Record cash margin of $47.5 million from royalties and streams

Operating cash flows from the royalties and streams segment of $40.5 million

MONTRÉAL, May 12, 2022 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial results for the first quarter of 2022. Amounts presented are in Canadian dollars, except where otherwise noted.

Q1 2022 Financial Highlights

  • 18,251 GEOs1 earned (Q1 2021 – 19,960 GEOs);
  • Consolidated revenues of $59.4 million ($66.9 million in Q1 2021);        
    • Revenues from the royalties and streams segment2 of $50.7 million ($66.9 million in Q1 2021, including $17.9 million from offtakes);
    • Revenues from the mining exploration and development segment3 (i.e. Osisko Development Corp.) of $8.7 million (net of intersegment transactions);
  • Consolidated cash flows from operating activities of $23.6 million (Q1 2021 – $21.3 million);
    • Operating cash flows from the royalties and streams segment of $40.5 million (Q1 2021 – $36.7 million);

    • Operating cash flows from the mining exploration and development segment of ($16.9) million (Q1 2021 – ($15.4) million);
  • Cash margin4 of 94% from royalties and streams (Q1 2021 – 94%);
  • Consolidated net earnings attributable to Osisko’s shareholders of $0.3 million, or $0.00 per share (Q1 2021 – $10.6 million or $0.06 per basic share);
  • Consolidated adjusted earnings4 of $2.2 million, or $0.01 per basic share (Q1 2021 – $17.9 million, $0.11 per basic share);
    • Adjusted earnings from the royalty and stream segment of $24.8 million, or $0.15 per basic share (Q1 2021 – $23.4 million, or $0.14 per basic share); and
    • Adjusted loss from the mining exploration and development segment of $22.7 million, or $0.14 per basic share (Q1 2021 – $5.5 million, or $0.03 per basic share).

Sandeep Singh, President and CEO of Osisko commented: “We achieved record cash margins in the first quarter highlighting the strength of our high-quality asset base coupled with a surge in the gold price. As previously mentioned, GEO deliveries are expected to increase over the course of the year as seasonality impacts dissipate and ramp-ups progress at various assets. We are also excited to announce that stream repayments have been reactivated from the Renard mine, including from a diamond sale in May, and we have received repayment in full of amounts owing on the working capital facility.

Given the current inflationary market dynamics, both globally and specific to the mining sector, we feel Osisko offers a compelling value and growth investment, which is not subject to many of the same inflationary risks.”

Financial Highlights by Operating Segment
(in thousands of dollars, except per share amounts)

As a result of its 70% ownership in Osisko Development Corp. (“Osisko Development”), the assets, liabilities, results of operations and cash flows of the Company consolidate the activities of Osisko Development and its subsidiaries. The table below provides some financial highlights per operating segment. More information per operating segment can be found in the consolidated financial statements and management’s discussion and analysis for the three months ended March 31, 2022.

 For the three months ended March 31,
 
 Osisko Gold Royalties (i)
 Osisko Development (ii)
 Consolidated (v)
 
 2022  2021 2022  2021 2022  2021 
 $ $ $ $ $ $ 
       
Cash (March 31, 2022 and Dec. 31, 2021)392,648 82,291 56,802 33,407 449,450 115,698 
       
Revenues50,689 66,923 9,167 - 50,689 66,923 
Cash margin (iii)47,508 46,526 - - 47,508 46,526 
Gross profit36,210 34,599 - - 36,210 34,599 
Operating expenses (G&A, bus. dev and exploration)(6,257)(6,029)(7,928)(5,201)(14,185)(11,230)
Mining operating expenses- - (15,246)- - - 
Net earnings (loss)16,804 13,464 (22,333)(3,701)(5,529)9,763 
Net earnings (loss) attributable to Osisko’s shareholders16,804 13,464 (16,478)(2,907)326 10,557 
Net earnings (loss) per share attributable to Osisko’s shareholders0.10 0.08 (0.10)(0.02)0.00 0.06 
Adjusted net earnings (loss) (iv)24,843 23,439 (22,670)(5,042)2,173 18,397 
Adjusted net earnings (loss) per basic share (iv)0.15 0.14 (0.14)(0.03)0.01 0.11 
       
