Loading ...Great Panther Reports First Quarter 2020 Financial Results
PR Newswire
VANCOUVER, May 7, 2020
(All dollar amounts expressed in US dollars unless otherwise noted)
NYSE American: GPL | TSX: GPR
VANCOUVER, May 7, 2020 /PRNewswire/ – Great Panther Mining Limited (TSX:GPR; NYSE-A:GPL) (“Great Panther” or “the Company”) reports consolidated financial results for the first quarter (“Q1”) of 2020 reflecting the operations of its three wholly owned mines: the Tucano Gold Mine (“Tucano”) in Brazil, and the Topia Mine (“Topia”) and Guanajuato Mine Complex (the “GMC”) in Mexico. The Company will host a conference call and live webcast to discuss the results at 7.30am PDT/10.30am EDT on May 8, 2020. Dial-in and login details are provided at the end of this news release.
Q1 2020 Financial and Operating Highlights
— Revenue of $48.1 million, representing a 188% growth over Q1 2019;
— Mine operating earnings before non-cash items1 of $14.2 million ($0.05
per share);
— Adjusted EBITDA1 of $6.4 million;
— Cash flow from operating activities of $11.8 million ($0.04 per share);
— Production of 34,725 gold equivalent ounces (“Au eq oz”);
— Cash costs of $1,045 per payable gold ounce1; and,
— Cash and cash equivalents at March 31, 2020 of $38.8 million.
“We delivered significant growth in revenue, mine operating earnings and operating cash flow in the first quarter of 2020 as a result of the acquisition of Tucano last year. The team achieved a significant advance in stripping at Tucano completing a 36% increase in waste movement over the prior quarter which is strongly supportive of our guidance for 2020 and positions us well for 2021,” stated Rob Henderson, President and CEO. “In addition, we launched a $6.6 million, 55,000 metre exploration drill program at Tucano focused on the addition of new near-mine mineralized zones and extension of the mine life.”
“While our Mexican operations are temporarily suspended due to federal COVID-19 restrictions, Tucano in Brazil has not been impacted by any government restrictions and we continue to proactively and collaboratively work with authorities to ensure we have the appropriate protocols and safeguards to manage the risks of COVID-19 for our employees and communities.”
1 The Company has included the non-GAAP performance measures cost per tonne
milled, cash cost per gold ounce sold, cash cost per payable silver ounce,
AISC per gold ounce sold excluding corporate G&A expenditures, AISC per
gold ounce sold, AISC per payable silver ounce, mine operating earnings
before non-cash items, cost of sales before non-cash items, adjusted
EBITDA, adjusted net loss and adjusted net loss per share throughout this
document. 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.
https://www.wsj.com/articles/PR-CO-20200508-900132