Endeavour Silver Ends the Year on a Strong Note; FY2021 Annual Production Surpasses Upper End of Guidance
Endeavour Silver Ends the Year on a Strong Note; FY2021 Annual Production
Surpasses Upper End of Guidance
VANCOUVER, British Columbia, Jan. 11, 2022 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) is pleased to report full year 2021 production of 4,870,787 silver ounces (oz) and 42,262 gold oz, for silver
equivalent1 (“AgEq”) production of 8.3 million oz. Fourth quarter production was 1,443,564 silver oz and 9,446 gold oz, for silver
equivalent production of 2.2 million oz AgEq.
The Company’s 2021 full year production exceeded the upper range of its guidance of between 7.7 million oz and 8.0 million
oz AgEq (revised upward in October) due to continuing strong performance at Guanacevi with higher grades and tonnage
milled. Annual silver production exceeded guidance by 3% while gold production was in line with the upper range of guidance.
"Steady performance at Bolanitos, together with record mill throughput, grade and production at Guanacevi boosted our 2021
consolidated production beyond the upper end of our increased guidance,” said Dan Dickson, Endeavour’s Chief Executive
Officer. “Last year was a great year due to the excellent efforts of our entire team and we are in a strong position going into
2022.”
Q4 and FY2021 Highlights
• Exceeded Production Guidance: Consolidated production remained strong as silver and gold production at each
mine met or exceeded revised 2021 guidance and exceeded plan.
• Guanacevi Continued to Outperform: Silver and gold grades continued to deliver well above plan and throughput
approached plant capacity.
• Bolanitos Performance Remained Steady: Silver grades and plant throughput exceeded plan with gold grades
slightly below plan.
• Metal Sales and Inventories : Sold 1,413,699 oz silver and 8,715 oz gold, held 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 at year end. Management continued
to be bullish on precious metal prices and withheld a portion of metal sales in the fourth quarter, consistent with the
levels held as at September 30, 2021.
• Encouraging Brownfields Exploration Results from Guanacevi and Bolanitos : Drilling continued to intersect high-
grade gold-silver mineralization in the Santa Cruz vein at Guanacevi and intersect multiple mineralized structures near
current workings at Bolanitos.
• Positive Greenfields Exploration Results from the Parral Project : Drilled over 14,000 metres targeting several
areas along the La Colorada vein with encouraging results to expand the mineral resource estimate.
• Continued to Advance the Terronera Project : The Terronera Project Technical Report, authored in accordance with
National Instrument 43-101 was filed on SEDAR and EDGAR on October 25, 2021. 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, the current surge in COVID-19 cases caused by the Omicron variant has
extended the anticipated timeline. The Company intends to make a formal construction decision subject to completion
of a financing package 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 Co (formerly
Vangold Mining Corp) for US$15 million plus contingent payments up to US$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 NW
trending mineral belt, this acquisition closed on September 1, 2021.
Q4 2021 Mine Operations
Consolidated silver production increased by 29% to 1,443,564 ounces in Q4 2021 compared to the prior year quarter, primarily
driven by a 31% increase in silver production at the Guanacevi mine and a 42% increase in silver production at the Bolanitos
mine offset by the suspension of operations at the El Compas mine. Gold production decreased by 25% to 9,446 ounces due
to a 19% decrease in gold production at Bolanitos mine and the suspension of operations at the El Compas mine offset by a
21% increase in gold production at the Guanacevi mine.
Guanacevi throughput in Q4 2021 was consistent with Q4 2020 but silver grades and gold grades were each significantly
higher. Guanacevi throughput exceeded plan and mining the new higher grade El Curso orebody has led to significantly
improved grades and mine plan flexibility. Additionally, supplies of local third-party ores continued to supplement mine
production, amounting to 14% of quarterly throughput and contributing to the higher ore grades.
Bolanitos Q4 2021 throughput was consistent with Q4 2020 with increased silver grades and decreased gold grades. Silver
production increased by 42% while gold production decreased by 19% at the Bolanitos mine.
Production Highlights for the Three Months and Year Ended December 31, 2021
Three Months Ended December 31 Highlights Years Ended December 31
2021 2020 % Change 2021 2020 % Change
213,492 237,389 (10%) Throughput (tonnes) 887,424 757,160 17%
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 produced1 8,251,747 6,484,887 27%
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%
Q4 2021 Production by Mine
Production Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
by mine Produced per day Ag gpt* Au gpt* Ag % Au % Oz Oz
Guanaceví 108,334 1,178 417 1.21 89.6% 92.2% 1,301,941 3,885
Bolañitos 105,158 1,143 48 1.83 87.0% 88.9% 141,258 5,502
Consolidated 213,492 2,372 235 1.52 89.4% 90.8% 1,443,564 9,446
*gpt = grams per tonne
FY2021 Production by Mine
Production Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
by mine Produced per day Ag gpt* Au gpt* Ag % Au % Oz Oz
Guanaceví 414,355 1,135 370 1.09 87.9% 91.7% 4,333,567 13,317
Bolañitos 418,514 1,147 42 2.02 87.0% 90.7% 491,412 24,652
El Compas 54,555 149 36 3.05 72.5% 80.2% 45,808 4,293
Consolidated 887,424 2,431 195 1.65 87.6% 89.8% 4,870,787 42,262
*gpt=grams per tonne
1 Silver equivalent calculated using an 80:1 silver:gold ratio.
2021 Financial Results and Conference Call
The Company’s 2021 financial results will be released before markets open on Thursday, March 10, 2022 and a telephone
conference call will be held the same day 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 (toll-free) 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
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Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation
reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such
forward-looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated
performance in 2022 including changes in mining operations and production levels, the timing and results of various activities
and the impact of the COVID 19 pandemic on operations. The Company does not intend to and does not assume any
obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be
materially different from those expressed or implied by such statements. Such factors include but are not limited to the
ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, 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, 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,
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.