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drbubb

Gran Columbia (GCM.t) : 225,000 oz/yr Gold miner

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Don’t think it was GMP raising its target that caused the price boost.

Took a little bit off here at 5.50 yesterday to fund vit.t purchase.

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SELLING DOWN my shares in GCM - but keeping the warrants (a lot of them!)

Sold almost all shares since the recent breakout

GCM.t / Gran Colombian Gold ... update / Last: C$5.42

t3RvBrh.gif

=====

= : PRODUCTION /  v 2019
Mo.: Prod'17: Prod'18 : Prod'19:
Q1- :  39,008 :  52,672 : 60,601 >  +15.1%
Q2- :  46,075 :  52,906 : 57,882 >  +14.8%
Q3- :   37.1 K :  57,163 : 55k.Est > - 4 %
Q4- :   52.0K :   55,260 : 57k.Est > +4 %
Yr. =  174.2k : 218.0k : 230k.Est
=== :: 2017 ::  2018 ::  2019 ::
Jan.  00,000: 16,700 : 17,941 :
Feb.  00,000: 17,339 : 21,335 : New monthly record!
Mar.  00,000: 18,633 : 21,325 :
=Q1: 39,008: 52,672 : 60,601 : +15%; Quarterly record!
Apr.  00,000: 16,118 :  20,372 :
May 00,000:  18,675 : 18,528 :: 
Jun. 00,000:  18,400 : 18,882 ::
=Q2: 46.08k: 52.91k : 57,882 :   + 9%
July  00,000: 19,296 : 18,166 ::
Aug. 00,000: 18,747 : 18,710 ::
8m.  000.0k: 143.0k : 155,359 :  + 8%
12m: 000.0k: 000.0k: 229.7k :
Sep.  00,000: 19,120 :
=Q3: 37.10K: 57,163 :
Oct.: 17.33K: 18,065 :
Nov: 17.33K: 18,193 :
Dec. 17.33K: 19,002 : (aver.18.4k oz in Q4)
=Q4: 52.00K: 55,260 :
===================== ;
2018: "218,001 OUNCES, UP 25% OVER 2017"
2019 TARGET: 225,000-240,000

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4 hours ago, drbubb said:

SELLING DOWN my shares in GCM - but keeping the warrants (a lot!)

Sold almost all shares since the recent breakout

GCM.t / Gran Colombian Gold ... update / Last: C$5.42

t3RvBrh.gif

==

Hmm, you’re making me think hard here, I had $6+ as a target.

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I like trendlines & Channels - as many can see. haha

$6 or so is possible

Might think about letting some WTB go soon, if we approach $6

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Higher Gold (>$1500) brings Higher GCM Forecasts

GCMs delta on (higher) gold prices

Gold prices continue to march higher with today the Comex Dec contract trading north of $1500. Since the beginning of Q3 gold is up near $100 and even up >$220 since late May.

What does this mean for GCM?

GCM is expected to produce 240.000ounces in 2019. So, a $200 gain per ounce of gold since May means extrapolated on an annual basis an additional gain of $48mm USD before taxes.

$48mm USD is about 63.8mm CAD at current FX rates.

GCM fully diluted share count is 68mm. So, current rise in gold prices is ADDING around $0.9 per share in EPS before taxes on an annual basis!!

This is significant.

It gets even better. in 2019 Q1, GCM earned US$18mm before taxes. It sold 59k ounces at a realized gold price of $1298. So again, if we extrapolate 2019 Q1 on a  annual basis, i am getting getting a >US100mm profit before taxes. (Q1 @ 18mm + 3x 18mm + $200 gold move x (180.000ounces for Q2Q3Q4).

This is all quick and dirty and i am the first to acknowledge that, but a US$100mm profit before taxes is HUGE, and is giving a EPS of >c$2 per share making this a ridicoulous cheap stock on a Price/Earnings ratio


Read more at https://stockhouse.com/companies/bullboard#GeJ5ZAPIecbPoBMr.99

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Gran Colombia earns $768,000 (U.S.) in Q2 // The Punchline is Missing ! > Q2.financials

GRAN COLOMBIA GOLD REPORTS SECOND QUARTER AND FIRST HALF 2019 RESULTS; RAISES 2019 PRODUCTION GUIDANCE AND ON TRACK TO MEET 2019 COST GUIDANCE

Gran Colombia Gold Corp. has released its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis for the three and six months ended June 30, 2019. All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted.

Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the Company's latest results, said, "We are pleased with our second quarter 2019 operating and financial results. We have now raised our production guidance for the year and we are on track to meet this year's cost guidance. For the first half of this year, our revenue was up 16%, our adjusted EBITDA was up 27%, our operating cash flow up in gold prices, well above the average for the first half of this year, our second half earnings, cash flows and cash balance are poised to benefit from our leverage to gold prices. We've continued to improve our liquidity in the second quarter, bolstering our mid-year cash position to $51.3 million, including the net proceeds of the Convertible Debentures financing completed in April. The recently announced high-grade results from our drilling program at Segovia in the first half of 2019, and the work we are doing to identify and prioritize step out and brownfield drilling targets, increase our confidence in the potential to add mineral reserves and extend mine life at our flagship operation."

Second Quarter and First Half 2019 Highlights

The strength of the Company's operating performance at its high-grade Segovia Operations in the first half of 2019 has allowed it to raise its annual gold production guidance for 2019 to a range of between 225,000 and 240,000 ounces.

Total gold production of 57,882 ounces in the second quarter of 2019, up 9% over the second quarter last year brought the total for the first half of 2019 to 118,483 ounces, up 12% over the first half last year. With another 18,166 ounces produced in July, the Company's trailing 12-months' gold production at the end of July 2019 now stands at 229,776 ounces, up 5% over 2018's annual production.

Revenue amounted to $77.6 million in the second quarter of 2019, up 13% over the second quarter last year, bringing the total revenue for the first half of 2019 to $155.1 million, up 16% over the first half last year. 2019's revenue increase has been largely driven by the production growth. Despite a 1% year-over-year decline in spot gold prices to an average of $1,307 per ounce in the first half of 2019, the Company reported a $6 per ounce improvement in realized gold prices to an average of $1,296 per ounce in the first half this year. This was the result of lower charges in a new refining contract that the Company entered into in January 2019 with an international refinery, saving approximately $20 per ounce sold compared with its previous arrangement. With the London P.M. Fix gold price ranging from a low of $1,390 per ounce to a high of $1,506 per ounce thus far in the third quarter, the Company expects to see a significant increase in revenue and operating cash flow in the second half of 2019 compared with the first half of 2019 if spot gold prices remain at the current level.

Total cash costs (1) per ounce, continuing to benefit from solid operating performance at its Segovia Operations, was $655 per ounce in the second quarter of 2019, down from $696 per ounce in the second quarter last year, bringing the average for the first half of 2019 to $638 per ounce, down from $683 per ounce in the first half last year. For 2019, the Company now expects that its total cash costs for the full year will remain below 2018's annual average of $680 per ounce.

All-in sustaining costs ("AISC") (1)

and All-in costs (1) in the second quarter of 2019 were $878 per ounce and $903 per ounce, respectively, both down from $930 per ounce and $937 per ounce, respectively, in the second quarter last year. For the first half of 2019, AISC and All-in costs per ounce were $855 and $873 per ounce, respectively, down from $925 and $929, respectively, in the first half last year. For 2019, the Company expects that its AISC and All-in costs for the full year will remain below $925 per ounce and $950 per ounce, respectively.

The Company reported adjusted EBITDA (1) of $33.2 million for the second quarter of 2019, up 25% over the second quarter last year, bringing the total for the first half of 2019 to $68.5 million, up 27% over the first half last year. The trailing 12-months' adjusted EBITDA at the end of June 2019 now stands at $116.9 million, up 14% over 2018, driven by production growth and the reduction in total cash costs per ounce sold.

Net cash provided by operating activities in the second quarter of 2019 of $18.2 million brought the total for the first half of 2019 to $38.0 million, up 7% over the first half last year. The Company's Free Cash Flow (1) in the second quarter of 2019 of $7.8 million brought the total for the first half of 2019 to $19.0 million, up 3% over the first half last year.

. . . Adjusted net income (1) for the second quarter of 2019 was $14.0 million, or $0.29 per share, up from $8.2 million, or $0.29 per share, in the second quarter last year. For the first half of 2019, adjusted net income amounted to $27.0 million, or $0.56 per share, compared with $18.1 million, or $0.72 per share, in the first half last year. Improved earnings in the second quarter and first half of 2019 compared with the corresponding periods last year continued to reflect the significant contribution of Segovia's operating performance in 2019 on revenues, total cash costs per ounce, adjusted EBITDA and income from operations.

