Great Panther reports 188% jump in Q1 revenue

Tucano gold mine. (Image courtesy of Great Panther Mining).

Great Panther (TSX:GPR; NYSE-A:GPL) has announced revenue for the first quarter of 2020 of $48.1 million, an increase of 188% over Q1 2019, reflecting primarily the acquisition of Tucano mine in Brazil.

The company reported production of 34,725 gold equivalent ounces, over double the 14,860 ounces it churned out in Q1 2019.

Adjusted EBITDA for the first quarter was $6.4 million ($0.02 per share), compared to a negative adjusted EBITDA of $1.7 million (-$0.01 per share) for Q1 2019. Net loss for the quarter was $40.5 million ($0.13 per share).

"The team achieved a significant advance in stripping at Tucano completing a 36% increase in waste movement over the prior quarter which is strongly supportive of our guidance for 2020 and positions us well for 2021," said CEO Rob Henderson in a media release.

Guidance for Tucano and Guanajuato mine in Mexico remains unchanged

"While our Mexican operations are temporarily suspended due to federal covid-19 restrictions, Tucano in Brazil has not been impacted by any government restrictions and we continue to proactively and collaboratively work with authorities to ensure we have the appropriate protocols and safeguards to manage the risks," Henderson said.

Great Panther previously provided production and cost guidance for Tucano and the Guanajuato mine in Mexico, which remains unchanged.

The two operations combined represented approximately 85% of 2019 production on a gold equivalent ounce basis.

The company has not provided guidance for Topia due to the previous decision to suspend tailings deposition at the mine's Phase II tailings storage facility and subsequent Mexican federal government restrictions on non-essential business activities.

Midday Friday, Great Panther's stock was down nearly 3% on the TSX. The company has a C$205 million market capitalization.