Endeavour Silver Announces Q4 2024 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today
Endeavour Silver (NYSE: EXK) reported its Q4 and full-year 2024 financial results, achieving production at the higher end of updated guidance despite challenges. The company produced 4.47M silver ounces and 39,047 gold ounces, totaling 7.6M AgEq ounces in 2024.
Revenue reached $217.6 million with average realized prices of $27.39 per silver ounce and $2,397 per gold ounce. Mine operating cash flow was $72.3M, while the company reported a net loss of $31.5M for the year. Adjusted earnings were $8.0M ($0.03 per share).
Key operational highlights include:
- Cash position of $106.4M with working capital of $78.8M
- Terronera project at 89.4% completion with $302M spent
- Q4 AISC increased 27% to $27.33 per oz
- Direct operating costs rose 15% to $152.44 per tonne in Q4
The company faced challenges including a trunnion failure at Guanacevi mine affecting mill throughput from August to December, though production resumed to full capacity in December 2024.
Endeavour Silver (NYSE: EXK) ha riportato i risultati finanziari per il quarto trimestre e per l'intero anno 2024, raggiungendo una produzione al limite superiore delle previsioni aggiornate nonostante le sfide affrontate. L'azienda ha prodotto 4,47 milioni di once d'argento e 39.047 once d'oro, per un totale di 7,6 milioni di once AgEq nel 2024.
Il fatturato ha raggiunto 217,6 milioni di dollari, con prezzi medi realizzati di 27,39 dollari per once d'argento e 2.397 dollari per once d'oro. Il flusso di cassa operativo minerario è stato di 72,3 milioni di dollari, mentre l'azienda ha riportato una perdita netta di 31,5 milioni di dollari per l'anno. Gli utili rettificati sono stati di 8,0 milioni di dollari (0,03 dollari per azione).
I principali punti salienti operativi includono:
- Posizione di cassa di 106,4 milioni di dollari con capitale circolante di 78,8 milioni di dollari
- Progetto Terronera completato all'89,4% con 302 milioni di dollari spesi
- Il costo totale per oncia (AISC) nel Q4 è aumentato del 27% a 27,33 dollari per oncia
- I costi operativi diretti sono aumentati del 15% a 152,44 dollari per tonnellata nel Q4
L'azienda ha affrontato sfide, inclusa una rottura del trunnion nella miniera di Guanacevi che ha influito sulla capacità di lavorazione del mulino da agosto a dicembre, sebbene la produzione sia ripresa a piena capacità a dicembre 2024.
Endeavour Silver (NYSE: EXK) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, logrando una producción en el extremo superior de la guía actualizada a pesar de los desafíos. La compañía produjo 4.47 millones de onzas de plata y 39,047 onzas de oro, totalizando 7.6 millones de onzas AgEq en 2024.
Los ingresos alcanzaron 217.6 millones de dólares con precios promedio realizados de 27.39 dólares por onza de plata y 2,397 dólares por onza de oro. El flujo de efectivo operativo de la mina fue de 72.3 millones de dólares, mientras que la compañía reportó una pérdida neta de 31.5 millones de dólares para el año. Las ganancias ajustadas fueron de 8.0 millones de dólares (0.03 dólares por acción).
Los aspectos operativos clave incluyen:
- Posición de efectivo de 106.4 millones de dólares con capital de trabajo de 78.8 millones de dólares
- Proyecto Terronera al 89.4% de finalización con 302 millones de dólares gastados
- El AISC del cuarto trimestre aumentó un 27% a 27.33 dólares por onza
- Los costos operativos directos aumentaron un 15% a 152.44 dólares por tonelada en el cuarto trimestre
La compañía enfrentó desafíos, incluyendo una falla del trunnion en la mina Guanacevi que afectó la capacidad de procesamiento del molino desde agosto hasta diciembre, aunque la producción se reanudó a plena capacidad en diciembre de 2024.
