TSX: GPR
NYSE MKT: GPL
VANCOUVER, May 3, 2017 /CNW/ - GREAT PANTHER SILVER
LIMITED (TSX: GPR) (NYSE MKT: GPL) ("Great Panther"; or the
"Company") today reported financial results for the Company's three
months ended March 31, 2017.
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
shareholders can receive a hard copy of the Company's complete
audited financial statements free of charge upon request. All
financial information is prepared in accordance with IFRS, except
as noted under the Non-IFRS Measures section.
Great Panther commenced reporting its financial results in US
dollars as of the third quarter of 2016. Accordingly, all
dollar amounts expressed in this news release, and the associated
financial statements and MD&A, are in US dollars ("USD"),
unless otherwise noted. Periods prior to the third quarter of
2016 were reported in Canadian dollars ("CAD"), and have been
restated to USD using the July 1,
2016 CAD/USD exchange rate of 1.3052.
"I am pleased to report a significant increase in net income for
the first quarter of 2017", stated Robert
Archer, President & CEO. "This is particularly
notable given that we suspended processing at Topia to complete plant upgrades and prepare
for the transition to a new tailings storage facility, and
therefore only had nominal production from Topia during the quarter. The
Topia upgrades were completed
under budget and commissioning of the plant is expected to be
complete by mid-May. Great Panther remains focused on
capitalizing on growth opportunities and, as at the end of the
first quarter of 2017, the Company had $69.3
million in net working capital, including $53.2 million in cash and short-term deposits,
and no long-term debt."
Great Panther reports net income of $3.0
million for the first quarter of 2017, compared to a net
loss of $3.4 million in the same
quarter of 2016. Improved metal prices and favourable
exchange rates offset the impact of lower production and sales
volumes associated with the temporary suspension in Topia's milling operations. The Company
also recorded a non-cash $1.8 million
foreign exchange gain, predominantly associated with Mexican peso
("MXN") foreign currency forward contracts.
Cash cost per payable silver ounce ("cash cost") of $3.54 for the first quarter of 2017 was well
below the Company's full-year guidance for 2017, and represented
reductions of 16% and 39% relative to the first and the fourth
quarter of 2016, respectively. All-in sustaining cost per
payable silver ounce ("AISC") for the first quarter of 2017 came in
at $19.55 and was higher than 2017
full-year guidance, as the Company absorbed the impact of the
capital expenditure and fixed overhead costs associated with the
construction of the Topia tailings
filtration plant, Phase II storage facility, and plant upgrades
(the "Topia Project"), while milling operations at Topia were halted. With the Topia
Project now largely completed, AISC is projected to decline over
the balance of 2017 such that the Company expects to meet its 2017
guidance (refer to Outlook section).
Highlights of the first quarter 2017 compared to first
quarter 2016, unless otherwise noted:
- Topia milling operations were
suspended for the duration of the first quarter of 2017 to
facilitate planned plant upgrades and the transition to the new
tailings handling and storage facilities; as at the date of this
press release, the final permit for the new tailings storage
facility ("TSF") remains outstanding and subject to some
uncertainty;
- Metal production decreased 28% to 730,186 Ag eq oz;
- Silver production decreased 32% to 366,435 silver
ounces;
- Gold production decreased 8% to 5,178 ounces;
- Cash cost decreased 16% to $3.54;
- Cash cost per Ag eq oz increased 5% to $10.99;
- AISC increased by $10.30 to
$19.55;
- Revenues decreased 13% to $12.4
million;
- Mine operating earnings before non-cash items were $5.4 million, a decrease of 8%;
- Adjusted EBITDA was $2.1 million
compared to $2.9 million;
- Net income totaled $3.0 million,
compared to a net loss of $3.4
million;
- Cash flow from operating activities before changes in non-cash
net working capital was $0.9 million,
compared to $3.1 million;
- Cash and short-term deposits decreased to $53.2 million at March 31,
2017 from $56.7 million at
December 31, 2016; and
- Net working capital increased to $69.3
million at March 31, 2017 from
$66.6 million at December 31, 2016.
