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Gran Colombia Gold Corp TSX: GCM-T

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Gran Colombia Announces Second Quarter and First Half 2021 Results

GlobeNewswire - Thu Aug 12, 5:34PM CDT

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and six months ended June 30, 2021. All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted.

Second Quarter and First Half 2021 Highlights

Selected Financial Information

Second Quarter                   First Half
                                                            2021         2020            2021              2020
Operating data
Gold produced (ounces)                                      52,198       48,228          103,684           104,475
Gold sold (ounces)                                          52,838       45,078          108,155           108,779
Average realized gold price ($/oz sold)            $        1,797      $ 1,696      $    1,805      $      1,622
Total cash costs ($/oz sold)                                767          713             816               686
AISC ($/oz sold)                                            1,101        1,045           1,133             954
Financial data ($000's, except per share amounts)
Revenue                                            $        96,353     $ 77,134     $    198,272    $      178,110
Adjusted EBITDA                                             47,995       37,563          94,318            88,000
Net income (loss)                                           29,799       (18,578  )      148,104           5,677
Per share - basic                                           0.41         (0.27    )      2.31              0.13
Per share - diluted                                         0.28         (0.27    )      1.47              0.13
Adjusted net income                                         23,556       17,504          45,504            38,736
Per share - basic                                           0.33         0.29            0.69              0.66
Per share - diluted                                         0.28         0.25            0.58              0.56
Net cash provided by operating activities                   12,786       6,992           26,403            38,860
Free cash flow                                              (2,984   )   (3,814   )      (487     )        14,074
                                                                                    June 30,        December 31,
                                                                                         2021              2020
Balance sheet ($000's):
Cash and cash equivalents                                                           $    57,803     $      122,508
Gold Notes, including current portion - principal amount outstanding                     19,750            35,525
Convertible Debentures - principal amount outstanding                                    CA18,000          CA20,000

(1) Refer to "Non-IFRS Measures" in the Company's MD&A.

(2) The Gold Notes are recorded in the Interim Financial Statements at fair value. At June 30, 2021 and December 31, 2020, the carrying amounts of the Gold Notes outstanding were $21.6 million and $38.5 million, respectively. Refer also to Subsequent Event - Early Redemption on page 9.

(3) The Convertible Debentures are recorded in the Interim Financial Statements at fair value. At June 30, 2021 and December 31, 2020, the carrying amounts of the Convertible Debentures outstanding were $19.2 million and $28.4 million, respectively.

Second Quarter 2021 Results Webcast

As a reminder, Gran Colombia will host a conference call and webcast on Friday, August 13, 2021 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:              https://edge.media-server.com/mmc/p/8pi4h8ou
Canada Toll / International:  1 (514) 841-2157
North America Toll Free:      1 (866) 215-5508
Colombia Toll Free:           01 800 9 156 924
Conference ID:                50186481

A replay of the webcast will be available at www.grancolombiagold.com from Friday, August 13, 2021 until Friday, September 10, 2021.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in Latin Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX:ARIS.TO) (Colombia - Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSXV:DSLV.VN) (Spain - Lomero-Poyatos; Colombia - Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSXV:WA.VN) (Nunavut - Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the continuation of operations during the COVID-19 situation, production guidance, and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:

Mike Davies

Chief Financial Officer

(416) 360-4653

investorrelations@grancolombiagold.com

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