PR Newswire
VANCOUVER, BC, Nov. 3, 2021
Accelerating Tucano high-grade underground project; mining refocused on three other pits as UCS pushback postponed to mid-2022
(All dollar amounts expressed in US dollars unless otherwise noted)
TSX: GPR | NYSE American: GPL
VANCOUVER, BC, Nov. 3, 2021 /PRNewswire/ - Great Panther Mining Limited (TSX: GPR) (NYSEA: GPL) ("Great Panther" or the "Company"), a growing gold and silver producer focused on the Americas, announces unaudited consolidated financial results for the three months ended September 30, 2021, 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.
"The third quarter was challenging operationally, with lower than planned production, which led to greater than anticipated unit costs," stated Rob Henderson, President & CEO of Great Panther. "We expect Q4 to be another challenging quarter due to the previously reported temporary suspension of mining in the UCS pit and incremental pushback requirements. Limited mining of ore was authorized by the geotechnical committee to continue in the southern portion of the pit. In order to ensure safe working conditions, we intend to ramp down mining in UCS at the end of the year and resume the pushback in mid-2022 when seasonally drier conditions are expected. We will focus mining activities for the first half of 2022 on TAP AB, Tap C and Urucum North. Resequencing plans also include accelerating our decision to develop the high-grade underground mine at the Urucum North deposit."
Mr. Henderson added, "We expect to navigate through these challenging times in order to realize the full potential of the Tucano mine while optimizing and improving operations as we head into 2022. To that end, strong exploration results achieved during the third quarter demonstrate the prospectivity of our portfolio and extensive land package and are contributing to our objective of extending mine life both from the open pits and underground. We remain committed to the Company's growth through extensive exploration in 2022 as well as actively pursuing accretive acquisition opportunities in South America."
Selected Third Quarter 2021 Highlights
Financial Highlights
| | | | | ||||
(in thousands, except per oz, per share and exchange rate figures) | Q3 2021 | Q3 2020 | Nine months | Nine months | ||||
Revenue | $ | 38,351 | $ | 77,019 | $ | 143,018 | $ | 192,097 |
Mine operating earnings before non-cash items1 | $ | (377) | $ | 42,071 | $ | 26,798 | $ | 92,075 |
Mine operating earnings (loss) | $ | (7,113) | $ | 31,892 | $ | 3,278 | $ | 61,723 |
Net income (loss) | $ | (18,047) | $ | 18,635 | $ | (28,435) | $ | (13,277) |
Adjusted net income (loss)1 | $ | (17,026) | $ | 21,059 | $ | (24,804) | $ | 34,245 |
Adjusted EBITDA1 | $ | (8,827) | $ | 34,934 | $ | 3,094 | $ | 71,507 |
Free cash-flow1 | $ | (14,370) | $ | 10,984 | $ | (33,015) | $ | 17,884 |
Cash flow from operating activities | $ | (7,958) | $ | 19,661 | $ | 875 | $ | 50,917 |
Cash and cash equivalents at end of period | $ | 35,856 | $ | 66,648 | $ | 35,856 | $ | 66,648 |
Borrowings at end of period | $ | 44,075 | $ Werbung Mehr Nachrichten zur Great Panther Mining Aktie kostenlos abonnieren
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