The Company reported net income of $25.3 million ($0.26 per share) in the third quarter of 2021 compared with $18.0 million ($0.39 per share) in the third quarter of 2020 reflecting an improvement in other income (expense) items and lower income tax expense which more than offset the impact of lower income from operations in the third quarter of 2021.
For the first nine months of 2021, net income amounted to $173.4 million ($2.32 per share) compared with $23.7 million ($0.53 per share) in the first nine months last year.
Although net income in the first nine months of 2021 reflected the impact of lower income from operations this year, it benefitted from other income items including the $56.9 million gain on loss of control of Aris, the $52.1 million gain on financial instruments (compared with a $21.3 million loss on financial instruments in the first nine months last year) and the $8.9 million gain on sale of the Zancudo Project.
Net income in the first nine months of 2021 included Aris Transaction costs of $9.8 million while net income in the first nine months of 2020 included Bluenose RTO Transaction costs of $16.7 million.
Adjusted net income (1) for the third quarter of 2021 was $14.4 million ($0.15 per share) compared with $29.5 million ($0.47 per share) in the third quarter last year.
For the first nine months of 2021, adjusted net income totaled $59.9 million ($0.78 per share) compared with $68.2 million ($1.14 per share) in the first nine months last year.
The year-over-year decrease in adjusted net income in the third quarter and first nine months of 2021 largely reflects the impact of the factors noted above regarding revenue and total cash costs per ounce on adjusted EBITDA, partially offset by a decrease in income tax expense.
The Company added a 27% equity interest in Denarius Silver Corp. (“Denarius”) to its portfolio in the first nine months of 2021, giving it exposure to the Lomero-Poyatos polymetallic deposit located in Spain, in close proximity to the Matsa JV project in the Iberian Pyrite Belt, and to the Guia Antigua and Zancudo Projects in Colombia.
Denarius, fully funded to carry out its current exploration campaigns, commenced drilling at its Guia Antigua Project in mid-2021 and in October, commenced a 23,500 meters drilling campaign at its Lomero Project designed to validate some selected historical holes drilled within the existing mine and then conduct a 50x50 meters in-fill drilling program in the lower levels of the same mine.
Gran Colombia remains committed to the health and safety of its employees, and through COMFAMA Colombia, was the first mining company in Antioquia to secure COVID-19 vaccines to immunize its employees and their families in the third quarter of 2021.
Published in June 2021, the Company’s inaugural sustainability report reflects a focused effort on measuring and disclosing its Environmental, Social and Governance (“ESG”) priorities and performance moving forward.
$Gran Colombia Gold (TPRFF)(GCM:TSE) also owns approximately 44% of Aris Gold Corporation (TSX: ARIS), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia.
ARIS GOLD ... extremely good resource update today ... nearly 8.5 million oz now only at Matmato and growing .... + Juby ARIS is sitting at about 10 million oz of gold ...
+start of construction of marmato Lower zone this months....
$GCM own about 40% of ARIS ... by kkkrrr
$Aris Gold Announces Plans to Start Marmato Lower Mine Construction and Reports Increased Mineral Resource Estimate
$Gran Colombia Gold a gold producer listed TPRFF on the OTCOX and the Toronto Stock Exchange with a proven track record of mine building and operating in Latin America.
In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations.
In Guyana, the Company is advancing the recently acquired Toroparu Project, one of the largest undeveloped gold projects in the Americas.
The Company’s project pipeline also includes equity investments in several listed issuers advancing minerals projects.
$Gran Colombia Declares Monthly Dividend to Be Paid on November 15, 2021; Renews Normal Course Issuer Bid for Its Common Shares October 15, 2021 Download(opens in new window) TORONTO, Oct. 15, 2021 (GLOBE NEWSWIRE) --
$Gran Colombia Gold Corp. (“Gran Colombia” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on November 15, 2021 to shareholders of record as of the close of business on October 29, 2021.
