- 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.
For further details see:
Great Panther Mining: The Seemingly Neverending (Share Dilution) Story