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Missing Punchline! WHY the Low Earnings? > Q2.financials

When the GCM stock price rises, the O/S warrants generate Losses

"Adjusted net income (1) for the second quarter of 2019 was $14.0 million, or $0.29 per share, up from $8.2 million, or $0.29 per share, in the second quarter last year. For the first half of 2019, adjusted net income amounted to $27.0 million, or $0.56 per share, compared with $18.1 million, or $0.72 per share, in the first half last year."

Adj. Net  for Q2 was $14.0 Million, Yet... Reported Earnings for Q2 were just: $768k. 

Why??

Because of the LOSS on Financial Instruments.

This rose by over $6.5M in Q2, vs Q1 & very heavy 92% income taxes- See Below

=======================  Q1-2019: Q2-2019: 6mo-'19:
Income from operations…….. :   25,325 :   24,885 :  50,210 :
Other income (expense)
Finance income……………….….. :       271 :         367 :      638  :
Finance costs………………….….. :  (2,707) :   (3,843) : (6,550) :
Foreign exchange loss……….. :     (132) :      (427) :    (559) :
Loss, equity in associate……. :       (82) :     (128)  :     (210) :
Loss on financial instruments (4,591) : (11,057): (15,648):
=======================:   (7,241) : (15,088): (22,329) :
Income before income tax. :     18,084 :     9,797 :    27,881 :
Income tax (expense)……..… :  (10,526):   (9,710):  (20,236):
Deferred tax…………………..….. :         345 :         681 :      1,026 :
===================== :   (10,181) :   (9,029):  (19,210):
Net income (loss) ……………. :   $ 7,903 :     $ 768 :   $ 8,671 :

15. LOSS ON FINANCIAL INSTRUMENTS
========================  Q1-2019: Q2-2019: 6mo-'19:
MTM loss on Gold Notes (7a): $ (1,896): $(4,380): $(6,274):
MTM loss on Conv. Debs (7b): $       (0):    (1,659):    (1,659):
Fair value adj. on SSP Wts.    : $   (127):           (2):       (129):
(Loss) on gold in Gold Trust   : $     123 :        (53):           70:
MTM, gold hedging contracts: $   (124):       (151):       (275):
MTM loss on 2024 Wt liability: $(2,569):   (4,812):    (7,381):
=======================.  $ (4,591): (11,057): (15,648):
Net income (loss) ………….……. : $  7,903 :     $ 768 : $  8,671 :

As at June 30, 2019, the Company had a total of 12,074,808 listed warrants (GCM.WT.B) (the “2024 Warrants”) issued and outstanding. The 2024 Warrants were issued on April 30, 2018 and commenced trading on the TSX on September 6, 2018. The 2024 Warrants have an exercise price of CA$2.21 per share and entitle holders to purchase one common share of the Company for each 2024 Warrant at any time prior to their expiry on April 30, 2024. The 2024 Warrants represent a financial liability as the exercise price is denominated in Canadian dollars, different from the Company’s US dollar functional currency. As such, they were recognized at fair value at inception and subsequently remeasured with the change in fair value being recognized in the statement of operations. The fair value of the 2024 Warrants as at June 30, 2019 was determined based on their last traded price, a level 1 fair value input, of CA$2.28 ($1.74) per 2024 Warrant for the period.

=====

Bizarrely, when the price of the warrants goes up, Earnings take a hit !

In the first half of 2019, this almost wiped out earnings.  Q3 could be worse

========================  Q1-2019: Q2-2019: 6mo’19: Aug.14th
MTM loss on 2024 Wt liability : $(2,569):   (4,812):  (7,381): (11M ?) :
Qtr End Mkt.Value WtB C$1.40:  C$1.80 : C$2.28 : C$2.28 :  C$3.58 :
Change in WtB price …………..…. : C$0.40 : C$0.48 : C$0.88 :  C$1.30 :
—————————-x 12.07 Mn     : C$4,828: $5,794 :   10,622 :   15,691 :
—————————- / USDCAD      : C$1.350:  $1.310 : $1.310 :  $ 1.330 :
—————————-x 12.07 Mn.     : $ 3,576 : $4,423 :   $8,108 :   11,798 :
Qtr End value, WtB : US$1.026 :  $ 1.360 :  $1.740 :  $1.740 :  $2.720 :
Change in WtB price ……………... :  $ 0.334 : $0.380 :  $0.714 :  $0.980 :
—————————-x 12.07 Mn      :   $4,031 : $4,587 :  $8,618 :   11,829 :

But GCM has to pay Income Tax on the earnings BEFORE this odd expense.

Is it a real expense? I don't think it is.  

When they sell Wts at an exercise price, and later the price rises, it is a mere opportunity loss.

