Endeavour Silver Reports Q3 2024 Production Results
Endeavour Silver Corp. reported Q3 2024 production of 874,717 silver ounces and 9,290 gold ounces, totaling 1.6 million silver equivalent ounces. Year-to-date production of 6.0 million AgEq ounces is on track to meet 2024 guidance of 7.3-7.6 million AgEq ounces. Production at Guanaceví was impacted by a trunnion failure in the primary ball mill, reducing output in August and September. The company expects full operations to resume in December 2024. Bolañitos results remained consistent with slightly higher gold grades and lower silver grades. Metal sales for Q3 included 1,017,392 silver ounces and 9,412 gold ounces. The company drew down $25 million from its Terronera debt facility during Q3, with a final $35 million drawdown after quarter-end.
Endeavour Silver Corp. ha riportato una produzione nel terzo trimestre del 2024 di 874.717 once d'argento e 9.290 once d'oro, per un totale di 1,6 milioni di once equivalenti d'argento. La produzione dall'inizio dell'anno è di 6,0 milioni di once AgEq, in linea con le indicazioni per il 2024 che prevedono tra 7,3 e 7,6 milioni di once AgEq. La produzione a Guanaceví è stata influenzata da un guasto al trunnion nel mulino a sfere primario, riducendo l'output ad agosto e settembre. L'azienda prevede di riprendere le operazioni complete a dicembre 2024. I risultati di Bolañitos sono rimasti costanti con gradi d'oro leggermente più alti e gradi d'argento più bassi. Le vendite di metallo per il terzo trimestre hanno incluso 1.017.392 once d'argento e 9.412 once d'oro. L'azienda ha utilizzato 25 milioni di dollari dalla sua linea di credito Terronera durante il terzo trimestre, con un prelievo finale di 35 milioni di dollari dopo la fine del trimestre.
Endeavour Silver Corp. reportó una producción en el tercer trimestre de 2024 de 874,717 onzas de plata y 9,290 onzas de oro, totalizando 1.6 millones de onzas equivalentes de plata. La producción acumulada en lo que va del año es de 6.0 millones de onzas AgEq, en camino de cumplir con la guía de 2024 de 7.3-7.6 millones de onzas AgEq. La producción en Guanaceví se vio afectada por un fallo en el trunnion del molino de bolas principal, lo que redujo la producción en agosto y septiembre. La compañía espera reanudar las operaciones completas en diciembre de 2024. Los resultados de Bolañitos se mantuvieron consistentes con grados de oro ligeramente más altos y grados de plata más bajos. Las ventas de metales para el tercer trimestre incluyeron 1,017,392 onzas de plata y 9,412 onzas de oro. La empresa retiró 25 millones de dólares de su línea de crédito Terronera durante el tercer trimestre, con un retiro final de 35 millones de dólares después del cierre del trimestre.
엔데버 실버 코퍼레이션은 2024년 3분기 생산량이 874,717 온스의 은과 9,290 온스의 금으로 총 160만 온스의 은 동등 물량을 기록했다고 보고했습니다. 올해 누적 생산량은 600만 온스 AgEq로, 2024년 가이던스인 730만에서 760만 온스 AgEq를 충족할 것으로 예상됩니다. 과나세비에서의 생산은 주요 볼 밀의 트러니언 고장으로 영향을 받아 8월과 9월에 생산량이 감소했습니다. 회사는 2024년 12월에 완전 가동을 재개할 것으로 기대하고 있습니다. 볼라니토스의 결과는 금 등급은 조금 높고 은 등급은 낮은 일관성을 유지했습니다. 3분기 금속 판매는 1,017,392 온스의 은과 9,412 온스의 금을 포함했습니다. 회사는 3분기 동안 테로네라 채무 시설에서 2,500만 달러를 인출하였으며, 분기 종료 후에 3,500만 달러를 추가로 인출했습니다.
Endeavour Silver Corp. a rapporté une production au troisième trimestre 2024 de 874.717 onces d'argent et 9.290 onces d'or, pour un total de 1,6 million d'onces équivalentes en argent. La production depuis le début de l'année s'élève à 6,0 millions d'onces AgEq, en bonne voie pour respecter les prévisions de 2024 de 7,3 à 7,6 millions d'onces AgEq. La production à Guanaceví a été affectée par une défaillance de trunnion dans le moulin à billes principal, réduisant la production en août et en septembre. L'entreprise prévoit une reprise complète des opérations en décembre 2024. Les résultats de Bolañitos sont restés constants avec des teneurs en or légèrement plus élevées et des teneurs en argent plus faibles. Les ventes de métaux pour le troisième trimestre ont inclus 1.017.392 onces d'argent et 9.412 onces d'or. L'entreprise a retiré 25 millions de dollars de son crédit-bail Terronera au cours du troisième trimestre, avec un retrait final de 35 millions de dollars après la fin du trimestre.
