Past year: ▲ 95%(16.0c – 1.22 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2022resource reserve update● Neutral
Filed the Tucano technical report supporting the April 2022 reserve and resource statement, effective 31 July 2021 - the last technical document the company would file before insolvency proceedings began in September.
10 June 2022resource reserve update▼ BadMajor
The Tucano technical report itself, effective 31 July 2021. It shows the shape of the problem: open-pit reserves of about 9.2 million tonnes at only 1.16 g/t gold against underground reserves of 2.16 million tonnes at 4.13 g/t, so the mill's bulk feed is low grade and the high grade sits in an underground project not yet built.
1 June 2022drilling result▲ Good
Completed the Urucum North resource conversion program - 48 holes for 18,948 metres - with the later holes returning 3.9 metres at 7.65 g/t gold in 21URNDD049 and 3.7 metres at 6.20 g/t at 432 metres depth in 21URNDD053, all true widths. Chair Alan Hair is now interim chief executive, the third leadership change since the Beadell deal, and the case for underground mining alongside the open pits rests on narrow high-grade lodes like these.
2 Mar 2022resource reserve update▼ Bad
The Guanajuato Mine Complex technical report as filed, effective 31 July 2021, documenting the 36% resource reduction announced in February 2022.
1 Mar 2022drilling result▲ Good
Twenty-two holes for 5,219 metres at Coricancha in Peru, which has still never restarted since the 2018 economic study. Grades are high but the veins are very thin: 0.4 metres true width at 9.8 g/t gold, 910 g/t silver, 7.2% zinc, 2.2% copper and 5.6% lead in ES-DDH01-21, and 0.8 metres at 9.7 g/t gold and 323 g/t silver in ES-DDH04-21, mostly on the newly found Escondida vein.
28 Feb 2022resource reserve update● Neutral
Filed the Guanajuato Mine Complex technical report supporting the 11 February 2022 resource announcement, effective 31 July 2021. It is the last resource document the company would file for its Mexican mines before selling them.
16 Feb 2022resource reserve update● Neutral
The Topia technical report itself, effective 31 March 2021 and signed by Robert Brown as an outside consultant with resource geologist Mohammad Nourpour.
14 Feb 2022resource reserve update● Neutral
Filed the Topia technical report supporting the resource estimate announced on 11 February 2022, effective 31 March 2021.
11 Feb 2022resource reserve update▼ BadMajor
Both Mexican mines shrank. Topia's measured and indicated resource fell 25% to 11.1 million silver-equivalent ounces against the 2018 estimate, even though grade rose 8% to 1,041 g/t silver-equivalent, and the Guanajuato Mine Complex fell 36% to 7.7 million ounces against the 2020 estimate at a grade 2% higher. Higher grade on far fewer ounces means the reporting cut-off moved, not that the mines improved.
7 Sept 2021drilling result▲ Good
Second-phase TAP C results, wider but lower grade than the first: 38 metres at 2.5 g/t gold from 167 metres and 24.6 metres at 1.6 g/t in hole 21TACDD029, 9 metres at 7.8 g/t in 21TACDD030, all intercept widths and now reported at a 0.3 g/t cut-off rather than April's 0.4 g/t. Management intends to bring TAP C back into production in 2022 to give the mill extra feed close to the plant, and regional work has picked up a gold trend within 20 kilometres.
22 July 2021drilling result▲ Good
Drilling at Urucum North traced the high-grade zone about 500 metres down plunge and still open - 2.2 metres at 14.3 g/t gold in 21URNDD005, 2.6 metres at 9.3 g/t in 21URNDD015 - and found shallow high grades such as 4.7 metres at 8.0 g/t in 21URNDD017. The intercepts are narrow, and the company is weighing whether to reach them by extending the open pit or by the planned 40,000 to 50,000 ounce-a-year underground mine.
7 Apr 2021drilling result▲ Good
First-phase drilling at Tucano's TAP C pit, mined out to the base of the oxide zone by the previous owner, shows mineralisation continuing 50 to 70 metres below the pit floor - 17.7 g/t gold over 1.75 metres in 21TACDD001 and 6.3 g/t over 3.9 metres in 21TACDD002 (intercept widths). A re-modelling of TAP C1 gives the company a structural framework explaining the discontinuities, and management expects TAP C to enter the next Tucano resource statement.
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.
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.
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.
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.
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.
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.
29 Jan 2019resource reserve update▲ Good
Topia's measured and indicated resource rose 28% over four years to 475,900 tonnes at 461 g/t silver, 1.35 g/t gold, 3.87% lead and 4.06% zinc (14.77 million silver-equivalent ounces), with inferred roughly flat at 400,400 tonnes and 10.72 million ounces. The gain came despite mining 221,600 tonnes containing 4.84 million silver-equivalent ounces since the 2014 estimate, so the mine more than replaced its depletion.
6 Nov 2018resource reserve update● NeutralMajor
AMC's independent technical report on Tucano, prepared to support the Beadell acquisition circular: proved and probable reserves of 24.5 million tonnes at 1.79 g/t gold for 1.41 million ounces as at 30 June 2017, at assumed gold prices of US$1,200 an ounce open pit and US$1,120 underground. AMC flags that 2017 reconciliation work is likely to change the resource and reserve modelling parameters at the next estimate - an early warning about the asset Great Panther was about to make its cornerstone.
