TSX: GPR
NYSE MKT: GPL
VANCOUVER, Aug. 3,
2016 /CNW/ - GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE
MKT: GPL) ("Great Panther"; the "Company") today reported financial
results for the Company's three and six months ended June 30, 2016. The full version of the Company's
unaudited condensed interim consolidated financial statements, and
Management's Discussion and Analysis ("MD&A") can be viewed on
the Company's website at www.greatpanther.com, or SEDAR at
www.sedar.com. All financial information is prepared in accordance
with IFRS and all dollar amounts are expressed in Canadian dollars
unless otherwise indicated.
"Great Panther's mine operating earnings before
non-cash items increased 96% over the second quarter of 2015 due to
higher silver and gold prices, favourable foreign exchange rates,
and continued strong operating performance. These factors were also
reflected in significant increases in operating cash flow and
adjusted EBITDA, and contributed to significant growth in our cash
and net working capital balances", stated Robert Archer, President and CEO. "The
substantial increase in our cash flow and margins were also
reflective of 74% and 43% reductions in our cash cost and all-in
sustaining cost compared to the second quarter of 2015. These came
in at an impressive US$1.72 and
US$7.19, respectively, for the second
quarter. As such, we are taking the step to reduce our cash-cost
and all-in sustaining cost guidance for the year while maintaining
our production guidance."
During the second quarter of 2016, the Company
generated $13.2 million in mine
operating earnings before non-cash items, and $9.9 million in operating cash flows before
changes in non-cash net working capital. This reflected
increases of 96% and 176%, respectively, over the results from the
second quarter of 2015. These strong operating results are
attributable to a 74% reduction in cash cost per payable silver
ounce (in US dollar terms) and to the benefit of higher metal
prices and favorable foreign exchange rates on revenues.
Notwithstanding the strong mine operating earnings, the Company
reported a net loss of $1.7 million
for the second quarter of 2016, mainly due to unrealized (non-cash)
foreign exchange losses of $6.4
million on inter-company loans and advances by the Company
to its Mexican subsidiaries and a $2.2
million (non-cash) impairment charge associated with the
termination of the option agreement for the Coricancha
project. Adjusted EBITDA increased by 134% to $9.8 million.
Cash and net working capital at June 30, 2016 increased 48% and 46% to
$28.8 million and $49.4 million, respectively, compared to the
balances at the start of the year. This was largely a
function of the improvement in cash-flows from operating
activities, and $6.6 million in
proceeds from an At-the-Market share offering. Subsequent to
the second quarter, on July 12, 2016,
the Company closed an equity bought deal offering for gross
proceeds of US$29.9 million that
further improved the Company's cash position and significantly
improved net working capital positions. The Company continues
to have no debt.
Highlights of the second quarter 2016 compared to second
quarter 2015, unless otherwise noted:
- Metal production decreased 5% to 1,037,728 Ag eq oz;
- Silver production decreased 17% to 536,726 silver ounces;
- Gold production increased 13% to 6,010 gold ounces;
- Cash cost decreased 74% to US$1.72 per payable silver ounce;
- AISC decreased 43% to US$7.19 per
payable silver ounce;
- Revenue increased 33% to $25.6
million;
- Mine operating earnings before non-cash items increased to
$13.2 million compared to
$6.7 million;
- Adjusted EBITDA improved to $9.8
million from $4.2
million;
- Net loss totalled $1.7 million,
compared to a net loss of $4.7
million;
- Cash flow from operating activities, before changes in non-cash
net working capital ("NCWC"), increased to $9.9 million, from $3.6
million;
- Cash and cash equivalents increased to $28.8 million at June 30,
2016, from $17.9 million at
December 31, 2015; and
- Net working capital increased to $49.4
million at June 30, 2016 from
$33.3 million at December 31, 2015.
