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Great Panther Mining Limited

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Market:
TSX
Market Cap:
$271.53 m
Price
0.77 CAD
Change
2.67%
52 weeks high
1.28
52 weeks low
0.32

Great Panther Mining Limited is a new intermediate gold and silver mining and exploration company listed on the TSX and on the NYSE American. Great Panther operates three mines including the Tucano Gold Mine in Amapá State, Brazil, and two primary silver mines in Mexico: the Guanajuato Mine Complex and the Topia Mine.  Great Panther also owns the Coricancha Mine in Peru, which is expected to restart operations in 2020.

The Tucano Gold Mine is located in Amapá State in northern Brazil. The mine is approximately 200 kilometres from Macapá, the state capital.  It is currently the second largest gold producer in Brazil, producing around 145,000 ounces per year from several open pit mines wit ore processed through SAG mill and CIL infrastructure, capable of treating sulphide ore.  Great Panther acquired the mine through the friendly acquisition of Beadell Resources Limited in a transaction that closed in March 2019.

The Guanajuato Mine Complex produces silver and gold concentrate and is located in central Mexico, approximately 380 kilometres north-west of Mexico City, and approximately 30 kilometres from the Guanajuato International Airport.

The Topia Mine is located in the Sierra Madre Mountains in the state of Durango in northwestern Mexico.  The mine produces concentrates containing silver, gold, lead and zinc and earns revenue from custom milling of third-party ore at its processing facility.

On June 30, 2017, Great Panther completed the acquisition of the Coricancha Mine in Peru. The Coricancha Mine is a gold-silver-copper-lead-zinc mine located in the central Andes of Peru, approximately 90 kilometres east of Lima, and has been on care and maintenance since August 2013. The Coricancha Mine has a permitted and operational 600 tonnes per day processing facility along with supporting mining infrastructure. The Company completed a Bulk Sample Program in June 2019 and expects to restart operations in 2020.

Great Panther Mining's exploration properties include the El Horcón, Santa Rosa and Plomo projects in Mexico and the Argosy project in Canada. The El Horcón project is located 100 kilometres by road northwest of Guanajuato, Santa Rosa is located approximately 15 kilometres northeast of Guanajuato, and the Plomo property is located in Sonora, Mexico.    The Argosy property is located in the Red Lake Mining District in Northwestern Ontario, Canada.

The Company continues to evaluate additional mining opportunities focus on the Americas.

 
Producing -

TUCANO MINE

The Tucano Gold Mine is located in Amapá State in northern Brazil. The mine is approximately 200 kilometres from Macapá, the state capital, and is accessible by the Brazilian federal highway BR-210, or by chartered aircraft.  It is currently the second largest gold producer in Brazil, producing around 145,000 ounces per year from several open pit mines.  Formerly a heap leaching operation, it ran from late 2005 until January 2009, producing approximately 292,000 troy ounces of gold from 8.8 Mt of ore. The property was put under care and maintenance due to problems treating the increasingly transitional material. Beadell Resources Limited acquired the property in 2010 and the process plant was upgraded with the addition of a SAG mill and CIL infrastructure, capable of treating sulphide ore. From November 2012 to June 30, 2017, 17.0 Mt at 1.34 g/t gold containing 735,294 ounces of gold were processed, feed was made up of a blend of pit oxide ore, sulphide ore, spent ore, and historic stockpiles.  Great Panther acquired Beadell Resources Limited in a friendly transaction that closed in March 2019, and holds a 100% interest in the project.

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.

Advanced Exploration -

CORICANCHA MINE

On June 30, 2017, Great Panther closed the acquisition of the Coricancha Mine, in the central Andes of Peru, from Nyrstar NV (for terms of the acquisition, please refer to the December 19, 2016 press release). The Mine is located in the Province of Huarochirí, approximately 90 km east of Lima and is accessed by the Central National Highway connecting Lima to La Oroya. The travel time by road from Lima is approximately three hours to the processing plant and lower level of the mine. The operation is located in an area of significant relief, and elevations at the property range between 3,000 and 3,920m above sea level.

The Coricancha Mine holds many of the licenses and permits necessary to re-start operations; all valid and in good standing. The project includes an operational 600 tonne per day flotation and gold BIOX® bio-leach plant along with supporting mining infrastructure. The Coricancha Mine has been on care and maintenance since August 2013 when it was closed due to falling commodity prices. The property comprises more than 3,700 hectares in the prolific Central Polymetallic Belt and production at the mine dates back to 1906. Gold-silver-lead-zinc-copper mineralization (approximately 80% gold-silver by value) occurs as massive sulphide veins that have been mined underground by cut and fill methods.

Great Panther completed a Preliminary Economic Assessment in May 2018 and a Bulk Sample Study in June 2019, and expects to restart operations in 2020.

Exploration - 

EL HORCÓN

El Horcón is a Gold-silver-zinc-lead exploration project situated 50 kilometres north of the city of Leon (Guanajuato State), in the state of Jalisco, Mexico, approximately 470km northwest of Mexico City.  More importantly, it is approximately 100 kilometres by road and within trucking distance to Great Panther’s Cata processing plant in Guanajuato.

The property is located on the northwest trend of the prolific Guanajuato mining camp, and hosts mineralized epithermal veins similar to those observed at Great Panther's existing operations. El Horcón is a historic mining operation but the extent of past production is unknown.  It hosts nine known veins, with the Diamantillo Vein traceable on surface for more than four kilometres. Several underground workings exist, the most extensive of which is the Diamantillo Tunnel.

Gold, silver, lead, and zinc mineralization occurs in quartz-calcite veins along structures, the largest of which is the Veta Madre, with a strike length of five kilometres.  There has been limited previous drilling in recent times and Great Panther has conducted only 2,147 metres in 24 holes.  As a result of this work, a small NI 43-101 compliant resource exists, however, given that an operation here would not require a stand-alone plant, the project is potentially viable as a satellite to Guanajuato.  For this reason, the resources are considered to fall under the umbrella of the GMC.

Great Panther owns a 100% interest in the project. There are no known environmental liabilities associated with the mineral claims.

SANTA ROSA

Santa Rosa is a silver-gold exploration project, located approximately 15 kilometres northeast of Guanajuato.  The Project includes a cluster of non-contiguous mineral claims, with most covering segments of historically known veins within the Sierra Vein System.  An additional two claims staked further north make up a total area of approximately 20,400 hectares.  While exploration here is grass-roots in nature, the project is within trucking distance of the Cata processing plant, and it is being evaluated as a potential satellite.

There are no resources on the Santa Rosa Project and no known environmental liabilities associated with the mineral claims.

Mexico, Brazil & Peru

Jeffrey R. Mason, CA, ICD.D

INTERIM PRESIDENT AND CHIEF EXECUTIVE OFFICER

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.

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.

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

INVESTOR RELATIONS:

Alex Heath, CFA
Director, Investor Relations

[email protected] 

+1 604 638 8956

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