SPDR Gold Trust (GLD)

[NYBob]

Gran Colombia Reports Third Quarter and First Nine Months 2020 Results; Announces Tripling of Its Dividend and Changing Payment Frequency to Monthly
November 11, 2020
TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) --

http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2020/Gran-Colombia-Reports-Third-Quarter-and-First-Nine-Months-2020-Results-Announces-Tripling-of-Its-Dividend-and-Changing-Payment-Frequency-to-Monthly/default.aspx

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2020. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.

Gran Colombia also announced today that its Board of Directors has approved an increase in its dividend and the Company is changing the payment frequency from quarterly to monthly. The first monthly dividend of CA$0.015 per common share will be paid on December 15, 2020 to shareholders of record as of the close of business on November 30, 2020.

Serafino Iacono, Executive Chairman of Gran Colombia, commenting on the Company’s latest results, said, “Our third quarter results were impressive. The higher spot gold prices helped fuel new highs in quarterly revenue, adjusted EBITDA, adjusted net income, operating cash flow and Free Cash Flow. After the first nine months of 2020, adjusted EBITDA, operating cash flow and Free Cash Flow are already equal to or better than our full year totals in 2019. In light of these results and our confidence in our high-grade Segovia Operations, we are also pleased to announce a significant increase in our dividend rate, from CA1.5 cents per share on a quarterly basis to CA1.5 cents per share on a monthly basis. That represents almost a 3% dividend yield and places us in the top quartile of dividend-paying gold stocks. Moreover, we are only one of two gold companies that are paying a dividend on a monthly basis. With the strength in our balance sheet and Free Cash Flow, we welcome this opportunity to enhance our shareholders return on their investment in our Company.”

