Endeavour Silver Announces Q2 2022 Financial Results; Raises 2022 Production Guidance

Endeavour Silver Announces Q2 2022 Financial Results; Raises 2022 Production Guidance

 

Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce its financial and operating results for the three and six months ended June 30, 2022. As a result of the Company's strong operating performance, Management has raised its 2022 production guidance. All dollar amounts are in US dollars (US$).

 

"We have continued to outperform our mine plans, by delivering an exceptional Q2 with production 15% above plan, stated Dan Dickson, CEO of Endeavour Silver. "This has prompted management to raise our production outlook for 2022 to 7.6 – 8.0 million silver equivalent ounces. The additional production has allowed us to maintain our cost guidance on per ounce metrics, but industry-wide inflation continues to be a challenge. We are seeing the largest inflationary impacts on energy costs, plant reagents and steel prices which are affecting both operating and development costs. Cost control will continue to be a key focus as cost pressures are expected to continue for the remainder of the year."

 

Added Mr. Dickson, "During the 2 nd quarter, again we made the decision to withhold from sale a meaningful amount of silver, due to the drop in silver price. We are holding over 1.6 million silver equivalent ounces in finished goods inventory for future sale. Short term, the increased inventory has negatively impacted our quarterly financial metrics such as revenue, earnings, cash flow and our cash balance. Longer term, we anticipate selling the inventory at higher metal prices."

 

   Q2 2022 Highlights   

 
  •   Higher Production: 1,359,207 ounces (oz) of silver and 9,289 oz of gold for 2.1 million oz silver equivalent (AgEq) (1) reinforces delivery of improved consolidated production for the year.
  •  
  •   Lower Revenue Due to Withholding Metal Sales : Revenue of $30.8 million from the sale of 602,894 oz of silver and 9,792 oz of gold at average realized prices of $22.72 per oz silver and $1,840 per oz gold.
  •  
  •   Negative Earnings and Lower Cash Flow Due to Lower Revenue and Non-Cash Items : Net loss of $11.9 million, or $0.07 per share. Adjusted net loss of $4.3 million (2) after adjusting for a $7.6 million change in the fair value of investments. $3.6 million in operating cash flow before working capital changes (2) and Mine operating cash flow before taxes (2) of $8.8 million.
  •  
  •   Operating Costs per Ounce In-Line with Guidance, Despite Industry-Wide Inflation: Cash costs (2) of $10.08 per oz payable silver and all-in sustaining costs ( 2 ) of $19.56 per oz payable silver, net of gold credits.
  •  
  •   Healthy Balance Sheet: Cash position of $116.2 million and working capital (2) of $149.7 million.
  •  
  •   Guanacevi Continued to Outperform: Production exceeded plan driven by higher grades.
  •  
  •   Bolañitos Remained Steady: Strong silver production from higher silver grades and increased throughput were offset by lower gold production and lower gold grades.
  •  
  •   Withheld Significant Metal Inventories : Metal inventory at quarter end totaled 1,399,356 oz silver and 2,580 oz gold of bullion inventory and 12,408 oz silver and 587 oz gold in concentrate inventory. The market value of finished goods at June 30, 2022 was $34.5 million.
  •  
  •   Advancing the Terronera Project : Work continued on the early works program initiated last year including engineering, critical contracts, procurement of long-lead items and extensive due diligence on the project financing. The Company intends to make a formal construction decision subject to completion of a financing package and receipt of additional amended permits in the coming months. $18 million has been spent as of June 30 th 2022, with an additional budget of $23 million expected to be spent through to the end of October to continue the advancement of the project.
  •  

  Subsequent to Quarter End  

 
  •   Closed the Acquisition of the Pitarrilla Project: The addition of the Pitarrilla project enhances the company's growth profile while maintaining a silver focus.
  •  

   Revision to Full Year 2022 Guidance   

 

The following table summarizes the updated 2022 Production Guidance for Endeavour Silver:

 
                                   
        Guanacevi    Bolanitos    Consolidated  
Tonnes per day tpd 1,100 - 1,200 1,000 - 1,200 2,100 - 2,400
Silver production M oz 4.3 – 4.5 0.6 - 0.6 4.9 – 5.1
Gold production k oz 13.0 - 14.0 21.0 - 22.0 34.0 - 36.0
Silver Eq production 1 US$/oz 5.3 – 5.6 2.3 - 2.4 7.6 - 8.0
Cash costs, net of gold by-product credits 2 US$/oz    $9.00 - $10.00
AISC, net of gold by-product credits 2 US$/oz    $19.00 - $20.00
 
  •   Consolidated Silver Equivalent(   1   ) Production has increased to 7.6 – 8.0 million oz from 6.7 – 7.6 million oz. The increase to consolidated production is primarily driven by higher than planned ore-grades along the El Curso orebody at Guanacevi. Production at Bolanitos has been slightly revised upwards to meet the upper end of its previous guidance.

  •  
  •   Operating Costs Guidance is expected to remain unchanged with cash costs expected to average $9.00 - $10.00 per oz and AISC are expected to average $19.00 - $20.00 per oz. Management notes that the Company is tracking to meet the upper end of the guidance range, given persisting global inflationary pressures. Increases in prices of raw materials such as reagents, explosives, steel, diesel and power are driving continued cost escalation across the industry. The company has identified efficiencies to mitigate pressure on costs and cost metrics in the second half of the year, including enhanced monitoring and tracking at the mines, improved blasting in development, the gradual increase of tonnes milled and reduced waste handling at Guanacevi.

