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Great Panther still a roaring buy, says Rodman & Renshaw

Rodman & Renshaw rates Great Panther a buy after third quarter results

Guanajuato-silver-pour.jpg
Hot metal at Guanajuato

Rodman & Renshaw has set a C$1.10 target for Great Panther Silver (CVE:GPL), following third quarter financial results which showed the company still turning a profit in spite of the tough market.

The broker highlighted that Great Panther continues to produce silver at an all-in sustaining cost of US$13.08 per ounce, which is lower than the current spot price of US$15.00.

Having said that, the expectation is that costs will rise slightly in the fourth quarter as a result of planned capital expenditures and development work.

With C$18.7mln in cash on the balance sheet, Great Panther continues to look well-insulated in the current weak precious metals market.

What’s more, the ramp up continues at the new development at San Ignacio, part of Great Panther’s long-standing Guanajuato mine complex.

San Ignacio now accounts for over half the silver equivalent ounces now produced by Guanjuato, helped along by strong gold grades.

With costs for next year forecast to drop back to US$13.00 per ounce, Rodman & Renshaw argues that the company “remains well positioned to continue advancing its projects despite lower metals prices.”

Quick facts: Great Panther Mining Limited

Price: 0.59 CAD

TSX:GPR
Market: TSX
Market Cap: $183.71 m
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