Endeavour Silver Corp. (NYSE: EXK, TSX:
EDR) announces its financial results for the fourth
quarter and year ended December 31, 2018. The Company owns
and operates three underground silver-gold mines in Mexico; the
Guanaceví mine in Durango state and the Bolañitos and El Cubo mines
in Guanajuato state. Endeavor is commissioning its fourth
mine, El Compas in Zacatecas, advancing the Terronera project in
Jalisco to a development decision and exploring the Parral project
in Chihuahua to expand resources.
In 2018, revenue was flat year-on-year and mine
operating cash flow decreased 3% as a result of lower metal prices,
offset by higher production. Consolidated production costs
increased due to continued operational challenges at Guanacevi,
partially offset by improved costs at El Cubo. Net earnings
decreased due to higher depreciation and depletion at Guanacevi
compared to the prior year. In 2019, Guanacevi’s proven and
probable reserve tonnes increased 150% and reserve silver
equivalent oz increased 200%, which should result in significantly
lower depletion in 2019.
The El Cubo and Bolanitos mines continued to
generate positive free cash flows in 2018, which were reinvested at
Guanacevi to develop two new orebodies, and at El Compas to develop
the Company’s fourth mine. Additionally, Endeavour spent $12.4
million on exploration, primarily to advance the Terronera project
and to explore the Parral properties, where both projects had
significant additions to reserves and resources, respectively in
2018.
Notwithstanding the operational challenges faced
in 2018, the consolidated mining operations returned flat cash
costs and lower all-in sustaining costs net of gold by-product
credits.
The complete financial statements and
Management’s Discussion & Analysis can be viewed on the
Company’s website, on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov. All shareholders can receive a hard copy of the
Company’s complete audited financial statements free of charge upon
request. All amounts are reported in US$.
Highlights of Fiscal 2018 (Compared to
Fiscal 2017)
Financial
- Net loss was $12.4 million (loss of
$0.10 per share), compared to net earnings of $9.7 million
(earnings of $0.08 per share)
- EBITDA(1) decreased 14% to $21.9
million
- Cash flow from operations before
working capital changes decreased 6% to $22.2 million
- Mine operating cash flow(1)
decreased 3% to $43.9 million
- Revenue was flat at $150.5 million
on 5,461,197 silver oz sold and 51,318 gold oz sold
- Realized silver price decreased 9%
to $15.65 per ounce (oz) sold (consistent with the 2018 average
spot price)
- Realized gold price decreased 1% to
$1,267 per oz sold (consistent with the 2018 average spot
price)
- Cash costs(1) were flat at $8.06
per oz silver payable (net of gold credits)
- All-in sustaining costs(1)
decreased 9% to $15.45 per oz silver payable (net of gold
credits)
- Bullion inventory at year-end
included 101,146 oz silver and 218 oz gold
- Concentrate inventory at year-end
included 96,614 oz silver and 1,517 oz gold
- Working capital decreased 18% to
$54.5 million at year end
- Raised net $7.6 million in equity
proceeds from the ATM offering
- No outstanding debt as of December
31, 2018
Operations
- Silver production increased 12%
year-on-year to 5,522,068 oz
- Gold production was flat with
52,967 oz
- Silver equivalent production was
9.5 million oz (at a 75:1 silver: gold ratio)
- Guanacevi achieved a million hours
worked without a lost time accident
- Bolanitos drilling returned
multiple high-grade intersections including 1,415 grams per tonne
(gpt) silver and 2.25 gpt gold over a 1.1 metre (m) true
width in the San Miguel vein
- Completed an Updated
Pre-feasibility Study at the Terronera project and subsequently
increased Terronera Mineral Reserves
- Parral drilling and underground
sampling returned multiple high-grade intersections including 934
gpt silver, 0.21 gpt gold, 3.0% lead and 5.9% zinc over 4.2 m true
width and excellent metallurgical recoveries by flotation and
leaching
- El Compas commissioning has been
delayed due to several issues including excess clay in ore that
caused a recovery issue in the plant (metallurgical studies
ongoing), a water issue in the tailings facilities (now resolved),
and a ball mill equipment failure in late December (rectified in
February 2019) that halted plant operations while the mine
continues operating
- Manuel Echevarria was appointed as
Vice President, New Projects
- Nick Shakesby was appointed as Vice
President, Operations
Highlights of Fourth Quarter 2018
(Compared to Fourth Quarter 2017)
Financial
- Net loss of $3.7 million (loss of
$0.03 per share) compared to earnings of $2.7 million (earnings of
$0.02 per share)
- EBITDA(1) fell 68% to $2.2
million
- Cash flow from operations before
working capital changes fell to $0.1 million
- Mine operating cash flow(1)
decreased 33% to $8.5 million
- Revenue decreased 19% to $33.8
million on 1,264,340 silver oz sold and 11,819 gold oz sold
- Realized silver price decreased 12%
to $14.88 per oz sold (2% higher than Q4 2018 average spot
price)
- Realized gold price decreased 1% to
$1,270 per oz sold (3% higher than Q4 2018 average spot price)
- Cash costs(1) increased 16% to
$9.22 per oz silver payable (net of gold credits)
- All-in sustaining costs(1)
increased 12% to $14.20 per oz silver payable (net of gold
credits)
Operations
- Silver production decreased 4% to
1,386,505 oz
- Gold production decreased 10% to
13,117 oz
- Silver equivalent production was
2.4 million oz (at a 75:1 silver: gold ratio)
- Adjusted earnings, mine operating
cash flow, EBITDA, cash costs and AISC are non-IFRS measures.