A company does not take an earnings hit, when it sells stock at a low price, and later the price rises.

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10 hours ago, hector said:

Onwards and upwards. Where do you all think this will top? Any negatives on the horizon?

"why choose THIS as the goal...?"

To the Moon [Kennedy's speech remix]

 

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You can be so cryptic at times Dr B, anyway I decided to sell off 20% off my pot today. $5.80’s was too much to resist.

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Not tempted to offload yet (the benefits of having bought very low). But I think we will see channel resistance above $7.

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Just now, hector said:

Not tempted to offload yet (the benefits of having bought very low). But I think we will see channel resistance above $7.

Still my second biggest position by some distance but suppose Dr B gave me food for thought. So just decided to bank some as we got near $6. I’ve been trading since January and this was pretty much a trading batch.

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More Corporate activity > GCM spins out assets

Recent Bulletins News ReleasesIn The NewsOther
Date ET Symbol Price Type Headline
2019-09-03 09:31 C:GCM 5.54 News Release Gran Colombia to spin off Venezuelan assets to W. Atlas
2019-08-27 20:03 C:GCM 5.81 News Release Gran Colombia increases Sandspring holdings to 19.45%

WA / Western Atlas ... 10yr : $0.085

mKqm5O5.png

V:WA - Western Atlas Resources Inc - http://www.westernar.com 14:10:47 EDT
Sym-X Bid - Ask Last Chg %Ch Vol $Vol #Tr Open-Hi-Lo Year Hi-Lo Last Tr News Delay
WA - V 20.0 0.08 · 0.09 5.0 0.085 +0.015 21.4 138.0 13 12 0.085  0.095  0.085 0.12  0.05 12:15:08 09:27 15 min RT 2¢

Interesting chart.

GCM are getting less than 20%, so they must like the other assets in the company

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PULLBACK to $4.75 (or lower) underway?

NzpVkyd.png

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Hmm maybe right, I’d flipped some back into WM.t which my latest trade there was a little underwater.

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On 9/10/2019 at 3:52 PM, drbubb said:

PULLBACK to $4.75 (or lower) underway?

NzpVkyd.png

LAST: $4.81 -0.07, -1.43% / O: $4.96, H: $4.96, L: $4.73. vol. 233,752

If support @ $4.73-75  goes. could be lower, even $3.95-4.00

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BULLBOARD COMMENTS
==========
+ I'm looking forward to the next earnings report. If the average realized POG is about $150 higher than last quarter & production, etc. is similar, there should be a pop of $9 million or so to the bottom line. (ChupacabraBueno, 9/4)
+ the Company has increased its holdings in Sandspring to an aggregate of 53,300,000 common shares, 31,800,000 share purchase warrants and 5,200,000 subscription receipts. The common shares controlled by the Company represent approximately 19.45% of the outstanding common shares of Sandspring
+ GCM is grabbing cheap shares of SSP ..they invested a few million $$$ and are at 19,45% ownership of a multi million oz-deposit and can reach 30% with a few more $$$$ ...   the same with Western Atlas ... the Venezualian Assets are woth ZERO now ... GCM alredy invested 1 million $ in this company via PP and will get additional 59 million shares at the cose of the asset-deal .. Western Atlas already is at 10cent per share..with 70 million shares ownership of WA.V  this makes 7 million$ asset creation at the balance sheet ..and this company will be worth much more if politics in Venezuela gets the corner...
remember! the Venezuelian assets (Medoro) curently are valued with ZERO at GCM's balance sheet ... a rise of WA.V to 30 cent  will create appr. 20 million$ in assets for GCM shareholders without a single drilling hole or developement! ...   thats why this deal is a good one!
GCM bought into SSP.T at near 20 cent per share ..now its at 40 cent ... next quarter the balance sheet will show a nice profit from this investment ..additional to the superb operational results...
GCM is woth minimum 500 million USD at current stage!  sum of all parts... (kkkrrr)
+ dont forget the zancudo deal with iag

VALUATION CALCULATIONS: EBITDA: $192M ??
+ The market here seems to have lost its fricken mind.
Market Cap of gcm?  around 192 million, USD. 
reasonably conservative EBITDA run rate for one year, with gold over 1500,  is...? > probably around 192 million, USD.
oh, you wanna talk enterprise value (included cash & debt) instead? okay, probably well under 250 million.
Either way, rather insane. (Menoalittle)

+ I've been in GCM for a couple of years, built a nice position (my second largest), and doubling my money.

