· we completed a preliminary economic assessment ( “ pea ” ) for the los azules project , estimating an economical project and the opportunity for a sustainable and long-life open pit mine at current copper , gold and silver prices . · we completed two financings for total gross proceeds of $ 56.6 million , primarily for the purpose of funding the acquisition of the black fox complex and finance the 2018 exploration program in timmins . · our consolidated gold and silver sales were $ 67.5 million in 2017 , comprised of $ 55.9 million from the sale of 44,490 gold equivalent ounces by our el gallo 1 mine , and $ 11.6 million from the sale of 9,422 gold ounces by our black fox mine . · we realized average prices of $ 1,255 and $ 17.40 per ounce of gold and silver , respectively , sold by the el gallo 1 mine , and an average price of $ 1,233 per ounce of gold sold by the black fox mine . · our consolidated production was 60,973 gold equivalent ounces , comprised of 46,694 gold equivalent ounces produced by the el gallo 1 mine and 14,279 gold equivalent ounces produced by the black fox mine . · the san josé mine produced 186,443 gold equivalent ounces , comprised of 100,475 ounces of gold and 6,447,657 ounces of silver , on a 100 % basis ; or 91,357 gold equivalent ounces , represented by 49,233 ounces of gold and 3,159,352 ounces of silver , based on the 49 % share attributable to us . 39 · the el gallo 1 mine realized total cash costs of $ 791 and all-in sustaining costs of $ 909 per gold equivalent ounce , respectively . · the black fox mine realized total cash costs of $ 865 and all-in sustaining costs of $ 1,319 per gold equivalent ounce , respectively . · the san josé mine realized total cash costs of $ 839 and all-in sustaining costs of $ 1,027 per gold equivalent ounce , respectively . · we reported a net loss of $ 10.6 million , or $ 0.03 per share for the year . · we realized net loss of $ 0.1 million from our investment in msc , and received $ 12.2 million in dividends . · at year end , we reported $ 68.1 million in cash and restricted cash , investments and precious metals valued at the london p.m. fix spot price ( 1 ) , and no bank debt . restricted cash represents proceeds from a financing that is committed to the exploration program in ontario . ( 1 ) for a reconciliation of precious metals valued at the london p.m. fix spot price and cost , please see the discussion under “ non gaap financial performance measures ” below , on page 55. selected consolidated financial and operating results replace_table_token_13_th ( 1 ) includes attributable production from our 49 % owned san josé mine . ( 2 ) silver production is presented as a gold equivalent . gold equivalent ounces calculations approximate prevailing spot prices at the beginning of the year . consolidated financial performance for the year ended december 31 , 2017 , we recorded a net loss of $ 10.6 million , or $ 0.03 per share , compared to a net income of $ 21.1 million , or $ 0.07 per share , in 2016. the $ 10.6 million net loss was primarily the result of the following factors : · an increase in exploration expenditures incurred at los azules project ; · a decrease in the profitability at the el gallo 1 mine , due to higher production costs applicable to sales , higher number of ounces processed , and the operational challenges from the mechanical failure that the crushing circuit suffered during the third quarter ; · production costs applicable to sales at the black fox mine were substantially equal to revenue from gold and silver sales , resulting in a negligible profit margin ; 40 · a decrease in net income reported by msc , due to the loss of government tax incentives since late 2016 , coupled with higher production costs applicable to sales , as a result of higher labor costs and the impact of inflation ; · an increase of general and administrative expenses due to the two acquisitions and financings completed in the year ; and · an increase in recoveries of income taxes as a result of the u.s. and argentina government tax reforms , which significantly reduced deferred tax liabilities . our cash , cash equivalents and restricted cash in 2017 was $ 37.2 million , which is a slight decrease from the $ 37.4 million in 2016. results of consolidated operations year ended december 31 , 2017 compared to 2016 revenue . consolidated gold and silver sales increased by $ 7.1 million , or 12 % , to $ 67.5 million for the year ended december 31 , 2017 , from $ 60.4 million in 2016 , mainly due to $ 11.6 million gold sales contributed by the black fox mine , which was acquired in october 2017 , partially offset by a $ 4.5 million decrease in gold and silver sales reported by the el gallo 1 mine , when compared to 2016 , as a result of fewer ounces sold . production costs applicable to sales . consolidated production costs applicable to sales increased to $ 45.2 million in 2017 from $ 28.1 million in 2016 , due to $ 9.9 million production costs attributable to the black fox mine , which as noted above was acquired in october 2017 , and $ 7.2 million higher production costs reported by the el gallo mine . the increase in production costs applicable to sales at the el gallo 1 mine was expected , as the mine approaches the end of its life . story_separator_special_tag this was partly offset by lower crushing and plant processing expenditures resulting from our efforts to contain costs , coupled with the devaluation of the mexican peso against the u.s. dollar , when compared to 2015. on an aggregate basis , total cash costs at the el gallo 1 mine were $ 25.6 million in 2016 , compared to $ 27.6 million in 2015 , with the decrease mainly driven by the lower number of gold equivalent ounces sold when compared to 2015. all‑in sustaining cost per gold equivalent ounce in 2016 was $ 610 compared to $ 581 per ounce in 2015 , or $ 29.8 million in 2016 and $ 36.4 million in 2015 , on an aggregate basis . the decrease in aggregate all-in sustaining costs was driven by the factors above , coupled with higher capital expenditures of a sustaining nature , including the expansion of our leach pad . advanced-stage properties - el gallo 2 el gallo 2 project during 2017 we spent $ 0.7 million on studies for the advancement of feasibility and development of the el gallo 2 project . these studies are designed to identify opportunities to reduce initial capital investment required to develop and start the project and to reduce the estimated operating costs while minimizing the impact on estimated production . potential changes include different mill configurations , mine plans , and tailings deposition methods . a review of the $ 186.9 million capital expenditures estimated in the el gallo 2 initial feasibility study is currently underway . an updated pre-feasibility study is expected to be completed in the second quarter of 2018. during 2017 we incurred $ 1.6 million in exploration and $ 0.7 million in the advancement of feasibility and development of the el gallo 2 , respectively . our 2018 budget for el gallo 2 is $ 3.4 million to cover exploration , feasibility advancement , and limited development of el gallo 2 project . exploration activities – mexico el gallo area , sinaloa , méxico the el gallo area is being explored in an effort to extend the life of mine of el gallo 1 , to assess and expand known zones of mineralization and to generate new drill targets within the district for significant new discoveries . in 2017 , our exploration activities included a multi-element soil geochemical survey carried out over two large high priority target areas , which were identified based on results of all available geo-information including new spectral study completed at the end of the second quarter of the year . drilling continued around the mine site , focusing on the north-west extension 47 of the samaniego open pit and on the lupita-central trend . additionally , reverse-circulation drilling continued around the mine site and on new targets identified from the soil geochemical survey in the area surrounding el gallo 2. our 2017 budget for exploration was $ 5.9 million , from which we spent $ 5.6 million , including near-mine and district scale exploration . our 2018 budget is $ 1.1 million . results of operations - canada segmen t the canada segment is composed of the recently acquired black fox complex , which consists of the fully operational black fox gold mine , the black fox-stock mill , and the grey fox and froome advanced-stage exploration projects , and other gold exploration properties located in timmins , ontario , canada . black fox mine the black fox underground gold mine initially operated from 1997 to 2001. it was re-commissioned in 2009 and has operated continuously since then , producing a total of 821,000 ounces of gold initially from an open pit , which is now depleted , and subsequently from the underground mine . the black fox property is located along a prime 4.5 mile ( 7 km ) section of the destor-porcupine fault , which is host to many world-class gold deposits . the property is already well endowed with gold mineralization and has very attractive geological potential . overview the following table sets out production and sales totals , for the black fox mine for the three months and year ended december 31 , 2017. since the mine was acquired in october 2017 , no data for comparable periods is available : replace_table_token_16_th ( 1 ) silver production presented as a gold equivalent . gold equivalent ounces calculations approximate prevailing spot prices at the beginning of the year . ( 2 ) average realized price is a non‑gaap financial performance measures with no standardized definition under u.s. gaap . see “ non‑gaap financial performance measures ” on page 55 for additional information , including definitions of this term . 