the corrected aisc number has also been included in table 1-11 on page 1-25. where appropriate , text changes have been made to reflect the correct numbers now shown in the tables . 2. on january 12 , 2017 , the company paid $ 14.7 million for the timely and full satisfaction of the final derivative payment due with respect to the acquisition of certain mining claims and related rights in the vicinity of the livengood project and the company is now in full ownership and has no further liability with respect to this acquisition . the disclosure regarding the livengood property description and location in section 4.1.7 , pages 4-5 and 4-6 , has been updated accordingly . management changes on january 23 , 2017 , the ith board approved a management transition plan , which was implemented on january 31 , 2017 , in which karl hanneman , previously the chief operating officer ( coo ) , became the chief executive officer ( ceo ) , managing both the ceo and coo responsibilities , and thomas irwin , the previous ceo , transitioned into a part-time position of senior advisor prior to his being considered for nomination to the board at the company 's may 2017 annual general meeting ( agm ) . on may 24 , 2017 , the shareholders elected mr. irwin as a director of the company board . 40 director changes at the 2017 annual general meeting of shareholders in vancouver , b.c . on may 24 , 2017 , the shareholders fixed the size of the board at eight with the addition of mr. victor flores and mr. thomas irwin . on november 6 , 2017 , general mark hamilton resigned as director to pursue other opportunities . the board appointed stuart harshaw to the board effective april 1 , 2018 , to fill the vacancy that resulted from general hamilton 's resignation . deferred share unit incentive plan on april 4 , 2017 , the company adopted a deferred share unit plan ( the “ dsu plan ” ) . on may 24 , 2017 , at the company 's annual general meeting of shareholders , the dsu plan was approved . see note 8 within the notes to consolidated financial statements in item 8 of this annual report on form 10-k. other developments on january 12 , 2017 , the company paid $ 14.7 million for the timely and full satisfaction of the final derivative payment due with respect to acquisition of certain mining claims and related rights in the vicinity of the livengood gold project . on january 17 , 2017 , the full deed of reconveyance releasing the deed of trust on the acquired property was recorded and the company now fully owns this property and has no further liability with respect to this acquisition . in connection with the company 's $ 22.0 million private placement completed on december 28 , 2016 , the tsx commenced a de-listing review with respect to the company . on april 7 , 2017 , the tsx issued a bulletin confirming that it had completed its review and that the company continued to meet its listing requirements . 2018 financing on march 13 , 2018 , the company completed a non-brokered private placement pursuant to which it issued 24,000,000 common shares at $ 0.50 per share for gross proceeds of $ 12.0 million . the company intends to use the funds for continuation of optimization studies to further improve and de-risk the project , required environmental baseline studies , and for general working capital purposes . outlook on march 12 , 2018 the board approved a 2018 budget of $ 5.1 million . the work program incorporated in this budget will build upon the metallurgical studies undertaken in 2017 to continue to define and refine the project flowsheet . using the improved mineralization and alteration models now available for the livengood gold deposit arising from the work completed in 2017 , 4000 kg of metallurgical composites have been selected and shipped to sgs vancouver . these samples will be processed in 2018 to determine whether different recovery parameters should be applied to different areas of the orebody . the engineering firm of bba inc. ( bba ) , will be retained to continue to guide the metallurgical program . work is also planned to advance the environmental baseline efforts needed to support future permitting . on march 12 , 2018 , the board also approved recommendations by management to further reduce corporate overhead costs , including a reduction in ceo salary by 50 % ( reflecting an approximate 50 % reduction in the amount of time he will spend working on the project ) , a reduction in board cash compensation and expense , and staff reductions as appropriate as critical work is completed . depending upon the level of technical work or permitting efforts underway in future years , these cost savings should bring total project g & a costs into the range of $ 2.5 million per year . the company remains open to a strategic alliance to help support the future development of the project while considering all other appropriate financing options . the size of the gold resource , the favorable location , and the proven team are some of the reasons the company would potentially attract a strategic partner with a long term development horizon who understands the project is highly leveraged to gold prices . 