Great Panther Mining Limited (TSE:GPR)

Great Panther Mining Limited (TSE:GPR)


Share Price
$ 1.19
Change
-0.04 (-3.25 %)
Market Cap
$337.55 m
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Great Panther Mining Limited

Great Panther Mining Limited is a primary silver mining exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL. Great Panthers current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico: the Guanajuato Mine Complex and the Topia Mine. The Company is also...

EPIC: GPR
Market: TSX:GPR
NYSEMKT:GPL
52-week High/Low: C$1.58 / C$0.71
Sector: Precious Metals - Gold & Silver
Market Cap: $337.55 m
Website: www.greatpanther.com
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Big Picture – A Deep Dive Examination of Great Panther Mining Limited


Great Panther Mining Limited Snapshot

OUTLOOK 2017

For 2017, the Company expects a production level of 4.0 to 4.1 million Ag eq oz (at a 70:1 ratio) from its Mexico operations. An updated NI 43-101 resource estimate for the GMC will be released later this month, however, due to necessary cut-off dates, recent high grade drill results will not be included in this estimate. Commissioning of the new tailings storage facility at Topia and resumption of milling is expected in the first quarter, with the gradual processing of ore stockpiled during the shutdown to be conducted through the balance of the year.

Completion of the recently announced acquisition of the Coricancha Mine in Peru is anticipated to take place before the end of the first quarter. Initial activities will include evaluations of current mine and processing infrastructure, underground drilling, and initiation of a Preliminary Economic Assessment. Depending on the outcome of the latter, development in support of operations is expected to commence in early- to mid-2018. A resource update is also scheduled for the second quarter 2017.

For the reported periods of 2016, the Company delivered reductions in cash cost and All-In Sustaining Costs ("AISC") of 60% and 31% respectively. For 2017, the Company expects cash cost to increase due to increases in site costs and increased expenditures on definition drilling aimed at reducing grade variability and improving mine planning. AISC is also expected to increase due to the increase in cash cost and greater investment in drilling, development and capital projects. In particular, AISC will reflect the non-recurring capital expenditures in the new tailings facility at Topia which will primarily be incurred in the first quarter of 2017. Based on current plans and projections, the Company's cash cost and AISC guidance for 2017 is US$5.00 – 6.00 and US$14.00 – 16.00, respectively.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, P. Eng., who is the Qualified Person (QP) for the Guanajuato Mine Complex and the Topia Mine under the meaning of NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, Chief Operating Officer for Great Panther.

 

 

GUANAJUATO MINE COMPLEX

The Guanajuato Mine Complex is Great Panther Silver's flagship operation. The property consists of 32 claims, totalling 2,621 hectares. The concessions are 100% owned by Great Panther's Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. The main claim block covers 4.2 km of the highly significant Veta Madre vein structure and is located on the Central Plateau of Mexico in the State of Guanajuato. The City of Guanajuato, where the mines are located, is 380 km by road northwest of Mexico City and is serviced by an international airport near the city of Leon.

 

SAN IGNACIO MINE

The San Ignacio Mine covers approximately four kilometres of strike length on the La Luz vein system, which is parallel to, and five kilometres west of the principal Veta Madre structure that hosts Great Panther Silver's Guanajuato Mine Complex. Great Panther holds a 100% interest in the Property through its wholly owned Mexican subsidiary, Minera Mexicana El Rosario, S.A.de C.V.

TOPIA MINE

The Topia Silver-Lead-Zinc property is located in the heart of the Topia Mining District in west-central Durango State, Mexico. The property is accessible by road from the city of Durango by traveling north for approximately 200 km on paved Highway 23, and west for 150 km on a paved and gravel road to the town of Topia. The town is presently served by daily small-aircraft flights to the city of Culiacán, which lies 100 km to the southwest. Topia is the principal centre for the area with schools, shops, a small hospital, and public telephone and internet access.

 

James M. Bannantine, PE, MBA
PRESIDENT & CHIEF EXECUTIVE OFFICER, DIRECTOR
Mr. Bannantine was appointed President and Chief Executive Officer of Great Panther in August 2017 and is a member of the Board of Directors. Mr. Bannantine is responsible for the development of the Company’s strategic direction as well as for its day to day operations. Mr. Bannantine has more than 20 years' experience in senior management level roles in both private and public companies spanning several industries.

