2016 Highlights //

Operations

  • Produced in line with guidance: 5,435,407 oz silver and 57,375 oz gold
  • Production totalled 9.7 million silver equivalent oz (at a 75:1 silver: gold ratio)
  • Acquired the El Compas project in Zacatecas, Mexico for $6.8 million and advanced a preliminary economic assessment
  • Acquired the Parral project in Chihuahua state, Mexico for $5.3 million and mapped extension of Veta Colorada
  • Infill drilled main zone, identified other prospective veins and advanced a pre-feasibility study at Terronera
  • Received “Socially Responsible Company” awards for all three mines

Financials

  • Net earnings of $3.9 million ($0.03 per share)
  • EBITDA(1) of $27.8 million
  • Cash flow from operations before working capital changes of $24.0 million
  • Revenue totalled $156.8 million
  • Cash costs(1) totalled $6.78 per oz silver payable (net of gold credits), beating guidance
  • All-in sustaining costs of $12.43 per oz silver payable (net of gold credits)
  • Bullion inventory at year-end of 311,625 oz silver and 665 oz gold
  • Concentrate inventory at year-end of 18,962 oz silver and 218 oz gold
  • Cash and equivalents of $72.3 million at year-end
  • Working capital of $81.6 million at year end
  • Strengthened balance sheet through $53.3 million equity financing
  • Reduced debt to $9.0 million

(1) EBITDA and cash costs are non-IFRS measures. Please refer to the definitions in our Management Discussion & Analysis.

Exploration

  • Identified nine new veins on northern half of the Terronera property, many with high-grade silver and gold mineralization on surface near small historic mines
  • Discovered new high-grade gold-silver mineralization in the La Luz vein at Terronera
  • Discovered new high-grade gold-silver mineralization in the Ana Camila vein at El Compas
  • Extended the Santa Cruz and Porvenir Centro orebodies at Guanaceví
  • Extended the LL-Asunción and Plateros orebodies at Bolañitos

Reserves and Resources

Proven and probable silver reserves decreased 12% in 2016 compared to 2015, reflecting mining depletion and reduction in mine development capital investments at the three mines in 2016 due to low metal prices early in 2016. Measured and indicated silver resources decreased 2% and inferred silver resources declined 18% due to reduced exploration spending at the operations and releasing the Arroyo Seco project.

  • 10.6 million ounces of proven and probable silver reserves
  • 91,100 ounces of proven and probable gold reserves
  • 17.4 million ounces(2) of ounces of proven and probable silver equivalent resources
  • 64.2 million ounces of measured and indicated silver resources
  • 533,700 ounces of measured and indicated gold resources
  • 105.1 million ounces of measured and indicated silver equivalent resources
  • 37.2 million ounces of inferred silver resources
  • 336,000 ounces of inferred gold resources
  • 64.7 million ounces(2) of inferred silver equivalent resources

(2) Based on 75:1 silver:gold ratio, base metals not included For details and footnotes refer to the complete Reserves and Resources table

Endeavour Silver Sidebar Box Curve

5,435,407 oz
Silver Production

57,375 oz
Gold Production

9.7 million oz
Silver Equivalent Production

Endeavour Silver Sidebar Box Curve