41 results of operations summary of quarterly results replace_table_token_7_th replace_table_token_8_th significant fluctuations in the company 's quarterly net loss have mainly been the result of changes in operating costs and the valuation of the company 's derivative liability . story_separator_special_tag share-based payment charges were $ 108,526 during the year ended december 31 , 2016 compared to $ 540,468 during the year ended december 31 , 2015. the decrease in share-based payment charges during the period was mainly the result of a reduction in the fair value of options granted in 2015 as compared to 2014. the company granted no options during the year ended december 31 , 2016 compared to 2,135,200 options during the year ended december 31 , 2015. at december 31 , 2016 there was unrecognized compensation expense of c $ 38,644 related to non-vested options outstanding . the cost is expected to be recognized over a weighted-average remaining period of approximately 0.21 years . 43 share based payment charges were allocated as follows : replace_table_token_11_th excluding share-based payment charges of $ 76,910 and $ 400,095 , respectively , wages and benefits decreased to $ 2,119,681 for the year ended december 31 , 2016 from $ 2,159,515 for the year ended december 31 , 2015. the closure of the colorado office during 2015 contributed to lower wages and benefits expenses partially offset by higher healthcare premiums as a result of the base for the employee healthcare programs moving from colorado to alaska . excluding share-based payment charges of $ 25,013 and $ 113,150 , respectively , consulting fees were $ 238,321 for the year ended december 31 , 2016 compared to $ 305,274 for the year ended december 31 , 2015. the decrease of $ 66,953 is primarily due to lower consulting fees paid for chief financial officer services during 2016 as compared to 2015. excluding share-based payments , all other operating expense categories reflected only moderate changes period over period . other items amounted to other expense of $ 1,076,740 during the year ended december 31 , 2016 compared to other income of $ 1,637,352 in the year ended december 31 , 2015. total other expense in 2016 resulted from the unrealized loss on the revaluation of the derivative liability of $ 794,169. this unrealized loss was caused by the increase in the price per ounce of gold during 2016 and is compared to an unrealized gain of $ 800,000 during 2015 which resulted from a decrease in the price of gold during 2015. in addition to the unrealized loss on the derivative liability , the company had a foreign exchange loss of $ 340,551 during the year ended december 31 , 2016 compared to a gain of $ 990,690 during the year ended december 31 , 2015 as a result of the impact of exchange rates on certain of the company 's u.s. dollar cash balances . the average exchange rate during the year ended december 31 , 2016 was c $ 1 to us $ 0.7548 compared to c $ 1 to us $ 0.7820 for the year ended december 31 , 2015. available-for-sale securities were deemed not to be impaired for the year ended december 31 , 2016 compared to a loss of $ 219,402 related to the other than temporary impairment of certain available-for-sale securities during the year ended december 31 , 2015. story_separator_special_tag properties . the following table assumes that the company retains the rights to all of its current mineral properties , but does not exercise any lease purchase or royalty buyout options : replace_table_token_12_th 1. does not include required work expenditures , as it is assumed that the required expenditure level is significantly below the work which will actually be carried out by the company . does not include potential royalties that may be payable ( other than annual minimum royalty payments ) . off-balance sheet arrangements the company does not have any off balance sheet arrangements . critical accounting policies mineral properties and exploration and evaluation expenditures the company 's mineral project is currently in the exploration and evaluation phase . mineral property acquisition costs are capitalized when incurred . mineral property exploration costs are expensed as incurred . at such time that the company determines that a mineral property can be economically developed , subsequent mineral property expenses will be capitalized during the development of such property . the company assesses interests in exploration properties for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount . impairment analysis includes assessment of the following circumstances : a significant decrease in the market price of a long-lived asset or asset group ; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition ; a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset or asset group , including an adverse action or assessment by a regulator ; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset or asset group ; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group ; a current expectation that , more likely than not , a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life . the term more likely than not refers to a level of likelihood that is more than 50 % . 