Renewal of Normal Course Issuer Bid
Gran Colombia also announced today that it has filed with the Toronto Stock Exchange (the “TSX”), and the TSX has accepted, a notice of intention to make a normal course issuer bid (the “NCIB”) for its common shares trading under the symbol GCM (the “Shares”). The NCIB will allow the Company to purchase for cancellation up to 9,570,540 Shares of the Company over a 12-month period, representing 10% of the current issued and outstanding Shares in the public float as of October 6, 2021. As at October 6, 2021, the Company had a total of 98,485,775 Shares issued and outstanding.
The NCIB will commence on October 20, 2021 and terminate on October 19, 2022, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or other alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The average daily trading volume of the Shares for the six months ended September 30, 2021 was 345,204 Shares. Daily purchases will be limited to 86,301 Shares, other than block purchase exceptions. Shares purchased under the NCIB will be cancelled. Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the Company sought and received approval from the TSX to purchase up to 5,934,811 Shares, the Company purchased 1,536,100 Shares for cancellation through the facilities of the TSX at a volume weighted average trading price of $5.93 per Share during the period from September 4, 2020 to September 3, 2021.
$Gran Colombia has entered into an automatic share purchase plan with a broker in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of Gran Colombia.
Gran Colombia believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to its activities and future prospects. Accordingly, the Board of Directors of Gran Colombia has determined that the repurchase of Shares pursuant to the NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of the Company’s shareholders.
$About Gran Colombia Gold Corp.
Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).
Additional information on Gran Colombia can be found on its website at
and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", ---- Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com
$Gran Colombia Announces Third Quarter 2021 Production and Webcast T.GCM TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a total of 17,213 ounces of gold at its Segovia Operations in September 2021 bringing the total gold production for the third quarter of 2021 to 49,848 ounces compared with 51,555 ounces from Segovia in the third quarter of 2020. The Company also produced 52,382 ounces of silver at Segovia in the third quarter of 2021, up from 47,560 ounces of silver in the third quarter last year. For the first nine months of 2021, Segovia’s gold and silver production totalled 151,104 ounces and 164,270 ounces, respectively, up from 146,278 ounces of gold and 134,820 ounces of silver in the first nine months of 2020. Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the Company’s latest results, said, “We have maintained a steady pace of production in the third quarter of 2021, which included a planned four-day maintenance shutdown at the Maria Dama plant in July. With our trailing 12-months total gold production from Segovia at the end of the third quarter amounting to 201,187 ounces of gold, up 2% over 2020, we are confident we will meet our production guidance at Segovia for the full year of 200,000 to 220,000 ounces of gold.
We are on track to complete our expansion of the Maria Dama plant to 2,000 tonnes per day (“tpd”) in the fourth quarter of 2021 and our mine and brownfield exploration programs are proceeding as planned.
In addition, commissioning of the new polymetallic plant at Segovia is nearing completion and we expect to have our first concentrate production in the fourth quarter of 2021.
At the end of September 2021, we had a cash position of approximately US$329 million, including the net proceeds of approximately US$268 million from the US$300 million offering of Senior Unsecured Notes due 2026 (“Notes”) completed in August that have been set aside to fund the Toroparu Project in Guyana.
The Gold Notes were fully redeemed in September using a portion of the net proceeds of the Notes. At the end of September 2021, in addition to the Notes, we had CA$18 million of Convertible Debentures outstanding.”
The Segovia Operations processed an average of 1,487 tpd in the third quarter of 2021 with an average head grade of 12.6 g/t compared with 1,283 tpd at an average head grade of 15.1 g/t in the third quarter last year.
For the first nine months of 2021, the Segovia Operations processed an average of 1,513 tpd with an average head grade of 12.7 g/t compared with 1,259 tpd at an average head grade of 14.7 g/t in the first nine months last year.
Third Quarter 2021 Results Webcast
Gran Colombia announced today that it will release its results for the 2021 third quarter and first nine months of 2021 after market close on Thursday, November 11, 2021 and will host a conference call and webcast on Friday, November 12, 2021 at 9:00 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows:
Live Event link: https://edge.media-server.com/mmc/p/wyypvtrs Canada Toll / International: 1 (514) 841-2157 North America Toll Free: 1 (866) 215-5508 Colombia Toll Free: 01 800 9 156 924 Conference ID: 50241486 A replay of the webcast will be available at www.grancolombiagold.com from Friday, November 12, 2021 until Friday, December 10, 2021. About Gran Colombia Gold Corp.
Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).
and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to production, the repayments of its Gold Notes, payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com
trunkmonk Note; Market Analysis » Just 72 Hours from Anarchy – Bill Holter Just 72 Hours from Anarchy – Bill Holter By Greg Hunter On October 12, 2021 In Market Analysis 4 Comments By Greg Hunter’s USAWatchdog.com
Geo-political and financial analyst Bo Polny has long said “. . . Nothing can stop these people aside from a Biblical intervention from God.” According to Polny’s Biblical cycle and timing charts, that’s exactly what is likely going to happen by the end of the year. It all centers around the value of the U.S. dollar. Polny explains, “Bitcoin, years ago, was under a dollar. Then it was a dollar. Then it was ten bucks. Then it was a hundred, and then it was a $1,000. All they can do is keep bashing it with news and say how horrible it is. Ultimately, the most horrible currency in the world is the U.S. dollar. The U.S. dollar is the root of all evil.
$Gran Colombia Gold Corp. (TPRFF) October monthly presentation
$Gran Colombia Announces Segovia Production for August 2021; Declares Monthly Dividend to Be Paid on October 15, 2021 T.GCM TORONTO, Sept. 15, 2021 (GLOBE NEWSWIRE) -
$Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced 17,377 ounces of gold and 17,915 ounces of silver at Segovia in August 2021 bringing the total for the first eight months of the year to 133,891 ounces of gold and 144,796 ounces of silver, up from 129,082 ounces of gold and 118,570 ounces of silver at Segovia in the first eight months of 2020.
Gran Colombia processed 50,245 tonnes in August at its Maria Dama plant, representing a daily processing rate of 1,621 tonnes per day (“tpd”), and head grades averaged 12.0 g/t in the month. This brings the daily processing rate for the first eight months of 2021 to an average of 1,505 tpd with an average head grade of 12.7 g/t compared with 1,242 tpd at an average head grade of 14.7 g/t in the first eight months of 2020.
Commissioning of the new polymetallic recovery plant at Segovia has commenced and the Company expects to begin producing concentrate including zinc, lead, gold and silver from its tailings in the fourth quarter of 2021.
With its trailing 12-months total gold production amounting to 201,170 ounces, Gran Colombia remains on track to produce between 200,000 and 220,000 ounces of gold in 2021 from its Segovia Operations.
Monthly Dividend Declaration
Gran Colombia also announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on October 15, 2021 to shareholders of record as of the close of business on September 30, 2021.
About Gran Colombia Gold Corp.
Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information: .
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com
$Gran Colombia Gold Corp. GCM/TSE > TA Close above CA$5.00 is very bullish!
Close above CA$5.00 is very bullish! There was strong resistance in the CA$4.96 to CA$5.00 range. The close above CA$5.00 is very bullish. The stock has broken resistance and is breaking through the down trend line on the log chart. The MACD on the weekly chart is in a clear up trend. This is one of the most bullish charts I see right now. Combine that with the gross undervaluation, and this stock is ready to take off. by Alf Tanner
$trunkmonk thanks; Gold prices could double from here -
$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 six months ended June 30, 2021. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.
Second Quarter and First Half 2021 Highlights
Gran Colombia has completed a major step forward in its strategy to grow through diversification, completing the acquisition on June 4, 2021 of all the shares of Gold X Mining Corp (“Gold X”) it did not already own and then closing a $300 million offering on August 9, 2021 of 6.875% Senior Unsecured Notes due 2026 (the “2026 Notes”) to fund the development of the Toroparu Project in Guyana, to prepay the remaining $18.0 million balance of its Gold Notes and for general corporate purposes. The Company is nearing completion of an updated preliminary economic assessment (“PEA”) for the Toroparu Project incorporating the recently announced high-grade results from the 2020-2021 drilling program undertaken by Gold X.
The Company added a 27% equity interest in Denarius Silver Corp. (“Denarius”) to its portfolio in the first half of 2021, giving it exposure to the Lomero-Poyatos polymetallic deposit located in Spain, in close proximity to the Matsa JV project in the Iberian Pyrite Belt, and to the Guia Antigua and Zancudo Projects in Colombia.
