Endeavour Silver
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Endeavour Silver Announces Q1 2024 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today
VANCOUVER, British Columbia, May 09, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three months ended March 31, 2024. All dollar amounts are in US dollars ($).
“We are pleased to report a solid start to the year with consolidated production and operating costs meeting expectations,” stated Dan Dickson, CEO of Endeavour Silver. “Guanacevi continues to perform well, generating operating cash flow which we are reinvesting in the business. The higher precious metal prices will further enhance our cash flow, as we advance Terronera towards commissioning in late 2024.”
Q1 2024 Highlights
Production Tracking Towards Upper Range of Guidance: 1,460,006 ounces (oz) of silver and 10,133 oz of gold for 2.3 million oz silver equivalent (AgEq) ( 1) .
Strong Revenue from Higher Realized Prices : $63.7 million from the sale of 1,756,094 oz of silver and 10,880 oz of gold at average realized prices of $23.47 per oz silver and $2,114 per oz gold.
Cash Flow : $10.2 million in operating cash flow before working capital changes ( 2) , a decrease of 18% from Q1 2023.
Operating Costs: Cash costs ( 2) of $13.19 per oz payable silver and all-in sustaining costs ( 2 ) of $21.44 per oz payable silver, net of gold credits. Cash costs ( 2) and all-in sustaining costs were below guidance mostly due to a higher gold by-product credit.
Balance Sheet: Cash position of $34.9 million and working capital ( 2) of $56.4 million. Cash decreased as funds were spent on development activities at Terronera. The Company raised gross proceeds of $38.9 million through issuances, primarily to fund the activities at Terronera.
Drawdown on Terronera Senior Secured Debt Facility: Subsequent to quarter end, the company announced the first drawdown of $60 million of the $120 million senior secured debt facility and executed hedge contract terms (see news release dated April 10, 2024 ).
Construction Continues on Schedule at the Terronera Mine: Overall project progress reached 53% and the project remains on track for commissioning in Q4 2024. Construction activities are advancing with a focus on mechanical and vertical installation (see news release dated April 23, 2024 ).
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https://edrsilver.com/news-media/news/...1-2024-financial-resul-8883/
Endeavour Silver Highlights Progress on its Three-Year Sustainability Strategy in 2023 Sustainability Report
VANCOUVER, British Columbia, May 16, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (TSX: EDR, NYSE: EXK) made further progress executing its 2022-2024 Sustainability Strategy , as outlined in the Company’s 2023 Sustainability Report , released today.
Entitled “Transformation in Motion”, the report provides insights into Endeavour’s sustainability performance and approach over 2023, including second-year progress highlights against the strategy.
“Since launching our 2022-2024 Sustainability Strategy two years ago, we have completed many significant initiatives and achieved key targets,” stated Dan Dickson, CEO of Endeavour. “In 2023, we transformed more commitments into meaningful impact across our sites and surrounding areas. With the ongoing construction of our flagship mine, Terronera, we’re on the doorstep of a transformation that will bring us closer to becoming a premier silver producer—and our sustainability initiatives have helped set us up for this exciting future.”
Endeavour’s 2022-2024 Sustainability Strategy is centered around three pillars:
People – Increasing positive social impacts for people in our workplace and in the communities where we operate.
Planet – Elevating our environmental stewardship to reduce negative impacts, protect ecosystems and support environmental sustainability.
Business – Operating a trusted, well-performing business by further strengthening the critical foundations that create long-term organizational sustainability.
The actions we took in 2023, and achievements made, include the following (all dollar amounts presented below are in U.S. dollars):
People
Continued implementing safety procedures aligned to ISO 45001, the global standard for reducing occupational injuries and diseases, and recorded a 1.03 reportable injury rate.
Provided an average of 31 training hours per employee and contractor.
Made upgrades to our mining on-site facilities, including employee accommodations, food services and enjoyment areas, to create more comfortable experiences for our people.
Nearly doubled our community investments, to $854,620 which supported initiatives such as road improvement projects, the building of a new community water well, and the delivery of skill-training workshops for local residents.
Marked the seventh anniversary of our Scholarship Program, with 142 scholarships awarded in 2023 – and 855 since 2017 – to enhance access to education for local students.
Awarded the ‘Socially Responsible Company’ distinction by the Mexican Center for Philanthropy.
Planet
Released our first climate report aligned to the Task Force on Climate-related Financial Disclosures (TCFD) framework, entitled “ Our Climate Journey ” , and undertook research to inform the development of a long-term Climate Action Plan.
Calculated Scope 3 emissions for the first time, for our two producing mines.
