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  1. #1

    Default Endeavour Silver

    Endeavour Silver (EXK) share price is at about $5.23/share. EXK is a silver and gold producer in North America (Mexico and ???) One interesting statement I saw on their website was that for every 1% move on the POS their stock moves 1.6% on average. They also claim to have a low P/E ratio when compared to other miners. As always DYODD.
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    " VANCOUVER, British Columbia, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) (“Endeavour”) is pleased to announce that it has completed the acquisition of the Bruner Property, located in Nye County, Nevada, from Canamex Gold Corp. (“Canamex”) (see news release dated July 19, 2021). Endeavour paid US$10 million in cash for 100% of the Bruner Gold Project which includes mineral claims, mining rights, property assets, water rights, and government authorizations and permits.

    The Bruner Gold Project is an exploration and development stage project located approximately 180 kilometres (km) southeast of Reno, Nevada. Gold was originally discovered in the district in 1906 and saw intermittent historic mining between 1906 and 1998. Recent exploration activities by previous operators included mapping, drilling, geophysical surveys and sampling culminating in a mineral resource estimate in 2015 and a preliminary economic assessment in 2017 outlining a low capital cost, open pit, heap leach operation.

    A historic resource estimate of 342,000 ounces of gold contained in 17.5 million tonnes (t) grading 0.61 grams per tonne (gpt) in three zones, Paymaster, HRA and Penelas was prepared for Canamex in a technical report dated January 22, 2018 titled “NI 43-101 Technical Report on the Bruner Gold Project, Updated Preliminary Economic Assessment, Nye County, Nevada, USA” by Welsh Hagen Associates. A Qualified Person has not done sufficient work for Endeavour to classify the historical estimate as a current mineral resource or mineral reserve. Endeavour is not treating the historical estimate as a current mineral resource or mineral reserve, has not verified the historical resource estimate and is not relying on it. Endeavour plans to “twin” certain drill holes and conduct a drilling program to upgrade the historical estimate as a current mineral resource. Activities in Q4, 2021 will focus on surface work and data compilation and in 2022, Endeavour anticipates recommencing exploration work on high priority targets."
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  4. #4


    "VANCOUVER, British Columbia, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to announce it has now completed a Feasibility Study (“FS”) on the 100% owned Terronera Project in Jalisco state, Mexico. Robust economics are supported by larger mineral reserves, higher annual production and longer mine life (“LOM”) compared to the 2020 Pre-Feasibility Study (“Endeavour Silver Corp. Terronera Project NI 43-101 Technical Report dated July 31, 2020) (“2020 PFS”).

    The Feasibility Study supports a high grade, silver-gold underground mining operation at Terronera producing an average of 3.3 million payable ounces (“oz”) silver and 32,874 payable oz gold per year over a 12-year mine life. Endeavour management worked with Wood PLC for 12 months to complete the FS, which included comprehensive reviews of the construction, operations, and costs, to provide confidence for project completion within budget and on schedule. Endeavour Silver has commenced initial earthworks and intends to make a formal construction decision subject to completion of a financing package, and receipt of additional amended permits later this year. An additional $13 million budget has been approved to advance the initial earthworks, site clearing, temporary camp and ordering of long lead items for a cumulative 2021 development budget of $21 million approved to date."
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  5. #5


    " VANCOUVER, British Columbia, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) released its financial results today for the three and nine months ended September 30, 2021. The Company operates two silver-gold mines in Mexico: the Guanaceví mine in Durango state and the Bolañitos mine in Guanajuato state and has recently suspended operations at the El Compas mine in Zacatecas state. All amounts reported are in United States (US) dollars.

    Dan Dickson, CEO, commented, “Since our Q2 reporting, our operating costs have decreased to levels that are closer to our 2021 guidance. We continued to withhold metals sales in Q3, which has dampened our financial performance and Q3 earnings. At quarter end, we held over 1 million ounces of silver and 1,200 ounces of gold bullion. We expect to sell this inventory in the coming months, which will ensure a strong finish to the year.”

    “As of the beginning of November, approximately 90% of our workforce is fully or partially vaccinated. Our operations are running at steady state and we are pleased with the overall performance. Our focus is also on our growth plan, and we have expanded our project development team and commenced preparations for construction at Terronera.”

