Endeavour Silver Announces Q4 2024 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today
Endeavour Silver Announces Q4 2024 Financial Results; Earnings Call at 10AM
PDT (1PM EDT) Today
VANCOUVER, British Columbia, March 11, 2025 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) announces its financial and operating results for the three months and the year ended December 31, 2024.
All dollar amounts are in US dollars (US$).
“The Company achieved strong financial results in 2024, maintaining a solid balance sheet," said CEO Dan Dickson. "Higher
realized prices fueled robust revenue, with mine operating cash flow reaching $72.3 million. With the Terronera project nearing
completion and Pitarrilla progressing toward an economic assessment, we are well-positioned for sustained growth and value
creation”.
2024 Highlights
• Production at the Higher end of the Updated 2024 Guidance: Production hit the higher end of the revised guidance
of 7.3 to 7.6 million AgEq oz produced, which had been decreased after a trunnion failure of the primary ball mill at the
Guanacevi mine (see news release from December 17, 2024 here) affected mill throughput from August to December.
Production resumed to full capacity in December with an annual total of 4,471,824 silver ounces (“oz”) and 39,047 gold
oz, for silver equivalent (“AgEq”) production of 7.6 million oz during 2024.
• Strong Revenue from Higher Realized Prices : Revenue of $217.6 million, from the sale of 4,645,574 oz of silver and
38,522 oz of gold at average realized prices of $27.39 per oz silver and $2,397 per oz gold.
• Mine Operating Cash Flow : $72.3 million in mine operating cash flow before taxes (2), compared to $64.4 million in
2023 and operating cash flow before working capital changes of $27.2 million compared to $37.0 million in 2023.
• Net Earnings and Adjusted Earnings : Recognized net loss of $31.5 million compared to net earnings of $6.1 million
and an adjusted net earnings (2) of $8.0 million or earnings (2) of $0.03 per share after excluding loss on derivative
contracts, mark to market of deferred share units, gain on asset disposal, unrealized foreign exchange and investments
losses. This compares to $1.7 million of adjusted net earnings or $0.01 earnings per share in 2023. Adjusted EBITDA (2)
of $52.7 million compared to $47.1 million for 2023.
• Strong Liquidity: Cash position of $106.4 million and working capital(2) of $78.8 million.
• Terronera Nearing Completion: Overall project progress reached 89.4% completion with $302 million of the project’s
budget spent as of December 31, 2024. Wet commissioning is expected in early Q2 2025 (see news release dated
February 7, 2025 here).
• Advancement of the Pitarrilla Project: Advanced exploration and evaluation efforts at Pitarrilla with recent
underground development and drilling. Technical studies commenced in Q4 2024 to support an economic assessment
by Q1 2026. (see news release dated November 13, 2024 here).
Operating And Financial Overview
Three months ended December
31 Q4 2024 Highlights Twelve Months ended December
31
2024 2023 %
Change 2024 2023 %
Change
Production
824,529 1,406,423 (41%) Silver ounces produced 4,471,824 5,672,703 (21%)
9,075 9,608 (6%) Gold ounces produced 39,047 37,858 3%
817,292 1,396,315 (41%) Payable silver ounces produced 4,438,354 5,627,379 (21%)
8,898 9,440 (6%) Payable gold ounces produced 38,327 37,189 3%
1,550,529 2,175,063 (29%) Silver equivalent ounces produced(1) 7,595,584 8,701,343 (13%)
13.68 12.54 9% Cash costs per silver ounce(2) 12.99 13.49 (4%)
21.00 17.66 19% Total production costs per ounce(2) 19.70 18.55 6%
27.33 21.48 27% All-in sustaining costs per ounce (2) 23.88 22.93 4%
165,591 220,464 (25%) Processed tonnes 781,439 874,382 (11%)
152.44 132.81 15% Direct operating costs per tonne(2) 140.98 130.17 8%
