Great Panther Mining Limited (TSX:GPR, NYSE:GPL) has revealed its latest quarterly results that saw the precious metals miner generate US$42.7 million in revenue from 24,284 gold equivalent ounces from its mines in Brazil and Mexico.
The 4Q 2021 figures are a decrease from the same period a year ago, a fact that Great Panther had already revealed to shareholders as it invests heavily in its Tucano mine to build back steady-state production in the second half of 2022.
"The team at Great Panther has worked incredibly hard to overcome the challenges of last year, and we are now positioned to execute the plan to return Tucano to steady-state production in 2022," interim CEO Alan Hair said in a statement.
READ: Great Panther Mining guides for production of between 100,000 and 119,000 gold-equivalent ounces in 2022
He added: "Last year saw a record exploration budget, particularly at Tucano, successfully defining near-mine and underground resources that will enable us to accelerate development of a new underground mine in 2022. Health and safety initiatives remained our top priority against the backdrop of the ongoing global pandemic and we took measures to preserve liquidity while safeguarding future production.”
Great Panther reported a net loss of $13.8 million compared with net income of $13.6 million in 4Q 2020.
For the full fiscal 2021 year, Great Panther reported total metal production of 105,006 gold equivalent ounces for US$185.7 million in revenue, and a net loss of $42.2 million.
2022 outlook
Great Panther said it is setting its guidance between 100,000 and 119,000 gold-equivalent ounces for 2022 as it continues its bid to unlock value from across its three mines.
The company has budgeted $6 million for exploration in 2022, which will focus on exploring the company's district-scale land package in Brazil, the majority of which will come in the second half of 2022. Total capital expenditures are budgeted at $22 million in 2022, including around $9 million for underground mine development - also concentrated in the second half.
“This year we will invest further into our land package in Brazil and remain focused on our mandate for sustainable growth through results-driven exploration programs to replace resources, extend mine life and make new discoveries,” Hair told investors.
The Guanajuato mine and the Cata processing plant of the Guanajuato Mine Complex (GMC) were placed on care and maintenance in November 2021 while Great Panther awaits the permits from CONAGUA necessary to extend the tailings dam.
Contact Angela at angela@proactiveinvestors.com
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