EXK - Endeavour Silver: Weaker Silver Price Continues To Weigh On Margins

• Endeavour Silver reported its Q3 results last month, reporting production of ~2.15 million silver-equivalent ounces at all-in sustaining costs of $17.46/oz.
• The company also announced an updated Feasibility Study at Terronera, highlighting the project's industry-leading costs, and the potential to significantly increase production from current levels.
• However, commercial production at Terronera is still up to 30 months away, and Endeavour is struggling to generate any free cash flow at current metals prices.
• Based on the company's inferior margins relative to peers, relatively weak earnings trend, and premium to net asset value, I continue to see much better ways to play the sector.

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