Cash flows from operating activities      
Before working capital items39,892 39,540 (17,269)2,422 22,623 36,252 
Working capital items615 (2,802)372 (12,126)987 (14,928)
After working capital items40,507 36,738 (16,897)(9,704)23,610 21,324 
Cash flows from investing activities(15,586)(13,781)3,314 (21,708)(12,272)(29,779)
Cash flows from financing activities285,528 (7,511)37,137 35,613 322,665 28,102 

 

(i)Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and other interests segment.
(ii)Osisko Development Corp. and its subsidiaries. Represents the exploration, evaluation and development of mining projects segment.
(iii)Cash margin is a non-IFRS financial performance measure for the royalties and streams segment which has no standard definition under IFRS. It is calculated by deducting the cost of sales (excluding depletion) from the. Please refer to the Non-IFRS Financial Performance Measures section of the MD&A for the three months ended March 31, 2022.
(iv)Adjusted earnings (loss) and adjusted earnings (loss) per basic share are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of the Company’s MD&A for the three months ended March 31, 2022.
(v)Consolidated results are net of the intersegment transactions. Refer to the Segment Disclosure section of the Company’s MD&A for the three months ended March 31, 2022.

Other Highlights

  • Bought deal public offering of 18,600,000 common shares at a price of US$13.45 per common share for total gross proceeds of US$250.2 million;
  • As a result of Stornoway Diamonds Canada Inc.’s (“Stornoway”) improved financial position, the Renard stream was reactivated at the end of April. Stornoway’s cost reductions, coupled with strengthening diamond prices resulted in positive cash generation at Renard over 2021;
  • In January 2022, Osisko Development entered into definitive agreements to acquire 100% of Tintic Consolidated Metals LLC (“Tintic”). Osisko Bermuda Limited (“Osisko Bermuda”) entered into a non-binding metals stream term sheet with a wholly-owned subsidiary of Osisko Development, which included an upfront deposit of between US$20 million and US$40 million. In the event that the full US$40 million upfront deposit is utilized, Osisko Development will deliver to Osisko Bermuda 5% of all metals produced from the Tintic property until 53,400 ounces of refined gold have been delivered and 4.0% thereafter;
  • Osisko Development closed private placements during the quarter for aggregate gross proceeds of approximately $251 million. To date, the company has received gross proceeds of $42.4 million.  The remainder of the funds are held in escrow and will be released upon certain conditions, including completion of the listing on the common shares on the New York Stock Exchange and closing of the Tintic acquisition;
  • Repayment in full of the outstanding revolving credit facility in April 2022 for $112.5 million;
  • Publication in April of the inaugural Asset Handbook and the second edition of the environmental, social and governance (“ESG”) report, Growing Responsibly; and
  • Declared a quarterly dividend of $0.055 per common share payable on July 15, 2022 to shareholders of record as of the close of business on June 30, 2022.

Q1 2022 Results Conference Call Details

Conference Call:Thursday, May 12, 2022 at 8:00 am EDT
Dial-in Numbers:North American Toll-Free: 1 (888) 440-2180
Local and International: 1 (438) 803-0536
Access code: 1981388
Replay (available until May 27, 2022 at 11:59 pm EDT):North American Toll-Free: 1 (800) 770-2030
Local and International: 1 (647) 362-9199
Access code: 1981388
 Replay also available on our website at www.osiskogr.com

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at Osisko Gold Royalties Ltd, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 165 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.

Osisko’s head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

For further information, please contact Osisko Gold Royalties Ltd:

Heather Taylor
Vice President, Investor Relations
Tel. (514) 940-0670 x105
htaylor@osiskogr.com

Notes:

(1)Gold Equivalent Ounces
  
 GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period. Offtake agreements are converted using the financial settlement equivalent divided by the average gold price for the period.

