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Great Panther Mining

www: www.greatpanther.com   email: info@greatpanther.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:GPR CAD
NYSEAMERICAN:GPL USD

Description

Great Panther Mining are a gold and silver focused mid-tier producer with three producing mines in Brazil and Mexico, two mines in development in Mexico and Peru and exploration properties. Currently they produce roughly 120koz. of gold and 3.5Moz. of silver per year. They have approximately 3.1Moz. of gold and 50Moz. of silver in the reserves and resources category of which 2Moz. of gold and 30Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~C$260.65M which is a rise of roughly 36% over the last ten months. As of 02/04/2020 they have ~C$25M debt and ~C$20.75M cash. They have 312M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 02/04/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $191.48M $260.65M 02/04/2020 $69.17M
Total Assets: $231.20M $235.92M 02/04/2020 $4.72M
Total Liabilities: $167.94M $171.37M 02/04/2020 $3.43M
Current Assets: $72.30M $73.77M 02/04/2020 $1.48M
Current Liabilities: $62.51M $63.78M 02/04/2020 $1.28M
Total Debt: $24.85M $25.36M 02/04/2020 $0.51M
Cash: $20.33M $20.75M 02/04/2020 $0.42M
Enterprise Value: $196.00M $265.26M 05/28/1978 $69.26M
Cash Flow: $23.12M $58.77M never $35.65M
Cash Flow Multiple: 8.28 4.44 never -3.85
Net Debt to
Cash Flow Ratio:		 0.20 0.08 never -0.12
Finance within 1 year: 02/04/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 02/04/2020 0.00%
Misc 02/04/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 311,940,000 311,940,000 02/04/2020 0
Shares (FD): 324,592,000 324,592,000 02/04/2020 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 02/04/2020 n/a
Production (Gold Eq Oz.): (guess) 
159,495		 (guess) 
165,038		 02/04/2020 5,544
Production (Silver Eq Oz.): (guess) 
14,134,341		 (guess) 
12,825,376		 02/04/2020 -1,308,965
Initial CapEx (Outstanding): n/a n/a 02/04/2020 n/a
Funding Option: n/a n/a 02/04/2020 n/a
Documentation: none PRODUCER 08/30/2020 n/a
Value Adjustment: none 50% never 50%

Resource Data

GOLD 02/04/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 1.30M 1.30M 02/04/2020 0.00M
Measured & Indicated: 2.00M 2.00M 02/04/2020 0.00M
Inferred: 1.10M 1.10M 02/04/2020 0.00M
Reserves & Resources: 3.10M 3.10M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.17M 1.17M 02/04/2020 0.00M
Measured & Indicated: 1.67M 1.67M 02/04/2020 0.00M
Inferred: 0.50M 0.50M 02/04/2020 0.00M
Reserves & Resources: 2.17M 2.17M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
120,000oz.		 (guess) 
120,000oz.		 02/04/2020 0oz.
Cash Cost: $850 $850 02/04/2020 $0.00
Extra Operating Cost: $400 $400 02/04/2020 $0.00
Average Grade: 1.00 g/t 1.00 g/t 02/04/2020 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/30/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 02/04/2020 0.00M
Annual Production: 150,000oz. 150,000oz. 02/04/2020 0oz.
Cash Cost: $850 $850 02/04/2020 $0
Extra Operating Cost: $400 $400 02/04/2020 $0
SILVER 02/04/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 10.00M 10.00M 02/04/2020 0.00M
Measured & Indicated: 30.00M 30.00M 02/04/2020 0.00M
Inferred: 20.00M 20.00M 02/04/2020 0.00M
Reserves & Resources: 50.00M 50.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 8.50M 8.50M 02/04/2020 0.00M
Measured & Indicated: 22.10M 22.10M 02/04/2020 0.00M
Inferred: 8.50M 8.50M 02/04/2020 0.00M
Reserves & Resources: 30.60M 30.60M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
3,500,000oz.		 (guess) 
3,500,000oz.		 02/04/2020 0oz.
Cash Cost: $14 $14 02/04/2020 $0.00
Extra Operating Cost: $5 $5 02/04/2020 $0.00
Average Grade: 170.00 g/t 170.00 g/t 02/04/2020 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 08/30/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 40.00M 40.00M 02/04/2020 0.00M
Annual Production: 5,000,000oz. 5,000,000oz. 02/04/2020 0oz.
Cash Cost: $11 $11 02/04/2020 $0
Extra Operating Cost: $7 $7 02/04/2020 $0

