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Great Panther Silver Ltd. (TSX:GPR,NYSEMKT:GPL) announced its financial results for the three and nine months ended September 30, 2014, commenting that it achieved record metal production of 890,641 silver equivalent ounces during Q3.
Great Panther Silver Ltd. (TSX:GPR,NYSEMKT:GPL) announced its financial results for the three and nine months ended September 30, 2014, commenting that it achieved record metal production of 890,641 silver equivalent ounces during Q3. Q3 also brought the first full quarter of production from the company’s San Ignacio mine.
Other highlights include:
- Throughput totalled 90,882 tonnes, a quarterly record and 15% increase. The production ramp-up at San Ignacio after initiating commercial production in June was the primary contributor of growth during the third quarter;
- Consolidated cash cost per silver payable ounce (‘cash cost’) increased 10% to US $10.91;
- Cash cost per silver payable ounce was US $9.13 for the Guanajuato Mine Complex (‘GMC’), an increase of 133%, and US $15.82 at Topia, a decrease of 12%. The increase at GMC is mainly attributed to lower gold production and lower gold prices which reduced by-product credits
- All-in sustaining cost (‘AISC’) and All-in cost (‘AIC’) per silver payable ounce both decreased 17%, to US $19.95 and US $20.29, respectively;
- Revenues totalled $12.8 million, a decrease of 11% which is reflective of the significantly lower average metal prices;
- Net loss was $1.0 million, compared to net loss of $1.5 million;
- Adjusted EBITDA was $1.3 million compared to $3.9 million;
- Cash and cash equivalents were $20.4 million compared to $21.8 million at December 31, 2013; and
- Net working capital decreased to $35.3 million from $38.2 million at December 31, 2013.
Click here to read the full Great Panther Silver Ltd. (TSX:GPR,NYSEMKT:GPL) press release.