|
Post by Entendance on Nov 14, 2023 9:34:34 GMT -5
Bullion Star infographic dramatically illustrates gold price suppression by U.S.
|
|
|
Post by Entendance on Nov 21, 2023 6:02:04 GMT -5
|
|
|
Post by Entendance on Nov 27, 2023 8:13:44 GMT -5
November 27, 2023
Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) is pleased to report positive drill results from its exploration program at the Bolañitos Mine in Guanajuato State, Mexico. The 2023 program mainly focused on two areas, drilling the El Puertecito and Fortuna veins. At both areas, surface drilling intersected high-grade gold and silver mineralization near historic workings and provide opportunities to increase resources, replace reserves and extend mine life. Dan Dickson, CEO, commented, “Our track record of exploration success has sustained operations at Bolañitos for over 16 years. Ongoing exploration results demonstrate our commitment to targeted and cost-effective brownfields exploration, which has been successfully extending mine life in this historically rich district. We continue to make progress year over year in understanding the regional mineralization system and remaining prospectivity at Bolañitos.” Highlight Drill Results from El Puertecito Vein Structure 8.78 gpt Au and 86 gpt Ag for 788 gpt AgEq over a 2.09 m ETW , including 25.7 gpt Au and 59 gpt Ag for 2,115 gpt AgEq over 0.57 m in hole GOL-11 4.44 gpt gold and 94 gpt silver for 449 gpt AgEq over a 2.07 m ETW , including 11.35 gpt Au and 258 gpt Ag for 1,166 gpt AgEq over 0.56 m in hole GOL-09
Highlight Drill Results from Fortuna Vein Structure 4.01 gpt Au and 135 gpt Ag for 456 gpt AgEq over a 1.18 m ETW , including 8.04 gpt Au and 280 gpt Ag for 923 gpt AgEq over 0.56 m in hole GOL-42 Abbreviations include: gpt: grams per tonne; Au: gold; Ag: silver; ETW: estimated true width; m: metre; HW: hanging wall. Silver equivalents are calculated at a ratio of 80:1 silver:gold.
Drilling Context At El Puertecito, since the beginning of the year, 32 new holes were completed totalling 5,833 metres. El Puertecito is a new area south of Bolañitos, situated 300 metres northeast from Endeavour Silver’s historic Golondrinas Mine. Due its proximity to existing infrastructure, minimal development would be required to incorporate El Puertecito into a mine plan. New high-grade vein mineralization has now been delineated over 400 metres in length to a depth of 120 metres. The structure remains open at depth and to the southeast. At Fortuna, 13 holes were completed totalling 2,922 metres. Fortuna is located south of Bolañitos situated 200 metres from current accesses to the Lana vein of Endeavour Silver’s Lucero mine. Two structures have been delineated to define a mineralized zone of 250 metres in length and 100 metres to depth, open to the southeast. Latest Drill Results
|
|
|
Post by Entendance on Nov 29, 2023 6:19:34 GMT -5
|
|
|
Post by Entendance on Dec 5, 2023 7:12:30 GMT -5
Endeavour Silver Corp. (“Endeavour” or the “Company”) (TSX: EDR, NYSE: EXK) is pleased to announce the appointment of Elizabeth Senez as the Company’s Chief Financial Officer (“CFO”), effective January 1, 2024. Ms. Senez brings over 20 years of extensive experience in accounting, corporate finance, and corporate treasury to her new role.
Concurrent with Ms. Senez’s appointment, Christine West, the current CFO, will be transitioning to retirement. Ms. West will step down as CFO but will continue to support the Company through a transition period and retain her position on the Board of Directors until her retirement, a testament to her enduring commitment to the Company. The Company expresses heartfelt appreciation to Ms. West for her significant contributions since 2008, acknowledging her expertise and dedicated service during her 16 years with the Company. Ms. West has been an integral part of Endeavour, a mentor to many and played a pivotal role in the Company’s growth and success. The Company cannot thank her enough and wishes her the best in retirement.
“On behalf of management and the Board of Directors, we would like to welcome Ms. Senez to our executive leadership team. Her extensive financial expertise in mining and corporate finance, makes her a great fit with our focus on advancing Terronera,” stated Dan Dickson, Chief Executive Officer. “With strategic acumen and leadership skills, we look forward to the value that her experience can bring as we continue to grow our Company.”
As a finance executive with predominantly a Latin American focus, Ms. Senez is an effective leader with a proven track record in delivering results and managing large finance and treasury teams. Notably, Ms. Senez served as the Group Treasurer for First Quantum Minerals in their London office and spent eight years with the company in increasing senior capacities. Her most recent positions include serving as Chief Financial Officer for a group of exploration companies headquartered in Vancouver, BC, formed through a series of acquisitions and spin outs.
Elizabeth started her career at Deloitte and Touche LLP in the mining group in 2002. Ms. Senez is a fellow of the Institute of Chartered Accountants in England and Wales, having obtained her undergraduate degree in Psychology at Oxford University, in addition to a Diploma in Treasury Management from the Association of Corporate Treasurers.
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its portfolio of exploration projects in Mexico, Chile and the United States to achieve its goal of becoming a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
|
|
|
Post by Entendance on Dec 14, 2023 2:28:56 GMT -5
Shareholder Update: Removal from Index Dear Stakeholders, We are writing to inform you of an important development regarding our company's stock, as we are receiving many questions regarding the performance and volume levels over the last few weeks.
