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Endeavour Silver Corp.
Endeavour Silver Corp.
Registriert in: Kanada WKN: A0DJ0N Rohstoffe:
Art: Originalaktie ISIN: CA29258Y1034 Gold
Silber
Blei
Zink
Heimatbörse: TSX Alternativ: EXK
Währung: CAD    
Symbol: EDR.TO Forum: GoldSeiten-Forum.de

Endeavour Silver Reports 2023 Financial Results: Earnings Conference Call at 9am PST (12pm EST) Time

11.03.2024 | 11:50 Uhr | GlobeNewswire

VANCOUVER, March 11, 2024 - Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces its financial and operating results for the fourth quarter and year ended December 31, 2023. All dollar amounts are in US dollars (US$).

"The path to growth is never a straight line, so our ability to rise above challenges defines our success. During 2023, we kept focused on our main goals, while successfully navigating industry challenges" commented Dan Dickson, CEO of Endeavour Silver. "From a cost perspective, all Mexican miners faced overarching challenges, with persistent cost pressures across various channels. Our operations team demonstrated their resolve to overcome a significant challenge at Guanacevi, by elevating both mine and mill productivity levels above planned targets. As the remediation efforts extended into early Q4, the positive momentum from these initiatives reduced Q4 2023 cost metrics compared to Q3 2023 and will carry forward into the upcoming year."

Mr. Dickson added, "With operating costs at their peak, we remain focused on cost discipline to offset inflationary and foreign exchange pressures while improving productivity. Bringing Terronera into production in late 2024 will provide the base we need for significant production growth and margin expansion as we move down the cost curve. We believe that project execution is our pathway to adding long-term value, as we position ourselves as a top silver investment vehicle for investors seeking industry leading growth."

2023 Financial Highlights

  • Production In-Line with Guidance: Consolidated production of 5,672,703 silver ounces (oz) and 37,858 gold oz for silver equivalent (1) production of 8.7 million oz, representing the Company's third consecutive year of meeting or exceeding production guidance.

  • Revenue: Revenue of $205.5 million from the sale of 5,669,760 oz of silver and 37,186 oz of gold at average realized prices of $23.76 per oz silver and $1,968 per oz gold.

  • Multiple Items Resulted in Escalated Annual Costs; Significant Improvement in Q4: Cash costs(2) of $13.49 per oz payable silver were above guidance due to a strengthened Mexican Peso, inflationary pressures and lower production and All-in Sustaining Costs (2) of $22.93 per oz were above guidance due to the aforementioned higher costs. Fourth quarter cash costs(2) of $12.54 per oz payable silver and all-in sustaining costs (2) of $21.48 signal visible improvement from third quarter costs due to remedial measures implemented at Guanacevi, as productivity improved.

  • Healthy Balance Sheet: Cash position of $35.3 million and $42.5 million in working capital(2). Cash decreased in Q4, as funds were spent on development activities at Terronera. During Q4, the Company raised gross proceeds of $39.3 million through issuances, primarily to fund the activities at Terronera.

  • Cash Flow: $37.0 million in operating cash flow before working capital changes(2), and mine operating cash flow before taxes(2) of $64.4 million.
  • Net Income: Net earnings of $6.1 million, or $0.03 per share, were impacted by inflationary pressures, foreign exchange and higher realized metal prices compared to the prior year.

  • Construction Continues on Schedule at the Terronera Mine: Concrete work is well advanced and erection of steel for the grinding and flotation areas has started at year end (see news release dated February 12, 2024). Overall project progress reached 43% and the project remains on track for commissioning in Q4 2024.

