GPL - Great Panther Mining: An Underwhelming Resource Update

• Great Panther released its updated resource estimates for its two Mexican assets, Topia and GMC last month.
• Unfortunately, resources dropped materially at both assets on a 3-year and 1-year basis, respectively, with the total combined M&I resource base at both assets coming in at barely 20million SEOs.
• For a company that already has a relatively weak balance sheet that cannot support very aggressive drilling to replace resources and build reserves, this is not great news.
• With one small asset in a Tier-2 jurisdiction relying on mining resources and one high-cost asset in a Tier-2 jurisdiction with a small reserve base, I continue to see Great Panther as uninvestable.

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