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Osisko Reports First Quarter 2013 Results
Published : May 09, 2013

Earnings from Mine Operations of $55.0 Million, Net Earnings of $17.4 Million

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MONTREAL, QUEBEC--(Marketwired - May 9, 2013) - Osisko Mining Corporation (the "Company" or "Osisko") (News - Market indicators)(FRANKFURT:EWX) is pleased to report that it has generated net earnings of $17.4 million ($0.04 per share) during the first quarter of 2013 versus net earnings of $30.6 million in the first quarter of 2012 ($0.08 per share).

Q1 Highlights

  • Gold production of 106,047 ounces;
  • Sales of $159.4 million;
  • Net earnings of $17.4 million ($0.04 per share);
  • Operating cash flows of $62.5 million;
  • Investment of $65.7 million in mining assets and projects;
  • Record gold production of 42,521 ounces in March 2013;
  • Reduction of $80.0 million in capital budget for 2013;
  • Receipt of new more flexible operating parameters;
  • Establishment of an escrow account of $30 million by Kirkland Lake Gold Inc. for the note receivable;
  • New mining tax regime announced on May 6, 2013 in the Province of Québec.

The mine operating statement for the production period is as follows:

  2013   2012 (Restated)(1)  
  Q1   Q4   Q3   Q2   Q1  
Gold Sales (ounces) 95,511   111,104   95,424   95,675   92,400  
Silver Sales (ounces) 73,683   74,100   49,751   48,880   52,800  
  ($000 ) ($000 ) ($000 ) ($000 ) ($000 )
Revenues 159,381   191,080   158,503   157,134   158,658  
                     
Production Costs (81,422 ) (95,307 ) (77,684 ) (89,494 ) (69,932 )
Royalties (1,992 ) (2,546 ) (1,998 ) (2,021 ) (2,359 )
Depreciation (20,982 ) (20,058 ) (15,318 ) (15,635 ) (13,909 )
Total (104,396 ) (117,911 ) (95,000 ) (107,150 ) (86,200 )
Earnings from mine operations 54,985   73,169   63,503   49,984   72,458  
   
(1) Balances related to 2012 have been restated to reflect the impact of the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine.

Key operating results

(in thousands of Canadian dollars, unless otherwise noted)

  Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012
Gold Production (oz) 106,047 101,544 103,753 92,003 91,178
Gold Sales (oz) 95,511 111,104 95,424 95,675 92,400
Average Sale Price (US$/oz) 1,627 1,709 1,659 1,605 1,698
Average Market Price (US$/oz) 1,632 1,722 1,652 1,609 1,691
Cash Costs per Ounce(2),(3) (C$/oz) 804 833 851 892 821
Cash Costs per Ounce(2),(3),(4) (US$/oz) 798 840 855 883 820
Cash Margin per Ounce (US$/oz)(2),(3) 829 869 804 722 878
Revenues 159,381 191,080 158,503 157,134 158,658
Earnings from Mine Operations(3) 54,985 73,169 63,503 49,984 72,458
Net Earnings(3) 17,416 12,866 28,343 18,984 30,595
Net Earnings per Share(3) 0.04 0.03 0.07 0.05 0.08
Operating Cash Flows(3) 62,478 64,608 55,806 68,212 82,879

Throughput and production at Canadian Malartic are progressing well. An overall mine production increase of 15% was achieved during the quarter compared to the last quarter of 2012 despite increased maintenance of the loading equipment and reduced availability in February and March. Approximately 15.9 million tonnes of ore and waste (176,305 tonnes/day) and 1.8 million tonnes of overburden were moved during the first quarter of 2013, compared to 13.9 million tonnes of ore and waste (152,757 tonnes/day) and 2.0 million tonnes of overburden during the first quarter of 2012.

On February 13, 2013, the Québec Government approved a new decree which modified the operating parameters of the Canadian Malartic mine. The changes included extending the duration of blasts, increasing the time period during which blasts can be executed, and providing greater access to the northern part of the deposit. The modified parameters will provide greater flexibility in day-to-day operations.

During the quarter, approximately 1,510 equipment hours (1.7% of available hours) were lost due to noise and weather constraints.

(2) Reconciliation of non-IFRS measures is provided under Non-IFRS Measures of Performance of this press release.
   
(3) Balances related to 2012 have been restated to reflect the impact of the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine.
   
(4) Using the average exchange rate for the period.

The production statistics are as follows:

  Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012
Tonnes Mined (000's)          
- Ore 4,091 3,553 4,853 3,234 4,037
- Waste(5) 10,158 7,847 9,215 9,545 8,458
- Overburden 1,783 627 1,409 1,740 1,954
Total 16,032 12,027 15,477 14,519 14,449
Tonnes Milled (000's) 4,234 4,088 3,757 3,236 2,965
Grade (g Au/t) 0.88 0.87 0.97 0.99 1.05
Recovery (%) 88.0 88.8 88.7 89.2 91.2
Gold production (oz) 106,047 101,544 103,753 92,003 91,178

Production in the first quarter of 2013 improved to an average of 48,667 tonnes per operating day compared to 35,728 tonnes per day in the first quarter of 2012. Optimization of operations at the mill as well as the two cone crushers and the new pebble crusher allowed the mill to reach new records in March 2013: production of 42,521 ounces of gold and processing of 1,594,608 tonnes of material (for an average daily production of 51,439 tonnes). In cooperation with the engineering firm BBA, the Canadian Malartic team continues to work on improving the performance of the mill as well as of drill and blast procedures.

