CASH FLOW HIGHLIGHTS
| (thousand of US$ dollars) |
|
2007 |
2006 |
2005 |
2004 |
| |
|
|
|
|
|
| Operating activities |
|
|
|
|
|
| Net income for the year |
|
14,554 |
10,583 |
1,510 |
553 |
| Adjustments for: |
|
|
|
|
|
| Amortization, depletion and accretion |
|
8,752 |
8,742 |
4,015 |
647 |
| Exploration written off |
|
2,129 |
0 |
0 |
0 |
| Future Income taxes |
|
(531) |
(68) |
(1,787) |
0 |
| Deferred Stripping |
|
(391) |
(3,870) |
(568) |
0 |
| Long term tax debt |
|
928 |
1,486 |
0 |
0 |
| Fair value adjustment of derivatives |
|
(2,317) |
2,137 |
180 |
0 |
| Stock based compensation |
|
975 |
1,453 |
755 |
821 |
| Other |
|
78 |
52 |
188 |
(1) |
| |
|
24,177 |
20,515 |
4,293 |
2,020 |
| Net change in non-cash working capital balances |
|
1,181 |
(2,129) |
(2,169) |
(1,325) |
| |
|
25,358 |
18,386 |
2,124 |
695 |
| |
|
|
|
|
|
| Financing activities |
|
|
|
|
|
| Proceeds from the issue of share capital |
|
1,515 |
1,473 |
8,507 |
9,277 |
| Proceeds from borrowings, net of costs |
|
106 |
457 |
3,740 |
0 |
| Lease/Loan payments |
|
(163) |
0 |
(4,000) |
0 |
| Dividend payments |
|
(2,343) |
0 |
0 |
0 |
| |
|
(885) |
1,930 |
8,247 |
9,277 |
| |
|
|
|
|
|
| Investing activities |
|
|
|
|
|
| Refundable deposits |
|
0 |
0 |
(16) |
34 |
| Purchase of property, plant and equipment and development costs |
|
(12,401) |
(12,058) |
(7,201) |
(1,829) |
| Sale of capital assets |
|
51 |
650 |
0 |
0 |
| Exploration expenditure |
|
(7,076) |
(5,478) |
(1,974) |
(1,655) |
| Payments on subsidiaries acquired, net of cash acquired |
|
0 |
0 |
(650) |
(3,148) |
| |
|
(19,426) |
(16,886) |
(9,841) |
(6,598) |
| |
|
|
|
|
|
| Increase in cash and cash equivalents |
|
5,047 |
3,430 |
530 |
3,374 |
| Cash and cash equivalents, beginning of year |
|
8,931 |
5,501 |
4,971 |
1,597 |
| Cash and cash equivalents, end of year |
|
13,978 |
8,931 |
5,501 |
4,971 |
|