Financial Overview (see appendix for consolidated financial statements)

Three Months Ended December 31 2023 Highlights
Year Ended December 31
2023 2022 % Change 2023 2022 % Change
Production
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%)
12.54 11.65 8% Cash costs per silver ounce(2) 13.49 10.65 27%
17.66 15.03 17% Total production costs per ounce(2)) 18.55 14.70 26%
21.48 19.38 11% All-in sustaining costs per ounce (2) 22.93 19.97 15%
220,464 224,289 (2%) Processed tonnes 874,382 834,542 5%
144.59 135.71 7% Direct operating costs per tonne(2) 141.72 130.80 8%
168.71 177.35 (5%) Direct costs per tonne(2) 171.00 155.63 10%
Financial
50.5 82.0 (38%) Revenue ($ millions) 205.5 210.2 (2%)
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%)
23.78 21.86 9% Realized silver price per ounce 23.76 22.07 8%
2,051 1,783 15% Realized gold price per ounce 1,968 1,814 9%
3.0 8.0 62% Net earnings (loss) ($ millions) 6.1 6.2 1%
3.6 8.1 56% Adjusted net earnings (loss) (2) ($ millions) 1.7 6.9 (76%)
5.4 21.7 (75%) Mine operating earnings ($ millions) 36.6 51.5 (29%)
12.6 30.7 (59%) Mine operating cash flow before taxes ($ millions)(2) 64.4 78.5 (18%)
9.8 22.5 (56%) Operating cash flow before working capital changes(2) 37.0 54.0 (31%)
8.3 22.7 (63%) EBITDA(2) ($ millions) 47.9 51.9 (8%)
42.5 93.6 (55%) Working capital (2) ($ millions) 42.5 93.6 (55%)
Shareholders
0.01 0.04 (75%) Earnings (loss) per share - basic ($) 0.03 0.03 0%
0.02 0.04 (50%) Adjusted earnings (loss) per share - basic ($)(2) 0.01 0.04 (75%)
0.05 0.12 (59%) Operating cash flow before working capital changes per share(2) 0.19 0.30 (37%)
207,932,318 189,993,085 9% Weighted average shares outstanding 196,018,623 183,009,339 7%

(1) Silver equivalent (AgEq) is calculated using an 80:1 silver:gold ratio.

(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company's financial statements on SEDAR+ at www.sedarplus.ca.

Year Ended December 31, 2023

For the year ended December 31, 2023, revenue, net of $2.4 million of smelting and refining costs, decreased by 2% to $205.5 million (2022: $210.2 million).

The decrease in revenue is attributed to lower production compared to 2022 but was partially offset by higher precious metal prices realized during the year. During the period, the Company sold 5,669,760 oz silver and 37,186 oz gold for realized prices of $23.76 and $1,968 per oz, respectively, compared to sales of 6,464,869 oz silver and 38,868 oz gold for realized prices of $22.07 and $1,814 per oz, respectively, in 2022.

After cost of sales of $168.9 million (2022: $158.6 million), an increase of 6%, mine operating earnings were $36.6 million (2022: $51.5 million). The increase in cost of sales, despite lower sales, was due to higher costs as a result of inflation on a number of direct inputs, the impact of the appreciation of the Mexican peso on labour costs and direct inputs and higher royalty costs. Royalties increased 25% to $22.2 million (2022: $17.8 million) due to increased mining of the high-grade El Curso and El Porvenir extensions at the Guanaceví operation, which are subject to significant royalty rates.

The Company had operating earnings of $8.7 million (2022: $23.5 million) after exploration, evaluation and development costs of $15.1 million (2022: $16.2 million), general and administrative costs of $12.4 million (2022: $10.6 million), and a write-off of exploration properties of $0.4 million (2022: $0.7 million). In 2022, there were also care and maintenance costs of $0.6 million related to the El Compas mine which was sold in late 2022.

Earnings before income taxes were $18.2 million (2022: $25.0 million) after finance costs of $1.4 million (2022: $1.3 million), a foreign exchange gain of $4.7 million (2022: $1.9 million), a net gain on disposal of assets of $7.1 million primarily generated by the gain on the sale of the Cozamin royalty (2022: $2.5 million primarily from the gain on the sale of El Compas mine) and investment and other expense of $0.8 million (2022: $1.6 million).

