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Gran Colombia Gold Corp. (TPRFF)

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http://www.grancolombiagold.com/

TSX: GCM
OTC PINK: TPRFF




 

Gran Colombia Gold Announces First Quarter 2016 Results;

Steady Improvement in EBITDA, Costs and Production

May 12, 2016
 

TORONTO, ON --(Marketwired - May 12, 2016) -  Gran Colombia Gold Corp. (TSX: GCM) (OTC PINK: TPRFF) announced today the release of its unaudited condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three months ended March 31, 2016. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

First Quarter 2016 Highlights

  • On January 20, 2016 (the "Exchange Date"), Gran Colombia completed the comprehensive restructuring of its Senior Secured Gold-Linked Notes due October 2017 (the "Gold Notes") and Senior Unsecured Silver-Linked Notes due August 2018 (the "Silver Notes), bringing it out of default and improving its liquidity as it continues with its mine plan implementation at the Segovia Operations.
    Gran Colombia reported further improvement in its quarterly adjusted EBITDA which amounted to $11.6 million in the first quarter of 2016 compared with $7.1 million in the first quarter last year. Increased production together with the significant reduction in total cash costs and G&A expenses were the primary drivers. See the Company's MD&A for the computation and components of this non-IFRS measure.
    Gran Colombia maintained its cash position at $3.0 million at the end of the first quarter of 2016. Adjusted EBITDA generated in the first quarter of 2016 was deployed to fund interest payments on the Company's senior debt, costs associated with completion of the comprehensive restructuring, capital expenditures and payment plans with local creditors as part of the Company's initiative to reduce its working capital deficit this year.
    Gran Colombia met its expectation for the first quarter of 2016 as gold production totalled 31,489 ounces, up 5% from the fourth quarter of 2015 and up 31% from the first quarter a year ago. With a further 12,053 ounces produced in April, the Company remains on track with its production guidance for 2016 of a total of 120,000 to 138,000 ounces of gold for the year.
    Revenue of $34.5 million in the first quarter of 2016, up 12% over the first quarter last year, primarily reflects the increased gold production this year that contributed to a 17% increase in gold ounces sold, offset partially by the impact of lower gold prices in 2016 that decreased the Gran Colombia's realized gold prices by 4% to an average of $1,144 per ounce for the first quarter of 2016.
    Devaluation of the Colombian peso, the increased gold production reducing fixed costs on a per ounce basis, and cost savings all combined to reduce total cash costs by 17% from a year ago to $685 per ounce in the first quarter of 2016 and bringing all-in sustaining costs ("AISC") down by 16% to $790 per ounce for the first quarter this year. See the Company's MD&A for the computation of these non-IFRS measures.
    Gran Colombia reported net income attributable to shareholders of $10.8 million for the first quarter of 2016, or $0.15 per share, compared with a net loss attributable to shareholders of $3.3 million, or $0.14 per share, in the first quarter of 2015. The current quarter's net income attributable to shareholders includes $14.5 million, or $0.20 per share, of after-tax mark-to-market ("MTM") gains on the Gold and Silver Notes up to the Exchange Date.
    After adjustments for the after-tax MTM gains and certain other items as set out in a reconciliation in the Company's MD&A, Gran Colombia reported adjusted net income attributable to shareholders of $0.3 million, or $0.00 per share, in the first quarter of 2016 compared with an adjusted net loss of $1.8 million, or $0.08 per share, in the first quarter last year. The improvement in the current quarter's adjusted EBITDA, partially offset by costs associated with completion of the debt restructuring, was largely responsible for the year-over-year improvement in adjusted net income attributable to shareholders.

Lombardo Paredes Arenas, Chief Executive Officer of Gran Colombia, commenting on the Company's results for the first quarter of 2016, said, "We are making steady progress in the execution of our business plan. The improvement in our adjusted EBITDA, made possible through reductions in our costs and production growth, is enabling us to use our operating cash flow in the short-term to improve our balance sheet by reducing our working capital deficit and, ultimately, is essential for building the cash required to repay our senior debt."

