Endeavour Silver Announces Strong Year End 2021 Financial and Operating Results with Earnings Per Share of $0.08
Endeavour Silver Announces Strong Year End 2021 Financial and Operating
Results with Earnings Per Share of $0.08
VANCOUVER, British Columbia, March 10, 2022 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) is pleased to announce its financial and operating results for the year ended December 31, 2021. All dollar
amounts are in US dollars (US$).
“2021 marked another strong year for Endeavour Silver. Our two producing mines – Guanaceví and Bolañitos – generated
significant operating cash flow that we are using to extend mine lives and fund future growth,” stated Dan Dickson, CEO of
Endeavour Silver. “Investment in the next leg of our growth, the transformational Terronera project, began last fall and is
advancing well. While project financing is moving more slowly than expected, the project continues to move forward and with
the receipt of financing and board approval in the next couple of months, is still expected to complete commissioning in H1
2024.
2021 Highlights
• Production Surpasses 2021 Guidance : 4,870,787 ounces (oz) of silver and 42,262 oz of gold for 8.3 million oz silver
equivalent (AgEq)1.
• Highest Recorded Revenue in 5 years : Net revenue of $165.3 million from the sale of 3,856,883 oz of silver and
39,113 oz of gold at average realized prices of $25.22 per oz silver and $1,790 per oz gold. Management withheld metal
sales during the year and carried a significant metal inventory at year end totaling 1,028,340 oz silver and 1,044 oz gold
of bullion inventory and 54,270 oz silver and 2,630 oz gold in concentrate inventory.
• Improved Net Earnings : $14.0 million, or $0.08 per share, up from net earnings of $1.2 million, or $0.01 per share in
2020. Net earnings in 2021 were impacted by the increased finished goods inventory held, which was carried at a cost
of $15.6 million compared to the estimated fair market value of $31.7 million at December 31, 2021.
• Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (2): $54.9 million, an increase of 87%
from 2020.
• Increased Cash Flow : $32.2 million in operating cash flow before working capital changes (2), an increase of 12%.
Mine operating cash flow before taxes(2) was $61.9 million, an increase of 10%.
• Costs Impacted by Industry-Wide Inflationary Pressures : Cash costs (2) of $9.31 per oz payable silver and all-in
sustaining costs (2) of $20.34 per oz payable silver, net of gold credits were slightly above guidance due to increased
labour, power and consumables costs.
• Strong Balance Sheet : Cash position of $103.3 million and working capital(2) $121.2 million as at December 31, 2021.
• Guanaceví Continued to Outperform : Silver and gold grades continued to deliver well above plan and throughput
approached plant capacity.
• Bolañitos’ Performance Remained Steady : Silver grades and plant throughput exceeded plan with gold grades
slightly below plan.
• Encouraging Brownfields Exploration Results from Guanaceví and Bolañitos : Drilling continued to intersect high-
grade gold-silver mineralization in the Santa Cruz vein at Guanaceví and to intersect multiple mineralized structures
near current workings at Bolañitos.
• Positive Greenfields Exploration Results from the Parral Project : Drilled over 18,000 metres targeting several
areas along the La Colorada vein with encouraging results in areas outside the current mineral resource estimate.
• Continued to Advance the Terronera Project : Work continued on final detailed engineering, early earth works,
critical contracts and procurement of long lead items. The financing and final permitting processes are progressing,
however, delays caused by the Omicron variant have slightly extended the anticipated timeline. The Company intends
to make a formal construction decision subject to completion of financing and receipt of additional amended permits in
the coming months.
• Sold El Cubo Assets : The Company sold its El Cubo assets in Guanajuato, Mexico to Guanajuato Silver Company
(formerly Vangold Mining Corp) for $15 million plus contingent payments of up to $3 million in a transaction that closed
April 9, 2021.
• Suspended Operations at El Compas : Management suspended operations at El Compas in mid-August and is
currently evaluating its alternatives for the asset.
• Acquired Bruner, an Advanced Stage Exploration Project : Ideally situated within Nevada’s Walker Lane northwest
trending mineral belt, this acquisition closed on September 1, 2021.
