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Gran Columbia (GCM.t) : restructured Columbian Gold miner

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Date-------- : GCM.t: CAD$: $Price: ShsOS MktVal : 8%-Debs: Date: Cash: EntVal. / $Gold : OZ's/ Prd. years.: 221wtx$inTM
08/10/18 : $2.44 :x.761= $1.857 48.2M $89.5M: $ 98.0M: Est.: $28.0: $159.5M /$1219: 131k/200: 0.660: 12.2Mx$0.23
09/12/18 : $2.27 :x.769= $1.745 48.2M $84.1M: $ 98.0M: Est.: $28.0: $154.1M /$1206: 128k/212: 0.604: 12.2Mx$0.06
10/02/18 : $2.40 :x.780= $1.872 48.2M $90.2M: $ 93.1M: Est.: $28.0: $155.3M /$1204: 129k/212: 0.609: 12.2Mx$0.19

Gold linked Notes, Total Value Estimate: with Wt.Btprxf : US$0.90 @ C$3.06 / TPRFF : GCM.NT.U

UNITS:
Date : Gold: GCM : Ratio: G/1250 x57%+104%= Debs : Wt2.21: CAD : $USD : 124wt: Comb.: USD$: x512.8:
05/31: 1305: $3.03 : 431. : 104.4 : 59.5 +44.7= 104.2 : $1.40*x0.772 = $1.08 : 13.4% : 117.6 : $2.34: 1200 :
06/29: 1255: $2.88 : 436. : 100.4 : 57.2 +44.7= 101.9 : $1.30*x0.761 = $0.99 : 12.3% : 114.2 : $2.19: 1123 :
07/31: 1234: $2.53 : 488. : 100.0 : 57.0 +44.7= 101.7 : $1.18*x0.769 = $0.91 : 11.3% : 113.0 : $1.95: 1000 :
08/03: 1223: $2.52 : 485. : 100.0 : 57.0 +44.7= 101.7 : $1.17*x0.770 = $0.90 : 11.2% : 112.9 : $1.94: $995 :
09/12: 1206: $2.27 : 531. : 100.0 : 57.0 +44.7= 101.7 : $0.95 x0.769 = $0.73 : 9.05% : 110.8 : $1.75: $897 :
10/02: 1204: $2.40 : 502. : 100.0 : 57.0 +44.7= 101.7 : $1.14 x0.780 = $0.89 : 11.0% : 112.7 : $1.88: $964 :
=====: ==================================== : *est. Wt. value, x124 wts/deb
Last Col.: $1000/ 1.95= 512.8shs xC%2.52= C$1,292 x0.770= $995, Value of 1% Debs if Converted

GCM etc - vs. GDXJ & MNT.t ... update : GCM.t only : 9/21/2018: c$2.30 : c$16.29 : $28.08 :

YV8XoOt.gif

Date-----: GCM.t : MNT.t : 12.9%L// GDXJ  x10.0%H cad= GJcad: x7.7%
12/30/16: $1.40 : $16.48 : $2.13 //: $31.55 : $3.16 x1.350= 42.59: 3.28
12/29/17: $1.96 : $17.39 : $2.24 //: $34.13 : $3.41 x1.257= 42.90: 3.30
05/28/18: $3.29 : $17.71 : $2.28 //: $32.89* $3.29 x1.299= 42.72: 3.29 - High
06/14/18: $3.16 : $17.95 : $2.32 //: $33.20 : $3.32 x1.311= 43.53: 3.35
06/30/18: $2.88 : $17.44 : $2.25 //: $32.70 : $3.27 x1.314= 42.97: 3.31
08/17/18: $2.13 : $16.35 : $2.11 //: $27.49 : $2.75 x1.306= 35.90: 2.76 - Low
09/21/18: $2.30 : $16.29 : $2.10 //: $28.08 : $2.81 x1.292= 36.28: 2.79
10/04/18: $2.60 : $16.37 : $2.11 //: $27.83 : $2.78 x1.292= 35.59: 2.74
*5/25-FRI. since monday was US holiday

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Gran Colombia Gold Reports Second Quarter and First Half 2018 Results; New Capital Structure Reduces Leverage; Trailing 12-Months’ Adjusted EBITDA Reaches $95 Million

/ NET LOSS of $30.9 Million, $1.09 per share, on extinguishment of the 2020 and 2024 Debentures

 
August 14, 2018

TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM. 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, 2018. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.

Serafino Iacono, Executive Co-Chairman of Gran Colombia, commenting on the Company’s results for the first half of 2018, said, “We are very pleased with the outcome of our efforts this year to fix our capital structure, reduce our leverage and strengthen our balance sheet. Our senior debt is now down to $93 million, about half of what it was two years ago. Our operating success at Segovia, one of the top highest-grade underground gold operations globally, has been a solid engine driving our free cash flow that has enabled us to refinance our convertible debentures and put cash back on our balance sheet rather than in sinking funds. Our first half 2018 operating and financial results reaffirm that we are seeing continuous improvement in production, adjusted EBITDA and free cash flow. We can now step into a new era, one where we use our internally generated cash flows and our high quality assets to take this Company to the next level as a cash generating, mid-size Latin America-focused gold producer.”

