Endeavour Silver Corp. (NYSE:EXK)(TSX:EDR) announced today its financial results
for the year ended December 31, 2013, based on the Company's ninth consecutive
year of growing silver and gold production. Endeavour owns and operates three
underground silver-gold mines in Mexico: the Guanacevi mine in Durango state,
and the Bolanitos and El Cubo mines in Guanajuato state.
The complete financial statements and Management's Discussion & Analysis can be
viewed on the Company's website, on SEDAR at www.sedar.com and EDGAR at
www.sec.gov. All amounts are reported in US$.
Highlights of Fiscal 2013 (Compared to Fiscal 2012)
Financial
-- Net loss of $89.5 million ($0.90 per share) compared to net earnings of
$42.1 million ($0.45 per share)
-- Adjusted earnings(1)decreased 72% to $11.1 million ($0.11 per share)
compared to $40.2 million ($0.43 per share)
-- EBITDA(1)increased 10% to $100.0 million
-- Cash flow from operations before working capital changes decreased 2% to
$81.6 million
-- Mine operating cash flow(1)increased 2% to $116.9 million
-- Revenue increased 33% to $276.8 million
-- Realized silver price fell 25% to $23.10 per ounce (oz) sold (consistent
with 2013 average spot price)
-- Realized gold price fell 18% to $1,375 per oz sold (consistent with 2013
average spot price)
-- Cash costs(1)rose 8% to $7.92 per oz silver payable (net of gold
credits)
-- All-in sustaining costs fell 21% to $18.31 per oz silver payable (net of
gold credits)
-- Cash and equivalents rose 88% to $35 million at year-end compared to $19
million
Operations
-- Silver production increased 52% to 6,813,069 oz
-- Gold production jumped 95% to 75,578 oz
-- Silver equivalent production escalated 67% to 11.3 million oz (at a 60:1
silver:gold ratio)
-- Bullion inventory at year-end included 51,000 oz silver and 198 oz gold
-- Concentrate inventory available for sale at year-end was nil
-- Successfully completed the El Cubo plant reconstruction on time and
budget
-- Plant throughputs, ore grades and metal recoveries were higher at all
three mines
Highlights of Fourth Quarter 2013 (Compared to Fourth Quarter 2012)
Financial
-- Net loss of $115.8 million ($1.16 per share) compared to net earnings of
$14.8 million ($0.15 per share)
-- Adjusted loss of $12.1 million ($0.12 per share) compared to adjusted
earnings of $12.9 million ($0.13 per share)
-- EBITDA(1) fell 18% to $23.0 million
-- Cash flow from operations before working capital changes decreased 12%
to $18.0 million
-- Revenue increased 2% to $67.9 million on 2,155,326 silver oz sold and
18,960 gold oz sold
-- Realized silver price fell 38% to $20.52 per oz sold
-- Realized gold price fell 28% to $1,246 per oz sold
-- Cash costs(1) fell 39% to $7.46 per oz silver payable (net of gold
credits)
-- El Cubo cash costs(1) fell 83% to $6.65 per oz silver payable (net of
gold credits)
-- All-in sustaining costs fell 49% to $14.24 per oz silver payable (net of
gold credits)
Operations
-- Silver production up 56% to 1,931,717 oz
-- Gold production up 37% to 17,686 oz
-- Silver equivalent production up 49% to 3.0 million oz (at a 60:1
silver:gold ratio)
-- Plant throughputs, ore grades and metal recoveries were higher at all
three mines
(1) Adjusted earnings, mine operating cash flow, EBITDA and cash costs are
non-IFRS measures. Please refer to the definitions in the Company's Management
Discussion & Analysis.
Endeavour CEO Bradford Cooke stated: "We delivered another record year of silver
and gold production and revenue in 2013. In spite of achieving higher
throughput, grades and recoveries at all three mines, our earnings were hit by
lower metal prices and reduced carrying values at El Cubo and Guanacevi plus a
deferred tax liability related to the new mining taxes in Mexico.
