Endeavour Silver Reports 2023 Financial Results: Earnings Conference Call at 9am PST (12pm EST) Time
Endeavour Silver Reports 2023 Financial Results: Earnings Conference Call at
9am PST (12pm EST) Time
VANCOUVER, British Columbia, March 11, 2024 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) announces its financial and operating results for the fourth quarter and year ended December 31, 2023. All
dollar amounts are in US dollars (US$).
“The path to growth is never a straight line, so our ability to rise above challenges defines our success. During 2023, we kept
focused on our main goals, while successfully navigating industry challenges” commented Dan Dickson, CEO of Endeavour
Silver. “From a cost perspective, all Mexican miners faced overarching challenges, with persistent cost pressures across
various channels. Our operations team demonstrated their resolve to overcome a significant challenge at Guanacevi, by
elevating both mine and mill productivity levels above planned targets. As the remediation efforts extended into early Q4, the
positive momentum from these initiatives reduced Q4 2023 cost metrics compared to Q3 2023 and will carry forward into the
upcoming year.”
Mr. Dickson added, “With operating costs at their peak, we remain focused on cost discipline to offset inflationary and foreign
exchange pressures while improving productivity. Bringing Terronera into production in late 2024 will provide the base we need
for significant production growth and margin expansion as we move down the cost curve. We believe that project execution is
our pathway to adding long-term value, as we position ourselves as a top silver investment vehicle for investors seeking
industry leading growth.”
2023 Financial Highlights
• Production In-Line with Guidance : Consolidated production of 5,672,703 silver ounces (oz) and 37,858 gold oz for
silver equivalent (1) production of 8.7 million oz, representing the Company’s third consecutive year of meeting or
exceeding production guidance.
• Revenue : Revenue of $205.5 million from the sale of 5,669,760 oz of silver and 37,186 oz of gold at average realized
prices of $23.76 per oz silver and $1,968 per oz gold.
• Multiple Items Resulted in Escalated Annual Costs; Significant Improvement in Q4: Cash costs (2) of $13.49 per
oz payable silver were above guidance due to a strengthened Mexican Peso, inflationary pressures and lower
production and All-in Sustaining Costs (2) of $22.93 per oz were above guidance due to the aforementioned higher
costs. Fourth quarter cash costs (2) of $12.54 per oz payable silver and all-in sustaining costs (2) of $21.48 signal visible
improvement from third quarter costs due to remedial measures implemented at Guanacevi, as productivity improved.
• Healthy Balance Sheet: Cash position of $35.3 million and $42.5 million in working capital (2). Cash decreased in Q4,
as funds were spent on development activities at Terronera. During Q4, the Company raised gross proceeds of $39.3
million through issuances, primarily to fund the activities at Terronera.
• Cash Flow: $37.0 million in operating cash flow before working capital changes (2), and mine operating cash flow before
taxes(2) of $64.4 million.
• Net Income : Net earnings of $6.1 million, or $0.03 per share, were impacted by inflationary pressures, foreign
exchange and higher realized metal prices compared to the prior year.
• Construction Continues on Schedule at the Terronera Mine : Concrete work is well advanced and erection of steel
for the grinding and flotation areas has started at year end (see news release dated February 12, 2024). Overall project
progress reached 43% and the project remains on track for commissioning in Q4 2024.
