Endeavour Silver Announces Q3 2024 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today
Endeavour Silver Announces Q3 2024 Financial Results; Earnings Call at 10AM
PDT (1PM EDT) Today
VANCOUVER, British Columbia, Nov. 05, 2024 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) announces its financial and operating results for the three and nine months ended September 30, 2024. All
dollar amounts are in US dollars (US$).
“Q3 2024 presented its share of challenges as the Company operated at reduced capacity due to the trunnion failure at the
Guanaceví mine,” said Dan Dickson, Chief Executive Officer. “While we are eager to return to full production at Guanaceví, we
are most excited to be in the final sprint towards commissioning at the Terronera project, which promises to be a
transformative milestone for the Company.”
Q3 2024 Highlights
• Production tracking toward the updated 2024 production guidance: Production decreased in August and
September due to a trunnion failure of the primary ball mill at the Guanaceví mine ( see news release from August 12,
2024). Q3 production of 874,717 silver ounces (oz) and 9,290 gold oz, for silver equivalent (“AgEq”) production of 1.6
million oz.
• Strong Revenue from Higher Realized Prices: $53.4 million from the sale of 1,017,392 oz of silver and 9,412 oz of
gold at average realized prices of $29.63 per oz silver and $2,528 per oz gold.
• Mine Operating Cash Flow: $19.6 million in mine operating cash flow before taxes(2), compared to $10.6 million in Q3
2023 and operating cash flow before working capital changes of $4.5 million compared to $3.3 million in Q3 2023.
• Adjusted Earnings: Recognized an adjusted income of $1.6 million or earnings of $0.01 per share after excluding loss
on derivative contracts, mark to market deferred share units, unrealized foreign exchange and investments losses.
• Healthy Balance Sheet: Cash position of $54.9 million and working capital(2) of $29.4 million.
• Drawdown on Terronera Senior Secured Debt Facility: During the third quarter of 2024 the Company completed
drawdowns of $25 million from the senior secured debt facility. Subsequent to the end of Q3, the Company completed a
final drawdown of $35 million.
• Construction Continues on Schedule at the Terronera Mine: Overall project progress reached 77% completion,
with more than $258 million of the project’s budget spent to date. Project commitments total $270 million, which is 99%
of the $271 million capital budget, and remains on track for commissioning near the end of Q4 2024. ( see news release
dated October 21, 2024).
Operating And Financial Overview
Three months ended September
30 Q3 2024 Highlights Nine months ended September 30
2024 2023 %
Change 2024 2023 %
Change
Production
874,717 1,148,735 (24%) Silver ounces produced 3,647,295 4,266,280 (15%)
9,290 9,089 2% Gold ounces produced 29,972 28,250 6%
867,293 1,140,597 (24%) Payable silver ounces produced 3,621,062 4,231,064 (14%)
9,112 8,929 2% Payable gold ounces produced 29,429 27,749 6%
1,617,925 1,875,855 (14%) Silver equivalent ounces produced(1) 6,045,055 6,526,280 (7%)
11.35 17.94 (37%) Cash costs per silver ounce(2) 12.83 13.80 (7%)
18.65 24.10 (23%) Total production costs per ounce(2) 19.41 18.85 3%
25.51 29.64 (14%) All-in sustaining costs per ounce (2) 23.02 23.41 (2%)
175,065 214,270 (18%) Processed tonnes 615,848 653,918 (6%)
138.54 135.45 2% Direct operating costs per tonne(2) 137.90 129.28 7%
189.85 176.37 8% Direct costs per tonne (2) 187.95 171.78 9%
Financial
53.4 49.5 8% Revenue ($ millions) 175.4 155.0 13%
1,017,392 1,370,032 (26%) Silver ounces sold 3,991,055 4,337,112 (8%)
9,412 8,760 7% Gold ounces sold 30,179 27,769 9%
29.63 23.99 24% Realized silver price per ounce 26.71 23.75 12%
2,528 1,948 30% Realized gold price per ounce 2,328 1,940 20%
(17.3) (2.3) (643%) Net earnings (loss) ($ millions) (32.5) 3.1 (1,157%)
1.6 (8.3) 119% Adjusted net earnings (loss) (2) ($ millions) 0.9 (1.5) 158%
12.5 2.7 364% Mine operating earnings ($ millions) 34.3 31.3 10%
19.6 10.6 85% Mine operating cash flow before taxes(2) ($
millions) 59.1 51.8 14%
4.5 3.3 37% Operating cash flow before working capital
changes(2) 21.5 27.2 (21%)
(5.6) 8.8 (164%) EBITDA(2) ($ millions) 5.7 39.5 (86%)
13.9 3.7 278% Adjusted EBITDA(2) ($ millions) 42.0 37.8 11%
29.4 75.9 (61%) Working capital (2) ($ millions) 29.4 75.9 (61%)
Shareholders
(0.07) (0.01) (600%) Earnings (loss) per share – basic ($) (0.14) 0.02 (800%)
0.01 (0.04) 125% Adjusted earnings (loss) per share – basic ($)(2) 0.00 (0.01) 100%
0.02 0.02 0% Operating cash flow before working capital
changes per share(2) 0.09 0.14 (36%)
246,000,878 194,249,283 27% Weighted average shares outstanding 238,827,655 192,003,752 24%
(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.ca and on EDGAR at www.sec.gov.
