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Endeavour Silver Reports Financial Results for the Second Quarter 2021; Earnings Conference Call at 10am PDT (1pm EDT) Today

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PRESS RELEASE

 

Endeavour Silver Reports Financial Results for the Second Quarter 2021; Earnings Conference Call at 10am PDT (1pm EDT) Today

VANCOUVER, British Columbia, Aug. 10, 2021 -- Endeavour Silver Corp. (NYSE: EXK; TSX: EDR - https://www.commodity-tv.com/ondemand/companies/profil/endeavour-silver-corp/) released its financial results today for the three and six months ended June 30, 2021. The Company operates three 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. All amounts reported are in United States (US) dollars.

Dan Dickson, CEO, commented, “From a financial standpoint, our Q2 performance was stronger than the respective period last year, as revenue, cash flow and earnings were all higher. However, our operating costs are clearly not where we want them to be. We are working to optimize our operating cost profile in the second half of 2021.”

“This month, we plan to suspend operations at El Compas due to exhaustion of reserves. This small asset represents less than 5% of 2021 consolidated production and will not affect our progress towards attaining or surpassing our production guidance for the year. Our remaining production platform at Guanacevi and Bolañitos is strong and sustainable with excellent brownfield exploration opportunities.”

“We are pleased to enter the second half of the year with a robust cash balance of $125 million and a clean balance sheet ahead of a potential construction decision for Terronera later this year. We will be completing the Feasibility Study during Q3 with a construction decision anticipated shortly thereafter.”

2021 Second Quarter Highlights

  • Metal Production: Produced 1,073,724 ounces (oz) silver, up 80% and 11,166 oz gold, up 92%, in-line with guidance for 2.0 million oz silver equivalent (AgEq), up 85%, at an 80:1 silver:gold ratio, compared to Q2, 2020 when operations were suspended due to COVID-19 for a portion of the period.
  • Net Revenue: Totaled $47.7 million, up 136%, from the sale of 1,120,266 oz silver and 9,810 oz gold at average realized prices of $26.82 per oz silver and $1,866 per oz gold. Management withheld metal sales in Q1, 2021 and continues to carry higher metal inventory totaling 459,659 oz silver and 1,891 oz gold of bullion inventory and 12,159 oz silver and 944 oz gold in concentrate inventory.
  • Operating Costs: Cash cost(1) $13.03 per oz payable silver, up 369% year-on-year and all-in sustaining cost (AISC)(1) $25.39 per oz payable silver, up 70% year-on-year, net of gold credits. Operating costs were higher than budgeted due to global supply chain constraints creating inflationary pressures, increased labor costs, a strengthening Mexican Peso and increased operating development at Guanacevi.
  • Cash Flow: $8.7 million in cash flow from operations before working capital changes, up 358% compared to Q2, 2020. The Company continued to hold significant finished goods, increased deposits for equipment purchases, invested in exploration activities and advanced the Terronera Feasibility Study.
  • Earnings: Realized earnings of $6.7 million or $0.04 per share, up sharply compared to a loss of $3.3 million in Q2, 2020 due to increased mine operating earnings, the gain on the sale of the El Cubo asset and gain on the sale of marketable securities, offset by increased exploration and evaluation activities, higher general and administrative costs and higher tax expense. Excluding the gain on sale of the El Cubo asset, the adjusted earnings are $0.8 million. At quarter end, the finished golds inventory was carried at a cost of $10.1 million compared to the fair market value of $17.3 million.
  • Strong Balance Sheet: Cash position $125.2 million and working capital $146.8 million. Raised $28.4 million in equity financing through an ATM facility, net of issuance costs. Only remaining term liabilities are equipment loans of $7.8 million.
  • Completed the Sale of El Cubo: The transaction closed on April 9, 2021 for $19.8 million in cash and share payments with up to $3 million in contingent payments payable by Guanajuato Silver (previously Vangold Mining Corp).

