Great Panther Mining Limited working to improve gold output at Brazil mine as it unveils first quarter results & More News Here

Great Panther Mining Limited (TSX:GPR, NYSE:GPL) has instructed buyers it expects to see bettering results as 2022 progresses as the corporate works to improve gold manufacturing at its Tucano mine in Brazil.

Reporting first-quarter results to end-March this yr, the dear metals miner famous that stripping at Tucano within the interval had superior at the TAP AB, TAP C and Urucum North (URN) pits regardless of larger than common rainfall ranges.

Combined with the anticipated decrease gold output within the quarter, this had resulted in larger prices than in Q1, 2021 however that is anticipated to “normalize” within the second half, mentioned the agency, which added that further pushback at the UCS pit had additionally been postponed.

“First quarter 2022 results were in line with expectations and good progress was made on numerous fronts as we build back steady-state production at Tucano,” Alan Hair, the interim CEO of Great Panther, mentioned in a press release.

READ: Great Panther Mining experiences 65% uplift in open pit M&I sources at Brazil mine as it unveils newest reserve and useful resource estimates

“The first half of 2022 is focused on capital intensive programs required to safeguard production in the back-half of the year. Although still on the road to recovery, I believe we are turning a corner and expect to see improving results as the year progresses,” he added.

Great Panther noticed income within the first quarter are available in at US$33.4 million, in contrast to US$52.5 million within the year-earlier interval, on the again of 17,913 ounces of gold-equivalent produced (Q1, 2021: 30,556 ounces).

At Tucano, 14,037 ounces of gold have been generated, down from 22,996 ounces in the identical interval in 2021.

The internet loss for the quarter was US$8.9 million in contrast to a lack of US$0.3 million in Q1, 2021, whereas the mine working loss was US$3.4 million versus mine working earnings of US$11 million within the first quarter of 2021.

Across the group’s three mines, the all-in-sustaining-costs (AISC), not together with company G&A, was US$2,740 per gold ounce bought in contrast to US$1,557 for a similar interval in 2021.

Also within the assertion, Great Panther repeated that it is on observe to meet its manufacturing steerage this yr of between 100,000 and 119,000 gold-equivalent ounces, whereas the second half is predicted to account for a least 65% of the full.

Great Panther is a treasured metals producer centered on the Americas. It owns belongings in Brazil, Mexico and Peru that embrace three gold and silver mines, a complicated growth undertaking, and a big land package deal with district-scale potential.

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