EX-99.2 4 d99550exv99w2.txt FINANCIAL STATEMENTS EXHIBIT 2 INTERNATIONAL URANIUM CORPORATION CONSOLIDATED BALANCE SHEETS (UNITED STATES DOLLARS)
JUNE 30, 2002 SEPTEMBER 30, 2001 (UNAUDITED) (AUDITED) ------------- ------------------ ASSETS Current assets: Cash and cash equivalents $ 8,936,328 $ 2,365,344 Short-term investments 3,098,039 11,687,208 Trade and other receivables 332,288 1,550,238 Inventories 1,774,843 1,886,556 Prepaid expenses and other 153,608 205,910 ------------ ------------ 14,295,106 17,695,256 Plant and equipment, net 3,501,010 3,997,126 Notes receivable 200,000 200,000 Restricted investments (Note 2) 12,552,516 10,525,073 Other asset (Note 3) 3,600,000 3,600,000 ------------ ------------ $ 34,148,632 $ 36,017,455 ============ ============ LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 942,456 $ 407,390 Notes payable 12,956 16,584 Deferred revenue 16,700,162 12,197,301 ------------ ------------ 17,655,574 12,621,275 Notes payable, net of current portion 27,589 37,174 Reclamation obligations (Note 4) 12,350,157 12,350,157 Deferred revenue -- 2,868,815 Deferred credit (Note 3) 4,220,000 4,220,000 ------------ ------------ 34,253,320 32,097,421 ------------ ------------ SHAREHOLDERS' EQUITY Share capital (65,735,066 and 65,600,066 shares issued and outstanding) 37,466,609 37,449,213 Deficit (37,571,297) (33,529,179) ------------ ------------ (104,688) 3,920,034 ------------ ------------ $ 34,148,632 $ 36,017,455 ============ ============
ON BEHALF OF THE BOARD /s/ Ron F. Hochstein /s/ Lukas H. Lundin -------------------- ------------------- Ron F. Hochstein, Director Lukas H. Lundin, Director INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED JUNE 30 NINE MONTHS ENDED JUNE 30 ----------------------------- ----------------------------- 2002 2001 2002 2001 ------------ ------------ ------------ ------------ OPERATIONS Revenue Vanadium sales $ -- $ -- $ -- $ 47,533 Process milling 607,091 153,147 869,334 674,747 ------------ ------------ ------------ ------------ Total revenue 607,091 153,147 869,334 722,280 ------------ ------------ ------------ ------------ Costs and expenses Vanadium cost of sales -- -- -- 22,108 Process milling expenditures 369,759 153,147 643,484 560,509 Mill stand-by expenditures 914,151 653,617 2,291,723 1,991,087 Selling, general and administrative 986,160 485,432 2,439,789 1,572,725 Exploration expenditures 227,284 -- 259,108 -- Change in reclamation obligations -- 300,663 -- 300,663 Depreciation 13,862 176,706 54,092 314,608 ------------ ------------ ------------ ------------ 2,511,216 1,769,565 5,688,196 4,761,700 ------------ ------------ ------------ ------------ Operating loss (1,904,125) (1,616,418) (4,818,862) (4,039,420) Net interest and other income 141,479 341,918 776,744 1,018,928 ------------ ------------ ------------ ------------ LOSS FOR THE PERIOD (1,762,646) (1,274,500) (4,042,118) (3,020,492) ============ ============ ============ ============ Loss per common share $ (0.03) $ (0.02) $ (0.06) $ (0.05) ============ ============ ============ ============ DEFICIT (35,808,651) (32,452,295) (33,529,179) (30,706,303) Deficit, beginning of period Loss for the period (1,762,646) (1,274,500) (4,042,118) (3,020,492) ------------ ------------ ------------ ------------ DEFICIT, END OF PERIOD $(37,571,297) $(33,726,795) $(37,571,297) $(33,726,795) ============ ============ ============ ============
INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED JUNE 30 NINE MONTHS ENDED JUNE 30 ----------------------------- ----------------------------- 2002 2001 2002 2001 ------------ ------------ ------------ ------------ CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Loss for the period $ (1,762,646) $ (1,274,500) $ (4,042,118) $ (3,020,492) Items not affecting cash Depreciation and amortization 195,369 369,712 607,019 941,028 Gain on sale of land and equipment (17,554) (6,397) (17,554) (6,397) Gain on sale of short-term investments -- -- (337,284) -- Write-down of inventories 155,334 -- 155,334 -- Change in reclamation obligations -- 300,663 -- 300,663 Changes in non-cash working capital items Decrease in trade and other receivables 789,206 661,805 1,217,950 737,567 (Increase) decrease in inventories (33,851) 4,086 (43,621) 41,150 Decrease (increase) in other current assets 43,075 (36,941) 52,302 (8,893) Increase (decrease) in other accounts payable and accrued liabilities 442,855 (79,502) 535,067 (247,266) ------------ ------------ ------------ ------------ NET CASH USED IN OPERATING ACTIVITIES (188,212) (61,074) (1,872,905) (1,262,640) ------------ ------------ ------------ ------------ INVESTING ACTIVITIES Purchase of properties, plant and equipment (60,611) (155,930) (117,498) (169,830) Proceeds from sale of surplus equipment and land 14,274 32,612 14,274 32,612 Proceeds from sale of short-term investments -- -- 9,688,953 -- Purchase of short-term investments -- -- (752,626) (1,383,450) Increase in restricted investments (108,235) (1,196,010) (2,027,443) (1,480,094) ------------ ------------ ------------ ------------ NET CASH (USED IN) PROVIDED BY INVESTMENT ACTIVITIES (154,572) (1,319,328) 6,805,660 (3,000,762) ------------ ------------ ------------ ------------ FINANCING ACTIVITIES Decrease in notes payable (5,110) (4,286) (13,214) (13,223) (Decrease) increase in deferred revenue (176,850) 1,226,025 1,634,047 4,524,138 Exercise of employee stock options 17,396 -- 17,396 -- ------------ ------------ ------------ ------------ NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (164,564) 1,221,739 1,638,229 4,510,915 ------------ ------------ ------------ ------------ (Decrease) increase in cash and cash equivalents (507,348) (158,663) 6,570,984 247,513 Cash and cash equivalents, beginning of period 9,443,676 12,056,776 2,365,344 11,650,600 ------------ ------------ ------------ ------------ CASH AND CASH EQUIVALENTS, END OF PERIOD $ 8,936,328 $ 11,898,113 $ 8,936,328 $ 11,898,113 ============ ============ ============ ============