GPL - Great Panther Mining: Industry-Lagging Margins Expected In FY2021

• Great Panther Mining released its Q4 and FY2020 results on Thursday, reporting annual production of ~150,100 gold-equivalent ounces.
• This increase in annual production combined with higher metals prices translated to significant growth in free cash flow and a return to positive annual earnings per share.
• However, while it was a solid year overall, we've seen a much softer outlook for FY21, with costs expected to rise to some of the highest levels in the industry.
• Therefore, I believe there are much better bets out there in the sector, especially when factoring in that we still don't have clarity on whether GMC will be in production in H2 2021.

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