International Minerals Reports $6.8 Million in Pre-Tax Income for Third Fiscal Quarter Ending March 31, 2012
16.05.2012 | Marketwired
Signs Agreement for Sale of Ruby Hill Royalty for $38 Million
SCOTTSDALE, AZ -- (Marketwire) -- 05/15/12 -- International Minerals Corporation (TSX: IMZ) (SWISS: IMZ) (the "Company") reports its financial results for the third fiscal quarter ended March 31, 2012 (the "Current Quarter"). All amounts in this news release are reported in U.S. dollars.
Current Quarter highlights include $6.8 million in consolidated pre-tax income and $6.2 million in consolidated net and comprehensive income after tax ($0.05 per share), including net equity income of $10.9 million from the Company's 40% interest (Hochschild Mining 60%) in the Pallancata silver mine in Peru ("Pallancata").
For the nine-month period ended March 31, 2012 (the "Current Nine-Month Period"), the Company reported consolidated pre-tax income of $34.0 million and consolidated net and comprehensive income after tax of $32.5 million ($0.27 per share).
Subsequent to the end of the Current Quarter, the Company has entered into a non-binding letter agreement with an arm's length third party to sell its 3% net smelter return royalty on production from Barrick Gold Corporation's Ruby Hill gold mine in Nevada (the "Ruby Hill Royalty") for cash proceeds of $38.0 million. The commercial terms of this transaction have been approved in principle by the respective Boards of both companies subject to completion of legal due diligence, regulatory approvals and finalization of a purchase and sale agreement. Closing of the transaction is expected before the end of May 2012. The Company acquired the Ruby Hill Royalty as part of the acquisition of Metallic Ventures Gold Inc. in February 2010, which also included the Goldfield and Converse gold projects in Nevada.
Subsequent to the end of the Current Quarter, the Company received a $12.0 million cash distribution from Minera Suyamarca S.A.C. (which owns Pallancata), representing the Company's 40% share of a the total cash distribution of $30 million from Pallancata for the first calendar quarter of 2012.
Other notable highlights for the Current Quarter include the following project updates announced in news releases: (a) on January 11, 2012, the positive results of an independent feasibility study for the Inmaculada gold-silver development project in Peru; (b) on March 20, 2012, positive results of metallurgical test work and additional drilling results at the Goldfield gold project in Nevada, together with the progress of the feasibility study scheduled to be completed this summer for a proposed open-pit heap leach gold operation; and (c) on April 20, 2012, updated mineral reserves and resource estimates for the Pallancata Mine.
Highlights for the Three-Month Period Ended March 31, 2012:
During the Current Quarter, the Company achieved the following significant results:
- Consolidated pre-tax income of $6.8 million compared to $13.1 million for the three months ended March 31, 2011 (the "Prior Year's Quarter").
Income for the Prior Year's Quarter included higher earnings from Pallancata primarily because of higher silver and gold production, a higher gold by-product credit (which reduced operating costs), lower mine-site operating costs and lower Peruvian production royalties and taxes. See more detailed information below under "Pallancata Mine." - Consolidated net and comprehensive income after tax of $6.2 million (or $0.05 per share) compared to $13.1 million (or $0.11 per share) for the Prior Year's Quarter.
In the Current Quarter the Company recognized $656,000 of withholding tax expense while in the Prior Year's Quarter zero income/withholding tax expense was recognized. - Cash and equivalents at March 31, 2011 decreased to $83.9 million from $86.1 million at fiscal year end June 30, 2011.
The decrease in cash and equivalents is primarily a function of the Company's expenditures on its exploration and development activities at its two major gold projects in Nevada (Goldfield and Converse) offset by cash distributions from Suyamarca. - Pallancata Mine:
Net equity income (Company's 40% share) of $10.9 million compared to net equity income of $16.6 million for the Prior Year's Quarter.
On a 100%-basis produced approximately 1.8 million ounces of silver and 5,612 ounces of gold compared to 2.0 million ounces of silver and 7,780 ounces of gold in the Prior Year's Quarter.
The Company's 40% share of production was approximately 700,000 ounces of silver and 2,245 ounces of gold compared to 800,000 ounces of silver and 3,112 ounces of gold for the Prior Year's Quarter.