  •  

   Financial Overview   (see appendix for consolidated financial statements)

 
                                                                                                                                                                                                                                                                                                                                                                                 
  Three Months Ended June 30    Q2 2022 Highlights  

  Six Months Ended June 30  
  2022     2021    % Change    2022     2021     % Change  
           Production           
1,359,207   1,073,724 27%   Silver ounces produced 2,674,162   2,121,824   26%  
9,289   11,166 (17%)   Gold ounces produced 17,984   22,275   (19%)  
1,346,276   1,062,267 27%   Payable silver ounces produced 2,649,816   2,098,977   26%  
9,117   10,955 (17%)   Payable gold ounces produced 17,666   21,849   (19%)  
2,102,327   1,967,004 7%   Silver equivalent ounces produced ( 1) 4,112,882   3,903,824   5%  
10.08   13.03 (23%)   Cash costs per silver ounce ( 2) 10.14   10.48   (3%)  
14.26   19.55 (27%)   Total production costs per ounce ( 2) 14.69   17.51   (16%)  
19.56   25.39 (23%)   All-in sustaining costs per ounce (2) 20.22   22.69   (11%)  
201,361   242,018 (17%)   Processed tonnes 407,508   451,471   (10%)  
132.63   119.94 11%   Direct operating costs per tonne ( 2) 127.69   116.43   10%  
148.11   141.61 5%   Direct costs per tonne ( 2) 148.32   134.48   10%  
14.12   18.52 (24%)   Silver co-product cash costs (2) 14.74   16.89   (13%)  
1,144   1,289 (11%)   Gold co-product cash costs (2) 1,169   1,116   5%  
       Financial           
30.8   47.7 (35%)   Revenue ($ millions) 88.5   82.2   8%  
602,894   1,120,266 (46%)   Silver ounces sold 2,320,662   1,743,645   33%  
9,792   9,810 (0%)   Gold ounces sold 18,173   20,473   (11%)  
22.72   26.82 (15%)   Realized silver price per ounce 23.95   26.95   (11%)  
1,840   1,866 (1%)   Realized gold price per ounce 1,900   1,781   7%  
(11.9)   6.7 (279%)   Net earnings (loss) ($ millions) (0.3)   18.9   (101%)  
(4.3)   2.4 (280%)   Adjusted net earnings (loss) (2) ($ millions) 2.0   (3.7)   155%  
4.5   10.2 56%   Mine operating earnings ($ millions) 24.7   15.9   56%  
8.8   17.2 (49%)   Mine operating cash flow before taxes ($ millions) (2) 35.5   30.5   16%  
3.6   8.7 (58%)   Operating cash flow before working capital changes (2) 24.2   13.9   74%  
(4.3)   15.9 (127%)   EBITDA (2) ($ millions) 21.3   39.8   (47%)  
149.7   146.8 2%   Working capital (2) ($ millions) 149.7   146.8   2%  
       Shareholders           
(0.07)   0.04 (275%)   Earnings (loss) per share – basic ($) 0.00   0.12   (100%)  
0.02   0.05 (61%)   Operating cash flow before working capital changes per share (2) 0.14   0.08   62%  
180,974,609   168,383,755 7%   Weighted average shares outstanding 176,291,929   164,051,368   7%  
 

  ( 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, which can be viewed on the Company's website, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .

 

For the three months ended June 30, 2022, net revenue, decreased by 35% to $30.8 million (Q2 2021: $47.7 million).

 

Gross sales of $31.7 million in Q2 2022 represented a 34% decrease over the $48.3 million in Q2 2021. Silver oz sold decreased by 46%, due to the buildup of the larger finished goods inventory held at June 30, 2022. There was a 15% decrease in the realized silver price, resulting in a 54% decrease in proceeds from silver sales. Gold oz sold were flat with a 1% decrease in the realized gold price, resulting in a 1% decrease in proceeds from gold sales. During the period, the Company sold 602,894 oz silver and 9,792 oz gold for realized prices of $22.72 and $1,840 per oz, respectively, compared to Q2 2021 sales of 1,120,266 oz silver and 9,810 oz gold for realized prices of $26.82 and $1,866 per oz, respectively. In Q2 2022, London spot prices for silver and gold averaged $22.60 and $1,877, respectively.

 

The Company significantly increased its finished goods silver inventory and slightly decreased its finished goods gold inventory to 1,411,764 oz and 3,167 oz, respectively, at June 30, 2022 compared to 668,382 oz silver and 3,841 oz gold at March 31, 2022. The cost allocated to these finished goods was $20.8 million at June 30, 2022 compared to $13.5 million at March 31, 2022. At June 30, 2022, the finished goods inventory fair market value was $34.5 million, compared to $24.1 million at March 31, 2022. Earnings and other financial metrics, including mine operating cash flow (2) , operating cash flow (2) and EBITDA (2) were impacted by the withholding of sales during Q2 2022.

 

After cost of sales of $26.3 million (Q2 2021 - $37.5 million), a decrease of 30%, mine operating earnings were $4.5 million (Q2 2021 - $10.2 million). The decrease in cost of sales was impacted by the decrease in the quantity of silver ounces sold during the period offset by increased labour, power and consumables costs with lower royalty costs. Royalties decreased 49% to $2.2 million primarily due to the decrease in silver ounces sold during the period.

 

The Company had an operating loss of $1.3 million (Q2 2021: operating earnings of $0.8 million) after exploration and evaluation costs of $3.8 million (Q2 2021: $5.0 million), general and administrative costs of $1.3 million (Q2 2021: $4.3 million) a write off of exploration properties of $0.5 million (Q2, 2021 - $Nil), and care and maintenance cost of $0.2 million (Q2 2021: $0.1 million).

 

The loss before income taxes was $8.8 million (Q2 2021: earnings before taxes of $8.9 million) after finance costs of $0.3 million (Q2 2021: $0.2 million), a foreign exchange loss of $0.3 million (Q2 2021: gain of $0.7 million), and investment and other expense of $6.9 million (Q2 2021: investment and other income of $1.8 million). The investment and other expenses during Q2 2022 primarily resulted from an unrealized loss on marketable securities and warrants of $7.6 million (Q2 2021: $1.5 million).

