(Great Panther, 2.Mar.2022) — Great Panther Mining Limited (TSX:GPR) (NYSE-A:GPL) announces consolidated financial results for the year ended 31 December 2021 (“FY 2021”), from its three wholly-owned mines: the Tucano Gold Mine in Brazil, and Topia and the Guanajuato Mine Complex (“the GMC”) in Mexico, both primarily silver mines.
“The team at Great Panther has worked incredibly hard to overcome the challenges of last year, and we are now positioned to execute the plan to return Tucano to steady-state production in 2022,” stated Alan Hair, Great Panther’s Chair and Interim CEO. “Last year saw a record exploration budget, particularly at Tucano, successfully defining near-mine and underground resources that will enable us to accelerate development of a new underground mine in 2022. Health and safety initiatives remained our top priority against the backdrop of the ongoing global pandemic and we took measures to preserve liquidity while safeguarding future production. This year we will invest further into our land package in Brazil and remain focused on our mandate for sustainable growth through results-driven exploration programs to replace resources, extend mine life and make new discoveries.”
Selected Q4 2021 Highlights
- Metal production of 24,284 Au eq oz, inclusive of 20,850 gold ounces (“Au oz”) and 227,084 silver ounces (“Ag oz”)
- All-in-sustaining-costs (“AISC”)1, excluding corporate G&A, of $2,216 per gold ounce sold compared with $1,248 for the same period in 2020
- Revenue of $42.7mn, a 38% decrease when compared with the same period in 2020
- Mine operating loss of $4.2mn compared with mine operating earnings of $22.1mn in Q4 2020
- Net loss of $13.8mn compared with net income of $13.6mn in Q4 2020
- EBITDA1 of negative $5.2mn compared with EBITDA of $27.2mn for Q4 2020
- Placed the GMC on care and maintenance (Guanajuato and Cata processing plant in November 2021 and the San Ignacio mine in early January 2022) while awaiting permits to extend the tailings facility or find other alternatives to maximize the value of GMC.
Selected FY 2021 Highlights
- Secured $25mn in new credit facilities with Asahi Refining Canada Ltd. and Samsung C&T U.K. Ltd., re-established $25mn At-The-Market (“ATM”) equity facility and closed bought deal financing with gross proceeds of $23mn
- Secured new mining contractor in Brazil to work in parallel with the existing contractor and improve overall mine performance
- Strengthened management team with appointment of new Chief Financial Officer and Chief Operating Officer and refreshed Board of Directors
- Consolidated metal production of 105,006 Au eq oz, inclusive of 87,054 gold ounces (“Au oz”) and 1,201,822 silver ounces (“Ag oz”)
- Consolidated all-in-sustaining-costs (“AISC”)1, excluding corporate G&A, of $2,029 per gold ounce sold compared with $1,228 for the same period in 2020
- Revenue of $185.7mn, a 29% decrease when compared with the same period in 2020
- Mine operating loss of $0.9mn compared with mine operating earnings of $83.9 million in 2020
- Net loss of $42.2mn compared with net income of $0.3mn in 2020
- EBITDA1 of negative $5.8mn compared with EBITDA of $51.1mn for 2020
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