Endeavour Silver Corp. (NYSE: EXK) stock saw an uptick of 4.40%, concluding the previous trading session at $1.90, propelled by a favorable analyst upgrade. An analyst with TD Securities upgraded the stock’s recommendation from “Hold” to “Buy”. Moreover, positive developments within the organization contributed to the company’s stock surge.
Endeavour Silver (EXK) has released its comprehensive production report for the full year 2023, revealing impressive figures of 5,672,703 silver ounces (oz) and 37,858 gold oz. The silver equivalent (“AgEq”) production for the year reached 8.7 million oz. Noteworthy is the fourth quarter’s production, which stood at 1,396,315 silver oz and 9,440 gold oz, resulting in 2.2 million silver equivalent oz.
Expressing satisfaction with the robust Q4 production results, CEO Dan Dickson credited the Operations team’s strategic initiatives for enhancing both mine and mill productivity. The achievement marks three consecutive years of meeting or surpassing annual production guidance.
Consolidated production remained in alignment with guidance, marking the company’s third consecutive year of meeting or exceeding production expectations. Notably, silver grades, gold grades, and plant throughput slightly exceeded planned targets. Plant refurbishments and modifications have bolstered operational flexibility, surpassing the historical throughput of 1,200 tons per day.
While there was an increase in silver production attributed to higher silver grades and similar throughput, lower gold production resulted from reduced gold grades. Anticipated variations in grades from quarter to quarter were observed, yet annual ore grades remained within 2% of the annual planned grades.
The company successfully sold 1,332,648 oz silver and 9,417 oz gold during the quarter, holding 476,015 oz silver and 1,411 oz gold in bullion inventory, along with 11,869 oz silver and 300 oz gold in concentrate inventory at the quarter’s conclusion.
Continued drilling efforts yielded positive results, with high-grade silver-gold mineralization discovered in the Santa Cruz vein at Guanaceví and multiple mineralized structures identified near current workings at Bolañitos. Over 6,500 meters were drilled, testing the San Patricio vein and other regional targets.
Elizabeth Senez, boasting over two decades of expertise in accounting, corporate finance, and corporate treasury, joins the company, bringing valuable experience to the table.
The generated proceeds are earmarked for financing the development of the Terronera project and supporting other growth initiatives. The forward trajectory for Endeavour Silver Corp. appears promising, bolstered by the strategic initiatives and positive outcomes outlined in its recent report.