The decrease in gold and silver production for the Current Quarter compared to the Prior Year's Quarter was due to a decrease in the grades of both silver and gold processed due primarily to (i) the fact that the higher metal prices prevailing during the most recently completed quarter has allowed lower grade material to be mined profitably at Pallancata and (ii) operational scheduling constraints related to mine development and backfill placement.
Direct site costs for the Current Quarter at the Pallancata Mine were approximately $5.34 per ounce of silver produced (after gold by-product credit) and total cash costs (as defined by the Gold Institute) were $9.48 per ounce silver (after gold by-product credit). The Prior Year's Quarter direct site costs and total cash costs were $2.68 and $5.96 per ounce of silver produced, respectively (after the gold by-product credit). - The increase in production costs per ounce of silver after gold by-product credit for the Current Quarter is caused primarily by (a) lower silver and gold production, (b) lower gold by-product credit, (c) an increase in mining costs associated with the preparation of stopes exploiting the narrower veins, and (d) increased Peruvian mining taxes (under the newly-enacted Peruvian law in late 2011, which replaced the existing royalty schedule with an operating profit-based tax increase), and (d) weakening of the U.S. dollar against the Peruvian currency.
- Gross royalty revenue received by the Company from its 3% net smelter return royalty from the Barrick Gold's Ruby Hill gold mine in Nevada was $1.1 million (net royalty income was $0.7 million) compared to gross royalty revenue of $1.5 million (net royalty income of $0.3 million) for the Prior Year's Quarter.
- At March 31, 2012, working capital remained robust at $57.4 million compared to working capital of $52.4 million at fiscal year end June 30, 2011.
Other Financial Information for the Three-Month Period Ended March 31, 2012:
- Total expenses were $3.3 million compared to $2.6 million for the Prior Year's Quarter. The increase in costs in the Current Quarter was mostly due to an increase in general exploration spending and an increase in salary and benefits expense due to additional salary costs and an increase in staff support. In addition, administrative costs in Peru were primarily charged to operations as opposed to being capitalized to resource properties as in prior quarters.
- Other items reduced income by $1.4 million for the Current Quarter compared to a reduction in income of $1.2 million in the Prior Year's Quarter, due mainly to foreign exchange losses of $1.5 million) which resulted from the strengthening of the Canadian dollar against the U.S. dollar. Such foreign exchange changes can significantly impact the reported carrying value of the Company's Canadian-dollar denominated convertible debentures.
- The Company recognized a withholding tax expense of $656,000 for Peruvian withholding tax (4.1%) on a cash dividend received by the Company from its Peruvian subsidiary. In the Prior Year's Quarter no income tax withholding expense was reported.
- At March 31, 2012, the Company's deferred income tax liability was $8.0 million, which represents the net deferred tax liability recorded on the January 2010 acquisition of Metallic Ventures. This tax liability is expected to be a non-cash item and will be amortized at such time as operations commence at the Goldfield or Converse properties or it will be expensed if they are both sold or abandoned.
The Company accounts for its 40% interest in Minera Suyamarca S.A.C. (which owns the Pallancata Mine and also the Inmaculada gold-silver development property) on an equity accounting basis.
Financial Results for the Nine-Month Period Ended March 31, 2012:
During the Current Nine-Month Period, the Company achieved the following significant results:
- The Company reported pre-tax consolidated income of $34.0 million compared to $39.2 million for the nine-month period ended March 31, 2011 (the "Previous Nine-Month Period").
- Consolidated net and comprehensive income after tax was $32.5 million ($0.27 per share) compared to $39.2 million ($0.33 per share) for the Previous Nine-Month Period.
The decrease in net income for the Current Nine-Month Period was primarily due to a decrease in the equity income from Pallancata and withholding taxes in Peru on dividends received by the Company from its Peruvian subsidiary of $1.5 million ($nil in the same period last year). Also during the Previous Nine-Month Period, the Company reported a non-recurring gain of $2.4 million from the sale of an 11% interest in the Inmaculada gold-silver property to Hochschild. - Consolidated cash flow from operating activities was $27.6 million compared to $24.1 million for the Previous Nine-Month Period, with the decrease due to a timing difference in cash distributions from Pallancata for the Current Nine-Month Period.
