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GCM Mining Announces Second Quarter and First Half 2022 Results

TORONTO, Aug. 11, 2022 (GLOBE NEWSWIRE) -- GCM Mining Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements ("Financial Statements") and accompanying management's discussion and analysis (MD&A) for the three and six months ended June 30, 2022. All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted. Non-GAAP financial performance measures in this press release are identified with "NG". For a detailed description of each of the non-GAAP measures used in this press release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Company's MD&A.

Second Quarter and First Half 2022 Highlights

Selected Financial Information

 Second QuarterFirst Half
  2022 2021  2022 2021 

Operating data
Gold produced (ounces) (1) 53,198 52,198  103,149 103,684 
Gold sold (ounces) 53,884 52,838  107,529 108,155 
Average realized gold price ($/oz sold) (2)$1,859$1,797 $1,859$1,805 
Total cash costs ($/oz sold) (2) 877 767  847 816 
AISC ($/oz sold) (2) 1,228 1,101  1,207 1,133 
Financial data ($000's, except per share amounts)   
Revenue$101,371$96,353 $202,693$198,272 
Adjusted EBITDA (2) 45,863 47,995  91,081 94,318 
Net income 38,965 29,799  44,203 148,104 
Per share - basic 0.40 0.41  0.45 2.31 
Per share - diluted 0.15 0.28  0.24 1.47 
Adjusted net income (2) 14,224 23,556  29,005 45,504 
Per share ? basic (2) 0.15 0.33  0.30 0.69 
Per share - diluted (2) 0.13 0.28  0.27 0.58 
Net cash provided by operating activities 31,525 12,786  55,734 26,403 
Free cash flow (2) 20,483 (2,834) 31,171 (337)

 June 30,
December 31,
Balance sheet ($000's):  
Cash and cash equivalents$265,501$323,565 
Gold Bullion (3) 2,688 4,479 
Senior Notes due 2026 ? principal amount outstanding (4) 300,000 300,000 
Convertible Debentures due 2024 ? principal amount outstanding (5)CA18,000 CA18,000 

(1) First half 2021 includes production from the Marmato Project up to February 4, 2021, the date of loss of control of Aris.
(2) Refer to "Non-IFRS Measures" in the Company's MD&A.
(3) The Company is maintaining a portion of its liquidity in gold bullion. As at June 30, 2022, the Company had 1,500 ounces in its gold bullion account (December 31, 2021 ? 2,500 ounces).
(4) The Senior Notes were issued in August 2021 and are recorded in the Financial Statements at amortized cost. At June 30, 2022, the carrying amount of the Senior Notes outstanding, including accrued interest of $8.1 million, was $296.9 million (December 31, 2021 - $294.8 million, including $8.1 million of accrued interest).
(5) The Convertible Debentures are recorded in the Financial Statements at fair value. At June 30, 2022, the carrying amount of the Convertible Debentures outstanding was $14.0 million (December 31, 2021 - $19.5 million).

Second Quarter and First Half 2022 Results Webcast

As a reminder, GCM Mining will host a conference call and webcast on Friday, August 12, 2022 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/yswncieo
 Canada/ International Toll:1 (647) 484-8332 PIN: 19483475#
 Canada Toll Free:1 (866) 455-3403 PIN: 19483475#
 United States Toll:1 (404) 400-0571 PIN: 19483475#
 United States Toll Free:1 (866) 374-5140 PIN: 19483475#
 Colombia Toll:+57 601 485-0348 PIN: 19483475#
 Colombia Toll Free:+57 800 519-0788 PIN: 19483475#
 Conference ID:EV00136622

Participants should note that for the Q&A portion of the webcast, questions must be submitted through the live event webcast portal noted above.

A replay of the webcast will be available at www.gcm-mining.com from Friday, August 12, 2022 until Friday, September 9, 2022.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia ? Marmato, Soto Norte; Canada - Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain ? Lomero-Poyatos and Colombia ? Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut ? Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 proposed Aris Merger, production guidance, the Toroparu Project construction, mining license and technical studies, 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 GCM Mining 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, 2022 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 GCM Mining 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

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