| New Issue | | |
December 12, 2017
|
|
| | |
Public Offering
Price(1) |
| |
Underwriting
Commission(2) |
| |
Net Proceeds to
the Company(3) |
|
Per Offered Share and associated four-tenth Warrant
|
| | US$2.80 | | | US$0.196 | | | US$2.604 | |
Total(4) | | | US$6,804,000 | | | US$476,280 | | | US$6,327,720 | |
| | | |
Maximum Number
of Securities |
| |
Exercise Period
|
| |
Exercise Price
|
|
|
Over-Allotment Option
|
| |
Up to 364,500 Option Shares and/or 145,800 Option Warrants
|
| |
Up to 30 days following the closing of the Offering
|
| |
US$2.468 per Option Share
|
|
|
US$0.136 per Option Warrant
|
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| | | | | C-1 | | |
| | |
Period End
|
| |
Average(1)
|
| |
High
|
| |
Low
|
| ||||||||||||
| | |
(US$ per $)
|
| |||||||||||||||||||||
Year ended December 31, | | | | | | ||||||||||||||||||||
2016
|
| | | | 0.7448 | | | | | | 0.7548 | | | | | | 0.7972 | | | | | | 0.6854 | | |
2015
|
| | | | 0.7225 | | | | | | 0.7820 | | | | | | 0.8527 | | | | | | 0.7148 | | |
Class
|
| |
Cutoff
(oz Au/ton) |
| |
Tons
|
| |
oz Au/ton
|
| |
oz Au
|
| | |
Tons
|
| |
oz Ag/ton
|
| |
oz Ag
|
| |||||||||||||||||||||
Measured-Oxide
|
| | | | 0.005 | | | | | | 14,232,000 | | | | | | 0.022 | | | | | | 312,000 | | | | | | | 10,550,000 | | | | | | 0.119 | | | | | | 1,260,000 | | |
Measured-Mixed
|
| | | | 0.010 | | | | | | 259,000 | | | | | | 0.058 | | | | | | 15,000 | | | | | | | 259,000 | | | | | | 0.251 | | | | | | 65,000 | | |
Measured-Total | | | | | variable | | | | | | 14,491,000 | | | | | | 0.023 | | | | | | 327,000 | | | | | | | 10,809,000 | | | | | | 0.123 | | | | | | 1,325,000 | | |
Indicated-Oxide
|
| | | | 0.005 | | | | | | 26,854,000 | | | | | | 0.016 | | | | | | 439,000 | | | | | | | 6,236,000 | | | | | | 0.094 | | | | | | 584,000 | | |
Indicated-Mixed
|
| | | | 0.010 | | | | | | 162,000 | | | | | | 0.033 | | | | | | 5,000 | | | | | | | 162,000 | | | | | | 0.206 | | | | | | 33,000 | | |
Indicated-Sulphide
|
| | | | 0.020 | | | | | | 369,000 | | | | | | 0.050 | | | | | | 18,000 | | | | | | | 369,000 | | | | | | 0.313 | | | | | | 115,000 | | |
Indicated-Total | | | | | variable | | | | | | 27,385,000 | | | | | | 0.017 | | | | | | 462,000 | | | | | | | 6,767,000 | | | | | | 0.108 | | | | | | 732,000 | | |
Meas. + Ind. Total
|
| | | | variable | | | | | | 41,876,000 | | | | | | 0.019 | | | | | | 789,000 | | | | | | | 17,576,000 | | | | | | 0.117 | | | | | | 2,057,000 | | |
Inferred-Oxide
|
| | | | 0.005 | | | | | | 5,238,000 | | | | | | 0.009 | | | | | | 45,000 | | | | | | | 781,000 | | | | | | 0.066 | | | | | | 52,000 | | |
Inferred-Mixed
|
| | | | 0.010 | | | | | | 4,000 | | | | | | 0.018 | | | | | | 100 | | | | | | | 4,000 | | | | | | 0.125 | | | | | | 1,000 | | |
Inferred-Sulphide
|
| | | | 0.020 | | | | | | 4,000 | | | | | | 0.028 | | | | | | 100 | | | | | | | 4,000 | | | | | | 0.164 | | | | | | 1,000 | | |
Inferred-Total | | | | | variable | | | | | | 5,246,000 | | | | | | 0.009 | | | | | | 45,200 | | | | | | | 789,000 | | | | | | 0.068 | | | | | | 54,000 | | |
Classification
|
| |
Tons
000’s |
| |
Grade
oz Au/ton |
| |
oz Au
000’s |
| |||||||||
Proven
|
| | | | 13,095.4 | | | | | | 0.024 | | | | | | 308.5 | | |
Probable
|
| | | | 17,434.3 | | | | | | 0.019 | | | | | | 326.5 | | |
Proven & Probable
|
| | | | 30,529.7 | | | | | | 0.021 | | | | | | 634.9 | | |
Classification
|
| |
Tons
000’s |
| |
Grade
oz Ag/ton |
| |
oz Ag
000’s |
| |||||||||
Proven
|
| | | | 4,123.9 | | | | | | 0.095 | | | | | | 391.3 | | |
Probable
|
| | | | 10,268.6 | | | | | | 0.121 | | | | | | 1,241.3 | | |
Proven & Probable
|
| | | | 14,392.5 | | | | | | 0.113 | | | | | | 1,632.6 | | |
Mining Cost
|
| |
US$/ton
|
| |
Comments
|
|
Mining Cost
|
| | US$1.95 | | | | |
Processing Cost
|
| |
Crusher
US$/ton |
| |
ROM US$/ton
|
| |
Comments
|
|
Crush, Convey, Process
|
| |
US$4.00
|
| | | | | | |
ROM Process
|
| | | | |
US$1.31
|
| | | |
Gold Recovery %
|
| |
83.0%
|
| |
65.0%
|
| | | |
Minimum Grade oz Au/ton
|
| |
0.008
|
| |
0.005
|
| | | |
Other | | | | | | | | | | |
Base Case Metal Price $/oz Au
|
| |
US$1,300
|
| |
US$1,300
|
| | | |
Transport, Refining $/oz Au
|
| |
US$15
|
| |
US$15
|
| | | |
Design Phase |
| |
Tons
Ore 000’s |
| |
Grade
oz Au/ton (%) |
| |
Ounces
Au 000’s |
| |
Tons with
Silver Grade 000’s |
| |
Grade
oz Ag/ton (%) |
| |
Ounces Ag
000’s |
| |
Tons
Rock Waste 000’s |
| |
Tons
Alluvium 000’s |
| |
Tons
Historic Mine Dump 000’s |
| |
Total
Waste Tons 000’s |
| |
Total
Tons 000’s |
| |||||||||||||||||||||||||||||||||
1
|
| | | | 11,911.3 | | | | | | 0.016 | | | | | | 196.1 | | | | | | 2,863.2 | | | | | | 0.079 | | | | | | 225.1 | | | | | | 15,859.5 | | | | | | 910.8 | | | | | | 725.9 | | | | | | 17,496.2 | | | | | | 29,407.5 | | |
2
|
| | | | 6,590.2 | | | | | | 0.021 | | | | | | 135.3 | | | | | | 4,787.0 | | | | | | 0.109 | | | | | | 519.5 | | | | | | 25,817.1 | | | | | | 4,882.1 | | | | | | 0.6 | | | | | | 30,699.8 | | | | | | 37,290.0 | | |
3
|
| | | | 12,028.8 | | | | | | 0.025 | | | | | | 303.5 | | | | | | 6,742.3 | | | | | | 0.132 | | | | | | 887.9 | | | | | | 61,453.6 | | | | | | 5,176.3 | | | | | | 1,791.3 | | | | | | 68,421.3 | | | | | | 80,450.1 | | |
Totals
|
| | | | 30,530.3 | | | | | | 0.021 | | | | | | 634.9 | | | | | | 14,392.5 | | | | | | 0.113 | | | | | | 1,632.6 | | | | | | 103,130.3 | | | | | | 10,969.2 | | | | | | 2,517.8 | | | | | | 116,617.3 | | | | | | 147,147.6 | | |
Scheduling Phase
|
| |
Material
|
| |
Units
|
| |
Pre-production
|
| |
Year 1
|
| |
Year 2
|
| |
Year 3
|
| |
Year 4
|
| |
Year 5
|
| |
Year 6
|
| |
Total
|
| ||||||||||||||||||||||||
Phase 1
|
| | Ore to Crusher | | |
000’s Tons
|
| | | | 24 | | | | | | 5,376 | | | | | | 5,123 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,523 | | |
| | | | | |
Oz Au/ton
|
| | | | 0.014 | | | | | | 0.016 | | | | | | 0.017 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.016 | | |
| | | | | |
000’s oz Au
|
| | | | 0 | | | | | | 86 | | | | | | 88 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 174 | | |
Phase 2
|
| | Ore to Crusher | | |
000’s Tons
|
| | | | — | | | | | | 509 | | | | | | 806 | | | | | | 8 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,323 | | |
| | | | | |
Oz Au/ton
|
| | | | — | | | | | | 0.009 | | | | | | 0.015 | | | | | | 0.008 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.013 | | |
| | | | | |
000’s oz Au
|
| | | | — | | | | | | 4 | | | | | | 12 | | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | |
Phases 3
|
| | Ore to Crusher | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,386 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,386 | | |
| | | | | |
Oz Au/ton
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.016 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.016 | | |
| | | | | |
000’s oz Au
|
| | | | — | | | | | | — | | | | | | — | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | |
Phase 4
|
| | Ore to Crusher | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,836 | | | | | | 1,432 | | | | | | — | | | | | | — | | | | | | 5,267 | | |
| | | | | |
Oz Au/ton
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.020 | | | | | | 0.029 | | | | | | — | | | | | | — | | | | | | 0.022 | | |
| | | | | |
000’s oz Au
|
| | | | — | | | | | | — | | | | | | — | | | | | | 78 | | | | | | 41 | | | | | | — | | | | | | — | | | | | | 118 | | |
Phase 5
|
| | Ore to Crusher | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | 688 | | | | | | 3,185 | | | | | | 3,593 | | | | | | 1,349 | | | | | | 8,815 | | |
| | | | | |
Oz Au/ton
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.020 | | | | | | 0.021 | | | | | | 0.027 | | | | | | 0.026 | | | | | | 0.024 | | |
| | | | | |
000’s oz Au
|
| | | | — | | | | | | — | | | | | | — | | | | | | 14 | | | | | | 68 | | | | | | 97 | | | | | | 35 | | | | | | 213 | | |
Phase 6
|
| | Ore to Crusher | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 972 | | | | | | — | | | | | | 972 | | |
| | | | | |
Oz Au/ton
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.029 | | | | | | — | | | | | | 0.029 | | |
| | | | | |
000’s oz Au
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29 | | | | | | — | | | | | | 29 | | |
Phase 7
|
| | Ore to Crusher | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25 | | | | | | 2,217 | | | | | | 2,242 | | |
| | | | | |
Oz Au/ton
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.025 | | | | | | 0.027 | | | | | | 0.027 | | |
| | | | | |
000’s oz Au
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 61 | | | | | | 62 | | |
Total
|
| | Ore to Crusher | | |
000’s Tons
|
| | | | 24 | | | | | | 5,885 | | | | | | 5,929 | | | | | | 5,918 | | | | | | 4,616 | | | | | | 4,590 | | | | | | 3,566 | | | | | | 30,529 | | |