Property

Last Analysis Data  (02/04/2020)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Amapa, Brazil Tucano 100% 250,000 Open Pit show
Large property, large resource (3.5 million oz) and growing.
Production Leon, Mexico Guanajuato 100% n/a n/a n/a
Production Topia, Mexico Topia 100% n/a n/a n/a
Development Mexico Guadalupe 100% (guess) 6,000 Both show
500,000 oz deposit at 1.5 gpt. Plus, 10 million oz of silver at 1 opt for offsets.

PEA completed.

Paid $8 million. Still owe most of it to get the property with 100% ownership.
Development Peru, Peru Coricancha 100% (guess) 3,700 Underground show
100 million oz of silver equivalent (including silver)

Production in 2018.
Exploration Australia Lake Mackay 100% n/a n/a n/a
Exploration Melbourne, Australia Reedy Creek 100% n/a n/a n/a
Exploration Wa, Australia Tropicana East 100% n/a n/a show
New discovery. Early exploration.
Exploration Wa, Australia West Musgrave 100% n/a n/a n/a
Exploration Amapa, Brazil Tartaruga 100% n/a n/a n/a
Exploration Amapa, Brazil Tucano-Iron 100% n/a n/a n/a
Exploration Red Lake, Ontario, Canada Argosy 100% 1,000 n/a show
Past producing high grade mine (100,000 oz)
Exploration Mexico, Mexico El Horcon 100% (guess) 6,700 Underground show
Purchased in 2012 for $1.6 million. It has had historical exploration, so Great Panther should be able to mine it after a couple of years of drilling.
Exploration Caborca, Sonora, Mexico Plomo 100% (guess) 4,000 n/a show
Early exploration
Exploration Guanajuato, Mexico San Ignacio 100% n/a n/a n/a
Total Land Package Size (ha): 271,400  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Exploration Australia Lake Mackay 100% n/a n/a n/a
Exploration Melbourne, Australia Reedy Creek 100% n/a n/a n/a
Exploration Wa, Australia Tropicana East 100% n/a n/a show
New discovery. Early exploration.
Exploration Wa, Australia West Musgrave 100% n/a n/a n/a
Production Amapa, Brazil Tucano 100% 250,000 Open Pit show
Large property, large resource (3.5 million oz) and growing.
Exploration Amapa, Brazil Tartaruga 100% n/a n/a n/a
Exploration Amapa, Brazil Tucano-Iron 100% n/a n/a n/a
Exploration Red Lake, Ontario, Canada Argosy 100% 1,000 n/a show
Past producing high grade mine (100,000 oz)
Production Leon, Mexico Guanajuato 100% n/a n/a n/a
Production Topia, Mexico Topia 100% n/a n/a n/a
Development Mexico Guadalupe 100% (guess) 6,000 Both show
500,000 oz deposit at 1.5 gpt. Plus, 10 million oz of silver at 1 opt for offsets.

PEA completed.

Paid $8 million. Still owe most of it to get the property with 100% ownership.
Exploration Mexico, Mexico El Horcon 100% (guess) 6,700 Underground show
Purchased in 2012 for $1.6 million. It has had historical exploration, so Great Panther should be able to mine it after a couple of years of drilling.
Exploration Caborca, Sonora, Mexico Plomo 100% (guess) 4,000 n/a show
Early exploration
Exploration Guanajuato, Mexico San Ignacio 100% n/a n/a n/a
Development Peru, Peru Coricancha 100% (guess) 3,700 Underground show
100 million oz of silver equivalent (including silver)

Production in 2018.
Total Land Package Size (ha): 271,400  

Profitability (by resource)