Financial Overview (see appendix for consolidated financial statements)
Three Months Ended
December 31 2021 Highlights
Year Ended December 31
2021 2020 %
Change 2021 2020 %
Change
Production
1,443,564 1,117,289 29% Silver ounces produced 4,870,787 3,513,767 39%
9,446 12,586 (25%) Gold ounces produced 42,262 37,139 14%
1,432,578 1,108,848 29% Payable silver ounces produced 4,826,681 3,482,094 39%
9,261 12,314 (25%) Payable gold ounces produced 41,438 36,392 14%
2,199,244 2,124,169 4% Silver equivalent ounces produced(1) 8,251,747 6,484,887 27%
8.65 6.83 27% Cash costs per silver ounce(2) 9.31 5.55 68%
11.99 14.58 (18%) Total production costs per ounce(2) 14.70 14.01 5%
19.48 18.52 5% All-in sustaining costs per ounce (2) 20.34 17.59 16%
213,492 237,389 (10%) Processed tonnes 887,424 757,160 17%
112.91 105.07 7% Direct operating costs per tonne(2) 115.36 101.17 14%
136.62 129.66 5% Direct costs per tonne (2) 133.97 114.57 17%
13.41 14.83 (10%) Silver co-product cash costs (2) 15.11 12.97 16%
1,038 1,129 (8%) Gold co-product cash costs (2) 1,072 1,109 (3%)
Financial
48.5 60.7 (20%) Revenue ($ millions) 165.3 138.4 19%
1,413,699 1,419,037 (0%) Silver ounces sold 3,856,883 3,460,638 11%
8,715 13,850 (37%) Gold ounces sold 39,113 35,519 10%
23.41 24.76 (5%) Realized silver price per ounce 25.22 21.60 17%
1,811 1,885 (4%) Realized gold price per ounce 1,790 1,846 (3%)
(0.5) 19.9 (102%) Net earnings (loss) ($ millions) 14.0 1.2 1104%
(0.5) 20.3 (102%) Adjusted net earnings (loss) (2) ($ millions) (8.6) 1.6 (646%)
12.2 20.8 41% Mine operating earnings (loss) ($ millions) 36.4 27.3 33%
18.2 30.2 (40%) Mine operating cash flow before taxes ($ millions)(2) 61.9 56.2 10%
10.7 21.6 (51%) Operating cash flow before working capital changes(2) 32.2 28.8 12%
10.7 24.3 (56%) Earnings before ITDA(2) ($ millions) 54.9 29.4 87%
121.2 70.4 72% Working capital (2) ($ millions) 121.2 70.4 72%
Shareholders
0.00 0.13 (100%) Earnings (loss) per share – basic 0.08 0.01 700%
0.00 0.13 (98%) Adjusted earnings (loss) per share – basic(2) (0.05) 0.01 (593%)
0.06 0.14 (54%)
Operating cash flow before working capital changes per
share(2) 0.19 0.19 1%
170,518,894157,536,658 8% Weighted average shares outstanding 167,289,732150,901,598 11%
(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 on SEDAR at
www.sedar.com.
For the year ended December 31, 2021, net revenue, net of $2.0 million of smelting and refining costs, increased by 19% to
$165.3 million (2020: $138.4 million).
Gross sales of $167.3 million in 2021 represented a 19% increase over the $140.2 million in 2020. Silver oz sold increased by
11% with a 17% increase in the realized silver price, resulting in a 30% increase in silver sales. Gold oz sold increased by
10% with a 3% reduction in the realized gold price, resulting in a 7% increase in gold sales. During the period, the Company
sold 3,856,883 oz silver and 39,113 oz gold for realized prices of $25.22 and $1,790 per oz, respectively, compared to sales of
3,460,638 oz silver and 35,519 oz gold for realized prices of $21.60 and $1,846 per oz, respectively, in 2020. In 2021, silver
and gold London spot prices averaged $25.14 and $1,799, respectively.
