liabilities | 30,568 | 27,981 | ||
Non-current liabilities | ||||
Flow-through premium liability (note 13(a)) | 8,600 | - | ||
Non-current lease liabilities | 860 | 989 | ||
Share-based payment liability (note 9) | 16,540 | 20,271 | ||
Convertible debenture (note 10) | 116,165 | 102,124 | ||
Asset retirement obligation (note 11) | - | 7,941 | ||
Deferred tax liability (note 12) | 73,914 | 105,796 | ||
Total non-current liabilities | 216,079 | 237,121 | ||
Total liabilities | 246,647 | 265,102 | ||
Equity | ||||
Share capital (note 13(a)) | 949,849 | 869,597 | ||
Contributed surplus (note 13(d)) | 68,691 | 68,171 | ||
Warrants (note 13(e)) | 9,865 | - | ||
Equity component of convertible debenture (note 10) | 15,852 | 15,852 | ||
Accumulated other comprehensive (loss)/income | (5,679) | 629 | ||
Accumulated deficit | (30,202) | (254,015) | ||
Total equity attributed to equity owners of the Corporation | 1,008,376 | 700,234 | ||
Total liabilities and equity | $ | 1,255,023 | $ | 965,336 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Commitments (note 18)
Subsequent events (note 19)
3
Condensed Interim Consolidated Statements of Comprehensive (Income)/Loss
(Tabular amounts express in thousands of Canadian dollars, except per share and share amounts) (Unaudited)
Three months ended | Six months ended | |||||||
For the period ended | June 30, | June 30, | June 30, | June 30, | ||||
2023 | 2022 | 2023 | 2022 | |||||
Expenses/(income) | $ | 2,638 | $ | (1,169) | $ | 10,091 | $ | 5,345 |
Compensation expenses/(recovery) (note 14 and 15) | ||||||||
General and administration expenses (note 14 and 15) | 3,167 | 1,509 | 4,625 | 2,997 | ||||
General exploration expenses | 20 | - | 20 | 20 | ||||
Flow-through premium income (note 13(a)) | (1,186) | (4,449) | (3,003) | (4,449) | ||||
Loss from marketable securities (note 4 and 14) | 2,748 | 4,948 | 1,366 | 4,786 | ||||
Fair value loss/(gain) on convertible debenture (note 10) | 1,718 | 607 | 5,459 | (34,301) | ||||
Gain on sale of investment in joint venture (note 6) | (209,982) | - | (209,982) | - | ||||
(Gain)/loss from disposition of property, plant and equipment (note 7) | - | (10) | 10 | (10) | ||||
Other loss/(income) | 68 | (5) | 62 | (15) | ||||
Operating (income)/loss | (200,809) | 1,431 | (191,352) | (25,627) | ||||
Finance income | (6,819) | (807) | (8,249) | (1,305) | ||||
Finance costs | 1,932 | 2,047 | 3,881 | 4,086 | ||||
Net finance (income)/expense | (4,887) | 1,240 | (4,368) | 2,781 | ||||
Share of loss of associate (note 5) | 644 | 630 | 205 | 1,773 | ||||
Share of income of joint venture (note 6) | (166) | - | (166) | - | ||||
(Income)/loss before tax | (205,218) | 3,301 | (195,681) | (21,073) | ||||
Deferred income tax (recovery)/expense (note 12) | (26,417) | 3,494 | (28,132) | 10,493 | ||||
Net (income)/loss | $ | (231,635) | $ | 6,795 | $ | (223,813) | $ | (10,580) |
Change in fair value of convertible debenture attributable to the | 7,546 | (5,616) | 8,582 | (5,042) | ||||
change in credit risk (note 10) | ||||||||
Income tax effect | (1,999) | 1,488 | (2,274) | 1,336 | ||||
Other comprehensive loss/(income) | 5,547 | (4,128) | 6,308 | (3,706) | ||||
Comprehensive (income)/loss | $ | (226,088) | $ | 2,667 | $ | (217,505) | $ | (14,286) |