We have been monitoring our market, as we received notification that our shares will be removed from the S&P/TSX Composite, effective after market close on Friday December 15th, as per its quarterly rebalance, measured, and announced in mid-November. The estimated outflow is approximately 8 million shares, on the TSX exchange. Additionally, the NYSE Arca Gold Miners Index (GDX ETF) announced its quarterly date of record on Friday December 8th that we were listed as an expected deletion as the Company’s market capitalization was below the US$450 million requirement level. The estimated outflow is approximately 11 million shares, on the NYSE, also effective after market close on Friday December 15th, 2023. While this news may be disappointing, we want to provide you with clear and transparent communication about these events.
As a reminder, the decision to remove our shares from these indices is predominantly based on market capitalization levels and trading volume criteria set by the index provider, not company fundamentals. Indexer trading patterns have little to do with market sentiment and are driven primarily by quantitative analysis. Deletion from indices can have a negative temporary impact on share price as this is a widely public and broadcasted event whereby certain investors and funds will position themselves ahead of the rebalance.
It's important to note that being removed from an index does not change the fundamental strength of our company. We continue to focus on our business strategies and growth initiatives to enhance shareholder value. Our team is dedicated to navigating the evolving market dynamics and ensuring the resilience of our business. Due to the cyclicality of our industry, this the second time that we have been added and removed from these indexes. As a management team, it is our job to execute on Terronera and hopefully get back into the Indexes in due course. We encourage you to reach out with any questions you may have or to seek further clarification on this matter. We appreciate your ongoing support and trust in Endeavour Silver. Sincerely, Dan Dickson, CEO, Endeavour Silver (NYSE: EXK; TSX:EDR)
Additional information: The S&P/TSX Composite Index is the benchmark index for the Canadian equity market. It is the broadest measure of the S&P/TSX family and tracks approximately 250 companies. For more information, visit: www.standardandpoors.com.
The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of approximately 50 publicly traded companies primarily involved in the mining of gold and silver globally, and it is the underlying index to the VanEck Vectors Gold Miners ETF (GDX). For more information, visit: www.nyse.com.
|
|
|
Post by Entendance on Dec 19, 2023 5:43:25 GMT -5
Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces it has entered into a sales agreement dated December 18, 2023 (the “ Sales Agreement ”) with BMO Capital Markets Corp. (the lead agent), TD Securities (USA) LLC, CIBC World Markets Inc., Raymond James (USA) Ltd., B. Riley Securities, Inc., H.C. Wainwright & Co., LLC, A.G.P./Alliance Global Partners and Stifel Nicolaus Canada Inc. (collectively, the “ Agents ”) pursuant to which the Company may, at its discretion and from time-to-time during the 25 month term of the Sales Agreement, sell, through the Agents, such number of common shares of the Company (“ Common Shares ”) as would result in aggregate gross proceeds to the Company of up to US$60 million (the “ Offering ”). Sales of Common Shares will be made through “at the market distributions” as defined in the Canadian Securities Administrators’ National Instrument 44-102 - Shelf Distributions, including sales made directly on the New York Stock Exchange (the “ NYSE ”), or any other recognized marketplace upon which the Common Shares are listed or quoted or where the Common Shares are traded in the United States. The Common Shares will be distributed at the market prices prevailing at the time of each sale and, as a result, prices may vary as between purchasers and during the period of distribution. No offers or sales of Common Shares will be made in Canada on the Toronto Stock Exchange (the “ TSX ”) or other trading markets in Canada. All references to dollars ($) in this news release are to United States dollars.
The Offering will be made by way of a prospectus supplement dated December 18, 2023 to the Company’s existing U.S. registration statement on Form F-10 (the “ Registration Statement ”) and Canadian short form base shelf prospectus (the “ Base Shelf Prospectus ”), each dated June 16, 2023. The prospectus supplement relating to the Offering has been filed with the securities commissions in each of the provinces of Canada (other than Québec) and the United States Securities and Exchange Commission (the “ SEC ”). The U.S. prospectus supplement (together with a related Registration Statement) is available on the SEC’s website (www.sec.gov) and the Canadian prospectus supplement (together with the related Base Shelf Prospectus and Sales Agreement) is available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca. Alternatively, BMO Capital Markets will provide copies of the U.S. prospectus upon request by contacting BMO Capital Markets Corp. (Attention: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, by telephone: (800) 4143627, or by email: bmoprospectus@bmo.com) .
Net proceeds of the Offering, if any, together with the Company’s current cash resources, will be used to fund the construction and development of the Company’s Terronera Mine, to advance the evaluation and development of the Pitarrilla and Parral properties, to assess potential development stage mineral properties for acquisition, to fund the potential acquisition of other development stage mineral properties, for continued exploration on the Company’s existing mineral properties and to add to the Company’s working capital.
The Company will pay the Agents compensation, or allow a discount, of 2.00% of the gross sales price per Common Share sold under the Sales Agreement. Sales under the Sales Agreement remain subject to necessary regulatory approvals, including the approval of the TSX and the NYSE.
