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 $271
million capital budget, and remains on track for commissioning in
Q4 2024. See news release dated July 24, 2024 here.
Operating And Financial
Overview
|
Three Months Ended June 30 |
Q2 2024 Highlights |
Six Months Ended June 30 |
|
2024 |
2023 |
% Change |
|
2024 |
2023 |
% Change |
|
|
|
|
Production |
|
|
|
|
1,312,573 |
1,494,000 |
(12%) |
Silver ounces produced |
2,772,578 |
3,117,545 |
(11%) |
|
10,549 |
9,819 |
7% |
Gold ounces produced |
20,682 |
19,161 |
8% |
|
1,303,461 |
1,482,255 |
(12%) |
Payable silver ounces produced |
2,753,769 |
3,090,467 |
(11%) |
|
10,369 |
9,636 |
8% |
Payable gold ounces produced |
20,317 |
18,820 |
8% |
|
2,156,453 |
2,279,520 |
(5%) |
Silver equivalent ounces produced(1) |
4,427,130 |
4,650,425 |
(5%) |
|
13.43 |
13.52 |
(1%) |
Cash costs per silver ounce(2) |
13.30 |
12.27 |
8% |
|
20.48 |
18.54 |
10% |
Total production costs per ounce(2)) |
19.65 |
16.92 |
16% |
|
23.13 |
22.15 |
(5%) |
All-in sustaining costs per ounce (2) |
22.24 |
21.11 |
1% |
|
218,989 |
228,575 |
(4%) |
Processed tonnes |
440,783 |
439,648 |
0% |
|
140.36 |
131.79 |
7% |
Direct operating costs per tonne(2) |
137.65 |
126.28 |
9% |
|
192.68 |
169.59 |
14% |
Direct costs per tonne(2) |
187.19 |
169.54 |
10% |
|
|
|
|
Financial |
|
|
|
|
58.3 |
50.0 |
17% |
Revenue ($ millions) |
122.0 |
105.5 |
16% |
|
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% |
|
28.94 |
24.27 |
19% |
Realized silver price per ounce |
25.71 |
23.65 |
9% |
|
2,374 |
1,955 |
21% |
Realized gold price per ounce |
2,238 |
1,937 |
16% |
|
(14.0) |
(1.1) |
(1,229%) |
Net earnings (loss) ($ millions) |
(15.2) |
5.4 |
(381%) |
|
(1.0) |
1.6 |
(160%) |
Adjusted net earnings (loss) (2) ($ millions) |
(0.7) |
6.7 |
(110%) |
|
10.2 |
12.5 |
(19%) |
Mine operating earnings ($ millions) |
21.9 |
28.6 |
(24%) |
|
18.9 |
18.8 |
0% |
Mine operating cash flow before taxes ($ millions)(2) |
39.5 |
41.3 |
(4%) |
|
8.1 |
11.5 |
(30%) |
Operating cash flow before working capital changes(2) |
18.3 |
24.0 |
(24%) |
|
(2.3) |
11.4 |
(120%) |
EBITDA(2) ($ millions) |
11.3 |
30.8 |
(63%) |
|
11.9 |
14.4 |
(17%) |
Adjusted EBITDA(2) ($ millions) |
28.1 |
34.1 |
(18%) |
|
64.5 |
78.2 |
(18%) |
Working capital (2) ($ millions)(2) |
64.5 |
78.2 |
(18%) |
|
|
|
|
Shareholders |
|
|
|
|
(0.06) |
(0.01) |
(500%) |
Earnings (loss) per share – basic ($) |
(0.06) |
0.03 |
(300%) |
|
(0.00) |
0.01 |
(100%) |
Adjusted earnings (loss) per share – basic ($)(2) |
(0.00) |
0.04 |
(100%) |
|
0.03 |
0.06 |
(50%) |
Operating cash flow before working capital changes per
share(2) |
0.08 |
0.13 |
(38%) |
|
242,889,679 |
191,446,597 |
27% |
Weighted average shares outstanding |
235,201,630 |
190,867,192 |
23% |
|
|
|
|
|
|
|
|
(1) Silver equivalent (AgEq) is calculated using
an 80:1 silver:gold ratio.
