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Great Panther extends net loss

Bnamericas Published: Thursday, November 05, 2015
Great Panther extends net loss

Great Panther Silver recorded a Q3 net loss of Cdn$3.3mn (US$2.51mn), compared to a net loss of Cdn$970,000 in the same period last year.

The company, which has the San Ignacio and Topia mines in Mexico, saw revenue increase to Cdn$16.8mn from Cdn$12.8mn on the back of a 31% rise in metal sales volume and a 17% appreciation of the US against the Canadian dollar, partly offset by lower average silver and gold prices.

Cost of sales before non-cash items increased by Cdn$1.1mn, with amortization at Cdn$5.4mn, up from Cdn$4.3mn.

General and administrative costs were Cdn$1.7mn, up from Cdn$1.5mn, with exploration and evaluation expenses at Cdn$2.1mn, up from Cdn$900,000. Results were also impacted by a Cdn$1.5mn decrease in foreign exchange gains.

All-in sustaining costs fell 32% to US$13.08/oz payable silver. The company previously reported 21% higher silver equivalent production of 1.08Moz.

Vancouver-based Great Panther also has option agreements at the Coricancha project in Peru and Guadalupe de los Reyes in Mexico.

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