Basic (earnings)/loss per share (note 13(b)) | $ | (0.61) | $ | 0.02 | $ | (0.60) | $ | (0.03) |
Weighted average number of shares (note 13(b)) | 381,167,433 | 349,377,309 | 371,479,650 | 348,734,686 | ||||
Diluted (earnings)/loss per share (note 13(c)) | $ | (0.59) | $ | 0.02 | $ | (0.59) | $ | (0.03) |
Diluted weighted average number of shares (note 13(c)) | 390,136,468 | 349,377,309 | 379,996,141 | 354,776,855 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Condensed Interim Consolidated Statements of Changes in Equity (Tabular amounts express in thousands of Canadian dollars) (Unaudited)
Number of | Share Capital | Warrants | Contributed | Equity | Accumulated | Deficit and | Total | |||||||||
Shares | Surplus | Component of | Other | Accumulated | ||||||||||||
Convertible | Comprehensive | Deficit | ||||||||||||||
Debenture | Income | |||||||||||||||
Balance January 1, 2023 | 347,382,435 | $ | 869,597 | $ | - | $ | 68,171 | $ | 15,852 | $ | 629 | $ | (254,015) | $ | 700,234 | |
Income for the period | - | - | - | - | - | - | 223,813 | 223,813 | ||||||||
Other comprehensive loss for the period | - | - | - | - | - | (6,308) | - | (6,308) | ||||||||
Stock-based compensation (note 13(d) and 14) | - | - | - | 570 | - | - | - | 570 | ||||||||
Issuance of shares upon exercise of stock options (note 13(a) and (d)) | 32,500 | 126 | - | (50) | - | - | - | 76 | ||||||||
Private Placement (note 13(a)) | 4,568,051 | 15,679 | - | - | - | - | - | 15,679 | ||||||||
Private Placement (note 13(a)) | 32,260,000 | 84,697 | 9,865 | - | - | - | - | 94,562 | ||||||||
Shares repurchased under normal course issuer bid (note 13(a)) | (6,535,300) | (21,726) | - | - | - | - | - | (21,726) | ||||||||
Deferred tax asset (note 12) | - | 1,476 | - | - | - | - | - | 1,476 | ||||||||
Balance June 30, 2023 | 377,707,686 | $ | 949,849 | $ | 9,865 | $ | 68,691 | $ | 15,852 | $ | (5,679) | $ | (30,202) | $ | 1,008,376 | |
Number of | Share Capital | Warrants | Contributed | Equity | Accumulated | Deficit and | Total | |||||||||
Shares | Surplus | Component of | Other | Accumulated | ||||||||||||
Convertible | Comprehensive | Deficit | ||||||||||||||
Debenture | Income | |||||||||||||||
Balance January 1, 2022 | 346,279,008 | $ | 854,439 | $ | 14,498 | $ | 63,192 | $ | 15,852 | $ | - | $ | (248,175) | $ | 699,806 | |
Income for the period | - | - | - | - | - | - | 10,580 | 10,580 | ||||||||
Other comprehensive income for the period | - | - | - | - | - | 3,706 | - | 3,706 | ||||||||
Stock-based compensation (note 13(d) and 14) | - | - | - | 1,075 | - | - | - | 1,075 | ||||||||
Issuance of shares upon exercise of stock options | 4,107,004 | 25,721 | - | (11,358) | - | - | - | 14,363 | ||||||||
Expiry of warrants | - | - | (14,498) | 14,498 | - | - | - | - | ||||||||
Private Placement | 2,891,088 | 11,923 | - | - | - | - | - | 11,923 | ||||||||
Shares repurchased under normal course issuer bid | (5,463,820) | (22,079) | - | - | - | - | - | (22,079) | ||||||||
Deferred tax asset | - | 12 | - | - | - | - | - | 12 | ||||||||
Balance June 30, 2022 | 347,813,280 | $ | 870,016 | $ | - | $ | 67,407 | $ | 15,852 | $ | 3,706 | $ | (237,595) | $ | 719,386 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Osisko Mining Inc. published this content on 11 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2023 14:33:06 UTC.