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Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net income (loss) for the year $ (25,971) $ 36,472
Adjustments for:    
Depletion and amortization 51,982 66,587
Income tax expense 6,832 34,341
Finance expenses, net 45,209 51,935
Call premium on settlement of debt 0 6,941
Share-based compensation expense 4,152 5,762
Loss (gain) on derivatives (16,274) 13,008
Unrealized foreign exchange loss (gain) 30,027 (272)
Amortization of deferred revenue (5,982) (4,807)
Other operating activities (3,263) (3,227)
Net change in working capital (5,446) (31,971)
Cash provided by operating activities 81,266 174,769
Investing activities    
Gibraltar capitalized stripping costs (32,017) (59,864)
Gibraltar sustaining capital expenditures (18,108) (23,850)
Gibraltar capital project expenditures (29,551) (4,013)
Florence Copper development costs (101,296) (42,871)
Other project development costs (966) (3,058)
Purchase of copper price options (7,269) (15,837)
Proceeds from copper put options 22,539 0
Other investing activities 262 1,781
Cash used for investing activities (166,406) (147,712)
Financing activities    
Interest paid (39,363) (25,590)
Repayment of equipment loans and leases (26,443) (19,737)
Proceeds from equipment financings 31,770 0
Net proceeds from issuance of senior secured notes 0 496,098
Repayment of senior secured notes 0 (317,225)
Redemption cost on settlement of senior secured notes 0 (8,714)
Financing fees paid 0 (1,451)
Settlement of performance share units (1,927) 0
Proceeds from exercise of stock options 727 2,406
Cash provided by (used for) financing activities (35,236) 125,787
Effect of exchange rate changes on cash and equivalents 4,467 (1,187)
Increase (decrease) in cash and equivalents (115,909) 151,657
Cash and equivalents, beginning of year 236,767 85,110
Cash and equivalents, end of year $ 120,858 $ 236,767