"Nonetheless, significant progress was made in 2013, particularly in the El Cubo
mine performance and operating costs. The single digit cash costs are what
management originally modelled long term for El Cubo when it acquired the mine
in 2012. The operating turn-around at El Cubo still has two quarters to
completion but the transformation thus far has been very satisfying."
Financial Results (Consolidated Statement of Operations appended below)
For the year ended December 31, 2013, the Company generated revenue totaling
$276.8 million (2012 - $208.1 million). During the year, the Company sold
7,151,963 oz silver and 81,119 oz gold at realized prices of $23.10 and $1,375
per oz respectively, compared to sales of 4,815,073 oz silver and 35,167 oz gold
at realized prices of $30.99 and $1,674 per oz respectively in 2012.
After cost of sales of $219.9 million (2012 - $130.1 million), mine operating
earnings amounted to $56.9 million (2012 - $78.0 million) from mining and
milling operations in Mexico.
Excluding depreciation and depletion of $53.6 million (2012 - $29.7 million),
stock-based compensation of $0.5 million (2012- $0.5 million), and a write-down
of inventory of $5.9 million (2012 - $6.2), mine operating cash flow before
taxes was $116.9 million (2012 - $114.4 million) in 2013. Operating loss was
$102.9 million (2012 - earnings of $53.6 million) driven by impairment charges
of $95.8 million on the Guanacevi and El Cubo mines and a $39.2 million
impairment of El Cubo goodwill.
At December 31, 2013, the Company determined there were several indicators of
potential impairment of its producing mineral properties which include the
sustained decline in precious metal prices, the Mexican tax reform and a
reduction of the Guanacevi estimated reserves and resources. The net after-tax
impairment totaled $104.3 million. As a result, net earnings fell from $42.1
million to a loss of $89.5 million in 2013.
Net earnings also included a mark-to-market derivative liabilities gain related
to share purchase warrants issued in 2009 denominated in Canadian dollars, while
the Company's functional currency is the US dollar. Under IFRS, these warrants
are classified and accounted for as financial liability at fair market value
with adjustments recognized through net earnings. The appreciation of these
warrants resulted in a derivative liability gain of $3.8 million (2012 - loss of
$1.9 million).
Excluding the net impairment charges and the mark-to market derivative
liabilities gain, adjusted earnings were $11.1 million ($0.11 per share)
compared to $40.2 million ($0.43 per share) in 2012. The drop in precious metal
prices was the primary reason for the decrease in the Company's earnings year
over year.
In December 2013, the Mexican President passed tax reform legislation that took
effect January 1, 2014. The tax reform includes, among other items, an increase
of the Mexican corporate tax rate from 28% to 30%, removal of the flat tax
regime, a Special Mining Duty of 7.5% on taxable mine revenue, less allowable
deductions excluding interest and capital depreciation, and an 0.5%
Environmental Tax on gold and silver revenue. The tax reform is expected to have
a material impact on the Company's future earnings and cash flow.
Consolidated operating costs increased 5% to $97 per tonne due to rising wage
pressures, significant restructuring costs, additional use of contractors and
higher refining costs, partly offset by the additional economies of scale with
the higher output. Cash cost per ounce, net of by-product credits, which is a
non- IFRS measure and a standard of the Silver Institute, rose 8% to $7.92 per
ounce of payable silver compared to $7.33 per ounce in 2012. The lower
by-product credit because of the lower gold price was the primary contributor to
the higher cash costs, offset by higher consolidated grades and recoveries. All-
in sustaining costs fell 21% as mine development and exploration expenditures
were curtailed in response to falling precious metal prices and these costs were
allocated over more ounces of silver production.
