Endeavour Silver provides a Q4 2024 Construction Progress Update on Terronera; Surface Construction Progress Nearly 90% Complete
Endeavour Silver reports significant progress on its Terronera Project in Mexico, with overall project completion reaching 89.4%. The project's surface construction is advancing well, with dry commissioning underway on the Upper Platform. Total capital expenditures have reached $302 million, with management estimating a final project cost of $332 million, representing a $61 million increase from previous estimates.
Key developments include completion of the Primary Jaw Crusher commissioning, successful testing of the grinding circuit, and installation of flotation equipment. Underground development reached 7,239 metres, with 1,694 metres completed in Q4 2024. The project workforce includes 297 Endeavour employees and 821 contractors.
The company expects to begin full system commissioning in early Q2 2025, with focus on completing the tailing filter presses, which remain on the critical path.
Endeavour Silver riporta significativi progressi nel suo Progetto Terronera in Messico, con il completamento complessivo del progetto che ha raggiunto l'89,4%. La costruzione superficiale del progetto sta procedendo bene, con la messa in servizio secca in corso sulla Piattaforma Superiore. Le spese in conto capitale totali hanno raggiunto i 302 milioni di dollari, con la direzione che stima un costo finale del progetto di 332 milioni di dollari, rappresentando un aumento di 61 milioni rispetto alle stime precedenti.
Sviluppi chiave includono il completamento della messa in servizio del Frantoio Primario a Giico, il collaudo riuscito del circuito di macinazione e l'installazione dell'attrezzatura di flottazione. Lo sviluppo sotterraneo ha raggiunto i 7.239 metri, con 1.694 metri completati nel quarto trimestre del 2024. La forza lavoro del progetto comprende 297 dipendenti Endeavour e 821 appaltatori.
L'azienda prevede di iniziare la messa in servizio del sistema completo all'inizio del secondo trimestre del 2025, con un focus sul completamento delle presse filtranti per i tailing, che rimangono sulla strada critica.
Endeavour Silver informa sobre un progreso significativo en su Proyecto Terronera en México, con un avance total del proyecto que alcanza el 89,4%. La construcción en superficie del proyecto avanza bien, con la puesta en marcha en seco en la Plataforma Superior. Los gastos de capital totales han alcanzado los 302 millones de dólares, y la dirección estima un costo final del proyecto de 332 millones de dólares, lo que representa un aumento de 61 millones en comparación con estimaciones anteriores.
Los desarrollos clave incluyen la finalización de la puesta en marcha de la Trituradora de Mandíbula Primaria, pruebas exitosas del circuito de molienda y la instalación de equipos de flotación. El desarrollo subterráneo ha alcanzado los 7.239 metros, con 1.694 metros completados en el cuarto trimestre de 2024. La fuerza laboral del proyecto incluye 297 empleados de Endeavour y 821 contratistas.
La empresa espera comenzar la puesta en marcha del sistema completo a principios del segundo trimestre de 2025, con enfoque en completar las prensas de filtración de relaves, que siguen siendo un elemento crítico.
엔데버 실버는 멕시코의 테로네라 프로젝트에서 중요한 진전을 보고하며, 전체 프로젝트 완료율이 89.4%에 도달했다고 발표했습니다. 프로젝트의 지상 구조물 건설은 순조롭게 진행되고 있으며, 상부 플랫폼에서의 건조 시운전이 진행 중입니다. 총 자본 지출은 3억 2백만 달러에 도달했으며, 경영진은 프로젝트 최종 비용이 3억 3천 2백만 달러에 이를 것으로 예상하고 있으며, 이는 이전 추정보다 6천 1백만 달러 증가한 수치입니다.
주요 개발 사항으로는 주요 턱 크러셔의 시운전 완료, 분쇄 회로의 성공적인 시험, 그리고 플로테이션 장비의 설치가 포함됩니다. 지하 개발은 7,239미터에 도달했으며, 2024년 4분기에 1,694미터가 완료되었습니다. 프로젝트 인력은 297명의 엔데버 직원과 821명의 계약자로 구성되어 있습니다.
회사는 2025년 2분기 초에 전체 시스템 시운전을 시작할 것으로 기대하고 있으며, 이는 여전히 주요 경로에 있는 테일링 필터 프레스의 완공에 중점을 두고 있습니다.
Endeavour Silver fait état de progrès significatifs sur son projet Terronera au Mexique, avec un taux d'achèvement global du projet atteignant 89,4 %. La construction en surface du projet avance bien, avec une mise en service à sec en cours sur la plateforme supérieure. Les dépenses d'investissement totalisent 302 millions de dollars, la direction estimant le coût final du projet à 332 millions de dollars, ce qui représente une augmentation de 61 millions par rapport aux estimations précédentes.
