EX-99.2 4 d90420ex99-2.txt FINANCIAL STATEMENTS 1 EXHIBIT 2 INTERNATIONAL URANIUM CORPORATION CONSOLIDATED BALANCE SHEETS (UNITED STATES DOLLARS) (UNAUDITED)
JUNE 30, 2001 SEPTEMBER 30, 2000 ------------- ------------------ ASSETS Current assets: Cash and cash equivalents $ 11,898,113 $ 11,650,600 Marketable securities (market value $1,755,000) 1,383,450 -- Trade and other receivables 1,705,497 2,443,063 Inventories 1,872,388 1,913,538 Prepaid expenses and other 265,582 256,688 ------------- ------------------ 17,125,030 16,263,889 Plant and equipment, net 4,179,703 4,977,118 Notes receivable 200,088 200,088 Restricted cash and marketable securities 10,351,083 8,870,989 Other asset 2,840,000 2,840,000 ------------- ------------------ $ 34,695,904 $ 33,152,084 ============= ================== LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 408,785 $ 656,051 Notes payable 15,752 15,830 Deferred revenue 1,812,410 5,036,003 ------------- ------------------ 2,236,947 5,707,884 Notes payable, net of current portion 41,463 54,607 Reclamation obligations 12,493,157 12,192,494 Deferred revenue 11,991,730 4,244,000 Deferred credit 4,220,000 4,220,000 ------------- ------------------ 30,983,297 26,418,985 ------------- ------------------ SHAREHOLDERS' EQUITY Share capital 37,439,402 37,439,402 Deficit (33,726,795) (30,706,303) ------------- ------------------ 3,712,607 6,733,099 ------------- ------------------ $ 34,695,904 $ 33,152,084 ============= ==================
ON BEHALF OF THE BOARD /s/ Ron F. Hochstein /s/ Lukas H. Lundin Ron F. Hochstein, Director Lukas H. Lundin, Director 2 INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED JUNE 30 NINE MONTHS ENDED JUNE 30 2001 2000 2001 2000 ------------ ------------ ------------ ------------ OPERATIONS Revenue Uranium sales $ -- $ 1,297,500 $ -- $ 6,608,500 Vanadium sales -- 1,829,816 47,533 2,183,424 Process milling 153,147 146,300 674,747 639,500 ------------ ------------ ------------ ------------ Total revenue 153,147 3,273,616 722,280 9,431,424 ------------ ------------ ------------ ------------ Costs and expenses Uranium cost of sales -- 1,272,500 -- 5,687,500 Vanadium cost of sales -- 1,500,633 22,108 1,834,044 Process milling expenditures 153,147 109,704 560,509 362,738 Mill stand-by expenditures 653,617 653,133 1,991,087 1,470,023 Selling, general and administrative 485,432 905,584 1,572,725 3,128,588 Write-down of inventories -- 420,393 -- 1,026,415 Change in reclamation obligations 300,663 -- 300,663 (1,455,533) Depreciation 176,706 72,546 314,608 402,632 ------------ ------------ ------------ ------------ 1,769,565 4,934,493 4,761,700 12,456,407 ------------ ------------ ------------ ------------ Operating loss (1,616,418) (1,660,877) (4,039,420) (3,024,983) Net interest and other income 341,918 (726) 1,018,928 384,642 ------------ ------------ ------------ ------------ LOSS FOR THE PERIOD (1,274,500) (1,661,603) (3,020,492) (2,640,341) ============ ============ ============ ============ ============ ============ ============ ============ Loss per common share $ (0.02) $ (0.03) $ (0.05) $ (0.04) ============ ============ ============ ============ DEFICIT Deficit, beginning of period (32,452,295) (16,440,390) (30,706,303) (15,461,652) Loss for the period (1,274,500) (1,661,603) (3,020,492) (2,640,341) ------------ ------------ ------------ ------------ DEFICIT, END OF PERIOD $(33,726,795) $(18,101,993) $(33,726,795) $(18,101,993) ============ ============ ============ ============
3 INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOW (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED JUNE 30 NINE MONTHS ENDED JUNE 30 2001 2000 2001 2000 ------------ ------------ ------------ ------------ CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Loss for the period $ (1,274,500) $ (1,661,603) $ (3,020,492) $ (2,640,341) Items not affecting cash Depreciation and amortization 369,712 276,029 941,028 826,668 (Gain) loss on sale of land and equipment (85) 171,406 (6,397) 47,222 Write-down of inventories -- 420,393 -- 1,026,415 Change in reclamation obligations 300,663 -- 300,663 (1,455,533) Changes in operating assets and liabilities Decrease in trade and other receivables 661,805 1,489,973 737,567 499,478 Decrease in inventories 4,086 2,745,071 41,150 4,410,067 Increase in other current assets (36,941) (65,068) (8,893) (88,066) Decrease in other accounts payable and accrued liabilities (79,502) (213,868) (247,266) (1,683,568) ------------ ------------ ------------ ------------ NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (54,762) (1,262,640) 3,162,333 942,342 ------------ ------------ ------------ ------------ INVESTING ACTIVITIES Properties, plant and equipment (129,715) 79,228 (169,830) 50,286 Mongolia mineral properties -- (74,348) -- (254,851) Proceeds from sale of surplus equipment and land 85 228,477 32,612 361,399 Collection of notes receivable -- -- -- 1,928 Increase in marketable securities -- -- (1,383,450) -- (Increase) decrease in restricted marketable securities (1,196,010) 886,051 (1,480,094) 615,284 ------------ ------------ ------------ ------------ NET CASH (USED IN) PROVIDED BY INVESTMENT ACTIVITIES (1,325,640) (3,000,762) 1,119,408 774,046 ------------ ------------ ------------ ------------ FINANCING ACTIVITIES Decrease in notes payable (4,286) (530,575) (13,223) (1,048,882) Increase in deferred revenue 1,226,025 1,410,610 4,524,138 4,670,894 ------------ ------------ ------------ ------------ NET CASH PROVIDED BY FINANCING ACTIVITIES 1,221,739 880,035 4,510,915 3,622,012 ------------ ------------ ------------ ------------ (Decrease) increase in cash and cash equivalents (158,663) 5,161,776 247,513 5,338,400 Cash and cash equivalents, beginning of period 12,056,776 646,031 11,650,600 469,407 ------------ ------------ ------------ ------------ CASH AND CASH EQUIVALENTS, END OF PERIOD $ 11,898,113 $ 5,807,807 $ 11,898,113 $ 5,807,807 ============ ============ ============ ============ $ -- SUPPLEMENTARY CASH FLOW INFORMATION Cash interest paid 1,534 (2,760) 10,383 51,930 Cash interest received 234,397 180,669 832,449 507,764