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Great Panther Silver Ltd. (TSX:GRP,NYSEMKT:GPL) released its financial results for Q4 2015, as well as the full 2015 year. For 2015, the company recorded a net loss of $9.3 million, lower than its net loss of $33 million in 2014.

Great Panther Silver Ltd. (TSX:GRP,NYSEMKT:GPL) released its financial results for Q4 2015, as well as the full 2015 year. For 2015, the company recorded a net loss of $9.3 million, lower than its net loss of $33 million in 2014.
Further 2015 highlights are as follows:

  • Record metal production of 4,159,121 silver equivalent ounces (“Ag eq oz”), a 30% increase, including 1,276,808 Ag eq oz from San Ignacio;
  • Silver production increased 25% to a record 2,386,028 silver ounces;
  • Gold production increased 32% to a record 21,740 gold ounces;
  • Cash cost per payable silver ounce (“cash cost”) decreased 41% to US$7.50;
  • AISC decreased 38% to US$13.76;
  • Revenues totalled $73.4 million, an increase of 35%;
  • Mine operating earnings before non-cash items was $24.0 million, an increase of 123%;
  • Adjusted EBITDA was $9.3 million compared to $0.3 million;
  • Cash flow from operating activities before changes in non-cash working capital was $9.2 million compared to $1.2 million;
  • Cash and cash equivalents were $17.9 million at December 31, 2015 compared to $18.0 million at December 31, 2014; and
  • Net working capital increased to $33.3 million at December 31, 2015 from $32.9 million at December 31, 2014.

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

Strong operating results translated into substantial increases in our operating margins and operating cash flow for 2015, despite continued declines in silver and gold prices. Production increased 30% as a result of the ramp-up of San Ignacio and improvements in grade control and operating efficiencies. These factors, combined with favourable foreign exchange rates, also resulted in significantly reduced cash cost and all-in sustaining cost. In addition, our strong operating cash flow enabled us to invest in strategic initiatives and fund advanced exploration projects while maintaining our strong cash and working capital balances.

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

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