2017 gold and silver production and sales · production for the quarter ended december 31 , 2017 was 14,279 gold equivalent ounces consisting of 14,268 ounces of gold and 804 ounces of silver . production obtained from the black fox mine exceeded the 10,000 gold equivalent ounces planned after the acquisition , as a result of higher average grades obtained than expected . 48 · sales revenue from the black fox mine was $ 11.6 million as a result of the sale of 9,422 ounces of gold during the year . the average realized price of gold was $ 1,233 per ounce , which compares to the london p.m. fix gold average of $ 1,276 noted during the last quarter of 2017. total cash costs and all-in sustaining costs the following table presents a summary of our total cash cost , cash cost per ounce , all-in sustaining costs and all-in sustaining costs per ounce of gold equivalent at the black fox mine : replace_table_token_17_th 1 ) total cash cost , total cash cost per ounce , all‑in sustaining costs , and all-in sustaining costs per ounce are non‑gaap financial performance measures with no standardized definition under u.s. gaap . see “ non‑gaap financial performance measures ” on page 55 for additional information , including definitions of these

liquidity and capital resources we had working capital of $ 49.2 million at december 31 , 2017 , which consisted of $ 86.9 million of current assets and $ 37.6 million of current liabilities , compared to $ 58.0 million working capital reported at year-end 2016. within current assets we have $ 10.0 million of restricted cash , which represents funds committed to the exploration program in ontario , as a result of completing our flow-through financing . the $ 8.8 million decrease in working capital was the net result of increased cash used in operating activities , from higher production and exploration costs incurred in the year , coupled with the acquisition of the black fox complex , and property , plant and equipment , which were partly offset by the proceeds received from the equity offerings closed during the year . overall , our cash balance ( including restricted cash ) decreased slightly to $ 37.2 million in 2017 , from $ 37.4 million in 2016. we believe that our working capital at year-end 2017 is sufficient to satisfy any non-discretionary obligations due in the next 12 months , and to fund ongoing operations and corporate activities over the next 12 months . however , we continue to evaluate capital and development expenditure requirements to advance gold bar , black fox , our other timmins projects , and el gallo 2 , as well as exploration expenditures for all our operations and projects . if we make a positive decision to pursue one or more of these initiatives , the expenditures incurred may significantly exceed our working capital .


 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 we had working capital of $ 49.2 million at december 31 , 2017 , which consisted of $ 86.9 million of current assets and $ 37.6 million of current liabilities , compared to $ 58.0 million working capital reported at year-end 2016. within current assets we have $ 10.0 million of restricted cash , which represents funds committed to the exploration program in ontario , as a result of completing our flow-through financing . the $ 8.8 million decrease in working capital was the net result of increased cash used in operating activities , from higher production and exploration costs incurred in the year , coupled with the acquisition of the black fox complex , and property , plant and equipment , which were partly offset by the proceeds received from the equity offerings closed during the year . overall , our cash balance ( including restricted cash ) decreased slightly to $ 37.2 million in 2017 , from $ 37.4 million in 2016. we believe that our working capital at year-end 2017 is sufficient to satisfy any non-discretionary obligations due in the next 12 months , and to fund ongoing operations and corporate activities over the next 12 months . however , we continue to evaluate capital and development expenditure requirements to advance gold bar , black fox , our other timmins projects , and el gallo 2 , as well as exploration expenditures for all our operations and projects . if we make a positive decision to pursue one or more of these initiatives , the expenditures incurred may significantly exceed our working capital .
