Endeavour Silver is a mid-tier silver producer, that has been expanding mightily. Endeavour has grown its silver production by almost 1000% in the past seven years. The company has three producing mines in Mexico and a number of good exploration projects.
In 2012, Endeavour’s three mines produced 4.48 million ounces of silver and 38.5 thousand ounces of gold. The company’s third mine in Mexico is just ramping up to full production, so 2013 will show bigger production numbers.
The first quarter production numbers released last week showed that the company produced 1.49 million ounces of silver and 15,000 ouonces of gold. Endeavour expects to produce over 5 million ounces of silver and over 46,000 ounces of gold this year, and is well on its way to meet those targets.
Endeavour Silver has a total in all of its current properties of 142.7 million ounces of silver reserves and resources in different categories. And 1.27 million ounces of gold for good measure.
Endeavour has just under 100 million shares out. So the reserve numbers represent about 1.43 ounces of silver reserves in the ground per share plus a third of a gram of gold.
Endeavour has the money to grow. – about $45 million US in working capital and only $9 million in debt. Operating cash flow last year was $82.9 million or 83 cents a share. In the first quarter of 2013, Endeavour's revenues were $70 million - a 42% increase over last year.
The stock closed at $5.57 in New York after Fiday's precious metal meltdown. Down from the 52 week high of $10.73. The company is ambitious and opportunistic. Endeavour wants to get bigger - to grow from a mid-tier to a first tier silver producer. Endeavour has the money to expand, but it has been prudent in every step that it grows.
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