“We have continued to outperform our mine plans, by delivering an exceptional Q2 with production 15% above plan, stated
Added
Q2 2022 Highlights
- Higher Production: 1,359,207 ounces (oz) of silver and 9,289 oz of gold for 2.1 million oz silver equivalent (AgEq)(1) reinforces delivery of improved consolidated production for the year.
- Lower Revenue Due to Withholding Metal Sales: Revenue of
$30.8 million from the sale of 602,894 oz of silver and 9,792 oz of gold at average realized prices of$22.72 per oz silver and$1,840 per oz gold. - Negative Earnings and
Lower Cash Flow Due to Lower Revenue and Non-Cash Items: Net loss of$11.9 million , or$0.07 per share. Adjusted net loss of$4.3 million (2) after adjusting for a$7.6 million change in the fair value of investments.$3.6 million in operating cash flow before working capital changes(2) and Mine operating cash flow before taxes(2) of$8.8 million . - Operating Costs per Ounce In-Line with Guidance, Despite Industry-Wide Inflation: Cash costs(2) of
$10.08 per oz payable silver and all-in sustaining costs(2) of$19.56 per oz payable silver, net of gold credits. - Healthy Balance Sheet: Cash position of
$116.2 million and working capital(2) of$149.7 million . - Guanacevi Continued to Outperform: Production exceeded plan driven by higher grades.
- Bolañitos Remained Steady: Strong silver production from higher silver grades and increased throughput were offset by lower gold production and lower gold grades.
- Withheld Significant Metal Inventories: Metal inventory at quarter end totaled 1,399,356 oz silver and 2,580 oz gold of bullion inventory and 12,408 oz silver and 587 oz gold in concentrate inventory. The market value of finished goods at
June 30, 2022 was$34.5 million . - Advancing the
Terronera Project : Work continued on the early works program initiated last year including engineering, critical contracts, procurement of long-lead items and extensive due diligence on the project financing. The Company intends to make a formal construction decision subject to completion of a financing package and receipt of additional amended permits in the coming months.$18 million has been spent as ofJune 30 th 2022, with an additional budget of$23 million expected to be spent through to the end of October to continue the advancement of the project.
Subsequent to Quarter End
- Closed the Acquisition of the
Pitarrilla Project : The addition of the Pitarrilla project enhances the company’s growth profile while maintaining a silver focus.
Revision to Full Year 2022 Guidance
The following table summarizes the updated 2022 Production Guidance for
Bolanitos | Consolidated | |||
Tonnes per day | tpd | 1,100 - 1,200 | 1,000 - 1,200 | 2,100 - 2,400 |
Silver production | M oz | 4.3 – 4.5 | 0.6 - 0.6 | 4.9 – 5.1 |
Gold production | k oz | 13.0 - 14.0 | 21.0 - 22.0 | 34.0 - 36.0 |
Silver Eq production1 | US$/oz | 5.3 – 5.6 | 2.3 - 2.4 | 7.6 - 8.0 |
Cash costs, net of gold by-product credits2 | US$/oz | |||
AISC, net of gold by-product credits2 | US$/oz |
- Consolidated Silver Equivalent(1) Production has increased to 7.6 – 8.0 million oz from 6.7 – 7.6 million oz. The increase to consolidated production is primarily driven by higher than planned ore-grades along the El Curso orebody at
Guanacevi . Production at Bolanitos has been slightly revised upwards to meet the upper end of its previous guidance. - Operating Costs Guidance is expected to remain unchanged with cash costs expected to average
$9.00 -$10.00 per oz and AISC are expected to average$19.00 -$20.00 per oz. Management notes that the Company is tracking to meet the upper end of the guidance range, given persisting global inflationary pressures. Increases in prices of raw materials such as reagents, explosives, steel, diesel and power are driving continued cost escalation across the industry. The company has identified efficiencies to mitigate pressure on costs and cost metrics in the second half of the year, including enhanced monitoring and tracking at the mines, improved blasting in development, the gradual increase of tonnes milled and reduced waste handling atGuanacevi .
