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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES    
Income for the year $ 17,644 $ 6,025
Items not involving cash:    
Depreciation and amortization 136 146
Deferred income tax expense (benefit) 371 (1,567)
Exploration and evaluation assets written down 10,471 0
Income from equity accounted Investment in Juanicipio (40,767) (15,686)
Share-based payment expense 3,250 4,256
Unrealized foreign exchange gain (232) (260)
Accounts receivable 243 116
Prepaid expenses (705) (17)
Trade and other payables 871 265
Net cash provided from operating activities (8,718) (6,722)
INVESTING ACTIVITIES    
Exploration and evaluation expenditures (12,018) (7,169)
Acquisition of Gatling Exploration, net of cash acquired (2,653) 0
Investment in Juanicipio (8,864) (74,136)
Interest received from Juanicipio entities 3,564 0
Proceeds from disposition of equity securities 1,111 6,371
Purchase of equipment (35) (5)
Net cash used in investing activities (18,895) (74,939)
FINANCING ACTIVITIES    
Issuance of common shares upon exercise of stock options 1,037 985
Issuance of common shares, net of share issue costs 0 43,242
Payment of lease obligation (principal) (109) (91)
Net cash provided from financing activities 928 44,136
Effect of exchange rate changes on cash (108) 265
Decrease in cash and cash equivalents (26,793) (37,260)
Cash and cash equivalents, beginning of year 56,748 94,008
Cash and cash equivalents, end of year $ 29,955 $ 56,748