In Q3 2024, direct operating costs per tonne increased to $138.54, 2% higher than Q3 2023. The increase in the cost per
tonne compared to the prior period was due to 18% lower tonnes processed, predominantly caused by the temporarily reduced
capacity at Guanaceví. Effective in September, the Company ceased contract mining activities and local third-party material
purchases to lessen the impact of lower throughput on direct operating costs and cash flow.
Consolidated cash costs per silver ounce, net of by-product credits, is $11.35 per silver ounce, a 37% decrease compared
with $17.94 per silver ounce in Q3 2023, driven by a 39% increase in by-product gold sales, partially offset by a 24% decrease
in silver ounces produced.
All-In-Sustaining Costs (“AISC”) decreased by 14% to $25.51 per silver ounce compared to Q3 2023 due to the lower cash
costs as noted above, and reduced sustaining capital expenditures, partially offset by higher general and administrative costs.
For the nine months ended September 30, 2024, consolidated direct operating cost per tonne is above the previously noted
annual guidance (since retracted) due to lower throughput to date in 2024 following the Guanaceví trunnion failure, partially
offset by the cost saving measures actioned in the third quarter. 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.
Due to the reduced operating capacity at Guanacevi, operating costs and all in sustaining cost metrics were higher in the
quarter than originally guided for 2024. Due to the significant number of variables, estimates and remaining uncertainties,
management withdrew its 2024 cost guidance in August.
The Company reported a net loss of $17.3 million for the three-month period ended September 30, 2024, compared to a net
loss of $2.3 million in Q3 2023. Excluding certain non-cash and unusual items, and items that are subject to volatility which
are unrelated to the Company’s operation, adjusted income was $1.6 million compared to an adjusted loss of $8.3 million in
Q3 2023.
For the three months ended September 30, 2024, the Company reported revenue of $53.4 million, net of $0.5 million of
smelting and refining costs, increased by 8% compared to $49.5 million, net of $0.5 million of smelting and refining costs, in
Q3 2023. Gross sales of $53.9 million in Q3 2024 represented an 8% increase over the gross sales of $49.9 million for the
same period in 2023. A 26% decrease in silver oz sold during the period, offset by a 24% increase in the realized silver price
resulted in an 8% decrease to silver sales. A 7% increase in gold oz sold in combination with a 30% increase in realized gold
prices resulted in a 39% increase in gold sales. During the period, the Company sold 1,017,392 oz silver and 9,412 oz gold,
for realized prices of $29.63 and $2,528 per oz, respectively, compared to sales of 1,370,032 oz silver and 8,760 oz gold, for
realized prices of $23.99 and $1,948 per oz, respectively, in the same period of 2023. For the three months ended September
30, 2024, the realized prices of silver and gold were within 2% of the London spot prices.
The Company decreased its finished goods silver inventory to 117,921 oz and decreased its finished goods gold inventory to
961 oz at September 30, 2024 compared to 268,020 oz silver and 1,261 oz gold at June 30, 2024. The cost allocated to these
finished goods was $3.1 million as at September 30, 2024, compared to $6.1 million at June 30, 2024. As of September 30,
2024, the finished goods inventory fair market value was $6.2 million, compared to $10.8 million at June 30, 2024.
Cost of sales for Q3 2024 was $41.0 million, a decrease of 12% over the cost of sales of $46.7 million for Q3 2023. The lower
cost of sales compared to the prior period was driven by lower silver ounces sold in the quarter as well as cost management
measures undertaken at Guanaceví following the trunnion failure in Q3 2024, including the termination of contract mining
activities. At Guanaceví in Q3 2023 higher costs were experienced due to lower mine productivity, an increase in the purchase
of third-party ore and additional repair costs associated with the plant shutdown at that time.
