Endeavour Silver Announces Q3 Financial Results; Earnings Conference Call at 10am PST  Today

Endeavour Silver Announces Q3 Financial Results; Earnings Conference Call at 10am PST Today

Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce its unaudited financial and operating results for the three and nine months ended September 30, 2022. All amounts reported are in United States (US) dollars.

Dan Dickson, CEO, commented, "This quarter is a continuation of our strong operational performance. With production guidance reaffirmed, and a strong fourth quarter expected, we are feeling confident about our 2022 production results. Like the rest of the industry, profit margins are under pressure. The strength of the USD is weighing on commodity prices, and inflation is increasing direct costs. We are fortunate that the elevated grade profile at Guanacevi and strong operational performance has allowed us to stay within or near our guided cost ranges on a per ounce basis."

"We continue to focus on business improvement and cost management initiatives, while being mindful of the future. Continuing to advance the Terronera project in a deliberate and disciplined manner towards a construction decision and the completion of the Pitarrilla acquisition, are both significant developments towards the future of the Company."

Q3 2022 Highlights

  • Continued Strong Production: 1,458,448 ounces (oz) of silver and 9,194 oz of gold for 2.2 million oz silver equivalent (AgEq) ( 1 ) at an 80:1 silver:gold ratio, totaling 6.3 million AgEq oz for the 9 months ended September 30, 2022. Strong year to date production reinforces delivery of 2022 guidance.
  • Revenue Impacted by Withholding Metal Sales & Lower Realized Prices: Generated $40.4 million from the sale of 1,327,325 oz silver and 8,852 oz gold at average realized prices of $19.24 per oz silver and $1,678 per oz gold. Management continued to carry higher metal inventory totaling 1,527,549 oz silver and 3,210 oz gold of bullion inventory and 2,770 oz silver and 143 oz gold in concentrate inventory, with a market value of approximately $35 million at September 30, 2022.
  • Operating Costs per Ounce In-Line with Guidance, Despite Industry-Wide Inflation: Cash costs ( 2 ) of $10.32 per oz payable silver and all-in sustaining costs (AISC) ( 2 ) of $20.27 per oz payable silver, net of gold credits.
  • Negative Earnings and Lower Cash Flow Due to Impacted Revenue: Net loss of $1.5 million or $0.01 loss per share. $7.3 million in cash flow from operations before working capital changes ( 2) and mine operating cash flow before taxes (2) of $12.3 million. The Company continued to hold significant finished goods held at costs on the balance sheet at quarter end.
  • Healthy Balance Sheet: Cash position of $69.2 million and $101.6 million in working capital ( 2) . Cash decreased in the quarter, as funds were spent to complete the acquisition of the Pitarrilla Project with a $35 million cash payment and early works expenditures to advance the Terronera project.

  • Strong Liquidity Remains: While the cash balance decreased during the quarter, the realized sale of finished goods inventory, with a market value of approximately $35 million at quarter end, would imply a cash balance closer to $100 million.

  • Advancing the Terronera Project: Work continued on predevelopment activities initiated last year including detailed engineering, critical contracts, procurement of long-lead items and road and camp construction. 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. Budgeted development expenditures for 2022 are estimated to be $41.0 million.

  • Completed the Acquisition of the Pitarrilla Project: The world's largest undeveloped silver project that will form the cornerstone of the Company's growth profile, together with Terronera and Parral (see News Release dated July 6, 2022 ).

  • Divested the El Compas Property to Grupo ROSGO: Completed the sale of the property and the plant for US$5 million over five years (see News Release dated September 12, 2022 ).

Financial Overview (see appendix for consolidated financial statements)

Three Months Ended September 30 Q3 2022 Highlights Nine Months Ended September 30
2022 2021 % Change 2022 2021 % Change
Production
1,458,448 1,305,399 12% Silver ounces produced 4,132,610 3,427,223 21%
9,194 10,541 (13%) Gold ounces produced 27,178 32,816 (17%)
1,445,880 1,295,126 12% Payable silver ounces produced 4,095,696 3,394,103 21%
9,039 10,328 (12%) Payable gold ounces produced 26,705 32,177 (17%)
2,193,968 2,148,679 2% Silver equivalent ounces produced (1) 6,306,850 6,052,503 4%
10.32 8.16 27% Cash costs per silver ounce (2)(3) 10.21 9.59 6%
14.31 13.14 9% Total production costs per ounce (2)(4) 14.56 15.84 (8%)
20.27 17.46 16% All-in sustaining costs per ounce (2)(5) 20.24 20.70 (2%)
202,745 222,461 (9%) Processed tonnes 610,253 673,932 (9%)
131.61 115.57 14% Direct operating costs per tonne (2)(6) 128.99 116.14 11%
146.30 130.38 12% Direct costs per tonne (2)(6) 147.65 133.12 11%
13.12 13.98 (6%) Silver co-product cash costs (7) 14.15 15.86 (11%)
1,144 1,020 12% Gold co-product cash costs (7) 1,163 1,078 8%
Financial
39.7 34.6 15% Revenue ($ millions) 128.2 116.8 10%
1,327,325 699,539 90% Silver ounces sold 3,647,987 2,443,184 49%
8,852 9,925 (11%) Gold ounces sold 27,025 30,398 (11%)
19.24 24.56 (22%) Realized silver price per ounce 22.24 26.26 (15%)
1,678 1,791 (6%) Realized gold price per ounce 1,827 1,784 2%
(1.5) (4.5) (67%) Net earnings (loss) ($ millions) (1.8) 14.4 (112%)
(3.1) (1.5) 106% Adjusted net earnings (loss) (11) ($ millions) (1.1) (5.2) 78%
5.1 8.3 (38%) Mine operating earnings ($ millions) 29.9 24.1 24%
12.3 13.2 (7%) Mine operating cash flow before taxes ($ millions) (8) 47.8 43.7 9%
7.3 7.7 (4%) Operating cash flow before working capital changes (9) 31.6 21.6 46%
7.9 4.4 81% EBITDA (10) ($ millions) 29.2 44.2 (34%)
101.6 128.7 (21%) Working capital (12) ($ millions) 101.6 128.7 (21%)
Shareholders
(0.01) (0.03) (67%) Earnings (loss) per share – basic ($) (0.01) 0.09 (111%)
0.04 0.04 (14%) Operating cash flow before working capital changes per share (9) 0.17 0.13 35%
189,241,367 170,432,326 11% Weighted average shares outstanding 180,655,842 166,201,727 9%

(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 September 30, 2022, net revenue, increased by 15% to $39.7 million (Q3 2021: $34.6 million).