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 Suspicious Activity Report : · we completed a preliminary economic assessment ( “ pea ” ) for the los azules project , estimating an economical project and the opportunity for a sustainable and long-life open pit mine at current copper , gold and silver prices . · we completed two financings for total gross proceeds of $ 56.6 million , primarily for the purpose of funding the acquisition of the black fox complex and finance the 2018 exploration program in timmins . · our consolidated gold and silver sales were $ 67.5 million in 2017 , comprised of $ 55.9 million from the sale of 44,490 gold equivalent ounces by our el gallo 1 mine , and $ 11.6 million from the sale of 9,422 gold ounces by our black fox mine . · we realized average prices of $ 1,255 and $ 17.40 per ounce of gold and silver , respectively , sold by the el gallo 1 mine , and an average price of $ 1,233 per ounce of gold sold by the black fox mine . · our consolidated production was 60,973 gold equivalent ounces , comprised of 46,694 gold equivalent ounces produced by the el gallo 1 mine and 14,279 gold equivalent ounces produced by the black fox mine . · the san josé mine produced 186,443 gold equivalent ounces , comprised of 100,475 ounces of gold and 6,447,657 ounces of silver , on a 100 % basis ; or 91,357 gold equivalent ounces , represented by 49,233 ounces of gold and 3,159,352 ounces of silver , based on the 49 % share attributable to us . 39 · the el gallo 1 mine realized total cash costs of $ 791 and all-in sustaining costs of $ 909 per gold equivalent ounce , respectively . · the black fox mine realized total cash costs of $ 865 and all-in sustaining costs of $ 1,319 per gold equivalent ounce , respectively . · the san josé mine realized total cash costs of $ 839 and all-in sustaining costs of $ 1,027 per gold equivalent ounce , respectively . · we reported a net loss of $ 10.6 million , or $ 0.03 per share for the year . · we realized net loss of $ 0.1 million from our investment in msc , and received $ 12.2 million in dividends . · at year end , we reported $ 68.1 million in cash and restricted cash , investments and precious metals valued at the london p.m. fix spot price ( 1 ) , and no bank debt . restricted cash represents proceeds from a financing that is committed to the exploration program in ontario . ( 1 ) for a reconciliation of precious metals valued at the london p.m. fix spot price and cost , please see the discussion under “ non gaap financial performance measures ” below , on page 55. selected consolidated financial and operating results replace_table_token_13_th ( 1 ) includes attributable production from our 49 % owned san josé mine . ( 2 ) silver production is presented as a gold equivalent . gold equivalent ounces calculations approximate prevailing spot prices at the beginning of the year . consolidated financial performance for the year ended december 31 , 2017 , we recorded a net loss of $ 10.6 million , or $ 0.03 per share , compared to a net income of $ 21.1 million , or $ 0.07 per share , in 2016. the $ 10.6 million net loss was primarily the result of the following factors : · an increase in exploration expenditures incurred at los azules project ; · a decrease in the profitability at the el gallo 1 mine , due to higher production costs applicable to sales , higher number of ounces processed , and the operational challenges from the mechanical failure that the crushing circuit suffered during the third quarter ; · production costs applicable to sales at the black fox mine were substantially equal to revenue from gold and silver sales , resulting in a negligible profit margin ; 40 · a decrease in net income reported by msc , due to the loss of government tax incentives since late 2016 , coupled with higher production costs applicable to sales , as a result of higher labor costs and the impact of inflation ; · an increase of general and administrative expenses due to the two acquisitions and financings completed in the year ; and · an increase in recoveries of income taxes as a result of the u.s. and argentina government tax reforms , which significantly reduced deferred tax liabilities . our cash , cash equivalents and restricted cash in 2017 was $ 37.2 million , which is a slight decrease from the $ 37.4 million in 2016. results of consolidated operations year ended december 31 , 2017 compared to 2016 revenue . consolidated gold and silver sales increased by $ 7.1 million , or 12 % , to $ 67.5 million for the year ended december 31 , 2017 , from $ 60.4 million in 2016 , mainly due to $ 11.6 million gold sales contributed by the black fox mine , which was acquired in october 2017 , partially offset by a $ 4.5 million decrease in gold and silver sales reported by the el gallo 1 mine , when compared to 2016 , as a result of fewer ounces sold . production costs applicable to sales . consolidated production costs applicable to sales increased to $ 45.2 million in 2017 from $ 28.1 million in 2016 , due to $ 9.9 million production costs attributable to the black fox mine , which as noted above was acquired in october 2017 , and $ 7.2 million higher production costs reported by the el gallo mine . the increase in production costs applicable to sales at the el gallo 1 mine was expected , as the mine approaches the end of its life . story_separator_special_tag this was partly offset by lower crushing and plant processing expenditures resulting from our efforts to contain costs , coupled with the devaluation of the mexican peso against the u.s. dollar , when