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, 2013. The full
version of the Company's financial statements and Management's
Discussion and Analysis can be viewed on the Company's website at
www.greatpanther.com, or on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov. All financial information is prepared in accordance
with IFRS and all dollar amounts are expressed in Canadian dollars
unless otherwise indicated.
"Great Panther's operations generated record metal production in
the second quarter of 2013, but significantly lower metal prices
and high unit costs severely impacted margins," stated Robert
Archer, President & CEO. "The high unit costs were a function
of sales for the quarter that reflected production from first
quarter and April at lower grades and higher site costs. Production
for May and June showed improved grades and lower site costs, and
we continue to work hard to further lower our costs and increase
the profitability of our mines.
"Non-essential capital expenditures have been cut or deferred
and mine development is being prioritized on an ongoing basis. We
also made significant cuts to our general and administrative
overheads through layoffs, salary deferrals for senior management,
and significant reduction in our corporate communications and
exploration budgets, limiting the latter to only our core
operations. We expect the impact of these changes to translate into
lower general and administrative, and exploration expenditures in
the second half of the year, and we are committed to seeking
further ways to reduce our operating costs and other
expenditures."
Initiatives to improve grade control and reduce costs at the
Company's operations were implemented in response to the low grades
yielded in the first quarter of 2013. The sharp drop in precious
metal prices early in the second quarter provided further impetus
for these initiatives. May and June production reflected the
benefits of these efforts in the form of improved grades and lower
unit production costs. Unfortunately, most of this production
remained in inventory (unsold) at the end of the quarter due to
shipping lead times, and therefore was not reflected in the margins
and reported cash costs per ounce for the second quarter. It is
expected that the third quarter results will reflect the benefit
from the sale of the lower cost, higher grade production from the
second quarter.
In the second quarter, the Company reduced the number of mining
contractors at Guanajuato and renegotiated the contract
arrangements to better align the remaining contractors with the
objectives of reducing costs, and increasing efficiencies and
productivity. The Company has re-focussed most of its exploration
resources on its existing operations and greater emphasis is being
placed on grade control and improving planning and coordination
within the operations teams. The Company will continue to look for
ways to further improve grades, reduce site costs and reduce
overheads.
At Topia, the emphasis continues to be on increasing the silver
grade and the Company is looking at ways to increase the number of
working faces in some of the larger mines in order to maximize
plant throughput, lower unit costs and increase operating cash
flow.
SECOND QUARTER 2013 AND FIRST HALF 2013 FINANCIAL SUMMARY
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Highlights
(in CAD 000s
except ounces, 6 Months 6 Months
amounts per Ended Ended
share and per June 30, June 30,
ounce) 2013 Q2 2012 Q2 Change 2013 2012 Change
----------------------------------------------------------------------------
Revenue $ 11,165 $ 14,439 -23% $ 23,804 $ 28,064 -15%
Gross profit
(loss)
(Earnings from
mining
operations) $ (3,842) $ 3,771 -202% $ (3,530) $ 10,096 -135%
Net income
(loss) $ (5,124) $ 354 -1,547% $ (3,848) $ 5,037 -176%
Adjusted
EBITDA(1) $ (3,323) $ 3,691 -190% $ (2,803) $ 8,132 -134%
Earnings (loss)
per share -
basic $ (0.04) $ 0.00 0% $ (0.03) $ 0.04 -175%
Earnings (loss)
per share -
diluted $ (0.04) $ 0.00 0% $ (0.03) $ 0.04 -175%
Silver ounces
produced 396,730 374,723 6% 766,354 734,249 4%
Silver
equivalent
ounces
produced(2) 680,212 555,721 22% 1,287,713 1,113,389 16%
Silver payable
ounces 406,787 395,405 3% 746,661 712,046 5%
Total cash cost
per silver
ounce (USD)(3) $ 18.14 $ 11.42 59% $ 18.35 $ 10.37 77%
Average realized
silver price
(USD)(4) $ 21.58 $ 28.06 -23% $ 25.27 $ 29.01 -13%
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SECOND QUARTER 2013 FINANCIAL DISCUSSION
For the three months ended June 30, 2013, the Company earned
revenues of $11.2 million, compared to $14.4 million for the same
period in 2012, a decrease of 23%. The decrease was the result of a
23% decrease in average realized silver prices (US$21.58 compared
to US$28.06) and a negative revaluation adjustment of approximately
$1.3 million for lower silver prices on concentrate shipments prior
to the second quarter which were still subject to final settlement.