Subsequent to the End of the Second Quarter 2021:

  • Suspension of Operations at El Compas: The Company has decided to suspend mining and milling operations at El Compas in August. Mining assets and key talent will be transferred within the Company to Bolañitos and Terronera. The associated suspension costs are estimated to be $1.3 million, including $1.0 million in severance, to be incurred over the remainder of the year. Management is currently evaluating its alternatives for the assets.
  • Agreement to Acquire Bruner Gold Project from Canamex: strategic acquisition opportunity for an advanced stage exploration property in a favorable jurisdiction for $10 million in cash. The agreement is subject to Canamex shareholder approval in Q3 (see EDR news release dated July 19, 2021).
  • Mine operating cash flow, cash costs and all-in sustaining costs are non-IFRS measures. Please refer to the definitions in the Company’s Management Discussion & Analysis.

 

Financial Overview

In Q2 2021, net revenue increased 136% to $47.7 million as a result of higher metal prices and increased production. Mine operating cash flows, operating cash flows and EBITDA increased significantly compared to Q2, 2020. For a period in Q2, 2020, the mine operations were suspended due to government decree to stop the spread of COVID-19.

The Company recognized earnings of $6.7 million compared to a loss of $3.3 million in Q2, 2020. A gain of $5.8 million was recognized on the sale of the El Cubo mine and related assets and liabilities.

Cost of sales for Q2, 2021 was $37.5 million, an increase of 109% over the cost of sales of $17.1 million for the same period of 2020. The increase in cost of sales was primarily related to the 76% increase in silver ounces sold, significantly higher royalty costs, labour costs and additional costs attributed to global supply constraints. Royalties increased 438% from $0.8 million to $4.3 million due to higher production and realized prices and the increased mining of the high grade Porvenir Cuatro extensions at the Guanaceví operation, which are subject to the significantly higher royalty rates.

The Company slightly decreased its finished goods silver and increased its finished goods gold inventory to 459,659oz and 1,891 oz, respectively at June 30, 2021 compared to 529,817 oz silver and 1,689 oz gold at March 31, 2021. The cost allocated to these finished goods was $10.1 million at June 30, 2021, compared to $8.0 million at March 31, 2021. At June 30, 2021, the finished goods inventory fair market value was $17.3 million, compared to $15.9 million at March 31, 2021.

Financial Results (Consolidated Statement of Operations Appended Below)

For the period ended June 30, 2021, the Company generated net revenue of $47.7 million an increase of 136% compared to $20.2 million. Gross sales of $48.3 million in Q2, 2021 represented a 136% increase over the $20.5 million for the same period in 2020. There was a 76% increase in silver ounces sold and a 57% increase in the realized silver price resulting in a 179% increase to silver sales. Similarly, there was an 88% increase in gold ounces sold at prices similar to the prior year resulting in an 88% increase in gold sales. During the period, the Company sold 1,120,266 oz silver and 9,810 oz gold, for realized prices of $26.82 and $1,866 per oz, respectively, compared to sales of 634,839 oz silver and 5,218 oz gold, for realized prices of $17.04 and $1,862 per oz, respectively, in the same period of 2020. For the three months ended June 30, 2021, silver and gold spot prices averaged $26.69 and $1,816, respectively.

After cost of sales of $37.5 million (Q2, 2020 - $17.1 million), mine operating earnings amounted to a $10.2 million (Q2, 2020 –$3.1 million) from mining and milling operations in Mexico.

Excluding depreciation and depletion of $6.6 million (Q2, 2020 - $3.9 million), stock-based compensation of $0.1 million (Q2, 2020- $0.1 million) and a write-down of inventory of $0.3 million (Q2, 2020 - $0.5 million), mine operating cash flow before taxes was $17.2 million in Q2, 2021 (Q2, 2020 – $7.6 million). Operating earnings were $0.8 million (Q2, 2020 – loss of $4.6 million) after exploration and evaluation expenditures of $5.0 million (Q2, 2020 – $1.7 million), general and administrative expense of $4.3 million (Q2, 2020 – $3.1 million) and care and maintenance costs of $0.1 million (Q2, 2020 – $2.9 million).

Net earnings amounted to $6.7 million ($0.04 per share) compared to a net loss of $3.3 million (loss of $0.02 per share) in Q2, 2020.

