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.
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