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.