(2) These are non-IFRS financial measures and
ratios. Further details on these non-IFRS financial measures and
ratios are provided at the end of this press release and in the
MD&A accompanying the Company’s financial statements, which can
be viewed on the Company’s website, on SEDAR+ at www.sedarplus.com
and on EDGAR at www.sec.gov.
Direct operating costs per tonne in Q2 2024
increased to $140.36, a 7% increase compared to $131.79 in Q2 2023.
The increase in the cost per tonne compared to the prior period was
driven by a strengthened Mexican peso contributing to higher
labour, power and consumables costs. In 2023, the Company faced
significant inflationary pressures, which have eased in 2024 but
still persist.
Consolidated cash costs per silver ounce, net of
by-product credits, in Q2 2024 decreased to $13.43 per silver
ounce, a 1% decrease compared with $13.52 per silver ounce in Q2
2023, driven by an increase in by-product gold sales, but largely
offset by an increase in direct operating costs per tonne as noted
above, and a decrease in silver ore grades.
All-In-Sustaining Costs (“AISC”) increased by 4%
on a per ounce basis compared to Q2 2023 due to the higher general
and administrative costs and higher share-based compensation,
partially offset by reduced sustaining capital expenditures.
For the six months ended June 30, 2024,
consolidated direct operating costs per tonne is above annual
guidance due to higher purchased material at Guanacevi and slightly
higher direct input costs than estimated. At Guanacevi purchased
material from local miners increased to 18% of throughput and
accounted for $5.0 million or $23.02 of consolidated direct
operating costs per tonne, In Q2, 2023, purchased material was $1.5
million or $6.38 of consolidated direct operating costs per tonne.
With higher precious metal prices, the availability and cost of the
purchased material have both increased. Per ounce guidance metrics
are impacted by metal price estimates, royalties, special mining
duties and normal variations in ore grades. The higher gold price
realized has offset increased input costs in calculating per ounce
guidance metrics. Management estimates costs per ounce metrics will
be near the lower end of the guidance range, while direct operating
costs per tonne will remain above guidance due to the higher metal
prices.
Management assumed $23 per oz silver price,
$1,840 per oz gold price and 17:1 Mexican peso to U.S. dollar
exchange rate in calculating its 2024 cost guidance.
The Company reported a net loss of $14.0 million
for the three-month period ended June 30, 2024 compared to a $1.0
million loss in Q2 2023. Excluding certain non-cash and
unusual items, and items that are subject to volatility which are
unrelated to the Company’s operation, adjusted loss was $1.0
million compared to adjusted earnings of $1.6 million in Q2
2023.
For the three months ended June 30, 2024,
revenue of $58.3 million, net of $0.4 million of smelting and
refining costs, increased by 17% compared to $50.0 million, net of
$0.9 million of smelting and refining costs, in Q2, 2023.
Gross sales of $58.7 million in Q2 2024 represented a 15% increase
over the gross sales of $50.9 million for the same period in 2023.
A 6% decrease in silver ounces sold during the period,
combined with a 19% increase in the realized silver price resulted
in an 11% increase in silver sales. Gold oz sold were in line with
comparative period, with a 21% increase in realized gold prices
resulting in a 22% increase in gold sales. During the period, the
Company sold 1,217,569 oz silver and 9,887 oz gold, for realized
prices of $28.94 and $2,374 per oz, respectively, compared to sales
of 1,299,672 oz silver and 9,883 oz gold, for realized prices of
$24.27 and $1,955 per oz, respectively, in the same period of 2023.
Silver and gold London spot prices averaged $28.68 and $2,337,
respectively, during the three months ended June 30, 2024.
The Company increased its finished goods metal
inventory to 268,020 oz and to 1,261 oz gold at June 30, 2024,
compared to 182,128 oz silver and 779 oz gold at March 31,
2024. The cost allocated to these finished goods was $6.1
million at June 30, 2024, compared to $4.0 million at March 31,
2024. As of June 30, 2024, the finished goods inventory fair market
value was $10.8 million, compared to $6.2 million at March 31,
2024.
