Endeavour Silver (EXK) Q4 2024 earnings summary

Executive summary

• Achieved 2024 consolidated production of 4.47M oz silver and 39,047 oz gold, totaling 7.6M silver equivalent oz, at the high end of revised guidance despite operational challenges at Guanaceví.

• Revenue rose 6% year-over-year to $218 million, with mine operating earnings of $42 million and adjusted net earnings of $8 million.

• Terronera project reached 89% completion by year-end 2024, with wet commissioning expected in early Q2 2025 and commercial production targeted for Q3 2025.

• Secured $73M in bought deal financing in November 2024 to advance Pitarrilla and for working capital.

• Advanced Pitarrilla project with a $26 million budget for 2025, focusing on exploration and technical studies.

Financial highlights

• Revenue for 2024 was $218 million, up 6% year-over-year, with 60% from silver (4.65M oz sold) and 40% from gold (38,522 oz sold).

• Adjusted net earnings reached $8 million, or $0.03 per share, after excluding non-recurring items.

• Adjusted EBITDA rose 12% to $52.7 million; mine operating cash flow before taxes increased 12% to $72.3 million.

• Cash position at year-end was $106 million, with working capital of $79 million, up 85% year-over-year.

• All-in sustaining costs (AISC) per ounce increased 4% to $23.88 for the year.

Outlook and guidance

• Terronera on track for wet commissioning in early Q2 2025 and commercial production in Q3 2025.

• Pitarrilla economic assessment expected in Q1 2026, with 2025 CapEx of $26–26.6 million.

• 2025 production guidance: 4.5–5.2M oz silver, 31–34k oz gold, 7.0–7.9M silver equivalent oz.

• 2025 cash costs expected at $16–$17/oz (net of gold credit); AISC at $25–$26/oz.

• Guidance based on conservative gold price and peso assumptions, with potential for outperformance if current trends persist.