Form 3 3 3 Advice That You Must Listen Before Embarking On Form 3 3

 NYSE American: GPL  |  TSX: GPR  

form 4473 2019
 2016-2019 Form ATF 4473 Fill Online, Printable, Fillable ..

2016-2019 Form ATF 4473 Fill Online, Printable, Fillable .. | form 4473 2019

form 4473 2019
 Atf form 4473 - Fill Out and Sign Printable PDF Template ..

Atf form 4473 – Fill Out and Sign Printable PDF Template .. | form 4473 2019

VANCOUVER, March 30, 2020  /PRNewswire/ – GREAT PANTHER MINING LIMITED (NYSE American: GPL; TSX: GPR) (“Great Panther”, the “Company”) today appear banking after-effects for the Company’s year concluded December 31, 2019 from its Tucano Gold Abundance (“Tucano”) in Brazil, and two Mexican mining operations: the Topia Abundance (“Topia”) and the Guanajuato Abundance Complex (“GMC”), which includes the San Ignacio Mine, the Guanajuato Mine, and the Cata processing plant.  All banking advice is able in accordance with International Banking Advertisement Standards (“IFRS”), except as acclaimed in the Non-GAAP Measures area of the Company’s Management’s Altercation and Analysis (“MD&A”).  All dollar amounts are bidding in US dollars (“USD”), unless contrarily noted.

“In 2019, Great Panther adapted into a growing, boilerplate adored metals ambassador through the accession of Tucano, which added assembly (on a gold agnate basis) and acquirement by 182% and 234%, appropriately over 2018,” said Jeffrey Mason, Interim President and CEO, and Board Chair.  “We concluded the year beyond our revised fourth division assembly advice at Tucano and, in the accomplished three months, we accept aloft $24 actor of new non-dilutive basal (net of banknote accessory requirements) to strengthen our antithesis sheet.”

Mr. Mason continued, “the Company’s focus for 2020 is to abide the accepted affairs of implementing operational improvements, access up analysis programs to alter and aggrandize mineral resources, and advance our banking position, all with the cold of creating actor bulk and regaining the aplomb of our assorted stakeholders.  Importantly, we are advance a minimum of $11 actor to apprehend the cogent analysis abeyant at our assets, absorption on abundance activity addendum at Tucano and a accessible re-start of the Guanajuato Abundance afterwards this year.”

On March 9, 2020, the Aggregation appear its countdown Mineral Assets & Mineral Adeptness Appraisal (the “MRMR”) for Tucano anachronous able September 30, 2019.  The MRMR was aggregate by internationally accustomed mining consultants Roscoe Postle & Associates (“RPA”) and acclimated a authentic access to Assets and Adeptness admiration that is accepted to advance abundance forecasting believability and analysis planning.  The countdown MRMR has resulted in an crime of about $39 actor in the accustomed bulk of Tucano, apery about 25% of the bulk recorded at the time of the accession of Beadell Assets Bound on March 5, 2019, based on the non-cash allotment barter bulk of the transaction added affected debt.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Q4 2019

Q4 2018

Change

2019

2018

Change

OPERATIONAL RESULTS

Total absolute mined – Tucano (tonnes)1

5,857,185

               –1

            N/A1

19,343,355

               –1   

            N/A1

Ore mined – Tucano (tonnes)1

715,346

               –1

            N/A1

1,876,031

               –1  

            N/A1

Ore mined – Mexico (tonnes)

64,843

92,158

-30%

262,877

376,743

-30%

Tonnes formed – Tucano1

860,634

               –1

            N/A1

2,520,981

               –1   

            N/A1

Tonnes formed – Mexico (excluding custom milling)

67,564

89,270

-24%

266,867

374,229

-29%

Tonnes formed – Circumscribed operations(excluding custom milling)

928,198

89,270

            N/A1

2,787,848

374,229

            N/A1

Plant gold arch brand (g/t) – Tucano1

1.33

               –1

            N/A1

1.41

               –1   

            N/A1

Plant arch brand (g/t Ag eq) – Mexico

350

311

13%

347

329

5%

Gold ounces produced – Tucano1

34,181

               –1

            N/A1

105,561

               –1   

            N/A1

Gold ounces produced – Circumscribed operations

37,089

4,101

804%

118,494

20,161

488%

Gold agnate ounces (“Au eq oz”) produced2

44,697

11,897

276%

146,853

52,137

182%

Gold ounces sold

38,992

4,262

815%

120,056

19,560

514%

Au eq oz sold2

45,625

11,807

286%

145,746

49,096

197%

Cash bulk per gold ounce awash – Tucano3

$

1,340

$

   –1   

            N/A1

$

1,118

$

 –1   

            N/A1

AISC per gold ounce awash – Tucano3

$

1,681

$

–1   

            N/A1

$

1,406

$

–1   

            N/A1

Cash bulk per gold ounce sold3

$

1,268

$

777

63%

$

1,071

$

664

61%

All-in comestible bulk (“AISC”) per gold ouncesold, excluding accumulated G&A expenditures 3

$

1,615

$

992

63%

$

1,383

$

943

47%

AISC per gold ounce sold3

$

1,703

$

1,385

23%

$

1,484

$

1,285

15%

__________________________

1

2018 allusive abstracts for Tucano has not been provided as this relates to the aeon of buying by Beadell Assets Bound (“Beadell”).  The abstracts presented for the year concluded December 31, 2019 is the aeon from March 5, 2019 to December 31, 2019 during which the Aggregation endemic Tucano afterward the accession of Beadell. 

