VANCOUVER, British Columbia, May 09, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE:EXK, TSX:EDR) announces its financial and operating results for the three months ended March 31, 2024. All dollar amounts are in US dollars ($). "We are pleased to report a solid start to the year with consolidated production and operating costs meeting expectations," stated Dan Dickson, CEO of Endeavour Silver. "Guanacevi continues to perform well, generating operating cash flow which we are reinvesting in the business. The higher precious metal prices will further enhance our cash flow, as we advance Terronera towards commissioning in late 2024." Q1 2024 Highlights Production Tracking Towards Upper Range of Guidance: 1,460,006 ounces (oz) of silver and 10,133 oz of gold for 2.3 million oz silver equivalent (AgEq)(1). Strong Revenue from Higher Realized Prices: $63.7 million from the sale of 1,756,094 oz of silver and 10,880 oz of gold at average realized prices of $23.47 per oz silver and $2,114 per oz gold. Cash Flow: $10.2 million in operating cash flow before working capital changes(2), a decrease of 18% from Q1 2023. Operating Costs: Cash costs(2) of $13.19 per oz payable silver and all-in sustaining costs(2) of $21.44 per oz payable silver, net of gold credits. Cash costs(2) and all-in sustaining costs were below guidance mostly due to a higher gold by-product credit. Balance Sheet: Cash position of $34.9 million and working capital(2) of $56.4 million. Cash decreased as funds were spent on development activities at Terronera. The Company raised gross proceeds of $38.9 million through issuances, primarily to fund the activities at Terronera. Drawdown on Terronera Senior Secured Debt Facility: Subsequent to quarter end, the company announced the first drawdown of $60 million of the $120 million senior secured debt facility and executed hedge contract terms (see news release dated April 10, 2024). Construction Continues on Schedule at the Terronera Mine: Overall project progress reached 53% and the project remains on track for commissioning in Q4 2024. Construction activities are advancing with a focus on mechanical and vertical installation (see news release dated April 23, 2024). Financial Overview Q1 2024 Highlights Three Months Ended March 31 2024 2023 % Change Production       Silver ounces produced 1,460,006 1,623,545 (10%) Gold ounces produced 10,133 9,342 8% Payable silver ounces produced 1,450,308 1,608,212 (10%) Payable gold ounces produced 9,948 9,184 8% Silver equivalent ounces produced(1) 2,270,677 2,370,905 (4%) Cash costs per silver ounce(2) 13.19 11.12 19% Total production costs per ounce(2)) 18.90 15.43 23% All-in sustaining costs per ounce(2) 21.44 20.16 6% Processed tonnes 221,794 211,073 5% Direct operating costs per tonne(2) 145.75 132.11 10% Direct costs per tonne(2) 181.77 169.49 7% Financial       Revenue ($ millions) 63.7 55.5 15% Silver ounces sold 1,756,094 1,667,408 5% Gold ounces sold 10,880 9,126 19% Realized silver price per ounce 23.47 23.16 1% Realized gold price per ounce 2,114 1,917 10% Net earnings (loss) ($ millions) (1.2) 6.5 (118%) Adjusted net earnings (loss) ($ millions)(2) (0.2) 4.5 (104%) Mine operating earnings ($ millions) 11.7 16.0 (27%) Mine operating cash flow before taxes ($ millions)(2) 20.6 22.4 (8%) Operating cash flow before working capital changes(2) 10.2 12.5 (18%) EBITDA ($ millions)(2) 13.5 19.4 (30%) Working capital ($ millions)(2) 56.4 92.8 (39%) Shareholders       Earnings (loss) per share – basic ($) (0.01) 0.03 (133%) Adjusted earnings (loss) per share – basic ($)(2) (0.00) 0.02 (100%) Operating cash flow before working capital changes per share(2) 0.04 0.07 (43%) Weighted average shares outstanding 227,503,581 190,274,768 20% (1) Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio. (2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company's financial statements, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. For the three months ended March 31, 2024, revenue, net of $0.5 million of smelting and refining costs, increased by 15% to $63.7 million (Q1 2023: $55.5 million). Gross sales of $64.2 million in Q1 2024 represented a 14% increase over the $56.1 million in Q1 2023. Silver oz sold increased by 5%, driven by a net decrease in finished goods silver ounces available for sale as at March 31, 2024, compared to December 31, 2023, offset by lower silver production. There was a 1% increase in the realized silver price, together with the higher silver oz sold resulting in an 7% increase in gross silver revenue. Gold oz sold increased by 19% with a 10% increase in the realized gold price, resulting in a 31% increase in gross gold revenue. During the period, the Company sold 1,756,094 oz silver and 10,880 oz gold for average realized prices of $23.47 and $2,114 per oz, respectively, compared to Q1 2023 sales of 1,667,408 oz silver and 9,126 oz gold for average realized prices of $23.16 and $1,917 per oz, respectively. In Q1 2024, London spot prices for silver and gold averaged $23.36 and $2,072, respectively. After cost of sales of $52.1 million (Q1 2023 - $39.5 million), an increase of 32%, mine operating earnings were $11.7 million (Q1 2023 - $16.0 million). The cost of sales in Q1 2024 was impacted by higher labour, power and consumables costs as the Company continued to experience inflationary pressures. . Additionally direct costs were impacted by lower grades in Guanaceví compared to Q1 2023, and higher depreciation costs. The Company had operating earnings of $3.3 million (Q1 2023: $6.9 million) after exploration and evaluation costs of $4.3 million (Q1 2023: $4.2 million) and general and administrative costs of $4.0 million (Q1 2023: $4.9 million). Exploration and evaluation