Every quarter Gran Colombia will issue an NCIB to buy back bonds or shares with excess cash flow. Management is moving quick with the NCIB to fetch higher price per share for a possible acquisition. 

An example of acquisition recently is Thompson Creek which was acquired for 1.1 billion $ and it had 900 million $ US in debt and has 5.7 million oz of gold in reserves. Thompson creek produces as much gold as GCM. 

Gran Colombia has 15 million oz in reserves of gold and only 170 million $ debt. The debt will be bought back at every quarter with excess cash flow.  

Which company is worth more at this point? 

https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/canadas-centerra-gold-to-buy-thompson-creek/article30760608/