The Company invested a total of $88.6 million in property, plant and equipment
during 2013. Of this, $48.5 million was invested at El Cubo, $21.4 million at
Bolanitos, and $15.9 million at Guanacevi. The El Cubo plant refurbishment was
completed on time and budget, while the 10.6 kilometres of accelerated mine
development should allow the El Cubo mine output to rise to the 1,550 tonnes per
day plant capacity by year-end. The Guanacevi and Bolanitos capital investments
continued to focus primarily on sustaining mine development and tailings dam
expansions.
2014 Outlook
Endeavour plans to hold silver production relatively steady in the range of
6.5-6.9 million oz in 2014 compared to the 6.8 million oz silver produced in
2013. Gold production is expected to be in the 65,000-69,000 oz range and silver
equivalent production is anticipated to be 10.4-11.0 million oz (at a
silver:gold ratio of 60:1) as shown in the table below.
Ag Eq. Prod. Tonnes/Day
Mine Ag Prod. (M oz) Au Prod. (K oz) (K oz) (tpd)
----------------------------------------------------------------------------
Guanacevi 2.6-2.7 7.0-8.0 3.0-3.2 1,200-1,300
Bolanitos 2.2-2.4 36.0-38.0 4.4-4.7 1,450-1,600
El Cubo 1.7-1.8 22.0-23.0 3.0-3.1 1,200-1,550
----------------------------------------------------------------------------
Total 6.5-6.9 65.0-69.0 10.4-11.0 3,850-4,450
----------------------------------------------------------------------------
In 2014, Bolanitos production will pull back to the 1,600 tpd plant capacity as
management has elected not to continue extra mine production for processing at
the El Cubo plant as it did in 2013. At Bolanitos, production will continue
primarily from the Daniela, Karina, Lana and Bolanitos veins and mine
development will open up the La Luz- Asuncion deposit.
In 2013, El Cubo production will expand to fill the 1,550 tpd plant to capacity
through a steady ramp-up of mine output as mine development opens up the new
Villalpando-Asuncion deposit. At El Cubo, the remaining 2014 production will
continue to come primarily from the Dolores, Villalpando, San Nicolas and Santa
Cecilia veins.
Bolanitos and El Cubo are both producing silver-gold concentrates for sale under
one year contracts to smelters because their attractive terms offer lower costs
and higher profit margins compared to producing dore bars from the El Cubo leach
plant at the current low metal prices.
At Guanacevi, production will continue primarily from the Porvenir Norte,
Porvenir Cuatro and Santa Cruz veins. Underground development of the new Milache
discovery is awaiting permitting for development to start in 2014 and production
to start in 2015.
Operating Costs
Direct operating costs are forecast at $95 per tonne, and consolidated
by-product cash costs of silver production (net of gold credits) are anticipated
to be in the $9-$10 per oz range in 2014. The increase from 2013 is primarily
driven by the lower gold price and reduced gold production. Consolidated co-
product cash costs of silver and gold production are anticipated to be around
$13-14 and $800-850 per oz respectively.
All-in by-product sustaining costs of production (including sustaining capex,
exploration and G&A costs) are forecasted to be approximately $19 per oz of
silver produced.
Capital Budget
Endeavour plans to invest $43.9 million on capital projects in 2014, including
$34.6 million on mine development, infrastructure, equipment and exploration
plus $9.3 million on plant upgrades, infrastructure, equipment and buildings.
The Company has budgeted $20.9 million at El Cubo, $9.9 million at Bolanitos,
$11.7 million at Guanacevi and $1.4 million for general capital, all of which
should be funded by the Company's anticipated 2014 operating cash flow.
Because of Endeavour's reserve depletion last year, management will look for
opportunities to allocate additional funds for accelerated mine development to
convert measured and indicated resources into proven and probable reserves in
2014.
Exploration Expenditures
In 2014, Endeavour plans to spend $10.7 million on exploration. A total of
54,000 metres of drilling in about 120 holes are budgeted to test multiple
exploration targets in addition to the underground mine exploration drilling. As
in previous years, management will look for opportunities to stretch and also
augment this budget in order to fuel accelerated resource expansion.