OPERATING AND FINANCIAL RESULTS SUMMARY
|
|
|
|
|
|
|
Q1
2017
|
Q1
2016
|
Change
|
Q4
2016
|
Change
|
OPERATING
RESULTS
|
|
|
|
|
|
Tonnes milled
(excluding custom milling)
|
82,656
|
88,683
|
-7%
|
92,869
|
-11%
|
Ag eq oz
produced1
|
730,186
|
1,009,828
|
-28%
|
883,772
|
-17%
|
Silver ounce
production
|
366,435
|
539,472
|
-32%
|
460,571
|
-20%
|
Gold ounce
production
|
5,178
|
5,599
|
-8%
|
5,206
|
-1%
|
Payable silver
ounces
|
344,995
|
478,098
|
-28%
|
488,428
|
-29%
|
Ag eq oz
sold
|
680,984
|
846,313
|
-20%
|
883,348
|
-23%
|
Cost per tonne
milled2
|
$
|
88
|
$
|
95
|
-7%
|
$
|
86
|
2%
|
Cash
cost2
|
$
|
3.54
|
$
|
4.20
|
-16%
|
$
|
5.83
|
-39%
|
Cash cost per Ag eq
oz2
|
$
|
10.99
|
$
|
10.49
|
5%
|
$
|
10.48
|
5%
|
AISC2
|
$
|
19.55
|
$
|
9.25
|
111%
|
$
|
16.44
|
19%
|
AISC per Ag eq
oz2
|
$
|
19.10
|
$
|
13.35
|
43%
|
$
|
16.35
|
17%
|
|
|
|
|
|
|
(in 000's, unless
otherwise noted)
|
Q1
2017
|
Q1
2016
|
Change
|
Q4
2016
|
Change
|
FINANCIAL
RESULTS
|
|
|
|
|
|
Revenue
|
$
|
12,371
|
$
|
14,139
|
-13%
|
$
|
12,515
|
-1%
|
Mine operating
earnings before non-cash items2
|
$
|
5,445
|
$
|
5,935
|
-8%
|
$
|
4,476
|
22%
|
Mine operating
earnings
|
$
|
4,662
|
$
|
4,710
|
-1%
|
$
|
2,411
|
93%
|
Net income
(loss)
|
$
|
3,040
|
$
|
(3,418)
|
189%
|
$
|
(1,498)
|
303%
|
Adjusted
EBITDA2
|
$
|
2,134
|
$
|
2,860
|
-25%
|
$
|
1,376
|
55%
|
Operating cash flows
before changes in non-cash
net working capital
|
$
|
894
|
$
|
3,065
|
-71%
|
$
|
1,119
|
-20%
|
Cash and short-term
deposits at end of period
|
$
|
53,158
|
$
|
13,010
|
309%
|
$
|
56,662
|
-6%
|
Net working capital
at end of period
|
$
|
69,281
|
$
|
27,224
|
154%
|
$
|
66,560
|
4%
|
Average realized
silver price per oz3
|
$
|
19.33
|
$
|
16.19
|
19%
|
$
|
14.99
|
29%
|
Earnings (loss) per
share – basic and diluted
|
$
|
0.02
|
$
|
(0.02)
|
200%
|
$
|
(0.01)
|
300%
|
____________________________
|
1
|
Silver equivalent
ounces are referred to throughout this document. For 2017, Ag eq oz
are calculated using a 70:1 Ag:Au ratio and ratios of 1:0.0559 and
1:0.0676 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 2016, Ag 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.
|
2
|
The Company has
included the non-IFRS performance measures cost per tonne milled,
cash cost, cash cost per Ag eq oz, AISC, AISC per Ag eq oz, 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.
|
TOPIA UPDATE
The Company was expecting confirmation from SEMARNAT (the
Mexican environmental permitting agency) of a permit for the Phase
II TSF by the end of April 2017. The Company was not able to
complete one requirement sought by SEMARNAT as a condition for the
permit. SEMARNAT has not yet formally denied the permit and
the Company is working with the authorities and stakeholders to
complete the permitting process, however, the failure to meet the
condition may lead to SEMARNAT denying the permit. In the
meantime, the commissioning of the upgraded processing plant is
continuing with the use of the Phase I TSF while the Company
attempts to resolve the Phase II permitting situation. While
the Company may be able to obtain the necessary permit without
material disruption to the operations, it advises that there is a
significant risk that it will be unable to meet the condition
imposed by SEMARNAT or find satisfactory alternatives. The
Company advises that it can only continue the use of the Phase I
TSF for a limited period of time which is estimated as several
weeks and a delay in obtaining a permit beyond this period, or a
denial of a permit altogether, will likely result in a shutdown of
operations at Topia.
