Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) announces it has entered into a definitive agreement (the "Agreement") with Canamex Gold Corp. to acquire a 100% interest in Canamex' Bruner Property, a gold exploration, located in Nye County, Nevada approximately 180 kilometres (km) southeast of Reno for US$10 million in cash. Read More >>
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Release - Endeavour Silver Signs Agreement To Acquire Bruner Gold Project In Nye County Nevada
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Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fourth quarter (Q4 Fiscal 2024) and fiscal year ended March 31, 2024 ("Fiscal 2024") and the production and cost guidance for the 2025 fiscal year ending March 31, 2025 ('Fiscal 2025"). The Company expects to release its Fiscal 2024 audited financial results on Thursday, May 23, 2024 after market close.
Q4 Fiscal 2024 Operational Results
- Gold production of 1,916 ounces, up 92% over the same quarter last year ("Q4 Fiscal 2023");
- Silver equivalent (only silver and gold) 1 production of approximately 1.3 million ounces, up 11% over Q4 Fiscal 2023;
- Lead production of approximately 12.5 million pounds, up 15% over Q4 Fiscal 2023; and
- Zinc production of approximately 4.56 million pounds, up 27% over Q4 Fiscal 2023.
Fourth Quarter Fiscal 2024 | Fourth Quarter Fiscal 2023 | |||||||
Ying Mining | GC | Consolidated | 'Ying Mining | GC | Consolidated | |||
Production Data | ||||||||
Ore Mined (tonnes) | 147,122 | 48,038 | 195,160 | 132,205 | 49,643 | 181,848 | ||
Ore Milled (tonnes) | ||||||||
Gold ore | 21,843 | - | 21,843 | - | - | - | ||
Silver ore | 158,424 | 57,226 | 215,650 | 130,910 | 48,483 | 179,393 | ||
180,267 | 57,226 | 237,493 | 130,910 | 48,483 | 179,393 | |||
Head Grades | ||||||||
Silver (gram/tonne) | 197 | 57 | 255 | 88 | ||||
Lead (%) | 3.1 | 1.1 | 3.6 | 1.3 | ||||
Zinc (%) | 0.6 | 2.5 | 0.6 | 2.5 | ||||
Recovery Rates | ||||||||
Silver (%) | 94.4 | 83.2 | 95.2 | 78.9 | ||||
Lead (%) | 95.0 | 89.8 | 95.3 | 90.9 | ||||
Zinc (%) | 70.2 | 89.3 | 68.3 | 89.3 | ||||
Metal production | ||||||||
Gold (ounces) | 1,916 | - | 1,916 | 1,000 | - | 1,000 | ||
Silver (in thousands of ounces) | 1,063 | 87 | 1,150 | 997 | 109 | 1,106 | ||
Silver equivalent (in thousands of ounces) | 1,237 | 87 | 1,324 | 1,086 | 109 | 1,195 | ||
Lead (in thousands of pounds) | 11,317 | 1,210 | 12,527 | 9,688 | 1,250 | 10,938 | ||
Zinc (in thousands of pounds) | 1,750 | 2,809 | 4,559 | 1,164 | 2,413 | 3,577 | ||
Metals sold | ||||||||
Gold (ounces) | 1,916 | - | 1,916 | 1,000 | - | 1,000 | ||
Silver (in thousands of ounces) | 1,052 | 87 | 1,139 | 966 | 107 | 1,073 | ||
Lead (in thousands of pounds) | 10,821 | 1,051 | 11,872 | 8,924 | 1,097 | 10,021 | ||
Zinc (in thousands of pounds) | 1,730 | 2,702 | 4,432 | 1,115 | 2,336 | 3,451 | ||
In Q4 Fiscal 2024, a total of 147,122 tonnes of ore were mined at the Ying Mining District, up 11% over Q4 Fiscal 2023, and 180,267 tonnes of ore were milled, up 38% over Q4 Fiscal 2023. Approximately 1.1 million ounces of silver, 1,916 ounces of gold (or 1.2 million ounces of silver equivalent), 11.3 million pounds of lead, and 1.8 million pounds of zinc were produced, representing production increases of 92%,7%, 14%, 17%, and 50%, respectively, in silver, gold, silver equivalent, lead and zinc over Q4 Fiscal 2023.