209.49 168.71 24% Direct costs per tonne (2) 192.51 171.00 13%
Financial
42.2 50.5 (16%) Revenue ($ millions) 217.6 205.5 6%
654,519 1,332,648 (51%) Silver ounces sold 4,645,574 5,669,760 (18%)
8,343 9,417 (11%) Gold ounces sold 38,522 37,186 4%
31.56 23.78 33% Realized silver price per ounce 27.39 23.76 15%
2,647 2,051 29% Realized gold price per ounce 2,397 1,968 22%
1.0 3.0 (66%) Net earnings (loss) ($ millions) (31.5) 6.1 (614%)
4.8 3.3 47% Adjusted net earnings (loss) (2) ($ millions) 8.0 1.7 357%
7.7 5.4 45% Mine operating earnings ($ millions) 42.1 36.6 15%
13.1 12.6 5% Mine operating cash flow before taxes ($ millions) (2) 72.3 64.4 12%
5.8 9.8 (41%) Operating cash flow before working capital changes
(2) 27.2 37.0 (26%)
4.4 8.3 (48%) EBITDA(2) ($ millions) 10.0 47.9 (79%)
8.5 9.3 (8%) Adjusted EBITDA(2) ($ millions) 52.7 47.1 12%
78.8 42.5 85% Working capital (2) ($ millions) 78.8 42.5 85%
Shareholders
0.00 0.01 (100)% Earnings (loss) per share – basic ($) (0.13) 0.03 (533%)
0.02 0.02 0% Adjusted earnings (loss) per share – basic ($)(2) 0.03 0.01 200%
0.02 0.05 (60%) Operating cash flow before working capital changes
per share(2) 0.11 0.19 (42%)
252,169,924 207,932,318 21% Weighted average shares outstanding 242,181,449196,018,623 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.
Q4 2024 results
Direct operating costs per tonne in Q4 2024 increased by 15% to $152.44 compared with Q4 2023, predominantly caused by
a 35% increase in direct operating costs per tonne at Guanacevi as a result of the temporarily reduced mill throughput.
Consolidated cash costs per silver ounce in Q4 2024, net of by-product credits increased by 9% to $13.68 due to 41% lower
silver ounces produced, offset by 36% lower cash costs. Lower cash costs were mostly driven by 14% higher by-product gold
sales and 7% lower direct costs compared to Q4 2023. Realized gold price was $2,647 per oz for the quarter, 29% higher than
the prior year driving a larger gold credit that is included within cash costs.
All-In-Sustaining Costs (“AISC”) per oz in Q4 2024 increased by 27% to $27.33 compared to Q4 2023 due to the 41% lower
production of silver ounces, partially offset by 36% lower cash costs as discussed above.
In Q4 2024, the Company’s mine operating earnings were $7.7 million (Q4 2023 – $5.4 million) from revenue of $42.2 million
(Q4 2023 – $50.5 million) and cost of sales of $34.5 million (Q4 2023 – $45.1 million). The lower revenue and cost of sales
were driven by 51% lower sales during the period compared to the same period in 2023; in addition to lower production, the
finished goods inventory balance increased during the fourth quarter further reducing sales. Realized silver price was $31.56
per oz for the quarter, 33% higher than the same period in 2023, partially offsetting the impact lower sales on revenue. Royalty
expense was $3.7 million which was 28% lower than $5.1 million in the same period in 2023, due to lower production from the
Guanacevi mine where the royalties are mainly incurred.
In Q4 2024, the Company had an operating loss of $0.5 million (Q4 2023 – operating earnings of $0.2 million) after exploration,
evaluation and development costs of $6.1 million (Q4 2023 – $2.4 million), general and administrative expense of $1.9 million
(Q4 2023 –$2.7 million) and write off of mineral properties of $0.2 million (Q4 2023 – $nil). Exploration activities increased
during the fourth quarter as the Company ramped up its activities at Pitarrilla.
The loss before taxes for Q4 2024 was $1.6 million (Q4 2023 – earnings of $0.7 million) after finance costs of $0.4 million (Q4
2023 – $0.3 million), a foreign exchange gain of $0.4 million (Q4 2023 – $1.4 million) loss on derivative contracts of $1.9 million
(Q4 2023 – $nil) and investment and other income of $0.7 million (Q4 2023 – investments and other expenses of $0.6 million).
