(All dollar amounts expressed in US dollars unless otherwise
noted)
TSX: GPR | NYSE American: GPL
VANCOUVER, BC, Aug. 6, 2020 /CNW/ - Great Panther Mining
Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or "the Company")
reports unaudited consolidated financial results for the second
quarter of 2020 (Q2 2020) from its three wholly owned mines: Tucano
in Brazil, and Topia and the Guanajuato Mine Complex (GMC) in
Mexico. Great Panther will
host a conference call and live webcast to discuss the results at
9.00am PDT/12.00pm EDT today, August
6, 2020. Dial-in and login details are provided at the
end of this news release.
"The combination of a strong rise in the gold price and
record production at our flagship Tucano mine, leading to a
substantially lower AISC, drove a significant increase in cash flow
from operating activities to a record $19.5 million for the
second quarter of 2020," stated President and CEO Rob Henderson. "This was an impressive
result given the unprecedented challenges of managing
COVID-19. We congratulate our teams at all Great Panther
sites for this achievement.
"On a consolidated basis for 2020, we expect to produce 146,000
to 158,000 gold equivalent ounces at all-in sustaining costs in the
range of $1,150 to $1,250 per gold ounce sold, and we are well
positioned to deliver strong results while we continue to keep the
safety and health our people our number one priority."
Q2 2020 Highlights
Financial
- Revenue of $67.0 million,
representing a 48% increase over Q2 2019
- Record mine operating earnings before non-cash
items1 of $35.8 million
($0.11 per share)
- Record adjusted EBITDA1 of $30.2 million
- Record cash flow from operating activities of $19.5 million ($0.06 per share)
- AISC before corporate G&A of $1,027 per gold ounce (oz) sold1
- Cash and cash equivalents at June 30,
2020 of $60.2 million, an
increase from $37.0 million at
December 31, 2019 and $9.9 million at June 30,
2019
_____________________________________________
|
1
|
The Company has
included in this news release and the accompanying Management's
Discussion and Analysis for the period ended June 30, 2020 (the "Q2
2020 MD&A") the non-Generally Accepted Accounting Principles
("GAAP") performance measures cash cost per gold ounce sold, cash
cost per payable silver ounce, all-in sustaining cost ("AISC") per
gold ounce sold excluding corporate general and administrative
("G&A") expenditures, AISC per gold ounce sold, AISC per
payable silver ounce, mine operating earnings before non-cash
items, cost of sales before non-cash items, adjusted earnings
before interest, taxes depreciation and amortization ("Adjusted
EBITDA"), adjusted net loss and adjusted net loss per share
throughout this document. Refer to the Non-GAAP
Measures section of the Company's Q2 2020 MD&A for an
explanation of these measures and reconciliation to the Company's
financial results reported in accordance with International
Financial Reporting Standards ("IFRS"). As these are not
standardized measures, they may not be directly comparable to
similarly titled measures used by others.
|
Operational
- Production of 38,541 gold equivalent ounces (Au eq
oz)1
- Record monthly production at Tucano in June of 15,389 gold oz
since acquisition in March 2019
- Au eq oz production growth of 11% over Q1 2020
- Successful restart of GMC and Topia in Mexico after two-month COVID-19 shutdowns
Corporate
- Closing of bought deal financing with gross proceeds of
$16.1 million
- Agreement reached with Nyrstar to defer Coricancha bond
requirements
- Appointment of David Garofalo,
Alan Hair and Joseph Gallucci to the Board of Directors, and
the appointment of Mr. Garofalo as Chair of the Board of
Directors
- Appointment of Rob Henderson as
President and CEO
For the second quarter of 2020 Great Panther reported records
for mine operating earnings before non-cash items, net income,
adjusted EBITDA and cash-flow from operating activities as a result
of strong production results at Tucano and a rise in the gold price
which resulted in an average realized gold price of $1,728 per ounce for the quarter. With the
restart of the Company's operations in Mexico in June, a strong increase in the price
of silver and new records for the gold price since the end of the
second quarter, Great Panther expects continued strong cash-flow
generation in the third quarter.
