(All dollar amounts expressed in US dollars unless otherwise
noted)
Revenue of $52.1 million on
total production of 27,722 gold equivalent ounces; resumption of
mining at UCS will see higher-grade ore mined in upcoming
quarters
TSX: GPR | NYSE American: GPL
VANCOUVER, BC, Aug. 4, 2021 /CNW/ - Great Panther Mining
Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the
"Company"), a growing diversified gold and silver producer focused
on the Americas, announces unaudited consolidated financial results
for the three months ended June 30,
2021, from its three wholly-owned mines: Tucano in
Brazil, and Topia and the Guanajuato Mine Complex ("the
GMC") in Mexico.
"The temporary suspension of mining at Tucano's Urucum
Central South pit resulted in lower gold production and higher
costs in the second quarter of 2021. We are pleased to have safely
recommenced mining at depth in UCS early in July, ahead of our
original plan," stated Rob
Henderson, Great Panther's President & CEO. "While this
is a positive development, we will continue to have significant
additional waste removal in Q3 related to UCS pushback activity. We
have also revised our production guidance downward to account for
lower than expected production in Q2 and uncertainty around
production from our GMC complex in Mexico given the lack of progress on permits.
The higher costs combined with lower production have caused us to
further revise our cost guidance upward for 2021."
"Looking forward, we are excited by the positive
exploration results we have seen in our Tap C pit and the recent
promising results from the Urucum North deposit at Tucano,"
continued Mr. Henderson. "We believe the investments we have made
in Urucum Central South as well as in our exploration programs will
allow us to grow our production for the balance of 2021 and
beyond."
Gold production at Tucano for Q2 2021 was lower as a result of
halting ore production from the Urucum Central South ("UCS") open
pit due to the detection of movement in the west wall of the
south-central portion of the pit. With the objective of improving
the wall's stability, approximately 1.4 million tonnes of waste
material has been removed from the upper west wall of the UCS pit,
with a further 1.2 million tonnes planned to be removed in Q3 2021.
During the designed pushback at UCS, the mill at Tucano received
lower grade ore from stockpiles and the Urucum North ("URN") open
pit. Compared with the same period last year, revenue was
$52.1 million compared with
$67.0 million and production costs
increased to $45.0 million from
$31.4 million.
The Company has revised production and cost guidance for 2021 as
detailed under the heading Revised 2021 Consolidated
Guidance
Second Quarter 2021 Highlights
- UCS pit pushback activities ahead of schedule and production
ramping up with higher-grade ore to be mined in upcoming
quarters
- Metal production of 27,722 gold equivalent ounces ("Au eq oz"),
inclusive of 22,804 gold ounces and 334,423 silver ounces
- All-in-sustaining-costs ("AISC") , excluding corporate G&A,
of $2,201 per gold ounce sold
compared with $1,027 for the same
period in 2020
- Revenue of $52.1 million, a 22%
decrease when compared with the same period in 2020
- Mine operating loss of $0.6
million compared with mine operating earnings of
$23.9 million in Q2 2020
- Net loss of $10.1 million
compared with net income of $8.6
million in Q2 2020
- Adjusted net loss1 of $9.5
million compared with an adjusted net income of $16.7 million in Q2 2020
- EBITDA1 and Adjusted EBITDA1 of negative
$1.0 million and $0.5 million compared with $22.1 million and $30.2
million, respectively, for Q2 2020
Financial Highlights
|
|
|
|
|
(in thousands,
except per oz, per share and exchange rate figures)
|
Q2
2021
|
Q2
2020
|
Six months
ended June
30, 2021
|
Six months
ended June
30, 2020
|
Revenue
|
$
|
52,097
|
$
|
67,028
|
$
|
104,667
|
$
|