Second Quarter and First Half 2018 Highlights

  • The Company has successfully transformed its capital structure in 2018, eliminating the convertible debentures which exposed shareholders to further dilution, and in the process, strengthened its balance sheet by reducing its debt to equity ratio and increasing its cash position, which stood at $24.9 million at June 30, 2018.
  • On April 30, 2018, the Company completed a $98 million Offering of Units, comprising 8.25% senior secured gold-linked notes due 2024 (the “Gold Notes”) and warrants (the “2024 Warrants”), to refinance its 2020 and 2024 Debentures, providing the Company with greater access to its internally generated free cash flow to explore, expand and modernize its mining operations, and significantly reducing the potential dilution to the Company’s shareholders compared with the previous capital structure. Holders of $22.9 million aggregate principal amount of 2020 and 2024 Debentures elected to roll their debt into the Offering and the net cash proceeds raised through the Offering of approximately $67.6 million was more than sufficient to complete the redemption of the remaining 2020 and 2024 Debentures totaling $63.5 million aggregate principal amount on May 14, 2018. In addition, the $9.6 million of cash held in the sinking fund for the 2020 and 2024 Debentures was also released to the Company in the second quarter of 2018, helping to bolster its cash position.
  • On August 13, 2018, the Company completed the repayment of its 2018 Debentures. As the weighted average trading price during the 20-day measurement period prior to maturity on August 11, 2018 (“Maturity”) exceeded $1.95 per share, the Company was able to exercise its option to repay the remaining $32.1 million aggregate principal amount of the 2018 Debentures outstanding and accrued interest entirely with common shares, increasing the total issued and outstanding common shares of the Company as of August 13, 2018 to 48.2 million.
  • Following three consecutive quarters with over 50,000 ounces of gold production, the Company has raised its guidance for 2018 and now expects that it will produce over 200,000 ounces of gold this year. Total gold production of 52,906 ounces in the second quarter of 2018, up 15% over the second quarter of 2017, brought the total gold production for the first half of 2018 to 105,578 ounces, up 24% over the first half last year. The Company followed this up with a further 19,296 ounces of gold produced in July 2018. Fueled by continued growth in the Company’s high-grade Segovia Operations, the Company’s trailing 12-months’ total gold production increased to 198,632 ounces as of July 2018, up 14% over the total for 2017 of 173,821 ounces and above the Company’s initial guidance range for 2018 of between 182,000 and 193,000 ounces.
  • The Company will continue to prioritize its exploration and development activities to identify avenues to increase production from its cash-generating, high-grade Segovia Operations. Through the first half of 2018, the Company completed 88 holes representing approximately 56% of the 20,000 meters of drilling planned for Segovia this year with three rigs carrying out resource definition within the underground developments of the Providencia and El Silencio mines and one drill rig operating from surface at Sandra K targeting peripheral extensions to the known vein system. On June 18, 2018, the Company announced multiple high-grade results from the ongoing underground sampling program in the deepest levels of the El Silencio mine and that it had identified a new structure at the El Silencio mine. On August 7, 2018, the Company announced that it will follow up on these results with additional drilling at El Silencio in 2018 to extend the north, middle and south ore-shoots down-plunge with the objective of testing extensions another 200 meters below the currently delineated resource. This drilling program, expected to commence in September, will be a combination of conventional drilling with 50 meter by 50 meter nominal center spacing on the north ore-shoot and directional drilling on the middle and south ore-shoots.
  • Revenue increased 23% in the second quarter of 2018 over the second quarter last year to $68.9 million bringing the first half 2018 total revenue to $133.7 million, up 31% over the first half last year. 2018’s revenue has been positively impacted by the increased level of gold production as described above and  higher realized gold prices in the first half of 2018 as spot gold prices rose 6% compared with the first half last year.
  • The Company continued to hold its total cash costs (1) and all-in sustaining costs(“AISC”) (1) in the second quarter and first half of 2018 within its guidance range. For the second quarter of 2018, total cash costs and AISC averaged $696 per ounce and $913 per ounce, respectively, bringing the first half 2018 averages to $683 per ounce and $905 per ounce, respectively.  For 2018, the Company continues to expect that its total cash costs and AISC averages for the full year will remain below $735 per ounce and $950 per ounce, respectively.
  • For the third consecutive quarter, the Company reported adjusted EBITDA (1)in excess of $26 million. The trailing 12-months adjusted EBITDA at the end of June 2018 stood at $94.6 million, up 25% over 2017’s adjusted EBITDA of $75.5 million, driven by production growth, better realized gold prices and continued efforts to control total cash costs per ounce. Adjusted EBITDA for the second quarter of 2018 increased to $26.5 million compared with $21.3 million in the second quarter of 2017, bringing the first half 2018 adjusted EBITDA to a total of $53.9 million, up 55% over the first half last year.
  • The Company generated $11.2 million of Excess Cash Flow(1) in the second quarter of 2018, up from $2.6 million in the first quarter this year which included a heavier burden of income tax payments in Colombia. This brings the total Excess Cash Flow generated during the first half of 2018 to $13.8 million, more than double the amount generated during the first half of 2017, fueled by the improvement in adjusted EBITDA.
  • The Company reported a net loss for the second quarter of 2018 of $30.7 million, or $1.09 per share, compared with net income of $33.8 million, or $1.65 per share, in the second quarter last year. For the first half of 2018, the Company reported a net loss of $25.4 million, or $1.02 per share, compared with net income of $33.0 million or $1.64 per share, in the first half last year. The net losses reported for 2018 include $26.4 million of losses on financial instruments, primarily triggered by the extinguishment of the 2020 and 2024 Debentures in the second quarter, and a $ 7.6 million charge for the costs associated with the Offering completed in the second quarter of 2018. The net earnings in the second quarter and first half of 2017 included a reversal of impairment of the Segovia Operations in the amount of $45.3 million.
  • Adjusted net income (1) for the second quarter of 2018 was $8.2 million, or $0.29 per share, up from $6.8 million, or $0.33 per share, in the second quarter last year, bringing the adjusted net income for the first half of 2018 to $18.1 million, or $0.72 per share, compared with $9.9 million, or $0.50 per share, in the first half last year. The year-over-year improvement in adjusted EBITDA was the primary driver behind the improved adjusted net earnings in 2018.
  • On July 26, 2018, the Company completed the acquisition of an approximately 15% investment in Sandspring Resources Ltd. (“Sandspring”), a Canadian junior mining company currently moving toward a feasibility study for the multi-million-ounce Toroparu Project in the emerging western Guyana gold district. Sandspring concurrently completed the acquisition of a 100% interest in the Chicharron Project located within the Company’s mining title at Segovia.

