
Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to report second quarter 2022 production of 1,359,207 silver ounces and 9,289 gold oz, for silver equivalent1 production of 2.1 million oz. Production continues to outpace the 2022 production guidance of 6.7-7.6 million silver equivalent ounces, totaling 4.1 million AgEq oz for the six months ended June 30, 2022.
“Amid ongoing turmoil in the markets due to supply constraints, continued inflation concerns, and uncertainty from the raising of interest rates from historical lows, we had another solid quarter of production” stated Dan Dickson, Chief Executive Officer. “Despite the current macro trends, the Company and precious metals outlook remains optimistic. Given our positive view for short-term precious metal prices, we are comfortable holding back bullion inventory over the quarter for future sale.”
“First half production results exceeded plan, so we are well positioned to exceed our guidance for the year. The exceptional ore grades at Guanacevi have put us in this position. While it’s has been gratifying to see grades reach new highs, we expect grades to align with or be slightly above plan for the second half of the year.”
Q2 2022 Highlights
Subsequent to the Quarter End
Q2 2022 Mine Operations
Consolidated silver production increased 27% to 1,359,207 ounces in Q2 2022 compared to Q2 2021, primarily driven by increased silver production at the Guanacevi mine. The El Curso orebody has led to significantly higher grades than planned, allowing for production targets to be met during a period of decreased plant throughput. Local third-party ores continued to supplement mine production, amounting to 17% of quarterly throughput and contributing to the higher ore grades. Guanacevi throughput was 16% lower than prior quarter and lower than plan due to installation of a new cone crusher, which will allow throughput to rise for the second half of the year. Management is reviewing alternatives to further increase throughput above the current 1,200 tpd capacity with changes in areas including grinding and leach.
Gold production decreased by 17% to 9,289 ounces primarily due lower gold grades mined at the Bolañitos mine. The increased gold production from Guanacevi offset the gold produced from the El Compas mine, which suspended operations in Q3, 2021.
Bolañitos Q2 2022 throughput was consistent with Q2 2021 with silver grades 38% higher and gold grades 17% lower. Silver production increased by 37% while gold production decreased by 17% at the Bolañitos mine. The change in grades were due to typical variations in the ore body.
Production Highlights for the Three and Six Months Ended June 30, 2022
Three Months Ended June 30, | Six Months Ended June 30, | |||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |
201,361 | 242,018 | (17%) | Throughput (tonnes) | 407,508 | 451,471 | (10%) |
1,359,207 | 1,073,724 | 27% | Silver ounces produced | 2,674,162 | 2,121,824 | 26% |
9,289 | 11,166 | (17%) | Gold ounces produced | 17,984 | 22,275 | (19%) |
1,346,276 | 1,062,267 | 27% | Payable silver ounces produced | 2,649,816 | 2,098,977 | 26% |
9,117 | 10,955 | (17%) | Payable gold ounces produced | 17,666 | 21,849 | (19%) |
2,102,327 | 1,967,004 | 7% | Silver equivalent ounces produced | 4,112,882 | 3,903,824 | 5% |
602,894 | 1,120,266 | (46%) | Silver ounces sold | 2,320,662 | 1,743,645 | 33% |
9,792 | 9,810 | (0%) | Gold ounces sold | 18,173 | 20,473 | (11%) |
Production Tables for Q2 2022 by Mine
Mine-by-mine production in the second quarter and first half of 2022 was:
Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold |
by mine | Processed | per day | Ag gpt* | Au gpt* | Ag % | Au % | Oz | Oz |
Guanaceví | 94,017 | 1,045 | 465 | 1.37 | 85.0% | 88.9% | 1,194,150 | 3,680 |
Bolañitos | 107,344 | 1,193 | 54 | 1.77 | 88.6% | 91.8% | 165,057 | 5,609 |
Consolidated | 201,361 | 2,237 | 246 | 1.58 | 85.4% | 90.6% | 1,359,207 | 9,289 |
*gpt = grams per tonne
Production Tables for the Six Months Ended June 30, 2022 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 | 195,270 | 2,170 | 435 | 1.28 | 85.2% | 89.1% | 2,328,000 | 7,157 |
Bolañitos | 212,238 | 2,358 | 57 | 1.75 | 89.0% | 90.7% | 346,162 | 10,827 |
Consolidated | 407,508 | 4,528 | 238 | 1.52 | 85.7% | 90.0% | 2,674,162 | 17,984 |
*gpt = grams per tonne
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.
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