The Company realized net earnings for 2023 of $6.1 million (2022: $6.2 million) after a tax expense of $12.1 million (2022: $18.7 million). Current income tax expense increased to $11.3 million (2022: $6.4 million) while deferred income tax expense decreased to $0.8 million (2022: $12.4 million) The deferred income tax expense of $0.8 million is derived from changes in temporary timing differences between deductions for accounting versus deductions for tax. During 2022, the changes in deferred taxes were driven primarily by the utilization of loss carryforwards at Guanacevi with no further loss carryforwards available to offset against current income tax in 2023.

Direct operating costs(2) on a per tonne basis increased to $141.72, up 8% compared with 2022 due to higher operating costs. Guanaceví and Bolañitos have seen increased labour, power and consumables costs primarily driven by inflationary pressure as well as the impact of a strengthened Mexican Peso. Direct costs per tonne (2) increased to $171.00, up 10% compared to 2022 due to the increase in direct operating costs as well as the increase in royalty costs.

Consolidated cash costs per oz, net of by-product credits, increased to $13.49 primarily due to the higher direct costs per tonne and a reduction in production partially offset by higher gold credits. All-in sustaining costs increased 15% to $22.93 per oz in 2023 due to the higher cash costs, an increase in allocated general and administrative expenses partially offset by a decrease in capital expenditures.

Consolidated cash costs per oz, net of by-product credits of $13.49 exceeded cash cost guidance of between a $10.00 and $11.00 range, primarily due to higher direct costs which were impacted by a strengthened Mexican Peso and higher inflationary pressure than anticipated. Cash costs, on a per ounce basis, were also impacted by realized production being on the lower end of guidance. All-In-Sustaining Costs ("AISC") of $22.93 on a per oz basis was above guidance of $19.00 to $20.00 per ounce and similarly impacted by the increased costs.

The complete financial statements and management's discussion & analysis can be viewed on the Company's website, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. All shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Investor Relations at 604-640-4804, toll free at 1-877- 685-9775 or by email at gmeleger@edrsilver.com

Conference Call

A conference call to discuss the Company's annual 2023 financial results will be held today at 9:00 a.m. PT / 12:00 p.m. ET. To participate in the conference call, please dial the numbers below.

Date & Time: Monday, March 11, 2024 at 9:00 a.m. PT / 12:00 p.m. ET
Telephone: Toll-free in Canada and the US +1-800-319-4610
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 Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 0627#. The replay will also be available on the Company's website at www.edrsilver.com.

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.

Contact Information:

Galina Meleger, VP, Investor Relations Email: gmeleger@edrsilver.com Website: www.edrsilver.com

Follow Endeavour Silver on Facebook, X, Instagram and LinkedIn

Endnotes

1 Silver equivalent (AgEq)

AgEq is calculated using an 80:1 silver:gold ratio.

2 Non-IFRS and Other Financial Measures and ratios

Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, all-in sustaining cost ("AISC") per ounce, direct operating costs per tonne, direct costs per tonne, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA per share and sustaining and growth capital.

Please see the December 31, 2023, MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards ("IFRS"), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section "Non-IFRS Measures" in the December 31, 2023 MD&A available on SEDAR+ at www.sedarplus.ca.

Reconciliation of Working Capital

Expressed in thousands US dollars As at December 31, 2023 As at December 31, 2022
Current assets $100,773 $146,333
Current liabilities 58,244 52,749
Working capital $42,529 $93,584


Reconciliation
of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share

Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
(except for share numbers and per share amounts) 2023 2022 2023 2022
Net earnings (loss) for the period per financial statements $7,961 $7,961 $6,201 $6,201
Gain on sale of Cozamin royalty - - (6,990) -
Gain on disposal of El Compas mine and equipment, net of tax - - - (2,733)
Change in fair value of investments 525 104 2,522 3,470
Adjusted net earnings (loss) $3,574 $8,065 $1,655 $6,938
Basic weighted average share outstanding 207,932,318 189,993,085 196,018,623 183,009,339
Adjusted net earnings (loss) per share $0.02 $0.04 $0.01 $0.04