Recycled 89% of water used in our operations, beating our target and minimizing our use of fresh water.
Diverted 78% of our overall waste from landfills.
Continued working with an external consultant to align our current practices with the new Global Industry Standard on Tailings Management.
Planted 58,580 trees through our reforestation program to restore land disturbed by mining activity
Business
Surpassed 30% representation of women on the Board, achieving our 2024 target.
Developed Anti-money Laundering and Anti-terrorist Financial Protocol to formalize and strengthen the controls governing our relationships with third parties.
100% of our employees completed business conduct and ethics training.
Created a new human rights training course for Endeavour’s security personal.
97% of our procurement was from local and national suppliers in Mexico.
Launched Supplier Standards of Conduct to integrate enhanced ESG criteria into our supplier due diligence processes.
The 2023 Sustainability Report and related performance tables are available on Endeavour’s website .
The report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) framework, as well as with reference to the United Nations Sustainable Development Goals (SDGs). A Spanish version of the report will be available online during Q3, 2024.
https://edrsilver.com/news-media/news/...-progress-on-its-three-8904/
Endeavour Silver Announces 2024 Annual General Meeting Voting Results
VANCOUVER, British Columbia, May 28, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to announce that shareholders voted in favour of all items of business at the Company’s 2024 Annual General Meeting (“AGM”) held on May 28, 2024 in Vancouver. A total of 104,090,503 votes were cast or represented by proxy at the AGM, representing 43.31% of the outstanding common shares as of the record date. The following is a tabulation of the votes submitted by proxy:
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https://edrsilver.com/news-media/news/...024-annual-general-mee-8928/
Endeavour Silver Reports Q2 2024 Production Results; In-Line with Guidance
VANCOUVER, British Columbia, July 09, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to report second quarter 2024 production of 1,312,572 silver ounces (oz) and 10,549 gold oz, for silver equivalent (1) (“AgEq”) production of 2.2 million oz. Total year-to-date production of 4.4 million AgEq oz is tracking towards the upper range of the full year 2024 production guidance of 8.1 million to 8.8 million silver equivalent ounces.
“Our safe, reliable and consistent production from operations has been key as capital expenditures increase at Terronera. As construction activities are beginning to peak, we have been implementing our business readiness strategy to smoothly transition into operations.” stated Dan Dickson, Chief Executive Officer. “We remain focused on the commissioning of the Terronera mine in Q4 2024 and production in 2025.”
Q2 2024 Highlights
Guanaceví Reliably Delivering: Throughput and silver production were consistent with plan, while higher gold grades mined and from third-party feed contributed to higher gold production than planned.
Bolañitos Results Remain Consistent: Strong gold production continued following on from the first quarter of 2024. Silver production continues to be slightly below plan due to lower silver grades and lower silver recovery, while throughput remains steady. Milled grades are expected to have similar variation for the second half of the year.
Metal Sales and Inventories : Sold 1,217,569 oz silver and 9,887 oz gold during the quarter. A total of 262,160 oz silver and 939 oz gold bullion inventory and 5,860 oz silver and 322 oz gold in concentrate inventory were held at quarter end.
Published 2023 Sustainability Report entitled “Transformation In Motion”: The Company highlighted progress during the second year of our 2022-2024 Sustainability Strategy ( see news release dated May 16, 2024 ).
Newly Appointed Director, Angela Johnson: Ms. Johnson is a Professional Geologist, MBA, who brings over thirteen years of experience in the mining industry in both technical and corporate development roles as well as extensive knowledge in ESG best practices ( see news release dated April 18, 2024 ).
First Drawdown of the Terronera Senior Secured Debt Facility: Proceeds of USD $60M are being used to develop the Terronera mine. An additional USD $60M remains committed and available for future drawdowns during the second half of 2024 ( see news release dated April 10, 2024 ).
Q2 2024 Mine Operations
Consolidated silver production decreased 12% to 1,312,572 ounces in Q2 2024 compared to Q2 2023, primarily driven by variations in grades, specifically lower silver grades at the Guanaceví mine. Gold production increased by 7% to 10,549 ounces in Q2 2024 compared to Q2 2023, primarily due to higher gold grades mined at both Guanaceví and Bolañitos as well as higher gold content in third-party feed processed at the Guanaceví mine.
Local third-party feed continued to supplement Guanaceví mine production, totaling 15% of quarterly throughput. With current prices, management expects local third-party feed to remain above 10% of throughput going forward. The Guanaceví operations are benefiting from the significant plant improvements and modifications made in 2023, as plant throughput and recoveries have been in line with plan and consistent throughout Q2 and year-to-date 2024.