Gross sales of $40.4 million in Q3 2022 represented a 15% increase over the $35.0 million in Q3 2021. Silver oz sold increased by 90%, due to both a 12% increase in silver production and a significantly smaller buildup of finished goods inventory during Q3, 2022 compared to Q3, 2021.   There was a 22% decrease in the realized silver price resulting in a 48% increase to silver sales. Gold oz sold decreased 11% with a 6% decrease in realized gold prices resulting in a 16% decrease in gold sales. The decrease in gold sales is primarily driven by the decreased gold grades at the Bolañitos mine and the suspension of production from the El Compas mine. During the period, the Company sold 1,327,325 oz silver and 8,852 oz gold, for realized prices of $19.24 and $1,678 per oz, respectively, compared to sales of 699,539 oz silver and 9,925 oz gold, for realized prices of $24.56 and $1,791 per oz, respectively, in the same period of 2021. For the three months ended September 30, 2022, the realized prices of silver and gold were within 3% of the London spot prices. Silver and gold London spot prices averaged $19.23 and $1,729, respectively, during the three months ended September 30, 2022

The Company increased its finished goods silver and finished goods gold inventory to 1,530,319 oz silver and 3,353 oz gold, at September 30, 2022 compared to 1,411,764 oz silver and 3,167 oz gold at June 30, 2022. The cost allocated to these finished goods was $22.1 million at September 30, 2022, compared to $20.8 million at June 30, 2022 and $18.3 million at September 30, 2021. At September 30, 2022, the finished goods inventory fair market value was $34.7 million, compared to $34.5 million at June 30, 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 Q3 2022.

Cost of sales for Q3, 2022 was $34.5 million, an increase of 31% over the cost of sales of $26.3 million for Q3, 2021. The cost of sales in Q3, 2022 was impacted by increased input costs and slightly impacted by the delay in recognition of costs associated with the increase in the quantity of silver ounces in finished goods at the end of the period. Overall costs for Q3, 2022 were impacted by higher labour, power and consumables costs as the Company is experiencing significant inflationary pressures. During Q3, 2022, the Company also recorded an allowance on the valuation of warehouse inventory of $1.3 million (Q3, 2021 – Nil).

In Q3, 2022, the Company had an operating loss of $1.3 million (Q3, 2021 – operating earnings of $3.0 million) after exploration and evaluations costs of $4.0 million (Q3, 2021 – $4.7 million), general and administrative expense of $2.2 million (Q3, 2021 – expense recovery $0.5 million), and care and maintenance expense of $0.2 million (Q3, 2021 – $0.4 million). In the three months ended September 30, 2021 operating earnings included $0.7 million in severance costs related to the suspension of the operations at the El Compas mine.

The earnings before taxes for Q3, 2022 was $1.7 million (Q3, 2021 – loss $0.8 million) after finance costs of $0.3 million (Q3, 2021 – $0.2 million), a foreign exchange gain of $0.8 million (Q3, 2021 –foreign exchange loss of $1.2 million), gain on assets disposal of $2.8 million (Q3, 2021 -$Nil) and investment and other expense of $0.3 million (Q3, 2021 –$2.4 million).

The Company realized a net loss for the period of $1.5 million (Q3, 2021 –$4.5 million) after an income tax expense of $3.2 million (Q3, 2021 – $3.7 million). In Q3, 2022 earnings were impacted by a $1.1 million mark-to-market adjustment resulting in an unrealized loss on investments included in investment and other expense (Q3, 2021 - $3.0 million).

Current income tax expense increased to $1.2 million (Q3 2021 - $0.7 million) due to increased profitability impacting the income tax and special mining duty, while deferred income tax expense of $2.0 million is primarily due to the estimated use of loss carryforwards to reduce taxable income generated at both Guanaceví and Bolañitos (Q3 2021 – $3.0 million).

Direct operating costs ( 2) on a per tonne basis increased to $131.61, up 14% compared with Q3 2021 due to higher operating costs at Guanaceví and Bolañitos and a reduction in ore tonnes processed. 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 increased 27% to $10.32 driven by increased direct costs per tonne ( 2 ) and a reduction in by-product gold sales, offset by increased ore grades. AISC ( 2 ) increased by 16% on a per oz basis compared to Q3, 2021 as a result of the increased cash costs ( 2 ) and increased allocated general and administrative costs offset by a slight reduction in 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 Q3 2022 financial results will be held today at 10:00 a.m. PST / 1:00 p.m. EST. To participate in the conference call, please dial the numbers below.

Date & Time: Tuesday, November 8, 2022 at 10:00 a.m. PST / 1:00 p.m. EST
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 9479#. The replay will also be available on the Company's website at www.edrsilver.com .


About Endeavour Silver –
Endeavour 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 Ratios

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 September 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 September 30, 2022 MD&A available on SEDAR at www.sedar.com .

Reconciliation of Working Capital

Expressed in thousands US dollars As at September 30, 2022 As at December 31, 2021
Current assets $139,925 $161,762
Current liabilities 38,307 40,554
Working capital $101,618 $121,208

Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share

Expressed in thousands US dollars Three Months Ended September 30 Nine Months Ended September 30
(except for share numbers and per share amounts) 2022 2021 2022 2021
Net earnings (loss) for the period per financial statements ($1,499) ($4,479) ($1,760) $14,426
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)
Gain on disposal of El Compas mine and equipment, net of tax (2,733) - (2,733) -
Change in fair value of investments 1,097 2,959 3,366 2,968
Adjusted net earnings (loss) ($3,135) ($1,520) ($1,127) ($5,204)
Basic weighted average share outstanding 189,241,367 170,432,326 180,655,842 166,201,727
Adjusted net earnings (loss) per share ($0.02) ($0.01) ($0.01) ($0.03)

Reconciliation of Mine Operating Cash Flow Before Taxes

Expressed in thousands US dollars Three Months Ended September 30 Nine Months Ended September 30
2022 2021 2022 2021
Mine operating earnings per financial statements $5,129 $8,277 $29,870 $24,146
Share-based compensation 113 105 353 334
Amortization and depletion 5,753 4,843 16,234 18,963
Write down of inventory to net realizable value $1,323 - 1,323 272
Mine operating cash flow before taxes $12,318 $13,225 $47,780 $43,715