COVID-19 Response
Great Panther has developed and implemented robust COVID-19
prevention, monitoring and response plans following the guidelines
of the World Health Organization and the regulatory agencies
of each country in which it operates to ensure a safe work
environment. These plans include mandatory medical screening
and testing on arrival at site, requirements to report infection or
contact with those infected, restrictions on international travel
and any non-essential domestic travel, alternative work
arrangements, hygiene precautions and physical distancing
practices, among others. Specific areas have been prepared
for the isolation, testing and care of employees showing COVID-19
symptoms. Increased cleaning and sanitizing procedures have
been introduced, especially in frequently visited areas.
Training campaigns to educate all employees and contractors, their
families and local communities on preventive measures and hygiene
best practices continue regularly.
Additional information regarding Great Panther's COVID-19
response plan, preventive measures taken to date and the potential
impact on operations are available in the Q2 2020 Management's
Discussion and Analysis ("MD&A"), available on the Company's
website at www.greatpanther.com and on SEDAR at www.sedar.com.
___________________________________
|
1
|
Gold equivalent
ounces are referred to in this news release and the accompanying Q2
MD&A. For 2020, Au eq oz were calculated using a 1:90
Au:Ag ratio, and ratios of 1:0. 0006412 and 1:0. 0007554 for the
price/ounce of gold to price/pound of lead and zinc, respectively,
and applied to the relevant metal content of the concentrates
produced, expected to be produced, or sold from operations.
The ratios are reflective of average metal prices for
2020.
|
Table 1:
Operational Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2
2020
|
|
Q2
2019
|
Change
|
|
Six months
ended June
30, 2020
|
|
Six months
ended June
30, 20191
|
Change
|
Total material mined
– Tucano (tonnes)
|
|
6,075,380
|
|
5,009,392
|
21%
|
|
13,190,515
|
|
6,578,074
|
101%
|
Ore mined – Tucano
(tonnes)
|
|
425,209
|
|
534,846
|
-20%
|
|
817,692
|
|
638,706
|
28%
|
Ore mined – Mexico
(tonnes)
|
|
23,646
|
|
65,764
|
-64%
|
|
91,491
|
|
132,662
|
-31%
|
Tonnes milled –
Tucano
|
|
822,638
|
|
718,682
|
14%
|
|
1,633,835
|
|
912,849
|
79%
|
Tonnes milled –
Mexico (excluding custom milling)
|
|
24,536
|
|
63,886
|
-62%
|
|
93,501
|
|
133,540
|
-30%
|
Tonnes milled –
consolidated operations (excluding custom milling)
|
|
847,174
|
|
782,568
|
8%
|
|
1,727,336
|
|
1,046,389
|
65%
|
Plant gold head grade
(g/t) – Tucano
|
|
1.48
|
|
1.41
|
5%
|
|
1.29
|
|
1.31
|
-2%
|
Plant head grade (g/t
Ag eq) – Mexico
|
|
325
|
|
355
|
-8%
|
|
320
|
|
333
|
-4%
|
Gold oz produced –
Tucano
|
|
35,421
|
|
29,899
|
18%
|
|
61,597
|
|
35,063
|
76%
|
Gold oz produced –
consolidated operations
|
|
36,357
|
|
33,461
|
9%
|
|
65,297
|
|
41,754
|
56%
|
Au eq oz
produced2
|
|
38,541
|
|
39,922
|
-3%
|
|
73,267
|
|
54,782
|
34%
|
Gold oz
sold
|
|
37,076
|
|
29,850
|
24%
|
|
63,883
|
|
38,039
|
68%
|
Au eq oz
sold2
|
|
39,316
|
|
35,759
|
10%
|
|
71,541
|
|
50,003
|
43%
|
Cash costs per gold
oz sold – Tucano3
|
$
|
743
|
$
|
957
|
-22%
|
$
|
859
|
$
|
935
|
-8%
|
AISC per gold oz sold
– Tucano3
|
$
|
982
|
$
|
1,126
|
-13%
|
$
|
1,291
|
$
|
1,193
|
8%
|
Cash costs per gold
oz sold3
|
$
|
729
|
$
|
950
|
-23%
|
$
|
862
|
$
|
932
|
-8%
|
All-in sustaining
costs (AISC) per gold oz sold, excluding corporate G&A
expenditures3
|
$
|
1,027
|
$
|
1,153
|
-11%
|
$
|
1,330
|
$
|
1,229
|
8%
|
AISC per gold oz
sold3
|
$
|
1,126
|
$
|
1,260
|
-11%
|
$
|
1,445
|
$
|
1,380
|
5%
|
|
___________________________________
|
1
|
The comparative data
presented for the six months ended June 30, 2019 is for the period
from March 5, 2019 to June 30, 2019, the period for which the
Company owned Tucano following the acquisition of
Beadell.