Third Quarter and First Nine Months 2020 Highlights

Gran Colombia has announced that it is tripling itsdividend to the equivalent of CA$0.18 per share per annum and changing the payment frequency to monthly. The first monthly dividend of CA$0.015 per common share will be paid on December 15, 2020 to shareholders of record as of the close of business on November 30, 2020.
The Company continued to support the local communities surrounding the Segovia Operations and Marmato Project during the third quarter of 2020, providing groceries to families who have been economically affected by the COVID-19 crisis in addition to donations of medical equipment, supplies and sanitation kits to the local hospitals and masks to the communities.
Gran Colombia’s consolidated gold production in the third quarter of 2020 was 58,454 ounces, up 4% from the third quarter last year. The third quarter 2020 production reflects a 21% improvement over the second quarter of 2020 which had been adversely impacted by the COVID-19 national quarantine invoked in Colombia in late March. With a total of 162,929 ounces of gold produced in the first nine months of 2020, down from 174,754 ounces in the first nine months last year, and another 19,391 ounces in October, the Company is on track to meet its 2020 annual production guidance of a range between 218,000 and 226,000 ounces of gold.
Revenue reached a new quarterly record of $113.1 million in the third quarter of 2020, up 36% from the third quarter last year, as the 30% year-over-year improvement in spot gold prices increased the Company’s realized gold price to an average of $1,875 per ounce sold. For the first nine months of 2020, revenue of $291.2 million was up 22% over the first nine months last year.
Total cash costs (1) per ounce averaged $796 per ounce in the third quarter of 2020 compared with $684 per ounce in the third quarter last year. Higher spot gold prices increased production taxes by approximately $25 per ounce in the third quarter of 2020 compared with the same period last year. Other factors increasing total cash costs in the third quarter of 2020 included an increase in contractor and artisanal mining rates which had last been adjusted in 2017, an increased level of operating development costs at Marmato associated with the preparation of Levels 21 and 22 (the Transition Zone) for expansion of mining activities and additional costs being incurred to maintain the COVID-19 protocols required to protect the health and safety of workers. For the first nine months of 2020, total cash costs averaged $725 per ounce compared with $653 per ounce in the first nine months last year.
All-in sustaining costs (“AISC”) (1) and All-in costs (1) were $1,122 per ounce and $1,190 per ounce, respectively, in the third quarter of 2020 compared with $951 per ounce and $991 per ounce, respectively, in the third quarter last year. The year-over year increase in these metrics can largely be attributed to the increase in total cash costs, new spending on G&A and social contributions in Caldas Gold, and an increased level of sustaining and non-sustaining capex for the Marmato Project. For the first nine months of 2020, AISC and All-in costs averaged $1,014 and $1,089 per ounce, respectively, compared with $886 and $911 per ounce, respectively, in the first nine months last year.
The Company reported record quarterly adjusted EBITDA (1) of $56.7 million for the third quarter of 2020, up 51% over the third quarter last year. For the first nine months of 2020, adjusted EBITDA totalled $144.7 million, up 36% over the first nine months last year. The Company’s trailing 12-months’ adjusted EBITDA at the end of September 2020 was $185.3 million, up 26% over 2019.
Net cash provided by operating activities in the third quarter of 2020 was $67.7 million compared with $30.6 million in the third quarter last year. For the first nine months of 2020, net cash provided by operating activities was $106.0 million, up from $68.7 million in the first nine months last year. The Company’s trailing 12-months’ net cash provided by operating activities at the end of September 2020 was $140.6 million, up 36% over 2019.
Record quarterly Free Cash Flow (1) in the third quarter of 2020 was $53.4 million compared with $19.6 million in the third quarter last year. For the first nine months of 2020, Free Cash Flow amounted to $66.8 million, up $28.2 million over the first nine months last year. The Company’s trailing 12-months’ Free Cash Flow at the end of September 2020 was $88.8 million, up 46% over 2019.
The Company’s balance sheet remained solid with total cash of $138.2 million at the end of September 2020, including $43.0 million in Caldas Gold, of which $34.7 million represents the net proceeds of Caldas Gold’s Special Warrant financing completed in the third quarter of 2020 that will be used as part of the funding for its Marmato Deep Zone (“MDZ”) project.
The aggregate principal amount of Gold Notes outstanding is currently $35.5 million. In October, Fitch Ratings upgraded the Company from B to B+ Stable Outlook.
The Company reported net income of $18.0 million ($0.39 per share) compared with $9.0 million ($0.18 per share) in the third quarter last year. For the first nine months of 2020, the Company reported net income of $23.7 million ($0.53 per share) compared with $17.7 million ($0.36 per share) in the first nine months last year.
Adjusted net income (1) for the third quarter of 2020 was $29.5 million ($0.47 per share), up from $16.0 million ($0.33 per share) in the third quarter last year. For the first nine months of 2020, adjusted net income improved to $68.2 million ($1.14 per share) compared with $43.0 million ($0.88 per share) in the first nine months last year. The year-over-year improvement in adjusted net income for the third quarter and first nine months of 2020 largely reflects the positive impact of higher gold prices in 2020, partially offset by the COVID-19 impact on gold sales volumes in the second quarter of 2020.
The Company currently has six diamond drill rigs in operation at its Segovia Operations, with four rigs operating underground carrying out resource definition of the Providencia, Sandra K and El Silencio mines, one rig operating from Level 3 of the Sandra K mine targeting the down-plunge extension of the southern ore-shoot of the El Silencio mine and one rig on surface testing the easternmost end of the Providencia mine. In October 2020, the Company commenced its regional exploration campaign, delayed from earlier this year due to COVID-19 restrictions, with two additional rigs operating from surface in a 3,500m drilling program at the brownfield Vera vein located east of the Sandra K-Cogote vein system expected to be completed by the end of 2020. The regional exploration program, which will continue in 2021, represents a large diamond drilling campaign focused on the most prospective brownfield exploration targets within the 24 known veins at its Segovia Operations which are not currently being mined.
53.5%-owned Caldas Gold continues to advance its plan to build Colombia’s next major gold mine. Following the release of its Preliminary Feasibility Study for its Marmato Project in early July, Caldas Gold completed a CA$50 million bought deal private placement of Special Warrants in late July, of which Gran Colombia acquired CA$20 million to maintain its equity ownership above 50%. In late August, Caldas Gold finalized an $83.1 million private placement offering of Subscription Receipts, exchangeable into senior secured gold-linked notes and warrants of Caldas Gold, including $10 million acquired by Gran Colombia. On November 5, 2020, Caldas Gold announced it had entered into a $110 million stream financing agreement with Wheaton Precious Metals International Ltd. The net proceeds from these three financings will be used by Caldas Gold to fund the planned expansion of mining operations into the MDZ. Caldas Gold is also continuing its drilling campaign at Marmato and recently announced it has extended the Main Zone by 300m along strike and it remains open.