At the GC Mine, 48,038 tonnes of ore were mined, down 3% over Q4 Fiscal 2023, and 57,226 tonnes of ore were milled, up 18% over Q4 Fiscal 2023. Approximately 87 thousand ounces of silver, 1.2 million pounds of lead, and 2.8 million pounds of zinc were produced, representing an increase of 16% in zinc, and decreases of 20% and 3%, respectively, in silver and lead over Q4 Fiscal 2023.
Fiscal 2024 Operational Results
- Gold production of 7,268 ounces, an increase of 65% over Fiscal 2023;
- Silver equivalent (only silver and gold) production of approximately 6.8 million ounces, a decrease of 2% over Fiscal 2023;
- Lead production of approximately 63.2 million pounds, a decrease of 7% over Fiscal 2023; and
- Zinc production of approximately 23.4 million pounds, a decrease of 1% over Fiscal 2023; and
Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||
Ying Mining | GC | Consolidated | Ying Mining | GC | Consolidated | |||
Production Data | ||||||||
Ore Mined (tonnes) | 827,112 | 290,006 | 1,117,118 | 769,024 | 299,959 | 1,068,983 | ||
Ore Milled (tonnes) | ||||||||
Gold ore | 58,262 | - | 58,262 | - | - | - | ||
Silver ore | 757,883 | 290,050 | 1,047,933 | 773,057 | 299,597 | 1,072,654 | ||
816,145 | 290,050 | 1,106,195 | 773,057 | 299,597 | 1,072,654 | |||
Head Grades | ||||||||
Silver (gram/tonne) | 231 | 69 | 261 | 75 | ||||
Lead (%) | 3.4 | 1.2 | 3.8 | 1.3 | ||||
Zinc (%) | 0.7 | 2.6 | 0.7 | 2.8 | ||||
Recovery Rates | ||||||||
Silver (%) | 94.9 | 82.0 | 95.6 | 81.9 | ||||
Lead (%) | 95.1 | 90.5 | 95.0 | 89.8 | ||||
Zinc (%) | 70.6 | 90.0 | 63.2 | 89.9 | ||||
Metal production | ||||||||
Gold (ounces) | 7,268 | - | 7,268 | 4,400 | - | 4,400 | ||
Silver (in thousands of ounces) | 5,677 | 527 | 6,204 | 6,024 | 593 | 6,617 | ||
Silver equivalent (in thousands of ounces) | 6,317 | 527 | 6,844 | 6,404 | 593 | 6,997 | ||
Lead (in thousands of pounds) | 56,269 | 6,902 | 63,171 | 60,254 | 7,814 | 68,068 | ||
Zinc (in thousands of pounds) | 8,213 | 15,172 | 23,385 | 7,150 | 16,313 | 23,463 | ||
Metals sold | ||||||||
Gold (ounces) | 7,268 | - | 7,268 | 4,400 | - | 4,400 | ||
Silver (in thousands of ounces) | 5,717 | 518 | 6,235 | 6,049 | 588 | 6,637 | ||
Lead (in thousands of pounds) | 54,292 | 6,333 | 60,625 | 58,240 | 7,447 | 65,687 | ||
Zinc (in thousands of pounds) | 8,240 | 15,010 | 23,250 | 7,175 | 16,263 | 23,438 | ||
At the Ying Mining District, 827,112 tonnes of ore were mined, up 8% over Fiscal 2023, and 816,145 tonnes of ore were milled, up 6% over Fiscal 2023. Approximately 5.7 million ounces of silver, 7,268 ounces of gold (or 6.3 million ounces of silver equivalent), 56.3 million pounds of lead, and 8.2 million pounds of zinc were produced, representing increases of 65% and 15%, respectively, in gold and zinc, and decreases of 6%, 1% and 7%, respectively, in silver, silver equivalent and lead over Fiscal 2023.
