Great Panther Mining Limited (GPL) stands at $0.3000 at a decrease of 21.77% after hours at a volume of 1.6M, versus its last close at $0.3835 (+0.95%) at an average volume of 4.57M, on November 9, 4:00 PM Eastern Time. The 52-week range stands at $0.36 – $1.16, since its last high at $1.16 GPL has been more or less on the downtrend, showing occasional slight uptrends including that for November 9 during market hours.
Soon after the close, GPL announced a $20 million bought deal offering of common shares. GPL entered a bought deal with H.C. Wainwright & Co. LLC, who is to buy 76,923,007 common shares in a public offering on a firm commitment basis, at a public offering price of 26 cents per share (less discounts and commissions). This announcement seems to have a negative effect on the GPL stock as GPL took a dip aftermarket.
Focused on the Americas, Great Panther Mining Limited (GPL) is a precious metal (gold, silver, and other) producer with various assets in Brazil, Mexico, and Peru.
GPL’s Q3 Financial Results
On November 3, GPL announced its Q3 financial results for the three months ended September 30, 2021. The Q3 results placed GPL’s revenue at $38.35 million, showing a -50.21% Year over Year change. The basic and diluted earnings per share stood at -0.5, missing the consensus earning per share by $0.03 for the quarter.
The net loss was $18.0 million in Q3, 2021, while in the same quarter for 2020, there was a net income of $18.6 million.
The President’s Remarks and Assurance
According to Rob Henderson, President and Chief Executive Officer of Great Panther, the operational challenges during the third quarter along with lower production led to higher unit costs than anticipated. As, the company temporarily suspended mining in Tucano’s UCS pit until 2022, the upcoming quarter (Q4) is also expected to be full of challenges.
Mr. Henderson assured of the company’s positive outlook on the future as it moves into 2022. In the third quarter, the company achieved strong exploration results which indicate the extensive land package and prospective portfolio of the company. According to him, this also contributes to the company’s objective of extending mine life.
The president promised the company’s full commitment to growth in 2022, through extensive exploration and active pursuance of accretive acquisition opportunities in South America.
