Summary of Financial Results
The Corporation reported a profit from its continuing operations of $0.03 million in Q1 2014 (Q1 2013: loss of $10.3 million ).
Prior to the disposal of its discontinued operations in Q2 2013, the Corporation reported profits from its discontinued operations of $34.4 million in Q1 2013, comprised of $31.1 million from Mine Waste Solutions and $3.3 million from the Ezulwini Mine. The primary driver for the profit in Q1 2013 was the derivative income related to the gold stream transactions compared to the derivative expense recognized in previous reporting periods.
During Q1 2014, the Corporation utilized $0.5 million of its remaining cash on ongoing corporate expenses. During Q1 2013, the Corporation (including its discontinued operations) generated $4.1 million cash from its operations and utilized $3.6 million on capital projects and other investing activities related to its discontinued operations.
As at June 30, 2013 , the Corporation’s current assets were $4.6 million (March 31, 2013: $4.6 million ) and its current liabilities amounted to $1.3 million (March 31, 2013: $1.3 million ), consisting of a $1.0 million tax payable provision and $0.4 million of trade and other payables.
Cautionary Language Regarding Forward-Looking Information
This news release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward-looking statements (or forward-looking information). The Corporation’s plans involve various estimates and assumptions and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation’s most recent Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.