Now we have a refreshed Board with tremendous mining experience, and their strong relationships within the industry brings us new access to capital markets and projects. And this brings me to the third reason I see good upside in our company, is that Great Panther has had a low profile on Bay Street, which is an important financial center for mining. We've had tremendous following in the U.S. and Europe and trade almost 8x the volume on the NYSE Americans than we do on the TSX. Many of you on the call today have been long time supporters of Great Panther, and I look forward to building a similar established following in Canada, as this should give us a strong re-rate opportunity as we stabilize and improve the operations.

One of our high level objectives is to build a stronger capital market presence as this will create a strong platform for further growth. The new Board will also strengthen and support our ability to do this. Once we get our currency back to where it should be relative to our peers, we will look to grow the company through M&A. And achieving critical mass is important. We want to grow the business.

Because I haven't yet had the chance to visit the mines and meet our teams in person, I'm going to give a high-level overview of the quarter, and then we'll turn over to Neil for the detailed discussions on the operations. And of course, Jim will do the financial review.

So before we get started with a review of the quarter, I'd like to comment on the health and safety of our people pertaining to COVID-19. We have put in place a number of proactive measures, including travel restrictions, and many of our employees are working remotely, including everyone at head office. At mine sites, we have supervision, monitoring and response plans in place as well as health screening and continuous assessment, and we are limiting external visitors. In spite of this, we unfortunately reported two affected employees at our Tucano Mine this week. Both cases are local employees living in the nearby communities of Pedra Branca and Serra do Navio. They have both been placed in quarantine and are being monitored by the local health authority. We continue to screen all employees on arrival at mine site, and workers are encouraged to stay at home if they do not feel well. The health and well-being of our people and communities is a core value and will continue to be our top priority through this pandemic.

On the topic of COVID-19, all of our mines were in full production during the first quarter. However, subsequent to the end of the quarter, in early April, the Mexican government put in place a directive to temporarily suspend all nonessential business activities, which included mining. The directive was initially set to expire on April 30, but has been extended until May -- end of May. As a result, Topia and Guanajuato Mine Complex are not currently operating. Our Tucano Mine in Brazil so far continues to operate with full and proper protocols in place.

We had a strong cash position at the end of Q1 and lost production in April and May from Mexico is not expected to exceed more than 5% of our annual planned production for the company as a whole. So 2020 was off to a good start in Q1 and we delivered significant growth in revenue, mine operating earnings and operating cash flow. Our production totaled 34,725 gold equivalent ounces, a 134% increase over Q1 last year, following the Tucano acquisition.

Our revenue of $48.1 million delivered cash flow from operations of $11.8 million in the quarter, and we ended the quarter with $39 million cash on the balance sheet. Driving that growth in production was the Tucano Gold Mine, which is now our flagship asset, and is a big focus this year as we carry out a $6.6 million, 55,000 meter exploration program focused on near-mine resources. Tucano produced 26,176 ounces of gold in the quarter, a 12% increase over the first [quarter] of 2019. Last quarter, we also announced our inaugural Mineral Reserve and Mineral Resource Estimate, which was significantly lower than the previous estimate. This is the result of updating the geological model, which resulted in higher grades and lower tonnage. But most importantly, this model now provides us with greater confidence in our mine planning. We are currently focused on drilling in our existing pits to convert mineral resources to reserves, and the property surrounding the mine has great potential and is very underexplored. So we will be testing some regional targets this year, too.

We are maintaining our full year production guidance at Tucano of 120,000 to 130,000 ounces of gold at an all-in sustaining cost between $11.50 and $12.50 per ounce. At our Mexican silver operations in the quarter, we produced 769,429 silver equivalent ounces in the first quarter, and also launched a 25,000 meter exploration program at GMC, which is progressing well. GMC is expected to produce 1.2 million to 1.4 million silver equivalent ounces this year at an all-in sustaining cost between $13 and $14 per ounce of silver. As we will discuss later on our call, Topia's guidance will be released at a future date, but no later than the end of Q2.

I previously noted the suspension of mining operations in Mexico by the federal authorities as a protective measure due to COVID-19. To date, we haven't had any cases of COVID-19 at our Mexican operations, at which we still have staff undertaking necessary care and maintenance and security as allowed for.

