Movers and SHAKERS
Endeavour Silver (EXK)(EDR:CA)
First Quarter Production Exceeds Expectations
As of April 24, 2020, Noble Capital Markets research on Endeavour Silver is published under ticker symbols (EXK and EDR:CA). The price target is in USD and based on ticker symbol EXK. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. The company is organized into four operating mining segments, Guanacevi, Bolanitos, El Cubo, and El Compas, which are located in Mexico as well as Exploration and Corporate segments. Its Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.
Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First quarter production ahead of our estimates. Compared to the prior year period, first quarter silver production increased 25% to 1,314,955 ounces, while gold production declined 22% to 8,695 ounces. We had forecast silver and gold production of 1,143,597 ounces and 8,399 ounces, respectively. The company sold 1,717,768 ounces of silver and 8,381 ounces of gold. Payable silver and gold ounces produced amounted to 1,303,540 and 8,549 ounces, respectively. Both Guanacevi and Bolanitos outperformed our forecast due to higher silver grades at both mines and higher gold grades at Guanacevi. Compared to the fourth quarter of 2021, silver and gold production declined 9% and 8%, respectively. At quarter end, Endeavour held 608,788 ounces of silver and 1,911 ounces of gold in bullion inventory and 59,594 ounces of silver and 1,931 ounces of gold in concentrate inventory.
Updating estimates. Our 2022 first quarter and full year EPS estimates have been increased to $0.05 and $0.15, respectively, compared to our previous estimates of $0.04 and $0.14. First quarter and full year 2022 EBITDA estimates have been raised to...
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.