Past year: ▲ 95%(16.0c – 1.22 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2019drilling result▲ GoodMajor
First exploration drilling at Tucano since the acquisition returned genuinely high grades under the TAP AB3 pit: 15.35 g/t gold over 13.55 metres (including 30.94 g/t over 5.35 metres) in hole 19TABDD001 and 13.00 g/t gold over 25.50 metres (including 63.40 g/t over 5.00 metres) in hole 19TABDD010, from 10 of the first 12 holes. Widths and grades of this order underpinned the case that Tucano's mine life could be extended below the existing pits.
10 July 2019capital raising announcement● Neutral
Put an at-the-market facility in place allowing up to US$25 million of shares to be sold into the market on the NYSE American at the company's discretion, four months after closing the Beadell deal. Nothing is committed and nothing is raised on signing; it is standing permission to dilute as needed.
17 May 2019business combination● Neutral
The formal business acquisition report for Beadell, confirming 103,593,043 shares were issued at the 0.0619 exchange ratio on 5 March 2019 and carrying the audited and pro forma financial statements for the enlarged company.
12 Apr 2019regulatory community update● Neutral
A routine notice that an annual general and special meeting will be held June 24, 2019, with a May 7, 2019 record date. This is the first filing under the Great Panther Mining name following the Beadell acquisition. The notice does not say what the special business is.
4 Apr 2019debt financing● NeutralMajor
Bought back all of Beadell's senior secured debentures due June 2023 for US$10.5 million plus accrued interest, a month after closing the acquisition. Every holder accepted the offer made under the indenture, clearing the inherited secured debt but using cash the enlarged company would soon need.
7 Mar 2019business combination▲ GoodMajor
Closed the Beadell acquisition and became Great Panther Mining Limited. Combined 2019 guidance is about 200,000 gold-equivalent ounces, most of it from Tucano, so a silver company with two small Mexican mines is now principally a Brazilian gold producer. Beadell's former chief executive Nicole Adshead-Bell joins the board.
1 Mar 2019resource reserve update● Neutral
The Topia technical report supporting the January 2019 resource increase, with an effective date of 31 July 2018 - filed the same week the Beadell acquisition closed and the company stopped being a silver miner.
19 Feb 2019business combination▲ GoodMajor
The Supreme Court of Western Australia gave final approval on 15 February and the scheme became effective on 18 February, leaving only mechanical closing steps. At this point Great Panther still described itself as a primary silver miner with two Mexican mines and an undecided restart at Coricancha.
11 Feb 2019business combination▲ GoodMajor
Great Panther shareholders approved the Beadell acquisition and the change of name to Great Panther Mining, with 96% of votes cast in favour of the scheme resolution.
29 Jan 2019resource reserve update▲ Good
Topia's measured and indicated resource rose 28% over four years to 475,900 tonnes at 461 g/t silver, 1.35 g/t gold, 3.87% lead and 4.06% zinc (14.77 million silver-equivalent ounces), with inferred roughly flat at 400,400 tonnes and 10.72 million ounces. The gain came despite mining 221,600 tonnes containing 4.84 million silver-equivalent ounces since the 2014 estimate, so the mine more than replaced its depletion.
16 Jan 2019business combination▲ Good
Proxy adviser ISS backed both the Beadell scheme resolution and the associated change of name to Great Panther Mining, noting in particular that the deal would give Great Panther extensive reserves where it previously had none - a fair description of a company that had only ever reported resources at its Mexican mines.
14 Jan 2019debt financing● Neutral
Beadell collected about US$10.3 million of Brazilian PIS and COFINS tax refunds, which under the loan terms should have repaid Great Panther's US$5 million bridge in full. Great Panther took back only US$3 million and rolled the remaining US$2 million to 18 March 2019 so Beadell could keep the cash for working capital - a lender choosing to leave money in a borrower that needed it.
6 Dec 2018debt financing▼ BadMajor
Lent the target US$5 million before owning it: a non-revolving term loan to Beadell and Beadell Brasil at 14% a year maturing 15 January 2019, for working capital, repayable immediately out of any Brazilian PIS/COFINS tax refunds. Beadell needed cash to reach closing, which is the first concrete sign that the cornerstone asset was tight for money.
20 Nov 2018business combination● NeutralMajor
Settled the biggest condition on the Beadell deal: contractor MACA agreed to consent to the change of control rather than call its A$54.7 million loan, and to leave it outstanding to June 2022. The trade-off is mixed - the cash sweep on new financings drops from 30% to 10% and MACA's conversion right is capped at A$15 million, but scheduled 2019 principal repayments rise from A$12.0 million to A$16.5 million. Management also states plainly that Tucano faces a lower-grade profile in the first half of 2019.
6 Nov 2018resource reserve update● NeutralMajor
AMC's independent technical report on Tucano, prepared to support the Beadell acquisition circular: proved and probable reserves of 24.5 million tonnes at 1.79 g/t gold for 1.41 million ounces as at 30 June 2017, at assumed gold prices of US$1,200 an ounce open pit and US$1,120 underground. AMC flags that 2017 reconciliation work is likely to change the resource and reserve modelling parameters at the next estimate - an early warning about the asset Great Panther was about to make its cornerstone.
24 Sept 2018business combination▲ GoodMajor
Agreed to buy ASX-listed Beadell Resources by scheme of arrangement, issuing 0.0619 Great Panther shares per Beadell share - about 103.6 million new shares, valuing Beadell at roughly A$144 million (US$105 million) and a 51% premium to its last close. It is by far the largest deal in the company's history: Beadell's Tucano gold mine in Brazil produced 130,000 ounces in 2018 against Great Panther's own 4.0 million silver-equivalent ounces, and Beadell holders would end up with 38% of the combined company. Tucano, not the Mexican silver mines, becomes the cornerstone asset.