I'm very excited to lead Great Panther in the next phase of growth. We are a precious metal producer, with assets in Mexico, Brazil and Peru. We have a strong, diverse operating platform from which to grow, with exploration upside and financial strength, along with an experienced team to execute on these important initiatives.

I will now turn the call over to Neil Hepworth to cover the operations.

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Neil Hepworth, Great Panther Mining Limited - COO [4]

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Okay. Thanks, Rob. Okay. Starting with Tucano, after the closing of acquisition last year, we immediately focused on finishing construction and commissioning of the sulfide processing circuit, which allows us to process a higher grade sulfide ore that we did last year. First quarter production totaled 26,176 ounces of gold. As expected, this was lower than Q4 as we focused on pre-stripping activities in all of the producing pits: Urucum Central North, AB3 and starting with the pushback in Urucum North. This resulted in fewer tonnes of ore mined in the quarter, but as planned, the pre-strip sets us up nicely to make up over the course of the year.

Costs in the quarter were higher than full year guidance for the same reason. Waste tonnage was 36% higher than the previous quarter as we advanced some of the waste movement schedule for upcoming quarters. The upside, however, is that all of this should lead to improved production and lower AISC in the remaining -- remainder of 2020 and into 2021.

During the quarter, as Rob mentioned, we launched a $6.6 million, 55,000 meter drilling program at Tucano that is divided into near-mine and regional categories. This is a threefold increase in the amount of drilling done last year as we work to capitalize on Tucano's exploration potential. $5 million is dedicated within 5 kilometers of the plant, that could lead to the development of new mineralized zones, while $1.6 million is focused on regional targets within a 20-kilometer distance to the mill, well within economic trucking distance.

In addition, with the current gold price well above the prices used in the historic pit shell designs, we are analyzing opportunities to expand the existing pits. During Q1, we completed the first 2,408 meters of this drilling, with 2 rigs on site. Two additional rigs have been added since quarter end for a total of 4 rigs. We are evaluating the modes of conducting a feasibility study for underground. The study will start around the end of the year. We will consider an exploration decline to provide access to the ore, plus good drill coverage for lower down in the ore body. The ramp would also eventually serve as a production ramp. The feasibility study will evaluate the economics of dual-production declines, different mining matters and contractor versus owner-operated models.

On the next slide, we'll talk a little bit about the exploration. The main focus for the reserve replacement drilling is TAP AB. The target resources are below the current $13.50 per ounce reserve pit shell, which is the blue line, and above a new $1,500 per ounce pit shell, which is the orange line. This new shell is far larger than the RPA $1,500 resource per shell that's considered average mining cost for Tucano and a BRL 3.8 per U.S. dollar exchange rate. The new shell includes an exchange rate of BRL 4.5 per U.S. dollar, and users mining cost specific to TAP AB to take into account the extended oxidized zone with free diggable material and the proximity of process plants and waste dumps. A second new resource shell in red demonstrates gains that may be made if the equivalent of a 10% reduction in operating costs are achieved.

Okay. You can see there that the reserve replacement drill holes are shown in purple traces. Infill drilling is focused on resources with less existing coverage so that these inferred resources can be upgraded to, first, it's indicated resources and then converted to reserves within this pit shell. The conversion of inferred and indicated resources in the orange and red pit shells will increase reserves wide between 180,000 and 230,000 ounces. The first phase of drilling is expected to be completed by the end of June.

Next slide. The next slide looks at the regional exploration potential. I think that Great Panther's regional tenements cover the most prospective and underexplored greenstone terrain in Brazil. The images that you see on this slide, basically, conductivity superimposed on magnetics. The large oval-shaped blue zones reflect dramatic intrusions or the main drivers of mineralization. The red squiggles are highly conductive zones such as banded iron formations, chemical settlements or deep weathering that squeeze between the intrusions. The Granite intrusions provide heat that drives and generates the gold-rich hydrothermal systems of precipitate gold in structural and chemical reactive host rocks. Okay. The 7-kilometer chain -- Tucano Mine chain is that North-South chain indicated by the arrow. Note the numerous environment similar to the Tucano chain that need to be prioritized and evaluated.

We have a new VP of Exploration, and he has extensive experience in greenstones and extensive knowledge of Tucano tenements in particular from his previous functions. [Nick] will identify and give priority to high-potential corridors and targets based on logistics and prospectivityq, with a view to fast track an exploration program that's expected to start in Q4. So we may end up jumping into some regional exploration with a vengeance rather than taking it slowly.