costs were consistent with the same period in 2023, and related primarily to costs for Terronera that are not eligible for capitalization as a cost of building the project, such as social, environmental and management oversight. Exploration costs were also incurred at the Pitarrilla project and, to a lesser extent, brownfields exploration at Bolanitos and desktop evaluation work at Guanacevi. General and administrative costs decreased primarily due to investment in a new ERP system during 2023. Earnings before income taxes were $4.2 million (Q1 2023: $12.5 million) after finance costs of $0.3 million (Q1 2023: $0.4 million), a foreign exchange gain of $1.2 million (Q1 2023: $1.9 million), and investment and other income of $0.0 million (Q1 2023: $4.0 million). The decrease in earnings before income taxes was driven by the unrealized gain on marketable securities and warrants of $3.1 million recorded in the 2023 comparative period compared to $0.9 million unrealized gain in Q1 2024.   The Company realized net loss for the period of $1.2 million (Q1 2023: net earnings $6.5 million) after an income tax expense of $5.4 million (Q1 2023: $6.1 million). Current income tax expense increased to $5.6 million (Q1 2023 - $4.4 million) and deferred income tax recovery of $0.2 million (Q1 2023: deferred tax expense of $1.7 million). Taxable profits are incurred at Guanacevi and changes in deferred income taxes are derived from changes in temporary timing differences between deductions for accounting versus deductions for tax.    Direct operating costs(2) on a per tonne basis increased to $145.75, up 10% compared with Q1 2023 due to higher operating costs at Guanaceví from ongoing ventilation and water management challenges affecting productivity, as well as ongoing inflationary pressure on costs. Consolidated cash costs per oz, net of by-product credits, increased to $13.19 primarily due to the higher direct costs per tonne, lower grade achieved at Guanaceví offset by a higher gold credit driven by higher gold production and gold sale price compared to Q1 2023. AISC increased by 6% on a per oz basis compared to Q1 2023 as a result of costs being allocated over fewer ounces produced, offset in part by lower sustaining capex. The complete financial statements and management's discussion & analysis can be viewed on the Company's website, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Galina Meleger, VP of Investor Relations at 604-640-4804, toll free at 1-877-685-9775 or by email Conference Call Management will host a conference call to discuss the Company's Q1 2024 financial results today at 1:00pm Eastern time (EDT).                 Date: Thursday, May 9, 2024     Time: 10:00am Pacific (PDT) / 1:00pm Eastern (EDT)     Telephone: Canada & US +1-844-763-8274   International +1-647-484-8814     Replay: Canada & US +1-604-674-8052   International +1-855-669-9658   Passcode is 0771#; audio replay will be available on Company's website Outside of Canada and the U.S.A., the replay passcode is 0037#. The replay will also be available on the Company's website at www.edrsilver.com. About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.  Contact InformationGalina Meleger, VP of Investor Relations Tel: (877) 685 - 9775Email: Website: www.edrsilver.comFollow Endeavour Silver on Facebook, X, Instagram and LinkedIn Endnotes 1 Silver equivalent (AgEq) AgEq is calculated using an 80:1 Ag:Au ratio. 2 Non-IFRS and Other Financial Measures and Ratios Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, all-in sustaining cost ("AISC") per ounce, direct operating costs per tonne, direct costs per tonne, silver co-product cash costs, gold co-product cash costs, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA per share and sustaining and growth capital. Please see the March 31, 2024 MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards ("IFRS"), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section "Non-IFRS Measures" in the March 31, 2024 MD&A available on SEDAR at www.sedar.com. Reconciliation of Working Capital   Expressed in thousands US dollars As at March 31, 2024 As at December 31, 2023 Current assets $111,769 $100,773 Current liabilities 55,357 58,244 Working capital $56,412 $42,529 Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share Expressed in thousands of US dollars Three months ended March 31 (except for share numbers and per share amounts) 2024 2023 Net earnings (loss) for the period per financial statements ($1,194) $6,456 Unrealized foreign exchange loss 136 1,095 Change in fair value of investments 861 (3,097) Adjusted net earnings (loss) ($197) $4,454 Basic weighted average share outstanding 227,503,581 190,274,768 Adjusted net earnings (loss) per share ($0.00) $0.02 Reconciliation of Mine Operating Cash Flow Before Taxes         Expressed in thousands of US dollars Three Months Ended March 31   2024 2023 Mine operating earnings per financial statements $11,656 $16,025 Share-based compensation 79 132 Amortization and depletion 8,877 6,253 Mine operating cash flow before taxes $20,612 $22,410 Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share Expressed in thousands of US dollars Three Months Ended March 31 (except for per share amounts) 2024 2023 Cash from (used in) operating activities per financial statements $4,583 ($401) Net changes in non-cash working capital per financial statements (5,651) (12,902) Operating cash flow before working capital changes $10,234 $12,501 Basic weighted average shares outstanding 227,503,581 190,274,768 Operating cash flow before working capital changes per share $0.04 $0.07 Reconciliation of EBITDA and Adjusted EBITDA Expressed in thousands of US dollars Three Months Ended March 31