A $US38.7M goodwill impairment on the Mar 2019 acquisition of the Tucano Gold Mine in Brazil has seen Great Panther’s Dec 2019 year (FY/CY19) net loss blow out to $US91M from the previous year’s $10M loss.
The result was on revenue up 234% to $198.6M, reflecting the Tucano acquisition, which accounted for $153.4M of revenue, and the average gold price received up 11% to $1,419oz and silver 6% better to $16.45oz. Gold equivalent output jumped 182% to 146,853oz AuEq on the Tucano addition and record production from the Topia mine in Mexico. Gold rocketed 488% to 118,493oz and silver 39% to 1.53Moz.
Adjusted EBITDA came in at $7.9M from a negative $5M, with cash flows from operating activities leaping 4,116% to $13.7M.
The company finished FY/CY19 with cash/short-term deposits down 27% to $36.9M.