Endeavour Silver Ends the Year on a Strong Note; FY2021 Annual Production Surpasses Upper End of Guidance
11 Janeiro 2022 - 8:50AM
Endeavour Silver Corp.
(“Endeavour” or the
“Company”) (NYSE: EXK; TSX: EDR) is
pleased to report full year 2021 production of 4,870,787 silver
ounces (oz) and 42,262 gold oz, for silver equivalent1 (“AgEq”)
production of 8.3 million oz. Fourth quarter production was
1,443,564 silver oz and 9,446 gold oz, for silver equivalent
production of 2.2 million oz AgEq.
The Company’s 2021 full year production exceeded
the upper range of its guidance of between 7.7 million oz and 8.0
million oz AgEq (revised upward in October) due to continuing
strong performance at Guanacevi with higher grades and tonnage
milled. Annual silver production exceeded guidance by 3% while gold
production was in line with the upper range of guidance.
"Steady performance at Bolanitos, together with
record mill throughput, grade and production at Guanacevi boosted
our 2021 consolidated production beyond the upper end of our
increased guidance,” said Dan Dickson, Endeavour’s Chief Executive
Officer. “Last year was a great year due to the excellent efforts
of our entire team and we are in a strong position going into
2022.”
Q4 and FY2021 Highlights
-
Exceeded Production Guidance: Consolidated
production remained strong as silver and gold production at each
mine met or exceeded revised 2021 guidance and exceeded plan.
-
Guanacevi Continued to Outperform: Silver and gold
grades continued to deliver well above plan and throughput
approached plant capacity.
-
Bolanitos Performance Remained Steady: Silver
grades and plant throughput exceeded plan with gold grades slightly
below plan.
- Metal
Sales and Inventories: Sold 1,413,699 oz silver and 8,715
oz gold, held 1,028,340 oz silver and 1,044 oz gold of bullion
inventory and 54,270 oz silver and 2,630 oz gold in concentrate
inventory at year end. Management continued to be bullish on
precious metal prices and withheld a portion of metal sales in the
fourth quarter, consistent with the levels held as at September 30,
2021.
-
Encouraging Brownfields Exploration Results from Guanacevi
and Bolanitos: Drilling continued to intersect high-grade
gold-silver mineralization in the Santa Cruz vein at Guanacevi and
intersect multiple mineralized structures near current workings at
Bolanitos.
-
Positive Greenfields Exploration Results from the Parral
Project: Drilled over 14,000 metres targeting several
areas along the La Colorada vein with encouraging results to expand
the mineral resource estimate.
-
Continued to Advance the Terronera Project: The
Terronera Project Technical Report, authored in accordance with
National Instrument 43-101 was filed on SEDAR and EDGAR on October
25, 2021. Work continued on final detailed engineering, early earth
works, critical contracts and procurement of long lead
items. The financing and final permitting processes are
progressing, however, the current surge in COVID-19 cases caused by
the Omicron variant has extended the anticipated timeline. 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.
- Sold El
Cubo Assets: The Company sold its El Cubo assets in
Guanajuato, Mexico to Guanajuato Silver Co (formerly Vangold Mining
Corp) for US$15 million plus contingent payments up to US$3 million
in a transaction that closed April 9, 2021.
-
Suspended Operations at El Compas: Management
suspended operations at El Compas in mid-August and is currently
evaluating its alternatives for the asset.
-
Acquired Bruner, an Advanced Stage Exploration
Project: Ideally situated within Nevada’s Walker Lane NW
trending mineral belt, this acquisition closed on September 1,
2021.
Q4 2021 Mine Operations
Consolidated silver production increased by 29%
to 1,443,564 ounces in Q4 2021 compared to the prior year quarter,
primarily driven by a 31% increase in silver production at the
Guanacevi mine and a 42% increase in silver production at the
Bolanitos mine offset by the suspension of operations at the El
Compas mine. Gold production decreased by 25% to 9,446 ounces due
to a 19% decrease in gold production at Bolanitos mine and the
suspension of operations at the El Compas mine offset by a 21%
increase in gold production at the Guanacevi mine.
Guanacevi throughput in Q4 2021 was consistent
with Q4 2020 but silver grades and gold grades were each
significantly higher. Guanacevi throughput exceeded plan and mining
the new higher grade El Curso orebody has led to significantly
improved grades and mine plan flexibility. Additionally, supplies
of local third-party ores continued to supplement mine production,
amounting to 14% of quarterly throughput and contributing to the
higher ore grades.
Bolanitos Q4 2021 throughput was consistent with
Q4 2020 with increased silver grades and decreased gold grades.
Silver production increased by 42% while gold production decreased
by 19% at the Bolanitos mine.
