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."
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.
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