    2021 Third Quarter Highlights

    Metal Production: 1,305,399 ounces (oz) of silver and 10,541 oz of gold for 2.1 million oz silver equivalent (AgEq) at an 80:1 silver:gold ratio, totaling 6.1 million AgEq oz for the 9 months ended September 30, 2021.
    Net Revenue: $34.6 million from the sale of 699,539 oz silver and 9,925 oz gold at average realized prices of $24.56 per oz silver and $1,791 per oz gold. Management withheld metal sales during the quarter and continues to carry higher metal inventory totaling 1,030,304 oz silver and 1,211 oz gold of bullion inventory and 37,100 oz silver and 2,028 oz gold in concentrate inventory.
    Operating Costs: Cash costs(1) of $8.16 per oz payable silver and all-in sustaining costs (AISC)(1) of $17.46 per oz payable silver, net of gold credits.
    Cash Flow: $7.7 million in cash flow from operations before working capital changes. The Company continued to hold significant finished goods, increased deposits for equipment purchases, invested in exploration activities and advanced the Terronera project.
    Earnings: Realized loss of $4.5 million or $0.03 loss per share. The loss is due to the fact that the finished goods inventory was carried at a cost of $18.3 million compared to the estimated fair market value of $29.2 million at quarter end.
    Strong Balance Sheet: Cash position of $101.1 million and working capital $128.7 million. Cash decreased this quarter, as funds were spent to acquire the $10 million Bruner Gold Project and to prepare for construction at Terronera including advancing initial earthworks, site clearing, temporary camp and ordering of long lead items. Withheld sales also impacted the cash balance at quarter end.
    Acquired the Bruner Gold Project: A strategic acquisition for an advanced stage exploration property in Nevada, a favorable jurisdiction. The transaction closed on August 31, 2021 for $10.0 million in cash.
    Suspended Operations at El Compas: Management is currently evaluating its alternatives for the assets, with temporary closure estimated to cost $0.3 million in Q4, 2021.

    (1) Mine operating cash flow, cash costs and all-in sustaining costs are non-IFRS measures. Please refer to the definitions in the Company’s Management Discussion & Analysis.

    Financial Overview (Consolidated Statement of Operations Appended Below)

    For the three months ended September 30, 2021, the Company generated net revenue of $34.6 million a decrease of 3% compared to $35.6 million in the same period in 2020 due to withholding metal sales during the quarter, which significantly increased finished goods inventory. Earnings and financial metrics including mine operating cash flows, operating cash flows and EBITDA were also impacted by the increased holding of production inventory.

    Gross sales of $35.0 million in Q3, 2021 represented a 3% decrease over the $36.1 million for the same period in 2020.

    There was a 6% decrease in silver ounces sold and a 2% decrease in the realized silver price resulting in an 8% decrease to silver sales. There was a 10% increase in gold ounces with an 8% decrease in the realized gold price resulting in a 2% increase in gold sales. During the period, the Company sold 699,539 oz silver and 9,925 oz gold, for realized prices of $24.56 and $1,791 per oz, respectively, compared to sales of 741,262 oz silver and 8,997 oz gold, for realized prices of $25.08 and $1,952 per oz, respectively, in the same period of 2020. For the three months ended September 30, 2021, silver and gold spot prices averaged $24.36 and $1,790 respectively.

    The Company significantly increased its finished goods silver and gold inventory to 1,067,404 oz and 3,239 oz, respectively at September 30, 2021 compared to 459,659 oz silver and 2,835 oz gold at June 30, 2021. The cost allocated to these finished goods was $18.3 million at September 30, 2021, compared to $10.1 million at June 30, 2021. At September 30, 2021, the finished goods inventory estimated fair market value was $29.2 million, compared to $17.3 million at June 30, 2021.

    After cost of sales of $26.3 million (Q3, 2020 - $29.3 million), mine operating earnings amounted to a $8.3 million (Q3, 2020 –$6.3 million) from mining and milling operations in Mexico. The decrease in cost of sales was primarily related to the 6% decrease in silver ounces sold offset by higher royalty costs, labour costs and additional costs attributed to global supply constraints. Royalties increased 33% from $2.0 million to $2.7 million due to higher production and realized prices and the increased mining of the high grade Porvenir Cuatro extensions at the Guanaceví operation, which are subject to the higher royalty rates.

    Excluding depreciation and depletion of $4.8 million (Q3, 2020 - $8.1 million) and stock-based compensation of $0.1 million (Q3, 2020- $0.1 million) mine operating cash flow before taxes was $13.2 million in Q3, 2021 (Q3, 2020 – $15.1 million) with Q3, 2020 also including a write-down of inventory of $0.6 million. Operating earnings were $3.0 million (Q3, 2020 –$0.4 million) after exploration and evaluation expenditures of $4.7 million (Q3, 2020 – $1.7 million), general and administrative expense recovery of $0.5 million (Q3, 2020 – expense of $3.7 million), severance costs of $0.7 million (Q3, 2020 - $Nil) and care and maintenance costs of $0.4 million (Q3, 2020 – $.6 million). The general and administrative expense recovery was primarily due to mark-to-market fluctuations for director’s cash settled deferred share units, with a $2.8 million recovery in Q3 2021 versus a $1.5 million expense in Q3, 2020.