Financial Overview (see appendix for consolidated financial statements)
Three Months Ended December
31 2023 Highlights Year Ended December 31
2023 2022 % Change 2023 2022 % Change
Production
1,406,423 1,830,835 (23%) Silver ounces produced 5,672,703 5,963,445 (5%)
9,608 10,370 (7%) Gold ounces produced 37,858 37,548 1%
1,396,315 1,816,813 (23%) Payable silver ounces produced 5,627,379 5,912,509 (5%)
9,440 10,196 (7%) Payable gold ounces produced 37,189 36,901 1%
2,175,063 2,660,435 (18%) Silver equivalent ounces produced(1) 8,701,343 8,967,285 (3%)
12.54 11.65 8% Cash costs per silver ounce(2) 13.49 10.65 27%
17.66 15.03 17% Total production costs per ounce(2)) 18.55 14.70 26%
21.48 19.38 11% All-in sustaining costs per ounce (2) 22.93 19.97 15%
220,464 224,289 (2%) Processed tonnes 874,382 834,542 5%
144.59 135.71 7% Direct operating costs per tonne(2) 141.72 130.80 8%
168.71 177.35 (5%) Direct costs per tonne (2) 171.00 155.63 10%
Financial
50.5 82.0 (38%) Revenue ($ millions) 205.5 210.2 (2%)
1,332,648 2,816,882 (53%) Silver ounces sold 5,669,760 6,464,869 (12%)
9,417 11,843 (20%) Gold ounces sold 37,186 38,868 (4%)
23.78 21.86 9% Realized silver price per ounce 23.76 22.07 8%
2,051 1,783 15% Realized gold price per ounce 1,968 1,814 9%
3.0 8.0 62% Net earnings (loss) ($ millions) 6.1 6.2 1%
3.6 8.1 56% Adjusted net earnings (loss) (2) ($ millions) 1.7 6.9 (76%)
5.4 21.7 (75%) Mine operating earnings ($ millions) 36.6 51.5 (29%)
12.6 30.7 (59%)
Mine operating cash flow before taxes ($ millions)
(2) 64.4 78.5 (18%)
9.8 22.5 (56%)
Operating cash flow before working capital
changes(2) 37.0 54.0 (31%)
8.3 22.7 (63%) EBITDA(2) ($ millions) 47.9 51.9 (8%)
42.5 93.6 (55%) Working capital (2) ($ millions) 42.5 93.6 (55%)
Shareholders
0.01 0.04 (75%) Earnings (loss) per share – basic ($) 0.03 0.03 0%
0.02 0.04 (50%) Adjusted earnings (loss) per share – basic ($)(2) 0.01 0.04 (75%)
0.05 0.12 (59%)
Operating cash flow before working capital
changes per share(2) 0.19 0.30 (37%)
207,932,318 189,993,085 9% Weighted average shares outstanding 196,018,623183,009,339 7%
(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.sedarplus.ca.
Year Ended December 31, 2023
For the year ended December 31, 2023, revenue, net of $2.4 million of smelting and refining costs, decreased by 2% to $205.5
million (2022: $210.2 million).
The decrease in revenue is attributed to lower production compared to 2022 but was partially offset by higher precious metal
prices realized during the year. During the period, the Company sold 5,669,760 oz silver and 37,186 oz gold for realized prices
of $23.76 and $1,968 per oz, respectively, compared to sales of 6,464,869 oz silver and 38,868 oz gold for realized prices of
$22.07 and $1,814 per oz, respectively, in 2022.
After cost of sales of $168.9 million (2022: $158.6 million), an increase of 6%, mine operating earnings were $36.6 million
(2022: $51.5 million). The increase in cost of sales, despite lower sales, was due to higher costs as a result of inflation on a
number of direct inputs, the impact of the appreciation of the Mexican peso on labour costs and direct inputs and higher
royalty costs. Royalties increased 25% to $22.2 million (2022: $17.8 million) due to increased mining of the high-grade El
Curso and El Porvenir extensions at the Guanaceví operation, which are subject to significant royalty rates.
The Company had operating earnings of $8.7 million (2022: $23.5 million) after exploration, evaluation and development costs
of $15.1 million (2022: $16.2 million), general and administrative costs of $12.4 million (2022: $10.6 million), and a write-off of
exploration properties of $0.4 million (2022: $0.7 million). In 2022, there were also care and maintenance costs of $0.6 million
related to the El Compas mine which was sold in late 2022.
Earnings before income taxes were $18.2 million (2022: $25.0 million) after finance costs of $1.4 million (2022: $1.3 million), a
foreign exchange gain of $4.7 million (2022: $1.9 million), a net gain on disposal of assets of $7.1 million primarily generated
by the gain on the sale of the Cozamin royalty (2022: $2.5 million primarily from the gain on the sale of El Compas mine) and
investment and other expense of $0.8 million (2022: $1.6 million).
The Company realized net earnings for 2023 of $6.1 million (2022: $6.2 million) after a tax expense of $12.1 million (2022:
$18.7 million). Current income tax expense increased to $11.3 million (2022: $6.4 million) while deferred income tax expense
decreased to $0.8 million (2022: $12.4 million) The deferred income tax expense of $0.8 million is derived from changes in
temporary timing differences between deductions for accounting versus deductions for tax. During 2022, the changes in
deferred taxes were driven primarily by the utilization of loss carryforwards at Guanacevi with no further loss carryforwards
available to offset against current income tax in 2023.
Direct operating costs (2) on a per tonne basis increased to $141.72, up 8% compared with 2022 due to higher operating costs.
Guanaceví and Bolañitos have seen increased labour, power and consumables costs primarily driven by inflationary pressure
as well as the impact of a strengthened Mexican Peso. Direct costs per tonne (2) increased to $171.00, up 10% compared to
2022 due to the increase in direct operating costs as well as the increase in royalty costs.