115,078
|
Mine operating
earnings before non-cash items1
|
$
|
7,249
|
$
|
35,755
|
$
|
27,174
|
$
|
50,003
|
Mine operating
earnings (loss)
|
$
|
(638)
|
$
|
23,861
|
$
|
10,391
|
$
|
29,831
|
Net income
(loss)
|
$
|
(10,057)
|
$
|
8,552
|
$
|
(10,388)
|
$
|
(31,912)
|
Adjusted net income
(loss)1
|
$
|
(9,473)
|
$
|
16,659
|
$
|
(7,779)
|
$
|
13,184
|
Adjusted
EBITDA1
|
$
|
(450)
|
$
|
30,191
|
$
|
11,921
|
$
|
36,571
|
Free
cash-flow1
|
$
|
(7,983)
|
$
|
11,574
|
$
|
(18,644)
|
$
|
6,900
|
Cash flow from
operating activities
|
$
|
6,505
|
$
|
19,499
|
$
|
8,834
|
$
|
31,256
|
Cash and cash
equivalents at end of period
|
$
|
35,229
|
$
|
60,205
|
$
|
35,229
|
$
|
60,205
|
Borrowings at end of
period
|
$
|
26,317
|
$
|
48,256
|
$
|
26,317
|
$
|
48,256
|
Net working capital
at end of period
|
$
|
9,773
|
$
|
6,836
|
$
|
9,773
|
$
|
6,836
|
Earnings (loss)
per share – basic
|
$
|
(0.03)
|
$
|
0.03
|
$
|
(0.03)
|
$
|
(0.10)
|
Earnings (loss)
per share – diluted
|
$
|
(0.03)
|
$
|
0.03
|
$
|
(0.03)
|
$
|
(0.10)
|
Average realized gold
price per oz2
|
$
|
1,818
|
$
|
1,728
|
$
|
1,785
|
$
|
1,664
|
Average realized
silver price per oz2
|
$
|
27.45
|
$
|
18.59
|
$
|
26.41
|
$
|
16.28
|
Brazilian real
(BRL)/USD
|
$
|
5.295
|
$
|
5.389
|
$
|
5.384
|
$
|
4.923
|
Mexican peso
(MXN)/USD
|
$
|
20.036
|
$
|
23.339
|
$
|
20.026
|
$
|
21.637
|
Summary of Select Financial Results
Cash cost per gold ounce sold increased to $1,508 for the second quarter of 2021 from
$729 for the second quarter of 2020.
This increase in production costs together with the impact on costs
of a stronger BRL were partially offset by increases in average
realized prices for gold and silver resulting in mine operating
loss of $0.6 million for the second
quarter of 2021 compared with mine operating earnings of
$23.9 million for the second quarter
of 2020. Average realized prices for gold and silver increased to
$1,818 and $27.45, respectively, for the second quarter of
2021 from $1,728 and $18.59 for the second quarter of 2020. After
accounting for G&A and exploration, evaluation and development
expenditures, operating loss for the second quarter of 2021 was
$8.2 million compared with an
operating income of $17.4 million for
the second quarter of 2020. Net loss for the second quarter of 2021
was $10.1 million after accounting
for interest and financing charges, foreign exchange and derivative
losses and income taxes compared with a net income of $8.6 million for the second quarter of 2020.
After making adjustments for derivative losses, foreign exchange
losses and share-based compensation, the adjusted net loss for the
second quarter of 2021 was $9.5
million compared with an adjusted net income of $16.7 million for the second quarter of 2020. Net
working capital at June 30, 2021, was
$9.8 million compared to $6.8 million at June 30,
2020. The Company is well progressed in credit facility
negotiations that are expected to close in the third quarter and
boost the Company's working capital balance.
________________________________
|
1
|
Throughout this news
release and the accompanying MD&A, Great Panther has included
the non-Generally Accepted Accounting Principle
("non-GAAP") performance measures cash costs per gold oz sold,
cash costs per payable silver oz, all-in sustaining costs ("AISC")
per gold oz sold excluding corporate general and administrative
("G&A") expenditures, AISC per gold oz sold, AISC per payable
silver oz, free cash-flow, mine operating earnings (loss) before
non-cash items, earnings before interest, taxes, depreciation and
amortization ("EBITDA"), adjusted EBITDA and adjusted net income
(loss). Refer to the Non-GAAP Measures section of the Company's
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 and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS
|
2
|
Average realized gold
and silver prices are prior to smelting and refining
charges.
