Thanks Eric for your feedback. I looked at the warrants and options and this was part of my discussions of negative aspects of the company. Although there is some 241M warrants and options listed swelling the share float, the average strike price is $2.12 meaning that we would be looking at a 5 bagger minimum from here for those warrants and options to be in the money and hence be exercised.

I do disagree with you that their Marmato open pit of 10M ounces M&I plus 2.4M inferred plus silver credits are nothing to shout about. The average grade is low at about 1g/t but their production profile of 340k ounces per year for 21 years at a cost of $524 is an asset that any major gold company would want.

They also have some exploration upside with their annouced 80k meter drill program at Segovia.

I do agree that the share price will not shoot up fast due to their larger share float but for long term investors (3 year window), I believe the potential here is very high with a very limited downside from here.

I also believe that the tax loss selling pushed us way below where this company should of been and we could correct to the 70 cents range rather quickly so even short term investors have something appealing here. However, in this category, GCM has lots of company as so many great companies have been pushed way lower than they should of been!

The wild card here is the people behind this company. They have the financial clout and connections to move this share price when they want to and that adds great value as well.

Glorieux