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Classified in: Business, Covid-19 virus
Subjects: EARNINGS, CALENDAR OF EVENTS

Caldas Gold Reports Second Quarter and First Half 2020 Results


TORONTO, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF) announced today the release of its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and six months ended June 30, 2020. All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted.

Serafino Iacono, Chairman and CEO of Caldas Gold, commenting on the Company's latest results, said, "We have already come a long way in Caldas Gold in the six months since we completed the RTO Transaction. Our management team has done a very commendable job, implementing the protocols required to keep our workers safe during the COVID-19 crisis and to keep our mine in operation. We have been supporting the local communities as they cope with COVID-19 and we are establishing the foundation for our ESG initiatives that will be an integral part of our ongoing operations. We completed the PFS on time at the beginning of July, reporting our first mineral reserve estimate for the Marmato Project of 2.0 million ounces of gold and setting out the expansion plan for a robust, long-life mining operation ramping up to more than 165,000 ounces of annual gold production by 2024. Our drilling campaign doubled the Measured and Indicated Mineral Resources to 4.1 million ounces of gold and we have another 2.2 million ounces of Inferred Mineral Resources that we are continuing to drill to upgrade and extend the size of the deposit. Our financing for the expansion of the underground mining operations at Marmato has progressed well. We recently closed a CA$50 million bought deal of Special Warrants. By the end of the month, we expect to close an US$80 million to US$90 million gold-linked notes private placement offering and finalize the definitive agreement with Wheaton Precious Metals for a US$110 million stream financing. Going into September, we will have successfully raised the funds we need to build Colombia's next major gold mine."

Second Quarter and First Half 2020 Highlights

Selected Financial Information

  Second QuarterFirst Half
  2020   2019   2020   2019
     
Operating data    
Gold produced (ounces) 3,851   6,257   9,752   12,472
Gold sold (ounces) 3,737   6,578   10,278   11,973
Average realized gold price ($/oz sold)$1,691  $1,295  $1,625  $1,295
Total cash costs ($/oz sold) (1) 1,371   1,095   1,274   1,113
AISC ($/oz sold) (1) 1,922   1,183   1,571   1,186
 
Revenue$6,392  $8,670  $16,934  $15,782
Adjusted EBITDA (1) 49   1,313   2,110   2,191
Net (loss) income (6,936)  726   (24,498)  1,066
Per share ? basic and diluted (0.14)  0.03   (0.56)  0.04
Adjusted net (loss) income (1) (1,299)  735   (2,585)  1,125
Per share ? basic and diluted (0.03)  0.03   (0.06)  0.04
Net cash provided by operating activities 1,523   1,464   691   1,347
Additions to mining interest, plant and equipment 3,427   1,674   6,686   2,596

(1)     Refer to "Non-IFRS Measures" in the Company's MD&A.

 June 30,  December 31,
  2020   2019
   
Balance sheet ($000's):  
Cash and cash equivalents$14,337  $2,672
Total assets 64,664   45,881

Second Quarter and First Half 2020 Results Webcast

As a reminder, Caldas Gold will host a conference call and webcast on Friday, August 14, 2020 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:https://edge.media-server.com/mmc/p/dgokcvyq
Canada Toll/ International:1 (847) 585-4405
North America Toll Free:1 (888) 771-4371
Colombia Toll Free:01 800 9 156 924
Conference ID:49833178

A replay of the webcast will be available at www.caldasgold.ca from Friday, August 14, 2020 until Friday, September 18, 2020.

About Caldas Gold Corp.

Caldas Gold is a Canadian junior mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in the Department of Caldas, Colombia. Caldas Gold also owns 100% of the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.

Additional information on Caldas Gold can be found on its website at www.caldasgold.ca and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to production guidance, future financings and anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Caldas Gold to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Filing Statement dated as of February 19, 2020 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Caldas Gold disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@caldasgold.ca


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