leadf
logo-loader
viewGreat Panther Mining Limited
(
TSX:GPRNYSE:GPL
)

Great Panther Mining says firmer metals prices and weaker Brazilian currency boosted first quarter numbers

The gold and silver producer, which operates mines in Brazil and Mexico, posted revenue of US$52.5 million for the three months to March 31, 2021

Great Panther Mining Limited -
The company's net loss came in at US$331,000 compared to a net loss of US$40.4 million in the same quarter a year earlier

Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) (FRA:G3U) saw firmer metals prices and a weaker Brazilian real help it to post a solid set of first-quarter results.

The gold and silver producer, which operates mines in Brazil and Mexico, posted revenue of US$52.5 million for the three months to March 31, 2021, up 9% from US$48 million in the first quarter of 2020.

The net loss came in at US$331,000 compared to a net loss of US$40.4 million in the same quarter a year earlier.

READ: Great Panther Mining notes nomination of experienced executives Curran and Williams to board of directors

Mine operating earnings at US$11 million were 85% higher than in the first quarter, 2020, while earnings before interest, tax, depreciation and amortization (EBITDA) and adjusted EBITDA was US$10.3 million and  US$12.4 million, compared to a loss of US$30.6 million and US$6.4 million, respectively, for Q1 2020.

"We reduced our debt position to $27.6 million and ended the quarter with a strong balance sheet with $45.5 million in cash and equivalents," Rob Henderson, Great Panther CEO said in the results statement.

"In addition, regional exploration and drilling was ramped up significantly at Tucano from which we are already seeing positive results that should contribute to increases in our mineral resource inventory."

The average realized prices for gold and silver increased to US$1,755 and US$25.35 respectively in the three months, compared to US$1,577 and US$15.31 for the first quarter of 2020.

This, along with the impact on operating costs of a weak Brazilian real were partially offset by moderate increases in production costs, the firm noted.

All-in-sustaining-costs (AISC) across the group were reduced by 11% in the quarter compared with Q1, 2020 to US$1,557 per ounce of gold sold, while across its mines, Great Panther generated 30,556 gold equivalent ounces, including 24,978 gold ounces and 360,070 silver ounces.

The miner repeated its previously announced production guidance for full-year 2021 of between 135,000 and 150,000 ounces of gold equivalent. The second half of 2021 is expected to account for a least 55% of this annual production guidance, it noted.

Based in Vancouver, Great Panther owns assets in Brazil, Mexico and Peru, which includes three operating gold and silver mines, four exploration projects, and an advanced development project.

Shares in New York nudged up 3.6% to US$0,83 each.

----Updates for share price---

Contact the author at giles@proactiveinvestors.com

Quick facts: Great Panther Mining Limited

Follow
TSX:GPR

Price: 0.58 CAD

Market Cap: $206.94 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Great Panther Mining drill program returns high-grade intercepts from Urucum...

Great Panther Mining Limited CEO Rob Henderson joined Steve Darling from Proactive to bring news the company has seen high-grade results from drilling at the Urucum North Deposit on their Tocano Project. The company is hoping to see an estimated 40,000 to 50,000 gold ounce per year underground...

on 07/23/2021

2 min read