Consolidated cash costs per oz, net of by-product credits, increased to $13.49 primarily due to the higher direct costs per
tonne and a reduction in production partially offset by higher gold credits. All-in sustaining costs increased 15% to $22.93 per
oz in 2023 due to the higher cash costs, an increase in allocated general and administrative expenses partially offset by a
decrease in capital expenditures.
Consolidated cash costs per oz, net of by-product credits of $13.49 exceeded cash cost guidance of between a $10.00 and
$11.00 range, primarily due to higher direct costs which were impacted by a strengthened Mexican Peso and higher
inflationary pressure than anticipated. Cash costs, on a per ounce basis, were also impacted by realized production being on
the lower end of guidance. All-In-Sustaining Costs (“AISC”) of $22.93 on a per oz basis was above guidance of $19.00 to
$20.00 per ounce and similarly impacted by the increased costs.
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
Investor Relations at 604-640-4804, toll free at 1-877- 685-9775 or by email at [email protected]
Conference Call
A conference call to discuss the Company’s annual 2023 financial results will be held today at 9:00 a.m. PT / 12:00 p.m. ET.
To participate in the conference call, please dial the numbers below.
Date & Time: Monday, March 11, 2024 at 9:00 a.m. PT / 12:00 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 0627#. 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 mining company that operates two high-grade
underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its
portfolio of exploration 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.
Contact Information:
Galina Meleger, VP, Investor Relations 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, 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, 2023, 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, 2023 MD&A available on SEDAR+ at www.sedarplus.ca.
Reconciliation of Working Capital
Expressed in thousands US dollars
As at December 31,
2023
As at December 31,
2022
Current assets $100,773 $146,333
Current liabilities 58,244 52,749
Working capital $42,529 $93,584
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) 2023 2022 2023 2022
Net earnings (loss) for the period per financial
statements $7,961 $7,961 $6,201 $6,201
Gain on sale of Cozamin royalty - - (6,990) -
Gain on disposal of El Compas mine and
equipment, net of tax - - - (2,733)
Change in fair value of investments 525 104 2,522 3,470
Adjusted net earnings (loss) $3,574 $8,065 $1,655 $6,938
Basic weighted average share outstanding 207,932,318 189,993,085 196,018,623 183,009,339
Adjusted net earnings (loss) per share $0.02 $0.04 $0.01 $0.04
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in thousands US dollars
Three Months Ended December
31 Years Ended December 31
2023 2022 2023 2022
Mine operating earnings per financial statements $5,352 $21,655 $36,611 $51,525
Share-based compensation 44 89 (74) 442
Amortization and depletion 7,181 8,945 27,885 25,179
Provision for warehouse inventory - - - 1,323
Mine operating cash flow before taxes $12,577 $30,689 $64,422 $78,469
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) 2023 2022 2023 2022
Cash from (used in) operating activities per
financial statements $6,706 $44,391 $11,771 $54,993
Net changes in non-cash working capital per
financial statements (3,085) 21,924 (25,243) 967
Operating cash flow before working capital
changes $9,791 $22,467 $37,014 $54,026
Basic weighted average shares outstanding 207,932,318 189,993,085 196,018,623 183,009,339
Operating cash flow before working capital
changes per share $0.05 $0.12 $0.19 $0.30
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in thousands US dollars
Three Months Ended December
31 Years Ended December 31
2023 2022 2023 2022
Net earnings (loss) for the period per financial
statements $3,049 $3,049 $6,123 $6,123
Depreciation – cost of sales 7,181 7,181 27,885 27,885
Depreciation – exploration 80 80 528 528
Depreciation – general & administration 197 197 376 376
Finance costs 164 233 822 816
Current income tax expense 207 2,850 11,344 6,376
Deferred income tax expense (2,544) 2,345 786 12,372
EBITDA $8,334 $22,668 $47,864 $51,853
Share based compensation 714 619 3,618 3,878
Gain on sale of Cozamin royalty - - (6,990) -
Gain on disposal of El Compas mine and
