GOLDEN QUEEN MINING CO LTD

CIK:0001025362|SEC Filings

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Metal Sales	$ 16,979	$ 9,585
Cost of Sales
Direct mining costs	(12,284)	(13,016)
Depreciation and depletion (Note 6)	(2,566)	(2,976)
Accretion expense	(52)	(42)
Income (Loss) from mine operations	2,077	(6,449)
General and administrative expenses (Note 11)	(1,832)	(1,254)
Operating income (loss)	245	(7,703)
Other income (expenses)
(Loss) gain on derivative instruments (Note 8)	(150)	138
Finance expense (Note 13(iii))	(2,420)	(1,533)
Interest income	73	35
Total other income (expenses)	(2,497)	(1,360)
Net and comprehensive loss for the period	(2,252)	(9,063)
Less: Net and comprehensive (income) loss attributable to the non-controlling interest for the period (Note 13(iv))	(48)	3,646
Net and comprehensive loss attributable to Golden Queen Mining Co Ltd. for the period	$ (2,300)	$ (5,417)
Loss per share – basic (Note 12)	$ (0.01)	$ (0.03)
Loss per share – diluted (Note 12)	$ (0.01)	$ (0.03)
Weighted average number of common shares outstanding -basic	300,101,444	188,829,263
Weighted average number of common shares outstanding - diluted	300,101,444	188,829,263

Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Operating Activities
Net loss for the period	$ (2,252)	$ (9,063)
Adjustment to reconcile net loss to cash used in operating activities:
Depreciation and depletion	2,566	2,976
Amortization of debt discount and interest accrual	1,473	555
Accretion expense	52	42
Change in fair value of derivative liabilities (Note 8)	150	(138)
Stock based compensation	27	45
Unrealized foreign exchange gain	(3)	(43)
Changes in non-cash working capital items:
Prepaid expenses & other current assets	(64)	14
Inventory	(5,388)	(900)
Accounts payable & accrued liabilities	1,595	(1,595)
Interest payable	837	713
Cash used in operating activities	(1,007)	(7,394)
Investment activities:
Additions to property, plant, equipment and mineral interests	(2,031)	(2,071)
Cash used in investing activities	(2,031)	(2,071)
Financing activity:
Issuance of common shares (Note 10)	0	24,368
Proceeds from credit facility	5,000	0
Repayment of credit facility	0	(3,000)
Repayments of loan payable (Note 7)	(2,009)	(1,898)
Repayments of note payable and accrued interest (Note 13(ii))	0	(4,712)
Capital contribution from non-controlling interest	0	10,000
Cash generated from financing activities	2,991	24,758
Net change in cash, cash equivalents and restricted cash	(47)	15,293
Cash, cash equivalents and restricted cash, beginning balance	6,730	2,937	$ 2,937
Cash, cash equivalents and restricted cash, ending balance	6,683	18,230	$ 6,730
Supplementary Disclosure of Cash Flow Information
Interest on loan and note payable	109	235
Non-cash financing and investing activities:
Asset retirement costs charged to mineral property interests	417	349
Mining equipment acquired through issuance of debt	0	514
Mineral property expenditures included in accounts payable	0	165
Extension fee added to principal balance	75	0
Non-cash amortization of discount and interest expense	$ 1,473	$ 555

Condensed Consolidated Interim Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash	$ 5,675	$ 5,725
Inventories (Note 4)	32,984	25,031
Prepaid expenses and other current assets	531	467
Total current assets	39,190	31,223
Restricted cash (Note 5)	1,008	1,005
Deferred financing cost (Note 13(v))	2,659	3,314
Property, plant, equipment and mineral interests (Note 6)	134,769	135,818
Advance minimum royalties	497	497
Inventories (Note 4)	5,279	6,913
Total Assets	183,402	178,770
Current liabilities:
Accounts payable and accrued liabilities	8,491	6,899
Interest payable	1,637	773
Credit facility (Note 13(v))	10,000	0
Current portion of note payable (Note 13(ii))	25,481	24,690
Current portion of loan payable (Note 7)	5,381	6,578
Derivative liabilities (Note 8)	3,540	3,390
Total current liabilities	54,530	42,330
Credit facility (Note 13(v))	0	5,000
Loan payable (Note 7)	4,810	5,622
Asset retirement obligation (Note 9)	2,966	2,497
Deferred tax liability	8,588	8,588
Total liabilities	70,894	64,037
Temporary Equity
Redeemable portion of non-controlling interest (Note 13(iv))	24,305	24,286
Shareholders' Equity
Common shares, no par value, unlimited shares authorized (2018 - unlimited); 300,101,444 (2018 – 300,101,444) shares issued and outstanding (Note 10)	95,575	95,575
Additional paid-in capital	44,029	44,002
Deficit accumulated	(97,859)	(95,559)
Total shareholders' equity attributable to GQM Ltd.	41,745	44,018
Non-controlling interest (Note 13(iv))	46,458	46,429
Total Shareholders' Equity	88,203	90,447
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 183,402	$ 178,770