The Company will focus on brownfields exploration around the three operating
mines in order to replenish reserves and grow resources and mine lives, as well
as expanding and permitting the emerging new high grade silver-gold discovery in
the Terronera vein on the San Sebastian property in Jalisco State.
Conference Call
A conference call to discuss the results will be held Tuesday, March 11 at
8:00am PST (11:00am EST). To participate in the conference call, please dial the
following:
Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340
Outside of Canada and the US: 1-604-638-5340
No pass-code is necessary to participate in the conference call.
A replay of the conference call will be available by dialing 1-800-319-6413 in
Canada and the US (toll- free) or 1-604-638-9010 outside of Canada and the US.
The required pass-code is 4890 followed by the # sign. The replay will also be
available on the Company's website at www.edrsilver.com.
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 Meghan Brown, Director Investor Relations at
604-640-4804 or toll free 1-877-685-9775.
About Endeavour - Endeavour is a mid-tier silver mining company focused on
growing its profits, production, reserves and resources in Mexico. Since
start-up in 2004, Endeavour has posted nine consecutive years of accretive
growth of its silver mining operations. The organic expansion programs now
underway at Endeavour's three silver-gold mines in Mexico combined with its
strategic acquisition and exploration programs should facilitate Endeavour's
goal to become a premier senior silver producer.
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 Endeavour's anticipated
performance in 2014 and the timing and results of exploration drill programs.
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, performance or achievements of Endeavour and its operations to be
materially different from those expressed or implied by such statements. Such
factors include, among others, changes in national and local governments,
legislation, taxation, controls, regulations and political or economic
developments in Canada and Mexico; 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,
and challenges to the Company's title to properties; fluctuations in the prices
of commodities and their impact on reserves and resources 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, 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.
ENDEAVOUR SILVER CORP.
COMPARATIVE HIGHLIGHTS
Three Months Ended Dec. 31 Year Ended Dec. 31
Q4 2013
% Highlights %
2013 2012 Change 2013 2012 Change
----------------------------------------------------------------------------
Production
----------------------------------------------------------------------------
Silver ounces
1,931,717 1,235,026 56% produced 6,813,069 4,485,476 52%
Gold ounces
17,686 12,917 37% produced 75,578 38,687 95%
Payable silver
1,855,108 1,222,705 52% ounces produced 6,593,805 4,440,619 48%
Payable gold
16,612 12,800 30% ounces produced 72,562 38,311 89%
Silver
equivalent
ounces produced
2,992,877 2,010,046 49% (1) 11,347,749 6,806,696 67%
Cash costs per
silver
7.46 12.25 -39% ounce(2)(3) 7.92 7.33 8%
Total production
costs per
14.59 18.88 -23% ounce(2)(4) 15.69 13.80 14%
All-in
sustaining
costs per
14.24 28.06 -49% ounce(2)(5) 18.31 23.06 -21%
379,480 362,779 5% Processed tonnes 1,148,894 1,065,689 8%
Direct
production
costs per
90.72 90.39 0% tonne(2)(6) 97.00 92.74 5%
Silver co-
product cash
11.45 18.82 -39% costs (7) 13.19 14.87 -11%
Gold co-product
695.47 987.70 -30% cash costs (7) 785.01 807.67 -3%
----------------------------------------------------------------------------
Financial
----------------------------------------------------------------------------
Revenue ($
67.9 66.7 2% millions) 276.8 208.1 33%
Silver ounces
2,155,326 1,345,832 60% sold 7,151,963 4,815,073 49%
18,960 13,037 45% Gold ounces sold 81,119 35,167 131%
