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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
12 Months Ended
May 31, 2020
May 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (6,519,086) $ (2,443,489)
Items not affecting cash:    
Share of net income of Silverback (97,905) (92,843)
Depletion and amortization 933,735 2,415,942
Interest and accretion expense 914,258 489,458
Finance charges 436,137  
Share-based payments 2,040,749 1,084,471
Deferred income tax expense (recovery) 515,083 (52,093)
Fair value adjustment on marketable securities (12,488)  
Unrealized foreign exchange effect 30,948 126,511
Total items before changes in non-cash working capital items (1,758,569) 1,527,957
Changes in non-cash working capital items:    
Accounts receivable 93,268 (36,031)
Prepaid expenses and other 79,228 (213,049)
Trade and other payables 27,790 1,007,794
Net cash (used in) provided by operating activities (1,558,283) 2,286,671
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of royalty and stream interests (4,804,669) (13,458,638)
Recoveries from royalty and stream interests   105,273
Dividend received from Silverback 311,293 314,285
Net cash used in investing activities (4,493,376) (13,039,080)
CASH FLOWS FROM FINANCING ACTIVITIES    
Private placements, net of share issue costs   6,381,927
Proceeds from exercise of stock options 967,721 48,000
Proceeds from exercise of share purchase warrants 3,469,396 5,224,900
Dividend paid (1,623,542) (1,813,738)
Proceeds from convertible loans facility 7,000,000 2,554,721
Repayment of loan principal (2,666,250) (1,566,939)
Interest paid (599,980) (377,837)
Finance charges paid (436,137)  
Net cash provided by financing activities 6,111,208 10,451,034
Effect of exchange rate changes on cash 33,042 87,080
Change in cash 92,591 (214,295)
Cash, beginning of year 4,603,062 4,817,357
Cash, end of year $ 4,695,653 $ 4,603,062