Mill operating statistics continue to show progress in all categories.

  Total
Available
Hours
Operating
Hours
(%) Tonnage
Produced (t)
Tonnes per
Operating
Hour
Tonnes per
Operating
Day
Q1 2013 2,160 2,082 96 4,234,001 2,033 48,667
Q4 2012 2,208 2,052 93 4,088,021 1,992 47,535
Q3 2012 2,208 2,071 94 3,756,768 1,814 43,181
Q2 2012 2,184 1,960 90 3,236,281 1,651 38,074
Q1 2012 2,184 1,890 87 2,965,456 1,569 35,728

Operating Costs

Cash costs per ounce(6) for the first quarter of 2013 stood at $804 compared to $821 in the first quarter of 2012. The improvement over the comparative period in 2012 is mainly the result of increased throughput and gold production, improved efficiencies and reduction in contractors' costs.

Following the issuance of a new IFRS accounting pronouncement with respect to stripping costs in the production phase of a surface mine, the Company adopted the new standard effective January 1, 2013. In accordance with the required practice, Osisko restated its prior periods which had the positive impact of increasing mine operating earnings in prior quarters of 2012.

It is anticipated that as the operations at Canadian Malartic stabilize and that the operations are further optimized, the operating costs will continue their downward trend.

(5) Including topographic drilling of 1.4 million tonnes in Q1 2013 and 2.5 million tonnes for the year 2012.
   
(6) Reconciliation of non-IFRS measures is provided under Non-IFRS Measures of Performance of this press release.

Earnings

Excluding specific non-cash items, adjusted net earnings(7) amounted to $36.4 million ($0.08 per share) in 2013 compared to $59.6 million ($0.15 per share) in 2012.

(In thousands of dollars except for amounts per share) Three Months Ended
Mar 31, 2013 Mar 31, 2012
Net Earnings 17,416 30,595
Write-off of Property, Plant and Equipment 2,024 617
Share-based Compensation 1,796 2,631
Unrealized Loss on Investments 1,925 689
Impairment on available-for-sale assets - 1,094
Deferred Income and Mining Tax Expense 13,265 23,937
Adjusted Net Earnings 36,426 59,573
Adjusted Net Earnings per Share 0.08 0.15

The decrease in net earnings is mainly the result of higher mine operating costs for products sold, higher depreciation and exploration expense.

Investments

The Company invested $65.7 million in property, plant and equipment during the first quarter. These investments were mainly focused on the development of the Canadian Malartic mine.

Recent volatility in the gold price and financial markets has led Osisko to review its rate of discretionary spending in exploration and advancing new projects. As a result, the Company will be decreasing discretionary spending for 2013 by over $80 million.

Upper Beaver Project and Kirkland Lake - Larder Camp

On December 28, 2012, Osisko completed the acquisition of Queenston Mining Inc. As part of the transaction, the Company acquired the Upper Beaver Project and a package of lands covering 230 km2 in the rich Kirkland Lake Gold Camp, which has produced over 40 million ounces in past years. Queenston Mining Inc. changed its name to Osisko Mining Ltd. on January 16, 2013.

The Upper Beaver Project has the following resources as calculated by SRK Consulting, on November 5, 2012.

Category Tonnes
(000's)
Au
(g/t)
Cu
(%)
Contained Au
(000's ounces)
Contained Cu
(000's pounds)
Indicated 6,870 6.62 0.37 1,461 56,006
Inferred 4,570 4.85 0.32 712 32,218

The work at Upper Beaver is focused on drilling deep holes to test extensions of known zones. The Company has completed approximately 29,290 meters of drilling since January 1, 2013. Over the next few months, work will be limited to completion of current holes and compiling information generated during the drilling phase to date.

(7) Reconciliation of non-IFRS measures is provided under Note Regarding Certain Non-IFRS Measures of Performance of this press release.

The shaft collar work has recently been completed. Construction of the head frame and surface facilities will be delayed, as well as the shaft sinking. Osisko project personnel are reviewing opportunities to capture savings due to the recent slowdown in the mining sector. This reassessment period will result in a deferral of approximately $50 million of the planned Upper Beaver outlays of $70 million for 2013.

The Queenston transaction also provides the Company with a major foothold in a prolific gold camp that has produced in excess of 40 million ounces. Queenston had consolidated the land package over the past 20 years. To date, there have been several satellite deposits identified that could feed a regional mill.

The Company has completed 31,750 meters on various regional targets in the Kirkland Lake - Larder camp. Drilling activities will be reduced to focus on compilation and assessment of the results. Exploration expenditures at Kirkland Lake for 2013 are estimated at the original budget of $20.0 million.

Hammond Reef Gold Project

Osisko acquired the Hammond Reef gold project located near Atikokan in Northwestern Ontario, through the acquisition of publicly traded Brett Resources Inc. in mid 2010 for $375.0 million. Hammond Reef is a large and growing development project with potential to become a substantial open-pit mine. During the first quarter of 2013, Osisko invested $4.6 million for total of $153.7 million since its acquisition in 2010. In the first quarter of 2013, efforts were focused on the preparation of the feasibility study and the publication of the environmental assessment report.

