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Great Panther Mining announces record third-quarter 2020 financial results

The company's net income for the quarter was US$18.6 million, as revenue rose by 8% year over year to US$77.0 million

Great Panther Mining Limited -
Great Panther Mining announces record Q3 results from its Latin American operations Great Panther produced 39,788 gold equivalent ounces during the quarter at all-in-sustaining costs (AISC), excluding corporate G&A, of US$1,023 per gold ounce sold

Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) has reported record financial results for the third quarter of 2020 from its three wholly-owned mines - Tucano in Brazil, and Topia and the Guanajuato Mine Complex in Mexico.

The company's net income for the quarter hit a record US$18.6 million, or $0.05 per share, as revenue rose 8% year over year to US$77.0 million. The company also generated record adjusted EBITDA of US$34.9 million and record cash flow from operating activities of US$19.7 million, or $0.06 per share.

In the results statement, Great Panther president and CEO Rob Henderson commented: "We delivered a solid quarter of steady state operations at all of our mines in Q3 2020, despite the challenges of managing COVID-19. Strong gold and silver prices and continued improvement of our AISC translated to record financial results and continued to strengthen the balance sheet. 

"We are well-positioned to meet our full-year production and cost guidance while maintaining the highest health and safety protocols for our teams in Brazil, Mexico and Peru."

READ: Great Panther well positioned to deliver goals as first-quarter gold equivalent output doubles 

Great Panther produced 39,788 gold equivalent ounces during the quarter at all-in-sustaining costs (AISC), excluding corporate G&A, of US$1,023 per gold ounce sold. It ended the quarter with cash and equivalents of US$66.6 million as of September 30, 2020.

The company said it is on track to meet 2020 guidance of 146,000 to 158,000 gold equivalent ounces at AISC of US$1,150 to US$1,250 per ounce of gold sold.  

Great Panther became a new intermediate precious metals producer with its acquisition in March 2019 of Beadell Resources and its Tucano gold mine in Brazil. Tucano is currently the second-largest gold producer in Brazil, generating about 150,000 ounces per year from several open pits, and is sitting on a multi-million-ounce deposit. 

Contact Sean at sean@proactiveinvestors.com

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Price: 1.06 CAD

TSX:GPR
Market: TSX
Market Cap: $376.01 m
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