|
Operational Highlights
|
|
|
|
|
|
Q2
2021
|
Q2
2020
|
Six months
ended June
30, 2021
|
Six months
ended June
30, 2020
|
Total material mined
– Tucano (tonnes)
|
5,678,601
|
6,075,380
|
12,577,182
|
13,190,515
|
Ore mined – Tucano
(tonnes)
|
211,913
|
424,001
|
559,379
|
734,598
|
Ore mined – Mexico
(tonnes)1
|
55,658
|
23,646
|
112,634
|
91,491
|
Tonnes milled –
Tucano
|
873,433
|
822,638
|
1,669,469
|
1,633,835
|
Tonnes milled –
Mexico (excluding custom milling)1
|
55,997
|
24,536
|
114,665
|
93,501
|
Tonnes milled –
consolidated operations (excluding custom milling)
|
929,430
|
847,174
|
1,784,134
|
1,727,336
|
Plant gold head grade
(g/t) – Tucano
|
0.81
|
1.48
|
0.85
|
1.29
|
Plant head grade (g/t
Ag eq) – Mexico1
|
327
|
325
|
325
|
320
|
Gold oz produced –
Tucano
|
20,696
|
35,421
|
43,692
|
61,597
|
Gold oz produced –
consolidated operations
|
22,804
|
36,357
|
47,781
|
65,297
|
Au eq oz
produced2
|
27,722
|
38,541
|
58,278
|
73,267
|
Gold oz
sold
|
23,407
|
37,076
|
48,288
|
63,883
|
Au eq oz
sold2
|
27,941
|
39,315
|
57,577
|
71,541
|
Cash costs per gold
oz sold – Tucano3
|
$
|
1,617
|
$
|
743
|
$
|
1,289
|
$
|
859
|
AISC per gold oz sold
– Tucano3
|
$
|
2,214
|
$
|
982
|
$
|
1,870
|
$
|
1,291
|
Cash costs per gold
oz sold3
|
$
|
1,508
|
$
|
729
|
$
|
1,223
|
$
|
862
|
AISC per gold oz
sold, excluding corporate G&A3
|
$
|
2,201
|
$
|
1,027
|
$
|
1,869
|
$
|
1,330
|
AISC per gold oz
sold3
|
$
|
2,358
|
$
|
1,126
|
$
|
2,038
|
$
|
1,445
|
________________________________________
|
1
|
Includes Topia and
the GMC.
|
2
|
Gold equivalent oz
are referred to throughout this document. For 2021, Au eq oz were
calculated using a 1:85 Au:Ag ratio, and ratios of 1:0.00049 and
1:0.00057 for the price/oz 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
2021. Comparatively, Au eq oz for 2020 were calculated using a 1:90
Au:Ag ratio, and ratios of 1:0.00064 and 1:0.00076 for the price/oz
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.
|
3
|
Throughout this news
release and the accompanying MD&A, Great Panther has included
the non- GAAP performance measures cash costs per gold oz sold,
cash costs per payable silver oz, AISC per gold oz sold excluding
corporate G&A expenditures, AISC per gold oz sold, AISC per
payable silver oz, mine operating earnings (loss) before non-cash
items, adjusted EBITDA, adjusted net income (loss), and free-cash
flow throughout this news release and the accompanying MD&A.
Refer to the Non-GAAP Measures section of the Company's 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 and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS.
|
Revised 2021 Consolidated Guidance
Due primarily to the additional pushback activities at UCS and
the lower number of ounces produced in Q2 2021 compared to Q2 2020,
all-in-sustaining costs ("AISC") per gold ounce sold (excluding
corporate general and administrative expenses ("G&A")) was
$2,201 compared with $1,027 for Q2 2020. Based on the results to date
as well as expected production and costs for the balance of 2021
including a reduction in gold and silver ounces sold at the GMC due
to permitting uncertainty, AISC per gold ounce sold (excluding
corporate G&A) is expected to be in the range of $1,700 – $1,800 per
Au oz sold. This translates into a range of $1,550 - $1,675 per
Au oz sold for the second half of 2021. Revised 2021 consolidated
guidance on costs is stated in the table below:
|
Tucano1
|
Mexico
|
Consolidated
|
|
Previous
|
Revised
|
Previous
|
Revised
|
Previous
|
Revised
|
Gold eq production
(oz)2
|
100,000-
110,000
|
100,000-
105,000
|
25,000-
30,000
|
20,000-
25,000
|
125,000-
140,000
|
120,000-
130,000
|
Silver production (k
oz)
|
–
|
–
|
1,500-1,600
|
1,200-1,300
|
1,500-1,600
|
1,200-1,300
|
Gold production
(oz)
|
100,000-1
10,000
|
100,000-
105,000
|
8,000-10,000
|
6,500-8,000
|
108,000-
120,000
|
106,500-
113,000
|
AISC ($/Au oz
sold)3
|
$1,450-1,550
|
$1,700-1,800
|
N/A
|
N/A
|
$1,450-1,550
|
$1,700-1,800
|
Exploration
(operating mines) ($ millions)
|
$8.4
|
$8.4
|
$3.0
|
$3.0
|
$11.4
|
$11.4
|
Production and AISC guidance here and elsewhere in this news
release is forward-looking information that should be read in
conjunction with the Cautionary Statement on Forward-Looking
Statements section at the end of this news release and the
Company's most recently filed Management Discussion and Analysis
for the three and six months ended June 30,
2021 (the "MD&A"). The Company may revise guidance
during the year to reflect actual results to date and those
anticipated for the remainder of the year.