A new resource estimate for Hammond Reef was released on January 28, 2013. New drilling by Osisko and Brett Resources from January 2010 to July 2011 (approximately 300,000 meters) significantly increased the size of the deposit. Additional drilling subsequent to July 2011 was performed to allow for the upgrade of the entire in-pit deposit to measured and indicated category early 2013. As per the estimate, global measured and indicated resources currently stand at 5.43 million ounces gold at an average grade of 0.86 g/t Au and the global inferred resource stands at 1.75 million ounces gold at an average grade of 0.72 g/t (based on 0.50 g/t Au lower cut-off).

Hammond Reef Global Resource Estimates

Category Grade (g/t) Tonnes (M) Cut-off (g/t) Oz (M)
Measured 0.90 123.5 0.5 3.59
Indicated 0.78 72.9 0.5 1.83
M+I 0.86 196.4 0.5 5.43
Inferred 0.72 75.7 0.5 1.75

Further, a whittle pit optimized undiluted resource was calculated (US$1,400 whittle pit shell), totaling 5.31 million ounces of gold at an average grade of 0.72 g/t in the measured and indicated category, and 0.28 million ounces of gold at an average grade of 0.65 g/t in the remaining inferred category.

Hammond Reef Undiluted Resource Estimates within US$1,400 Whittle pit shell

PIT AREA Category Grade (g/t) Tonnes (M) Cut-off (g/t) Oz (M)
All Measured 0.75 175.3 0.32 4.25
All Indicated 0.61 54.1 0.32 1.06
All M+I 0.72 229.5 0.32 5.31
All Inferred 0.65 13.3 0.32 0.28

With the completion of the drilling and metallurgical test work, the engineering and construction group intensified its activities on the feasibility phase. Initial studies were launched and a conceptual design and project parameters were established. The process design criteria have been fixed at 60,000 tonnes per day. A feasibility study report is expected to be completed in 2013.

For the Hammond Reef project, permitting is subject to both approvals from Federal (Canadian Environmental Assessment Agency) and Provincial (Ministry of the Environment, Environmental Approvals Branch) authorities.

  1. The Ontario Minister of Environment provided approval to the Final Amended Terms of Reference for the environmental approval on July 4, 2012 while the Federal Agency had finalized the Environmental Impact Statement Guidelines for the preparation of the Environmental Impact Statement in October of 2011;
  2. One (single) report will be prepared to meet both federal & provincial requirements;
  3. A draft Environmental Assessment / Environmental Impact Statement report was submitted on February 15, 2013. The five week comment period ended on April 5, 2013. Comments were received from Aboriginal groups, the public and the government review team and the Company is preparing its responses to the matters raised.

Osisko's engineering and construction group is reviewing various estimates in light of the recent changes in the marketplace and is seeking opportunities to reduce capital costs.

The level of expenditures at Hammond Reef is expected to be reduced by $3.0 million from the original 2013 budget of $10.0 million.

No decision will be made to advance the Hammond Reef project further pending receipt of the final feasibility which is expected later this year.

Exploration

The Company continues to pursue value creation through the discovery of new ore deposits. Osisko has several agreements and has staked properties in various gold camps within the Americas.

The Company has been active in the Guerrero District of Mexico where it has accumulated a large land package in an area with operating gold mines and advanced exploration projects.

Building on its flagship Canadian Malartic Mine, the Company hopes to discover and build new gold mines to ensure continued growth. These new projects will be developed only if they meet rate-of-return criteria and the Company has the financial capabilities to conduct such expansion. As per the Company's recent announcement, the budget for exploration will be significantly reduced through the rest of 2013.

Modifications to the Company's exploration and advanced projects will result in Osisko reducing its workforce by approximately 6% over the next few months.

Liquidity and Capital Resources

As at March 31, 2013, the Company's cash and cash equivalents, short-term investments and restricted cash amounted to $139.3 million compared to $155.5 million as at December 31, 2012, as summarized below:

(In thousands of dollars) March 31,
2013
December 31,
2012
     
     
Cash and cash equivalents 100,358 93,229
Short-term investments - 19,357
Restricted cash    
  Current 558 4,563
  Non-current 38,362 38,362
  139,278 155,511

Short-term investments were acquired following the acquisition of Queenston as at December 28, 2012 and were converted to cash and cash equivalents during the first quarter of 2013 to increase the flexibility of available liquidities.

Outlook for 2013

Following the modifications and commissioning of the pre-crushing circuit and the second pebble crushing unit, it is anticipated that mill throughput should be stabilized in 2013. Gold production is estimated between 485,000 - 510,000 ounces for the year. As a result of gaining access to higher grade material in the second half of the year, it is anticipated that gold output will be higher in the second semester. Cash costs per ounce(8) are estimated between $780 and $825 per ounce, a 9% to 14% reduction in costs from 2012.

Recent volatility in the gold price and financial markets has led Osisko to review its rate of discretionary spending in exploration and advancing new projects. As a result, the Company will be decreasing discretionary spending for 2013 by over $80 million.

Following the issuance of a new IFRS accounting pronouncement with respect to stripping costs in the production phase of a surface mine, the Company expects to capitalize stripping costs for the remainder of 2013 (for Q1 2013, the amount capitalized was $7.4 million). Capitalized stripping costs are not reflected in the below table. The change in policy has no impact on cash and cash equivalents, however, cash costs per ounce(8) are expected to decrease by approximately $50 and capital expenditures are expected to increase by the same amount.

(8)  Reconciliation of non-IFRS measures is provided under Non-IFRS Measures of Performance of this press release.