GCM was so cheap, and, still is, as its numbers improve every quarter.
The fact that the valuation is so low, based on input from some financial/technical people in the industry I know is there is a lack of trust about Serafino and mgmt from incidents a few years ago (and I still don't know what happened).  Yes, there is Colombian risk but other mining companies in the country aren't as severely penalized.

I, too, have concerns as I never fully appreciated the logic in raising $25m in convertible debt (and the fact that they had an earlier, far worse proposal was appalling. Was it really needed, given the company's improving llquidity and how is it being spent?.  

I still don't understand the logic of the terms of the spin-off of Venezuelan assets to Western Atlas.  Who is it benefiting the most and isn't Serafino a large shareholder?  Look at the terms in the press release:
https://stockhouse.com/news/newswire/2019/09/03/western-atlas-announces-financing-gran-colombia-gold-participation

It's a so-called purchase at US$20m, but financed via an issuance of shares at C$ 0.45 cents whereas the company is making a private placement at C$ 0.08.5 -10 cents/share, with a 1/2 warrant at 20 cents.  The purchase price - based on current market price of WA shares - is actually US$4.4m.  Plus, altho not noted in this press release but I read in another, the purchase by WA is only achieved after transfer of the properties can be evidenced.  In other words, this is likely years away.  At the same time, willl take C$1.4m of the private placement.  

It's things like this that concern me with the company.  But, realistically, I've benefited by buying in a low price, with the potential for much more growths, achievable by just reaching average market comparisons.  
If these guys can change their perception in the market, share value could signicantly increase, further accelerated by rising gold prices.

The question is whether Serafino and crew feel thery're being rewarded suffciently by their holdings in GCM as opposed to making strange, self-benefiting transactions.
 I liked your  calculation that $1,500 gold equals $192m EBITDA amd current market cap of $192m.  That's why I haven't been selling down and, thus far, been well rewarded. (Lumpy13)
 
+ I also liked that calculation of $192M EBITDA.
Presumably thats using a $700 AISC to give $800/oz x 240,000oz annual production.
I think that's where they're at today. Maybe even a little better. (ChupacabraBueno, 9/6)

+ Cash costs are projected at $680, which may rise a little with the rise in gold prices (and weaker dollar.)  AISC will (or at least, should) rise as or when more exploration drilling starts to kick in, but I suspect they might still remain below $1,000/oz.

In short, at 1500/oz., this company is a cash flow beast.  And gold seems to be stabalizing/consolidating nicely above that...

and if the Fed cuts later this month (bond market is leaning that direction), gold price is likely to hike up a fair bit higher. (menoalittle)
 

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BULLBOARD COMMENTS, #2

+ W A / Western Atlas Resources... 2-yr / Last: $0.09

u8vu3tc.gif

Really thought we would be at $6 or better not closer to 5. Does the deal with Western Atlas stink this much or is it something else? If this deal goes thru it seems like quite the overpayment for us buyind shares at .45. I hope this play doesnt grow to fruition as I dont see the net benefit to us shareholders.

+ The drop is totally because of drop in POG. Just that simple. No one cares about Venezuela or WA at this point. They are making money hand over fist and only a few of us seem to care about that. Sad, but true. (TSoprano24)

+ There was a lot of insider selling recently. I know the stock was a poor performer for a long time prior to the last three years so I understand why some want to lock in profits. You hope they are selling because they don’t know what the price of gold is going to do or they don’t know how to do a valuation and not because of something fundamental. Either way, there are more shares out there for the market to absorb. 
At the end of the day though, they should be stacking cash right now and they are going to need it to fund Marmato so I’m not too fussed about the share price as long as they don’t issue equity. (Method)
 
+ there is and there was no big insider selling .. only conversion of options and selling the received shares at the market ...  no big deal ... (kkkrrr)

Red Cloud increases PT to C$10

Red Cloud increased their gold price forecast to $1500 and took their 2020 EBITDA estimate to C$184m.
This took their target to C$10 from C$6 at 4x EV/EBITDA.  (Method)
 
(Method can spot a bargain - Wayned##)
 
+ Thanks for the shoutout Wayne. I should be clear that I only own some DN.DB and less at 90 than I did at 75. The only MJ equity I own is ROMJ and it’s pretty small although looks really cheap based on guidance.

My most interesting position right now is TII.V. 0.6x book, 7x EPS, 3.8% dividend yield (first dividend goes ex on Sep 27).

