|Over a week ago|
Great Panther Silver reports fatal accident at Mexico's Guanajuato Mine » 19:3805/1405/14/20
Great Panther Mining is…
Great Panther Mining is saddened to report a fatality has occurred at its Guanajuato Mine Complex in Mexico. The accident occurred today at approximately 9.30am CDT. The deceased, age 29, was a contract electrician at GMC. The accident involved a single motor vehicle travelling down a decline during care and maintenance activities. Another Great Panther contractor in the same vehicle was injured in the accident and has been transported to a local hospital, where he is in stable condition.
Great Panther Silver announces $10M bought deal financing » 17:2905/1305/13/20
Great Panther Mining…
Great Panther Mining Limited announced it has entered into an agreement with Cantor Fitzgerald Canada Corporation and BMO Nesbitt Burns, as co-lead underwriters and joint book-runners, on behalf of themselves and a syndicate of underwriters, including H.C. Wainwright as lead manager, and Roth Capital Partners as manage under which the underwriters have agreed to purchase, on a bought deal basis, 25M common shares of the company at the price of 40c per offered share for aggregate gross proceeds of $10M. Great Panther intends to use the net proceeds of the offering for near mine and regional exploration programs at the Tucano Gold Mine and improvement of the company's working capital balances and general corporate purposes.
Great Panther Silver downgraded to Market Perform from Outperform at Noble Capital » 08:5405/1105/11/20
Noble Capital analyst…
Noble Capital analyst Mark Reichman downgraded Great Panther Silver to Market Perform from Outperform.
Great Panther Silver reports Q1 EPS (13c), consensus 0c » 05:2505/0805/08/20
Reports Q1 revenue…
Reports Q1 revenue $48.1M, may not compare to consensus $16.99M. Reports Q1 production of 34,725 gold equivalent ounces. Revenue for Q1 was $48.1M, an increase of 188% over Q1 2019, reflecting primarily the acquisition of Tucano. Tucano accounted for $38M of revenue for Q1. Higher sales volume from the Mexican operations and higher realized gold and silver prices also contributed to the increase in revenue. "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 $6.6M, 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."
|Over a month ago|
Great Panther Silver provides update on suspension of Mexican operations » 08:0204/2404/24/20
Great Panther reports…
Great Panther reports that the Mexican federal government has ordered an extension of the suspension of non-essential activities in Mexico until May 30 in response to COVID-19. The directive provides for a potential re-start of operations following May 18 for operations located in municipalities exhibiting low, or no, cases of COVID-19. The company will evaluate and seek the opportunity to qualify for the noted exemption. Monthly production from Great Panther's Mexican operations accounts for approximately 2% of annual consolidated production on a gold equivalent ounce basis.
Great Panther Silver names Rob Henderson as CEO » 08:0504/2104/21/20
Rob Henderson has been…
Rob Henderson has been appointed President and CEO effective April 21. Henderson is a professional engineer and seasoned mining executive with 35 years of experience in operations, capital projects, and mining finance. Most recently, Henderson was President and CEO of Amerigo Resources, a copper producer with assets in Chile. Board Chair and Interim President and CEO Jeffrey Mason has stepped down from both roles and has resigned from the Board of Directors; however, he will continue to provide consulting services to the company to ensure a smooth transition of the executive duties to Henderson. Mason has served for the last six years as a Director on, or advisor to, the Board and has been Chair since July 2019.
Great Panther Silver reports Q1 production of 34,725 gold equivalent ounces » 08:2004/0904/09/20
Great Panther Silver…
Great Panther Silver reported Q1 production results for its Tucano Gold Mine in Brazil, and two Mexican mining operations: the Topia Mine and the Guanajuato Mine Complex, which includes the San Ignacio and Guanajuato mines. In Q1, the company more than doubled consolidated gold equivalent production to 34,725 gold equivalent ounces in Q1, including 28,940 ounces of gold and 374,917 ounces of silver, a 134% increase compared to 1Q19, driven by a full 2020 quarter of Tucano mine production and operational improvements; increased production in a seasonally lower quarter at Tucano: produced 26,000 ounces of gold, a 12% increase relative to Tucano's 1Q19 benefitting from higher plant throughput as well as improved gold recoveries and in line with guidance contemplating increasing production through 2020; achieved a 47% increase in material mined at Tucano vs. 1Q19. Geotechnical drilling and studies will be initiated at Tucano by May with targeted recovery of nearly 90,000 ounces from UCS in 2021. At the GMC, production of 393,000 silver equivalent ounces resulted in an 11% increase vs. 1Q1. A temporary four-week suspension of operations, until April 30, 2020, was implemented in Mexico in compliance with the federal government's directive in response to COVID-19. Production for the affected Mexican operations during the four-week period is estimated at about 2% of annual consolidated gold equivalent production. The company raised $14M of additional non-dilutive capital from Samsung and Banco Bradesco in Brazil in Q1, for a cash position of $37M at December 31, 2019. There are no confirmed or suspected cases of COVID-19 across the company's global mining operations, projects, and corporate offices. The company continues to evaluate the timeline and conditions for a potential re-start of the Coricancha Mine, which is not material to the company's operations.