Production Highlights for the Three and Six Months Ended June 30, 2024
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 % Change 2024 2023 % Change
218,989 228,575 (4 %) Throughput (tonnes) 440,783 439,648 0 %
1,312,572 1,494,000 (12 %) Silver ounces produced 2,772,578 3,117,545 (11 %)
10,549 9,819 7 % Gold ounces produced 20,682 19,161 8 %
1,303,461 1,482,255 (12 %) Payable silver ounces produced 2,753,769 3,090,467 (11 %)
10,369 9,636 8 % Payable gold ounces produced 20,317 18,820 8 %
2,156,453 2,279,520 (5 %) Silver equivalent ounces produced 1 4,427,130 4,650,425 (5 %)
1,217,569 1,299,672 (6 %) Silver ounces sold 2,973,663 2,967,080 0 %
9,887 9,883 0 % Gold ounces sold 20,767 19,009 9 %
Production Tables for Q2 2024 by Mine
Production Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
by mine Processed per day Ag gpt* Au gpt* Ag % Au % Oz Oz
Guanaceví 112,897 1,241 364 1.29 90.4% 90.4% 1,195,753 4,243
Bolañitos 106,092 1,166 41 2.06 83.4% 89.6% 116,819 6,306
Consolidated 218,989 2,407 208 1.67 89.8% 89.9% 1,312,572 10,549
*gpt = grams per tonne
Totals may not add up due to rounding
Production Tables for the Six Months Ended June 30, 2024 by Mine
Production Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
by mine Processed per day Ag gpt* Au gpt* Ag % Au % Oz Oz
Guanaceví 227,901 1,252 383 1.27 90.1% 89.6% 2,531,495 8,367
Bolañitos 212,882 1,170 42 2.00 84.5% 89.9% 241,083 12,315
Consolidated 440,783 2,422 218 1.63 89.6% 89.8% 2,772,578 20,682
*gpt = grams per tonne
Totals may not add up due to rounding
https://edrsilver.com/news-media/news/...2024-production-result-9110/
Endeavour Silver provides a Q2 2024 construction progress update on Terronera; the surface construction progress has reached 77% completion
VANCOUVER, British Columbia, July 24, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to provide a Q2 2024 construction progress update for its Terronera Project in Jalisco state, Mexico. A photo gallery presentation accompanies this news release and can be found here or on the Company website at Terronera Project Progress Photos . All dollar ($) references in this news release are United States dollars.
The Terronera project continued to make significant progress in the second quarter, as concrete and structural steel work are nearing completion on the Upper Plant Platform for areas including crushing, coarse-ore storage, grinding, flotation, and thickening. The Project remains on track for commissioning in Q4 2024 as major mechanical installations continued to advance on schedule.
"Construction is well past the halfway mark, and site activities are beginning to peak," commented Don Gray, Chief Operating Officer. "We are very pleased with the advance at the Upper Platform, which should be ready for dry commissioning in Q3 2024. We are concentrating resources on the Lower Platform to finalize earthworks and begin concrete works in early Q3. Underground mine development continues advancing in line with expectations as we accessed ore in Q2. We are extremely pleased with our Terronera team and their progress. With project completion in sight, our focus has expanded to implementing our business readiness plan as we prepare for operating Endeavour's next core asset."
Q2 2024 Construction and Development Highlights
As of June 30, 2024, site works and activities included:
Safety – The highest workplace priority is the health and safety of our employees and contractors, with a commitment to provide the tools, training, and resources needed to identify risks and apply effective controls. Recently, underground operations increased rescue brigade participation by 40%, and two self-contained mine refuge stations were installed.
Progress – Overall project progress (mine development and surface construction) reached 64.5% completion, with more than $204 million (1) of the project's budget spent to date. Project commitments total $260 million (1,2) , 96% of the $271 million capital budget.
Engineering – Efforts have transitioned to construction support. During the quarter, a detailed design was completed for the tailing storage facility, Portal 2 waste dump, and the Lower Platform excavation.
Mine Development – Over the quarter, over 1,270 meters were developed underground, totaling nearly 4,500 meters.
Upper Platform Plant Site – Surface mill and infrastructure construction is 88% complete and progressing on schedule. Concrete work and structural steel erection are 100% complete.
Primary Crusher – Structural and mechanical construction is complete on the conveyor and apron feeder support steel, and the apron feeder was placed in position. Conveyors are belted, and belts vulcanized. Cabling and terminations are ongoing.
Coarse Ore Stockpile and Reclaim ("COS") Tunnel – SAG Feed Conveyor and belt were installed. Piping, electrical, and instrumentation are ongoing.
