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 produced1 |
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 tonneTotals 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 tonneTotals may not add up due to rounding
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.
Qualified Person
Dale Mah, P.Geo., Vice President Corporate
Development, a qualified person under NI 43-101, has approved the
scientific and technical information related to operations matters
in this news release.
Q2 2024 Financial Results and Conference
Call
Q2 2024 financial results will be released
before market open on Thursday August 1, 2024, and Management will
host a conference call the same day at 1:00 pm Eastern time to
discuss the results.
Date:
|
|
Thursday
August 1, 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 |
|
|
Audio replay will be available on Company’s website |
Management Changes
Galina Meleger, Vice President of Investor
Relations, resigned from the Company in June 2024 to pursue another
opportunity. We wish Galina all the best in her new position and
thank her for being an integral part of the team and our growth
over the past years.
Contact InformationDan Dickson, CEOEmail:
ddickson@edrsilver.comWebsite: www.edrsilver.com
Follow Endeavour Silver on Facebook, X,
Instagram and LinkedIn
Endnotes
1 Silver equivalent
(AgEq)
AgEq is calculated using an 80:1 silver:gold ratio.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains “forward-looking
statements” within the meaning of the United States private
securities litigation reform act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Such forward-looking statements and information herein
include but are not limited to statements regarding Endeavour’s
anticipated performance in 2024 including changes in mining
operations and forecasts of production levels and the timing and
results of various activities. The Company does not intend to and
does not assume any obligation to update such forward-looking
statements or information, other than as required by applicable
law.
Forward-looking statements or information
involve known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, production
levels, performance or achievements of Endeavour and its operations
to be materially different from those expressed or implied by such
statements. Such factors include but are not limited changes in
production and costs guidance; the ongoing effects of inflation and
supply chain issues on mine economics; national and local
governments, legislation, taxation, controls, regulations and
political or economic developments in Canada and Mexico; financial
risks due to precious metals prices; operating or technical
difficulties in mineral exploration, development and mining
activities; risks and hazards of mineral exploration, development
and mining; the speculative nature of mineral exploration and
development; risks in obtaining necessary licenses and permits;
fluctuations in the prices of silver and gold, fluctuations in the
currency markets (particularly the Mexican peso, Chilean peso,
Canadian dollar and U.S. dollar); and challenges to the Company’s
title to properties; as well as those factors described in the
section “risk factors” contained in the Company’s most recent form
40F/Annual Information Form filed with the S.E.C. and Canadian
securities regulatory authorities.
Forward-looking statements are based on
assumptions management believes to be reasonable, including but not
limited to: the continued operation of the Company’s mining
operations, no material adverse change in the market price of
commodities, forecasted mine economics as of 2024, mining
operations will operate and the mining products will be completed
in accordance with management’s expectations and achieve their
stated production outcomes, and such other assumptions and factors
as set out herein. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
information, there may be other factors that cause results to be
materially different from those anticipated, described, estimated,
assessed or intended. There can be no assurance that any
forward-looking statements or information will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements or information. Accordingly,
readers should not place undue reliance on forward-looking
statements or information.
Endeavour Silver (TSX:EDR)
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