Cost of sales for Q2 2024 was $48.0 million, an
increase of 28% over the cost of sales of $37.5 million for Q2
2023. The increase in the cost of sales compared to the prior
period was driven by a strengthened Mexican peso contributing to
higher labour, power and consumables costs. Throughout 2023, the
Company faced significant inflationary pressures, which have eased
in 2024 but still persist. Additionally, in Q2 2024 purchased
material from local miners increased to 18% of Guanacevi throughput
and accounted for $5.0 million of cost of sales, an increase of
$3.5 million compared to Q2 2023. The Company incurred
increased depreciation costs during Q2 2024 compared to the prior
period, due to lower reserve estimates at its’
operations.
The Company reported operating earnings of $1.7
million after exploration, evaluation and development costs of $4.3
million and general and administrative costs of $4.3 million.
Exploration and evaluation expenses were $4.3 million, in line with
$4.3 million incurred in the same period of 2023. General and
administrative expenses of $4.2 million were 80% higher compared to
the $2.4 million incurred for the same period of 2023; the $1.9
million increase is primarily attributable to the appreciation of
the Company’s share price and the revaluation of liability
recognized for cash settled deferred share units.
Finance costs, a foreign exchange loss, loss on
derivative contracts and investment and other income contributed to
a loss before income taxes of $11.3 million compared to $4.2
million earnings before taxes in Q2 2023.
The Company incurred a foreign exchange loss of
$4.0 million in Q2 2024 compared to a foreign exchange gain of $1.9
million in Q2 2023 due to a weakening of the Mexican peso at the
end of the reporting period, which decreased the US dollar value of
the Mexican peso denominated working capital surplus. As part of
the Debt Facility agreement, the Company entered into forward gold
sale contracts and Mexican Peso purchase contracts. The Company
recognized a $9.3 million loss on these derivative contracts due to
the increase in gold forward prices and the depreciation of the
Mexican peso in relation to the US dollar at June 30, 2024.
The complete financial statements and
management’s discussion & analysis can be viewed on the
Company’s website, on SEDAR at www.sedar.com 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
Allison Pettit, Director Investor Relations at 604-640-4804, toll
free at 1-877-685-9775 or by email
at apettit@edrsilver.com
Conference Call
Management will host a conference call to discuss the Company’s
Q2 2024 financial results today at 1:00pm Eastern time (EDT).
| Date: |
Thursday,
August 1, 2024 |
| |
|
| Time: |
10:00am Pacific (PDT) / 1:00pm Eastern (EDT) |
| |
|
| Telephone: |
Canada & US +1-844-763-8274 |
| |
International +1-647-484-8814 |
| |
|
| Replay: |
Canada/US Toll Free +1-855-669-9658 |
| |
International +1-412-317-0088 |
| |
Passcode is 3649166 |
| |
|
To access the replay using an international dial-in number,
please click here. 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 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.
Contact Information Allison Pettit, Director
Investor Relations Tel: (877) 685 - 9775 Email:
apettit@edrsilver.com Website: 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.
2 Non-IFRS and Other Financial Measures
and Ratios
Certain non-IFRS and other non-financial
measures and ratios are included in this press release, including
cash costs per silver ounce, total production costs per ounce,
all-in costs per ounce, all-in sustaining cost (“AISC”) per ounce,
direct operating costs per tonne, direct costs per tonne, silver
co-product cash costs, gold co-product cash costs, realized silver
price per ounce, realized gold price per ounce, adjusted net
earnings (loss) adjusted net earnings (loss) per share, mine
operating cash flow before taxes, working capital, operating cash
flow before working capital adjustments, operating cash flow before
working capital changes per share, earnings before interest, taxes,
depreciation and amortization (“EBITDA”), adjusted EBITDA per share
and sustaining and growth capital.
