Great Panther reports 41% gold equivalent production decline in Q1, says on track to meet annual guidance
(Kitco News) - Great Panther Mining (TSX: GPR) today announced consolidated Q1 2022 metal production of 17,913 gold equivalent ounces (14,319 gold ounces and 173,698 silver ounces), which is 41% lower than Q1 2021.
The company said that at Tucano - in line with expectations - production decreased 39% in Q1 2022 when compared to the first quarter of 2021 to 14,037 Au oz, primarily attributed to ongoing stripping of the TAP AB, TAP C and Urucum North pits, which resulted in low ore production triggering higher consumption of the low-grade stockpiles.
The company added that rain levels recorded in March and during the first quarter were 65% and 32% higher, respectively, compared to historical averages, which had a negative impact on mine development.
Silver equivalent production at Topia in Q1 2022 was 290,694 Ag eq oz compared with 363,318 Ag eq oz in Q1 2021, a decrease of 20% primarily due to lower tonnes milled in the absence of stockpiles, and lower gold and silver grades, the company said.
Importantly, Great Panther noted that it remains on track to return to a normalized rate of production in the second half of the year and that the company's operations are on track to meet previously announced consolidated production guidance for 2022 of 100,000 to 119,000 Au eq oz.
Great Panther owns a diversified portfolio of assets in Brazil, Mexico and Peru that includes three gold and silver mines, an advanced development project and a large land package with district-scale potential.
|Wesdome reports gold production up 14% in Q1, expects commercial production at Kiena by mid-year|