Selected Financial Information

http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2020/Gran-Colombia-Reports-Third-Quarter-and-First-Nine-Months-2020-Results-Announces-Tripling-of-Its-Dividend-and-Changing-Payment-Frequency-to-Monthly/default.aspx

http://www.grancolombiagold.com/news-and-investors/events-and-presentations/presentations/default.aspx


Caldas Gold posts record intercept at Marmato
Northern Miner Staff | November 9, 2020 |
11:23 am Exploration Top Companies Latin America Gold


Caldas Gold posts record intercept at Marmato in Colombia



The Marmato project is located in the heart of Columbia’s Middle Cauca
gold district. (Image courtesy of Gran Colombia Gold)


Caldas Gold (TSXV: CGC; US-OTC: ALLXF) reported high-grade assays from
its Marmato asset in Colombia including a record 5.73 grams gold per
tonne and 5.2 grams silver per tonne over 63 metres from 356 metres
downhole.
The intercept in drill hole MT-IU-076 was part of a broader 385.7-metre
intersection of 2.34 grams gold and 3.5 grams silver starting from 312
metres in the New Zone, which remains open to the southeast and at
depth.

The drill program, which kicked off in May with three diamond drill rigs operating from underground drill stations in the existing Marmato mine, also extended the Main Zone along strike by more than 300 metres, where it remains open.

SIGN UP FOR THE PRECIOUS METALS DIGEST
So far the company has completed about 30% (9,400 metres) of its 2020-2021 drill program, which will consist of 60 holes (31,000 metres). Of that, 20,400 metres are conventional drilling in 40 holes and 10,600 metres are directional drilling in two other holes and 18 kick-off holes.

THE MARMATO MINE IS EXPECTED TO PRODUCE BETWEEN 23,000 AND 26,000 OUNCES
OF GOLD IN 2020

Drilling in the New Zone, the company said, confirms the extension of the high-grade mineralization to below the 600-metre level, which is the bottom of the indicated mineral resource used in the prefeasibility study. The New Zone extends for more than 400 metres along strike and 200 metres vertically.

Highlights released today from the drill program included drill hole MT-IU-073, which returned 343.4 metres of 2.83 grams gold and 1.5 grams silver starting from 340 metres, including 33.77 metres of 5.10 grams gold and 2.7 grams silver; 60.70 metres of 4.59 grams gold and 2.1 grams silver; and 39.04 metres of 3.74 grams gold and 1.4 grams silver.

“Our sense of excitement continues to build as the New Zone continues to deliver robust gold grades over significant lengths that start to demonstrate continuity and a developing high-grade zone similar to the adjacent Main Zone,” Serafino Iacono, Caldas Gold’s executive chairman and CEO, stated in a press release.

“In addition, the 300 metres of strike extension for the Main Zone provides us with another zone ready for infill drilling to continue to grow the underground mining expansion at Marmato.”

Last week Caldas Gold closed a precious metals stream with Wheaton Precious Metals (TSX: WPM; NYSE: WPM; LSE: WPM) on Marmato. Under the deal, Wheaton will purchase 6.5% of the gold production and 100% of the silver production until 190,000 oz. of gold and 2.15 million oz. of silver have been delivered. After that, the stream drops to 3.25% of gold production and 50% of the silver production for the life of mine. Wheaton will pay a total of $110 million in cash, $38 million of which is payable within six months, and the remainder will be paid during construction. The precious metals stream covers the Upper mine and the Marmato Deeps Zone (MDZ) development.

A prefeasibility study released in July confirmed the economic viability of expanding the underground mining operation at Marmato, according to Caldas Gold. The PFS estimated a life-of-mine production schedule of 19.7 million tonnes of mineralized material being processed over a 14-year mine life, resulting in total production from the existing Upper mine and the expansion of the second operation into the Marmato Deep Zone, of 1.9 million oz. gold and 1.6 million oz. silver.

