Third quarter 2021 results. Endeavour reported a third quarter net loss of $4.5 million, or $ per share, compared to net income of $451 thousand, or $0.00 per share, during the prior year period. We had projected net income of $790 thousand or $0.00 per share. Mine operating earnings were $1.4 million lower than our estimate primarily due to lower revenue and higher depreciation, depletion, and amortization expense. ...

Third quarter 2021 results. Endeavour reported a third quarter net loss of $4.5 million, or $(0.03) per share, compared to net income of $451 thousand, or $0.00 per share, during the prior year period. We had projected net income of $790 thousand or $0.00 per share. Mine operating earnings were $1.4 million lower than our estimate primarily due to lower revenue and higher depreciation, depletion, and amortization expense. The financial results were not indicative of operations since the company withheld a significant amount of production for inventory due to lower commodity prices which it expects to sell during the fourth quarter. At quarter end, Endeavour held 1,030,304 ounces of silver and 1,211 ounces of gold bullion inventory and 37,100 ounces of silver and 2,028 ounces of gold in concentrate inventory. Updating estimates. We have increased our 2021 EPS and EBITDA estimates to $0.02 and $44.4 million, respectively, from $0.01 and $42.9 million. The revision reflects stronger fourth quarter earnings due to sales from inventory. Our 2022 EPS and EBITDA estimates remain $0.15 and $67.2 million. Terronera financing. Endeavour ended the quarter with $101.1 million of cash. The company expects to fund Terronera with a combination of cash on hand, operating cash flow, and debt financing. Management has been working with banks to provide a debt facility with $80 million to $100 million of capacity and expects to receive committed financing in the coming months. Once financing is in place, the Board will approve construction which is expected to take 24 months with Terronera expected to achieve commercial production in the first half of 2024. Rating is Market Perform. Management has successfully improved performance at the Guanacevi and Bolanitos mines and positioned the company for long-term growth with several promising development and exploration projects in Mexico, the United States, and Chile. Terronera represents the largest near-to-intermediate-term source of growth. At present, we think a Market Perform rating is appropriate based on Endeavour's valuation and near-term outlook. Read More >>

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VIDEO — Chris Marcus: I'll be Stunned if Silver is Still Around US$25 in a Year

Chris Marcus: I'll be Stunned if Silver is Still Around US$25 in a Year youtu.be

2021 kicked off on a strong note for silver, which enjoyed widespread attention and a price increase when the "silver squeeze" narrative grabbed mainstream media headlines.

What changed? Speaking to the Investing News Network, Arcadia Economics founder Chris Marcus said although it's turned out to be a historic year for silver, market manipulation has prevented further moves.

Marcus, who is also the author of the book "The Big Silver Short," pointed to comments from Jeff Currie of investment bank Goldman Sachs (NYSE:GS) and Rostin Behnam of the Commodity Futures Trading Commission (CFTC), saying they show how policies have been used to tamp down the price of the white metal.

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Santacruz Silver Reports Third Quarter 2021 Financial Results

Santacruz Silver Reports Third Quarter 2021 Financial Results

Santacruz Silver Mining Ltd. (TSXV: SCZ) ("the Company" or "Santacruz") reports its financial and operating results for the third quarter ("Q3") of 2021. The full version of the consolidated financial statements and accompanying management discussion and analysis ("MD&A") can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with International Financial Reporting Standards ("IFRS") and all dollar amounts are expressed in thousands of United States dollars, except per unit amounts, unless otherwise indicated.

  • Revenues increased by 55% to $14.6 million during Q3 2021 (Q3 2020 - $9.4 million).

  • Gross profit increased by 190% to $3.7 million during Q3 2021 (Q3 2020 - $1.3 million).

  • On October 13, 2021, the Company announced it had entered into a definitive share purchase agreement with Glencore plc whereby Santacruz has the right to acquire a portfolio of Bolivian silver-base metal assets from Glencore plc.