The Company realized earnings for the period of $1.0 million (Q4 2023 – net earnings of $3.0 million) after an income tax
recovery of $2.7 million (Q4 2023 – income tax recovery of $2.3 million). The deferred tax recovery was realized as a result of
recognizing previously unutilized losses during the period. In Q4 2024 earnings were impacted by a $0.3 million mark-to-
market adjustment resulting in an unrealized loss on investments (Q4 2023 – unrealized gain of $0.5 million).
Adjusted net earnings were $4.8 million or $0.02 basic adjusted earnings per share in Q4 2024, compared to adjusted
earnings of $3.3 million, or $0.02 basic adjusted earnings per share in Q4 2023.
Full Year 2024 results
For the year ended December 31, 2024, direct operating costs per tonne for the year increased to $140.98, 8% higher than
2023 primarily due to the lower throughput, partially offset by lower direct operating cost. Following the trunnion failure at
Guanacevi, and due to the significant number of variables, estimates and remaining uncertainties, management withdrew its
2024 full year cost guidance in August. With lower operating plant capacity at Guanacevi for approximately four months in
2024, operating costs and all-in sustaining cost metrics were higher than originally guided for 2024.
Consolidated cash costs per oz, net of by-product credits, decreased by 4% to $12.99 in 2024 compared with 2023, driven by
24% lower cash costs and partially offset by 21% lower silver oz produced. Lower cash costs were predominantly caused by
26% higher by-product gold sales. Realized gold price was $2,397 per oz for the year, 22% higher than the prior year driving a
larger gold credit that is included in cash costs.
AISC per oz increased by 4% to $23.88 compared to 2023 driven by the 21% lower production of silver ounces, partially offset
by the 24% lower cash costs as discussed above.
For the year ended December 31, 2024, the Company’s mine operating earnings were $42.1 million (2023 – $36.6 million) on
revenue of $217.6 million (2023 – $205.5 million) with cost of sales of $175.6 million (2023 – $168.9 million). Realized silver
price was $27.39 per oz for the year, 15% higher than the prior year driving higher silver revenues despite fewer ounces sold.
Cost of sales was higher than the prior year, primarily due to the lower economies of scale that arise from lower production,
and the fixed costs incurred during the trunnion failure at Guanacevi. The Company also experienced some inflationary
pressures on costs during the year, yet benefited from the weaker Mexican peso in the second half of the year.
The Company had operating earnings of $8.3 million (2023 – $8.7 million) after exploration, evaluation and development costs
of $19.4 million (2023 – $15.1 million), general and administrative expense of $14.2 million (2023 – $12.3 million) and a write off
of mineral properties of $0.2 million (2023 - $0.4 million). Exploration and evaluation costs were higher than the prior year due
to increased activity at Pitarrilla; development costs were higher than the prior year due to development work at Terronera that
was not eligible for capitalization to the cost of the project.
Loss before tax was $22.0 million (2023 – earnings before tax of $18.3 million) after finance costs of $1.5 million (2023 – $1.4
million), loss on derivative contracts of $30.6 million (2023 – $nil), a foreign exchange loss of $5.5 million (2023 – gain of $4.7
million), a gain on asset disposals of $0.1 million (2023 - $7.1 million) and investment and other income of $7.2 million (2023 –
investment and other expense of $0.8 million). The derivative loss arose on the gold and foreign exchange hedge contracts
which were required to be implemented under the Terronera debt facility. Investment and other income was higher in 2024
compared to 2023 due to interest recovered on VAT refunds in Mexico, as well as a higher cash balance driving greater
interest returns.
The Company realized net loss for the year of $31.5 million (2023 – earnings of $6.2 million) after an income tax expense of
$9.5 million (2023 – $12.1 million).
Adjusted net earnings was $8.0 million or $0.03 basic adjusted earnings per share in 2024, compared to adjusted earnings of
$1.7 million, or $0.01 adjusted net earnings per share in 2023.
This news release should be read in conjunction with the Company’s consolidated financial statements for the year ended
December 31, 2024, and associated Management’s Discussion and Analysis (“MD&A”) which are available on the Company’s
website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
Conference Call
Management will host a conference call to discuss the Company’s Q4 2024 financial results today at 10:00am Pacific (PST)/
1:00pm Eastern (EST).
Date: Tuesday, March 11, 2025
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
Access code is 9624341
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
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, 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 December 31, 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 December
31, 2024, MD&A available on SEDAR+ at www.sedarplus.com.