Refer to the Company's 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, 2021 and 2020 and MD&A can be viewed
on the Company's website at www.greatpanther.com, on SEDAR at
www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml. All
financial information is prepared in accordance with IFRS, except
as noted in the Non-GAAP Measures section of the Company's
MD&A.
The COVID-19 pandemic continues to affect the regions in which
the Company operates. Strict health and safety protocols remain in
place, and the Company is particularly focused on maintaining
top–of–mind awareness about prevention practices within the
organization and surrounding communities. Vaccination programs are
advancing, albeit slowly, and vigilance is of the utmost importance
in order to support health authorities during this time.
______________________________________
|
1
|
The revised
production and cost guidance for 2021 assumes no COVID-19 related
shutdowns, the Company being able to maintain geotechnical
control/stability of the UCS pit and access of the mineralization
in the UCS pit, based on completion of the planned additional
technical work and in accordance with the revised Tucano mine plan
and without additional costs or significant interruption, as well
as the continuation of mining activities at GMC within existing
tailings storage capacity until December 31, 2021. There are no
current Mineral Reserves for the Company's Mexican
operations.
|
2
|
Gold equivalent
ounces for 2021 are calculated using a 1:85 ratio of the silver
price to the gold price, which is representative of the average
ratio for the respective metal prices and approximate ratios for
the price per ounce of gold to price per pound of lead and
zinc.
|
3
|
AISC refers to all-in
sustaining cost per gold ounce sold, excluding corporate general
and administrative expenditures, and reflects the AISC at the
Company's operating mines. The calculation starts with cash cost
net of by-product revenue and adds accretion of reclamation
provisions, lease liability payments, sustaining exploration,
evaluation and development expenses, and sustaining capital
expenditures for the operating mines. Sustaining expenditures are
those costs incurred to sustain and maintain existing assets at
current productive capacity and constant planned levels of
productive output. AISC is a non-GAAP measure. This measure
is widely used in the mining industry as a benchmark for
performance but does not have a standardized meaning as prescribed
by IFRS as an indicator of performance and may differ from methods
used by other companies with similar descriptions. Refer to the
Non-GAAP Measures section of the Company's MD&A for a
reconciliation of AISC to the Company's financial statement
measures. The Company's AISC guidance assumes a Brazilian real to
US dollar exchange rate of 5.00 for the third and fourth quarter of
2021. Actual results may differ.
|
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 MD&A, available on
the Company's website at www.greatpanther.com, on SEDAR at
www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml.
WEBCAST AND CONFERENCE CALL
The Company will host a conference call and webcast to discuss
the results on Thursday, August 5,
2021, at 9:00 AM
PT/12:00 PM ET. Shareholders,
analysts, investors and media are invited to join by logging in or
calling in to the details below:
Live webcast and registration:
https://www.greatpanther.com/investors/webcasts/
Canada and US 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 until September 5, 2021, by calling the numbers below
using the replay access code 7370.
Canada and US Toll-Free: + 1
800 319 6413
International Toll: + 1 604 638 9010
Replay Access Code: 7370
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.
TECHNICAL INFORMATION
On behalf of Great Panther, Fernando A. Cornejo , M.
Eng., P. Eng. and Chief Operating Officer, approved this news
release. Mr. Cornejo is a non-independent Qualified Person as
defined by National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101").
