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Endeavour Silver Announces Q2 2023 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today
VANCOUVER, British Columbia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to announc
About this update from Endeavour Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to announce its financial and operating results for the three and six months ended June 30, 2023. All dollar amounts are in US dollars (US$). “While we have been successful at managing the inflation trend over the last two years, costs are now outpacing our mitigation efforts. The Mexican Peso has strengthened to a seven year high against the US dollar, which is impacting costs across our operations,” stated Dan Dickson, Chief Executive Officer. “Originally, our 2023 guidance had assumed a 20:1 Mexican Peso per US dollar exchange rate; however the current rate is just under 17:1; representing a 14% increase. Our bottom line has been impacted two-fold, through both inflation and foreign exchange. Cost control will continue to be a key focus for the operations group as cost pressures are expected to continue for the remainder of the year.” Q2 2023 Highlights Production Tracking In-Line with Guidance: 1,494,000 ounces (oz) of silver and 9,819 oz of gold for 2.3 million oz silver equivalent (AgEq)(1) totalling 4.7 million oz AgEq for the first half of the year. Revenue: $50.0 million from the sale of 1,299,672 oz of silver and 9,883 oz of gold at average realized prices of $24.13 per oz silver and $1,976 per oz gold. Cash Flow: $11.1 million in operating cash flow before working capital changes(2) and $18.8 million in Mine operating cash flow before taxes(2) . Negative Earnings due to Non-Cash Item: Net loss of $1.1 million, or $0.01 per share. Adjusted earnings of $2.1 million(2) after adjusting for a $3.2 million change in the fair value of investments. Higher Costs Due to Strengthened Peso and Industry-Wide Inflation: Cash costs(2) of $13.52 per oz payable silver and all-in sustaining costs(2) of $22.15 per oz payable silver, net of gold credits. Costs were impacted by both inflationary pressures and a strengthened Mexican Peso. During the year, the Mexican Peso has appreciated by 14%. Cash cost and all-in-sustaining costs metrics were also impacted by lower silver grades at Guanacevi due to changes in mine sequencing. It is expected that grades will return to plan in Q3. Management Continues to Monitor Macroeconomic Conditions Closely: Management anti...