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Tag: GCM Mining Corp.

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GCM Mining Corp. (TSX:GCM) – Q1/22 Au Production from Segovia In Line with Estimates

GCM announced Q1/22 production results from its 100%-owned, Segovia operations in Colombia, that were in line with our estimates. The company produced 49,951 oz Au compared to our estimate of 50,800 oz Au last quarter. In our view, GCM is off to a strong start in 2022 with production on track to meet 2022 guidance. We look forward to the company’s upcoming Q1/22 financial results next month. Following the earnings miss on sales timing in Q4/21, we believe GCM could make it up by selling more ounces than produced in Q1/22.

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Red Cloud | redcloudfs.com

GCM Mining Corp. (TSX:GCM) – Q4/21 Earnings Miss On Sales Timing; 2022 Guidance Released

GCM announced Q4/21 and FY/21 financial and full operating results from its Segovia operations in Colombia. While the previously released production results beat our estimates, adjusted earnings missed our expectations due to a ~7% difference between gold produced and gold sold along with decreased earnings from operations. While GCM missed on earnings, we expect this to be made up in Q1/22, as GCM has a pattern of selling fewer ounces than produced in Q4 followed by more ounces sold than produced in Q1. We slightly lower our target price to C$17.00/sh (was C$18.00/sh) after updating our model with Q4/21 results and 2022 guidance.

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Red Cloud | redcloudfs.com

GCM Mining Corp. (TSX:GCM) – Reserves up 18%; Resources up 26% at Segovia

GCM Mining provided an updated mineral reserve and mineral resource estimate (MRE) for its 100%-owned Segovia operations in Colombia. While 2P reserves increased by 18% from the previous estimate, M&I resources were up 14% and inferred resources by 41%. We view this update positively as the company has more than replaced the resources mined for the sixth consecutive year. Furthermore, the updated estimate confirms our view that Segovia’s main mines remain underexplored and are potentially larger than envisioned.

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Red Cloud | redcloudfs.com

GCM Mining Corp. (TSX:GCM) – 2021 Drilling Extends Major Vein Systems at Segovia

GCM Mining announced results for the final 39 diamond drill holes (9,158m) of its 2021 in-mine and near-mine drilling programs, as well as the final 27 diamond drill holes (7,125m), from its 2021 brownfield drilling programs at its Segovia operations in Colombia. It also reported assay results from two additional kick-off diamond drill holes (1,140m) from the ongoing directional drilling at the El Silencio Deep zone. 2021 drilling has extended the major vein systems at Segovia, re-affirming our view that GCM’s main mines remain underexplored and are potentially larger than what we currently model. We also believe the discovery of new orebodies along with ongoing positive drill results from exploration drilling could result in additional resource growth and mine life extension. We expect these results to be incorporated in the annual reserve and resource update expected later in Mar/22.

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Red Cloud | redcloudfs.com

Red Cloud’s 2022 Very Pre-PDAC Mining Showcase – Day Two Recap

Yesterday, Red Cloud hosted the second of its three-day 2022 Very Pre-PDAC Mining Showcase, which featured 32 presenting companies and a fireside chat with Ross Beaty, Chairman of Equinox Gold Corp. Over 1,750 participants have registered for the event. With this note, we want to provide a quick recap of the highlights from the conference for those who were unable to attend the live event (see our Day One recap here). If you would like to attend Day Three of Red Cloud’s 2022 Very Pre-PDAC Conference, register here. Replays are available on the Red Cloud website.

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Red Cloud | redcloudfs.com

Precious Metal Picks – Metal Prices Flying as Russia Invades Ukraine

We are seeing precious metals rise in the shadow of the Ukraine invasion. Gold is trading around US$1923.80/oz, down a couple percent on short term profit taking since reaching a high of US$1,975/oz overnight. Kitco News notes that the next resistance levels could be between US$2,022/oz and US$2,089/oz. Some such as Frank Holmes of US Global Investors is suggesting that 20% volatility in gold is a non-event, and that gold could go to US$2,800/oz. Other commodities are also moving.

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Red Cloud | redcloudfs.com

GCM Mining Corp. (TSX:GCM) – Drilling at El-Silencio Extends 1040 Vein ~300m Down-Plunge

GCM Mining announced results for 79 diamond drill holes (14,798m) from its underground in-fill drilling campaign at the El Silencio Mine at its Segovia operations in Colombia. The ongoing in-fill drilling is focused on resource definition within the underground mine developments. The latest batch of in-fill results returned grades of up to 201.22 g/t Au over 0.36m and extended the 1040 vein by ~300m down-plunge. These in-fill results complement the recent results from in-mine exploration drilling and re-affirm our view that GCM’s main mines remain underexplored and are potentially larger than what we currently model. We also believe the discovery of new orebodies along with ongoing positive drill results from exploration drilling could result in additional resource growth and mine life extension.

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