Current income tax expense increased to $2.2 million (Q2 2020 – $0.2 million) due to increased profitability impacting special mining duty, while deferred income tax expense of $1.1 million was recognized due to the estimated use of loss carry forwards to reduce taxable income at Guanacevi (Q2 2020 – $0.5 million deferred income tax recovery).

Direct operating costs per tonne in Q2, 2021 increased 18%, to $119.94 compared with Q2, 2020 due to higher operating costs at all operations. The operations have seen a strengthening of the Mexican Peso, increased labour costs, increased third party ore purchased and increased operating development at Guanaceví compared to prior year and budgeted. Including royalties and special mining duty, direct costs per tonne increased 29% to $141.61. Royalties increase 1,781% to $4.3 million as increased production from the El Curso and El Porvenir concessions at Guanaceví with higher prices substantially increased the royalty expense. The improved profitability increased special mining duty expense to $0.9 million for Q2, 2021, which was negligible in Q2, 2020.

Consolidated cash costs per ounce, net of by-product credits (a non-IFRS measure and a standard of the Silver Institute) increased to $13.03 due to the increased direct costs per tonne. All-in sustaining costs (also a non-IFRS measure) increased to $25.39 per ounce in Q2, 2021 as a result of higher corporate general and administrative costs, increased mine site expensed exploration and increased capital expenditures at Guanaceví to accelerate mine development within the El Curso ore body. In Q2, 2021 corporate general and administrative included a $1.6 million mark to market expense of deferred share units expense whereas the mark to market expense was $1.1 million in Q2, 2020.

The Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at www.edrsilver.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

Conference Call

A conference call to discuss these results will be held today, Tuesday, August 10 at 10am PDT (1pm EDT). To participate in the conference call, please dial the numbers below. No pass-code is necessary.

Toll-free in Canada and the US: 1-800-319-4610

Local Vancouver: 604-638-5340

Outside of Canada and the US: +-604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass-code is 7318 #. The replay will also be available on the Company’s website at www.edrsilver.com.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

Contact Information:

Galina Meleger, Vice President, Investor Relations

Toll free: (877) 685-9775

Tel: (604) 640-4804

Email: [email protected]

Website: www.edrsilver.com

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected] 

www.resource-capital.ch

Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2021 including changes in mining operations and production levels, the timing and results of various activities and the impact of the COVID 19 pandemic on operations. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

ENDEAVOUR SILVER CORP.

COMPARATIVE HIGHLIGHTS

Three Months Ended June 30

Q2 2021 Highlights

Six Months Ended June 30

2021

2020

 

% Change

2021

 

2020

 

% Change

Production

1,073,724

596,545

 

80

%

Silver ounces produced

2,121,824

 

1,454,204

 

46

%

11,166

5,817

 

92

%

Gold ounces produced

22,275

 

14,293

 

56

%

1,062,267

590,618

 

80

%

Payable silver ounces produced

2,098,977

 

1,440,409

 

46

%

10,955

5,717

 

92

%

Payable gold ounces produced

21,849

 

14,037

 

56

%

1,967,004

1,061,905

 

85

%

Silver equivalent ounces produced

3,903,824

 

2,597,644

 

50

%

13.03

2.78

 

369

%

Cash costs per silver ounce

10.48

 

5.77

 

82

%

19.55

10.33

 

89

%

Total production costs per ounce

17.51

 

13.88

 

26

%

25.39

14.91

 

70

%

All-in sustaining costs per ounce

22.69

 

16.96

 

34

%

242,018

114,120

 

112

%

Processed tonnes

451,471

 

313,447

 

44

%

119.94

102.02

 

18

%

Direct operating costs per tonne

116.43

 

98.76

 

18

%

141.61

109.74

 

29

%

Direct costs per tonne

134.48

 

104.59

 

29

%

18.52

10.16

 

82

%

Silver co-product cash costs

16.89

 

10.99

 

54

%

1,288

1,111

 

16

%

Gold co-product cash costs

1,116

 

1,175

 

(5

 

Financial

47.7

20.2

 

136

%

Revenue ($ millions)

82.2

 

42.1

 

95

%

1,120,266

634,839

 

76

%

Silver ounces sold

1,743,645

 

1,300,339

 

34

%

9,810

5,218

 

88

%

Gold ounces sold

20,473

 

12,672

 