Please refer to the definitions in the Company’s Management
Discussion & Analysis.
Bradford Cooke, CEO, commented, "All in all,
2018 was a transition year for Endeavour Silver, from improving the
operational performance at our three mines, to developing and
commissioning the new El Compas mine and completing an updated PFS
for the Terronera project while advancing towards a development
decision. The El Cubo and Bolanitos mines performed well but
Guanacevi continued to face operational challenges.
“At Guanacevi, two new shallower, higher grade
orebodies are being developed to turn around the operating
performance by increasing plant throughput and grade. At El Compas,
initial mine development was completed but plant commissioning
issues delayed production. We built a healthy ore stockpile while
sorting out the plant issues and recently re-commenced plant
operations in mid-February with a view to achieve commercial
production by the end of Q1, 2019.
“At Terronera, an expanded reserve and resource
estimate and a new and improved pre-feasibility study were released
in August. At Parral, drilling intersected multiple
high-grade intersections in the San Patricio vein and significant
silver mineralization was mapped and sampled underground at the
Veta Colorada mine.
“In 2019, we anticipate improving our
performance at Guanacevi and Bolanitos, making the most of our
declining reserves at El Cubo, delivering our first year of
commercial production at El Compas and upon receiving a positive
board decision, commencing the development of our fifth mine at
Terronera. Endeavour is fortunate to have a compelling
pipeline of development projects to fuel our future growth.”
Financial Results (Consolidated
Statement of Operations appended below)
For the year ended December 31, 2018, the
Company generated revenue totaling $150.5 million (2017 - $150.5
million). During the year, the Company sold 5,461,197 oz silver and
51,318 oz gold at realized prices of $15.65 and $1,267 per oz
respectively, compared to sales of 4,892,855 oz silver and 51,460
oz gold at realized prices of $17.24 and $1,285 per oz respectively
in 2017.
After cost of sales of $147.0 million (2017 -
$122.0 million), mine operating earnings amounted to $3.5 million
(2017 - $28.5 million) from mining and milling operations in
Mexico.
Excluding depreciation and depletion of $38.4
million (2017 - $16.6 million), the recovery of stock-based
compensation of $0.1 million (2017- $0.2 million expense) and the
inventory write of $2.0 million (2017- $0.1 million) mine operating
cash flow before taxes was $43.9 million in 2018 (2017 – $45.4
million). Operating losses were $17.5 million (2017 – earnings of
$7.7 million) after exploration expenditures of $12.4 million (2017
– $12.9 million) and general and administrative expense of $8.6
million (2017 – $7.9 million).
Net loss amounted to $12.4 million (loss of
$0.10 per share) compared to earnings of $9.7 million ($0.08 per
share) in 2018. The increased depletion rate at Guanacevi was based
on the 2017 Estimated Mineral Reserves and the principal factor in
the change in earnings from prior year.
Current income tax expense slightly decreased to
$4.4 million (2017 – $4.6 million), while deferred income tax
recognized a $9.7 million recovery (2017 – $6.4 million).
For the year ended December 31, 2018, direct
production costs were $86.32 per tonne compared to the guided range
of $80-$85 per tonne. The lower throughput and higher costs than
planned at Guanaceví drove the higher consolidated direct costs per
tonne than guided.
Consolidated cash costs, net of gold by-product
credits, were guided to be $6.00-$7.00 per oz of silver in 2018 and
consolidated cash costs expressed on a co-product basis were guided
to be $10.00-$11.00 per oz silver and $750-$800 per oz gold. For
the year ended December 31, 2018, cash costs, net of gold
by-product credits, were $8.06 per oz and cash costs expressed on a
co-product basis were $11.15 per oz silver and $902 per gold oz.