Initial capital required between 2020 and 2023 for the expansion into the Marmato Deep Zone is estimated to run to $269.4 million. The company has also updated its plan for the Upper mine to incorporate an expansion from 1,200 tonnes per day to 1,500 tonnes per day.

The Marmato mine is expected to produce between 23,000 and 26,000 ounces of gold in 2020.

Gran Colombia Gold (TSX: GCM; US-OTC: TPRFF) spun off
the Marmato mining assets in February and
owns about 54% of Caldas Gold, according to its latest corporate
presentation.

(This article first appeared in The Northern Miner)

http://www.grancolombiagold.com/Home/default.aspx


GCM - New Valuation by Red Cloud Securities (Oct. 29)
Dear all,
enjoy Red Cloud’s latest GCM analysis and have a nice weekend!

Gran Colombia Gold Corp. (TSX:GCM)
Analysis: Derek Macpherson | VP, Mining Analyst
Date: October 29, 2020
Rating: BUY (unchange
Target: C$16.50 (was C$13.00/sh)

Our View

We expect Gran Colombia’s share price to be driven by steady operating
results and exploration success, particularly at Segovia, where the
company is focused on extending the mine-life at higher grades.

Expect Q3/20 to be a record financial quarter.

Gran Colombia reported another solid quarter of operating results in
Q3/20, despite facing COVID-19 related challenges at Marmato.

We expect improved financial results not only from the ~US$200/oz gold
price increase QoQ but also because of operating improvements at
Marmato.

We currently model ~233k oz Au (100% basis) for 2020, suggesting the
company is on pace to meet the top-end of its revised guidance range
(218-226k oz).

• Drilling at Segovia is continuing, results expected shortly.

In our view, one of the keys to Gran Colombia closing the valuation
gap to peers is the exploration success at Segovia.

In particular, we are looking for the company to add high grade ounces
to replace those that have been mined over the last 2.5 years.

The company is actively exploring both near-mine and at regional targets
and while results have been delayed by COVID-19 restrictions, we expect
steady exploration news to resume.

• Marmato PFS largely in line with the PEA and our estimates.

The updated resource estimate for Marmato resulted in 16% more ounces
(M&I+I) and a maiden reserve of 2M oz Au at 3.19 g/t at Au.

Based on the PFS we model LOM average annual production 1,868k oz Au
for 12 years at LOM cash costs of US$864/oz (inclusive of the precious
metals stream).

We model initial capital costs of US$475.6M, of which US$110M is
expected to be funded via the precious metals stream with Wheaton
Precious Metals (TSX:WPM, Not Covered).

Gran Columbia owns 57.5% of Caldas Gold Corp. (TSXV:CGC, Derek
Macpherson) which holds 100% of Marmato.

Valuation:

Drilling results from Segovia should start to drive a rerating.

We maintain our BUY rating and are updating our target to
C$16.50/sh (was C$13.00/sh) due to an increase in our gold price
assumption.

Our valuation continues to be based on 4.0x our one-year forward,
NTM EBITDA estimate of C$327M (was $260M).

Gran Colombia trades at 1.2x 2021E EV/EBITDA and 0.28x NAV versus
peers at 3.0x and 0.53x, respectively.

Upcoming Catalysts:
1) Exploration results (ongoing)
2) Q3/20 Financial Results (Q3/20)
3) Updated Guidance (Q3/20)


Gold Standard Dollar Judy Shelton Warren Buffet Buys GOLD XRP Ripple Digital Gold GSX
212 views •Oct 19, 2020

https://www.youtube.com/watch?v=JMzFlePK6hQ


Gold Debate: Is A New Gold Standard Coming? (Steve Forbes) -
August 23, 2020

https://www.youtube.com/watch?time_continue=157&v=rs1PH_GLi98&feature=emb_logo

Why a return to gold standard is the solution for monetary instability
Oct 28, 2020
Guest(s): Jan Nieuwenhuijs Gold Analyst, The Gold Observer

https://stream2.kitco.com/20_10_19_Nieuwenhuijs_v2_liferay.mp4



Why a return to gold standard is the solution for monetary instability
Market Analysis
Oct 28, 2020
Why a return to gold standard is the solution for monetary instability
Excessive monetary stimulus, a by-product of an “undisciplined” fiat
money system, will create problems for our economy as well as financial
distortions, and the long-term solution is a monetary “reset,” whereby
economies move away from this system and re-adopt a gold standard, said
Jan Nieuwenhuijs, gold analyst at The Gold Observer.
“There are a lot of financial bubbles, there are excessive debt levels,
inequality is rising, you’ve got moral hazards, all ... (read more)