Capital expenditures for 2013 are now estimated at $138 million as follows:

(In millions of dollars) Revised budget(b) Original budget Reduction  
         
Canadian Malartic mine 80.8 98.0 17.2  
Upper Beaver project 18.5 70.0 51.5  
Hammond Reef 7.0 10.0 3.0  
Exploration - capitalized 31.6 42.0 10.4  
Capital expenditures 137.9 220.0 82.1  
         
Exploration - expensed through income statement (a)(c) 9.3
8.0
(1.3 )
         
Total 147.2 228.0 80.8  
   
(a) Excludes write-off of projects in Q1 2013 for $2.0 million.
   
(b) Excluding variation in accounts payable related to the Canadian Malartic expansion, Hammond Reef, Upper Beaver and Kirkland Lake projects for $9.6 million in Q1 2013.
   
(c) Exploration - expensed through income statement is higher in revised budget compared to original budget, due to some investments in Mexico being expensed in Q1 2013 whereas for budget purposes the total investments were capitalized.

Outstanding Share Data

As of May 9, 2013, 436,669,709 common shares were issued and outstanding. A total of 19,061,259 common share options were outstanding to purchase common shares under the Company's share option plan and 14,517,453 common share purchase warrants were outstanding.

Modifications to the Mining Tax Regime in Québec

On May 6, 2013, the Quebec Government announced modifications to its mining tax regime. Under the new regime, which comes into effect on January 1, 2014, mine operators will be required to pay the greater of:

  1. Minimum tax of 1% on the first $80 million, and 4% thereafter on mine profit calculated prior to processing; and
  2. Mining tax based on profits of 16% of the first tranche of 35% of operating income, 22% on next tranche of 15%, and 28% on the remaining balance.

The modifications will ensure that the Government receives a minimum compensation from all mining activities, and shares in an increasing portion as the mine benefits from higher profitability levels.

Q1 Conference Call Information

Osisko will host a conference call on Friday, May 10, 2013 at 9:00am EDT, where senior management will discuss the financial results and provide an update of the Company's activities. Those interested in participating in the conference call should dial in at 1 416 981 9000 (Toronto local and international), or 800 734 8583 (North American toll free). An operator will direct participants to the call.

The conference call replay will be available from 11:00 a.m. EDT on May 10, 2013 until 11:59 p.m. EDT on May 24, 2013 with the following dial in number: 1 416 626 4100 or Toll-free 800 558 5253, access code 21654745.

Non-IFRS Measures of Performance

The Company has included certain non-IFRS measures including "cash costs per ounce", "cash margin per once", "adjusted net earnings" and "adjusted net earnings per share" to supplement its consolidated financial statements, which are presented in accordance with IFRS.

The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Cash costs per ounce

"Cash costs per ounce" is defined as the production costs of one ounce of gold excluding non-cash costs for a certain period. "Cash costs per ounce" is obtained from "Production costs" and "Royalties" less non-cash "Share-based compensation" and "By-product credits (silver sales)", adjusted for "Production inventory variation" for the period, divided by the "Number of ounces of gold produced" for the period.

  Three months ended March 31,  
  2013   2012  
         
         
Gold ounces produced 106,047   91,178  
         
(in thousands of dollars,except per ounce)        
         
Production costs 81,422   69,932  
Royalties 1,992   2,359  
Share-based compensation (599 ) (744 )
By-product credit (silver sales) (2,227 ) (1,713 )
Inventory variation 4,686   5,058  
         
Total cash costs for the period 85,274   74,892  
         
Cash costs per ounce 804   821  

Cash margin per ounce

"Cash margin per ounce" is defined as the "Average selling price of gold per ounce sold" less "Cash costs per ounce produced" for the period.

  Three months ended March 31,
  2013 2012
     
     
Average selling price of gold (per ounce sold) 1,645 1,699
     
Cash costs (per ounce produced) 804 821
     
Cash margin per ounce 841 878

Adjusted net earnings and adjusted net earnings per share

"Adjusted net earnings" is defined as "Net earnings" less certain non-cash items: "Write-off of property, plant and equipment", "Share-based compensation", "Unrealized gain (loss) on investments", "Impairment on available-for-sale assets" and "Deferred income and mining tax expense (recovery)".

"Adjusted net earnings per share" is obtained from the "Adjusted net earnings" divided by the "Weighted average number of common shares outstanding" for the period.

  Three months ended March 31,
  2013 2012
     
(in thousands of dollars, except per share)    
     
Net earnings for the period 17,416 30,595
     
Adjustments:    
  Write-off of property, plant and equipment 2,024 617
  Share-based compensation 1,796 2,631
  Unrealized loss on investments 1,925 699
  Impairment on available-for-sale assets - 1,094
  Deferred income and mining tax expense 13,265 23,937
     
Adjusted net earnings 36,426 59,573
     
Weighted average number of common shares outstanding (000) 436,502 385,777
     
Adjusted net earnings per share 0.08 0.15

About Osisko Mining Corporation

Osisko Mining Corporation operates the Canadian Malartic Gold mine in Malartic, Québec and is carrying out aggressive exploration and project development elsewhere in Canada and Latin America.

Mr. Luc Lessard, Eng., Senior Vice-President and Chief Operating Officer of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

Cautionary Notes Concerning Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work will lead to mineral reserves that can be mined economically.