46 derivatives derivative financial liabilities include the company 's future contingent payment based on the five-year average daily gold price from the date of the acquisition on december 13 , 2011 through december 12 , 2016. derivatives are initially recognized at their fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value at each reporting period with changes in the fair value recognized in profit and loss . fluctuations in the company 's

liquidity and capital resources the company has no revenue generating operations from which it can internally generate funds . to date , the company 's ongoing operations have been predominantly financed through sale of its equity securities by way of private placements and the subsequent exercise of share purchase and broker warrants and options issued in connection with such private placements . however , the exercise of warrants/options is dependent primarily on the market price and overall market liquidity of the company 's securities at or near the expiry date of such warrants/options ( over which the company has no control ) and therefore there can be no guarantee that any existing warrants/options will be exercised . there are currently no warrants outstanding . as at december 31 , 2017 , the company reported cash and cash equivalents of $ 2,244,466 compared to $ 22,466,493 at december 31 , 2016. payment of the land derivative of approximately $ 14.7 million , operating expenditures on the livengood gold project of approximately $ 5.9 million and a negative foreign currency translation impact of approximately $ 0.4 million resulted in a decrease in cash and cash equivalents of approximately $ 20.2 million through december 31 , 2017. on march 13 , 2018 , the company completed a non-brokered private placement pursuant to which it issued 24,000,000 common shares at $ 0.50 per share for gross proceeds of $ 12.0 million . the company intends to use the funds for continuation of optimization studies to further improve and de-risk the project , required environmental baseline studies , and for general working capital purposes . as at december 31 , 2017 , management believes that the company has sufficient financial resources to maintain its operations for the next twelve months . 44 the company had no cash flows from investing activities during the years ended december 31 , 2017 and december 31 , 2016. financing activities during the year ended december 31 , 2017 included payment of the final derivative payment of approximately $ 14.7 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the company has no revenue generating operations from which it can internally generate funds . to date , the company 's ongoing operations have been predominantly financed through sale of its equity securities by way of private placements and the subsequent exercise of share purchase and broker warrants and options issued in connection with such private placements . however , the exercise of warrants/options is dependent primarily on the market price and overall market liquidity of the company 's securities at or near the expiry date of such warrants/options ( over which the company has no control ) and therefore there can be no guarantee that any existing warrants/options will be exercised . there are currently no warrants outstanding . as at december 31 , 2017 , the company reported cash and cash equivalents of $ 2,244,466 compared to $ 22,466,493 at december 31 , 2016. payment of the land derivative of approximately $ 14.7 million , operating expenditures on the livengood gold project of approximately $ 5.9 million and a negative foreign currency translation impact of approximately $ 0.4 million resulted in a decrease in cash and cash equivalents of approximately $ 20.2 million through december 31 , 2017. on march 13 , 2018 , the company completed a non-brokered private placement pursuant to which it issued 24,000,000 common shares at $ 0.50 per share for gross proceeds of $ 12.0 million . the company intends to use the funds for continuation of optimization studies to further improve and de-risk the project , required environmental baseline studies , and for general working capital purposes . as at december 31 , 2017 , management believes that the company has sufficient financial resources to maintain its operations for the next twelve months . 44 the company had no cash flows from investing activities during the years ended december 31 , 2017 and december 31 , 2016. financing activities during the year ended december 31 , 2017 included payment of the final derivative payment of approximately $ 14.7 million .