Average Metal Prices and Exchange Rate

 Three months ended
March 31,
 
 20222021 
    
Gold(i)$1,877$1,794 
Silver(ii)$24.01$26.26 
    
Exchange rate (US$/Can$)(iii)1.26621.2626 

                  (i)   The London Bullion Market Association’s pm price in U.S. dollars.
                  (ii)   The London Bullion Market Association’s price in U.S. dollars.
                  (iii)   Bank of Canada daily rate.

(2)The royalties and streams segment refers to the royalty, stream and other interests segment, which corresponds to the activities of Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries.
  
(3)The mining exploration and development segment refers to the mining exploration, evaluation and development segment, which corresponds to the activities of Osisko Development Corp. and its subsidiaries.
  
(4)Non-IFRS Measures
  
 The Company has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) including (i) cash margin (in dollars and in percentage) for the royalties and streams segment, (ii) adjusted earnings (loss) and (iii) adjusted earnings (loss) per share. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. As Osisko’s operations are primarily focused on precious metals, the Company presents cash margins and adjusted earnings as it believes that certain investors use this information, together with measures determined in accordance with IFRS, to evaluate the Company’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. However, other companies may calculate these non-IFRS measures differently.

Cash Margin (in dollars and in percentage of revenues)

Cash margin (in dollars) represents revenues from the royalties and streams segment less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in dollars) divided by revenues from the royalties and streams segment.

  Three months ended
March 31,
 
  2022 2021 
  $ $ 
    
 Royalty and stream interests  
 Total Revenues59,398 66,923 
 Less: Revenues from mining activities (Osisko Development)(8,709)- 
 Less: Revenues from offtake interests- (17,926)
 Revenues from royalty and stream interests50,689 48,977 
    
 Total Cost of sales(11,162)(20,397)
 Less: Cost of sales from mining activities (Osisko Development)(7,981)- 
 Less: Cost of sales from offtake interests- 17,239 
 Cost of sales of royalty and stream interests(3,181)(3,158)
    
    
 Revenues from royalty and stream interests50,689 48,977 
 Less: Cost of sales of royalty and stream interests(3,181)(3,158)
 Cash margin (in dollars) - royalty and stream interests47,508 45,819 
    
 Cash margin (in percentage of revenues) - royalty and stream interests94%94%
    
 Royalty and stream interests (excluding the Renard diamond stream)  
 Revenues from royalty and stream interests50,689 48,977 
 Less: Revenues from the Renard diamond stream(7,190)(3,995)
 Revenues from royalty and stream interests, excluding the Renard diamond stream43,499 44,982 
    
 Cost of sales from royalty and stream interests(3,181)(3,158)
 Less: Cost of sales from the Renard diamond stream2,023 1,718 
 Cost of sales of royalty and stream interests, excluding the Renard diamond stream(1,158)(1,440)
    
 Revenues from royalty and stream interests, excluding the Renard diamond stream43,499 44,982 
 Less: Cost of sales of royalty and stream interests, excluding the Renard diamond stream(1,158)(1,440)
 Cash margin (in dollars)42,341 43,542 
    
 Cash margin (in percentage of revenues)97%97%
    
 Offtake interests  
 Revenues from offtake interests- 17,926 
 Less: Cost of sales of offtake interests- (17,239)
 Cash margin (in dollars)- 687 
    
 Cash margin (in percentage of revenues) 4%


Adjusted earnings (loss) and adjusted earnings (loss) per basic share

Adjusted earnings (loss) is defined as: net earnings (loss) adjusted for certain items: foreign exchange gain (loss), impairment of assets (including impairment on financial assets and investments in associates), gains (losses) on disposal of exploration and evaluation assets, unrealized gain (loss) on investments, share of loss of associates, deferred premium income on flow-through shares, deferred income tax expense (recovery), transaction costs and other items such as non-cash gains (losses).