62

%

26.82

17.04

 

57

%

Realized silver price per ounce

26.95

 

16.16

 

67

%

1,866

1,862

 

0

%

Realized gold price per ounce

1,781

 

1,727

 

3

%

6.7

(3.3

)

302

%

Net earnings (loss) ($ millions)

18.9

 

(19.2

)

198

%

0.8

(3.3

)

126

%

Adjusted net earnings (loss) ($ millions)

(3.7

)

(19.2

)

81

%

10.2

3.1

 

228

%

Mine operating earnings (loss) ($ millions)

15.9

 

0.2

 

6800

%

17.2

7.6

 

125

%

Mine operating cash flow ($ millions)

30.5

 

11.9

 

156

%

8.7

1.9

 

358

%

Operating cash flow before working capital changes

13.9

 

(3.1

)

551

%

15.9

1.2

 

1214

%

Earnings before ITDA ($ millions)

39.8

 

(5.5

)

823

%

146.8

44.6

 

229

%

Working capital ($ millions)

146.8

 

44.6

 

229

%

Shareholders

0.04

(0.02

)

300

%

Earnings (loss) per share – basic

0.12

 

(0.13

)

192

%

0.01

(0.02

)

123

%

Adjusted earnings (loss) per share – basic

(0.02

)

(0.13

)

83

%

0.05

0.01

 

302

%

Operating cash flow before working capital changes per share

0.08

 

(0.02

)

499

%

168,383,755

147,862,393

 

14

%

Weighted average shares outstanding

164,051,368

 

144,836,300

 

13

%

       

The above highlights are key measures used by management, however they should not be the sole measures used in determining the performance of the Company’s operations. The related definitions and reconciliations are contained in the Management Discussion and Analysis.

ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

(expressed in thousands in U.S. dollars)

          
   

Three months ended

 

Six months ended

   

June 30,

 

June 30,

 

June 30,

 

June 30,

   

 2021

 

 2020

 

 2021

 

 2020

   

 

   

 

  

Operating activities

  

 

   

 

  

Net earnings (loss) for the period

  

$

6,656

 

 

$

(3,289

)

 

$

18,905

 

 

$

(19,215

)

   

 

   

 

  

Items not affecting cash:

  

 

   

 

  

Share-based compensation

  

 

1,028

 

  

848

  

 

2,193

 

  

1,593

 

Depreciation, depletion and amortization

  

 

6,723

 

  

4,213

  

 

14,347

 

  

10,481

 

Impairment reversal of non-current assets

  

 

-

 

  

-

  

 

(16,791

)

  

-

 

Deferred income tax expense (recovery)

  

 

1,116

 

  

(514

)

 

 

4,243

 

  

1,350

 

Unrealized foreign exchange loss (gain)

  

 

(143

)

  

(140

)

 

 

(53

)

  

514

 

Finance costs

  

 

216

 

  

337

  

 

507

 

  

648

 

Write down of inventory to net realizable value

  

 

272

 

  

486

  

 

272

 

  

1,528

 

Loss (gain) on asset disposal

  

 

(5,841

)

  

57

  

 

(5,807

)

  

135

 

Gain on other investments

  

 

(1,366

)

  

(107

)

 

 

(3,912

)

  

(114

)

Net changes in non-cash working capital

  

 

806

 

  

(2,800

)

 

 

(8,360

)

  

(178

)

Cash from (used in) operating activities

  

 

9,467

 

  

(909

)

 

 

5,544

 

  

(3,258

)

   

 

   

 

  
   

 

   

 

  

Investing activities

  

 

   

 

  

Proceeds on disposal of property, plant and equipment

  

 

6,985

 

  

73

  

 

7,541

 

  

100

 

Mineral property, plant and equipment expenditures

  

 

(8,164

)

  

(4,872

)

 

 

(15,434

)

  

(10,384

)

Purchase of marketable securities

  

 

-

 

  

-

  

 

(832

)

  

-

 

Proceeds from disposal of marketable securities

  

 

4,905

 

  

-

  

 

9,288

 

  

-

 

Redemption of (investment in) non-current deposits

  

 

19

 

  

-

  

 

(1

)

  

-

 