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 September 30 Nine Months Ended September 30
(except for  per share amounts) 2022 2021 2022 2021
Cash from (used in) operating activities per financial statements $7,417 ($153) $10,602 $5,391
Net changes in non-cash working capital per financial statements 85 (7,808) (20,957) (16,168)
Operating cash flow before working capital changes $7,332 $7,655 $31,559 $21,559
Basic weighted average shares outstanding 189,241,367 170,432,326 180,655,842 166,201,727
Operating cash flow before working capital changes per share $0.04 $0.04 $0.17 $0.13

Reconciliation of EBITDA and Adjusted EBITDA

Expressed in thousands US dollars Three Months Ended September 30 Nine Months Ended September 30
2022 2021 2022 2021
Net earnings (loss) for the period per financial statements ($1,499) ($4,479) ($1,760) $14,426
Depreciation and depletion – cost of sales 5,753 4,843 16,234 18,963
Depreciation and depletion – exploration 143 87 348 238
Depreciation and depletion – general & administration 57 30 156 102
Depreciation and depletion – care & maintenance 10 21 70 25
Depreciation and depletion – inventory write down - - - 6
Finance costs 194 195 583 702
Current income tax expense 1,186 659 3,526 2,476
Deferred income tax expense 2,053 3,017 10,027 7,260
EBITDA $7,897 $4,373 $29,184 $44,198
Share based compensation 760 725 3,259 2,918
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)
Gain on disposal of El Compas mine and equipment, net of tax (2,733) - (2,733) -
Change in fair value of investments 1,097 2,959 3,366 2,968
Adjusted EBITDA $7,021 $8,057 $33,076 $27,486

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 September 30, 2022 Three Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $15,156 $9,354 $24,510 $9,299 $6,692 $2,648 $18,639
Smelting and refining costs included in net revenue - 744 744 - 350 42 392
Opening finished goods (16,164) (681) (16,845) (6,985) (408) (1,145) (8,538)
Finished goods NRV adjustment - - - - - - -
Closing finished goods 18,080 195 18,275 12,910 2,306 - 15,216
Direct operating costs 17,072 9,612 26,684 15,224 8,940 1,545 25,709
Royalties 2,762 59 2,821 2,595 48 55 2,698
Special mining duty (1) 241 (85) 156 801 (203) - 598
Direct costs 20,075 9,586 29,661 18,620 8,785 1,600 29,005
By-product gold sales (5,237) (9,615) (14,852) (7,673) (7,827) (2,274) (17,774)
Opening gold inventory fair market value 4,662 1,061 5,723 3,349 633 1,038 5,020
Closing gold inventory fair market value (5,368) (240) (5,608) (2,127) (3,560) - (5,687)
Cash costs net of by-product 14,132 792 14,924 12,169 (1,969) 364 10,564
Amortization and depletion 3,119 2,634 5,753 1,683 3,071 89 4,843
Share-based compensation 56 57 113 44 45 16 105
Opening finished goods depreciation and depletion (3,733) (199) (3,932) (1,333) (220) (30) (1,583)
NRV depreciation cost adjustment - - - - - - -
Closing finished goods depreciation and depletion 3,776 60 3,836 1,920 1,171 - 3,091
Total production costs $17,350 $3,344 $20,694 $14,483 $2,098 $439 $17,020


Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 97,728 105,017 202,745 105,496 107,752 9,213 222,461
Payable silver ounces 1,328,193 117,687 1,445,880 1,170,645 117,078 7,403 1,295,126
Cash costs per silver ounce $10.64 $6.73 $10.32 $10.40 ($16.82) $49.17 $8.16
Total production costs per ounce $13.06 $28.41 $14.31 $12.37 $17.92 $59.30 $13.14
Direct operating costs per tonne $174.69 $91.53 $131.61 $144.31 $82.97 $167.70 $115.57
Direct costs per tonne $205.42 $91.28 $146.30 $176.50 $81.53 $173.67 $130.38


Expressed in thousands US dollars Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $40,837 $30,222 $71,059 $33,072 $21,567 $8,951 $63,590
Smelting and refining costs included in net revenue - 2,335 2,335 - 1,353 248 1,601
Opening finished goods (10,093) (2,857) (12,950) (1,509) (250) (642) (2,401)
Finished goods NRV adjustment - - - - - 266 266
Closing finished goods 18,080 195 18,275 12,910 2,306 - 15,216
Direct operating costs 48,824 29,895 78,719 44,473 24,976 8,823 78,272
Royalties 9,124 208 9,332 8,966 186 346 9,498
Special mining duty (1) 1,767 286 2,053 1,742 205 - 1,947
Direct costs 59,715 30,389 90,104 55,181 25,367 9,169 89,717
By-product gold sales (15,978) (33,405) (49,383) (15,346) (30,265) (8,626) (54,237)
Opening gold inventory fair market value 1,900 4,784 6,684 735 746 1,283 2,764
Closing gold inventory fair market value (5,368) (240) (5,608) (2,127) (3,560) - (5,687)
Cash costs net of by-product 40,269 1,528 41,797 38,443 (7,712) 1,826 32,557
Amortization and depletion 7,969 8,265 16,234 5,763 10,664 2,536 18,963
Share-based compensation 176 177 353 137 136 61 334
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 3,776 60 3,836 1,920 1,171 - 3,091
Total production costs $50,225 $9,395 $59,620 $45,992 $4,155 $3,625 $53,772


Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 292,998 317,255 610,253 306,021 313,356 54,555 673,932
Payable silver ounces 3,649,209 446,487 4,095,696 3,022,531 328,522 43,050 3,394,103
Cash costs per silver ounce $11.03 $3.42 $10.21 $12.72 ($23.47) $42.42 $9.59
Total production costs per ounce $13.76 $21.04 $14.56 $15.22 $12.65 $84.20 $15.84
Direct operating costs per tonne $166.64 $94.23 $128.99 $145.33 $79.70 $161.73 $116.14
Direct costs per tonne $203.81 $95.79 $147.65 $180.32 $80.95 $168.07 $133.12