Exploration and evaluation expenses were $4.7 million, in line with $4.2 million incurred in the same period of 2023. General
and administrative expenses of $4.0 million in Q3 2024 were higher compared to the $2.4 million incurred for the same period
of 2023, primarily due to the revaluation of the cash-settled DSU liability caused by an increase in Company’s share price,
amounting to $0.9 million increase.
The Company incurred a foreign exchange loss of $3.1 million in Q3 2024 compared to a foreign exchange loss of $0.4 million
in Q3 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. In Q3 2024, the Company incurred $0.5 million in finance charges
primarily from interest on loans related to mobile equipment and accretion of reclamation and rehabilitation liabilities,
compared to $0.3 million in the same period in 2023. The Company recognized $19.4 million loss for the period on the
revaluation of the gold and foreign exchange derivatives (2023 – nil) due to the increase in gold forward prices and appreciation
of the US dollar in relation to the Mexican peso.
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
Allison Pettit, Director Investor Relations at 604-640-4804, toll free at 1-877-685-9775 or by email at [email protected]
Conference Call
Management will host a conference call to discuss the Company’s Q3 2024 financial results today at 1:00pm Eastern time
(EDT).
Date: Tuesday, November 5, 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 1771202
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: [email protected]
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 September 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 September
30, 2024 MD&A available on SEDAR+ atwww.sedarplus.ca.
Reconciliation of Working Capital
Expressed in thousands US dollars
As at September 30,
2024
As at December
31, 2023
Current assets $104,120 $100,773
Current liabilities 74,744 58,244
Working capital $29,376 $42,529
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in thousands US dollars
Three months ended September
30 Nine months ended September 30
(except for share numbers and per share
amounts) 2024 2023 2024 2023
Net earnings (loss) for the period per financial
statements ($17,300) ($2,328) ($32,501) $3,074
Unrealized foreign exchange (loss) 1,445 (409) 3,777 1,205
Gain (loss) on derivatives 17,109 - 26,362 -
Change in fair value of investments (109) 1,944 1,177 1,997
Gain on sale of Cozamin royalty - (6,990) - (6,990)
Change in fair value of cash settled DSUs 454 (482) 2,078 (823)
Adjusted net earnings (loss) $1,599 ($8,265) $893 ($1,537)
Basic weighted average share outstanding 246,000,878 194,249,283 238,827,655 192,003,752
Adjusted net earnings (loss) per share $0.01 ($0.04) $0.0 ($0.01)
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in thousands US dollars
Three months ended September
30 Nine months ended September 30
2024 2023 2024 2023
Mine operating earnings per financial statements $12,483 $2,692 $34,335 $31,259
Share-based compensation 73 44 226 (118)
Depreciation 7,032 7,855 24,548 20,704
Mine operating cash flow before taxes $19,588 $10,591 $59,109 $51,845
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 September
30 Nine months ended September 30
(except for per share amounts) 2024 2023 2024 2023
Cash from (used in) operating activities per
financial statements $8,467 $613 $23,963 $5,065
Net changes in non-cash working capital per
financial statements 4,012 (2,650) 2,480 (22,158)
Operating cash flow before working capital
changes $4,455 $3,263 $21,483 $27,223
Basic weighted average shares outstanding 246,000,878 194,249,283 238,827,655 192,003,752
Operating cash flow before working capital
changes per share $0.02 $0.02 $0.09 $0.14
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in thousands US dollars Three months ended September 30 Nine months ended September 30
2024 2023 2024 2023
Net earnings (loss) for the period per
financial statements ($17,300) ($2,328) ($32,501) $3,074
Depreciation – cost of sales 7,032 7,855 24,548 20,704
Depreciation – exploration, evaluation and
development 221 -147 568 448
Depreciation – general & administration 99 63 304 179
Finance costs 357 170 595 658
Current income tax expense 4,523 2,250 13,068 11,137
Deferred income tax expense (recovery) (512) 888 (908) 3,330
EBITDA ($5,580) $8,751 $5,674 $39,530
Share based compensation 564 863 2,896 2,904
Gain on sale of Cozamin royalty - (6,990) - (6,990)
Unrealized foreign exchange (loss) 1,445 (409) 3,777 1,205
Gain (loss) on derivatives 17,109 - 26,362 -
Change in fair value of investments (109) 1,944 1,177 1,997