- Net equity income from Pallancata was $38.8 million compared to $42.7 million for the Previous Nine-Month Period. This decrease was largely a function of lower gold and silver revenue from Pallancata due to lower gold and silver production and an increase in Peruvian mining taxes under a newly-enacted Peruvian law in late 2011, which replaced the existing royalty schedule with an operating profit-based tax increase.
- Net royalty income from the Ruby Hill mine was $2.2 million, compared to royalty income of $1.9 million for the Previous Nine-Month Period.
Operating Statistics for the Pallancata Mine (100% Project Basis).
The table below reports key operating and cost statistics for Pallancata for the fiscal quarters ended March 31, 2012 and 2011, respectively, and for the calendar years ended December 31, 2011 and 2010, respectively. Results for the quarter ended December 31, 2011 are also included for comparison purposes.
----------------------------------------------------------------------------
Quarter Quarter Quarter Year Year
Ended Ended Ended Ended Ended
3/31/2012 3/31/2011 12/31/2011 12/31/2011 12/31/2010
----------------------------------------------------------------------------
Ore mined (mt) 221,556 222,746 291,607 1,039,674 1,090,948
----------------------------------------------------------------------------
Ore processed (mt) 257,339 242,061 293,060 1,070,467 1,071,617
----------------------------------------------------------------------------
Head grade-Ag (g/t) 263 303 293 301 344
----------------------------------------------------------------------------
Head grade-Au (g/t) 0.99 1.31 1.27 1.33 1.40
----------------------------------------------------------------------------
Concentrate produced
(mt) 1,745 1,908 2,363 8,608 9,541
----------------------------------------------------------------------------
Silver production (oz) 1,780,122 2,017,735 2,288,930 8,767,394 10,135,483
----------------------------------------------------------------------------
Gold production (oz) 5,612 7,780 8,304 33,881 35,849
----------------------------------------------------------------------------
Silver sold (ozs) 1,826,000 2,327,800 2,636,200 9,063,800 9,998,000
----------------------------------------------------------------------------
Gold sold (ozs) 5,500 8,630 9,315 33,900 32,600
----------------------------------------------------------------------------
IMZ direct site costs
(US$) per oz (net of
gold by-product
credit) 5.34 2.68 2.35 2.20 222
----------------------------------------------------------------------------
IMZ total cash costs
(US$) per oz (net of
gold by-product
credit) 9.48 5.96 6.26 6.38 5.47
----------------------------------------------------------------------------
Notes:
1. The reported head grades for silver and gold are based on the overall metallurgical balance for the process plant.
2. The difference between "production" and "sold" metal ounces relates to in-process concentrate. Silver sales have been rounded.
3. Silver and gold ounces sold are reported as gross ounces.
4. Direct site costs per ounce silver and total cash costs per ounce silver reflect a "mined ore inventory adjustment." The Company believes that this calculation more accurately matches costs with ounces of production (Also see notes 5 and 6 below).
5. Direct site costs per ounce silver comprise direct mining costs, mined ore inventory adjustment, toll processing costs and mine general and administrative costs. The cost per ounce is net of gold by-product credit.
6. Total cash costs, using the Gold Institute definition, comprise: mine operating costs, mined ore inventory adjustment, toll processing costs, mine general and administrative costs, Hochschild management fee, concentrate transportation and smelting costs, local and regional taxes and the government royalty. The cost per ounce is net of gold by-product credit.
7. mt = metric tonnes; g/t - grams per metric tonne; oz = troy ounces
Company Outlook
Through calendar year end December 31, 2012, the Company's exploration and development efforts will be focused on:
- At the 40%-owned Pallancata silver mine in Peru:
- Working with Hochschild to continue production at the 3,000 tpd mining rate to produce approximately 8.0 million ounces of silver and 34,000 ounces of gold in calendar year 2012 (the Company's estimate on a 100% project basis).
- Increasing mineral resources and reserves to extend the existing mine life (approximately 3.5 years based on current reserves as of December 31, 2011).
- Working with Hochschild to continue production at the 3,000 tpd mining rate to produce approximately 8.0 million ounces of silver and 34,000 ounces of gold in calendar year 2012 (the Company's estimate on a 100% project basis).
