Endeavour Silver Achieves US$217.6 Million Revenue in 2024

Canada-based precious metals company Endeavour Silver reported revenue of US$217.6 million in 2024 from its precious metals sales. The company produced over 7.6Moz of silver equivalent (AgEq), achieving the higher end of its production guidance for 2024. 

Endeavour Silver produced 4.4Moz of silver and 39,047oz of gold, which aligned with the higher end of its 2024 production guidance. The company reported a US$217.6 million revenue for 2024, derived from the sale of 4.6Moz of silver and 38,522oz of gold. The average realized prices were US$27.39/oz of silver and US$2,397/oz of gold. Mine operating cash flow before taxes was US$72.3 million. The company reported a net loss of US$31.5 million and adjusted net earnings to US$8 million. Adjusted EBITDA was US$52.7 million.

Endeavour Silver concluded the year with a cash position of US$106.4 million and working capital of US$78.8 million. The Terronera project in Jalisco reached 89.4% completion, with US$302 million of the project’s budget spent. Wet commissioning is anticipated in 2Q25. Exploration and evaluation continued at the Pitarrilla project in Durango, with technical studies started in 4Q24 to support an economic assessment by 1Q26.   

In 4Q24, direct operating costs increased by 15% to US$152.44/t compared to the same period in 2023. Consolidated cash costs per silver oz, net of by-product credits, increased by 9% to US$13.68. All-in-sustaining costs per oz increased by 27% to US$27.33. Mine operating earnings for the quarter were US$7.7 million on revenue of US$42.2 million. The company reported an operating loss of US$500,000 and a loss before taxes of US$1.6 million. Net earnings for the quarter were US$1 million. Adjusted net earnings were US$4.8 million.   

For the full year, direct operating costs increased by 8% to US$140.98/t. Consolidated cash costs per silver oz, net of by-product credits, decreased by 4% to US$12.99. All-in-sustaining costs per oz increased by 4% to US$23.88. Mine operating earnings for the year were US$42.1 million on revenue of US$217.6 million. The company reported operating earnings of US$8.3 million and a loss before tax of US$22 million. Net loss for the year was US$31.5 million. Adjusted net earnings were US$8 million.