(MENAFN- Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas, reports on trading for Endeavour Silver Corp. (NYSE: EXK; TSX: EDR ), a mid-tier precious metals company.
The stock is trading at $4.4700, up 0.7200, gaining 19.20% on the TSX with a high of $4.52. On the NYSE the stock is trading at $3.2700, up over 19%.
Endeavour announced its financial and operating results for the three months ended March 31, 2024. All dollar amounts are in US dollars ($).
"We are pleased to report a solid start to the year with consolidated production and operating costs meeting expectations," stated Dan Dickson, CEO of Endeavour Silver. "Guanacevi continues to perform well, generating operating cash flow which we are reinvesting in the business. The higher precious metal prices will further enhance our cash flow, as we advance Terronera towards commissioning in late 2024."
Q1 2024 Highlights
Production Tracking Towards Upper Range of Guidance: 1,460,006 ounces (oz) of silver and 10,133 oz of gold for 2.3 million oz silver equivalent (AgEq)(1).
Strong Revenue from Higher Realized Prices: $63.7 million from the sale of 1,756,094 oz of silver and 10,880 oz of gold at average realized prices of $23.47 per oz silver and $2,114 per oz gold.
Cash Flow: $10.2 million in operating cash flow before working capital changes(2), a decrease of 18% from Q1 2023.
Operating Costs: Cash costs(2) of $13.19 per oz payable silver and all-in sustaining costs(2) of $21.44 per oz payable silver, net of gold credits. Cash costs(2) and all-in sustaining costs were below guidance mostly due to a higher gold by-product credit.
Balance Sheet: Cash position of $34.9 million and working capital(2) of $56.4 million. Cash decreased as funds were spent on development activities at Terronera. The Company raised gross proceeds of $38.9 million through issuances, primarily to fund the activities at Terronera.
Drawdown on Terronera Senior Secured Debt Facility: Subsequent to quarter end, the company announced the first drawdown of $60 million of the $120 million senior secured debt facility and executed hedge contract terms (see news release dated April 10, 2024).
Construction Continues on Schedule at the Terronera Mine: Overall project progress reached 53% and the project remains on track for commissioning in Q4 2024. Construction activities are advancing with a focus on mechanical and vertical installation (see news release dated April 23, 2024).
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