Change in fair value of cash settled DSUs 454 (482) 2,078 (823)
Adjusted EBITDA $13,883 $3,677 $41,964 $37,823
Basic weighted average shares outstanding 246,000,878 194,249,283 238,827,655 192,003,752
Adjusted EBITDA per share $0.04 $0.08 $0.11 $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 September 30,
2023
Nine months ended September 30,
2024
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial
statements $18,968 $9,737 $28,705 23,863 10,157 $34,020
'Purchase of the third-party material (2,796) - (2,796) (3,556) - (3,556)
Smelting and refining costs included in
net revenue - 496 496 0 $494 494
Opening finished goods (4,038) (557) (4,595) (10,257) ($962) (11,219)
Closing finished goods 1,725 718 2,443 8,627 656 9,283
Direct operating costs 13,859 10,394 24,253 18,677 10,345 29,022
'Purchase of the third-party material 2,796 - 2,796 3,556 - 3,556
Royalties 5,060 91 5,151 4,754 67 4,821
Special mining duty (1) 463 573 1,036 306 85 391
Direct costs 22,178 11,058 33,236 27,293 10,497 37,790
By-product gold sales (8,289) (15,505) (23,794) (5,326) (11,737) (17,063)
Opening gold inventory fair market value 2,187 751 2,938 1,629 1,268 2,897
Closing gold inventory fair market value (1,059) (1,478) (2,537) (2,345) (815) (3,160)
Cash costs net of by-product 15,017 (5,174) 9,843 21,251 (787) 20,464
Depreciation 4,656 2,376 7,032 4,684 3,171 7,855
Share-based compensation 59 14 73 31 13 44
Opening finished goods depreciation (1,326) (144) (1,470) (2,318) (288) (2,606)
Closing finished goods depreciation 515 184 699 1,509 222 1,731
Total production costs $18,921 ($2,744) $16,177 $25,157 $2,331 $27,488
Three months ended September 30, Three months ended September 30,
2024 2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 67,094 107,971 175,065 103,345 110,925 214,270
Payable silver ounces 766,599 100,694 867,293 1,038,087 102,510 1,140,597
Cash costs per silver ounce $19.59 ($51.38) $11.35 $20.47 ($7.68) $17.94
Total production costs per ounce $24.68 ($27.25) $18.65 $24.23 $22.74 $24.10
Direct operating costs per tonne $206.56 $96.27 $138.54 $180.72 $93.26 $135.45
Direct costs per tonne $330.55 $102.42 $189.85 $264.10 $94.63 $176.37
Expressed in thousands US dollars
Nine months ended September 30,
2024
Nine months ended September 30,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial
statements $68,855 $30,258 $99,113 $56,886 $29,128 $86,014
'Purchase of the third-party material (10,231) - (10,231) (7,505) - (7,505)
Smelting and refining costs included in
net revenue - 1,436 1,436 - 1,945 1,945
Opening finished goods (7,137) (699) (7,836) (4,953) (245) (5,198)
Closing finished goods 1,725 718 2,443 8,627 656 9,283
Direct operating costs 53,212 31,713 84,925 53,055 31,484 84,539
'Purchase of the third-party material 10,231 - 10,231 7,505 - 7,505
Royalties 16,948 259 17,207 16,904 201 17,105
Special mining duty (1) 2,113 1,270 3,383 2,800 379 3,179
Direct costs 82,504 33,242 115,746 80,264 32,064 112,328
By-product gold sales (27,642) (42,622) (70,264) (22,228) (31,654) (53,882)
Opening gold inventory fair market value 2,909 619 3,528 2,740 354 3,094
Closing gold inventory fair market value (1,059) (1,478) (2,537) (2,345) (815) (3,160)
Cash costs net of by-product 56,712 (10,239) 46,473 58,431 (51) 58,380
Depreciation 16,436 8,112 24,548 11,539 9,165 20,704
Share-based compensation 181 45 226 (50) (68) (118)
Opening finished goods depreciation (1,459) (197) (1,656) (862) (60) (922)
Closing finished goods depreciation 515 184 699 1,509 222 1,731
Total production costs $72,385 ($2,095) $70,290 $70,567 $9,208 $79,775
Three months ended September 30,
2024
Three months ended September 30,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 294,995 320,853 615,848 322,628 331,290 653,918
Payable silver ounces 3,290,499 330,563 3,621,062 3,822,057 409,007 4,231,064
Cash costs per silver ounce $17.24 ($30.97) $12.83 $15.29 ($0.12) $13.80
Total production costs per ounce $22.00 ($6.34) $19.41 $18.46 $22.51 $18.85
Direct operating costs per tonne $180.38 $98.84 $137.90 $164.45 $95.03 $129.28
Direct costs per tonne $279.68 $103.61 $187.95 $248.78 $96.79 $171.78
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in thousands US dollars
Three months ended September
30, 2024
Three months ended September 30,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $15,017 ($5,174) $9,843 $21,251 ($787) $20,464
Operations share-based compensation 59 14 73 31 13 44
Corporate general and administrative 2,034 1,154 3,188 1,087 514 1,601
Corporate share-based compensation 428 267 695 475 219 694
Reclamation - amortization/accretion 85 68 153 77 69 146