In February 2021, Gran Colombia also successfully brought its spin out of the Marmato Mining Assets to a conclusion, one in which the Company has a continuing equity ownership of 44% in Aris Gold Corporation (“Aris”). The Marmato operating and financial results are only consolidated up to February 4, 2021 and thereafter the Company equity accounts for its investment in Aris.
Gran Colombia published its inaugural sustainability report in June 2021. The report reflects a focused effort on measuring and disclosing the Company’s Environmental, Social and Governance (“ESG”) priorities and performance moving forward. The Company remains committed to the health and safety of its employees, and through COMFAMA Colombia, was the first mining company in Antioquia to secure vaccines for employees and their families. Gran Colombia has purchased 8,000 vaccines (16,000 doses), created educational vaccine campaigns, and has administered over 5,000 first doses with second doses beginning mid-August.
Gran Colombia’s gold production from its Segovia Operations totaled 52,198 ounces in the second quarter of 2021 compared with 44,377 ounces in the second quarter of 2020. Total gold production from Segovia for the first half of 2021 amounted to 101,256 ounces compared with 94,723 ounces in the first half last year. In July 2021, Segovia’s gold production, which reflected the impact of a planned four-day maintenance shutdown at the plant, was 15,258 ounces. This brings the Company’s trailing 12-months total gold production from its Segovia Operations at the end of July 2021 to 201,688 ounces, up 3% over 2020. The Company remains on track with its annual production guidance of 200,000 to 220,000 ounces of gold from Segovia in 2021. Including Marmato production up to February 4, 2021, consolidated gold production for the first half of 2021 was 103,684 ounces compared with 104,475 ounces in the first half last year.
Consolidated revenue amounted to $96.4 million and $198.3 million in the second quarter and first half of 2021, respectively, up from $77.1 million and $178.1 million in the second quarter and first half, respectively, of 2020. The year-over-year increase in revenue largely reflects an increase in the Company’s realized gold price (1) which averaged $1,805 per ounce sold in the first half of 2021 compared with an average of $1,622 per ounce sold in the first half last year.
At the Segovia Operations, total cash costs(1) averaged $767 per ounce in the second quarter of 2021, compared with $654 per ounce in the second quarter of 2020, bringing the average for the first half of 2021 to $796 per ounce compared with $625 per ounce in the first half last year. The year-over-year increase in Segovia’s total cash cost per ounce in the second quarter and first half of 2021 reflects (i) an increase in contractor and artisanal mining payment rates (which had not changed since 2017) implemented in the third quarter of 2020 in response to the current gold market conditions, (ii) higher spot gold prices which increased production taxes on a per ounce basis and (iii) additional costs to maintain the necessary COVID-19 protocols required to protect the health and safety of Segovia’s workers and the local communities. Including Marmato, consolidated total cash costs were $816 per ounce in the first half of 2021 compared with $686 per ounce in the first half last year.
All-in sustaining costs (“AISC”) (1) per ounce sold for the Segovia Operations were $1,101 and $1,110 in the second quarter and first half, respectively, of 2021 compared with $965 and $890 in the second quarter and first half, respectively, of 2020. The year-over-year increase in Segovia’s AISC in 2021 reflects (i) the increased total cash costs as described above and (ii) an increase in mine development and other sustaining capital expenditures. Sustaining capital expenditures at Segovia amounted to $19.9 million in the first half of 2021, up from $13.0 million in the first half last year which reflected a slowdown in activity in the second quarter of 2020 during the early stages of the COVID-19 national quarantine in Colombia that delayed many of the Company’s initiatives until later in 2020. Including Marmato, consolidated AISC in the first half of 2021 was $1,133 per ounce compared with $954 per ounce in the first half last year.
Adjusted EBITDA (1) amounted to $48.0 million for the second quarter of 2021 compared with $37.6 million in the second quarter last year. This brings the total adjusted EBITDA for the first half of 2021 to $94.3 million, up from $88.0 million in the first half of 2020. The Company’s trailing 12-months adjusted EBITDA at the end of June 2021 stood at $194.1 million compared with $187.8 million in 2020.
