GPL - Great Panther Mining: A Mediocre Reserve Update For FY2020

• Great Panther Mining released its resources and reserves update this month, with a slight decrease in total reserve ounces at Tucano.
• Fortunately, resources at the company's GMC Mine Complex grew substantially, though this was partially due to higher metals prices.
• Based on the fact that the company's flagship mine continues to have a sub 10-year reserve life, I believe that the discounted multiple relative to peers is justified.
• Therefore, I continue to see the stock as high-risk, high-reward relative to its peers.

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