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Endeavour Silver Announces Strong Q1 2022 Financial and Operating Results with Earnings Per Share of $0.07

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Endeavour Silver Announces Strong Q1 2022 Financial and Operating Results with Earnings Per Share of $0.07

 

 

 

 

 

Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to announce its financial and operating results for the three months ended March 31, 2022. All dollar amounts are in US dollars (US$).

 

“Our first quarter performance was strong, putting us on track to achieve our 2022 production guidance,” stated Dan Dickson, CEO of Endeavour Silver. “High-grade ore at Guanacevi was a driving force and is expected to continue throughout the balance of the year, while production at Bolanitos remains solid.  Industry-wide inflation is a growing challenge and we continue to look for ways to mitigate its negative impact.”

 

Added Mr. Dickson, “Looking ahead to the second quarter, we are targeting two major milestones:     securing debt financing for Terronera and closing the Pitarrilla transaction. This acquisition, which is fully financed, is expected to close this quarter following receipt of approval from the Mexican Federal Economics Competition Commission. After the deal closes, drilling will commence to verify Pitarrilla’s historical data and update the historical resource. This will become a key focus for us for the balance of 2022.”

 

Q1 2022 Highlights

  • Strong Production: 1,314,955 ounces (oz) of silver and 8,695 oz of gold for 2.0 million oz silver equivalent(1).
  • Significant Growth in Net Revenue: Net revenue of $57.7 million from the sale of 1,717,768 oz of silver and 8,381 oz of gold at average realized prices of $24.38 per oz silver and $1,970 per oz gold.
  • Slight Decline in Net Earnings: Net earnings of $11.7 million, or $0.07 per share, down from net earnings of $12.2 million, or $0.08 per share in Q1 2021. Mine operating earnings of $20.3 million, up from mine operating earnings of $5.7 million in Q1 2021.
  • Improved Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)(2): $25.6 million, an increase of 7% from Q1 2021.
  • Increased Cash Flow: $20.6 million in operating cash flow before working capital changes(2), an increase of 293%. Mine operating cash flow before taxes(2) increased 101% to $26.7 million.
  • Higher Costs Due to Industry-Wide Inflation: Cash costs(2) of $10.21 per oz payable silver and all-in sustaining costs(2) of $20.90 per oz payable silver, net of gold credits. Cash costs(2) were slightly above guidance due to increased labour, power and consumables costs.
  • Healthy Balance Sheet: Cash position of $151.0 million and working capital(2) $168.4 million as at March 31, 2022.
  • Guanacevi Continued to Outperform: Production exceeded plan driven by higher grades.
  • Bolañitos Remained Steady: Strong silver production, higher silver grades and increased throughput were offset by lower than anticipated gold production and lower gold grades.
  • Reduced Metal Inventories: Sold 1,717,768 oz silver and 8,381 oz gold during the quarter. Management significantly reduced silver inventory and slightly increased gold inventory during the quarter and carried metal inventory at quarter end totaling 608,788 oz silver and 1,911 oz gold of bullion inventory and 59,594 oz silver and 1,931 oz gold in concentrate inventory.
  • Advanced the Terronera Project: The Terronera project continued to progress as work continued on final detailed engineering, early earth works, critical contracts and the procurement of long lead items. 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.
  • Announced Definitive Agreement to Acquire the Pitarrilla Project: Endeavour’s acquisition of Pitarrilla, one of the largest undeveloped silver deposits in the world, is expected to close in Q2 2022.
  • Completed $46.0 Million Bought Deal Financing: On March 22, 2022 Endeavour completed a prospectus offering for the issuance of 9,293,150 common shares at a price of $4.95 per common share for gross proceeds of $46.0 million. The Company plans to use the net proceeds to pay the $35 million cash consideration payable to SSR Mining Inc. on completion of the Company’s acquisition of the Pitarrilla project and for the Company’s general corporate purposes and working capital.