Net cash provided by operating activities in the second quarter of 2021 was $12.8 million compared with $7.0 million in the second quarter last year. Operating cash flow in the second quarter each year typically bears the heaviest impact of income tax payments in Colombia which amounted to $49.3 million in the second quarter of 2021, up from $35.3 million in the second quarter last year. For the first half of 2021, net cash provided by operating activities amounted to $26.4 million compared with $38.9 million in the first half last year reflecting the increased level of income tax payments in 2021 and $8.8 million of change of control payments made by Aris related to the Aris Transaction.
Free Cash Flow (1) in the second quarter of 2021, which reflected the increased levels of sustaining capital expenditures and income tax payments this year, was negative $3.0 million compared with negative $3.8 million in the second quarter of 2020. Free Cash Flow for the first half of 2021 was negative $0.5 million compared with $14.1 million in the first half of 2020. The Company’s Free Cash Flow, adjusted to exclude Aris, in the first half of 2021 was $11.8 million compared with $20.1 million in the first half last year, reflecting an increased level of income tax payments and capital expenditures at Segovia in the first half of 2021 compared with the first half last year.
The Company’s balance sheet continued to reflect solid liquidity with total cash of $57.8 million and working capital of $59.3 million at the end of June 2021.
The Company returned a total of $7.6 million to shareholders in the first half of 2021 with payment of its monthly dividends totaling $4.4 million and the repurchase of 702,000 shares at a cost of $3.2 million.
Income from operations in the second quarter of 2021 was $39.6 million, up from $30.4 million in the second quarter last year largely on the strength of higher realized gold prices and higher production volume offset partially by the increase in Segovia’s total cash cost per ounce compared with the second quarter last year. Income from operations in the first half of 2021 amounted to $78.7 million compared with $71.3 million in the first half of 2020 despite including five fewer months of operating results from Marmato due to the loss of control of Aris at the beginning of February 2021. In the first half of 2021, the increase in realized gold prices together with lower G&A and share-based compensation expense more than mitigated the impact of Segovia’s higher cash costs per ounce on income from operations.
The Company reported net income of $29.8 million ($0.41 per share) in the second quarter of 2021 compared with a net loss of $18.6 million ($0.27 per share) in the second quarter of 2020, reflecting the $9.2 million improvement in income from operations as noted above and a gain on financial instruments of $1.5 million in the second quarter of 2021 compared with a loss on financial instruments of $35.4 million in the second quarter of 2020. For the first half of 2021, net income amounted to $148.1 million ($2.31 per share) compared with $5.7 million ($0.13 per share) in the first half last year. Net income in the first half of 2021 reflected the $7.4 million improvement in income from operations as noted above and also benefitted from the $56.9 million gain on loss of control of Aris, the $44.3 million gain on financial instruments (compared with a $18.9 million loss on financial instruments in the first half last year) and the $8.9 million gain on sale of the Zancudo Project. Net income in the first half of 2021 included Aris Transaction costs of $9.8 million while net income in the first half of 2020 included Bluenose RTO Transaction costs of $16.7 million.
Adjusted net income (1) for the second quarter of 2021 was $23.6 million ($0.33 per share) compared with $17.5 million ($0.29 per share) in the second quarter last year. For the first half of 2021, adjusted net income improved to $45.5 million ($0.69 per share) from $38.7 million ($0.66 per share) in the first half last year. The year-over-year improvement in adjusted net income in the second quarter and first half of 2021 largely reflects the factors noted above regarding income from operations partially offset by an increase in income tax expense.
The Company’s ongoing drilling program at Segovia continues to provide encouraging results as announced in press releases dated June 9, 2021 and July 12, 2021. Gran Colombia is carrying out 60,000 meters of drilling at Segovia in 2021 with 40,000 meters dedicated to the ongoing in-mine and near-mine drill program at its four operating mines and the other 20,000 meters is aimed at testing its highest priority brownfield targets on the 24 known veins in its mining title that it is not currently mining.