Financial Overview (see appendix for consolidated financial statements)
Three Months Ended | Q2 2022 Highlights | Six Months Ended | |||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||
Production | |||||||||||
1,359,207 | 1,073,724 | 27% | Silver ounces produced | 2,674,162 | 2,121,824 | 26% | |||||
9,289 | 11,166 | (17%) | Gold ounces produced | 17,984 | 22,275 | (19%) | |||||
1,346,276 | 1,062,267 | 27% | Payable silver ounces produced | 2,649,816 | 2,098,977 | 26% | |||||
9,117 | 10,955 | (17%) | Payable gold ounces produced | 17,666 | 21,849 | (19%) | |||||
2,102,327 | 1,967,004 | 7% | Silver equivalent ounces produced(1) | 4,112,882 | 3,903,824 | 5% | |||||
10.08 | 13.03 | (23%) | Cash costs per silver ounce(2) | 10.14 | 10.48 | (3%) | |||||
14.26 | 19.55 | (27%) | Total production costs per ounce(2) | 14.69 | 17.51 | (16%) | |||||
19.56 | 25.39 | (23%) | All-in sustaining costs per ounce (2) | 20.22 | 22.69 | (11%) | |||||
201,361 | 242,018 | (17%) | Processed tonnes | 407,508 | 451,471 | (10%) | |||||
132.63 | 119.94 | 11% | Direct operating costs per tonne(2) | 127.69 | 116.43 | 10% | |||||
148.11 | 141.61 | 5% | Direct costs per tonne(2) | 148.32 | 134.48 | 10% | |||||
14.12 | 18.52 | (24%) | Silver co-product cash costs(2) | 14.74 | 16.89 | (13%) | |||||
1,144 | 1,289 | (11%) | Gold co-product cash costs(2) | 1,169 | 1,116 | 5% | |||||
Financial | |||||||||||
30.8 | 47.7 | (35%) | Revenue ($ millions) | 88.5 | 82.2 | 8% | |||||
602,894 | 1,120,266 | (46%) | Silver ounces sold | 2,320,662 | 1,743,645 | 33% | |||||
9,792 | 9,810 | (0%) | Gold ounces sold | 18,173 | 20,473 | (11%) | |||||
22.72 | 26.82 | (15%) | Realized silver price per ounce | 23.95 | 26.95 | (11%) | |||||
1,840 | 1,866 | (1%) | Realized gold price per ounce | 1,900 | 1,781 | 7% | |||||
(11.9) | 6.7 | (279%) | Net earnings (loss) ($ millions) | (0.3) | 18.9 | (101%) | |||||
(4.3) | 2.4 | (280%) | Adjusted net earnings (loss) (2) ($ millions) | 2.0 | (3.7) | 155% | |||||
4.5 | 10.2 | 56% | Mine operating earnings ($ millions) | 24.7 | 15.9 | 56% | |||||
8.8 | 17.2 | (49%) | Mine operating cash flow before taxes ($ millions)(2) | 35.5 | 30.5 | 16% | |||||
3.6 | 8.7 | (58%) | Operating cash flow before working capital changes(2) | 24.2 | 13.9 | 74% | |||||
(4.3) | 15.9 | (127%) | EBITDA(2) ($ millions) | 21.3 | 39.8 | (47%) | |||||
149.7 | 146.8 | 2% | Working capital (2) ($ millions) | 149.7 | 146.8 | 2% | |||||
Shareholders | |||||||||||
(0.07) | 0.04 | (275%) | Earnings (loss) per share – basic ($) | 0.00 | 0.12 | (100%) | |||||
0.02 | 0.05 | (61%) | Operating cash flow before working capital changes per share(2) | 0.14 | 0.08 | 62% | |||||
180,974,609 | 168,383,755 | 7% | Weighted average shares outstanding | 176,291,929 | 164,051,368 | 7% |
(1) Silver equivalent (AgEq) is calculated using an 80:1 silver:gold 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.sedar.com and on EDGAR at www.sec.gov.
For the three months ended
Gross sales of
The Company significantly increased its finished goods silver inventory and slightly decreased its finished goods gold inventory to 1,411,764 oz and 3,167 oz, respectively, at
After cost of sales of
The Company had an operating loss of
The loss before income taxes was
The Company realized a net loss for the period of
Direct operating costs(2) on a per tonne basis increased to
Consolidated cash costs per oz(2), net of by-product credits, decreased to
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 Investor Relations at 604-640-4804, toll free at 1-877-685-9775 or by email at gmeleger@edrsilver.com.
