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Non-operating income and expenses
Interest income
Interest income decreased to $301 for the six-month period ended December 31, 2012 as compared with $538 for
the same period in 2011. The decrease in interest earned is a result of lower cash balances as compared with the
prior year and lower interest rates in the market.
Gain/(loss) on currency translation
The gain on currency translation was $1,457 for the six-month period ended December 31, 2012 as compared with a
loss of $2,686 for the same period in 2011. The Canadian dollar strengthened by 2.4% against the U.S. dollar over
the six-month period ended December 31, 2012 as compared with a weakening of the Canadian dollar against the
U.S. dollar of 4.4% over the same period in 2011.
FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
Operating Activities
Net cash used in operating activities was $13,688 for the year ended December 31, 2014, as compared with $22,456
for the same period in 2013. The decrease in cash used of $8,768 from the prior period is mostly the result of (a)
foreign currency fluctuations on our bank accounts held in Canadian dollars, which accounted for a positive variance
of $1,024, (b) decreases in spending associated with exploration and evaluation activities accounting for a decreased
use of approximately $5,570, (c) timing in vendor payments affecting accounts payable accounting for a decreased
use of $1,526, (d) timing of cash outlays associated with prepaid expenses, which accounted for a positive variance
of $304, and (e) the Company’s continual focus on cost containment within corporate administration expenses,
accounting for a decreased use of approximately $800. The decreases above were offset by lower cash receipts from
interest earned of $454.
Net cash used in operating activities was $22,456 for the year ended December 31, 2013, as compared with $20,668
for the same period in 2012. The increase in cash used of $1,788 from the prior period is the result of (a) foreign
currency fluctuations on our bank accounts held in Canadian dollars, which accounted for an increased use of
$3,056; (b) timing in vendor payments affecting accounts payable, accounting for $2,488; and (c) timing in vendor
prepayments affecting prepaid assets, accounting for $386. The increased uses above were partially offset by
decreased spending within exploration and corporate administration totaling $4,505.
Net cash used in operating activities was $12,397 for the six-month period ended December 31, 2012 as compared
with $12,690 for the same period in 2011. The decrease in cash used of $293 from the prior period is the result of a
decrease in accounts payable outstanding at the end of each period, which was offset by a decrease in interest
receivable at the end of each period.
Investing Activities
Net cash used in investing activities was $33 for the year ended December 31, 2014, compared with net cash
provided by investing activities of $13,973 for the same period in 2013. The decrease in cash provided by investing
activities of $14,006 is primarily due to the net increase in cash from the sale of short-term investments of $15,118
(net of reinvestment) during 2013. The Company also made a purchase of land for $980 during 2013. Neither the
sale of short-term investments nor the purchase of land occurred in 2014. Finally, purchases of equipment were
reduced by $168 when comparing 2014 to 2013.
Net cash from investing activities was $13,973 for the year ended December 31, 2013, compared with net cash used
of $14,932 for the same period in 2012. The decrease in cash used in investing activities of $28,905 is primarily due
to the net increase in cash from the sale of short-term investments of $15,118 (net of reinvestment) during 2013,
compared with the purchase of short-term investments amounting to $15,118 for the same period in 2012. The
decrease was partially offset by the purchase of land for $980 during 2013.
