GPL - Great Panther Mining: The Seemingly Neverending (Share Dilution) Story

• Great Panther Mining released its Q1 results last month, reporting quarterly production of ~17,900 gold-equivalent ounces (GEOs), a 41% decline from the year-ago period.
• This was partially related to no contribution from its GMC Mine, but mostly due to much lower grades at Tucano with a focus on waste stripping in H1 2022.
• While production will rise sharply in the second half, Great Panther will still have some of the weakest margins sector-wide, making it much higher risk than its junior producer peers.
• Given Great Panther's razor-thin margins, continued share dilution, relatively short mine life, and weak balance sheet, I continue to see the stock as uninvestable.

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