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Great Panther produces 20,187 gold equivalent ounces in second quarter

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(Kitco News) - Great Panther Mining (TSX: GPR) announced Thursday that in Q2 2022, the company produced 20,187 gold equivalent ounces from its two operating mines in Brazil and Mexico, down 27% compared to Q2 2021 (27,722 ounces) and up 13% compared to Q1 2022 (17,913 ounces).

The company noted that its Q2 2022 consolidated metal production of 20,187 gold equivalent ounces consists of 16,889 gold ounces and 159,529 silver ounces.

Great Panther said that its operations are on track to meet previously announced consolidated production guidance for 2022 of 100,000 to 119,000 Au eq oz, adding that full-year guidance is subject to the sale of the Mexican silver assets and will be revisited once the transaction is complete.

Importantly, the company pointed out that the mine plan for Tucano reflects more stripping in the first half of 2022 with the second half of 2022 expected to account for at least 65% of annual gold production guidance.

At Tucano, total mined tonnage in Q2 2022 increased by 76% compared to Q1 2022 and 36% compared to Q2 2021 due to having two mining contractors, U&M and MINAX, operating in parallel throughout different pits. Mined ore tonnage and gold grades during the second quarter were higher compared to the first quarter of 2022, Great Panther said.

"The second quarter was transformational for Great Panther with the announcement of the agreement to sell our Mexican assets," stated Chair and Interim CEO Alan Hair. "Divesting these assets allows us to channel our resources towards the Tucano gold mine where we believe the most value can be created for investors and other stakeholders."

Great Panther is a precious metals producer focused on the Americas. The company owns a 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.

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