|
2
|
Gold equivalent
ounces are referred to throughout this document. For 2020, Au
eq oz were calculated using a 1:90 Au:Ag ratio, and ratios of 1:0.
0006412 and 1:0. 0007554 for the price/ounce of gold to price/pound
of lead and zinc, respectively, and applied to the relevant metal
content of the concentrates produced, expected to be produced, or
sold from operations. The ratios are reflective of average
metal prices for 2020. Comparatively, Au eq oz for 2019 were
calculated using a 1:80 Au:Ag ratio, and ratios of 1:0.000795 and
1:0.00102258 for the price/ounce of gold to price/pound of lead and
zinc, respectively, and applied to the relevant metal content of
the concentrates produced, expected to be produced, or sold from
operations. The ratios are reflective of average metal prices
for 2019.
|
3
|
The Company has
included the non-GAAP performance measures cash cost per gold ounce
sold, AISC per gold ounce sold excluding corporate G&A
expenditures and AISC per gold ounce sold, throughout this news
release and the accompanying Q2 2020 MD&A. Refer to the
Non-GAAP Measures section of the Company's Q2 2020
MD&A for an explanation of these measures and reconciliation to
the Company's financial results reported in accordance with IFRS.
As these are not standardized measures, they may not be
directly comparable to similarly titled measures used by
others.
|
Table 2: Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands,
except per ounce, per share and exchange rate
figures)
|
|
Q2
2020
|
|
Q2
2019
|
Change
|
|
Six months
ended June
30, 2020
|
|
Six months
ended June
30, 20191
|
Change
|
Revenue
|
$
|
67,028
|
$
|
45,278
|
48%
|
$
|
115,078
|
$
|
61,972
|
86%
|
Mine operating
earnings before non-cash items2
|
$
|
35,755
|
$
|
10,728
|
233%
|
$
|
50,003
|
$
|
14,219
|
252%
|
Mine operating
earnings
|
$
|
23,861
|
$
|
2,902
|
722%
|
$
|
29,831
|
$
|
4,419
|
575%
|
Net income
(loss)
|
$
|
8,552
|
$
|
(5,758)
|
n/a
|
$
|
(31,912)
|
$
|
(53,784)
|
41%
|
Adjusted net income
(loss)1
|
$
|
11,430
|
$
|
(8,965)
|
n/a
|
$
|
3,882
|
$
|
(13,938)
|
n/a
|
Adjusted
EBITDA2
|
$
|
30,191
|
$
|
2,044
|
1,377%
|
$
|
36,571
|
$
|
347
|
10,439%
|
Cash flows from
operating activities
|
$
|
19,499
|
$
|
(5,527)
|
n/a
|
$
|
31,256
|
$
|
(14,009)
|
n/a
|
Cash and short-term
deposits at end of period
|
$
|
60,205
|
$
|
9,945
|
505%
|
$
|
60,205
|
$
|
9,945
|
505%
|
Net working capital
at end of period
|
$
|
6,836
|
$
|
1,553
|
340%
|
$
|
6,836
|
$
|
1,553
|
340%
|
Earnings (loss)
per share – basic
|
$
|
0.03
|
$
|
(0.02)
|
n/a
|
$
|
(0.10)
|
$
|
(0.22)
|
55%
|
Earnings (loss)
per share – diluted
|
$
|
0.03
|
$
|
(0.02)
|
n/a
|
$
|
(0.10)
|
$
|
(0.22)
|
55%
|
Average realized gold
price per oz3
|
$
|
1,728
|
$
|
1,310
|
32%
|
$
|
1,664
|
$
|
1,306
|
27%
|
Average realized
silver price per oz3
|
$
|
18.59
|
$
|
15.03
|
24%
|
$
|
16.28
|
$
|
14.92
|
9%
|
Brazilian real
(BRL)/USD
|
|
5.39
|
|
3.92
|
38%
|
|
4.92
|
|
3.84
|
28%
|
Mexican peso
(MXN)/USD
|
|
23.34
|
|
19.13
|
22%
|
|
21.64
|
|
19.17
|
13%
|
|
________________________________
|
1
|
The comparative data
presented for the six months ended June 30, 2019 is for the period
from March 5, 2019 to June 30, 2019, the period for which the
Company owned Tucano following the acquisition of
Beadell.
