Past year: ▲ 95%(16.0c – 1.22 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2021resource reserve update● Neutral
Refiled the Tucano technical report five days later as an amended and restated version. The company states the change is minor typographical corrections only, and the effective date of 30 September 2020 and the reserve and resource figures are unchanged.
3 Feb 2021resource reserve update● Neutral
The amended and restated Tucano technical report as filed, dated 2 February 2021 and still effective 30 September 2020. Its cover states on its face that the amendment was made only to correct typographical errors in the 29 January version.
29 Jan 2021resource reserve update● NeutralMajor
Filed the technical report supporting December's Tucano reserve update, effective 30 September 2020, and set out a record 2021 exploration budget of US$13 million for 90,000 metres of drilling under new chief executive Rob Henderson. The reserve position depends on that spending continuing.
28 Dec 2020resource reserve update▲ GoodMajor
Filed the technical report for the Guanajuato Mine Complex resource announced on 23 November 2020, effective 31 July 2020: measured and indicated of 10.2 million silver-equivalent ounces, up 17%, at a silver grade 10% higher at 199 g/t, and inferred more than doubled to 18.1 million ounces on success at Los Pozos and Purisima.
28 Dec 2020resource reserve update● Neutral
The technical report itself for the Guanajuato and San Ignacio operations, effective 31 July 2020, signed by Robert Brown - now described as a geological consultant rather than an officer - with Mohammad Nourpour.
15 Dec 2020drilling progress report▲ GoodMajor
The rebuild worked, at least for one year. Tucano's proven and probable reserves are 629,000 gold ounces at 30 September 2020, essentially flat on the 646,000 ounces of a year earlier, which means the drilling replaced everything mined. Measured and indicated resources are 953,000 ounces, with the open-pit portion up 28% to 561,000 ounces, and inferred resources are 534,000 ounces - all from drilling only about two kilometres of a seven-kilometre trend.
29 June 2020material agreement▲ Good
Nyrstar agreed to keep funding the Coricancha closure bond past its 30 June 2020 expiry - US$7.0 million to June 2021 and US$6.5 million for the year after - deferring Great Panther's own funding obligation to 30 June 2022. It removes a near-term cash call on a mine that has still never restarted.
23 June 2020drilling result▲ GoodMajor
Early results from a 55,000 metre, US$6.6 million drill program at Tucano, 12,000 metres in with three rigs: 29.4 metres at 15.99 g/t gold in hole DD018 and 16.7 metres at 10.96 g/t gold in hole DD009 at the TAP AB1 and AB3 pits. The company is spending heavily to rebuild the reserve it wrote down in March, and says the results will go into a revised statement in the fourth quarter.
20 May 2020capital raising announcement● NeutralMajor
Closed the raise at US$16.1 million after the underwriters took the full over-allotment, issuing 40.25 million shares at US$0.40 with a 6% commission. Proceeds are earmarked for Tucano exploration and improvements rather than for the Mexican mines.
What it means for a shareholder
40.3m new shares at US$0.400 to raise about US$16.1m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (2,500 at the issue price), your slice goes from 0.000801% to 0.00071% of the company. To keep it you'd need 323 more shares - about US$129 at the issue price.
Create a free account to see this worked out for your own holding.
14 May 2020capital raising announcement▼ BadMajor
A further bought deal, 25 million shares at US$0.40 for US$10 million, led by Cantor Fitzgerald Canada and BMO. The price is a little over half the US$0.75 charged nine months earlier and a quarter of the 2016 unit price, with Mexican operations suspended for COVID-19 at the time.
What it means for a shareholder
25.0m new shares at US$0.400 to raise about US$10.0m. That's 7.4% dilution: every existing holder's slice gets 7.4% smaller. If you held US$1,000 of shares (2,500 at the issue price), your slice goes from 0.000801% to 0.000742% of the company. To keep it you'd need 200 more shares - about US$80 at the issue price.
Create a free account to see this worked out for your own holding.
14 May 2020capital raising announcement● Neutral
Upsized the previous day's offering to US$14 million, 35 million shares at the unchanged US$0.40, on stronger demand.
31 Mar 2020resource reserve update● Neutral
Confirmed both Guanajuato Mine Complex technical reports have been filed, with effective dates of 31 July 2019 for San Ignacio and 31 October 2019 for the Guanajuato mine. Housekeeping that completes the March 9 resource announcement.
27 Mar 2020resource reserve update● Neutral
Supporting technical report for the Guanajuato mine's own resources, effective 31 October 2019 - the second of the two Guanajuato Mine Complex reports, covering the mine that has been on care and maintenance since December 2018.
27 Mar 2020resource reserve update▼ Bad
The full RPA report on Tucano's 2019 reserves and resources, effective 31 December 2019 and issued 25 March 2020 - the independent document behind the roughly 489,000 ounce reserve reduction announced earlier in March.
26 Mar 2020resource reserve update● Neutral
Filed the RPA technical report backing the March 9 Tucano reserve cut, effective 30 September 2019. It records the reduced numbers rather than revisiting them.
18 Mar 2020resource reserve update● Neutral
Supporting technical report for the San Ignacio half of the March 2020 Guanajuato Mine Complex resource update, effective 31 July 2019. Robert Brown is back signing as acting VP Exploration, alongside resource geologist Mohammad Nourpour.