The Company significantly increased its finished goods silver and gold inventory to 1,082,610 oz and 3,674 oz, respectively, at
December 31, 2021 compared to 116,484 oz silver and 1,459 oz gold at December 31, 2020. The cost allocated to these
finished goods was $15.6 million at December 31, 2021 compared to $3.6 million at December 31, 2020. At December 31,
2021, the finished goods inventory fair market value was $31.7 million, compared to $5.8 million at December 31, 2020.
Earnings and other financial metrics, including mine operating cash flow (2), operating cash flow(2) and EBITDA(2) were impacted
by the increased bullion inventory held at year end.
After cost of sales of $128.9 million (2020 - $111.1 million), an increase of 16%, mine operating earnings were $36.4 million
(2020 - $27.3 million). The increase in cost of sales was due to increased production, labour, power and consumables costs
and significantly higher royalty costs, offset by improved productivity at the Guanaceví and Bolañitos operations. Royalties
increased 69% to $13.8 million due to increased mining of the high-grade Porvenir and Porvenir Cuatro extensions at the
Guanaceví operation, which are subject to significantly higher royalty rates. During 2021 the Company’s operations
experienced higher than budgeted costs due to global supply constraints, inflationary pressure, materials shortages, labour
costs tracking higher than planned and increased purchased ore at the Guanaceví operation. In 2020, there was a temporary
suspension of the Guanaceví, Bolañitos and El Compas operations due to COVID-19, which impacted sales and costs of
sales during that period.
The Company had operating earnings of $22.3 million (2020: operating loss $0.8 million) after exploration and evaluation costs
of $17.9 million (2020: $9.8 million), general and administrative costs of $10.1 million (2020: $12.7 million), an impairment
reversal of $16.8 million (2020: $0.4 million impairment expense), care and maintenance cost of $1.3 million (2020: $5.2
million), severance cost of $0.7 million in severance (2020: $Nil) and a write-off of exploration properties of $0.7 million (2020:
$Nil). The impairment reversal of $16.8 million is resulting from the valuation assessment performed for the El Cubo mine and
related assets upon classification as held for sale whereas the 2020 impairment charge on non-current assets of $0.4 million
related to the value in use estimates of the Guanaceví and El Compas operations. The $1.3 million in care and maintenance
costs for 2021 are comprised of $0.7 million recognized for the El Cubo operation for costs to the sale of the mine and related
assets in April 2021, and $0.6 million recognized for the El Compas operation, where operations were suspended in mid-
August, 2021. During the comparative period of 2020 the Company recognized $3.0 million in care and maintenance costs for
the suspended El Cubo operation and $2.2 million in care and maintenance costs related to the temporary suspension of the
Guanaceví, Bolañitos and El Compas operations due to COVID-19.
Earnings before income taxes were $29.7 million (2020: loss before income taxes $1.0 million) after finance costs of $1.0
million (2020: $1.3 million), a foreign exchange loss of $1.1 million (2020: $1.5 million), a gain on disposal of the El Cubo mine
and related assets of $5.8 million (2020: $Nil) and investment and interest income of $3.7 million (2020: $2.6 million).
The Company realized net earnings for the period of $14.0 million (2020: $1.2 million) after an income tax expense of $15.7
million (2020: income tax recovery of $2.2 million). Current income tax expense increased to $3.5 million (2020 - $3.0 million)
due to increased profitability impacting the special mining duty, while deferred income tax expense of $12.2 million is primarily
due to the estimated use of loss carryforwards to reduce taxable income at Guanaceví (2020 – deferred income tax recovery
$5.2 million).
Direct operating costs (2) on a per tonne basis increased to $115.36, up 14% compared with 2020 due to higher operating costs
at Guanaceví and Bolañitos. Guanaceví and Bolañitos have seen increased labour, power and consumables costs and at
Guanaceví, increased third party ore purchased and operating development have increased compared to the prior year. There
has also been a slight appreciation of the Mexican Peso to US Dollar foreign exchange rate compared to the prior period,
which increased expenses denominated in Mexican Pesos.
