As at March 31, 2008, our working capital amounted to $346,221,368, compared to working capital of
$193,364,316 at December 31, 2007. The working capital is largely made up of cash and cash
equivalents totaling $352,147,041. To ensure the security and liquidity of our financial resources, cash
balances and short-term investments are only invested in Banker’s Acceptance Paper issued by
Canadian Schedule 1 Financial Institutions.
The large increase in working capital is mainly due to the March 2008 equity financing of 23,000,000
common shares at a price of $7.80 per common share for net proceeds of $170,727,000.
We are dependent on obtaining future financings to complete our exploration program and the
development of the Bloom Lake property. We expect to raise the balance required through debt financing.