GPL - Great Panther Mining: An Inferior Way To Play The Precious Metals Space
- Great Panther Mining released its Q1 results this week, reporting a sharp drop in free cash flow, and significantly higher costs at its two silver operations: GMC and Topia.
- The company has still not received approval of its tailings expansion at GMC, and this could translate to much lower production at the asset in H2.
- The company is trading at a 10% free cash flow yield, but there are much better companies without industry-lagging costs trading at more attractive valuations.
- Based on Great Panther's high costs, low reserves, and less attractive jurisdictions, I continue to see the stock as an Avoid in favor of high-margin producers in Tier-1 jurisdictions.
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Great Panther Mining: An Inferior Way To Play The Precious Metals Space