Cash from (used in) investing activities

  

 

3,745

 

  

(4,799

)

 

 

562

 

  

(10,284

)

   

 

   

 

  
   

 

   

 

  

Financing activities

  

 

   

 

  

Repayment of loans payable

  

 

(918

)

  

(554

)

 

 

(1,887

)

  

(1,326

)

Repayment of lease liabilities

  

 

(43

)

  

(49

)

 

 

(85

)

  

(92

)

Interest paid

  

 

(174

)

  

(243

)

 

 

(367

)

  

(461

)

Public equity offerings

  

 

29,034

 

  

22,703

  

 

59,134

 

  

24,188

 

Exercise of options

  

 

785

 

  

8

  

 

4,583

 

  

20

 

Share issuance costs

  

 

(664

)

  

(963

)

 

 

(1,266

)

  

(1,037

)

Performance share unit redemption

  

 

(2,174

)

  

-

  

 

(2,174

)

  

-

 

Cash from (used in) financing activities

  

 

25,846

 

  

20,902

  

 

57,938

 

  

21,292

 
   

 

   

 

  

Effect of exchange rate change on cash and cash equivalents

 

 

144

 

  

314

  

 

64

 

  

(620

)

   

 

   

 

  

Increase (decrease) in cash and cash equivalents

  

 

39,058

 

  

15,194

  

 

64,044

 

  

7,750

 

Cash and cash equivalents, beginning of the period

  

 

85,989

 

  

14,990

  

 

61,083

 

  

23,368

 

Cash and cash equivalents, end of the period

  

$

125,191

 

 

$

30,498

  

$

125,191

 

 

$

30,498

 
          

This statement should be read in conjunction with the condensed consolidated interim financial statements for the period ended June 30, 2021 and the related notes contained therein.

ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(expressed in thousands in U.S. dollars, except for share and per share amounts)

        
  

Three months ended

Six months ended

  

June 30,

 

June 30,

June 30,

 

June 30,

  

 2021

 

 2020

 2021

 

 2020

  

 

     

Revenue

 

$

47,775

 

$

20,201

 

$

82,241

 

 

$

42,128

 
  

 

  

 

 

 

Cost of sales:

 

 

  

 

 

 

Direct production costs

 

 

26,223

  

11,722

  

44,951

 

 

 

28,522

 

Royalties

 

 

4,340

  

834

  

6,800

 

 

 

1,691

 

Share-based payments

 

 

111

  

92

  

229

 

 

 

183

 

Depreciation, depletion and amortization

 

 

6,624

  

3,951

  

14,120

 

 

 

9,974

 

Write down of inventory to net realizable value

 

 

272

  

486

  

272

 

 

 

1,528

 
  

 

37,570

  

17,085

  

66,372

 

 

 

41,898

 
  

 

  

 

 

 

Mine operating earnings

 

 

10,205

  

3,116

  

15,869

 

 

 

230

 
  

 

  

 

 

 

Expenses:

 

 

  

 

 

 

Exploration and evaluation

 

 

5,025

  

1,665

  

9,155

 

 

 

4,047

 

General and administrative

 

 

4,293

  

3,137

  

7,816

 

 

 

5,142

 

Care and maintenance costs

 

 

55

  

2,911

  

576

 

 

 

4,256

 

Impairment reversal of non-current assets

 

 

-

  

-

  

(16,791

)

 

 

-

 
  

 

9,373

  

7,713

  

756

 

 

 

13,445

 
  

 

  

 

 

 

Operating earnings (loss)

 

 

832

  

(4,597

)

 

15,113

 

 

 

(13,215

)

  

 

  

 

 

 

Finance costs

 

 

216

  

356

  

507

 

 

 

666

 
  

 

  

 

 

 

Other income (expense):

 

 

  

 

 

 

Foreign exchange

 

 

659

  

740

  

(35

)

 

 

(4,177

)

Gain on asset disposals

 

 

5,841

  

-

  

5,841

 

 

 

-

 

Investment and other

 

 

1,802

  

605

  

4,553

 

 

 

654

 
  

 

8,302

  

1,345

  

10,359

 

 

 

(3,523

)

  

 

  

 

 

 

Earnings (loss) before income taxes

 

