GREAT PANTHER MINING LIMITED announces that, further to its press release dated August 1, 2019, the Company has closed its bought deal financing for aggregate gross proceeds of US$17,250,000, pursuant to which the Company issued 23,000,000 common shares of the Company at the price of US$0.75 per Share.
Bradford Cooke, Endeavour CEO, commented, Our Second Quarter, 2019 financial performance reflects the continued operational challenges we experienced in the First Quarter, 2019. However, we initiated several changes in Q2 to turn around our operating performance and we are seeing progress at two mines. At Guanacevi, both grades and recoveries improved as production increased from the new Milache orebody. At El Compas, throughput, grades and recoveries improved as we delivered our first full quarter of commercial production. At Bolanitos, the operational changes continued into July so we are looking for progress in H2, 2019. At El Cubo, Q2 production was as planned.
Fred Stanford, President & CEO of Torex, stated: ‘We delivered record gold production and sales in Q2, with gold output increasing and cash costs declining quarter-over-quarter as anticipated. With the strong production result, we are well on track to delivering on our full year sales guidance of 430,000 ounces (+/- 7%) as well as our total cash cost and all-in sustaining cost guidance. ‘
Jorge A. Ganoza, President and CEO, commented, ‘Our results in the second quarter reflect a strong financial performance in spite of a challenging price environment for silver, with adjusted net earnings per share of 6 cents, adjusted EBITDA margin of 40 percent, and free cash flow from ongoing operations of $15.4 million.’
“During the second quarter of 2019, we experienced an unplanned downtime of 5 days due to labour negotiations regarding the closure of the San Gonzalo Mine, this, together with a decline in the feed grade at San Gonzalo, had an impact on our earnings during the second quarter of 2019” said David Wolfin, President and CEO.
“We delivered strong operating performance in Q2, resulting in cash flow from operations of $83.5 million,” said Michael Steinmann, President and Chief Executive Officer. “The integration of the Tahoe assets is progressing well, and the associated transaction costs are now substantially behind us. Combined with the recent strengthening in precious metal prices and an outlook for lower costs, we should see operating margins improve over the remainder of the year.”
The “About Santacruz Silver Mining Ltd.” section of the August 6th news release stated that “…The Company also indirectly owns 50% of the Zimapan silver-zinc mine.” The Company wishes to clarify that the Company does not have any indirect ownership interest in the Zimapan mine.
Pete Dougherty, President and CEO stated: “We successfully completed the construction of the crushing and stacking expansion at San Agustin from 20,000 tonnes per day to 30,000 tonnes per day on time and slightly under budget. However, San Agustin production during the quarter was adversely affected by the underperformance of one of our three water wells, and while we have the ability to crush and stack ore at the 30,000 tonne per day rate, we have not done so due to solution constraints.”
We made solid operational and financial progress on multiple fronts during the second quarter and are well positioned to deliver on our key initiatives in the second half of 2019, said Mitchell J. Krebs, President and Chief Executive Officer.
Golden Minerals Company has released financial results and a business summary for the quarter ending June 30, 2019.
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