Endeavour Silver (NYSE: EXK)는 2024년 4분기 및 연간 재무 결과를 발표하며 도전 과제에도 불구하고 업데이트된 가이던스의 상단에 해당하는 생산량을 달성했습니다. 회사는 447만 온스의 은과 39,047 온스의 금을 생산하여 2024년 총 760만 AgEq 온스를 기록했습니다.
수익은 2억 1,760만 달러에 도달했으며, 은 1온스당 평균 실현 가격은 27.39달러, 금 1온스당 평균 실현 가격은 2,397달러였습니다. 광산 운영 현금 흐름은 7,230만 달러였으며, 회사는 연간 3,150만 달러의 순손실을 보고했습니다. 조정된 수익은 800만 달러(주당 0.03달러)였습니다.
주요 운영 하이라이트는 다음과 같습니다:
- 현금 보유액 1억 640만 달러, 운전 자본 7,880만 달러
- Terronera 프로젝트 89.4% 완료, 3억 2백만 달러 지출
- 4분기 AISC가 27% 증가하여 온스당 27.33달러
- 4분기 직접 운영 비용이 15% 증가하여 톤당 152.44달러
회사는 8월부터 12월까지 밀 처리량에 영향을 미친 Guanacevi 광산의 트러니언 고장 등 도전에 직면했지만 2024년 12월에는 생산이 전면적으로 재개되었습니다.
Endeavour Silver (NYSE: EXK) a annoncé ses résultats financiers pour le quatrième trimestre et l'année entière 2024, atteignant une production à la limite supérieure des prévisions révisées malgré les défis rencontrés. L'entreprise a produit 4,47 millions d'onces d'argent et 39 047 onces d'or, totalisant 7,6 millions d'onces AgEq en 2024.
Les revenus ont atteint 217,6 millions de dollars avec des prix moyens réalisés de 27,39 dollars par once d'argent et 2 397 dollars par once d'or. Le flux de trésorerie d'exploitation minière était de 72,3 millions de dollars, tandis que l'entreprise a enregistré une perte nette de 31,5 millions de dollars pour l'année. Les bénéfices ajustés étaient de 8,0 millions de dollars (0,03 dollar par action).
Les principaux points forts opérationnels incluent:
- Position de trésorerie de 106,4 millions de dollars avec un fonds de roulement de 78,8 millions de dollars
- Projet Terronera achevé à 89,4 % avec 302 millions de dollars dépensés
- Le coût total de la production (AISC) au quatrième trimestre a augmenté de 27 % pour atteindre 27,33 dollars par once
- Les coûts d'exploitation directs ont augmenté de 15 % pour atteindre 152,44 dollars par tonne au quatrième trimestre
L'entreprise a été confrontée à des défis, notamment une défaillance de trunnion à la mine de Guanacevi, ce qui a affecté le débit du moulin d'août à décembre, bien que la production ait repris à pleine capacité en décembre 2024.
Endeavour Silver (NYSE: EXK) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei die Produktion am oberen Ende der aktualisierten Prognose erreicht, trotz der Herausforderungen. Das Unternehmen produzierte 4,47 Millionen Unzen Silber und 39.047 Unzen Gold, was insgesamt 7,6 Millionen AgEq-Unzen im Jahr 2024 ergibt.
Der Umsatz erreichte 217,6 Millionen Dollar mit durchschnittlichen realisierten Preisen von 27,39 Dollar pro Silberunze und 2.397 Dollar pro Goldunze. Der operative Cashflow der Mine betrug 72,3 Millionen Dollar, während das Unternehmen einen Nettoverlust von 31,5 Millionen Dollar für das Jahr berichtete. Die bereinigten Erträge betrugen 8,0 Millionen Dollar (0,03 Dollar pro Aktie).