|
2
|
The Company has
included the non-GAAP performance measures mine operating earnings
before non-cash items, adjusted EBITDA, and adjusted net income
(loss) throughout this news release and the accompanying Q2 2020
MD&A. Refer to the Non-GAAP
Measures section of the Company's Q2 2020 MD&A for an
explanation of these measures and reconciliation to the Company's
financial results reported 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 gold
and silver prices are prior to smelting and refining
charges.
|
Refer to the Q2 2020 MD&A for more details of the
financial results and for reconciliations of the Company's non-GAAP
performance measures to the nearest GAAP measure. The full
version of the Company's unaudited condensed interim consolidated
financial statements for the three and six months ended
June 30, 2020 and 2019 and the Q2
2020 MD&A can be viewed on the Company's website at
www.greatpanther.com or on SEDAR at www.sedar.com. All
financial information is prepared in accordance with IFRS, except
as noted in the Non-GAAP Measures section of the Q2 2020
MD&A.
2020 Guidance and Outlook
The Company provides production and cost guidance for its
operating mines from time to time. The 2020 cost guidance for
Topia and for the consolidated
operation is provided below for the first time as production
guidance for Topia was only
provided on July 9, 2020 due to the
previous decision to suspend tailings deposition at the mine's
Phase II tailings storage facility ("TSF") and subsequent Mexican
federal government restrictions on non-essential business
activities in an effort to limit the spread of COVID-19. Production
guidance remains unchanged from Great Panther's disclosure on
July 9, 2020. Cost guidance for
Tucano remains unchanged. Cost guidance for the GMC has been
revised to reflect the impact of the April and May
shutdown.
Table 3 – 2020
Guidance
|
|
|
|
|
|
|
|
|
|
|
Tucano1
|
Topia2
|
GMC2
|
Consolidated
|
Gold production
(oz)3
|
120,000-130,000
|
–
|
–
|
120,000-130,000
|
Silver eq production
(oz)4
|
–
|
1,200,000-1,300,000
|
1,200,000-1,300,000
|
2,400,000-2,600,000
|
Gold eq production
(oz)
|
120,000-130,000
|
13,000-14,000
|
13,000-14,000
|
146,000-158,000
|
Cash cost ($/oz
sold)
|
$900-$1,000
|
$15-16
|
$9-10
|
$900-1,000
|
AISC ($/oz
sold)
|
$1,150-1,250
|
$21-22
|
$13-14
|
$1,150-1,250
|
Sustaining capital
($M)5
|
$29-35
|
$2-3
|
$1-3
|
$32-41
|
Exploration - growth
(non-sustaining) ($M)
|
$7
|
$0-1
|
$3
|
$10-11
|
__________________________________
|
1
|
Tucano costs are
presented per gold ounce sold. Cash cost and AISC guidance
for Tucano is based on an estimated BRL/USD foreign exchange rate
of 5.20. Actual results will differ.
|
2
|
Topia and GMC costs
are presented per silver payable ounce. Cash cost and AISC
guidance for Topia and the GMC is based on an estimated MXN/USD
foreign exchange rate of 21.75. Actual results will differ.
AISC for Topia and the GMC includes fixed costs incurred
during the mandatory shutdowns in April and May of 2020 related to
COVID-19.
|
3
|
Gold equivalent
ounces are calculated using a 1:90 Au:Ag ratio. Figures are
rounded.
|
4
|
Silver equivalent
ounces for 2020 are calculated using a 90:1 Ag:Au ratio, and ratios
of 1:0.05770751 and 1:0.06798419 for the price/ounce of silver to
price/pound of lead and zinc, respectively.
|
5
|
Includes capitalized
stripping costs.
|
Great Panther expects to have a completed report from its
geotechnical consultants on a program for the remediation of the
UCS pit at Tucano by the fourth quarter of 2020. This report
will be based on the results of the current geotechnical drilling
and analysis being performed which is expected to be completed by
the end of September. Unloading of the pit re-commenced in
July and the Company expects to fully recover UCS and return it to
production in the fourth quarter of 2020.
