Great Panther Silver Ltd

CIK:0001300050|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
IFRS Statement [Line Items]
Revenue (note 16)	$ 185,678	$ 260,805
Production costs (note 17)	156,085	136,633
Amortization and depletion	30,475	40,305
Cost of sales	186,560	176,938
Mine operating earnings (loss)	(882)	83,867
General and administrative expenses (note 18)	14,732	12,926
Exploration and evaluation expenses (note 19)	12,963	10,370
Mine development costs	3,827	2,884
Change in reclamation and remediation provisions	391	41
Exploration, evaluation, and development expenses	17,181	13,295
Care and maintenance costs	504	693
Operating earnings (loss)	(33,299)	56,953
Finance and other income (expense)
Finance income	248	347
Finance expense	(2,604)	(3,981)
Other expense (note 20)	(6,547)	(49,194)
Total Finance and other (expense) income	(8,903)	(52,828)
Income (loss) before income taxes	(42,202)	4,125
Income tax expense	39	3,791
Net income (loss) for the year	$ (42,241)	$ 334
Earnings per share
Earnings (loss) per share - basic (note 15(e))	$ (0.12)	$ 0.00
Earnings (loss) per share - diluted (note 15(e))	$ (0.12)	$ 0.00

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss) for the year	$ (42,241)	$ 334
Items not involving cash:
Amortization and depletion	31,001	40,751
Change in reclamation and remediation provisions	391	41
Loss on derivative instruments	572	27,980
Unrealized foreign exchange loss	1,481	13,300
Income tax expense (recovery)	39	3,791
Share-based compensation	1,738	2,462
Other items (note 27(a))	4,626	6,264
Interest received	248	346
Interest paid	(1,777)	(3,944)
Settlement of derivative instruments	(3,546)	(21,552)
Income taxes paid	(234)	(728)
Cash flows from (used in) operations before changes in working capital	(7,702)	69,045
Changes in non-cash working capital:
Trade and other receivables	2,560	(1,335)
Reclamation and remediation provisions		(902)
Inventories	6,912	(5,063)
Other current assets	(523)	(2,468)
Trade payables and accrued liabilities	(1,933)	9,612
Net cash provided by (used in) operating activities	(686)	68,889
Cash flows from investing activities:
Cash restricted for Coricancha environmental bond	(1,418)	(21)
Cash received on sale of Cangold, net of cash held by Cangold at disposition	(328)
Additions to mineral properties, plant and equipment	(43,977)	(41,948)
Net cash provided by (used in) investing activities	(45,723)	(41,969)
Cash flows from financing activities:
Proceeds from issuance of common shares (note 15(f))	23,077	16,100
Share issuance costs	(1,669)	(1,395)
Payment of lease liabilities	(6,079)	(5,774)
Proceeds from borrowings	55,320	36,013
Repayment of borrowings	(39,838)	(44,836)
Proceeds from exercise of share options	377	720
Net cash provided by (used in) financing activities	31,188	828
Effect of foreign currency translation on cash and cash equivalents	(483)	(1,322)
Increase (decrease) in cash and cash equivalents	(15,704)	26,426
Cash and cash equivalents, beginning of year	63,396	36,970
Cash and cash equivalents, end of year	$ 47,692	$ 63,396

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 47,692	$ 63,396
Restricted cash	159	1,024
Trade and other receivables (note 5)	14,718	15,644
Inventories (note 6)	25,112	33,738
Other current assets (note 7)	4,278	5,680
Total current assets	91,959	119,482
Non-current assets:
Other receivables (note 5)	8,317	11,836
Mineral properties, plant and equipment (note 8)	119,168	110,559
Exploration and evaluation assets (note 9)	27,303	26,334
Other assets (note 10)	17,296	12,209
Total Assets	264,043	280,420
Current liabilities:
Trade payables and accrued liabilities (note 11(a))	48,736	53,221
Current portion of borrowings (note 12)	42,614	30,933
Derivative liabilities (note 13)		2,974
Reclamation and remediation provisions - current (note 14)	406	958
Total current liabilities	91,756	88,086
Non-current liabilities:
Other liabilities (note 11(b))	2,967	6,117
Borrowings (note 12)	6,329	2,465
Reclamation and remediation provisions (note 14)	70,464	67,367
Deferred tax liabilities	4,536	4,682
Total liabilities	176,052	168,717
Shareholders' equity:
Share capital (note 15)	291,561	268,872
Reserves	7,444	11,604
Deficit	(211,014)	(168,773)
Total Equity	87,991	111,703
Total Liabilities and Stockholders Equity	$ 264,043	$ 280,420