 

Financial Overview (see appendix for consolidated financial statements)

 

Highlights Three Months Ended March 31
  2022 2021 % Change
Production      
Silver ounces produced 1,314,955 1,048,100 25%
Gold ounces produced 8,695 11,109 (22%)
Payable silver ounces produced 1,303,540 1,036,710 26%
Payable gold ounces produced 8,549 10,894 (22%)
Silver equivalent ounces produced(2) 2,010,555 1,936,820 4%
Cash costs per silver ounce(2) 10.21 7.86 30%
Total production costs per ounce(2) 15.13 15.41 (2%)
All-in sustaining costs per ounce (2) 20.90 19.94 5%
Processed tonnes 206,147 209,453 (2%)
Direct operating costs per tonne(2) 122.86 112.36 9%
Direct costs per tonne(2) 148.53 126.23 18%
Silver co-product cash costs(2) 15.18 15.16 0%
Gold co-product cash costs(2) 1,226 950 29%
Financial
Revenue ($ millions) 57.7 34.5 67%
Silver ounces sold 1,717,768 623,379 176%
Gold ounces sold 8,381 10,663 (21%)
Realized silver price per ounce 24.38 27.17 (10%)
Realized gold price per ounce 1,970 1,703 16%
Net earnings ($ millions) 11.7 12.2 (5%)
Adjusted net earnings (loss)(2) ($ millions) 11.7 (4.5) 357%
Mine operating earnings ($ millions) 20.3 5.7 258%
Mine operating cash flow before taxes(2) ($ millions) 26.7 13.3 101%
Operating cash flow before working capital changes(2) 20.6 5.2 293%
EBITDA(2) ($ millions) 25.6 24.0 7%
Working capital (2) ($ millions) 168.4 113.1 49%
Shareholders
Earnings per share – basic ($) 0.07 0.08 (13%)
Adjusted earnings (loss) per share – basic(8) ($) 0.07 (0.03) 339%
Operating cash flow before working capital changes per share(2) 0.12 0.03 266%
Weighted average shares outstanding 171,557,220 159,670,842 7%

(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 March 31, 2022, net revenue, net of $0.7 million of smelting and refining costs, increased by 67% to $57.7 million (Q1 2021: $34.5 million).

 

Gross sales of $58.4 million in Q1 2022 represented a 66% increase over the $35.1 million in Q1 2021. Silver oz sold increased by 176%, due to both increased silver production and the sale of the larger finished goods inventory held at December 31, 2021. There was a 10% decrease in the realized silver price, resulting in a 148% increase in proceeds from silver sales. Gold oz sold decreased by 21% with a 16% increase in the realized gold price, resulting in a 9% decrease in proceeds from gold sales. During the period, the Company sold 1,717,768 oz silver and 8,381 oz gold for realized prices of $24.38 and $1,970 per oz, respectively, compared to Q1 2021 sales of 623,379 oz silver and 10,663 oz gold for realized prices of $27.17 and $1,703 per oz, respectively. In Q1 2022, London spot prices for silver and gold averaged $24.01 and $1,877, respectively.

 

The Company significantly decreased its finished goods silver inventory and slightly increased its finished goods gold inventory to 668,382 oz and 3,841 oz, respectively, at March 31, 2022 compared to 1,082,610 oz silver and 3,674 oz gold at December 31, 2021. The cost allocated to these finished goods was $13.5 million at March 31, 2022 compared to $15.6 million at December 31, 2021. At March 31, 2022, the finished goods inventory fair market value was $24.1 million, compared to $31.7 million at December 31, 2021. Earnings and other financial metrics, including mine operating cash flow(2), operating cash flow(2) and EBITDA(2) were impacted by the sale during Q1 2022 of the increased bullion inventory held at year end.

 

After cost of sales of $37.4 million (Q1 2021 – $28.8 million), an increase of 30%, mine operating earnings were $20.3 million (Q1 2021 – $5.7 million). The increase in cost of sales was impacted by both an increase in the quantity of silver ounces sold during the period, increased production and increased labour, power and consumables costs with significantly higher royalty costs, partially offset by improved productivity at the Guanaceví and Bolañitos operations. Royalties increased 75% to $4.3 million primarily due to the increase in silver ounces sold during the period.