Expressed in thousands US dollars September 30, 2022 September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Closing finished goods 18,080 195 18,275 12,910 2,306 - 15,216
Closing finished goods depletion 3,776 60 3,836 1,920 1,171 - 3,091
Finished goods inventory $21,856 $255 $22,111 $14,830 $3,477 $0 $18,307

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

Expressed in thousands US dollars Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Cash costs net of by-product $14,132 $792 $14,924 $12,169 ($1,969) $364 $10,564
Operations share-based compensation 56 57 113 44 45 16 105
Corporate general and administrative 1,200 414 1,614 (781) (389) (79) (1,249)
Corporate share-based compensation 405 125 530 436 216 44 697
Reclamation - amortization/accretion 64 52 116 13 11 2 26
Mine site expensed exploration 316 305 621 366 229 3 598
Intangible payments - - - 61 30 6 97
Equipment loan payments 245 489 734 245 501 - 746
Capital expenditures sustaining 7,212 3,439 10,651 6,322 4,706 - 11,028
All-In-Sustaining Costs $23,629 $5,674 $29,303 $18,875 $3,381 $357 $22,612
Growth exploration and evaluation 3,142 4,053
Growth capital expenditures 6,240 2,303
All-In-Costs $38,685 $28,968


Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 97,728 105,017 202,745 105,496 107,752 9,213 222,461
Payable silver ounces 1,328,193 117,687 1,445,880 1,170,645 117,078 7,403 1,295,126
Silver equivalent production (ounces) 1,623,550 570,418 2,193,968 1,462,568 621,083 65,028 2,148,679
Sustaining cost per ounce $17.79 $48.21 $20.27 $16.12 $28.88 $48.16 $17.46
All-In-costs per ounce $26.76 $22.37
Expressed in thousands US dollars Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Cash costs net of by-product $40,269 $1,528 $41,797 $38,443 ($7,712) $1,826 $32,557
Operations share-based compensation 176 177 353 137 136 61 334
Corporate general and administrative 3,668 1,445 5,113 3,026 1,504 307 4,837
Corporate share-based compensation 1,849 728 2,577 1,473 732 149 2,355
Reclamation - amortization/accretion 198 158 356 38 33 7 78
Mine site expensed exploration 1,028 863 1,891 1,360 768 198 2,326
Intangible payments 29 12 41 178 88 18 284
Equipment loan payments 736 1,466 2,202 853 1,593 - 2,446
Capital expenditures sustaining 19,908 8,653 28,561 14,222 10,806 - 25,028
All-In-Sustaining Costs $67,861 $15,030 $82,891 $59,730 $7,949 $2,567 $70,245
Growth exploration and evaluation 8,456 11,023
Growth capital expenditures 16,778 3,737
All-In-Costs $108,125 $85,005
Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 292,998 317,255 610,253 306,021 313,356 54,555 673,932
Payable silver ounces 3,649,209 446,487 4,095,696 3,022,531 328,522 43,050 3,394,103
Silver equivalent production (ounces) 4,524,110 1,782,740 6,306,850 3,786,186 1,882,154 384,163 6,052,503
Sustaining cost per ounce $18.60 $33.66 $20.24 $19.76 $24.20 $59.62 $20.70
All-In-costs per ounce $26.40 $25.04

Reconciliation of Sustaining Capital and Growth Capital

Expressed in thousands US dollars Three Months Ended September 30 Nine Months Ended September 30
2022 2021 2022 2021
Capital expenditures sustaining $10,651 $11,028 $28,561 $25,028
Growth capital expenditures 6,240 2,303 16,778 3,737
Acquisition capital expenditures 35,998 10,042 35,998 10,042
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows $52,889 $23,373 $81,337 $38,807

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

Expressed in thousands US dollars Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $15,156 $9,354 $24,510 $9,299 $6,692 $2,648 $18,639
Smelting and refining costs included in net revenue - 744 744 - 350 42 392
Royalties 2,762 59 2,821 2,595 48 55 2,698
Special mining duty (1) 241 (85) 156 801 (203) - 598
Opening finished goods (16,164) (681) (16,845) (6,985) (408) (1,145) (8,538)
Closing finished goods 18,080 195 18,275 12,910 2,306 - 15,216
Direct costs $20,075 $9,586 $29,661 $18,620 $8,785 $1,600 $29,005
Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Silver production (ounces) 1,332,190 126,258 1,458,448 1,174,168 123,883 7,348 1,305,399
Average realized silver price ($) 19.24 19.24 19.24 24.56 24.56 24.56 24.56
Silver value ($) 25,634,615 2,429,515 28,064,129 28,837,566 3,042,566 180,467 32,060,599
Gold production (ounces) 3,642 5,552 9,194 3,605 6,215 721 10,541
Average realized gold price ($) 1,678 1,678 1,678 1,791 1,791 1,791 1,791
Gold value ($) 6,110,595 9,315,217 15,425,812 6,456,555 11,131,065 1,291,311 18,878,931
Total metal value ($) 31,745,209 11,744,732 43,489,941 35,294,121 14,173,631 1,471,778 50,939,530
Pro-rated silver costs (%) 81% 21% 65% 82% 21% 12% 63%
Pro-rated gold costs (%) 19% 79% 35% 18% 79% 88% 37%
Pro-rated silver costs ($) 16,211 1,983 19,140 15,214 1,886 196 18,255
Pro-rated gold costs ($) 3,864 7,603 10,521 3,406 6,899 1,404 10,750
Silver co-product cash costs ($) 12.17 15.71 13.12 12.96 15.22 26.70 13.98
Gold co-product cash costs ($) 1,061 1,369 1,144 945 1,110 1,947 1,020
Expressed in thousands US dollars Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $40,837 $30,222 $71,059 $33,072 $21,567 $8,951 $63,590
Smelting and refining costs included in net revenue - $2,335 $2,335 - 1,353 248 1,601
Royalties 9,124 208 9,332 8,966 186 346 9,498
Special mining duty (1) 1,767 286 2,053 1,742 205 - 1,947
Opening finished goods (10,093) (2,857) (12,950) (1,509) (250) (642) (2,401)
Finished goods NRV adjustment - - - - - 266 266
Closing finished goods 18,080 195 18,275 12,910 2,306 - 15,216
Direct costs 59,715 30,389 90,104 55,181 25,367 9,169 89,717
Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Silver production (ounces) 3,660,190 472,420 4,132,610 3,031,626 350,154 45,443 3,427,223
Average realized silver price ($) 22.24 22.24 22.24 26.26 26.26 26.26 26.26
Silver value ($) 81,394,367 10,505,555 91,899,922 79,610,499 9,195,044 1,193,333 89,998,876
Gold production (ounces) 10,799 16,379 27,178 9,432 19,150 4,234 32,816
Average realized gold price ($) 1,827 1,827 1,827 1,784 1,784 1,784 1,784
Gold value ($) 19,733,100 29,929,479 49,662,578 16,826,688 34,163,600 7,553,456 58,543,744
Total metal value ($) 101,127,467 40,435,033 141,562,500 96,437,187 43,358,644 8,746,789 148,542,620
Pro-rated silver costs (%) 80% 26% 65% 83% 21% 14% 61%
Pro-rated gold costs (%) 20% 74% 35% 17% 79% 86% 39%
Pro-rated silver costs ($) 48,063 7,895 58,494 45,553 5,380 1,251 54,358
Pro-rated gold costs ($) 11,652 22,494 31,610 9,628 19,987 7,918 35,359
Silver co-product cash costs ($) 13.13 16.71 14.15 15.03 15.36 27.53 15.86
Gold co-product cash costs ($) 1,079 1,373 1,163 1,021 1,044 1,870 1,078

