$18.5M YE available Cash ($32.5M w/escrow Cash) is after major Debt repayments

This is something I forgot to highlight in my last post. The company made the following cash payments prior to closing the YE books:

$8.5M to IQ for debt settlement (cash portion only)

$750K to Teck for royalty buyout (cash portion only)

$2.2M to Gerald Metals to eliminate the working capital gold facility

$400K to Gerald Metals to eliminate the gold forward contract debt

$3.5M to Quebec Gov`t for prepaid reclamation purposes

$300K Accrued employee payments (estimate)


All of this adds to about $15.5M. In other words, Century made $15.5M in cash payments to clean up the books prior to YE, yet, Century still had $18.5M in available cash at YE or $32.5M in available plus restricted/escrow cash at YE (after all of this clearn up).

Century also eliminated the $1M convertible debenture to MRI (but subsequent to YE and paid with shares and not cash).

The deferred revenue amounts in the balance sheet all relate to the prepaid gold sales obligation. If we are successful operationally at Lamaque then this will have zero impact on our cash position. We just need to deliver the committed ounces (and achieve operational start up objectives at Lamaque) and this obligation will be eliminated over time. No interest payments either (again, if our gold deliveries are on time).

Our primary cash obligation in current balance sheet relates to the payables and accrued liabilities, but no interest payments required there either. We`ll see if the company used some of the available $18.5M to reduce a bit of the payables in Q1 and Q2.

The new low profile equipment ($7M) will be purchased via long-term capital leases. There shouldn`t be much up front cash outlay (if any).


We don`t know how much of the $18.5M available YE cash is still remaining at this time, but there should be some.

As highlighted previously, we have some other cash sources going forward:

$5.0M from escrow/restricted pool (as noted, Century`s start up accomplishments allowed us to receive this cash amount on April 29th)

$8.5M from escrow/restricted pool, which may be available as early as September (if all continues to go well)

$750K from accounts receivable at YE

$6.0M from other receivables at YE (includes $4.2M of VAT recoveries, which may be recovered at various points in the future)

$___M from Lamaque unfinished ounces carried in inventory from last year

$___M from 2 additional gold pours at Lamaque since the last gold pour update

$___M future gold pours at Lamaque

$___M from operating cash flow at SJ

$15.0M exercise of warrants from Finskiy and Scola (currently far in the money, if required at any time for emergency purposes)

Our balance sheet looks very good. Current cash position and future cash availability looks very good relative to cash needs. Everything comes down to delivering at Lamaque. If we deliver operationally at Lamaque we are in excellent shape for big things.