| | | | | |
Oz Au/ton
|
| | | | 0.014 | | | | | | 0.015 | | | | | | 0.017 | | | | | | 0.019 | | | | | | 0.024 | | | | | | 0.027 | | | | | | 0.027 | | | | | | 0.021 | | |
| | | | | |
000’s oz Au
|
| | | | 0 | | | | | | 90 | | | | | | 100 | | | | | | 114 | | | | | | 109 | | | | | | 126 | | | | | | 96 | | | | | | 635 | | |
Phase 1
|
| | Waste to Dump | | |
000’s Tons
|
| | | | 1,661 | | | | | | 8,802 | | | | | | 6,170 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,633 | | |
Phase 2
|
| | Waste to Dump | | |
000’s Tons
|
| | | | — | | | | | | 6,954 | | | | | | 13,772 | | | | | | 234 | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,960 | | |
Phase 3
|
| | Waste to Dump | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | 865 | | | | | | — | | | | | | — | | | | | | — | | | | | | 865 | | |
Phase 4
|
| | Waste to Dump | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,268 | | | | | | 2,472 | | | | | | — | | | | | | — | | | | | | 9,740 | | |
Phase 5
|
| | Waste to Dump | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | 10,657 | | | | | | 21,521 | | | | | | 8,081 | | | | | | 2,510 | | | | | | 42,769 | | |
Phase 6
|
| | Waste to Dump | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,647 | | | | | | 9,796 | | | | | | — | | | | | | 12,443 | | |
Phase 7
|
| | Waste to Dump | | |
000’s Tons
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,995 | | | | | | 5,215 | | | | | | 13,210 | | |
Total
|
| |
Mine Waste Dump
|
| |
000’s Tons
|
| | | | 25 | | | | | | 701 | | | | | | — | | | | | | — | | | | | | 588 | | | | | | 1,203 | | | | | | — | | | | | | 2,518 | | |
Total
|
| | Alluvium | | |
000’s Tons
|
| | | | 382 | | | | | | 2,260 | | | | | | 3,147 | | | | | | 786 | | | | | | 2,908 | | | | | | 1,474 | | | | | | 8 | | | | | | 10,965 | | |
Total
|
| | Rock Waste | | |
000’s Tons
|
| | | | 1,254 | | | | | | 12,795 | | | | | | 16,795 | | | | | | 18,238 | | | | | | 23,144 | | | | | | 23,194 | | | | | | 7,717 | | | | | | 103,136 | | |
Total
|
| | Total Waste | | |
000’s Tons
|
| | | | 1,661 | | | | | | 15,756 | | | | | | 19,942 | | | | | | 19,024 | | | | | | 26,640 | | | | | | 25,871 | | | | | | 7,725 | | | | | | 116,619 | | |
Total
|
| | Total Mined | | |
000’s Tons
|
| | | | 1,685 | | | | | | 21,641 | | | | | | 25,871 | | | | | | 24,942 | | | | | | 31,256 | | | | | | 30,461 | | | | | | 11,291 | | | | | | 147,148 | | |
Total
|
| | Strip Ratio | | |
W:O
|
| | | | 68.57 | | | | | | 2.68 | | | | | | 3.36 | | | | | | 3.21 | | | | | | 5.77 | | | | | | 5.64 | | | | | | 2.17 | | | | | | 3.82 | | |
Activity
|
| |
Year -1
|
| |
Year 1
|
| |
Year 2
|
| |
Year 3
|
| |
Year 4
|
| |
Year 5
|
| |
Year 6
|
| |
Year 7
|
| |
TOTAL
(Year 1 thru 6) |
| |||||||||||||||||||||||||||
Process – Infrastructure
|
| | | | 99.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Process – Mobile Equipment
|
| | | | 430.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.0 | | |
Process Plant
|
| | | | 2,254.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crushing Plant & Reclaim
|
| | | | 1,037.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Heap Leach & Solution Handling
|
| | | | 7,169.4 | | | | | | | | | | | | 150.0 | | | | | | 7,824.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,974.5 | | |
Water Facilities
|
| | | | 798.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Power Distribution
|
| | | | 535.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Process Commissioning and Supervision
|
| | | | 65.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Process Spare Parts
|
| | | | 345.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Process First Fills
|
| | | | 233.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Process Preproduction Labor
|
| | | | 170.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Process Preproduction
|
| | | | 0.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners Cost (Includes Preproduction G & A)
|
| | | | 1,024.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Belt Stacking System
|
| | | | 1,095.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mine Equipment Purchase
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,448.6 | | | | | | | | | | | | | | | | | | 10,448.6 | | |
Water Wells/Pit Dewatering
|
| | | | | | | | | | | | | | | | 3,036.4 | | | | | | 824.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,860.4 | | |
Mine – Radios, WiFi, Survey Equipment, Computers
|
| | | | 200.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.0 | | |
Mine – Contractor Facilities (Shop, Fuel Storage)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mine – Preproduction
|
| | | | 4,117.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mine – Ramp System outside Pit
|
| | | | 150.0 | | | | | | 250.0 | | | | | | 250.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 500.0 | | |
Mine – Light Vechicles
|
| | | | 307.4 | | | | | | | | | | | | | | | | | | 219.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 219.6 | | |
Salvage of mine and process equipment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (4,000.0) | | | | | | | | | | | | (4000.0) | | |
Salvage of existing crushing not used
|
| | | | (550.0) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subtotal
|
| | | | 19,484.3 | | | | | | 250.0 | | | | | | 3,436.4 | | | | | | 8,868.0 | | | | | | 0.0 | | | | | | 10,448.6 | | | | | | (4,000.0) | | | | | | | | | | | | 19,003.0 | | |
Mine Contingency
|
| | | | 426.8 | | | | | | 25.0 | | | | | | 25.0 | | | | | | 0.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 50.0 | | |
Process Contingency
|
| | | | 2,750.6 | | | | | | 0.0 | | | | | | 637.3 | | | | | | 1,729.6 | | | | | | 0.0 | | | | | | 0.0 | | | | | | | | | | | | | | | | | | 2,366.9 | | |
EPCM
|
| | | | 580.0 | | | | | | 0.0 | | | | | | 191.2 | | | | | | 518.9 | | | | | | 0.0 | | | | | | 0.0 | | | | | | | | | | | | | | | | | | 710.1 | | |
Indirects
|
| | | | 344.3 | | | | | | 0.0 | | | | | | 191.2 | | | | | | 518.9 | | | | | | 0.0 | | | | | | 0.0 | | | | | | | | | | | | | | | | | | 710.1 | | |
Subtotals
|
| | | | 23,585.9 | | | | | | 275.0 | | | | | | 4,481.0 | | | | | | 11,635.5 | | | | | | 0.0 | | | | | | 10,448.6 | | | | | | (4,000.0) | | | | | | | | | | | | 22,840.1 | | |
Working Capital
|
| | | | | | | | | | 11,003.2 | | | | | | (11,003.2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.0 | | | | | | | | |
Totals
|
| | | | 23,585.9 | | | | | | 11,278.2 | | | | | | (6,522.2) | | | | | | 11,635.5 | | | | | | 0.0 | | | | | | 10,448.6 | | | | | | (4,000.0) | | | | | | 0.0 | | | | | | 22,840.1 | | |
|
Item
|
| |
Units
|
| |
Preproduction
|
| |
Year 1
|
| |
Year 2
|
| |
Year 3
|
| |
Year 4
|
| |
Year 5
|
| |
Year 6
|
| |
Year 7
|
| |
Year 8
|
| |
Totals
|
| ||||||||||||||||||||||||||||||
Dozed Material
|
| |
000’s
tons |
| | | | 131 | | | | | | 64.0 | | | | | | | | | | | | 65 | | | | | | 37 | | | | | | 119.0 | | | | | | | | | | | | | | | | | | | | | | | | 285.0 | | |
Ore
|
| |
000’s
tons |
| | | | 24 | | | | | | 5,885 | | | | | | 5,929 | | | | | | 5,918 | | | | | | 4,616 | | | | | | 4,590 | | | | | | 3,566 | | | | | | | | | | | | | | | | | | 30,505 | | |
Waste Dump Material
|
| |
000’s
tons |
| | | | 25 | | | | | | 701 | | | | | | 0 | | | | | | 0 | | | | | | 588 | | | | | | 1,203 | | | | | | 0 | | | | | | | | | | | | | | | | | | 2,493 | | |
Alluvium
|
| |
000’s
tons |
| | | | 382 | | | | | | 2,260 | | | | | | 3,147 | | | | | | 786 | | | | | | 2,908 | | | | | | 1,474 | | | | | | 8 | | | | | | | | | | | | | | | | | | 10,583 | | |
Rock Waste
|
| |
000’s
tons |
| | | | 1,254 | | | | | | 12,795 | | | | | | 16,795 | | | | | | 18,238 | | | | | | 23,144 | | | | | | 23,194 | | | | | | 7,717 | | | | | | | | | | | | | | | | | | 101,882 | | |
Total Waste
|
| |
000’s
tons |
| | | | 1,661 | | | | | | 15,756 | | | | | | 19,942 | | | | | | 19,024 | | | | | | 26,640 | | | | | | 25,871 | | | | | | 7,725 | | | | | | | | | | | | | | | | | | 114,958 | | |
Total Material
|
| | | | | | | 1,685 | | | | | | 21,641 | | | | | | 25,871 | | | | | | 24,942 | | | | | | 31,256 | | | | | | 30,461 | | | | | | 11,291 | | | | | | 0 | | | | | | 0 | | | | | | 145,463 | | |
Crushed Material
Summary Tons |
| |
000’s
tons |
| | | | | | | | | | 5,730.8 | | | | | | 5,988.0 | | | | | | 6,005.4 | | | | | | 4,640.2 | | | | | | 4,579.1 | | | | | | 3,586.7 | | | | | | | | | | | | | | | | | | 30,530 | | |
Grade
|
| |
oz
Au/ton |
| | | | | | | | | | 0.015 | | | | | | 0.017 | | | | | | 0.019 | | | | | | 0.024 | | | | | | 0.027 | | | | | | 0.027 | | | | | | | | | | | | | | | | | | 0.021 | | |
Ounces
|
| |
000’s
ounces |
| | | | | | | | | | 87.9 | | | | | | 100.9 | | | | | | 115.1 | | | | | | 109.3 | | | | | | 125.5 | | | | | | 96.2 | | | | | | | | | | | | | | | | | | 634.9 | | |