OPERATING AND FINANCIAL RESULTS SUMMARY
|
|
|
|
|
|
|
|
|
|
|
(CAD 000s, unless
otherwise
noted)
|
Q2
2016
|
Q2
2015
|
Change
|
Six months
ended June
30,
2016
|
Six months
ended June
30,
2015
|
Change
|
OPERATING
|
|
|
|
|
|
|
|
|
|
|
Tonnes milled (excluding
custom
milling)
|
|
99,905
|
|
87,476
|
14%
|
|
188,588
|
|
186,728
|
1%
|
Silver equivalent ounces
("Ag eq oz")
produced1
|
|
1,037,728
|
|
1,088,355
|
-5%
|
|
2,047,556
|
|
2,076,241
|
-1%
|
Silver ounce
production
|
|
536,726
|
|
648,810
|
-17%
|
|
1,076,198
|
|
1,245,921
|
-14%
|
Gold ounce
production
|
|
6,010
|
|
5,322
|
13%
|
|
11,609
|
|
10,025
|
16%
|
Payable silver
ounces
|
|
601,449
|
|
607,898
|
-1%
|
|
1,079,547
|
|
1,230,238
|
-12%
|
Ag eq oz
sold
|
|
1,148,467
|
|
1,022,727
|
12%
|
|
1,994,779
|
|
2,030,734
|
-2%
|
Cost per tonne milled
(USD)2
|
$
|
86
|
$
|
109
|
-21%
|
$
|
90
|
$
|
105
|
-14%
|
Cash cost
(USD)2
|
$
|
1.72
|
$
|
6.63
|
-74%
|
$
|
2.81
|
$
|
7.68
|
-63%
|
AISC
(USD)2
|
$
|
7.19
|
$
|
12.54
|
-43%
|
$
|
8.10
|
$
|
13.52
|
-40%
|
FINANCIAL
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
25,576
|
$
|
19,183
|
33%
|
$
|
44,030
|
$
|
39,434
|
12%
|
Mine operating earnings
before non-cash
items2
|
$
|
13,165
|
$
|
6,713
|
96%
|
$
|
20,911
|
$
|
13,366
|
56%
|
Mine operating
earnings
|
$
|
11,526
|
$
|
1,668
|
591%
|
$
|
17,673
|
$
|
2,193
|
706%
|
Net (loss)
income
|
$
|
(1,738)
|
$
|
(4,722)
|
63%
|
$
|
(6,199)
|
$
|
(1,132)
|
-448%
|
Adjusted
EBITDA2
|
$
|
9,847
|
$
|
4,205
|
134%
|
$
|
13,580
|
$
|
7,792
|
74%
|
Operating cash flows before
changes in non-cash net working
capital
|
$
|
9,852
|
$
|
3,567
|
176%
|
$
|
13,852
|
$
|
8,397
|
65%
|
Cash and cash equivalents
at end of
period
|
$
|
28,835
|
$
|
19,432
|
48%
|
$
|
28,835
|
$
|
19,432
|
48%
|
Net working capital at end
of
period
|
$
|
49,421
|
$
|
33,942
|
46%
|
$
|
49,421
|
$
|
33,942
|
46%
|
Average realized silver
price
(USD)3
|
$
|
17.82
|
$
|
15.47
|
15%
|
$
|
17.10
|
$
|
16.24
|
5%
|
PER SHARE
AMOUNTS
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share –
basic and
diluted
|
$
|
(0.01)
|
$
|
(0.03)
|
67%
|
$
|
(0.04)
|
$
|
(0.01)
|
-300%
|
______________________________
|
1
|
Silver equivalent
ounces are referred to throughout this document. For 2016, Aq eq oz
are calculated using a 70:1 Ag:Au ratio and ratios of 1:0.0504 and
1:0.0504 for the price / ounce of silver to lead and zinc
price/pound, respectively and applied to the relevant metal content
of the concentrates produced, expected to be produced, or sold from
operations. Comparatively, in 2015 Aq eq oz were calculated using a
65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the
price/ounce of silver to lead and zinc price/pound, respectively,
and applied to the relevant metal content of the concentrates
produced, expected to be produced, or sold from
operations.
|
2
|
The Company has
included the non-IFRS performance measures cost per tonne milled,
cash cost, AISC, mine operating earnings before non-cash items,
cost of sales before non-cash items and adjusted EBITDA throughout
this document. Refer to the Non-IFRS Measures section of
this MD&A for an explanation of these measures and
reconciliation to the Company's reported financial results in
accordance with IFRS. As these are not standardized measures, they
may not be directly comparable to similarly titled measures used by
others.