Before joining Great Panther, Mr. Bannantine served as President and Chief Executive Officer of Aura Minerals Inc. and was the co-founder and Managing Partner of Atlantic Capital Group. Prior to Atlantic Capital Group, Mr. Bannantine had served as President and Chief Operating Officer of Broadwing Corporation and held several positions over ten years at Enron Corporation culminating as CEO of Enron South America.

Mr. Bannantine holds a Master of Business Administration from the Wharton School of the University of Pennsylvania and a Bachelor of Science, mechanical engineering concentration, from West Point. He is a licensed Professional Engineer, fluent in Spanish and Portuguese, and has served 12 years in the US Army Corps of Engineers.

Jim Zadra, CPA, CA, MBA
CHIEF FINANCIAL OFFICER
Mr. Zadra joined Great Panther in September 2011 and has responsibility for corporate finance, including financial reporting, planning & forecasting, taxation, and treasury. Mr. Zadra is a Chartered Accountant and has over 15 years of experience in senior corporate finance roles with significant experience in the areas of financial reporting, taxation, strategic planning, capital markets, M&A and corporate governance.

Prior to joining Great Panther, Mr. Zadra served over three years as Chief Financial Officer and Corporate Secretary of DDS Wireless International Inc. (DD: TSX). Prior to DDS he was Vice President of Finance, North America, at Sophos, (2003-2008) a leading global information technology security company with a offices in 19 countries. Mr. Zadra has also held senior roles at ActiveState Corporation, Canaccord Capital and Deloitte, and has served as a director for several venture stage public companies.

Mr. Zadra holds a Masters of Business Administration degree from Queen's University and a Bachelor of Commerce degree from University of British Columbia.

Brian Peer, B.A.Sc.
VICE PRESIDENT OPERATIONS, MEXICO
Mr. Peer was appointed Vice President of Operations, Mexico in August 2017 and has more than 30 years of mining experience including 19 years in senior management. Most recently, he was General Manager with Red Eagle Mining in Colombia, responsible for implementing new narrow vein mining methods. Previously, Mr. Peer held the position of Country Manager, Mexico for Alamos Gold, where he was responsible for the safe and efficient operation of two mines and the development of two additional underground mines. Mr. Peer also worked for Coeur Mining and for ten years at Barrick Gold. He is a graduate from the University of Texas El Paso with a Bachelor of Science degree in Geology and is fluent in Spanish.

Mariana Fregonese
VICE PRESIDENT, SOCIAL RESPONSIBILITY
As Vice President, Social Responsibility Mrs. Fregonese leads Great Panther’s overarching social responsibility and stakeholder engagement strategy.  Mrs. Fregonese joined the Company in 2007 and since 2014 has been committed to advancing social and sustainable development of the local communities in which Great Panther operates.  

Mrs. Fregonese is responsible for a diverse portfolio, focused on building strategic partnerships and fostering relationships with communities, governments, public agencies, non-government organizations, and other stakeholders to maximize the benefits of mining locally, and to achieve effective and sustainable community development.

Mrs. Fregonese holds a Bachelor’s Degree in Occupational Therapy (Hons) from the University of Buenos Aires, Argentina.  She is a is a certified Sustainability Practitioner (CSR-P).

Christopher Richards, CPA, CA
VICE PRESIDENT, FINANCE
Mr. Richards joined Great Panther in June 2018 as Vice President Finance.

With over 14 years in the mining industry and as a Chartered Professional Accountant, Mr. Richards brings broad experience in all aspects of financial management, reporting, technical accounting, risk advisory, corporate finance and tax management.  Prior to joining the Company, Mr. Richards served as a senior financial consultant at various mining companies in Vancouver, providing his expertise to merging and newly formed project development-staged entities.  Prior to that, he spent 7 years as the Vice President Finance and Corporate Secretary of Kyzyl Gold Ltd., was Corporate Controller at NovaGold Resources and a Senior Manager at KPMG LLP.

Mr. Richards holds a Bachelor of Business Administration degree from Simon Fraser University and a Certificate in Mining Studies from the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia.