The lower than planned throughput resulted in higher than guided
costs per tonne and costs per ounce.
All-in sustaining costs (AISC), net of gold
by-product credits, in accordance with the World Gold Council
standard, were guided to be $15.00-$16.00 per oz of silver produced
in 2018 reflecting new investments in sustaining exploration and
development programs. For the year ended December 31, 2018 AISC,
net of gold by-product credits, was $15.45 as the Company spent
less on sustaining capital expenditures than guided. The lower
capital expenditures were offset by higher operating costs on a per
ounce basis.
Conference Call
A conference call to discuss these results will
be held today, Monday, February 25 at 10am PST (1pm EST). 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 2873#. The replay will also be available on
the Company’s website at www.edrsilver.com.
All shareholders can receive a hard copy of the
Company’s complete audited financial statements free of charge upon
request. To receive this material in hard copy, please contact
Galina Meleger, Director Investor Relations at 604-640-4804, toll
free at 1-877-685-9775 or email at gmeleger@edrsilver.com
About Endeavour – 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 commissioning its fourth mine at El
Compas, advancing a possible fifth mine at the Terronera mine
project 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 - For more
information, please contact: Galina Meleger, Director Investor
RelationsToll free: (877) 685-9775 Tel: (604) 640-4804 Fax: (604)
685-9744 Email: gmeleger@edrsilver.com Website:
www.edrsilver.com
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 2019 including changes in mining and
operations and the timing and results of various activities. 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, 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 changes in 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 December 31 |
2018 Highlights |
Year Ended December 31 |
2018 |
2017 |
% Change |
2018 |
2017 |
% Change |
Production |
1,386,505 |
1,436,962 |
(4%) |
Silver ounces
produced |
5,522,068 |
4,919,788 |
12% |
13,117 |
14,577 |
(10%) |
Gold
ounces produced |
52,967 |
53,007 |
(0%) |
1,359,256 |
1,400,705 |
(3%) |
Payable silver ounces produced |
5,417,633 |
4,803,589 |
13% |
12,821 |
14,245 |
(10%) |
Payable gold ounces produced |
51,826 |
51,797 |
0% |
2,370,280 |
2,530,237 |
(6%) |
Silver
equivalent ounces produced |
9,494,593 |
8,895,313 |
7% |
9.22 |
7.97 |
16% |
Cash
costs per silver ounce |
8.06 |
8.06 |
0% |
14.30 |
11.38 |
26% |
Total
production costs per ounce |
15.21 |
11.68 |
30% |
14.20 |
12.70 |
12% |
All-in
sustaining costs per ounce |
15.45 |
16.96 |
(9%) |
309,036 |
349,924 |
(12%) |
Processed tonnes |
1,266,831 |
1,279,873 |
(1%) |
93.52 |
84.38 |
11% |
Direct
production costs per tonne |
86.32 |
82.36 |
5% |
11.53 |
11.57 |
(0%) |
Silver
co-product cash costs |
11.15 |
11.88 |
(6%) |
984 |
885 |
11% |
Gold
co-product cash costs |
902 |
886 |
2% |
Financial |
33.8 |
41.6 |
(19%) |
Revenue ($ millions) |
150.5 |
150.5 |
0% |
1,264,340 |
1,392,518 |
(9%) |
Silver
ounces sold |
5,461,197 |
4,892,855 |
12% |
11,819 |
14,117 |
(16%) |
Gold
ounces sold |
51,318 |
51,460 |
(0%) |
14.88 |
16.84 |
(12%) |
Realized silver price per ounce |
15.65 |
17.24 |
(9%) |
1,270 |
1,288 |
(1%) |
Realized gold price per ounce |
1,267 |
1,285 |
(1%) |
(3.7) |
2.7 |
(237%) |
Net
earnings (loss) ($ millions) |
(12.4) |
9.7 |
(228%) |
0.4 |
7.9 |
(95%) |
Mine
operating earnings ($ millions) |
3.5 |
28.5 |
(88%) |
8.5 |
12.7 |
(33%) |
Mine
operating cash flow(8) ($ millions) |
43.9 |
45.4 |
(3%) |
0.1 |
4.6 |
(99%) |
Operating cash flow before working capital changes |
22.2 |
23.6 |
(6%) |
2.2 |
6.9 |
(68%) |
Earnings before ITDA ($ millions) |
21.9 |
25.6 |
(14%) |
54.5 |
66.2 |
(18%) |
Working capital ($ millions) |
54.5 |
66.2 |
(18%) |
Shareholders |
(0.03) |
0.02 |
(250%) |
Earnings (loss) per share – basic |
(0.10) |
0.08 |
(225%) |
0.00 |
0.04 |
(100%) |
Operating cash flow before working capital changes per share |
0.17 |
0.19 |
11% |
130,511,679 |
127,486,671 |
2% |
Weighted average shares outstanding |
128,600,421 |
127,340,834 |
1% |
|
|
|
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.CONSOLIDATED
STATEMENTS OF CASH FLOWS(expressed in thousands of U.S.
