Past year: ▲ 75%(96.0c – 2.08 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Oct 2014drilling result▲ GoodMajor
The first hole of a new 10,000 m surface programme at the 144 property cut 5.37 g/t over 46.0 m, including 21.87 g/t over 6.0 m and 12.54 g/t over 4.4 m, confirming as a real discovery the mineralisation first glimpsed 770 m from Thunder Creek in the 2012 drilling. Being 500 m from an operating mine, it could be reached from existing infrastructure.
3 Oct 2014production update▲ GoodMajor
Nine-month 2014 production of 142,500 ounces was 72% above the same period of 2013, with the third quarter at 45,600 ounces from 320,800 t at 4.6 g/t and 96.7% recovery, about 3,490 tonnes a day. Cash and bullion reached about $67.0 million and the company expected to meet or beat the top of its 160,000-180,000 ounce guidance.
5 June 2014debt financing▲ GoodMajor
Prepaid $10 million of the Sprott standby line on 4 June, cutting it from $30 million to $20 million and total Sprott debt to about $35 million. Cash and bullion had climbed from a low of $15 million at the end of September 2013 to about $55 million - the mine was now funding its own deleveraging.
9 Apr 2014resource reserve update● NeutralMajor
Updated Timmins West reserve of 3,332,164 t at 4.6 g/t for 492,246 ounces - Timmins deposit 227,707 ounces, Thunder Creek 264,539 ounces - with a life-of-mine plan averaging about 2,800 tonnes a day through 2016 and ending in the third quarter of 2017. That is down from the 823,848 ounces first booked in April 2012 after two years of mining, and leaves roughly three and a half years of reserve life ahead of the mine.
26 Mar 2014drilling result▲ Good
Sixteen holes (3,718 m) from the 610 Level at Bell Creek's Labine deposit returned 14.12 g/t over 10.2 m in BC610-865, 8.41 g/t over 12.0 m in BC610-911 and 7.01 g/t over 10.7 m in BC610-863A, and defined two new hanging-wall structures 100 m east of current mining. The revised model pointed to higher grades in narrower structures below the 685 Level.
24 Jan 2014production update▲ Good
Preliminary 2013 cash operating cost of about US$770 an ounce sold beat the US$800-875 guidance, with all-in sustaining cost around US$1,135 and total production costs of $107.0 million; the fourth quarter alone came in near US$605 an ounce.
20 Dec 2013debt financing▲ GoodMajor
Sprott agreed to stretch the standby line's repayment into 18 equal monthly instalments running from 30 June 2015 to 30 November 2016, instead of the whole $35 million falling due on 1 January 2015, and Lake Shore Gold prepaid $5 million to cut the balance to $30 million. This was maturity relief, not tightening; 2013 debt repayments totalled about $20 million.
10 Dec 2013production update▲ GoodMajor
Raised 2014 production guidance to 160,000-180,000 ounces from 140,000-160,000, with cash operating costs of US$675-775 and all-in sustaining costs of US$950-1,050 an ounce, and said about $15 million of debt would have been repaid during 2013.
13 May 2013asset acquisition disposition● NeutralMajor
Closed the Mexico sale: the subsidiary holding the portfolio, carried at about $2.2 million, went to Revolution Resources for 20 million shares, taking Lake Shore Gold to 26,713,740 Revolution shares or 22.4%, locked up for 18 months, with rights to at least two Revolution board seats. The same filing carried amendments to the option plan and by-law being put to the 15 May shareholder meeting, including a new 1%-of-shares cap on options to non-executive directors.
1 Apr 2013resource reserve update● Neutral
Filed the Bell Creek technical report carrying the updated resource and the mine's first reserve estimate, both announced on 18 March 2013. The release itself restates no figures.
26 Feb 2013other▼ BadMajor
Warned that its 2012 year-end accounts would carry a write-down of the Timmins and Mexican assets, a non-cash impairment whose size was not yet known, reflecting the gap between book value and market capitalisation as mining assets were being repriced. Guidance for 2013 was reaffirmed at 120,000 to 135,000 ounces, at least 40% growth.
4 Feb 2013debt financing▼ BadMajor
Drew the full $35 million Sprott standby line and paid the drawdown fee in 885,964 shares. Management said the draw was mainly to keep headroom under covenants attached to other debt, with the year having opened at about $61 million of cash and bullion - a defensive draw rather than a funding need.
31 Jan 2013asset acquisition disposition● NeutralMajor
Agreed to sell the entire Mexican portfolio - Universo, Montana de Oro, La Bufa and Lluvia de Oro, over 400,000 hectares - outright to Revolution Resources for 20 million Revolution shares plus net smelter royalties, replacing the 2011 option arrangement. The properties had come with the 2009 acquisition of West Timmins Mining, which is also where Thunder Creek came from.
22 Jan 2013drilling result▲ GoodMajor
The 2012 programme of 35 holes and two extensions (27,411 m) found new mineralisation 850 m south of Thunder Creek in the 144 Gap (13.54 g/t over 2.0 m, 6.07 g/t over 3.0 m), doubled the 144 North plunge length to 800 m depth and hit shallow gold at 144 South (14.76 g/t over 3.0 m). The company later dated the 144 Gap discovery to this 2012 drilling.
