- 95% increase in revenue to $15.5 million for the quarter ended March 31, 2011 from $7.9 million for the same period in 2010.
- 242% increase in gross profit (earnings from mining operations) to $8.6 million for the three months ended March 31, 2011 from $2.5 million for the same period in 2010.
- $4.8 million increase in cash flows from operating activities to $2.8 million for the quarter ended March 31, 2011 from $2.0 million used in operating activities for the same period in 2010.
- $6.0 million increase in net income to $7.0 million for the quarter ended March 31, 2011 from $1.0 million for the same period in 2010.
- 165% increase in Adjusted EBITDA(3) to $8.4 million for the three months ended March 31, 2011 from $3.2 million for the three months ended March 31, 2010.
- On February 8, 2011, the Company’s shares were listed on NYSE Amex stock exchange in the United States under the trading symbol “GPL”.
- On March 8, 2011, the Company paid off $4.05 million in two outstanding 8% unsecured convertible loan notes due on July 14, 2011 by the issuance of 1,800,000 fully paid common shares of the Company at the originally agreed upon conversion price of $2.25 per common share.
- Closed equity offering for gross proceeds of $24.2 million on April 12, 2011.
- 15% increase in total metal production to 607,225 silver equivalent ounces (“Ag eq oz”) in the first quarter 2011 from 526,949 Ag eq oz in the first quarter 2010, including 410,640 silver ounces, 2,310 gold ounces, 241 tonnes of lead and 345 tonnes of zinc.
- 29% increase in metal production to 406,419 Ag eq oz at Guanajuato compared to the first quarter 2010.
- Record silver production of 137,219 oz Ag at Topia, a 4% increase from the first quarter 2010.
- Increase in cash cost per silver ounce, net of by-products, for the first quarter of 2011 to US$10.05 from US$6.72 for the first quarter of 2010. This was principally due to higher smelter charges arising from new smelter contracts at our Topia mine. Site costs were also higher at Topia because of higher tonnes mined and milled at a lower grade.
- Issued an update on March 7, 2011 to the ongoing mineral resource development at the Topia mine. The 2011 mineral resource estimate increased Measured and Indicated mineral resources to 7.44 million silver equivalent ounces, a 36.3% increase over the 2009 resource estimate, and Inferred resources to 11.91 million silver equivalent ounces, a 109.3% increase over the previous estimate.
- Exploration drilling confirms silver-gold zones extending to depth at Guanajuatito.
- On February 16, 2011, Minera Mexicana El Rosario S.A. de C.V., Great Panther’s Mexican subsidiary, was awarded its first distinction as a “Socially Responsible Company” for the year 2010 by CEMEFI, Centro Mexicano para la Filantropía (Mexican Centre for Philanthropy). This annual award is a milestone for us and has been awarded for our commitment to sustainable environmental, social and economic development.
“We are pleased to report that Great Panther continued to achieve record revenue, earnings from mining operations, and net income in our first quarter this year,” said Kaare Foy, Executive Chairman. “We have also made some changes to strengthen both our board and management team which we believe will position us to continue to grow our business profitably in the future.”
For the full press release click here.
Image of exploration drilling at the Rayas mine at the company’s flagship Guanajuato Mine Complex.
Investor site Motley Fool, a day before the results announcement, rated Silver Panther, a stock that is “poised to pop:”
Over the past three years, Great Panther has even grown its top line at a brisk rate of 40% annually. That’s in line with Fool favorite Silver Wheaton (40%) and faster than other silver plays like Pan American Silver (24%) and Silvercorp (16%).