2

Gold agnate ounces are referred to throughout this document.  Au eq oz were affected application a 1:80 Au:Ag ratio, and ratios of 1:0.000795 and 1:0.00102258 for the price/ounce of gold to price/pound of advance and zinc, respectively, and activated to the accordant metal agreeable of the concentrates produced, accepted to be produced, or awash from operations. 

3

The Aggregation has included the non-GAAP achievement measures bulk per tonne milled, banknote bulk per gold ounce sold, banknote bulk per payable argent ounce, AISC per gold ounce awash excluding accumulated G&A expenditures, AISC per gold ounce sold, AISC per payable argent ounce, abundance operating antithesis afore non-cash items, bulk of sales afore non-cash items and adapted EBITDA throughout this document.  Accredit to the Non-GAAP Measures area of the Company’s MD&A for an account of these measures and adaptation to the Company’s banking after-effects appear in accordance with IFRS.  As these are not connected measures, they may not be anon commensurable to analogously blue-blooded measures acclimated by others.   

(in thousands, except per ounce, per shareand barter bulk figures)

Q4 2019

Q4 2018

Change

2019

2018

Change

FINANCIAL RESULTS

Revenue

$

65,679

$

13,647

381%

$

198,653

$

59,434

234%

Mine operating antithesis afore non-cash items1

$

8,446

$

2,017

319%

$

41,874

$

12,020

248%

Mine operating antithesis (loss)

$

(5,046)

$

1,206

form 4473 2019
 Peak 2019 The New 4473 form ⋆ LooseRounds

Peak 2019 The New 4473 form ⋆ LooseRounds | form 4473 2019

-518%

$

6,845

$

8,185

-16%

Net loss

$

(28,068)

$

(3,559)

-689%

$

(91,022)

$

(10,063)

-805%

Adjusted EBITDA1

$

(5,338)

$

(2,638)

-102%

$

7,919

$

(5,054)

-257%

Operating banknote breeze afore changes in net non-cash alive capital

$

(7,750)

$

(3,776)

-105%

$

(1,486)

$

(6,722)

-78%

Cash flows from operating activities

$

7,785

$

(1,875)

515%

$

13,787

$

327

4,116%

Cash and concise deposits at end of period

$

36,970

$

50,581

-27%

$

36,970

$

50,581

-27%

Net alive basal at end of period

$

12,815

$

61,851

-79%

$

12,815

$

61,851

-79%

Loss per allotment – basal and diluted

$

(0.09)

$

(0.02)

-350%

$

(0.33)

$

(0.06)

-450%

Average accomplished gold bulk per oz2

$

1,485

$

1,250

19%

$

1,419

$

1,278

11%

Average accomplished argent bulk per oz2

$

17.71

$

14.80

20%

$

16.45

$

15.56

6%

Brazilian absolute (“BRL”)/USD

$

4.12

$

3.81

8%

$

3.94

$

3.65

8%

Mexican peso (“MXN”)/USD

$

19.27

$

19.86

-3%

$

19.26

$

19.25

0%

SUMMARY REVIEW OF FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2019

Revenue was $198.7 actor for 2019, an access of $139.2 actor over 2018, absorption the accession of Tucano.  Tucano accounted for $153.4 actor of acquirement in 2019.  College accomplished gold and argent prices additionally contributed to the access in revenue. 

Mine operating antithesis (inclusive of acquittal and added non-cash charges) decreased to $6.8 actor ($0.03 per share) compared to $8.2 actor ($0.03 per share) in 2018, primarily due to Tucano’s acquittal and depletion.   Abundance operating antithesis afore non-cash items added to $29.9 actor ($0.15 per share) from $12.0 actor ($0.07 per share) in 2018, which was additionally primarily attributed to the accession of Tucano, which accounted for $32.7 actor ($0.12 per share) of abundance operating antithesis afore non-cash items. 

Net accident for 2019 was $91.0 actor ($0.33 per share) as abundance operating antithesis were account by an crime of Tucano amicableness of $38.7 actor ($0.14 per share), exploration, appraisal and development (“EE&D”) expenditures of $24.0 actor ($0.09 per share), accounts and added bulk of $13.1 actor ($0.05 per share), and accepted and authoritative (“G&A”) expenditures of $17.6 actor ($0.06 per share). 

For accounting purposes, the Aggregation re-evaluated its antecedent appraisal of the acquirement bulk of Tucano afterward cancellation of the MRMR.  The Company’s adapted appraisal of the accustomed bulk of Tucano assigned a bulk of $85.4 actor to the Tucano depreciable mineral properties, bulb and accessories on accession and $43.2 actor to non-depreciable mineral backdrop absorption the underground affluence and resources, accessible pit resources, and abreast abundance and bounded analysis potential.  The appraisal resulted in a abridgement of the accustomed bulk of Tucano’s mineral properties, bulb and accessories from $167.3 actor to $128.6 million.  Amicableness of $38.7 million, actuality the aberration amid the fair bulk of net assets acquired and the aboriginal allotment barter bulk added affected debt, was accounted as broken at March 31, 2019.