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

Expressed in thousands US dollars Three Months Ended September 30 Nine Months Ended September 30
2022 2021 2022 2021
Gross silver sales $25,541 $17,180 $81,123 $64,167
Silver ounces sold 1,327,325 699,539 3,647,987 2,443,184
Realized silver price per ounces $19.24 $24.56 $22.24 $26.26
Expressed in thousands US dollars Three Months Ended September 30 Nine Months Ended September 30
2022 2021 2022 2021
Gross gold sales $14,852 $17,774 $49,383 $54,237
Gold ounces sold 8,852 9,925 27,025 30,398
Realized gold price per ounces $1,678 $1,791 $1,827 $1,784


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 available at www.sedar.com .

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 Nine months ended
September 30, September 30, September 30, September 30,
2022 2021 2022 2021
Revenue $ 39,649 $ 34,562 $ 128,171 $ 116,803
Cost of sales:
Direct production costs 24,510 18,639 71,059 63,590
Royalties 2,821 2,698 9,332 9,498
Share-based payments 113 105 353 334
Depreciation, depletion and amortization 5,753 4,843 16,234 18,963
Write down of inventory to net realizable value 1,323 - 1,323 272
34,520 26,285 98,301 92,657
Mine operating earnings 5,129 8,277 29,870 24,146
Expenses:
Exploration and evaluation 4,023 4,660 11,023 13,815
General and administrative 2,201 (522 ) 7,846 7,294
Care and maintenance costs 203 364 582 940
Severance costs - 737 - 737
Impairment (reversal of impairment) of non-current assets, net - - - (16,791 )
Write off of exploration properties - - 500 -
6,427 5,239 19,951 5,995
Operating earnings (loss) (1,298 ) 3,038 9,919 18,151
Finance costs 311 195 945 702
Other income (expense):
Foreign exchange gain (loss) 841 (1,184 ) 1,363 (1,219 )
Gain on asset disposal 2,780 - 2,780 5,841
Investment and other (272 ) (2,462 ) (1,324 ) 2,091
3,349 (3,646 ) 2,819 6,713
Earnings (loss) before income taxes 1,740 (803 ) 11,793 24,162
Income tax expense:
Current income tax expense 1,186 659 3,526 2,476
Deferred income tax expense 2,053 3,017 10,027 7,260
3,239 3,676 13,553 9,736
Net earnings (loss) and comprehensive earnings (loss) for the period $ (1,499 ) $ (4,479 ) $ (1,760 ) $ 14,426
Basic earnings (loss) per share based on net earnings $ (0.01 ) $ (0.03 ) $ (0.01 ) $ 0.09
Diluted earnings (loss) per share based on net earnings $ (0.01 ) $ (0.03 ) $ (0.01 ) $ 0.09
Basic weighted average number of shares outstanding 189,241,367 170,432,326 180,655,842 166,201,727
Diluted weighted average number of shares outstanding 189,241,367 170,432,326 180,655,842 169,628,783