Reconciliation of Working Capital
Expressed in thousands of US dollars As at December 31, 2024 As at December 31, 2023
Current assets $157,647 $100,773
Current liabilities 78,866 58,244
Working capital $78,781 $42,529
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in thousands of US dollars
Three months ended December
31 Year ended December 31
(except for share numbers and per share amounts) 2024 2023 2024 2023
Net earnings (loss) for the period per financial
statements $1,025 $3,049 ($31,476) $6,123
Unrealized foreign exchange (loss) 1,593 216 5,370 1,421
Gain (loss) on derivatives 1,919 - 30,551 -
Change in fair value of investments 596 525 1,773 2,522
Gain on sale of Cozamin royalty - - - (6,990)
Change in fair value of cash settled DSUs (297) (504) 1,781 (1,327)
Adjusted net earnings (loss) $4,836 $3,286 $7,999 $1,749
Basic weighted average share outstanding 252,169,924 207,932,318 242,181,449 196,018,623
Adjusted net earnings (loss) per share $0.02 $0.02 $0.03 $0.01
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in thousands of US dollars
Three months ended December
31 Year ended December 31
2024 2023 2024 2023
Mine operating earnings per financial statements $7,744 $5,352 $42,079 $36,611
Share-based compensation 55 44 281 (74)
Depreciation 5,346 7,181 29,894 27,885
Mine operating cash flow before taxes $13,145 $12,577 $72,254 $64,422
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital
Changes Per Share
Expressed in thousands of US dollars Three months ended December
31 Year ended December 31
(except for per share amounts) 2024 2023 2024 2023
Cash from (used in) operating activities per financial
statements ($4,850) $6,706 $19,113 $11,771
Net changes in non-cash working capital per financial
statements (10,615) (3,085) (8,135) (25,243)
Operating cash flow before working capital changes $5,765 $9,791 $27,248 $37,014
Basic weighted average shares outstanding 252,169,924 207,932,318 242,181,449 196,018,623
Operating cash flow before working capital changes per
share $0.02 $0.05 $0.11 $0.19
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in thousands of US dollars
Three months ended December
31 Year ended December 31
2024 2023 2024 2023
Net earnings (loss) for the period per financial
statements $1,025 $3,049 ($31,476) $6,123
Depreciation – cost of sales 5,346 7,181 29,894 27,885
Depreciation – exploration, evaluation and development 261 80 829 528
Depreciation – general & administration 99 197 403 376
Finance costs 294 164 889 822
Current income tax expense (162) 207 12,906 11,344
Deferred income tax expense (recovery) (2,507) (2,544) (3,415) 786
EBITDA $4,356 $8,334 $10,030 $47,864
Share based compensation 346 714 3,242 3,618
Gain on sale of Cozamin royalty - - - (6,990)
Unrealized foreign exchange (loss) 1,593 216 5,370 1,421
Gain (loss) on derivatives 1,919 - 30,551 -
Change in fair value of investments 596 525 1,773 2,522
Change in fair value of cash settled DSUs (297) (504) 1,781 (1,327)
Adjusted EBITDA $8,513 $9,285 $52,747 $47,108
Basic weighted average shares outstanding 252,169,924 207,932,318 242,181,449 196,018,623
Adjusted EBITDA per share $0.03 $0.04 $0.22 $0.24
Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct
Costs Per Tonne
Expressed in thousands of US dollars
Three months ended December 31,
2024
Three months ended December 31,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial
statements $14,017 $11,387 $25,404 $22,956 $9,861 $32,817
'Purchase of the third-party material (4,187) - (4,187) (2,597) - (2,597)
Smelting and refining costs included in net
revenue - 536 536 - 506 506
Opening finished goods (1,725) (718) (2,443) (8,627) (656) (9,283)
Closing finished goods 5,448 485 5,933 7,137 699 7,836
Direct operating costs 13,553 11,690 25,243 18,869 10,410 29,279
'Purchase of the third-party material 4,187 - 4,187 2,597 - 2,597
Royalties 3,550 111 3,661 5,033 72 5,105