Right. Next slide. Moving to our Mexican operations. It's important to note that our primary metal produced is now gold. However, we continue to use and report cost metrics per payable silver ounce to manage and evaluating -- to evaluate operating performance at our Mexican silver mines. In Q1, we produced 376,000 silver equivalent ounces or 4,200 gold equivalent ounces at Topia. It reflected lower throughput and also lower average gold, lead and zinc price. These factors were partially offset by higher average silver grade and in gold recoveries. We completed 1,561 meters of exploration drilling in the quarter at Topia to better define existing mineral resources and extend the mineral resources into new areas. There are currently 4 rigs on site at Topia.

As noted in our March 9 press release, we temporarily ceased depositing tailings on -- on Phase II tailings storage facility at Topia based on a recommendation by our consultants. Our team is reviewing various alternatives, including mitigating measures to continue using Phase II TSF and advancing of permitting for Phase III of the TSF. Currently, we estimated a potential mill stoppage for 3 to 6 months, with ongoing mining and stockpiling of ore. However, subsequent to quarter end, operations were temporarily suspended due to COVID-19, which is now expected to be in place until end of May.

At the Guanajuato Mine Complex, nearly all of the processed ore was being sourced from the San Ignacio Mine, while we continue the exploration activities at Guanajuato Mine. The 2 mines together with a shared processing plant comprised our Guanajuato Mine Complex or GMC. Production from the GMC in the first quarter was approximately 393,000 silver equivalent ounces or about 4,300 gold equivalent ounces at the cash cost of $7.84 per payable silver ounce, and all-in sustaining cost of $14.21 per equivalent silver ounce. The exploration program continues to advance at GMC with 4 underground drill rigs in operation and the objectives of outlining in-situ blocks of higher-grade mineralization. Underground and surface exploration has also been increased at San Ignacio. In March of this year, we announced an updated 43 -- NI 43-101 resource for both Guanajuato and San Ignacio. Exploration efforts will continue this year with a goal of boosting production from GMC in the second half of 2020.

Okay. I'll now turn the call over to Great Panther's CFO, Jim Zadra, to discuss our first quarter financial results.

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Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [5]

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Thanks, Neil, and welcome, everyone.

We recorded a 188% increase in our revenue for the first quarter of 2020 relative to Q1 of 2019, which is a primary driver behind our higher operating earnings and operating cash flow. The higher revenue primarily reflects the full quarter of Tucano operations which we acquired last year, and also reflects a significant improvement in the average mineralized gold price to $15.77 versus $12.94 for Q1 of 2019. Today, gold is well above $1,700 per ounce and has been trading in this range for a good part of the quarter, which bodes well for our Q2 results. We reported mine operating earnings before noncash items of $14.2 million, and cash flow from operations of $11.8 million. Despite these strong increases in mine operating earnings and operating cash flow, we reported a net loss of $0.13 per share after accounting for noncash items. Adjusting for these items, we reported adjusted EBITDA of $6.4 million.

The noncash charges relate primarily to the significant historic weakening of the Brazilian real against the U.S. dollar towards the end of the quarter as the COVID-19 pandemic accelerated. Approximately $26 million of these noncash items relate to changes in the value of outstanding Brazilian real forward contracts that we put in place in the fourth quarter and the first quarter to hedge a portion of our production costs in Brazil to have better certainty on our cash flows. These forward contracts run out to February 2021, and as we are not fully hedged, we will continue to realize a net benefit on our real-denominated costs if there's substantial sustained weakness in the real. If the real strengthens, we will recover some of the mark-to-market losses we recorded on the remaining contracts. Another $11 million of primarily noncash charges relates to the translation of U.S. dollar-denominated borrowings and liabilities on the books of our foreign (inaudible) and, primarily, the Brazilian subsidiary.

G&A expenses were higher than in Q1 2019 due to a full quarter impact of the additional -- of the addition of G&A costs from the acquisition of Tucano and additional insurance charges. We expect to see a reduction in G&A in the following quarters as we realize the cost synergies from closing the former parent company head office of Tucano. In the second quarter 2020, most of the contractual ongoing employment and other administrative costs of the former head office will be wound down.