Endeavour Silver Corp. berichtete für das dritte Quartal 2024 eine Produktion von 874.717 Unzen Silber und 9.290 Unzen Gold, insgesamt 1,6 Millionen Unzen Silberäquivalent. Die Produktionsmenge seit Jahresbeginn beträgt 6,0 Millionen AgEq-Unzen und liegt im Plan, um die Prognose für 2024 von 7,3 bis 7,6 Millionen AgEq-Unzen zu erfüllen. Die Produktion in Guanaceví wurde durch einen Trunnion-Ausfall in der primären Kugelmühle beeinträchtigt, was im August und September die Ausbeute verringerte. Das Unternehmen erwartet die vollständige Wiederaufnahme der Operationen im Dezember 2024. Die Ergebnisse von Bolañitos blieben konstant mit leicht höheren Goldgehalten und niedrigeren Silbergehalten. Die Metallverkäufe für das dritte Quartal umfassten 1.017.392 Unzen Silber und 9.412 Unzen Gold. Das Unternehmen entnahm im dritten Quartal 25 Millionen Dollar aus seiner Terronera-Darlehensfazilität, mit einer abschließenden Abhebung von 35 Millionen Dollar nach Quartalsende.
- Year-to-date production of 6.0 million AgEq ounces is on track to meet 2024 guidance
- Bolañitos gold production slightly above plan due to higher gold grades
- Metal sales of 1,017,392 silver ounces and 9,412 gold ounces in Q3
- Successfully drew down $60 million from Terronera debt facility
- Guanaceví production decreased due to trunnion failure in primary ball mill
- Consolidated silver production decreased 24% compared to Q3 2023
- Estimated $5 million cash shortfall due to reduced milling at Guanaceví
- Throughput decreased 18% compared to Q3 2023
Insights
Endeavour Silver's Q3 2024 production results reveal mixed performance amid operational challenges. The company produced 874,717 silver ounces and 9,290 gold ounces, resulting in 1.6 million silver equivalent ounces. Year-to-date production of 6.0 million AgEq ounces is on track to meet updated 2024 guidance of 7.3-7.6 million AgEq ounces.
The most significant issue is the trunnion failure at the Guanaceví mine, which reduced production capacity. Despite this setback, the company has implemented temporary modifications to maintain some production, with full operations expected to resume in December 2024. The estimated cash shortfall from this incident is less than
On a positive note, Bolañitos mine performance remains consistent, with gold production slightly above plan. The company also completed drawdowns totaling
The trunnion failure at Guanaceví highlights the operational risks inherent in mining operations. Endeavour's quick response with temporary modifications demonstrates operational flexibility, but the
The Terronera project's progress, evidenced by the debt facility drawdowns, is a important factor for Endeavour's future growth. This new cornerstone mine could significantly boost production capacity and potentially offset risks associated with existing operations.
Investors should note the company's resilience in managing the Guanaceví setback while maintaining focus on long-term growth. However, the incident also serves as a reminder of the operational challenges in the mining sector and the importance of robust risk management strategies.
VANCOUVER, British Columbia, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to report third quarter 2024 production of 874,717 silver ounces and 9,290 gold ounces, for silver equivalent1 (“AgEq”) production of 1.6 million ounces. Total year-to-date production of 6.0 million AgEq ounces is tracking towards the updated 2024 production guidance of 7.3 million to 7.6 million AgEq ounces. All amounts are in U.S. dollars unless stated otherwise.
"The trunnion failure at the Guanaceví mine poses a significant short-term challenge for the Company; however, it's how we manage these difficult moments that often shapes our long-term success.” said Dan Dickson, Chief Executive Officer. "The ingenuity, commitment, and hard work of our team have been crucial in reducing the impact on the mine and the surrounding community. We remain focused on further mitigating the effects and look forward to returning Guanaceví to full production capacity in December.”