For further information in relation to the Hammond Reef project, please refer to the "Technical Report on the Hammond Reef Gold Property Atikokan area, Ontario" dated December 20, 2011. For further information in relation to the Canadian Malartic project, please refer to the "Feasibility Study - Canadian Malartic Project (Malartic, Quebec)", dated December 2008. Both of these reports are available under the Osisko profile at www.sedar.com.

For further information in relation to the Upper Beaver project, please refer to the "Technical Report on the Upper-Beaver Gold-Copper Project, Ontario, Canada" dated November 9, 2012, which is available under the Queenston profile at www.sedar.com.

Forward-Looking Statements

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, achieving greater flexibility in day-to-day operations as a result of the new decree, continued downward trend in operating costs as a result of stabilization and optimization of operations at Canadian Malartic, successful decreasing of discretionary spending by over $80 million in 2013 (including deferral of approximately $50 million of the planned Upper Beaver outlays of $70 million for 2013), the development of satellite deposits in the Kirkland Lake area, completion of the Hammond Reef project feasibility study in 2013, positive outcome of exploration work conducted in the Guerrero District of Mexico and elsewhere, successful reduction of Osisko's workforce by approximately 6% in a timely manner, and the successful stabilization and optimization of operations at Canadian Malartic and increase in gold output in the second semester of 2013. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical and financial conditions will be met in order to achieve such events qualified by the foregoing cautionary note regarding forward looking statements, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and construction personnel, results of exploration and development activities, Osisko's limited experience with production and mining operations, uninsured risks, regulatory framework and changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Osisko Mining Corporation
Consolidated Balance Sheets
(tabular amounts expressed in thousands of Canadian dollars)
 
  March 31,   December 31,  
  2013   2012  
      (restated -  
      see note)  
  ($)   ($)  
Assets        
   
Current assets        
  Cash and cash equivalents 100,358   93,229  
  Short-term investments -   19,357  
  Restricted cash 558   4,563  
  Accounts receivable 32,572   32,266  
  Note receivable 30,000   30,000  
  Inventories 79,782   70,481  
  Prepaid expenses and other assets 25,717   21,274  
   
  268,987   271,170  
Non-current assets        
  Restricted cash 38,362   38,362  
  Investments in associates 8,813   8,933  
  Other investments 12,601   16,894  
  Property, plant and equipment 2,387,525   2,352,546  
   
  2,716,288   2,687,905  
Liabilities        
   
Current liabilities        
  Accounts payable and accrued liabilities 99,486   100,931  
  Current portion of long-term debt 99,378   76,883  
  Provisions and other liabilities 1,392   1,405  
   
  200,256   179,219  
Non-current liabilities        
  Long-term debt 236,571   260,529  
  Provisions and other liabilities 18,611   18,618  
  Deferred income and mining taxes 80,786   67,521  
   
  536,224   525,887  
Equity attributable to Osisko Mining Corporation shareholders        
  Share capital 2,049,852   2,048,843  
  Warrants 19,311   19,311  
  Contributed surplus 68,077   65,868  
  Equity component of convertible debentures 8,005   8,005  
  Accumulated other comprehensive loss (3,736 ) (1,148 )
  Retained earnings 38,555   21,139  
   
  2,180,064   2,162,018  
   
  2,716,288   2,687,905  
 
 
 
Osisko Mining Corporation
Consolidated Statements of Income
For the three months ended March 31, 2013 and 2012
(Unaudited)
(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)
 
  2013   2012  
      (restated -  
      see note)  
  ($)   ($)  
   
Revenues 159,381   158,658  
         
Mine operating costs        
  Production costs (81,422 ) (69,932 )
  Royalties (1,992 ) (2,359 )
  Depreciation (20,982 ) (13,909 )
Earnings from mine operations 54,985   72,458  
         
  General and administrative expenses (7,387 ) (7,406 )
  Exploration and evaluation expenses (5,103 ) (3,290 )
Earnings from operations 42,495   61,762  
         
  Interest income 458   533  
  Finance costs (7,891 ) (7,398 )
  Foreign exchange gain (loss) (2,281 ) 1,587  
  Share of loss of associates (121 ) (134 )
  Other losses (1,979 ) (1,818 )
Earnings before income and mining taxes 30,681   54,532  
         
  Income and mining tax expense (13,265 ) (23,937 )
Net earnings 17,416   30,595  
   
Net earnings per share        
  Basic 0.04   0.08  
  Diluted 0.04   0.08  
   
Weighted average number of common shares outstanding        
(in thousands)        
  Basic 436,502   385,777  
  Diluted 436,943   390,420  
 
 
 
Osisko Mining Corporation
Consolidated Statements of Cash Flows
For the three months ended March 31, 2013 and 2012
(Unaudited)
(tabular amounts expressed in thousands of Canadian dollars)
 
  2013   2012  
      (restated -  
      see note)  
  ($)   ($)  
Operating activities        
         
  Net earnings 17,416   30,595  
  Adjustments for :        
           
    Interest Income (458 ) (533 )
    Share-based compensation 1,796   2,631  
    Depreciation 21,199   14,067  
    Finance costs 7,891   7,398  
    Write-off of property, plant and equipment 2,024   617  
    Loss on disposal of property, plant and equipment 45   -  
    Unrealized foreign exchange loss (gain) 1,962   (1,777 )
    Share of loss of associates 121   134  
    Net loss (gain) on available-for-sale financial assets 991   (87 )
    Net loss on financial assets at fair value through profit and loss 1,073   547  
    Impairment on available-for-sale financial assets -   1,094  
    Provisions and other liabilities (114 ) 640  
    Income and mining tax expense 13,265   23,937  
    Other non-cash loss (gain) (139 ) 152  
  67,072   79,415  
  Change in non-cash working capital items (4,594 ) 3,464  
   