This news release contains "forward-looking information",----Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com
$Gold Price vs Stock Market – 100 Year Chart
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$Pierre Lassonde: 1:1 Dow to Gold Ratio - $25,000 Gold Coming 22,126 views•May 31, 2021
Palisades Gold Radio 70.2K subscribers Tom welcomes mining legend Pierre Lassonde to the show. Pierre is the Co- Founder of Franco Nevada and Formerly President of Newmont Mining.
$trunkmonk thanks; Aris Gold Announces 10,000 Metre Drill Program At Juby Project, Ontario, Canada
Aris Gold Corp this morning announced that it has begun planning for a drill program on its Juby Project within the Abitibi greenstone belt of Ontario.
The program is expected to consist of a total of 10,000 metres of drilling.
Aris Gold Corp (TSX: ARIS) this morning announced that it has begun planning for a drill program on its Juby Project within the Abitibi greenstone belt of Ontario. The program is expected to consist of a total of 10,000 metres of drilling.
The initial drill program is set to begin in the third quarter of 2021, with the program targeting an extension between the Big Dome and Golden Lake deposits, while also testing known high grade mineralized zones. Currently, the project contains a 10 kilometre long strike which follows the Tyrrell Shear Zone.
Presently, the 14,000 acre Juby property contains a mineral resource estimate of 773,000 ounces of indicated gold within 21.3 million tonnes based on an open pit model. A further 1,488,000 ounces of inferred resource is contain within the model, within 47.1 million tonnes. The estimate is based on a 0.4 g/t cut-off, and was established via 105,861 metres of drilling within 379 holes.
Active exploration has not occurred on the property since 2018.
Aris Gold last traded at $2.30 on the TSX.
$Gran Colombia Gold (TPRFF)(GCM:TSE) also owns approximately 44% of Aris Gold Corporation (TSX: ARIS), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia.
$GCM Mining Announces Updated Mineral Resource Estimate and Positive Preliminary Economic Assessment for Its Toroparu Project in Guyana December 1, 2021
Updated Mineral Resource Estimate of 8.4 Mozs Measured and Indicated Gold Resource at 1.42 g/t and 396 Mlbs Measured and Indicated Copper Resource at 0.1% in 185 million tonnes of rock Preliminary Economic Assessment estimates:
280,000 ozs of gold production in the first year of operation in 2024; 5.4 Mozs of gold, 2.5 Mozs of silver and 141.3 Mlbs of copper produced over a 24-year mine life;
US$8.0 billion total revenue, US$3.5 billion operating margin and US$1.7 billion after-tax Free Cash Flow at a US$1,500/oz gold price; and,
After-tax net present value (5%) of US$794 million with an after-tax IRR of 46% and two-year payback.
Initial US$355 Million capex to construct the Toroparu Project is fully funded.
TORONTO, Dec. 01, 2021 (GLOBE NEWSWIRE) --
GCM Mining Corp. (the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that it has completed an updated Mineral Resource estimate for its Toroparu Project in Guyana with an effective date of November 1, 2021 and in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). GCM Mining also announced today that Nordmin Engineering Ltd. (“Nordmin”) and SRK Consulting (U.S.), Inc. (“SRK”) have completed preliminary results of a Preliminary Economic Assessment (“PEA”) for the Toroparu Project effective November 26, 2021 and is currently finalizing the technical report to be prepared in accordance with NI 43-101 and filed on SEDAR and the Company’s website in mid- January 2022.
Highlights of the PEA for the Toroparu Project
The PEA affirms the economic viability of the open pit and underground mining operations at the Toroparu Project.
Total life-of-mine (“LoM”) gold production of 5.4 million ounces (“Mozs”) representing 88.4% of the 6.2 Mozs of gold fed to the milling circuit at an average grade of 1.78 g/t Au over the 24-year mine life.
Open pit mine operations will deliver 93 Mt of potential mill feed (“PMF”) over the LoM and underground mining operations, which commence in year 10, will deliver an additional 14 Mt of PMF.
Average annual gold production of 225,000 ounces over the 24-year mine life.