|
3
|
Average realized
silver price is prior to smelting and refining
charges.
|
REVIEW OF FINANCIAL RESULTS
During the second quarter of 2016, revenue
increased by $6.4 million or 33%
relative to the second quarter of 2015. This was primarily
attributable to the increase in precious metal prices, which had an
estimated impact of $2.8 million, and
to the 12% increase in metal sales volumes due to timing of
shipments which had an estimated impact of $2.2 million. In addition, the stronger US
dollar ("USD") relative to the Canadian dollar ("CAD") in the
second quarter of 2016 had an estimated positive $1.5 million impact on the revenues reported in
CAD. These positive factors were partly offset by the
$0.2 million higher smelting and
refining charges resulting from the higher sales volumes relative
to the second quarter of 2015.
Mine operating earnings before non-cash items for
the second quarter of 2016 were $13.2
million, an increase of $6.5
million compared to the second quarter of 2015. This
was predominantly the result of higher precious metal prices as the
realized silver price increased from US$15.47 to US$17.82. In addition, the Company
benefitted from favourable foreign exchange rates. The
stronger USD relative to the CAD during the second quarter of 2016
had the effect of increasing revenue in CAD terms.
Conversely, the CAD strengthened 13% against the Mexican peso
("MXN"), which had the impact of reducing MXN production costs in
CAD terms. These factors were augmented by the impact of the
higher metal sales volumes, as the Company increased the volume of
customer shipments.
Exploration, evaluation and development
("EE&D") increased by $0.9
million for the second quarter of 2016 compared to the same
period in 2015, primarily as a result of exploration and evaluation
programs related to the Coricancha project, which commenced after
the Company entered into an option agreement to acquire the mine
and related processing facilities during the second quarter of
2015. In addition, the Company recorded $0.4 million in EE&D expenses associated with
the Guanajuato Mine during the second quarter of 2016, whereas such
costs were still being capitalized to mineral properties during the
second quarter of 2015.
The impairment charge recognized in the second
quarter of 2016 relates to the termination of the Coricancha option
agreement during the quarter.
Finance and other expense increased significantly
due to a $6.3 million net foreign
exchange loss recognized in the second quarter of 2016, compared to
a $3.8 million foreign exchange loss
recorded during the same period in 2015. The net foreign
exchange loss for the second quarter of 2016 includes a
$6.4 million non-cash unrealized loss
related to intercompany balances made up of a US$38.8 million loan from the Company to one of
its Mexican subsidiaries, as well as $40.9
million of CAD and USD balances payable by the Company's
Mexican subsidiaries to the Company. In addition, a fair
value loss of $0.4 million was
recorded on the outstanding foreign currency forward contracts as
at June 30, 2016, which was partly
offset by realized foreign exchange gains of $0.3 million.
The net loss of $1.7
million for the second quarter of 2016 reflects the impact
of predominantly unrealized foreign exchange loss and the non-cash
impairment charge recorded during the period related to the
termination of the option agreement associated with the Coricancha
project. Net loss decreased compared to a net loss of
$4.7 million for the same period in
2015. The decrease is primarily attributable to a
$9.9 million increase in mine
operating earnings. This factor was partly offset by a
$2.4 million increase in net foreign
exchange loss, a $0.9 million
increase in EE&D expenditures, a $1.3
million increase in income tax expense and the $2.2 million impairment charge recorded against
the Coricancha project.
Adjusted EBITDA of $9.8
million for the second quarter of 2016 increased compared to
$4.2 million in the same period of
2015. The increase in adjusted EBITDA is primarily due to the
$6.5 million increase in mine
operating earnings before non-cash items. This was partly
offset by a $0.9 million increase in
EE&D expenses (net of changes in non-cash share based
compensation and changes in estimate of reclamation
provisions).
CASH COST AND ALL-IN SUSTAINING COST
Cash cost was US$1.72 for the second quarter of 2016, a 74%
decrease compared to the second quarter of 2015. The decrease
in cash cost was predominantly the result of higher gold by-product
credits per payable silver ounce as a result of an increase in gold
production, and an increase in average realized gold prices.
In addition, the strengthening of the USD compared to the MXN
reduced cash operating costs in USD terms.
