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Great Panther reports production decline in Q2, resumes mining at Tucano's UCS pit

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(Kitco News) - Great Panther Mining (TSX: GPR), a growing gold and silver producer focused on the Americas, reported today that the company produced 27,722 gold equivalent ounces in Q2 2021, a 28% decline compared to Q2 2020 (38,541 ounces). Additionally, the company said that mining of ore has recommenced in the Urucum Central South open pit of the company's Tucano mine in Brazil.

According to the company’s statement, Tucano produced 20,696 Au oz in Q2 2021, a decrease of 42% compared to the second quarter of 2020, primarily due to the stoppage in ore production from the Urucum Central South pit and therefore feeding the plant lower grades from stockpiles and Urucum North.

Silver equivalent production at the Topia mine in Mexico in Q2 2021 was 312,259 Ag eq oz compared with 146,128 Ag eq oz in Q2 2020, an increase of 114%. Silver equivalent production at the Guanajuato mine complex in Mexico in Q2 2021 was 284,883 Ag eq oz compared with 134,703 Aq eq oz, an increase of 111% over Q2 2020 as a result of higher throughput and recovery rates for both gold and silver.

"I am pleased to report that mining of ore has resumed ahead of schedule in the Urucum Central South pit as the conditions affecting the stability of the west wall have improved significantly," stated president and CEO Robert Henderson. "Although the delay in safely accessing ore from UCS resulted in low production for the second quarter, production has begun ramping up in July and the higher grade ore not mined in the second quarter will be mined in upcoming quarters."

The company said its operations are on track to meet previously announced consolidated production guidance for 2021 of 125,000 to 140,000 Au eq oz. Approximately 60% of annual guidance is expected in the second half of the year.

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, including three operating gold and silver mines, four exploration projects, and an advanced development project.

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