Please see the June 30, 2024 MD&A for
explanations and discussion of these non-IFRS and other
non-financial measures and ratios. The Company believes that these
measures and ratios, in addition to conventional measures and
ratios prepared in accordance with International Financial
Reporting Standards (“IFRS”), provide management and investors an
improved ability to evaluate the underlying performance of the
Company. The non-IFRS and other non-financial measures and ratios
are intended to provide additional information and should not be
considered in isolation or as a substitute for measures or ratios
of performance prepared in accordance with IFRS. These measures and
ratios do not have any standardized meaning prescribed under IFRS,
and therefore may not be comparable to other issuers. Certain
additional disclosures for these non-IFRS measures have been
incorporated by reference and can be found in the section “Non-IFRS
Measures” in the June 30, 2024 MD&A available on SEDAR at
www.sedar.com.
Reconciliation of Working Capital
|
Expressed in thousands US dollars |
As at June 30, 2024 |
As at December 31, 2023 |
|
Current assets |
$127,506 |
$100,773 |
|
Current liabilities |
63,001 |
58,244 |
|
Working capital |
$64,505 |
$42,529 |
|
|
|
|
Reconciliation of Adjusted Net Earnings (Loss)
and Adjusted Net Earnings (Loss) Per Share
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
(except for share numbers and per share amounts) |
2024 |
2023 |
2024 |
2023 |
|
Net earnings (loss) for the period per financial statements |
($14,007) |
($1,054) |
($15,201) |
$5,402 |
|
Unrealized foreign exchange (Gain) loss |
2,196 |
519 |
2,332 |
1,614 |
|
(Gain) loss on derivatives |
9,253 |
- |
9,253 |
- |
|
Change in fair value of investments |
425 |
3,150 |
1,286 |
53 |
|
Change in fair value of cash settled DSUs |
1,159 |
(994) |
1,624 |
(341) |
|
Adjusted net earnings (loss) |
($974) |
$1,621 |
($706) |
$6,728 |
|
Basic weighted average share outstanding |
242,889,679 |
191,446,597 |
235,201,630 |
190,867,192 |
|
Adjusted net earnings (loss) per share |
($0.00) |
$0.01 |
($0.00) |
$0.04 |
| |
|
|
|
|
Reconciliation of Mine Operating Cash Flow
Before Taxes
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
|
2024 |
2023 |
2024 |
2023 |
|
Mine operating earnings per financial statements |
$10,196 |
$12,542 |
$21,852 |
$28,567 |
|
Share-based compensation |
74 |
(294) |
153 |
(162) |
|
Depreciation |
8,639 |
6,596 |
17,516 |
12,849 |
|
Mine operating cash flow before taxes |
$18,909 |
$18,844 |
$39,521 |
$41,254 |
|
|
|
|
|
|
Reconciliation of Operating Cash Flow Before
Working Capital Changes and Operating Cash Flow Before Working
Capital Changes Per Share
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
(except for per share amounts) |
2024 |
2023 |
2024 |
2023 |
|
Cash from (used in) operating activities per financial
statements |
$12,367 |
$4,853 |
$16,950 |
$4,452 |
|
Net changes in non-cash working capital per financial
statements |
4,301 |
(6,606) |
(1,350) |
(19,508) |
|
Operating cash flow before working capital changes |
$8,066 |
$11,459 |
$18,300 |
$23,960 |
|
