Gran Colombia Gold Corp. (TPRFF) Q3 2020 Earnings Conference Call November 12, 2020 10:00 AM ET Company Participants Mike Davies - CFO Lombardo Paredes - CEO Conference Call Participants Sid Rajeev - Fundamental Research Operator Welcome to the Gran Colombia Gold Q3 2020 Results Webcast. My name is Venessa, and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session [Operator Instructions]. Please note that this conferen ...

Financial Data and Key Metrics Changes - In Q2 2020, Gran Colombia Gold reported a revenue increase driven by higher realized gold prices averaging almost $1,700 per ounce, despite lower sales volumes [6][14] - Adjusted net income rose to $17.5 million in Q2 2020, up from $14.1 million in the same quarter last year, contributing to a first half adjusted net income of almost $39 million, a 43% increase year-over-year [7][15] - The company experienced a net loss of $18.6 million in Q2 2020, primarily due to a $35 million non-cash loss on financial instruments related to warrants [6][16] Business Line Data and Key Metrics Changes - Gold production in Q2 2020 dropped to 48,000 ounces from 58,000 ounces in Q2 2019, with a total of 226,000 ounces produced over the trailing 12 months compared to 240,000 ounces the previous year [9][10] - Segovia's production was significantly impacted by COVID-19, with only 11,400 ounces produced in April, but production stabilized at about 16,500 ounces per month from May to July [10][11] - Marmato faced a nearly 40% production decline in Q2 2020, but production improved by 15% in July [11] Market Data and Key Metrics Changes - The trailing 12-month total cash cost was approximately $684 per ounce, expected to improve in the second half of the year as production normalizes [13] - The company’s adjusted EBITDA for the trailing 12 months stood at about $166 million, a 13% increase over 2019 [14] Company Strategy and Development Direction - Gran Colombia plans to continue its exploration program in Segovia, which was paused due to COVID-19, and aims to ramp up production with the addition of the Carla mine [18] - The company has initiated a quarterly dividend program, declaring a dividend of $0.015 per share, reflecting confidence in its cash flow generation [17][19] - The management emphasized a cautious approach to capital spending and production guidance due to ongoing COVID-19 challenges [39] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 but expressed optimism about the company's ability to adapt and maintain operations [3][4] - The company remains focused on improving operational efficiencies and expanding production capabilities, particularly at Marmato and Segovia [48][49] Other Important Information - Gran Colombia has a strong cash balance of $88 million as of June, with plans to utilize part of this for debt reduction and potential future investments [16] - The company is exploring opportunities for flow-through financing for its Juby project, indicating a strategic approach to funding future developments [54] Q&A Session Summary Question: Dividend payment plans and warrant adjustments - An analyst expressed gratitude for the dividend announcement and suggested adjustments to warrant strike prices in light of the new dividend policy [21][22] - Management clarified that there is dividend protection for Gold Note holders and emphasized that the decision to pay dividends was based on strong earnings [27][29] Question: Thoughts on dividend sustainability - Another analyst inquired about the rationale behind the $0.015 dividend and future dividend-setting factors [33] - Management explained that the dividend was set at a sustainable level relative to free cash flow and will be monitored for potential increases [34][36] Question: Capital spending and production guidance - An analyst asked for insights on capital spending and cash costs for the second half of the year [37] - Management indicated that capital spending would remain consistent with the first half, focusing on ongoing projects and the Carla mine [40][41] Question: Marmato expansion timelines - An analyst sought clarification on the timelines for Marmato's expansion plans amid rising COVID-19 cases [46] - Management provided details on the revamping of the upper mine and the contractor mobilization timeline for the lower mine [48][49]

Gran Colombia Gold (TPRFF) Q1 2020 Earnings Conference Call May 19, 2020 9:30 AM ET Company Participants Mike Davies - Chief Financial Officer Lombardo Paredes - Chief Executive Officer Conference Call Participants Sid Rajeev - Fundamental Research Corp Derek Macpherson - Red Cloud Securities Operator Welcome to the Gran Colombia Gold Q1 2020 Results Conference Call. My name is John and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct ...

Financial Data and Key Metrics Changes - In Q4 2019, the company reported record gold production and strong gold prices, leading to an adjusted EBITDA of $147 million, up 43% year-over-year [13][14] - Total revenue for 2019 reached $326 million, a 22% increase from 2018, driven by production growth and higher gold prices [11][14] - The total cash cost was $685 per ounce in Q4, with an average of $661 per ounce for the year, about 3% lower than 2018 [11][12] Business Line Data and Key Metrics Changes - Segovia produced 214,000 ounces of gold in 2019, a 10% increase from the previous year, with a record production of 58,000 ounces in Q4 [9][10] - Marmato's quarterly production increased to 7,000 ounces due to improved head grades [9] - The company processed an average of 1,345 tons per day at Segovia with an average head grade of 16.2 grams per ton in Q4 [9] Market Data and Key Metrics Changes - The increase in spot gold prices in the second half of 2019 significantly contributed to revenue growth [11] - The company expects the recent Colombian peso devaluation to positively impact U.S. dollar equivalent costs for mining operations [12] Company Strategy and Development Direction - The spin-out of Zona Baja mining assets into Caldas Gold Corp. allows the company to focus on underground mine expansion without affecting its capital structure [5][6] - The company plans to continue its drilling program in 2020, targeting 45,000 meters, with a focus on high-priority targets for expansion [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in handling the COVID-19 situation, noting that production and shipments have not been significantly impacted [17][18] - The company is closely monitoring the situation and adapting response plans, emphasizing the safety of workers [16][17] Other Important Information - The company reported a cash position of $84 million at the end of 2019, which has since increased to about $80 million after recent transactions [15][39] - The company has taken precautionary measures to slow down discretionary CapEx in light of the COVID-19 situation [25][35] Q&A Session Summary Question: Impact of COVID-19 on production guidance - Management indicated that March production was nearly on target, with expectations for April being more challenging, potentially requiring a revision of guidance [20][21] Question: Challenges in turning off and resuming production - Management noted that while the situation is challenging, they have experience in handling similar situations and are optimistic about maintaining operations [22][23] Question: CapEx guidance for the year - Management stated that CapEx would likely be similar to last year but would provide updates as the situation evolves [24][25] Question: Exploration plans for 2020 - The company plans to drill approximately 45,000 meters in 2020, with a focus on high-priority targets, although COVID-19 may impact these plans [27][28] Question: Cash taxes payable in the first half of the year - Management indicated that cash tax payments in the first half of the year would be around $35 million, reflecting increased profitability [30][31] Question: March production performance - Management reported that March production at Segovia was around 17,000 ounces, slightly below target, while Marmato was expected to produce about 2,000 ounces [32][33]