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

September 30, December 31,
2022 2021
ASSETS
Current assets
Cash and cash equivalents $ 69,193 $ 103,303
Other investments 8,146 11,200
Accounts and other receivable 11,301 14,462
Income tax receivable 2,474 177
Inventories 36,528 27,485
Prepaid expenses 11,369 5,135
Loans receivable 914 -
Total current assets 139,925 161,762
Non-current deposits 565 599
Non-current income tax receivable 3,570 3,570
Non-current other investments 1,993 -
Non-current IVA receivable 7,507 4,256
Non-current loans receivable 2,718 -
Deferred income tax asset - 936
Intangible assets - 40
Right-of-use leased assets 563 664
Mineral properties, plant and  equipment 215,863 122,197
Total assets $ 372,704 $ 294,024
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 27,740 $ 31,991
Income taxes payable 4,631 4,228
Loans payable 5,791 4,128
Lease liabilities 145 207
Total current liabilities 38,307 40,554
Loans payable 8,242 6,366
Lease liabilities 680 794
Provision for reclamation and rehabilitation 7,592 7,397
Deferred income tax liability 10,597 1,506
Total liabilities 65,418 56,617
Shareholders' equity
Common shares, unlimited shares authorized, no par value, issued, issuable
and outstanding 189,989,563 shares (Dec 31, 2021 - 170,537,307 shares) 657,833 585,406
Contributed surplus 5,543 6,331
Retained earnings (deficit) (356,090 ) (354,330 )
Total shareholders' equity 307,286 237,407
Total liabilities and shareholders' equity $ 372,704 $ 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 Nine months ended
September 30, September 30, September 30, September 30,
2022 2021 2022 2021
Operating activities
Net earnings (loss) for the period $ (1,499 ) $ (4,479 ) $ (1,760 ) $ 14,426
Items not affecting cash:
Share-based compensation 760 725 3,259 2,918
Depreciation, depletion and amortization 6,023 4,980 16,809 19,327
Impairment (reversal of impairment) of non-current assets, net - - - (16,791 )
Write off of exploration properties - - 500 -
Deferred income tax expense 2,053 3,017 10,027 7,260
Unrealized foreign exchange loss (gain) 89 140 (131 ) 87
Finance costs 312 195 946 702
Write down of inventory to net realizable value 1,323 - 1,323 272
Loss (gain) on asset disposal (2,826 ) - (2,780 ) (5,807 )
Loss (gain) on other investments 1,097 3,077 3,366 (835 )
Net changes in non-cash working capital 85 (7,808 ) (20,957 ) (16,168 )
Cash from (used in) operating activities 7,417 (153 ) 10,602 5,391
Investing activities
Proceeds on disposal of property, plant and equipment 250 - 332 7,541
Mineral property, plant and equipment (52,889 ) (23,373 ) (81,337 ) (38,807 )
Reclamation and rehabilitation change in estimate (157 ) - (157 ) -
Purchase of investments - - (2,119 ) (832 )
Proceeds from disposal of marketable securities - - - 9,288
Redemption of (investment in) non-current deposits 30 1 34 -
Cash from (used) in investing activities (52,766 ) (23,372 ) (83,247 ) (22,810 )
Financing activities
Repayment of loans payable (1,268 ) (843 ) (3,565 ) (2,730 )
Repayment of lease liabilities (55 ) (46 ) (161 ) (131 )
Interest paid (204 ) (159 ) (585 ) (526 )
Public equity offerings - 864 46,001 59,998
Exercise of options 20 - 1,598 4,583
Share issuance costs (93 ) (27 ) (2,905 ) (1,293 )
Deferred share unit redemption - - (6 ) -
Performance share unit redemption - (189 ) (1,897 ) (2,363 )
Cash from (used) financing activities (1,600 ) (400 ) 38,480 57,538
Effect of exchange rate change on cash and cash equivalents (84 ) (190 ) 55 (126 )
Increase (decrease) in cash and cash equivalents (46,949 ) (23,925 ) (34,165 ) 40,119
Cash and cash equivalents, beginning of the period 116,226 125,191 103,303 61,083
Cash and cash equivalents, end of the period $ 69,193 $ 101,076 $ 69,193 $ 101,076

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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.

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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.

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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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Sylla Gold Amends Share Purchase Agreement to Acquire District Scale Land Package in Namibian Gold Belt

Sylla Gold Amends Share Purchase Agreement to Acquire District Scale Land Package in Namibian Gold Belt

Sylla Gold Corp. (TSXV: SYG) ("Sylla" or the "Company") announces that it has amended the share purchase agreement (the "Agreement") with Namibia Critical Metals. ("NMI") to acquire four gold properties located in Namibia as announced on March 4, 2024. Under the agreement, Sylla is to acquire NMI's 95% interest in its Namibian subsidiaries that own the rights, title and interest to the Grootfontein, Erongo, Otjiwarongo, and Kaoko licences, (Figure 1) and certain associated assets.

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[Video Enhanced} Prismo Metals raises money, targets 5,000 meter drill program in the heart of Arizona's Copper Belt

[Video Enhanced} Prismo Metals raises money, targets 5,000 meter drill program in the heart of Arizona's Copper Belt

(TheNewswire)

Prismo Metals Inc.

Vancouver, BC TheNewswire - June 13, 2024  Global Stocks News On June 11, 2024 Prismo Metals (CSE: PRIZ) (OTCQB: PMOMF) updated the market with three significant announcements .

1. The company has received commitments for a $1.1 million private placement of units at a price of $0.17 per unit.

2. At its Hot Breccia Copper Project (Arizona ), a drilling permit is expected this month.  The upcoming exploration program will focus on diamond drilling five holes with an expected depth of 1,000 metres each .

3. At its Palos Verdes Silver Project (Mexico), there is a plan for a two-phase, 10-hole 3,600- meter drill program .

Prismo Metals is a base and precious metals company strategically positioned to benefit from the global transition to green energy (copper & silver) and the dedollarization of international currencies (gold).


Click Image To View Full Size

1. Non-Brokered Private Placement

Prismo received commitments for 6,500,000 units @ $0.17 per Unit for gross proceeds of $1,105,000 expected to be finalized on or around June 18, 2024.

Each Unit comes with a half-warrant.  Each whole warrant entitles the holder to purchase one common share or Prismo for two years @ $0.25.

"We are pleased to welcome several new incoming shareholders who will be participating in the Private Placement ," stated Steve Robertson, President of Prismo Metals .

2. Hot Breccia Copper Project

The Hot Breccia property consists of 1,420 hectares, 227 contiguous mining claims located in the world class Arizona Copper Belt between several very well-understood world-class copper mines including Morenci, Ray and Resolution .

"At the Hot Breccia property, we're out in the desert and there's not a lot around except mines and mining towns," Alain Lambert, Prismo CEO told Guy Bennett, CEO of Global Stocks News (GSN). "The two towns in the area, Hayden (pop. 500) and Winkelman (pop. 290) are steeped in the history of Arizona mining. It's a mining friendly community with an experienced workforce."

" The anticipated exploration program at Hot Breccia will focus on diamond drilling five holes with an expected depth of 1,000 metres each , for a program total of 5,000 metres ," state Robertson in the June 11, 2024 press release. "We will soon be drilling a very exciting copper target, located in a favorable jurisdiction."

The Christmas project 4 kilometers north, is a model for Hot Breccia mineralization. It is associated with intermediate intrusive rocks into favorable sedimentary rocks. There are historic drill holes from 70's and early 80's on and near the property.

"The Christmas Mine started production before World War One and operated until 1982, with a small smelter on the property," Robertson told GSN. "It produced 25 million tonnes of 1.5% copper.  Christmas is a good indicator of the type of mineralization we are searching for at Hot Breccia."


Click Image To View Full Size

When investors hear "copper" they typically think "Chile" "Australia" or "Peru", but Arizona, USA is a major copper producer.

"If Arizona were a country, it would be the seventh largest producer of copper in the entire world," states the Arizona Mining Association .

There are 10 major copper mines in production in Arizona.  About 75% of US copper output comes from The Grand Canyon State.

According to the 2023 Fraser Institute Mining Survey , Arizona is the 7 th best mining jurisdiction on the global investment attractiveness index , which takes into account the impact of both policy factors and mineral endowment .