> http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2018/Gran-Colombia-Gold-Reports-Second-Quarter-and-First-Half-2018-Results-New-Capital-Structure-Reduces-Leverage-Trailing-12-Months-Adjusted-EBITDA-Reaches-95-Million/default.aspx

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=== : PRODUCTION
Mo. : Prod'17:  Prod'18:
Q1- :  39,008 :  52,672 /3= 17,557 ave.
Apr :  14,332 :
May:  15,444 :
Jun :  16,299 :  18,113 :1H/6: 17,596
Q2- :   46,075 :  52,906 : + 14.8%
H1  :  85,084 : 105,578 : + 24.1%
July :  00,000 :  19,296 :
12m :  000.0k : 198.6k > +14% vs 2017 Total
prev.  173.8k : 194.3k > 2018 Target: Now 200k oz+ (was 182-193k oz)
====
INCOME SENSITIVITY to Production (in Ounces)
======= :  - 2016 - :  - 2017 -:  //  Q1'2017- : Q4'2017- :  -Q1'2018-  : -Q2'2018- : -Q3'2018- :
Prod.Oz :  149,708  : 173,821  //  39,008oz :  51,699oz :  52,672oz :  52,906oz :  50,000oz :
Au. Sold : ======> : ======> //  38,434oz :  ======  > :  49,610oz :  52,051oz :  50,000oz :
-AU.Debs: ======> : ======> //  ======> :  $ 00.0M > :  =======  >  ======> :  3.9k(7.8%) :
-Debt.OS: ======> : ======> //  ======> :  $ 00.0M > :  =======  > $ 78.54M :   $ 78.54 M :
-CPLTD- : ======> : ======> //  ======> :  $ 00.0M > :  =======  >  $31.87M :   $ 31.87 M :
-DebtTTL ======> : ======> //  ======> :  $ 99.1M > :  =======  > $110.4M :   $110.41 M :
-Cash--- : ======> : ======> //  ======> :  $ 15.2M > :  =======  >  $28.44M :   $ 28.44 M ::
Shs.OS- : ======> : ======> //  ======> :  #20.87M >  =======  >  #30.88M :  # 48.2 Mn :
Bk.Value: ======> : ======> //  ======> :  $10.75/sh.  =======  > $7.17/sh :  $ 5.30/ Est : +C$2.21wts xXXM
Revenues $185.1M : $215.4M // $ 45.7 M : $ 70.9 Mn : $ 64.8 Est : $ 68.9 Est : $ 61.00 Est :
Revs/Oz: $1,236oz : $1,239oz // $1189oz : $1371/oz : $1306/oz. : $1286/oz. : $1220Est (=$115.6x10.55)
EBITDA :  $ 66.0 M : $ 75.5 M // $ 13.6 Mn : $ 26.8 Mn : $ 27.4 Mn : $ 26.5 Mn : $ 22.5 Est :
EB-/Oz. :  $ 441/oz : $ 434/oz // $ 349/oz  :  $ 518/oz : $  520/oz : $  509/oz : $ 450/Est :
FinlChg. : $ 32.8 M : $ 32.2 M //  $ 7.88 M :  $ 8.37 Mn : $9.10 Est  : $8.00 Est  : $6.00 Est
Eb-Fin'l.  : $ 33.2M  : $ 43.3 M //  $ 5.72 M :  $ 18.4 Mn : $ 18.3 Mn : $ 18.5 Est :
Adj.NetI : $ 15.6 M : $ 22.9 M //  $ 3.10 M :  $ 11.0 Mn : $ 9.85 Mn : $ 8.21 Mn : $ 6.0 Est
aNI/Oz. : $ 104/oz : $ 132/oz //  $79.4/oz :  $ 213 /oz : $ 199 /oz : $ 158 /oz. : $ 120/ Est.
Net Inc.- : $ - n/a -  : $ - n/a -  : //   ( 0.8 M ) :  $ - n/a - -  :  $ 5.4 Mn :  $ ??? Mn .
ExcessCF : $ 2.9M : $ 16.4 M  //  $ 2.28 M : $8.60 Mn :  $3.22 Mn  : $11.21 M :  $6.00 Est :
=====
*The Company is continuing to deposit 1,300 oz on a monthly basis in 2018 into the Gold Trust
Account as required for the Gold Notes.
The next scheduled quarterly principal repayment will take place on October 31, 2018. .

