EXK - Endeavour Silver: Digging Into The Terronera Feasibility Study

• Endeavour Silver released its updated Terronera Feasibility Study last week, with the company planning a slightly higher throughput of 1,700 tonnes per day.
• This has kept production steady at ~5.9 million silver-equivalent ounces per annum, with the mine life up to 12 years helped by an increase in mineral reserves.
• However, both operating costs and upfront capex came in significantly higher than the 2020 study, translating to only a 27% increase in After-Tax NPV (5%) despite higher metal price assumptions.
• Given that Endeavour Silver continues to trade a premium valuation on a P/NAV basis relative to other precious metals producers, I see more attractive opportunities elsewhere in the sector.

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