Basic weighted average shares outstanding |
242,889,679 |
191,446,597 |
235,201,630 |
190,867,192 |
|
Operating cash flow before working capital changes per share |
$0.03 |
$0.06 |
$0.08 |
$0.13 |
| |
|
|
|
|
Reconciliation of EBITDA and Adjusted EBITDA
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
|
2024 |
2023 |
2024 |
2023 |
|
Net earnings (loss) for the period per financial statements |
($14,007) |
($1,054) |
($15,201) |
$5,402 |
|
Depreciation – cost of sales |
8,639 |
6,596 |
17,516 |
12,849 |
|
Depreciation – exploration, evaluation and development |
188 |
317 |
347 |
595 |
|
Depreciation – general & administration |
106 |
54 |
205 |
116 |
|
Finance costs |
103 |
229 |
238 |
488 |
|
Current income tax expense |
2,878 |
4,442 |
8,545 |
8,887 |
|
Deferred income tax expense (recovery) |
(163) |
766 |
(396) |
2,442 |
|
EBITDA |
($2,256) |
$11,350 |
$11,254 |
$30,779 |
|
Share based compensation |
1,162 |
416 |
2,332 |
2,041 |
|
Unrealized foreign exchange (gain) loss |
2,196 |
519 |
2,332 |
1,614 |
|
(Gain) loss on derivatives |
9,253 |
- |
9,253 |
- |
|
Change in fair value of investments |
425 |
3,150 |
1,286 |
53 |
|
Change in fair value of cash settled DSUs |
1,159 |
(994) |
1,624 |
(341) |
|
Adjusted EBITDA |
$11,939 |
$14,441 |
$28,081 |
$34,146 |
|
Basic weighted average shares outstanding |
242,889,679 |
191,446,597 |
235,201,630 |
190,867,192 |
|
Adjusted EBITDA per share |
$0.05 |
$0.08 |
$0.12 |
$0.18 |
|
|
|
|
|
|
Reconciliation of Cash Cost Per Silver Ounce,
Total Production Costs Per Ounce, Direct Operating Costs Per Tonne,
Direct Costs Per Tonne
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
|
Guanaceví |
Bolañitos |
Total |
Guanaceví |
Bolañitos |
Total |
|
Direct production costs per financial statements |
$23,001 |
$10,702 |
$33,703 |
14,878 |
10,600 |
$25,478 |
|
'Purchase of the third-party material |
(5,043) |
- |
(5,043) |
(1,457) |
- |
(1,457) |
|
Smelting and refining costs included in net revenue |
- |
447 |
447 |
- |
795 |
795 |
|
Opening finished goods |
(2,314) |
(651) |
(2,965) |
(4,848) |
(1,063) |
(5,911) |
|
Closing finished goods |
4,038 |
557 |
4,595 |
10,257 |
962 |
11,219 |
|
Direct operating costs |
19,682 |
11,055 |
30,737 |
18,830 |
11,294 |
30,124 |
|
'Purchase of third-party material |
5,043 |
- |
5,043 |
1,457 |
- |
1,457 |
|
Royalties |
5,556 |
92 |
5,648 |
5,679 |
70 |
5,749 |
|
Special mining duty(1) |
129 |
637 |
766 |
1,224 |
209 |
1,433 |
|
Direct costs |
30,410 |
11,784 |
42,194 |
27,190 |
11,573 |
38,763 |
|
By-product gold sales |
(8,622) |
(14,852) |
(23,474) |
(8,469) |
(10,853) |
(19,322) |
|
Opening gold inventory fair market value |
871 |
851 |
1,722 |
2,500 |
995 |
3,495 |
|
Closing gold inventory fair market value |
(2,187) |
(751) |
(2,938) |
(1,629) |
(1,268) |
(2,897) |
|
Cash costs net of by-product |
20,472 |
(2,968) |
17,504 |
19,592 |
447 |
20,039 |
|
Depreciation |
5,965 |
2,674 |
8,639 |
3,381 |
3,215 |
6,596 |
|
Share-based compensation |
60 |
14 |
74 |
(147) |
(147) |
(294) |
|
Opening finished goods depreciation |
(771) |
(219) |
(990) |
(1,115) |
(355) |
(1,470) |
|
