Dan Dickson, CEO and Director of Endeavour Silver (TSX:EDR – NYSE:EXK), joins us to review the Q4 and full year operational metrics at the producing Guanacevi and Bolañitos silver mines, a construction update at the key Terronera Project in Mexico, the announcement of an acquisition of the producing Minera Kolpa Mine in Peru, and updates on the Pitarilla and Parral development projects. 

Consolidated production last year from Guanacevi and Bolañitos met their updated 2024 guidance with 4,471,824 ounces (oz) of Silver (Ag) and 39,047 oz of gold (Au) for a total of 7.6 million silver equivalent oz. At Guanacevi in Q4 the operations team needed to replace and install a new ball mill trunnion, which was completed on November 30, 2024, and processing resumed in December to full capacity.

At the flagship Terronera Project, surface construction is nearing 90% complete. Dry commissioning is advancing on the Upper Platform, and the focus continues on the Lower Platform construction and filter press area, for full wet commissioning to begin here in Q2 2025. Dan anticipates commercial construction will commence in Q3 of this year. The Terronera Mine has the potential to double the production output, adding in around 7 million AgEq per year, with a very low All-In Sustaining Costs, projected to be down around $13 per AgEq oz.

Next we shifted over to the key news announced on April 1^st, where that company announced a transaction to acquire all of the outstanding shares of Compañia Minera Kolpa S.A. (“ Minera Kolpa ”), and its main asset, the silver-focused polymetallic Huachocolpa Uno Mine (“ Kolpa ”); located in the districts of Huachocolpa and Santa Ana in the province and department of Huancavelica, approximately 490 km southeast of Lima, Peru. In 2024, the Kolpa mine produced approximately 2.0 million ounces of silver, 19,820 tonnes of lead, 12,554 tonnes of zinc and 518 tonnes of copper, for approximately 5.1 million silver equivalent ounces (“AgEq oz”). In 2024, the all-in sustaining costs of $22.80/oz Ag. The transaction is expected to close by June, and this will be a nice bolt-on producing mine for the company adding to the production profile in H2 and moving forward.

We wrap up discussing the further growth potential from the Pitarrilla and Parral Projects in Mexico.  Both are key advanced exploration and development projects in the portfolio that will have ongoing exploration and derisking work programs in the second half of this year. Dan mentions they have an eye to moving many of the development team members from Terronera over to Pitarilla, once Terronera is up and producing; working on further development next year as the next project to move down the pathway towards construction.  

If you have any follow up questions for Dan regarding any of the work going on at the Endeavour Silver, then please email us at either Fleck@kereport.com or Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Endeavour Silver at the time of this recording, and may choose to buy or sell shares at any time.

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