Realized silver
20.52 32.87 -38% price per ounce 23.10 30.99 -25%
Realized gold
1,246 1,725 -28% price per ounce 1,375 1,674 -18%
Net earnings
(loss) ($
(115.8) 14.8 -881% millions (89.5) 42.1 -312%
Adjusted net
earnings (8) ($
(12.1) 12.9 -194% millions) 11.1 40.2 -72%
Mine operating
earnings ($
9.9 17.9 -45% millions) 56.9 78.0 -27%
Mine operating
cash flow(9) ($
26.4 34.8 -24% millions) 116.9 114.4 2%
Operating cash
flow before
working capital
18.0 20.4 -12% changes (10) 81.6 82.9 -2%
Earnings before
23.0 28.2 -18% ITDA (11) 100.0 90.5 10%
Working capital
32.2 50.9 -37% ($ millions) 32.2 50.9 -37%
----------------------------------------------------------------------------
Shareholders
----------------------------------------------------------------------------
Earnings (loss)
per share -
(1.16) 0.15 -100% basic (0.90) 0.45 -300%
Adjusted
earnings per
share - basic
(0.12) 0.13 -193% (8) 0.11 0.43 -74%
Operating cash
flow before
working capital
changes per
0.18 0.20 -12% share (10) 0.82 0.89 -8%
Weighted average
shares
99,720,704 99,539,282 0% outstanding 99,770,293 93,266,038 7%
----------------------------------------------------------------------------
ENDEAVOUR SILVER CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in thousands of U.S. dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Years Ended
December 31, December 31,
2013 2012
----------------------------------------------------------------------------
Operating activities
Net earnings (loss) for the year $ (89,465) $ 42,117
Items not affecting cash:
Share-based compensation 3,544 4,724
Impairment of non-current assets 95,815 -
Impairment of goodwill 39,245 -
Depreciation and depletion 53,898 29,952
Deferred income tax provision (20,464) 2,135
Unrealized foreign exchange loss (gain) 682 (1,208)
Mark-to-market loss (gain) on derivative
liability (3,750) (1,928)
Mark-to-market loss (gain) on contingent
liability (8,398) 589
Finance costs 1,513 484
Write down of inventory to net realizable value 5,874 6,221
Loss (gain) on marketable securities 3,091 (158)
Net changes in non-cash working capital (5,041) (6,907)
----------------------------------------------------------------------------
Cash from operating activities 76,544 76,021
----------------------------------------------------------------------------
Investing activites
Property, plant and equipment expenditures (88,518) (66,236)
Acquisition of Mexgold Resources Inc. - (100,000)
Investment in short term investments (130) (28,267)
Proceeds from sale of short term investments 5,328 50,373
Investment in long term deposits (65) (190)
----------------------------------------------------------------------------
Cash used in investing activities (83,385) (144,320)
----------------------------------------------------------------------------
Financing activities
Proceeds from revolving credit facility 30,000 9,000
Repayment of revolving credit facility (6,000) -
Debt issuance costs (144) (732)
Interest paid (1,101) (381)
Common shares issued on exercise of options and
warrants 528 2,591
Share issuance costs - (204)
----------------------------------------------------------------------------
Cash from financing activites 23,283 10,274
----------------------------------------------------------------------------
Effect of exchange rate change on cash and cash
equivalents (55) 1,208
Increase (decrease) in cash and cash equivalents 16,442 (58,025)
Cash and cash equivalents, beginning of year 18,617 75,434
----------------------------------------------------------------------------
Cash and cash equivalents, end of year $ 35,004 $ 18,617
----------------------------------------------------------------------------
This statement should be read in conjunction with the audited consolidated
financial statements for the year ended December 31, 2013 and the related notes
contained therein.
