Error Correction [Text Block] | Note 2. Casa Berardi DDA In the third 2021, June 1, 2013 June 30, 2021 8 We assessed the materiality of the effect of the errors on our prior quarterly and annual financial statements, both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin ("SAB") No. 99, No. 108, not no Reclassification of State Mining Income Taxes As disclosed during the first 2021, Cost of sales and other direct production costs Income and mining tax provision January 1, 2021. The following tables present a summary of the impact, by financial statement line item, of the Revisions for the three March 31, 2021 2020, June 30, 2021 2020 September 30, 2020, six June 30, 2021and 2020, nine September 30, 2020, December 31, 2020 2019, December 31, 2018: Three Months Ended March 31, 2021 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Depreciation, depletion and amortization $ 49,331 $ (2,589 ) $ 46,742 Total cost of sales 146,040 (2,589 ) 143,451 Gross profit 64,812 2,589 67,401 Income from operations 38,449 2,589 41,038 Income before income and mining taxes 23,605 2,589 26,194 Income and mining tax provision (4,634 ) (109 ) (4,743 ) Net income 18,971 2,480 21,451 Income applicable to common shareholders 18,833 2,480 21,313 Comprehensive income 20,803 2,480 23,283 Basic income per common share after preferred dividends (in cents) 3.5 0.5 4.0 Diluted income per common share after preferred dividends (in cents) 3.5 0.5 4.0 — Condensed Consolidated Statements of Cash Flows (Unaudited) Net income 18,971 2,480 21,451 Depreciation, depletion and amortization 49,546 (2,589 ) 46,957 Deferred income taxes 32 109 141 Cash provided by operating activities 37,936 — 37,936 Three Months Ended June 30, 2021 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Depreciation, depletion and amortization $ 48,403 $ (2,671 ) $ 45,732 Total cost of sales 158,723 (2,671 ) 156,052 Gross profit 59,260 2,671 61,931 Income from operations 26,462 2,671 29,133 Loss before income and mining taxes (4,057 ) 2,671 (1,386 ) Income and mining tax benefit 4,842 (708 ) 4,134 Net income 785 1,963 2,748 Income applicable to common shareholders 647 1,963 2,610 Comprehensive income 2,405 1,963 4,368 Basic income per common share after preferred dividends (in cents) 0.1 0.4 0.5 Diluted income per common share after preferred dividends (in cents) 0.1 0.4 0.5 Six Months Ended June 30, 2021 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Depreciation, depletion and amortization $ 97,734 $ (5,260 ) $ 92,474 Total cost of sales 304,763 (5,260 ) 299,503 Gross profit 124,072 5,260 129,332 Income from operations 64,911 5,260 70,171 Income before income and mining taxes 19,548 5,260 24,808 Income and mining tax benefit (provision) 208 (817 ) (609 ) Net income 19,756 4,443 24,199 Income applicable to common shareholders 19,480 4,443 23,923 Comprehensive income 23,208 4,443 27,651 Basic income per common share after preferred dividends (in cents) 3.6 0.7 4.3 Diluted income per common share after preferred dividends (in cents) 3.6 0.7 4.3 — Condensed Consolidated Statements of Cash Flows (Unaudited) Net income 19,756 4,443 24,199 Depreciation, depletion and amortization 98,121 (5,260 ) 92,861 Deferred income taxes (8,562 ) 817 (7,745 ) Cash provided by operating activities 124,240 — 124,240 Three Months Ended March 31, 2020 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) Cost of sales and other direct production costs $ 85,887 $ (167 ) $ 85,720 Depreciation, depletion and amortization 39,666 (1,851 ) 37,815 Total cost of sales 125,553 (2,018 ) 123,535 Gross profit 11,372 2,018 13,390 Loss from operations (15,064 ) 2,018 (13,046 ) Loss before income and mining taxes (18,247 ) 2,018 (16,229 ) Income and mining tax benefit 1,062 (657 ) 405 Net loss (17,185 ) 1,361 (15,824 ) Loss applicable to common shareholders (17,323 ) 1,361 (15,962 ) Comprehensive loss (36,520 ) 1,361 (35,159 ) Basic loss per common share after preferred dividends (in cents) (3.3 ) 0.3 (3.0 ) Diluted loss per common share after preferred dividends (in cents) (3.3 ) 0.3 (3.0 ) — Condensed Consolidated Statements of Cash Flows (Unaudited) Net loss (17,185 ) 1,361 (15,824 ) Depreciation, depletion and amortization 41,630 (1,851 ) 39,779 Deferred income taxes (3,252 ) 490 (2,762 ) Cash provided by operating activities 4,927 — 4,927 Three Months Ended June 30, 2020 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) Cost of sales and other direct production costs $ 92,853 $ (1,295 ) $ 91,558 Depreciation, depletion and amortization 39,423 (2,736 ) 36,687 Total cost of sales 132,276 (4,031 ) 128,245 Gross profit 34,079 4,031 38,110 Income from operations 9,874 4,031 13,905 Loss before income and mining taxes (13,402 ) 4,031 (9,371 ) Income and mining tax provision (626 ) (2,020 ) (2,646 ) Net loss (14,028 ) 2,011 (12,017 ) Income applicable to common shareholders (14,166 ) 2,011 (12,155 ) Comprehensive loss (3,644 ) 2,011 (1,633 ) Basic loss per common share after preferred dividends (in cents) (2.7 ) 0.4 (2.3 ) Diluted loss per common share after preferred dividends (in cents) (2.7 ) 0.4 (2.3 ) Six Months Ended June 30, 2020 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) Cost of sales and other direct production costs $ 178,740 $ (1,462 ) $ 177,278 Depreciation, depletion and amortization 79,089 (4,587 ) 74,502 Total cost of sales 257,829 (6,049 ) 251,780 Gross profit 45,451 6,049 51,500 (Loss) income from operations (4,513 ) 6,049 1,536 Loss before income and mining taxes (31,649 ) 6,049 (25,600 ) Income and mining tax benefit (provision) 436 (2,678 ) (2,242 ) Net loss (31,213 ) 3,371 (27,842 ) Loss applicable to common shareholders (31,489 ) 3,371 (28,118 ) Comprehensive loss (40,164 ) 3,371 (36,793 ) Basic loss per common share after preferred dividends (in cents) (6.0 ) 0.6 (5.4 ) Diluted loss per common share after preferred dividends (in cents) (6.0 ) 0.6 (5.4 ) Condensed Consolidated Statements of Cash Flows (Unaudited) Net loss (31,213 ) 3,371 (27,842 ) Depreciation, depletion and amortization 84,185 (4,587 ) 79,598 Deferred income taxes (5,165 ) 1,216 (3,949 ) Cash provided by operating activities 42,453 — 42,453 Three Months Ended September 30, 2020 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) Cost of sales and other direct production costs $ 105,977 $ (2,952 ) $ 103,025 Depreciation, depletion and amortization 40,238 (2,248 ) 37,990 Total cost of sales 146,215 (5,200 ) 141,015 Gross profit 53,488 5,200 58,688 Income from operations 31,315 5,200 36,515 Income before income and mining taxes 15,261 5,200 20,461 Income and mining tax provision (1,633 ) (3,548 ) (5,181 ) Net income 13,628 1,652 15,280 Income applicable to common shareholders 13,490 1,652 15,142 Comprehensive income 19,778 1,652 21,430 Basic income per common share after preferred dividends (in cents) 2.6 0.3 2.9 Diluted income per common share after preferred dividends (in cents) 2.6 0.2 2.8 Nine Months Ended September 30, 2020 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Cost of sales and other direct production costs $ 284,717 $ (4,414 ) $ 280,303 Depreciation, depletion and amortization 119,327 (6,835 ) 112,492 Total cost of sales 404,044 (11,249 ) 392,795 Gross profit 98,939 11,249 110,188 Income from operations 26,802 11,249 38,051 Loss before income and mining taxes (16,388 ) 11,249 (5,139 ) Income and mining tax benefit (provision) (1,197 ) (6,226 ) (7,423 ) Net loss (17,585 ) 5,023 (12,562 ) Loss applicable to common shareholders (17,999 ) 5,023 (12,976 ) Comprehensive income (20,386 ) 5,023 (15,363 ) Basic loss per common share after preferred dividends (in cents) (3.4 ) 0.9 (2.5 ) Diluted loss per common share after preferred dividends (in cents) (3.4 ) 0.9 (2.5 ) Condensed Consolidated Statements of Cash Flows (Unaudited) Net loss (17,585 ) 5,023 (12,562 ) Depreciation, depletion and amortization 126,911 (6,835 ) 120,076 Deferred income taxes (6,390 ) 1,812 (4,578 ) Cash provided by operating activities 115,892 — 115,892 For the Year Ended December 31, 2018 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Consolidated Statements of Operations and Comprehensive Loss Cost of sales and other direct production costs $ 353,994 $ (1,844 ) $ 352,150 Depreciation, depletion and amortization 134,044 (2,224 ) 131,820 Total cost of