GPL - Great Panther Mining Limited (GPL) - 2Q Production Highlights Solid Performance at Tucano

Second quarter production results. Great Panther produced 38,540 gold equivalent ounces, including 36,356 ounces of gold and 142,457 ounces of silver. Compared with the prior year period, gold production increased 8.7%, while silver production declined 59.3%. Sequentially, gold production increased 25.6%, while silver production decreased 62.0%. Notably, Tucano mine gold production increased 18.5% on a year-over-year basis and 35.3% sequentially due to greater ore processing rates and higher gold grades and recoveries. The company's operations in Mexico, which produce mostly silver, resumed production in June following government mandated COVID-19 work restrictions.Updating estimates. The company provided updated 2020 production guidance and expects to produce between 146,000 and 158,000 gold equivalent ounces, inclusive of the Topia mine. We have narrowed our 2020 loss per share estimate to $(0.05) from $(0.08) and increased our 2021 EPS estimate to $0.12 from $0.10. Our revised estimates reflect higher gold prices and greater production. We forecast 2020 and 2021 EBITDA of $64.5 million and $90.8 million, respectively.Second quarter earnings date. Great Panther will release second quarter 2020 financial results after the market close on August 5, 2020 and management will host a conference call for investors on August 6, 2020.Rating is Market Perform. While were encouraged by the Tucano mine's solid second quarter production performance, we would like to see more progress in lowering the company's cost profile and greater consistency in the company's operating performance. Read More >>