Closing finished goods depreciation |
1,326 |
144 |
1,470 |
2,318 |
288 |
2,606 |
|
Total production costs |
$27,052 |
($355) |
$26,697 |
$24,029 |
$3,448 |
$27,477 |
|
|
Three Months Ended June 30, 2024 |
Three Months Ended June 30, 2023 |
|
|
Guanaceví |
Bolañitos |
Total |
Guanaceví |
Bolañitos |
Total |
|
Throughput tonnes |
112,897 |
106,092 |
218,989 |
116,908 |
111,667 |
228,575 |
|
Payable silver ounces |
1,192,165 |
111,296 |
1,303,461 |
1,348,366 |
133,889 |
1,482,255 |
|
|
|
|
|
|
|
|
|
Cash costs per silver ounce |
$17.17 |
($26.67) |
$13.43 |
$14.53 |
$3.34 |
$13.52 |
|
Total production costs per ounce |
$22.69 |
($3.19) |
$20.48 |
$17.82 |
$25.75 |
$18.54 |
|
Direct operating costs per tonne |
$174.34 |
$104.20 |
$140.36 |
$161.07 |
$101.14 |
$131.79 |
|
Direct costs per tonne |
$269.36 |
$111.07 |
$192.68 |
$232.58 |
$103.64 |
$169.59 |
|
Expressed in thousands US dollars |
Six Months Ended June 30, 2024 |
Six Months Ended June 30, 2023 |
|
|
Guanaceví |
Bolañitos |
Total |
Guanaceví |
Bolañitos |
Total |
|
Direct production costs per financial statements |
$49,887 |
$20,521 |
$70,408 |
$33,023 |
$18,971 |
$51,994 |
|
'Purchase of the third-party material |
(5,043) |
- |
(5,043) |
(1,457) |
- |
(1,457) |
|
Smelting and refining costs included in net revenue |
- |
940 |
940 |
- |
1,451 |
1,451 |
|
Opening finished goods |
(7,137) |
(699) |
(7,836) |
(4,953) |
(245) |
(5,198) |
|
Closing finished goods |
4,038 |
557 |
4,595 |
10,257 |
962 |
11,219 |
|
Direct operating costs |
39,353 |
21,319 |
60,672 |
34,378 |
21,139 |
55,517 |
|
'Purchase of third-party material |
5,043 |
- |
5,043 |
1,457 |
- |
1,457 |
|
Royalties |
11,888 |
168 |
12,056 |
12,150 |
134 |
12,284 |
|
Special mining duty(1) |
1,650 |
697 |
2,347 |
2,494 |
294 |
2,788 |
|
Direct costs |
60,326 |
22,184 |
82,510 |
52,971 |
21,567 |
74,538 |
|
By-product gold sales |
(19,353) |
(27,117) |
(46,470) |
(16,902) |
(19,917) |
(36,819) |
|
Opening gold inventory fair market value |
2,909 |
619 |
3,528 |
2,740 |
354 |
3,094 |
|
Closing gold inventory fair market value |
(2,187) |
(751) |
(2,938) |
(1,629) |
(1,268) |
(2,897) |
|
Cash costs net of by-product |
41,695 |
(5,065) |
36,630 |
37,180 |
736 |
37,916 |
|
Depreciation |
11,780 |
5,736 |
17,516 |
6,855 |
5,994 |
12,849 |
|
Share-based compensation |
122 |
31 |
153 |
(81) |
(81) |
(162) |
|
Opening finished goods depreciation |
(1,459) |
(197) |
(1,656) |
(862) |
(60) |
(922) |
|
Closing finished goods depreciation |
1,326 |
144 |
1,470 |
2,318 |
288 |
2,606 |
|
Total production costs |
$53,464 |
$649 |
$54,113 |
$45,410 |
$6,877 |
$52,287 |
|
|
Six Months Ended June 30, 2024 |
Six Months Ended June 30, 2023 |
|
|
Guanaceví |
Bolañitos |
Total |
Guanaceví |
Bolañitos |
Total |
|
Throughput tonnes |
227,901 |
212,882 |
440,783 |
219,283 |
220,365 |
439,648 |
|
Payable silver ounces |
2,523,900 |
229,869 |
2,753,769 |
2,783,970 |
306,497 |
3,090,467 |
|
|
|
|
|
|
|
|
|
Cash costs per silver ounce |
$16.52 |
($22.03) |
$13.30 |
$13.36 |
$2.40 |
$12.27 |
|
Total production costs per ounce |
$21.18 |
$2.82 |
$19.65 |
$16.31 |
$22.44 |
$16.92 |
|
Direct operating costs per tonne |