Total Silver Produced
|
| |
000’s
ounces |
| | | | | | | | | | 5.2 | | | | | | 45.1 | | | | | | 97.4 | | | | | | 98.2 | | | | | | 93.7 | | | | | | 68.5 | | | | | | 27.2 | | | | | | 6.0 | | | | | | 441.2 | | |
Total Gold Produced
|
| |
000’s
ounces |
| | | | | | | | | | 69.0 | | | | | | 85.0 | | | | | | 90.2 | | | | | | 83.5 | | | | | | 99.7 | | | | | | 86.2 | | | | | | 11.3 | | | | | | 0.9 | | | | | | 525.8 | | |
Revenue
|
| |
$000’s
|
| | | | | | | | | $ | 86,353.2 | | | | | $ | 107,007.9 | | | | | $ | 114,371.0 | | | | | $ | 106,027.1 | | | | | $ | 126,201.8 | | | | | $ | 108,842.4 | | | | | $ | 14,635.9 | | | | | $ | 1,192.0 | | | | | $ | 664,631.3 | | |
Refining and
Transportation (1%) |
| |
000’s
|
| | | | | | | | | $ | 863.5 | | | | | $ | 1,070.1 | | | | | $ | 1,143.7 | | | | | $ | 1,060.3 | | | | | $ | 1,262.0 | | | | | $ | 1,088.4 | | | | | $ | 146.4 | | | | | $ | 11.9 | | | | | $ | 6,646.3 | | |
Royalties (2.15%)
|
| |
$000’s
|
| | | | | | | | | $ | 1,838.0 | | | | | $ | 2,277.7 | | | | | $ | 2,434.4 | | | | | $ | 2,256.8 | | | | | $ | 2,686.2 | | | | | $ | 2,316.7 | | | | | $ | 311.5 | | | | | $ | 25.4 | | | | | $ | 14,146.7 | | |
Net Profit
|
| |
$000’s
|
| | | | | | | | | $ | 83,651.6 | | | | | $ | 103,660.1 | | | | | $ | 110,792.9 | | | | | $ | 102,710.0 | | | | | $ | 122,253.6 | | | | | $ | 105,437.2 | | | | | $ | 14,178.0 | | | | | $ | 1,154.7 | | | | | $ | 643,838.3 | | |
Operating Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mining
|
| |
$000’s
|
| | | | | | | | | $ | 44,946.3 | | | | | $ | 50,607.7 | | | | | $ | 48,544.0 | | | | | $ | 57,246.8 | | | | | $ | 58,841.4 | | | | | $ | 22,928.6 | | | | | | | | | | | | | | | | | $ | 283,114.8 | | |
Load Crusher
|
| |
$000’s
|
| | | | | | | | | $ | 2,510.6 | | | | | $ | 2,529.3 | | | | | $ | 2,524.7 | | | | | $ | 1,969.3 | | | | | $ | 1,958.1 | | | | | $ | 1,521.4 | | | | | | | | | | | | | | | | | $ | 13,013.4 | | |
Processing
|
| |
$000’s
|
| | | | | | | | | $ | 16,112.3 | | | | | $ | 16,703.7 | | | | | $ | 17,101.1 | | | | | $ | 12,572.8 | | | | | $ | 12,464.1 | | | | | $ | 11,020.2 | | | | | $ | 3,201.8 | | | | | $ | 400.0 | | | | | $ | 89,575.9 | | |
G & A
|
| |
$000’s
|
| | | | | | | | | $ | 2,450.2 | | | | | $ | 2,450.2 | | | | | $ | 2,148.2 | | | | | $ | 2,148.2 | | | | | $ | 2,148.2 | | | | | $ | 2,148.2 | | | | | $ | 1,252.3 | | | | | | | | | | | $ | 14,745.6 | | |
Reclamation
|
| |
$000’s
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,000.0 | | | | | $ | 4,000.0 | | | | | $ | 3,000.0 | | | | | $ | 8,000.0 | | |
Bond Cash Collateral
|
| |
$000’s
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (3,690.0) | | | | | $ | (3,690.0) | | |
Total Operating Cost
|
| |
$000’s
|
| | | | | | | | | $ | 66,019.5 | | | | | $ | 72,290.8 | | | | | $ | 70,318.1 | | | | | $ | 73,937.1 | | | | | $ | 75,411.8 | | | | | $ | 38,618.4 | | | | | $ | 8,454.0 | | | | | $ | (290.0) | | | | | $ | 404,759.7 | | |
Cost $/ton Ore
|
| | | | | | | | | | | | $ | 11.5 | | | | | $ | 12.1 | | | | | $ | 11.7 | | | | | $ | 15.9 | | | | | $ | 16.5 | | | | | $ | 10.8 | | | | | | | | | | | | | | | | | $ | 13.3 | | |
Cost $/ounce Au recovered
|
| | | | | | | | | | | | $ | 956.6 | | | | | $ | 850.5 | | | | | $ | 779.6 | | | | | $ | 885.4 | | | | | $ | 756.3 | | | | | $ | 448.2 | | | | | $ | 745.2 | | | | | | | | | | | $ | 769.8 | | |
Date of Issuance/Grant
|
| |
Aggregate Number
|
| |
Security Issued
|
| |
Issuance Price (US$)/
Exercise Price (US$) |
| ||||||
September 2017
|
| | | | 5,255 | | | |
Restricted Stock Units
|
| | | $ | 2.95(4) | | |
June 2017
|
| | | | 2,351 | | | | Common Shares | | | | $ | 3.51(4) | | |
June 2017
|
| | | | 6,632 | | | |
Restricted Stock Units
|
| | | $ | 2.79(4) | | |
April 2017
|
| | | | 4,937 | | | |
Restricted Stock Units
|
| | | $ | 3.95(4) | | |
April 2017
|
| | | | 3,147 | | | |
Restricted Stock Units
|
| | | $ | 4.29(4) | | |
April 2017
|
| | | | 3,643 | | | |
Restricted Stock Units
|
| | | $ | 4.53(4) | | |
April 2017
|
| | | | 4,741 | | | |
Restricted Stock Units
|
| | | $ | 3.27(4) | | |
April 2017
|
| | | | 7,220 | | | |
Restricted Stock Units
|
| | | $ | 2.84(4) | | |
April 2017
|
| | | | 10,000 | | | | Common Shares | | | | | N/A(2) | | |
April 2017
|
| | | | 5,995 | | | | Common Shares | | | | | N/A(3) | | |
March 2017
|
| | | | 50,000 | | | |
Restricted Stock Units
|
| | | $ | 2.99 | | |
March 2017
|
| | | | 925 | | | | Common Shares | | | | | N/A(2) | | |
March 2017
|
| | | | 1,000 | | | | Common Shares | | | | | N/A(2) | | |
February 2017
|
| | | | 3,666 | | | | Common Shares | | | | | N/A(1) | | |
February 2017
|
| | | | 25,000 | | | |
Restricted Stock Units
|
| | | $ | 3.20 | | |
February 2017
|
| | | | 116,229 | | | |
Restricted Stock Units
|
| | | $ | 3.29 | | |
February 2017
|
| | | | 100,000 | | | | Warrants | | | | $ | 3.45 | | |
December 2016
|
| | | | 1,000 | | | | Common Shares | | | | | N/A(1) | | |
December 2016
|
| | | | 2,205,883 | | | | Common Shares | | | | $ | 3.40 | | |
| | |
As of September 30, 2017
|
| | | | | | | |||||||||
| | |
Actual
|
| |
As Adjusted
|
| |
As Further
Adjusted |
| |||||||||
| | |
(unaudited; in thousands of US$)
|
| |||||||||||||||
Cash and cash equivalents:
|
| | | $ | 1,963 | | | | | $ | 7,996 | | | | | $ | 14,320 | | |
Total indebtedness
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Convertible Series E Preferred stock ($0.0001 par value; 15,151 shares authorized; 8,946 shares issued and outstanding, liquidation preference of $9,742,194)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Common stock, ($0.0001 par value; 200,000,000 shares authorized;
28,402,389 shares issued and outstanding) |
| | | | 3 | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | $ | 197,298 | | | | | $ | 203,330 | | | | | $ | 209,654 | | |
Accumulated deficit
|
| | | $ | (165,658) | | | | | $ | (165,658) | | | | | $ | (165,658) | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Total Pershing Gold stockholders’ equity
|
| | | $ | 31,643 | | | | | $ | 37,635 | | | | | $ | 43,999 | | |
Total capitalization
|
| | | $ | 31,643 | | | | | $ | 37,635 | | | | | $ | 43,999 | | |
|
|
Public Offering Price per Common Share
|
| | | $ | 2.80 | | |
|
Net tangible book value per share as of September 30, 2017
|
| | | $ | 1.11 | | |
|
Increase per share attributable to this Offering
|
| | | $ | 0.11 | | |
|
Adjusted net tangible book value per share as of September 30, 2017
|
| | | $ | 1.22 | | |
|
Dilution per share attributable to this Offering
|
| | | $ | 1.58 | | |
| | |
Share Price
|
| | | | | | | |||||||||
Month
|
| |
High
|
| |
Low
|
| |
Total Trading Volume
|
| |||||||||
December 2016
|
| | | | 5.05 | | | | | | 4.20 | | | | | | 36,095 | | |
January 2017
|
| | | | 4.74 | | | | | | 3.95 | | | | | | 76,223 | | |
February 2017
|
| | | | 4.54 | | | | | | 4.00 | | | | | | 21,175 | | |
March 2017
|
| | | | 4.13 | | | | | | 3.66 | | | | | | 10,156 | | |
April 2017
|
| | | | 4.09 | | | | | | 3.73 | | | | | | 8,293 | | |
May 2017
|
| | | | 4.00 | | | | | | 3.61 | | | | | | 14,703 | | |
June 2017
|
| | | | 4.15 | | | | | | 3.55 | | | | | | 63,310 | | |
July 2017
|
| | | | 4.05 | | | | | | 3.45 | | | | | | 30,952 | | |
August 2017
|
| | | | 3.96 | | | | | | 3.58 | | | | | | 38,974 | | |
September 2017
|
| | | | 3.79 | | | | | | 3.44 | | | | | | 6,900 | | |
October 2017
|
| | | | 4.02 | | | | | | 3.62 | | | | | | 14,855 | | |
November 2017
|
| | | | 3.83 | | | | | | 3.40 | | | | | | 26,700 | | |
December 1-11, 2017
|
| | | | 3.92 | | | | | | 3.54 | | | | | | 69,350 | | |
| | |
Share Price
|
| | | | | | | |||||||||
Month
|
| |
High
|
| |
Low
|
| |
Total Trading Volume
|
| |||||||||
December 2016
|
| | | | 3.78 | | | | | | 3.10 | | | | | | 3,647,356 | | |
January 2017
|
| | | | 3.49 | | | | | | 2.98 | | | | | | 2,218,341 | | |
February 2017
|
| | | | 3.40 | | | | | | 3.06 | | | | | | 2,724,291 | | |
March 2017
|
| | | | 3.23 | | | | | | 2.67 | | | | | | 2,740,713 | | |
April 2017
|
| | | | 3.04 | | | | | | 2.77 | | | | | | 1,694,076 | | |
May 2017
|
| | | | 2.93 | | | | | | 2.60 | | | | | | 1,111,031 | | |
June 2017
|
| | | | 3.10 | | | | | | 2.65 | | | | | | 1,743,500 | | |
July 2017
|
| | | | 3.25 | | | | | | 2.70 | | | | | | 1,255,058 | | |
August 2017
|
| | | | 3.31 | | | | | | 2.82 | | | | | | 1,493,061 | | |
September 2017
|
| | | | 3.10 | | | | | | 2.83 | | | | | | 1,189,771 | | |
October 2017
|
| | | | 3.23 | | | | | | 2.80 | | | | | | 1,328,274 | | |
November 2017
|
| | | | 2.98 | | | | | | 2.66 | | | | | | 2,100,676 | | |
December 1-11, 2017
|
| | | | 3.10 | | | | | | 2.76 | | | | | | 213,630 | | |
Underwriter
|
| |
Number of
Shares |
| |
Number of
Warrants |
| ||||||
Canaccord Genuity Corp.
