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TERANGA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOW
(US$000's)
---------------------------------------------------------------------------- Twelve months Fifteen months ended ended ---------------- --------------- December 31, December 31, 2012 2011----------------------------------------------------------------------------Cash flows related to operating activitiesProfit/(loss) for the period 94,085 (12,717)Depreciation of property, plant and equipment 41,999 29,541Depreciation of capitalized mine development costs 11,142 10,200Amortization of intangibles 650 490Amortization of borrowing costs 877 328Unwinding of discount 53 47Share based compensation 3,759 12,411Net change in losses on gold hedge (39,010) (1,789)Net change in losses on oil hedge 2,364 113Buyback of gold hedge sales contracts (39,000) -Income tax paid - (638)Mine restoration and rehabilitation provision - 425Deferred income tax benefit on reversal of temporary differences - (231)Impairment of available for sale financial asset 11,917 -Profit on disposal of property, plant and equipment (131) -Changes in working capital (16,256) (33,048)----------------------------------------------------------------------------Net cash provided by operating activities 72,449 5,132Cash flows related to investing activitiesDecrease/(Increase) in restricted cash 3,004 (3,004)Redemption of short-term investments 593 181Expenditures for property, plant and equipment (51,451) (60,825)Expenditures for mine development (30,377) (14,359)Acquisition of intangibles (1,424) (1,208)Proceeds on disposal of property, plant and equipment 195 -Payment for acquisition of Sabodala gold mine and regional land package net of cash acquired - (34,307)----------------------------------------------------------------------------Net cash used in investing activities (79,460) (113,522)Cash flows related to financing activitiesProceeds from issuance of capital stock, net of issue costs - 118,747Loan facility, net of borrowing cost paid 57,695 -Repayment of borrowings (16,799) (10,849)Drawdown from finance lease facility, net of financing cost paid 2,857 9,612Interest paid on borrowings (4,075) (2,248)----------------------------------------------------------------------------Net cash provided by financing activities 39,678 115,262Effect of exchange rates on cash holdings in foreign currencies (415) 598----------------------------------------------------------------------------Net increase in cash and cash equivalents held 32,252 7,470Cash and cash equivalents at the beginning of financial period 7,470 -----------------------------------------------------------------------------Cash and cash equivalents at the end of financial period 39,722 7,470----------------------------------------------------------------------------CORPORATE DIRECTORYDirectorsAlan Hill, Executive ChairmanRichard Young, President and CEOChristopher Lattanzi, Non-Executive DirectorOliver Lennox-King, Non-Executive DirectorAlan Thomas, Non-Executive DirectorFrank Wheatley, Non-Executive DirectorSenior ManagementAlan Hill, Executive ChairmanRichard Young, President and CEOMark English, Vice President, Sabodala OperationsPaul Chawrun, Vice President, Technical ServicesNavin Dyal, Vice President and CFODavid Savarie, Vice President, General Counsel & Corporate SecretaryKathy Sipos, Vice President, Investor & Stakeholder RelationsMacoumba Diop, General Manager and Government Relations Manager, SGORegistered Office121 King Street West, Suite 2600Toronto, Ontario, M5H 3T9, CanadaT: +1 416-594-0000F: +1 416-594-0088E: generalmailbox@terangagold.comW: www.terangagold.comSenegal Office2K PlazaSuite B4, 1er Etagesis la Route due Meridien PresidentDakar AlmadiesT: +221 338 693 181F: +221 338 603 683AuditorDeloitte & Touche LLPShare RegistriesCanada: Computershare Trust Company of CanadaT: +1 800 564 6253Australia: Computershare Investor Services Pty LtdT: 1 300 850 505Stock Exchange ListingsToronto Stock Exchange, TSX symbol: TGZAustralian Securities Exchange, ASX symbol: TGZ
