GCM Mining Corp. (TPRFF) Q4 2021 Earnings Conference Call April 1, 2022 9:00 AM ET Company Participants Lombardo Paredes - Chief Executive Officer Mike Davies - Chief Financial Officer Conference Call Participants Carey MacRury - Canaccord Operator Welcome to the GCM Mining Corp. Q4 2021 Results Webcast. My name is John. I will be your operator for today’s call. [Operator Instructions] And I will now turn the call over to Mike Davies. Mike Davies Great. Thanks, John, and thank you for joining us this mornin ...

Gran Colombia Gold Corp. (TPRFF) Q3 2021 Results Conference Call November 12, 2021 9:00 AM ET Company Participants Lombardo Paredes - CEO Mike Davies - CFO Conference Call Participants Carey MacRury - Canaccord Genuity Operator Welcome to the Gran Colombia Gold Q3 2021 Results Webcast. My name is John, and I will be your operator for today’s call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Please note the conference i ...

Gran Colombia Gold Corp. (TPRFF) Q2 2021 Earnings Conference Call August 13, 2021 9:00 AM ET Company Participants Lombardo Paredes - CEO Mike Davies - CFO Conference Call Participants John Basler - Basler Capital Partners Siddharth Rajeev - Fundamental Research Corp. Operator Welcome to the Gran Colombia Gold Q2 2021 Results Webcast Conference Call. My name is John, and I will be your operator for today’s call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-ans ...

Gran Colombia Gold Corp. (TPRFF) Q1 2021 Earnings Conference Call May 14, 2021 8:30 AM ET Company Participants Mike Davies - Chief Financial Officer Lombardo Paredes - Chief Executive Officer Conference Call Participants Operator Good morning. And welcome to the Gran Colombia Gold Q1 2021 Results Webcast. My name is Cheryl and I will be your operator for today’s call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Please ...

Financial Performance - Revenue reached $101.9 million in Q1 2021, slightly up from $101.0 million in Q1 2020[4] - Net income significantly increased to $118.3 million in Q1 2021, compared to $24.3 million in Q1 2020[4] - Adjusted EBITDA was $46.3 million in Q1 2021, a decrease from $50.4 million in Q1 2020[4] - Free cash flow decreased to $2.5 million in Q1 2021, compared to $18.2 million in Q1 2020[4] Production and Operations - Gold production was 51,486 ounces in Q1 2021, down from 56,247 ounces in Q1 2020[4] - The realized gold price increased to $1,812 per ounce in Q1 2021, compared to $1,570 per ounce in Q1 2020[4] - Cash cost increased to $862 per ounce in Q1 2021, compared to $667 per ounce in Q1 2020[4] - AISC increased to $1,164 per ounce in Q1 2021, compared to $890 per ounce in Q1 2020[4] - The company is on track to meet its 2021 annual production guidance of 200,000 to 220,000 ounces of gold[13] Capital Structure and Shareholder Returns - The company repurchased 1.5 million shares at an average price of CA$5.93 per share for a total cost of CA$9.1 million[6] - The company is paying a monthly dividend, returning over CA$900,000 of free cash flow to shareholders each month[8]

Financial Data and Key Metrics Changes - Gran Colombia reported a net loss of $51 million in Q4 2020, leading to a full-year net loss of $27.6 million, impacted by $4 million in financing costs and $52 million in non-cash fair value losses on derivatives [7][8] - Adjusted net earnings for 2020 increased by 25% to $76 million, or $1.28 per share, despite challenges from COVID-19 [8] - Revenue for Q4 2020 was $99.7 million, contributing to a record annual revenue of $391 million, up 20% from 2019 [16] Business Line Data and Key Metrics Changes - Total gold production in 2020 was 220,000 ounces, with 196,000 ounces from Segovia Operations and the remainder from Marmato, which was spun out to Caldas Gold [11][12] - Segovia's head grades averaged 14.5 grams per tonne in 2020, with production adversely impacted by COVID-19 in the early part of the year [12][13] - The small mining supply chain initiative in Segovia saw a 37% increase in gold production, with head grades rising from 6-8 grams per tonne to nearly 12 grams per tonne in Q4 [15] Market Data and Key Metrics Changes - The average realized gold price in 2020 was $1,751 per ounce, up from $1,381 per ounce in 2019, enhancing operating margins and cash flow [16] - Total cash costs at Segovia averaged $699 per ounce in 2020, up from $607 per ounce in 2019, influenced by increased payment rates to contract miners and higher production taxes [17] Company Strategy and Development Direction - The company is focused on expanding the Maria Dama plant to 2,000 tonnes per day and constructing a new concentrate recovery plant to enhance cash flow and reduce environmental impact [13][14] - Gran Colombia plans to conduct 60,000 meters of drilling in 2021, with a budget of approximately $14 million, aimed at resource and reserve expansion [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the high-grade nature of Segovia's gold deposits and is excited about the upcoming drilling programs [22][23] - The company highlighted its commitment to ESG initiatives, with plans to publish its first sustainability report [28][29] Other Important Information - The company has implemented extensive COVID-19 protocols to protect its workforce and has contributed nearly $10 million to local community programs [5][6] - Gran Colombia has a 44.3% equity position in Aris Gold and a 27% equity position in Denarius Silver, indicating a strategic focus on building its equity portfolio [25][26] Q&A Session Summary - No questions were posed during the Q&A session, and the management encouraged follow-up inquiries via email [30][31]

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]