EXK - Endeavour Silver: Valuation Improving After The Drop

• Endeavour Silver released its Q2 results earlier this month, reporting revenue of $47.8 million, a 68% increase from Q2 2019 levels, and a 137% increase from the COVID-impacted year-ago quarter.
• Unfortunately, while revenue and production were sharply higher, costs rose significantly, with global supply constraints creating meaningful inflationary pressures.
• This led to a sharp decline in AISC margins on a two-year basis, and has weighed considerably on earnings estimates.
• At $4.30 per share, Endeavour's valuation has improved meaningfully, but I still don't see a margin of safety at current levels.

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