Gran Colombia Reports US$90.7 Million In Revenue In Q3 2021

Gran Colombia Gold Corp. (TSX: GCM) announced on Thursday the company’s financial results for Q3 2021, highlighting US$90.7 million in revenue. This is a decrease from Q3 2020’s revenue of US$113.1 million.

The decrease in revenue, according to the company, reflects the decrease in realized gold price due to lower spot gold prices compared to last year.

The company produced 49,848 gold ounces for the quarter, down from last year’s gold production of 58,454 ounces. On the other hand, gold sales came to 50,171 ounces this quarter, also down from last year’s 59,633 gold ounces sold. All-in sustaining costs increased to US$1,218 per gold ounce sold from last year’s US$1,122.

Comparable to the quarterly revenue, the company posted a net income of US$25.3 million, higher than last year’s US$18.0 million. The higher bottom line is being attributed to improvements in other income items and a lower income tax expense. Effectively, this quarter’s net income translates to US$0.20 earnings per diluted share.

The company ended the quarter with US$12.1 million in free cash flow, down from last year’s US$53.7 million. The balance sheet also recorded quarter-end cash and cash equivalents of US$329.6 million coming from a starting balance of US$122.5 million at the beginning of the year.

Recently, the mining firm renewed its share buyback program, offering 9.6 million shares under the program.

Gran Colombia Gold Corp. last traded at $5.66 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

Gold’s Rise Isn’t About Inflation…It’s About Power! | Florian Grummes – Midas Touch

Gold at Record Highs Validates the Cycle | Tara Christie – Banyan Gold Corp

The Next Gold Fortune Won’t Be In Canada?! | Anthony Milewski  – The Oregon Group

Recommended

Sage Potash Outlines US$502 Million NPV For Flagship Sage Plains Project

Ontario MPP Removed From Caucus After Assault Charges

Related News

Apollo Gold & Silver Closes Stronghold Silver Acquisition; Now Holds Three Key Silver Projects

On July 9, Apollo Gold & Silver Corp. (TSXV: APGO) closed its acquisition of the...

Saturday, July 17, 2021, 09:00:00 AM

Grande Portage: Encouraging Gold Assays From Alaska Project

Grande Portage Resources Ltd. (TSXV: GPG) is making good progress at its Herbert Gold Project...

Saturday, December 5, 2020, 01:29:00 PM

Exploits Discovery: Newfoundland’s Largest Landholder

When gold investors seek opportunities, they very rarely think of Newfoundland as a gold exploration...

Sunday, November 22, 2020, 09:00:00 AM

Premier Gold Begins 2020 Drill Program At McCoy-Cove Project

Premier Gold Mines (TSX: PG) has commenced its 2020 exploration drill program at its wholly...

Thursday, May 7, 2020, 09:17:00 AM

Dynacor Increases 2021 Revenues Guidance To As High As US$190 Million

Dynacor Gold Mines (TSX: DNG), whom is a gold processor with its primary operations based...

Wednesday, September 22, 2021, 08:20:25 AM