MANAGEMENT'S DISCUSSION AND ANALYSIS AND CONDENSED
INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
(unaudited)
For the Three and Nine Months Ended September 30, 2021
(Expressed in US Dollars)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
September 30, 2021
(Expressed in United States ("US") Dollars)
Capstone Mining Corp.
Condensed Interim Consolidated Statements of Financial Position
unaudited - expressed in thousands of US dollars
As at | ||||
ASSETS | September 30, 2021 | December 31, 2020 | ||
Current | ||||
Cash and cash equivalents | $ | 206,082 | $ | 56,580 |
Short-term investments (Note 4) | 2,120 | 3,425 | ||
Receivables (Note 5) | 18,816 | 26,691 | ||
Inventories (Note 6) | 55,932 | 58,238 | ||
Other assets (Note 8) | 23,604 | 12,937 | ||
306,554 | 157,871 | |||
Mineral properties, plant and equipment (Note 7) | 1,284,082 | 1,147,784 | ||
Promissory note receivable (Note 10) | - | 27,080 | ||
Deferred income tax assets (Note 14) | 30,074 | 28,841 | ||
Other assets (Note 8) | 16,929 | 30,008 | ||
Total assets | $ | 1,637,639 | $ | 1,391,584 |
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities | $ | 94,183 | $ | 74,866 |
Other liabilities (Note 9) | 109,256 | 19,004 | ||
203,439 | 93,870 | |||
Long term debt (Note 12) | - | 183,226 | ||
Deferred revenue (Note 13) | 163,428 | - | ||
Lease liabilities (Note 11) | 13,538 | 8,307 | ||
Provisions | 142,794 | 141,780 | ||
Deferred income tax liabilities (Note 14) | 94,547 | 65,135 | ||
Other liabilities (Note 9) | 47,892 | 10,099 | ||
Total liabilities | $ | 665,638 | $ | 502,417 |
EQUITY | ||||
Share capital | $ | 849,119 | $ | 842,789 |
Other reserves | 36,661 | 33,783 | ||
Retained earnings (accumulated deficit) | 86,221 | (97,514) | ||
Total equity attributable to equity holders of the Company | 972,001 | 779,058 | ||
Non-controlling interest (Note 10) | - | 110,109 | ||
Total equity | 972,001 | 889,167 | ||
Total liabilities and equity | $ | 1,637,639 | $ | 1,391,584 |
Commitments (Note 7) |
See accompanying notes to these condensed interim consolidated financial statements.
2
Capstone Mining Corp.
Condensed Interim Consolidated Statements of Income (Loss)
Three and Nine Months Ended September 30, 2021 and 2020
unaudited - expressed in thousands of US dollars, except share and per share amounts
Three months ended September 30, | Nine months ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue (Note 16) | $ | 165,412 | $ | 130,545 | $ | 578,876 | $ | 305,636 |
Operating costs
Production costs
Royalties
Depletion and amortization
Earnings from mining operations
General and administrative expenses (Note 19) Exploration expenses (Note 7)
Impairment reversal on mineral properties
(Note 7)
Care and maintenance expense (Note 7) Share-based compensation expense (Note 15) Earnings from operations
(80,544) | (79,228) | (247,818) | (216,605) |
(1,717) | (1,187) | (5,566) | (2,523) |
(20,387) | (21,486) | (67,506) | (61,474) |
62,764 | 28,644 | 257,986 | 25,034 |
(4,459) | (3,646) | (12,937) | (10,162) |
(146) | (412) | (1,848) | (1,158) |
- | - | 92,392 | - |
(248) | (257) | (749) | (846) |
(1,203) | (7,498) | (47,042) | (10,705) |
56,708 | 16,831 | 287,802 | 2,163 |
Other income (expense) | ||||||||
Foreign exchange gain (loss) | 1,282 | (1,283) | (1,098) | 2,214 | ||||
Other (expense) income (Note 20) | (97) | 2 | 2,408 | 939 | ||||
Income before finance costs and income | ||||||||
taxes | 57,893 | 15,550 | 289,112 | 5,316 | ||||
Interest on long term debt and surety bonds | (966) | (3,366) | (3,815) | (9,756) | ||||
(Note 21) | ||||||||
Other interest expense (Note 21) | (4,263) | (535) | (8,624) | (1,788) | ||||
Income (loss) before income taxes | 52,664 | 11,649 | 276,673 | (6,228) | ||||
Income tax expense (Note 14) | (17,626) | (9,338) | (65,222) | (9,037) | ||||
Net income (loss) | $ | 35,038 | $ | 2,311 | $ | 211,451 | $ | (15,265) |
Net income (loss) attributable to: | ||||||||
Shareholders of Capstone Mining Corp. | $ | 35,038 | $ | 2,350 | $ | 185,415 | $ | (15,067) |
Non-controlling interest (Note 10) | - | (39) | 26,036 | (198) | ||||
$ | 35,038 | $ | 2,311 | $ | 211,451 | $ | (15,265) | |
Net income (loss) per share | ||||||||
Income (loss) per share - basic (Note 17) | $ | 0.09 | $ | 0.01 | $ | 0.46 | $ | (0.04) |
Weighted average number of shares - basic | 406,701,553 | 393,546,258 | 405,096,229 | 392,916,485 | ||||
(Note 17) | ||||||||
Income (loss) per share - diluted (Note 17) | $ | 0.08 | $ | 0.01 | $ | 0.45 | $ | (0.04) |
Weighted average number of shares - diluted | 415,287,789 | 402,492,634 | 413,386,183 | 392,916,485 | ||||
(Note 17) |
See accompanying notes to these condensed interim consolidated financial statements.
3
Capstone Mining Corp.
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
Three and Nine Months Ended September 30, 2021 and 2020
unaudited - expressed in thousands of US dollars
Three months ended September 30, | Nine months ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income (loss) | $ | 35,038 | $ | 2,311 | $ | 211,451 | $ | (15,265) |
Other comprehensive (loss) income ("OCI") | ||||||||
Items that will not be reclassified | ||||||||
subsequently to profit or loss | ||||||||
Change in fair value of marketable | ||||||||
securities, net of tax of $nil | (491) | 739 | 2,230 | 106 | ||||
(491) | 739 | 2,230 | 106 | |||||
Items that may be reclassified | ||||||||
subsequently to profit or loss | ||||||||
Foreign currency translation adjustment | (240) | 174 | (6) | (220) | ||||
(240) | 174 | (6) | (220) | |||||
Total other comprehensive (loss) income | ||||||||
for the period | (731) | 913 | 2,224 | (114) | ||||
Total comprehensive income (loss) | $ | 34,307 | $ | 3,224 | $ | 213,675 | $ | (15,379) |
Total comprehensive income (loss) attributable to: | ||||||||
Shareholders of Capstone Mining Corp. | $ | 34,307 | $ | 3,263 | $ | 187,639 | $ | (15,181) |
Non-controlling interest (Note 10) | - | (39) | 26,036 | (198) | ||||
$ | 34,307 | $ | 3,224 | $ | 213,675 | $ | (15,379) |
See accompanying notes to these condensed interim consolidated financial statements.
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Capstone Mining Corporation published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 22:07:01 UTC.