10 Mar 2020resource reserve update▼ BadMajor
The point where the Beadell deal starts to look expensive. Great Panther's own first reserve estimate for Tucano, prepared with RPA and effective 30 September 2019, cut reserves to about 646,000 gold ounces - roughly 489,000 ounces below the June 2017 figure it inherited even after allowing for mining - and took another 500,000 ounces off resources. In Mexico, Guanajuato added 1.5 million silver-equivalent ounces to reach 3.7 million while sitting on care and maintenance since December 2018, San Ignacio fell 6.4 million ounces to 5.0 million mostly through depletion, and Topia faces a possible shutdown because tailings deposition has had to stop at its existing storage facility.
4 Feb 2020debt financing▲ Good
Received the Samsung US$11.25 million on 3 February, taking new prepayment funding to US$21 million alongside the IXM facility, and used the moment to buy put options on 45,000 gold ounces maturing March to June 2020 at an average US$9.33 an ounce, setting a US$1,500 floor, plus a forward purchase of Brazilian reais at historically weak levels.
28 Jan 2020drilling result▲ Good
Mexico exploration wrap-up and 2020 plan under interim chief executive Jeffrey Mason: Topia set a record for silver-equivalent production in 2019, and the company will spend over US$4 million in Mexico in 2020, including up to 8,500 metres at San Ignacio and 63% more drilling metres at Guanajuato with the aim of restarting production there later in the year.
7 Jan 2020debt financing▼ BadMajor
A second, larger prepayment a week later: US$11.25 million from Samsung C&T UK against roughly 3,000 ounces of Tucano gold dore a month for two years, sold at a 0.65% discount to benchmark, at three-month LIBOR plus 5% and secured by a pledge of all the equity in the Brazilian subsidiary that owns Tucano. Pledging the cornerstone asset's shares is a materially harder security package than the IXM deal.
30 Dec 2019debt financing● NeutralMajor
Raised US$10 million from metals trader IXM as a prepayment against all Guanajuato Mine Complex gold-silver concentrate for 2020 and 2021, repayable on 31 December 2020 at three-month LIBOR plus 5% and guaranteed by the parent. It is borrowing secured on future output rather than equity, with no gold or silver hedging attached.
8 Aug 2019capital raising announcement● Neutral
Closed the bought deal at the larger US$17.25 million after the underwriters took up the full over-allotment, issuing 23 million shares at US$0.75 with a 5% commission; insider and employee participation came in at about US$0.6 million.
What it means for a shareholder
23.0m new shares at US$0.750 to raise about US$17.3m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held US$1,000 of shares (1,333 at the issue price), your slice goes from 0.000788% to 0.000694% of the company. To keep it you'd need 181 more shares - about US$136 at the issue price.
Create a free account to see this worked out for your own holding.
5 Aug 2019production update▲ GoodMajor
Tucano's recovery problem eased after a supplemental liquid oxygen system was commissioned at the end of April: July milled 266,357 tonnes at 1.56 g/t gold with 93.5% recovery for 12,497 ounces, against 254,700 tonnes at 0.98 g/t and 87.6% recovery for 7,020 ounces in April. Three consecutive months of improvement heading into the drier, more productive second half.
2 Aug 2019capital raising announcement▼ BadMajor
Bought-deal equity raise of 20 million shares at US$0.75 for US$15 million, led by Cantor Fitzgerald Canada, with insiders and employees taking about US$525,000. The price is less than half the US$1.60 unit price of the 2016 bought deal, so the same amount of money now costs far more of the company.
What it means for a shareholder
20.0m new shares at US$0.750 to raise about US$15.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (1,333 at the issue price), your slice goes from 0.000788% to 0.000705% of the company. To keep it you'd need 158 more shares - about US$119 at the issue price.
Create a free account to see this worked out for your own holding.
30 July 2019drilling result▲ GoodMajor
First exploration drilling at Tucano since the acquisition returned genuinely high grades under the TAP AB3 pit: 15.35 g/t gold over 13.55 metres (including 30.94 g/t over 5.35 metres) in hole 19TABDD001 and 13.00 g/t gold over 25.50 metres (including 63.40 g/t over 5.00 metres) in hole 19TABDD010, from 10 of the first 12 holes. Widths and grades of this order underpinned the case that Tucano's mine life could be extended below the existing pits.
10 July 2019capital raising announcement● Neutral
Put an at-the-market facility in place allowing up to US$25 million of shares to be sold into the market on the NYSE American at the company's discretion, four months after closing the Beadell deal. Nothing is committed and nothing is raised on signing; it is standing permission to dilute as needed.
17 May 2019business combination● Neutral
The formal business acquisition report for Beadell, confirming 103,593,043 shares were issued at the 0.0619 exchange ratio on 5 March 2019 and carrying the audited and pro forma financial statements for the enlarged company.
4 Apr 2019debt financing● NeutralMajor
Bought back all of Beadell's senior secured debentures due June 2023 for US$10.5 million plus accrued interest, a month after closing the acquisition. Every holder accepted the offer made under the indenture, clearing the inherited secured debt but using cash the enlarged company would soon need.
7 Mar 2019business combination▲ GoodMajor
Closed the Beadell acquisition and became Great Panther Mining Limited. Combined 2019 guidance is about 200,000 gold-equivalent ounces, most of it from Tucano, so a silver company with two small Mexican mines is now principally a Brazilian gold producer. Beadell's former chief executive Nicole Adshead-Bell joins the board.
1 Mar 2019resource reserve update● Neutral
The Topia technical report supporting the January 2019 resource increase, with an effective date of 31 July 2018 - filed the same week the Beadell acquisition closed and the company stopped being a silver miner.
