Thanks, Fiona. And thank you everyone for dialing in today. I’m very pleased to have Sandra and Fernando in the room with me today, two significant promotions within our leadership team. Sandra Daycock was promoted from Vice President, Corporate Finance and Treasury to Chief Financial Officer; and Fernando Cornejo, previously, the Vice President of Operations in Brazil, was appointed Chief Operating Officer. I’ve been at the Company for a full year now, and I’m very pleased with the team’s performance to-date. COVID-19 has certainly made things complicated, but our team has shown me how they can adapt quickly and work effectively, despite the hardships.
During the quarter, we remain fully committed to our COVID-19 protocols, and in particular, maintaining awareness about prevention practices across the organization, as well as in our surrounding communities.
As I have emphasized before, this is a year for exploration for Great Panther.
Our team has had some very nice results with the Tucano in the quarter and the high grade intersections we reported from the Urucum North deposits are very encouraging. Q2 was a challenging quarter from a production due points. But, I’m pleased to say that in July, ahead of schedule, we safely recommenced mining of ore at Tucano’s Urucum Central South open pit. In May, we had temporarily suspended mining of ore at UCS for safety reasons, due to movement detected in the west wall of the pit. This suspension led to reduced production in Q2 as well as higher costs related to the additional stripping and remediation to ensure wall stability. Production is now ramping back up and the higher grade ore that we didn’t mine in Q2 will now be mined in the upcoming quarters. In the second quarter, consolidated metal production was 27,722 gold equivalent ounces, inclusive of 22,804 ounces of gold, and 334,423 ounces of silver. The suspension of mining of ore from UCS resulted in lower revenue for the quarter than originally forecast.
However, those ounces, about 10,000 in total, will be mined in upcoming quarters and will contribute to our overall revenue for 2021 and into next year, 2022.
Although mining of ore at UCS was temporarily halted, we continued to operate with a full mining fleet on stripping activities and continued our exploration and capital programs. These are significant investments required to position Great Panther for future growth.
As a result, our costs went up and our unit costs increased. All in sustaining costs, excluding corporate G&A, were $2,021 (sic) [$2,201] per gold ounce sold compared with $1,027 in Q2 2020. These higher costs are attributed to the additional stripping at UCS, as well as processing of lower grade stockpile material, which resulted in fewer ounces produced and sold.
Our quarterly revenue was $52.1 million and mine operating earnings was $7.2 million. We ended the quarter with $35.2 million in cash and cash equivalents, and we reduced the borrowings to $26.3 million.
Given the lack of progress in securing permits to expand our tailings facility at GMC in Mexico, we have adjusted down our consolidated annual 2021 guidance to a range of 120,000 to 130,000 ounces of gold equivalent for the year. We’ve also reviewed and revised our consolidated guidance for AISC, taking into account the lower anticipated production and the high costs experienced in Q2 2021.
We expect our annual AISC to range from $1,700 to $1,800 per gold ounce sold.
So, what this means is that second half of the year, we expect to produce about 60,000 to 70,000 ounces of gold equivalent at an all-in sustaining cost of $1,550 to $1,675 per gold equivalent ounces sold. In June, we published our 2020 sustainability report, “Mining for Good”. This report highlights our progress in the areas of health and safety, environmental responsibility, and community engagements and development. I’m pleased to say that in 2020, we adopted an official diversity policy, and we achieved 24% of leadership positions now held by women. We had zero environmental incidents and improved our lost time injury frequency rate by 57%. Safety is a key area of focus for us, and we continue working across the organization on new initiatives this year to further strengthen our safety practices. I’m very proud of how the team has delivered on our sustainability mandate, and encourage everyone to read the report, which is available on our website at greatpanther.com. I’ll now pass it over to Fernando Cornejo, to discuss results from operations.