$172.68 |
$100.14 |
$137.65 |
$156.77 |
$95.93 |
$126.28 |
|
Direct costs per tonne |
$264.70 |
$104.21 |
$187.19 |
$241.56 |
$97.87 |
$169.54 |
|
|
|
|
|
|
|
|
Reconciliation of All-In Costs Per Ounce and
AISC per ounce
|
Expressed in thousands US dollars
|
Three Months Ended June 30, 2024 |
Three Months Ended June 30, 2023 |
|
|
Guanaceví |
Bolañitos |
Total |
Guanaceví |
Bolañitos |
Total |
|
Cash costs net of by-product |
$20,472 |
($2,968) |
$17,504 |
$19,592 |
$447 |
$20,039 |
|
Operations share-based compensation |
60 |
14 |
74 |
(147) |
(147) |
(294) |
|
Corporate general and administrative |
2,263 |
910 |
3,173 |
1,228 |
477 |
1,705 |
|
Corporate share-based compensation |
684 |
277 |
961 |
430 |
169 |
599 |
|
Reclamation - amortization/accretion |
101 |
73 |
174 |
79 |
66 |
145 |
|
Mine site expensed exploration |
341 |
335 |
676 |
327 |
350 |
677 |
|
Equipment loan payments |
78 |
67 |
145 |
245 |
489 |
734 |
|
Capital expenditures sustaining |
5,245 |
2,199 |
7,444 |
6,300 |
2,920 |
9,220 |
|
All-In-Sustaining Costs |
$29,244 |
$907 |
$30,151 |
$28,054 |
$4,771 |
$32,825 |
|
Growth exploration, evaluation and development |
|
|
3,299 |
|
|
3,253 |
|
Growth capital expenditures |
|
|
48,367 |
|
|
14,644 |
|
All-In-Costs |
|
|
$81,817 |
|
|
$50,722 |
|
|
Three Months Ended June 30, 2024 |
Three Months Ended June 30, 2023 |
|
|
Guanaceví |
Bolañitos |
Total |
Guanaceví |
Bolañitos |
Total |
|
Throughput tonnes |
112,898 |
106,092 |
218,990 |
116,908 |
111,667 |
228,575 |
|
Payable silver ounces |
1,192,165 |
111,296 |
1,303,461 |
1,348,366 |
133,889 |
1,482,255 |
|
Silver equivalent production (ounces) |
1,535,148 |
621,257 |
2,156,405 |
1,663,223 |
616,297 |
2,279,520 |
|
|
|
|
|
|
|
|
|
All-in Sustaining cost per ounce |
$24.53 |
$8.15 |
$23.13 |
$20.81 |
$35.64 |
$22.15 |
|
Expressed in thousands US dollars |
Six Months Ended June 30, 2024 |
Six Months Ended June 30, 2023 |
|
|
Guanaceví |
Bolañitos |
Total |
Guanaceví |
Bolañitos |
Total |
|
Cash costs net of by-product |
$41,695 |
($5,065) |
$36,630 |
$37,180 |
$736 |
$37,916 |
|
Operations share-based compensation |
122 |
31 |
153 |
(81) |
(81) |
(162) |
|
Corporate general and administrative |
4,467 |
1,711 |
6,178 |
3,844 |
1,355 |
5,199 |
|
Corporate share-based compensation |
1,374 |
527 |
1,901 |
1,449 |
511 |
1,960 |
|
Reclamation - amortization/accretion |
203 |
150 |
353 |
158 |
128 |
286 |
|
Mine site expensed exploration |
463 |
649 |
1,112 |
706 |
663 |
1,369 |
|
Equipment loan payments |
206 |
287 |
493 |
490 |
976 |
1,466 |
|
Capital expenditures sustaining |
9,961 |
4,465 |
14,426 |
11,990 |
5,221 |
17,211 |
|
All-In-Sustaining Costs |
$58,491 |
$2,755 |
$61,246 |
$55,736 |
$9,509 |
$65,245 |
|
Growth exploration, evaluation and development |
|
|
6,823 |
|
|
6,316 |
|
Growth capital expenditures |
|
|
86,272 |
|
|
27,370 |
|
All-In-Costs |
|
|
$154,341 |
|
|
$98,931 |
|
|
Six Months Ended June 30, 2024 |
Six Months Ended June 30, 2023 |
|
|
Guanaceví |
Bolañitos |
Total |
Guanaceví |
Bolañitos |
Total |
|
Throughput tonnes |
227,902 |
212,882 |
440,784 |
219,283 |
220,365 |