This press release does not constitute an offer to sell any securities or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
|
|
|
Post by Entendance on Dec 20, 2023 2:57:48 GMT -5
|
|
|
Post by Entendance on Dec 24, 2023 2:42:49 GMT -5
The gold miners’ stocks have suffered something of a lost year, with this small contrarian sector largely overlooked. Investor apathy remains high despite miners’ soaring earnings fueled by much-higher gold prices. But 2023’s unusually-subdued gold-stock price action was driven by several major anomalies that have run their courses. As markets normalize in 2024, gold miners have lots of mean-reversion rallying to do...
|
|
|
Post by Entendance on Dec 30, 2023 5:47:59 GMT -5
|
|
|
Post by Entendance on Jan 9, 2024 7:45:05 GMT -5
Endeavour Silver Produces 5,672,703 Oz Silver and 37,858 Oz Gold (8.7 Million Silver Equivalent Oz) in 2023; Improved Fourth Quarter Production Delivers Annual Guidance
Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) (“Endeavour” or the “Company”) reports full year 2023 production of 5,672,703 silver ounces (oz) and 37,858 gold oz, for silver equivalent (1) (“AgEq”) production of 8.7 million oz. Fourth quarter production was 1,396,315 silver oz and 9,440 gold oz for 2.2 million silver equivalent oz.
“We are extremely pleased with our strong Q4 production results, which have been driven by initiatives our Operations team implemented to improve both mine and mill productivity” commented Dan Dickson, Chief Executive Officer. He further added, “Implementing these initiatives allowed us to successfully overcome the challenges that affected Q3 production. Not only did Guanaceví’s production return to historical levels, which is expected to be continue into 2024, our recovery plan more than met expectations, allowing us to achieve our annual production guidance with strong fourth-quarter performance. We have now delivered three consecutive years of meeting or exceeding our annual production guidance.”
Q4 Highlights Production In-Line with Guidance: Consolidated production in-line with guidance, representing the Company’s third consecutive year of meeting or exceeding production guidance. Guanaceví Improved Performance: Silver grades, gold grades and plant throughput slightly exceeded plan. The plant refurbishments and modifications enhance operational flexibility to exceed the historical throughput of 1,200 tonne per day. Bolañitos Performance Remained Steady: Increased silver production from higher silver grades with similar throughput was offset by lower gold production due to lower gold grades. The variations in grades quarter from quarter is expected, while annual ore grades were within 2% of annual planned grades. Metal Sales and Inventories : Sold 1,332,648 oz silver and 9,417 oz gold during the quarter. Held 476,015 oz silver and 1,411 oz gold of bullion inventory and 11,869 oz silver and 300 oz gold in concentrate inventory at quarter end. Encouraging Brownfields Exploration Results from Guanaceví and Bolañitos : Drilling continued to intersect high-grade silver-gold mineralization in the Santa Cruz vein at Guanaceví (see news release dated October 18, 2023 ) and intersected multiple mineralized structures near current workings at Bolañitos (see news release dated November 27, 2023 ). Positive Greenfields Exploration Results from the Parral Project : Drilled over 6,500 metres testing the San Patricio vein and other regional targets (see news release dated October 25, 2023 ). Appointment of Chief Financial Officer : Elizabeth Senez brings over 20 years’ of experience in accounting, corporate finance, and corporate treasury (see news release dated December 5, 2023 ). At-The-Market Offering for up to US$60 million : Proceeds to be used for funding development of the Terronera project and other growth initiatives (see news release dated December 18, 2023 ).
Q4 2023 Mine Operations
Consolidated silver production decreased 23% to 1,406,423 ounces in Q4 2023 compared to Q4 2022, primarily driven by lower silver production at the Guanaceví mine due to a reduction in silver grade and slightly lower throughput. Although the grades at El Curso have returned to historic averages during Q4 2023, the Company was mining in higher grade areas in Q4 2022. Local third-party ore continued to supplement mine production, totaling 14% of quarterly throughput.
Consolidated gold production decreased by 7% to 9,608 ounces compared to Q4 2022, primarily due to lower gold grades mined at the Guanaceví mine. The lower gold production from Guanaceví more than offset the higher gold produced from the Bolañitos mine.
At Guanaceví, Q4 2023 throughput was 7% lower than Q4 2022 with silver grades 18% lower and gold grades 17% lower resulting in lower silver and gold production of 24% and 25% respectively.
At Bolañitos, Q4 2023 throughput was 4% higher than Q4 2022 with silver grades 10% lower and gold grades 8% higher. Silver production decreased by 10% while gold production increased by 8%. The change in grades was due to typical variations in the mineralized body.
2023 Financial Results and Conference Call The Company’s annual 2023 financial results will be released before markets open on Monday, March 11, 2024, and a telephone conference call will be held the same day at 9:00 a.m. PT / 12:00 p.m. ET. To participate in the conference call, please dial the numbers below. Date & Time: Monday, March 11, 2024, at 9:00 a.m. PT / 12:00 p.m. ET Telephone: Toll-free in Canada and the US +1-800-319-4610 Local or International +1-604-638-5340 Please allow up to 10 minutes to be connected to the conference call. Replay: A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 0627#. The replay will also be available on the Company’s website at www.edrsilver.com
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
↕️
|
|
|
Post by Entendance on Jan 23, 2024 5:50:20 GMT -5
We've been facing a lot of challenges lately, but we're in an inflection point and will turn things around with our Terronera project, says Dan Dickson, CEO of Endeavour Silver. At our current share price we’re an M&A target, but Terronera will change that: Endeavour Silver CEO
|
|
|
Post by Entendance on Jan 24, 2024 8:28:35 GMT -5
VANCOUVER, British Columbia, Jan. 24, 2024 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) today announced its 2024 development update for the Terronera Project in Jalisco state, Mexico. To date, the Company has made significant construction progress, with concrete work well advanced and vertical construction now underway. Following a thorough risk analysis initiated in 2023, the Company has updated its initial capital cost, schedule, and execution plan. With an experienced and seasoned team leading the project, the Company anticipates the schedule to remain in line with previous guidance, with initial production anticipated to start in the fourth quarter of 2024. All references to dollars ($) in this news release are in United States dollars.