compared to 2015. on an aggregate basis , total cash costs at the el gallo 1 mine were $ 25.6 million in 2016 , compared to $ 27.6 million in 2015 , with the decrease mainly driven by the lower number of gold equivalent ounces sold when compared to 2015. all‑in sustaining cost per gold equivalent ounce in 2016 was $ 610 compared to $ 581 per ounce in 2015 , or $ 29.8 million in 2016 and $ 36.4 million in 2015 , on an aggregate basis . the decrease in aggregate all-in sustaining costs was driven by the factors above , coupled with higher capital expenditures of a sustaining nature , including the expansion of our leach pad . advanced-stage properties - el gallo 2 el gallo 2 project during 2017 we spent $ 0.7 million on studies for the advancement of feasibility and development of the el gallo 2 project . these studies are designed to identify opportunities to reduce initial capital investment required to develop and start the project and to reduce the estimated operating costs while minimizing the impact on estimated production . potential changes include different mill configurations , mine plans , and tailings deposition methods . a review of the $ 186.9 million capital expenditures estimated in the el gallo 2 initial feasibility study is currently underway . an updated pre-feasibility study is expected to be completed in the second quarter of 2018. during 2017 we incurred $ 1.6 million in exploration and $ 0.7 million in the advancement of feasibility and development of the el gallo 2 , respectively . our 2018 budget for el gallo 2 is $ 3.4 million to cover exploration , feasibility advancement , and limited development of el gallo 2 project . exploration activities – mexico el gallo area , sinaloa , méxico the el gallo area is being explored in an effort to extend the life of mine of el gallo 1 , to assess and expand known zones of mineralization and to generate new drill targets within the district for significant new discoveries . in 2017 , our exploration activities included a multi-element soil geochemical survey carried out over two large high priority target areas , which were identified based on results of all available geo-information including new spectral study completed at the end of the second quarter of the year . drilling continued around the mine site , focusing on the north-west extension 47 of the samaniego open pit and on the lupita-central trend . additionally , reverse-circulation drilling continued around the mine site and on new targets identified from the soil geochemical survey in the area surrounding el gallo 2. our 2017 budget for exploration was $ 5.9 million , from which we spent $ 5.6 million , including near-mine and district scale exploration . our 2018 budget is $ 1.1 million . results of operations - canada segmen t the canada segment is composed of the recently acquired black fox complex , which consists of the fully operational black fox gold mine , the black fox-stock mill , and the grey fox and froome advanced-stage exploration projects , and other gold exploration properties located in timmins , ontario , canada . black fox mine the black fox underground gold mine initially operated from 1997 to 2001. it was re-commissioned in 2009 and has operated continuously since then , producing a total of 821,000 ounces of gold initially from an open pit , which is now depleted , and subsequently from the underground mine . the black fox property is located along a prime 4.5 mile ( 7 km ) section of the destor-porcupine fault , which is host to many world-class gold deposits . the property is already well endowed with gold mineralization and has very attractive geological potential . overview the following table sets out production and sales totals , for the black fox mine for the three months and year ended december 31 , 2017. since the mine was acquired in october 2017 , no data for comparable periods is available : replace_table_token_16_th ( 1 ) silver production presented as a gold equivalent . gold equivalent ounces calculations approximate prevailing spot prices at the beginning of the year . ( 2 ) average realized price is a non‑gaap financial performance measures with no standardized definition under u.s. gaap . see “ non‑gaap financial performance measures ” on page 55 for additional information , including definitions of this term . 2017 gold and silver production and sales · production for the quarter ended december 31 , 2017 was 14,279 gold equivalent ounces consisting of 14,268 ounces of gold and 804 ounces of silver . production obtained from the black fox mine exceeded the 10,000 gold equivalent ounces planned after the acquisition , as a result of higher average grades obtained than expected . 48 · sales revenue from the black fox mine was $ 11.6 million as a result of the sale of 9,422 ounces of gold during the year . the average realized price of gold was $ 1,233 per ounce , which compares to the london p.m. fix gold average of $ 1,276 noted during the last quarter of 2017. total cash costs and all-in sustaining costs the following table presents a summary of our total cash cost , cash cost per ounce , all-in sustaining costs and all-in sustaining costs per ounce of gold equivalent at the black fox mine : replace_table_token_17_th 1 ) total cash cost , total cash cost per ounce , all‑in sustaining costs , and all-in sustaining costs per ounce are non‑gaap financial performance measures with no standardized definition under u.s. gaap . see “ non‑gaap financial performance measures ” on page 55 for additional information , including definitions of these