Chile, by contrast, ranks 60 th on the global investment attractiveness index.


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The Arizona Copper Belt has attracted some big mining companies.

Freeport-McMoRan (NYSE: FCX) – a $70 billion global resource company headquartered in Arizona operates the Morenci Mine which employs 3,760 workers, with a direct economic impact to the state of $691 million .

The Morenci Mine is a porphyry copper deposit that has oxide, primary and secondary sulfide mineralization.

Prismo's project, Hot Breccia shows many features in common with the neighboring systems of Morenci , Ray and Resolution .

On March 4, 2024 Prismo announced that it is engaging Exploration Technologies from San Diego, California to apply xFlare, their Artificial Intelligence (AI)-Optimized drill planning solution, to the Hot Breccia Project where a number of features suggests well mineralized Arizona-style Copper Porphyry lies at depth.

Prismo ran a ZTEM survey last year that identified a large conductive anomaly directly beneath the breccia outcrops.  Prismo expects xFlare's AI technology to zero in on where and at what depth to drill.

"ZTEM gives you a clear window into what's going on at depth," Robertson told GSN. "It's also an economic filter.  Small, mildly conductive zones are not going to show up. That's good for us. We're looking for big anomalies."


Click Image To View Full Size

3. At Palos Verdes Silver Project (Mexico), a plan for a two-phase, 10-hole 3,600- meter drill program .

The planned drill holes at Palos Verdes will be drilled from Vizsla Silver Corp (TSXV: VZLA) concessions, adjacent to the Palos Verdes concession and will target the Palos Verdes vein at depth," states PRIZ in the June 11, 2024 PR.

The project is located in the historic Pánuco-Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlán, Sinaloa, in the Municipality of Concordia.

The Palos Verdes concession (claim) covers 700 meters of strike length of the Palos Verdes vein.  The mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.

" Immediately following closing of the Private Placement, we will mobilize our drilling crew at our Palos Verdes for our next phase of drilling," stated Craig Gibson, Prismo Co-Founder and Chief Exploration Officer, " These holes will target the Palos Verdes vein at depth."

The Company completed its third drill campaign last year with 2,923 meters drilled in 15 holes with high grade mineralization encountered in several holes.

Assays included hole PV-23-25 with 102 g/t gold , 3,100 g/t silver and 0.26% zinc over 0.5 meters, or 11,520 g/t silver equivalent.


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Prismo Metals recently gave a presentation at the Deutsche Goldmesse conference in Germany, hosted by Soar Financial Partners.

"The Arizona Copper Belt is one of the most productive copper belts on the face of the planet," Robertson told the conference attendees in Frankfurt. "We're surrounded by world class deposits."

"One hundred kilometers to the east of our property, is Morenci which has a 75-billion-pound copper endowment," continued Robertson, "Forty kilometers to the north is Resolution which has 1.6 billion tons of 1.6% Copper. Morenci and Resolution are important to the thesis driving our exploration objectives at Hot Breccia."


Click Image To View Full Size

The global industrial shift towards renewable energy, electric vehicles, and the burgeoning AI sector has boosted copper's demand outlook.

"Copper is the most compelling trade I have ever seen in my 30-plus years of doing this," stated Carlyle chief strategy officer, Jeff Currie . The price of copper has risen 20% in 2024.  Currie expects it to reach $15,000 a ton in the next couple of years, about a 45% gain.

"S&P Global forecasts that copper demand will double, reaching 50 million metric tons by 2035," reports Euro News on May 15, 2024 . "The most significant demands are expected to emanate from the US, China, Europe, and India."

Prismo's Hot Breccia Copper Project in Arizona is designed meet future copper demand.

Disclaimer: Prismo Metals paid GSN CND $1,500 for the research, creation and dissemination of this content.

Contact: guy.bennett@globalstocksnews.com

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Freegold Announces Positive Metallurgical Results from Golden Summit

Freegold Announces Positive Metallurgical Results from Golden Summit

  • An average gold recovery of 77% from eight composites using conventional processing techniques – gravity and CIL (carbon-in-leach)
  • 97% using gravity + flotation.
  • A flowsheet of gravity-flotation-CIL on reground concentrate yields 72% gold recovery along with a high mass desulfurized tailings stream
  • Further optimization studies are underway.

 Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) ("Freegold" or the "Company") is pleased to announce positive results based on the initial metallurgical test work completed from the 2020 2022 drill program. The program's objectives were:

Freegold Ventures Limited (CNW Group/Freegold Ventures Limited)

  • Determination of gold recovery and gold deportment to products using standard and commercially employed mineral processing unit operations
  • Initial environmental assessment of process tailing stream(s)
  • Characterization of gold losses to focus ongoing metallurgical programs to optimize the flowsheet design.

Eight drill core composites representing various locations and grades within the Dolphin/Cleary areas were generated using continuous drill intervals selected to represent potential mill feed. ( See map below for hole locations. ) The drill hole and interval selections encompassed the three primary gold-hosting lithologies. Results demonstrate that a significant portion of the mineralization is non-refractory and amenable to conventional processing techniques. The composites were prepared using laboratory assay rejects of fresh rock intervals well below the existing oxide cap at Golden Summit. The eight drill hole composites used 1,192m of drill intercepts representing 587 continuous mineralized intervals with over 5,100kg of material.  Results from individual holes demonstrate recoveries up to 87.5%.  The average recovery from the eight composites was 77% using gravity and CIL. Recoveries increased to an average of 97.5% where gravity + flotation were utilized. Environmental characterization using standard ABA protocols gave a NP:AP ratio of 85:1 on the flotation tailings stream, which would classify them as non-acid generating.