Parmi les développements clés, on note l'achèvement de la mise en service du concasseur à mâchoires primaire, des tests réussis du circuit de broyage et l'installation de l'équipement de flottation. Le développement souterrain a atteint 7 239 mètres, avec 1 694 mètres achevés au quatrième trimestre 2024. La main-d'œuvre du projet se compose de 297 employés d'Endeavour et de 821 entrepreneurs.
L'entreprise prévoit de commencer la mise en service du système complet au début du deuxième trimestre 2025, en se concentrant sur l'achèvement des presses à filtre pour le minerai de queue, qui restent sur le chemin critique.
Endeavour Silver berichtet von signifikanten Fortschritten bei seinem Terronera-Projekt in Mexiko, wobei der Gesamtfortschritt des Projekts 89,4% erreicht hat. Der Oberflächenbau des Projekts schreitet gut voran, und die Trockeninbetriebnahme auf der oberen Plattform ist im Gange. Die Gesamtkapitalausgaben belaufen sich auf 302 Millionen Dollar, wobei das Management die endgültigen Projektkosten auf 332 Millionen Dollar schätzt, was eine Erhöhung von 61 Millionen Dollar gegenüber früheren Schätzungen darstellt.
Zu den wichtigsten Entwicklungen gehören der Abschluss der Inbetriebnahme des primären Backenbrechers, erfolgreiche Tests des Mahlsystems und die Installation der Flotationseinrichtungen. Die unterirdische Entwicklung hat 7.239 Meter erreicht, wobei im 4. Quartal 2024 1.694 Meter abgeschlossen wurden. Die Projektbelegschaft besteht aus 297 Mitarbeitern von Endeavour und 821 Auftragnehmern.
Das Unternehmen erwartet, Anfang des 2. Quartals 2025 mit der Gesamtsysteminbetriebnahme zu beginnen, wobei der Fokus auf dem Abschluss der Tailings-Filterpressen liegt, die sich weiterhin auf dem kritischen Pfad befinden.
- Project completion at 89.4%, nearing final stages
- Primary Jaw Crusher successfully commissioned with 6,000 tonnes of ore crushed
- Underground development reached 7,239 metres total
- TSF facility ready to receive filtered tailing
- Project cost increased by $61 million to $332 million from original $271 million estimate
- Mining costs increased by $16.4 million due to extended schedule
- Mineral processing plant costs over budget by $13.2 million
- Project indirect costs increased by $29.2 million
Insights
The Terronera construction update reveals both promising progress and notable challenges. The 89.4% completion rate demonstrates strong execution, particularly in critical areas like the Upper Platform and primary crusher commissioning. The successful testing of the SAG and ball mill circuit without load conditions marks a significant technical milestone.
However, the $61 million cost increase to
- Mining costs (+
$16.4 million ): Schedule extensions and waste management complications - Processing plant (+
$13.2 million ): Structural steel expediting and additional platform work - Indirect costs (+
$29.2 million ): Extended timeline and expanded workforce requirements
The absorption of the
The transition from construction to operations appears well-structured, with completed safety protocols and progressive local workforce integration. The processing of 6,000 tonnes of ore through the primary crusher demonstrates operational readiness, though the delayed installation of tailing filters remains a critical path item that could impact the Q2 2025 commissioning timeline.
VANCOUVER, British Columbia, Feb. 07, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) provides a Q4 2024 construction progress update for its Terronera Project in Jalisco state, Mexico. A photo gallery presentation accompanies this news release and can be found here or on the Company website at Terronera Project Progress Photos. All dollar ($) references in this news release are in United States dollars.
Substantial progress was achieved on Terronera’s Upper Plant Platform during the fourth quarter with systems commissioning underway. Focus continues on the Lower Platform.
“Endeavour Silver’s Terronera Project is nearing completion,” commented Don Gray, Chief Operating Officer. “Dry commissioning is advancing well on the Upper Platform and we’re completing final installations and the last of the punch list items. Our team’s efforts are concentrated on timely completion of the Lower Platform where structural steel is advancing to install the tailing filters. We’re focused on maintaining our construction schedule and momentum to have Terronera ready for full commissioning in early Q2 2025.”
Q4 2024 Construction and Development Highlights
Site works and activities as of December 31, 2024:
- Safety – The Health and Safety Program and Procedures are complete and ready for transition from construction and commissioning into operations.
- Community Relations – Community support and the hiring and training of local employees continues to be a priority.