 

The Company realized a net loss for the period of $11.9 million (Q2 2021: net earnings of $6.7 million) after an income tax expense of $3.1 million (Q2 2021: $2.2 million).   Current income tax expense increased to $1.3 million (Q2 2021 - $1.1 million) due to increased profitability impacting the income tax and special mining duty, while deferred income tax expense of $1.8 million is primarily due to the estimated use of loss carryforwards to reduce taxable income generated at both Guanacevi and Bolanitos (Q2 2021 – $1.1 million).

 

Direct operating costs (2) on a per tonne basis increased to $132.63, up 11% compared with Q2 2021 due to higher operating costs at Guanaceví and Bolañitos. Guanaceví and Bolañitos have seen increased labour, power and consumables costs and at Guanaceví, increased third party ore purchased and operating development have increased compared to the prior year.

 

Consolidated cash costs per oz( 2 ), net of by-product credits, decreased to $10.08 driven by increased silver grades, reduced royalty costs and increased by-product gold sales, offset by increased direct operating costs per tonne( 2 )    AISC( 2 ) decreased by 23% on a per oz basis compared to Q2 2021 as a result of a 27% increase in ounces produced driven by a 51% increase in silver grade, decreased allocated general and administrative costs and a decrease in mine site exploration offset by increased sustaining capital expenditures.

 

The complete financial statements and management's discussion & analysis can be viewed on the Company's website, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov . All shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Investor Relations at 604-640-4804, toll free at 1-877-685-9775 or by email at gmeleger@edrsilver.com.

 

   Conference Call   

 

A conference call to discuss the Company's Q2 2022 financial results will be held today at 10:00 a.m. PT / 1:00 p.m. ET. To participate in the conference call, please dial the numbers below.

 
               
Date & Time:   Tuesday, August 9, 2022 at 10:00 a.m. PT / 1:00 p.m. ET
   
Telephone:   Toll-free in Canada and the US +1-800-319-4610
Local or International +1-604-638-5340
Please allow up to 10 minutes to be connected to the conference call.
   
Replay:   A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 9151#. The replay will also be available on the Company's website at   www.edrsilver.com   .
 

  About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

 

SOURCE Endeavour Silver Corp.

Contact Information  
Galina Meleger,
Vice President of Investor Relations
Tel: (604)640-4804
Email: gmeleger@edrsilver.com  
Website:   www.edrsilver.com   

 

Follow Endeavour Silver on   Facebook   ,   Twitter   ,   Instagram   and   LinkedIn   

 

   Endnotes   

 

  1 Silver equivalent   (AgEq)  

 

AgEq is calculated using an 80:1 silver:gold ratio.

 

  2 Non-IFRS   and Other   Financial Measures   and   R   atios  

 

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, all-in sustaining cost ("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 June 30, 2022 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 June 30, 2022 MD&A available on SEDAR at www.sedar.com .

 

  Reconciliation of Working Capital  

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
  Expressed in thousands US dollars    As at June 30, 2022    As at December 31, 2021  
             
Current assets   $ 186,454    $ 161,762  
Current liabilities    36,733     40,554  
Working capital   $ 149,721    $ 121,208  
     
  Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share  
   
  Expressed in thousands US dollars    Three Months Ended June 30    Six Months Ended June 30  
(except for share numbers and per share amounts)    2022      2021      2022      2021   
Net earnings (loss) for the period per financial statements ($ 11,923 ) $ 6,656   ($ 261 ) $ 18,905  
Impairment (reversal) of non-current assets, net of tax   -    -    -    (16,791 )
Gain on disposal of El Cubo mine and equipment, net of tax   -    (5,807 )   -    (5,807 )
Change in fair value of investments   7,626    1,539    2,269    9  
Adjusted net earnings (loss) ($ 4,297 ) $ 2,388   $ 2,008   ($ 3,684 )
Basic weighted average share outstanding   180,974,609    168,383,755    176,291,929    164,051,368  
Adjusted net earnings (loss) per share ($ 0.02 ) $ 0.01   $ 0.01   ($ 0.02 )
     
  Reconciliation of Mine Operating Cash Flow Before Taxes  
   
  Expressed in thousands US dollars    Three Months Ended June 30    Six Months Ended June 30  
      2022      2021      2022      2021   
Mine operating earnings per financial statements $ 4,472   $ 10,205   $ 24,741   $ 15,869  
Share-based compensation   113    111    240    229  
Amortization and depletion   4,175    6,624    10,481    14,120  
Write down of inventory to net realizable value   -    272    -    272  
Mine operating cash flow before taxes $ 8,760   $ 17,212   $ 35,462   $ 30,490  
     
  Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share  
   
  Expressed in thousands US dollars    Three Months Ended June 30    Six Months Ended June 30  
(except for per share amounts)    2022      2021      2022      2021   
Cash from (used in) operating activities per financial statements ($ 18,548 ) $ 9,467   $ 3,185   $ 5,544  
Net changes in non-cash working capital per financial statements   (22,160 )   806    (21,046 )   (8,360 )
Operating cash flow before working capital changes $ 3,612   $ 8,661   $ 24,231   $ 13,904  
Basic weighted average shares outstanding   180,974,609    168,383,755    176,291,929    164,051,368  
Operating cash flow before working capital changes per share $ 0.02   $ 0.05   $ 0.14   $ 0.08  
     
