TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Caldas Gold Corp. (TSX-V: CGC: OTCQX: ALLXF) 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 nine months ended September 30, 2020. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.
Serafino Iacono, Chairman and CEO of Caldas Gold, commenting on the Company’s latest results, said, “We are pleased with the significant progress we have made since we announced the Preliminary Feasibility Study (the “2020 PFS”) results for our Marmato Project in early July. Our third quarter production rebounded after a challenging second quarter affected by the COVID-19 situation and we are on track to meet our revised production guidance for this year. Over the last few months, we have completed three financings, raising total gross proceeds of $230.5 million, including the announcement last week that we have executed the Wheaton stream agreement. We are now positioned to move forward with the planned expansion of mining operations in the Marmato Deep Zone (“MDZ”). Drilling results announced earlier this week continue to build our sense of excitement as the New Zone continues to deliver robust gold grades over significant lengths that start to demonstrate continuity and a developing high-grade zone similar to the adjacent Main Zone. In addition, the 300 meters strike extension for the Main Zone provides us with another zone ready for infill drilling to continue to grow the underground mining expansion at Marmato. The discovery of the Fortaleza Zone opens up a prospective new area to the north. All in all, our Marmato Project continues to demonstrate its prowess as a rare world-class system, both in terms of its size and grades.”
Third Quarter and First Nine Months 2020 Highlights
Selected Financial Information
Third Quarter | Nine Months | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Operating data | ||||||||||||
Gold produced (ounces) | 6,899 | 6,221 | 16,651 | 18,693 | ||||||||
Gold sold (ounces) | 6,963 | 6,681 | 17,241 | 18,654 | ||||||||
Average realized gold price ($/oz sold) | $ | 1,881 | $ | 1,467 | $ | 1,728 | $ | 1,357 | ||||
Total cash costs ($/oz sold) (1) | 1,359 | 1,163 | 1,309 | 1,131 | ||||||||
AISC ($/oz sold) (1) | 1,827 | 1,254 | 1,675 | 1,210 | ||||||||
Revenue | $ | 13,306 | $ | 9,970 | $ | 30,240 | $ | 25,752 | ||||
Adjusted EBITDA (1) | 2,360 | 1,866 | 4,470 | 4,057 | ||||||||
Net (loss) income | (24,872 | ) | 988 | (49,370 | ) | 2,054 | ||||||
Per share – basic and diluted | (0.32 | ) | 0.03 | (0.90 | ) | 0.07 | ||||||
Adjusted net income (loss) (1) | 437 | 971 | (2,148 | ) | 2,096 | |||||||
Per share – basic and diluted | 0.01 | 0.03 | (0.04 | ) | 0.07 | |||||||
Net cash provided by operating activities | 4,026 | 1,881 | 4,717 | 3,228 | ||||||||
Additions to mining interest, plant and equipment | 5,334 | 1,806 | 12,020 | 4,402 | ||||||||
September 30, | December 31, | |||||||||||
2020 | 2019 | |||||||||||
Balance sheet ($000’s): | ||||||||||||
Cash and cash equivalents | $ | 42,990 | $ | 2,672 | ||||||||
Total assets | 215,857 | 45,881 |
(1) Refer to “Non-IFRS Measures” in the Company’s MD&A.
Third Quarter 2020 Results Webcast
As a reminder, Caldas Gold will host a conference call and webcast on Thursday, November 12, 2020 at 9:00 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows:
Live Event link: Canada Toll / International: North America Toll Free: Colombia Toll Free: Conference ID: | https://edge.media-server.com/mmc/p/obdac7vh 1 (847) 585-4405 1 (888) 771-4371 01 800 9 156 924 49986277 |
A replay of the webcast will be available at www.caldasgold.ca from Thursday, November 12, 2020 until Thursday, December 17, 2020.
About Caldas Gold Corp.
Caldas Gold is a Canadian junior mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in the Department of Caldas, Colombia. Caldas Gold also owns 100% of the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.
Additional information on Caldas Gold can be found on its website at www.caldasgold.ca and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Caldas Gold. Forward-looking statements in this press release, which are all statements other than statements of historical fact, include, but are not limited to anticipated business plans or strategies, including production guidance, exploration results, resources and reserves. 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 Caldas Gold 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 include the other risk factors as described under the caption "Risk Factors" in the Company's annual information form for the financial year ended December 31, 2019 dated as of August 17, 2020 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 Caldas Gold 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@caldasgold.ca