Consolidated cash costs per oz, net of by-product credits, increased to $9.31 primarily due to the higher direct costs per
tonne and lower realized gold prices compared to 2020. All-in sustaining costs increased 16% to $20.34 per oz in 2021 as a
result of higher cash costs, increased mine site exploration expenses and increased capital expenditures at Guanaceví to
accelerate mine development within the El Curso ore body. Actual cost metrics were slightly higher than 2021 cost guidance
primarily due to the increased costs relating to labour, power, consumables, increased third party ore purchases, higher
royalties and special mining duty offset by the higher ore grades mined at Guanaceví.
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
Investor Relations at 604-640-4804, toll free at 1-877-685-9775 or by email at info@edrsilver.
Conference Call
A conference call to discuss the Company’s 2021 financial results will be held today at 10:00 a.m. PT / 1:00 p.m. ET. To
participate in the conference call, please dial the numbers below.
Date & Time: Thursday, March 10, 2022 at 10:00 a.m. PT / 1:00 p.m. ET
Telephone: Toll-free in Canada and the US +1-800-319-4610
Local or International +1-604-638-5340
Please allow up to 10 minutes to be connected to the conference call.
Replay: A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in Canada and the US
or +1-604-638-9010 outside of Canada and the US. The replay passcode is 8312#. The replay will also be
available on the Company’s website at www.edrsilver.com.
About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that 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
Trish Moran
Interim Head of Investor Relations
Tel: (416) 564-4290
Email: [email protected]
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook, Twitter, 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 December 31, 2021 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, 2021 MD&A available on SEDAR at www.sedar.com.
Reconciliation of Working Capital
Expressed in thousands US dollars As at December 31, 2021 As at December 31, 2020
Current assets $161,762 $104,970
Current liabilities 40,554 34,553
Working capital $121,208 $70,417
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in thousands US dollars Three Months Ended
December 31 Years Ended December 31
(except for share numbers and per share amounts) 2021 2020 2021 2020
Net income (loss) for the period per financial statements ($471) $19,923 $13,955 $1,159
Impairment (reversal) of non-current assets, net of tax - $424 (16,791) $424
Gain on disposal of El Cubo mine and equipment, net of tax - - (5,807) -
Adjusted net earnings (loss) ($471) $20,347 ($8,643) $1,583
Basic weighted average share outstanding 170,518,894 157,536,658 167,289,732 150,901,598
Adjusted net earnings (loss) per share ($0.00) $0.13 ($0.05) $0.01
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in thousands US dollars Three Months Ended
December 31 Years Ended December 31
2021 2020 2021 2020
Mine operating earnings (loss) per financial statements $12,222 $20,814 $36,368 $27,335
Share-based compensation 87 60 421 330
Amortization and depletion 5,014 8,919 23,977 28,136
Write down of inventory to net realizable value 896 405 1,168 405
Mine operating cash flow before taxes $18,219 $30,198 $61,934 $56,206
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
December 31 Years Ended December 31
(except for per share amounts) 2021 2020 2021 2020
Cash from (used in) operating activities per financial statements $18,071 $26,650 $23,462 $38,964
Net changes in non-cash working capital per financial statements 7,392 5,028 (8,776) 10,138