The Book Value deciined since 12/17 by about half, as Debs. were converted at just US$1.95

US$ 5.30 BV / 0.76 = C$ 6.97

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Stockhouse : GCM Valuation Comments

CALL SLIDES: https://seekingalpha.com/article/4199392-gran-colombia-gold-corp-2018-q2-results-earnings-call-slides#

New Valuation.....
48 million shares outstanding now... = appr. 80 million USD marketcap
you get..
-25 million Usd Cash (+cash in trust/Gold trust appr, 7 million USD)
-250 million USD (assets minus liabilities)
-potential 20 million USD Cash from warrants

-low cost production Segovia (170000 oz p.a. @ AISC near 900$ ) , potential higher prouiction from Marmato in the future (PFS in H1 2019) , growing resources at both mines  ....     >10 million oz gold
- 15% of Sandspring  (up to 20%) (>10 million oz of gold resource , property next segovia) , Zancudo ....
-decreasing debt (2014 Notes will be paid back quarterly from the Gold-trust they installed)
...and all this for 80 million USD???
Read more at http://www.stockhouse.com/companies/bullboard#Tgj6usqcMJkSEtq5.99

=== 800d MA seems important here - Why?

GCM.t / Gran Columbian Gold ... update-800d-ma : 610d / Last: C$ 2.13

uaSg6vz.gif

GCM etc - vs. GDXJ & MNT.t ... update : GCM.t only : 10/12/2017: c$1.86 : c$17.06 : $34.65 :

EOLZJZ9.gif

/ 2 /

RE:new valuation.....

-cash balance including the cash in trust , gold-trust and accounts receivable = appr. 43 million USD at June30
-longterm debt down significantly  to 93 million USD after repayment of 2018 debentures (quarterly repaiment)
-mining interests (properties/plants) 415 million USD  (with out Sandspring)
price/book -ratio should be near 0.25 now ...crazy!

...i will sell half of my nevsun-shares (they done well during the current downturn because the Lundin-offer) and will buy more GCM ... much more potential upside here....
 
/ 3 /

CC transcript ... very interesting (exploration/Sandspring)

half year ago insiders bought shares ... maybe its time doing it again ....    yes, maybe a little buyback-program too but i think they need the money for exploration and studies at marmato ....     possibly we will se some buybacks after segovia plant and mines are finished with upgrading....       finalize the tailing storage and filter presses and the most of investments there should be over..       2019 Marmato PEA , maybe 2020 PFS+BFS ...  we will see ;)

...goal: 300,000 oz+ producer for many years ....

i like this sentence at the CC:

"At Marmato, told cash cost have historically been higher than Segovia due to the lower mine grades and the fact that we have not yet put in the effort to optimize the production cost as we have at Segovia. This will come with the underground expansion project we are currently working on with the help of JDS."
Read more at http://www.stockhouse.com/companies/bullboard#4SduyYTkpdmBUI6W.99

/ 4 /

handycap wrote: Looks like capitulation.  All gold stocks are garbage....get rid of them at any price. 
i have been buying that garbage.
gcm is still making a good profit at $1170 gold when aisc is $900. aisc is inflated because they are spending a lot on modernizing their mines. When that is done there is room for aisc to drop.

summer doldrums are almost over now. traders were putting on record shorts while people were on vacation. when they come back in sept. they will be looking for cheap buying opportunities. indian festivals coming.
(HandyCap responds):
"Sorry.  Guess I didn't get my point across properly.  My point is that people are throwing in the towel with the view that all gold stocks are cra-p and that there is no point in holding any of them.  The point of capitulation.  Actually positive in my view.  I have a lot in gold stocks with GCM the biggest.  I have not sold and I am looking at adding again now.  GLTAL"

/ 5 /

  Insiders own 28.77% of this company . Serafino Iacono owns nearly 10% by himself .  He bought a lot of those shares at much higher prices on the open market . So what you are telling me is that these people bought expensive shares over the last two years then deliberately set out to $crew themseles out of a pile of money . Have I got that right .  Take a look at the chart of Goldcorp . It is identical to Gran Colombia`s .   I guess the senior management at Goldcorp also can`t stand to make money either .
/ 6 /

GCM is caught in the AU downdraft.  Plus, 2018 debenture holders are dumping their converted shares.  I basically doubled my position in the past few days.  This stock is too cheap and should rebound.  A great opportunity to average down.
 

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f2UXLWb.png

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NEW Warrants trading !  from today

GCM.WT.B - Bid/ask : $0.60-$1.10

GCM Gran Colombia to list 12,151,008 warrants on TSX

symbol GCM.WT.B / X : C$2.12 / Mat. April 30, 2024

Gran Colombia Gold Corp (4) (TSX:GCM) Shares Issued 47,359,224
Last Close 9/4/2018 : $2.18Tuesday September 04 2018 - Warrants Called to Trade
The Toronto Stock Exchange reports that Gran Colombia Gold Corp. will list
12,151,008 warrants for trading at the open on Sept. 6, 2018. According to the
TSX, the warrants will trade under the symbol GCM.WT.B and Cusip No. 38501D 19
As stated in the warrant indenture dated April 30, 2018, the warrants are exercisable at $2.21 per share.
The warrants will expire at 5 p.m. Toronto time on April 30, 2024.

/ 2 /

GCM.WT.B (not)trading @$0.71 (bid) to $0.99 (ask) as of now

Volume 0, but bid & ask are $0.71 and $0.99. What does that tell us?