For the first quarter of 2020, consolidated cash cost was $10.54 per gold ounce sold, and all-in sustaining costs, excluding corporate G&A, was $17.37 per gold ounce sold. AISC and cash costs were impacted by a number of factors, including the seasonally lower production at Tucano, lower sales as compared to production and higher waste stripping, as Neil mentioned, which is expected to benefit production through the remainder of the year.

As production increases and we see lower levels of waste movement, we expect our AISC to trend towards our guidance of $11.50 to $12.50 per ounce for Tucano. And we continue to maintain our cash cost and AISC guidance for the GMC. And later this quarter, we expect to provide guidance for Topia after we have better visibility on a restart following the COVID-19 restrictions in Mexico, and the status of monitoring our Phase II tailings dam and progress on permitting of Phase III.

We continued to strengthen our balance sheet in the first quarter, closing an $11.25 million gold doré prepayment facility with Samsung, and we also increased our credit facilities in Brazil by a net $2.5 million. We are continuing to pursue additional capital to fund our exploration and growth programs and to improve our balance sheet.

In terms of our capital allocation priorities, our primary focus remains optimization and exploration at Tucano; and secondly, exploration at our mines in Mexico.

I'll now turn the call back to Rob.

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [6]

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Thank you, Jim. Before we open up for questions, I just want to turn to our last slide in this presentation, and that's the valuation gap. I believe this is one of the most compelling opportunities I see here, and one of the reasons I was excited to take this on.

I talked earlier about the re-rate opportunity based on the fact that Great Panther trades at a significant discount to its peer group. Again, our priority is to stabilize operations, get to a place where cash flow is steady and strong, meanwhile, improving our visibility in the Canadian capital markets while we continue to foster and grow our profile in the U.S. markets. I see great upside in the company's valuation.

Thank you. That's all we have for formal remarks. And I'll turn it back to you for the Q&A.

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Questions and Answers

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Operator [1]

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(Operator Instructions) The first question is from Matthew O'Keefe of Cantor Fitzgerald.

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Matthew Dennis O'Keefe, Cantor Fitzgerald Canada Corporation, Research Division - Research Analyst [2]

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So yes, just a couple of questions. Obviously, we've chatted recently when you -- as the new team has come on board. So of course, welcome, and we share your optimism for the future for Great Panther.

One of the areas that I'm particularly drawn to with Great Panther is the exploration, and you've touched on that a fair bit in the comments. But I was wondering, it looks like you've already spent about $6 million from the financials this quarter on exploration. I'm assuming that the budget is going to increase. And I guess you pointed out that about $5 million is really near-mine stuff and a little bit more regional. When might we see some results from that? And would we expect to see the budget increase in continued exploration for the remainder of the year?

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [3]

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Matt, yes, thanks for the comments. We -- yes, we've got the drills turning in Brazil. We're well into the program, certainly, not up to $6 million yet, but it is the focus, to get our input drilling done by midyear. So we're looking for a Q3 update to the model in time for the budget's process at the end of the year. The regional exploration, we'll be focusing on that once the season drive us, which, again, is we are looking at Q3, Q4. So perhaps Jim can give a bit more color on the dollar spend.

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Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [4]

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Sure. Matt, it's Jim. Just want to remind you that the exploration and development line item on our P&L reflects primarily the core cash and costs and exploration activities in Mexico that we don't capitalize, whereas our exploration in -- at Tucano is capitalized, which it will show up in CapEx. So the $6 million you're seeing is not -- is the exploration programs that are not related to Tucano. And we remain on track in Tucano -- at Tucano in terms of the $6.6 million exploration program. We haven't -- we still have a couple of quarters to go in terms of completing that.

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Matthew Dennis O'Keefe, Cantor Fitzgerald Canada Corporation, Research Division - Research Analyst [5]

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Okay. And then while I've got you, just another quick question here on the COVID-19. I guess we haven't heard anything official from the Mexican government as to when you might -- whether you'll be starting up early or the 30th of May. How long will it take you to ramp up? And how are things in and around Guanajuato with respect to the virus?

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [6]

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Right. Guanajuato is next to a town, and they are -- therefore, we're in a later start-up category date according to the Mexican government. So the end of the May -- end of May is when we can start-up there, and it's going to take 2 to 3 weeks to get the team in place, to get all protocols agreed to, get all the safety conditions in place. So it's going to be a start-up in June in reality.

