EXK - Endeavour Silver (EXK)(EDR:CA) - Executive Transition Plans Assure Continued Progress and Growth
Management continuity. Following Endeavour’s annual general meeting on May 12th, Mr. Brad Cooke, CEO, is expected to assume the role of Executive Chair, while Mr. Dan Dickson, CFO, will become CEO. This is the culmination of a management succession plan that has been several years in the making. Mr. Dickson is an excellent choice and he never fails to impress with his grasp of the company's operations, along with his strategic insight, candor, and commitment to Endeavour Silver and its various stakeholders. Ms. Christine West, VP and Controller, will assume the role of Chief Financial Officer.Board-level appointments. While the membership of the board is not expected to change, Mr. Geoff Handley will relinquish his role as Chair and remain on the company’s board of directors, while Mr. Rex McLennan will become the lead independent director. As a reminder, Endeavour has a seven-member board, of which 6 are independent. We believe having Mr. Cooke serving as Executive Chairman will further ease the executive management transition and contribute to the company’s growth strategy, including potential acquisitions.Terronera is front and center. The Terronera mine development project, located about 40 kilometers outside of Puerto Vallarta in Jalisco, Mexico, represents the company's largest near-term growth opportunity. The 2020 preliminary economic assessment contemplates a 10-year mine life estimated to produce an average of 3 million silver ounces and 32,800 gold ounces per year over the life of the project. In Q4 2020, Endeavour enlarged the project area with the acquisition of two adjacent groups of mineral concessions. Management expects to complete a bankable feasibility study in mid-2021 with project financing and board approval for development to follow.Rating is Market Perform. We expect the company to continue building on its improved 2020 performance this year. In our view, risk/reward for the stock appears balanced. Catalysts include advancing the Terronera mine development project, along with positive outcomes related to its exploration projects, including Parral where the company resumed drilling in 2021.Read More >>