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Endeavour Silver Produces 5,672,703 Oz Silver and 37,858 Oz Gold (8.7 Million Silver Equivalent Oz) in 2023; Improved Fourth Quarter Production Delivers Annual Guidance

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Endeavour Silver Produces 5,672,703 Oz Silver and 37,858 Oz Gold (8.7 Million Silver Equivalent Oz) in 2023; Improved Fourth Quarter Production Delivers Annual Guidance

 

 

 

 

 

Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) reports full year 2023 production of 5,672,703 silver ounces and 37,858 gold oz, for silver equivalent (1) production of 8.7 million oz. Fourth quarter production was 1,396,315 silver oz and 9,440 gold oz for 2.2 million silver equivalent oz.

 

“We are extremely pleased with our strong Q4 production results, which have been driven by initiatives our Operations team implemented to improve both mine and mill productivity” commented Dan Dickson, Chief Executive Officer. He further added, “Implementing these initiatives allowed us to successfully overcome the challenges that affected Q3 production. Not only did Guanaceví’s production return to historical levels, which is expected to be continue into 2024, our recovery plan more than met expectations, allowing us to achieve our annual production guidance with strong fourth-quarter performance. We have now delivered three consecutive years of meeting or exceeding our annual production guidance.”

 

Q4 Highlights

  • Production In-Line with Guidance: Consolidated production in-line with guidance, representing the Company’s third consecutive year of meeting or exceeding production guidance.
  • Guanaceví Improved Performance: Silver grades, gold grades and plant throughput slightly exceeded plan. The plant refurbishments and modifications enhance operational flexibility to exceed the historical throughput of 1,200 tonne per day.
  • Bolañitos Performance Remained Steady: Increased silver production from higher silver grades with similar throughput was offset by lower gold production due to lower gold grades. The variations in grades quarter from quarter is expected, while annual ore grades were within 2% of annual planned grades.
  • Metal Sales and Inventories: Sold 1,332,648 oz silver and 9,417 oz gold during the quarter. Held 476,015 oz silver and 1,411 oz gold of bullion inventory and 11,869 oz silver and 300 oz gold in concentrate inventory at quarter end.
  • Encouraging Brownfields Exploration Results from Guanaceví and Bolañitos: Drilling continued to intersect high-grade silver-gold mineralization in the Santa Cruz vein at Guanaceví (see news release dated October 18, 2023) and intersected multiple mineralized structures near current workings at Bolañitos (see news release dated November 27, 2023).
  • Positive Greenfields Exploration Results from the Parral Project: Drilled over 6,500 metres testing the San Patricio vein and other regional targets (see news release dated October 25, 2023).
  • Appointment of Chief Financial Officer: Elizabeth Senez brings over 20 years’ of experience in accounting, corporate finance, and corporate treasury (see news release dated December 5, 2023).
  • At-The-Market Offering for up to US$60 million: Proceeds to be used for funding development of the Terronera project and other growth initiatives (see news release dated December 18, 2023).

 

Q4 2023 Mine Operations

 

Consolidated silver production decreased 23% to 1,406,423 ounces in Q4 2023 compared to Q4 2022, primarily driven by lower silver production at the Guanaceví mine due to a reduction in silver grade and slightly lower throughput. Although the grades at El Curso have returned to historic averages during Q4 2023, the Company was mining in higher grade areas in Q4 2022. Local third-party ore continued to supplement mine production, totaling 14% of quarterly throughput.

 

Consolidated gold production decreased by 7% to 9,608 ounces compared to Q4 2022, primarily due to lower gold grades mined at the Guanaceví mine. The lower gold production from Guanaceví more than offset the higher gold produced from the Bolañitos mine.

 

At Guanaceví, Q4 2023 throughput was 7% lower than Q4 2022 with silver grades 18% lower and gold grades 17% lower resulting in lower silver and gold production of 24% and 25% respectively.

 

At Bolañitos, Q4 2023 throughput was 4% higher than Q4 2022 with silver grades 10% lower and gold grades 8% higher. Silver production decreased by 10% while gold production increased by 8%. The change in grades was due to typical variations in the mineralized body.

 

Production Highlights

 

Three Months Ended December 31,   Twelve Months Ended December 31,
2023 2022 % Change   2023 2022 % Change
220,464 224,289 (2%) Throughput (tonnes) 874,382 834,542 5%
1,406,423 1,830,835 (23%) Silver ounces produced 5,672,703 5,963,445 (5%)
9,608 10,370 (7%) Gold ounces produced 37,858 37,548 1%
1,396,315 1,816,813 (23%) Payable silver ounces produced 5,627,379 5,912,509 (5%)
9,440 10,196 (7%) Payable gold ounces produced 37,189 36,901 1%
2,175,063 2,660,435 (18%) Silver equivalent ounces produced (1) 8,701,343 8,967,285 (3%)
1,332,648 2,816,882 (53%) Silver ounces sold 5,669,760 6,464,869 (12%)
9,417 11,843 (20%) Gold ounces sold 37,186 38,868 (4%)

Mine-by-mine production in the fourth quarter and the year ended December 31, 2023 was:

 

Q4 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 110,781 1,204 419 1.20 85.2% 87.0% 1,271,679 3,721
Bolañitos 109,683 1,192 45 1.86 84.8% 89.9% 134,744 5,887
Consolidated 220,464 2,396 233 1.53 85.1% 88.8% 1,406,423 9,608

*gpt = grams per tonne
Totals may not add due to rounding

 

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 433,409 1,187 417 1.19 88.0% 90.5% 5,105,237 14,955
Bolañitos 440,973 1,208 47 1.82 85.1% 88.6% 567,466 22,903
Consolidated 874,382 2,396 230 1.51 87.7% 89.3% 5,672,703 37,858

*gpt = grams per tonne
Totals may not add due to rounding

 

Qualified Person

 

Dale Mah, 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.

 

About Endeavour Silver 

 

Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its portfolio of exploration 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.

 

Posted January 9, 2024

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