Grinding – SAG and ball mill are installed. Piping, mechanical, electrical, and instrumentation are ongoing.
Flotation – Piping, mechanical, electrical, and instrumentation are ongoing. Flotation equipment, including blowers, instruments, and valves, is expected to be procured in early Q3.
Tailing Thickener – The Tailings thickener is complete and signed off. Some steel modifications, such as piping, mechanical, electrical, and instrumentation, are ongoing. Procurement monitoring of some equipment (tanks), instruments, and valves is ongoing.
Lower Facilities Platform and Tailing Storage Facility – Excavation for the tailing storage facility embankment key trench was over 95% complete, and the Lower Platform area was nearly 50% complete. Concrete work on the lower platform is scheduled to start in early Q3.
Procurement – Bulk materials purchase orders have been released, and lead times are aligned with the current schedule. The Procurement team has focused on critical path purchases, such as electrical components and transfer chutes, and reducing bulk material lead times to increase schedule float.
Onsite Personnel – At the end of Q2, the workforce increased to over 190 Endeavour employees and over 700 contractor workers.
Community Relations – Local community support continues to be a major commitment. A plant-operator training program for local community members has been established. The Company is also preparing a comprehensive training and support services plan for groups and individuals seeking to form businesses that can provide local goods and services.
Environmental – Environmental and social impact assessment initiatives continue and will be presented in early Q3 (July 2024), with a 3-month delay compared to the schedule outlined under the Equator Principles requirements for project loan financing.
Next Steps and Planning
The Terronera Project remains on track for commissioning in Q4 2024.
For Q3 2024, surface construction will continue to focus on mechanical, piping, and electrical installations. Completing the Lower Platform excavation is anticipated to be no later than mid-Q3 2024. Concrete work for the tailing and concentrate filtration areas is expected to begin in early Q3 2024, with the LNG and power generation areas to follow. The Company anticipates commissioning using temporary power with the LNG and power generation to be operational subsequent to commissioning. The temporary power has been planned and is expected to be available for Q4. Concentrate and tailing filtration structural, mechanical, and electrical installations will commence as concrete work is completed.
Mine development in Portals 1, 2, and 4 declines will continue, with a test long-hole stop being developed in Q3 2024. Initial long-hole production is planned for early Q4, followed by cut-and-fill mining; ore will be stockpiled for mill ramp-up. At La Luz, development activities are anticipated to begin in Q3, with the portal being constructed and the ramp to ore access being advanced in Q4.
The critical path remains the TSF, Lower Platform construction, and the advancing underground mine.
Visit www.terronera.com , our dedicated project website, to stay informed on the ongoing development at Terronera. Explore updates, learn about our commitment to environmental stewardship, and discover the positive impacts on local communities.
About Endeavour Silver: Endeavour is a mid-tier precious metals company committed to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco State, the Company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile, and the United States, which has helped it achieve its goal of becoming a premier senior silver producer.
Contact Information
Allison Pettit, Director of Investor Relations
Tel: (604) 640 4804
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
Footnote:
Financial figures are based on a preliminary estimate. Final unaudited figures will be released with the Q2 2024 financial statements on August 1, 2024.
Project commitments include total project expenditures.
Endeavour Silver Announces Q2 2024 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today
VANCOUVER, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three and six months ended June 30, 2024. All dollar amounts are in US dollars (US$).
“During Q2 2024, the construction of the Terronera project continued to make excellent progress, with significant advance of the upper plant platform surface infrastructure. Staying on track for Q4 2024 commissioning reflects our team's planning, execution and dedication while ensuring financial stability and operational momentum. We are in our last big push before the finish line and remain focused on delivering value to our stakeholders,” stated Dan Dickson, CEO of Endeavour Silver.
Q2 2024 Highlights
Production Tracking Towards Upper Range of Guidance: 1,312,573 ounces (oz) of silver and 10,549 oz of gold for 2.2 million oz silver equivalent (AgEq) (1) .
Strong Revenue from Higher Realized Prices : $58.3 million from the sale of 1,217,569 oz of silver and 9,887 oz of gold at average realized prices of $28.94 per oz silver and $2,374 per oz gold.
Mine Operating Cash Flow : $18.9 million in mine operating cash flow before taxes (2) , similar to Q2 2023.
Adjusted Earnings : Recognized a loss of $1.0 million after excluding loss on derivative contracts, mark to market deferred share units, unrealized foreign exchange, loss on revaluation of cash settled DSUs and investments losses.
Balance Sheet: Cash position of $68.1 million and working capital (2) of $64.5 million. The Company raised gross proceeds of $14.7 million through share issuances, primarily to fund the activities at Terronera.