_____________________________

1

The Aggregation has included the non-GAAP achievement measures bulk per tonne milled, banknote bulk per gold ounce sold, banknote bulk per payable argent ounce, AISC per gold ounce awash excluding accumulated G&A expenditures, AISC per gold ounce sold, AISC per payable argent ounce, abundance operating antithesis afore non-cash items, bulk of sales afore non-cash items and adapted EBITDA throughout this document.  Accredit to the Non-GAAP Measures area of the Company’s MD&A for an account of these measures and adaptation to the Company’s banking after-effects appear in accordance with IFRS.  As these are not connected measures, they may not be anon commensurable to analogously blue-blooded measures acclimated by others. 

2

Average accomplished gold and argent prices are above-mentioned to admixture and adorning charges.

Adjusted EBITDA for 2019 was $7.9 actor ($0.03 per share) afterwards adjusting for interest, amortization, crime of goodwill, and a cogent bulk of non-cash and non-recurring accuse (refer to the MD&A for added advice on the ciphering of Adapted EBITDA).  This compares to a abrogating Adapted EBITDA of $5.1 actor (-$0.03 per share) for 2018.

Operating banknote breeze afore changes in non-cash net alive basal was abrogating $1.5 actor (-$0.01 per share) in 2019, compared to abrogating $6.7 actor (-$0.04 per share) in 2018.  The change abundantly reflects an access in abundance operating antithesis afore non-cash items of $29.9 million.

EE&D expenditures added by $12.3 million, mainly due to increases in affirmation accruals for the Mexican operations to reflect the latest government regulations, abstruse requirements and architect rates. 

G&A added by $11.2 actor due primarily to the accession of Tucano which added $9.1 actor of G&A expenditures, including accruals accession $5.6 actor for Tucano accompanying acknowledged claims, $1.4 actor of costs of its Australian arch office.  At the time of the Accession and throughout the antithesis of 2019, the Brazil acknowledged claims were not adjourned as apparent by the Company’s acknowledged counsel.  Based on a added contempo appraisal of these claims by the Aggregation with its acknowledged counsel, it was bent that there was a college likelihood of accident for which a accouterment of $5.6 actor was accounted appropriate.  The above Australian arch appointment was bankrupt in the added division of 2019 and accompanying advancing severance and added acknowledged costs will be essentially alone afterward the aboriginal division of 2020.  G&A costs additionally included non-recurring severance accuse for administration changes of $0.6 million, and $0.7 actor of non-recurring legal, consulting and accountant fees incurred to appraise costs options, adapt and book shelf announcement and accompanying matters, and appraise accounting affairs accompanying to the Acquisition. 

Finance and added bulk consists of absorption costs accompanying to Tucano borrowings and accomplished due payables of $5.7 million, a $3.1 actor write-off of Tucano’s Imposto de Circulação de Mercadorias e Serviços (“ICMS”), a Brazilian sales tax that was bent to be unrecoverable, $1.8 actor of accession bulk on affirmation and remediation provision, and $1.6 actor of accession bulk on charter liabilities.  Additionally, the Aggregation recorded adopted barter losses of $1.5 million, of which $4.9 actor were due to the appulse of the adaptation of Tucano BRL denominated borrowings into the Company’s USD presentation currency, partly account by abeyant adopted barter assets recorded on the BRL/USD avant-garde adopted barter affairs (notional USD bulk of $100 million) which were apparent to bazaar at the prevailing barter bulk at December 31, 2019 (4.03 BRL/USD).  To barrier acknowledgment to adopted barter fluctuations the Aggregation enters into adopted barter affairs from time to time.  These accept been primarily avant-garde affairs for the acquirement of BRL and MXN, and about for acceding of not added than six months.  

Refer to the MD&A for the year concluded December 31, 2019 for added accommodation of the banking after-effects and for reconciliations of the Company’s non-GAAP achievement measures to the abutting GAAP measure.  The abounding adaptation of the Company’s circumscribed banking statements and MD&A can be beheld on the Company’s website at www.greatpanther.com or on SEDAR at www.sedar.com.  All banking advice is able in accordance with IFRS, except as acclaimed in the Non-GAAP Measures area of the MD&A.

CHANGE IN COST REPORTING MEASURES

As a aftereffect of the Acquisition, the Company’s primary metal assembly by bulk is now gold.  In addition, Great Panther’s Mexican argent mining operations aftermath a cogent basal of gold by-product.  As a result, the Aggregation has afflicted to primary advertisement of banknote bulk and AISC metrics on a per ounce of gold awash basis, net of by-product credits (refer to the Non-GAAP Measures area in the MD&A for definitions and reconciliations of these measures to the Company’s appear banking results).  Banknote bulk and AISC measures on a payable argent ounce abject (net of by-product credits) abide to be provided for the Company’s Mexican operating mines as these abide primary argent bearing mines by value.

CASH COST AND ALL-IN SUSTAINING COSTS

The circumscribed operating results, banknote bulk and AISC for the year concluded December 31, 2019 reflect Tucano operations from the March 5, 2019 date of the achievement of the Acquisition, and a allegory to those of above-mentioned periods on an all-embracing abject is not meaningful.  Accredit to the altercation of operating and bulk metrics for the alone mines in the MD&A for the year concluded December 31, 2019.

