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Gran Colombia has released positive Q1/19 financial results, which highlight record quarterly gold production and revenue. We believe the company is positioned to meet and potentially exceed 2019E guidance. We maintain our fair value estimate of C$6.00/sh and expect operating execution, exploration updates from Segovia and the Marmato PEA to drive a progressive re-rating towards our fair value estimate.Highlights:
With strong operating results already reported for January and February, Gran Colombia is likely to deliver record production in Q1 2019, allowing them to start the year well ahead of guidance. With this production increase being driven by better than expected grades, we also expect better than guided costs and strong financial results in the quarter. We believe the market has not priced in the company’s financial and operational turnaround and we expect Q1 operating results to provide a positive catalyst to re-rate it towards peers.
Gran Colombia has provided generally positive news with a first look at production results for 2019 and final details from its 2018 drill season. This
update supports the company’s strong outlook for 2019 which we expect to be affirmed with continued production and drilling success. We believe the market has still not priced in this company’s turnaround and as Gran Colombia executes operationally, we expect it re-rate towards peers.
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