“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
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 datedOctober 18, 2023 ) and intersected multiple mineralized structures near current workings at Bolañitos (see news release datedNovember 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 datedOctober 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 datedDecember 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 datedDecember 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 | Twelve Months Ended | |||||
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
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
2023 Financial Results and Conference Call
The Company’s annual 2023 financial results will be released before markets open on
Date & Time: | ||
Telephone: | Toll-free in 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 |
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in
Contact Information:
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
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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.
End Note: (1) Silver equivalent calculated using an 80:1 silver: gold ratio
Source:
2024 GlobeNewswire, Inc., source