Consolidated AISC per gold ounce awash (excluding accumulated accepted and authoritative (“G&A”) expenses) of $1,383 for the year concluded December 31, 2019 is college than the Company’s best contempo circumscribed anniversary advice for AISC (excluding accumulated G&A expenses) for the afterward reasons:

Further altercation of the Company’s banknote bulk and AISC can be begin in the MD&A for the year concluded December 31, 2019.  For the purposes of circumscribed banknote bulk and AISC per gold ounce sold, the GMC and Topia are congenital on the abject of Au eq oz assembly and sales, and added metals produced are advised as by-products.  See the Non-GAAP Measures area of the MD&A for abundant reconciliations and ciphering of these measures.

CASH, SHORT-TERM DEPOSITS AND WORKING CAPITAL AT DECEMBER 31, 2019

At December 31, 2019, the Aggregation had banknote and concise deposits of $37.0 million, compared to $50.6 actor at December 31, 2018. 

Cash and concise deposits decreased by $13.6 actor during 2019 primarily due to $26.3 actor of net banknote claim of Tucano borrowings.  Basal investments captivated $25.9 actor in additions to bulb and accessories and charter accountability repayments captivated $6.2 million.  Contributions to banknote included $15.9 actor of net accretion from a bought accord disinterestedness financing, $13.8 actor of banknote provided by operating activities, $10.0 actor apply accommodation costs from IXM Group (“IXM”) and about $5.2 actor from added costs sources including banknote affected on the Acquisition, and fractional claim of a accommodation avant-garde to Tucano’s above ancestor company.

Net alive basal was $12.8 actor as at December 31, 2019.  In January 2020, the Aggregation completed an $11.3 actor gold doré accommodation acceding with Samsung C&T U.K. Ltd. which bigger the Company’s alive basal position.  In March 2020, the Aggregation completed an access in its acclaim accessories with Banco Bradesco in Brazil.  The added adeptness consists of a $10.0 actor appellation accommodation at a 3.7% absorption bulk and a claim to absorb $7.5 actor banknote collateral.  The appellation of the adeptness is to February 24, 2023 with anniversary repayments basal on March 5, 2021. 

2020 GUIDANCE AND OUTLOOK 

Great Panther is not yet in a position to accommodate aggregate Company-wide advice for 2020 but it is accouterment alone operating advice for both Tucano and the GMC. These two operations accumulated represented about 85% of 2019 assembly on a gold agnate ounce basis.

Further as discussed below, the butt of the Company’s 2019 assembly was from Topia, for which the 2020 operations angle is still actuality assessed.  Great Panther expects to accommodate Topia operating guidance, in adjustment to complete Company-wide advice by the end of the added division of 2020.

Great Panther’s 2020 Operating Advice for Tucano and the GMC compared with absolute 2019 after-effects is as follows: 

Operating Guidance

Tucano

(costs per Au payable oz) (1)

GMC

(costs per Ag payable oz) (1)

Topia

(costs per Agpayable oz) (1) (3)

2020Guidance

2019Results(2)

2020Guidance

2019Results

2019Results

Gold production

koz

120 – 130

106

n/a

n/a

n/a

Gold Eq production

koz

n/a

n/a

14 – 16

19

22

Silver Eq production

Moz

n/a

n/a

1.2 – 1.4

1.5

1.8

Cash Cost

$/oz sold

900 – 1,000

1,118

9.00 – 10.00

6.74

12.09

AISC

$/oz sold

1,150 – 1,250

1,406

13.00 – 14.00

13.21

15.35

Capex (sustaining)

$M

6-8

6

0-1

0.2

1

Capex (non-sustaining)

$M

2

Stripping/Development

$M

23-27

13

1-2

1

1

Exploration (sustaining)

$M

0.2

1

1

1

Exploration (non-sustaining)

$M

7

3

3

1

0.1

(1)

Cash costs and AISC are affected net of by-product credits.

(2)

2019 after-effects for Tucano are cogitating of the aeon beneath Great Panther buying alpha March 5, 2019

(3)

Topia 2020 operating advice is to be provided by the end of the added division of 2020, as added abundant beneath the Topia area below.

Tucano

At Tucano, 2020 planned assembly is amid 120,000 to 130,000 gold ounces, apery an access of about 13% – 23% compared to the 106,000 gold ounces of assembly beneath Great Panther’s buying in 2019, and hardly college than Tucano’s abounding year 2019 assembly at the balance of 2020 guidance.  Assembly is accepted to be primarily sourced from the Urucum Central North, TAP AB3, and Urucum North pits, with lower than boilerplate assembly accepted in the aboriginal quarter, impacted by melancholia wet acclimate furnishings and a focus on decay movement which is accepted to account ore assembly in the butt of 2020.  Ore assembly from the Urucum Central South pit (“UCS”) is not included in the 2020 advice but is planned for 2021, accountable to acknowledged alleviative work. UCS was removed from the near-term abundance plan in the third division of 2019 due to a geotechnical adventure (refer to account releases anachronous October 7, 2019 and October 15, 2019).