equipment, net of tax - - - (2,733)
Change in fair value of investments 525 104 2,522 3,470
Adjusted EBITDA $9,573 $23,391 $47,014 $56,468
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 Years Ended December 31, 2023 Years Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial
statements $79,842 $38,989 $118,831 $74,423 $39,457 $113,880
Smelting and refining costs included in
net revenue - 2,451 2,451 - 3,029 3,029
Opening finished goods (4,953) (245) (5,198) (10,093) (2,857) (12,950)
Closing finished goods 7,137 699 7,836 4,953 245 5,198
Direct operating costs 82,026 41,894 123,920 69,283 39,874 109,157
Royalties 21,937 273 22,210 17,554 257 17,811
Special mining duty (1) 2,862 530 3,392 2,612 302 2,914
Direct costs 106,825 42,697 149,522 89,449 40,433 129,882
By-product gold sales (29,273) (43,925) (73,198) (27,569) (42,932) (70,501)
Opening gold inventory fair market value 2,740 354 3,094 1,900 4,784 6,684
Closing gold inventory fair market value (2,909) (619) (3,528) (2,740) (354) (3,094)
Cash costs net of by-product 77,383 (1,493) 75,890 61,040 1,931 62,971
Amortization and depletion 15,481 12,404 27,885 14,129 11,050 25,179
Share-based compensation (17) (57) (74) 221 221 442
Opening finished goods depreciation (862) (79) (941) (1,965) (635) (2,600)
Closing finished goods depreciation 1,459 197 1,656 862 79 941
Total production costs $93,444 $10,972 $104,416 $74,287 $12,646 $86,933
Year Ended December 31, 2023 Year Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 433,409 440,973 874,382 412,303 422,239 834,542
Payable silver ounces 5,089,921 537,458 5,627,379 5,340,553 587,978 5,912,509
Cash costs per silver ounce $15.20 ($2.78) $13.49 $11.46 $3.28 $10.65
Total production costs per ounce $18.36 $20.41 $18.55 $13.95 $21.51 $14.70
Direct operating costs per tonne $189.26 $95.00 $141.72 $168.04 $94.43 $130.80
Direct costs per tonne $246.48 $96.82 $171.00 $216.95 $95.76 $155.63
Expressed in thousands US dollars
Three Months Ended December 31,
2023
Three Months Ended December 31,
2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial
statements 22,956 9,861 32,817 33,586 9,235 42,821
Smelting and refining costs included in
net revenue - 506 506 - 694 694
Opening finished goods (8,627) (656) (9,283) (18,080) (195) (18,275)
Closing finished goods 7,137 699 7,836 4,953 245 5,198
Direct operating costs 21,466 10,410 31,876 20,459 9,979 30,438
Royalties 5,033 72 5,105 8,430 49 8,479
Special mining duty (1) 62 151 213 845 16 861
Direct costs 26,561 10,633 37,194 29,734 10,044 39,778
By-product gold sales (7,045) (12,271) (19,316) (11,591) (9,527) (21,118)
Opening gold inventory fair market value 2,345 815 3,160 5,368 240 5,608
Closing gold inventory fair market value (2,909) (619) (3,528) (2,740) (354) (3,094)
Cash costs net of by-product 18,952 (1,442) 17,510 20,771 403 21,174
Depreciation 3,942 3,239 7,181 6,160 2,785 8,945
Share-based compensation 33 11 44 45 44 89
Opening finished goods depreciation (1,509) (222) (1,731) (3,776) (60) (3,836)
Closing finished goods depreciation 1,459 197 1,656 862 79 941
Total production costs $22,877 $1,783 $24,660 $24,062 $3,251 $27,313
Three Months Ended December 31,
2023
Three Months Ended December 31,
2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 110,781 109,683 220,464 119,305 104,984 224,289
Payable silver ounces 1,267,864 128,451 1,396,315 1,675,322 141,491 1,816,813
Cash costs per silver ounce $14.95 ($11.23) $12.54 $12.40 $2.85 $11.65
Total production costs per ounce $18.04 $13.88 $17.66 $14.36 $22.98 $15.03
Direct operating costs per tonne $193.77 $94.91 $144.59 $171.48 $95.05 $135.71
Direct costs per tonne $239.76 $96.94 $168.71 $249.23 $95.67 $177.35
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in thousands US
dollars
Year Ended December 31, 2023 Year Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $77,383 ($1,493) $75,890 $61,040 $1,931 $62,971
Operations share-based compensation (17) (57) (74) 221 221 442
Corporate general and administrative 6,354 2,419 8,773 5,439 1,951 7,390
Corporate share-based compensation 2,328 886 3,214 2,214 795 3,009
Reclamation - amortization/accretion 313 263 576 268 211 479
Mine site expensed exploration 1,354 1,352 2,706 1,351 1,158 2,509
Intangible payments - - - 30 11 41
Equipment loan payments 819 1,805 2,624 981 1,955 2,936
Capital expenditures sustaining 24,631 10,708 35,339 26,561 11,756 38,317