These factors offset an 11% increase in metal sales which totalled
662,825 silver equivalent ounces for the quarter, compared to
598,135 silver equivalent ounces for the same period in 2012.
Revenue for the second quarter of 2013 decreased by $1.5
million, or 12% when compared to the prior quarter. The decrease
was the result of a 27% decrease in average realized silver prices
(US$21.58 in the second quarter of 2013 compared to US$29.71 in the
prior quarter) which offset a 31% increase in silver equivalent
ounces sold when compared to 506,637 silver equivalent ounces sold
in the first quarter of 2013. The increase in silver equivalent
ounces sold is mainly due to increased production as a result of
higher silver and gold grades.
For the three months ended June 30, 2013, the Company reported a
gross loss of $3.8 million compared to a gross profit of $3.8
million for the same period in 2012. The decrease in gross profit
is attributable to lower average realized silver prices and higher
unit production costs due primarily to lower metal grades. In
addition, higher amortization and depletion charges were recognized
as a result of increased investment in mineral properties, plant
and equipment in 2012. For the three months ended June 30, 2013,
the Company had a gross loss percentage of 34% compared to a gross
profit percentage of 26% for the same period in 2012.
Compared to the first quarter of 2013, gross profit decreased by
$4.1 million mainly as a result of lower realized metal prices.
Gross loss percentage was 34% in the second quarter of 2013
compared to a 3% gross profit percentage in the previous
quarter.
Consolidated cash cost per silver ounce was US$18.14 for the
three months ended June 30, 2013, a 59% increase compared to
US$11.42 for the same period in 2012, and a 2% decrease compared to
US$18.60 in the first quarter of 2013. The increase in the
consolidated cash cost per silver ounce over the second quarter of
2012 is mainly due to lower silver grades at both Guanajuato and
Topia together with higher site costs at both mine sites. The
decrease in cash cost per ounce over the first quarter of 2013 is
mainly due to an improvement in grades and an increase in gold
by-product credits from a significant increase in gold
production.
General and administrative expenses were $2.5 million for the
three months ended June 30, 2013 compared to $2.1 million for the
comparable quarter of 2012. The increase was largely attributable
to severance charges which offset general and administrative
expense reductions.
Exploration and evaluation expenses of $1.0 million for the
three months ended June 30, 2013 were 123% higher than the second
quarter of 2012 and 49% higher than the first quarter of 2013. The
increase in both cases was due to the surface drill program at El
Horcon undertaken in the second quarter of 2013. Exploration and
evaluation expenditures are expected to decrease in the third and
fourth quarters as a result of the completion of the El Horcon
drill program and the curtailment of exploration activities outside
of the Company's operating mines and its San Ignacio Project.
The Company recorded an income tax recovery of $2.1 million for
the three months ended June 30, 2013 compared to an expense of $0.1
million for the same period in 2012. The recovery is mainly
attributable to pre-tax losses sustained in the Mexican operating
entity during the period. The Company has net operating tax losses
in Canada and has not recognized the benefit of any of these losses
in the financial statements of the Company.
Net loss for the three months ended June 30, 2013 was $5.1
million, compared to net income of $0.4 million for the same period
in 2012. The decrease in net income is primarily attributable to a
decrease in gross profit of $7.6 million, and an increase
exploration and evaluation expenses, partially offset by a decrease
in foreign exchange loss. The factors contributing to the net loss
for the second quarter of 2013 were partially offset by a decrease
in foreign exchange loss and the income tax recovery of $2.1
million recognized in the second quarter of 2013.
Adjusted EBITDA(5) was negative $3.3 million for the three
months ended June 30, 2013 compared to adjusted EBITDA of $3.7
million for the comparable period in 2012 and $0.5 million for the
three months ended March 31, 2013. The decrease in Adjusted EBITDA
for the comparable periods is primarily attributable to the lower
gross profit. Higher exploration and evaluation expenditures also
contributed to the decrease in Adjusted EBITDA.
At June 30, 2013, the Company had net working capital of $35.1
million and cash and cash equivalents of $21.3 million compared to
net working capital of $44.5 million and cash and cash equivalents
of $20.7 million at December 31, 2012. Cash and cash equivalents
increased by $0.6 million from the end of 2012 primarily due to
cash provided by operating activities of $2.7 million and foreign
currency gains on translation of cash balances of $0.6 million,
which were mostly offset by cash used in investing activities of
$2.7 million.
