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Great Panther Mining unveils solid production figures for 3Q and says it is on track for full-year guidance

The company operates three mines - Tucano in Brazil, and the Topia and the Guanajuato Mine Complex (GMC) in Mexico

Great Panther Mining Limited -
Overall, the firm produced 39,788 gold equivalent ounces in the three months, which was 3% higher than in the second quarter this year

Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) reported solid production across its portfolio of mines in the third quarter to end-September, despite the pandemic, and told investors it was on track to meet its guidance for the full year.

The company operates three mines - Tucano in Brazil, and the Topia and the Guanajuato Mine Complex (GMC) in Mexico.

READ: Great Panther Mining positioned to post strong 2020 after record net income and operating cash flow in 2Q

Overall, the firm produced 39,788 gold equivalent ounces in the three months, which was 3% higher than in the second quarter this year, but down 16% on the same quarter of 2019.

The gold and silver miner expects to meet full-year 2020 guidance to end-December of between 146,000 ounces and 158,000 ounces of gold equivalent.

"We delivered a solid quarter of steady-state operations at all of our mines in Q3, in spite of the challenges of managing COVID-19," said CEO Rob Henderson in a statement.

"As Tucano transitioned from Urucum Central North to mining in the southern pits, throughput was slightly lower, but operations remain on track to meet full-year guidance.

"In Mexico, both mines reported a full quarter of operations despite challenging conditions related to controls in place for COVID-19. All in, the mines are operating well, while we continue to put the health and safety of our people and communities first and foremost."

Consolidated gold production was 34,030 ounces in the third quarter, which was down 14% compared to 39,652 ounces in the same period of 2019. Silver output was also lower, at 375,247 ounces, down 10% on the same period last year.

At the Tucano operation, gold output was 12% lower in the third quarter at 31,803 ounces (2019: 36,317 ounces) but over the nine-month period, was up 9% on the figure in 2019, at 93,401 ounces (2019: 89,686 ounces).

Also in the statement, Great Panther said it planned to release reserve and resource updates for its Tucano and GMC mines in the fourth quarter this year.

These reports will incorporate the results of Great Panther's 2020 drill programs. Exploration at Tucano is ongoing, with the current focus on near-mine mineralization and a regional tenement 20 kilometres from the existing plant, the company noted.

Shares in Toronto eased 2.53% to C$1.16 each.

---Updates for share price---

Contact the author at giles@proactiveinvestors.com

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Price: 1.085 CAD

TSX:GPR
Market: TSX
Market Cap: $384.88 m
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