Endeavour Silver Corp. (“Endeavour” or the
“Company”) (NYSE: EXK; TSX: EDR) is
pleased to report first quarter 2023 production of 1,623,545 silver
ounces (oz) and 9,342 gold oz, for silver equivalent1 (“AgEq”)
production of 2.4 million oz.
“The year is off to a strong start. First
quarter silver equivalent production increased by 18% compared to
the same period last year, as Guanacevi’s elevated silver grades
continue to drive increased silver production,” stated Dan Dickson,
Chief Executive Officer. “Our operations team has continued to
deliver safe production, consistently meeting or beating our plan.
These results provide management with continued confidence to
advance our development projects, knowing we have the capabilities
and culture to deliver.”
Q1 2023 Highlights
-
Guanacevi Continues to Deliver: Silver and gold
production met plan with higher grades offset by throughput and
recoveries comparable to Q1 2022. Extended scheduled maintenance
including mill liner and concentrate filter cloth changes led to
lower tonnage throughput in February. Throughput returned to
planned levels in March and is expected to remain on plan for the
remainder of the year.
-
Bolañitos’ Performance Remains Steady: Strong
silver production, resulting from silver grades comporable to Q1
2022 along with increased throughput, were offset by the impact of
slightly lower gold production and lower gold grades.
- Metal
Sales and Inventories: Sold 1,667,408 oz silver and 9,126
oz gold during the quarter. Held 435,722 oz silver and 1,263 oz
gold of bullion inventory and 35,347 oz silver and 503 oz gold in
concentrate inventory at quarter end.
-
Published Inaugural Climate Report: Entitled
“Our Climate Journey,” highlighting the Company’s
approach to climate change and alignment with the recommendations
of the Task Force on Climate-related Financial Disclosures (TCFD)
(see News Release dated March 9, 2023).
-
Construction Advances at the Terronera Project:
Progress on development activities include onsite delivery of
mobile mining equipment, procurement of major equipment, and
assembly of initial project infrastructure such as the temporary
mine maintenance shop and a permanent camp facility. Earthworks
included site clearing, road upgrades and underground mine access
development.
-
Financial Due Diligence Continues on Financing the
Terronera Project: The Company intends to make a formal
construction decision subject to completion of a financing package
and receipt of additional amended permits in short order.
Q1 2023 Mine Operations
Consolidated silver production increased by 23%
to 1,623,545 ounces in Q1 2023 compared to Q1 2022, driven by a 27%
increase in silver production at the Guanacevi mine and a 1%
increase in silver production at the Bolañitos
mine.
Gold production increased by 7% to 9,342 ounces
as a 20% increase in gold production at the Guanacevi mine was
offset by a 1% decrease in gold production at the Bolañitos
mine.
Guanacevi throughput in Q1 2023 was 1% higher
than Q1 2022 and silver grades and gold grades were 26% and 19%
higher, respectively. Guanacevi throughput was slightly below plan
with the majority of mining in the new higher grade El Curso
orebody. Supplies of local third-party feed continued to supplement
mine production, amounting to 11% of quarterly throughput and
contributing to the higher grades.
Bolañitos Q1 2023 throughput was 4% higher than
Q1 2022 with silver grades flat and gold grades 2% lower. Silver
production was 1% higher while gold production decreased by 1% at
the Bolañitos mine.
Production Highlights for the Three Months Ended March
31, 2023
Q1 2023 Highlights |
Three Months Ended March 31, |
|
2023 |
2022 |
% Change |
Throughput (tonnes) |
211,073 |
206,147 |
2% |
Silver ounces produced |
1,623,545 |
1,314,955 |
23% |
Gold ounces produced |
9,342 |
8,695 |
7% |
Payable silver ounces
produced |
1,608,212 |
1,303,540 |
23% |
Payable gold ounces
produced |
9,184 |
8,549 |
7% |
Silver equivalent ounces
produced1 |
2,370,905 |
2,010,555 |
18% |
Silver ounces sold |
1,667,408 |
1,717,768 |
(3%) |
Gold
ounces sold |
9,126 |
8,381 |
9% |
Q1 2023 Production by Mine
Production |
Tonnes |
Tonnes |
Grade |
Grade |
Recovery |
Recovery |
Silver |
Gold |
by mine |
Processed |
per day |
Ag gpt* |
Au gpt* |
Ag % |
Au % |
Oz |
Oz |
Guanaceví |
102,375 |
1,138 |
511 |
1.42 |
85.6% |
89.6% |
1,439,924 |
4,188 |
Bolañitos |
108,698 |
1,208 |
61 |
1.70 |
86.1% |
86.8% |
183,621 |
5,154 |
Consolidated |
211,073 |
2,346 |
279 |
1.56 |
85.7% |
88.0% |
1,623,545 |
9,342 |
*gpt = grams per tonneTotals may not add up due to rounding
Qualified Person
Dale Mah, P.Geo., Vice President Corporate
Development, a qualified person under NI 43-101, has approved the
scientific and technical information related to operations matters
contained in this news release.
Q1 2023 Financial Results and Conference
Call
The Company’s Q1 2023 financial results will be
released before markets open on Wednesday, May 10, 2023 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: |
|
Wednesday, May 10, 2023 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 0037#. 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 construction 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.
Contact InformationGalina Meleger, VP of
Investor RelationsToll free: (877) 685-9775 Tel: (604)
640-4804Email: gmeleger@edrsilver.com Website:
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 the development
and financing of the Terronera project, including anticipated
decisions on construction and financing, estimation of mineral
resources at Pitarrilla, prospects for Terronera, Pitarrilla and
Parral, Endeavour’s anticipated performance in 2023 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 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, availability of debt financing for the Terronera
Project, 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.
1 Silver equivalent calculated using an 80:1 silver:gold
ratio.
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