Great Panther achieves record financial results on strong operating performance
(Kitco News) - Great Panther Mining (TSX: GPR) (NYSE-A: GPL) today reported that the company achieved annual production guidance and increased overall gold equivalent production to 150,051 oz in 2020, up 2% compared to 2019 (146,853 oz).
The company posted record mine operating earnings of $83.9 million for 2020, representing an increase of $77 million. After accounting for G&A and exploration, evaluation and development expenditures, operating earnings for 2020 were $57.0 million. Net earnings were break-even after accounting for interest and financing charges and foreign exchange and derivative losses.
Great Panther added that the company achieved record adjusted EBITDA of $98.0 million ($0.28 per share) and record cash flow from operating activities of $68.9 million ($0.20 per share).
In 2021, the company expects that consolidated gold equivalent production from the Tucano, Topia and GMC mines to be 135,000 to 150,000 Au eq oz, with the second half of 2021 expected to account for a least 55% of the annual production guidance.
Great Panther is a growing gold and silver producer focused on the Americas. The company owns a diversified portfolio of assets in Brazil, Mexico and Peru that includes three operating gold and silver mines, four exploration projects, and an advanced development project.