At Topia, 18th of May is, right now, the green light from the government because we have not had any COVID cases there. So the team is going to be mobilizing there a bit earlier, but the focus there is really to get the permitting and monitoring activities in place so we can start production a bit later on. So the focus right now is to get teams mobilized by the end of May in Mexico.

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Operator [7]

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The next question is from Heiko Ihle of H.C. Wainwright.

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Heiko Felix Ihle, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research and Senior Metals & Mining Analyst [8]

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So I mean, Brazil seems to be getting a bit worse every day when it comes to the COVID-19 issues. I mean -- and from everything you've said and everything one reads, clearly your people want to work, and they seem pretty good at it, too. But I mean, if the government shuts down the site, that's pretty much the end of that. Rob, I know you haven't been there in person. I mean you mentioned that even earlier on this call, but can you just tell us a little bit about what you're seeing from your in-country staff? What you're hearing, firsthand accounts, things that probably don't make the newspapers here in North America and things that we really aren't picking up on a little bit, please?

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [9]

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Yes. Brazil is a mining community, and we're not the only mine in Brazil. And as you mentioned, Brazil has been particularly hard-hit by COVID, and we are seeing it now in our communities, which is nasty. And employees -- it's a tough time to operate. There's a lot of tension, there's a lot of uncertainty about the COVID. So I really -- my heart goes out to all our employees who are working under these very difficult conditions.

But the protocols do seem to be working. And the government is -- right now is encouraging mines to carry on working under strict protocols. So it is tough, but the mines are operating. And, Neil, you've probably got a bit more direct experience in this. Have you got any commentary on Brazil?

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Neil Hepworth, Great Panther Mining Limited - COO [10]

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Yes. I think one of things is they're a little bit more economically driven than the people in Europe. And if they're not working, there's no food on the table. So I think they're a lot more motivated to get out there, and the authorities recognize that. So they're not in too much of a hurry to shut places down. As long as we can show that we've got the right protocols in place, they're pretty sort of accommodating to us. And in particular, the local community is very, very much behind us because we're supplying this -- the main sort of source of employment in the area. So yes, there's a lot of sort of -- there's a lot of support for keeping the mine open.

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [11]

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Yes.

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Heiko Felix Ihle, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research and Senior Metals & Mining Analyst [12]

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Speaking to being the one employer in the area, what poked you? I mean the mines are about as remote as it gets in there. I assume they won't have an issue with the May 18 start-up. So that's currently been going around here. Worst-case scenario I guess though that will close the airstrip and a little road in and out of town? Or is there more extensive plans that are being handled to cope with this whole thing?

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [13]

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Neil, you got that one?

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Neil Hepworth, Great Panther Mining Limited - COO [14]

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Well, yes. As I understand it, I mean, the -- well, Topia, in particular, that's definitely sort of a one-employer town. And we've got everybody behind us here trying to get us open up as soon as possible. But they're fighting against the government, so it's a slightly different story there. So even though we've got the mayor going out and attending meetings and lobbying to try to get us started as early as possible, it's basically the government that's laying down the major rules. But having said that, there's a -- we're basically fairly certain that we'll be starting up on the 18th, which is partly due to the fact that there's sort of low incidence of COVID, but partly due to the fact that the local community is so much behind us and is pushing and making a noise and lobbying for us.

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Heiko Felix Ihle, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research and Senior Metals & Mining Analyst [15]

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Okay. And then just to confirm, you guys aren't having any issues getting gold out of Brazil, right?

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [16]

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Heiko, no. That's part of the supply chain. It's working very smoothly.

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Operator [17]

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The next question is from Mark Reichman of Noble Capital Markets.

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Mark La France Reichman, NOBLE Capital Markets, Inc., Research Division - Senior Natural Resource Analyst [18]

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I just had 2 questions. First, with respect to the Tucano's all-in sustaining costs, could you provide maybe a little more detailed bridge from the first quarter to the guidance range? I mean I noticed there's still some stripping and development costs to be spent. And so I just wanted to kind of get your -- the key variables that you're focused on there.

