Endeavour Silver Corp
XMUN:EJD
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Endeavour Silver Corp
XMUN:EJD
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Endeavour Silver Corp
Endeavour Silver Corp is a precious-metals mining company. It explores for, develops, and operates silver-focused mines, mainly in Mexico, and it also produces gold as a byproduct at some of its operations. The company’s core job is to pull ore from the ground, process it at its own plants, and turn it into saleable metal product. It makes money by selling silver and gold in the form of concentrate, doré, or other mined products to smelters, refiners, and metal buyers. Its customers are not everyday consumers; they are industrial buyers and commodity markets that pay for the metal content in the ore it produces. Because the business depends on mine output and metal prices, it is tied closely to geology, operating efficiency, and the silver market. What makes Endeavour’s business model different is that it sits early in the metals supply chain. Instead of manufacturing finished goods, it earns revenue from discovering, extracting, and upgrading ore into tradeable metal products. That gives it direct exposure to silver prices and to the risks and rewards of running mines, which is very different from a typical industrial company or retailer.
Endeavour Silver Corp is a precious-metals mining company. It explores for, develops, and operates silver-focused mines, mainly in Mexico, and it also produces gold as a byproduct at some of its operations. The company’s core job is to pull ore from the ground, process it at its own plants, and turn it into saleable metal product.
It makes money by selling silver and gold in the form of concentrate, doré, or other mined products to smelters, refiners, and metal buyers. Its customers are not everyday consumers; they are industrial buyers and commodity markets that pay for the metal content in the ore it produces. Because the business depends on mine output and metal prices, it is tied closely to geology, operating efficiency, and the silver market.
What makes Endeavour’s business model different is that it sits early in the metals supply chain. Instead of manufacturing finished goods, it earns revenue from discovering, extracting, and upgrading ore into tradeable metal products. That gives it direct exposure to silver prices and to the risks and rewards of running mines, which is very different from a typical industrial company or retailer.
Record quarter: Endeavour Silver said Q2 performance was driven by higher production, record metal sales, and a sharp improvement in mine operating cash flow.
Strong growth: Revenue reached $212 million, mine operating earnings were $74 million, and mine operating cash flow before taxes was $100 million, all well above last year.
Costs up: All-in sustaining costs rose to $37, with management blaming higher royalties, purchased material, profit sharing, mining taxes, and a stronger Mexican peso.
Terronera ramp: Terronera is still ramping, but management expects higher silver grades and lower unit costs in the second half as mining reaches better zones and LNG is fully connected.
Capital plans: Kolpa’s budget was raised by $18 million for expansion and infrastructure, while Pitarrilla’s feasibility study is expected by the end of Q3 and is likely to drive future capital needs.
Cash strength: The company ended June with $236 million in cash and expects about $70 million of VAT refunds in Q3, giving it flexibility to fund growth before thinking about shareholder returns.