Endeavour Silver(US:EXK)2023-11-06 16:00Financial Performance - Total revenue for the three months ended September 30, 2023, was $49,432,000, representing a 24.4% increase from $39,649,000 in the same period of 2022[3]. - Mine operating earnings for the nine months ended September 30, 2023, were $31,259,000, compared to $29,870,000 for the same period in 2022, indicating an increase of 4.6%[3]. - The company reported a net loss of $2,328,000 for the three months ended September 30, 2023, compared to a net loss of $1,499,000 in the same period of 2022[3]. - Basic earnings per share for the nine months ended September 30, 2023, were $0.02, compared to a loss of $0.01 per share in the same period of 2022[3]. - Net earnings for the three months ended September 30, 2023, were $810,000, a decrease from a net loss of $1,499,000 in the same period of 2022[81]. - Net earnings for the nine months ended September 30, 2023, were $3,074,000, compared to a net loss of $1,760,000 in the same period of 2022, marking a significant turnaround[83]. Revenue Breakdown - Silver sales increased to $32,863 million in Q3 2023 from $25,541 million in Q3 2022, representing a 28.5% growth[70]. - Gold sales rose to $17,063 million in Q3 2023, up from $14,852 million in Q3 2022, marking a 14.8% increase[70]. - Total revenue for the nine months ended September 30, 2023, reached $154,964 million, compared to $128,171 million in the same period of 2022, reflecting a 20.7% increase[71]. - Revenue from concentrate sales for Q3 2023 was $14,051 million, up from $11,171 million in Q3 2022, a 25.5% increase[71]. - Silver revenue for the three months ended September 30, 2023, was $32,864,000, compared to $25,541,000 in the same period of 2022, reflecting a year-over-year increase of about 28.7%[81]. - Gold revenue for the three months ended September 30, 2023, reached $17,063,000, up from $14,852,000 in the same period of 2022, marking an increase of approximately 14.8%[81]. Expenses and Costs - Total cost of sales for the three months ended September 30, 2023, was $46,740,000, compared to $34,520,000 in the same period of 2022, indicating a rise of about 35.4%[81]. - Total cost of sales for the nine months ended September 30, 2023, was $123,705,000, up from $98,301,000 in 2022, indicating a rise of about 26%[83]. - Direct production costs totaled $60,509,000 for the nine months ended September 30, 2023, compared to $48,457,000 in 2022, which is an increase of about 25%[83]. - Salaries, wages, and benefits for the three months ended September 30, 2023, totaled $10,024,000, compared to $7,516,000 in the same period of 2022, representing an increase of approximately 33.5%[81]. - The total salaries, wages, and benefits for the nine months ended September 30, 2023, amounted to $25,387,000, compared to $22,955,000 in 2022, reflecting an increase of approximately 11%[83]. Assets and Liabilities - Cash and cash equivalents decreased to $40,957,000 as of September 30, 2023, down from $83,391,000 at the end of 2022, a decline of 50.9%[1]. - Total assets increased to $433,155,000 as of September 30, 2023, compared to $399,437,000 at the end of 2022, reflecting a growth of 8.5%[1]. - Current liabilities rose to $55,487,000 as of September 30, 2023, compared to $52,749,000 at the end of 2022, an increase of 5.2%[1]. - Total liabilities as of September 30, 2023, were $83,543,000, reflecting an increase from $83,543,000 as of December 31, 2022, suggesting a need for monitoring debt levels[78]. - Total financial liabilities as of September 30, 2023, amount to $53,255, with accounts payable and accrued liabilities at $43,416[95]. Exploration and Investment - Exploration and evaluation expenses for the nine months ended September 30, 2023, were $12,678,000, compared to $11,023,000 for the same period in 2022, an increase of 15.0%[3]. - Direct exploration expenditures for the nine months ended September 30, 2023, totaled $4,653 million, up from $3,353 million in the same period of 2022, a 38.6% increase[73]. - The exploration segment incurred costs of $352,000 in Chile for the three months ended September 30, 2023, slightly up from $347,000 in the same period of 2022[79]. - The exploration segment incurred costs of $1,148,000 in Chile for the nine months ended September 30, 2023, compared to $1,068,000 in 2022, indicating a slight increase[83]. Shareholder Equity and Financing - The company’s total shareholders' equity increased to $344,619,000 as of September 30, 2023, up from $315,894,000 at the end of 2022, a rise of 9.1%[1]. - The company issued 8,195,527 common shares in public equity offerings, netting $22,707,000 during the period[5]. - The company raised $23,390,000 through public equity offerings during the three months ended September 30, 2023[7]. - The Company executed a credit agreement for a senior secured debt facility of up to $120 million on October 6, 2023, to fund the construction of the underground mine and mill at the Terronera Project[102]. - The Debt Facility has an 8.5-year term with a 2-year grace period, carrying an interest rate of SOFR + 4.50% during construction and SOFR + 3.75% thereafter[102]. Taxation - The company reported a current income tax expense of $3,138,000 for the three months ended September 30, 2023, compared to $3,239,000 in the same period of 2022, indicating a slight decrease in tax burden[81]. - Current income tax expense for the nine months ended September 30, 2023, was $11,137,000, compared to $3,526,000 in 2022, reflecting a significant increase due to improved earnings[83]. - The Company has a non-current income tax receivable of $3,500 related to the 2016 Cubo Tax assessment, with accumulated interest and inflationary charges totaling $600[94].