REVIEW OF FINANCIAL RESULTS
Revenue decreased by 13% in the first quarter of 2017, relative
to the first quarter of 2016. This was primarily attributable
to the 20% decrease in metal sales volumes which resulted from the
reduction in metal production. The decrease in sales volume
had the effect of reducing revenue by $2.5
million, compared to the first quarter of 2016. In
addition, revenue in the first quarter of 2016 included a
$0.6 million effect of favourable
foreign exchange rates which did not recur following the change in
functional currency to US dollars on July
1, 2016. These negative factors were partly offset by
a $0.8 million positive impact of
higher realized precious metal prices, as shown in the table
above. In addition, smelting and refining charges, which are
netted against revenue, were $0.6
million lower compared to the same quarter in the prior
year.
Production costs for the first quarter of 2017 decreased 16%
compared to the first quarter of 2016. The decline in
production costs was predominantly attributable to the 20%
reduction in metal sales volumes, which had an impact of
$1.6 million. This factor was
offset by the increase in unit production costs as reflected in the
5% increase in cash cost per Ag eq oz sold during the first quarter
of 2017.
Mine operating earnings before non-cash items decreased by
$0.5 million relative to the first
quarter of 2016 due to the $1.8
million decrease in revenue which exceeded the impact of the
$1.3 million decrease in production
costs associated with lower volumes.
Amortization and depletion decreased by $0.5 million compared to the first quarter of
2016 as the Phase I TSF at Topia
was fully depreciated by the end of the fourth quarter of 2016.
General and administrative ("G&A") expenses for the first
quarter of 2017 increased by 8% compared to the same period in 2016
primarily due to higher filing fees and professional fees.
Exploration, evaluation and development ("EE&D") expenses
increased by $0.1 million primarily
due to an increase in exploration drilling at San Ignacio and an increase in costs
associated with corporate development activities compared to the
first quarter of 2016. These factors were partially offset by
a reduction in spending at the Coricancha Mine Complex (the "CMC")
during the first quarter of 2017.
Finance and other income amounted to $2.0
million, compared to finance and other expense of
$4.7 million in the first quarter of
2016. The change was primarily attributable to foreign
exchange gains and losses, as the Company recorded a foreign
exchange gain of $1.8 million during
the first quarter of 2017, compared to a $4.7 million foreign exchange loss in the first
quarter of 2016.
The net income tax expense of $0.1
million for the first quarter of 2017 was predominantly
attributable to an accrual for Mexican withholding taxes.
Net income for the first quarter of 2017 amounted to
$3.0 million, compared to a net loss
of $3.4 million for the first quarter
of 2016. The improvement in net income was primarily due to
the $6.7 million increase in finance
and other income, partly offset by a $0.1
million increase in G&A expenses and a $0.1 million increase in EE&D expenses.
Adjusted EBITDA decreased by $0.7
million in the first quarter of 2017, compared to the same
period in 2016. The decrease reflects the $0.5 million decrease in mine operating earnings
before non-cash items, a $0.1 million
increase in G&A expenses before non-cash items as well as a
$0.1 million increase in EE&D
expenses.
Refer to the Company's MD&A for the three months ended
March 31, 2017 for more details of
the financial results.
CASH COST AND ALL-IN COSTS
Cash cost was $3.54 for the first
quarter of 2017, a 16% decrease compared to the first quarter of
2016. The decrease in cash cost was predominantly due to the
absence of sales from the higher-cost Topia operation during the first quarter of
2017, augmented by the impact of the strengthening of the USD
compared to the MXN which had the impact of reducing cash operating
cost in USD terms.