AISC for the second quarter of 2016 was
US$7.19, a 43% decrease compared to
the second quarter of 2015, primarily due to the reduction in cash
cost described above. A reduction in mine development
expenditures also contributed to the decrease in AISC, due to
changes in the timing of capital expenditure and development
plans. The Company expects an increase in sustaining capital
expenditures and sustaining EE&D expenses in subsequent
quarters, which is expected to increase AISC from the levels
reported in the second quarter of 2016
Please refer to the Company's Management's
Discussion and Analysis for further discussion of cash cost and
AISC, and for a reconciliation to the Company's financial results
as reported under IFRS.
OUTLOOK
The Company is reducing its cash cost and AISC
guidance for the year ending December 31,
2016 as shown in the table below. The improvement in
the outlook for cash cost and AISC reflects the fact that both cash
cost and AISC for the first half of 2016 have been well below the
Company's original guidance for the year, and the Company's outlook
for these measures remains positive for the second half of the
year. However, the Company does expect AISC for the second
half of 2016 to increase meaningfully over the very low levels in
the first half as capital and development expenditures will be more
significant in the second half.
In addition, the Company is increasing its
planned drilling activities and expenditures for the second half of
the year given the improvement in precious metal prices seen in the
first half of the year, and the resulting increase in mine
operating earnings and cash-flow. This change is also
highlighted in the table below.
|
|
|
|
|
Production and cash cost
guidance
|
1H 2016
Actual
|
FY 2016 Revised
Guidance
|
FY 2016 Original
Guidance
|
FY 2015
Actual
|
Total silver equivalent
ounces1
|
2,047,556
|
No
change
|
4,000,000 –
4,200,000
|
4,159,121
|
Cash cost
(USD)2
|
$ 2.81
|
$4.00 –
6.00
|
$ 5.00 –
7.00
|
$ 7.50
|
AISC
(USD)2
|
$ 8.10
|
$12.00 –
14.00
|
$ 13.00 –
15.00
|
$ 13.76
|
Exploration drilling –
operating mines
(metres)
|
5,844
|
18,500
|
11,000
|
17,680
|
_________________________
|
1
|
For 2016 guidance, Aq eq oz
have been established using a 70:1 Au:Ag ratio, and a ratio of
1:0.0504 for the US dollar price of silver ounces to the US dollar
price for both lead and zinc pounds. For 2015, Aq eq oz were
calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and
1:0.056 for the price/ounce of silver to lead and zinc price/pound,
respectively.
|
2
|
Cash cost and AISC
are non-IFRS measures. Refer to the Non-IFRS Measures
section of this MD&A for an explanation of these measures and
reconciliation to the Company's reported financial results in
accordance with IFRS. As these are not standardized measures, they
may not be directly comparable to similarly titled measures used by
others.
|
The Company's previously-announced guidance for
capital expenditures and EE&D expenses for the year ending
December 31, 2016 remains
unchanged. Despite the increase in planned drilling metres
for 2016, these expenditures are expected to be offset by lower
than planned development costs.
|
|
|
|
Capex and EE&D
expense guidance (in CAD
millions)
|
1H 2016
Actual
|
FY 2016
Guidance
|
FY 2015
Actual
|
Capital expenditures –
buildings, plant &
equipment
|
$1.5
|
$3.5 –
5.0
|
$3.2
|
Capitalized development
costs – operating
mines
|
$0.2
|
$0.5
|
$3.2
|
EE&D – operating
mines
|
$1.7
|
$7.0 –
8.0
|
$4.6
|
Exploration and evaluation
expense –
Coricancha
|
$1.7
|
$1.0 –
3.0
|
$2.7
|
The timing of the capital expenditures and
EE&D is weighted to the second half of the year. In
particular, there are significant planned capital expenditures
associated with the expansion of the Topia tailings dam. At
this time, the Company believes it can complete the design and
construction by late 2016 or early 2017. However, the
timeline is tight and may be affected by a number of risks and
uncertainties. This presents the possibility that planned
capital expenditures may not be incurred in 2016, which would
further reduce AISC guidance for 2016.