All-In-Sustaining Costs $113,164 $15,884 $129,048 $98,105 $19,989 $118,094
Growth exploration and evaluation 11,401 12,626
Growth capital expenditures 82,448 35,450
All-In-Costs $222,897 $166,170
Year Ended December 31, 2023 Year Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 433,409 440,973 874,382 412,303 422,239 834,542
Payable silver ounces 5,089,921 537,458 5,627,379 5,324,531 587,978 5,912,509
Silver equivalent production (ounces) 6,301,637 2,399,706 8,701,343 6,599,353 2,367,932 8,967,285
Sustaining cost per ounce $22.23 $29.55 $22.93 $18.43 $34.00 $19.97
Expressed in thousands US
dollars
Three Months Ended December 31,
2023
Three Months Ended December 31,
2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $18,952 ($1,442) $17,510 $20,771 $403 $21,174
Operations share-based compensation 33 11 44 45 44 89
Corporate general and administrative 1,423 550 1,973 1,771 506 2,277
Corporate share-based compensation 404 156 560 365 67 432
Reclamation - amortization/accretion 78 66 144 70 53 123
Mine site expensed exploration 286 350 636 323 295 618
Equipment loan payments 140 340 480 245 489 734
Capital expenditures sustaining 5,944 2,700 8,644 6,653 3,103 9,756
All-In-Sustaining Costs $27,259 $2,732 $29,991 $30,243 $4,960 $35,203
Growth exploration and evaluation 1,609 4,170
Growth capital expenditures 32,826 18,672
All-In-Costs $64,426 $58,045
Three Months Ended December 31,
2023
Three Months Ended December 31,
2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 110,781 109,683 220,464 119,305 104,984 224,289
Payable silver ounces 1,267,864 128,451 1,396,315 1,675,322 141,491 1,816,813
Silver equivalent production (ounces) 1,569,359 605,704 2,175,063 2,075,243 585,192 2,660,435
Sustaining cost per ounce $21.50 $21.27 $21.48 $18.05 $35.06 $19.38
Expressed in thousands US dollars
Three Months Ended
December 31 Years Ended December 31
2023 2022 2023 2022
Mine site expensed exploration $636 $618 $2,706 $2,509
Growth exploration, evaluation and development 1,609 4,170 11,401 12,626
Total exploration, evaluation and development 2,245 4,788 14,107 15,135
Exploration, evaluation and development depreciation 80 276 528 624
Exploration, evaluation and development share-based
compensation 110 99 478 427
Exploration, evaluation and development expense $2,435 $5,163 $15,113 $16,186
Reconciliation of Sustaining Capital and Growth Capital
Expressed in thousands US dollars
Three Months Ended
December 31 Years Ended December 31
2023 2022 2023 2022
Capital expenditures sustaining $8,644 $9,756 $35,339 $38,317
Growth capital expenditures 32,826 18,672 82,448 35,450
Acquisition capital expenditures - (50) - 35,948
Property, plant and equipment expenditures per
Consolidated Statement of Cash Flows $41,470 $28,378 $117,787 $109,715
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
Expressed in thousands US dollars
Three Months Ended
December 31 Years Ended December 31
2023 2022 2023 2022
Gross silver sales $31,689 $61,565 $134,716 $142,688
Silver ounces sold 1,332,648 2,816,881 5,669,760 6,464,868
Realized silver price per ounces $23.78 $21.86 $23.76 $22.07
Expressed in thousands US dollars
Three Months Ended
December 31 Years Ended December 31
2023 2022 2023 2022
Gross gold sales $19,316 $21,118 $73,198 $70,501
Gold ounces sold 9,417 11,843 37,186 38,868
Realized gold price per ounces $2,051 $1,783 $1,968 $1,814
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 the development and
financing of the Terronera Project including: anticipated timing of the project; anticipated timing of completion of conditions
precedent to drawdown under the Debt Facility, estimated project economics, Terronera’s forecasted operations, costs and
expenditures, and the timing and results of various related activities, 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 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; satisfaction of conditions precedent to drawdown under 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 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.
Appendix
ENDEAVOUR SILVER CORP.
CONSOLIDATED STATEMENTS OFCOMPREHENSIVE EARNINGS (LOSS)
(expressed in thousands of US dollars, except for shares and per share amounts)
Years ended
December 31, December 31,
2023 2022
Revenue $ 205,463 $ 210,160
Cost of sales:
Direct production costs 118,831 113,880
Royalties 22,210 17,811
Share-based payments (74) 442
Depreciation 27,885 25,179