dollars)
|
Years ended |
|
December 31,2018 |
|
December 31,2017 |
|
|
|
|
Operating
activities |
|
|
|
Net earnings (loss) for
the year |
$ |
(12,439 |
) |
|
$ |
9,684 |
|
|
|
|
|
Items not affecting
cash: |
|
|
|
Share-based compensation |
|
2,426 |
|
|
|
2,861 |
|
Depreciation and depletion |
|
38,777 |
|
|
|
16,990 |
|
Deferred
income tax expense (recovery) |
|
(9,749 |
) |
|
|
(6,425 |
) |
Unrealized foreign exchange loss (gain) |
|
41 |
|
|
|
(403 |
) |
Finance
costs |
|
150 |
|
|
|
715 |
|
Write off
of IVA receivable |
|
194 |
|
|
|
- |
|
Write off
of mineral properties |
|
- |
|
|
|
233 |
|
Write
down of inventory to net realizable value |
|
2,676 |
|
|
|
- |
|
(Gain)
loss on available for sale assets |
|
- |
|
|
|
(72 |
) |
Unrealized loss (gain) on other investments |
|
80 |
|
|
|
- |
|
Net
changes in non-cash working capital |
|
4,492 |
|
|
|
(7,993 |
) |
Cash from operating
activities |
|
26,648 |
|
|
|
15,590 |
|
|
|
|
|
Investing
activities |
|
|
|
Property,
plant and equipment expenditures |
|
(40,398 |
) |
|
|
(39,835 |
) |
Proceeds
from disposition of other investments |
|
- |
|
|
|
72 |
|
Redemption of (investment in) non-current deposits |
|
1 |
|
|
|
49 |
|
Cash
used in investing activities |
|
(40,397 |
) |
|
|
(39,714 |
) |
|
|
|
|
Financing
activities |
|
|
|
Repayment
of credit facility |
|
- |
|
|
|
(9,000 |
) |
Restricted cash |
|
1,000 |
|
|
|
(1,000 |
) |
Interest
paid |
|
- |
|
|
|
(461 |
) |
Public
equity offerings |
|
8,273 |
|
|
|
- |
|
Exercise
of options |
|
256 |
|
|
|
142 |
|
Share
issuance costs |
|
(640 |
) |
|
|
- |
|
Cash
from (used in) financing activities |
|
8,889 |
|
|
|
(10,319 |
) |
|
|
|
|
Effect of
exchange rate change on cash and cash equivalents |
|
(41 |
) |
|
|
403 |
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents |
|
(4,860 |
) |
|
|
(34,443 |
) |
Cash and cash equivalents, beginning of the
year |
|
38,277 |
|
|
|
72,317 |
|
Cash and cash equivalents, end of the year |
$ |
33,376 |
|
|
$ |
38,277 |
|
|
|
|
|
|
|
|
|
This statement should be read in conjunction with the audited
consolidated financial statements for the year ended December 31,
2018 and the related notes contained therein.