  Reconciliation of EBITDA and Adjusted EBITDA  
     
  Expressed in thousands US dollars    Three Months Ended June 30    Six Months Ended June 30  
      2022      2021      2022      2021   
Net income for the period per financial statements ($ 11,923 ) $ 6,656   ($ 261 ) $ 18,905  
Depreciation and depletion – cost of sales   4,175    6,624    10,481    14,120  
Depreciation and depletion – exploration   98    72    205    151  
Depreciation and depletion – general & administration   51    38    99    72  
Depreciation and depletion – care & maintenance   30    (11 )   60    4  
Depreciation and depletion – inventory write down   -    6    -    6  
Finance costs   212    216    389    507  
Current income tax expense   1,325    1,146    2,340    1,817  
Deferred income tax expense   1,752    1,116    7,974    4,243  
EBITDA ($ 4,280 ) $ 15,863   $ 21,287   $ 39,825  
Share based compensation   972    1,028    2,499    2,193  
Impairment (reversal) of non-current assets, net of tax   -    -    -    (16,791 )
Gain on disposal of El Cubo mine and equipment, net of tax   -    (5,807 )   -    (5,807 )
Change in fair value of investments   7,626    1,539    2,269    9  
Adjusted EBITDA $ 4,318   $ 12,623   $ 26,055   $ 19,429  
Basic weighted average shares outstanding   180,974,609    168,383,755    176,291,929    164,051,368  
Adjusted EBITDA per share $ 0.02   $ 0.07   $ 0.15   $ 0.12  
 

  Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne  

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
  Expressed in thousands US dollars  
  Three Months Ended June 30, 2022    Three Months Ended June 30, 2021  
  Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Direct production costs per financial statements $ 7,797   $ 12,031   $ 19,828   $ 15,713   $ 7,770   $ 2,740   $ 26,223  
Smelting and refining costs included in net revenue   -    937    937    -    514    68    582  
Opening finished goods   (7,908 )   (2,995 )   (10,903 )   (5,935 )   (204 )   (442 )   (6,581 )
Finished goods NRV adjustment   -    -    -    -    -    266    266  
Closing finished goods   16,164    681    16,845    6,985    408    1,145    8,538  
Direct operating costs   16,053    10,654    26,707    16,763    8,488    3,777    29,028  
Royalties   2,128    66    2,194    4,158    70    112    4,340  
Special mining duty (1)   795    127    922    684    257    (38 )   903  
Direct costs   18,976    10,847    29,823    21,605    8,815    3,851    34,271  
By-product gold sales   (5,719 )   (12,302 )   (18,021 )   (4,209 )   (11,909 )   (2,187 )   (18,305 )
Opening gold inventory fair market value   3,724    3,763    7,487    1,925    309    662    2,896  
Closing gold inventory fair market value   (4,662 )   (1,061 )   (5,723 )   (3,349 )   (633 )   (1,038 )   (5,020 )
Cash costs net of by-product   12,319    1,247    13,566    15,972    (3,418 )   1,288    13,842  
Amortization and depletion   940    3,235    4,175    2,487    3,800    337    6,624  
Share-based compensation   57    56    113    54    51    6    111  
Opening finished goods depreciation and depletion   (1,689 )   (897 )   (2,586 )   (1,137 )   (118 )   (133 )   (1,388 )
NRV depreciation cost adjustment   -    -    -    -    -    6    -  
Closing finished goods depreciation and depletion   3,733    199    3,932    1,333    220    30    1,583  
Total production costs $ 15,360   $ 3,840   $ 19,200   $ 18,709   $ 535   $ 1,534   $ 20,772  
        
   

  Three Months Ended June 30, 2022    Three Months Ended June 30, 2021  
  Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Throughput tonnes   94,017    107,344    201,361    111,893    107,912    22,213    242,018  
Payable silver ounces   1,190,568    155,708    1,346,276    936,424    112,456    13,387    1,062,267  
        
Cash costs per silver ounce $ 10.35   $ 8.01   $ 10.08   $ 17.06   ($ 30.39 ) $ 96.21   $ 13.03  
Total production costs per ounce $ 12.90   $ 24.66   $ 14.26   $ 19.98   $ 4.76   $ 114.59   $ 19.55  
Direct operating costs per tonne $ 170.75   $ 99.25   $ 132.63   $ 149.81   $ 78.66   $ 170.04   $ 119.94  
Direct costs per tonne $ 201.84   $ 101.05   $ 148.11   $ 193.09   $ 81.69   $ 173.37   $ 141.61  
        
  Expressed in thousands US dollars  
  Six Months Ended June 30, 2022    Six Months Ended June 30, 2021  
  Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Direct production costs per financial statements $ 25,681   $ 20,868   $ 46,549   $ 23,773   $ 14,875   $ 6,303   $ 44,951  
Smelting and refining costs included in net revenue   -    1,591    1,591    -    1,003    206    1,209  
Opening finished goods   (10,093 )   (2,857 )   (12,950 )   (1,509 )   (250 )   (642 )   (2,401 )
Finished goods NRV adjustment   -    -    -    -    -    266    266  
Closing finished goods   16,164    681    16,845    6,985    408    1,145    8,538  
Direct operating costs   31,752    20,283    52,035    29,249    16,036    7,278    52,563  
Royalties   6,362    149    6,511    6,371    138    291    6,800  
Special mining duty (1)   1,526    371    1,897    941    408    -    1,349  
Direct costs   39,640    20,803    60,443    36,561    16,582    7,569    60,712  
By-product gold sales   (10,741 )   (23,790 )   (34,531 )   (7,673 )   (22,438 )   (6,352 )   (36,463 )
Opening gold inventory fair market value   1,900    4,784    6,684    735    746    1,283    2,764  
Closing gold inventory fair market value   (4,662 )   (1,061 )   (5,723 )   (3,349 )   (633 )   (1,038 )   (5,020 )
Cash costs net of by-product   26,137    736    26,873    26,274    (5,743 )   1,462    21,993  
Amortization and depletion   4,850    5,631    10,481    4,080    7,593    2,447    14,120  
Share-based compensation   120    120    240    93    91    45    229  
Opening finished goods depreciation and depletion   (1,965 )   (635 )   (2,600 )   (271 )   (104 )   (804 )   (1,179 )
NRV depreciation and depletion cost adjustment   -    -    -    -    -    6    6  
Closing finished goods depreciation and depletion   3,733    199    3,932    1,333    220    30    1,583  
Total production costs $ 32,875   $ 6,051   $ 38,926   $ 31,509   $ 2,057   $ 3,186   $ 36,752  
        