During the first two-year payback period, gold production averages 254,000 ounces per year and over the first 9 years of surface-only mining, gold production averages 202,000 ounces per year. With the commencement of underground mining in year 10, annual gold production from open pit and underground increases to an average of 239,000 ounces over the remaining 15 years of the LoM.
Initial capital cost, to be incurred from 2021 through 2023, totals US$355 million, of which US$138 million will be funded by deposits under a Precious Metals Purchase Agreement (“PMPA”) with Wheaton Precious Metals International Ltd. (“WPMI”) and the balance by the net proceeds of the Senior Notes financing closed in August of this year.
Processing capacity will be built in two phases with an initial Phase I nominal capacity of 7,000 tpd (2.55 Mtpa) in a gold leach plant based on gravity and carbon-in-leach circuits (“CIL”) and increasing in year 6 to 14,000 tpd (5.1 Mtpa) in
Phase II with the construction of a copper concentrator based on gravity and copper flotation circuits.
The copper concentrator will facilitate the recovery of 141.3 million pounds (“Mlbs”) of copper over its 19 years of operation.
The PEA delivers solid financial results with LoM total revenue of US$8.0 billion, US$3.5 billion of operating margin and US$1.7 billion of after-tax Free Cash Flow.
The LoM PEA financial results are based on long-term prices of US$1,500/oz gold, US$20.22/oz silver and US$3.13/lb copper.
Gold and copper account for approximately 94% and 5.5%, respectively, of total revenue over the LoM.
LoM cash cost of US$742/oz and LoM all-in sustaining cost (“AISC”) of US$916/oz.
The PEA estimates a US$794 million after-tax NPV 5% (net present value at a 5% discount rate), a 46% IRR (after-tax Internal Rate of Return) and a two-year after-tax payback of the initial capital cost of the Project.
Lombardo Paredes, Chief Executive Officer of GCM Mining, commented “The PEA was initiated as a result of a significantly expanded Mineral Resource developed from the discovery of the structural control of high-grade gold mineralization at Toroparu as reported in our July 6, 2021 press release. Compared with Gold X Mining’s previous Mineral Resource estimate (September 2018), total Measured and Indicated Gold Resources have increased by approximately 15% to 8.4 million ounces of gold and reflect an increase in the average head grade from 0.91 g/t to 1.42 g/t in the latest update.
The updated mineral resource estimate reported herein, which represents a potential step change to the economic value of Toroparu, underlies the scoping of a long mine life project within the PEA recovering 280,000 ounces of gold in the first year of operation in 2024 and an estimated 225,000 ounces of gold per year from both surface and underground mining operations over 24 years.
A total of 5.4 million ounces of gold is expected to be produced over the LoM in the PEA, an approximately 20% increase from the previous PEA prepared by Gold X Mining in July 2019.
We have already commenced pre-construction activities at the Toroparu Project site.
We have hired Haukes Construction (Guyana) Ltd., a division of Haukes NV of Suriname, for construction of the preliminary earthworks at Toroparu, with development of the permanent man-camp, airstrip and rock quarries currently underway.
Preparations are also being made for the rehabilitation of the historical access road commencing early next year.
Based on the technical and financial merits demonstrated by the PEA and funded by the US$300 million Senior Notes financing we closed in August and the Wheaton stream, we are proceeding with construction of the Toroparu Project, which is initially focused on the surface mining of higher-grade gold processed through a 7,000 tonnes per day (“tpd”) gold leach mill.
The PEA envisions an expansion of milling capacity to 14,000 tpd with the addition of a copper concentrator in year 6 and the addition of underground mining operations in year 10 of the mine life.
Importantly, the Toroparu Deposit is open both along strike and at depth with the additional mineralization potential below the 450 m level amenable to underground mining methods.
We believe the Toroparu Project has the potential to be a multi- generational gold mine which can create significant value for our shareholders, solidifying its position along with our Segovia Operations as a cornerstone asset in GCM Mining.”
Mineral Resource Estimate (“MRE”) Update Effective November 1, 2021
The MRE, which is summarized in Tables 1 and 2 below, was prepared by Nordmin following a two-phase diamond drill program carried out by Gold X Mining in 2020-2021 which comprised a total of 20,750 meters in 114 drill holes.
