(Unaudited - In thousands except per share amounts)
June 30, 2010
December 31, 2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
22,895
$
48,614
Deposits, prepaid expenses and other current assets
183
179
Total Current Assets
23,078
48,793
Mining properties, land and water rights
106,977
101,190
Deposits on project property, plant and equipment
67,400
42,648
Restricted cash held for electricity transmission
12,286
12,286
Restricted cash held for reclamation bonds
1,133
1,133
Non-mining property and equipment, net
452
553
Other assets
2,994
2,994
TOTAL ASSETS
$
214,320
$
209,597
LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities
$
2,952
$
3,799
Current portion of long term debt
144
163
Total Current Liabilities
3,096
3,962
Provision for post closure reclamation and remediation costs
561
586
Deferred gain
200
100
Long term debt, net of current portion
10,239
268
Total Liabilities
14,096
4,916
COMMITMENTS AND CONTINGENCIES
CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST
99,761
99,761
EQUITY
Common stock, $0.001 par value; 200,000,000 shares authorized, 72,567,538 and 72,437,538 shares issued and outstanding, respectively
73
72
Additional paid-in capital
188,878
187,290
Accumulated deficit before exploration stage
(213
)
(213
)
Accumulated deficit during exploration and development stage
(88,275
)
(82,229
)
Total Equity
100,463
104,920
TOTAL LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
$
214,320
$
209,597
GENERAL MOLY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - In thousands, except per share amounts)
Three Months Ended
Six Months Ended
January 1, 2002 (Inception of Exploration Stage) to June 30, 2010
June 30, 2010
June 30, 2009
June 30, 2010
June 30, 2009
REVENUES
$
?
$
?
$
?
$
?
$
?
OPERATING EXPENSES:
Exploration and evaluation
53
166
180
364
37,690
General and
administrative expense
3,112
2,724
5,831
5,637
54,817
TOTAL OPERATING EXPENSES
3,165
2,890
6,011
6,001
92,507
LOSS FROM OPERATIONS
(3,165
)
(2,890
)
(6,011
)
(6,001
)
(92,507
)
OTHER INCOME
Interest and dividend income
5
?
6
8
3,969
Interest expense
(41
)
?
(41
)
?
(41
)
Other income
?
?
?
?
65
TOTAL OTHER INCOME
(36
)
?
(35
)
8
3,993
LOSS BEFORE TAXES
(3,201
)
(2,890
)
(6,046
)
(5,993
)
(88,514
)
Income Taxes
?
?
?
?
?
NET LOSS
$
(3,201
)
$
(2,890
)
$
(6,046
)
$
(5,993
)
$
(88,514
)
Less: Net loss attributable to contingently redeemable noncontrolling interest
?
136
?
239
239
NET LOSS ATTRIBUTABLE TO GENERAL MOLY, INC.
$
(3,201
)
$
(2,754
)
$
(6,046
)
$
(5,754
)
$
(88,275
)
Basic and diluted net loss attributable to General Moly per share of common stock
$
(0.04
)
$
(0.04
)
$
(0.08
)
$
(0.08
)
Weighted average number of shares outstanding ? basic and diluted
72,568
72,104
72,557
72,034
GENERAL MOLY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - In thousands)
Six Months Ended
January 1, 2002 (Inception of Exploration Stage) to June 30, 2010
June 30, 2010
June 30, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss
$
(6,046
)
$
(5,993
)
$
(88,514
)
Adjustments to reconcile net loss to net cash used by operating activities:
Services and expenses paid with common stock
?
?
1,990
Repricing of warrants
585
?
585
Forfeitures of deposits on property and equipment
?
378
378
Depreciation and amortization
184
173
1,081
Interest expense
41
?
41
Equity compensation for employees and directors
604
257
14,062
(Increase) decrease in deposits, prepaid expenses and other
(4
)
5
(91
)
Decrease (increase) in restricted cash held for electricity transmission
?
259
(12,286
)
(Decrease) increase in accounts payable and accrued liabilities
(975
)
346
2,390
(Decrease) increase in post closure reclamation and remediation costs
(25
)
(145
)
352
Net cash used by operating activities
(5,636
)
(4,720
)
(80,012
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for the purchase of equipment
?
?
(1,424
)
Purchase of securities
?
?
(137
)
Purchase and development of mining properties, land and water rights
(5,819
)
(16,312
)
(100,452
)
Deposits on property, plant and equipment
(24,331
)
(1,346
)
(67,357
)
Proceeds from option to purchase agreement
100
100
200
Increase in restricted cash held for reclamation bonds
?
?
(642
)
Cash provided by sale of marketable securities
?
?
246
Net cash used by investing activities
(30,050
)
(17,558
)
(169,566
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock, net of issuance costs
56
63
165,260
Proceeds from debt
10,000
?
10,000
Cash proceeds from POS-Minerals Corporation
?
?
100,000
Cash paid to POS-Minerals Corporation for purchase price adjustment
?
?
(2,994
)
Decrease in restricted cash ? Eureka Moly, LLC
?
13,784
?
Net increase (decrease) in leased assets
(89
)
(63
)
161
Net cash provided by financing activities
9,967
13,784
272,427
Net (decrease) increase in cash and cash equivalents
(25,719
)
(8,494
)
22,849
Cash and cash equivalents, beginning of period
48,614
78,462
46
Cash and cash equivalents, end of period
$
22,895
$
69,968
$
22,895
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equity compensation capitalized as development
$
472
$
358
$
5,551
Restricted cash held for reclamation bond acquired in an acquisition
?
?
491
Post closure reclamation and remediation costs and accounts payable assumed in an acquisition
?
?
263
Common stock and warrants issued for property and equipment
?
?
1,586
General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE Amex (formerly the American Stock Exchange) and the Toronto Stock Exchange under the symbol GMO. Our primary asset, our interest in the Mt. Hope project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Liberty project that is also located in central Nevada, our goal is to become the largest primary molybdenum producer by the middle of the decade. For more information on the Company, please visit our website at
Forward-Looking Statements
Statements herein that are not historical facts are 'forward-looking statements? within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to, metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company′s ability to obtain required permits to commence production and its ability to raise required financing, adverse governmental regulation and judicial outcomes. The closing of the Hanlong transaction and obtaining bank financing are subject to a number of conditions precedent that may not be fulfilled. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company′s quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.