- At the 40%-owned Inmaculada gold-silver project, also in Peru:
- Working with Hochschild to continue with mine development, permitting and construction with production targeted to commence prior to the end of calendar year 2013.
- Continuing with an aggressive exploration program in order to expand reserves and resources.
- Working with Hochschild to continue with mine development, permitting and construction with production targeted to commence prior to the end of calendar year 2013.
- At the 100%-owned Goldfield gold project in Nevada: completing a feasibility study in the summer of 2012, with the goal of potential production in calendar 2015.
- At the 100%-owned Converse gold project, also in Nevada: commencing a feasibility study in the summer of 2012.
- At the 100%-owned Rio Blanco gold-silver project in Ecuador: continuing discussions with the Ecuadorian government with respect to the negotiation for a production contract and also to evaluate other options for maximizing shareholder value for the project.
- Further reviewing the technical aspects of the approximately 60%-owned Gaby gold project, also in Ecuador, and evaluate other options for maximizing shareholder value for the project.
- Continuing to seek opportunities in precious metal properties in low political risk countries in the Americas, where the Company believes it can increase the value of such properties using its exploration, development, financing and administrative expertise to enhance value.
Hochschild Mining plc does not accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.
To view the Company's financial statements and MD&A, please click the following link:
http://www.intlminerals.com/financialreports.php
Cautionary Statement:
The Gold Institute calculation of Direct Site Costs and Total Cash Costs are non-IFRS financial measures, which Company management believes are useful in measuring operational performance. Some of the statements contained in this release are "forward-looking statements" within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding production expectations, drilling and development programs on the Company's projects, timing of completion of economic studies and the timing of commencement of construction and production and, obtaining of required environmental and production permits. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to obtaining mining and environmental permits; mining and development risks; financing risks; risk of commodity price fluctuations; political and regulatory risks; risks related to the new mining law in Ecuador, and other risks and uncertainties detailed in the Company's Annual Information Form for the year ended June 30, 2011, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
INTERNATIONAL MINERALS CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in United States dollars)
(Unaudited)
===========================================
March 31, June 30, July 1,
2012 2011 2010
-------------------------------------------
ASSETS
Current
Cash and equivalents $ 83,905,051 $ 86,127,062 $ 29,099,344
Receivables 1,313,961 4,567,909 4,192,295
Due from related party 12,075,861 557,367 -
Prepaid expenses and deposits 171,349 135,969 158,772
Investments 4,504,071 4,437,839 3,082,317
------------- ------------- -------------
Current assets 101,970,293 95,826,146 36,532,728
Non-current
Property, plant and equipment
Investment in Ruby Hill
royalty 10,111,540 11,402,904 13,409,126
Other property, plant and
equipment 566,010 504,033 473,093
------------- ------------- -------------
Total property, plant and
equipment 10,677,550 11,906,937 13,882,219
Investment in associate 128,278,032 119,986,799 36,668,508
Investment in resource
properties 160,092,065 141,619,839 202,263,484
Reclamation and environmental
bonds 213,108 213,108 212,701
------------- ------------- -------------
Non-current assets 299,260,755 273,726,683 253,026,912
------------- ------------- -------------
Total assets $ 401,231,048 $ 369,552,829 $ 289,559,640
===========================================
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current
Accounts payable $ 2,067,923 $ 778,529 $ 2,745,732
Accrued severance and payroll
