Magino David Ponczoch
Cash flow from operations before changes in noncash operating working capital and others for the fourth quarter was $9 million, compared with $18 million the prior year, a reduction of 53% due to lower revenues and higher costs. Argonaut ended the year with $73 million in cash on the balance sheet and $170 million available to draw. Of the $170 million available at year end, in January, another $56 million was drawn on the credit facility. We still have $114 million available to draw on our credit facility. Based on the updated cost to complete for construction, assuming a mid-May gold pour-- first gold, the remaining balance for the credit facility should cover the remaining costs.
Wayne Lam
Okay, perfect. Thanks. That sounds like a prudent strategy. I was just wondering also what was driving the underspend on CapEx at Magino in 2022 relative to the budget? And where do you see potential for any further overruns?
David Ponczoch
Thanks, Wayne. So a couple of things. First of all, the underspend in 2022 relates to the 45 day delay. So that's in part the reason for the cost under run as we approach project completion with the revised capital increase to $755 million, CAD980 million. We're comfortable that those numbers, there won't be a further capital increase over and above that.