|
| | | | 753,300 | | | | | | 301,320 | | |
BMO Nesbitt Burns Inc.
|
| | | | 753,300 | | | | | | 301,320 | | |
Cantor Fitzgerald Canada Corporation
|
| | | | 753,300 | | | | | | 301,320 | | |
Clarus Securities Inc.
|
| | | | 170,100 | | | | | | 68,040 | | |
Total
|
| | | | 2,430,000 | | | | | | 972,000 | | |
| | |
Per Combined Share and
Related Warrant |
| |
Total
|
| ||||||||||||||||||
| | |
Without
Option to Purchase Additional Shares and Warrants |
| |
With
Option to Purchase Additional Shares and Warrants |
| |
Without
Option to Purchase Additional Shares and Warrants |
| |
With
Option to Purchase Additional Shares and Warrants |
| ||||||||||||
Public offering price
|
| | | $ | 2.80 | | | | | $ | 2.80 | | | | | $ | 6,804,000 | | | | | $ | 7,824,600 | | |
Underwriting discounts and commissions paid by us
|
| | | $ | 0.196 | | | | | $ | 0.196 | | | | | $ | 476,280 | | | | | $ | 547,722 | | |
Proceeds to us, before estimated expenses
|
| | | $ | 2.604 | | | | | $ | 2.604 | | | | | $ | 6,327,720 | | | | | $ | 7,276,878 | | |
|
By: (Signed) Stephen Alfers
|
| |
By: (Signed) Eric Alexander
|
|
|
Executive Chairman, President & Chief Executive
Officer |
| |
Vice President Finance and Controller
|
|
|
On behalf of the Board of Directors
|
| |||
|
By: (Signed) Alexander Morrison
|
| |
By: (Signed) Pamela Saxton
|
|
|
Director
|
| |
Director
|
|
|
CANACCORD GENUITY CORP.
|
| |
BMO NESBITT BURNS INC.
|
| |
CANTOR FITZGERALD
CANADA CORPORATION |
|
|
By: (Signed) Craig warren
|
| |
By: (Signed) Joshua Goldfarb
|
| |
By: (Signed) Christopher Craib
|
|
|
Managing Director
|
| |
Director
|
| |
President & Chief Financial
Officer |
|
| New Issue | | |
March 14, 2017
|
|
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 26 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
| | | | | 36 | | | |
| | | | | 36 | | | |
| | | | | 37 | | | |
| | | | | 37 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | | | | 38 | | | |
| | | | | 38 | | | |
| | | | | 39 | | | |
| | | | | C-1 | | |
Class
|
| |
Cutoff
(oz Au/ton) |
| |
Tons
|
| |
Oz Au/ton
|
| |
oz Au
|
| ||||||||||||
Measured-Oxide
|
| | | | 0.005 | | | | | | 13,201,000 | | | | | | 0.024 | | | | | | 315,000 | | |
Indicated-Oxide
|
| | | | 0.005 | | | | | | 24,654,000 | | | | | | 0.017 | | | | | | 428,000 | | |
Indicated-Sulfide
|
| | | | 0.020 | | | | | | 613,000 | | | | | | 0.057 | | | | | | 35,000 | | |
Indicated-Total
|
| | | | variable | | | | | | 25,267,000 | | | | | | 0.018 | | | | | | 463,000 | | |
Meas. + Ind Total
|
| | | | variable | | | | | | 38,468,00 | | | | | | 0.020 | | | | | | 778,000 | | |
Inferred-Oxide
|
| | | | 0.005 | | | | | | 5,267,000 | | | | | | 0.009 | | | | | | 47,000 | | |
Inferred-Sulfide
|
| | | | 0.020 | | | | | | 16,000 | | | | | | 0.029 | | | | | | 500 | | |
Inferred-Total
|
| | | | variable | | | | | | 5,283,000 | | | | | | 0.009 | | | | | | 47,500 | | |
|
Mining Cost
|
| |
$/ton
|
| |
$/ton
|
| |
Comments
|
| |||
Waste Mining
|
| | | $ | 1.50 | | | | | | | | |
Crushed Ore Mining
|
| | | $ | 1.66 | | | | | | | note: 0.16 added to crushed ore processing | |
ROM Ore Mining
|
| | | $ | 1.86 | | | | | | | note: 0.36 added to ROM ore processing | |
Fill Mining
|
| | | $ | 1.10 | | | | | | | | |
Blasthole Assaying
|
| | | $ | 0.033 | | | | | | | included in mining cost adjustment | |
Mining Cost Adjustment
|
| | | $ | 0.01 | | | | | | |
per ton/20 foot bench below 5130 elevation
|
|
Processing Cost
|
| |
Crushed
|
| |
ROM
|
| |
Comments
|
| ||||||
Crushing
|
| | | $ | 1.17 | | | | | | | | | | | |
Processing
|
| | | $ | 1.09 | | | | | $ | 1.09 | | | | | |
Haul to Pad and stack
|
| | | $ | 0.92 | | | | | | | | | | | |
Differential Mining Cost
|
| | | $ | 0.16 | | | | | $ | 0.36 | | | | | |
G & A Cost
|
| | | $ | 0.37 | | | | | | | | | | | |
Pad Construction
|
| | | $ | 0.40 | | | | | $ | 0.40 | | | | | |
Total in Whittle
|
| | | $ | 4.11 | | | | | $ | 1.85 | | | | | |
Gold Recovery (%)
|
| | | | 80.0% | | | | | | 60.0% | | | | | |
Minimum Grade (oz Au/ton)
|
| | | | 0.006 | | | | | | 0.005 | | | | | |
Other | | | | | | | | | | | | | | | | |
Base Case Metal Price $/oz Au
|
| | | $ | 1,200 | | | | | $ | 1,200 | | | | | |
Base Case Metal Price $/oz Ag
|
| | | $ | 15 | | | | | $ | 15 | | | | | |
Carbon Stripping, Transport, Refining
|
| | | $ | 15 | | | | | $ | 15 | | | | | |
Silver Credit per ounce Au sold
|
| | | $ | 30 | | | | | $ | 30 | | | | | |
Crushed Material
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phase
|
| |
Measured
|
| |
Indicated
|
| |
Inferred
|
| |
Totals
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
000’s
|
| |
Grade
|
| |
000’s
|
| |
000’s
|
| |
Grade
|
| |
000’s
|
| |
000’s
|
| |
Grade
|
| |
000’s
|
| |
000’s
|
| |
Grade
|
| |
000’s
|
| ||||||||||||||||||||||||||||||||||||||
|
Tons
|
| |
Oz Au/t
|
| |
Ounces
|
| |
Tons
|
| |
Oz Au/t
|
| |
Ounces
|
| |
Tons
|
| |
Oz Au/t
|
| |
Ounces
|
| |
Tons
|
| |
oz Au/t
|
| |
oz Au
|
| ||||||||||||||||||||||||||||||||||||||
1
|
| | | | 2,047.2 | | | | | | 0.022 | | | | | | 44.3 | | | | | | 5,569.1 | | | | | | 0.023 | | | | | | 128.4 | | | | | | 3.8 | | | | | | 0.014 | | | | | | 0.1 | | | | | | 7,620.1 | | | | | | 0.023 | | | | | | 172.8 | | |
2
|
| | | | 4,753.7 | | | | | | 0.036 | | | | | | 170.7 | | | | | | 2,049.5 | | | | | | 0.023 | | | | | | 47.2 | | | | | | 2.8 | | | | | | 0.016 | | | | | | 0.0 | | | | | | 6,806.1 | | | | | | 0.032 | | | | | | 217.9 | | |
3
|
| | | | 215.9 | | | | | | 0.027 | | | | | | 5.8 | | | | | | 1,423.6 | | | | | | 0.030 | | | | | | 42.1 | | | | | | 1,917.8 | | | | | | 0.010 | | | | | | 16.9 | | | | | | 3,557.2 | | | | | | 0.019 | | | | | | 64.8 | | |
4
|
| | | | 3,006.8 | | | | | | 0.019 | | | | | | 58.3 | | | | | | 5,202.3 | | | | | | 0.018 | | | | | | 91.6 | | | | | | 49.2 | | | | | | 0.011 | | | | | | 0.5 | | | | | | 8,258.2 | | | | | | 0.018 | | | | | | 150.4 | | |
Crushed Totals
|
| | | | 10,023.6 | | | | | | 0.028 | | | | | | 279.1 | | | | | | 14,244.3 | | | | | | 0.022 | | | | | | 309.3 | | | | | | 1,973.6 | | | | | | 0.009 | | | | | | 17.5 | | | | | | 26,241.6 | | | | | | 0.023 | | | | | | 605.9 | | |
|
ROM Material
|
| |
Waste
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phase
|
| |
Measured
|
| |
Indicated
|
| |
Inferred
|
| |
Totals
|
| |
Material
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
000’s
|
| |
Grade
|
| |
000’s
|
| |
000’s
|
| |
Grade
|
| |
000’s
|
| |
000’s
|
| |
Grade
|
| |
000’s
|
| |
000’s
|
| |
Grade
|
| |
000’s
|
| |
000’s
|
| |||||||||||||||||||||||||||||||||||||||||
|
Tons
|
| |
Oz Au/t
|
| |
Ounces
|
| |
Tons
|
| |
Oz Au/t
|
| |
Ounces
|
| |
Tons
|
| |
Oz Au/t
|
| |
Ounces
|
| |
Tons
|
| |
oz Au/t
|
| |
oz Au
|
| |
Tons
|
| |||||||||||||||||||||||||||||||||||||||||
1
|
| | | | 1,666.1 | | | | | | 0.007 | | | | | | 11.6 | | | | | | 2,653.8 | | | | | | 0.007 | | | | | | 18.8 | | | | | | 12.5 | | | | | | 0.007 | | | | | | 0.1 | | | | | | 4,332.4 | | | | | | 0.007 | | | | | | 30.5 | | | | | | 22,139.4 | | |
2
|
| | | | 885.7 | | | | | | 0.005 | | | | | | 4.8 | | | | | | 374.5 | | | | | | 0.005 | | | | | | 2.0 | | | | | | 1.4 | | | | | | 0.005 | | | | | | 0.0 | | | | | | 1,261.6 | | | | | | 0.005 | | | | | | 6.9 | | | | | | 35,066.2 | | |
3
|
| | | | 12.7 | | | | | | 0.005 | | | | | | 0.1 | | | | | | 105.7 | | | | | | 0.005 | | | | | | 0.6 | | | | | | 909.2 | | | | | | 0.006 | | | | | | 5.3 | | | | | | 1,027.6 | | | | | | 0.006 | | | | | | 5.9 | | | | | | 21,837.9 | | |
4
|
| | | | 302.1 | | | | | | 0.005 | | | | | | 1.5 | | | | | | 531.7 | | | | | | 0.005 | | | | | | 2.7 | | | | | | 4.9 | | | | | | 0.005 | | | | | | 0.0 | | | | | | 838.7 | | | | | | 0.005 | | | | | | 4.2 | | | | | | 37,232.3 | | |
