RE:RE:insider buying Let's not accuse anyone of ignorance here.
you are right in that there was some net selling lately. Eric sprott sold about 10% of his position and the CEO sold a few shares which he reallocated to Caldas gold.
firstly, on Eric - you have to understand that mid March Eric was down upwards of 35% on his gcm investment. It would be prudent for any investor to take some gains. Having said that, if Eric and anyone else continues to sell, my partners and I will be in the market to buy it.
why such confidence? US100M cash, 44M debt. 8M gain on Guyana goldfields shares, Caldas gold stake worth 60M at least and gold x worth around 30M. That's 200M of cash and investments, then there are all the warrants that are in the money. GCM is cashed up. Last quarter EBITDA was US50M. Basic mkt cap is 400M.
To the 2nd point, this morning I too like OP got a notification on IBKR saying over 2.87M shares were purchased as indicated by Refinitiv. We should know by Monday if this was warrants being exercised or a purchase.
lastly, gcm produced more ounces at Segovia in May 2020 than May 2019. June 2020 is expected to do the same. Based on our internal estimates we should see revenues of US82M which is 10% higher than q2 2019.
We have good coverage of what's happening in Colombia and stand impressed by communal efforts. Efforts have been put into empowering the communties, providing gloves, masks, healthcare, monetary support and education initiatives. The relationship is nothing but positive as indicated. T regional newspaper reports coming out of Colombia.
this is a company trading at 2.5x expected EBITDA vs North American/Australian peers at 10.5x EBITDA.
bet against any gold stock but I'll take you on for gcm any day of the week. I'll be buying in the market