   

  Six Months Ended June 30, 2022    Six Months Ended June 30, 2021  
  Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Throughput tonnes   195,270    212,238    407,508    200,525    205,604    45,342    451,471  
Payable silver ounces   2,321,016    328,800    2,649,816    1,851,886    211,444    35,647    2,098,977  
        
Cash costs per silver ounce $ 11.26   $ 2.24   $ 10.14   $ 14.19   ($ 27.16 ) $ 41.01   $ 10.48  
Total production costs per ounce $ 14.16   $ 18.40   $ 14.69   $ 17.01   $ 9.73   $ 89.38   $ 17.51  
Direct operating costs per tonne $ 162.61   $ 95.57   $ 127.69   $ 145.86   $ 77.99   $ 160.51   $ 116.43  
Direct costs per tonne $ 203.00   $ 98.02   $ 148.32   $ 182.33   $ 80.65   $ 166.93   $ 134.48  
 

 

 
                                                       
  Expressed in thousands US dollars  
  June 30, 2022    June 30, 2021  
  Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Closing finished goods   16,164   681   16,845   6,985   408   1,145   8,538
Closing finished goods depletion   3,733   199   3,932   1,333   220   30   1,583
Finished goods inventory $ 19,897 $ 880 $ 20,777 $ 8,318 $ 628 $ 1,175 $ 10,121
 

  Reconciliation of All-In Costs Per Ounce and AISC per ounce  

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
  Expressed in thousands US dollars    Three Months Ended June 30, 2022    Three Months Ended June 30, 2021  
     Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Cash costs net of by-product $ 12,319   $ 1,247 $ 13,566   $ 15,972 ($ 3,418 ) $ 1,288   $ 13,842
Operations share-based compensation   57    56   113    39   40    39    118
Corporate general and administrative   401    155   556    2,013   1,093    277    3,383
Corporate share-based compensation   527    214   741    460   250    64    773
Reclamation - amortization/accretion   69    53   122    13   11    3    27
Mine site expensed exploration   360    308   668    538   305    2    845
Intangible payments   (0 )   0   (0 )   80   29    (16 )   94
Equipment loan payments   246    488   734    300   524    -    824
Capital expenditures sustaining   7,050    2,788   9,838    3,696   3,366    -    7,062
All-In-Sustaining Costs $ 21,028   $ 5,310 $ 26,338   $ 23,112 $ 2,200   $ 1,656   $ 26,968
Growth exploration and evaluation     2,901       3,963
Growth capital expenditures     5,613       1,102
All-In-Costs    $ 34,852      $ 32,033
        
     Three Months Ended June 30, 2022    Three Months Ended June 30, 2021  
     Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Throughput tonnes   94,017    107,344   201,361    111,893   107,912    22,213    242,018
Payable silver ounces   1,190,568    155,708   1,346,276    936,424   112,456    13,387    1,062,267
Silver equivalent production (ounces)   1,488,550    613,777   2,102,327    1,185,961   660,284    120,759    1,967,004
        
Sustaining cost per ounce $ 17.66   $ 34.10 $ 19.56   $ 24.68 $ 19.56   $ 123.73   $ 25.39
All-In-costs per ounce    $ 25.89      $ 30.16
        
  Expressed in thousands US dollars    Six Months Ended June 30, 2022    Six Months Ended June 30, 2021  
   Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Cash costs net of by-product $ 26,137   $ 736 $ 26,873   $ 26,274 ($ 5,743 ) $ 1,462   $ 21,993
Operations share-based compensation   120    120   240    93   91    45    229
Corporate general and administrative   2,468    1,031   3,499    3,622   1,966    498    6,086
Corporate share-based compensation   1,444    603   2,047    987   536    136    1,658
Reclamation - amortization/accretion   134    106   240    25   22    5    52
Mine site expensed exploration   712    558   1,270    994   539    195    1,728
Intangible payments   29    12   41    111   60    15    187
Equipment loan payments   491    977   1,468    608   1,092    -    1,700
Capital expenditures sustaining   12,696    5,214   17,910    7,900   6,100    -    14,000
All-In-Sustaining Costs $ 44,230   $ 9,358 $ 53,588   $ 40,615 $ 4,663   $ 2,355   $ 47,633
Growth exploration and evaluation     5,314       6,970
Growth capital expenditures     10,538       1,434
All-In-Costs    $ 69,440      $ 56,037
        
     Six Months Ended June 30, 2022    Six Months Ended June 30, 2021  
   Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Throughput tonnes   195,270    212,238   407,508    200,525   205,604    45,342    451,471
Payable silver ounces   2,321,016    328,800   2,649,816    1,851,886   211,444    35,647    2,098,977
Silver equivalent production (ounces)   2,900,560    1,212,322   4,112,882    2,323,618   1,261,071    319,135    3,903,824
        
Sustaining cost per ounce $ 19.06   $ 28.46 $ 20.22   $ 21.93 $ 22.05   $ 66.07   $ 22.69
All-In-costs per ounce    $ 26.21      $ 26.70
 

  Reconciliation of Sustaining Capital and Growth Capital  

 
                                      
  Expressed in thousands US dollars  
  Three Months Ended June 30    Six Months Ended June 30  
   2022     2021     2022     2021  
Capital expenditures sustaining $ 9,838 $ 7,062 $ 17,910 $ 14,000
Growth capital expenditures   5,613   1,102   10,538   1,434
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows $ 15,451 $ 8,164 $ 28,448 $ 15,434
 