    Net loss was $4.5 million ($0.03 loss per share) compared to net earnings of $0.5 million (loss of $0.00 per share) in Q3, 2020. Compared to Q3, 2020, the Company increased its investment in exploration and evaluation activities by $3.4 million, experienced a $1.2 million loss in foreign exchange and incurred a $3.0 million unrealized loss on marketable securities.

    Current income tax expense increased to $0.7 million (Q32 2020 – $0.6 million) due to increased profitability impacting special mining duty, while deferred income tax expense of $3.0 million was recognized due to the estimated use of loss carry forwards to reduce taxable income primarily at Guanacevi (Q3 2020 – $0.6 million).

    Direct operating costs per tonne in Q3, 2021 increased 15%, to $115.57 compared with Q3, 2020 due to higher operating costs at all operations. The operations have seen a strengthening of the Mexican Peso, increased labour costs and, increased third party ore purchased Guanaceví compared to prior year and budgeted. Including royalties and special mining duty, direct costs per tonne increased 16% to $130.38. Royalties increased 33% to $2.7 million as increased production from the El Curso and El Porvenir concessions at Guanaceví with higher prices substantially increasing the royalty expense. The improved profitability increased special mining duty expense to $0.6 million for Q3, 2021 compared to $0.4 million for Q3, 2020.

    Consolidated cash costs per ounce, net of by-product credits (a non-IFRS measure and a standard of the Silver Institute) increased to $8.16 due to the increased direct costs per tonne. All-in sustaining costs per ounce (also a non-IFRS measure) remained relatively flat at $17.46. In Q3, 2021 corporate general and administrative included a $2.8 million mark-to-market expense recovery for deferred share units whereas the mark to market expense was $1.5 million in Q3, 2020.

    The Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at, on SEDAR at and EDGAR at

    Conference Call

    A conference call to discuss these results will be held today, Tuesday, November 9 at 10am PST (1pm EST). To participate in the conference call, please dial the numbers below. No passcode is necessary.

    Toll-free in Canada and the US: 1-800-319-4610
    Local Vancouver: 604-638-5340
    Outside of Canada and the US: +-604-638-5340

    A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required passcode is 7870 #. The replay will also be available on the Company’s website at

    About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns three and operates two high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development 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.

    SOURCE Endeavour Silver Corp.

    Contact Information:
    Galina Meleger, Vice President, Investor Relations
    Toll free: (877) 685-9775
    Tel: (604) 640-4804

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  6. #6


    " VANCOUVER, British Columbia, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) is pleased to report continued high-grade drill results from its 2021 exploration program at the Guanacevi Mine in Durango State, Mexico and the Bolañitos Mine in Guanajuato State, Mexico. Exploration drilling is ongoing at both operations and will continue in 2022.

    Highlights from Recent Drill Results


    1.97 gpt Au and 1,254 gpt Ag for 1,412 gpt AgEq over a 3.22 m ETW, including 3.6 gpt Au and 2,690 gpt Ag for 2,978 gpt AgEq over 0.2 m (UCM-67), extending the El Curso orebody along strike

    4.36 gpt Au and 1,450 gpt Ag for 1,798 gpt AgEq over a 3.18 m ETW, including 7.97 gpt Au and 4,568 gpt Ag for 5,206 gpt AgEq over 0.31 m (SCSU-11), extending the Santa Cruz South (SCS) orebody to depth


    8.08 gpt Au and 151 gpt Ag for 797 gpt AgEq over a 1.67 m ETW, including 89.6 gpt Au and 880 gpt Ag for 8,046 gpt AgEq over 0.08 m (BS-04), on a new discovery, the Tepetateras vein, located south of current workings

    1.26 gpt gold and 241 gpt silver for 342 gpt AgEq over a 0.96 m ETW (BS-03), on the Lulu vein, south of current workings

    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.

    Dan Dickson, CEO, commented, “We continue to see exceptional drilling results within the El Curso and the Santa Cruz Sur systems at our Guanacevi silver mine. We have been operating at Guanacevi for more than 15 years and these encouraging results support our view that we can continue to extend the mine life.”

    Mr. Dickson continued, “Endeavour was built on the drill bit and exploration will continue to be a cornerstone of our strategy as we pursue our vision of being a premier senior silver producer.”

    At Guanacevi, underground drilling continues to expand down plunge extensions of the El Curso and the Santa Cruz South (SCS) orebodies (view Guanacevi longitudinal sections). From January through October, more than 14,000 metres in 38 holes have been drilled at Guanacevi from underground.

    At Bolañitos, surface and underground drilling has intersected multiple mineralized structures near current workings (view Bolanitos longitudinal sections). Tepetateras is a new area south of Bolañitos situated 1.7 kilometres from Endeavour Silver’s historic Golondrinas Mine. Since the beginning of the year, over 11,500 metres in 59 holes have been drilled at Bolañitos identifying mineralization in structures near current workings."
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