13 Dec 2012production update▲ GoodMajor
Completed the first stage of the mill expansion, lifting Bell Creek processing capacity 25% to 2,500 tonnes a day, with the second stage to 3,000 t/d due in the second quarter of 2013. Fourth-quarter grades were running 4.2 g/t overall and 4.4 g/t at Timmins West.
7 Sept 2012capital raising announcement▲ GoodMajor
Closed the C$90 million convertible debenture offering for net proceeds of C$86.4 million and used them to repay and extinguish the US$50 million three-year senior secured revolver with UniCredit Bank AG; the debentures began trading on the TSX as LSG.DB. Cheaper and longer-dated than the undrawn C$35 million Sprott standby line it left in place.
20 Aug 2012capital raising announcement▲ Good
Upsized the convertible debenture offering to C$90 million from C$75 million on unchanged terms - 6.25%, C$1.40 conversion price, September 2017 maturity.
17 Aug 2012capital raising announcement● NeutralMajor
Launched a bought-deal offering of C$75 million of 6.25% convertible senior unsecured debentures due 30 September 2017, convertible at C$1.40 a share. The proceeds were earmarked to repay and extinguish a US$50 million three-year revolving facility that had not appeared anywhere earlier in this filing record.
27 July 2012joint venture update● Neutral
Amended the Revolution Resources option on the Mexican properties: Revolution issues 7.5 million more shares over four years, its first-stage spending requirement drops to $15 million from $35 million, and the price to buy out the remaining 40% rises to $30 from $20 per resource ounce. Lake Shore Gold traded a lower spending hurdle for more equity and a higher per-ounce payment.
22 June 2012debt financing● Neutral
Filed the executed Sprott credit agreement dated 13 June 2012, the document behind the $70 million facility, with the standby line and gold loan set up as separate facilities inside it.
14 June 2012debt financing● NeutralMajor
Two announcements in one filing. The Sprott facility went definitive on terms largely as announced in April - a $35 million gold-linked note to 31 May 2015 and a $35 million standby line available from 1 November 2012 - subject to ministry, third-party and exchange consents. The day before, the company said it would cut 2012 capital spending by $15 to $20 million by deferring Timmins West development and re-timing the mill expansion, while holding production guidance at 85,000 to 100,000 ounces.
7 June 2012drilling result▲ Good
Seven holes (1,440 m) extended the Gold River Trend high-grade core 125 m deeper and 120 m west (18.48 g/t over 4.0 m, 4.59 g/t over 2.1 m) and found mineralisation 420 m east of the resource (18.55 g/t over 1.0 m). The core already held 310,900 ounces at 9.81 g/t between 400 and 800 m depth.
29 May 2012production update● Neutral
Timmins West restarted after a four-day shutdown caused by smoke and high winds from the Timmins No. 9 forest fire, with full production resuming on 28 May. A weather interruption, not an operational failure.
22 May 2012resource reserve update● Neutral
Filed the Timmins West prefeasibility and reserve technical report carrying the 823,848-ounce probable reserve first announced on 2 April 2012. Paperwork behind an already-announced number.
3 May 2012drilling result▲ GoodMajor
Twenty-six holes (15,846 m) at Fenn-Gib returned 1.93 g/t over 241.2 m, 1.26 g/t over 324.0 m, 0.89 g/t over 260.5 m and 0.73 g/t over 284.0 m, extended mineralisation up to 200 m below the resource and pushed the Main Zone at least 200 m east. Silver assays averaged 1 to 2 g/t and were not in the resource at all.
13 Apr 2012debt financing● NeutralMajor
Agreed a facility of up to $70 million with Sprott Resource Lending, but the committed money was the $35 million gold loan - repayable in 29 monthly cash payments tied to the gold price, about 924 ounces a month at the then US$1,650 spot, maturing 31 May 2015. The other $35 million was a standby line available until end-2014, not cash in hand. Management framed it as funding Timmins West to full production with little dilution.
10 Apr 2012resource reserve update▲ Good
Two announcements in one filing. First-quarter 2012 output of 16,680 ounces from 160,500 t at 3.40 g/t and 95.1% recovery beat the 15,000-ounce target, with 18,400 ounces sold at US$1,690; full-year guidance of 85,000 to 100,000 ounces was held. The Gold River Trend technical report was also filed, carrying 117,400 ounces indicated at 5.29 g/t and 1,027,800 ounces inferred at 6.06 g/t.
3 Apr 2012resource reserve update▲ GoodMajor
Two announcements in one filing. Bell Creek measured and indicated resources rose more than 150% to 646,431 ounces (4,249,451 t at 4.73 g/t) with 953,845 ounces inferred (6,088,506 t at 4.87 g/t), reflecting roughly 425,000 ounces converted from inferred and 185,000 ounces newly added. And Timmins West got its first reserve: 823,848 ounces probable (4,922,180 t at 5.21 g/t), a 73% conversion of indicated resources and enough for five years of production.
8 Mar 2012material agreement▲ GoodMajor
Closed the Franco-Nevada transaction announced on 8 February: the US$35 million royalty payment and the C$15 million share purchase were both received, taking pro-forma cash to about C$95 million at the end of February.
17 Feb 2012business combination● Neutral
The filing contains only a Certificate of Amalgamation dated 1 January 2012 showing Lake Shore Gold Corp. as the corporation resulting from an amalgamation under section 185 of the Canada Business Corporations Act. Corporate housekeeping; the cached document names no counterparty and no consideration.