  Reconciliation of Silver Co-Product Cash Costs and Gold Co-Product Cash Costs  

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
  Expressed in thousands US dollars    Three Months Ended June 30, 2022    Three Months Ended June 30, 2021  
     Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Direct production costs per financial statements $ 7,797   $ 12,031   $ 19,828   $ 15,713   $ 7,770   $ 2,740   $ 26,223  
Smelting and refining costs included in net revenue   -    937    937    -    514    68    582  
Royalties   2,128    66    2,194    4,158    70    112    4,340  
Special mining duty (1)   795    127    922    684    257    (38 )   903  
Opening finished goods   (7,908 )   (2,995 )   (10,903 )   (5,935 )   (204 )   (442 )   (6,581 )
Finished goods NRV adjustment   -    -    -    -    -    266    266  
Closing finished goods   16,164    681    16,845    6,985    408    1,145    8,538  
Direct costs $ 18,976   $ 10,847   $ 29,823   $ 21,605   $ 8,815   $ 3,851   $ 34,271  
        
     Three Months Ended June 30, 2022    Three Months Ended June 30, 2021  
     Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Silver production (ounces)   1,194,150    165,057    1,359,207    939,241    120,044    14,439    1,073,724  
Average realized silver price ($)   22.72    22.72    22.72    26.82    26.82    26.82    26.82  
Silver value ($)   27,131,580    3,750,163    30,881,743    25,186,472    3,219,073    387,193    28,792,738  
        
Gold production (ounces)   3,680    5,609    9,289    3,084    6,753    1,329    11,166  
Average realized gold price ($)   1,840    1,840    1,840    1,866    1,866    1,866    1,866  
Gold value ($)   6,772,598    10,322,691    17,095,289    5,754,599    12,600,781    2,479,852    20,835,232  
        
Total metal value ($)   33,904,178    14,072,854    47,977,032    30,941,072    15,819,854    2,867,045    49,627,970  
Pro-rated silver costs (%)   80 %   27 %   64 %   81 %   20 %   14 %   58 %
Pro-rated gold costs (%)   20 %   73 %   36 %   19 %   80 %   86 %   42 %
        
Pro-rated silver costs ($)   15,185    2,891    19,196    17,587    1,794    520    19,883  
Pro-rated gold costs ($)   3,791    7,956    10,627    4,018    7,021    3,331    14,388  
        
Silver co-product cash costs ($)   12.72    17.51    14.12    18.72    14.94    36.02    18.52  
Gold co-product cash costs ($)   1,030    1,419    1,144    1,303    1,040    2,506    1,289  
        
  Expressed in thousands US dollars    Six Months Ended June 30, 2022    Six Months Ended June 30, 2021  
   Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Direct production costs per financial statements $ 25,681   $ 20,868   $ 46,549   $ 23,773   $ 14,875   $ 6,303   $ 44,951  
Smelting and refining costs included in net revenue   -   $ 1,591   $ 1,591    -    1,003    206    1,209  
Royalties   6,362    149    6,511    6,371    138    291    6,800  
Special mining duty (1)   1,526    371    1,897    941    408    -    1,349  
Opening finished goods   (10,093 )   (2,857 )   (12,950 )   (1,509 )   (250 )   (642 )   (2,401 )
Finished goods NRV adjustment   -    -    -    -    -    266    266  
Closing finished goods   16,164    681    16,845    6,985    408    1,145    8,538  
Direct costs   39,640    20,803    60,443    36,561    16,582    7,569    60,712  
        
     Six Months Ended June 30, 2022    Six Months Ended June 30, 2021  
   Guanaceví    Bolañitos    Total    Guanaceví    Bolañitos    El Compas    Total  
Silver production (ounces)   2,328,000    346,162    2,674,162    1,857,458    226,271    38,095    2,121,824  
Average realized silver price ($)   23.95    23.95    23.95    26.95    26.95    26.95    26.95  
Silver value ($)   55,757,752    8,290,900    64,048,652    50,053,984    6,097,454    1,026,568    57,178,006  
        
Gold production (ounces)   7,157    10,827    17,984    5,827    12,935    3,513    22,275  
Average realized gold price ($)   1,900    1,900    1,900    1,781    1,781    1,781    1,781  
Gold value ($)   13,599,206    20,572,670    34,171,876    10,378,054    23,037,606    6,256,754    39,672,414  
        
Total metal value ($)   69,356,958    28,863,570    98,220,528    60,432,038    29,135,060    7,283,321    96,850,420  
Pro-rated silver costs (%)   80 %   29 %   65 %   83 %   21 %   14 %   59 %
Pro-rated gold costs (%)   20 %   71 %   35 %   17 %   79 %   86 %   41 %
        
Pro-rated silver costs ($)   31,868    5,976    39,414    30,282    3,470    1,067    35,843  
Pro-rated gold costs ($)   7,772    14,827    21,029    6,279    13,112    6,502    24,869  
        
Silver co-product cash costs ($)   13.69    17.26    14.74    16.30    15.34    28.00    16.89  
Gold co-product cash costs ($)   1,086    1,369    1,169    1,078    1,014    1,851    1,116  
 

  Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce  

 
                                                                                 
  Expressed in thousands US dollars  

  Three Months Ended June 30    Six Months Ended June 30  
   2022     2021     2022     2021  
Gross silver sales $ 13,698 $ 30,052 $ 55,582 $ 46,987
Silver ounces sold   602,894   1,120,266   2,320,662   1,743,645
Realized silver price per ounces $ 22.72 $ 26.82 $ 23.95 $ 26.95
     
  Expressed in thousands US dollars  

  Three Months Ended June 30    Six Months Ended June 30  
   2022     2021     2022     2021  
Gross gold sales $ 18,021 $ 18,305 $ 34,531 $ 36,463
Gold ounces sold   9,792   9,810   18,173   20,473
Realized gold price per ounces $ 1,840 $ 1,866 $ 1,900 $ 1,781
 

 
  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 2022 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs, the timing and results of various activities and the impact of the COVID 19 pandemic on operations. 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 to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, 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, 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, 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.  

