EXK - Endeavour Silver: Tracking Ahead Of FY2021 Guidance

• Endeavour Silver released its preliminary Q2 results last week, reporting production of ~1.07 million ounces of silver, and ~11,200 ounces of gold.
• This translated to flat silver production vs. Q2 2019 levels, with a low double-digit increase in gold production.
• While this was a solid quarter and Endeavour is tracking ahead of guidance, Endeavour continues to look close to fully valued, trading at more than 21x FY2022 earnings estimates.
• Given the limited upside without cooperation from the silver price, I continue to see better opportunities elsewhere in the sector.

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