Fernando Cornejo, M.A.Sc, P.Eng
VICE PRESIDENT, PROJECTS & TECHNICAL SERVICES
Mr. Cornejo was appointed Vice-President of Projects & Technical Services in July 2019. Mr. Cornejo brings close to 20 years of experience in senior management level roles in the mining industry.

Before joining Great Panther, Mr. Cornejo served as Vice-President, Projects & Technical Services of Aura Minerals Inc. and prior to that, he held executive roles with Jacobs Engineering and the SGS Group in Canada, Peru and Mexico. Mr. Cornejo also held operational roles with Rio Tinto in Canada and BHP Billiton, in his native Peru.

Mr. Cornejo holds a Master’s Degree in Chemical Engineering from Ecole Polytechnique de Montréal, a Bachelors Degree in Chemical Engineering from Universidad Nacional de San Agustin Peru, a Master Certificate in Project Management from York University and is a member of the Professional Engineers of Ontario. Mr. Cornejo is fluent in English, Spanish and Portuguese.

Board of Directors

Jeffrey R. Mason, CA, ICD.D
CHAIR
Mr. Mason has over 25 years of public company experience in mineral exploration, development, construction and operations in precious and base metals and other minerals in the Americas, Asia and Africa. He was previously awarded the BC Ernst and Young Entrepreneur of the Year Award (Natural Resources Category). Mr. Mason has extensive experience in corporate governance, financial and regulatory reporting, mergers and acquisitions, and corporate finance, including 15 years as a Principal and Chief Financial Officer of Hunter Dickinson Inc. group of companies.  Overall he has served in roles as Chief Financial Officer, Corporate Secretary and Board Director for 20 public companies listed on the TSX, TSXV, NYSE MKT and NASDAQ. Mr. Mason began his career with Deloitte LLP as a Chartered Accountant, followed by 6 years at Homestake Mining Company in mineral exploration, construction and operations reporting.  He currently also serves as an independent board director of Auryn Resources Inc. and Torq Resources Inc.

Robert A. Archer, P.Geo.
DIRECTOR
Mr. Archer is a co-founder of Great Panther Mining Limited and served as President and Chief Executive Officer from 2004 until he stepped down in August 2017. Mr. Archer has more than 35 years’ experience in the mining industry, working for mining companies throughout North America, including Newmont Exploration of Canada Ltd., Rio Algom Exploration Inc., Placer Dome Canada Ltd. and Noranda Exploration Inc.  From 1996 to 2004, Mr. Archer held several senior management positions in the junior mining sector, leading to his role with Great Panther. Mr. Archer is a Professional Geologist and holds an Honours BSc from Laurentian University in Sudbury, Ontario.

John Jennings, MBA, CFA
DIRECTOR
John Jennings started his early career in mining operations before transitioning to the financial services industry as a mining analyst with one of Canada's leading investment dealers. Following post-graduate studies, he spent 25 years as an investment banker in Canada and the U.K., executing M&A assignments and raising debt and equity capital for public, private and sovereign clients. In 2012, he transitioned again into executive search with a global talent management firm. Today, he is Practice Lead, Director and Executive Search with WATSON, a leading boutique focused on corporate governance and recruiting board directors and executive talent.

Mr. Jennings earned his B.Sc. (Chemistry) from Western University and an MBA from London Business School. He also holds the designation of Chartered Financial Analyst.

W.J. (James) Mullin, B.Sc.
DIRECTOR
Mr. Mullin, spent his entire 33-year career with Newmont Mining Corporation. After advancing through progressively senior roles at the Similkameen Mine in Princeton, BC (now Copper Mountain), he was appointed Vice President and General Manager of that operation. In 1989, he moved to Nevada where he managed several of Newmont's operations. His career culminated in the position of Senior Vice President of North American Operations. His responsibilities included open pit and underground mines and processing plants in Canada, the United States and Mexico.

Mr. Mullin has a lengthy, successful history of establishing safety and production records, with particular emphasis on reducing cost, improving efficiencies and developing operating synergies between mine sites. Mr. Mullin holds a degree in Mining Engineering from the Colorado School of Mines and is a retired Professional Engineer in British Columbia.