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Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [19]

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Okay. Mark, just in general terms, we should see the stripping decrease, which will have a pretty significant impact in terms of reducing the AISC through the following quarters. We'll also see the production levels come up. And one of the important things to note is that we report our AISC and cash costs on a sales basis. And if you look at our sales versus production numbers for Q1, we produced 34,000 ounces (inaudible) sold, about 26,000, 27,000 ounces. So that impact -- that has quite a bit of an impact on the AISC number because we're using a smaller denominator against the exploration, the CapEx, all the other items that go into -- and the stripping that goes into the AISC calculation. So as our production levels go up from Q1, that will also bring down the AISC number.

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Mark La France Reichman, NOBLE Capital Markets, Inc., Research Division - Senior Natural Resource Analyst [20]

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Okay. And then just secondly, could you just walk us through the time line on the mitigation measures for the Phase II TSF and the remediation that's required on that adjacent TSF to the Phase III, and how that might impact permitting?

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Neil Hepworth, Great Panther Mining Limited - COO [21]

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Should I take this, guys?

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [22]

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Yes, please.

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Neil Hepworth, Great Panther Mining Limited - COO [23]

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Yes. Okay. Essentially, the -- we -- during November last year, we had a fairly high -- we have a lot of rainfall during last year and a particularly high rainfall during November. And we had a movement on this [folio] surface that lies beneath the tailings, the tailings empowerment. Now that triggered our trigger-action response plan which told us basically that we needed to stop using the TSF 2 for stacking tailings. Subsequent to that, we've been -- we've continued monitoring this, and we've had -- so 2, 3 months of stable readings. We're now back into the green. So in theory, we can actually go back and start stacking on Phase II. But having said that, the consultant is keeping us in the orange status or the yellow status, that's -- where we have to continue reinstalling some instruments on the Phase I and continuing with weekly monitoring instead of monthly monitoring.

But because of the COVID, we're not -- we're basically not stacking on Phase II. We haven't gone back to stacking yet. So once we've got the new instruments in, and that's going to be starting soon -- I mentioned earlier about the support of the local authorities. Well, they've given us permission to bring in the team in this month to do all of the instrumentation in the Phase I, to do the CPT testing. So we should have some results sometime in around about -- towards the end of June, we should be in a position where we can probably -- where we've replaced all the instruments, and we could probably go back to the green status in the Phase II.

In the meantime, we're continuing with it to try and get the license on Phase III. We think it's fairly close. We'll know within 2 weeks of the government reopening so -- whether we've got it or not. And then if we haven't, we will continue sort of pushing to get that. So I mean that -- does that cover -- I think one of the main things is that in the -- for 2017, they did a dam break analysis. But they did it on and off as if it was sort of a water retaining structure or alternatively a tailings dam that have a large fund behind it. Subsequent to that, we've basically been dry stacking on top of Phase I. So the water table has dropped 10 meters. So the materials isn't saturated. So it's a completely different situation to where it was when we looked at it previously, which is why we're redoing the CPT tests to see the extent of material that could flow if the dam did fail.

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Mark La France Reichman, NOBLE Capital Markets, Inc., Research Division - Senior Natural Resource Analyst [24]

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Okay. And that's the remediation that's -- basically that's highlighted in the MD&A, that's the remediation?

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Neil Hepworth, Great Panther Mining Limited - COO [25]

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Well, if the CPT tests indicate that we've got liquefiable tailings, then what we would do is we would put in a series of wells and start to drain it, okay? That would be -- the remediation would be the wells to drain this.

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Operator [26]

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(Operator Instructions) The next question is from Bhakti Pavani of Alliance Global Partners.

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Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [27]

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I wanted to start with Tucano. As a part of the safety measures, since the mine is still operating, has there any kind of cost impact that you have to incur in order to implement those safety measures?

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [28]

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Nothing significant, Bhakti. I mean we're really -- it's a way of working rather than actually spending. So maybe we might see a little bit of inefficiency, but there's no huge dollar value. We are helping out the community with test kits and -- but it's not -- the dollar amount is not significant.

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Neil Hepworth, Great Panther Mining Limited - COO [29]

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Can I add a little bit?

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Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [30]

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Sure.

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Neil Hepworth, Great Panther Mining Limited - COO [31]

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Well, I was just going to say -- yes, I mean in terms of donations, I think it was $200,000 worth of sort of medical and safety equipment that we provided the local councils. And as Rob said, I mean, the main thing is because we're screening everybody that comes in and anybody that has the slightest sort of sign that they might be sort of having some -- anything that looks halfway like the symptom, we send them home again. So there will be slight inefficiencies because of that in terms of equipment maintenance and operators, but nothing significant at this stage.

