Reports Q4 cash provided by operating activities in Q4 2022 was $800K, compared to cash utilized in operations of $2.3M in Q4 2021. The increase in cash provided by operations was primarily due to collection of the Company’s JV service fee which amounted to $2.4M in Q4 2022. As at December 31 the Company had cash and cash equivalents of $56.1M and $1.7M in receivables, while remaining debt-free. 2023 AGM Outlook. The Company reported net income after tax of $28.5M in Q4 2022, compared to a net loss after tax of $91M in Q4 2021. The increase in earnings during Q4 2022 was due to the recognition of the Company’s share of the JV’s net earnings for the yea and a $7.6M impairment reversal recorded by the Company on its equity investment in the AGM JV, which were partly offset by a $22.2Mdownward fair value adjustment on the Company’s preference shares in the JV. In Q4, the Company recognized its share of the JV’s net loss, which included a $153.2 million impairment charge.
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