Wichtige betriebliche Höhepunkte umfassen:
- Bargeldposition von 106,4 Millionen Dollar mit Betriebskapital von 78,8 Millionen Dollar
- Projekt Terronera mit einem Fortschritt von 89,4% und 302 Millionen Dollar ausgegeben
- Die AISC im Q4 stieg um 27% auf 27,33 Dollar pro Unze
- Direkte Betriebskosten stiegen im Q4 um 15% auf 152,44 Dollar pro Tonne
Das Unternehmen sah sich Herausforderungen gegenüber, darunter einen Trunnion-Ausfall in der Guanacevi-Mine, der die Mühlenproduktion von August bis Dezember beeinträchtigte, obwohl die Produktion im Dezember 2024 wieder auf volle Kapazität zurückkehrte.
- Revenue increased to $217.6M driven by higher metal prices
- Strong liquidity position with $106.4M cash
- Mine operating cash flow improved to $72.3M from $64.4M in 2023
- Terronera project nearing completion at 89.4%
- Adjusted EBITDA increased to $52.7M from $47.1M in 2023
- Net loss of $31.5M compared to $6.1M profit in 2023
- Operating costs increased 15% in Q4 due to reduced mill throughput
- $30.6M loss on derivative contracts
- Production disruption at Guanacevi mine from August to December
- 27% increase in Q4 AISC to $27.33 per oz
Insights
Endeavour Silver reported mixed financial results for Q4 and full-year 2024, showcasing operational resilience despite equipment challenges. Annual revenue increased to $217.6 million (up 5.9% from 2023's $205.5 million), driven by higher realized metal prices - silver at $27.39/oz (+15%) and gold at $2,397/oz (+22%). Mine operating cash flow improved to $72.3 million from $64.4 million in 2023.
The company posted a net loss of $31.5 million for 2024, a significant swing from 2023's net earnings of $6.1 million. However, this was primarily due to a $30.6 million loss on derivative contracts related to required hedging for the Terronera project financing. Excluding these and other one-time items, adjusted earnings improved to $8.0 million ($0.03/share) from $1.7 million ($0.01/share) in 2023.
Production reached 7.6 million silver equivalent ounces, hitting the higher end of revised guidance despite a trunnion failure at the Guanacevi mine that affected operations from August to December. This equipment issue contributed to a 15% increase in direct operating costs per tonne in Q4 compared to Q4 2023.
The Terronera project stands at 89.4% completion with commissioning expected in early Q2 2025, potentially driving significant production growth. With a solid cash position of $106.4 million and working capital of $78.8 million, Endeavour appears well-positioned to support operations and development initiatives despite the operational challenges faced in 2024.
Endeavour Silver's operational resilience in 2024 deserves attention, particularly their management of the Guanacevi trunnion failure. Despite this significant equipment issue that curtailed mill throughput for nearly four months, the company still achieved 7.6 million AgEq ounces - at the upper end of their revised guidance range. The December return to full capacity demonstrates effective crisis management and technical competence.
The cost implications of this disruption were substantial, with Q4 direct operating costs per tonne jumping 35% at Guanacevi and AISC increasing 27% to $27.33/oz. This reflects the challenge of maintaining fixed costs during reduced throughput periods - a common mining industry dilemma.
The Terronera development (89.4% complete with $302 million spent) represents a pivotal growth catalyst. With wet commissioning approaching in Q2 2025, this asset should significantly alter Endeavour's production profile and cost structure, potentially transforming the company's economics.
Meanwhile, Pitarrilla's advancement, with underground development, drilling, and technical studies progressing toward an economic assessment by Q1 2026, provides a valuable secondary growth vector. The company's exploration investment increase at Pitarrilla during Q4 signals management's confidence in this asset's potential.
The financial complexity introduced by the derivative contracts required under the Terronera debt facility (causing a $30.6 million loss) highlights the trade-offs miners face when financing major projects in volatile metal and currency markets. This financial engineering aspect, while creating accounting volatility, secured essential development capital without excessive equity dilution.
VANCOUVER, British Columbia, March 11, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three months and the year ended December 31, 2024. All dollar amounts are in US dollars (US$).