It would seem that some warrant traders see an opportunity for profit buying at $2.21 (strike price) + $0.71 = $2.92 and some others are content to take profit at $2.21 + $0.99 = $3.20.
To put in another way: it would seem that people trading the warrants see just about any price below $3 as a buy, and $3.20 as the minimum price for a sell. It would seem that the the warrant traders are much more bullish on GCM than the common stock traders. Are common stock holders selling too cheap? Or are the warrant traders too bullish? 
++
Comparing the warrants and stock does have an apples vs. oranges aspect to it. I wouldn't suggest otherwise. Volatility, leverage, liquidity & expiry are all very different.
But we can easily quantify the strike price Cdn$2.21 and share price ($2.12 last price). Someone bidding $0.71 for  the warrants expects to see something way above $2.92 in the not too distant future to make that trade worthwile. Shareholders with the same expectation would be loath to let their shares go for $2.12. IMO those shareholders are selling way too cheap.
> SH: http://www.stockhouse.com/companies/bullboard?symbol=t.gcm&postid=28574712

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THE BIG SPEND... Why?

Partly, because GCM can now afford it, but that's the reason why...

GCM on facebook... much more infos...

for 8 million oz that would be a mine life of 80 years?

the open pit was 0.9 g/t at 100,000 oz pa
if they change to underground 3 g/t, the same size mill can produce 3x as much pa? that is if they can underground mine fast enough to fill mill.

mining higher grade than open pit, there is room to reduce the 80 year mine life to increase oz pa isn't there? I don't see mines with 80 year mine life. normally with that many oz they can reduce mine life to increase oz pa because higher scale production reduces cost?
kkkrrr wrote:
Right! there is a reason GCM is spending 20-30 million USD p.a. at Segovia... mechanisation of the 3 mines there , new equipement and labor and new tailing storage with filter presses , new ventilation systems...   the investments will go down soon 2019 or 2020 ...so AISC will come down at segovia ....   marmato is next ....

...the PEA for marmato will be very intersting...i expect a yearly output of appr. 100000 oz p.a. at AISC near 900$/oz ...
Read more at http://www.stockhouse.com/companies/bullboard#woDSGMp95HALKrXc.99

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Total 12 mos. Production Reaches Approx. 212,000 Ounces of Gold

Production
Mine----- : Aug.-: 8 Mos. : /8mos.+ 4 months- (/4. Range) = Guidance--- / L.12mo.
Segovia-- : 16.4k: 127,101: 15.89k: 57.9-67.9k (14.5-17.0k) = 185.0-195.0k = 187.1k
Marmato : 02.3k:  16,520 : 02.07k: 08.5-08.5k (02.1-02.1k) = 025.0-025.0k = 024.9k
----Total-- : 18.7k: 143,621: 17.95k: 66.4-76.4k (16.6-19.1k) = 210.0-220.0k = 212.0k

=== : PRODUCTION
Mo.: Prod'17:  Prod'18:
Q1- :  39,008 :  52,672 /3= 17,557 ave.
Q2- :   46,075 :  52,906 : + 14.8%
H1  :  85,084 : 105,578 : + 24.1%
July:  00,000 :  19,296 :
Aug.: 00,000 :  18,746 :

Bullboard Posts

RE: upped guidance to 210,000 to 220,000

Isn’t upped guidance usually really big news? Pretty nonchalant in this press release. 
 
...this gold stock seems to be nonchalant in many ways....until now. As a geologist I dont see any other producing company with value/price like this....nearest is imo T.LMC or with more risk T.ALO.
> SH:Read more at http://www.stockhouse.com/companies/bullboard#7QOF5JapXyfrr53g.99

 

Gran Colombia Gold Provides August 2018 Production Update; Latest 12-Months’= 212k Oz.

September 11, 2018TORONTO, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM) announced today that it produced a total 18,746 ounces of gold in August bringing the total for the first eight months of 2018 to 143,621 ounces, up 36% compared to the first eight months of 2017. This brings the Company’s trailing 12-months’ total gold production as of August 2018 to 211,983 ounces, up 22% from 2017’s annual production of 173,821 ounces.

Serafino Iacono, Executive Co-Chairman of Gran Colombia, commented, “We are continuing to see strong performance from our company mines at Segovia this year with head grades averaging close to 20 g/t through the first eight months of the year. In light of our production results to-date, we now expect that our annual gold production for 2018 will range between 210,000 and 220,000 ounces.”

At the Segovia Operations, gold production in August amounted to 16,393 ounces, bringing the total for the first eight months of 2018 to 127,101 ounces, up 43% compared to the first eight months of 2017 which included the adverse impact of the civil disruption on operations in August last year. This brings Segovia’s trailing 12-months’ total gold production as of August 2018 to 187,108 ounces, up 26% from 2017. Operating activities remained steady in August and the Company now expects that the annual gold production from the Segovia Operations for 2018 will range between 185,000 and 195,000 ounces, above the top end of the Company’s initial 2018 gold production guidance of 167,000 ounces.

With the third consecutive month of better head grades, averaging close to 3.0 g/t, and processing an average of 924 tpd in the month, gold production at the Marmato mine increased to 2,353 ounces in August, bringing the total for the first eight months of 2018 to 16,520 ounces, on par with the first eight months of 2017.  This brings Marmato’s trailing 12-months’ total gold production as of August 2018 to 24,875 ounces. The Company continues to expect annual gold production from the Marmato mine in 2018 will range between 24,000 and 26,000 ounces.

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"I dont see any other producing company with value/price like this....nearest is imo T.LMC or with more risk T.ALO."