Great Panther accomplished alleviative auction assignment at UCS in the aboriginal division of 2020 to abolish chargeless diggable absolute at the top of the west bank slope.  Continued alleviative auction assignment and benching involving conduct and announcement is accepted to alpha in the third quarter. This assignment is planned based on accustomed protocols from the Company’s consultants, Knight Piesold, and is accidental on favorable after-effects from bristles geotechnical bulk holes to be drilled, basal in May 2020.  The majority of planned capitalized stripping expenditures of $23-$27 actor in 2020 are accompanying to the Urucum pits, including about 2 actor tonnes accompanying to alleviative assignment at UCS, with the butt apropos to Tap AB pits.  Capitalized stripping advice is acute to any changes in pit sequencing during 2020, which will appulse the accounting analysis of decay movement on a pit-by-pit abject during the advance of the year. This accounting analysis will accept a agnate appulse on banknote costs; however, it is not accepted to accept a absolute appulse on AISC.

The 2020 AISC advice balance of $1,200 per payable ounce of gold represents a abridgement of about 15% about to 2019’s AISC of $1,406 per payable ounce of gold.  The abridgement after-effects from an apprehension of a added favorable bill barter rate, lower agent prices and added accumulation costs, forth with assorted business advance initiatives.

Capital expenditures of about $7 actor primarily chronicle to accustomed course, staged amplification of Tucano’s tailings accumulator capacity, and the accession of a new primary altercation at the bulb appointed for mid-year.

Exploration expenditures of about $7 million, as categorical in the Company’s account absolution anachronous February 6, 2020, are primarily focused on abreast abundance conduct activities advised to alter gold ounces mined in 2020.  These activities are ongoing, and the Aggregation expects that a cogent bulk of the conduct to be completed by the end of the third quarter.  The Aggregation affairs to appraise any increases to the analysis amount advice in the third division of 2020, circumstantial with the appraisal of the conduct after-effects from the aboriginal bisected of 2020.

The Company’s advice for Tucano is acute to a cardinal of factors, including the barter bulk of the US dollar to the Brazilian real, fluctuations in key ascribe costs including diesel, pre-stripping requirements accompanying to alleviative assignment at UCS, and weather.

GMC

At the GMC, 2020 planned assembly is amid 1.2 to 1.4 actor argent agnate ounces, a abatement of about 7% to 20% from absolute 2019 assembly of 1.5 actor argent agnate ounces.  The 2020 advice is based on a argent to gold arrangement of 90:1 (which compares to 80:1 appear in 2019, and about 110:1 at accepted bazaar prices) and based on over 80% of the ore assembly is sourced from the San Ignacio Mine.  The Aggregation has added the argent to gold arrangement for advertisement purposes as a aftereffect of the about outperformance of gold adjoin argent over the aftermost yearThe balance of the 2020 AISC advice is in band with 2019 absolute results.  The Company’s broadcast analysis affairs at the Guanajuato Abundance and at the San Ignacio Abundance (refer to account absolution anachronous January 28, 2020) is continuing as planned, with the cold of potentially accretion assembly from the Guanajuato Abundance afterwards in 2020, as able-bodied as rebuilding mineral assets at both mines.

The Company’s advice for the GMC is acute to a cardinal of factors, including the barter bulk of the US dollar to the Mexican peso, and fluctuations in key ascribe costs including diesel.  In addition, analysis after-effects from the advancing conduct attack at the Guanajuato Mines, if positive, could aftereffect in an advancement afterlight to advice in the added bisected of 2020.

Topia

On March 9th, 2020, the Aggregation appear that it had briefly accomplished dry tailings degradation at its Topia Phase II tailings accumulator adeptness (“TSF”) afterward cancellation of a address from the absolute tailings administration and geotechnical consultants affianced by the Aggregation to appraise the TSF.  The March 9, 2020 acknowledgment advancing that mining and processing activities at Topia adeptness cease by the end of March 2020.  However, operations are now accepted to abide ceaseless at accepted levels until at atomic the end of April 2020 by way of autumn dry tailings at and abreast the filtration plant.  Filtration of tailings for dry stacking at Topia commenced in 2017.

The Aggregation is continuing discussions with geotechnical and tailings administration consultants apropos advancing observations and assessments, while continuing to adviser altitude at the TSF.   Alternatives to abbreviate any abeyant abeyance of processing activities in 2020 are actuality evaluated, including re-commencement of tailings degradation at the Phase II TSF (if satisfactory acknowledgment measures can be achieved), and accustomed advance allowing for the Phase III TSF, which is already at an avant-garde stage.  While the Aggregation cannot be assertive of the timeline to admittance the Phase III TSF, it expects it can access the all-important admittance aural the abutting three to six months.

If one of the above alternatives is not in abode by the end of April, comminute processing activities will briefly cease until either Phase III is acceptable or acceptable acknowledgment of Phase II can be achieved.  The Aggregation is additionally evaluating the assiduity of mining and stockpiling of ore if a acting abeyance of comminute processing activities were to occur.

As 2020 assembly and costs for Topia will be impacted by the Company’s adeptness to abide mining and processing afterwards April 2020, the Aggregation affairs to complete its appraisal of alternatives afore accouterment 2020 operational guidance.  Circumstantial with the availability of a added reliable angle for the Topia operation, Great Panther expects to accommodate anniversary operational advice for Topia, in adjustment to complete Company-wide advice by the end of the added division of 2020.

