EDR:CC - Endeavour Silver: A Strong Start To The Year

• Endeavour Silver released its preliminary Q1 results this week, reporting quarterly production of ~1.31 million ounces of silver, and ~8,700 ounces of gold.
• This represented a 25% increase in silver production year-over-year, helped by another strong quarter from Guanacevi, though this was offset by much lower gold production.
• While Endeavour Silver continues to be one of the best organic growth stories sector-wide, I don't see anywhere near enough margin of safety at current levels.
• So, while a construction decision on Terronera would be a positive development, I continue to favor growth stories at more reasonable prices elsewhere in the sector.

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