Totals | | | | | 2,866.6 | | | | | | 0.006 | | | | | | 18.0 | | | | | | 3,665.8 | | | | | | 0.007 | | | | | | 24.1 | | | | | | 927.9 | | | | | | 0.006 | | | | | | 5.4 | | | | | | 7,460.3 | | | | | | 0.006 | | | | | | 47.5 | | | | | | 116,275.7 | | |
|
Item
|
| |
Estimate
$000’s |
| |
Contingency
$000’s |
| |
Total
Estimate $000’s |
| |
Year -1
$000’s |
| |
Year 1
$000’s |
| |
Year 2
$000’s |
| |
Year 3
$000’s |
| |
Year 4
$000’s |
| |
Year 5
$000’s |
| |||||||||||||||||||||||||||
Power (Line upgrades, Generator)
|
| | | $ | 540.0 | | | | | $ | 89.5 | | | | | $ | 629.5 | | | | | $ | 629.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Water (New well, Potable Water System)
|
| | | $ | 260.0 | | | | | $ | 32.8 | | | | | $ | 292.8 | | | | | $ | 292.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leaching (Tanks, Meters, Heater)
|
| | | $ | 252.0 | | | | | $ | 50.4 | | | | | $ | 302.4 | | | | | $ | 302.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CIC (Piping, Tanks, Hopper, AA)
|
| | | $ | 114.5 | | | | | $ | 22.9 | | | | | $ | 137.4 | | | | | $ | 137.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Electrowinning Cell (new)
|
| | | $ | 297.0 | | | | | $ | 29.7 | | | | | $ | 326.7 | | | | | $ | 326.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Carbon Stripping (Repair and Modifications)
|
| | | $ | 292.5 | | | | | $ | 32.5 | | | | | $ | 325.0 | | | | | $ | 325.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mercury Retort (New)
|
| | | $ | 860.0 | | | | | $ | 86.0 | | | | | $ | 946.0 | | | | | $ | 946.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Refinery (Repair and Modifications)
|
| | | $ | 65.0 | | | | | $ | 13.0 | | | | | $ | 78.0 | | | | | $ | 78.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mobile Equipment (Crusher Loader)
|
| | | $ | 664.0 | | | | | $ | 132.8 | | | | | $ | 796.8 | | | | | $ | 796.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mobile Equipment Repair
|
| | | $ | 15.0 | | | | | $ | 3.0 | | | | | $ | 18.0 | | | | | $ | 18.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Light Vechicles
|
| | | $ | 240.0 | | | | | $ | 48.0 | | | | | $ | 288.0 | | | | | $ | 288.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Start-up Supplies
|
| | | $ | 273.8 | | | | | $ | 27.4 | | | | | $ | 301.1 | | | | | $ | 301.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crusher New
|
| | | $ | 770.0 | | | | | $ | 154.0 | | | | | $ | 924.0 | | | | | $ | 924.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lime Silo
|
| | | $ | 175.0 | | | | | $ | 35.0 | | | | | $ | 210.0 | | | | | $ | 210.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crushing and Conveying
|
| | | $ | 1,056.1 | | | | | $ | 135.8 | | | | | $ | 1,192.0 | | | | | $ | 1,192.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leach Pad Construction (Offload Pad 6)
|
| | | $ | 360.0 | | | | | $ | 36.5 | | | | | $ | 396.5 | | | | | $ | 396.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leach Pad Construction (Cell 6B)
|
| | | $ | 1,758.3 | | | | | $ | 216.2 | | | | | $ | 1,974.5 | | | | | $ | 1,974.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leach Pad Construction (Cell 7A)
|
| | | $ | 1,758.3 | | | | | $ | 216.2 | | | | | $ | 1,974.5 | | | | | | | | | | | $ | 1,974.5 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leach Pad Construction (Cell 7B
|
| | | $ | 1,758.3 | | | | | $ | 216.2 | | | | | $ | 1,974.5 | | | | | | | | | | | $ | 1,974.5 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leach Pad Construction (Cell 8)
|
| | | $ | 1,758.3 | | | | | $ | 216.2 | | | | | $ | 1,974.5 | | | | | | | | | | | | | | | | | $ | 1,974.5 | | | | | | | | | | | | | | | | | | | | |
Leach Pad Construction (Cell 9)
|
| | | $ | 1,758.3 | | | | | $ | 216.2 | | | | | $ | 1,974.5 | | | | | | | | | | | | | | | | | | | | | | | $ | 1,974.5 | | | | | | | | | | | | | | |
Leach Pad – Other
|
| | | $ | 1,037.5 | | | | | $ | 207.5 | | | | | $ | 1,245.0 | | | | | $ | 1,245.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mining Engineering, Geology
|
| | | $ | 50.0 | | | | | $ | 10.0 | | | | | $ | 60.0 | | | | | $ | 60.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Administration
|
| | | $ | 10.0 | | | | | $ | 2.0 | | | | | $ | 12.0 | | | | | $ | 12.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Infrastructure
|
| | | $ | 88.0 | | | | | $ | 17.6 | | | | | $ | 105.6 | | | | | $ | 105.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Communication
|
| | | $ | 4.5 | | | | | $ | 0.9 | | | | | $ | 5.4 | | | | | $ | 5.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contractor Mobilization
|
| | | $ | 1,650.0 | | | | | $ | 0.0 | | | | | $ | 1,650.0 | | | | | $ | 650.0 | | | | | $ | 1,000.0 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mining
|
| | | $ | 12.0 | | | | | $ | 2.4 | | | | | $ | 14.4 | | | | | $ | 14.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners Cost
|
| | | | | | | | | $ | 1,000.0 | | | | | $ | 1,000.0 | | | | | $ | 1,000.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Permitting
|
| | | | | | | | | | | | | | | $ | 1,529.0 | | | | | | | | | | | $ | 385.0 | | | | | $ | 644.0 | | | | | $ | 250.0 | | | | | $ | 250.0 | | | | | | | | |
Sustaining Capital-General
|
| | | | | | | | | | | | | | | $ | 2,250.0 | | | | | | | | | | | $ | 500.0 | | | | | $ | 500.0 | | | | | $ | 500.0 | | | | | $ | 500.0 | | | | | $ | 250.0 | | |
Water Wells
|
| | | | | | | | | | | | | | | $ | 1,600.0 | | | | | | | | | | | $ | 1,600.0 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Horizontal Pit Drain Holes
|
| | | | | | | | | | | | | | | $ | 1,600.0 | | | | | | | | | | | | | | | | | $ | 850.0 | | | | | $ | 750.0 | | | | | | | | | | | | | | |
Other Mine Dewatering
|
| | | | | | | | | | | | | | | $ | 685.2 | | | | | | | | | | | | | | | | | $ | 661.2 | | | | | $ | 24.0 | | | | | | | | | | | | | | |
Totals | | | | | | | | | | | | | | | | $ | 28,793.3 | | | | | $ | 12,231.1 | | | | | $ | 7,434.0 | | | | | $ | 4,629.7 | | | | | $ | 3,498.5 | | | | | $ | 750.0 | | | | | $ | 250.0 | | |
|
Item
|
| |
Item
|
| |
Units
|
| |
Year -1
|
| |
Year 1
|
| |
Year 2
|
| |
Year 3
|
| |
Year 4
|
| |
Year 5
|
| |
Year 6
|
| |
Totals
|
| |||||||||||||||||||||
Ore Grade Material Mined
|
| |
Tons
|
| |
000’s
|
| | | | | | | 6,035.2 | | | | | | 7,014.1 | | | | | | 4,949.5 | | | | | | 5,792.3 | | | | | | 5,049.0 | | | | | | 4,861.9 | | | | | | 33,701.9 | | |
Ore Grade Material Mined
|
| |
Grade
|
| |
oz Au/t
|
| | | | | | | 0.016 | | | | | | 0.015 | | | | | | 0.018 | | | | | | 0.030 | | | | | | 0.020 | | | | | | 0.017 | | | | | | 0.019 | | |
Ore Grade Material Mined
|
| |
Ounces
|
| |
000’s
|
| | | | | | | 98.2 | | | | | | 107.1 | | | | | | 87.1 | | | | | | 175.0 | | | | | | 100.9 | | | | | | 85.0 | | | | | | 653.1 | | |
Ore Grade Material Crushed
|
| |
Tons
|
| |
000’s
|
| | | | | | | 3,705.7 | | | | | | 4,639.8 | | | | | | 3,811.1 | | | | | | 5,080.0 | | | | | | 4,575.5 | | | | | | 4,429.5 | | | | | | 26,241.6 | | |
Ore Grade Material Crushed
|
| |
Grade
|
| |
oz Au/t
|
| | | | | | | 0.022 | | | | | | 0.020 | | | | | | 0.021 | | | | | | 0.034 | | | | | | 0.022 | | | | | | 0.019 | | | | | | 0.023 | | |
Ore Grade Material Crushed
|
| |
Ounces
|
| |
000’s
|
| | | | | | | 81.8 | | | | | | 91.1 | | | | | | 80.3 | | | | | | 171.1 | | | | | | 98.5 | | | | | | 82.8 | | | | | | 605.6 | | |
Ore Grade Material Crushed
|
| |
Oz Recovered
|
| | | | | | | | | | 59.6 | | | | | | 72.9 | | | | | | 64.2 | | | | | | 136.9 | | | | | | 78.8 | | | | | | 72.2 | | | | | | 484.5 | | |
Run of Mine Material
|
| |
Tons
|
| |
000’s
|
