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Endeavour Silver Reports Solid 2022 Financial Results: Earnings Conference Call at 9am PST (12pm EST) Time
VANCOUVER, British Columbia, March 02, 2023 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to announ
About this update from Endeavour Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 02, 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 year ended December 31, 2022. All dollar amounts are in US dollars (US$). “Our strong and reliable operating performance resulted in robust 2022 financial results. We are especially pleased to have delivered against our all-in sustaining cost guidance of less than $20 per ounce, despite industrywide inflationary pressures, as a result of our strong production performance. Cost control will continue to be a key focus for the operations group in 2023, as we find pockets of cost moderation and business improvements,” stated Dan Dickson, CEO of Endeavour Silver. “As silver prices rebounded in Q4, we were able to take advantage of the higher prices by selling almost half of the year’s projected sales towards the end of the year, which resulted in robust cash flow to fund our growth plans.” Mr. Dickson added, “While the market anticipates the official construction decision at Terronera, our funding plan remains intact. We have been advancing development activities with our existing cash, while we confirm a viable debt financing package. We believe that project execution is the correct path for adding long-term value, as we position ourselves as a top silver investment vehicle for investors seeking industry leading growth.” 2022 Highlights Production Surpassed Guidance: Production of 5,963,445 ounces (oz) of silver and 37,548 oz of gold for 9.0 million oz silver equivalent (AgEq)1 as compared to upward revised guidance of 7.6-8.0 million oz AgEq. Strong Revenue: Net revenue of $210.2 million from the sale of 6,464,869 oz of silver and 38,868 oz of gold at average realized prices of $22.07 per oz silver and $1,814 per oz gold. Costs Per Ounce Relatively In-Line with Guidance, Despite Industry-Wide Inflation: Cash costs(2) of $10.65 per oz payable silver were slightly above guidance due to increased labour, power, consumables and royalty costs and all-in sustaining costs (2) of $19.97 per oz is below cost guidance due to the increased silver oz produced. Healthy Balance Sheet: Cash position of $83.4 million and $93.6 million in working capital(2). Cash decreased in the 4th quarter, as funds were spent on development activities at Ter...