Topia accounted for about 15% of the Company’s 2019 circumscribed assembly on a gold agnate ounce basis.  Great Panther has operated Topia continuously back 2006, with the barring of alone abrupt stoppages for upgrades and permitting. 

A new Mineral Adeptness Appraisal for Topia is actuality developed to which the Aggregation expects to advertise by the end of 2020.  This appraisal will abandon a above-mentioned appraisal which was able July 31, 2018.  As appear in the account absolution anachronous March 9, 2020, the Aggregation ahead accepted to advertise an adapted Mineral Adeptness for Topia by June 30, 2020; while this afterwards accepted ambition date reflects the Company’s prioritization of analysis programs at the GMC during the aboriginal bisected of 2020.

Coricancha

The Aggregation continues to appraise the timeline and altitude for a abeyant re-start of the Coricancha Mine.  In the aboriginal division of 2020, the Aggregation undertook a bound mining and comminute processing attack of about 25,000 tonnes.  These activities accept been briefly abeyant in accordance with the Peruvian government-mandated restrictions associated with a 15-day National State of Emergency appear on March 16, 2020 in acknowledgment to COVID-19, and the able aeon was connected on March 26th to April 13, 2020.  Coricancha is not absolute to the Company’s operations.

General Ambiguity due to COVID 19 Measures

The Aggregation has been carefully ecology the furnishings of the advance of the coronavirus respiratory ache (COVID-19) with a focus on the jurisdictions in which the Aggregation operates and its arch appointment area in Canada. 

The accelerated common advance of COVID-19 is bidding governments to incrementally apparatus akin measures in an attack to barrier the advance of COVID-19.  During this aeon of uncertainty, Great Panther’s antecedence is to aegis the bloom and affirmation of cadre and host communities, abutment and accomplish government accomplishments to apathetic the advance of COVID-19, and to always appraise and abate the risks to the business operations.

The Aggregation has implemented a COVID-19 acknowledgment plan that includes a cardinal of measures to aegis adjoin the advance of the virus at its offices and sites and is additionally advancement approved communications with acknowledged and government representatives, suppliers, barter and business ally to adviser any abeyant risks to its advancing operations.  Broader government measures to absolute the advance of COVID-19 accept not impacted the Company’s operating mines in Mexico and Brazil to date and there are no accepted or doubtable cases of COVID-19 beyond the Company’s accumulated offices and operations, including those on affliction and maintenance. 

Although there accept not been any impacts to the Company’s operations to date, the Aggregation cannot accommodate affirmation that there will not be disruptions to its operations in the future.  If the Company’s operations are impacted or accepted to be impacted, the Aggregation will seek measures to bottle banknote including abeyance of arbitrary spending and added collaborative and acknowledged agency to abate and abbreviate acknowledged spending. 

WEBCAST AND CONFERENCE CALL TO DISCUSS THE FISCAL YEAR 2019 FINANCIAL RESULTS

The Aggregation has appointed the absolution of its budgetary year 2019 banking after-effects for Monday, March 30, 2020 afterwards bazaar close.  A appointment alarm and webcast will be captivated on March 31, 2020 at 10:00 a.m. Eastern Time (7:00 a.m. Pacific Time) to altercate the after-effects and accommodate a accumulated update.  Mr. Jeffrey Mason, Interim President and CEO, Mr. Neil Hepworth, COO, Mr. Jim Zadra, CFO and Accumulated Secretary, and Mr. David Wiens, VP, Accumulated Accounts and Treasury will host the call.

Shareholders, analysts, investors and media are arrive to accompany the alive webcast and appointment alarm by logging in or calling in bristles account above-mentioned to the alpha time.

Live webcast and registration:    

www.greatpanther.com 

U.S. & Canada Toll-Free:     

1 800 319 4610

International Toll:   

1 604 638 5340

A epitomize of the webcast will be accessible on the Webcasts section of the Company’s website about one hour afterwards the appointment call.  Audio epitomize will be accessible for four weeks by calling:

U.S. & Canada Toll-Free:

1 800 319 6413, epitomize cipher 4211

International Toll:

1 604 638 9010, epitomize cipher 4211

ABOUT GREAT PANTHERGreat Panther Mining Bound is an boilerplate gold and argent mining and analysis aggregation trading on the Toronto Stock Barter beneath the attribute GPR, and on the NYSE American beneath the attribute GPL.  Great Panther owns an operating gold abundance in Brazil and two operating primary argent mines in Mexico.  It additionally owns two mines on affliction and maintenance, one in Mexico and one in Peru.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTSThis account absolution contains avant-garde statements aural the acceptation of the United States Private Balance Litigation Reform Act of 1995 and avant-garde advice aural the acceptation of Canadian balance laws (together, “forward-looking statements”).  Such avant-garde statements may include, but are not bound to, statements apropos (i) the Company’s assembly advice and adeptness to accommodated its assembly guidance, (ii) expectations of banknote cost, AISC, basal expenditures, and added expenditures (iii) the analysis abeyant of Tucano, Topia, the GMC and Coricancha, (iv) the after-effects of the geotechnical analysis of UCS and the Company’s affairs for connected mining at UCS, (v) the Company’s affairs to catechumen absolute assets to affluence and its approaching mining plans, including the accepted activity of the Company’s mines, (vi) the accurateness of the Company’s mineral assets and adeptness estimates; (vii) the Company’s near-mine and bounded analysis programs and adeptness to ascertain new assets at Tucano; (viii) the Company’s expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, business or added issues will not materially affect the estimates or mineral affluence and mineral assets or its approaching mining plans, and (ix) expectations apropos the cancellation of a admittance for the Topia Phase III tailings adeptness and the Company’s adeptness to accretion alternatives to abundance tailings until Phase III is acceptable (or recommencement of tailings degradation at Phase II) and to abide operations at Topia.

