Gran Colombia Gold Corp. (TPRFF); Revenue increased 42% in the first 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.