Friday, May 11, 2018 1:06:13 AM
quarter of 2018 over the first quarter last year to $64.8 million,
positively impacted this year by the increased level of
gold production as described above and 10% better realized gold prices
in the first quarter of 2018 as spot gold prices rose 9% compared with
the first quarter last year.
Total cash costs (1) and all-in sustaining costs(“AISC”)
(1) averaged $670 per ounce and $896 per ounce, respectively, for the
first quarter of 2018, down from $748 per ounce and $941 per ounce,
respectively, in the first quarter last year.
An increase in the proportion of the Company’s total gold sales coming
from the lower cost Segovia Operations coupled with a reduction in
Segovia’s total cast cost to $616 per ounce as a result of head grade
improvement in the Company-operated areas of
the Providencia mine and further reduction of fixed costs on a per
ounce basis, led to the improved total cash cost per ounce for
the Company in the first quarter of 2018 compared with
the first quarter last year.
AISC in the first quarter of 2018 included $180 per ounce of sustaining
capital expenditures, up from $143 per ounce in the first quarter of
2017, reflecting the Company’s continuing commitment to explore,
develop and modernize its high-grade Segovia Operations in the
improving gold price environment.
Adjusted EBITDA
(1) doubled in the first quarter of 2018 to $27.4 million compared
with $13.6 million in the first quarter of 2017, bringing the trailing
12-months total adjusted EBITDA at the end of March 2018 to
$89.3 million, up 18% compared with 2017.
http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2018/Gran-Colombia-Gold-Reports-First-Quarter-2018-Results-Files-National-Instrument-43-101-Technical-Report-for-Its-Segovia-Operations/default.aspx
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