| | | | | | | 2,329.5 | | | | | | 2,374.4 | | | | | | 1,138.4 | | | | | | 712.3 | | | | | | 473.4 | | | | | | 432.4 | | | | | | 7,460.3 | | |
Run of Mine Material
|
| |
Grade
|
| |
oz Au/t
|
| | | | | | | 0.007 | | | | | | 0.007 | | | | | | 0.006 | | | | | | 0.005 | | | | | | 0.005 | | | | | | 0.005 | | | | | | 0.006 | | |
Run of Mine Material
|
| |
Ounces
|
| |
000’s
|
| | | | | | | 16.3 | | | | | | 15.9 | | | | | | 6.8 | | | | | | 3.9 | | | | | | 2.4 | | | | | | 2.2 | | | | | | 47.5 | | |
Run of Mine Material
|
| |
Oz Recovered
|
| |
000’s
|
| | | | | | | 9.8 | | | | | | 9.6 | | | | | | 4.1 | | | | | | 2.3 | | | | | | 1.5 | | | | | | 1.3 | | | | | | 28.5 | | |
Ore-From Stockpile
|
| |
Tons
|
| |
000’s
|
| | | | | | | | | | | | | 900.1 | | | | | | 957.6 | | | | | | 1.4 | | | | | | | | | | | | | | | | | | 1,859.1 | | |
Ore-From Rock
|
| |
Tons
|
| |
000’s
|
| | | | | | | 3,705.7 | | | | | | 3,739.7 | | | | | | 2,853.5 | | | | | | 5,078.6 | | | | | | 4,575.5 | | | | | | 4,429.5 | | | | | | 24,382.5 | | |
ROM-From Stockpile
|
| |
Tons
|
| |
000’s
|
| | | | | | | | | | | | | 220.8 | | | | | | 576.3 | | | | | | 106.0 | | | | | | | | | | | | | | | | | | 903.1 | | |
ROM-From Rock
|
| |
Tons
|
| |
000’s
|
| | | | | | | 2,329.5 | | | | | | 2,153.6 | | | | | | 562.1 | | | | | | 606.3 | | | | | | 473.4 | | | | | | 432.4 | | | | | | 6,557.3 | | |
Waste Rock
|
| |
Tons
|
| |
000’s
|
| | | | | | | 17,850.8 | | | | | | 20,627.3 | | | | | | 25,892.7 | | | | | | 22,863.9 | | | | | | 18,981.0 | | | | | | 10,060.1 | | | | | | 116,275.7 | | |
Strip Ratio
|
| |
t waste/t ore
|
| | | | | | | | | | 2.96 | | | | | | 2.94 | | | | | | 5.23 | | | | | | 3.95 | | | | | | 3.76 | | | | | | 2.07 | | | | | | 3.45 | | |
Gold Production
|
| |
Ounces Au
|
| |
000’s
|
| | | | | | | 69.4 | | | | | | 82.5 | | | | | | 68.3 | | | | | | 139.2 | | | | | | 80.2 | | | | | | 73.4 | | | | | | 513.0 | | |
Gold Price
|
| |
$/oz Au
|
| |
1250
|
| | | | | | $ | 86,704.4 | | | | | $ | 103,071.3 | | | | | $ | 85,374.1 | | | | | $ | 173,990.0 | | | | | $ | 100,301.5 | | | | | $ | 91,811.7 | | | | | $ | 641,252.9 | | |
SALES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gold Sales
|
| |
$1,250
|
| |
$000’s
|
| | | | | | $ | 86,704.4 | | | | | $ | 103,071.3 | | | | | $ | 85,374.1 | | | | | $ | 173,990.0 | | | | | $ | 100,301.5 | | | | | $ | 91,811.7 | | | | | $ | 641,252.9 | | |
Silver Credit
|
| |
$17/oz
|
| |
$000’s
|
| | | | | | $ | 1,179.2 | | | | | $ | 1,401.8 | | | | | $ | 1,161.1 | | | | | $ | 2,366.3 | | | | | $ | 1,364.1 | | | | | $ | 1,248.6 | | | | | $ | 8,721.0 | | |
Selling Cost
|
| |
$5/oz
|
| |
$000’s
|
| | | | | | $ | 346.8 | | | | | $ | 412.3 | | | | | $ | 341.5 | | | | | $ | 696.0 | | | | | $ | 401.2 | | | | | $ | 367.2 | | | | | $ | 2,565.0 | | |
Royalty
|
| |
2.15%
|
| |
$000’s
|
| | | | | | $ | 1,882.0 | | | | | $ | 2,237.3 | | | | | $ | 1,853.2 | | | | | $ | 3,776.7 | | | | | $ | 2,177.2 | | | | | $ | 1,992.9 | | | | | $ | 13,919.3 | | |
Revenue
|
| | | | |
$000’s
|
| | | | | | $ | 85,654.8 | | | | | $ | 101,823.5 | | | | | $ | 84,340.5 | | | | | $ | 171,883.6 | | | | | $ | 99,087.2 | | | | | $ | 90,700.2 | | | | | $ | 633,489.7 | | |
OPERATING COSTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mining | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract – Drill, Blast, Load,
Support |
| |
1.07
|
| |
$000’s
|
| | | | | | $ | 25,558.0 | | | | | $ | 28,377.1 | | | | | $ | 31,359.9 | | | | | $ | 30,547.1 | | | | | $ | 25,712.0 | | | | | $ | 15,966.5 | | | | | $ | 157,520.6 | | |
Contract – Load, Support
(Stockpile) |
| |
0.59
|
| |
$000’s
|
| | | | | | $ | 0.0 | | | | | $ | 661.3 | | | | | $ | 905.0 | | | | | $ | 63.4 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 1,629.7 | | |
Haul Ore to Crusher
|
| |
0.85
|
| |
$000’s
|
| | | | | | $ | 2,371.7 | | | | | $ | 2,969.4 | | | | | $ | 3,087.0 | | | | | $ | 4,775.2 | | | | | $ | 4,209.5 | | | | | $ | 5,005.4 | | | | | $ | 22,418.1 | | |
Ore Rehandle from Crusher
|
| |
1.01
|
| |
$000’s
|
| | | | | | $ | 3,742.8 | | | | | $ | 4,686.2 | | | | | $ | 3,849.2 | | | | | $ | 5,130.8 | | | | | $ | 4,621.3 | | | | | $ | 4,473.8 | | | | | $ | 26,504.0 | | |
Haul ROM to Pad
|
| |
0.93
|
| |
$000’s
|
| | | | | | $ | 1,886.9 | | | | | $ | 1,923.2 | | | | | $ | 1,149.8 | | | | | $ | 826.3 | | | | | $ | 553.9 | | | | | $ | 626.9 | | | | | $ | 6,967.0 | | |
Haul Waste to Dump
|
| |
0.75
|
| |
$000’s
|
| | | | | | $ | 11,424.5 | | | | | $ | 13,201.5 | | | | | $ | 16,571.3 | | | | | $ | 18,291.1 | | | | | $ | 16,133.8 | | | | | $ | 11,367.9 | | | | | $ | 86,990.1 | | |
Mine Dewatering
|
| | | | |
$000’s
|
| | | | | | $ | 41.5 | | | | | $ | 105.0 | | | | | $ | 109.0 | | | | | $ | 109.0 | | | | | $ | 109.0 | | | | | $ | 109.0 | | | | | $ | 582.5 | | |
Blasthole Assays
|
| |
0.03
|
| |
$000’s
|
| | | | | | $ | 788.2 | | | | | $ | 912.2 | | | | | $ | 1,017.8 | | | | | $ | 945.7 | | | | | $ | 793.0 | | | | | $ | 492.4 | | | | | $ | 4,949.3 | | |
Processing | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ROM
|
| |
0.830
|
| |
$000’s
|
| | | | | | $ | 1,933.5 | | | | | $ | 1,970.7 | | | | | $ | 944.9 | | | | | $ | 591.2 | | | | | $ | 392.9 | | | | | $ | 358.9 | | | | | $ | 6,192.1 | | |
Crushing
|
| |
1.507
|
| |
$000’s
|
| | | | | | $ | 6,102.0 | | | | | $ | 6,786.6 | | | | | $ | 6,179.2 | | | | | $ | 7,109.3 | | | | | $ | 6,739.6 | | | | | $ | 6,632.5 | | | | | $ | 39,549.2 | | |
Process & Carbon Stripping
|
| |
1.012
|
| |
$000’s
|
| | | | | | $ | 3,788.1 | | | | | $ | 4,632.5 | | | | | $ | 3,869.9 | | | | | $ | 5,297.4 | | | | | $ | 4,567.5 | | | | | $ | 4,410.4 | | | | | $ | 26,565.8 | | |
General and Administrative
|
| |
0.444
|
| |
$000’s
|
| | | | | | $ | 1,999.6 | | | | | $ | 1,999.6 | | | | | $ | 1,999.6 | | | | | $ | 1,999.6 | | | | | $ | 1,999.6 | | | | | $ | 1,666.3 | | | | | $ | 11,664.3 | | |
Bonding Fee
|
| | | | |
$000’s
|
| | | | | | $ | 140.0 | | | | | $ | 265.0 | | | | | $ | 265.0 | | | | | $ | 265.0 | | | | | $ | 195.0 | | | | | $ | 195.0 | | | | | $ | 1,325.0 | | |
Reclamation
|
| | | | |
$000’s
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 3,250.0 | | | | | $ | 3,250.0 | | |
Subtotals
|
| | | | |
$000’s
|
| | | | | | $ | 59,776.7 | | | | | $ | 68,490.3 | | | | | $ | 71,307.6 | | | | | $ | 75,950.9 | | | | | $ | 66,027.1 | | | | | $ | 54,555.0 | | | | | $ | 396,107.6 | | |
$/ton ore
|
| | | | |
$/ton ore
|
| | | | | | $ | 9.90 | | | | | $ | 9.76 | | | | | $ | 14.41 | | | | | $ | 13.11 | | | | | $ | 13.08 | | | | | $ | 11.22 | | | | | $ | 11.75 | | |
$/oz Au Produced
|
| | | | |
$/oz Au
|
| | | | | | $ | 862 | | | | | $ | 831 | | | | | $ | 1,044 | | | | | $ | 546 | | | | | $ | 823 | | | | | $ | 743 | | | | | $ | 772 | | |
Item
|
| |
Item
|
| |
Units
|
| |
Year -1
|
| |
Year 1
|
| |
Year 2
|
| |
Year 3
|
| |
Year 4
|
| |
Year 5
|
| |
Year 6
|
| |
Totals
|
| ||||||||||||||||||||||||
Ore Grade Material Crushed
|
| |
Tons
|
| |
000’s
|
| | | | | | | | | | 3,705.7 | | | | | | 4,639.8 | | | | | | 3,811.1 | | | | | | 5,080.0 | | | | | | 4,575.5 | | | | | | 4,429.5 | | | | | | 26,241.6 | | |
Ore Grade Material Crushed
|
| |
Grade
|
| |
oz Au/t
|
| | | | | | | | | | 0.022 | | | | | | 0.020 | | | | | | 0.021 | | | | | | 0.034 | | | | | | 0.022 | | | | | | 0.019 | | | | | | 0.023 | | |
Ore Grade Material Crushed
|
| |
Ounces
|
| |
000’s
|
| | | | | | | | | | 81.8 | | | | | | 91.1 | | | | | | 80.3 | | | | | | 171.1 | | | | | | 98.5 | | | | | | 82.8 | | | | | | 605.6 | | |
Ore Grade Material Crushed
|
| |
Oz Recovered
|
| | | | | | | | | | | | | 59.6 | | | | | | 72.9 | | | | | | 64.2 | | | | | | 136.9 | | | | | | 78.8 | | | | | | 72.2 | | | | | | 484.5 | | |
Run of Mine Material
|
| |
Tons
|
| |
000’s
|