Financial and Operating Summary

A summary of the financial and operating results for the first quarters of 2016 and 2015 follows:

  First Quarter  
  2016   2015  
             
Operating data:            
  Gold produced (ounces)   31,489     23,973  
  Gold sold (ounces)   29,686     25,332  
  Average realized gold price ($/oz sold) $ 1,144   $ 1,193  
  Total cash costs ($/oz sold) (1)   685     824  
  All-in sustaining costs ($/oz sold) (1)   790     938  
             
Financial data ($000's, except per share amounts):            
  Revenue $ 34,470   $ 30,658  
  Adjusted EBITDA (1)   11,586     7,143  
  Net income (loss) attributable to shareholders   10,826     (3,315 )
  Basic and diluted income (loss) per share   0.15     (0.14 )
  Adjusted net income (loss) attributable to shareholders (1)   251     (1,816 )
  Basic and diluted adjusted income (loss) per share (1)   0.00     (0.08 )
             
    March 31,     December 31,  
    2016     2015  
             
Balance sheet ($000's):            
  Cash and cash equivalents $ 3,024   $ 3,004  
  Senior debt (2)   78,373     100,740  
  Other debt, including current portion   2,760     3,012  
     
(1)   Refer to "Additional Financial Measures" in the Company's MD&A.
(2)   Represents carrying amounts which are at a discount to principal amounts. Refer to Company's Interim Financial Statements for additional details regarding the 2018 and 2020 Debentures.
     

Segovia Operations

First quarter 2016 gold production at Segovia totalled 25,999 ounces, up 8.9% from the fourth quarter of 2015 and up 40.3% from the first quarter a year ago. An increased volume of higher grade material from the contract mining cooperatives enabled the Company to process an average of 730 tpd with head grades averaging 12.9 g/t in the first quarter of 2016, an improvement from 678 tpd at an average head grade of 12.0 g/t in the fourth quarter of 2015 and 500 tpd at head grades averaging 14.1 g/t in the first quarter a year ago. Gran Colombia is continuing with the mine development and mechanization program according to the optimized mine plan developed in 2015 and expects to produce a total of 96,000 to 110,000 at its Segovia Operations for the full year 2016.

The Company's total cash cost results in the first quarter of 2016 saw a continuation of the trend experienced in 2015 as further devaluation of the Colombian peso against the U.S. dollar, increased production volumes reducing fixed costs on a per ounce basis and costs savings all combined to decrease total cash costs at the Segovia Operations to $659 per ounce, 17% lower than reported for the first quarter last year.

Marmato Operations

At the Marmato Underground mine, the Company processed 820 tpd at an average head grade of 2.6 g/t yielding gold production of 5,490 ounces in the first quarter of 2016, down 11.2% from the fourth quarter of 2015 in which it processed 860 tpd at head grades averaging 2.8 g/t and on par with the first quarter a year ago when it processed 813 tpd at head grades averaging 2.6 g/t. The Company expects to produce a total of 24,000 to 28,000 ounces at its Marmato Operations for the full year 2016.

Further devaluation of the Colombian peso also had a positive impact on Marmato's total cash costs per once in the first quarter of 2016 compared with previous quarters and, despite a decline in head grades resulting in lower gold production that contributed to an increase in its total cash costs to $847 per ounce in the current quarter, Marmato's total cash costs per ounce were still 7% better than the first quarter last year.

Outlook

With a total of 43,542 ounces of gold produced through the first four months of 2016, the Company is well on its way towards its annual gold production guidance for 2016 of approximately 120,000 to 138,000 ounces. The results for total cash costs and AISC per ounce for the first quarter of 2016 were also in line with Gran Colombia's expectations. For the full year 2016, Gran Colombia expects its total cash costs to average between $700 and $750 per ounce, which will be influenced by the exchange rate of the Colombian peso relative to the U.S. dollar and by production volumes during the balance of the year. Gran Colombia also anticipates that its average AISC for the full year will be between $850 and $950 per ounce, reflecting an expected increase in the level of capital investment in its Segovia Operations in the second half of 2016.

Since the debt restructuring closed in January 2016, holders of the 2018 Debentures and the 2020 Debentures have elected to convert $2.3 million and $0.7 million, respectively, into a total of 23.5 million common shares, increasing the issued and outstanding common shares to a total of 137,074,520 and reducing the principal amounts of the 2018 Debentures and 2020 Debentures to $68.8 million and $103.3 million, respectively, at May 12, 2016.

Webcast

As a reminder, the Company will host a conference call and webcast on Friday, May 13, 2016 at 9:30 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link: http://edge.media-server.com/m/p/7hmyqdxe
Toronto & International: 1 (514) 841-2157
North America Toll Free: 1 (866) 215-5508
Colombia Toll Free: 01 800 9 156 924
Conference ID: 42439708

========================================================================================================

Presentations

 
Q1 2016 ResultsMay 13, 2016Download PDF (683 KB)
Q4 & Full Year 2015 ResultsMarch 31, 2016Download PDF (653 KB)
Q3 2015 ResultsNovember 12, 2015Download PDF (638 KB)
Q2 2015 ResultsAugust 14, 2015Download PDF (945 KB)
Q1 2015 Results May 15, 2015Download PDF (879 KB)
Q4 & Full Year 2014 ResultsApril 01, 2015Download PDF (1.10 MB)

==================================================================================================================

Frank Giustra is the biggest shareholder of TPRFF or GCM

Frank Giustra Announces Holdings in Gran Colombia Gold Corp.

