Make Kitco Your Homepage

Great Panther reports Q1 2021 production decline, on track to meet annual guidance

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Great Panther Mining (TSX: GPR) (NYSE: GPL), a growing gold and silver producer focused on the Americas, today announced production results for Q1 2021 from its three wholly-owned mines: Tucano in Brazil, and Topia and the Guanajuato Mine Complex ("GMC") in Mexico.

The company’s Q1 2021 consolidated metal production was 30,556 gold equivalent ounces (inclusive of 24,978 gold ounces and 360,070 silver ounces), a 12% decline compared to Q1 2020 (34,725 ounces).

Tucano produced 22,996 Au oz in Q1 2021, a decrease of 12% compared to the first quarter of 2020, primarily due to lower ore production in the mine and reduced process plant availability and lower grades. Towards the end of Q1 2021, Tucano experienced disruption in its purchased oxygen supply with scheduled deliveries shipped to Brazil's hospitals to meet increased demand as a result of COVID-19.

Silver equivalent production in Q1 2021 from Topia was 363,318 Ag eq oz compared with 376,303 Ag eq oz for the same period in 2020 and 179,657 Ag eq oz in Q4 2020.

Silver equivalent production at the GMC in Q1 2021 was 279,306 Ag eq oz, an increase of 4% over Q4 2020 as a result of higher grades and recovery rates for both gold and silver. Silver equivalent production was 29% lower than in Q1 2020 due primarily to workforce shortages related to COVID-19.

The company said that its operations are on track to meet previously announced consolidated production guidance for 2021 of 135,000 to 150,000 Au eq oz. The mine plan for Tucano reflects higher stripping and lower production levels in the first half of 2021 with approximately 55% of annual guidance expected in the second half of the year.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.