“Comprehensive reviews completed by the Project team and third-party consultants have greatly improved visibility towards initial production at Terronera later this year,” said Dan Dickson, Endeavour’s CEO. “Given the trends that we have seen at our existing Mexican operations, Terronera is being advanced against headwinds, which include a stronger Mexican Peso, ongoing inflation and tight markets for equipment and bulk materials such as steel, piping and electrical supplies. After undergoing an in-depth process, we remain confident in our commissioning schedule, our updated capital cost estimate, and our ability to address these challenges as we advance the project for the benefit of all stakeholders.”
Updated Initial Capital Cost As previously announced, the Board approved an optimized Terronera Project construction scenario (the “Revised Scenario”), consisting of a process plant with 2,000 tonne per day (“tpd”) capacity and an initial capital cost of $230 million (see news release dated April 18, 2023 ). While the Company successfully locked in pricing for much of the mine and plant equipment with early purchases, market trends persist with ongoing inflation, foreign exchange pressures related to a stronger Mexican Peso, and tight supply for equipment and bulk material. To ensure the cost pressures have been properly quantified, the Project team conducted a comprehensive review of the remaining cost to complete Terronera. Endeavour now forecasts initial capital costs to be 18% higher, at $271 million (the “2024 Updated Scenario”).
Below summarizes the main items impacting the 2024 Updated Scenario initial capital cost forecast:
Mill equipment purchases contributed an additional $11 million, primarily for E-houses and transformers, which have been ordered with final deliveries expected in Q2 2024. The higher electrical equipment costs reflect escalating component prices and increases due to supply availability. Structural steel fabrication contributed an additional $8 million; steel prices have increased due to significant demand within the region. Also, additional tonnage is required for design changes made during detail engineering. The Company has delivery commitments from several fabrication shops, which began in early January, and are being planned according to the construction schedule requirements through Q2 2024. Tailing storage facility (“TSF”) design changes contributed an additional $5.5 million; following final geotechnical site investigation studies, modifications were required for local conditions and to meet seismic load requirements. The strength of the Mexican Peso has also impacted the cost forecast. The Company forecasts an additional $13.9 million on mine development, equipment, and infrastructure expenditures through commissioning. Much of the additional cost is for mobile equipment at both the Terronera and La Luz mines. Tradeoff evaluations show considerable savings through self-performed development and production, compared to escalating contractor mining prices. Additional mining equipment will be purchased earlier than originally planned to ensure sustained production during ramp up. Additional costs are anticipated from the strengthened Mexican Peso for labor and direct inputs sourced in-country. The permanent camp was completed for $2.2 million more than budget. A combination of additional scope, the impact of the strengthened Mexican Peso and inflationary costs impacted the final cost. Management has allocated $8.9 million from the $17.6 million contingency for additional cost forecasts for detail engineering, mine waste rock dump construction and indirect owner and construction management expenditures.
The Company’s early move to assemble an experienced Project team has provided the expertise to mitigate some of these impacts. Management believes the Company is well-equipped to meet the challenges of the current business environment. The Company has worked with external advisors and independent engineers to ensure forecasts are appropriately supported and verified. Management assumed a 17.5 Mexican Peso per US dollar exchange rate for 2024, which impacts on-going labor costs primarily incurred in mine development and project indirect costs. The Company plans to provide operational guidance as construction approaches commissioning.
Development and Execution Plan In 2023, project activity focused on completing bulk earthworks, major mobile mining equipment procurement, detail engineering, access road construction, advancing plant concrete, constructing the permanent camp, and development advance in Portals 1, 2 and 4. At the end of the year, construction progress was approaching 50% completion.
In 2024, the Q1 surface construction will focus on structural steel erection, mechanical installations and initial electrical work for the crushing, coarse-ore stockpile, grinding, flotation and tailing thickener areas. Excavation is expected to be nearing completion for the LNG and power generation areas and the concentrate and tailing filtration areas at the end of Q1. In Q2 and Q3, work is planned to advance in all plant areas with mechanical completion and commissioning activities planned in Q4 with initial production at the end of 2024.
For the mine, development of Portals 1, 2 and 4 will continue with first ore development anticipated in Q2. The first long-hole mining is planned for Q3 and cut-and-fill mining is planned to begin in Q4 with accumulation of the stockpile during this period. Development activities at La Luz are expected to begin in Q3 with portal construction and ramp advance to ore access in Q4.
The project remains on schedule for mill commissioning and initial production in the fourth quarter of 2024. The critical path remains the underground mine development where advance rates have been steadily increasing and the TSF construction.
