PR Newswire
VANCOUVER, BC, May 12, 2022
Production of 17,913 gold equivalent ounces with $33.4 million in revenues; planned stripping contributing to higher costs, expected to normalize in H2 2022
(All dollar amounts expressed in US dollars unless otherwise noted)
TSX: GPR | NYSE American: GPL
VANCOUVER, BC, May 12, 2022 /PRNewswire/ - Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), a growth-oriented precious metals producer focused on the Americas, announces consolidated financial results for the three months ended March 31, 2022, from its three wholly-owned mines: the Tucano Gold Mine ("Tucano") in Brazil, and Topia and the Guanajuato Mine Complex ("the GMC") in Mexico, both primarily silver mines.
"First quarter 2022 results were in line with expectations and good progress was made on numerous fronts as we build back steady-state production at Tucano," stated Alan Hair, Chair and Interim CEO. "The first half of 2022 is focused on capital intensive programs required to safeguard production in the back-half of the year. Stripping of the TAP AB, TAP C and Urucum North pits is advancing in preparation for ore production in the third quarter, as is mobilization of the new mining contractor. Although still on the road to recovery, I believe we are turning a corner and expect to see improving results as the year progresses."
During the first quarter of 2022 ("Q1 2022"), progress was made in stripping the TAP AB, TAP C and Urucum North ("URN") pits despite rain levels being over 30% higher in the quarter than historical averages. The combination of significant stripping against anticipated low production of gold ounces in Q1 2022 resulted in higher unit costs than the comparative quarter in 2021, however these costs are expected to normalize in the second half of 2022.
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1 | Throughout this news release and the accompanying MD&A, Great Panther has included the non-GAAP performance measures cash costs per gold oz sold, cash costs per payable silver oz, AISC per gold oz sold excluding corporate G&A expenditures, AISC per gold oz sold, AISC per payable silver oz, mine operating earnings (loss) before non-cash items, and EBITDA throughout this news release and the accompanying MD&A. Refer to the Non-GAAP Measures section of the Company's MD&A for an explanation of these measures and reconciliation to the Company's financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. |
As previously disclosed, the additional pushback of the UCS pit was postponed until the second half of 2022 following the rainy season. In Q1 2022, geotechnical studies were completed by the Company with the assistance of SRK Consulting that confirmed the value of ore in the UCS pit will support the pushback design. The pushback is estimated to total 8.5 million tonnes of waste removal.
During Q1 2022, 4,912 metres were drilled completing the 11,000-metre infill drilling program to support technical studies for the URN underground project. Final assays are being received and will be reported this quarter. Final results are also being received for more than 700 line-kilometres of multi-element soil geochemistry sampling carried out in 2021. This geochemical database will be interpreted to define and prioritize targets for follow-up and drilling in the second half of 2022.
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(in thousands, except per oz, per share and exchange rate figures) | | Q1 2022 | | | Q1 2021 | | | Q4 2021 | |
Revenue | $ | 33,431 | | $ | 52,570 | | $ | 42,660 | |
Mine operating earnings before non-cash items1 | $ | 2,347 | | $ | 19,926 | | $ | 2,996 | |
Mine operating earnings (loss) | $ | (3,371) | | $ | 11,029 | | $ | (4,160) | |
Net income (loss) | $ | (8,885) | | $ | (331) | | $ | (13,805) | |
EBITDA1 | $ | (1,176) | | $ | 10,349 | | $ | (5,221) | |
Cash flow from operating activities | $ | (8,618) | | $ | 2,328 | | $ | (1,561) | |
Cash and cash equivalents at end of period | $ | 33,374 | | $ | 45,464 | | $ | 47,692 | |
Borrowings at end of period | $ | 52,709 | | $ | 27,638 | | $ | 48,943 | |
Net working capital at end of period | $ | (18,149) | | $ | 25,256 | | $ | 203 | |
Earnings (loss) per share – basic and diluted | $ | (0.02) | | $ | (0.00) | | $ | (0.03) | |
Average realized gold price per oz2 | $ | 1,885 | | $ | 1,755 | | $ | 1,785 | |
Average realized silver price per oz2 | $ | 24.10 | | $ Werbung Mehr Nachrichten zur Great Panther Mining Aktie kostenlos abonnieren
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