Endeavour Silver ( NYSE: EXK ) reported Tuesday its Q3 silver production rose 12% Y/Y to nearly 1.46M oz, driven mostly by increased production at its Guanacevi mine in Mexico, while gold production fell 13% to 9.2K oz, primarily due to lower gold grades mined at the Bolañitos mine in Mexico.
Endeavour ( EXK ) said Q3 silver equivalent production increased 2% Y/Y to 2.19M oz, and 6.3M oz YTD, with annual output trending towards the upper end of full-year guidance of 7.6M-8M silver equivalent oz.
During Q3, Endeavour ( EXK ) completed the acquisition of the Pitarrilla project, a large undeveloped silver project in Mexico the company said will "form the cornerstone of the company's growth profile, together with Terronera and Parral."
"The ore grades processed at Guanacevi continue to exceed plan, which has positioned the company to meet the upper end of our improved production guidance," CEO Dan Dickson said. "The outperformance is well timed, as we continue to face financial pressure from lower metal prices and inflationary effects on inputs."
Gold and silver futures prices have been falling in recent days on concerns about potential Federal Reserve rate hikes .
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Endeavour Silver says output trending towards upper end of full-year guidance