| | | | | | | | | | 2,329.5 | | | | | | 2,374.4 | | | | | | 1,138.4 | | | | | | 712.3 | | | | | | 473.4 | | | | | | 432.4 | | | | | | 7,460.3 | | |
Run of Mine Material
|
| |
Grade
|
| |
oz Au/t
|
| | | | | | | | | | 0.007 | | | | | | 0.007 | | | | | | 0.006 | | | | | | 0.005 | | | | | | 0.005 | | | | | | 0.005 | | | | | | 0.006 | | |
Run of Mine Material
|
| |
Ounces
|
| |
000’s
|
| | | | | | | | | | 16.3 | | | | | | 15.9 | | | | | | 6.8 | | | | | | 3.9 | | | | | | 2.4 | | | | | | 2.2 | | | | | | 47.5 | | |
Run of Mine Material
|
| |
Oz Recovered
|
| |
000’s
|
| | | | | | | | | | 9.8 | | | | | | 9.6 | | | | | | 4.1 | | | | | | 2.3 | | | | | | 1.5 | | | | | | 1.3 | | | | | | 28.5 | | |
Waste Rock
|
| |
Tons
|
| |
000’s
|
| | | | | | | | | | 17,850.8 | | | | | | 20,627.3 | | | | | | 25,892.7 | | | | | | 22,863.9 | | | | | | 18,981.0 | | | | | | 10,060.1 | | | | | | 116,275.7 | | |
SALES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gold Sales
|
| |
$1,250
|
| |
$000’s
|
| | | | | | | | | $ | 86,704.4 | | | | | $ | 103,071.3 | | | | | $ | 85,374.1 | | | | | $ | 173,990.0 | | | | | $ | 100,301.5 | | | | | $ | 91,811.7 | | | | | $ | 641,252.9 | | |
Silver Credit
|
| |
$17/oz
|
| |
$000’s
|
| | | | | | | | | $ | 1,179.2 | | | | | $ | 1,401.8 | | | | | $ | 1,161.1 | | | | | $ | 2,366.3 | | | | | $ | 1,364.1 | | | | | $ | 1,248.6 | | | | | $ | 8,721.0 | | |
Selling Cost
|
| |
$5/oz
|
| |
$000’s
|
| | | | | | | | | $ | 346.8 | | | | | $ | 412.3 | | | | | $ | 341.5 | | | | | $ | 696.0 | | | | | $ | 401.2 | | | | | $ | 367.2 | | | | | $ | 2,565.0 | | |
Royalty
|
| |
2.15%
|
| |
$000’s
|
| | | | | | | | | $ | 1,889.5 | | | | | $ | 2,246.2 | | | | | $ | 1,860.5 | | | | | $ | 3,791.7 | | | | | $ | 2,185.8 | | | | | $ | 2,000.8 | | | | | $ | 13,974.4 | | |
Note: Selling cost is net of cost and silver credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | |
$000’s
|
| | | | | | | | | $ | 85,647.3 | | | | | $ | 101,814.6 | | | | | $ | 84,333.2 | | | | | $ | 171,868.6 | | | | | $ | 99,078.5 | | | | | $ | 90,692.3 | | | | | $ | 633,434.5 | | |
OPERATING COSTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mining | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract – Drill, Blast, Load,
Support |
| |
1.07
|
| |
$000’s
|
| | | | | | | | | $ | 25,558.0 | | | | | $ | 28,377.1 | | | | | $ | 31,359.9 | | | | | $ | 30,547.1 | | | | | $ | 25,712.0 | | | | | $ | 15,966.5 | | | | | $ | 157,520.6 | | |
Contract – Load, Support (Stockpile)
|
| |
0.59
|
| |
$000’s
|
| | | | | | | | | $ | 0.0 | | | | | $ | 661.3 | | | | | $ | 905.0 | | | | | $ | 63.4 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 1,629.7 | | |
Haul Ore to Crusher
|
| |
0.85
|
| |
$000’s
|
| | | | | | | | | $ | 2,371.7 | | | | | $ | 2,969.4 | | | | | $ | 3,087.0 | | | | | $ | 4,775.2 | | | | | $ | 4,209.5 | | | | | $ | 5,005.4 | | | | | $ | 22,418.1 | | |
Ore Rehandle from Crusher
|
| |
1.01
|
| |
$000’s
|
| | | | | | | | | $ | 3,742.8 | | | | | $ | 4,686.2 | | | | | $ | 3,849.2 | | | | | $ | 5,130.8 | | | | | $ | 4,621.3 | | | | | $ | 4,473.8 | | | | | $ | 26,504.0 | | |
Haul ROM to Pad
|
| |
0.93
|
| |
$000’s
|
| | | | | | | | | $ | 1,886.9 | | | | | $ | 1,923.2 | | | | | $ | 1,149.8 | | | | | $ | 826.3 | | | | | $ | 553.9 | | | | | $ | 626.9 | | | | | $ | 6,967.0 | | |
Haul Waste to Dump
|
| |
0.75
|
| |
$000’s
|
| | | | | | | | | $ | 11,424.5 | | | | | $ | 13,201.5 | | | | | $ | 16,571.3 | | | | | $ | 18,291.1 | | | | | $ | 16,133.8 | | | | | $ | 11,367.9 | | | | | $ | 86,990.1 | | |
Mine Dewatering
|
| | | | |
$000’s
|
| | | | | | | | | $ | 41.5 | | | | | $ | 105.0 | | | | | $ | 109.0 | | | | | $ | 109.0 | | | | | $ | 109.0 | | | | | $ | 109.0 | | | | | $ | 582.5 | | |
Blasthole Assays
|
| |
0.03
|
| |
$000’s
|
| | | | | | | | | $ | 788.2 | | | | | $ | 912.2 | | | | | $ | 1,017.8 | | | | | $ | 945.7 | | | | | $ | 793.0 | | | | | $ | 492.4 | | | | | $ | 4,949.3 | | |
Processing | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ROM
|
| |
0.830
|
| |
$000’s
|
| | | | | | | | | $ | 1,933.5 | | | | | $ | 1,970.7 | | | | | $ | 944.9 | | | | | $ | 591.2 | | | | | $ | 392.9 | | | | | $ | 358.9 | | | | | $ | 6,192.1 | | |
Crushing
|
| |
1.507
|
| |
$000’s
|
| | | | | | | | | $ | 6,102.0 | | | | | $ | 6,786.6 | | | | | $ | 6,179.2 | | | | | $ | 7,109.3 | | | | | $ | 6,739.6 | | | | | $ | 6,632.5 | | | | | $ | 39,549.2 | | |
Process & Carbon Stripping
|
| |
1.012
|
| |
$000’s
|
| | | | | | | | | $ | 3,788.1 | | | | | $ | 4,632.5 | | | | | $ | 3,869.9 | | | | | $ | 5,297.4 | | | | | $ | 4,567.5 | | | | | $ | 4,410.4 | | | | | $ | 26,565.8 | | |
General and Administrative
|
| |
0.444
|
| |
$000’s
|
| | | | | | | | | $ | 1,999.6 | | | | | $ | 1,999.6 | | | | | $ | 1,999.6 | | | | | $ | 1,999.6 | | | | | $ | 1,999.6 | | | | | $ | 1,666.3 | | | | | $ | 11,664.3 | | |
Bonding Fee
|
| | | | |
$000’s
|
| | | | | | | | | $ | 140.0 | | | | | $ | 265.0 | | | | | $ | 265.0 | | | | | $ | 265.0 | | | | | $ | 195.0 | | | | | $ | 195.0 | | | | | $ | 1,325.0 | | |
Reclamation
|
| | | | |
$000’s
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 3,250.0 | | | | | $ | 3,250.0 | | |
Subtotals
|
| | | | |
$000’s
|
| | | | | | | | | $ | 59,776.7 | | | | | $ | 68,490.3 | | | | | $ | 71,307.6 | | | | | $ | 75,950.9 | | | | | $ | 66,027.1 | | | | | $ | 54,555.0 | | | | | $ | 396,107.6 | | |
$/ton ore
|
| | | | |
$/ton ore
|
| | | | | | | | | $ | 9.90 | | | | | $ | 9.76 | | | | | $ | 14.41 | | | | | $ | 13.11 | | | | | $ | 13.08 | | | | | $ | 11.22 | | | | | $ | 11.75 | | |
$/oz Au Produced
|
| | | | |
$/oz Au
|
| | | | | | | | | $ | 862 | | | | | $ | 831 | | | | | $ | 1,044 | | | | | $ | 546 | | | | | $ | 823 | | | | | $ | 743 | | | | | $ | 772 | | |
CASHFLOW | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income-Pretax
|
| | | | |
$000’s
|
| | | | | | | | | $ | 25,878.1 | | | | | $ | 33,333.2 | | | | | $ | 13,032.9 | | | | | $ | 95,932.6 | | | | | $ | 33,060.1 | | | | | $ | 36,145.2 | | | | | $ | 237,382.0 | | |
Capital Cost (includes 10 – 20% contingency)
|
| | | | |
$000’s
|
| | | $ | 12,231.1 | | | | | $ | 7,434.0 | | | | | $ | 4,629.7 | | | | | $ | 3,498.5 | | | | | $ | 750.0 | | | | | $ | 250.0 | | | | | | | | | | | $ | 28,793.3 | | |
Capital Cost Contingency (10% – other items)
|
| | | | |
$000’s
|
| | | $ | 1,223.1 | | | | | $ | 743.4 | | | | | $ | 463.0 | | | | | $ | 349.9 | | | | | $ | 75.0 | | | | | $ | 25.0 | | | | | | | | | | | $ | 2,879.3 | | |
Working Capital
|
| | | | |
$000’s
|
| | | | | | | | | $ | 14,944.2 | | | | | | | | | | | ($ | 14,944.2) | | | | | | | | | | | | | | | | | | | | | | | $ | 0.0 | | |
Pre Tax Cashflow
|
| | | | |
$000’s
|
| | | ($ | 13,454.2) | | | | | $ | 2,756.5 | | | | | $ | 28,240.5 | | | | | $ | 24,128.7 | | | | | $ | 95,107.6 | | | | | $ | 32,785.1 | | | | | $ | 36,145.2 | | | | | $ | 205,709.4 | | |
Cumulative Cashflow
|
| | | | |
$000’s
|
| | | ($ | 13,454.2) | | | | | ($ | 10,697.7) | | | | | $ | 17,542.8 | | | | | $ | 41,671.5 | | | | | $ | 136,779.1 | | | | | $ | 169,564.2 | | | | | $ | 205,709.4 | | | | | | | | |
NPV 5%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 158,604.4 | | |
NPV 7.5%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 139,948.0 | | |
NPV 10%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 123,853.6 | | |
IRR
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 125% | | |
Item
|
| |
Units
|
| |
Year -1
|
| |
Year 1
|
| |
Year 2
|
| |
Year 3
|
| |
Year 4
|
| |
Year 5
|
| |
Year 6
|
| |
Totals
|
| |||||||||||||||||||||||||||
After Tax Evaluation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Profit before Tax