The decrease in silver and lead production was mainly due to i) lower head grades achieved due to mining sequences; and ii) 58,262 tonnes of gold ores were mined and processed with grades of 1.8 grams per tonne ("g/t") gold, 77 g/t silver, 1.1% lead, and 0.2% zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate, and zinc concentrate in Fiscal 2024. The gold recovery rate for gold ores processed was 92.0%.
At the GC Mine, 290,006 tonnes of ore were mined, down 3% over Fiscal 2023, and 290,050 tonnes of ore were milled, down 3% over Fiscal 2023. Approximately 527 thousand ounces of silver, 6.9 million pounds of lead, and 15.2 million pounds of zinc were produced, representing decreases of 11%, 12% and 7%, respectively, in silver, lead and zinc over Fiscal 2023. The decrease in metal production was mainly due to lower head grades achieved due to mining sequences.
Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
i) Fiscal 2025 production and cash cost guidance |
In Fiscal 2025, the Company expects to mine and process 1,151,000 to 1,256,000 tonnes of ore, yielding approximately 7,900 to 9,000 ounces of gold, 6.8 to 7.2 million ounces of silver, 64.2 to 69.3 million pounds of lead, and 27.1 to 30.1 million pounds of zinc. Fiscal 2025 production guidance represents production increases of approximately 4% to 14% in ores, 8% to 23% in gold, 9% to 17% in silver, 2% to 10% in lead, and 16% to 29% in zinc compared to the production results in Fiscal 2024.
Head Grade | Metal Productions | Production Costs | |||||||||||||||||||||||
Ore processed | Gold | Silver | Lead | Zinc | Gold | Silver | Lead | Zinc | Cash Cost | AISC | |||||||||||||||
Fiscal 2025 Guidance | (tonne) | (g/t) | (g/t) | (Â %) | (Â %) | (Koz) | (Koz) | (Klb) | (Klb) | ($/t) | (S/t) | ||||||||||||||
Gold ore | 63,000 | - | 70,000 | 2.4 | 78 | 2.1 | - | 4.3 | - | 5.0 | 140 | - | 160 | 2,680 | - | 2,980 | |||||||||
Silver ore | 797,000 | - | 885,000 | - | 249 | 3.3 | 0.8 | 3.6 | - | 4.0 | 6,070 | - | 6,520 | 54,480 | - | 58,910 | 8,877 | - | 10,986 | ||||||
Ying Mining District | 860,000 | - | 955,000 | 0.3 | 235 | 3.1 | 0.8 | 7.9 | - | 9.0 | 6,210 | - | 6,680 | 57,160 | - | 61,890 | 8,877 | - | 10,986 | $Â Â 83.7 | - | $ 88.1 | $ 142.3 | - | $Â 153.2 |
GC Mine | 291,000 | - | 301,000 | - | 68 | 1.1 | 3.0 | 540 | - | 550 | 7,070 | - | 7,450 | 18,240 | - | 19,110 | $Â Â 54.4 | - | $ 55.5 | $Â Â 99.3 | - | $Â Â Â 99.7 | |||
Consolidated | 1,151,000 | - | 1,256,000 | 7.9 | - | 9.0 | 6,750 | - | 7,230 | 64,230 | - | 69,340 | 27,117 | - | 30,096 | $Â Â 77.0 | - | $ 79.6 | $ 143.6 | - | $Â 152.3 | ||||
The Ying Mining District plans to mine and process 860,000 to 955,000 tonnes of ore, including 63,000 to 70,000 tonnes of gold ore with an expected head grade of 2.4 g/t gold, to produce approximately 7,900 to 9,000 ounces of gold, 6.2 to 6.7 million ounces of silver, 57.2 to 61.9 million pounds of lead, and 8.9 to 11.0 million pounds of zinc for Fiscal 2025. This production guidance represents production increases of approximately 5% to 17% in ore, 8% to 23% in gold, 9% to 18% in silver, 2% to 10% in lead, and 8% to 34% in zinc compared to the actual production in Fiscal 2024.
