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Due Diligence Report: Silver Miner Regains Luster as Silver Price Rises
Summary:
Endeavour Silver Corp. (Endeavour) is a Canada-based mining company. The Company is engaged in silver mining in Mexico and related activities, including property acquisition, exploration, development, mineral extraction, processing, refining and reclamation. The Company is also engaged in exploration activities in Chile. Its producing mines include Guanacevi Mine, which is located 260 kilometers northwest of the city of Durango, Mexico; Bolanitos Mine, which is located 10 kilometers northwest of the city of Guanajuato, Mexico, and El Cubo Mine, which is located six kilometers southeast of the city of Guanajuato. Its exploration projects include Guadalupe y Calvo, an advanced silver-gold exploration project; Parral Mine, which is located around 210 kilometers south of the city of Chihuahua, Mexico; Terronera, a project is located 40 kilometers northeast of Puerto Vallarta in the state of Jalisco, Mexico, and Lourdes, an early-stage exploration silver and gold property.
Endeavour Silver Corp. has a current market capitalization of $495.53 M with 108.20 M outstanding shares. Its daily average volume traded is 1.83 M shares.
Financial Highlights (Q4 2015):
Revenue: 41.99 M
Gross Profit: -1.27 M
Net Income: -136.25 M
Cash and Cash Equivalents: 21.03 M
Total Debt: 23.18 M
Recent News and Analysis:
The company recently reported its production results for the First Quarter, 2016 from the Company’s three operating silver mines in Mexico: the Guanacevi mine in Durango State and the Bolanitos and El Cubo mines in Guanajuato State. Silver production in the First Quarter, 2016 was 1,510,065 ounces (oz.) and gold production was 15,960 oz. resulting in silver equivalent production of 2.7 million oz. using a 75:1 silver gold ratio. Quarterly production was lower both quarter-on-quarter and year-on-year as per the Company’s 2016 guidance.
Endeavour CEO Bradford Cooke commented, “Our plan for 2016 is to focus on profit margin by minimizing all-in sustaining costs and improving after-tax free cash flow at each mine. That means investing less on exploration and development, primarily at El Cubo and Bolanitos, as well as evaluating new opportunities to reduce operating costs at each mine. “For example, we are encouraged by the initial test results to significantly improve ore grade at El Cubo by reducing waste going into the plant using an optical sorting technology. A pilot test using this technology on El Cubo ore will be completed in the second quarter. We will reconsider investing in exploration and development at El Cubo and Bolanitos once we know operating costs can be lowered further and/or metal prices are materially higher. Until then, we think it is better to produce less metal at a profit than more metal at a loss.” At Guanacevi, throughput in Q1 was slightly behind plan due to reduce mine development as a result of a change in the mining contractor in January. A new mining contractor has been hired and is now on site. Management expects Guanacevi operations will catch up to plan over the next few months. At Bolanitos and El Cubo, throughput, grades and recoveries were generally on plan for Q1.
Infill drilling of the existing resource area at Terronera began in Q1 and is scheduled to be completed this month, at which time the exploration group will turn their attention to aggressive step-out drilling along the Terronera vein and other highly prospective subparallel veins. Further engineering work will also get under way in Q2 as part of the Terronera pre-feasibility study.
Conclusions:
Endeavour Silver Corp (TSE:EDR) had its price target hoisted by analysts at Raymond James from C$2.00 to C$2.75 in a research note issued on Wednesday, AnalystRatings.Net reports. Raymond James’ price target would suggest a potential downside of 43.06% from the company’s previous close. A number of other research analysts have also weighed in on the stock. CIBC raised their price target on shares of Endeavour Silver Corp from C$1.50 to C$1.75 in a research note on Friday, April 8th. TD Securities upgraded shares of Endeavour Silver Corp from a “reduce” rating to a “hold” rating and boosted their price target for the stock from C$1.55 to C$3.00 in a research note on Monday, March 7th. Finally, BMO Capital Markets dropped their price target on shares of Endeavour Silver Corp from C$2.00 to C$1.45 and set an “underperform” rating for the company in a research note on Friday, January 29th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Endeavour Silver Corp has an average rating of “Hold” and an average price target of C$3.17.
Sources:
- http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=EXK
- http://finance.yahoo.com/news/endeavour-silver-produces-1-510-103000790.html
- http://finance.yahoo.com/q?s=EXK&ql=0
- https://www.google.ca/finance?q=NYSE%3AEXK&hl=en&gl=ca&ei=8fYXV6HsEJX_jAHp5LrABg
- http://www.webbreakingnews.com/2016/04/20/raymond-james-raises-endeavour-silver-corp-edr-price-target-to-c2-75/
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