Project Funding The Company is well-positioned to satisfy the financing requirements of the project. The Company expects to make the first draw under the $120 million project loan debt facility in the first quarter of 2024. Construction of the project remains on track and the funds available under the project loan debt facility will be allocated to fund construction. Management will provide updated expenditures through to December 31, 2023, as part of year-end financial reporting.
Launch of Project Website The Company is pleased to introduce a dedicated project website, accessible at www.terronera.com . This new website will serve as a virtual hub for the local community, key stakeholders, and other interested parties to stay informed and engaged with the ongoing progress of the Terronera Project. The Company invites all stakeholders to explore the latest updates, learn about our commitment to environmental stewardship and discover the positive impacts this venture will bring to local communities.
About the Terronera Project The Terronera project is a high-grade silver-gold project being developed in the San Sebastian mining district in Jalisco state, Mexico. It is located within the Sierra Madre volcanic belt, which hosts most of Mexico’s gold and silver deposits. It is a low-sulphidation epithermal vein system that will be mined using a combination of long hole and cut and fill techniques. The underground mine consists of two deposits, Terronera and La Luz, which will feed a centralized 2,000 tonne per day process plant. Based on the Feasibility Study, Terronera is expected to produce 4 million ounces of silver and 38,000 ounces of gold annually over its 10-year life.
For more information about the project and details of the Feasibility Study, the technical report is entitled “NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico” dated October 21, 2021 with an effective date of September 9, 2021, and it is available on the company website or under the Company’s name on SEDAR at www.sedar.com .
Technical Disclosure The scientific and technical information contained in this news release has been reviewed and approved by Don Gray, SME-RM., Chief Operating Officer, a Qualified Person as defined under NI 43-101.
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
|
|
|
Post by Entendance on Jan 31, 2024 18:04:55 GMT -5
20 executives from the silver industry have published an open letter advocating for silver to be considered as a critical mineral by Canada
|
|
|
Post by Entendance on Feb 7, 2024 6:46:57 GMT -5
|
|
|
Post by Entendance on Feb 9, 2024 3:20:48 GMT -5
|
|
|
Post by Entendance on Feb 10, 2024 8:39:58 GMT -5
|
|
|
Post by Entendance on Feb 13, 2024 3:17:26 GMT -5
|
|
|
Post by Entendance on Feb 22, 2024 7:51:14 GMT -5
|
|
|
Post by Entendance on Feb 28, 2024 6:14:58 GMT -5
With our exciting Terronera Project well into construction, Endeavour Silver is leading Mexico’s next silver mining development. In Jalisco, Mexico, Endeavour Silver is building a new silver-gold mine – the Terronera Project. The underground mine is scheduled to start production in late 2024, with an expected 10-year mine life. The project will bring significant economic benefits to the local area and Endeavour Silver will be advancing economic development in a sustainable and responsible way. Terronera is set to become our flagship operation and Mexico’s next producing silver mine.
|
|
|
Post by Entendance on Mar 11, 2024 7:13:52 GMT -5
Endeavour Silver Q4 Non-GAAP EPS of $0.02 Revenue of $50.5M Consolidated production of 5,672,703 silver ounces (oz) and 37,858 gold oz for silver equivalent production of 8.7 million oz in 2023
VANCOUVER, British Columbia, March 11, 2024 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the fourth quarter and year ended December 31, 2023. All dollar amounts are in US dollars (US$).
“The path to growth is never a straight line, so our ability to rise above challenges defines our success. During 2023, we kept focused on our main goals, while successfully navigating industry challenges” commented Dan Dickson, CEO of Endeavour Silver. “From a cost perspective, all Mexican miners faced overarching challenges, with persistent cost pressures across various channels. Our operations team demonstrated their resolve to overcome a significant challenge at Guanacevi, by elevating both mine and mill productivity levels above planned targets. As the remediation efforts extended into early Q4, the positive momentum from these initiatives reduced Q4 2023 cost metrics compared to Q3 2023 and will carry forward into the upcoming year.”
Mr. Dickson added, “With operating costs at their peak, we remain focused on cost discipline to offset inflationary and foreign exchange pressures while improving productivity. Bringing Terronera into production in late 2024 will provide the base we need for significant production growth and margin expansion as we move down the cost curve. We believe that project execution is our pathway to adding long-term value, as we position ourselves as a top silver investment vehicle for investors seeking industry leading growth.”
2023 Financial Highlights
Production In-Line with Guidance: Consolidated production of 5,672,703 silver ounces (oz) and 37,858 gold oz for silver equivalent (1) production of 8.7 million oz, representing the Company’s third consecutive year of meeting or exceeding production guidance. Revenue: Revenue of $205.5 million from the sale of 5,669,760 oz of silver and 37,186 oz of gold at average realized prices of $23.76 per oz silver and $1,968 per oz gold. Multiple Items Resulted in Escalated Annual Costs; Significant Improvement in Q4: Cash costs ( 2) of $13.49 per oz payable silver were above guidance due to a strengthened Mexican Peso, inflationary pressures and lower production and All-in Sustaining Costs (2) of $22.93 per oz were above guidance due to the aforementioned higher costs. Fourth quarter cash costs ( 2) of $12.54 per oz payable silver and all-in sustaining costs (2) of $21.48 signal visible improvement from third quarter costs due to remedial measures implemented at Guanacevi, as productivity improved. Healthy Balance Sheet: Cash position of $35.3 million and $42.5 million in working capital ( 2) . Cash decreased in Q4, as funds were spent on development activities at Terronera. During Q4, the Company raised gross proceeds of $39.3 million through issuances, primarily to fund the activities at Terronera. Cash Flow: $37.0 million in operating cash flow before working capital changes ( 2) , and mine operating cash flow before taxes (2) of $64.4 million.