Great Panther says operating mines in Mexico, Brazil not yet impacted by virus » 14:1703/2003/20/20
Great Panther Mining…
Great Panther Mining announces that it has been closely monitoring the latest developments of the novel coronavirus, or COVID-19, through the World Health Organization, the Public Health Agency of Canada and local and national health authorities in the countries in which it operates. "All operations and offices have implemented travel restrictions, supervision, monitoring and response plans to reduce the risk of COVID-19 exposure and outbreak. International travel has been suspended until further notice and health screening of any local contractors, visitors and employees has been implemented when appropriate. Additionally, operations continually assess the latest developments locally and have limited external visitors to only those who are business critical following detailed protocols. The Company is also maintaining regular communications with its suppliers, customers and business partners to monitor any potential risks to its ongoing operations and to ensure timely and reasonable precautionary action. To date, these measures have not impacted the Company's operating mines in Mexico and Brazil and there are no confirmed or suspected cases of COVID-19 across the Company's corporate offices and mining operations. The Coricancha Mine in Peru has been on care and maintenance with some limited mining and processing campaigns to evaluate a restart of operations. In accordance with government-mandated restrictions in response to COVID-19, the Coricancha Mine personnel will conduct exclusively care and maintenance activities to sustain the appropriate safety and environmental systems during the 15-day National State of Emergency announced on March 16, 2020. The Coricancha Mine is not material to the Company's operations. The Company will continue to assess the effectiveness of business continuity measures implemented to minimize and mitigate any potential impact of the pandemic or restrictions imposed by local governments that may occur on its operations, supply chain, commercial and financial activities," the company said.
|Over a quarter ago|
Great Panther Silver provides 2020 exploration plans for Tucano Gold Mine » 08:3702/0602/06/20
Great Panther provided an…
Great Panther provided an exploration update for its wholly owned Tucano Gold Mine in Brazil. Great Panther acquired the mine in March 2019 and conducted 17,400 meters of exploration drilling through the balance of 2019. Exploration is divided into "near-mine" and "regional" categories, with a total of $6.6M, or 55,000 meters, budgeted for 2020. Interim CEO Jeffrey Mason stated, "We have identified near-mine targets that could lead to the development of new mineralized zones, and we are prioritizing prospects for new discoveries farther afield. In addition, with the current gold price well above the prices used in the historic pit shell designs, we are analyzing opportunities to expand the existing pits." The 2020 near mine exploration program will consist of 10,000 meters of reverse circulation and 18,000 meters of diamond core drilling. The four TAP AB pits are entirely in oxide ore and are considered to have expansion potential. A combined 9,000 metres of RC and DD is planned for 2020 to better define these zones. Great Panther holds approximately 2,350km2 in various stages of licensing covering a largely unexplored greenstone belt in the Guyana Shield. Approximately 27,000 drilling meters are planned for regional exploration in 2020, including 18,000 metres of RAB and 9,000 metres of Auger drilling.
Great Panther Silver receives $11.25M gold dore prepayment from Samsung » 08:3902/0402/04/20
Great Panther Silver…
Great Panther Silver announces that it has fulfilled all conditions precedent in the gold dore prepayment agreement with Samsung C&T U.K. that was previously announced on January 6 and received the $11.25M prepayment on February 3. Concurrent with strengthening its liquidity through $21M in new capital from the IXM Group and Samsung, Great Panther has taken the additional step to protect margins from gold price fluctuations by establishing a limited gold floor price through the purchase of financial put options. In addition, the Company has established a forward purchase position in the Brazilian real taking advantage of recent weakness that saw the BRL reach historic lows to the US dollar. Great Panther has purchased put options on 45,000 gold ounces that mature from March through to the end of June at an average cost of $9.33 per ounce of gold. The options ensure a minimum sale price of $1,500 per ounce of gold for the majority of the Tucano Mine's production during the noted timeframe, without limiting any upside from rising gold prices.