Operating cash flow before working capital changes $10,679 $21,622 $32,238 $28,826
Basic weighted average shares outstanding 170,518,894 157,536,658 167,289,732 150,901,598
Operating cash flow before working capital changes per share $0.06 $0.14 $0.19 $0.19
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in thousands US dollars Three Months Ended
December 31 Years Ended December 31
2021 2020 2021 2020
Net income (loss) for the period per financial statements ($471) $19,923 $13,955 $1,159
Depreciation and depletion – cost of sales 5,014 8,919 23,977 28,136
Depreciation and depletion – exploration 92 28 330 311
Depreciation and depletion – general & administration 63 49 165 202
Depreciation and depletion – care & maintenance 30 (31) 55 214
Depreciation and depletion – inventory write down - 231 6 231
Finance costs 22 332 724 1,357
Current income tax expense 1,005 1,937 3,481 2,993
Deferred income tax expense (recovery) 4,992 (7,112) 12,252 (5,206)
EBITDA $10,747 $24,276 $54,945 $29,397
Share based compensation 718 617 3,636 3,003
Impairment (reversal) of non-current assets, net of tax - 424 (16,791) 424
Gain on disposal of El Cubo mine and equipment, net of tax - - (5,807) -
Adjusted EBITDA $11,465 $25,317 $35,983 $32,824
Basic weighted average shares outstanding 170,518,894 157,536,658 167,289,732 150,901,598
Adjusted EBITDA per share $0.07 $0.16 $0.22 $0.22
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 December 31,
2021
Three Months Ended December 31,
2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Direct production costs per financial
statements $18,689 $7,329 ($5) $26,013 $15,635 $7,420 $3,060 $26,115
Smelting and refining costs included in net
revenue - 362 (4) 358 - 380 111 491
Opening finished goods (12,910) (2,306) - (15,216) (3,318) (335) (585) (4,238)
Finished goods NRV adjustment - - - - - - 174 174
Closing finished goods 10,093 2,857 - 12,950 1,509 250 642 2,401
Direct operating costs 15,872 8,242 (9) 24,105 13,826 7,715 3,402 24,943
Royalties 4,199 79 4 4,282 4,210 69 155 4,434
Special mining duty (1) 932 (152) - 780 1,050 354 - 1,404
Direct costs 21,003 8,169 (5) 29,167 19,086 8,138 3,557 30,781
By-product gold sales (7,293) (8,380) (112) (15,785) (8,998) (12,327) (4,784) (26,109)
Opening gold inventory fair market value 2,127 3,560 - 5,687 3,712 723 1,229 5,664
Closing gold inventory fair market value (1,900) (4,784) - (6,684) (735) (746) (1,283) (2,764)
Cash costs net of by-product 13,937 (1,435) (117) 12,385 13,065 (4,212) (1,281) 7,572
Amortization and depletion 2,181 2,827 177 5,185 2,850 2,779 3,290 8,919
Share-based compensation 43 44 - 87 16 22 22 60
Opening finished goods depreciation and
depletion (1,920) (1,171) - (3,091) (855) (158) (776) (1,789)
NRV depreciation cost adjustment - - - 6 - - 231 231
Closing finished goods depreciation and
depletion 1,965 635 - 2,600 271 104 804 1,179
Total production costs $16,206 $900 $60 $17,172 $15,347 ($1,465) $2,290 $16,172
Three Months Ended December 31,
2021
Three Months Ended December 31,
2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Throughput tonnes 108,334 105,158 - 213,492 106,425 107,332 23,632 237,389
Payable silver ounces 1,298,036 134,178 364 1,432,578 988,722 94,526 25,600 1,108,848
Cash costs per silver ounce $10.74 ($10.69) N/A $8.65 $13.21 ($44.56) ($50.04) $6.83
Total production costs per ounce $12.49 $6.71 N/A $11.99 $15.52 ($15.50) $89.45 $14.58
Direct operating costs per tonne $146.51 $78.38 N/A $112.91 $129.91 $71.88 $143.96 $105.07
Direct costs per tonne $193.87 $77.68 N/A $136.62 $179.34 $75.82 $150.52 $129.66
Expressed in thousands US dollars Year Ended December 31, 2021 Year Ended December 31, 2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Direct production costs per financial
