VANCOUVER, British Columbia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) today announced its 2024 development update for the Terronera Project in Jalisco state, Mexico. To date, the Company has made significant construction progress, with concrete work well advanced and vertical construction now underway. Following a thorough risk analysis initiated in 2023, the Company has updated its initial capital cost, schedule, and execution plan. With an experienced and seasoned team leading the project, the Company anticipates the schedule to remain in line with previous guidance, with initial production anticipated to start in the fourth quarter of 2024. All references to dollars ($) in this news release are in United States dollars.

“Comprehensive reviews completed by the Project team and third-party consultants have greatly improved visibility towards initial production at Terronera later this year,” said Dan Dickson, Endeavour’s CEO. “Given the trends that we have seen at our existing Mexican operations, Terronera is being advanced against headwinds, which include a stronger Mexican Peso, ongoing inflation and tight markets for equipment and bulk materials such as steel, piping and electrical supplies. After undergoing an in-depth process, we remain confident in our commissioning schedule, our updated capital cost estimate, and our ability to address these challenges as we advance the project for the benefit of all stakeholders.”

Updated Initial Capital Cost

As previously announced, the Board approved an optimized Terronera Project construction scenario (the “Revised Scenario”), consisting of a process plant with 2,000 tonne per day (“tpd”) capacity and an initial capital cost of $230 million (see news release dated April 18, 2023 ). While the Company successfully locked in pricing for much of the mine and plant equipment with early purchases, market trends persist with ongoing inflation, foreign exchange pressures related to a stronger Mexican Peso, and tight supply for equipment and bulk material. To ensure the cost pressures have been properly quantified, the Project team conducted a comprehensive review of the remaining cost to complete Terronera. Endeavour now forecasts initial capital costs to be 18% higher, at $271 million (the “2024 Updated Scenario”). see & read more on
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