Net Income: Net earnings of $6.1 million, or $0.03 per share, were impacted by inflationary pressures, foreign exchange and higher realized metal prices compared to the prior year. Construction Continues on Schedule at the Terronera Mine: Concrete work is well advanced and erection of steel for the grinding and flotation areas has started at year end (see news release dated February 12, 2024 ). Overall project progress reached 43% and the project remains on track for commissioning in Q4 2024.
Year Ended December 31, 2023 For the year ended December 31, 2023, revenue, net of $2.4 million of smelting and refining costs, decreased by 2% to $205.5 million (2022: $210.2 million).
The decrease in revenue is attributed to lower production compared to 2022 but was partially offset by higher precious metal prices realized during the year. During the period, the Company sold 5,669,760 oz silver and 37,186 oz gold for realized prices of $23.76 and $1,968 per oz, respectively, compared to sales of 6,464,869 oz silver and 38,868 oz gold for realized prices of $22.07 and $1,814 per oz, respectively, in 2022.
After cost of sales of $168.9 million (2022: $158.6 million), an increase of 6%, mine operating earnings were $36.6 million (2022: $51.5 million). The increase in cost of sales, despite lower sales, was due to higher costs as a result of inflation on a number of direct inputs, the impact of the appreciation of the Mexican peso on labour costs and direct inputs and higher royalty costs. Royalties increased 25% to $22.2 million (2022: $17.8 million) due to increased mining of the high-grade El Curso and El Porvenir extensions at the Guanaceví operation, which are subject to significant royalty rates.
The Company had operating earnings of $8.7 million (2022: $23.5 million) after exploration, evaluation and development costs of $15.1 million (2022: $16.2 million), general and administrative costs of $12.4 million (2022: $10.6 million), and a write-off of exploration properties of $0.4 million (2022: $0.7 million). In 2022, there were also care and maintenance costs of $0.6 million related to the El Compas mine which was sold in late 2022.
Earnings before income taxes were $18.2 million (2022: $25.0 million) after finance costs of $1.4 million (2022: $1.3 million), a foreign exchange gain of $4.7 million (2022: $1.9 million), a net gain on disposal of assets of $7.1 million primarily generated by the gain on the sale of the Cozamin royalty (2022: $2.5 million primarily from the gain on the sale of El Compas mine) and investment and other expense of $0.8 million (2022: $1.6 million).
The Company realized net earnings for 2023 of $6.1 million (2022: $6.2 million) after a tax expense of $12.1 million (2022: $18.7 million). Current income tax expense increased to $11.3 million (2022: $6.4 million) while deferred income tax expense decreased to $0.8 million (2022: $12.4 million) The deferred income tax expense of $0.8 million is derived from changes in temporary timing differences between deductions for accounting versus deductions for tax. During 2022, the changes in deferred taxes were driven primarily by the utilization of loss carryforwards at Guanacevi with no further loss carryforwards available to offset against current income tax in 2023.
Direct operating costs ( 2) on a per tonne basis increased to $141.72, up 8% compared with 2022 due to higher operating costs. Guanaceví and Bolañitos have seen increased labour, power and consumables costs primarily driven by inflationary pressure as well as the impact of a strengthened Mexican Peso. Direct costs per tonne (2) increased to $171.00, up 10% compared to 2022 due to the increase in direct operating costs as well as the increase in royalty costs.
Consolidated cash costs per oz, net of by-product credits, increased to $13.49 primarily due to the higher direct costs per tonne and a reduction in production partially offset by higher gold credits. All-in sustaining costs increased 15% to $22.93 per oz in 2023 due to the higher cash costs, an increase in allocated general and administrative expenses partially offset by a decrease in capital expenditures.
Consolidated cash costs per oz, net of by-product credits of $13.49 exceeded cash cost guidance of between a $10.00 and $11.00 range, primarily due to higher direct costs which were impacted by a strengthened Mexican Peso and higher inflationary pressure than anticipated. Cash costs, on a per ounce basis, were also impacted by realized production being on the lower end of guidance. All-In-Sustaining Costs (“AISC”) of $22.93 on a per oz basis was above guidance of $19.00 to $20.00 per ounce and similarly impacted by the increased costs.
The complete financial statements and management’s discussion & analysis can be viewed on the Company’s website, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. All shareholders can receive a hard copy of the Company’s complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Investor Relations at 604-640-4804, toll free at 1-877- 685-9775 or by email at gmeleger@edrsilver.com
Conference Call
A conference call to discuss the Company’s annual 2023 financial results will be held today at 9:00 a.m. PT / 12:00 p.m. ET. To participate in the conference call, please dial the numbers below. Date & Time: Monday, March 11, 2024 at 9:00 a.m. PT / 12:00 p.m. ET Telephone: Toll-free in Canada and the US +1-800-319-4610 Local or International +1-604-638-5340 Please allow up to 10 minutes to be connected to the conference call. Replay: A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 0627#. The replay will also be available on the Company’s website at www.edrsilver.com .
