Endeavour Silver Reports Financial Results for Second Quarter, 2017; Updates on Development Projects and 2017 Guidance

http://www.edrsilver.com/news/index.php?content_id=600

Vancouver, Canada – August 3, 2017 – Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) released today its financial results for the second quarter ended June 30, 2017. Endeavour 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.

The Company’s financial performance in the Second Quarter, 2017 was impacted by lower production and increased exploration and development activities compared to the Second Quarter, 2016. Production was lower in Q2, 2017 compared to Q2, 2016 due to differences in the annual mine plans. In 2016, production was higher in H1 and declined in H2 whereas in 2017, production should rise incrementally from H1 to H2 with increased access to reserves at all three mines.

Production in the Second Quarter, 2017 was higher than the First Quarter, 2017 due primarily to improved performance of the Bolañitos and El Cubo mines. Both mines are now performing in line with their operating plans for the year whereas Guanacevi continues to lag behind plan.

Highlights of Second Quarter 2017 (Compared to Second Quarter 2016)

Financial

  • Net loss of $16 thousand(1) (loss of $0.00 per share) compared to net earnings of $1.7 million ($0.01 per share)
  • EBITDA(2) decreased 64% to $3.7 million
  • Cash flow from operations before working capital changes decreased 53% to $4.4 million
  • Mine operating cash flow before taxes(1) decreased 49% to $8.8 million
  • Revenue decreased 27% to $32.7 million
  • Realized silver price increased 4% to $17.16 per ounce (oz) sold
  • Realized gold price decreased 1% to $1,270 per oz sold
  • Cash costs(2) increased 56% to $8.36 per oz silver payable (net of gold credits)
  • All-in sustaining costs (AISC)(2) increased 94% to $20.46 per oz silver payable (net of gold credits)
  • Working capital decreased 8% to $75.2 million from year end

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