The timing of the permitting and construction of
the Topia tailings dam expansion and related reviews of the
existing tailings facility also presents a risk that the Company
may not meet its production guidance for 2016, however, the Company
believes that this risk is manageable at this stage, as Topia is
the smaller of the Company's operations accounting for less than
25% of overall production and the Company believes it can manage
the transition to the new tailings facility without an impact to
its 2016 production guidance.
The statements presented above in this
Outlook section represent "forward looking statements".
Investors should consider the risks and assumptions underlying this
forward looking information, as summarized above and in the section
entitled Cautionary Statement on Forward Looking Statements
below, in considering these forward looking statements.
WEBCAST AND CONFERENCE CALL TO DISCUSS SECOND
QUARTER 2016 FINANCIAL RESULTS
Great Panther will hold a live webcast and
conference call to discuss the financial results on August 4, 2016 at 11:00 AM
Eastern Standard Time (8:00 AM
Pacific Standard Time). Hosting the call will be Mr.
Robert Archer, President and CEO,
and Mr. Jim Zadra, CFO and Corporate
Secretary.
Shareholders, analysts, investors and media are
invited to join the live webcast and conference call by logging in
or dialing in just prior to the start time.
Live webcast and
registration:
|
www.greatpanther.com
|
U.S. & Canada
Toll-Free:
|
1 866 832
4290
|
International
Toll:
|
+1 919
825-3215
|
Passcode / Conference
ID:
|
54783660
|
A replay of the webcast will be available on the
Investors section of the Company's website approximately one hour
after the conference call.
NON-IFRS MEASURES
The discussion of financial results in this press
release includes reference to mine operating earnings before
non-cash items, adjusted EBITDA, cash cost, and AISC, which are
non-IFRS measures. The Company provides these measures as
additional information regarding the Company's financial results
and performance. Please refer to the Company's MD&A for
the three and six months ended June 30,
2016, for definitions and reconciliations of these measures
to the Company's financial statements.
ABOUT GREAT PANTHER
Great Panther Silver Limited is a primary silver
mining and exploration company listed on the Toronto Stock Exchange
trading under the symbol GPR, and on the NYSE MKT trading under the
symbol GPL. Great Panther's current activities are focused on
the mining of precious metals from its two wholly-owned operating
mines in Mexico: the
Guanajuato Mine Complex, which includes the San Ignacio Mine, and
the Topia Mine in Durango.
Robert A.
Archer
President & CEO
CAUTIONARY STATEMENT ON FORWARD-LOOKING
STATEMENTS
This news release contains forward-looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and forward-looking
information within the meaning of Canadian securities laws
(together, "forward-looking statements"). Such
forward-looking statements may include but are not limited to the
Company's plans for production at its Guanajuato Mine Complex and
Topia Mines in Mexico, exploring its other properties in
Mexico, the overall economic
potential of its properties, the availability of adequate
financing, and involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements expressed or implied by such forward-looking
statements to be materially different. Such factors include,
among others, risks and uncertainties relating to potential
political risks involving the Company's operations in a foreign
jurisdiction, uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, uncertainty in mineral
resource estimation, physical risks inherent in mining operations,
currency fluctuations, fluctuations in the price of silver, gold
and base metals, completion of economic evaluations, changes in
project parameters as plans continue to be refined, permitting
risks, the inability or failure to obtain adequate financing on a
timely basis, and other risks and uncertainties, including those
described in the Company's most recently filed Annual Information
Form and Material Change Reports filed with the Canadian Securities
Administrators available at www.sedar.com and reports on Form 40-F
and Form 6-K filed with the Securities and Exchange Commission and
available at www.sec.gov.