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
|
|
|
Post by Entendance on Mar 17, 2024 4:18:52 GMT -5
|
|
|
Post by Entendance on Mar 18, 2024 10:17:20 GMT -5
|
|
|
Post by Entendance on Mar 31, 2024 1:25:12 GMT -5
Dear Investors, 2023 stands out as a transformative year as we executed on our growth plans. Amid an extremely challenging macro environment, including volatile equity markets and persistent cost pressures, our management team displayed unwavering dedication and strategic agility in navigating the complexities across various fronts. We achieved many significant milestones, such as securing project loan financing from top-tier lenders in the mining sector and initiating full-scale construction at our flagship Terronera mine. These remarkable strides were made while maintaining a steadfast commitment to safety and sustainable development. As we close out our year end reporting, we are still seeing a tremendous imbalance between mining equity prices and the underlying commodities. Even as gold continues to reach new highs, near term market sentiment is closely tied to Federal Reserve actions- however the investment thesis for holding precious metals continues to build. Below is a recap of recent developments in Q4. Access our 2023 Financial Statements and MD&A here and here
Company Updates
Terronera Q4 Construction Update: Progress Nearing 50% Completion The Terronera project has made significant construction progress to date. Concrete work is well advanced, and erection of structural steel for the grinding and flotation areas has started. Efforts in Q4 were concentrated on completing key items including earthworks for our Upper Mill Platform, procurement of equipment, and advances in plant concrete. Underground mine development continues to advance rapidly, targeting to start ore development in Q2. You can view project progress to date here in the photo gallery.
Introducing our New Terronera Project Website: Exciting news! We've launched the official website for our Terronera project in Mexico. Dive into the details, explore our commitment to sustainability, and follow our journey. Check it out here
Update on Terronera Project Potential during PDAC With our Terronera mine construction on track, scheduled for commissioning in Q4 2024 with production in 2025, we will ensure the base Endeavour Silver needs for significant production growth and margin expansion. Watch the PDAC interview
Mexico Mining Investment Outlook Panel Discover exclusive insights from our CEO, Dan Dickson, and other industry executives as they participated in a panel discussion at The Mexican Mining Forum. Industry insiders delve into the challenges of investing in Mexico and strategies to enhance its attractiveness to investors.
CEO Dan Dickson Interviewed by Peter Krauth from Maven Investor Insight Peter Krauth does a deep dive on Endeavour Silver with CEO Dan Dickson. They discuss Terronera, the high-grade silver-gold project being developed in Mexico, and the company's strategic growth plan for 2024.
Dan Dickson Interviewed by Jochen Staiger from Commodity-TV CEO Dan Dickson talks Endeavour Silver's 2023 wins despite cost challenges. In this interview, he touches on the mine extension plans for Guanaceví and Bolañitos, the growth trajectory of Terronera, and upcoming ventures like Parral and Pitarrilla.
Endeavour Silver Update on Commodity TV Watch our latest update and Growth Analysis on Commodity TV
|
|
|
Post by Entendance on Apr 5, 2024 1:50:24 GMT -5
|
|
|
Post by Entendance on Apr 9, 2024 6:42:06 GMT -5
Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to report first quarter 2024 production of 1,460,006 silver ounces (oz) and 10,133 gold oz, for silver equivalent (1) (“AgEq”) production of 2.3 million oz. “Across our portfolio, the operations performed largely in-line with our expectations to deliver our annual production guidance of 8.1- 8.8 million silver equivalent ounces in 2024,” commented Dan Dickson, Chief Executive Officer. “The infrastructure upgrades in pumping and ventilation have stabilized production at Guanacevi, and the impact from these improvements is being realized by our strong start to the year. Gold and silver prices have strengthened considerably, which will improve future revenues. I look forward to building upon the success of this quarter.”
Q1 2024 Highlights Guanaceví Continues to Deliver: Silver and gold production were consistent with plan showing higher gold grades and overall recoveries, offset by lower silver grades. Throughput slightly exceeded plan due to plant refurbishments and mining efficiencies that were implemented in 2023. Bolañitos Performance Remains Steady: Strong gold production continued from the fourth quarter of 2023. Silver production continued to trend down as lower silver grades were encountered; variations in grades quarter to quarter are expected. Metal Sales and Inventories : Sold 1,756,094 oz silver and 10,880 oz gold during the quarter. Held 174,759 oz silver and 394 oz gold bullion inventory and 7,369 oz silver and 385 oz gold in concentrate inventory at quarter end.
Q1 2024 Mine Operations
Consolidated silver production decreased by 10% to 1,460,006 ounces in Q1 2024 compared to Q1 2023, driven by 7% lower silver production at the Guanaceví mine and 32% lower silver production at the Bolañitos mine. Gold production increased by 8% to 10,133 ounces in Q1 2024 compared to Q1 2023 due to 17% higher gold production at the Bolañitos mine, offset by 2% lower gold production at the Guanaceví mine.
In Q1, 2024, Guanaceví throughput was 12% higher than Q1 2023 and silver grades and gold grades were 21% and 12% lower, respectively, which drove the lower silver and gold output. Guanaceví throughput was slightly above plan due to plant refurbishments and modifications implemented last year, while grades were slightly lower due to typical variations in the resource model. Supplies of local third-party feed continued to supplement mine production, amounting to 11% of quarterly throughput and contributing to the higher grades.