statements $51,761 $28,896 $8,946 $89,603 $40,693 $21,796 $11,612 $74,101
Smelting and refining costs included in net
revenue - 1,715 244 1,959 - 1,393 433 1,826
Opening finished goods (1,509) (250) (642) (2,401) (1,509) (219) (169) (1,897)
Finished goods NRV adjustment - - 266 266 - - 174 174
Closing finished goods 10,093 2,857 - 12,950 1,509 250 642 2,401
Direct operating costs 60,345 33,218 8,814 102,377 40,693 23,220 12,692 76,605
Royalties 13,165 265 350 13,780 7,407 197 550 8,154
Special mining duty (1) 2,674 53 - 2,727 1,635 354 - 1,989
Direct costs 76,184 33,536 9,164 118,884 49,735 23,771 13,242 86,748
By-product gold sales (22,639) (38,645) (8,738) (70,022) (17,458) (33,970) (14,126) (65,554)
Opening gold inventory fair market value 735 746 1,283 2,764 437 244 213 894
Closing gold inventory fair market value (1,900) (4,784) - (6,684) (735) (746) (1,283) (2,764)
Cash costs net of by-product 52,380 (9,147) 1,709 44,942 31,979 (10,701) (1,954) 19,324
Amortization and depletion 7,944 13,491 2,713 24,148 8,785 8,947 10,404 28,136
Share-based compensation 180 180 61 421 114 108 108 330
Opening finished goods depreciation and
depletion (271) (104) (804) (1,179) (252) (43) (121) (416)
NRV depreciation and depletion cost
adjustment - - 6 6 - - 231 231
Closing finished goods depreciation and
depletion 1,965 635 - 2,600 271 104 804 1,179
Total production costs $62,198 $5,055 $3,685 $70,938 $40,897 ($1,585) $9,472 $48,784
Year Ended December 31, 2021 Year Ended December 31, 2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Throughput tonnes 414,355 418,514 54,555 887,424 346,679 331,174 79,307 757,160
Payable silver ounces 4,320,567 462,700 43,414 4,826,681 3,061,982 333,293 86,819 3,482,094
Cash costs per silver ounce $12.12 ($19.77) $39.37 $9.31 $10.44 ($32.11) ($22.51) $5.55
Total production costs per ounce $14.40 $10.93 $84.88 $14.70 $13.36 ($4.76) $109.10 $14.01
Direct operating costs per tonne $145.64 $79.37 $161.56 $115.36 $117.38 $70.11 $160.04 $101.17
Direct costs per tonne $183.86 $80.13 $167.98 $133.97 $143.46 $71.78 $166.97 $114.57
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in thousands US dollars Three Months Ended December 31,
2021
Three Months Ended December 31,
2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Cash costs net of by-product $13,937 ($1,435) ($117) $12,385 $13,065 ($4,212) ($1,281) $7,572
Operations stock based compensation 43 44 - 87 16 22 22 60
Corporate general and administrative 1,538 578 22 2,138 1,972 1,009 375 3,356
Corporate stock based compensation 439 141 (11) 569 274 149 50 473
Reclamation - amortization/accretion 62 50 2 114 10 8 2 20
Mine site expensed exploration 251 448 - 699 246 199 284 729
Intangible payments 72 26 - 98 30 30 31 91
Equipment loan payments 246 489 - 735 315 650 - 965
Capital expenditures sustaining 7,742 3,344 - 11,086 3,519 3,750 - 7,269
All In Sustaining Costs $24,330 $3,685 ($104) $27,911 $19,447 $1,605 ($517) $20,535
Growth exploration and evaluation 3,254 3,198
Growth capital expenditures 4,135 (678)
All In Costs $35,300 $23,055
Three Months Ended December 31,
2021
Three Months Ended December 31,
2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Throughput tonnes 108,334 105,158 - 213,492 106,425 107,332 23,632 237,389
Payable silver ounces 1,298,036 134,178 364 1,432,578 988,722 94,526 25,600 1,108,848
Silver equivalent production (ounces) 1,612,741 581,418 5,085 2,199,244 1,247,537 639,737 236,895 2,124,169
Sustaining cost per ounce $18.74 $27.46 ($285.98) $19.48 $19.67 $16.98 ($20.19) $18.52
All In costs per ounce $24.64 $20.79