costs 1,662,878 1,436,516 2,688,028
Due to related parties 11,725 73,079 11,819
Accrued interest payable on
convertible debentures 734,473 187,661 174,869
Convertible debentures 40,062,187 40,944,188 -
------------- ------------- -------------
Current liabilities 44,539,186 43,419,973 5,620,448
Non-current
Convertible debentures - - 36,646,543
Deferred income tax liability 8,000,000 8,000,000 8,600,000
------------- ------------- -------------
Non-current liabilities 8,000,000 8,000,000 45,246,543
------------- ------------- -------------
Shareholders' equity
Capital stock 242,614,710 245,260,695 217,204,514
Reserves 4,586,356 4,774,831 7,100,512
Equity component of
convertible debentures 4,945,008 4,945,008 4,945,008
Equity gain on carried
interest 9,082,734 - -
Retained earnings 87,463,054 63,152,322 2,666,515
------------- ------------- -------------
Capital and reserves
attributable to the
shareholders of the Company 348,691,862 318,132,856 231,916,549
------------- ------------- -------------
Non-controlling interest in
subsidiary - - 6,776,100
------------- ------------- -------------
Total liabilities and
shareholders' equity $ 401,231,048 $ 369,552,829 $ 289,559,640
===========================================
Nature and continuance of operations
Subsequent events
Approved on May 14, 2012 by
the Directors:
"Stephen J. Kay" Director "W. Michael Smith" Director
------------------------------ ------------------------------
Stephen J. Kay W. Michael Smith
INTERNATIONAL MINERALS CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(Expressed in United States dollars)
For the three and nine month periods ended March 31 (Unaudited)
======================================================
3-Month 3-Month 9-Month 9-Month
Period Period Period Period
March 31, March 31, March 31, March 31,
2012 2011 2012 2011
------------------------------------------------------
ROYALTY INCOME
Royalty income $ 1,135,335 $ 1,524,285 $ 3,660,281 $ 3,536,320
Depletion of
royalty interest (410,268) (1,177,455) (1,291,364) (1,439,549)
Net proceeds tax (56,767) (76,214) (183,014) (176,816)
------------ ------------ ------------ ------------
Net royalty
income 668,300 270,616 2,185,903 1,919,955
------------ ------------ ------------ ------------
INCOME FROM
ASSOCIATE
Equity income from
associate 11,211,600 16,900,800 39,749,600 43,506,226
Joint venture
monitoring costs (160,537) (147,712) (392,749) (261,007)
Amortization of
non-reimbursable
costs (180,367) (180,367) (541,101) (541,100)
------------ ------------ ------------ ------------
Net income from
associate 10,870,696 16,572,721 38,815,750 42,704,119
------------ ------------ ------------ ------------
EXPENSES
Amortization 15,346 11,458 40,189 28,892
General
exploration 379,405 5,000 403,014 22,169
Interest and
financing costs 548,050 1,005,361 1,646,042 2,928,535
Investor relations 268,111 261,807 654,975 619,349
Office and general 80,946 224,697 646,315 547,363
Professional fees 254,465 211,622 580,710 405,733
Salaries and
benefits 1,411,602 599,756 1,936,898 1,167,505
Stock-based
compensation 163,268 164,702 338,007 482,610
Transfer agent and
listing fees 88,338 94,802 175,994 144,549
Travel 45,338 24,546 130,360 123,314
------------ ------------ ------------ ------------
Total expenses (3,254,869) (2,603,751) (6,552,504) (6,470,019)
------------ ------------ ------------ ------------
OTHER ITEMS
Foreign exchange
(loss) gain (1,463,075) (440,494) (430,165) (1,138,503)
Unrealized gain
(loss) on
investments 256,845 (275,527) (4,567) 1,676,949
Gain on sale of
interest in
resource property - - - 2,361,579
Interest income 57,118 183,265 348,625 261,044
Gain on settlement
of debt - 77 - 5,794
Write-off of
resource
properties (288,141) (337,399) (348,604) (2,634,038)
Recovery of
resource
properties - - - 777,280
Write-down of
investment - (296,121) - (296,121)
------------ ------------ ------------ ------------
Total other
items (1,437,253) (1,166,199) (434,711) 1,013,984
------------ ------------ ------------ ------------
Income before taxes 6,846,874 13,073,387 34,014,438 39,168,039
Withholding tax (656,000) - (1,476,000) -
------------ ------------ ------------ ------------
Net and
comprehensive