- Progress – Overall project progress reached
89.4% completion. Current capital expenditures are approximately$302 million as of December 31, 2024. Management estimates total project spend of$332 million . - Mine Development – During the fourth quarter, 1,694 metres were developed underground for a project total of 7,239 metres. Of note, the underground explosives magazine storage permit was approved, which will improve development efficiencies.
- Upper Plant Platform Site – Much of the construction is complete with final punch list items being addressed and various areas being handed over to the commissioning and operations teams.
- Primary Crusher – The Primary Jaw Crusher commissioning was completed, and the area was transferred to operations. A total of 6,000 tonnes of ore has been crushed.
- Grinding – Commissioning of the grinding circuit commenced with successful SAG and ball mill testing for multiple hours at full operating speed to check bearing temperatures, vibrations and lubrication systems under no-load conditions.
- Flotation – Flotation equipment, including pumps, tanks, verti-mill, low pressure blowers and instrumentation have been installed. Remaining items for installation include pressure relief valves, hoses, and final piping.
- Raw and Process Water Tanks – Installation and hydro-testing are
100% complete.
- Primary Crusher – The Primary Jaw Crusher commissioning was completed, and the area was transferred to operations. A total of 6,000 tonnes of ore has been crushed.
- Lower Platform Facilities and Tailing Storage Facility (TSF) – Lower Platform area was
42% complete.
- TSF Main Embankment – The main embankment reached the 1,185-metres elevation and the TSF facility is ready to receive filtered tailing.
- Tailing Filters – Swing plates mounted below both tailing filters were installed, and first floor concrete was poured; structural steel installation is advancing for the second floor prior to installing the filter press.
- Tailing Area Tanks – Storage tanks have been assembled; hydro testing and anchoring will be completed in Q1 2025.
- Event Pond Liner – The pond area liner was installed; the feed and overflow channel lining will be completed in Q1 2025 (completed in January).
- Upper surface water diversion canal – The TSF diversion canal for the south and east perimeters is nearly
90% complete. - Concentrate Filter Building – Second concrete floor was poured and is ready for installing the concentrate filter.
- TSF Main Embankment – The main embankment reached the 1,185-metres elevation and the TSF facility is ready to receive filtered tailing.
- Auxiliary Buildings
- Laboratory Building – Construction was completed, and the facility was turned over to operations.
- Plant Maintenance Building – Reached
80% completion and is scheduled for completion mid-Q1 2025.
- Laboratory Building – Construction was completed, and the facility was turned over to operations.
- Onsite Personnel – At the end of Q4, the Terronera workforce included 297 Endeavour Silver employees and 821 contract workers.
Updated Initial Capital Cost
The project team conducted a comprehensive review of the remaining Terronera completion costs. The Company forecasts initial capital costs to be
| (millions) | 2024 Revised Scenario Initial Capex | 2025 Updated Scenario Initial Capex | Variance | |||
| Mining | ||||||
| Mineral Processing Plant | ||||||
| Site Infrastructure | ||||||
| Total Direct Costs | ||||||
| Owner Costs | ||||||
| Project Indirect Costs | ||||||
| Contingency | - | ( | ||||
| Total Indirect Costs | ||||||
| Total (Direct & Indirect) | ||||||
Next Steps and Planning
The Terronera Project is anticipated to begin full system commissioning in early Q2 2025.
For Q1 2025, Upper Platform efforts will focus on installing remaining items, punch list completion, and commissioning. The TSF Main Embankment is anticipated to reach the final 1,198-metre elevation and tailing and concentrate filters will be installed, along with final piping, electrical and instrumentation work. The remaining critical path items are the tailing filter presses, which are expected to be completed by early Q2 2025. The Company plans to provide operational guidance as construction approaches wet commissioning.
Visit www.terronera.com, our dedicated project website, to stay informed on the ongoing development at Terronera. Explore updates, learn about our commitment to environmental stewardship, and discover the positive impacts on local communities.
About Endeavour Silver: Endeavour is a mid-tier precious metals company committed 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, which has helped it achieve its goal of becoming a premier senior silver producer.
Contact Information
Allison Pettit, Director of Investor Relations
Tel: (604) 640 4804
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 applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the development of the Terronera Project, the anticipated timing of construction steps and commencement of full commissioning at the Terronera Project, the Terronera Project's forecasted operations, costs and expenditures, Endeavour’s future operational guidance announcements, and the timing and results of various related activities. The Company does not intend to and does not assume any obligation to update 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 Endeavor's actual results, level of activity, production levels, performance, or achievements, 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, Chile, the USA 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; continued compliance with the project loan 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 US 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 SEC 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 Terronera mine economics as of 2024, mining operations will operate, and the mining products will be completed under 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, other factors may 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 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.
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