Financial Performance - Revenue for the first nine months of 2019 increased by 19% to $238.0 million, compared to $200.3 million in the same period of 2018[5, 11] - Adjusted EBITDA for the first nine months of 2019 was $106.1 million, a 35% increase compared to $78.7 million in the first nine months of 2018[5, 17] - Operating cash flow for the first nine months of 2019 increased to $68.7 million, compared to $56.2 million in the same period of 2018[5] - Free cash flow for the first nine months of 2019 was $38.7 million, compared to $29.6 million in the same period of 2018[5] Production and Costs - Gold production for the first nine months of 2019 was 174,754 ounces, compared to 162,741 ounces in the same period of 2018[5] - The company is on track to meet its 2019 annual production guidance of 225,000 to 240,000 ounces of gold[7, 34] - The average total cash cost decreased to $653/oz in the first nine months of 2019 from $674/oz in the first nine months of 2018[5, 13] - All-in sustaining cost (AISC) for the first nine months of 2019 was $886/oz, compared to $913/oz in the same period of 2018, and is expected to remain below $925/oz for the full year[5, 15] Marmato Project - A Preliminary Economic Assessment (PEA) was completed for the Marmato project, with a life-of-mine plan projecting 22 million ounces of gold at a cash cost of $799 per ounce and an AISC of $882/oz[29]

Gran Colombia Gold Corp. (TPRFF) Q3 2019 Earnings Conference Call November 15, 2019 9:30 AM ET Company Participants Mike Davies - Chief Financial Officer Lombardo Paredes - Chief Executive Officer Conference Call Participants Sid Rajeev - Fundamental Research Operator Welcome to the Gran Colombia Gold Third Quarter 2019 Results Webcast. My name is Sylvia, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session ...

Gran Colombia Gold Corp. (TPRFF) Q1 2019 Results Conference Call May 16, 2019 9:30 AM ET Company Participants Mike Davies - CFO Lombardo Paredes Arenas - CEO Conference Call Participants Derek Macpherson - Red Cloud, Inc. Operator Welcome to the Gran Colombia Gold Q1 2019 Results Webcast. My name is Ellen, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Please note that this ...

Financial Data and Key Metrics Changes - Gran Colombia Gold reported a significant improvement in financial performance for 2018, achieving record highs in gold production, EBITDA, operating cash flow, and free cash flow [4][7] - Cash position increased to almost $36 million, while debt decreased to $83 million, down from $179 million three years ago [6] - The company’s average cash cost per ounce decreased to $680 from $720 in 2017, with all-in sustaining costs averaging $907 per ounce, slightly better than 2017 [14][15] Business Line Data and Key Metrics Changes - Segovia operations produced 193,000 ounces of gold in 2018, a 30% increase from 2017, driven by a 70% increase in production from the Providencia mine [9][10] - The Sandra K mine also doubled its production in 2018, contributing to overall growth [10] - Marmato produced 25,000 ounces in 2018, with expectations of 24,000 to 26,000 ounces in 2019 [10] Market Data and Key Metrics Changes - The company’s market capitalization reached $185 million, with a total issued share count of 48.3 million [5] - Analysts initiated coverage with target prices of $6 and $5.62, indicating positive market sentiment [5] Company Strategy and Development Direction - The company plans to accelerate exploration in Segovia, aiming to increase reserves and extend mine life [13][20] - Capital expenditures are expected to be between $25 million to $30 million at Segovia and about $1.5 million at Marmato for 2019 [17] - The focus remains on optimizing the mine plan at Segovia and expanding processing capacity [19][20] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s growth trajectory, highlighting a solid foundation for future expansion [6][19] - The company is optimistic about 2019, having already reported close to 40,000 ounces of production in the first two months [8][9] - Management is closely monitoring the situation in Venezuela for potential opportunities [20] Other Important Information - The company completed a bought deal private placement to fund exploration and development projects [19] - Segovia's reserves and resources were updated, adding over 300,000 ounces to mineral resources [12] Q&A Session Summary Question: Will exploration costs be separated in AISC reporting? - Management is analyzing the inclusion of exploration costs in AISC and will provide clarity by the next quarterly report [22][23] Question: What is the status of the arbitration with the Colombian government regarding Marmato? - The arbitration process is ongoing, with confidence in the company’s position and evidence prepared for the tribunal [26][28] Question: How will high-grade mining affect future grades? - Current high grades are due to fortunate mining conditions, but lower grades are expected later; exploration financing aims to sustain high grades [29][30] Question: What are the plans for the Pampa Verde project? - Pampa Verde may be integrated into future projects, particularly in Marmato, with existing equipment potentially utilized [33][37]