The cash production cost is expected to be $83.7 to $88.1 per tonne of ore, and the all-in sustaining production cost is estimated at $142.4 to $153.3 per tonne of ore processed, comparable to the actual costs in Fiscal 2024.
The GC Mine plans to mine and process 291,000 to 301,000 tonnes of ore to produce 540 to 550 thousand ounces of silver, 7.1 to 7.5 million pounds of lead, and 18.2 to 19.1 million pounds of zinc. Fiscal 2025 production guidance at the GC Mine represents production increases of approximately 0% to 4% in ore, 2% to 4% in silver, 2% to 8% in lead, and 20% to 26% in zinc production compared to the production results in Fiscal 2024.
The cash production cost is expected to be $54.4 to $55.5 per tonne of ore, and the all-in sustaining production cost is estimated at $99.3 to $99.7 per tonne of ore processed.
ii)Â Fiscal 2025 capital expenditure guidance |
In Fiscal 2025, the Company expects to incur a total $90.8 million of capital expenditures as summarized in the table below.
Capitalized Development Work and Expenditures | Expensed | |||||||||
Ramp and development | Exploration tunneling | Diamond Drilling | Facilities and | Total | Mining Preparation | Diamond | ||||
(Metres) | ($ Million) | (Metres) | ($ Million) | (Metres) | ($ Million) | ($ Million) | ($ Million) | (Metres) | (Metres) | |
Fiscal 2025 Capitalized Work Plan and Capita Expenditure Estimates | ||||||||||
Ying Mining District | 45,100 | 27.3 | 45,800 | 17.4 | 137,700 | 3.4 | 30.6 | 78.7 | 37,800 | 117,300 |
GC Mine | 8,000 | 4.5 | 9,700 | 5.0 | 51,500 | 1.3 | 0.3 | 11.1 | 7,100 | 18,700 |
Corporate and others | - | - | - | - | - | - | 1.0 | 1.0 | - | - |
Consolidated | 53,100 | 31.8 | 55,500 | 22.4 | 189,200 | 4.7 | 31.9 | 90.8 | 44,900 | 136,000 |
The total capital expenditures for mine optimization and facilities improvement at the Ying Mining District are estimated at $78.7 million . For mine optimization, the Company plans to spend a total $48.1 million comprised of the following capital expenditures:
(i) | Develop 45,100 metres of ramps and tunnels for transportation and access at estimated capitalized expenditures of $27.3 million (average $605/m). The main goal of these mine optimization programs is to have ramps and a trackless system replace current shafts, and to have more mechanized mining, such as using the shrinkage mining method to gradually replace the more labor intensive "Re-Suing" mining; |
(ii) | Develop 45,800 metres of exploration tunnels at estimated capitalized costs of $17.4 million ($380/m); and |
(iii) | Drill 137,700 metres of exploration diamond drill holes for future production at an estimated capitalized cost of $3.4 million; |
For the tailing storage facilities ("TSF") and mill expansion and equipment, the Company plans to spend $30.6 million :
(i) | Complete the TSF by the 3 rd quarter of 2024 with remaining expenditures of $15.9 million; and |
(ii) | Add a 1,500 tonne per day flotation production line to the No. 2 Mill by the 4 th Quarter of 2024 at a cost of $7.2 million per  signed EPCM contract, and add two XRT Ore Sorting systems for $1.7 million. The XRT Ore Sorting system will help to sort out waste rock resulting from the increased dilution rate as the Company shifts to more shrinkage mining method from the "Re-Suing" mining method. |
In addition to the capitalized tunneling and drilling work, the Ying Mining District also plans to complete and expense 37,800 metres of mining preparation tunnels and 117,300 metres of diamond drilling.
For the GC Mine, the Company  plans to: i) complete and capitalize 8,000 metres of transportation ramps and mining development tunnels at estimated costs of $4.5 million ( $562 /m); ii) complete and capitalize 9,700 metres of exploration tunnels at estimated costs of $5.0 million ( $515 /m); iii) complete and capitalize 51,500 metres of diamond drilling at an estimated cost of $1.3 million ; and iv) spend $0.3 million on equipment and facilities. The total capital expenditures at the GC Mine are budgeted at $11.1 million in Fiscal 2025.
