Endeavour Silver Reports 7.6Moz AgEq Production in 2024

Endeavour Silver announced its 2024 production results, reporting a total of 7.6Moz of AgEq, with 4.5Moz of silver and 39,047oz of gold. Despite a 41% decrease in its silver output, the company said its 2024 production was in line with its production guidance. 

Endeavour Silver reported a 4Q24 production of 1.6Moz AgEq, consisting of 824,529oz of silver and 9,075oz of gold. Despite some technical difficulties, the company reported its production was at the higher level of its production guidance for 2024. 

Consolidated silver production decreased 41% in 4Q24 compared to 4Q23, primarily driven by a 25% lower throughput at Guanacevi following the trunnion failure in August 2024. Gold production in 4Q24 decreased by 6% compared to 4Q23, due to reduced throughput, partially offset by higher gold grades mined at Guanacevi and Bolañitos, as well as improved gold recoveries.

Endeavour Silver resumed full production capacity in December 2024 following the trunnion failure of the primary ball mill at its Guanacevi mine. During the 15-week recovery period, Guanacevi, located in Durango, operated at an average capacity of 620t/d, with full production of 1,200t/d restored in December 2024. The trunnion replacement, completed at US$400,000, allowed Guanacevi to return to its historical throughput levels.

Endeavour Silver’s Bolañitos mine in Guanajuato performed in line with production plans, with gold production exceeding expectations due to higher grades, while silver output was lower due to reduced grades, the company said. The mine produced 452,627oz of silver and 25,230oz of gold in 2024 and 105,732oz of silver and 6,453oz of gold in 4Q24.

Endeavour Silver reported sales of 654,519oz of silver and 8,343oz of gold in 4Q24. By year-end, the company held inventories of 276,477oz of silver and 1,220oz of gold in bullion and 4,216oz of silver and 296oz of gold in concentrate.

Terronera Project’s Progress 

Endeavour Silver reported progress on the Terronera project in Jalisco, despite delays in December 2024 caused by late deliveries of critical structural steel components for the lower platform construction and tailing filter area installations. These delays have impacted the project’s productivity and pushed the expected wet commissioning to early 2Q25.

Transport restrictions in December further delayed steel deliveries, but these resumed this week, enabling the continuation of lower platform construction. The tailings dam is ready for use, and the operational readiness team is advancing dry commissioning on the upper platform. Testing of the grinding circuit, including the SAG and ball mills, has commenced under no-load conditions, while ore stockpiles are nearing capacity, and mine personnel are advancing development and stope preparation. “Unfortunately, the revised timing of structural steel deliveries coincided with the holiday season transport restrictions, resulting in supply-chain delivery interruptions and limited availability of key support technicians. Once it was clear that site productivity would be impacted, we felt it prudent to maintain a smaller workforce and temporarily reduce manpower costs. This allowed our construction team to recharge for the final effort in bringing Terronera to a successful completion,” said Don Gray, COO, Endeavour Silver. 

On Oct. 15, 2024, MBN reported the Terronera project was one of the five projects expected to start operation in 1H25. At that time, the company reported a 64.5% progress and no further updates have been given. The project is expected to produce over 4Moz of silver and 38kg of gold annually for a life of mine of 10 years.