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 Suspicious Activity Report : the corrected aisc number has also been included in table 1-11 on page 1-25. where appropriate , text changes have been made to reflect the correct numbers now shown in the tables . 2. on january 12 , 2017 , the company paid $ 14.7 million for the timely and full satisfaction of the final derivative payment due with respect to the acquisition of certain mining claims and related rights in the vicinity of the livengood project and the company is now in full ownership and has no further liability with respect to this acquisition . the disclosure regarding the livengood property description and location in section 4.1.7 , pages 4-5 and 4-6 , has been updated accordingly . management changes on january 23 , 2017 , the ith board approved a management transition plan , which was implemented on january 31 , 2017 , in which karl hanneman , previously the chief operating officer ( coo ) , became the chief executive officer ( ceo ) , managing both the ceo and coo responsibilities , and thomas irwin , the previous ceo , transitioned into a part-time position of senior advisor prior to his being considered for nomination to the board at the company 's may 2017 annual general meeting ( agm ) . on may 24 , 2017 , the shareholders elected mr. irwin as a director of the company board . 40 director changes at the 2017 annual general meeting of shareholders in vancouver , b.c . on may 24 , 2017 , the shareholders fixed the size of the board at eight with the addition of mr. victor flores and mr. thomas irwin . on november 6 , 2017 , general mark hamilton resigned as director to pursue other opportunities . the board appointed stuart harshaw to the board effective april 1 , 2018 , to fill the vacancy that resulted from general hamilton 's resignation . deferred share unit incentive plan on april 4 , 2017 , the company adopted a deferred share unit plan ( the “ dsu plan ” ) . on may 24 , 2017 , at the company 's annual general meeting of shareholders , the dsu plan was approved . see note 8 within the notes to consolidated financial statements in item 8 of this annual report on form 10-k. other developments on january 12 , 2017 , the company paid $ 14.7 million for the timely and full satisfaction of the final derivative payment due with respect to acquisition of certain mining claims and related rights in the vicinity of the livengood gold project . on january 17 , 2017 , the full deed of reconveyance releasing the deed of trust on the acquired property was recorded and the company now fully owns this property and has no further liability with respect to this acquisition . in connection with the company 's $ 22.0 million private placement completed on december 28 , 2016 , the tsx commenced a de-listing review with respect to the company . on april 7 , 2017 , the tsx issued a bulletin confirming that it had completed its review and that the company continued to meet its listing requirements . 2018 financing on march 13 , 2018 , the company completed a non-brokered private placement pursuant to which it issued 24,000,000 common shares at $ 0.50 per share for gross proceeds of $ 12.0 million . the company intends to use the funds for continuation of optimization studies to further improve and de-risk the project , required environmental baseline studies , and for general working capital purposes . outlook on march 12 , 2018 the board approved a 2018 budget of $ 5.1 million . the work program incorporated in this budget will build upon the metallurgical studies undertaken in 2017 to continue to define and refine the project flowsheet . using the improved mineralization and alteration models now available for the livengood gold deposit arising from the work completed in 2017 , 4000 kg of metallurgical composites have been selected and shipped to sgs vancouver . these samples will be processed in 2018 to determine whether different recovery parameters should be applied to different areas of the orebody . the engineering firm of bba inc. ( bba ) , will be retained to continue to guide the metallurgical program . work is also planned to advance the environmental baseline efforts needed to support future permitting . on march 12 , 2018 , the board also approved recommendations by management to further reduce corporate overhead costs , including a reduction in ceo salary by 50 % ( reflecting an approximate 50 % reduction in the amount of time he will spend working on the project ) , a reduction in board cash compensation and expense , and staff reductions as appropriate as critical work is completed . depending upon the level of technical work or permitting efforts underway in future years , these cost savings should bring total project g & a costs into the range of $ 2.5 million per year . the company remains open to a strategic alliance to help support the future development of the project while considering all other appropriate financing options . the size of the gold resource , the favorable location , and the proven team are some of the reasons the company would potentially attract a strategic partner with a long term development horizon who understands the project is highly leveraged to gold prices . 