16 July 2018resource reserve update● Neutral
The full Golder technical report behind the May 2018 Coricancha preliminary economic assessment, filed on schedule and adding nothing new to the economics already announced.
31 May 2018resource reserve update▲ GoodMajor
Preliminary economic assessment for Coricancha: 608,053 tonnes processed over a 3.75-year life at 768 g/t silver-equivalent, producing 11.7 million silver-equivalent ounces, or about 3.1 million a year, at an all-in sustaining cost of US$12.16 per silver-equivalent ounce. Initial capital is only US$8.8 million (US$32.4 million including sustaining), giving an 81% after-tax return but a modest after-tax net present value of US$16.6 million at a 7.5% discount rate - a short-life, low-capital restart rather than a company-transforming mine. A trial stope and bulk sample program starts in the third quarter, with a restart decision targeted for early 2019.
22 Mar 2018regulatory community update● Neutral
A routine transfer agent notice that the annual general meeting is set for June 7, 2018, with a record date of April 17, 2018. No business results or decisions are given.
28 Feb 2018resource reserve update● Neutral
Supporting technical report for the Guanajuato Mine Complex resource announced in January, effective 31 August 2017 and authored by new VP Exploration Matthew Wunder - the first GMC report not signed by Robert Brown, who had prepared every prior estimate.
5 Feb 2018resource reserve update● Neutral
The Golder technical report backing the December 2017 Coricancha resource estimate, filed within the required 45 days. Note the row's title comes from a qualified person's consent letter; the substance is the 1.97MB resource-update report itself.
25 Jan 2018resource reserve update▲ GoodMajor
Measured and indicated resources at the Guanajuato Mine Complex nearly doubled, up 91% to 13.6 million silver-equivalent ounces, driven mainly by San Ignacio, whose measured category rose 121% to 9.3 million ounces while the older Guanajuato mine added 33% to 1.8 million. After two years of merely replacing what it mined, the complex has genuinely grown, and 24,000 metres of drilling is planned for 2018.
20 Dec 2017resource reserve update▲ GoodMajor
First Great Panther resource estimate for Coricancha, prepared by Golder: 404,205 measured tonnes at 5.9 g/t gold, 210 g/t silver, 2.16% lead, 3.43% zinc and 0.54% copper, plus 348,554 indicated tonnes at 5.6 g/t gold and 189 g/t silver - about 24 million silver-equivalent ounces of measured and indicated. Tonnes and grades broadly match Nyrstar's 2012 numbers, though the inferred category came down on tighter search parameters, and the estimate is enough to start the engineering work needed for a restart decision.
18 Dec 2017regulatory community update▲ GoodMajor
Mexico's environmental authority SEMARNAT granted all permits for the new Phase II tailings storage facility at the Topia mine, allowing dry stack tailings disposal under the current operating plan. Construction was to start imminently, and the company said Phase I had enough remaining capacity to continue mining until the switch. This is a positive step for Topia, whose tailings capacity later became a constraint from 2020 per the history.
15 Sept 2017regulatory community update● Neutral
The company reported no damage at the Coricancha complex in Peru after a magnitude 4.6 earthquake; inspections of mines, tailings facilities and the plant found nothing damaged and staff were safe. Coricancha was on care and maintenance at the time, following its purchase earlier in 2017.
12 Sept 2017business combination● Neutral
The formal business acquisition report for Coricancha, filed with the audited financials the rules require. It records that the mine has been on care and maintenance since August 2013, shut by Nyrstar on low metal prices, and that the property runs to 126 mining licences over more than 3,700 hectares.
5 July 2017business combination▲ GoodMajor
Closed the Coricancha purchase effective 30 June 2017, paying US$0.1 million shortly after closing plus up to US$10 million of earn-out, set at 15% of the mine's free cash flow. Great Panther gained a fully permitted 600 tonne-per-day plant in Peru, its first operation outside Mexico.
27 Feb 2017resource reserve update▼ Bad
Technical report supporting the Guanajuato Mine Complex resources as at 31 August 2016, covering the Guanajuato and San Ignacio mines and the El Horcon and Santa Rosa projects. The Guanajuato mine itself now holds only 151,175 measured and indicated tonnes at 253 g/t silver and 1.45 g/t gold (1.73 million silver-equivalent ounces) plus 147,327 inferred tonnes, and is running at about 430 tonnes a day, down from roughly 651 tonnes a day in the equivalent 2014 report - the older of the two Mexican mines is shrinking.
20 Dec 2016business combination▲ GoodMajor
After letting the 2015 option lapse and continuing to negotiate, agreed to buy Coricancha outright from Nyrstar for almost nothing up front - US$0.1 million plus the cash in the subsidiary - with up to US$10 million payable later as 15% of the mine's free cash flow over five years. The real cost is the restart: roughly US$25 million and 12 to 18 months, against a hoped-for 3 million silver-equivalent ounces a year, funded from the more than US$54 million of cash the company then held.
7 July 2016capital raising announcement▲ Good
The same bought deal upsized the following day to US$26 million on stronger demand - 16.25 million units on unchanged terms of US$1.60 per unit with a US$2.25 warrant - with the over-allotment raised to US$3.9 million.
What it means for a shareholder
16.3m new shares at about US$0.240 to raise about US$3.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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