Production Highlights for the Three Months and Year
Ended December 31, 2021
Three Months Ended December 31 |
Highlights |
Years Ended December 31 |
2021 |
2020 |
% Change |
|
2021 |
2020 |
% Change |
213,492 |
237,389 |
(10 |
%) |
Throughput (tonnes) |
887,424 |
757,160 |
17 |
% |
1,443,564 |
1,117,289 |
29 |
% |
Silver ounces produced |
4,870,787 |
3,513,767 |
39 |
% |
9,446 |
12,586 |
(25 |
%) |
Gold ounces produced |
42,262 |
37,139 |
14 |
% |
1,432,578 |
1,108,848 |
29 |
% |
Payable silver ounces produced |
4,826,681 |
3,482,094 |
39 |
% |
9,261 |
12,314 |
(25 |
%) |
Payable gold ounces produced |
41,438 |
36,392 |
14 |
% |
2,199,244 |
2,124,169 |
4 |
% |
Silver equivalent ounces produced1 |
8,251,747 |
6,484,887 |
27 |
% |
1,413,699 |
1,419,037 |
(0 |
%) |
Silver ounces sold |
3,856,883 |
3,460,638 |
11 |
% |
8,715 |
13,850 |
(37 |
%) |
Gold ounces sold |
39,113 |
35,519 |
10 |
% |
Q4 2021 Production by Mine
Production |
Tonnes |
Tonnes |
Grade |
Grade |
Recovery |
Recovery |
Silver |
Gold |
by mine |
Produced |
per day |
Ag gpt* |
Au gpt* |
Ag % |
Au % |
Oz |
Oz |
Guanaceví |
108,334 |
1,178 |
417 |
1.21 |
89.6 |
% |
92.2 |
% |
1,301,941 |
3,885 |
Bolañitos |
105,158 |
1,143 |
48 |
1.83 |
87.0 |
% |
88.9 |
% |
141,258 |
5,502 |
Consolidated |
213,492 |
2,372 |
235 |
1.52 |
89.4 |
% |
90.8 |
% |
1,443,564 |
9,446 |
*gpt = grams per tonne
FY2021 Production by Mine
Production |
Tonnes |
Tonnes |
Grade |
Grade |
Recovery |
Recovery |
Silver |
Gold |
by mine |
Produced |
per day |
Ag gpt* |
Au gpt* |
Ag % |
Au % |
Oz |
Oz |
Guanaceví |
414,355 |
1,135 |
370 |
1.09 |
87.9 |
% |
91.7 |
% |
4,333,567 |
13,317 |
Bolañitos |
418,514 |
1,147 |
42 |
2.02 |
87.0 |
% |
90.7 |
% |
491,412 |
24,652 |
El Compas |
54,555 |
149 |
36 |
3.05 |
72.5 |
% |
80.2 |
% |
45,808 |
4,293 |
Consolidated |
887,424 |
2,431 |
195 |
1.65 |
87.6 |
% |
89.8 |
% |
4,870,787 |
42,262 |
*gpt=grams per tonne
1 Silver equivalent calculated using an 80:1 silver:gold
ratio.
2021 Financial Results and Conference Call
The Company’s 2021 financial results will be
released before markets open on Thursday, March 10, 2022 and a
telephone conference call will be held the same day at 10:00 a.m.
PT / 1:00 p.m. ET. To participate in the conference call, please
dial the numbers below.
Date & Time: |
Thursday, March 10, 2022 at 10:00 a.m. PT / 1:00 p.m. ET |
|
|
Telephone: |
Toll-free in Canada and the US +1-800-319-4610 |
|
Local or International +1-604-638-5340 |
|
Please allow up to 10 minutes to be connected to the conference
call. |
|
|
Replay: |
A replay of the conference call will be available by dialing
(toll-free) +1-800-319-6413 in Canada and the US (toll-free) or
+1-604-638-9010 outside of Canada and the US. The replay passcode
is 8312#. The replay will also be available on the Company’s
website at www.edrsilver.com. |
About Endeavour Silver –
Endeavour Silver Corp. is a mid-tier precious metals mining company
that operates two high-grade underground silver-gold mines in
Mexico. Endeavour is currently advancing the Terronera mine 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
InformationTrish MoranInterim Head of Investor
RelationsTel: (416) 564-4290Email: pmoran@edrsilver.comWebsite:
www.edrsilver.com
Follow Endeavour Silver on Facebook, Twitter,
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 2022 including changes in mining
operations and production levels, the timing and results of various
activities and the impact of the COVID 19 pandemic on operations.
The Company does not intend to and does not assume any obligation
to update such forward-looking statements or information, other
than as required by applicable law.
Forward-looking statements or information
involve known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, production
levels, performance or achievements of Endeavour and its operations
to be materially different from those expressed or implied by such
statements. Such factors include but are not limited to the
ultimate impact of the COVID 19 pandemic on operations and results,
changes in production and costs guidance, national and local
governments, legislation, taxation, controls, regulations and
political or economic developments in Canada and Mexico; financial
risks due to precious metals prices, operating or technical
difficulties in mineral exploration, development and mining
activities; risks and hazards of mineral exploration, development
and mining; the speculative nature of mineral exploration and
development, risks in obtaining necessary licenses and permits, and
challenges to the Company’s title to properties; as well as those
factors described in the section “risk factors” contained in the
Company’s most recent form 40F/Annual Information Form filed with
the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on
assumptions management believes to be reasonable, including but not
limited to: the continued operation of the Company’s mining
operations, no material adverse change in the market price of
commodities, mining operations will operate and the mining products
will be completed in accordance with management’s expectations and
achieve their stated production outcomes, and such other
assumptions and factors as set out herein. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements or information, there may be other
factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can
be no assurance that any forward-looking statements or information
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance
on forward-looking statements or information.
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