 

The Company had operating earnings of $12.6 million (Q1 2021: $14.3 million) after exploration and evaluation costs of $3.2 million (Q1 2021: $4.1 million), general and administrative costs of $4.3 million (Q1 2021: $3.5 million), and care and maintenance cost of $0.2 million (Q1 2021: $0.5 million). Operating earnings in Q1 2021 were also positively impacted by an impairment reversal of $16.8 million as a result of the valuation assessment done for El Cubo mine and related assets upon classification as held for sale.

 

Earnings before income taxes were $18.9 million (Q1 2021: $16.0 million) after finance costs of $0.3 million (Q1 2021: $0.3 million), a foreign exchange gain of $0.8 million (Q1 2021: loss of $0.7 million), and investment and other income of $5.8 million (Q1 2021: $2.7 million). The investment and other income during Q1 2022 primarily resulted from an unrealized gain on marketable securities and warrants of $5.4 million (Q1 2021: $2.5 million).

 

The Company realized net earnings for the period of $11.7 million (Q1 2021: $12.2 million) after an income tax expense of $7.2 million (Q1 2021: $3.8 million).   Current income tax expense increased to $1.0 million (Q1 2021 – $0.7 million) due to increased profitability impacting the special mining duty, while deferred income tax expense of $6.2 million is primarily due to the estimated use of loss carryforwards to reduce taxable income generated at both Guanacevi and Bolanitos (Q1 2021 – $3.1 million).

 

Direct operating costs(2) on a per tonne basis increased to $122.86, up 9% compared with Q1 2021 due to higher operating costs at Guanaceví and Bolañitos. 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, net of by-product credits, increased to $10.21 primarily due to the higher direct costs per tonne and lower gold credit driven by lower gold production compared to Q1 2021. AISC increased by 5% on a per oz basis compared to Q1 2021 as a result of higher cash costs, increased capital expenditures at Guanaceví, increased allocated general and administrative costs, offset by increased production.

 

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 info@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.

 

Reconciliation of Working Capital
     
Expressed in thousands As at As at
  March 31, 2022 December 31, 2021
Current assets $208,911 $161,762
Current liabilities 40,677 40,554
Working capital $168,234 $121,208
     
 

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

     
Expressed in thousands Three Months Ended March 31
(except for share numbers and per share amounts) 2022 2021
Net income for the period per financial statements $11,662 $12,249
Impairment (reversal) of non-current assets, net of tax ($16,791)
Adjusted net earnings (loss) $11,662 ($4,542)
Basic weighted average share outstanding 171,557,220 159,670,842
Adjusted net earnings (loss) per share $0.07 ($0.03)
     
 

Reconciliation of Mine Operating Cash Flow Before Taxes

     
Expressed in thousands Three Months Ended March 31
  2022 2021
Mine operating earnings per financial statements $20,269 $5,664
Share-based compensation 127 118
Amortization and depletion 6,306 7,496
Mine operating cash flow before taxes $26,702 $13,278
     
 

Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share

     
Expressed in thousands Three Months Ended March 31
(except for per share amounts) 2022 2021
Cash from (used in) operating activities per financial statements $21,733 ($3,923)
Net changes in non-cash working capital per financial statements 1,114 (9,166)
Operating cash flow before working capital changes $20,619 $5,243
Basic weighted average shares outstanding 171,557,220 159,670,842
Operating cash flow before working capital changes per share $0.12 $0.03
     
 

Reconciliation of EBITDA and Adjusted EBITDA

     
Expressed in thousands Three Months Ended March 31
  2022 2021
Net income for the period per financial statements $11,662 $12,249
Depreciation and depletion – cost of sales 6,306 7,496
Depreciation and depletion – exploration 107 79
Depreciation and depletion – general & administration 48 34
Depreciation and depletion – care & maintenance 30 15
Finance costs 177 291
Current income tax expense 1,015 671
Deferred income tax expense 6,222 3,127
EBITDA $25,567 $23,962
Share based compensation 1,527 1,165
Impairment (reversal) of non-current assets, net of tax (16,791)
Adjusted EBITDA $27,094 $8,336
Basic weighted average shares outstanding 171,557,220 159,670,842
Adjusted EBITDA per share $0.16 $0.05