Metallurgical Composite Hole Results

DDH no.

from m

to m

geochem

test calc grade

gold recovery %






grav/flot/regr CIL

grav/CIL

gravity

grav+flot




Au g/t

Au g/t














GS2201

441.1

648.3

1.44

1.06

88.2

87.1

45.0

99.2










GS2203

287.8

478

2.13

2.24

75.1

77.2

48.2

97.6










GS2206

383.1

586.1

1.17

1.02

80.2

87.5

42.7

97.3










GS2207

261.9

468.7

1.35

1.78

60.1

70.2

37.8

98.1










GS2208

266.3

367.2

1.33

1.48

48.1

53.3

25.3

97.5










GS2209

419

544.5

1.26

1.54

73.6

81.2

50.7

97.0










GS2168

352.7

479.5

0.75

0.83

63.7

73.2

31.1

94.3










GS2167

396.3

428

2.15

1.01

71.7

69.2

49.5

96.3










overall predicted grade

1.43















overall calc grade/recovery from test work


1.43

72

77

42

97

The drilling success at Golden Summit since 2020 has been truly remarkable. It has significantly increased the resource and enhanced the project's potential. These positive metallurgical results further solidify Golden Summit's potential. The current pit-constrained resource at Golden Summit hosts both an oxide and a primary resource. The oxide resource is contained within the top 70% metres. Previous column testwork on the oxide material demonstrated that heap leach gold recoveries of 85% can be achieved within two weeks.

Pit Constrained OXIDE Resource using $1,792 Gold

Cutoff Au g/t

Category

Tonnes

Au g/t

Au Ounces

0.15

Indicated

52,030,000

0.39

657,000

0.15

Inferred

18,187,000

0.47

272,000

(approximately top 70 metres)

Pit Constrained PRIMARY Resource using $1,792 Gold: ( February 2023 )

Cutoff Au g/t

Category

Tonnes

Au g/t

Au Ounces

0.45

Indicated

407,544,000

0.92

12,011,000

0.45

Inferred

282,303,000

0.85

7,736,000

Following the February 2023 resource update, Freegold conducted an additional 22,000 meters of drilling in 37 holes within the resource area. A significant increase in visible gold was observed in the drill core compared to previous programs, particularly in the western part of the resource.  An updated mineral resource report based on the 2023 drilling is expected later this month. The success of the 2023 drilling program has set the stage for an even more exciting 2024 program. The upcoming phase will focus on optimization, testing the 2km gold-in-soil geochemical anomaly to the west, drilling large diameter (PQ) holes to guide further and optimize metallurgical recoveries, and modelling before economic studies commence. Freegold has postponed the economic studies to investigate the potential for higher grades in the western extension and to conduct additional metallurgical test work, as both could significantly impact the project's economics. The primary areas of focus in the next phase of metallurgical test work are:

  • Comminution studies using half PQ core
  • Flotation concentrate oxidation pre-treatment prior to CIL

Map Showing Location of Metallurgical Composite Holes and 2024 Drilling

https://freegoldventures.com/site/assets/files/6287/goldensummit_dolphin-cleary_resource_drilling_western_a.jpg

The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited

Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

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NV Gold Announces Amended Triple T Property Lease Agreement

NV Gold Announces Amended Triple T Property Lease Agreement

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") announces that the Company has reached an agreement (the "Amendment") to amend the terms of the exploration and mining lease agreement dated June 21, 2021 between the Company's wholly-owned subsidiary, NV Gold Corporation (USA), Inc. ("NV Gold USA") and the owners of the Triple T property, pursuant to which the Company has the exclusive right to explore on and evaluate the Triple T Property in Pershing County, Nevada (the "Agreement"). Pursuant to the Amendment, the Company has agreed to issue an aggregate of 100,000 common shares of the Company (the "Payment Shares") at a price of C$0.30 per Payment Share to settle an annual payment of US$30,000 payable by NV Gold USA under the Agreement

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Stonegate Capital Partners Updates Coverage on Steppe Gold Ltd.  Q1 2024

Stonegate Capital Partners Updates Coverage on Steppe Gold Ltd. Q1 2024

Steppe Gold Ltd. (TSX: STGO): Stonegate Capital Partners Updates Coverage on Steppe Gold Ltd. (TSX: STGO).

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

  • Boroo Gold acquisition expected to be approved in June of 2024
  • Tres Cruces sale expected to close in 3Q24
  • First tranche of Phase 2 Expansion funding is drawn to order long lead items and fund early construction

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RUA GOLD announces commencement of trading on OTCQB Market in the United States.

RUA GOLD announces commencement of trading on OTCQB Market in the United States.

Rua Gold Inc. (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) ("Rua Gold" or the "Company") is pleased to announce that its common shares have commenced trading on the OTCQB Venture Market (the "OTCQB") under the symbol "NZAUF." The Company's common shares will continue to trade on the Canadian Securities Exchange (the "CSE") under the symbol "RUA" and the Frankfurt Stock Exchange under the symbol "A4010V".

RUAGOLD Logo (CNW Group/Rua Gold Inc.)

The Company expects that the posting of its common shares on the OTCQB, a well-known U.S. securities trading platform, will provide greater visibility and convenience of trading for U.S. investors, resulting in enhanced liquidity and greater reach. The Company's common shares are also eligible for book-entry and depository services of the Depository Trust Company ("DTC"), to facilitate electronic clearing and settlement of transfers of its common shares in the United States . This electronic method of clearing securities accelerates the settlement process for investors and brokers, enabling the common shares to be traded over a more comprehensive selection of brokerage firms by being DTC eligible. DTC eligibility will help enhance the Company's potential investor base and offer a more convenient trading experience for current and future shareholders.

U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com

"With the commencement of trading on the OTCQB, U.S. investors will have the same ease of access as Canadian and European investors through our CSE and Frankfurt listings," said Robert Eckford , CEO of Rua Gold . "We are focused on executing on our exploration program and look forward to sharing our story with a broader investor group."

More information can be found at the Company's website: www.ruagold.com .

About Rua Gold

Rua Gold (CSE: RUA, OTC: NZAUF, WKN: A4010V) is a new entrant to the mining industry, specializing in gold exploration and discovery in New Zealand . With permits that have a rich history dating back to the gold rush in the late 1800's, Rua Gold combines traditional prospecting practices with modern technologies to uncover and capitalize on valuable gold deposits.

The Company is committed to responsible and sustainable exploration, which is evident in its professional planning and execution. The Company aims to minimize its environmental impact and to execute on its projects with key stakeholders in mind. Rua Gold has a highly skilled team of New Zealand professionals who possess extensive knowledge and experience in geology, geochemistry, and geophysical exploration technology.

For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca .

Website: www.RUAGOLD.com

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding the Company's strategies, expectations, planned operations or future actions, and the results of posting of its shares on the OTCQB. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia - Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavourable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's annual information form dated April 19, 2024 , filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE Rua Gold Inc.

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