SECOND QUARTER 2013 OPERATIONAL SUMMARY
-- Metal production increased 12% from the first quarter of 2013 to a
record 680,212 Ag eq oz and increased 22% from the second quarter of
2012;
-- Silver production of 396,730 ounces increased 7% from the first quarter
of 2013, and increased 6% from the second quarter of 2012;
-- Gold production reached a record 3,994 ounces, an increase of 27% over
the first quarter of 2013 and 70% over the second quarter of 2012;
-- Throughput of 67,569 tonnes increased 28% over the second quarter of
2012 and decreased by 3% over the first quarter of 2013;
-- Guanajuato silver grades of 159g/t were down 16% from the second quarter
of 2012 while gold grades of 2.47g/t were up 34%, however both silver
and gold grades showed improvements against the first quarter of 2013
reflecting grade control initiatives;
-- Topia silver grades of 376g/t were down 11% from the second quarter of
2012 but improved by 25% over the first quarter of 2013;
-- A Land Use permit for San Ignacio was received earlier than anticipated
during the second quarter and the Company submitted a revised
Environmental Impact Assessment which is expected to be approved by the
end of the third quarter of 2013.
Further discussions of the Company's operational and financial
results are contained in the Company's Management's Discussion and
Analysis for the three and six months ended June 30, 2013.
SECOND QUARTER 2013 OPERATIONAL AND BUSINESS UPDATE
Plans for the development of San Ignacio with the goal of
commencing production in 2014 remain on track. The Company received
approval of the Land Use permit earlier than anticipated during the
second quarter and submitted a revised Environmental Impact
Assessment which is expected to be approved by the end of the third
quarter. A new mine plan is being compiled for San Ignacio
incorporating the latest geological resource model based on the
known veins, grade ranges and elevation for commencement of
mining.
An infill and extension drilling campaign is anticipated to
begin in September at San Ignacio to better define the resource. In
addition, mine and earthwork contractors will be selected and the
installation of the water supply for the mine will be completed by
the end of the third quarter.
At the El Horcon Project, a surface drill program consisting of
24 drill holes for a total of 2,156 metres was completed during the
second quarter. The program was laid out along 650 metres of strike
length on the Diamantillo vein and also tested various splays and
nearby parallel structures and veins. Assay results have been
received and are being compiled and interpreted. A wireframe and 3D
model are being constructed such that the continuity of grade and
vein widths can be determined. An internal resource estimate and
preliminary economic assessment will be prepared in the third
quarter.
On May 14, 2013, the Company announced the appointment of Mr.
Geoff Chater to its Board of Directors. The Company also announced
the addition of two senior personnel to the management team in
Guanajuato, Mexico, Mr. Juan Manuel Flores, Vice President,
Operations and Mr. Cesar Epifanio, Vice President, Safety, Health
and Environment.
On May 30, 2013, the Company announced that Mr. Robert Archer,
co-founder and CEO of the Company, resumed the role of President
and CEO upon the resignation of Mr. Martin Carsky, President.
OUTLOOK
With first half production totaling 1,287,713 silver equivalent
ounces, the Company is on track to meet its guidance of 2.4 to 2.5
million silver equivalent ounces for fiscal 2013.
As noted, the Company saw significant improvement in grades and
lower operating costs in its May and June production, particularly
at Guanajuato. However, the benefit of this lower cost production
was not reflected in the second quarter results and reported cash
costs per ounce as most of this production remained unsold in
inventory at the end of the quarter, due to shipping lead times.
The grades and unit cost metrics for May and June production are an
encouraging sign that the Company's grade control and cost
reduction initiatives are starting to show positive results and
should be reflected in future quarters.
A strong emphasis is being placed upon increasing production in
order to maximize operating cash flow. The Company still
anticipates that the start-up of production from San Ignacio in
2014 will significantly augment this effort.
With the continuing focus on cost reductions, grade control, and
productivity enhancements, we are optimistic that we can continue
to improve unit costs of the operations. We caution however, that
both Guanajuato and Topia have complex geology which makes them
prone to significant grade variability.
Given the impact of the lower grades seen in most of the first
half of the year, we are revising our cash cost guidance to $15-16
USD per silver ounce for the year.
CONFERENCE CALL TO DISCUSS SECOND QUARTER 2013 FINANCIAL
RESULTS
The Company will hold a live webcast and conference call to
discuss the financial results on August 8, 2013, at 7:00 AM Pacific
Daylight Time, 10:00 AM Eastern Daylight Time. Hosting the call
will be Mr. Robert Archer, President and Chief Executive Officer
and Mr. Jim Zadra, Chief Financial Officer.
