| | | | |
| | Capital long-term | ||
| | prepayments | ||
| January 1, 2021 | | $ | — |
| Additions during the year | | | 6,631 |
| January 1, 2022 | | $ | 6,631 |
| Additions during the year | | | 10,404 |
| Transfers to property, plant and equipment | | | (13,948) |
| Balance December 31,2022 | | $ | 3,087 |
| Additions during the year | | | 881 |
| Transfers to property, plant and equipment | | | (3,968) |
| Balance December 31,2023 | | $ | — |
| | | | | | | | | | |
| | | As at December 31, 2023 | |||||||
| | < 1 Year | Between 1 – 2 Years | >2 Years | ||||||
| | | | | | | | | | |
| Accounts payable and accrued liabilities | | $ | 8,828 | | $ | — | | $ | — |
| Long-term government loan payable 1 | | — | | — | | 4,299 | |||
| Convertible notes payable | | — | | — | | 67,453 | |||
| Lease payable | | | 122 | | | 125 | | | 160 |
| Total | | $ | 8,950 | | $ | 125 | | $ | 71,912 |
| | | | |
| | | As at December 31, 2023 | |
| | | USD denominated | |
| | | expressed in CAD | |
| Cash and cash equivalents | | $ | 385 |
| Accounts payable and accrued liabilities | | (1,686) | |
| Interest accrual | | (5,730) | |
| Long-term convertible notes payable | | (40,101) | |
| Royalty | | | (858) |
| Financial derivative liability – Convertible Notes | | (1,421) | |
| Embedded derivative liability (US Warrant) | | (7) | |
| Total | | $ | (49,418) |
| | | | | | | | | | |
| | Year ended | Year ended | Year ended | ||||||
| | | December 31, | | December 31, | December 31, | ||||
| | | 2023 | | 2022 | 2021 | ||||
| Operating activities | | | | | | ||||
| Net income (loss) | | $ | (64,666) | | $ | 12,551 | | $ | (34,916) |
| Adjustments for items not affecting cash: | | | | | | ||||
| Share-based payments | | 1,226 | | 1,282 | | | 731 | ||
| Unrealized loss on marketable securities | | 253 | | 589 | | | 2,617 | ||
| Realized loss on marketable securities | | (90) | | 220 | | | 102 | ||
| Depreciation | | 56 | | 48 | | | 2 | ||
| Interest expense on Convertible Notes | | | 4,805 | | | — | | | 12 |
| Changes in fair value of convertible Notes | | 5,076 | | (27,686) | | | 12,952 | ||
| Loss on extinguishment of 2026 Notes and recognition of 2028 Notes (Note 13) | | | 18,727 | | | — | | | — |
| Fair value gain on convertible notes and warrants 2028 Notes (Note 13) | | | (30,758) | | | — | | | — |
| Settlement of transaction costs on 2028 Notes (Note 13) | | (240) | | — | | | — | ||
| Changes in fair value of warrants | | | — | | | (1,531) | | | (1,123) |
| Impairment charge (reversal) | | 51,884 | | (1,338) | | | — | ||
| Directors’ fees paid in DSUs | | 595 | | 115 | | | 32 | ||
| Changes in warrants (US Warrant) | | | (1,243) | | | — | | | — |
| Withholding tax liability | | — | | 14 | | | — | ||
| Interest expense on Glencore loan | | — | | — | | | 1.566 | ||
| Interest income on restricted cash | | — | | — | | | 128 | ||
| Flow through share premium | | — | | — | | | (19) | ||
| Unrealized loss on foreign exchange | | 696 | | 1,019 | | | (321) | ||
| Other | | 15 | | — | | | (681) | ||
| Reclassification of expensed transaction costs on convertible notes | | | — | | | — | | | 1,826 |
| Changes in working capital: | | | | | | | |||
| Decrease (increase) in receivables | | 1,848 | | (2,122) | | | (587) | ||
| Decrease (increase) in prepaid expenses and other assets | | 247 | | 1,125 | | | (218) | ||
| (Decrease) increase in accounts payable and accrual liabilities | | (11,477) | | (131) | | | 1,021 | ||
| Cash used in operation activities | | (23,046) | | (15,845) | | | (16,876) | ||
| Investing activities | | | | | | ||||
| Transfer to restricted cash | | (1,158) | | — | | | — | ||
| Acquisition of exploration and evaluation assets, net of cash | | | — | | | (31) | | | (112) |
| Capital long-term prepayments | | | — | | | 3,544 | | | (6,631) |
| Proceeds from sale of marketable securities | | | 816 | | | 525 | | | 152 |
| Additions to property, plant and equipment | | | (13,705) | | | (47,591) | | | (1,985) |
| Sale of exploration and evaluation assets, net of cash | | | — | | | — | | | 500 |
| Cash used in investing activities | | (14,047) | | (43,553) | | | (8,076) | ||
| Financing activities | | | | | | ||||
| Proceeds from issuance of common shares, net transaction costs of $1,582 (2022 – Nil) (Note 15) | | 19,960 | | 3,121 | | | 17,600 | ||
| Proceeds from at-the-market equity program (“ATM Program”), net of transaction costs of Nil (2022 - $82) | | | — | | | 3,701 | | | 666 |
| Transaction costs private placement 2022 | | | (284) | | | — | | | — |
| Proceeds from exercise of warrants | | — | | 807 | | | 6,217 | ||
| Proceeds from exercise of options | | — | | 140 | | | 148 | ||
| Proceeds from government loan | | | 250 | | | 3,733 | | | 1,000 |
| Payment of lease liability, net of interest | | | (43) | | | 165 | | | — |
| Proceeds from 2028 Notes (Note 13) | | | 68,049 | | | — | | | — |
| Repayment of 2026 Notes (Note 13) | | | (48,036) | | | — | | | — |
| Proceeds from convertible notes (Note 13) | | | — | | | — | | | 53,249 |
| Settlement of transaction costs on 2028 Notes (Note 13) | | | (2,100) | | | — | | | — |
| Exercise of convertible Notes | | | 397 | | | — | | | — |
| Interest settlement of 2026 Notes (Note 13) | | | (1,656) | | | (3,183) | | | — |
| Cash provided by financing activities | | 36,537 | | 8,484 | | | 78,880 | ||
| Change in cash during the year | | (556) | | (50,914) | | | 53,928 | ||
| Effect of exchange rates on cash | | 164 | | 240 | | | 524 | ||
| Cash, beginning of year | | 7,952 | | 58,626 | | | 4,174 | ||
| Cash, end of year | | $ | 7,560 | | $ | 7,952 | | $ | 58,626 |
| | | | |
| | As at December 31, 2021 | ||
| | | USD denominated | |
| | | expressed in CAD | |
| Cash and cash equivalents | | $ | 14,080 |
| Accounts payable and accrued liabilities | | (842) | |
| Interest accrual | | (1,164) | |
| Long-term convertible notes payable | | (22,541) | |
| Financial derivative liability – convertible notes | | (37,715) | |
| Total | | $ | (48,182) |