Bolañitos Q1 2024 throughput was 2% lower than Q1 2023 with 31% lower silver grades offset by 14% higher gold grades. Silver production was 32% lower while gold production was 17% higher at the Bolañitos mine.
Q1 2024 Financial Results and Conference Call Q1 2024 financial results will be released before market open on Thursday, May 9, 2024 and Management will host a conference call the same day at 1:00 pm Eastern time to discuss the results. Date: Thursday, May 9, 2024 Time: 10:00am Pacific / 1:00pm Eastern Telephone: Canada & US +1-844-763-8274 International +1-647-484-8814 Replay: Canada & US +1-604-674-8052 International +1-855-669-9658 Passcode is 0771#; audio replay will be available on Company’s website
|
|
|
Post by Entendance on Apr 10, 2024 8:32:44 GMT -5
VANCOUVER, British Columbia, April 10, 2024 - Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to announce the first drawdown of $60 million of the $120 million senior secured debt facility (the “ Debt Facility ”) for the development of the Terronera Mine in Jalisco state, Mexico. The debt facility is provided by Société Générale and ING Bank N.V. and closed last year (see news release dated October 10, 2023 ). All references to dollars ($) in this news release are in United States dollars.
Construction of the Terronera mine is well underway and remains on track and has satisfied all conditions precedent to first draw. Key terms of the Debt Facility remain consistent with those previously announced in the Company’s news release dated April 18, 2023 and the hedge contract terms have now been executed, further reducing financial risk in the project. The key terms of these contracts are as follows: Forward sales amounting to 68,000 ounces of gold have been executed at $2,325 per ounce, representing 55% of planned gold production during the initial three years of operations. There is no requirement to hedge silver sales. Forward purchases of US$45 million equivalent Mexican peso over the remaining construction period have been hedged at $16.56 per US dollar.
|
|
|
Post by Entendance on Apr 16, 2024 6:16:09 GMT -5
|
|
|
Post by Entendance on Apr 18, 2024 6:12:56 GMT -5
Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) is pleased to announce Angela Johnson as a nominee for election to its Board of Directors at the Company’s 2024 Annual Meeting of Shareholders on May 28, 2024. Current board member and former Chief Financial Officer, Christine West, will be stepping down having announced her retirement in 2023. “We are excited about adding Angela to the Board, her technical background and Environmental, Social, and Governance (ESG) experience make her an exceptional fit with our existing Board members that achieves succession planning objectives to ensure core board competencies and expertise are in place,” said Rex McLennan, Chairman of the Board of Directors of Endeavour Silver. “I would also like to sincerely thank Ms. West for her guidance and tireless commitment to Endeavour Silver over the years.”
Angela Johnson brings over thirteen years of experience in the mining industry in both technical and corporate development roles. Her expertise includes managing international exploration efforts at projects and operations across North and South America and conducting project assessments to identify growth opportunities. Ms. Johnson is a Professional Geologist, MBA, with a depth of knowledge and expertise in geology and related technical reporting and project evaluations. Angela compliments this technical expertise with experience and knowledge in ESG best practices. Ms. Johnson has held key leadership positions at several publicly listed mining companies. She currently serves as the VP of Corporate Development and Sustainability at Faraday Copper Corp., where she oversees corporate development due diligence processes, ESG reporting, permitting, and community engagement efforts. Ms. Johnson is currently serving as an Independent Director at Gold Royalty Corp., where she sits on the Nomination & Corporate Governance Committee and ESG Committee, providing strategic oversight, particularly in technical due diligence reviews and ESG matters. Ms. Johnson holds a Bachelor of Geology (Honours) from the University of Alberta, a Master of Science in Geochemistry/Geology from the University of Victoria, and a Master of Business Administration from Dalhousie University. She actively contributes to the industry by presenting at industry events and panels, sharing her expertise and passion for the mining sector. Furthermore, she serves as a committee member of the Association for Mineral Exploration (AME BC) Policy and Government Relations Committee, demonstrating her commitment to shaping policies that impact the mining industry.
About Endeavour Silver – Endeavour Silver is a mid-tier precious metals company with a strong commitment 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 to facilitate its goal to become a premier senior silver producer.
|
|
|
Post by Entendance on Apr 22, 2024 6:07:38 GMT -5
VANCOUVER, British Columbia, April 22, 2024 -- Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) announces a significant milestone in the construction of its new Terronera mine, in Jalisco state, Mexico. The project has surpassed the 50% completion mark, marking a crucial step forward in the Company's expansion efforts. To celebrate this achievement, the Company is pleased to provide a short video offering investors an exclusive look at the new mine with insights from the executive team. This video highlights the construction progress, showcases the scale and scope of the project, and emphasizes the positive impact on both the company and the local community. Investors, stakeholders, and the public are invited to watch
The video was filmed in mid-March and represents construction progress at that time. Dan Dickson, Chief Executive Officer stated, “Reaching the halfway mark in our construction schedule is a testament to the hard work and dedication of our team. With commissioning expected in Q4 2024, Terronera will bring tremendous potential to our company's future, as we grow and expand our operations through responsible practices.” 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 with a strong commitment 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 to facilitate its goal to become a premier senior silver producer.
|
|