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RARE ELEMENT RESOURCES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
For the year ended December 31,
2015
2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period
$ (9,678)
$ (14,029)
Adjustments to reconcile loss for the period to net cash and cash equivalents used in
operations:
Depreciation
118
210
Asset retirement obligation
(9)
(49)
Realized gain on derivatives
-
(14)
Unrealized (gain)/loss on derivatives
-
(102)
Stock-based compensation
254
517
(9,315)
(13,467)
Changes in working capital:
Accounts receivable
11
8
Interest receivable
6
(2)
Prepaid expenses
153
87
Accounts payable and accrued liabilities
(190)
(314)
Net cash and cash equivalents used in operating activities
(9,335)
(13,688)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment
(2)
(33)
Proceeds from sale of equipment
2
-
Net cash and cash equivalents provided by (used in) investing activities
-
(33)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received for common shares, net of share issuance costs
3,077
(42)
Net cash and cash equivalents provided by (used in) financing activities
3,077
(42)
Decrease in cash and cash equivalents
(6,258)
(13,763)
Cash and cash equivalents
–
beginning of the period
10,139
23,902
Cash and cash equivalents
–
end of the period
$ 3,881
$ 10,139
Supplemental disclosure with respect to cash flows – Note 10
See accompanying notes to the consolidated financial statements.