Reconciliation
of Mine Operating Cash Flow Before Taxes

Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
2023 2022 2023 2022
Mine operating earnings per financial statements $5,352 $21,655 $36,611 $51,525
Share-based compensation 44 89 (74) 442
Amortization and depletion 7,181 8,945 27,885 25,179
Provision for warehouse inventory - - - 1,323
Mine operating cash flow before taxes $12,577 $30,689 $64,422 $78,469


Reconciliation
of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share

Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
(except for per share amounts) 2023 2022 2023 2022
Cash from (used in) operating activities per financial statements $6,706 $44,391 $11,771 $54,993
Net changes in non-cash working capital per financial statements (3,085) 21,924 (25,243) 967
Operating cash flow before working capital changes $9,791 $22,467 $37,014 $54,026
Basic weighted average shares outstanding 207,932,318 189,993,085 196,018,623 183,009,339
Operating cash flow before working capital changes per share $0.05 $0.12 $0.19 $0.30


Reconciliation
of EBITDA and Adjusted EBITDA

Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
2023 2022 2023 2022
Net earnings (loss) for the period per financial statements $3,049 $3,049 $6,123 $6,123
Depreciation - cost of sales 7,181 7,181 27,885 27,885
Depreciation - exploration 80 80 528 528
Depreciation - general & administration 197 197 376 376
Finance costs 164 233 822 816
Current income tax expense 207 2,850 11,344 6,376
Deferred income tax expense (2,544) 2,345 786 12,372
EBITDA $8,334 $22,668 $47,864 $51,853
Share based compensation 714 619 3,618 3,878
Gain on sale of Cozamin royalty - - (6,990) -
Gain on disposal of El Compas mine and equipment, net of tax - - - (2,733)
Change in fair value of investments 525 104 2,522 3,470
Adjusted EBITDA $9,573 $23,391 $47,014 $56,468


Reconciliation
of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne

Expressed in thousands US dollars Years Ended December 31, 2023 Years Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial statements $79,842 $38,989 $118,831 $74,423 $39,457 $113,880
Smelting and refining costs included in net revenue - 2,451 2,451 - 3,029 3,029
Opening finished goods (4,953) (245) (5,198) (10,093) (2,857) (12,950)
Closing finished goods 7,137 699 7,836 4,953 245 5,198
Direct operating costs 82,026 41,894 123,920 69,283 39,874 109,157
Royalties 21,937 273 22,210 17,554 257 17,811
Special mining duty (1) 2,862 530 3,392 2,612 302 2,914
Direct costs 106,825 42,697 149,522 89,449 40,433 129,882
By-product gold sales (29,273) (43,925) (73,198) (27,569) (42,932) (70,501)
Opening gold inventory fair market value 2,740 354 3,094 1,900 4,784 6,684
Closing gold inventory fair market value (2,909) (619) (3,528) (2,740) (354) (3,094)
Cash costs net of by-product 77,383 (1,493) 75,890 61,040 1,931 62,971
Amortization and depletion 15,481 12,404 27,885 14,129 11,050 25,179
Share-based compensation (17) (57) (74) 221 221 442
Opening finished goods depreciation (862) (79) (941) (1,965) (635) (2,600)
Closing finished goods depreciation 1,459 197 1,656 862 79 941
Total production costs $93,444 $10,972 $104,416 $74,287 $12,646 $86,933


Year Ended December 31, 2023 Year Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 433,409 440,973 874,382 412,303 422,239 834,542
Payable silver ounces 5,089,921 537,458 5,627,379 5,340,553 587,978 5,912,509
Cash costs per silver ounce $15.20 ($2.78) $13.49 $11.46 $3.28 $10.65
Total production costs per ounce $18.36 $20.41 $18.55 $13.95 $21.51 $14.70
Direct operating costs per tonne $189.26 $95.00 $141.72 $168.04 $94.43 $130.80
Direct costs per tonne $246.48 $96.82 $171.00 $216.95 $95.76 $155.63