 

8,918

  

(3,608

)

 

24,965

 

 

 

(17,404

)

  

 

  

 

 

 

Income tax expense (recovery):

 

 

  

 

 

 

Current income tax expense

 

 

1,146

  

195

  

1,817

 

 

 

461

 

Deferred income tax expense (recovery)

 

 

1,116

  

(514

)

 

4,243

 

 

 

1,350

 
  

 

2,262

  

(319

)

 

6,060

 

 

 

1,811

 
  

 

  

 

 

 

Net earnings (loss) and comprehensive earnings (loss) for the period

 

6,656

  

(3,289

)

 

18,905

 

 

 

(19,215

)

  

 

  

 

 

 

Basic earnings (loss) per share based on net earnings (loss)

 

$

0.04

 

$

(0.02

)

$

0.12

 

 

$

(0.13

)

Diluted earnings (loss) per share based on net earnings (loss)

$

0.04

 

$

(0.02

)

$

0.11

 

 

$

(0.13

)

  

 

  

 

 

 

Basic weighted average number of shares outstanding

 

 

168,383,755

  

147,862,393

  

164,051,368

 

 

 

144,836,300

 

Diluted weighted average number of shares outstanding

 

 

172,195,942

  

147,862,393

  

167,743,113

 

 

 

144,836,300

 
        

This statement should be read in conjunction with the condensed consolidated interim financial statements for the period ended June 30, 2021 and the related notes contained therein.

ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

(expressed in thousands in U.S. dollars, except for share and per share amounts)

     
  

June 30,

 

December 31,

  

 2021

 

 2020

  

 

  

ASSETS

 

 

  

 

 

 

  

Current assets

 

 

  

Cash and cash equivalents

 

$

125,191

 

 

$

61,083

 

Other investments

 

 

10,024

 

  

4,767

 

Accounts and other receivable

 

 

16,167

 

  

20,144

 

Income tax receivable

 

 

61

 

  

52

 

Inventories

 

 

23,929

 

  

16,640

 

Prepaid expenses

 

 

7,281

 

  

2,284

 

Total current assets

 

 

182,653

 

  

104,970

 
  

 

  

Deposits

 

 

592

 

  

591

 

Deferred financing costs

 

 

-

 

  

294

 

Income tax recoverable

 

 

3,570

 

  

-

 

IVA receivable

 

 

2,699

 

  

2,676

 

Deferred income tax asset

 

 

8,510

 

  

12,753

 

Intangible assets

 

 

248

 

  

492

 

Right-of-use leased assets

 

 

757

 

  

861

 

Mineral properties, plant and equipment

 

 

87,845

 

  

87,955

 

Total assets

 

$

286,874

 

 

$

210,592

 
  

 

  

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

  

 

 

 

  

Current liabilities

 

 

  

Accounts payable and accrued liabilities

 

$

29,687

 

 

$

27,764

 

Income taxes payable

 

 

2,681

 

  

3,038

 

Loans payable

 

 

3,251

 

  

3,578

 

Lease liabilities

 

 

201

 

  

173

 

Total current liabilities

 

 

35,820

 

  

34,553

 
  

 

  

Loans payable

 

 

4,534

 

  

6,094

 

Lease liabilities

 

 

923

 

  

921

 

Provision for reclamation and rehabilitation

 

 

4,383

 

  

8,876

 

Deferred income tax liability

 

 

1,080

 

  

1,077

 

Total liabilities

 

 

46,740

 

  

51,521

 
  

 

  

Shareholders' equity

 

 

  

Common shares, unlimited shares authorized, no par value, issued

 

 

  

and outstanding 170,300,394 shares (Dec 31, 2020 - 157,924,708 shares)

 

584,378

 

  

517,711

 

Contributed surplus

 

 

5,153

 

  

9,662

 

Retained earnings (deficit)

 

 

(349,397

)

  

(368,302

)

Total shareholders' equity

 

 

240,134

 

  

159,071

 

Total liabilities and shareholders' equity

 

$

286,874

 

 

$

210,592

 
     

This statement should be read in conjunction with the condensed consolidated interim financial statements for the period ended June 30, 2021 and the related notes contained therein.

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