Conference Call
A conference call to discuss the Company’s Q2 2022 financial results will be held today at
Date & Time: | ||
Telephone: | Toll-free in Local or International +1-604-638-5340 Please allow up to 10 minutes to be connected to the conference call. | |
Replay: | A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in |
About Endeavour Silver –
SOURCE
Contact Information
Vice President of Investor Relations
Tel: (604)640-4804
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
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Endnotes
1 Silver equivalent (AgEq)
AgEq is calculated using an 80:1 silver:gold 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
Reconciliation of Working Capital
Expressed in thousands US dollars | As at | As at | ||||||||||
Current assets | $ | 186,454 | $ | 161,762 | ||||||||
Current liabilities | 36,733 | 40,554 | ||||||||||
Working capital | $ | 149,721 | $ | 121,208 | ||||||||
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share | ||||||||||||
Expressed in thousands US dollars | Three Months Ended | Six Months Ended | ||||||||||
(except for share numbers and per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||
Net earnings (loss) for the period per financial statements | ($ | 11,923 | ) | $ | 6,656 | ($ | 261 | ) | $ | 18,905 | ||
Impairment (reversal) of non-current assets, net of tax | - | - | - | (16,791 | ) | |||||||
Gain on disposal of | - | (5,807 | ) | - | (5,807 | ) | ||||||
Change in fair value of investments | 7,626 | 1,539 | 2,269 | 9 | ||||||||
Adjusted net earnings (loss) | ($ | 4,297 | ) | $ | 2,388 | $ | 2,008 | ($ | 3,684 | ) | ||
Basic weighted average share outstanding | 180,974,609 | 168,383,755 | 176,291,929 | 164,051,368 | ||||||||
Adjusted net earnings (loss) per share | ($ | 0.02 | ) | $ | 0.01 | $ | 0.01 | ($ | 0.02 | ) | ||
Reconciliation of Mine Operating Cash Flow Before Taxes | ||||||||||||
Expressed in thousands US dollars | Three Months Ended | Six Months Ended | ||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
Mine operating earnings per financial statements | $ | 4,472 | $ | 10,205 | $ | 24,741 | $ | 15,869 | ||||
Share-based compensation | 113 | 111 | 240 | 229 | ||||||||
Amortization and depletion | 4,175 | 6,624 | 10,481 | 14,120 | ||||||||
Write down of inventory to net realizable value | - | 272 | - | 272 | ||||||||
Mine operating cash flow before taxes | $ | 8,760 | $ | 17,212 | $ | 35,462 | $ | 30,490 | ||||
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share | ||||||||||||
Expressed in thousands US dollars | Three Months Ended | Six Months Ended | ||||||||||
(except for per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||
Cash from (used in) operating activities per financial statements | ($ | 18,548 | ) | $ | 9,467 | $ | 3,185 | $ | 5,544 | |||
Net changes in non-cash working capital per financial statements | (22,160 | ) | 806 | (21,046 | ) | (8,360 | ) | |||||
Operating cash flow before working capital changes | $ | 3,612 | $ | 8,661 | $ | 24,231 | $ | 13,904 | ||||
Basic weighted average shares outstanding | 180,974,609 | 168,383,755 | 176,291,929 | 164,051,368 | ||||||||
Operating cash flow before working capital changes per share | $ | 0.02 | $ | 0.05 | $ | 0.14 | $ | 0.08 | ||||
Reconciliation of EBITDA and Adjusted EBITDA | ||||||||||||
Expressed in thousands US dollars | Three Months Ended | Six Months Ended | ||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
Net income for the period per financial statements | ($ | 11,923 | ) | $ | 6,656 | ($ | 261 | ) | $ | 18,905 | ||
Depreciation and depletion – cost of sales | 4,175 | 6,624 | 10,481 | 14,120 | ||||||||
Depreciation and depletion – exploration | 98 | 72 | 205 | 151 | ||||||||
Depreciation and depletion – general & administration | 51 | 38 | 99 | 72 | ||||||||
