Pine Valley Mining Cash Flow Statement

Financials in millions CAD. Fiscal year is April - March.

Millions CAD. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2006	FY 2005	FY 2004	FY 2003	FY 2002
Period Ending	Dec '06 Dec 31, 2006	Mar '06 Mar 31, 2006	Mar '05 Mar 31, 2005	Mar '04 Mar 31, 2004	Mar '03 Mar 31, 2003	Mar '02 Mar 31, 2002
Net Income	-56.37	0.61	-0.45	-1.11	-3.46	-2.34
Depreciation & Amortization	8.85	3.57	0.55	0.04	2.92	0.01
Other Amortization	-0.02	0.45	-0.25	-	-	-
Loss (Gain) From Sale of Investments	-	-	-	-	-	0.19
Stock-Based Compensation	2.4	3.53	1.23	0.2	-	-
Other Operating Activities	1.65	1.81	1.67	-	0.05	1.39
Change in Accounts Receivable	2.37	2.25	-5.84	0.01	0.02	0
Change in Inventory	10.5	-6.08	-3.45	-	-	-
Change in Accounts Payable	14.41	3.36	4.28	0.08	-0.09	-0.39
Change in Other Net Operating Assets	1.41	-1.34	-1.37	-0	-0.03	-0.27
Operating Cash Flow	14.44	8.14	-3.63	-0.79	-0.59	-1.41
Capital Expenditures	-5.32	-22.45	-22.78	-2.46	-	-0
Investment in Securities	-	-	-	-	-	-0.18
Other Investing Activities	-0.31	2.69	-1.76	-	-0.02	-0.12
Investing Cash Flow	-5.63	-19.76	-24.54	-2.46	-0.02	-0.3
Short-Term Debt Issued	-	5.68	-	-	-	-
Long-Term Debt Issued	-	1.24	19.54	-	0.1	1.18
Total Debt Issued	-1.56	6.91	19.54	-	0.1	1.18
Long-Term Debt Repaid	-	-11.1	-3.34	-	-0.29	-
Total Debt Repaid	-5.63	-11.1	-3.34	-	-0.29	-
Net Debt Issued (Repaid)	-7.19	-4.19	16.2	-	-0.19	1.18
Issuance of Common Stock	-	14.88	14.73	2.62	1.4	0.58
Other Financing Activities	-0.56	-0.47	-0.36	-	-	-
Financing Cash Flow	-7.76	10.23	30.57	2.62	1.21	1.75
Foreign Exchange Rate Adjustments	0.03	0.01	-0.25	-	-	-
Net Cash Flow	1.09	-1.38	2.15	-0.63	0.61	0.04
Free Cash Flow	9.12	-14.31	-26.41	-3.25	-0.59	-1.41
Free Cash Flow Margin	14.97%	-24.07%	-134.22%	-	-	-
Free Cash Flow Per Share	0.12	-0.20	-0.45	-0.08	-0.02	-0.07
Cash Interest Paid	0.45	0.69	0.58	0.07	0.08	0.13
Cash Income Tax Paid	0.23	0.13	-	-	-	-
Levered Free Cash Flow	4.16	-10.16	-31.27	-2.83	0.85	-1.8
Unlevered Free Cash Flow	5.79	-9.35	-30.46	-2.78	0.94	-1.2
Change in Working Capital	28.68	-1.82	-6.38	0.09	-0.1	-0.66

Source: S&P Global Market Intelligence. Standard template. Financial Sources.