GREAT PANTHER SILVER
LIMITED
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL
POSITION
|
(Expressed in thousands of Canadian
dollars)
|
|
As at June 30, 2016 and December 31, 2015
(Unaudited)
|
|
|
|
|
|
|
June
30,
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
28,835
|
|
$
|
17,860
|
|
Trade and other
receivables
|
|
17,850
|
|
12,576
|
|
Inventories
|
|
6,244
|
|
8,536
|
|
Other current
assets
|
|
1,734
|
|
1,110
|
|
Derivative
assets
|
|
358
|
|
-
|
|
|
|
55,021
|
|
40,082
|
Non-current
assets:
|
|
|
|
|
|
Mineral properties, plant
and
equipment
|
|
18,298
|
|
21,252
|
|
Exploration and evaluation
assets
|
|
2,756
|
|
5,427
|
|
Intangible
assets
|
|
3
|
|
111
|
|
Deferred tax
asset
|
|
231
|
|
413
|
|
|
|
$
|
76,309
|
|
$
|
67,285
|
|
|
|
|
|
|
Liabilities and
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Trade and other
payables
|
|
$
|
5,600
|
|
$
|
6,830
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Reclamation and remediation
provision
|
|
5,002
|
|
4,762
|
|
Deferred tax
liability
|
|
3,846
|
|
3,998
|
|
|
|
14,448
|
|
15,590
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Share
capital
|
|
134,949
|
|
125,646
|
|
Reserves
|
|
18,199
|
|
11,137
|
|
Deficit
|
|
(91,287)
|
|
(85,088)
|
|
|
|
61,861
|
|
51,695
|
|
|
|
$
|
76,309
|
|
$
|
67,285
|
GREAT PANTHER SILVER
LIMITED
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE
INCOME
|
(Expressed in thousands of Canadian dollars, except
per share
data)
|
|
For the three and six months ended June 30, 2016 and
2015
(Unaudited)
|
|
|
|
|
|
|
Three months ended
June
30,
|
Six months ended
June
30,
|
|
|
2016
|
2015
|
2016
|
2015
|
|
|
|
|
|
|
Revenue
|
$
|
25,576
|
$
|
19,183
|
$
|
44,030
|
$
|
39,434
|
Cost of
sales
|
|
|
|
|
|
Production
costs
|
12,411
|
12,470
|
23,119
|
26,068
|
|
Amortization and
depletion
|
1,537
|
5,010
|
3,087
|
11,010
|
|
Share-based
compensation
|
102
|
35
|
151
|
163
|
|
|
14,050
|
17,515
|
26,357
|
37,241
|
|
|
|
|
|
|
Mine operating
earnings
|
11,526
|
1,668
|
17,673
|
2,193
|
|
|
|
|
|
|
General and administrative
expenses
|
|
|
|
|
|
Administrative
expenses
|
1,517
|
1,587
|
3,174
|
3,661
|
|
Amortization and
depletion
|
67
|
61
|
136
|
125
|
|
Share-based
compensation
|
225
|
115
|
432
|
214
|
|
|
1,809
|
1,763
|
3,742
|
4,000
|
|
|
|
|
|
|
Exploration, evaluation,
and development
expenses
|
|
|
|
|
|
Exploration and evaluation
expenses
|
808
|
444
|
2,644
|
1,215
|
|
Mine development
costs
|
1,101
|
509
|
1,689
|
653
|
|
Share-based
compensation
|
29
|
88
|
56
|
145
|
|
1,938
|
1,041
|
4,389
|
2,013
|
|
|
|
|
|
|
Impairment
charge
|
2,191
|
-
|
2,191
|
-
|
|
|
|
|
|
Finance and other income
(expense)
|
|
|
|
|
|
Interest
income
|
32
|
87
|
61
|
226
|
|
Finance
costs
|
(37)
|
(47)
|
(62)
|
(67)
|
|
Foreign exchange gain
(loss)
|
(6,250)
|
(3,837)
|
(12,394)
|
2,129
|
|
Other
income
|
21
|
32
|
44
|
58
|
|
|
(6,234)
|
(3,765)
|
(12,351)
|
2,346
|
|
|
|
|
|
|
(Loss) income before
income
taxes
|
(646)
|
(4,901)
|
(5,000)
|
(1,474)
|
|
|
|
|
|
|
Income tax expense
(recovery)
|
1,092
|
(179)
|
1,199
|
(342)
|
Net (loss) income for
