Great Panther achieves 2020 guidance

2020 production highlights

• Tucano's production increased to 125 417 gold (Au) ounces (oz).
• Consolidated metal production of 150 051 Au equivalent ounces (eq oz), inclusive of 133 031 Au oz and 1 118 094 silver (Ag) ounces, a 2% increase over 2019.
• Achievement of consolidated guidance range of 146 000 – 158 000 Au eq oz.

4Q20 production highlights

• Tucano produced 32 017 Au oz.
• Consolidated metal production of 36 997 Au eq oz, including 33 703 Au oz and 225 477 Ag oz.
• Topia successfully restarted production in December following a voluntary suspension in November to safeguard the health of its workforce and local community against the spread of COVID-19.

"We delivered on our 2020 production guidance and produced more gold last year than in 2019, despite the challenges of COVID-19. Our teams in Brazil, Mexico, and Peru did a tremendous job prioritising health and safety, while still achieving profitable production and executing our exploration programmes," stated Rob Henderson, President and CEO.

"The mineral reserve and resource update for our flagship Tucano mine, announced in December, has allowed for an extension of the life of the Urucum and Taperaba pits, and the latest mine plan will see a transition to mining higher grades in 2022 and 2023. Exploration activity at Tucano in 2021 is planned to ramp up, with a focus on identifying regional opportunities, proving up the underground potential and expanding the existing open pits. In 2021, consolidated gold equivalent production from the Tucano, GMC and Topia mines is expected to be 135 000 to 150 000 Au eq oz."

COVID-19 response

Great Panther has developed and implemented effective 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. Protocols include mandatory medical screening and testing on arrival at site, training sessions on health awareness and health and safety protocols, physical distancing and increased sanitation measures, and updated operating procedures. Specific areas have been prepared for the isolation, testing and care of employees showing COVID-19 symptoms. All confirmed cases of COVID-19 are in isolation and being monitored by company health professionals with regular reports to health authorities.

Tucano

Tucano achieved its 2020 annual production guidance of 120 000 – 130 000 Au oz with a total gold production of 125 417 oz representing a slight increase over 2019. Total mined material in 2020 was 13% higher compared to 2019 facilitated by operational improvements in the mine and the mining of a higher proportion of softer ore from the Taperaba pits. Total plant throughput in 2020 was 9% higher than 2019 as a result of plant improvements and the implementation of additional automation to improve plant stability. Ore grades in 2020 were 6% lower compared to 2019 due to grade variation in the deposits.

Topia

Of the company's mines, Topia was most significantly impacted by COVID-19 related suspensions of operations, including those in April and May under federal mandate in Mexico, which affected the entire industry in Mexico and a voluntary 5-week suspension in 4Q20. While operating, productivity was also impacted by health and safety protocols to safeguard against the spread of COVID-19 and resulting workforce shortages.

GMC

The federally mandated shutdowns also impacted GMC in Mexico. During periods of operation, productivity was also affected by health and safety protocols to safeguard against the spread of COVID-19.

2021 guidance

In 2021, consolidated gold equivalent production from the Tucano, Topia and GMC mines is expected to be 135 000 to 150 000 Au eq oz. 2H21 is expected to account for a least 55% of the annual production guidance. The mine plan for Tucano also reflects more stripping in 1H21 and therefore AISC is expected to be higher than the annual guidance in the 1H21. The mineral reserve and resource update for Tucano announced in December has allowed for an extension of the life of the Urucum and Taperaba pits that have been mined at Tucano over the last several years, and the latest mine plan will see a transition to mining higher grades in 2022 and 2023.

Read the article online at: https://www.globalminingreview.com/mining/15012021/great-panther-achieves-2020-guidance/