Special mining duty (1) 185 1,413 1,598 62 151 213
Direct costs 21,475 13,214 34,689 26,561 10,633 37,194
By-product gold sales (4,834) (17,253) (22,087) (7,045) (12,271) (19,316)
Opening gold inventory fair market value 1,059 1,478 2,537 2,345 815 3,160
Closing gold inventory fair market value (3,185) (772) (3,957) (2,909) (619) (3,528)
Cash costs net of by-product 14,515 (3,333) 11,182 18,952 (1,442) 17,510
Depreciation 3,040 2,306 5,346 3,942 3,239 7,181
Share-based compensation 46 9 55 33 11 44
Opening finished goods depreciation (515) (184) (699) (1,509) (222) (1,731)
Closing finished goods depreciation 1,187 92 1,279 1,459 197 1,656
Total production costs $18,273 ($1,110) $17,163 $22,877 $1,783 $24,660
Three months ended December 31,
2024
Three months ended December 31,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 58,798 106,793 165,591 110,781 109,683 220,464
Payable silver ounces 716,641 100,651 817,292 1,267,864 128,451 1,396,315
Cash costs per silver ounce $20.25 ($33.11) $13.68 $14.95 ($11.23) $12.54
Total production costs per ounce $25.50 ($11.03) $21.00 $18.04 $13.88 $17.66
Direct operating costs per tonne $230.50 $109.46 $152.44 $170.33 $94.91 $132.81
Direct costs per tonne $365.23 $123.73 $209.49 $239.76 $96.94 $168.71
Expressed in thousands of US dollars Year ended December 31, 2024 Year ended December 31, 2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial
statements $82,872 $41,645 $124,517 $79,842 $38,989 $118,831
'Purchase of the third-party material (14,418) - (14,418) (10,102) - (10,102)
Smelting and refining costs included in net
revenue - 1,972 1,972 - 2,451 2,451
Opening finished goods (7,137) (699) (7,836) (4,953) (245) (5,198)
Closing finished goods 5,448 485 5,933 7,137 699 7,836
Direct operating costs 66,765 43,403 110,168 71,924 41,894 113,818
'Purchase of the third-party material 14,418 - 14,418 10,102 - 10,102
Royalties 20,498 370 20,868 21,937 273 22,210
Special mining duty (1) 2,298 2,683 4,981 2,862 530 3,392
Direct costs 103,979 46,456 150,435 106,825 42,697 149,522
By-product gold sales (32,476) (59,875) (92,351) (29,273) (43,925) (73,198)
Opening gold inventory fair market value 2,909 619 3,528 2,740 354 3,094
Closing gold inventory fair market value (3,185) (772) (3,957) (2,909) (619) (3,528)
Cash costs net of by-product 71,227 (13,572) 57,655 77,383 (1,493) 75,890
Depreciation 19,476 10,418 29,894 15,481 12,404 27,885
Share-based compensation 227 54 281 (17) (57) (74)
Opening finished goods depreciation (1,459) (197) (1,656) (862) (79) (941)
Closing finished goods depreciation 1,187 92 1,279 1,459 197 1,656
Total production costs $90,658 ($3,205) $87,453 $93,444 $10,972 $104,416
Year ended December 31, 2024 Year ended December 31, 2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 353,793 427,646 781,439 433,409 440,973 874,382
Payable silver ounces 4,007,140 431,214 4,438,354 5,089,921 537,458 5,627,379
Cash costs per silver ounce $17.78 ($31.47) $12.99 $15.20 ($2.78) $13.49
Total production costs per ounce $22.62 ($7.43) $19.70 $18.36 $20.41 $18.55
Direct operating costs per tonne $188.71 $101.49 $140.98 $165.95 $95.00 $130.17
Direct costs per tonne $293.90 $108.63 $192.51 $246.48 $96.82 $171.00
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in thousands of US dollars
Three months ended December 31,
2024
Three months ended December 31,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $14,515 ($3,333) $11,182 $18,952 ($1,442) $17,510
Operations share-based compensation 46 9 55 33 11 44
Corporate general and administrative 895 702 1,597 1,423 550 1,973
Corporate share-based compensation 95 120 215 404 156 560
Reclamation - amortization/accretion 84 65 149 78 66 144
Mine site expensed exploration 365 217 582 286 350 636
Equipment loan payments - - - 140 340 480
Capital expenditures sustaining 7,218 1,336 8,554 5,944 2,700 8,644
All-In-Sustaining Costs $23,218 ($884) $22,334 $27,260 $2,731 $29,991