the
period
|
$
|
(1,738)
|
$
|
(4,722)
|
$
|
(6,199)
|
$
|
(1,132)
|
|
|
|
|
|
|
Other comprehensive income
(loss), net of
tax
|
|
|
|
|
|
Items that are or may be
reclassified subsequently to net income
(loss):
|
|
|
|
|
Foreign currency
translation
|
3,600
|
1,847
|
7,180
|
(207)
|
|
Change in fair value of
available-for-sale financial assets (net of
tax)
|
-
|
-
|
4
|
-
|
|
|
3,600
|
1,847
|
7,184
|
(207)
|
Total comprehensive
(loss) income for the
period
|
1,862
|
(2,875)
|
985
|
(1,339)
|
|
|
|
|
|
|
Earnings (loss) per
share
|
|
|
|
|
|
Basic and
diluted
|
$
|
(0.01)
|
$
|
(0.03)
|
$
|
(0.04)
|
$
|
(0.01)
|
GREAT PANTHER SILVER
LIMITED
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
(Expressed in thousands of Canadian
dollars)
|
|
For the three and six months ended June 30, 2016 and
2015
(Unaudited)
|
|
|
|
|
|
|
Three months ended
June
30,
|
Six months ended
June
30,
|
|
|
2016
|
2015
|
2016
|
2015
|
|
|
|
|
|
|
Cash flows from
operating
activities
|
|
|
|
|
Net income (loss) for the
period
|
$
|
(1,738)
|
$
|
(4,722)
|
$
|
(6,199)
|
$
|
(1,132)
|
Items not involving
cash:
|
|
|
|
|
|
Amortization and
depletion
|
1,604
|
5,071
|
3,223
|
11,135
|
|
Impairment
charge
|
2,191
|
-
|
2,191
|
-
|
|
Unrealized foreign exchange
loss
(gains)
|
6,477
|
3,406
|
12,902
|
(1,410)
|
|
Income tax expense
(recovery)
|
1,092
|
(179)
|
1,199
|
(342)
|
|
Share-based
compensation
|
356
|
238
|
639
|
522
|
|
Other non-cash
items
|
116
|
(39)
|
132
|
(158)
|
Interest
received
|
41
|
11
|
58
|
60
|
Income taxes
paid
|
(287)
|
(219)
|
(293)
|
(278)
|
|
|
9,852
|
3,567
|
13,852
|
8,397
|
Changes in non-cash working
capital:
|
|
|
|
|
|
Decrease (increase) in
trade and other
receivables
|
(5,760)
|
1,262
|
(7,112)
|
(1,765)
|
|
Decrease in
inventories
|
1,405
|
936
|
1,010
|
1,030
|
|
Decrease (increase) in
other current
assets
|
(385)
|
82
|
(760)
|
(477)
|
|
Increase (decrease) in
trade and other
payables
|
150
|
(341)
|
(1,366)
|
164
|
|
Net cash from operating
activities
|
5,262
|
5,506
|
5,624
|
7,349
|
|
|
|
|
|
|
Cash flows from
investing
activities:
|
|
|
|
|
|
Additions to mineral
properties, plant and
equipment
|
(1,155)
|
(2,160)
|
(1,730)
|
(3,485)
|
|
Acquisition of
Cangold
|
-
|
(62)
|
-
|
(994)
|
|
Additions to exploration
& evaluation
assets
|
-
|
(2,157)
|
-
|
(2,157)
|
|
Net cash used in
investing
activities
|
(1,155)
|
(4,379)
|
(1,730)
|
(6,636)
|
|
|
|
|
|
|
Cash flows from
financing
activities:
|
|
|
|
|
|
Proceeds from At-the-Market
offering, net of
expenses
|
6,571
|
-
|
6,571
|
-
|
|
Proceeds from exercise of
share
options
|
1,304
|
-
|
1,971
|
9
|
|
Net cash from financing
activities
|
7,875
|
-
|
8,542
|
9
|
|
|
|
|
|
|
Effect of foreign
currency translation on cash and cash
equivalents
|
(128)
|
(389)
|
(1,461)
|
742
|
|
|
|
|
|
|
Increase in cash and cash
equivalents
|
11,854
|
738
|
10,975
|
1,464
|
Cash and cash equivalents,
beginning of
period
|
16,981
|
18,694
|
17,860
|
17,968
|
Cash and cash
equivalents, end of
period
|
$
|
28,835
|
$
|
19,432
|
$
|
28,835
|
$
|
19,432
|
SOURCE Great Panther Silver Limited