Adjusted earnings (loss) per basic share is obtained from the adjusted earnings (loss) divided by the weighted average number of common shares outstanding for the period.

 For the three months ended March 31,
 2022 2021 
 Osisko Gold
Royalties (i)
 Osisko
Development
(ii)
 Consolidated Osisko Gold
Royalties (i)
 Osisko
Development
(ii)
 Consolidated 
(in thousands of dollars, except
per share amounts)
$ $ $ $ $ $ 
       
Net earnings (loss)16,804 (22,333)(5,529)13,464 (3,701)9,763 
       
Adjustments:      
Impairment of assets520 - 520 4,400 - 4,400 
Foreign exchange (gain) loss(876)(524)(1,440)29 744 773 
Unrealized loss (gain) on investments5,840 228 6,068 1,389 (1,310)79 
Share of loss of associates(2,604)331 (2,273)(375)407 32 
Deferred premium income on flow-through shares- (341)(341)- (469)(469)
Deferred income tax expense (recovery)5,159 (31)5,128 4,532 (1,182)3,350 
       
Adjusted earnings (loss)24,843 (22,670)2,173 23,439 (5,511)17,928 
       
Weighted average number of common shares outstanding (000’s)166,926 166,926 166,926 165,842 165,842 165,842 
       
Adjusted earnings (loss) per basic share0.15 (0.14)0.01 0.14 (0.03)0.11 

 

(i)Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and other interests segment.
(ii)Osisko Development Corp. and its subsidiaries. Represents the mining exploration, evaluation and development segment.


Forward-looking Statements

Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements in this press release, forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of Osisko’s assets (including increase of production), timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation: fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Osisko holds a royalty, stream or other interests; timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges) on any of the properties in which Osisko holds a royalty, stream or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty, stream or other interest; the unfavorable outcome of any challenges or litigation relating title, permit or license with respect to any of the properties in which Osisko holds a royalty, stream or other interests or to Osisko’s right thereon; differences in rate and timing of production from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty, stream or other interest, including conversion from resources to reserves and ability to replace resources; business opportunities that become available to, or are pursued by Osisko; continued availability of capital and financing and general economic, market or business conditions; risks and hazards associated with the business of exploring, development and mining on any of the properties in which Osisko holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, the integration of acquired assets and the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such response and the potential impact of COVID-19 on Osisko’s business, operations and financial condition. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production); the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production); no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; that statements and estimates relating to mineral reserves and resources by owners and operators of the properties in which Osisko holds a royalty, stream or other interest are accurate; the Company’s ongoing income and assets relating to determination of its PFIC status; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. These statements speak only as of the date of this press release. Osisko undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

 
Osisko Gold Royalties Ltd
Consolidated Balance Sheets
(tabular amounts expressed in thousands of Canadian dollars)
 
 March 31, December 31,
 
                   2022                   2021 
 $  $ 
    
Assets   
    
Current assets   
    
Cash449,450  115,698 
Restricted cash206,490  - 
Short-term investments2,960  - 
Amounts receivable16,308  14,691 
Inventories25,053  18,596 
Other assets7,169  3,941 
 707,430  152,926 
    
Non-current assets   
    
Investments in associates129,687  125,354 
Other investments130,700  169,010 
Royalty, stream and other interests1,146,284  1,154,801 
Mining interests and plant and equipment644,960  635,655 
Exploration and evaluation3,640  3,635 
Goodwill111,204  111,204 
Other assets18,810  18,037 
 2,892,715  2,370,622 
    
Liabilities   
    
Current liabilities   
    
Accounts payable and accrued liabilities43,936  30,049 
Dividends payable10,167  9,157 
Subscription receipts liability207,980  - 
Provisions and other liabilities6,844  12,179 
Current portion of long-term debt298,033  294,891 
 566,960  346,276 
    
Non-current liabilities   
    
Provisions and other liabilities55,612  60,334 
Long-term debt116,328  115,544 
Deferred income taxes67,396  68,407 
 806,296  590,561 
    