AISC for the first quarter of 2017 increased by $10.30 to $19.55,
compared to the first quarter of 2016. The increase was
primarily due to the increase in capital expenditures associated
with the Topia Project. In addition, the lower payable silver
ounces that resulted from the suspension of processing at
Topia had the impact of increasing
sustaining capital expenditures on a payable silver ounce
basis. Furthermore, the Company incurred higher sustaining
EE&D expenses, as well as G&A expenses. These factors
were partly offset by the reduction in cash cost described
above.
Please refer to the Non-IFRS Measures section in the
Company's MD&A for the three months ended March 31, 2017, for further discussion of cash
cost and AISC, and for a reconciliation to the Company's financial
results as reported under IFRS.
CASH, SHORT-TERM DEPOSITS AND WORKING CAPITAL AT MARCH 31, 2017
At March 31, 2017, the Company had
cash and short-term deposits of $53.2
million, compared to $56.7
million at December 31,
2016. The Company does not have any long-term debt.
Cash and short-term deposits decreased by $3.5 million in the first three months of 2017
primarily due to a $3.4 million
increase in non-cash net working capital and $1.8 million invested in mineral properties,
plant and equipment. These cash outflows were partly offset
by cash inflows from operating activities before changes in
non-cash working capital of $0.9
million and the proceeds from the exercise of stock options
of $0.8 million.
At March 31, 2017, the Company had
net working capital of $69.3 million
compared to $66.6 million at
December 31, 2016. The
$2.7 million increase in the first
three months of 2017 was primarily due to the $1.7 million gain in value on MXN foreign
currency forward contracts, operating cash flows from operating
activities before changes in non-cash working capital of
$0.9 million, and the proceeds from
the exercise of stock options of $0.8
million. The balance of the net increase in working
capital was largely attributable to timing of payments.
OUTLOOK
The Company's production and cost guidance for the year ending
December 31, 2017 remains
unchanged:
|
|
|
|
Production and
cash cost guidance
|
Q1 2017
Actual
|
FY 2017
Guidance
|
FY 2016
Actual
|
Total silver
equivalent ounces1
|
730,186
|
4,000,000
– 4,100,000
|
3,884,960
|
|
|
|
|
Total payable silver
ounces
|
344,995
|
1,950,000 –
2,000,000
|
2,010,252
|
|
|
|
|
Cash cost
(USD)2
|
$ 3.54
|
$ 5.00 –
$ 6.00
|
$ 3.65
|
|
|
|
|
AISC
(USD)2
|
$ 19.55
|
$ 14.00 –
$ 16.00
|
$ 10.99
|
_____________________________
|
1
|
For 2017 guidance, Ag
eq oz have been established using a 70:1 Ag ratio, and ratios of
1:0.0559 and 1:0.0676 for the USD price of silver ounces to the USD
price for lead and zinc pounds, respectively. For 2016, Ag eq oz
were calculated using a 70:1 Ag:Au ratio, and a ratio of 1:0.0504
for the USD price of silver ounces to the USD price for both lead
and zinc pounds.
|
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.
|
For the remainder of 2017, the Company expects cash cost to
increase slightly due to the resumption of milling operations at
Topia which has historically
operated at a higher cash cost than the Guanajuato Mine Complex
(the "GMC"). AISC for the first quarter of 2017 was higher
than the annual 2017 guidance and prior year due to capital
expenditures associated with the Topia Project. AISC is
expected to decrease in the following quarters as the Topia Project
was largely completed in the first quarter.
There is a risk that production guidance will be affected if the
Company is unable to obtain a permit for the Topia Phase II TSF on
a timely basis or at all (see discussion in Topia Update
section). In the event there is a significant change to the
Company's production guidance expectations, the Company will
provide an update to the market as soon as possible.
|
|
|
|
Capex and EE&D
expense guidance (in millions)
|
Q1 2017
Actual
|
FY 2017
Guidance
|
FY 2016
Actual
|
Capital
expenditures
|
$2.2
|
$6.3 – 7.3
|
$4.8
|
|
|
|
|
EE&D – operating
mines
|
$1.1
|
$3.5 – 4.5
|
$3.0
|
Completion of the acquisition of the CMC in Peru is expected to take place before the end
of the second quarter 2017. Once the transaction is
completed, the Company's plans include further evaluations of the
current mine and processing infrastructure, approximately 7,800
metres of underground drilling, environmental studies and
initiation of a preliminary feasibility study (PFS).