Q3 2024 Overview
- Guanaceví Production Impacted by the Trunnion Failure: Production decreased in August and September due to a trunnion failure of the primary ball mill (see news release from August 12, 2024). Production for Q3 2024 amounted to 768,905 silver ounces and 2,828 gold ounces. Estimated fabrication timing remains at 15 weeks with the mine being back to full operations in December 2024.
- Bolañitos Results Remain Consistent: With throughput remaining steady, gold production continues to be slightly above plan due to higher gold grades. Silver production continues to be slightly below plan due to lower silver grades. Processed ore grades are expected to have similar variation for the fourth quarter.
- Metal Sales and Inventories: Sold 1,017,392 silver ounces and 9,412 gold ounces during the third quarter. A total of 109,719 silver ounces and 401 gold ounces of bullion inventory and 8,202 silver ounces and 560 gold ounces in concentrate inventory were held at quarter end.
- Terronera Senior Secured Debt Facility: Drawdowns totaling
$25 million were made during Q3 2024 to develop the Terronera mine, and a further and final drawdown of$35 million subsequent to quarter end (see news release dated April 10, 2024).
Q3 2024 Mine Operations
In August, the Company reported a primary ball mill trunnion failure at the Guanaceví mine. Temporary modifications were completed within the plant to re-purpose one of the regrind mills as the primary ball mill. The temporary modifications allowed throughput to average 565 tonnes per day since re-start after the trunnion failure. The plant team is closely monitoring the operation of the regrind mills to ensure continued reliability and high mechanical availability, including increased planned maintenance down days during this temporary period.
______________________________
1 Silver equivalent (AgEq): AgEq is calculated using an 80:1 silver:gold ratio. Ounces are troy ounces.
During the 15-week period of reduced milling, the preliminary estimate indicated a cash shortfall of less than
Consolidated silver production decreased
Production Highlights for the Three and Nine Months Ended September 30, 2024
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |
| 175,065 | 214,270 | ( | Throughput (tonnes) | 615,848 | 653,918 | ( |
| 874,717 | 1,148,735 | ( | Silver ounces produced | 3,647,295 | 4,266,280 | ( |
| 9,290 | 9,089 | Gold ounces produced | 29,971 | 28,250 | ||
| 867,293 | 1,140,597 | ( | Payable silver ounces produced | 3,621,062 | 4,231,064 | ( |
| 9,112 | 8,929 | Payable gold ounces produced | 29,429 | 27,749 | ||
| 1,617,917 | 1,875,855 | ( | Silver equivalent ounces produced1 | 6,045,055 | 6,526,280 | ( |
| 1,017,392 | 1,370,032 | ( | Silver ounces sold | 3,991,055 | 4,337,112 | ( |
| 9,412 | 8,760 | Gold ounces sold | 30,179 | 27,769 | ||
Production Tables for the Three Months Ended September 30, 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 | 67,094 | 729 | 402 | 1.46 | 768,905 | 2,828 | ||
| Bolañitos | 107,971 | 1,174 | 36 | 2.00 | 105,812 | 6,462 | ||
| Consolidated | 175,065 | 1,924 | 176 | 1.79 | 874,717 | 9,290 | ||
Production Tables for the Nine Months Ended September 30, 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 | 294,995 | 1,077 | 388 | 1.32 | 3,300,400 | 11,195 | ||
| Bolañitos | 320,853 | 1,171 | 40 | 1.99 | 346,895 | 18,777 | ||
| Consolidated | 615,848 | 2,248 | 207 | 1.67 | 3,647,295 | 29,972 | ||
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.
Q3 2024 Financial Results and Conference Call
Q3 2024 financial results will be released before market open on Tuesday November 5, 2024, and Management will host a conference call the same day at 1:00 pm Eastern time to discuss the results.
| Date: | Tuesday November 5, 2024 |
| Time: | 10:00am Pacific / 1:00pm Eastern |
| Telephone: | Canada & US +1-844-763-8274 |
| International +1-647-484-8814 | |
| Replay: | Canada & US +1- 855-669-9658 |
| International +1-412-317-0088 | |
| Access code is 1771202; audio replay will be available on Company’s website | |
Contact Information
Allison Pettit
Director, Investor Relations
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook, X, Instagram and LinkedIn
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 in 2024 including changes in mining operations and forecasts of production levels, timeline for resumption of full operations at Guanacevi, 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, 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, timeline for resumption of full operations at Guanacevi 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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