41 results of operations summary of quarterly results replace_table_token_7_th replace_table_token_8_th significant fluctuations in the company 's quarterly net loss have mainly been the result of changes in operating costs and the valuation of the company 's derivative liability . story_separator_special_tag share-based payment charges were $ 108,526 during the year ended december 31 , 2016 compared to $ 540,468 during the year ended december 31 , 2015. the decrease in share-based payment charges during the period was mainly the result of a reduction in the fair value of options granted in 2015 as compared to 2014. the company granted no options during the year ended december 31 , 2016 compared to 2,135,200 options during the year ended december 31 , 2015. at december 31 , 2016 there was unrecognized compensation expense of c $ 38,644 related to non-vested options outstanding . the cost is expected to be recognized over a weighted-average remaining period of approximately 0.21 years . 43 share based payment charges were allocated as follows : replace_table_token_11_th excluding share-based payment charges of $ 76,910 and $ 400,095 , respectively , wages and benefits decreased to $ 2,119,681 for the year ended december 31 , 2016 from $ 2,159,515 for the year ended december 31 , 2015. the closure of the colorado office during 2015 contributed to lower wages and benefits expenses partially offset by higher healthcare premiums as a result of the base for the employee healthcare programs moving from colorado to alaska . excluding share-based payment charges of $ 25,013 and $ 113,150 , respectively , consulting fees were $ 238,321 for the year ended december 31 , 2016 compared to $ 305,274 for the year ended december 31 , 2015. the decrease of $ 66,953 is primarily due to lower consulting fees paid for chief financial officer services during 2016 as compared to 2015. excluding share-based payments , all other operating expense categories reflected only moderate changes period over period . other items amounted to other expense of $ 1,076,740 during the year ended december 31 , 2016 compared to other income of $ 1,637,352 in the year ended december 31 , 2015. total other expense in 2016 resulted from the unrealized loss on the revaluation of the derivative liability of $ 794,169. this unrealized loss was caused by the increase in the price per ounce of gold during 2016 and is compared to an unrealized gain of $ 800,000 during 2015 which resulted from a decrease in the price of gold during 2015. in addition to the unrealized loss on the derivative liability , the company had a foreign exchange loss of $ 340,551 during the year ended december 31 , 2016 compared to a gain of $ 990,690 during the year ended december 31 , 2015 as a result of the impact of exchange rates on certain of the company 's u.s. dollar cash balances . the average exchange rate during the year ended december 31 , 2016 was c $ 1 to us $ 0.7548 compared to c $ 1 to us $ 0.7820 for the year ended december 31 , 2015. available-for-sale securities were deemed not to be impaired for the year ended december 31 , 2016 compared to a loss of $ 219,402 related to the other than temporary impairment of certain available-for-sale securities during the year ended december 31 , 2015. story_separator_special_tag properties . the following table assumes that the company retains the rights to all of its current mineral properties , but does not exercise any lease purchase or royalty buyout options : replace_table_token_12_th 1. does not include required work expenditures , as it is assumed that the required expenditure level is significantly below the work which will actually be carried out by the company . does not include potential royalties that may be payable ( other than annual minimum royalty payments ) . off-balance sheet arrangements the company does not have any off balance sheet arrangements . critical accounting policies mineral properties and exploration and evaluation expenditures the company 's mineral project is currently in the exploration and evaluation phase . mineral property acquisition costs are capitalized when incurred . mineral property exploration costs are expensed as incurred . at such time that the company determines that a mineral property can be economically developed , subsequent mineral property expenses will be capitalized during the development of such property . the company assesses interests in exploration properties for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount . impairment analysis includes assessment of the following circumstances : a significant decrease in the market price of a long-lived asset or asset group ; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition ; a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset or asset group , including an adverse action or assessment by a regulator ; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset or asset group ; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group ; a current expectation that , more likely than not , a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life . the term more likely than not refers to a level of likelihood that is more than 50 % . 46 derivatives derivative financial liabilities include the company 's future contingent payment based on the five-year average daily gold price from the date of the acquisition on december 13 , 2011 through december 12 , 2016. derivatives are initially recognized at their fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value at each reporting period with changes in the fair value recognized in profit and loss . fluctuations in the company 's