 

  Appendix  

 

  ENDEAVOUR SILVER CORP.  
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited – prepared by management)
(expressed in thousands of US dollars, except for shares and per share amounts)

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
         
    Three months ended     Six months ended  
    June 30,    June 30,    June 30,    June 30,
     2022      2021     2022      2021  
         
Revenue    $    30,782     $ 47,775    $    88,522     $ 82,241  
         
Cost of sales:         
Direct production costs     19,828      26,223     46,549      44,951  
Royalties     2,194      4,340     6,511      6,800  
Share-based payments     113      111     240      229  
Depreciation, depletion and amortization     4,175      6,624     10,481      14,120  
Write down of inventory to net realizable value     -      272     -      272  
     26,310      37,570     63,781      66,372  
         
Mine operating earnings     4,472      10,205     24,741      15,869  
         
Expenses:         
Exploration and evaluation     3,784      5,025     7,000      9,155  
General and administrative     1,348      4,293     5,645      7,816  
Care and maintenance costs     189      55     379      576  
Impairment (reversal of impairment) of non-current assets, net     -      -     -      (16,791 )
Write off of exploration properties     500      -     500      -  
         
     5,821      9,373     13,524      756  
         
Operating earnings (loss)     (1,349    )     832     11,217      15,113  
         
Finance costs     336      216     634      507  
         
Other income (expense):         
Foreign exchange     (289    )     659     522      (35 )
Gain on asset disposal     -      5,841     -      5,841  
Investment and other     (6,872    )     1,802     (1,052    )     4,553  
     (7,161    )     8,302     (530    )     10,359  
         
Earnings (loss) before income taxes     (8,846    )     8,918     10,053      24,965  
         
Income tax expense:         
Current income tax expense     1,325      1,146     2,340      1,817  
Deferred income tax expense     1,752      1,116     7,974      4,243  
     3,077      2,262     10,314      6,060  
         
Net earnings (loss) and comprehensive earnings (loss) for the period    $    (11,923    )    $ 6,656    $    (261    )    $ 18,905  
         
         
Basic earnings (loss) per share based on net earnings   $    (0.07    )    $ 0.04    $    (0.00    )    $ 0.12  
Diluted earnings (loss) per share based on net earnings   $    (0.07    )    $ 0.04    $    (0.00    )    $ 0.11  
         
Basic weighted average number of shares outstanding    180,974,609      168,383,755    176,291,929     164,051,368  
Diluted weighted average number of shares outstanding    184,569,970      172,195,942    179,018,499     167,743,113  
 

  ENDEAVOUR SILVER CORP.  
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(unaudited – prepared by management)
(expressed in thousands of US dollars)

 
                                                                                                                                                                                                                                                                                                                                                                               
     
    June 30,    December 31,
     2022      2021  
     
  ASSETS      
     
  Current assets      
Cash and cash equivalents    $    116,226     $ 103,303  
Other investments     8,293      11,200  
Accounts and other receivable     13,486      14,462  
Income tax receivable     1,219      177  
Inventories     35,664      27,485  
Prepaid expenses     11,566      5,135  
Total current assets     186,454      161,762  
     
Non-current deposits     595      599  
Non-current income tax receivable     3,570      3,570  
Non-current other investments     2,943      -  
Non-current IVA receivable     7,528      4,256  
Deferred income tax asset     -      936  
Intangible assets     -      40  
Right-of-use leased assets     614      664  
Mineral properties, plant and equipment     141,806      122,197  
  Total assets     $    343,510     $ 294,024  
     
  LIABILITIES AND SHAREHOLDERS' EQUITY      
     
Current liabilities     
Accounts payable and accrued liabilities    $    26,383     $ 31,991  
Income taxes payable     4,995      4,228  
Loans payable     5,179      4,128  
Lease liabilities     176      207  
Total current liabilities     36,733      40,554  
     
Loans payable     7,392      6,366  
Lease liabilities     755      794  
Provision for reclamation and rehabilitation     7,576      7,397  
Deferred income tax liability     8,545      1,506  
  Total liabilities      61,001      56,617  
     
Shareholders' equity     
Common shares, unlimited shares authorized, no par value, issued     
and outstanding 181,051,354 shares (Dec 31, 2021 - 170,537,307 shares)    631,751      585,406  
Contributed surplus     5,349      6,331  
Retained earnings (deficit)     (354,591    )     (354,330 )
  Total shareholders' equity      282,509      237,407  
  Total liabilities and shareholders' equity     $    343,510     $ 294,024  
     
 

  ENDEAVOUR SILVER CORP.  
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(unaudited – prepared by management)
(expressed in thousands of US dollars)

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
          
     Three months ended     Six months ended  
     June 30,    June 30,    June 30,    June 30,
      2022      2021      2022      2021  
          
  Operating activities           
Net earnings (loss) for the period     $    (11,923    )    $ 6,656     $    (261    )    $ 18,905  
          
