conf callin conf call q&a there were some interesting questions.
how will election affect gcm?
ceo said gcm outright owns their land in perpetuity, they do not need concession from the government. if petro wins, he is only targetting oil industry banning oil exploration to be replaced by tourism.
(people must have a lot of fear of this upcoming election and priced some of that fear into the share price, given that all of gcm colombian assets are already priced at $0 by the market or extreme negative price. since mines are still running in peru and chile after electing leftist governments, and there are no indigenous people against mining in segovia, i highly doubt gcm would stop mining there. ceo.ca board posted a good article on the election. there will likely be a second run-off election june 19 and the votes are very close. most of colombia is centrist and gutierrez is trying to attract centrists too. the undecided may vote for him just to avoid a radical left leader. that is what happened in the past although not this close.)
on pea, ceo said they have worked on toro for a long time and their pea has much more confidence than other pea's. there is 90% chance that the pea is within +/- 20% of cost.
final permit which is expected mid year is only needed in 2023, so any delay in that should not be a problem. they can still build roads, engineering, etc before receiving that permit. ceo has confidence project will move forward.
toro spending was
q1 $7 mil, q2 will be $15 mil, q3+q4 $70 mil with help from wheaton funding.