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 2,756.5 | | | | | $ | 28,240.5 | | | | | $ | 24,128.7 | | | | | $ | 95,107.6 | | | | | $ | 32,785.1 | | | | | $ | 36,145.2 | | | | | $ | 219,163.6 | | |
Depreciation
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 2,565.5 | | | | | $ | 4,267.8 | | | | | $ | 5,860.1 | | | | | $ | 4,836.7 | | | | | $ | 3,044.4 | | | | | $ | 2,498.8 | | | | | $ | 23,073.2 | | |
Net Income before Net Proceeds
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 191.1 | | | | | $ | 23,972.7 | | | | | $ | 18,268.6 | | | | | $ | 90,270.9 | | | | | $ | 29,740.7 | | | | | $ | 33,646.4 | | | | | $ | 196,090.4 | | |
Nevada Net Proceeds
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 9.6 | | | | | $ | 1,198.6 | | | | | $ | 913.4 | | | | | $ | 4,513.5 | | | | | $ | 1,487.0 | | | | | $ | 1,682.3 | | | | | $ | 9,804.5 | | |
Net Income before Depletion
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 181.5 | | | | | $ | 22,774.1 | | | | | $ | 17,355.2 | | | | | $ | 85,757.4 | | | | | $ | 28,253.7 | | | | | $ | 31,964.1 | | | | | $ | 186,285.9 | | |
Depletion (15%)
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 12,848.2 | | | | | $ | 15,273.5 | | | | | $ | 12,651.1 | | | | | $ | 25,782.5 | | | | | $ | 14,863.1 | | | | | $ | 13,605.0 | | | | | | | | |
Depletion (50% max)
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 90.8 | | | | | $ | 11,387.0 | | | | | $ | 8,677.6 | | | | | $ | 42,878.7 | | | | | $ | 14,126.8 | | | | | $ | 15,982.0 | | | | | | | | |
Depletion Taken
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 90.8 | | | | | $ | 11,387.0 | | | | | $ | 8,677.6 | | | | | $ | 25,782.5 | | | | | $ | 14,863.1 | | | | | $ | 13,605.0 | | | | | $ | 74,406.0 | | |
Taxible Income
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 90.8 | | | | | $ | 11,387.0 | | | | | $ | 8,677.6 | | | | | $ | 59,974.8 | | | | | $ | 13,390.6 | | | | | $ | 18,359.1 | | | | | $ | 111,879.9 | | |
Income Tax (34%)
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 30.9 | | | | | $ | 3,871.6 | | | | | $ | 2,950.4 | | | | | $ | 20,391.4 | | | | | $ | 4,552.8 | | | | | $ | 6,242.1 | | | | | $ | 38,039.2 | | |
Income After Tax
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 59.9 | | | | | $ | 7,515.4 | | | | | $ | 5,727.2 | | | | | $ | 39,583.4 | | | | | $ | 8,837.8 | | | | | $ | 12,117.0 | | | | | $ | 73,840.7 | | |
Depletion
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 90.8 | | | | | $ | 11,387.0 | | | | | $ | 8,677.6 | | | | | $ | 25,782.5 | | | | | $ | 14,863.1 | | | | | $ | 13,605.0 | | | | | $ | 74,406.0 | | |
Depreciation
|
| | |
$
|
000’s
|
| | | | | | | | | | $ | 2,565.5 | | | | | $ | 4,267.8 | | | | | $ | 5,860.1 | | | | | $ | 4,836.7 | | | | | $ | 3,044.4 | | | | | $ | 2,498.8 | | | | | $ | 23,073.2 | | |
After Tax Cashflow
|
| | |
$
|
000’s
|
| | | | ($ | 13,454.2) | | | | | $ | 2,716.1 | | | | | $ | 23,170.3 | | | | | $ | 20,264.9 | | | | | $ | 70,202.6 | | | | | $ | 26,745.2 | | | | | $ | 28,220.8 | | | | | $ | 157,865.7 | | |
Cumulative After Tax Cashflow
|
| | | | | | | | | ($ | 13,454.2) | | | | | ($ | 10,738.1) | | | | | $ | 12,432.1 | | | | | $ | 32,697.1 | | | | | $ | 102,899.7 | | | | | $ | 129,644.9 | | | | | $ | 157,865.7 | | | | | | | | |
NPV (5%)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 121,356.6 | | |
NPV 7.5%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 106,900.6 | | |
NPV 10%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 94,432.0 | | |
IRR
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 109% | | |
Item
|
| |
Self Mining
|
| |
Contract Mining
|
|
Life of Mine (“LOM”)
|
| |
5.8 Years
|
| |
5.8 Years
|
|
Average LOM production
|
| |
88,500 oz Au/Year
|
| |
88,500 oz Au/Year
|
|
Cash Cost
|
| |
$677/oz AU
|
| |
$772/oz Au
|
|
All in Sustaining Cost (“AISC”)
|
| |
$709/oz Au
|
| |
$804/oz Au
|
|
Initial capital expenditure (“CAPEX”)
|
| |
$22.0 Million
|
| |
$12.2 Million
|
|
Sustaining CAPEX
|
| |
$15.8 Million
|
| |
$16.6 Million
|
|
Pre-tax Net Present Value (“NPV” (5%))
|
| |
$189 Million
|
| |
$159 Million
|
|
Pre-tax Internal Rate of Return (“IRR”)
|
| |
98%
|
| |
125%
|
|
Pre-tax Net Cash Flow
|
| |
$248 Million
|
| |
$206 Million
|
|
LOM strip ratio
|
| |
3.45
|
| |
3.45
|
|
LOM crush and agglomerate recoveries
|
| |
80%
|
| |
80%
|
|
Period
|
| |
High (Cdn$)
|
| |
Low (Cdn$)
|
| |
Total
Volume Traded in Period |
| |||||||||
2017 | | | | | | | | | | | | | | | | | | | |
March 1 – 13, 2017
|
| | | $ | 4.13 | | | | | $ | 3.66 | | | | | | 5,160 | | |
February, 2016
|
| | | $ | 4.54 | | | | | $ | 4.00 | | | | | | 21,175 | | |
January 2017
|
| | | $ | 4.74 | | | | | $ | 3.95 | | | | | | 76,223 | | |
2016 | | | | | | | | | | | | | | | | | | | |
December 2016
|
| | | $ | 5.05 | | | | | $ | 4.20 | | | | | | 36,095 | | |
November 17 – 30, 2016
|
| | | $ | 5.52 | | | | | $ | 4.98 | | | | | | 7,365 | | |
Period
|
| |
High (U.S.$)
|
| |
Low (U.S.$)
|
| |
Total Volume
Traded in Period |
| |||||||||
2017 | | | | | | | | | | | | | | | | | | | |
March 1 – 13, 2017
|
| | | $ | 3.23 | | | | | $ | 2.68 | | | | | | 254,781 | | |
February, 2017
|
| | | $ | 3.39 | | | | | $ | 3.06 | | | | | | 565,704 | | |
January 2017
|
| | | $ | 3.49 | | | | | $ | 2.98 | | | | | | 502,849 | | |
2016 | | | | | | | | | | | | | | | | | | | |
December 2016
|
| | | $ | 3.78 | | | | | $ | 3.10 | | | | | | 899,490 | | |
November 2016
|
| | | $ | 4.41 | | | | | $ | 3.69 | | | | | | 569,910 | | |
October 2016
|
| | | $ | 4.58 | | | | | $ | 4.11 | | | | | | 282,343 | | |
September 2016
|
| | | $ | 4.90 | | | | | $ | 4.12 | | | | | | 710,710 | | |
August 2016
|
| | | $ | 4.75 | | | | | $ | 3.79 | | | | | | 736,284 | | |
July 2016
|
| | | $ | 5.02 | | | | | $ | 4.34 | | | | | | 1,426,849 | | |
June 2016
|
| | | $ | 4.50 | | | | | $ | 3.81 | | | | | | 1,784,548 | | |
May 2016
|
| | | $ | 4.64 | | | | | $ | 3.65 | | | | | | 976,633 | | |
April 2016
|
| | | $ | 4.23 | | | | | $ | 3.75 | | | | | | 471,885 | | |
March 2016
|
| | | $ | 4.25 | | | | | $ | 3.50 | | | | | | 511,931 | | |
Date of Issuance/Grant
|
| |
Aggregate Number
|
| |
Security Issued
|
| |
Issuance Price (U.S.$)/
Exercise Price (U.S.$) |
| ||||||
February 2017
|
| | | | 25,000 | | | |
Restricted Stock Units
|
| | | $ | 3.20 | | |
February 2017
|
| | | | 116,229 | | | |
Restricted Stock Units
|
| | | $ | 3.29 | | |
February 2017
|
| | | | 100,000 | | | | Warrants | | | | $ | 3.45 | | |
December 2016
|
| | | | 1,000 | | | | Common Shares | | | | | N/A(1) | | |
December 2016
|
| | | | 2,205,883 | | | | Common Shares | | | | $ | 3.40 | | |
June 2016
|
| | | | 5,995 | | | |
Restricted Stock Units
|
| | | $ | 4.21 | | |
June 2016
|
| | | | 99,916 | | | | Common Shares | | | | | N/A(2) | | |
May 2016
|
| | | | 4,843 | | | | Common Shares | | | | $ | 4.13 | | |
March 2016
|
| | | | 925,000 | | | | Warrants | | | | $ | 4.35 | | |
March 2016
|
| | | | 1,850,000 | | | | Common Shares | | | | $ | 3.25 | | |
March 2016
|
| | | | 4,000 | | | | Common Shares | | | | $ | 3.91 | | |
March 2016
|
| | | | 5,480 | | | | Common Shares | | | | $ | 3.65 | | |
March 2016
|
| | | | 30,461 | | | | Common Shares | | | | | N/A(2) | | |
February 2016
|
| | | | 367,647 | | | | Common Shares | | | | $ | 3.40 | | |
February 2016
|
| | | | 2,120,882 | | | | Common Shares | | | | $ | 3.25 | | |
February 2016
|
| | | | 292 | | | | Common Shares | | | | | N/A(1) | | |
February 2016
|
| | | | 1,322,019 | | | | Warrants | | | | $ | 5.06 | | |
|
(Signed) Stephen Alfers
Executive Chairman, President & Chief Executive Officer |
| |
(Signed) Eric Alexander
Vice President Finance and Controller |
|
|
(Signed) Alexander Morrison
Director |
| |
(Signed) D. Scott Barr
Director |
|