 

 

Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne

 
Expressed in thousands Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
  Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $17,884 $8,837 $26,721 $8,060 $7,105 $3,563 $18,728
Smelting and refining costs included in net revenue 654 654 489 138 627
Opening finished goods (10,093) (2,857) (12,950) (1,509) (250) (642) (2,401)
Finished goods NRV adjustment
Closing finished goods 7,908 2,995 10,903 5,935 204 441 6,580
Direct operating costs 15,699 9,629 25,328 12,486 7,548 3,500 23,534
Royalties 4,234 83 4,317 2,213 68 179 2,460
Special mining duty (1) 731 244 975 257 151 38 446
Direct costs 20,664 9,956 30,620 14,956 7,767 3,717 26,440
By-product gold sales (5,022) (11,488) (16,510) (3,464) (10,529) (4,165) (18,158)
Opening gold inventory fair market value 1,900 4,784 6,684 735 746 1,283 2,764
Closing gold inventory fair market value (3,724) (3,763) (7,487) (1,925) (309) (662) (2,896)
Cash costs net of by-product 13,818 (511) 13,307 10,302 (2,325) 173 8,150
Amortization and depletion 3,910 2,396 6,306 1,593 3,793 2,110 7,496
Share-based compensation 63 64 127 39 40 39 118
Opening finished goods depreciation and depletion (1,965) (635) (2,600) (271) (104) (804) (1,179)
NRV depreciation cost adjustment
Closing finished goods depreciation and depletion 1,689 897 2,586 1,137 118 133 1,388
Total production costs $17,515 $2,211 $19,726 $12,800 $1,522 $1,651 $15,973
               
  Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
  Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 101,253 104,894 206,147 88,632 97,692 23,129 209,453
Payable silver ounces 1,130,448 173,092 1,303,540 915,462 98,988 22,260 1,036,710
               
Cash costs per silver ounce $12.22 ($2.95) $10.21 $11.25 ($23.49) $7.77 $7.86
Total production costs per ounce $15.49 $12.77 $15.13 $13.98 $15.38 $74.17 $15.41
Direct operating costs per tonne $155.05 $91.80 $122.86 $140.87 $77.26 $151.33 $112.36
Direct costs per tonne $204.08 $94.91 $148.53 $168.74 $79.50 $160.71 $126.23
               
               
Expressed in thousands Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
  Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Closing finished goods 7,908 2,995 10,903 5,935 204 441 6,580
Closing finished goods depletion 1,689 897 2,586 1,137 118 133 1,388
Finished goods inventory $9,597 $3,892 $13,489 $7,072 $322 $574 $7,968

 

 

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

 
Expressed in thousands Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
  Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Cash costs net of by-product $13,818 ($511) $13,307 $10,302 ($2,325) $173 $8,150
Operations share-based compensation 63 64 127 39 40 39 118
Corporate general and administrative 2,067 876 2,943 1,588 839 277 2,704
Corporate share-based compensation 917 389 1,306 520 275 91 886
Reclamation – amortization/accretion 65 53 118 12 11 2 25
Mine site expensed exploration 352 250 602 456 234 193 883
Intangible payments 29 12 41 31 31 31 93
Equipment loan payments 245 489 734 308 568 876
Capital expenditures sustaining 5,646 2,426 8,072 4,204 2,734 6,938
All-In-Sustaining Costs $23,202 $4,048 $27,250 $17,460 $2,407 $806 $20,673
Growth exploration and evaluation     2,413       3,007
Growth capital expenditures     4,925       332
All-In-Costs     $34,588       $24,012
               
  Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
  Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 101,253 104,894 206,147 88,632 97,692 23,129 209,453
Payable silver ounces 1,130,448 173,092 1,303,540 915,462 98,988 22,260 1,036,710
Silver equivalent production (ounces) 1,412,010 598,545 2,010,555 1,137,657 600,787 198,376 1,936,820
               