RE:I don't understand why this company didn't correct to $6

Lack of RESERVES means everything. (( or does it?? ))

+ With 25 high grade  veins in segovia ( 5 millions oz gold already mined with artisanal methods ), and about 10 millions oz in marmato , plus zancudo , do you really think lack of reserves ? 
The set back is purely technical with good support on the last 2 highs around 4.65 cad . 
Don't forget to buy a few...-)) / Brioche
 
>> With 25 high grade  veins in segovia...
some folks "get it," seems most folks don't.
when you do... nevermind marmato, zancudo, venezuela, sandspring, or anything else (as they're all relatively small or insignificant.)
make no mistake about it, the really tasty cheddar here is (and will continue to be) ...segovia.

why hasn't it been drilled more previously?  simple.  the company was in a terrible cash crunch under previous (mis)management, and didn't have its chit together.
Times - and some number of things - have changed...
(such as, certain of the management, etc,...) // Menoalittle

+ GCM reserves were the same at $5.90 share price as it was at $3.00 share price. same around 7 year mine life for segovia which does not count inferred and 2 million oz with inferred, 8+ million oz marmato for multi decades, 10 million oz sandspring, zancuto, venez. reserves were not a factor for the share price rising or falling. additional 80km drilling on top of annual drilling will jump reserves, so reserves will not be a problem for many years to come. they just reported segovia drilling which successfully added reserves. with almost 20 million oz gcm has more reserves/resources than most other gold miners.

in fact reserves actually jumped up if they recalculated reserves for $1500 gold instead of $1200 gold since more lower grade ozs become profitable at higher $1500 gold price.

nothing has changed except weak hands that panicked on a tiny drop in gold price. gold price still $200 higher than previous quarter, plus not needing to pay tax in second half means there will be huge free cash coming soon. / Invest234

Gran Colombia Gold Provides August 2019 Production Update / Gold price

that is more good news, throughput successfully jumped up to 1,371 tpd with the increase in plant capacity using the lower grade stockpile. feeding in newly developed areas with higher grade increases production for the second half. filter press now in operation reduces cost.

funny how psychology works, one dollar above $1500 gold and it is blue skies, one dollar below $1500 and it is run out of gold and going out of business.
we already saw the gold price move above and below the psychological $1300 many times with no resistance. the same happened at $1200 gold. these psychological numbers are meaningless. gcm still makes a huge amount of cash at $1501 or $1490. // Invest234
 

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PRODUCTION - Monthly reports?

"They need to stop giving production reports month by month . The first time they miss , even by a small amount , the share price will tank . 

- WayneD52 /  at https://stockhouse.com/companies/bullboard?symbol=t.gcm&postid=30126859#CAR4ZhRuSKULxOKu.99

"i agree, no other mine I look at is doing this, but as almost all insiders convert all their options into action and sold at the last top, I believe they are happy with the direction of the share that will allow them to create   stock option at low price."

= : PRODUCTION /  v 2019
Mo.: Prod'17: Prod'18 : Prod'19:
Q1- :  39,008 :  52,672 : 60,601 >  +15.1%
Q2- :  46,075 :  52,906 : 57,882 >  +14.8%
Q3- :   37.1 K :  57,163 : 55k.Est > - 4 %
Q4- :   52.0K :   55,260 : 57k.Est > +4 %
Yr. =  174.2k : 218.0k : 230k.Est
=== :: 2017 ::  2018 ::  2019 ::
Jan.  00,000: 16,700 : 17,941 :
Feb.  00,000: 17,339 : 21,335 : New monthly record!
Mar.  00,000: 18,633 : 21,325 :
=Q1: 39,008: 52,672 : 60,601 : +15%; Quarterly record!
Apr.  00,000: 16,118 :  20,372 :
May 00,000:  18,675 : 18,528 :: 
Jun. 00,000:  18,400 : 18,882 ::
=Q2: 46.08k: 52.91k : 57,882 :   + 9%
July  00,000: 19,296 : 18,166 ::
Aug. 00,000: 18,747 : 18,710 ::
8m.  000.0k: 143.0k : 155,359 :  + 8%
12m: 000.0k: 000.0k: 229.7k :
Sep.  00,000: 19,120 :
=Q3: 37.10K: 57,163 :
Oct.: 17.33K: 18,065 :
Nov: 17.33K: 18,193 :
Dec. 17.33K: 19,002 : (aver.18.4k oz in Q4)
=Q4: 52.00K: 55,260 :
===================== ;
2018: "218,001 OUNCES, UP 25% OVER 2017"
2019 TARGET: 225,000-240,000

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