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Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [32]

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Got it. And the second question is, in case the government mandate a partial or complete shutdown, what kind of contingency measures you have in place or do you expect to implement in order for the smooth operation at Tucano?

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [33]

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Neil, do you want to address that?

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Neil Hepworth, Great Panther Mining Limited - COO [34]

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Yes. What we've got is we've got close to 1 million tonnes of stockpile running at about 0.62, 0.63 grams. If the government asks us to shut down, what we would do is we would say -- we would ask them if we could go into partial shutdown and continue operating the plants and the stockpiles. What we're doing in the meantime to sort of sell this to the government is we're segregating the plant workers from the other workers. So that if it does come to that, then we can actually point out that we've taken these measures, and that the plant staff is separate, and we should be safe to go on.

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Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [35]

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Perfect. That's very helpful. Moving to Guanajuato. The operations are expected to be shut down until May 30. At this point, and given that the ramp-up is going to take about 2 to 3 weeks, do you have any kind of stockpile that maybe you can process once you get the green light from the government?

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Neil Hepworth, Great Panther Mining Limited - COO [36]

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No, not really, nothing significant. Like a few days. It's not really a stockpiling situation there. It would just be a case of a slowly ramping up production.

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Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [37]

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Got it. And just last one from the housekeeping standpoint. I'm sorry if I missed the comment earlier. But Jim did talk about the expected wound down of G&A expense in the latter half. Jim, maybe could you please quantify as to what level of reduction do you expect to see on the G&A cost front?

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Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [38]

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Sure, Bhakti. I would expect to see that the cash G&A, so exclusive of items like share-based comp, trend down to about $2 million, $2.5 million for the remaining quarters.

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Operator [39]

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The next question is from Jake Sekelsky of Roth Capital Partners.

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Jacob G. Sekelsky, Roth Capital Partners, LLC, Research Division - Director & Research Analyst [40]

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Just a quick one at Tucano. It looks like you accelerated some stripping activities during the quarter, which is good to see. I suspect these are going to come down over the next few quarters. Are you able to give any color on this? Just trying to get a handle on what all-in sustaining costs might look like over the rest of the year.

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Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [41]

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Sure, Jake. Of the capitalized stripping costs, and if you go to our guidance table, we did give guidance on the capitalized stripping. We incurred about close to half of the annual capitalized stripping costs in Q1. So you can use that as the basis to, basically, model out the capitalized stripping for the balance of the year.

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Jacob G. Sekelsky, Roth Capital Partners, LLC, Research Division - Director & Research Analyst [42]

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Is it fair to say they'll be evenly distributed over the next 3 quarters or front-end loaded?

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Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [43]

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I think my view is probably more in Q2 and Q3 and less in Q4. But maybe Neil can comment on that.

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Neil Hepworth, Great Panther Mining Limited - COO [44]

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Yes. I think it's -- there's a number of things that are sort -- on the one hand, we still got a lot of material to move on the Central North pit to get into the guts of the ore body in the north pit. But we will be -- sort of in the second and third quarter, we will be into the main ore body so there'll be less of that stripping. But in the last quarter, we start to bring in some stripping for next year. We -- and also in the third quarter, we started to bring in some from the Central South as well, from AB 1. So it's sort of like -- it basically -- I think it will sort of balance out, but mainly over the third and fourth quarter.

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Operator [45]

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This concludes the question-and-answer session. I would like to turn the conference back over to Rob Henderson for any closing remarks.

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Robert Duncan Henderson, Great Panther Mining Limited - President, CEO & Director [46]

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Thank you, operator. Certainly, last year was an important year for Great Panther as we transitioned from being a silver producer in a single jurisdiction in to what we are now, which is a multi-jurisdiction gold and silver producer. Based on the first quarter results this year, we're off to a good start. Obviously, the disruptions due to COVID-19 will be a challenge. But Tucano is, by far, now our largest contributor and will be the focus of our attention as we work to stabilize operations, increase cash flow and add more gold to our mineral resource base. I'm confident we now have a solid platform and a competent team to drive growth and steadily improve our operations.

Thank you for your participation today. And on behalf of everyone here at Great Panther, I look forward to sharing our progress with you in the next quarter.

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Operator [47]

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This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.