Gran Colombia Reports US$101.9 Million In Revenue, US$118.3 Million Net Income In Q1

Gran Colombia Gold Corp. (TSX: GCM) announced today the company’s financial results for Q1 2021, highlighting US$101.9 million in revenue. This is an increase from Q1 2020’s revenue of US$101.0 million.

The increase in revenue, according to the company, reflects the increase of realized gold price to an average of US$1,812 per ounce from last year’s US$1,570 per ounce.

The company previously shared its Q1 2021 production performance of 49,058 gold ounces at its Segovia operations, which compares to 50,346 gold ounces of production last year. It maintains that it is on track with its annual production guidance for full-year 2021 of 200,000 – 220,000 gold ounces.

Comparable to the quarterly revenue, the company posted a higher net income of US$118.3 million, a notable climb from last year’s US$24.3 million net income. The higher bottom line is being attributed to a US$56.9 million gain on the loss of control of Aris Gold Corporation, a US$42.8 million gain on financial instruments, and an US$8.9 million gain on the sale of the Zancudo Project. Effectively, this quarter’s net income translates to US$2.02 earnings per share.

The company ended the quarter with US$2.5 million in free cash flow, down from last year’s US$17.8 million. The balance sheet also recorded quarter-end cash and cash equivalents of US$73.7 million, a decrease from last year’s US$122.5 million.

Gran Colombia Gold Corp. last traded at $5.03 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Omai Gold Intersects 6.6 G/T Gold Over 9.0 Metres At Wenot Pit

Omai Gold Mines Corp. (TSXV: OMG) announced today the results from its ongoing 5,000-metre drill...

Tuesday, July 6, 2021, 09:49:00 AM

Gran Colombia Closes Acquisition of Gold X Mining

Gran Colombia Gold Corp. (TSX: GCM) last night announced the closing of the acquisition of...

Friday, June 4, 2021, 09:03:20 AM

Tru Precious Metals Closes $3.5 Million Subscription Receipt Offering

Tru Precious Metals (TSXV: TRU) has completed its previously announced non-brokered private placement. The financing...

Friday, March 5, 2021, 08:57:00 AM

How it Works: Order Spoofing, Part Two – Spoofing In The Small Cap Sector

JP Morgan’s $920 million fine for having manipulated gold markets with order spoofing was widely...

Saturday, October 3, 2020, 08:30:00 AM

Newlox Gold Sets Two Month Timeline For Completion Of Boston Project

Newlox Gold Ventures (CSE: LUX) has reportedly seen continued progress on the development of its...

Thursday, April 29, 2021, 09:15:30 AM