OREZONE GOLD CORPORATION
Condensed Consolidated Interim Financial Statements
For the three and six month periods ended June 30, 2023
(Unaudited, expressed in thousands of United States dollars)
Orezone Gold Corporation
Condensed Consolidated Interim Financial Statements
(Unaudited, expressed in thousands of United States dollars)
Notice to reader pursuant to National Instrument 51-102
Auditor's involvement:
The external auditors of the Company have not audited or performed a review of these condensed consolidated interim financial statements.
Orezone Gold Corporation
Condensed Consolidated Interim Statements of Financial Position (Unaudited, expressed in thousands of United States dollars)
June 30, | December 31, | |
As at | 2023 | 2022 |
ASSETS | ||
Current assets | ||
Cash | $32,309 | $9,158 |
Inventories (Note 3) | 7,495 | 12,729 |
Other current assets (Note 4) | 19,792 | 9,334 |
Total current assets | 59,596 | 31,221 |
Non-current assets | ||
Other financial assets | 205 | 306 |
Long-term inventories (Note 3) | 53,606 | 37,411 |
Mineral properties, plant and equipment (Note 5) | 182,246 | 183,343 |
Total assets | $295,653 | $252,281 |
LIABILITIES AND EQUITY | ||
Current liabilities | ||
Trade and other payables (Note 6) | $37,832 | $38,003 |
Income tax payable | 9,570 | - |
Warrant liability (Note 7) | - | 2,785 |
Current portion of loans and borrowings (Note 8) | 14,935 | 32,990 |
Total current liabilities | 62,337 | 73,778 |
Non-current liabilities | ||
Loans and borrowings (Note 8) | 80,871 | 88,851 |
Lease liabilities | 738 | 827 |
Silver stream liability (Note 9) | 6,644 | 6,257 |
Environmental rehabilitation provision (Note 10) | 13,097 | 12,241 |
Total liabilities | 163,687 | 181,954 |
Equity | ||
Share capital | 302,866 | 280,901 |
Reserves | 31,826 | 30,658 |
Accumulated deficit | (198,500) | (232,440) |
Equity attributable to shareholders | 136,192 | 79,119 |
Non-controlling interest | (4,226) | (8,792) |
Total equity | 131,966 | 70,327 |
Total liabilities and equity | $295,653 | $252,281 |
Commitments (Note 13(b))
Subsequent Events (Note 14)
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
These condensed consolidated interim financial statements were approved by the Board of Directors of Orezone Gold Corporation on August 9, 2023:
/s/ Patrick Downey | /s/ Rob Doyle |
Patrick Downey | Rob Doyle |
Director | Director |
Page | 3
Orezone Gold Corporation
Condensed Consolidated Interim Statements of Income and Loss and Comprehensive Income and Loss For the three and six month periods ended June 30, 2023 and 2022
(Unaudited, expressed in thousands of United States dollars, except for per share amounts)
Three months ended | Six months ended | |||
June 30, | June 30, | |||
2023 | 2022 | 2023 | 2022 | |
Revenue | $66,396 | - | $148,108 | - |
Cost of sales | ||||
Operating expenses | 27,138 | - | 56,710 | - |
Depreciation and depletion (Note 5) | 7,838 | - | 15,396 | - |
Royalties | 3,930 | - | 8,842 | - |
Earnings from mine operations | 27,490 | - | 67,160 | - |
Other expenses | ||||
Exploration and evaluation costs | 1,507 | 1,900 | 3,007 | 2,792 |
General and administrative costs | 1,883 | 1,320 | 3,614 | 2,353 |
Share-based compensation (Note 11(d)) | 417 | 387 | 1,502 | 1,352 |
Depreciation (Note 5) | 27 | 28 | 54 | 59 |
Operating income (loss) | 23,656 | (3,635) | 58,983 | (6,556) |
Other income (loss) | ||||
Foreign exchange gain (loss) | 151 | 2,585 | (1,396) | 3,156 |
Finance income | 269 | 12 | 373 | 27 |
Finance expense | (4,102) | (17) | (8,528) | (35) |
Fair value (loss) gain on other financial assets | (60) | (200) | (107) | 2 |
Fair value gain (loss) on warrant liability (Note 7) | - | 4,068 | (623) | 1,249 |
Fair value loss on stream liability (Note 9) | (195) | (251) | (517) | (302) |
Other (loss) income | (3,937) | 6,198 | (10,798) | 4,097 |
Net income (loss) before tax | 19,719 | 2,563 | 48,185 | (2,459) |
Income tax expense | (6,710) | - | (9,570) | - |
Net income (loss) for the period | $13,009 | $2,563 | $38,615 | ($2,459) |
Net income (loss) attributable to: | ||||
Shareholders | 11,380 | 2,410 | 33,940 | (2,642) |
Non-controlling interest | 1,629 | 153 | 4,675 | 183 |