Further information on Great Panther's 2020 guidance is provided
in the Outlook section of the Company's Q2 2020 MD&A,
available on www.greatpanther.com and www.sedar.com.
These production and cost guidance estimates are forward-looking
statements and information and should be read in conjunction with
the Cautionary Statement on Forward-Looking Information section at
the end of this news release and the accompanying Q2 2020 MD&A.
Readers are cautioned that there are no current estimates of
mineral reserves for any of the Company's Mexican mines.
Mineral resources that are not mineral reserves have no
demonstrated economic or technical viability.
WEBCAST AND CONFERENCE CALL
A conference call and webcast will be held today, August 6, 2020, at 9.00 am
PDT/12.00 pm EDT.
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:
https://www.greatpanther.com/investors/webcasts/
Vancouver:
|
+ 1 604 638
5340
|
U.S. and Canada
toll-free:
|
+ 1 800 319
4610
|
International
toll:
|
+ 1 604 638
5340
|
A replay of the webcast will be available on the Webcasts
section of Great Panther's website approximately one hour after the
conference call. Audio replay will be available for four
weeks by calling the numbers below using the replay access code
4880.
Vancouver:
|
+ 1 604 638
9010
|
U.S. and Canada
toll-free:
|
+ 1 800 319
6413
|
International
Toll:
|
+ 1 604 638
9010
|
ABOUT GREAT PANTHER
Great Panther is a growing gold and silver producer focused on
the Americas. The Company owns a diversified portfolio of
assets in Brazil, Mexico and Peru that includes three operating gold and
silver mines, four exploration projects, and an advanced
development project. Great Panther is actively exploring
large land packages in highly prospective districts and is pursuing
acquisition opportunities to complement its existing portfolio.
Great Panther trades on the Toronto Stock Exchange trading
under the symbol GPR, and on the NYSE American under the symbol
GPL.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
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, statements regarding: (i) expectations of the Company's
production and cost guidance and ability to meet its production and
cost guidance under the heading "2020 Guidance and Outlook" in this
news release; (ii) expectations of cash cost, AISC, sustaining and
growth capital, and other expenditures; (iii) expectation the
Company will be able to maintain lower AISC; (iv) expectations that
the Company is well positioned to deliver strong results; (v)
expectation that the Company will continue strong cash-flow
generation in the third quarter of 2020; (vi) expectation the
Company will be able to achieve positive cash flows; (vii)
expectations as to the impact of the Company's operations of any
government, industry or voluntary measures to control the spread of
COVID-19, including the impact of an order of the Mexican federal
government for the full or partial cessation of mining operations
in Mexico as a result of COVID-19;
and (viii) expectations regarding the Company's plans and timeline
for geotechnical drilling and related results and timeline of the
geotechnical review of UCS, the Company's plans and timeline for
continued mining at UCS commencing in the fourth quarter of 2020,
and the ability to continue to include the UCS pit as part of the
Mineral Resource and Mineral Reserve estimate.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include:
continued operations at Tucano in accordance with the Company's
mine plan; the accuracy of the Company's mineral reserve and
mineral resource estimates and the assumptions upon which they are
based; ore grades and recoveries; prices for silver, gold, and base
metals remaining as estimated; national and international
transportation arrangements to deliver Tucano's gold doré to
international refineries continue to remain available, despite
inherent risks due to COVID–19; international refineries that the
Company uses continue to operate and refine the Company's gold
doré, and in a timely manner such that the Company is able to
realize revenue from the sale of its refined metal in the timeframe
anticipated, despite inherent risks due to COVID–19; currency
exchange rates remaining as estimated; capital, decommissioning and
reclamation estimates; prices for energy inputs, labour, materials,
supplies and services (including transportation); all necessary
permits, licenses and regulatory approvals for the Company's
operations are received in a timely manner, the sufficiency of the
Company's tailing storage facilities; the Topia TSF can be
remediated as planned; management's estimates in connection with
the assessment of provisions for loss and contingent liabilities
relating to legal proceedings may differ materially from the
ultimate loss or damages incurred by the Company;
management's estimates regarding the carrying value of its
mineral properties may be subject to change in future financial
periods, which may result in further write–downs and consequential
impairment loss; conditions in the financial markets; the ability
to procure equipment and operating supplies and that there are no