Items not affecting cash:          
Share-based compensation      972      1,028      2,499      2,193  
Depreciation, depletion and amortization      4,324      6,723      10,786      14,347  
Impairment (reversal of impairment) of non-current assets, net      -      -      -      (16,791 )
Write off of exploration properties      500      -      500      -  
Deferred income tax expense      1,752      1,116      7,974      4,243  
Unrealized foreign exchange loss (gain)      (84    )   -   (143 )     (220    )   -   (53 )
Finance costs      336      216      634      507  
Write down of inventory to net realizable value      -      272      -      272  
Loss (gain) on asset disposal      105      (5,841 )     46      (5,807 )
Loss (gain) on other investments      7,626      (1,366 )     2,269      (3,912 )
Net changes in non-cash working capital      (22,156    )     806      (21,042    )     (8,360 )
Cash from (used in) operating activities      (18,548    )     9,467      3,185      5,544  
          
          
  Investing activities           
Proceeds on disposal of property, plant and equipment     48      6,985      82      7,541  
Mineral property, plant and equipment      (15,451    )     (8,164 )     (28,448    )     (15,434 )
Purchase of investments      (748    )     -      (2,119    )     (832 )
Proceeds from disposal of marketable securities      -      4,905      -      9,288  
Redemption of (investment in) non-current deposits     2      19      4      (1 )
Cash from (used) in investing activities      (16,149    )     3,745      (30,481    )     562  
          
          
  Financing activities           
Repayment of loans payable      (1,214    )     (918 )     (2,297    )     (1,887 )
Repayment of lease liabilities      (54    )     (43 )     (106    )     (85 )
Interest paid      (204    )     (174 )     (381    )     (367 )
Public equity offerings      -      29,034      46,001      59,134  
Exercise of options      1,448      785      1,578      4,583  
Share issuance costs      (15    )     (664 )     (2,812    )     (1,266 )
Deferred share unit redemption      (6    )     -      (6    )     -  
Performance share unit redemption      -      (2,174 )     (1,897    )     (2,174 )
Cash from (used) financing activities      (45    )     25,846      40,080      57,938  
          
Effect of exchange rate change on cash and cash equivalents      (46    )     144      139      64  
          
Increase (decrease) in cash and cash equivalents     (34,742    )     39,058      12,784      64,044  
Cash and cash equivalents, beginning of the period     151,014      85,989      103,303      61,083  
  Cash and cash equivalents, end of the period      $    116,226     $ 125,191     $    116,226     $ 125,191  
          
 

 

 

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Elliot Lake Uranium Project Expanded and Exploration Commenced

Elliot Lake Uranium Project Expanded and Exploration Commenced

NickelX Limited (“NickelX”, “NKL” or “The Company”) is pleased to advise it has secured via low-cost staking 100% of the rights to an additional eleven (11) multi-cell claims, referred to as the Blind River Block, adding a further 51km2 of highly prospective ground to its Elliot Lake Uranium Project located in Ontario, Canada (Figure 2).

  • Additional, highly prospective uranium tenure, referred to as the Blind River Block, has been secured by NickelX in the Elliot Lake district in Ontario, Canada.
  • A field reconnaissance program, including mapping, sampling and drill hole siting, has commenced at NickelX’s Elliot Lake Project, where the Company is targeting conglomerate hosted uranium mineralisation.
  • The Project is accessible by road from Toronto (a ~6 h drive). Year-round access and proximity to existing infrastructure provide logistical advantages that cannot be overstated when operating in Canada.
  • Stakeholder and First Nations engagement has also commenced with letters of engagement forwarded to local community stakeholders in anticipation of future drill programs.
  • Magnetic and radiometric data re-processing combined with the Company’s recent geological review has defined multiple high priority uranium targets.
  • The prolific Elliot Lake uranium district produced 362 Mlbs U3O8 @ 0.1060% (1,060 ppm) U3O8 from 13 underground mines active between 1955 and 1996, within an area of c. 15 × 15 km. The uranium mineralisation at Elliot Lake is hosted by stratabound conglomerate beds, which are relatively continuous and geologically predictable. The mineralised beds can be up to 19.5 km long, 8.0 km wide and 4 m thick1 (Figure 1).

Multiple high priority uranium targets have been defined at the Elliot Lake Uranium Project by re-processing of geophysical data combined with recent geological data review (see NickelX ASX announcement dated 21st February 2024).

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Endeavour Silver Announces 2024 Annual General Meeting Voting Results

Endeavour Silver Announces 2024 Annual General Meeting Voting Results

 

Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce that shareholders voted in favour of all items of business at the Company's 2024 Annual General Meeting ("AGM") held on May 28, 2024 in Vancouver. A total of 104,090,503 votes were cast or represented by proxy at the AGM, representing 43.31% of the outstanding common shares as of the record date. The following is a tabulation of the votes submitted by proxy:

 
                                                    
  DIRECTORS  

  NUMBER   OF   SHARES    PERCENTAGE   OF   VOTES   CAST  
  FOR    WITHHELD/  
ABSTAIN  
  FOR    WITHHELD  
Rex J. McLennan 50,212,585 11,699,944 81.10% 18.90%
Margaret M. Beck 61,370,134 542,396 99.12% 0.88%
Ricardo M. Campoy 61,455,874 456,656 99.26% 0.74%
Daniel Dickson 61,461,186 451,345 99.27% 0.73%
Amy Jacobsen 61,364,651 547,879 99.12% 0.88%
Kenneth Pickering 53,516,716 8,395,815 86.44% 13.56%
Mario D. Szotlender 61,428,282 484,248 99.22% 0.78%
Angela Johnson 61,333,538 578,992 99.06% 0.94%
     
 

All director nominees were re-elected, including the addition of Angela Johnson to the Board of Directors (see news release dated April 18, 2024 ) to fill vacancy left by the retirement of Christine West.

News Provided by GlobeNewswire via QuoteMedia

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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

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Max Resource

Max Resource Discovers 5 New Copper and Silver Targets at CESAR

MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report that it has discovered a series of five mineralized outcrops (collectively Target Area AM-14) on a Mining Concession, within the AM District of its wholly-owned Cesar Copper-Silver Project, Northeastern Colombia.

Highlights

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