64
RARE ELEMENT RESOURCES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
For the year ended December 31,
2014
2013
2012
CASH FLOWS FROM OPERATING ACTIVITIES:
(unaudited)
Net loss for the period
$ (14,029)
$ (22,246)
$ (29,362)
Adjustments to reconcile loss for the period to net cash and cash equivalents
used in operations:
Depreciation
210
197
171
Asset retirement obligation
(49)
26
288
Realized gain on derivatives
(14)
(150)
-
Unrealized (gain)/loss on derivatives
(102)
69
142
Write-down of mineral property
-
-
943
Gain on currency translation
-
-
(29)
Loss on disposal of marketable securities
-
39
9
Gain on disposal of equipment
-
-
(3)
Stock-based compensation
517
1,378
6,359
(13,467)
(20,687)
(21,482)
Changes in working capital
Accounts receivable
8
(12)
(155)
Interest receivable
(2)
299
188
Prepaid expenses
87
(217)
169
Accounts payable and accrued liabilities
(314)
(1,839)
641
Due to related party
-
-
(29)
Net cash and cash equivalents used in operating activities
(13,688)
(22,456)
(20,668)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments
-
(9,823)
(15,118)
Releases of restricted cash
-
-
422
Purchases of equipment
(33)
(201)
(316)
Purchases of land
-
(980)
-
Proceeds from sale of marketable securities
-
36
80
Proceeds from sale of short-term investments
-
24,941
-
Net cash and cash equivalents provided by (used in) investing activities
(33)
13,973
(14,932)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received for common shares, net of share issuance costs
(42)
7,400
1,108
Net cash and cash equivalents provided by (used in) financing activities
(42)
7,400
1,108
Decrease in cash and cash equivalents
(13,763)
(1,083)
(34,492)
Cash and cash equivalents - beginning of the period
23,902
24,985
59,477
Cash and cash equivalents - end of the period
$ 10,139
$ 23,902
$ 24,985
Supplemental disclosure with respect to cash flows - Note 10
See accompanying notes to the consolidated financial statements.
