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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

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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
TPRFF
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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
#36  Sticky Note TPRFF~ huge news! PRODUCTION INCREASED 41% AND BUYBACK DEBENTURES! ~ Blue ~ 07/19/16 08:03:42 AM
#31  Sticky Note TPRFF(.10)~ all in sustaining cost $790, cash cost $685 ~ Blue ~ 07/15/16 12:08:31 PM
#1298   me too theme_investor 06/27/17 03:55:50 PM
#1297   Gold Price And Gold Stocks Nearing A Big NYBob 06/26/17 03:58:27 PM
#1295   Gran Colombia begins airing new commercial on BNN Refill 06/26/17 12:56:23 PM
#1294   Thanks for info, geo. T tsoprano-1 06/26/17 09:23:37 AM
#1293   3 articles NSU,Silver,Gold Shorterm Buys geodan 06/25/17 02:15:55 PM
#1292   I have talked with Davies, sharp guy. geodan 06/25/17 02:13:09 PM
#1291   The war is "officially" over, but small gangs Homebrew 06/24/17 04:43:02 PM
#1289   CFO Davies buys some shares. eom theme_investor 06/24/17 08:18:54 AM
#1288   Gold Mining Stocks – Back up the Truck? NYBob 06/23/17 05:46:12 PM
#1285   Your question was already answered f***ing moron. ConferredDiligence 06/20/17 08:10:57 PM
#1284   Gold Bullish On Fed Hike - NYBob 06/16/17 12:18:39 PM
#1283   Gold Markets and the emerging trend of acquiring NYBob 06/14/17 11:35:57 PM
#1282   does this stock have any earnings? I shotgun 06/14/17 04:32:13 PM
#1281   MRDALE thank you, $GOLD Chart TA Alert TI NYBob 06/14/17 03:28:29 PM
#1280   Market Data (as of May 15, 2017) LGL8054 06/12/17 11:25:32 AM
#1279   I have bot more in last week. geodan 06/08/17 11:48:53 PM
#1278   Well instead of 70,000 shares I now have MRDALE 06/08/17 10:04:58 PM
#1277   Yes Gran probably cheapest gold miner out there. geodan 06/08/17 01:29:31 PM
#1276   Preciate that! MRDALE 06/08/17 06:51:24 AM
#1275   I have been under that opinion for over tsoprano-1 06/07/17 08:02:43 PM
#1274   So tell me - anyone - is now MRDALE 06/07/17 06:26:53 PM
#1273   Hey - I haven't been keeping up with MRDALE 06/07/17 04:26:23 PM
#1272   theme_investor' on 'Gran Colombia Gold Corp. (TPRFF) NYBob 06/02/17 05:54:13 PM
#1271   $9.50 BV theme_investor 06/02/17 01:53:30 PM
#1270   Gold Will Be $10000 and Silver Will Be NYBob 05/31/17 04:23:19 PM
#1268   Hi Bob, bot more in 1.40s today. geodan 05/26/17 02:42:36 PM
#1267   geodan thank you, Gold’s Days Of Glory Beginning NYBob 05/26/17 02:38:13 PM
#1266   Gold Price: $1,268.80 Dollar +13.00 +1.04% http://goldprice.org/ TPX 05/26/17 02:28:56 PM
#1264   International Metal Writers Conference NYBob 05/26/17 11:38:07 AM
#1263   Gold Mining Stock Outlook - May 2017 TPX 05/26/17 10:00:01 AM
#1262   International Metal Writers Conference NYBob 05/24/17 03:25:37 PM
#1261   I feel sorry for you, get a life! ConferredDiligence 05/24/17 12:03:32 PM
#1260   Could Gold Be Heading Towards $1,550? NYBob 05/23/17 05:31:56 PM
#1259   stock price just keeps falling..the reverse split accomplished shotgun 05/22/17 08:27:21 PM
#1258   Trump Welcomes Colombian President Q&A Before Bilateral Meeting - NYBob 05/19/17 02:12:47 PM
#1257   tsoprano-1 thank you, Gran Colombia Gold Corp. (TPRFD) - NYBob 05/18/17 03:19:07 PM
#1256   CD thank you, TPRFD $0.16 Earning per share NYBob 05/18/17 02:39:27 PM
#1255   The Dollar index is now pretty much approaching ConferredDiligence 05/18/17 10:39:45 AM
#1254   T, No, he is probably feeling like me...totally ConferredDiligence 05/18/17 10:34:25 AM
#1253   I had clients like him that would say tsoprano-1 05/18/17 10:29:48 AM
#1252   T, I agree, this guy is either a ConferredDiligence 05/18/17 10:27:23 AM
#1251   Well, wrong on both accounts. No civil unrest. tsoprano-1 05/18/17 10:02:20 AM
#1249   Bob, good research. Didn't realize the extent of tsoprano-1 05/17/17 09:10:03 AM
#1248   Q1 2017 Results May 16, 2017 http://s21.q4cdn.com/834539576/files/doc_pre TPX 05/17/17 08:43:31 AM
#1247   Canada’s Gran Colombia Gold files $700 million lawsuit NYBob 05/16/17 10:24:39 PM
#1246   https://www.usatoday.com/media/cinematic/video/101755946/can-gold-silver-momentu NYBob 05/16/17 09:05:21 PM
#1245   tsoprano-1 thank you I agree, if the NYBob 05/16/17 08:43:01 PM
#1244   Bob, if the company only trades at true tsoprano-1 05/16/17 08:33:48 PM
#1243   tsoprano-1 thank you for good info, when we NYBob 05/16/17 08:31:55 PM
#1242   Not sure if that is real. I think tsoprano-1 05/16/17 08:13:37 PM
PostSubject