Sustaining cost per ounce $20.52 $23.39 $20.90 $19.07 $24.31 $36.19 $19.94
All-In-costs per ounce     $26.53       $23.16

 

 

Reconciliation of Sustaining Capital and Growth Capital

     
Expressed in thousands Three Months Ended March 31
  2022 2021
Capital expenditures sustaining $8,072 $6,938
Growth capital expenditures 4,925 332
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows $12,997 $7,270

 

 

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

 
Expressed in thousands Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
  Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $17,884 $8,837 $26,721 $8,060 $7,105 $3,563 $18,728
Smelting and refining costs included in net revenue 654 654 489 138 627
Royalties 4,234 83 4,317 2,213 68 179 2,460
Special mining duty 731 244 975 257 151 38 446
Opening finished goods (10,093) (2,857) (12,950) (1,509) (250) (642) (2,401)
Closing finished goods 7,908 2,995 10,903 5,935 204 441 6,580
Direct costs $20,664 $9,956 $30,620 $14,956 $7,767 $3,717 $26,440
               
  Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
  Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Silver production (ounces) 1,133,850 181,105 1,314,955 918,217 106,227 23,656 1,048,100
Average realized silver price ($) 24.38 24.38 24.38 27.17 27.17 27.17 27.17
Silver value ($) 27,643,263 4,415,340 32,058,603 24,947,956 2,886,188 642,734 28,476,877
               
Gold production (ounces) 3,477 5,218 8,695 2,743 6,182 2,184 11,109
Average realized gold price ($) 1,970 1,970 1,970 1,703 1,703 1,703 1,703
Gold value ($) 6,849,690 10,279,460 17,129,150 4,671,329 10,527,946 3,719,352 18,918,627
               
Total metal value ($) 34,492,953 14,694,800 49,187,753 29,619,285 13,414,134 4,362,086 47,395,504
Pro-rated silver costs 80% 30% 65% 84% 22% 15% 60%
Pro-rated gold costs 20% 70% 35% 16% 78% 85% 40%
               
Pro-rated silver costs ($) 16,560 2,991 19,957 12,597 1,671 548 15,886
Pro-rated gold costs ($) 4,104 6,965 10,663 2,359 6,096 3,169 10,554
               
Silver co-product cash costs ($) 14.61 16.52 15.18 13.72 15.73 23.15 15.16
Gold co-product cash costs ($) 1,180 1,335 1,226 860 986 1,451 950

 

 

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

     
Expressed in thousands Three Months Ended March 31
  2022 2021
Gross silver sales $41,884 $16,935
Silver ounces sold 1,717,768 623,379
Realized silver price per ounces $24.38 $27.17
     
Expressed in thousands Three Months Ended March 31
  2022 2021
Gross gold sales $16,510 $18,158
Gold ounces sold 8,381 10,663
Realized gold price per ounces $1,970 $1,703
     

 

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
    March 31, March 31,
      2022     2021  
Revenue   $ 57,740   $ 34,466  
       
Cost of sales:      
Direct production costs     26,721     18,728  
Royalties     4,317     2,460  
Share-based payments     127     118  
Depreciation, depletion and amortization     6,306     7,496  
      37,471     28,802  
       
Mine operating earnings     20,269     5,664  
       
Expenses:      
Exploration and evaluation     3,216     4,130  
General and administrative     4,297     3,523  
Care and maintenance costs     190     521  
Impairment (reversal of impairment) of non-current assets, net         (16,791 )
      7,703     (8,617 )
       
Operating earnings     12,566     14,281  
       
Finance costs     298     291  
       
Other income (expense):      
Foreign exchange     811     (694 )
Investment and other     5,820     2,751  
      6,631     2,057  
       
Earnings before income taxes     18,899     16,047  
       
Income tax expense:      
Current income tax expense     1,015     671  
Deferred income tax expense     6,222     3,127  
      7,237     3,798  
       