ALO.t / Alio Gold Inc ... All data :

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NHK.t / Nighthawk Gold ... All data : 2yr :

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: 2yr :

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" Picked up some GCM on the open. Hope I didn't just jinx it. " - H.

haha.Me too. Bought some this week, and do not want to see a Jinx brought on.

There has been a GCM seller out there.  Was originally 200K for sale at $2.30, and it was being eaten away.

Maybe he/she got nervous, and pushed the price lower during the day. I will study the depth later.

GCM has consistently outperformed its guidance, so if the good news flow continues the stock will eventually right itself.

But I did not like to see the relative weakness in GCM yesterday when GDXJ looks so healthy in recent days

GDX- : $18.93 +0.18 : +0.96%
JNUG : $ 8.46 +0.33 : +4.06% - I own some from $7.12
SLV - : $13.45 +0.05 : +0.37% - I own Jan.$12 Calls
GDXJ : $28.56 +0.41: +1.46%
GLD - : 114.27 +0.39 : +0.34%
GD./G : Ratio: 2.36%: +1.21%
GCM.t : $2.20 - 0.10 : - 4.35% / 10d : 2mo : 6mo :

uCqDeDE.gif

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Ratio: GDXJ -toGold looks like a bottom is in place

t5shBKs.png

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Jinx Expired?

> Strong close for GCM on Friday: C$2.30 +0.10 : +4.55%, Vol. 74,297 ... Mkt.Depth : 10.0 ( 2.25 - 2.30 ) 131.5

GCM etc - vs. GDXJ & MNT.t ... update : GCM.t only : 9/21/2018: c$2.30 : c$16.29 : $28.08 :

YV8XoOt.gif

GCM Constrained?  Low: MNT.t x12.9% - High: GDXJ x 9.5% - 10.5%

Ratio: GCM.t / MNT.t

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Ratio: GDXJ / MNT.t

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Date-------: GCM.t : MNT.t : x12.9%L// GDXJ : x10.0%Hxcad: GJcad x7.7%

12/30/2016: $1.40 : $16.48 : $2.13 //: $31.55 : $3.16 x1.350= 42.59: 3.28
12/29/2017: $1.96 : $17.39 : $2.24 //: $34.13 : $3.41 x1.257= 42.90: 3.30
05/28/2018: $3.29 : $17.71 : $2.28 //: $32.89*: $3.29 x1.299= 42.72: 3.29
06/14/2018: $3.16 : $17.95 : $2.32 //: $33.20 : $3.32 x1.311= 43.53: 3.35
06/30/2018: $2.88 : $17.44 : $2.25 //: $32.70 : $3.27 x1.314= 42.97: 3.31
08/17/2018: $2.13 : $16.35 : $2.11 //: $27.49 : $2.75 x1.306= 35.90: 2.76
09/21/2018: $2.30 : $16.29 : $2.10 //: $28.08 : $2.81 x1.292= 36.28: 2.79
*5/25-FRI. mon was US holiday
===

GJcad

AcpIT03.png

 

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UPDATE - Apr.2018 / Almost a Double from the Aug.2017 Low

gcm ... update : to 12/2018 :

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New presentation... from the Denver Gold Forum...

> PRESENTATION : http://s21.q4cdn.com/834539576/files/doc_presentations/GCM-DGF-Corporate-Presentation-September-2018.pdf

Cheap valuation: Room for 2X-3X gain, with no rise in Gold prices?

KICVeE0.png

12 Months Excess cash flow $25M net debt $73M and dropping Maria Dama plant has capacity to handle up to 1,200 tpd at present; expandable to 1,500 tpd El Silencio 163 samples (38% of total...read more
/ 2 /
Maria Dama plant has capacity to handle up to 1,200 tpd at present; expandable to 1,500 tpd. El Silencio 163 samples (38% of total) > 30 g/t. good chance of extending very high grade
/ 3 /
is there any other company that generates $25M excess cash per year selling for $100M?
after q3 report 12 month excess cash should be even higher since last year q3 they had disruption in production for a month.
/ 4 /
so at 1200$ gold    : - all in cost arround 915
profit per oz  285$us
220000 oz x 285 = $62million us  before taxes , interest , administration fee
( more if gcm decide to slow down the capex 31 million us  in 1 years is big)
so what the problem, market cap 110 million can? (41M x C$2.3= xx = US$ XXM.)
gcm need somebody like Eric sprott , or bob moriarty to show to the wold this underdog
perhap gcm have to buy some of is share with the cash.  GCM is a better invest then just leave the money  in the bank.  just a few shares,  like $500000 just to take the share of the manipulator and show a more beautiful graph for the GCM traders
Read more at http://www.stockhouse.com/companies/bullboard#dVKbahC9QztpsBEP.99
 
MY NOTES
LTM / Last 12 months
Adj.EBITDA : $ 95 M : Ebitda/NetDebt ($73M) = 1.30
Income Tax : $ 19 M
Interest------- : $  9 M : Ebitda/Int.= 10.55
WorkingCap: $ 11 M
===================
Discretion :    $ 36 M : 38% of EBITDA
Capex------ :    $ 11 M
Excess CF :    $ 25 M
Segovia: Over 5 million ounces of gold produced through continuous mining over past 150 years.
Recently extended mine life by 4 years to 2026
LTM August 2018 gold production totaled 187,108 ounces, up 26% over 2017 pro

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SSP / Sandspring ... update :

juCe7jF.gif

Sandspring’s Toroparu Project is considered to be one of the largest undeveloped gold deposits in South America with 10.4Mozs insitu gold (MI&I) resources.
The Guia Antigua vein that is the current focus of the Chicharron Project appears to be similar in geology, structure, vein style and mineralogy to other veins in the Segovia mining district.