In addition to the capitalized tunneling and drilling work, the Company also plans to complete and expense 7,100 metres of mining preparation tunnels and 18,700 metres of diamond drilling at the GC Mine.
The Kuanping Project is expected to receive all permits and licenses in the third quarter of 2024, and $1.0 million of capital expenditures are budgeted for the startup of mine construction.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com .
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release constitute "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 and US securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.
Actual results may vary from forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada ; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading "Risk Factors" and in the Company's Annual Report on Form 40-F, and in the Company's other filings with Canadian and U.S. securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Additional information related to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca , on EDGAR at www.sec.gov , and on the Company's website at www.silvercorpmetals.com .
______________________________ |
1 Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio between the net realized selling prices of gold and silver achieved, and then adding the converted amount expressed in silver ounces to the ounces of silver. |
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SOURCE Silvercorp Metals Inc
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Silver Due to Record Second Highest Deficit in 20 Years
Industrial demand for silver rose to a new record high in 2023, coming in at 654.4 million ounces (Moz).
The surge was fueled by significant advancements in green economy sectors, particularly photovoltaics (PV), where demand skyrocketed by 64 percent year-on-year to hit 195.3 Moz, surpassing previous estimates.
PV is included in the electrical and electronics segment, which experienced demand growth of 20 percent year-on-year.
According to the Silver Institute's latest World Silver Survey, other green energy applications, such as power grid construction and automotive electrification, contributed to the overall increase in industrial demand.
“The deficit in the silver market helps to provide robust support and a strong floor for the price,” said Philip Newman, managing director at Metals Focus, which produces the annual survey. “The deficit fell by 30 percent last year, but in absolute terms — at 184.3 million ounces — it was still eye-watering. Global supply has been broadly steady at around the 1-billion-ounce mark, while industrial demand did incredibly well with 11 percent growth,” he added.
Despite an overall 7 percent decline in total silver demand to 1,195 Moz in 2023, industrial demand emerged as the standout category, offsetting losses in the physical investment, jewelry and silverware sectors.
Notably, Chinese industrial demand surged by 44 percent to 261.2 Moz, primarily driven by PV production expansion.
Silver recycling, which accounted for 18 percent of total supply in 2023, saw a modest 1 percent increase to 178.6 Moz, mainly driven by growth in the recycling of ethylene oxide catalysts.
Looking ahead, Metals Focus forecasts 2 percent growth in total silver demand for 2024, with industrial fabrication expected to reach another all-time high, driven by a projected 20 percent gain in the PV market.
However, physical investment in silver bars and coins is anticipated to contract by 13 percent.
Silver mine supply to remain flat in 2024
In terms of global mine production, Metals Focus notes that in 2023 it witnessed a slight decrease of 1 percent to 830.5 Moz. This fall was influenced by the four month suspension of operations at Newmont’s (TSX:NGT,NYSE:NEM) Peñasquito mine in Mexico due to strike action among workers.
Additionally, lower ore grades and mine closures affected production in countries like Argentina, Australia and Russia. However, increased supply from Chile and Bolivia partially offset these losses.
The report forecasts a marginal 0.8 percent decline in global silver mine production to 823.5 Moz in 2024. Recovery is anticipated in Mexico as Peñasquito resumes full production post-strike action.
Expansions and new projects in the US, Morocco and elsewhere are expected to contribute to supply growth.
Offsetting these increases, a significant drop in production is expected in Peru due to operational issues, while China is anticipated to experience a decline in silver by-product supply alongside decreasing lead and zinc production.
Silver recycling, which hit a 10 year high in 2023, is forecast to remain nearly flat in 2024. Industrial scrap is expected to grow, driven by factors like higher receipts from ethylene oxide recycling. However, declines in other segments such as jewelry and silverware scrap, along with a further decrease in photographic scrap, are likely to offset these gains.
