Deposits, prepaid expenses and other current assets
?
109
?
?
105
?
Total Current Assets
?
35,212
?
?
40,814
?
Mining properties, land and water rights ? Note 4
147,188
143,732
Deposits on project property, plant and equipment
67,104
66,474
Restricted cash held for electricity transmission
12,005
12,005
Restricted cash held for reclamation bonds
1,133
1,133
Non-mining property and equipment, net
767
819
Capitalized debt issuance costs
5,202
3,136
Other assets
?
2,994
?
?
?
?
?
?
2,994
?
TOTAL ASSETS
$
271,605
?
$
271,107
LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY:
CURRENT LIABILITIES
Accounts payable and accrued liabilities
$
4,652
$
4,568
Accrued advance royalties
8,950
8,950
Accrued payments to Agricultural Sustainability Trust
2,000
2,000
Current portion of long term debt
?
10,640
?
?
10,596
?
Total Current Liabilities
?
26,242
?
?
26,114
?
Provision for post closure reclamation and remediation costs
583
587
Deferred gain
1,150
1,150
Accrued payments to Agricultural Sustainability Trust and Hanlong
4,000
2,000
Long term debt, net of current portion
?
113
?
?
131
?
Total Liabilities
?
32,088
?
?
29,982
?
?
COMMITMENTS AND CONTINGENCIES ? Note 10
?
?
?
CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST
?
98,073
?
?
98,073
?
?
EQUITY
Common stock, $0.001 par value; 200,000,000 shares authorized, ? ?91,220,944 and 90,818,248 shares issued and outstanding, ? ?respectively
92
91
Additional paid-in capital
257,442
255,894
Accumulated deficit before exploration stage
(213
)
(213
)
Accumulated deficit during exploration and development stage
?
(115,877
)
?
(112,720
)
Total Equity
?
141,444
?
?
143,052
?
TOTAL LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
$
271,605
?
$
271,107
?
?
GENERAL MOLY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited - In thousands, except per share amounts)
?
?
?
?
?
?
?
?
Three Months Ended
January 1, 2002 (Inception of Exploration Stage) to March 31, 2012
March 31, 2012
?
?
?
?
March 31, 2011
?
REVENUES
$
?
$
?
$
?
OPERATING EXPENSES:
Exploration and evaluation
168
169
39,869
Write downs of development and deposits
?
?
8,819
General and administrative expense
?
2,925
?
3,938
?
72,700
TOTAL OPERATING EXPENSES
?
3,093
?
4,107
?
121,388
LOSS FROM OPERATIONS
(3,093)
(4,107)
(121,388)
OTHER INCOME / (EXPENSE)
Interest and dividend income
?
11
4,062
Interest expense
?
(64)
?
(60)
?
(478)
TOTAL OTHER INCOME / (EXPENSE), NET
?
(64)
?
(49)
?
3,584
LOSS BEFORE INCOME TAXES
(3,157)
(4,156)
(117,804)
Income Taxes
?
?
?
?
?
?
CONSOLIDATED NET LOSS
$
(3,157)
$
(4,156)
$
(117,804)
Less: Net loss attributable to contingently redeemable ? ?noncontrolling interest
?
?
?
?
?
1,927
NET LOSS ATTRIBUTABLE TO GENERAL MOLY, INC.
$
(3,157)
$
(4,156)
$
(115,877)
Basic and diluted net loss attributable to General Moly per ? ?share of common stock
$
(0.03)
$
(0.05)
Weighted average number of shares outstanding ? basic ? ?and diluted
91,175
90,372
?
COMPREHENSIVE LOSS
$
(3,157)
$
(4,156)
$
(117,804)
?
GENERAL MOLY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - In thousands)
?
?
?
?
?
?
?
Three Months Ended
January 1, 2002 (Inception of Exploration Stage) to March 31, 2012
?
?
March 31,
2012
?
?
?
?
March 31,
2011
CASH FLOWS FROM OPERATING ACTIVITIES:
?
?
Net Loss
$
(3,157
)
$
(4,156
)
$
(117,804
)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization
107
91
1,751
Interest expense
64
60
478
Equity compensation for employees and directors
810
1,039
17,622
(Increase) decrease in deposits, prepaid expenses and other
(4
)
62
(17
)
Increase (decrease) in accounts payable and accrued liabilities
18
(3,292
)
(7,285
)
(Decrease) increase in post closure reclamation and remediation costs
(4
)
(12
)
374
Services and expenses paid with common stock
?
?
1,990
Repricing of warrants
?
?
965
Write downs of development and deposits
?
?
8,819
(Increase) in restricted cash held for electricity transmission
?
?
?
?
?
?
?
(12,005
)
Net cash used by operating activities
?
(2,166
)
?
(6,208
)
?
(105,112
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase and development of mining properties, land and water rights
(3,330
)
(2,272
)
(124,152
)
Deposits on property, plant and equipment
(630
)
(6
)
(68,537
)
Proceeds from option to purchase agreement
?
285
1,150
Purchase of securities
?
?
(137
)
(Increase) in restricted cash held for reclamation bonds
?
?
(642
)
Cash provided by sale of marketable securities
?
?
?
?
?
246
Net cash used by investing activities
?
(3,960
)
?
(1,993
)
?
(192,072
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock, net of issuance costs
558
19,337
228,277
Net (decrease) increase in leased assets
(38
)
(50
)
94
(Increase) in capitalized debt issuance costs
?
(431
)
(3,136
)
Proceeds from debt
?
?
10,000
Cash proceeds from POS-Minerals Corporation
?
?
100,000
Cash paid to POS-Minerals Corporation for purchase price adjustment
?
?
?
?
?
(2,994
)
Net cash provided by financing activities
?
520
?
18,856
?
332,241
Net (decrease) increase in cash and cash equivalents
(5,606
)
10,655
35,057
Cash and cash equivalents, beginning of period
?
40,709
?
53,571
?
46
Cash and cash equivalents, end of period
$
35,103
$
64,226
$
35,103
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equity compensation capitalized as development
$
181
$
(34
)
$
6,639
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
Accrued portion of capitalized debt issuance costs
2,066
?
2,066
Accrued portion of advance royalties
?
?
8,950
Accrued portion of payments to the Agricultural Sustainability Trust
?
?
4,000
?
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.
Cautionary Note to U.S. Investors Concerning Estimates of Reserves and Resources
Calculations with respect to 'proven reserves' and 'probable reserves' referred to above have been made in accordance with, and using the definitions of National Instrument 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, the U.S. SEC applies a different standard in order to classify mineralization as a 'reserve'. Under SEC standards, mineralization may not be classified as a 'reserve' unless the determination has been made that the mineralization could be economically and legally extracted or produced at the time the reserve determination is made. No such determinations have been made with respect to any mineralization at the Liberty project, and it cannot be assured that such a determination will be made. This release also uses the terms 'measured?, 'indicated? and 'inferred? resources. We caution U.S. investors that while such terms are recognized and required by Canadian Securities Administrators pursuant to the National Instrument 43-101, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. 'Inferred Resources?, in particular, have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian Securities Administration rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.