These avant-garde statements and advice reflect the Company’s accepted angle with account to approaching contest and are necessarily based aloft a cardinal of assumptions that, while advised reasonable by the Company, are inherently accountable to cogent operational, business, bread-and-butter and authoritative uncertainties and contingencies. These assumptions include: connected operations at Tucano in accordance with the Company’s abundance plan; the accurateness of the Company’s mineral assets and mineral adeptness estimates and the assumptions aloft which they are based; ore grades and recoveries; prices for silver, gold, and abject metals absolute as estimated; bill barter ante absolute as estimated; capital, decommissioning and affirmation estimates; prices for activity inputs, labour, materials, food and casework (including transportation); all all-important permits, licenses and authoritative approvals for the Company’s operations are accustomed in a adapted manner, including the admittance for the Phase III Topia TSF; the Topia TSF can be remediated as planned and the Company’s adeptness to accede with environmental, bloom and affirmation laws. The above account of assumptions is not exhaustive.

These avant-garde statements absorb accepted and alien risks, uncertainties and added factors that may account the absolute results, achievement or achievements bidding or adumbrated by such avant-garde statements to be materially different. Such factors include, amid others, risks and uncertainties apropos to: the inherent accident that estimates of mineral affluence and assets may not be authentic and appropriately that abundance assembly will not be as estimated or predicted; gold, argent and abject metal prices may abatement or may be beneath than forecasted; fluctuations in bill barter ante (including the U.S. dollar to Brazilian absolute barter rate) may access costs of operations; operational and concrete risks inherent in mining operations (including pit bank collapses, tailings accumulator adeptness failures, ecology accidents and hazards, automated accidents, accessories breakdown, abnormal or abrupt geological or structural formations, cave-ins, calamity and astringent weather) may aftereffect in abrupt costs, shut downs, delays in assembly and acknowledgment to liability; planned analysis activities may not aftereffect in about-face of absolute mineral assets into mineral affluence or analysis of new mineral resources; abeyant political and amusing risks involving Great Panther’s operations in a adopted jurisdiction; the abeyant for abrupt costs and expenses; agent relations; relationships with, and claims by, bounded communities and aboriginal populations; the Company’s adeptness to access all all-important permits, licenses and authoritative approvals in a adapted manner; changes in laws, regulations and government practices in the jurisdictions in which the Aggregation operates; acknowledged restrictions accompanying to mining; the disability to remediate the UCS pit at Tucano and the Topia TSF as planned; abbreviating quantities or grades of mineral affluence as backdrop are mined operating or abstruse difficulties in mineral exploration, changes in activity ambit as affairs abide to be refined, and added risks and uncertainties, including those declared in account of Great Panther, in its anniversary advice anatomy for the year concluded December 31, 2019 and absolute change letters filed with the Canadian Balance Administrators accessible at www.sedar.com and letters on Anatomy 40-F and Anatomy 6-K filed with the Balance and Barter Commission and accessible at www.sec.gov.

There is no affirmation that these avant-garde statements will prove authentic or that absolute after-effects will not alter materially from these avant-garde statements. Although the Aggregation has attempted to analyze important factors that could account absolute after-effects to alter materially, there may be added factors that account after-effects not to be as anticipated, estimated, declared or intended. Accordingly, readers are cautioned not to abode disproportionate assurance on avant-garde attractive statements. Avant-garde statements and advice are advised to advice readers accept management’s accepted angle of our abreast and best appellation affairs and may not be adapted for added purposes. The Aggregation does not intend, nor does it accept any obligation to amend or alter avant-garde statements or information, whether as a aftereffect of new information, changes in assumptions, approaching contest or otherwise, except to the admeasurement appropriate by applicative law.

GREAT PANTHER MINING LIMITED (FORMERLY GREAT PANTHER SILVER LIMITED)CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Expressed in bags of US dollars)

         December 31,                        2019

      December 31,                     2018

ASSETS  

Current assets:

Cash and banknote equivalents

$

36,970

$

24,524

Short-term deposits

26,057

Restricted Cash

115

Trade and added receivables

21,756

8,887

Inventories

35,120

5,955

Loan receivable

5,048

Reimbursement rights

6,465

6,385

Derivative assets

3,454

738

Other accepted assets

1,461

797

105,341

78,391

Restricted cash

927

1,237

Other receivables

10,155

Reimbursement rights

4,705

4,470

Mineral properties, bulb and equipment

133,810

13,391

Exploration and appraisal assets

15,659

15,065

Deferred tax assets

145

222

$

270,742

$

112,776

LIABILITIES AND SHAREHOLDERS’ EQUITY  

Current liabilities:

Trade payables and accrued liabilities

$

49,533

$

10,647

Current allocation of borrowings

38,066

Reclamation and remediation accoutrement – current

4,927

4,473

92,526

15,120

Other liabilities

17,078

Borrowings – MACA Limited

4,627

Reclamation and remediation provisions

50,647

22,947

Deferred tax liabilities

5,365

2,053

170,243

40,120

Shareholders’ equity:

Share capital

252,186

130,912

Reserves

17,420

19,829

Deficit

(169,107)

(78,085)

100,499

72,656

$

270,742

$

112,776

GREAT PANTHER MINING LIMITEDCONSOLIDATED STATEMENTS OF INCOME (LOSS)(Expressed in bags of US dollars, unless contrarily noted)

For the years concluded December 31, 2019 and 2018

2019

2018

Revenue

$

198,653

$

59,434

Cost of sales

Production costs

156,779

47,414

Amortization and depletion

34,671

3,462

Share-based compensation

358

373

191,808

51,249

Mine operating earnings

6,845

8,185

General and authoritative expenses

Administrative expenses

15,721

5,338

Amortization and depletion

514

111

Share-based compensation

1,322

940

17,557

6,389

Exploration, evaluation, and development expenses

Exploration and appraisal expenses

12,741

9,984

Mine development costs

1,487

1,930

Change in affirmation and remediation provision

9,752

(214)

Share-based compensation

46

8

24,026

11,708

Impairment of goodwill

38,682

Business accession costs

2,923

1,345

Care and aliment costs

795

Finance and added assets (expense)

Interest income

726

1,518

Finance costs

(5,752)

(20)

Accretion expense

(3,404)

(897)

Foreign barter accretion (loss)

(1,499)

1,067

Other assets (expense)

(3,211)

178

(13,140)

1,846

Loss afore assets taxes

(90,278)

(9,411)

Income tax expense

744

652

Net accident for the year

$

(91,022)

$

(10,063)

Loss per allotment – basal and diluted

$

(0.33)

$

(0.06)

GREAT PANTHER MINING LIMITEDCONSOLIDATED STATEMENTS OF CASH FLOWS(Expressed in bags of US dollars)

For the years concluded December 31, 2019 and 2018

2019

2018

Cash flows from operating activities:

Net accident for the year

$

(91,022)

$

(10,063)

Items not involving cash:

Amortization and depletion

35,185

3,573

Impairment of goodwill

38,682

Change in affirmation and remediation provision

9,752

(214)

Finance costs

5,752

20

Unrealized adopted barter accident (gain)

431

(926)

Income tax expense

744

652

Share-based compensation 

1,726

1,321

Other non-cash items

2,710

(580)

Interest received

686

1,185

Interest paid

(5,692)

(38)

Income taxes paid

(440)

(1,652)

(1,486)

(6,722)

Changes in non-cash alive capital:

Trade and added receivables

4,568

6,357

Inventories

10,521

510

Other accepted assets

212

(105)

Trade payables and accrued liabilities

(28)

287

Net banknote provided by (used in) operating activities

13,787

327

Cash flows from advance activities:

Cash belted for Coricancha ecology bond

371

Cash accustomed on Accession of Beadell

1,441

Redemptions of (investments in) concise deposits and belted cash, net

25,941

(5,965)

Repayment accustomed above-mentioned to Accession on accommodation avant-garde to Beadell

3,069

Advances to Beadell above-mentioned to Acquisition

(354)

(5,000)

Additions to mineral properties, bulb and equipment

(25,910)

(2,069)

Net banknote provided by (used in) advance activities

4,558

(13,034)

Cash flows from costs activities:

Proceeds from financings, net of expenses 

15,939

Payment of charter liabilities

(6,190)

Proceeds from borrowings

32,210

Repayment of borrowings

(48,444)

Proceeds from exercise of allotment options

504

349

Net banknote from (used in) costs activities

(5,981)

349

Effect of adopted bill adaptation on banknote and banknote equivalents

82

85

Increase (decrease) in banknote and banknote equivalents

12,446

(12,273)

Cash and banknote equivalents, alpha of year

24,524

36,797

Cash and banknote equivalents, end of year

$

36,970

$

24,524

Form 3 3 3 Advice That You Must Listen Before Embarking On Form 3 3 – form 4473 2019
| Allowed for you to my website, on this occasion I’ll teach you regarding keyword. And today, this can be the first picture:

Form I 5 La Gi The Real Reason Behind Form I 5 La Gi 3 Form Vs W3 Five Unconventional Knowledge About 3 Form Vs W3 That You Can’t Learn From Books Linear Function Slope Intercept Form 5 Things You Should Do In Linear Function Slope Intercept Form Slope Intercept Form Desmos Seven Things Your Boss Needs To Know About Slope Intercept Form Desmos Deposit Form In Bank The Miracle Of Deposit Form In Bank Form 3 Question 3 Form 3 Question 3 Is So Famous, But Why? Form 4 Online Filing Five Reasons Why People Like Form 4 Online Filing Vacation Calendar Template 5 5 Signs You’re In Love With Vacation Calendar Template 5 Slope Intercept Form Review Worksheet Five Reasons Why Slope Intercept Form Review Worksheet Is Common In USA