Net cash flows provided by operating activities 62,478   82,879  
   
Investing activities        
         
  Net decrease in short-term investments 19,357   -  
  Net decrease in restricted cash 4,005   58  
  Acquisition of investments -   (6,446 )
  Proceeds on disposal of investments -   453  
  Property, plant and equipment, net of government credits (65,698 ) (71,865 )
  Proceeds on disposal of property, plant and equipment 15   -  
  Interest received 388   408  
   
Net cash flows used in investing activities (41,933 ) (77,392 )
   
Financing activities        
         
  Long-term debt transaction costs -   (5 )
  Long-term debt repayments (2,471 ) (1,250 )
  Finance lease payments (6,142 ) (5,358 )
  Issuance of common shares, net of expenses 608   8,392  
  Interest paid (5,411 ) (5,475 )
   
Net cash flows used in financing activities (13,416 ) (3,696 )
Increase in cash and cash equivalents 7,129   1,791  
   
Cash and cash equivalents - beginning of period 93,229   100,670  
Cash and cash equivalents - end of period 100,358   102,461  

Note on restatement of 2012 balances

Balances related to 2012 have been restated to reflect the impact of the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine. IFRIC 20 provides guidance on the accounting for the costs of stripping activities during the production phase of surface mining when two benefits accrue to the entity as a result of the stripping: useable ore that can be used to produce inventory and improved access to further quantities of material that will be mined in the future periods. The Company adopted IFRIC 20 effective January 1, 2013. Upon adoption of IFRIC 20, the Company assessed the stripping asset on the balance sheet as at January 1, 2012 and determined that there are identifiable components of the ore body with which this stripping asset can be associated, and therefore no balance sheet adjustment was recorded at that date. The adoption of IFRIC 20 has resulted in increased capitalization of waste stripping costs and a reduction in mine operating costs in 2012. If the Company had not adopted IFRIC 20, the net earnings and capitalized waste stripping costs for the current and comparative periods would have decreased.

The impact of adopting IFRIC 20 on the 2012 balances is presented below:

(a) Adjustments to the consolidated balance sheets:

 
 
As at December 31,
2012
 
 
Impact of
IFRIC 20
 
 
As at December 31,
2012
 
 
  (previously stated)       (restated)  
  $   $   $  
   
Inventories 73,795   (3,314 ) 70,481  
Property, plant and equipment 2,329,773   22,773   2,352,546  
Deferred income and mining taxes (60,426 ) (7,095 ) (67,521 )
   
Increase in net assets/retained earnings     12,364      

(b) Adjustments to the consolidated statements of income:  

 
 
Three months ended
March 31, 2012
 
 
Impact of
IFRIC 20
 
 
Three months ended
March 31, 2012
 
 
  (previously stated)       (restated)  
  $   $   $  
   
Mine operating costs            
  Production costs (71,910 ) 1,978   (69,932 )
  Depreciation (13,877 ) (32 ) (13,909 )
Income and mining tax expense (23,227 ) (710 ) (23,937 )
   
Increase in net earnings     1,236      
   
Increase in earnings per share and diluted earnings per share     -      

(c) Adjustments to the consolidated statements of cash flows:

 
 
Three months ended
March 31, 2012
 
 
Impact of
IFRIC 20
 
 
Three months ended
March 31, 2012
 
 
  (previously stated)       (restated)  
  $   $   $  
   
Net earnings 29,359   1,236   30,595  
Adjusted for the following items:            
  Depreciation 14,035   32   14,067  
  Income and mining tax expense 23,227   710   23,937  
Change in non-cash working capital items:             
  Increase in inventories (15,408 ) 2,185   (13,223 )
   
Net cash flows provided by operating activities     4,163      
   
Property, plant and equipment (67,702 ) (4,163 ) (71,865 )
   
Net cash flows used in investing activities     (4,163 )    
   
Net change in cash and cash equivalents     -      


John Burzynski
Vice-President Corporate Development
(416) 363-8653
or
Sylvie Prud'homme
Director of Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563
www.osisko.com
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

Osisko Mining Corp.

PRODUCER
CODE : OSK.TO
ISIN : CA6882781009
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Osisko Mining is a producing gold company based in Canada.

Osisko Mining holds various exploration projects in Argentina, in Brazil and in Canada.

Its main asset in production is MALARTIC in Canada and its main exploration properties are GOLDBORO, SLEITAT, JC - SMART SKARNS, HAMMOND REEF, MALARTIC CHL GOLD PROPERTY, DUPARQUET and CLEMENT LAKE in Canada, EL POTOSI and SANTA CLARA / CERRO BONITO in El Salvador, CERRO CONDORINI and COAL CREEK in Peru, CASTELO DOS SONHOS in Brazil and FAMATINA in Argentina.

