Q2 2024 Endeavour Silver Corp Earnings Call Transcript
Key Points
- Endeavour Silver Corp (EXK) reported a 17% year-over-year increase in top-line revenue, reaching $58 million due to higher metal prices.
- The Terronera project has reached 65% completion and is on track for commissioning in Q4 2024, with significant progress in infrastructure and mine development.
- Q2's silver equivalent production totaled 2.2 million ounces, positioning the company well to meet the upper range of its 2024 production guidance.
- The company has a strong cash position of $68 million and working capital of $65 million as of June 30, 2024.
- Endeavour Silver Corp (EXK) has successfully raised $14.7 million through share issuances and completed its first and second drawdowns of the Terronera senior secured debt facility, totaling $110 million.
- The company reported a net loss of $14 million for Q2 2024, compared to a $1 million loss in Q2 2023, primarily due to non-cash and unusual items.
- Cost of sales increased by 28% year-over-year to $48 million, driven by higher labor, power, and consumable costs, as well as inflationary effects.
- Silver grades were slightly lower than expected, which may impact future production profiles.
- The company experienced a significant increase in purchased material costs, rising from $1.5 million in Q2 2023 to $5 million in Q2 2024.
- The higher metal prices have led to increased royalty expenses and special mining duties, impacting cost metrics and contributing to the overall loss.
Thank you for standing by, and this is the conference operator, and welcome to the Endeavour Silver Corp Second Quarter 2024 financial results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions).
I would now like to turn the conference over to Allison Pettit, Director of Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone before we get started, I ask that you view our MD&A precautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Our MD&A and financial statements are available on our website at edrsilver.com.
On today's call, we have Dan Dickson, Endeavour Silver's CEO; Elizabeth Senez, our Chief Financial Officer; and Don Gray, Endeavour's COO.
Following Dan's formal remarks, we will open the call for questions. And now over to Dan.
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