Growth exploration, evaluation and
development 5,204 1,609
Growth capital expenditures 37,338 32,826
All-In-Costs $64,876 $64,426
Three months ended December 31,
2024
Three months ended December 31,
2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 58,798 106,793 165,591 110,781 109,683 220,464
Payable silver ounces 716,641 100,651 817,292 1,267,864 128,451 1,396,315
Silver equivalent production (ounces) 928,557 621,972 1,550,529 1,569,359 605,704 2,175,063
All-In-Sustaining cost per ounce $32.40 ($8.78) $27.33 $21.50 $21.26 $21.48
Expressed in thousands of US dollars Year ended December 31, 2024 Year ended December 31, 2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $71,227 ($13,572) $57,655 $77,383 ($1,493) $75,890
Operations share-based compensation 227 54 281 (17) (57) (74)
Corporate general and administrative 7,396 3,567 10,963 6,354 2,419 8,773
Corporate share-based compensation 1,897 914 2,811 2,328 886 3,214
Reclamation - amortization/accretion 372 283 655 313 263 576
Mine site expensed exploration 1,141 1,187 2,328 1,354 1,352 2,706
Equipment loan payments 206 306 512 819 1,805 2,624
Capital expenditures sustaining 22,875 7,893 30,768 24,631 10,708 35,339
All-In-Sustaining Costs $105,341 $632 $105,973 $113,165 $15,883 $129,048
Growth exploration, evaluation and
development 16,083 11,401
Growth capital expenditures 164,618 82,448
All-In-Costs $286,674 $222,897
Year ended December 31, 2024 Year ended December 31, 2023
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 353,793 427,646 781,439 433,409 440,973 874,382
Payable silver ounces 4,007,140 431,214 4,438,354 5,089,921 537,458 5,627,379
Silver equivalent production (ounces) 5,124,557 2,471,027 7,595,584 6,301,637 2,399,706 8,701,343
All-In-Sustaining cost per ounce $26.29 $1.47 $23.88 $22.23 $29.55 $22.93
Reconciliation of Sustaining Capital and Growth Capital
Expressed in thousands of US dollars
Three months ended December
31 Year ended December 31
2024 2023 2024 2023
Capital expenditures sustaining $8,554 $8,644 $30,768 $35,339
Growth capital expenditures 37,338 32,826 164,618 82,448
Property, plant and equipment expenditures per
Consolidated Statement of Cash Flows $45,892 $41,470 $195,386 $117,787
Expressed in thousands of US dollars
Three months ended December
31 Year ended December 31
2024 2023 2024 2023
Mine site expensed exploration $582 $636 $2,328 $2,706
Growth exploration, evaluation and development 5,204 1,609 16,083 11,401
Total exploration, evaluation and development 5,786 2,245 18,411 14,107
Exploration, evaluation and development depreciation 261 80 829 528
Exploration, evaluation and development share-based
compensation 76 110 150 478
Exploration, evaluation and development expense $6,123 $2,435 $19,390 $15,113
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
Expressed in thousands of US dollars
Three months ended December
31 Year ended December 31
2024 2023 2024 2023
Gross silver sales $20,659 $31,689 $127,260 $134,716
Silver ounces sold 654,519 1,332,648 4,645,574 5,669,760
Realized silver price per ounce $31.56 $23.78 $27.39 $23.76
Expressed in thousands of US dollars
Three months ended December
31 Year ended December 31
2024 2023 2024 2023
Gross gold sales $22,087 $19,316 $92,351 $73,198
Gold ounces sold 8,343 9,417 38,522 37,186
Realized gold price per ounce $2,647 $2,051 $2,397 $1,968
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
construction and development of the Terronera Project (as defined herein), including: anticipated timing of the Terronera
Project, estimated Terronera project economics; Terronera project’s forecasted operations, costs and expenditures, the timing
and completion of an economic study for Pitarrilla; the Company’s future growth and value creation 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 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 2025, 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