Financials as of dec.31Sorry for the unformated display - if somebody can tell me how to keep the formating from a pdf doc - I'll try again...
(Expressed in Canadian Dollars)
December 31 September 30
2005 2005
(unaudited)
Assets
Current assets
Cash and equivalents $ 20,422,209 $ 21,728,789
Accounts receivable 9,184,021 6,746,378
Concentrate inventory 12,395,400 16,284,800
Supplies inventory 5,487,106 4,589,431
Prepaid expenses 1,636,899 1,914,214
Current portion of future income taxes 4,479,000 4,479,000
Current portion of promissory note 3,462,521 2,637,499
57,067,156 58,380,111
Restricted cash 5,000,000 5,000,000
Mineral properties, plant and equipment 9,892,243 9,916,992
Assets under capital leases 20,291,000 20,794,000
Reclamation deposits 18,610,669 18,281,420
Promissory note 69,949,017 69,680,355
Future income taxes 8,944,000 8,944,000
$ 189,754,085 $ 1 90,996,878
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 10,619,672 $ 12,580,463
Advances from related parties (note 4) 330,093 105,067
Current portion of vehicle loans 200,616 214,715
Current portion of capital lease obligation 2,119,973 2,092,334
Current portion of deferred revenue 4,860,506 14,748,000
Current portion of royalty obligation 3,462,521 2,637,499
Income taxes 19,645,000 19,645,000
41,238,381 52,023,078
Vehicle loans 143,317 181,901
Capital lease obligation 12,447,885 12,984,805
Royalty obligation 65,706,207 66,153,298
Deferred revenue 1,356,250 1,400,000
Convertible debenture (note 3(c)) 12,127,213 11,830,241
Site closure and reclamation costs 17,747,000 17,314,000
150,766,253 161,887,323
Shareholders' equity
Share capital (note 3) 163,764,441 160,829,442
Convertibe debenture – conversion right (note 3(c)) 9,822,462 9,822,462
Tracking preferred shares 26,641,948 26,641,948
Contributed surplus 5,565,460 5,334,614
Deficit (166,806,479) (173,518,911)
38,987,832 29,109,555
Contingent gain (note 5)
$ 189,754,085 $ 1 90,996,878
See accompanying notes to consolidated financial statements.
Approved by the Board of Directors
/s/ Russell E. Hallbauer /s/ Jeffrey R. Mason
Russell E. Hallbauer Jeffrey R. Mason
Director Director
TASEKO MINES LIMITED
Consolidated Statements of Operations
(Expressed in Canadian Dollars)
(Unaudited)
Three months ended December 31
2005 2004
(restated -
note 2)
Revenue
Copper $ 3 6,148,473 $ –
Molybdenum 5 ,122,755 –
4 1,271,228 –
Cost of sales (26,046,632) –
Treatment and transportation (6,276,902) –
Amortization (848,888) (512,173)
8 ,098,806 (512,173)
Expenses (income)
Accretion of reclamation obligation 4 33,000 393,500
Exploration 2 69,629 32,047
Foreign exchange (32,151) (364,270)
Loss on sale of equipment – 2 ,177,992
General and administration 1 ,029,967 397,707
Interest and other income (1,626,954) (6,437,221)
Interest expense 1 ,082,037 9 06,314
Restart project – 7,561,446
Stock-based compensation 2 30,846 164,549
1 ,386,374 4 ,832,064
Earnings (loss) before income taxes 6 ,712,432 (5,344,237)
Income tax expense (recovery) – –
Earnings (loss) for the period $ 6 ,712,432 $ (5,344,237)
Earnings (loss) per share
Earnings (loss) per common share - basic $ 0 .06 $ (0.06)
Earnings (loss) per common share - diluted $ 0 .06 $ (0.06)
Weighted average number of common shares outstanding
Basic 1 04,598,186 9 5,773,608
Diluted 1 12,243,221 9 5,773,608
Consolidated Statements of Deficit
(Expressed in Canadian Dollars)
(Unaudited)
Three months ended December 31
2005 2004
Deficit, beginning of period $ (173,518,911) $ (196,808,684)
Earnings (loss) for the period 6 ,712,432 (5,344,237)
Deficit, end of period $ (166,806,479) $ (202,152,921)
See accompanying notes to consolidated financial statements.
TASEKO MINES LIMITED
Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)
Three months ended December 31
2005 2004
Cash provided by (used for)
(restated -
note 2)
Operating activities
Earnings (loss) for the period $ 6 ,712,432 $ (5,344,237)
Items not involving cash
Loss (gain) on sale of equipment – 2,177,992
Amortization and accretion 848,888 5 12,173
Accretion of reclamation obligation 433,000 3 93,500
Stock-based compensation 230,846 1 64,549
Changes in non-cash operating working capital
Accounts receivable (2,437,643) 1 ,299,421
Inventories 2,991,725 (10,400,405)
Prepaids 277,315 48,261
Accrued interest income on promissory note (1,093,684) (1,042,367)
Accounts payable and accrued liabilities (1,960,791) (4,875,226)
Deferred revenue (9,931,244) (43,750)
Accrued interest expense on royalty obligation 377,931 370,054
(3,551,225) (16,740,035)
Investing activities
Purchase of property, plant and equipment (321,139) (2,774,622)
Proceeds received on sale of property, plant and equipment – 22,050,711
Restricted cash – (5,000,000)
Accrued interest income on reclamation deposits (329,249) (59,846)
(650,388) 1 4,216,243
Financing activities
Principal repayments under capital lease obligation (509,281) (5,213,046)
Bank operating loan – (767,016)
Principal repayments on vehicle loans (52,683) 310,042
Advances from related parties 2 25,026 8 0,624
Common shares issued for cash, net of issue costs 2 ,934,999 1 ,168,950
Accrued interest expense on convertible debenture 296,972 269,975
2 ,895,033 (4,150,471)
Increase in cash and equivalents (1,306,580) (6,674,263)
Cash and equivalents, beginning of period 2 1,728,789 1 4,892,947
Cash and equivalents, end of period $ 2 0,422,209 $ 8 ,218,684
Supplementary cash flow disclosures
Cash paid for:
Interest $ 7 85,065 $ 6 36,339
Taxes $ – $ 5 54
See accompanying notes to consolidated financial statements.