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 (NYSE: EXK) reported its full year 2024 production results, achieving 4,471,824 silver ounces and 39,047 gold ounces, equivalent to 7.6 million silver equivalent ounces. The fourth quarter saw production of 824,529 silver oz and 9,075 gold oz.
The company faced operational challenges at Guanaceví due to a trunnion failure in August, which reduced capacity for 15 weeks. Operations resumed full capacity of 1,200 tonnes per day in December after a US$400,000 repair. Q4 consolidated silver production decreased 41% compared to Q4 2023, while gold production decreased by 6%.
The company completed a US$73 million bought deal financing, with proceeds allocated for working capital and advancing the Pitarrilla Project. Metal sales for Q4 included 654,519 silver oz and 8,343 gold oz, with year-end inventory of 276,477 silver oz and 1,220 gold oz in bullion, plus additional concentrate inventory.
Endeavour Silver (NYSE: EXK) ha riportato i risultati di produzione per l'intero anno 2024, raggiungendo 4.471.824 once d'argento e 39.047 once d'oro, equivalenti a 7,6 milioni di once equivalenti d'argento. Nel quarto trimestre la produzione è stata di 824.529 once d'argento e 9.075 once d'oro.
L'azienda ha affrontato sfide operative a Guanaceví a causa di un guasto al trunnion avvenuto in agosto, che ha ridotto la capacità per 15 settimane. Le operazioni hanno ripreso la piena capacità di 1.200 tonnellate al giorno a dicembre dopo una riparazione di 400.000 dollari. La produzione consolidata d'argento nel quarto trimestre è diminuita del 41% rispetto al quarto trimestre del 2023, mentre la produzione d'oro è diminuita del 6%.
L'azienda ha completato un finanziamento da 73 milioni di dollari, i cui proventi sono stati destinati al capitale circolante e all'avanzamento del Progetto Pitarrilla. Le vendite di metallo per il quarto trimestre hanno incluso 654.519 once d'argento e 8.343 once d'oro, con un inventario di fine anno di 276.477 once d'argento e 1.220 once d'oro in lingotti, oltre a un ulteriore inventario di concentrato.
Endeavour Silver (NYSE: EXK) reportó sus resultados de producción para todo el año 2024, logrando 4,471,824 onzas de plata y 39,047 onzas de oro, equivalentes a 7.6 millones de onzas equivalentes de plata. En el cuarto trimestre la producción fue de 824,529 onzas de plata y 9,075 onzas de oro.
La empresa enfrentó desafíos operativos en Guanaceví debido a una falla en el trunnion en agosto, lo que redujo la capacidad durante 15 semanas. Las operaciones reanudaron la capacidad total de 1,200 toneladas por día en diciembre tras una reparación de 400,000 dólares. La producción consolidada de plata en el cuarto trimestre disminuyó un 41% en comparación con el cuarto trimestre de 2023, mientras que la producción de oro disminuyó un 6%.
La empresa completó un financiamiento de 73 millones de dólares, cuyos fondos se destinaron al capital de trabajo y al avance del Proyecto Pitarrilla. Las ventas de metales en el cuarto trimestre incluyeron 654,519 onzas de plata y 8,343 onzas de oro, con un inventario de fin de año de 276,477 onzas de plata y 1,220 onzas de oro en lingotes, además de un inventario adicional de concentrado.
엔데버 실버 (NYSE: EXK)는 2024년 전체 생산 결과를 보고하며 4,471,824 온스의 은과 39,047 온스의 금을 달성하였으며, 이는 760만 온스의 은 동등량에 해당합니다. 4분기 동안 은 824,529 온스, 금 9,075 온스를 생산했습니다.
회사는 8월에 트런니온 고장으로 인해 구아나세비에서 운영상의 어려움을 겪었으며, 이로 인해 15주 동안 용량이 감소했습니다. 12월에는 400,000달러의 수리 후 하루 1,200톤의 전체 용량으로 운영이 재개되었습니다. 4분기 통합 은 생산량은 2023년 4분기 대비 41% 감소했으며, 금 생산량은 6% 감소했습니다.
회사는 7,300만 달러 규모의 판권 인수 자금 조달을 완료하였으며, 자금은 운영 자본 및 피타리야 프로젝트 진행에 사용되었습니다. 4분기 금속 판매는 654,519 온스의 은과 8,343 온스의 금을 포함하였으며, 연말 재고는 276,477 온스의 은과 1,220 온스의 금 주괴, 추가 집중 재고를 포함하였습니다.