Read more at http://www.stockhouse.com/companies/bullboard#5AwH3wpxQPm3OfYc.99

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Not so easy, unfortunately...

MORE Sell Orders have come in
Per my info:
$2.36 :         8,600
$2.31-2.35: 4,900
$2.30 :    105,400 shs
$2.29 :         9,500
$2.28 :            900
$2.27 :       10,100
======
If $2.30 seller gets "taken out", I won't take much buying
to get the price to $2.36

 

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Delayed L2 on stockhouse, stockwatch showing 14k @ 2.3, hmm...

Edit: looks like trade for 100k went through just now. Breakout imminent, last chance etc.

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Haha. Good call, that!

Now: $2.42 + 15 cents

Earlier today, I bought 5,000 shares at $2.27.... to go with a Larger position I have already

GCM-etc ... update : GCM : Last $2.39

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===

RE: Poised For A POP...Perhaps? 3rd Qtr Results a Catalyst??

A nice pop in the bullion today is likely due to short covering is providing a nice draft for the miners. I Now that we have broke above resistance of $2.30 I suspect GCM will test the 100 day MA at around $2.62 and then should traded range bound between this price and $2.30 until 3rd Qtr results are released where is should have the potential to double in very short order, especially if the bullion continues to show strength....which it will IMO.   My hope in getting my orders filled at lower prices may have fallen short of the mark!! 

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Gran Colombia to list gold notes on TSX / GCM.NT.U : outstanding as of today is US$93,125,000

2018-10-01 09:41 ET - News Release

GRAN COLOMBIA GOLD'S COMMON SHARES BEGIN TRADING TODAY ON THE OTCQX MARKET IN THE UNITED STATES; RECEIVES CONDITIONAL APPROVAL FOR LISTING OF THE 8.25% SENIOR SECURED GOLD-LINKED NOTES DUE 2024 ON THE TORONTO STOCK EXCHANGE

Gran Colombia Gold Corp. has provided updates related to the trading of its common shares in the United States and the conditional approval received from the Toronto Stock Exchange for the listing of its 8.25 per cent senior secured gold-linked notes due 2024.

Common shares begin trading today on the OTCQX in the United States

Gran Colombia announced that its common shares will commence trading today on the OTCQX Best Market in the United States under the symbol TPRFF. Gran Colombia's common shares will continue to trade on the Toronto Stock Exchange under the symbol GCM.

Serafino Iacono, executive co-chairman of Gran Colombia, commented: "The OTCQX platform will provide our growing shareholder base with increased visibility and transparency by facilitating trading of our common shares in the United States. While our primary listing is on the TSX in Canada, we appreciate that some investors prefer to trade in U.S. dollars on the OTCQX market."

Gold notes to be listed on the Toronto Stock Exchange

Gran Colombia also announced today that it has received conditional approval from the TSX for the listing of its gold notes, subject to making a procedural amendment to the trust indenture dated as of April 30, 2018...

. . . The gold notes will be listed under the symbol GCM.NT.U and the listing is anticipated to become effective in early October, 2018. The company will announce the initial trading date once it is confirmed by the TSX. The aggregate principal amount of gold notes issued and outstanding as of today is $93,125,000 (U.S.).

 

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Gran Colombia drills 0.71 m of 17.18 g/t Au at Sandra

2018-10-03 07:46 ET - News Release

Also News Release (C-SSP) Sandspring Resources Ltd (2)

Mr. Serafino Iacono reports

GRAN COLOMBIA GOLD IDENTIFIES A NEW STRUCTURE AT ITS SANDRA K MINE; ANNOUNCES ADDITIONAL HIGH-GRADE DRILL RESULTS FROM THE ONGOING 2018 DRILLING CAMPAIGN AT ITS SEGOVIA OPERATIONS; ACQUIRES ADDITIONAL INTEREST IN SANDSPRING RESOURCES

Gran Colombia Gold Corp.'s 2018 drilling program at its Segovia operations has identified a new structure at the Sandra K mine, interpreted as a splay off the Techo vein and termed the 6640 vein. The Company also provided an update on further assay results from the ongoing underground diamond drilling program at its Segovia Operations. To date, the Company has completed 128 holes at Segovia totaling approximately 16,200 meters, representing 81% of its initially planned 20,000 meters to be drilled in 2018. As announced on August 7, 2018, the Company has since added another approximately 10,000 meters of directional drilling to its 2018 program, expected to commence in early November, to follow up on the high-grade results from the ongoing channel sampling program at its El Silencio mine and extend the north, middle and south ore-shoots down-plunge with the objective of testing extensions another 200 meters below the currently delineated resource.

Serafino Iacono, Executive Co-Chairman of Gran Colombia, commented, "As we look toward our opportunities for further production and cash flow growth in 2019 and beyond, we are pleased with the continuing high-grade results from our ongoing drilling program at our Segovia Operations aimed at increasing the confidence in our mineral resources at our three producing mines and encouraged by the initial results from our step-out drilling at the Cristales Vein, one of the other 24 known vein systems in our Segovia title which has the potential to become a future mining operation."

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GCM Headed UP!

 ... Next resistance maybe $2.75 - 2.85

azHcJGa.gif

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AMAZING.