Carlos Silva, CEO of Santacruz, stated; "We continue to increase our mine production and revenue for the third and fifth consecutive quarter respectively. Production costs were impacted as a result of a Mexican labour reform that came into effect during the quarter. This labour reform required the Company to recognize certain labour liability accruals for their employees, including but not limited to vacation, holiday bonuses, annual bonuses, savings funds, and seniority departure payments which totaled approximately $1.3 million. In addition, a non-recurring charge to administrative expenses of $0.4 million related to severance payments resulting from the decision to place the Rosario mine on care and maintenance, various non-recurring costs associated with the Zimapan Mine acquisition and other non-cash charges also impacted the quarter-end results."

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First Majestic Prices Offering of Convertible Senior Notes

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) ("First Majestic" or the "Company") announced today that it has priced its previously announced offering (the "Offering") of unsecured convertible senior notes due in 2027 (the "Notes"). The Company will issue US$200 million aggregate principal amount of Notes (or US$230 million aggregate principal amount if the over-allotment option is exercised in full). The Notes will be issued at par value. The Company intends to use approximately US$164.9 million of the net proceeds of the Offering to repurchase, in separate privately negotiated transactions, approximately US$125.2 million aggregate principal amount of its outstanding 1.875% convertible senior notes (the "Existing Notes"). The Company intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including strategic opportunities.

The Notes will bear cash interest semi-annually at a rate of 0.375% per annum. The initial conversion rate for the Notes will be 60.3865 common shares ("Shares") per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$16.56 per Share. The initial conversion rate represents a premium of approximately 35% relative to yesterday's closing market price of the Shares and is subject to adjustment in certain events.

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Denarius Announces Third Quarter and First Nine Months 2021 Results

Denarius Announces Third Quarter and First Nine Months 2021 Results

Denarius Silver Corp. ("Denarius" or "the Company") (TSXV: DSLV) announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and nine months ended September 30, 2021. These documents can be found on its website at www.Denariussilver.com and by reviewing its profile on SEDAR at www.sedar.com . All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Third Quarter and First Nine Months 2021 Highlights

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MAG Silver Closes US$46 Million Common Share Offering

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG" or "MAG Silver") is pleased to announce that it has completed its previously announced bought deal financing and has issued 2,691,000 common shares (the " Common Shares "), including 15,700 Common Shares issued to MAG insiders and 351,000 Common Shares issued upon the full exercise of the over-allotment option, at US$17.15 per Common Share for gross proceeds of US$46,150,650 (the " Offering ").   MAG intends to use the net proceeds of the Offering to fund exploration on Juanicipio and its other projects including Deer Trail, and to fund certain sustaining capital requirements at the Juanicipio Project not included in the initial project capital estimates, and for working capital and general corporate purposes.

The Offering was led by BMO Capital Markets and Raymond James Ltd. as the joint bookrunners, together with a syndicate of underwriters consisting of Scotia Capital Inc., H.C. Wainwright & Co., LLC, Roth Canada, ULC, National Bank Financial Inc., Canaccord Genuity Corp. and TD Securities Inc.

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First Majestic Launches Offering of Convertible Senior Notes

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the "Company" or "First Majestic") announces that it is offering US$200 million aggregate principal amount of unsecured convertible senior notes due 2027 (the "Notes") pursuant to private placement exemptions (the "Offering"). First Majestic expects to grant the initial purchasers of the Notes an option to purchase up to an additional US$30 million aggregate principal amount of Notes. First Majestic intends to use the net proceeds of the Offering to repurchase, in separate privately negotiated transactions, a portion of its outstanding 1.875% convertible senior notes (the "Existing Notes") and for general corporate purposes, including strategic opportunities.

In accordance with the terms of the Existing Notes, First Majestic intends to redeem, following a required 30 day notice period, any Existing Notes that are not converted or repurchased in conjunction with the Offering.

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