Impact: Neutral to Slightly Positive
GCM announced Q1/22 financial and full operating results from its Segovia operations in Colombia that saw adj. EPS of $0.15 slightly miss our estimate of $0.17. Otherwise, financial results were generally in line with our expectations. We believe GCM is off to a good start in 2022 and it remains on track to meet its 2022 guidance of 210-225k oz Au.