Depending upon the outcome of the PFS, development in support of
operations could commence in 2018. A resource update is
underway and is now expected to be completed in the third
quarter.
In addition to finalizing the acquisition of the CMC in
Peru, the Company continues to
seek and evaluate additional acquisition opportunities to meet the
Company's growth objectives.
WEBCAST AND CONFERENCE CALL TO DISCUSS THE FIRST QUARTER 2017
FINANCIAL RESULTS
Great Panther will hold a live webcast and conference call to
discuss the financial results on May 4,
2017, at 8:00 am Pacific
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 calling in
five minutes prior to the start time.
Live webcast and
registration
|
www.greatpanther.com
|
U.S. & Canada
Toll-Free
|
1 888 394
8218
|
International
Toll
|
+1 719 325
2213
|
Conference
ID
|
5046183
|
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, EBITDA, adjusted EBITDA, cash cost, cash cost per Ag eq oz,
AISC and AISC per Ag eq oz, 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 months ended March 31, 2017 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
precious metals producer 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 GMC, which includes the San
Ignacio Mine; and the Topia Mine in Durango. In addition, the
Company has signed an agreement to acquire a 100% interest in the
CMC in the central Andes of Peru
and is pursuing additional mining opportunities in the
Americas.
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 the GMC
and Topia Mine in Mexico, that the
Company will be able to satisfy, or obtain a waiver of, the
remaining condition to the grant of SEMARNAT approval for the use
of the Phase II TSF at Topia,
exploring its other properties in Mexico and Peru, 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 US dollars)
|
|
As at March 31, 2017
and December 31, 2016 (Unaudited)
|
|
|
|
|
|
|
March
31,
|
December
31,
|
|
|
2017
|
2016
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
30,076
|
$
|
41,642
|
|
Short-term
deposits
|
23,082
|
15,020
|
|
Trade and other
receivables
|
11,053
|
10,178
|
|
Inventories
|
7,688
|
5,744
|
|
Derivative
assets
|
1,213
|
-
|
|
Other current
assets
|
890
|
529
|
|
|
74,002
|
73,113
|
Non-current
assets:
|
|
|
|
Mineral properties,
plant and equipment
|
15,680
|
14,096
|
|
Exploration and
evaluation assets
|
2,112
|
2,112
|
|
Intangible
assets
|
22
|
22
|
|
Deferred tax
asset
|
58
|
98
|
|
|
$
|
91,874
|
$
|
89,441
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Trade and other
payables
|
4,721
|
6,017
|
|
Derivative
liabilities
|
-
|
536
|
|
|
|
Non-current
liabilities:
|
|
|
|
Reclamation and
remediation provision
|
3,876
|
3,466
|
|
Deferred tax
liability
|
1,854
|
2,134
|
|
|
10,451
|
12,153
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
Share
capital
|
129,588
|
128,485
|
|
Reserves
|
18,107
|
18,115
|
|
Deficit
|
(66,272)
|
(69,312)
|
|
|
81,423
|
77,288
|
|
|
$
|
91,874
|
$
|
89,441
|
GREAT PANTHER
SILVER LIMITED
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
(Expressed in
thousands of US dollars, except per share data)
|
|
For the three months
ended March 31, 2017 and 2016 (Unaudited)
|
|
|
|
|
|
For the three
months ended March 31,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
Revenue
|