Overall, silver supply is seen coming in at 1,010.7 Moz in 2023 versus 1,015.4 Moz in 2022.
Silver market headed for second largest deficit
Overall, the silver market is expected to witness another substantial deficit in 2024, amounting to 215.3 Moz. According to Metals Focus, that would be the second highest in over 20 years.
While near-term price weakness remains a possibility for silver due to speculative inflows into gold and short-term downside risks, the outlook for the second half of the year is positive, driven by expectations of looser US monetary policy and sustained investor interest in precious metals.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Endeavour Silver Celebrates Milestone:Â Terronera Surpasses 50% Construction Completion
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces a significant milestone in the construction of its new Terronera mine, in Jalisco state, Mexico. The project has surpassed the 50% completion mark, marking a crucial step forward in the Company's expansion efforts.
To celebrate this achievement, the Company is pleased to provide a short video offering investors an exclusive look at the new mine with insights from the executive team. This video highlights the construction progress, showcases the scale and scope of the project, and emphasizes the positive impact on both the company and the local community. Investors, stakeholders, and the public are invited to watch this milestone video here . The video was filmed in mid-March and represents construction progress at that time.
Dan Dickson, Chief Executive Officer stated, "Reaching the halfway mark in our construction schedule is a testament to the hard work and dedication of our team. With commissioning expected in Q4 2024, Terronera will bring tremendous potential to our company's future, as we grow and expand our operations through responsible practices."
Visit www.terronera.com , our dedicated project website, to stay informed on the ongoing development at Terronera. Explore updates, learn about our commitment to environmental stewardship, and discover the positive impacts on local communities.
About Endeavour Silver: Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com Â
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's anticipated performance in 2024 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecasted mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, 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.
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Fortuna to release first quarter 2024 financial results on May 7, 2024; Conference call at 12 p.m. Eastern Time on May 8, 2024
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) announces that it will release its unaudited financial statements and MD&A for the first quarter on Tuesday, May 7, 2024, after the market closes.
A conference call to discuss the financial and operational results will be held on Wednesday, May 8, 2024, at 9:00 a.m. Pacific Time | 12:00 p.m. Eastern Time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, Cesar Velasco, Chief Operating Officer - Latin America, and David Whittle, Chief Operating Officer - West Africa.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: https://www.webcaster4.com/Webcast/Page/1696/50484 or over the phone by dialing in just prior to the starting time.
Conference call details:
Date : Wednesday, May 8, 2024
Time : 9:00 a.m. Pacific Time | 12:00 p.m. Eastern Time
Dial in number (Toll Free) : +1.888.506.0062
Dial in number (International) : +1.973.528.0011
Access code : 586882
Replay number (Toll Free) : +1.877.481.4010
Replay number (International) : +1.919.882.2331
Replay passcode : 50484
Playback of the earnings call will be available until Wednesday, May 22, 2024. Playback of the webcast will be available until Thursday, May 8, 2025. In addition, a transcript of the call will be archived on the Company's website .
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, CĂ´te d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | info@fortunasilver.com | www.fortunasilver.com | X | LinkedIn | YouTube
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Klondike Silver 2024 Drilling Program
Klondike Silver Corp. (the “Company”) (TSXV: KS | OTC: KLSVF | WKN: A1H8T1) is pleased to provide an update from its current underground drill program at the Silvana Mine, targeting western extensions of the mine within the historic Silvana claim block that the Company owns in southeastern British Columbia.
Drill holes from the first phase of drilling were laid out to intersect, map and model the extensions of vein structures down dip of three mineralized lodes from surface on the Silvana Mine claims, with the intention of targeting silver, zinc, and lead mineralization in the Company’s phases of drilling.
All drill cores from the 2023 program have been logged. Intervals of core have been sampled. Cores were sawed lengthwise, with one half bagged and sent to an independent lab for analyses, and one half retained for further inspection. Sample analyses are awaited from the lab.