Expressed in thousands US dollars Three Months Ended December 31, 2023 Three Months Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial statements 22,956 9,861 32,817 33,586 9,235 42,821
Smelting and refining costs included in net revenue - 506 506 - 694 694
Opening finished goods (8,627) (656) (9,283) (18,080) (195) (18,275)
Closing finished goods 7,137 699 7,836 4,953 245 5,198
Direct operating costs 21,466 10,410 31,876 20,459 9,979 30,438
Royalties 5,033 72 5,105 8,430 49 8,479
Special mining duty (1) 62 151 213 845 16 861
Direct costs 26,561 10,633 37,194 29,734 10,044 39,778
By-product gold sales (7,045) (12,271) (19,316) (11,591) (9,527) (21,118)
Opening gold inventory fair market value 2,345 815 3,160 5,368 240 5,608
Closing gold inventory fair market value (2,909) (619) (3,528) (2,740) (354) (3,094)
Cash costs net of by-product 18,952 (1,442) 17,510 20,771 403 21,174
Depreciation 3,942 3,239 7,181 6,160 2,785 8,945
Share-based compensation 33 11 44 45 44 89
Opening finished goods depreciation (1,509) (222) (1,731) (3,776) (60) (3,836)
Closing finished goods depreciation 1,459 197 1,656 862 79 941
Total production costs $22,877 $1,783 $24,660 $24,062 $3,251 $27,313


Three Months Ended December 31, 2023 Three Months Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 110,781 109,683 220,464 119,305 104,984 224,289
Payable silver ounces 1,267,864 128,451 1,396,315 1,675,322 141,491 1,816,813
Cash costs per silver ounce $14.95 ($11.23) $12.54 $12.40 $2.85 $11.65
Total production costs per ounce $18.04 $13.88 $17.66 $14.36 $22.98 $15.03
Direct operating costs per tonne $193.77 $94.91 $144.59 $171.48 $95.05 $135.71
Direct costs per tonne $239.76 $96.94 $168.71 $249.23 $95.67 $177.35


Reconciliation
of All-In Costs Per Ounce and AISC per ounce

Expressed in thousands US dollars Year Ended December 31, 2023 Year Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $77,383 ($1,493) $75,890 $61,040 $1,931 $62,971
Operations share-based compensation (17) (57) (74) 221 221 442
Corporate general and administrative 6,354 2,419 8,773 5,439 1,951 7,390
Corporate share-based compensation 2,328 886 3,214 2,214 795 3,009
Reclamation - amortization/accretion 313 263 576 268 211 479
Mine site expensed exploration 1,354 1,352 2,706 1,351 1,158 2,509
Intangible payments - - - 30 11 41
Equipment loan payments 819 1,805 2,624 981 1,955 2,936
Capital expenditures sustaining 24,631 10,708 35,339 26,561 11,756 38,317
All-In-Sustaining Costs $113,164 $15,884 $129,048 $98,105 $19,989 $118,094
Growth exploration and evaluation 11,401 12,626
Growth capital expenditures 82,448 35,450
All-In-Costs $222,897 $166,170


Year Ended December 31, 2023 Year Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 433,409 440,973 874,382 412,303 422,239 834,542
Payable silver ounces 5,089,921 537,458 5,627,379 5,324,531 587,978 5,912,509
Silver equivalent production (ounces) 6,301,637 2,399,706 8,701,343 6,599,353 2,367,932 8,967,285
Sustaining cost per ounce $22.23 $29.55 $22.93 $18.43 $34.00 $19.97


Expressed in thousands US dollars Three Months Ended December 31, 2023 Three Months Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $18,952 ($1,442) $17,510 $20,771 $403 $21,174
Operations share-based compensation 33 11 44 45 44 89
Corporate general and administrative 1,423 550 1,973 1,771 506 2,277
Corporate share-based compensation 404 156 560 365 67 432
Reclamation - amortization/accretion 78 66 144 70 53 123
Mine site expensed exploration 286 350 636 323 295 618
Equipment loan payments 140 340 480 245 489 734
Capital expenditures sustaining 5,944 2,700 8,644 6,653 3,103 9,756
All-In-Sustaining Costs $27,259 $2,732 $29,991 $30,243 $4,960 $35,203
Growth exploration and evaluation 1,609 4,170
Growth capital expenditures 32,826 18,672
All-In-Costs $64,426 $58,045