$
|
12,371
|
|
$
|
14,139
|
Cost of
sales
|
|
|
|
|
Production
costs
|
6,926
|
|
8,204
|
|
Amortization and
depletion
|
690
|
|
1,187
|
|
Share-based
compensation
|
93
|
|
38
|
|
|
7,709
|
|
9,429
|
|
|
|
|
|
Mine operating
earnings
|
4,662
|
|
4,710
|
|
|
|
|
|
General and
administrative expenses
|
|
|
|
|
Administrative
expenses
|
1,394
|
|
1,270
|
|
Amortization and
depletion
|
17
|
|
53
|
|
Share-based
compensation
|
191
|
|
159
|
|
|
1,602
|
|
1,482
|
|
|
|
|
|
Exploration,
evaluation, and development expenses
|
|
|
|
|
Exploration and
evaluation expenses
|
1,123
|
|
1,407
|
|
Mine development
costs
|
825
|
|
450
|
|
Share-based
compensation
|
8
|
|
20
|
|
1,956
|
|
1,877
|
|
|
|
|
|
Finance and other
income (expense)
|
|
|
|
|
Interest
income
|
213
|
|
23
|
|
Finance
expenses
|
(38)
|
|
(20)
|
|
Foreign exchange gain
(loss)
|
1,814
|
|
(4,707)
|
|
Other
income
|
7
|
|
18
|
|
|
1,996
|
|
(4,686)
|
|
|
|
|
|
Income (loss)
before income taxes
|
3,100
|
|
(3,335)
|
|
|
|
|
|
Income tax
expense
|
60
|
|
83
|
Net income (loss)
for the period
|
$
|
3,040
|
|
$
|
(3,418)
|
|
|
|
|
|
Other comprehensive
income, net of tax
|
|
|
|
|
Items that are or
may be reclassified subsequently to net income
(loss):
|
|
|
|
|
Foreign currency
translation
|
29
|
|
2,743
|
|
Change in fair value
of available-for-sale financial assets, net of tax
|
(2)
|
|
3
|
|
|
27
|
|
2,746
|
Total
comprehensive income (loss) for the period
|
$
|
3,067
|
|
$
|
(672)
|
|
|
|
|
|
Earnings (loss) per
share
|
|
|
|
|
Basic and
diluted
|
$
|
0.02
|
|
$
|
(0.02)
|
GREAT PANTHER
SILVER LIMITED
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Expressed in
thousands of US dollars)
|
|
For the three months
ended March 31, 2017 and 2016 (Unaudited)
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Net income (loss) for
the period
|
$
|
3,040
|
|
$
|
(3,418)
|
Items not involving
cash:
|
|
|
|
|
Amortization and
depletion
|
707
|
|
1,240
|
|
Unrealized foreign
exchange (gains) loss
|
(1,771)
|
|
4,923
|
|
Income tax
expense
|
60
|
|
83
|
|
Share-based
compensation
|
292
|
|
217
|
|
Other non-cash
items
|
(152)
|
|
11
|
Interest
received
|
129
|
|
13
|
Interest
paid
|
(19)
|
|
-
|
Income taxes
paid
|
(1,392)
|
|
(4)
|
|
|
894
|
|
3,065
|
Changes in non-cash
working capital:
|
|
|
|
|
Increase in trade and
other receivables
|
(329)
|
|
(1,037)
|
|
Increase in
inventories
|
(1,979)
|
|
(303)
|
|
Increase in other
current assets
|
(361)
|
|
(286)
|
|
Decrease in trade and
other payables
|
(738)
|
|
(1,161)
|
|
Net cash from
operating activities
|
(2,513)
|
|
278
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Additions to mineral
properties, plant and equipment
|
(1,826)
|
|
(440)
|
|
Investments in
short-term deposits
|
(8,062)
|
|
-
|
|
Net cash used in
investing activities
|
(9,888)
|
|
(440)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of share options
|
776
|
|
512
|
|
Net cash from
financing activities
|
776
|
|
512
|
|
|
|
|
|
Effect of foreign
currency translation on cash and cash equivalents
|
59
|
|
(1,023)
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
(11,566)
|
|
(673)
|
Cash and cash
equivalents, beginning of period
|
41,642
|
|
13,684
|
Cash and cash
equivalents, end of period
|
$
|
30,076
|
|
$
|
13,011
|
SOURCE Great Panther Silver Limited