ENDEAVOUR SILVER CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(expressed in thousands of US dollars, except for shares and per share
amounts)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Years Ended
December 31, December 31,
2013 2012
----------------------------------------------------------------------------
Revenue $ 276,783 $ 208,079
Cost of sales:
Direct production costs 158,582 91,800
Royalties 1,328 1,866
Share-based compensation 515 545
Depreciation and depletion 53,569 29,694
Write down of inventory to net realizable
value 5,874 6,221
----------------------------------------------------------------------------
219,868 130,126
Mine operating earnings 56,915 77,953
Expenses:
Exploration 13,168 11,185
Impairment of non-current assets 95,815 -
Impairment of goodwill 39,245 -
General and administrative 11,605 13,136
----------------------------------------------------------------------------
159,833 24,321
Operating earnings (loss) (102,918) 53,632
Mark-to-market loss/(gain) on derivative
liabilities (3,750) (1,928)
Mark-to-market loss/(gain) on contingent
liability (8,398) 589
Finance costs 1,513 484
Other income (expense):
Foreign exchange (2,597) 3,447
Investment and other income (1,079) 2,152
----------------------------------------------------------------------------
(3,676) 5,599
Earnings (loss) before income taxes (95,959) 60,086
Income tax expense:
Current income tax expense 13,970 15,834
Deferred income tax expense (recovery) (20,464) 2,135
----------------------------------------------------------------------------
(6,494) 17,969
----------------------------------------------------------------------------
Net earnings (loss) for the year (89,465) 42,117
----------------------------------------------------------------------------
Other comprehensive income (loss), net of tax
Net change in fair value of available for
sale investments 1,250 (3,631)
----------------------------------------------------------------------------
Comprehensive income (loss) for the year $ (88,215) $ 38,486
----------------------------------------------------------------------------
Basic earnings (loss) per share based on net
earnings $ (0.90) $ 0.45
----------------------------------------------------------------------------
Diluted earnings (loss) per share based on net
earnings $ (0.90) $ 0.42
----------------------------------------------------------------------------
Basic weighted average number of shares
outstanding 99,720,704 93,266,038
----------------------------------------------------------------------------
Diluted weighted average number of shares
outstanding 99,720,704 95,728,031
----------------------------------------------------------------------------
This statement should be read in conjunction with the audited consolidated
financial statements for the year ended December 31, 2013 and the related notes
contained therein.
ENDEAVOUR SILVER CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(expressed in thousands of US dollars)
----------------------------------------------------------------------------
December 31, December 31,
2013 2012
----------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $ 35,004 $ 18,617
Investments 1,463 8,520
Accounts receivable 23,749 20,526
Inventories 23,647 40,797
Prepaid expenses 3,341 9,940
----------------------------------------------------------------------------
Total current assets 87,204 98,400
Non-current deposits 1,186 1,451
Mineral property, plant and equipment 278,533 338,431
Goodwill - 39,245
----------------------------------------------------------------------------
Total assets $ 366,923 $ 477,527
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 17,221 $ 34,631
Income taxes payable 3,259 3,854
Derivative liabilities 1,491 -
Revolving credit facility 33,000 9,000
----------------------------------------------------------------------------
Total current liabilities 54,971 47,485
Provision for reclamation and rehabilitation 6,652 6,496
Derivative liabilities - 5,336
Contingent liability 99 8,497
Deferred income tax liability 49,053 69,517
----------------------------------------------------------------------------
Total liabilities 110,775 137,331
----------------------------------------------------------------------------
Shareholders' equity
Common shares, unlimited shares authorized, no par
value, issued and outstanding 99,784,409 shares
(Dec 31, 2012 - 99,541,522 shares) 358,408 357,296
Contributed surplus 14,836 12,828
Accumulated comprehensive income (loss) (4,081) (5,331)
Retained earnings (deficit) (113,015) (24,597)
----------------------------------------------------------------------------
Total shareholders' equity 256,148 340,196
----------------------------------------------------------------------------
Total liabilities and shareholders' equity $ 366,923 $ 477,527
----------------------------------------------------------------------------
This statement should be read in conjunction with the audited consolidated
financial statements for the year ended December 31, 2013 and the related notes
contained therein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Endeavour Silver Corp.
Meghan Brown
Director Investor Relations
Toll free: 1-877-685-9775 Tel: 604-640-4804
604-685-9744 (FAX)
mbrown@edrsilver.com
www.edrsilver.com
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