65
RARE ELEMENT RESOURCES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
For the six-month periods
ended December 31,
2012
2011
CASH FLOWS FROM OPERATING ACTIVITIES:
(unaudited)
Net loss for the period
$ (15,430)
$ (21,061)
Adjustments to reconcile loss for the period to net cash and cash
equivalents used in operations:
Depreciation
90
42
Asset retirement obligation
(46)
-
Unrealized (gain)/loss on derivatives
4
(173)
Write-down of mineral property
-
931
Loss on currency translation
16
12
Loss on disposal of marketable securities
7
9
Loss on disposal of equipment
(3)
-
Stock-based compensation
1,643
6,041
(13,719)
(14,199)
Changes in working capital
Accounts receivable
6
(22)
Interest receivable
(128)
(200)
Prepaid expenses
55
(1)
Accounts payable and accrued liabilities
1,389
1,777
Due to related party
-
(45)
Net cash and cash equivalents used in operating activities
(12,397)
(12,690)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments
(485)
-
Releases of restricted cash
422
-
Purchases of equipment
(11)
(270)
Proceeds from sale of marketable securities
36
70
Net cash and cash equivalents used in investing activities
(38)
(200)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received for common shares, net of share issuance costs
390
55
Net cash and cash equivalents provided by financing activities
390
55
Decrease in cash and cash equivalents
(12,045)
(12,835)
Cash and cash equivalents - beginning of the period
37,030
72,312
Cash and cash equivalents - end of the period
$ 24,985
$ 59,477
Supplemental disclosure with respect to cash flows - Note 10
See accompanying notes to the consolidated financial statements.