ENDEAVOUR SILVER CORP.CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(expressed in
thousands of US dollars, except for shares and per share
amounts)
|
Years ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
|
|
|
Revenue |
$ |
150,509 |
|
|
$ |
150,499 |
|
|
|
|
|
Cost of sales: |
|
|
|
Direct
production costs |
|
105,003 |
|
|
|
103,330 |
|
Royalties |
|
1,653 |
|
|
|
1,740 |
|
Share-based payments |
|
(93 |
) |
|
|
202 |
|
Depreciation and depletion |
|
38,412 |
|
|
|
16,582 |
|
Write down of inventory to net realizable value |
|
2,026 |
|
|
|
166 |
|
|
|
147,001 |
|
|
|
122,020 |
|
|
|
|
|
Mine operating earnings
(loss) |
|
3,508 |
|
|
|
28,479 |
|
|
|
|
|
Expenses: |
|
|
|
Exploration |
|
12,383 |
|
|
|
12,898 |
|
General and administrative |
|
8,626 |
|
|
|
7,914 |
|
|
|
21,009 |
|
|
|
20,812 |
|
|
|
|
|
Operating earnings
(loss) |
|
(17,501 |
) |
|
|
7,667 |
|
|
|
|
|
Finance costs |
|
211 |
|
|
|
715 |
|
|
|
|
|
Other income
(expense): |
|
|
|
Write down of
inventory to net realizable value |
|
(650 |
) |
|
|
- |
|
Write off
of IVA receivable |
|
(194 |
) |
|
|
- |
|
Foreign
exchange |
|
(81 |
) |
|
|
433 |
|
Investment and other |
|
926 |
|
|
|
502 |
|
|
|
1 |
|
|
|
935 |
|
|
|
|
|
Earnings (loss) before
income taxes |
|
(17,711 |
) |
|
|
7,887 |
|
|
|
|
|
Income tax expense
(recovery): |
|
|
|
Current
income tax expense |
|
4,477 |
|
|
|
4,650 |
|
Deferred income tax expense (recovery) |
|
(9,749 |
) |
|
|
(6,447 |
) |
|
|
(5,272 |
) |
|
|
(1,797 |
) |
|
|
|
|
Net
earnings (loss) for the year |
|
(12,439 |
) |
|
|
9,684 |
|
|
|
|
|
Other comprehensive
income (loss), net of tax |
|
|
|
Reclassification for realized (gain) loss on other investments |
|
- |
|
|
|
(72 |
) |
Unrealized gain (loss) on other investments |
|
- |
|
|
|
155 |
|
Total
other comprehensive income (loss) for the year |
|
- |
|
|
|
83 |
|
|
|
|
|
Comprehensive income (loss) for the year |
$ |
(12,439 |
) |
|
$ |
9,767 |
|
|
|
|
|
Basic earnings (loss)
per share based on net earnings |
$ |
(0.10 |
) |
|
$ |
0.08 |
|
Diluted earnings (loss) per share based on net earnings |
$ |
(0.10 |
) |
|
$ |
0.08 |
|
|
|
|
|
Basic
weighted average number of shares outstanding |
|
128,600,421 |
|
|
|
127,340,834 |
|
Diluted
weighted average number of shares outstanding |
|
128,600,421 |
|
|
|
127,957,573 |
|
|
|
|
|
This statement should be read in conjunction with the audited
consolidated financial statements for the year ended December 31,
2018 and the related notes contained therein.
ENDEAVOUR SILVER CORP.CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION(expressed in thousands of
US dollars)
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash and cash
equivalents |
$ |
33,376 |
|
|
$ |
38,277 |
|
Restricted cash |
|
- |
|
|
|
1,000 |
|
Other
investments |
|
88 |
|
|
|
168 |
|
Accounts
receivable |
|
26,947 |
|
|
|
34,012 |
|
Inventories |
|
14,894 |
|
|
|
13,131 |
|
Prepaid expenses |
|
2,704 |
|
|
|
1,911 |
|
Total current
assets |
|
78,009 |
|
|
|
88,499 |
|
|
|
|
|
Non-current
deposits |
|
1,114 |
|
|
|
610 |
|
Deferred income tax
asset |
|
9,147 |
|
|
|
655 |
|
Mineral
properties, plant and equipment |
|
88,777 |
|
|
|
88,816 |
|
Total assets |
$ |
177,047 |
|
|
$ |
178,580 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Accounts
payable and accrued liabilities |
$ |
19,470 |
|
|
$ |
19,068 |
|
Income taxes payable |
|
4,050 |
|
|
|
3,185 |
|
Total current
liabilities |
|
23,520 |
|
|
|
22,253 |
|
|
|
|
|
Deferred lease
inducement |
|
217 |
|
|
|
236 |
|
Provision for
reclamation and rehabilitation |
|
8,195 |
|
|
|
7,982 |
|
Deferred income tax
liability |
|
335 |
|
|
|
1,592 |
|
Total liabilities |
|
32,267 |
|
|
|
32,063 |
|
|
|
|
|
Shareholders'
equity |
|
|
|
Common shares,
unlimited shares authorized, no par value, issued and outstanding
130,781,052 shares (Dec 31, 2017 - 127,488,410 shares) |
|
459,109 |
|
|
|
450,740 |
|
Contributed
surplus |
|
9,676 |
|
|
|
8,747 |
|
Accumulated other
comprehensive income (loss) |
|
- |
|
|
|
127 |
|
Retained earnings
(deficit) |
|
(324,005 |
) |
|
|
(313,097 |
) |
Total shareholders' equity |
|
144,780 |
|
|
|
146,517 |
|
Total liabilities
and shareholders' equity |
$ |
177,047 |
|
|
$ |
178,580 |
|
|
|
|
|
|
|
|
|
This statement should be read in conjunction
with the audited consolidated financial statements for the year
ended December 31, 2018 and the related notes contained
therein.
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