 

Published: Feb 25, 2016 3:45 p.m. ET

 
 
 

VANCOUVER, Feb. 25, 2016 (Canada NewsWire via COMTEX) -- Frank Giustra and his related entities filed an early warning report pursuant to the early warning requirements of applicable securities laws in Canada with respect to holdings in Gran Colombia Gold Corp. (the "Issuer").

Pursuant to the completion of the Issuer's debt restructuring, Frank Giustra converted Silver Notes into 16,041,913 common shares representing 14.07% of the issued and outstanding shares of the Issuer and Radcliffe Corporation, a company owned and controlled by Frank Giustra, converted Silver Notes into 11,535,940 common shares representing 10.12% of the issued and outstanding common shares of the Issuer and converted Gold Notes into US$260,371 2020 Convertible Debentures representing 1.76% of the Issuer's outstanding 2020 Convertible Debentures.

As a result of the conversions, Frank Giustra directly and indirectly, owns and or controls, in aggregate 25,577,853 common shares of the Issuer, representing 24.18% of the current issued and outstanding shares of the Issuer and would own 29,580,707 common shares, representing 25.49% on a partially diluted basis, assuming the conversion of US$260,371 2020 Convertible Debenture at US$0.13.

 

Mr. Giustra and his related entities acquired these securities for investment purposes and as disclosed in the Early Warning Report accompanying this news release, may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

SOURCE Frank Giustra

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2016/25/c3829.html

 

http://www.marketwatch.com/story/frank-giustra-announces-holdings-in-gran-colombia-gold-corp-2016-02-25

================================================================================================================================