“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
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$302 million of the project’s budget spent as of December 31, 2024. Wet commissioning is expected in early Q2 2025 (see news release dated February 7, 2025 here). - Advancement of the Pitarrilla Project: Advanced exploration and evaluation efforts at Pitarrilla with recent underground development and drilling. Technical studies commenced in Q4 2024 to support an economic assessment by Q1 2026. (see news release dated November 13, 2024 here).
Operating And Financial Overview
| Three months ended December 31 | Q4 2024 Highlights | Twelve Months ended December 31 | ||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||
| Production | ||||||||
| 824,529 | 1,406,423 | ( | Silver ounces produced | 4,471,824 | 5,672,703 | ( | ||
| 9,075 | 9,608 | ( | Gold ounces produced | 39,047 | 37,858 | |||
| 817,292 | 1,396,315 | ( | Payable silver ounces produced | 4,438,354 | 5,627,379 | ( | ||
| 8,898 | 9,440 | ( | Payable gold ounces produced | 38,327 | 37,189 | |||
| 1,550,529 | 2,175,063 | ( | Silver equivalent ounces produced(1) | 7,595,584 | 8,701,343 | ( | ||
| 13.68 | 12.54 | Cash costs per silver ounce(2) | 12.99 | 13.49 | ( | |||
| 21.00 | 17.66 | Total production costs per ounce(2) | 19.70 | 18.55 | ||||
| 27.33 | 21.48 | All-in sustaining costs per ounce(2) | 23.88 | 22.93 | ||||
| 165,591 | 220,464 | ( | Processed tonnes | 781,439 | 874,382 | ( | ||
| 152.44 | 132.81 | Direct operating costs per tonne(2) | 140.98 | 130.17 | ||||
| 209.49 | 168.71 | Direct costs per tonne(2) | 192.51 | 171.00 | ||||
| Financial | ||||||||
| 42.2 | 50.5 | ( | Revenue ($ millions) | 217.6 | 205.5 | |||
| 654,519 | 1,332,648 | ( | Silver ounces sold | 4,645,574 | 5,669,760 | ( | ||
| 8,343 | 9,417 | ( | Gold ounces sold | 38,522 | 37,186 | |||
| 31.56 | 23.78 | Realized silver price per ounce | 27.39 | 23.76 | ||||
| 2,647 | 2,051 | Realized gold price per ounce | 2,397 | 1,968 | ||||
| 1.0 | 3.0 | ( | Net earnings (loss) ($ millions) | (31.5) | 6.1 | ( | ||
| 4.8 | 3.3 | Adjusted net earnings (loss) (2) ($ millions) | 8.0 | 1.7 | ||||
| 7.7 | 5.4 | Mine operating earnings ($ millions) | 42.1 | 36.6 | ||||
| 13.1 | 12.6 | Mine operating cash flow before taxes ($ millions) (2) | 72.3 | 64.4 | ||||
| 5.8 | 9.8 | ( | Operating cash flow before working capital changes(2) | 27.2 | 37.0 | ( | ||
| 4.4 | 8.3 | ( | EBITDA(2) ($ millions) | 10.0 | 47.9 | ( | ||
| 8.5 | 9.3 | ( | Adjusted EBITDA(2) ($ millions) | 52.7 | 47.1 | |||
| 78.8 | 42.5 | Working capital (2) ($ millions) | 78.8 | 42.5 | ||||
| Shareholders | ||||||||
| 0.00 | 0.01 | (100)% | Earnings (loss) per share – basic ($) | (0.13) | 0.03 | ( | ||
| 0.02 | 0.02 | Adjusted earnings (loss) per share – basic ($)(2) | 0.03 | 0.01 | ||||
| 0.02 | 0.05 | ( | Operating cash flow before working capital changes per share(2) | 0.11 | 0.19 | ( | ||
| 252,169,924 | 207,932,318 | Weighted average shares outstanding | 242,181,449 | 196,018,623 | ||||
(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
Consolidated cash costs per silver ounce in Q4 2024, net of by-product credits increased by
All-In-Sustaining Costs (“AISC”) per oz in Q4 2024 increased by
In Q4 2024, the Company’s mine operating earnings were
In Q4 2024, the Company had an operating loss of
The loss before taxes for Q4 2024 was
Adjusted net earnings were
Full Year 2024 results
For the year ended December 31, 2024, direct operating costs per tonne for the year increased to
Consolidated cash costs per oz, net of by-product credits, decreased by
AISC per oz increased by
For the year ended December 31, 2024, the Company’s mine operating earnings were
The Company had operating earnings of
Loss before tax was
The Company realized net loss for the year of
Adjusted net earnings was
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: apettit@edrsilver.com
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 | |||||||
| Current liabilities | 78,866 | 58,244 | |||||
| Working capital | |||||||
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 | ( | |||