$10,000 Gold Is the Ultimate Endgame, Says Gabelli Funds Analyst
35,417 views •Oct 26, 2020

STANSBERRY RESEARCH

https://www.youtube.com/watch?v=U1e3tOcGMu0


157K subscribers


This year will mark the first year since 1979 to have both gold and the
S&P 500 mark new highs during the calendar year.
Stansberry Research Anchor Daniela Cambone speaks with Gabelli Funds
Senior Analyst Chris Mancini about the significance of this unlikely
occurrence.
Mancini and Cambone also discuss the impact of the upcoming U.S.
presidential election.
"If we see a Democratic sweep, it is more likely we will see a huge
fiscal stimulus and it will be full game on.
The Fed will continue to buy bonds and gold trends up again,"
Mancini said

Caldas Gold and Gran Columbia Gold Undervalued! - Lets Chat With The CEO
2,059 views•Sep 14, 2020

https://www.youtube.com/watch?v=UOB_xz9FzqQ

http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2020/Gran-Colombia-Reports-Third-Quarter-2020-Gold-Production-of-58454-Ounces-Up-4-Over-the-Third-Quarter-Last-Year/default.aspx

RE: These guys are wonderful. One of the best small miners out there. )


Corporate Presentation - October 2020
October 05, 2020
Download PDF (3.96 MB)

http://s21.q4cdn.com/834539576/files/doc_presentations/2020/10/GCM-Corporate-Presentation-October-2020-final.pdf


http://www.grancolombiagold.com/Home/default.aspx



Gran Colombia sees 4% increase in 3Q gold production
Neils Christensen Neils Christensen
Tuesday October 13, 2020 11:02
Kitco NewsShare this article:
Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) - Gran Colombia Gold Corp. (TSX: GCM) is on track to meet its annual production guidance after reporting substantial production numbers for the third quarter.

In a report Tuesday, the junior gold miner said it produced 58,454 ounces of gold between July and September, an increase of 4% from the third quarter of 2019.

“The third quarter 2020 production reflects a 21% improvement over the second quarter of 2020 which had been adversely impacted by the COVID-19 national quarantine invoked in Colombia in late March,” the company said in the report.

So far this year, the company said it has produced a total of 162,929 ounces of gold, down slightly compared with 174,754 ounces in the first nine months of last year.

“The Company is continuing to operate normally at both Segovia and Marmato and remains on track with its annual guidance of a total of between 218,000 and 226,000 ounces of gold production this year,” it said in the press release.

By Neils Christensen
For Kitco News


Contact [e-mail]
www.kitco.com

INTERVIEW, SERAFINO & FRANK HOLMES ( US GLOBAL INVESTORS)
Great understanding of the real situation in GCM and CGC.

- https://www.linkedin.com/posts/serafino-iacono-925a09192_caldas-gold-and-gran-columbia-gold-undervalued-activity-6711703744687484928--csv

- https://www.linkedin.com/posts/serafino-iacono-925a09192_best-gold-stocks-for-dividends-2020-ceo-activity-6711703492127461376-gw1a

- https://www.linkedin.com/posts/serafino-iacono-925a09192_this-gold-stock-is-about-to-explode-caldas-activity-6711703334153183232-N6I5

- https://www.linkedin.com/posts/serafino-iacono-925a09192_all-that-glitters-is-gold-and-silver-activity-6711703151336062976-7tv7

- https://www.linkedin.com/posts/serafino-iacono-925a09192_gold-to-4000-and-the-best-way-to-play-it-activity-6711702916459237376-Vl16


Gold & Silver bulls starting to break out > ^ > ^ > ^

https://www.youtube.com/watch?time_continue=5&v=RDZQoQ61RrY&feature=emb_logo


In GOD We Trust - Real Money -







https://www.kitco.com/images/live/silver.gif?0.8344882022363285









http://www.kitconet.com/images/live/au0001wb.gif


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA