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Great Panther Mining achieves output guidance for 2020; exploration set to ramp up in Brazil

The precious metals producer operates the Tucano gold mine in Brazil, the Topia mine in Mexico and the Guanajuato mine complex, also in Mexico

Great Panther Mining Limited -
At Great Pather's main asset, Tucano in Brazil, gold production for the year came in at 125,417 ounces, up from 123,867 ounces in 2019

Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) (FRA:G3U) said it met its production guidance in 2020 and generated more gold from across its three mines than in 2019, despite the challenges posed by the coronavirus pandemic.

The precious metals producer operates the Tucano mine in Brazil, the Topia mine in Mexico and the Guanajuato mine complex, also in Mexico.

READ: Great Panther Mining re-starts operations at its Topia mine in Mexico following a voluntary COVID-19 related suspension

For the year to end December 2020, the miner processed 28% more ore than in 2019, resulting in gold output of 133,031 ounces, up 12% from the 118,493 ounces seen in 2019.  Silver production was down 27% however from 2019, at around 1.11 million ounces.

Gold-equivalent production across the group for the 12 month period was 150,051 ounces, up 2% on 2019.

"Our teams in Brazil, Mexico, and Peru did a tremendous job prioritizing health and safety, while still achieving profitable production and executing our exploration programs", Rob Henderson, Great Panther CEO, told investors in a statement.

At the group's main asset, Tucano, gold production for the year came in at 125,417 ounces, up from 123,867 ounces in 2019. Total mined material at Tucano last year was 13% higher compared to 2019 due to improvements at the mine and the exploiting of a higher proportion of softer ore from the Taperaba pits. Total plant throughput was 9% higher than 2019.

"The Mineral Reserve and Resource update for our flagship Tucano mine, announced in December, has allowed for an extension of the life of the Urucum and Taperaba pits, and the latest mine plan will see a transition to mining higher grades in 2022 and 2023," added Henderson.

"Exploration activity at Tucano in 2021 is planned to ramp up, with a focus on identifying regional opportunities, proving up the underground potential and expanding the existing open pits."

The company boss added that for 2021 the consolidated gold equivalent production from the firm's Tucano, GMC and Topia mines was expected to come in at between 135,000 and 150,000 gold-equivalent ounces.

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Price: 1.01 CAD

Market: TSX
Market Cap: $358.28 m

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