Great Panther Maintains Guidance
Great Panther Mining (NYSE:GPL) expects to produce between 171,500 to 185,000 gold-equivalent ounces in 2019, the company said in its 2Q released today after markets closed.
Great Panther, which has three producing mines in Mexico and one in Brazil, ran its first full quarter with Tucano Gold Mine operations in its fold. Tucano was acquired in March 2019, and the expansion boosted revenue to $45.28 million.
"Tucano achieved our production guidance for the second quarter and drove a 165% increase in revenue and a 187% increase in mine operating earnings before non-cash items over the second quarter of last year," stated James Bannantine, president and CEO.
The company is generating more cash. Great Panther said operating cash flow was $1.6 million ($0.01 per share) in the second quarter of 2019, compared to negative $0.5 million ($0.00 per share) in the second quarter of 2018.
"The improvement largely reflects an increase in mine operating earnings before non-cash items of $7.7 million and an increase in net realized foreign exchange gains of $1.4 million," said Great Panther.
Great Panther is trading at 87 cents. Its 52-week range is 54 cents to $1.19.