Endeavour Silver provides 2024 update for Terronera Project, Mexico

Endeavour Silver announced its 2024 development update for the high-grade silver-gold Terronera Project in Jalisco state, Mexico. To date, the company has made construction progress with concrete work and vertical construction now underway. The company has updated its initial capital cost, schedule, and execution plan. The company anticipates the schedule to remain in line with previous guidance, with initial production anticipated to start in 4Q24. The Board approved an optimized Terronera Project construction scenario consisting of a process plant with 2,000 tons per day – tpd – capacity and an initial capital cost of $230M. Endeavour now forecasts initial capital costs to be 18% higher, at $271M. At the end of 2023, construction progress was approaching 50% completion. In Q2 and Q3, work is planned to advance in all plant areas with mechanical completion and commissioning activities planned in Q4 with initial production at the end of 2024. Development activities at La Luz are expected to begin in Q3 with portal construction and ramp advance to ore access in Q4. The project remains on schedule for mill commissioning and initial production in 4Q24. The company expects to make the first draw under the $120M project loan debt facility in 1Q24. Construction of the project remains on track and the funds available under the project loan debt facility will be allocated to fund construction. Terronera is expected to produce 4 million ounces of silver and 38,000 ounces of gold annually over its 10-year life.