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In the News and Medias of Osisko Mining Corp.
12/20/2018Osisko Mining reports 39% higher grade than resource model a...
Annual reports of Osisko Mining Corp.
2008 Annual report
Financings of Osisko Mining Corp.
8/31/2011Osisko Announces an Increase in Caterpillar Lease Financing ...
8/31/2011Announces an Increase in Caterpillar Lease Financing Facilit...
11/18/2009Strengthens Balance Sheet With $241 M Proceeds From Exercise...
6/30/2009Closes $10.64 Million Flow-Through Financing
4/17/2006Announces C10$ million "bought deal" financing
Nominations of Osisko Mining Corp.
5/10/2013Anounces Election of Directors
4/17/2012Nominates Michele Darling to Board of Directors
3/14/2012Appoints Gary Sugar to Board of Directors
2/2/2012Board Member Resigns
9/16/2011Osisko Appoints Richard Ross to Board of Directors
9/15/2011Appoints Richard Ross to Board of Directors
8/22/2011Director Resigns
Financials of Osisko Mining Corp.
2/14/2014Provides Notice of Fourth Quarter and Year End 2013 Results ...
8/1/2013Reports Second Quarter 2013 Results
7/15/2013Provides Notice of Second Quarter 2013 Operating and Financi...
5/9/2013Reports First Quarter 2013 Results
4/29/2013Provides Notice of First Quarter 2013 Financial Results Rele...
2/21/2013Reports Fourth Quarter and Year-End 2012 Results
11/13/2012Reports Third Quarter 2012 Results
7/5/2012Produces 92,003 Ounces Au in Second Quarter
5/9/2012Provides Notice of First Quarter 2012 Financial Results Rele...
2/27/2012Q4 2011 Net Profit of $37.8 Million
1/16/2012Provides Notice of Fourth Quarter and Year-End 2011 Financia...
8/11/2011Releases Second Quarter 2011 Results
5/16/2011Osisko Releases First Quarter 2011 Results
5/14/2011Osisko Releases First Quarter 2011 Results
2/28/2011Releases Year-End Financial Results and Review of 2010
11/6/2009Releases Third Quarter 2009 Results
8/11/2009Releases Second Quarter 2009 Results
Project news of Osisko Mining Corp.
7/26/2017OSK Osisko Mining drills 2.7 m of 57 g/t Au at Windfall
2/21/2014Intersects 2.26 g/t Gold Over 128 Metres at Kirkland Lake
2/7/2014(Malartic)Commences 2014 Canadian Malartic Exploration Program
2/6/2014(Malartic)Reports Record January Production at Canadian Malartic
12/4/2013Intersects 61.6 Metres Averaging 1.44 g/t Au at Bidgood
11/21/2013(Malartic)Canadian Malartic Mine Produces Millionth Ounce
10/23/2013GLOBAL'S NEVADA PROJECTS ATTRACT STRONG THIRD PARTY INTEREST...
7/10/2013(Malartic)Deposits Study Reporting Local and Regional Economic Impact ...
1/30/2013Intersects 5.5 g/t Au Over 54.0 Metres at Upper Beaver
12/10/2012(Malartic)Reports November Production From Canadian Malartic
11/12/2012Announces Friendly Acquisition of Queenston
10/11/2012(Malartic)Canadian Malartic Mine Produces Half Millionth Ounce
10/10/2012(Malartic)Reports Record Quarterly Production from Canadian Malartic
9/6/2012(Malartic)Reports Record Monthly Production from Canadian Malartic
7/26/2012Acquires Common Shares of Bowmore Exploration Ltd=2E
5/17/2012(Malartic)Canadian Malartic Mill Returns to Operation
5/10/2012(Malartic)Reports Fire Damage at Canadian Malartic Mill Limited to Cyc...
1/30/2012(Famatina)s Status of Famatina Exploration Project
12/22/2011and DIOS Discover New Gold Showings on the AU33 WEST Project
11/28/2011TSX.V Company Adjacent to Osisko Property - 3 Minute Video
9/29/2011(Goldboro)Orex to Pursue Exploration Work on Goldboro Gold Project
9/8/2011(Malartic)Intersects 1.23 g/t Au Over 172 Metres at Barnat Extension
8/31/2011Osisko and EMSE Sign Agreement for Development of Famatina P...
8/31/2011(Famatina)and EMSE Sign Agreement for Development of Famatina Project ...
8/11/2011(Goldboro)Goldboro Gold Project Drill Assay Results Identify Extension...
8/5/2011Osisko Buys Back a 1% Royalty Interest on Canadian Malartic ...
8/5/2011(Malartic)Buys Back a 1% Royalty Interest on Canadian Malartic Propert...
6/21/2011Osisko Declares Commercial Production at Canadian Malartic
6/21/2011(Malartic)Declares Commercial Production at Canadian Malartic
6/17/2011Osisko Submits Notice of Termination in Duparquet Project
6/17/2011(Duparquet)Submits Notice of Termination in Duparquet Project
6/14/2011(Malartic)Intersects 1.50 g/t Au Over 63.6 Metres at Jeffrey Zone
6/13/2011(Duparquet)et Clifton Star annoncent une estimation de ressources pour ...
6/13/2011(Duparquet)and Clifton Star Release Resource Estimate for the Beattie D...
6/1/2011(Malartic)Officially Inaugurates the Canadian Malartic Mine
6/1/2011Osisko Officially Inaugurates the Canadian Malartic Mine
5/2/2011(Malartic)Announces Revised Mine Production Plan at Canadian Malartic
4/21/2011(Goldboro)Orex Exploration Inc.: Drilling Campaign Has Begun at Goldbo...
4/20/2011Osisko Mining Corporation - Drilling campaign has begun at G...
4/20/2011Osisko Mining Corporation - Drilling campaign has begun at G...
