Great Panther Reports Record Q2 Silver Production

Great Panther Silver Ltd. (TSX:GPR,NYSEMKT:GPL) announced its financial results for the three and six months ended June 30, 2015, reporting that it produced 1,088,355 silver equivalent ounces during Q2. That’s a rise of 51 percent from the year-ago quarter.
Other Q2 highlights include:

• San Ignacio production increased by 162,422 Ag eq oz to 250,127 Ag eq oz;
• Silver production increased 54% to a new quarterly record of 648,810 silver ounces;
• Gold production increased 41% to a record 5,322 gold ounces;
• Cash cost per silver payable ounce (“cash cost”) decreased 56% to US$6.63 per ounce;
• All-in sustaining cost (“AISC”) decreased 49% to US$12.54 per ounce;
• Revenues increased 33% to $19.2 million;
• Gross profit before non-cash items increased to $6.7 million, from $2.4 million
• Net loss totalled $4.7 million, compared to a net loss of $4.5 million;
• Adjusted EBITDA was $4.2 million compared to $0.2 million; and
• Cash and cash equivalents were $19.4 million at June 30, 2015 compared to $18.0 million at December 31, 2014; and
• Net working capital increased to $33.9 million at June 30, 2015 from $32.9 million at December 31, 2014.

Robert Archer, president and CEO of Great Panther, commented:

Great Panther’s second quarter 2015 financial results reflect solid growth in revenue, margins and cash flow, in spite of further declines in silver and gold prices. Improved grades, record production and the strengthening of the US dollar all contributed to the strong financial results and to significant reductions in our cash cost and all-in sustaining cost. Based on the strength of our results year-to-date, we are pleased to announce a decrease in our cash cost and all-in sustaining cost guidance for 2015 which accompanies the increase in production guidance issued in early July. The second quarter also marked the completion of the acquisition of Cangold Limited and the signing of the option to acquire the Coricancha Mine Complex in Peru. These are key steps in Great Panther’s strategic development that we were able to fund from the strong cash-flow generated by our operations.

Click here to read the full Great Panther Silver Ltd. (TSX:GPR,NYSEMKT:GPL) press release.