Marmato gets some great drill results to go with the Superb grades of Segovia... & Not so Deep

A 283 Boxer! = 121.1M x 2.34g/t (at just 172m deep) - I used to think a 100-boxer was tremendous

 

Gran Colombia Gold Provides Update
From the Initial Drill Results From the 2018 Drilling Campaign at Its Marmato Project

TORONTO, Oct. 04, 2018 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM) announced today an update from the initial drill results from the 2018 drilling campaign at its Marmato Project. The drilling campaign is being undertaken to obtain additional information in conjunction with the technical studies and evaluations focused on the potential underground expansion of mining operations at Marmato to incorporate the Deeps Mineralization below the existing mining operation.

Serafino Iacono, Executive Co-Chairman of Gran Colombia Gold, commented, “The early results from the 2018 drilling campaign have outlined two new zones of Deeps-style mineralization and continue to increase our confidence in the geological model with the potential to significantly increase our mineral resources and expected mine life at the Marmato Project".

At Marmato, the Company has had two diamond drill rigs in operation since late June 2018. To date, the Company has completed nine holes, totaling approximately 2,900 meters, representing 34% of its planned 8,500 meters to be drilled in 2018. Underground drilling at Marmato is intended only as “infill” for the upper part of the Deeps Zone (the “Transitional Zone”), approximately 150 vertical meters below Level 21, the deepest level of the existing Mineros Nacionales operating mine. This drilling is aimed to convert the Inferred mineral resources estimated in 2017 to Indicated mineral resources, and to expand the size and confirm the continuity of the high-grade core zone...

High gold grades generated from the first 7 drill holes, totaling 2,640 metres, include drill hole MT-IU-006 which intersected 121.13 m at 2.34 g/t Au and 5.4 g/t Ag from 171.70 m to 292.83 m depth
 

Key Highlights and Intercepts

  • The St. Ines Vein, one of the most important structures mined so far, shows much higher grades towards to the west compared to the grades currently being mined in the upper levels of the existing operation. The St. Ines intercept for drill hole MT-IU-003 is only 10 meters vertically below level L21, and grades 126.80 g/t Au and 49.2 g/t Ag over 0.6 m;
  • The long low-grade intercepts of Deeps style of mineralization, with downhole intersections up to 232.15 meters long, have an average grade greater than 1.0 g/t Au, and fit well into the preliminary Leapfrog geological model at 1.0 g/t Au, which confirms the current model;
  • The high-grade zone outlined by previous drilling within the Leapfrog geological model at 1.0 g/t Au, shows an excellent continuity over 400 meters along strike in the Transitional Zone. All the intercepts that comprise the medium to high-grade zone show grades greater than 2.5 g/t Au over downhole widths that vary between 10 to 60 meters;
  • Two new zones that show a Deeps-style of mineralization have been outlined by the ongoing drilling, with grades falling in the medium-grade interval (2-3 g/t Au). The primary new zone (“New Zone 1”) occurs in the hanging-wall of the high-grade zone (the “Main Zone”) and is currently interpreted as a splay off the Main Zone, which then branches off up-dip;
  • This drill program continues to increase the confidence in the geological model through increased drill density, and also has the potential to significantly increase our Mineral Resources and expected mine life at the Marmato Project
Read more at http://www.stockhouse.com/news/press-releases/2018/10/04/gran-colombia-gold-provides-update-from-the-initial-drill-results-from-the-2018#R7eQ32fWlEVyx25l.99

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CKG vs. GCM etc ... update : since May.2018 : 10d :

CKG: "Mexico's largest Undeveloped Gold & Silver deposit"
GCM: It might be the most undervalued Gold producer on the planet

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: since May.2018 : 10d :

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=========: -- CKG -- : -- GCM -- :
Last Price : Cad 2.05 : Cad 2.60 :
Shares OS : 44.57 M. :  48.20 M. :
Mkt.Cap.- : $ 91.4 M. : $125.3 M :
Pr./ BkVal : R-1.092 : :  R-0.280 : :
DebtCapex $ 00.0 M. : $93.1 M. :
FV / EV -- : $ ??????? : $ 218.4M :
Gold Oz.- : 18.5 Moz :     5.79 M :
Silver Oz. : 526. Moz :    22.7 M : 526/80= 6.6M
Zinc Lbs.- : 4.2  B.lbs :   - N.A. - : 4200/1000= 4.2M
Gold Eqv. : 29.3 Moz :     6.01 M :
Oz./1k sh :    657 oz :     125 oz : Gold Eqv.
MV/1k sh :  $ 2,050 :   $ 2,600  :
Per Oz.    : $3.12/oz : $20.80/oz :

GCM is like a cheap in-the-money Call on Gold
CKG is like a cheap out-of-the-money Call on More Gold

============
GranColumbian
Gold Oz.--: Reserves: Measured: Indicated:  R+M+I : Inferred
Segovia-- :    0,660K :   0,146 K :   1,100 K :  1.91M :  1.10M :
Marmato :    0,000K :   0,388 K :   3,485 K :  3.88M :  4.19M :
Combined:   0,660K :   0,534 K :   4,585 K :  5.79M :  5.29M :
Silver Oz :
Marmato :   0,000K :  1,774 K :    20.88M : 22,65M : 15.01M :
> Au Eqv :   0,000K :   0,022 K :    0.261 K :  0.28M :  0.19M :/80
 = Total- :    0,660K :   0,556 K :    4,846 K :  6.07M :  5.48M :/80

=======
*Source: http://s21.q4cdn.com/834539576/files/doc_presentations/GCM-DGF-Corporate-Presentation-September-2018.pdf

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