Expressed in thousands US dollars Year Ended December 31, 2021 Year Ended December 31, 2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Cash costs net of by-product $52,380 ($9,147) $1,709 $44,942 $31,979 ($10,701) ($1,954) $19,324
Operations stock based compensation 180 180 61 421 114 108 108 330
Corporate general and administrative 4,564 2,082 329 6,975 5,961 2,891 1,172 10,024
Corporate stock based compensation 1,912 873 138 2,923 1,480 718 291 2,489
Reclamation - amortization/accretion 100 83 9 192 39 30 9 78
Mine site expensed exploration 1,611 1,216 198 3,025 839 707 1,115 2,661
Intangible payments 250 114 18 382 117 117 117 351
Equipment loan payments 1,099 2,082 - 3,181 839 2,039 - 2,878
Capital expenditures sustaining 21,964 14,150 - 36,114 11,103 11,933 95 23,131
All In Sustaining Costs $84,060 $11,633 $2,462 $98,155 $52,471 $7,842 $953 $61,266
Growth exploration and evaluation 14,277 6,600
Growth capital expenditures 7,872 2,408
All In Costs $120,304 $70,274
Year Ended December 31, 2021 Year Ended December 31, 2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Throughput tonnes 414,355 418,514 54,555 887,424 346,679 331,174 79,307 757,160
Payable silver ounces 4,320,567 462,700 43,414 4,826,681 3,061,982 333,293 86,819 3,482,094
Silver equivalent production (ounces) 5,398,927 2,463,572 389,248 8,251,747 3,856,195 1,870,358 758,334 6,484,887
Sustaining cost per ounce $19.46 $25.14 $56.71 $20.34 $17.14 $23.53 $10.98 $17.59
All In costs per ounce $24.92 $20.18
Reconciliation of Sustaining Capital and Growth Capital
Expressed in thousands US dollars Three Months Ended
December 31 Years Ended December 31
2021 2020 2021 2020
Capital expenditures sustaining $11,086 $7,269 $36,114 $23,131
Growth capital expenditures 4,135 (678) 7,872 2,408
Acquisition capital expenditures 10,106 - 10,106 -
Property, plant and equipment expenditures per Consolidated
Statement of Cash Flows $25,327 $6,591 $54,092 $25,539
Reconciliation of Silver Co-Product Cash Costs and Gold Co-Product Cash Costs
Expressed in thousands US dollars Three Months Ended December 31,
2021
Three Months Ended December 31,
2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Direct production costs per financial
statements $18,689 $7,329 ($5) $26,013 $15,635 $7,420 $3,060 $26,115
Smelting and refining costs included in net
revenue - 362 (4) 358 - 380 111 491
Royalties 4,199 79 4 4,282 4,210 69 155 4,434
Special mining duty (1) 932 (152) - 780 1,050 354 - 1,404
Opening finished goods (12,910) (2,306) - (15,216) (3,318) (335) (585) (4,238)
Finished goods NRV adjustment - - - - - - 174 174
Closing finished goods 10,093 2,857 - 12,950 1,509 250 642 2,401
Direct costs 21,003 8,169 (5) 29,167 19,086 8,138 3,557 30,781
Three Months Ended December 31,
2021 Three Months Ended December 31, 2020
Guanaceví Bolañitos El
Compas Total Guanaceví Bolañitos El
Compas Total
Silver production (ounces) 1,301,941 141,258 365 1,443,564 991,697 99,417 26,175 1,117,289
Average realized silver price ($) 23.41 23.41 23.41 23.41 24.76 24.76 24.76 24.76
Silver value ($) 30,478,439 3,306,850 8,545 33,793,833 24,554,418 2,461,565 648,093 27,664,076
Gold production (ounces) 3,885 5,502 59 9,446 3,198 6,754 2,634 12,586
Average realized gold price ($) 1,811 1,811 1,811 1,811 1,885 1,885 1,885 1,885
Gold value ($) 7,035,735 9,964,122 106,849 17,106,706 6,028,230 12,731,2904,965,09023,724,610
Total metal value ($) 37,514,174 13,270,972 115,394 50,900,539 30,582,648 15,192,8555,613,18351,388,686
Pro-rated silver costs (%) 81% 25% 7% 66% 80% 16% 12% 54%
Pro-rated gold costs (%) 19% 75% 93% 34% 20% 84% 88% 46%
Pro-rated silver costs ($) 17,064 2,036 (0) 19,365 15,324 1,319 411 16,570
Pro-rated gold costs ($) 3,939 6,133 (5) 9,802 3,762 6,819 3,146 14,211