Great Panther reported Phase 2 drilling and regional exploration results from its 100%-owned Tucano gold mine in Brazil. To date, most of the drilling has focused on the 7km mine trend, which hosts multiple open pits. The remainder of the ~2,000km2 property has seen limited historic exploration, and the company is conducting a regional program focused on identifying targets within 20km of the mine. We believe the greenstone belt has great exploration upside and the company has the possibility of making a new discovery in this area. Additionally, TAP C could give Tucano operational flexibility with new production fronts from shallow pits close to the plant.