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, statements regarding: (i) expectations of the Company's 2021
consolidated production and cost guidance in the news release under
the heading "Revised 2021 Consolidated Guidance" and elsewhere in
this news release, ability to meet its production and cost
guidance and the assumptions underlying; (ii) expectations
regarding the ongoing drill programs and the ability for positive
results to increase the Company's Mineral Resource inventory; (iv)
expectation that the Company's investments in UCS as well as
exploration programs and the related positive results will result
in future production growth; (iii) expectations regarding the plans
to remove a further 1.2 million tonnes of waste material from the
west wall of the UCS pit in Q2 2021; (iv) expectations regarding
the future impacts of COVID-19 and the Company's ability to
continue its operations without interruption should the situation
not be as anticipated; (v) the Company's plans to pursue
acquisition opportunities to complement its existing portfolio, and
(vi) the Company's plans to close certain credit facility
discussions within the third quarter of 2021.
These forward-looking statements 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: the assumptions underlying the Company's
revised 2021 production and cost guidance continuing to be
accurate, including the accuracy of the geological, operational and
price and exchange rate assumptions on which the guidance is based,
all as more particularly outlined in the MD&A; continued
operations at all three of the Company's mines in 2021 without
significant interruption, additional costs, workforce or supply
shortages due to COVID-19 or any other reason; continued operations
at Tucano in accordance with the Company's revised mine plan,
including the expectations regarding the ongoing geotechnical
control of UCS and related slope stability and the Company's
ability to successfully access the mineralization in the UCS pit
without additional costs or interruption; the Company's
ability to finalize negotiations for certain credit facilities
during the third quarter as anticipated; 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 gold, silver, 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; assumptions
regarding the cost of capital, decommissioning and reclamation,
energy inputs, labour, materials, and supplies and services
(including transportation); all necessary permits, licenses and
regulatory approvals for the Company's operations are received in a
timely manner on favourable terms, including the granting of
permits for the expansion of the GMC tailings storage facility
("TSF") in time without condition which if not granted or
conditioned, could result in an interruption to operations; the
sufficiency of the Company's tailing storage facilities; Tucano
will be able to continue to use cyanide in its operations; the
ability to procure equipment and operating supplies and that there
are no material unanticipated variations in the cost of energy or
supplies; operations not being disrupted by issues such as pit-wall
failures or instability, mechanical failures, labour disturbances
and workforce shortages, illegal occupations or mining, seismic
events, and adverse weather conditions; 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:
potential political, regulatory, and social risks involving Great
Panther's operations in a foreign jurisdiction; developments with
respect of COVID-19 that may impact the Company's ability to
operate as anticipated, including the risk for further workforce
and supply shortages, and unplanned partial or full shutdown of the
Company's mines and processing plants, whether voluntary or
imposed, including the risk that shortages in purchased oxygen
supply will decrease recovery rates and throughput; the risk that
credit facility negotiations may be discontinued or extend beyond
or Q3, 2021; 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; risk that
dilution and mining recovery estimates used in the Mineral Reserve
estimation do not accurately reconcile with the Company's ability
to recover the tonnage, grade and metal content estimated in the
Mineral Reserves; as the Company's mines, including, but not
limited to its Mexican operations, 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 in this news release, 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; open pit mining operations at Tucano have a limited
established mine life and the Company may not be able to extend the
mine life for Tucano open pit operations beyond 2023 as
anticipated; 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; even though the Company has restarted
mining the UCS pit, there is no assurance that the Company will be
able to maintain continuous stability necessary for mining and 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; the potential for unexpected costs and
expenses or overruns; employee and contractor relations;
relationships with, and claims by, local communities; the Company's
ability to obtain all necessary permits, licenses and regulatory
approvals in a timely manner on favourable terms, including the
granting of permits for the GMC TSF in time without condition which
if not granted or conditioned could result in an interruption to
operations at the GMC; the inability to continue to operate the
Topia TSF as planned, or to commence stacking at Topia Phase III
when Phase II TSF is no longer available; there is no assurance
that the Company will be able to identify or complete acquisition
opportunities of, if completed, that such acquisitions will be
accretive to the Company; and other risks and uncertainties,
including those described in respect of Great Panther, in the
MD&A and its most recent 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/edgar.shtml.
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