sales 488,038 (4,068 ) 483,970 Gross profit 79,099 (4,068 ) 75,031 Loss from operations (39,126 ) 4,068 (35,058 ) Loss before income and mining taxes (33,264 ) 4,068 (29,196 ) Income and mining tax benefit 6,701 (4,256 ) 2,445 Net loss (26,563 ) (188 ) (26,751 ) Loss applicable to common shareholders (27,115 ) (188 ) (27,303 ) Comprehensive loss (44,370 ) (188 ) (44,558 ) Basic loss per common share after preferred dividends (in cents) (6.3 ) — (6.3 ) Diluted loss per common share after preferred dividends (in cents) (6.3 ) — (6.3 ) Consolidated Statements of Cash Flows Net loss (26,563 ) (188 ) (26,751 ) Depreciation, depletion and amortization 140,905 (2,224 ) 138,681 Deferred income taxes 6,278 2,412 8,690 Cash provided by operating activities 94,221 — 94,221 As of and for the Year Ended December 31, 2019 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Consolidated Balance Sheet Inventories: Concentrates, doré, and stockpiled ore $ 30,364 $ (286 ) $ 30,078 Total current assets 179,124 (286 ) 178,838 Properties, plants, equipment and mineral interests, net 2,423,698 23,752 2,447,450 Total assets 2,637,308 23,466 2,660,774 Deferred tax liability 138,282 19,355 157,637 Total liabilities 944,885 19,355 964,240 Accumulated deficit (353,331 ) 4,111 (349,220 ) Total shareholders' equity 1,692,423 4,111 1,696,534 Total liabilities and shareholders' equity 2,637,308 23,466 2,660,774 Consolidated Statements of Operations and Comprehensive Loss Cost of sales and other direct production costs $ 450,349 $ (2,364 ) $ 447,985 Depreciation, depletion and amortization 199,518 (8,067 ) 191,451 Total cost of sales 649,867 (10,431 ) 639,436 Gross profit 23,399 10,431 33,830 Loss from operations (57,109 ) 10,431 (46,678 ) Loss before income and mining taxes (123,658 ) 10,431 (113,227 ) Income and mining tax benefit 24,101 (5,783 ) 18,318 Net loss (99,557 ) 4,648 (94,909 ) Loss applicable to common shareholders (100,109 ) 4,648 (95,461 ) Comprehensive loss (94,398 ) 4,648 (89,750 ) Basic loss per common share after preferred dividends (in cents) (20.4 ) 0.9 (19.5 ) Diluted loss per common share after preferred dividends (in cents) (20.4 ) 0.9 (19.5 ) Consolidated Statements of Cash Flows Net loss (99,557 ) 4,648 (94,909 ) Depreciation, depletion and amortization 204,475 (8,067 ) 196,408 Deferred income taxes 5,668 3,419 9,087 Cash provided by operating activities 120,866 — 120,866 As of and for the Year Ended December 31, 2020 (in thousands, except per share amounts) As Previously Reported Adjustment As Revised Consolidated Balance Sheet Inventories: Concentrates, doré, and stockpiled ore $ 57,936 $ (369 ) $ 57,567 Total current assets 284,681 (369 ) 284,312 Properties, plants, equipment and mineral interests, net 2,345,219 32,855 2,378,074 Total assets 2,667,724 32,486 2,700,210 Accrued taxes 8,349 (2,575 ) 5,774 Total current liabilities 149,785 (2,575 ) 147,210 Deferred tax liability 132,475 23,616 156,091 Total liabilities 965,384 21,041 986,425 Accumulated deficit (379,519 ) 11,445 (368,074 ) Total shareholders' equity 1,702,340 11,445 1,713,785 Total liabilities and shareholders' equity 2,667,724 32,486 2,700,210 Consolidated Statements of Operations and Comprehensive Loss Cost of sales and other direct production costs 389,040 (6,377 ) 382,663 Depreciation, depletion and amortization 157,130 (9,020 ) 148,110 Total cost of sales 546,170 (15,397 ) 530,773 Gross profit 145,703 15,397 161,100 Income from operations 51,581 15,397 66,978 Loss before income and mining taxes (16,655 ) 15,397 (1,258 ) Income and mining tax provision (135 ) (8,064 ) (8,199 ) Net loss (16,790 ) 7,333 (9,457 ) Loss applicable to common shareholders (17,342 ) 7,333 (10,009 ) Comprehensive loss (12,369 ) 7,333 (5,036 ) Basic loss per common share after preferred dividends (in cents) (3.3 ) 1.4 (1.9 ) Diluted loss per common share after preferred dividends (in cents) (3.3 ) 1.4 (1.9 ) Consolidated Statements of Cash Flows Net loss (16,790 ) 7,333 (9,457 ) Depreciation, depletion and amortization 164,026 (9,020 ) 155,006 Deferred income taxes (5,505 ) 1,687 (3,818 ) Cash provided by operating activities 180,793 — 180,793 |