439,648 |
|
Payable silver ounces |
2,523,900 |
229,869 |
2,753,769 |
2,783,970 |
306,497 |
3,090,467 |
|
Silver equivalent production (ounces) |
3,200,810 |
1,226,320 |
4,427,130 |
3,438,187 |
1,212,238 |
4,650,425 |
|
|
|
|
|
|
|
|
|
All-in Sustaining cost per ounce |
$23.17 |
$11.98 |
$22.24 |
$20.02 |
$31.03 |
$21.11 |
|
|
|
|
|
|
|
|
Reconciliation of Sustaining Capital and Growth
Capital
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
|
2024 |
2023 |
2024 |
2023 |
|
Capital expenditures sustaining |
$7,444 |
$9,220 |
$14,426 |
$17,211 |
|
Growth capital expenditures |
48,367 |
14,644 |
86,272 |
27,370 |
|
Property, plant and equipment expenditures per Consolidated
Statement of Cash Flows |
$55,829 |
$23,864 |
$100,716 |
$44,581 |
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
|
2024 |
2023 |
2024 |
2023 |
|
Mine site expensed exploration |
$676 |
$677 |
$1,112 |
$1,369 |
|
Growth exploration, evaluation and development |
2,187 |
3,253 |
6,823 |
6,316 |
|
Total exploration, evaluation and development |
3,975 |
3,930 |
7,935 |
7,685 |
|
Exploration, evaluation and development depreciation |
188 |
317 |
347 |
595 |
|
Exploration, evaluation and development share-based
compensation |
127 |
112 |
278 |
243 |
|
Exploration, evaluation and development expense |
$4,290 |
$4,359 |
$8,560 |
$8,523 |
| |
|
|
|
|
Reconciliation of Realized Silver Price Per
Ounce and Realized Gold Price Per Ounce
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
|
2024 |
2023 |
2024 |
2023 |
|
Gross silver sales |
$35,234 |
$31,543 |
$76,456 |
$70,163 |
|
Silver ounces sold |
1,217,569 |
1,299,672 |
2,973,663 |
2,967,080 |
|
Realized silver price per ounces |
$28.94 |
$24.27 |
$25.71 |
$23.65 |
|
Expressed in thousands US dollars |
Three Months Ended June 30 |
Six Months Ended June 30 |
|
|
2024 |
2023 |
2024 |
2023 |
|
Gross gold sales |
$23,474 |
$19,322 |
$46,470 |
$36,819 |
|
Gold ounces sold |
9,887 |
9,883 |
20,767 |
19,009 |
|
Realized gold price per ounces |
$2,374 |
$1,955 |
$2,238 |
$1,937 |
|
|
|
|
|
|
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 the development
and financing of the Terronera Project including: anticipated
timing of the project; the Company’s ability to further drawdown on
the Debt Facility, estimated project economics, Terronera’s
forecasted operations, costs and expenditures, and the timing and
results of various related activities, Endeavour’s
anticipated performance in 2024 including changes in mining
operations and forecasts of production levels, anticipated
production costs and all-in sustaining costs 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;
satisfaction of conditions precedent to drawdown under the Debt
Facility; the ongoing effects of inflation and supply chain issues
on the Terronera Project economics; 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, the Company’s ability to further
drawdown on the Debt Facility, 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 (NYSE:EXK)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Endeavour Silver (NYSE:EXK)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