Net earnings and comprehensive earnings for the period   $ 11,662   $ 12,249  
       
Basic earnings per share based on net earnings   $ 0.07   $ 0.08  
Diluted earnings per share based on net earnings   $ 0.07   $ 0.07  
       
Basic weighted average number of shares outstanding     171,557,220     159,670,842  
Diluted weighted average number of shares outstanding     174,438,202     163,742,420  
       

 

 

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

 

    March 31, December 31,
      2022     2021  
ASSETS      
       
Current assets      
Cash and cash equivalents   $ 151,014   $ 103,303  
Other investments     13,891     11,200  
Accounts and other receivable     13,382     14,462  
Income tax receivable     171     177  
Inventories     25,011     27,485  
Prepaid expenses     5,542     5,135  
Total current assets     209,011     161,762  
       
Non-current deposits     597     599  
Non-current income tax receivable     3,570     3,570  
Non-current other investments     4,037      
Non-current IVA receivable     5,545     4,256  
Deferred income tax asset         936  
Intangible assets         40  
Right-of-use leased assets     665     664  
Mineral properties, plant and equipment     131,906     122,197  
Total assets   $ 355,331   $ 294,024  
       
LIABILITIES AND SHAREHOLDERS’ EQUITY      
       
Current liabilities      
Accounts payable and accrued liabilities   $ 32,748   $ 31,991  
Income taxes payable     2,901     4,228  
Loans payable     4,805     4,128  
Lease liabilities     204     207  
Total current liabilities     40,658     40,554  
       
Loans payable     7,484     6,366  
Lease liabilities     810     794  
Provision for reclamation and rehabilitation     7,554     7,397  
Deferred income tax liability     6,792     1,506  
Total liabilities     63,298     56,617  
       
Shareholders’ equity      
Common shares, unlimited shares authorized, no par value, issued      
and outstanding 180,561,327 shares (Dec 31, 2021 – 170,537,307 shares)   629,595     585,406  
Contributed surplus     5,106     6,331  
Retained earnings (deficit)     (342,668 )   (354,330 )
Total shareholders’ equity     292,033     237,407  
Total liabilities and shareholders’ equity   $ 355,331   $ 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
    March 31, March 31,
      2022     2021  
Operating activities      
Net earnings for the period   $ 11,662   $ 12,249  
       
Items not affecting cash:      
Share-based compensation     1,527     1,165  
Depreciation, depletion and amortization     6,462     7,624  
Impairment (reversal of impairment) of non-current assets, net         (16,791 )
Deferred income tax expense (recovery)     6,222     3,127  
Unrealized foreign exchange loss (gain)     (136 )   90  
Finance costs     298     291  
Loss (gain) on asset disposal     (59 )   34  
Loss (gain) on other investments     (5,357 )   (2,546 )
Net changes in non-cash working capital     1,114     (9,166 )
Cash from (used in) operating activities     21,733     (3,923 )
       
Investing activities      
Proceeds on disposal of property, plant and equipment     34     556  
Mineral property, plant and equipment     (12,997 )   (7,270 )
Purchase of investments     (1,371 )   (832 )
Proceeds from disposal of marketable securities         4,383  
Redemption of (investment in) non-current deposits     2     (20 )
Cash used in investing activities     (14,332 )   (3,183 )
       
Financing activities      
Repayment of loans payable     (1,083 )   (969 )
Repayment of lease liabilities     (52 )   (42 )
Interest paid     (177 )   (193 )
Public equity offerings     46,001     30,100  
Exercise of options     130     3,798  
Share issuance costs     (2,797 )   (602 )
Performance share unit redemption     (1,897 )    
Cash from financing activities     40,125     32,092  
       
Effect of exchange rate change on cash and cash equivalents     185     (80 )
       
Increase in cash and cash equivalents     47,526     24,986  
Cash and cash equivalents, beginning of the period     103,303     61,083  
Cash and cash equivalents, end of the period   $ 151,014   $ 85,989  

 

Posted May 11, 2022

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