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.
The webcast can be accessed by clicking on the following link:
https://cc.readytalk.com/r/kmuk4pl8ycbo&eom. Participants will
be connected to the broadcast audio after joining the meeting.
As an alternative, participants may connect to the conference
call by telephone:
U.S. & Canada Toll-Free 1 800 741 3792
Germany Toll-Free 08001890407
Switzerland Toll-Free 0800836320
UK Toll-Free 08004961093
International Toll +1 212 231 2900
You may also access the conference call on a listen-only basis
via webcast at our website www.greatpanther.com.
NON-IFRS MEASURES
The discussion of financial results in this press release
includes reference to EBITDA, Adjusted EBITDA and Cash Cost per
Silver Ounce 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, 2013 for a
definition and reconciliation 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. The Company's current activities are focused on the mining of
precious metals from its two wholly-owned operating mines in
Mexico, Topia and Guanajuato. Great Panther is also in the process
of developing its San Ignacio Project with a view to production in
2014, and has two exploration projects, El Horcon and Santa Rosa.
The Company is also pursuing additional mining opportunities within
Latin America, with the goal of adding to its portfolio of mineral
properties.
All shareholders have the ability to receive a hard copy of the
Company's financial statements free of charge upon request. Should
you wish to receive Great Panther Silver's Financial Statements or
the Annual Information Form in hard copy, please contact us at the
Company toll free at 1-888-355-1766 or 604-608-1766, or e-mail
info@greatpanther.com.
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 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, 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, the inability or failure to obtain adequate
financing on a timely basis, and other risks and uncertainties,
including those described in the Company's Annual Information Form
for the year ended December 31, 2012 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)
June 30, 2013 and December 31, 2012 (Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
December 31,
June 30,2013 2012
----------------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 21,329 $ 20,735
Short term investments 13 5,164
Trade and other receivables 11,884 18,099
Income taxes recoverable 219 130
Inventories 6,849 6,927
Prepaid expenses, deposits and
advances 1,478 1,995
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41,772 53,050
Non-current assets:
Mineral properties, plant and
equipment 59,315 55,451
Exploration and evaluation assets 7,894 7,270
Intangible assets 852 705
Deferred tax asset 284 253
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$ 110,117 $ 116,729
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Liabilities and Shareholders' equity
Current liabilities:
Trade and other payables $ 6,391 $ 8,111
Current tax liability 241 400
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6,632 8,511
Non-current liabilities:
Reclamation and remediation
provision 2,479 2,447
Deferred tax liability 4,218 5,746
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13,329 16,704
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Shareholders' equity:
Share capital 122,615 122,444
Reserves 8,026 7,586
Deficit (33,853) (30,005)
----------------------------------------------------------------------------
96,788 100,025
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$ 110,117 $ 116,729
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GREAT PANTHER SILVER LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
(Expressed in thousands of Canadian dollars, except per share data)
For the three and six months ended June 30, 2013 and 2012 (Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
------------------------- -------------------------
2013 2012 2013 2012
----------------------------------------------------------------------------
Revenue $ 11,165 $ 14,439 $ 23,804 $ 28,064
Cost of sales
Production costs 11,392 8,346 20,925 14,181
Amortization and
depletion 3,458 2,303 6,173 3,760
Share-based payments 157 19 236 27
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15,007 10,668 27,334 17,968
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Gross profit (3,842) 3,771 (3,530) 10,096
General and
administrative
expenses
Administrative
expenses 2,238 1,917 4,209 4,768
Amortization and
depletion 89 36 126 69
Share-based payments 168 183 194 313
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2,495 2,136 4,529 5,150
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Exploration and
evaluation expenses 953 427 1,595 1,019
----------------------------------------------------------------------------
Income (loss) before
the undernoted (7,290) 1,208 (9,654) 3,927
----------------------------------------------------------------------------
Finance and other
income (expense)
Interest income 104 103 190 276
Finance costs (14) (9) (22) (19)
Foreign exchange gain
(loss) (135) (772) 4,159 2,883
Other income
(expense) 95 (58) 122 36
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50 (736) 4,449 3,176