Net income (loss) for the period | $13,009 | $2,563 | $38,615 | ($2,459) |
Other comprehensive income (loss) | - | - | - | - |
Comprehensive income (loss) for the period | $13,009 | $2,563 | $38,615 | ($2,459) |
Comprehensive income (loss) attributable to: | ||||
Shareholders | 11,380 | 2,051 | 34,049 | (3,145) |
Non-controlling interest | 1,629 | 512 | 4,566 | 686 |
Comprehensive income (loss) for the period | $13,009 | $2,563 | $38,615 | ($2,459) |
Net earnings (loss) per common share attributable to | ||||
the shareholders of the Company, basic | $0.03 | $0.01 | $0.10 | ($0.01) |
Net earnings (loss) per common share attributable to | ||||
the shareholders of the Company, diluted | $0.03 | $0.01 | $0.09 | ($0.01) |
Weighted-average number of common shares | ||||
outstanding (in 000's), basic | 359,739 | 328,334 | 353,130 | 326,610 |
Weighted-average number of common | ||||
shares outstanding (in 000's), diluted | 373,826 | 347,690 | 366,922 | 326,610 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
Page | 4
Orezone Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity
For the six month periods ended June 30, 2023 and 2022
(Unaudited, expressed in thousands of United States dollars, except for number of share amounts)
Share capital | Reserves | ||||||||||
Foreign | Convertible | Equity | Non- | ||||||||
Shares | Amount | Share-based | currency | Contributed | note equity | Accumulated | attributable to | controlling | |||
payments | translation | surplus | component | deficit | shareholders | interest | Total | Equity | |||
# | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||
Balance, January 1, 2023 | 336,328,240 | 280,901 | 20,535 | 489 | 5,466 | 4,168 | (232,440) | 79,119 | (8,792) | 70,327 | |
Shares issued (Note 11(a)) | 13,000,000 | 12,057 | - | - | - | - | - | 12,057 | - | 12,057 | |
Share issue costs (Note 11(a)) | - | (452) | - | - | - | - | - | (452) | - | (452) | |
Shares issued for interest (Note 8(b)) | 1,207,372 | 1,112 | - | - | - | - | - | 1,112 | - | 1,112 | |
Warrants exercised (Note 7) | 8,171,288 | 8,278 | - | - | - | - | - | 8,278 | - | 8,278 | |
Stock options exercised (Note 11(b)) | 1,067,290 | 726 | (199) | - | - | - | - | 527 | - | 527 | |
RSUs redeemed (Note 11(c)) | 99,751 | 79 | (79) | - | - | - | - | - | - | - | |
DSUs redeemed (Note 11(c)) | 193,463 | 165 | (165) | - | - | - | - | - | - | - | |
Share-based compensation (Note 11(d)) | - | - | 1,502 | - | - | - | - | 1,502 | - | 1,502 | |
Foreign currency translation | - | - | - | 109 | - | - | - | 109 | (109) | - | |
Net income for the period | - | - | - | - | - | - | 33,940 | 33,940 | 4,675 | 38,615 | |
Balance, June 30, 2023 | 360,067,404 | 302,866 | 21,594 | 598 | 5,466 | 4,168 | (198,500) | 136,192 | (4,226) | 131,966 | |
Share capital | Reserves | ||||||||||
Foreign | Convertible | Equity | Non- | ||||||||
Shares | Amount | Share-based | currency | Contributed | note equity | Accumulated | attributable to | controlling | |||
payments | translation | surplus | component | deficit | shareholders | interest | Total | Equity | |||
# | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||
Balance, January 1, 2022 | 323,899,306 | 268,191 | 18,680 | 848 | 5,466 | 4,168 | (233,369) | 63,984 | (10,108) | 53,876 | |
Shares issued for interest | 928,764 | 1,003 | - | - | - | - | - | 1,003 | - | 1,003 | |
Warrants exercised | 6,124,700 | 6,728 | - | - | - | - | - | 6,728 | - | 6,728 | |
Stock options exercised | 490,332 | 339 | (96) | - | - | - | - | 243 | - | 243 | |
RSUs redeemed | 559,000 | 417 | (417) | - | - | - | - | - | - | - | |
Share-based compensation | - | - | 1,734 | - | - | - | - | 1,734 | - | 1,734 | |
Foreign currency translation | - | - | - | (503) | - | - | - | (503) | 503 | - | |
Net (loss) income for the period | - | - | - | - | - | - | (2,642) | (2,642) | 183 | (2,459) | |
Balance, June 30, 2022 | 332,002,102 | 276,678 | 19,901 | 345 | 5,466 | 4,168 | (236,011) | 70,547 | (9,422) | 61,125 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
Page | 5
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Orezone Gold Corporation published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 00:08:23 UTC.