EXK - Endeavour Silver: Guanacevi Mine Continues To Deliver

• Endeavour Silver released its preliminary Q1 results earlier this month and reported a sharp increase in metals production.
• The company's Guanacevi Mine continues to perform well with another quarter of higher silver-equivalent grades, helping the company report a 26% increase in silver-equivalent production.
• However, while Endeavour remains a solid growth story with Terronera in the wings, the stock continues to look expensive at nearly ~30x FY2021 earnings estimates.
• Therefore, I see no reason to chase the stock at US$5.80, given that there's minimal margin of safety baked in at current levels.

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