| 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) | ||||
| Basic weighted average share outstanding | 252,169,924 | 207,932,318 | 242,181,449 | 196,018,623 |
| Adjusted net earnings (loss) per share | ||||
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 | ||||
| Share-based compensation | 55 | 44 | 281 | (74) |
| Depreciation | 5,346 | 7,181 | 29,894 | 27,885 |
| Mine operating cash flow before taxes | ||||
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 | ( | |||
| 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 | ||||
| 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 | ||||
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 | ( | ) | ||||||||||
| 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 | ||||||||||||
| 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 | ||||||||||||
| Basic weighted average shares outstanding | 252,169,924 | 207,932,318 | 242,181,449 | 196,018,623 | ||||||||
| Adjusted EBITDA per share | ||||||||||||
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 | ||||||||||||||||||
| '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 | ( | ) | ||||||||||||||||
| 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 | ( | ) | ( | ) | ||||||||||||||
| Total production costs per ounce | ( | ) | ||||||||||||||||
| Direct operating costs per tonne | ||||||||||||||||||
| Direct costs per tonne | ||||||||||||||||||
| 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 | ||||||||||||||||||
| '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 | ( | ) | ||||||||||||||||
| 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 | ( | ) | ( | ) | ||||||||||||||
| Total production costs per ounce | ( | ) | ||||||||||||||||
| Direct operating costs per tonne | ||||||||||||||||||
| Direct costs per tonne | ||||||||||||||||||
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 | ( | ) | ( | ) | ||||||||||||||
| 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 | ( | ) | ||||||||||||||||
| Growth exploration, evaluation and development | 5,204 | 1,609 | ||||||||||||||||
| Growth capital expenditures | 37,338 | 32,826 | ||||||||||||||||
| All-In-Costs | ||||||||||||||||||
| 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 | ( | ) | ||||||||||||||||
| 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 | ( | ) | ( | ) | ||||||||||||||
| 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 | ||||||||||||||||||
| Growth exploration, evaluation and development | 16,083 | 11,401 | ||||||||||||||||
| Growth capital expenditures | 164,618 | 82,448 | ||||||||||||||||
| All-In-Costs | ||||||||||||||||||
| 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 | ||||||||||||||||||
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 | ||||||||||||
| Growth capital expenditures | 37,338 | 32,826 | 164,618 | 82,448 | ||||||||
| Property, plant and equipment expenditures per Consolidated Statement of Cash Flows | ||||||||||||
| Expressed in thousands of US dollars | Three months ended December 31 | Year ended December 31 | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Mine site expensed exploration | ||||||||||||
| 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 | ||||||||||||
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 | ||||||||||||
| Silver ounces sold | 654,519 | 1,332,648 | 4,645,574 | 5,669,760 | ||||||||
| Realized silver price per ounce | ||||||||||||
| Expressed in thousands of US dollars | Three months ended December 31 | Year ended December 31 | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Gross gold sales | ||||||||||||
| Gold ounces sold | 8,343 | 9,417 | 38,522 | 37,186 | ||||||||
| Realized gold price per ounce | ||||||||||||
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 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.
FAQ
What caused Endeavour Silver's net loss in 2024 despite higher silver prices?
How did EXK's Q4 2024 production costs compare to previous year?
What is the current status of EXK's Terronera project?
How much revenue did EXK generate in 2024 and at what metal prices?
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