----------------------------------------------------------------------------
Income (loss) before
income taxes (7,240) 472 (5,205) 7,103
Income tax
Current tax (expense) (241) - (480) -
Deferred tax recovery
(expense) 2,357 (118) 1,837 (2,066)
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2,116 (118) 1,357 (2,066)
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Net income (loss) for
the period $ (5,124) $ 354 $ (3,848) $ 5,037
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Other comprehensive
income (loss), net of
tax
Foreign currency
translation (460) 58 144 194
Change in fair value
of available-for-
salefinancial assets (18) (24) (74) (7)
----------------------------------------------------------------------------
(478) 34 70 187
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Total comprehensive
income (loss) for the
period $ (5,602) $ 388 $ (3,778) $ 5,224
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share
Basic $ (0.04) $ 0.00 $ (0.03) $ 0.04
Diluted $ (0.04) $ 0.00 $ (0.03) $ 0.04
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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, 2013 and 2012 (Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
------------------------- -------------------------
2013 2012 2013 2012
----------------------------------------------------------------------------
Cash flows from
operating activities:
Net income (loss) for
the period $ (5,124) $ 354 $ (3,848) $ 5,037
Items not involving
cash:
Amortization and
depletion 3,547 2,339 6,299 3,829
Unrealized foreign
exchange (gain) /
loss 123 862 (4,093) (2,334)
Deferred income tax
(recovery) expense (2,357) 118 (1,837) 2,066
Accretion on
reclamation and
remediation
provision 13 7 22 14
Share-based payments 325 202 430 340
Other non-cash items (111) (7) (189) (22)
----------------------------------------------------------------------------
(3,584) 3,875 (3,216) 8,930
Interest received 194 111 249 262
Interest paid - - - (3)
Income taxes paid (168) (282) (364) (534)
----------------------------------------------------------------------------
Net cash from
operating activities
before changes in
non-cash working
capital (3,558) 3,704 (3,331) 8,655
----------------------------------------------------------------------------
Changes in non-cash
working capital:
Trade and other
receivables 1,242 (8,563) 6,243 (4,079)
Income taxes
recoverable (82) 145 (89) 119
Inventories 1,168 1,244 848 (611)
Prepaid expenses,
deposits and
advances 150 (941) 517 (2,091)
Trade and other
payables 491 716 (1,740) 736
Current tax
liability (189) - 205 -
----------------------------------------------------------------------------
Net cash from
operating activities (778) (3,695) 2,653 2,729
----------------------------------------------------------------------------
Cash flows from
investing activities:
Purchase of intangible
assets (113) (26) (255) (226)
Purchase of mineral
properties, plant and
equipment (3,729) (7,808) (7,555) (13,880)
Proceeds from disposal
of mineral
properties, plant and
equipment - 69 5 86
Proceeds from disposal
of short term
investments 5,085 - 5,085 -
----------------------------------------------------------------------------
Net cash used in
investing activities 1,243 (7,765) (2,720) (14,020)
----------------------------------------------------------------------------
Cash flows from
financing activities:
Repayment of capital
lease obligations - (63) - (117)
Proceeds from exercise
of options 100 - 110 322
----------------------------------------------------------------------------
Net cash from
financing activities 100 (63) 110 205
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Effect of foreign
currency translation on
cash 280 (124) 551 324
----------------------------------------------------------------------------
Increase (decrease) in
cash and cash
equivalents 845 (11,647) 594 (10,762)
Cash and cash
equivalents, beginning
of period 20,484 40,322 20,735 39,437
----------------------------------------------------------------------------
Cash and cash
equivalents, end of
period $ 21,329 $ 28,675 $ 21,329 $ 28,675
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(1)"Adjusted EBITDA" is a non-IFRS measure. Refer to the "Non-IFRS Measures"
sections of this Press Release and of the Company's MD&A.
(2)Silver equivalent ounces in 2013 were established using prices of US$28
per oz, US$1,680 per oz, US$0.85 per lb, and US$0.85 per lb for silver,
gold, lead & zinc, respectively, and applied to the recovered metal content
of the concentrates that were produced by the two operations. For
consistency, these prices will be used for the balance of 2013.
(3)"Cash cost per silver ounce" is a non-IFRS measure. Refer to the "Non-
IFRS Measures" sections of this Press Release and of the Company's MD&A.
(4)Average realized silver price is prior to treatment, refining and
smelting charges.
(5)"Adjusted EBITDA" is a non-IFRS measure. Refer to the "Non-IFRS Measures"
sections of this Press Release and of the Company's MD&A.
Contacts: Great Panther Silver Limited Robert A. Archer
President & Chief Executive Officer 1-888-355-1766 Great
Panther Silver Limited Rhonda Bennetto Vice President Corporate
Communications 1-888-355-1766info@greatpanther.com
www.greatpanther.com
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