Drilling in the 2024 program is now oriented northerly from drill station 2 to intersect downward projections of the Carnation Hanging wall and Footwall Lodes. The first 2024 activity will be deepening of two holes that have been drilled part of the distance to the Hanging wall and Footwall Lodes.
Klondike president and CEO, Mr. Tom Kennedy states, “The Company’s Silver Mile target is an area 1.5km along strike, 100% within Klondike’s claim block between the Mammoth and Silvana Mines. This area has yet to be fully explored due to fractured ownership that is a common theme in areas of British Columbia with significant historic mining activities dating back more than 100 years. Klondike’s management and exploration teams are encouraged by the potential to find and develop a resource in the Main Vein structure between the Mammoth and Silvana mines as combined past production of the Main Lode included 28 million oz silver, 209 million lbs zinc and 258 million lbs lead.”
The technical information in this news release has been reviewed by Locke Goldsmith, M.Sc., P.Eng., P.Geo., a Q.P.
- Klondike’s Silvana Mine Silver Zinc Lead project is located in South Eastern B.C.
- Klondike’s 114 square kilometer claim block is 138 km north of the Trail B.C. smelter.
- Klondike Silver is exploring from underground, along the 9 km “Main Lode”. The “Main Lode” is the most prolific mineralized structure in the Slocan Mining Camp.
- There are 13 past producing mines that are situated along the “Main Lode” that have produced 886,000 kg of silver, 95 million kg of zinc and 117 million kg lead so far. (source: BC MINFILE).
- There are 67 past producing mines that are situated in Klondike Silver’s 114 square kilometer claim block. (source: BC MINFILE).
On Behalf of the Board of Directors
KLONDIKE SILVER CORP
“Thomas J. Kennedy”
CEO and Director
Additional information can be found on Klondike Silver’s website: www.klondikesilver.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company’s continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Endeavour Silver Announces Nomination of Angela Johnson to Board of Directors
Endeavour Silver Corp. ("Endeavour Silver" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce Angela Johnson as a nominee for election to its Board of Directors at the Company's 2024 Annual Meeting of Shareholders on May 28, 2024. Current board member and former Chief Financial Officer, Christine West, will be stepping down having announced her retirement in 2023.
"We are excited about adding Angela to the Board, her technical background and Environmental, Social, and Governance (ESG) experience make her an exceptional fit with our existing Board members that achieves succession planning objectives to ensure core board competencies and expertise are in place," said Rex McLennan, Chairman of the Board of Directors of Endeavour Silver. "I would also like to sincerely thank Ms. West for her guidance and tireless commitment to Endeavour Silver over the years."
Angela Johnson brings over thirteen years of experience in the mining industry in both technical and corporate development roles. Her expertise includes managing international exploration efforts at projects and operations across North and South America and conducting project assessments to identify growth opportunities. Ms. Johnson is a Professional Geologist, MBA, with a depth of knowledge and expertise in geology and related technical reporting and project evaluations. Angela compliments this technical expertise with experience and knowledge in ESG best practices.
Ms. Johnson has held key leadership positions at several publicly listed mining companies. She currently serves as the VP of Corporate Development and Sustainability at Faraday Copper Corp., where she oversees corporate development due diligence processes, ESG reporting, permitting, and community engagement efforts.
Ms. Johnson is currently serving as an Independent Director at Gold Royalty Corp., where she sits on the Nomination & Corporate Governance Committee and ESG Committee, providing strategic oversight, particularly in technical due diligence reviews and ESG matters.
Ms. Johnson holds a Bachelor of Geology (Honours) from the University of Alberta, a Master of Science in Geochemistry/Geology from the University of Victoria, and a Master of Business Administration from Dalhousie University. She actively contributes to the industry by presenting at industry events and panels, sharing her expertise and passion for the mining sector. Furthermore, she serves as a committee member of the Association for Mineral Exploration (AME BC) Policy and Government Relations Committee, demonstrating her commitment to shaping policies that impact the mining industry.
About Endeavour Silver – Endeavour Silver is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the Company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
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