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Great Panther Reports Second Quarter 2022 Financial Results
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PR Newswire
VANCOUVER, BC, Aug. 3, 2022
Production for 2022 expected to be within guidance range with steady state at Tucano to be achieved in Q4; inflationary pressures and necessary capital expenditures contributing to adjusted cost guidance
(All dollar amounts expressed in US dollars unless otherwise noted)
TSX: GPR | NYSE American: GPL
VANCOUVER, BC, Aug. 3, 2022 /PRNewswire/ - Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company") announces consolidated financial results for the three months ended June 30, 2022, from the Tucano Gold Mine ("Tucano") in Brazil and the Topia mine in Mexico.
"Inflationary pressures and the necessary acceleration of certain capital programs affected our financial results this quarter, however as previously guided we continue to expect improvements in the coming quarters as we return to a normalized rate of production in the second half," stated Alan Hair, Chair and Interim CEO. "We expect the ramp up to steady-state production to continue through the third quarter and regular run rate to be achieved by the fourth quarter. From a cost perspective, we have had to adjust our guidance for the year, given the aforementioned factors, and are adapting our plans for capital expenditures to preserve capital where possible while focusing our efforts on improving operations and efficiencies at Tucano."
Selected Q2 2022 Financial Highlights from Continuing Operations1
- Gold production of 16,629 ounces compared with 20,696 ounces in the second quarter of 2021 ("Q2 2021")
- Cash costs of $1,575 per gold ounce sold compared with $1,617 in Q2 2021
- All-in-sustaining-costs ("AISC")2, excluding corporate G&A, of $3,080 per gold ounce sold compared with $2,214 for the same period in 2021
- Revenue of $30.0 million compared with $39.0 million in the same period in 2021
- Mine operating income of $0.1 million compared with a loss of $2.7 million in Q2 2021
- EBITDA2 of negative $5.0 million compared with EBITDA of negative $0.9 million for Q2 2021
- Net loss of $12.1 million compared with net loss of $8.7 million in Q2 2021
| ________________________ | |
| 1 | On June 29, 2022, Great Panther announced an agreement to sell 100% of the Company's Mexican subsidiary Minera Mexicana El Rosario S.A. de C.V. ("MMR"), which holds the Guanajuato Mine Complex (the "GMC"), the Topia mine, and the El Horcón and Santa Rosa projects, all located in Mexico. The transaction is expected to close in 2022. In accordance with IFRS 5, all results associated with MMR and its operation have been classified as Assets Held for Sale. |
|
| 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. 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. |
Selected Q2 2022 Non-Financial Highlights
- Reported updated mineral reserve and mineral estimate for Tucano that demonstrated replacement of 2021 mining depletion and an increase of 1.5 years to the open pit mine life
- Completed a resource conversion drill program for the Urucum North ("URN") underground project and commenced an updated resource estimate, engineering and metallurgical studies, as well as permitting with the State Environmental Agency, SEMA
- Announced an agreement to sell the Guanajuato Mine Complex and Topia mine in Mexico completing the pivot to gold and refining the Company's focus on gold in Brazil
- Continued regional target definition, validation and prioritization for a regional drill program at Tucano, which is expected to begin in the third quarter
Financial Highlights
| (in thousands, except per oz, per share and exchange rate figures) | Q2 2022 | Q2 2021 | Six months | Six months |
| Continuing Operations | | | | |
| Revenue | $ 30,022 | $ 39,043 | $ 57,194 | $ 79,566 |
| Mine operating earnings before non-cash items1 | $ 4,674 | $ 4,254 | $ 5,642 | $ 22,088 |
| Mine operating earnings income (loss) | $ 82 | $ (2,656) | $ (2,941) | $ 7,234 |
| EBITDA1 | $ (5,029) | $ (893) | $ (4,471) | $ 8,886 |
| Net loss | $ (12,052) | $ (8,707) | $ (16,979) | $ (8,504) |
| Loss per share – basic and diluted | $ (0.26) | $ (0.24) | $ (0.46) | $ (0.29) |
| Cash flows from operating activities | $ 6,889 | $ 4,274 | $ (986) | $ 4,833 |
| Cash and cash equivalents at end of period | $ 21,058 | $ 35,229 | $ 21,058 | $ 35,229 |
| Borrowings at end of period | $ 43,389 | $ 26,317 | $ 43,389 | $ 26,317 |
| Net working capital at end of period | $ (39,726) | $ 9,773 | $ (39,726) | $ 9,773 |
| Average realized gold price per oz2 | $ 1,865 | $ 1,815 | $ 1,874 | $ 1,785 |
| Brazilian real (BRL)/USD | 4.93 | 5.30 | 5.05 | 5.38 |
| Discontinued Operations | | | | |
| Net loss | $ (276) | $ (1,350) | $ (4,234) | $ (1,884) |
| Cash flows from operating activities | $ 1,389 | $ 2,231 | $ 672 | $ 4,001 |
| | |
| _________________________________ | |
| 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. Refer to the Non-GAAP Measures section of the Company's MD&A for the period ending June 30,2022, 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. |
| 2 | Average realized gold and silver prices are prior to smelting and refining charges. |
Summary of Select Financial Results
For Q2 2022, the Company recorded a net loss of $12.3 million compared with a net loss of $10.1 million for Q2 2021. Lower metal sales volumes due to low production, offset partially by higher realized prices for gold, resulted in a decrease in revenue to $30.0 million from $39.0 million for Q2 2021. Mine operating income for Q2 2022 was $0.1 million compared with a mine operating loss of $2.7 million for Q2 2021.
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