Three Months Ended December 31, 2023 Three Months Ended December 31, 2022
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 110,781 109,683 220,464 119,305 104,984 224,289
Payable silver ounces 1,267,864 128,451 1,396,315 1,675,322 141,491 1,816,813
Silver equivalent production (ounces) 1,569,359 605,704 2,175,063 2,075,243 585,192 2,660,435
Sustaining cost per ounce $21.50 $21.27 $21.48 $18.05 $35.06 $19.38


Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
2023 2022 2023 2022
Mine site expensed exploration $636 $618 $2,706 $2,509
Growth exploration, evaluation and development 1,609 4,170 11,401 12,626
Total exploration, evaluation and development 2,245 4,788 14,107 15,135
Exploration, evaluation and development depreciation 80 276 528 624
Exploration, evaluation and development share-based compensation 110 99 478 427
Exploration, evaluation and development expense $2,435 $5,163 $15,113 $16,186


Reconciliation
of Sustaining Capital and Growth Capital

Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
2023 2022 2023 2022
Capital expenditures sustaining $8,644 $9,756 $35,339 $38,317
Growth capital expenditures 32,826 18,672 82,448 35,450
Acquisition capital expenditures - (50) - 35,948
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows $41,470 $28,378 $117,787 $109,715


Reconciliation
of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce

Expressed in thousands US dollars Three Months Ended December 31
Years Ended December 31
2023 2022 2023 2022
Gross silver sales $31,689 $61,565 $134,716 $142,688
Silver ounces sold 1,332,648 2,816,881 5,669,760 6,464,868
Realized silver price per ounces $23.78 $21.86 $23.76 $22.07


Expressed in thousands US dollars
Three Months Ended December 31

Years Ended December 31
2023 2022 2023 2022
Gross gold sales $19,316 $21,118 $73,198 $70,501
Gold ounces sold 9,417 11,843 37,186 38,868
Realized gold price per ounces $2,051 $1,783 $1,968 $1,814


Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the development and financing of the Terronera Project including: anticipated timing of the project; anticipated timing of completion of conditions precedent to drawdown under the Debt Facility, estimated project economics, Terronera's forecasted operations, costs and expenditures, and the timing and results of various related activities, Endeavour's anticipated performance in 2024 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

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 Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; satisfaction of conditions precedent to drawdown under the Debt Facility; the ongoing effects of inflation and supply chain issues on the Terronera Project economics; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

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.

Appendix

Endeavour Silver Corp.
CONSOLIDATED STATEMENTS OFCOMPREHENSIVE EARNINGS (LOSS)
(expressed in thousands of US dollars, except for shares and per share amounts)

Years ended
December 31, December 31,
2023 2022
Revenue $ 205,463 $ 210,160
Cost of sales:
Direct production costs 118,831 113,880
Royalties 22,210 17,811
Share-based payments (74 ) 442
Depreciation 27,885 25,179
Write down of inventory to net realizable value - 1,323
168,852 158,635
Mine operating earnings 36,611 51,525
Expenses:
Exploration, evaluation and development 15,113 16,186
General and administrative 12,363 10,613
Care and maintenance costs - 580
Write off of mineral properties 435 682
27,911 28,061
Operating earnings 8,700 23,464
Finance costs 1,398 1,300
Other income (expense):
Foreign exchange gain 4,709 1,853
Gain on asset disposal 7,072 2,503
Investment and other (830 ) (1,571 )
10,951 2,785
Earnings before income taxes 18,253 24,949
Income tax expense:
Current income tax expense 11,344 6,376
Deferred income tax expense 786 12,372
12,130 18,748
Net earnings and comprehensive earnings $ 6,123 $ 6,201
Basic earnings per share $ 0.03 $ 0.03
Diluted earnings per share $ 0.03 $ 0.03
Basic weighted average number of shares outstanding 196,018,623 183,009,339
Diluted weighted average number of shares outstanding 197,764,799 185,349,634


