“Across our portfolio, the operations performed largely in-line with our expectations to deliver our annual production guidance of 8.1- 8.8 million silver equivalent ounces in 2024,” commented
Q1 2024 Highlights
- Guanaceví Continues to Deliver: Silver and gold production were consistent with plan showing higher gold grades and overall recoveries, offset by lower silver grades. Throughput slightly exceeded plan due to plant refurbishments and mining efficiencies that were implemented in 2023.
- Bolañitos Performance Remains Steady: Strong gold production continued from the fourth quarter of 2023. Silver production continued to trend down as lower silver grades were encountered; variations in grades quarter to quarter are expected.
- Metal Sales and Inventories: Sold 1,756,094 oz silver and 10,880 oz gold during the quarter. Held 174,759 oz silver and 394 oz gold bullion inventory and 7,369 oz silver and 385 oz gold in concentrate inventory at quarter end.
Q1 2024 Mine Operations
Consolidated silver production decreased by 10% to 1,460,006 ounces in Q1 2024 compared to Q1 2023, driven by 7% lower silver production at the Guanaceví mine and 32% lower silver production at the Bolañitos mine. Gold production increased by 8% to 10,133 ounces in Q1 2024 compared to Q1 2023 due to 17% higher gold production at the Bolañitos mine, offset by 2% lower gold production at the Guanaceví mine.
In Q1, 2024, Guanaceví throughput was 12% higher than Q1 2023 and silver grades and gold grades were 21% and 12% lower, respectively, which drove the lower silver and gold output. Guanaceví throughput was slightly above plan due to plant refurbishments and modifications implemented last year, while grades were slightly lower due to typical variations in the resource model. 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 2024 throughput was 2% lower than Q1 2023 with 31% lower silver grades offset by 14% higher gold grades. Silver production was 32% lower while gold production was 17% higher at the Bolañitos mine.
Production Highlights
Three Months Ended | ||||||
2024 | 2023 | % Change | ||||
Throughput (tonnes) | 221,794 | 211,073 | 5% | |||
Silver ounces produced | 1,460,006 | 1,623,545 | (10%) | |||
Gold ounces produced | 10,133 | 9,342 | 8% | |||
Payable silver ounces produced | 1,450,308 | 1,608,212 | (10%) | |||
Payable gold ounces produced | 9,948 | 9,184 | 8% | |||
Silver equivalent ounces produced1 | 2,270,677 | 2,370,905 | (4%) | |||
Silver ounces sold | 1,756,094 | 1,667,408 | 5% | |||
Gold ounces sold | 10,880 | 9,126 | 19% |
Q1 2024 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 | 115,004 | 1,263 | 402 | 1.25 | 89.9% | 89.2% | 1,335,742 | 4,124 | ||||||||
Bolañitos | 106,790 | 1,174 | 42 | 1.94 | 86.2% | 90.2% | 124,263 | 6,010 | ||||||||
Consolidated | 221,794 | 2,437 | 229 | 1.58 | 89.5% | 89.8% | 1,460,006 | 10,133 |
*gpt = grams per tonne
Totals may not add up due to rounding
Qualified Person
Q1 2024 Financial Results and Conference Call
Q1 2024 financial results will be released before market open on
Date: | |
Time: | |
Telephone: | International +1-647-484-8814 |
Replay: | International +1-855-669-9658 Passcode is 0771#; audio replay will be available on Company’s website |
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Contact Information
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
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Endnotes
1 Silver equivalent (AgEq)
AgEq is calculated using an 80:1 silver:gold ratio.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of
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 changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in
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, forecasted mine economics as of 2024, 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.
Source:
2024 GlobeNewswire, Inc., source