Endeavour Silver (NYSE: EXK) a publié ses résultats de production pour l'ensemble de l'année 2024, atteignant 4.471.824 onces d'argent et 39.047 onces d'or, équivalant à 7,6 millions d'onces équivalentes d'argent. Au quatrième trimestre, la production a atteint 824.529 onces d'argent et 9.075 onces d'or.
L'entreprise a rencontré des défis opérationnels à Guanaceví en raison d'une défaillance de trunnion en août, ce qui a réduit la capacité pendant 15 semaines. Les opérations ont repris une capacité totale de 1.200 tonnes par jour en décembre après une réparation de 400.000 dollars. La production d'argent consolidée du quatrième trimestre a diminué de 41 % par rapport au quatrième trimestre 2023, tandis que la production d'or a baissé de 6 %.
L'entreprise a finalisé un financement de 73 millions de dollars, dont les recettes sont destinées à la trésorerie et à l'avancement du Projet Pitarrilla. Les ventes de métaux pour le quatrième trimestre comprenaient 654.519 onces d'argent et 8.343 onces d'or, avec un inventaire de fin d'année de 276.477 onces d'argent et 1.220 onces d'or sous forme de lingots, ainsi qu'un inventaire supplémentaire de concentré.
Endeavour Silver (NYSE: EXK) hat seine Produktionszahlen für das volle Jahr 2024 bekannt gegeben und hat 4.471.824 Unzen Silber und 39.047 Unzen Gold erreicht, was 7,6 Millionen Unzen Silberäquivalent entspricht. Im vierten Quartal lag die Produktion bei 824.529 Unzen Silber und 9.075 Unzen Gold.
Das Unternehmen sah sich in Guanaceví aufgrund eines Lagerhausfehlers im August mit operativen Herausforderungen konfrontiert, was die Kapazität 15 Wochen lang reduzierte. Die Betriebskapazität von 1.200 Tonnen pro Tag wurde im Dezember nach einer Reparatur von 400.000 Dollar wiederhergestellt. Die konsolidierte Silberproduktion im vierten Quartal fiel um 41 % im Vergleich zum vierten Quartal 2023, während die Goldproduktion um 6 % zurückging.
Das Unternehmen hat eine Finanzierung in Höhe von 73 Millionen US-Dollar abgeschlossen, deren Erlöse für das Betriebskapital und die Weiterentwicklung des Pitarrilla-Projekts verwendet werden. Die Metallverkäufe im vierten Quartal umfassten 654.519 Unzen Silber und 8.343 Unzen Gold, mit einem Lagerbestand zum Jahresende von 276.477 Unzen Silber und 1.220 Unzen Gold in Barrenform, zusätzlich zu weiteren Konzentratslagerbeständen.
- Gold production increased 3% year-over-year to 39,047 ounces in 2024
- Successfully restored Guanaceví plant to full capacity of 1,200 tpd after trunnion repair
- Secured US$73 million in financing for working capital and project advancement
- Bolañitos mine delivered above-plan gold production with higher grades
- Silver production declined 21% year-over-year to 4,471,824 ounces in 2024
- Q4 silver production dropped 41% compared to Q4 2023
- Throughput decreased 25% in Q4 due to Guanaceví trunnion failure
- Metal sales declined with 51% lower silver sales in Q4 compared to previous year
Insights
The Q4 and full-year 2024 production results reveal a mixed performance for Endeavour Silver. The company produced 4.47M oz silver and 39,047 oz gold in 2024, with Q4 delivering 824,529 oz silver and 9,075 oz gold. The 41% decrease in quarterly silver production was primarily due to the Guanaceví trunnion failure, though the issue has now been resolved with minimal capital expenditure of
Despite operational challenges, several positive indicators emerge: The Bolañitos mine maintained steady throughput with above-plan gold grades and the company strengthened its balance sheet through a
The recovery rates remain robust with
The production metrics need to be viewed in the context of current precious metals market dynamics. The company's silver-to-gold production ratio aligns well with the current market environment, where maintaining a diverse metals portfolio is crucial. The 80:1 silver-to-gold ratio used for equivalent calculations reflects conservative market assumptions.
The inventory management strategy shows prudence, ending the year with 276,477 oz silver and 1,220 oz gold in bullion, plus additional concentrate inventory. This positions the company well for potential price volatility in early 2025. The sales figures, while showing year-over-year decline, reflect both the production constraints and possibly strategic holding of inventory in anticipation of better pricing opportunities.
VANCOUVER, British Columbia, Jan. 09, 2025 (GLOBE NEWSWIRE) -- 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
Consolidated silver production decreased
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: apettit@edrsilver.com
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.
FAQ
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