Great Panther released Q3/21 production results from its three wholly-owned mining operations: Tucano in Brazil, and Topia and the Guanajuato Mine Complex (GMC) in Mexico. The quarter saw overall production of 22,444 oz AuEq (-44% YoY). Additionally, at the company’s two silver mines in Mexico, production was 21% below what was planned. The company attributed the slowdowns at Tucano to weather conditions, resulting in pit wall stability issues, and to equipment maintenance issues. The lower production in Mexico was due in large part to implementing changes to fit new labour laws. We believe the production challenges this year, particularly at the flagship Tucano mine, are due to temporary factors, and we had already assumed conservative production results in our model. We continue to like Great Panther’s long-term prospects.