material unanticipated variations in the cost of energy or
supplies; the accuracy of the geological, operational and price and
exchange rate assumptions on which the production and cost guidance
is based; operations not being disrupted by issues such as
mechanical failures, labour disturbances, illegal occupations or
mining, seismic events, and adverse weather conditions; the
Company's expectations that metallurgical, environmental,
permitting, legal, title, taxation, socio-economic, political,
marketing or other issues will not materially affect the estimates
or mineral reserves and mineral resources or its future mining
plans; and the Company's ability to comply with environmental,
health and safety laws. The foregoing list of assumptions is not
exhaustive.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that 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:
the impact of the COVID–19 pandemic on the Company's ability to
operate as anticipated, including the impact of any restrictions
that governments may impose or the Company voluntarily imposes to
address the COVID-19 outbreak; the inherent risk that estimates of
mineral reserves and resources may not be accurate and accordingly
that mine production will not be as estimated or predicted; as the
Company's mines do not have established mineral reserves, except
for Tucano, the Company faces higher risks that anticipated rates
of production and production costs, such as those provided above
under the heading "2020 Guidance and Outlook", will not be
achieved, each of which risks could have a material adverse impact
on the Company's ability to continue to generate anticipated
revenues and cash flows to fund operations from and ultimately
achieve or maintain profitable operations; gold, silver and base
metal prices may decline or may be less than forecasted;
fluctuations in currency exchange rates (including the U.S. dollar
to Brazilian real exchange rate) may increase costs of operations;
there is no assurance that the Company will be able to or may
experience a delay to develop a remediation plan that would place
the Company in a position where it could recommence mining
activities at UCS by the fourth quarter of 2020 and, if the
remediation plan is not feasible, then the Company may not be able
to access the UCS mineral reserves which may adversely impact the
Company's production plans and future revenues; operational
and physical risks inherent in mining operations (including pit
wall collapses, tailings storage facility failures, environmental
accidents and hazards, industrial accidents, equipment breakdown,
unusual or unexpected geological or structural formations,
cave-ins, flooding and severe weather) may result in unforeseen
costs, shut downs, delays in production and exposure to liability;
planned exploration activities may not result in conversion of
existing mineral resources into mineral reserves or discovery of
new mineral resources; potential political and social risks
involving Great Panther's operations in a foreign jurisdiction; the
potential for unexpected costs and expenses or overruns; employee
relations; relationships with, and claims by, local communities and
indigenous populations; the Company's ability to obtain all
necessary permits, licenses and regulatory approvals in a timely
manner; changes in laws, regulations and government practices in
the jurisdictions in which the Company operates; legal restrictions
related to mining; the inability to remediate the UCS pit at Tucano
and the Topia TSF as planned; diminishing quantities or grades of
mineral reserves as properties are mined operating or technical
difficulties in mineral exploration, changes in project parameters
as plans continue to be refined; the Company's inability to meet
its production forecasts or to generate the anticipated cash flows
from operations in 2020 could result in the Company's inability to
meet its scheduled debt payments when due or to meet financial
covenants to which the Company is subject; ability to maintain and
renew agreements with local communities to support continued
operations; and other risks and uncertainties, including those
described in respect of Great Panther, in its annual information
form for the year ended December 31,
2019 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.
There is no assurance that these forward-looking statements will
prove accurate or that actual results will not vary materially from
these forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described, or
intended. Accordingly, readers are cautioned not to place
undue reliance on forward looking statements. Forward-looking
statements and information are designed to help readers understand
management's current views of our near- and longer-term prospects
and may not be appropriate for other purposes. The Company
does not intend, nor does it assume any obligation to update or
revise forward-looking statements or information, whether as a
result of new information, changes in assumptions, future events or
otherwise, except to the extent required by applicable law.
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SOURCE Great Panther Mining Limited