Endeavour Silver Announces First Drawdown on The Terronera Senior Secured Debt Facility

Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce the first drawdown of $60 million of the $120 million senior secured debt facility (the " Debt Facility ") for the development of the Terronera Mine in Jalisco state, Mexico. The debt facility is provided by Société Générale and ING Bank N.V. and closed last year (see news release dated October 10, 2023 ). All references to dollars ($) in this news release are in United States dollars.

Construction of the Terronera mine is well underway and remains on track and has satisfied all conditions precedent to first draw. Key terms of the Debt Facility remain consistent with those previously announced in the Company's news release dated April 18, 2023 and the hedge contract terms have now been executed, further reducing financial risk in the project. The key terms of these contracts are as follows:

  • Forward sales amounting to 68,000 ounces of gold have been executed at $2,325 per ounce, representing 55% of planned gold production during the initial three years of operations.
  • There is no requirement to hedge silver sales.
  • Forward purchases of US$45 million equivalent Mexican peso over the remaining construction period have been hedged at $16.56 per US dollar.

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
Galina Meleger, VP, Investor Relations
Email: gmeleger@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 the development and financing of the Terronera Project including: anticipated timing of the project and the Company's ability to continue to draw on the remaining funds in the Debt Facility, estimated project economics, Terronera's forecasted operations, costs and expenditures, and the timing and results of various related 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

EDR:CA,EXK
The Conversation (0)
Endeavour Silver Highlights Progress on its Three-Year Sustainability Strategy in 2023 Sustainability Report

Endeavour Silver Highlights Progress on its Three-Year Sustainability Strategy in 2023 Sustainability Report

Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX: EDR, NYSE: EXK) made further progress executing its 2022-2024 Sustainability Strategy as outlined in the Company's 2023 Sustainability Report released today.

Entitled "Transformation in Motion", the report provides insights into Endeavour's sustainability performance and approach over 2023, including second-year progress highlights against the strategy.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Silver Tiger Intersects 1.0 Metre of 12,851.5 G/T Silver Equivalent Within 16.0 Metres of 875.6 G/T Silver Equivalent in the Tigre Vein and Keel Zone

Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) ("Silver Tiger" or the "Company") is pleased to provide an update on the first 95 drill holes for the Company's ongoing Pre-Feasibility Study ("PFS") drilling program on the Stockwork deposit on its El Tigre Project in Sonora, Mexico. These new results are highlighting the high-grade mineralization beneath the floor of the 2023 PEA Open Pit in the Keel Zone and expansion of the PEA Starter Pit to the north

Drill hole ET-24-568 cut 16.0 metres grading 875.6 g/t silver equivalent or 11.67 g/t gold equivalent from 155.0 to 171.0 metres, consisting of 409.9 g/t silver and 6.21 g/t gold and INCLUDING 1.0 metres grading 12,851.5 g/t silver equivalent or 171.35 g/t gold equivalent from 161.0 to 162.0 metres consisting of 6,034.0 g/t silver and 90.90 g/t gold and in the Keel Zone (Figures 1 & 2). The hole passed through the El Tigre vein located some 15m beneath the floor of the PEA Open Pit and is referred to as the Keel Zone.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Fortuna's Yaramoko Mine reaches one-million-ounce gold pour milestone

Fortuna's Yaramoko Mine reaches one-million-ounce gold pour milestone

Fortuna Silver Mines Inc. (TSX: FVI) (NYSE: FSM) is pleased to report that the Yaramoko Mine located in Burkina Faso reached the one-million-ounce gold pour milestone on May 19, 2024. Yaramoko started production on May 16, 2016 and Fortuna acquired the mine on July 2, 2021 (refer to Fortuna news release dated July 2, 2021 ).