Endeavour Silver Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(expressed in thousands of US dollars)

December 31, December 31,
2023 2022
ASSETS
Current assets
Cash and cash equivalents $ 35,286 $ 83,391
Other investments 5,135 8,647
Accounts and other receivables 22,276 14,136
Income tax receivable 3,268 4,024
Inventories 27,258 19,184
Prepaids and other asets 7,550 16,951
Total current assets 100,773 146,333
Non-current income tax receivable 4,262 3,570
Non-current other investments - 1,388
Non-current IVA receivable 23,320 10,154
Non-current loan receivable 1,874 2,729
Right-of-use leased assets 706 806
Deferred financing fees 7,545 -
Other non-current assets 21,670 565
Mineral properties, plant and equipment 314,657 233,892
Total assets $ 474,807 $ 399,437
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 46,146 $ 39,831
Income taxes payable 7,801 6,616
Loans payable 3,861 6,041
Lease liabilities 436 261
Total current liabilities 58,244 52,749
Loans payable 4,658 8,469
Lease liabilities 575 812
Provision for reclamation and rehabilitation 8,745 7,601
Deferred income tax liability 13,730 12,944
Other non-current liabilities 2,514 968
Total liabilities 88,466 83,543
Shareholders' equity
Common shares, unlimited shares authorized, no par value, issued, issuable
and outstanding 217,245,492 shares (Dec 31, 2022 - 189,995,563 shares) 722,695 657,866
Contributed surplus 4,556 6,115
Retained deficit (340,910 ) (348,087 )
Total shareholders' equity 386,341 315,894
Total liabilities and shareholders' equity $ 474,807 $ 399,437


Endeavour Silver Corp.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in thousands of US dollars)

Years ended
December 31, December 31,
2023 2022
Operating activities
Net earnings for the year $ 6,123 $ 6,201
Items not affecting cash:
Share-based compensation 3,617 3,878
Depreciation 28,789 26,088
Deferred income tax expense 786 12,372
Unrealized foreign exchange loss 1,421 - 344
Finance costs 1,398 1,300
Accretion of loans receivable (395 ) (97 )
Long term employee benefits 1,508 968
Write off of exploration properties 435 682
Write down of warehouse inventory to net realizable value - 1,323
Gain on asset disposal (7,072 ) (2,503 )
Loss on other investments 2,522 3,470
Performance and deferred share units settled in cash (2,118 ) -
Net changes in non-cash working capital (25,243 ) 967
Cash from operating activities 11,771 54,993
Investing activities
Proceeds from disposal of property, plant and equipment 7,567 350
Payment for mineral properties, plant and equipment (117,787 ) (109,715 )
Purchase of other investments (73 ) (2,119 )
Proceeds from disposal of other investments 2,451 -
Redemption of (investment in) non-current deposits (153 ) 34
Cash used in investing activities (107,995 ) (111,450 )
Financing activities
Repayment of loans payable (5,991 ) (5,054 )
Repayment of lease liabilities (342 ) (219 )
Interest paid (822 ) (790 )
Proceeds from public equity offerings 62,656 46,001
Proceeds from exercise of options 2,453 1,607
Payment of deferred financing fees (7,545 ) -
Proceeds from loans receivable 800 -
Payment of share issuance costs (1,990 ) (2,885 )
Performance and deferred share units witholding tax settlement (294 ) (1,904 )
Cash from financing activities 48,925 36,756
Effect of exchange rate change on cash and cash equivalents (806 ) (211 )
Decrease in cash and cash equivalents (48,105 ) (19,912 )
Cash and cash equivalents, beginning of the year 83,391 103,303
Cash and cash equivalents, end of the year $ 35,286 $ 83,391

 
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