Endeavour Silver Produces 4,471,824 Oz Silver and 39,047 Oz Gold (7.6 Million Silver Equivalent Oz) in 2024; Improved Fourth Quarter Production Delivers on Updated Annual Guidance
Endeavour Silver Produces 4,471,824 Oz Silver and 39,047 Oz Gold (7.6 Million
Silver Equivalent Oz) in 2024; Improved Fourth Quarter Production Delivers on
Updated Annual Guidance
VANCOUVER, British Columbia, Jan. 09, 2025 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) reports full year 2024 production of 4,471,824 silver ounces (“oz”) and 39,047 gold oz, for silver equivalent(1)
(“AgEq”) production of 7.6 million oz. Fourth quarter production was 824,529 silver oz and 9,075 gold oz for 1.6 million AgEq
oz.
"After operating at reduced capacity due to the Guanaceví trunnion failure in August, and subsequently resuming full capacity
in December, we are satisfied with our production performance in Q4 and producing at the top range of our updated production
guidance," said Dan Dickson, Chief Executive Officer. "The team demonstrated exceptional diligence and commitment
throughout the 15 week recovery period, ensuring the timely fabrication and installation of the trunnion while maintaining
seamless operations and bringing Guanaceví’s plant back to its historical levels of 1,200 tonnes per day."
Q4 2024 Overview
• Production At Higher End of Updated Guidance: Lower Guanaceví production from August to December due to a
trunnion failure of the primary ball mill (see news release from December 17, 2024). Production resumed to full capacity
in December and Q4 2024 production amounted to 718,797 silver ounces and 2,622 gold ounces.
• Bolañitos Provides Strong Results: With throughput remaining steady, silver equivalent oz produced were in line with
plan. Gold production remained above plan, driven by higher gold grades. Conversely, silver production remained below
plan due to lower silver grades.
• Metal Sales and Inventories : Sold 654,519 silver oz and 8,343 gold oz during the fourth quarter. A total of 276,477
silver oz and 1,220 gold oz of bullion inventory and 4,216 silver ounces and 296 gold oz in concentrate inventory were
held at year end.
• Bought Deal Financing of US$73 Million: Proceeds to be used for general working capital and the advancement of
the Pitarrilla Project (see news release from November 27, 2024).
Q4 2024 Mine Operations
In December, Guanaceví processing resumed to full capacity after the trunnion failure in August. After a 15 week period of
operating at a reduced capacity averaging 620 tonnes per day (“tpd”), the newly fabricated trunnion was installed on schedule
on November 30, with alignment testing occurring over the ensuing two weeks, restoring the plant to its designed capacity of
1,200 tpd. The total cost of fabrication and installation was US$400,000.
Consolidated silver production decreased 41% to 824,529 ounces in Q4 2024 compared to Q4 2023, primarily driven by 25%
lower throughput caused by reduced operating capacity at Guanaceví after the trunnion failure in August. Gold production
decreased by 6% to 9,075 ounces in Q4 2024 compared to Q4 2023, primarily due to the decrease in throughput, partially
offset by higher gold grades mined at both Guanaceví and Bolañitos as well as higher gold recoveries.
1 Silver equivalent (AgEq): AgEq is calculated using an 80:1 silver:gold ratio. Ounces are troy ounces.
Production Highlights for the Three and Twelve Months Ended December 31, 2024
Three Months Ended December 31, Twelve Months Ended December 31,
2024 2023 % Change 2024 2023 % Change
165,591 220,464 (25%) Throughput (tonnes) 781,439 874,382 (11%)
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 produced1 7,595,584 8,701,343 (13%)
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%
Production Tables for the Three Months Ended December 31, 2024 by Mine
Production Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
by mine Processed per day Ag gpt Au gpt Ag % Au % Ounces Ounces
Guanaceví 58,798 639 440 1.53 86.4% 90.7% 718,797 2,622
Bolañitos 106,793 1,161 36 1.95 85.5% 96.4% 105,732 6,453
Consolidated 165,591 1,800 179 1.80 86.3% 94.7% 824,529 9,075
Production Tables for the Twelve Months Ended December 31, 2024 by Mine
Production Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
by mine Processed per day Ag gpt Au gpt Ag % Au % Ounces Ounces
Guanaceví 353,793 967 397 1.35 89.0% 90.0% 4,019,197 13,817
Bolañitos 427,646 1,168 39 1.98 84.4% 92.7% 452,627 25,230
Consolidated 781,439 2,135 201 1.69 88.5% 91.7% 4,471,824 39,047
gpt = grams per tonne
Totals may not add up due to rounding
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.
Qualified Person
Dale Mah, P.Geo., Vice President Corporate Development, a qualified person under NI 43-101, has approved the scientific and
technical information related to operations matters in this news release.
2024 Financial Results and Conference Call
The Company’s annual 2024 financial results will be released before market open on Tuesday March 11, 2025, and
management will host a conference call the same day at 10:00 a.m. PT / 1:00 p.m. ET to discuss the results.
Date:
Time:
Telephone:
Replay:
Tuesday March 11, 2025
10:00am PT / 1:00pm ET
Canada & US +1-844-763-8274
International +1-647-484-8814
Canada & US +1- 855-669-9658
International +1-412-317-0088
Access code is 9624341; audio replay will be available on Company’s website
Contact Information
Allison Pettit
Director, Investor Relations
Email: [email protected]
Website: www.edrsilver.com
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, the use of proceeds from Endeavour’s financings, the release of Endeavour’s financial results 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 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 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; 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,
forecast mine economics, mining operations will function 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.