 
Gran Colombia Gold Corp.
333 Bay Street
Suite 1100
Toronto, ON M5H 2R2
Canada - Map
Phone: 416-360-4653
Fax: 416-360-7783
Website: http://www.grancolombiagold.com
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TPRFF News: Voting Results of the Annual Meeting of the Shareholders of Gran Colombia 06/26/2015 06:19:00 PM
TPRFF News: Gran Colombia Gold announces first quarter 2015 results; Reports further reduction in AISC to $938 per ounce 05/14/2015 04:33:00 PM
TPRFF News: Gran Colombia Gold Announces Details of May 2015 Interest Payments on Senior Debt and Upcoming Webcast on Financial Results f... 05/07/2015 07:40:00 PM
TPRFF News: Gran Colombia Gold Announces Details of April 2015 Interest Payments on Senior Debt 04/07/2015 06:42:00 PM
TPRFF News: Gran Colombia Gold announces fourth quarter and full year 2014 results; Reports AISC of $995 per ounce in fourth quarter 03/31/2015 08:36:00 PM
PostSubject
#844  Sticky Note Well TPX welcome to Gran Colombia Gold Corp. - NYBob 01/04/17 10:31:33 PM
#342  Sticky Note Sentiment Speaks: Gold Is Heading To $25,000.-- per NYBob 08/24/16 07:48:41 PM
#1398   very good presentation, thanks again. Do think geodan 09/20/17 05:30:43 PM
#1397   Thanks Nuron, had not see the video link geodan 09/20/17 05:15:00 PM
#1396   geodan, here's a link to the jv info: nuron 09/20/17 04:47:23 PM
#1395   Correctomundo, insider buying is very good indicator. geodan 09/20/17 04:27:03 PM
#1394   Thanks for that info did not see an geodan 09/20/17 04:25:32 PM
#1393   Gran up 45% in last month hottest miner? geodan 09/20/17 04:23:56 PM
#1391   Dear friends, I told you guys TPRFF offered shotgun 09/20/17 12:31:00 PM
#1390   GOD Christ mining {GCM} Gran Colombia Gold Corp. NYBob 09/20/17 12:03:41 PM
#1389   GRAN COLOMBIA GOLD--GCM - Precious Metals Summit Presentation NYBob 09/19/17 01:38:36 PM
#1388   Gran Colombia Gold Corp. (T:GCM) Insider buying continues - NYBob 09/19/17 12:18:05 PM
#1387   Gran Colombia Gold Announces Multiple High Grade Drill NYBob 09/19/17 11:58:17 AM
#1386   You mean some mxsg? Tweetybird 09/19/17 09:49:52 AM
#1385   I bought more shares today as I have shotgun 09/19/17 12:06:22 AM
#1384   Gran Colombia's Zancudo project joint venture with IAMGold nuron 09/18/17 07:59:32 PM
#1383   GRAN COLOMBIA GOLD--GCM - Precious Metals Summit Presentation NYBob 09/18/17 05:34:31 PM
#1382   big volume of gold ~ Blue ~ 09/18/17 11:45:00 AM
#1381   649.1 g/t Au/0.39 metres and 249.3g/t Ag/0.95 metres Refill 09/18/17 09:10:12 AM
#1380   News!!! Gran Colombia Gold Announces Multiple High Grade Refill 09/18/17 07:33:06 AM
#1379   They are prohibited from paying any dividends as baystock1 09/17/17 07:01:04 PM
#1378   If TPRFF really earned $1.77 this year..why do shotgun 09/17/17 12:38:14 PM
#1377   $Gold $Silver Mines Safety vs. 500,000 Bank Accounts NYBob 09/16/17 07:08:47 PM
#1376   yeah, the market is very silly at times...I shotgun 09/16/17 07:06:51 PM
#1375   Gran Colombia Gold Corp. - should go back NYBob 09/16/17 02:57:03 PM
#1374   TPRFF is the best buy of the gold shotgun 09/15/17 10:32:01 PM
#1373   Gran Colombia Gold Corp. (TPRFF) Net income for NYBob 09/15/17 04:02:18 PM
#1372   Gran Colombia Gold Corp. (TPRFF)(TSE:GCM) - NYBob 09/15/17 03:36:16 PM
#1371   Gran Colombia Gold Corp. (TPRFF) P/E Ratio: NYBob 09/15/17 01:58:53 PM
#1370   Hurricane Irma Will Shake Up Gold And Silver NYBob 09/13/17 01:32:05 AM
#1368   TPRFF has earnings..look at the P/E it is shotgun 09/10/17 10:27:36 AM
#1367   What did you read that inspired you to buy? Refill 09/08/17 01:35:24 PM
#1366   Yeah, I bought some more today as I shotgun 09/08/17 11:32:16 AM
#1365   TPRFF share price $1.24, Earning per share $1.77 NYBob 09/07/17 07:51:20 PM
#1364   TPRFF share price $1.24, Earning per share $1.77 AMAZING! ~ Blue ~ 09/05/17 10:15:34 AM
#1363   GREAT NEWS!! Gran Colombia Gold Announces Resumption of ~ Blue ~ 09/05/17 09:51:42 AM
#1362   Resumption theme_investor 09/05/17 09:04:36 AM
#1361   https://insiderfinancial.com/mmex-resources-corp-otcmktsmmex-taking-steps-to-res MRDALE 09/03/17 07:57:28 AM
#1360   Right - right now it's a lick and MRDALE 09/03/17 07:41:13 AM
#1359   hard to figure out now on MMEX as geodan 09/02/17 09:20:54 PM
#1358   Thanks - check out MMEX - first oil MRDALE 09/01/17 06:08:39 PM
#1357   Hi Dale, no. geodan 09/01/17 03:14:30 PM
#1356   Agreement? Looks like it http://www.rcnradio.com/locales/antioquia/gobierno-y-m geodan 09/01/17 03:11:27 PM
#1355   Hey - you following NXXGF - GO $TPRFF MRDALE 09/01/17 07:15:22 AM
#1354   Traders optimistic about Gold-D debut - NYBob 08/31/17 12:43:15 PM
#1352   Bob, let's hope someone tells Goldman so they tsoprano-1 08/30/17 05:26:59 PM
#1351   Gold Prices Might Explode to $10,000 Because the NYBob 08/30/17 03:44:59 PM
#1350   YES AND THAT IS WHY I BOUGHT MORE...ALSO shotgun 08/29/17 01:11:47 PM
#1349   Amazing cheapest gold company in the world ~ Blue ~ 08/29/17 09:55:18 AM
#1348   our sp should be a lot higher..someone is shotgun 08/26/17 09:38:05 AM
#1347   Produced 150,000 ounces of gold with AISC of NYBob 08/24/17 02:02:59 PM
#1346   Gran Colombia Gold Corp. (TPRFF) NYBob 08/24/17 12:54:07 PM
PostSubject