The updated MRE includes an open pit and a maiden underground resource estimate within the Toroparu Main & NW and SE deposits that are defined by multiple discreet northwest and east-west oriented high grade mineralized structures that intersect in a repeatable pattern over an estimated four kilometers of strike, 400-450 m in width, and 450-500 m in depth.
The satellite deposits consist of the Southeast zone (SE) and the Sona Hill satellite gold deposits.
Table 1: Mineral Resource Statement for the Toroparu Gold Project
Gran Colombia Gold Corp. (the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that it has changed its name to GCM Mining Corp. effective immediately and its website can be found at
Commenting on the name change, Serafino Iacono, Executive Chairman of the Company, said “We are very proud of our Colombian roots and, in Colombia, we will continue to operate as Gran Colombia. Our new corporate name reflects our strategy to grow through diversification, expanding our operations and investments to other countries and broadening our products to include other metals beyond just gold and silver. With the acquisition earlier this year of the Toroparu Project in Guyana and our equity stake in Denarius and its flagship Lomero Project in Spain, we have commenced our diversification strategy. We have a strong balance sheet and we are fully funded to build Toroparu, one of the largest undeveloped gold/copper projects in the Americas. We expect to announce the results on the updated mineral resource estimate and preliminary economic assessment for Toroparu shortly, solidifying its position along with our Segovia Operations, as a cornerstone asset in GCM Mining Corp.”
There is no change to the Company’s trading symbols for its common shares and common share purchase warrants and we expect that trading on the Toronto Stock Exchange under the Company’s new name will formally commence on December 1, 2021. In the interim, trading will continue under the Company’s old name. The new ISIN and CUSIP numbers for the Company’s common shares are CA36168L1058 and 36168L105, respectively.
For the Company’s listed common share purchase warrants (TSX: GCM.WT.B; OTC Pink: TPRXF), the new ISIN and CUSIP numbers are CA36168L1132 and 36168L113, respectively.
About GCM Mining Corp.
GCM Mining Corp. is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. The Company also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at
and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may -- --results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims, ---- the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com
Source: Gran Colombia Gold View All News
$Gran Colombia Declares Monthly Dividend to Be Paid on December 15, 2021 November 15, 2021
TORONTO, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (“Gran Colombia” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on December 15, 2021 to shareholders of record as of the close of business on November 30, 2021.
About Gran Colombia Gold Corp.
Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).
Additional information on Gran Colombia can be found on its website at
$TM thanks; Kirkland Lake Gold reports record production in fourth quarter and full-year 2021 Mining TSX:KL $13.37B
Julia Kennedy julia.kennedy@themarketherald.ca 17 January 2022 11:30 (EST)
Kirkland Lake Gold - President and CEO, Tony Makuch President and CEO, Tony Makuch Source: Melbourne Mining Club Market Herald logo Subscribe Be the first with the news that moves the market Email* Daily DigestWeekly Summary
Kirkland Lake Gold (KL) has released its fourth quarter and full-year production results for 2021 Production in the fourth quarter totalled 380,472 ounces; the company produced over 1.4 million ounces of gold in 2021 Gold sales in 2021 totalled 1,430,554 ounces at an average realized price of $1,797 per ounce Record production was boosted by continued exploration success at the company’s Detour Lake and Fosterville properties The company also secured a merger with Agnico Eagle Mines which is expected to close by mid-February Kirkland Lake Gold is a Canadian gold mining, development, and exploration company with a diversified portfolio of exploration projects Shares in Kirkland Lake Gold Ltd. (KL) are currently down 0.12 per cent, trading at $50.66 per share Kirkland Lake Gold (KL) has released its fourth-quarter and full-year production results for 2021.
$Well; 2022 seems to be shaping up to be a very, very interesting year. :-)) $GOLD TARGET $3,100-$7,600: Last Time Gold Had This Setup It Surged 330%! December 16, 2021
$Davos Is Making The Central Bank Case For Gold BY TYLER DURDEN - MONDAY, DEC 06, 2021 - 06:30 AM Authored by Tom Luongo via Gold, Goats, 'n Guns blog,
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