Mine site expensed exploration 313 52 365 362 339 701
Equipment loan payments 0 19 19 189 489 678
Capital expenditures sustaining 5,696 2,092 7,788 6,697 2,787 9,484
All-In-Sustaining Costs $23,632 ($1,508) $22,124 $30,169 $3,643 $33,812
Growth exploration, evaluation and
development 7,624 3,476
Growth capital expenditures 89,375 22,252
All-In-Costs $119,123 $59,540
Three months ended September
30, 2024
Three months ended September 30,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 67,094 107,971 175,065 103,345 110,925 214,270
Payable silver ounces 766,599 100,694 867,293 1,038,087 102,510 1,140,597
Silver equivalent production (ounces) 995,146 622,779 1,617,925 1,294,091 581,764 1,875,855
All-In-Sustaining cost per ounce $30.83 ($14.98) $25.51 $29.06 $35.54 $29.64
Expressed in thousands US dollars
Nine months ended September 30,
2024
Nine months ended September 30,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $56,712 ($10,239) $46,473 $58,431 ($51) $58,380
Operations share-based compensation 181 45 226 (50) (68) (118)
Corporate general and administrative 6,501 2,865 9,366 4,931 1,869 6,800
Corporate share-based compensation 1,802 794 2,596 1,924 730 2,654
Reclamation - amortization/accretion 288 218 506 235 197 432
Mine site expensed exploration 776 701 1,477 1,068 1,002 2,070
Equipment loan payments 206 306 512 679 1,465 2,144
Capital expenditures sustaining 15,657 6,557 22,214 18,687 8,008 26,695
All-In-Sustaining Costs $82,123 $1,247 $83,370 $85,905 $13,152 $99,057
Growth exploration, evaluation and
development 11,148 9,792
Growth capital expenditures 127,280 49,622
All-In-Costs $221,798 $158,471
Nine months ended September
30, 2024
Nine months ended September
30, 2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 294,995 320,853 615,848 322,628 331,290 653,918
Payable silver ounces 3,290,499 330,563 3,621,062 3,822,057 409,007 4,231,064
Silver equivalent production (ounces) 4,196,000 1,849,055 6,045,055 4,732,278 1,794,002 6,526,280
All-In-Sustaining cost per ounce $24.96 $3.77 $23.02 $22.48 $32.16 $23.41
Reconciliation of Sustaining Capital and Growth Capital
Expressed in thousands US dollars
Three months ended September
30
Nine months ended September
30
2024 2023 2024 2023
Capital expenditures sustaining $7,788 $9,484 $22,214 $26,695
Growth capital expenditures 89,375 22,252 127,280 49,622
Property, plant and equipment expenditures per
Consolidated Statement of Cash Flows $97,163 $31,736 $149,494 $76,317
Expressed in thousands US dollars
Three months ended September
30
Nine months ended September
30
2024 2023 2024 2023
Mine site expensed exploration $365 $701 $1,477 $2,070
Growth exploration, evaluation and development 7,624 3,476 11,148 9,792
Total exploration, evaluation and development 7,989 4,177 12,625 11,862
Exploration, evaluation and development
depreciation 221 (147) 568 448
Exploration, evaluation and development share-
based compensation (204) 125 74 368
Exploration, evaluation and development expense $8,006 $4,155 $13,267 $12,678
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
Expressed in thousands US dollars
Three months ended September
30 Nine months ended September 30
2024 2023 2024 2023
Gross silver sales $30,145 $32,864 $106,601 $103,027
Silver ounces sold 1,017,392 1,370,032 3,991,055 4,337,112
Realized silver price per ounce $29.63 $23.99 $26.71 $23.75
Expressed in thousands US dollars
Three months ended September
30 Nine months ended September 30
2024 2023 2024 2023
Gross gold sales $23,794 $17,063 $70,264 $53,882
Gold ounces sold 9,412 8,760 30,179 27,769
Realized gold price per ounce $2,528 $1,948 $2,328 $1,940
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, as amended 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: anticipated timing of the project; estimated Terronera project economics,
Terronera project’s forecasted operations, costs and expenditures, and the timing and results of various related activities,
estimated timeline for fabrication and installation of the new trunnion at Guanacevi; 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 and are based on
assumptions 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 and
assumptions 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;
the Company’s ability to continue to comply with the terms of the Debt Facility; the Company’s ability to replace the new
trunnion in the anticipated timeframe; the successful continued operation of the repurposed regrind mill as the primary ball
mill; 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, 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.