GPL - Great Panther Mining: Best To Avoid This Industry Laggard

• Great Panther Mining released its Q2 results last week, reporting production of ~27,700 ounces at industry-lagging all-in sustaining costs of $2,358/oz.
• Given lower grades at Tucano & GMC uncertainty, the company has now cut guidance for a second time just halfway through 2021, while most miners have maintained their output guidance.
• While GPL may appear cheap at a market cap of $190 million with 3 mines, none of these assets are overly impressive, suggesting the stock is cheap for a reason.
• Given the inability to meet targets, added GMC risk, and industry-lagging margins, I continue to see Great Panther as an Avoid.

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