Equity    
    
Share capital2,082,961  1,783,689 
Warrants-  18,072 
Contributed surplus62,547  42,525 
Equity component of convertible debentures14,510  14,510 
Accumulated other comprehensive income26,458  58,851 
Deficit(280,855) (283,042)
Equity attributable to Osisko Gold Royalties Ltd’s shareholders1,905,621  1,634,605 
Non-controlling interests180,798  145,456 
Total equity2,086,419  1,780,061 
 2,892,715  2,370,622 

 


Osisko Gold Royalties Ltd
Consolidated Statements of Income (Loss)
For the three months March 31, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)
  
 2022  2021 
 $  $ 
    
Revenues 59,398  66,923 
    
Cost of sales(11,162) (20,397)
Depletion and amortization(12,026) (11,927)
Gross profit 36,210  34,599 
    
Other operating expenses   
General and administrative(12,644) (9,906)
Business development(1,421) (987)
Exploration and evaluation(120) (337)
Mining operating expenses(15,246) - 
Impairment - royalty, stream and other interests-  (2,288)
Operating income 6,779  21,081 
Interest income1,191  1,310 
Finance costs(6,373) (6,143)
Foreign exchange gain (loss)1,187  (1,129)
Share of income (loss) of associates2,273  (32)
Other losses, net(5,224) (1,910)
(Loss) earnings before income taxes(167) 13,177 
Income tax expense(5,362) (3,414)
Net (loss) earnings (5,529) 9,763 
    
Net earnings (loss) attributable to:   
Osisko Gold Royalties Ltd’s shareholders326  10,557 
Non-controlling interests(5,855) (794)

 


Osisko Gold Royalties Ltd
Consolidated Statements of Cash Flows
For the three months ended March 31, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars)
 
 2022  2021 
 $  $ 
Operating activities   
Net (loss) earnings(5,529) 9,763 
Adjustments for:   
Share-based compensation3,631  3,300 
Depletion and amortization15,017  12,261 
Impairment of assets520  4,400 
Finance costs2,145  1,839 
Share of (income) loss of associates(2,273) 32 
Net gain on acquisition of investments(48) (438)
Change in fair value of financial assets at fair value through profit and loss8,176  1,908 
Net gain on dilution of investments in associates(2,060) (1,391)
Foreign exchange (gain) loss(1,400) 773 
Deferred income tax recovery5,128  3,350 
Other(684) 455 
Net cash flows provided by operating activities before changes in non-cash working capital items22,623  36,252 
Changes in non-cash working capital items987  (14,928)
Net cash flows provided by operating activities23,610  21,324 
    
Investing activities   
Acquisition of investments(10,734) (9,811)
Proceeds on disposal of investments21,055  19,771 
Acquisition of royalty and stream interests(9,290) (3,792)
Mining assets and plant and equipment(13,034) (35,812)
Exploration and evaluation expenses, net of tax credits(5) (135)
Other(264) - 
Net cash flows used in investing activities(12,272) (29,779)
    
Financing activities   
Bought deal equity financing311,962  - 
Share issue costs(12,816) - 
Increase in long-term debt3,870  50,000 
Repayment of long-term debt(605) (50,000)
Investments from minority shareholders42,390  38,841 
Share issue expenses from investments from minority shareholders(2,130) (2,581)
Exercise of share options and shares issued under the share purchase plan622  4,978 
Normal course issuer bid purchase of common shares(4,879) (4,464)
Dividends paid(8,723) (7,782)
Capital payments on lease liabilities(5,272) (852)
Withholding taxes on settlement of restricted and deferred share units(424) (38)
Other(1,330) - 
Net cash flows provided by financing activities322,665  28,102 
    
Increase in cash before effects of exchange rate changes on cash334,003  19,647 
Effects of exchange rate changes on cash(251) (1,541)
Increase in cash 333,752  18,106 
Cash – beginning of period115,698  302,524 
Cash – end of period449,450  320,630 

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