Drawdown on Terronera Senior Secured Debt Facility: During the quarter the Company completed first drawdown of $60 million from the senior secured debt facility. Subsequent to the reporting period end, the Company completed a second draw of $15 million. An additional $45 million remains committed and available for future drawdowns during the second half of 2024.
Construction Continues on Schedule at the Terronera Mine: Overall project progress reached 64.5% completion, with more than $204 million of the project’s budget spent to date. Project commitments total $260 million, which is 96% of the $271 million capital budget, and remains on track for commissioning in Q4 2024. See news release dated July 24, 2024 here .
https://edrsilver.com/news-media/news/...2-2024-financial-resul-9209/
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Für mich unverständlich, dass dieses technische Problem sooooo zurückwirft. -20%? nach -30% über die letzten Wochen? Eigentlich ist doch Endeavour keine "Bude".
Endeavour Silver provides a Q3 2024 construction progress update on Terronera; the surface construction progress has reached 77% completion
https://edrsilver.com/news-media/news/...q3-2024-construction-p-9641/
Endeavour Silver Provides Pitarrilla Project Update
VANCOUVER, British Columbia, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to report an update on the 2024 exploration and evaluation initiatives at its 100% owned Pitarrilla project. Engineering firms have been retained to commence technical studies for the basis of a future economic study.
Since acquiring the Pitarrilla project in July 2022, Endeavour has re-logged historic drill core to further understand the geology and mineralization controls of the deposit. Priority has been focused on identifying and defining numerous high-grade feeder structures that are interpreted to be the source of the silver, lead and zinc sulphide mineralization, and that extend through the high-grade manto, originally identified by SSR Mining. The Company published a technical report dated November 21, 2022 outlining Mineral Resource Estimates ( See news release dated December 8, 2022 ).
Endeavour has refurbished an existing underground ramp and extended it over 1.3 kilometres. The ramp has been developed through the projected feeder structures and crosscuts have been made for drill stations to further interpret and test the high-grade zones and its feeder structures with core drilling at various angles. The ramp lies directly above the manto. This work confirmed management’s interpretation and identified at least four structures that extend through the manto (Figures 1 and 2): Palmito vein, Danna vein, Victoria vein and Casas Blancas vein. During development of the ramp, additional mineralized structures were also identified, including the Norma vein, Danna hanging wall (HW) vein and Peña dike. Further work and interpretation are required to understand the significance and extent of these additional structures. In the ramp, the Peña dyke is the thickest structure with channel samples averaging 4.5 metres to 4.7 metres in width, oriented near perpendicular to strike. Results from the 16 channel samples are presented in Figure 3 and Table 3.
Since August, the Company completed nine diamond drill holes, six from surface and three from underground drill stations. The three holes from underground were targeted to intersect the manto and multiple veins, while the holes drilled from surface were directed to intersect the Casas Blancas vein. All holes successfully intersected the targeted mineralization, supporting managements geological interpretation and the potential of underground bulk tonnage mining.
Based on the re-logging of historic drill holes resulting in re-interpreting the geologic model along with current activities, it is estimated that all four primary feeder veins have a vertical extent of approximately 600 to 800 metres and strike lengths approaching 700 metres; these veins appear open to depth. Danna is the largest vein with an approximate 800 metre vertical extent and a strike length approaching 500 metres. Thicknesses can vary but are typically three metres wide (ETW). This work is being performed to understand the potential for an underground bulk tonnage mining scenario, which would focus mining activities on the high-grade structures and manto.
"The combined favorable grades, strike length, vertical extent, and vein proximity, along with the manto’s size and continuity, make the deposit attractive for underground bulk mining," said Don Gray, Chief Operating Officer. "Our exploration team’s careful attention while relogging the historic drill results provided an alternative geologic model. Not only are ongoing drilling and underground development work confirming this model, but they are also validating our original decision to acquire Pitarrilla. We are quite confident Pitarilla will create significant shareholder value and prove to be Endeavour’s next cornerstone asset."
The Company is also pleased to announce that SGS Canada Inc., SGS Bateman, JDS Energy & Mining, T Engineering, Stantec and SRK Consulting have been retained to begin preliminary work on the project. This work will include the metallurgical testing program with a comprehensive review of historical test data, flowsheet evaluation, mine design, rock mechanics evaluation, backfill testing and design, hydrology investigations, and tailing storage facility design. The work will build on the SSR Mining’s extensive previous work and will be used to advance the project to the development stage, forming the basis for an economic study by the end of 2025.
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https://edrsilver.com/news-media/news/...tarrilla-project-updat-9723/