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(Kitco News) – Endeavour Silver (TSX: EDR) announced Tuesday it produced 2,193,968 silver equivalent ounces (AgEq oz) in Q3 2022, up 2% over Q3 2021, adding that its annual production is trending towards the upper end of the guidance range for the year, forecasted at 7.6 to 8.0 million AgEq oz.
The company said that its consolidated silver production increased 12% to 1,458,448 ounces in Q3 2022 compared to Q3 2021, primarily driven by increased silver production at the Guanacevi mine.
The company’s gold production decreased by 13% to 9,194 ounces primarily due to lower gold grades mined at the Bolañitos mine. The increased gold production from Guanacevi offset the gold produced from the El Compas mine, which suspended operations in Q3 2021, it noted.
For the three months ended September 30, 2022, the company’s net revenue increased by 15% to $39.7 million (Q3 2021: $34.6 million). The company added it realized a net loss for the period of $1.5 million (Q3 2021: $4.5 million) after an income tax expense of $3.2 million (Q3 2021: $3.7 million).
According to a press release, in Q3 2022 earnings were impacted by a $1.1 million mark-to-market adjustment resulting in an unrealized loss on investments included in investment and other expense (Q3 2021: $3.0 million).
CEO Dan Dickson commented, “This quarter is a continuation of our strong operational performance. With production guidance reaffirmed, and a strong fourth quarter expected, we are feeling confident about our 2022 production results.
“We continue to focus on business improvement and cost management initiatives, while being mindful of the future. Continuing to advance the Terronera project in a deliberate and disciplined manner towards a construction decision and the completion of the Pitarrilla acquisition, are both significant developments towards the future of the company.”
Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States.
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