income after taxes $ 6,190,874 $ 13,073,387 $ 32,538,438 $ 39,168,039
======================================================
======================================================
Earnings per common
share - basic $ 0.05 $ 0.11 $ 0.27 $ 0.33
Earnings per common
share - diluted $ 0.05 $ 0.11 $ 0.27 $ 0.33
======================================================
Weighted average
number of common
shares outstanding
- basic 119,586,197 119,698,271 120,134,377 117,607,617
Weighted average
number of common
shares outstanding
- diluted 119,903,351 120,995,401 120,879,295 118,617,886
======================================================
INTERNATIONAL MINERALS CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Expressed in United States dollars)
For the three and nine month periods ended March 31 (Unaudited)
======================================================
3-Month 3-Month 9-Month 9-Month
Period Period Period Period
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2012 2011 2012 2011
------------------------------------------------------
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net income for the
period $ 6,190,874 $ 13,073,387 $ 32,538,438 $ 39,168,039
Add non-cash
items:
Amortization 15,346 55,805 40,189 28,892
Depletion of
royalty
interest 410,268 1,177,455 1,291,364 1,439,549
Stock-based
compensation 163,268 164,702 338,007 482,610
Unrealized
foreign
exchange loss
(gain) 810,611 1,480,107 (755,341) 3,557,517
Unrealized
(gain) loss on
investments (256,845) 275,527 4,567 (1,676,949)
Write-off of
resource
properties 288,141 337,399 348,604 2,634,038
Write-down of
investment - 286,150 - 286,150
Interest and
financing costs 548,050 569,483 1,646,042 2,544,178
Equity income
from associate (11,211,600) (16,900,800) (39,749,600) (43,506,226)
Amortization of
non-
reimbursable
costs 180,367 180,367 541,101 541,100
Gain on sale of
ownership
interest - - - (2,361,579)
Interest income (57,118) (183,265) (348,625) (261,044)
Withholding tax 656,000 - 1,476,000 -
Add cash item:
Cash
distributions
received from
associate - - 28,000,000 20,000,000
Changes in non-
cash working
capital items:
Decrease in
receivables 218,117 373,023 3,301,054 2,511,799
Increase in
prepaid
expenses and
deposits (10,583) (166,726) (35,380) (40,600)
Decrease in
accounts
payable (731,428) (739,445) (667,139) (739,446)
Decrease in due
from related
parties 106,736 - 481,506 -
Increase
(decrease) in
accrued
severance and
payroll costs 80,850 2,108,092 (15,867) (508,460)
(Decrease)
increase in due
to related
party (8,980) 2,019 (61,354) 11,139
Withholding tax
paid - - (820,000) -
------------ ------------ ------------ ------------
Net cash (used in)
provided by
operating
activities (2,607,926) 2,093,280 27,553,566 24,110,707
------------ ------------ ------------ ------------
CASH FLOWS FROM
FINANCING
ACTIVITIES
Proceeds from the
issuance of
common shares 398,156 1,545,393 1,067,516 24,153,762
Convertible
debenture
interest payment - - (1,097,992) (1,099,780)
Repurchase of
common shares (5,897,784) - (12,508,115) -
------------ ------------ ------------ ------------
Net cash (used in)
provided by
financing
activities (5,499,628) 1,545,393 (12,538,591) 23,053,982
------------ ------------ ------------ ------------
CASH FLOWS FROM
INVESTING
ACTIVITIES
Resource property
expenditures (3,692,966) (6,816,256) (17,186,341) (17,611,390)
Proceeds from sale
of property
ownership
interest - 15,000,000 - 15,000,000
Investments in
associate - - (10,000,000)
Purchase of
investments - - (157,165) (148,054)
Interest received 38,514 159,125 301,519 210,601
Purchase of
property and
equipment (62,979) (4,882) (194,999) (10,987)
Reclamation /
environmental
bonds - 3,000 - (407)
Recovery of
investment in
mineral
properties - 777,280 - 777,280
------------ ------------ ------------ ------------
Net cash (used in)
provided by
investing
activities (3,717,431) 9,118,267 (17,236,986) (11,782,957)
------------ ------------ ------------ ------------
Change in cash and
equivalents for the
period (11,824,985) 12,756,940 (2,222,011) 35,381,732
Cash and
equivalents,
beginning of period 95,730,036 51,724,136 86,127,062 29,099,344
------------ ------------ ------------ ------------
Cash and
equivalents, end of
