Movers and SHAKERS
Endeavour Silver (EXK)(EDR:CA)
Endeavour Builds Metals Inventory For Sale At Higher Prices
As of April 24, 2020, Noble Capital Markets research on Endeavour Silver is published under ticker symbols (EXK and EDR:CA). The price target is in USD and based on ticker symbol EXK. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. The company is organized into four operating mining segments, Guanacevi, Bolanitos, El Cubo, and El Compas, which are located in Mexico as well as Exploration and Corporate segments. Its Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.
Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First quarter production results not far off the mark. Compared to the prior year period, first quarter silver and gold production increased 22.2% and 31.1% to 1,048,100 ounces and 11,109 ounces, respectively, compared to our estimates of 1,106,764 ounces and 9,495 ounces. During the quarter, the company sold 623,379 ounces of silver and 10,663 ounces of gold. Payable silver and gold ounces produced during the quarter amounted to 1,036,710 and 10,894 ounces, respectively. Most of the variance in gold production was due to higher gold production from El Compas due to higher processed tonnes and gold grades. Compared to the fourth quarter of 2020, first quarter silver and gold production declined 6.2% and 11.7%, respectively.
Updating 2021 estimates. The company withheld metal from sale due to pricing and ended the quarter with 523,235 ounces of silver and 1,123 ounces of gold in bullion inventory and 6,582 ounces of silver and 566 ounces of gold in concentrate inventory. Based on lower first quarter sales and modestly lower commodity price assumptions, we have lowered our 2021 EPS and EBITDA estimates to ...
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.