As of December 31, 2023, Yaramoko has a remaining mine life of two years with Proven and Probable Mineral Reserves of 0.9 Mt at a grade of 7.90 g/t Au and containing 219 koz Au, in addition to Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, of 0.5 Mt at a grade of 2.87 g/t Au and containing 43 koz Au, and Inferred Mineral Resources, exclusive of Mineral Reserves, of 0.16 Mt at a grade of 3.52 g/t Au and containing 18 koz Au (refer to Fortuna news release dated February 15, 2024, " Fortuna reports updated Mineral Reserves and Mineral Resources "). The mine's exploration budget for 2024 is US$6.1 million, which includes 41,450 meters of drilling (refer to Fortuna news release dated January 18, 2024 ).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Impact Silver Announces Closing of an Oversubscribed C$7.1 Million First Tranche Non-Brokered Private Placement Financing

Impact Silver Announces Closing of an Oversubscribed C$7.1 Million First Tranche Non-Brokered Private Placement Financing

IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") is pleased to announce that it has closed the first tranche of the non-brokered private placement financing originally announced of up to C$6,200,000 on April 30th, 2024 and subsequently increased up to C$8,200,000 on May 13th, 2024 (the "Offering"). The Offering is being completed pursuant to the listed issuer financing exemption ("LIFE") of National Instrument 45-106 Prospectus Exemptions ("NI 45-106") and other private placement exemptions under NI 45-106.

Under the first tranche the Company has received gross proceeds of C$2,936,587 from the issuance of 10,487,812 LIFE units (the "LIFE Units") at C$0.28 per LIFE Unit and gross proceeds of C$4,192,071 from the issuance of 15,526,190 units (the "Standard Units") at C$0.27 per Standard Unit for aggregate gross proceeds of C$7,128,659. The second tranche of the Offering is anticipated to close on or before May 28th, 2024.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Dolly Varden Silver Commences 2024 Drilling Program with Discovery-Focused Exploration Targets

Dolly Varden Silver Commences 2024 Drilling Program with Discovery-Focused Exploration Targets

Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (FSE: DVQ1) (the "Company" or "Dolly Varden") is pleased to announce that the 2024 Exploration Drill Program has started at its 100% owned Kitsault Valley Project. Three drill rigs have been mobilized and are testing exploration targets at Moose Vein, Chance Vein and the North Star Deposit step out. Objectives of the initial targets include testing for new discoveries and following up from high-grade silver mineralization encountered in the 2023 drilling program.

Drill meterage in the 2024 drill program will be split approximately evenly between the Dolly Varden Property and the Homestake Ridge Property, with an overall project split of one third each to the Homestake Silver deposit, to the Wolf deposit area and to project wide exploration targets with discovery potential.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

MAG Silver Announces Planned Retirement of CXO

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG", or the " Company ") announces the planned retirement of Co-Founder and Chief Exploration Officer (" CXO "), Dr. Peter Megaw, effective May 21, 2024. Peter has been an integral part of MAG Silver's success, applying over 45 years of relevant experience to our silver and gold exploration efforts, with the past ten years dedicated to serving as MAG's CXO.

Peter's retirement marks the culmination of over 20 years of dedicated service to MAG. Under his leadership, Juanicipio, one of the world's leading silver deposits, was discovered, financed, developed and is now in operation. Beyond the discovery of Juanicipio, as Co-Founder, Peter played an integral role in the development of the Company including its IPO, seven years of service on the Board, its acquisition of strategic exploration properties in prolific jurisdictions and its growth into the substantial silver producer it is today. Peter will continue as a consultant to the Company following his retirement from executive duties at MAG.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Eastern Metals

Successful $1M Placement to Accelerate Exploration

Proceeds to be used to underpin upcoming programs at the Arunta Project, Northern Territory and Cobar Project, New South Wales

Eastern Metals Ltd (ASX:EMS) (“Eastern Metals” or “the Company”) is pleased to announce that it has received firm commitments from professional and sophisticated investors to raise $1,000,000 (before costs) in a placement through the issue of 31.25 million new fully paid ordinary shares (“Shares”) at an issue price of $0.032 per Share (“the Placement”).

Keep reading...Show less

Latest Press Releases

Related News

×