4/13/2011(Malartic)Pours First Gold at Canadian Malartic Mine
3/31/2011(Malartic)Increases Gold Reserve at Canadian Malartic to 10=2E7 Millio...
3/29/2011(Malartic)Exercises Buy Out Option in Canadian Malartic Net Smelter Ro...
2/28/2011(Malartic) Découverte de minéralisation de type Canadian Malartic
2/24/2011(Hammond Reef)Reports 124 Metres Averaging 0.73 g/t Au in Southeast Extens...
1/29/2011(Malartic)Osisko Reports Significant New Intersections at Barnat Exten...
1/25/2011(Malartic)Reports Significant New Intersections at Barnat Extension, I...
12/21/2009(Malartic)Provides Update on Construction and Development Progress at ...
12/14/2009(Malartic)Releases New Resource Estimate for Canadian Malartic Project
10/20/2009(Malartic) Intersects New Gold Mineralization on the Malartic CHL Prop...
9/14/2009(Malartic)Intersects 1.20 g/t Au Over 86.9 Metres at Jeffrey Zone
9/1/2009(Malartic)Osisko Mining Corporation: Construction Activities at Canadi...
8/20/2009(Malartic)Quebec Government Authorizes Construction of Osisko's Canadi...
2/26/2009(Malartic) Preliminary Metallurgical Results on Barnat
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2/13/2014Mails Letter to Shareholders Regarding Inadequate Goldcorp O...
2/5/2014Provides Corporate Update
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1/29/2014Announces Filing and Mailing of Directors' Circular and Reco...
1/20/2014Reports Preliminary Fourth Quarter 2013 Production
1/15/2014Responds to Unsolicited Proposal From Goldcorp Inc=2E
1/13/2014Responds to Announcement by Goldcorp
12/16/2013Completes Long-Term Debt Renegotiation
10/24/2013Provides Notice of Third Quarter 2013 Operating and Financia...
7/30/2013Enhances Financial Flexibility by Improving Long-Term Debt T...
7/5/2013Intercepts 68 Metres Averaging 1=2E26 =?ISO-8859-1?Q?=20g/t=...
7/2/2013Receives Final $30 Million Payment from Kirkland Lake Gold
4/29/2013Corporate Update
4/17/2013Comments on Trading Activities
4/9/2013(Malartic)Previews Q1 2013 Canadian Malartic Operating Results
3/21/2013Discovers Two New Gold-Copper Zones at Upper Beaver
2/19/2013(Malartic)Receives Modified Operating Parameters at Canadian Malartic
2/19/2013(Malartic)s Reserves at Canadian Malartic
2/11/2013Denis Cimon Receives the 2013 Mineral Processor of the Year
1/29/2013(Hammond Reef)Provides Resource Update for Hammond Reef Project
1/24/2013(Malartic)Previews Q4 2012 Canadian Malartic Operating Results and 201...
11/12/2012(Malartic)Reports Record Monthly Throughput at Canadian Malartic
10/15/2012Founder Retires
10/9/2012Acquires Ground in Emerging Gold Belt in Mexico and Identifi...
10/3/2012Deposits the Second Tranche of itsFinancial Guarantee Coveri...
8/3/2012Secondary Crusher Installation Completed
7/24/2012Acquisition of Subscription Receipts of Druk Capital Partner...
5/16/2012Enhances Credit Agreement With CPPIB
5/14/2012(Malartic)Provides Update on Canadian Malartic
5/10/2012(Malartic)Reports Fire at Canadian Malartic Milling Plant
4/3/2012and Metis Nation of Ontario Sign Memorandum of Understanding
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3/1/2012Announces Record Date for Annual Meeting
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1/3/2012Responds to Below Market Price Offer for 5 Million Shares On...
12/14/2011Osisko Comments on Trading of Common Shares
12/14/2011Comments on Trading of Common Shares
10/8/2011President Sean Roosen Named Ernst & Young 2011 Quebec Entrep...
6/17/2011(Duparquet)met fin =E0 sa participation au projet Duparquet
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5/14/2011Osisko publie ses r=E9sultats du premier trismestre de 2011
5/12/2011Annual and Special Meeting of Shareholders of Osisko Mining ...
4/29/2011Osisko Announces Revised Mine Production Plan at Canadian Ma...
3/29/2011Osisko Exercises Buy Out Option in Canadian Malartic Net Sme...
2/9/2011Goldcorp Sells Osisko Investment
12/22/2009Donates Shares to McGill University
12/11/2009and Clifton Star Complete Joint Venture Agreement on Duparqu...
11/13/2009Options Goldboro Gold Property From Orex Exploration
9/28/2009 Signs Option Agreement With Claim Post Resources for the Mo...
9/24/2009 Enters Into Financing Agreement With CPPIB Credit Investmen...
8/11/2009Signs Option Agreement With Midland Exploration for the Dunn...
7/10/2009Report on Osisko's Canadian Malartic Bape Hearings is Made P...
7/3/2009Osisko Mining Corporation Completes Strategic Investment
6/18/2009Comments on Trading of Common Shares
5/21/2009Discovers New Mineralized Zone Adjacent to South Barnat
5/19/2009Makes Strategic Investment
1/13/2009 Extends South Barnat to 1200 Metres Length
12/4/2008 Recognized for Strong Sustainability Performance
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TORONTO (OSK.TO)FRANKFURT (EWX.F)
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