Elise Rees, FCPA, FCA, ICD.D
DIRECTOR
Ms. Rees is an experienced director, having served on the boards of a number of profit and not-for profit organizations, including as board chair, treasurer, and audit and finance committee chair. She currently sits on the boards of Enmax Corporation, EasyPark, and Westland Insurance, as well as the Greater Vancouver Board of Trade. Ms. Rees retired from Ernst & Young LLP in June 2016 after a 35-year career in professional accountancy. She spent 18 years as a partner with Ernst & Young, LLP with the last 14 years of her tenure focused on acquisitions, mergers and corporate reorganizations. She has a breadth of experience in a large variety of industries with specific focus on mining, infrastructure, transportation, technology, real estate, retail and distribution.

Ms. Rees has been recognized for her leadership with the designation of Fellow Chartered Professional Accountant (“FCPA”) and Fellow Chartered Accountant (“FCA”) in 2010; Community Builder Award, Association of Women in Finance (2012); Influential Woman in Business Award (2007); and the Ernst & Young Rosemarie Meschi Award for Advancing Gender Diversity (2007). She was also recognized as one of the Top 100 Most Powerful Women in Canada in 2015 by Women’s Executive Network. She was a frequent lecturer and tutor for CPA Canada and the Canadian Tax Foundation. Ms. Rees has a B.A. (Hons) from the University of Strathclyde, Scotland and is a graduate of the ICD-Rotman Directors Education Program with the designation of ICD.D.

R. W. (Bob) Garnett, CPA, CA, ICD.D.
DIRECTOR
Mr. Garnett is a Chartered Professional Accountant and obtained a Bachelor of Arts (Commerce) from Simon Fraser University. He recently completed a six year term as a Commissioner for the Financial Institutions Commission of BC (FICOM). FICOM is responsible for administering 10 statutes that regulate the pension, financial services and real estate sectors in British Columbia.

Mr. Garnett also serves on the board of MediaValet Inc., a Vancouver based company that provides cloud-based digital asset management software to many of the world’s leading brands and chairs the Audit Committee. Mr.Garnett was the Vice-Chair of the South Coast British Columbia Transportation Authority (Translink) and chaired their Audit Committee. TransLink is responsible for the buses, trains, bridges and major roads in the lower mainland of BC administering $8 billion of assets. From 2009 to 2010 he was a director and member of the Audit Committee of Central 1 Credit Union which is the liquidity provider to credit unions in Ontario and British Columbia. Mr. Garnett served 11 years as Chair or Vice-Chair of Coast Capital Savings, a $12 billion financial institution. In 2007 he completed the Certified Director's Program with the Institute of Corporate Directors.

Kevin J. Ross, B.Sc. (Hon) Min Eng., MBA,
DIRECTOR
Mr. Ross is a Mining Engineer with over 40 years of experience leading mining operations in Africa, Europe, North America and Latin America.  He holds a BSc (Mining Engineering) from the Royal School of Mines, in London, England, and an MBA from Cranfield School of Management, and is a registered European Engineer.  He holds the position of Chief Operating Officer of Orca Gold Inc., where he is leading the studies to develop a gold mine in Sudan.  Previously, Mr. Ross served as the Chief Operating Officer of RB Energy Inc., Sirocco Mining Inc., Atacama Minerals Inc., Sirocco Gold Inc., and Red Back Inc., where he led its operations and directed the development of the Akwaaba Deeps underground mine, the Chirano plant expansion, and the Tasiast plant expansion

Current Share Structure

March 31, 2017

Shares Issued:

167,718,038

Executive, Consultant and Employee Options:

8,268,847

Warrants

9,343,750

Fully Diluted:

185,330,635

 

1330 – 200 Granville Street
Vancouver, BC
Canada V6C 1S4
604-608-1766
1-888-355-1766
[email protected]

INVESTOR RELATIONS:

Spiros Cacos, MA
Direct: +1 604 638 8955

[email protected]

 

CORPORATE COMMUNICATIONS & SUSTAINABILITY: 

Mariana Fregonese
Direct: +1 604 638 8968

[email protected]

BANKERS:
HSBC Bank Canada
Bank of Montreal

AUDITORS:
KPMG
777 Dunsmuir Street
Vancouver, BC
Canada V7Y 1K3

TRANSFER AGENT:
Computershare Investor Services Inc.
510 Burrard Street, 2nd Floor
Vancouver, BC
Canada V6C 3B9
604-661-9400

LEGAL ADVISORS:
McMillan LLP

 

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