Endeavour Silver delivers strong financial results despite operational challenges
(Kitco News) - Endeavour Silver (NYSE: EXK; TSX: EDR) today announced that its gross revenue in 2020 was $140.3 million, up 15% from $121.7 million in 2019 on the sale of 3.5 million oz of silver and 35,519 oz gold at average realized prices of $21.60 per oz silver and $1,846 per oz gold.
The company's cash flow from operations before working capital changes was $28.8 million, up from negative $8.9 million in 2019; mine operating cash flow before taxes was $56.2 million up from $14.9 million in 2019.
Endeavour Silver reported net income of $1.2 million ($0.01 per share), up from a net loss of $48.1 million in 2019; full year EBITDA was $29.4 million.
The company's metal production in 2020 was 3,513,767 oz silver and 37,139 oz gold for 6.5 million oz AgEq, a decline 9% from 7.1 million oz AgEq in 2019, primarily due to the suspension of operations at the El Cubo mine on November 30, 2019.
CEO Bradford Cooke commented, "While 2019 was operationally the most challenging in our 16-year history as a producing company, 2020 was perhaps one of the most satisfying. Notwithstanding a government mandated two-month suspension of mining operations due to the COVID pandemic, we delivered higher production and lower costs at each of our three operating mines in 2020."
Endeavour Silver is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico: the Guanaceví mine in Durango state, the Bolañitos mine in Guanajuato state and the El Compas mine in Zacatecas state.