Proven &
Probable		 02/04/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 92.01% 90.99% n/a -1.02%
Percentage Silver: 7.99% 9.01% n/a 1.02%
Total (Gold Eq. Oz.): 1.41M 1.43M n/a 0.02M
Total (Silver Eq. Oz.): 125.21M 111.02M n/a -14.18M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.27M 1.28M n/a 0.01M
Silver Eq. Oz.: 112.18M 99.42M n/a -12.76M
Maximum Profit (Gold): $248.57M $687.84M n/a $439.27M
Maximum Profit (Silver): $-5.77M $42.75M n/a $48.52M
Total Maximum Profit: $242.80M $730.59M n/a $487.79M
Max Profit / Current MCap: 1.268 2.803 n/a 1.535
Max Profit Per Share (Gold): $0.77 $2.12 n/a $1.35
Max Profit Per Share (Silver): $-0.02 $0.13 n/a $0.15
Total Max Profit Per Share: $0.75 $2.25 n/a $1.50
Total Free Profit Per Share: $0.16 $1.45 n/a $1.29
FD Mkt. Cap / Gold Eq.: $151.26 $203.73 n/a $52.47
FD Mkt. Cap / Silver Eq.: $1.71 $2.62 n/a $0.91
FD Mkt. Cap / Per Metal
as % Spot Price:		 9.74% 11.26% n/a 1.52%
Measured &
Indicated		 02/04/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 85.52% 83.82% n/a -1.70%
Percentage Silver: 14.48% 16.18% n/a 1.70%
Total (Gold Eq. Oz.): 2.34M 2.39M n/a 0.05M
Total (Silver Eq. Oz.): 207.24M 185.42M n/a -21.82M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.92M 1.96M n/a 0.04M
Silver Eq. Oz.: 170.45M 152.19M n/a -18.26M
Maximum Profit (Gold): $355.64M $984.14M n/a $628.49M
Maximum Profit (Silver): $-15.01M $111.15M n/a $126.16M
Total Maximum Profit: $340.64M $1,095.29M n/a $754.65M
Max Profit / Current MCap: 1.779 4.202 n/a 2.423
Max Profit Per Share (Gold): $1.10 $3.03 n/a $1.94
Max Profit Per Share (Silver): $-0.05 $0.34 n/a $0.39
Total Max Profit Per Share: $1.05 $3.37 n/a $2.32
Total Free Profit Per Share: $0.46 $2.57 n/a $2.11
FD Mkt. Cap / Gold Eq.: $99.55 $133.09 n/a $33.54
FD Mkt. Cap / Silver Eq.: $1.12 $1.71 n/a $0.59
FD Mkt. Cap / Per Metal
as % Spot Price:		 6.41% 7.35% n/a 0.95%

Reserves &
Resources		 02/04/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 84.60% 82.81% n/a -1.79%
Percentage Silver: 15.40% 17.19% n/a 1.79%
Total (Gold Eq. Oz.): 3.66M 3.74M n/a 0.08M
Total (Silver Eq. Oz.): 324.72M 290.91M n/a -33.81M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.51M 2.56M n/a 0.05M
Silver Eq. Oz.: 222.82M 199.16M n/a -23.66M
Maximum Profit (Gold): $460.80M $1,275.14M n/a $814.34M
Maximum Profit (Silver): $-20.78M $153.90M n/a $174.68M
Total Maximum Profit: $440.03M $1,429.05M n/a $989.02M
Max Profit / Current MCap: 2.298 5.483 n/a 3.185
Max Profit Per Share (Gold): $1.42 $3.93 n/a $2.51
Max Profit Per Share (Silver): $-0.06 $0.47 n/a $0.54
Total Max Profit Per Share: $1.36 $4.40 n/a $3.05
Total Free Profit Per Share: $0.77 $3.60 n/a $2.83
FD Mkt. Cap / Gold Eq.: $76.16 $101.71 n/a $25.55
FD Mkt. Cap / Silver Eq.: $0.86 $1.31 n/a $0.45
FD Mkt. Cap / Per Metal
as % Spot Price:		 4.90% 5.62% n/a 0.72%

Future Valuation (Cash Flow & Totals)

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