Great Panther Mining Ltd (GPLDF)

[4Godnwv]

Financials out!

https://ih.advfn.com/stock-market/AMEX/great-panther-mining-GPL/stock-news/84498381/great-panther-reports-fiscal-year-2020-financial-r

Great Panther Reports Fiscal Year 2020 Financial Results

3/4/21, 7:00 AM
Delivers record cash flow from operations, substantial operational improvements and reduced costs

TSX: GPR | NYSE American: GPL

(All dollar amounts expressed in US dollars unless otherwise noted)

VANCOUVER, BC , March 4, 2021 /PRNewswire/ - Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company") today reports consolidated financial results for the year ended December 31, 2020 ("FY 2020") from its three wholly owned mines: Tucano in Brazil, and Topia and the Guanajuato Mine Complex ("GMC") in Mexico.

"For 2020, Great Panther delivered record mine operating earnings of $84 million ($0.24 per share), significantly strengthening the balance sheet, and successfully added reserves and resources through our result-driven exploration programs," stated Rob Henderson, President and CEO. "Our teams did a tremendous job of managing the challenges of COVID-19, while reducing consolidated AISC, delivering on guidance, successfully extending the open pit mine life at Tucano, and expanding resources at GMC. With $63 million in cash and the expectation for continued strong cash flow from operations, we are fully funded for our capital programs and our ambitious 2021 exploration programs."

Fourth Quarter ("Q4") 2020 Financial Highlights

Mine operating earnings of $22.1 million ($0.06 per share)
Net income of $13.6 million ($0.04 per share)
Cash flow from operating activities of $18.0 million – an increase of 131% over Q4 2019
23% reduction in consolidated all-in-sustaining costs ("AISC") 1 over the fourth quarter of 2019
Reduced debt by $13.5 million and ended the year with $63.4 million in cash
FY 2020 Financial Highlights

Record mine operating earnings of $83.9 million ($0.24 per share)
Record adjusted EBITDA1 of $98.0 million ($0.28 per share)
Record cash flow from operating activities of $68.9 million ($0.20 per share)
Reduced consolidated AISC (excluding corporate G&A) by 11% to $1,228 per gold ounce (oz) sold


_______________________

1

Throughout this news release and the accompanying MD&A, Great Panther has included the non-GAAP performance measures cost per tonne milled, 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, free cash-flow, mine operating earnings before non-cash items, cost of sales before non-cash items, adjusted EBITDA, and adjusted net loss and free-cash flow. 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.

FY 2020 Operational Highlights

Achieved production guidance and increased overall gold equivalent production to 150,051 oz
Extended the open pit mine life at Tucano and added significant resources at GMC
Published inaugural Sustainability Report "Mining for Good"
Achieved agreement with Nyrstar to extend bond funding for Coricancha
Developed and implemented enhanced safety protocols and safeguards in response to COVID-19
Bolstered management and governance through the appointment of a new, operations-focused CEO, strengthened Board of Directors and fit-for-purpose management team
Summary of Select Financial Results

Record mine operating earnings of $83.9 million for 2020, representing an increase of $77 million, were achieved through successful execution of operational plans and guidance, reduced costs and the benefit of higher average realized gold and silver prices, which increased to $1,785 and $21.28 for 2020 from $1,419 and $16.45 for 2019, respectively. After accounting for G&A and exploration, evaluation and development expenditures, operating earnings for FY 2020 were $57.0 million. Net earnings were break-even after accounting for interest and financing charges and foreign exchange and derivative losses. The latter relates to forward contracts on the Brazilian real entered into in late 2019 and early 2020 to gain better certainty on Brazilian real operating and capital costs at a time of significantly lower gold prices and no further currency hedges have been entered into. The foreign exchange losses are primarily non-cash and relate mainly to the translation of foreign currency-denominated borrowings and net working capital into the BRL functional currency of the Company's operations in Brazil.

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 for 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 FY 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.