period $ 83,905,051 $ 64,481,076 $ 83,905,051 $ 64,481,076
======================================================
INTERNATIONAL MINERALS CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Expressed in United States dollars, except share amounts)
MARCH 31, 2012 (Unaudited)
----------------------------------------------------
Capital Stock
-------------------------
Equity
component
of
Number convertible
of shares Amount Reserves debentures
----------- ------------ ----------- -----------
Balance July
1, 2010 115,242,581 $217,204,514 $ 7,100,512 $ 4,945,008
Issued on
exercise of
options 976,520 6,429,334 (2,241,716) -
Issued on
private
placement 3,655,746 20,000,000 - -
Share
issuance
costs - (33,856) - -
Stock-based
compensation - - 482,610 -
Forfeiture of
stock
options - - (312,875) -
Sale of
controlling
interest in
Quellopata - - - -
Net income
for the
period - - - -
----------- ------------ ----------- -----------
Balance March
31, 2011 119,874,847 $243,599,992 $ 5,028,531 $ 4,945,008
----------- ------------ ----------- -----------
Issued on
conversion
of
debentures 2,616 18,570 - -
Issued on
exercise of
options 420,100 1,642,133 (433,858) -
Stock-based
compensation - - 180,158 -
Net income
for the
period - - - -
----------- ------------ ----------- -----------
Balance June
30, 2011 120,297,563 $245,260,695 $ 4,774,831 $ 4,945,008
----------- ------------ ----------- -----------
Issued on
conversion
of
debentures 5,813 40,425 - -
Issued on
exercise of
options 278,000 1,593,999 (526,482) -
Repurchase of
common
shares (2,101,600) (4,280,409) - -
Stock-based
compensation - - 338,007 -
Equity gain
on carried
interest
(Suyamarca) - - - -
Net income
for the
period - - - -
----------- ------------ ----------- -----------
Balance March
31, 2012 118,479,776 $242,614,710 $ 4,586,356 $ 4,945,008
----------- ------------ ----------- -----------
------------------------------------
Equity Non-
gain controlling
on carried Retained interest in Total
interest earnings Total subsidiary equity
---------- ----------- ------------ ----------- ------------
Balance July
1, 2010 $ - $ 2,666,515 $231,916,549 $ 6,776,100 $238,692,649
Issued on
exercise of
options - - 4,187,618 - 4,187,618
Issued on
private
placement - - 20,000,000 - 20,000,000
Share
issuance
costs - - (33,856) - (33,856)
Stock-based
compensation - - 482,610 - 482,610
Forfeiture of
stock
options - 312,875 - - -
Sale of
controlling
interest in
Quellopata - - - (6,776,100) (6,776,100)
Net income
for the
period - 39,168,039 39,168,039 - 39,168,039
---------- ----------- ------------ ----------- ------------
Balance March
31, 2011 - $42,147,429 $295,720,960 $ - $295,720,960
---------- ----------- ------------ ----------- ------------
Issued on
conversion
of
debentures - - 18,570 - 18,570
Issued on
exercise of
options - - 1,208,275 - 1,208,275
Stock-based
compensation - - 180,158 - 180,158
Net income
for the
period - 21,004,893 21,004,893 - 21,004,893
---------- ----------- ------------ ----------- ------------
Balance June
30, 2011 - $63,152,322 $318,132,856 $ - $318,132,856
---------- ----------- ------------ ----------- ------------
Issued on
conversion
of
debentures - - 40,425 - 40,425
Issued on
exercise of
options - - 1,067,517 - 1,067,517
Repurchase of
common
shares - (8,227,706) (12,508,115) - (12,508,115)
Stock-based
compensation - - 338,007 - 338,007
Equity gain
on carried
interest
(Suyamarca) 9,082,734 - 9,082,734 - 9,082,734
Net income
for the
period - 32,538,438 32,538,438 - 32,538,438
---------- ----------- ------------ ----------- ------------
Balance March
31, 2012 $9,082,734 $87,463,054 $348,691,862 $ - $348,691,862
---------- ----------- ------------ ----------- ------------
Notes are an integral part of the condensed consolidated interim financial statements. The complete financial statements and accompanying notes can be found on the Company's website by clicking the following link:
http://www.intlminerals.com/release.php?R_ID=87&Kind=FS
For additional information, contact:
In North America In Europe
Paul Durham, VP Corporate Relations
Oliver Holzer, Marketing Consultant
Tel: +1 480 483 9932
+41 44 853 00 47
Or email us at: Email Contact
Internet Site: http://www.intlminerals.com