Depreciation and depletion – care & maintenance | 30 | (11 | ) | 60 | 4 | |||||||
Depreciation and depletion – inventory write down | - | 6 | - | 6 | ||||||||
Finance costs | 212 | 216 | 389 | 507 | ||||||||
Current income tax expense | 1,325 | 1,146 | 2,340 | 1,817 | ||||||||
Deferred income tax expense | 1,752 | 1,116 | 7,974 | 4,243 | ||||||||
EBITDA | ($ | 4,280 | ) | $ | 15,863 | $ | 21,287 | $ | 39,825 | |||
Share based compensation | 972 | 1,028 | 2,499 | 2,193 | ||||||||
Impairment (reversal) of non-current assets, net of tax | - | - | - | (16,791 | ) | |||||||
Gain on disposal of | - | (5,807 | ) | - | (5,807 | ) | ||||||
Change in fair value of investments | 7,626 | 1,539 | 2,269 | 9 | ||||||||
Adjusted EBITDA | $ | 4,318 | $ | 12,623 | $ | 26,055 | $ | 19,429 | ||||
Basic weighted average shares outstanding | 180,974,609 | 168,383,755 | 176,291,929 | 164,051,368 | ||||||||
Adjusted EBITDA per share | $ | 0.02 | $ | 0.07 | $ | 0.15 | $ | 0.12 |
Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne
Expressed in thousands US dollars | Three Months Ended | Three Months Ended | |||||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | ||||||||||||||||
Direct production costs per financial statements | $ | 7,797 | $ | 12,031 | $ | 19,828 | $ | 15,713 | $ | 7,770 | $ | 2,740 | $ | 26,223 | |||||||
Smelting and refining costs included in net revenue | - | 937 | 937 | - | 514 | 68 | 582 | ||||||||||||||
Opening finished goods | (7,908 | ) | (2,995 | ) | (10,903 | ) | (5,935 | ) | (204 | ) | (442 | ) | (6,581 | ) | |||||||
Finished goods NRV adjustment | - | - | - | - | - | 266 | 266 | ||||||||||||||
Closing finished goods | 16,164 | 681 | 16,845 | 6,985 | 408 | 1,145 | 8,538 | ||||||||||||||
Direct operating costs | 16,053 | 10,654 | 26,707 | 16,763 | 8,488 | 3,777 | 29,028 | ||||||||||||||
Royalties | 2,128 | 66 | 2,194 | 4,158 | 70 | 112 | 4,340 | ||||||||||||||
Special mining duty (1) | 795 | 127 | 922 | 684 | 257 | (38 | ) | 903 | |||||||||||||
Direct costs | 18,976 | 10,847 | 29,823 | 21,605 | 8,815 | 3,851 | 34,271 | ||||||||||||||
By-product gold sales | (5,719 | ) | (12,302 | ) | (18,021 | ) | (4,209 | ) | (11,909 | ) | (2,187 | ) | (18,305 | ) | |||||||
Opening gold inventory fair market value | 3,724 | 3,763 | 7,487 | 1,925 | 309 | 662 | 2,896 | ||||||||||||||
Closing gold inventory fair market value | (4,662 | ) | (1,061 | ) | (5,723 | ) | (3,349 | ) | (633 | ) | (1,038 | ) | (5,020 | ) | |||||||
Cash costs net of by-product | 12,319 | 1,247 | 13,566 | 15,972 | (3,418 | ) | 1,288 | 13,842 | |||||||||||||
Amortization and depletion | 940 | 3,235 | 4,175 | 2,487 | 3,800 | 337 | 6,624 | ||||||||||||||
Share-based compensation | 57 | 56 | 113 | 54 | 51 | 6 | 111 | ||||||||||||||
Opening finished goods depreciation and depletion | (1,689 | ) | (897 | ) | (2,586 | ) | (1,137 | ) | (118 | ) | (133 | ) | (1,388 | ) | |||||||
NRV depreciation cost adjustment | - | - | - | - | - | 6 | - | ||||||||||||||
Closing finished goods depreciation and depletion | 3,733 | 199 | 3,932 | 1,333 | 220 | 30 | 1,583 | ||||||||||||||
Total production costs | $ | 15,360 | $ | 3,840 | $ | 19,200 | $ | 18,709 | $ | 535 | $ | 1,534 | $ | 20,772 | |||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | ||||||||||||||||
Throughput tonnes | 94,017 | 107,344 | 201,361 | 111,893 | 107,912 | 22,213 | 242,018 | ||||||||||||||
Payable silver ounces | 1,190,568 | 155,708 | 1,346,276 | 936,424 | 112,456 | 13,387 | 1,062,267 | ||||||||||||||
Cash costs per silver ounce | $ | 10.35 | $ | 8.01 | $ | 10.08 | $ | 17.06 | ($ | 30.39 | ) | $ | 96.21 | $ | 13.03 | ||||||
Total production costs per ounce | $ | 12.90 | $ | 24.66 | $ | 14.26 | $ | 19.98 | $ | 4.76 | $ | 114.59 | $ | 19.55 | |||||||
Direct operating costs per tonne | $ | 170.75 | $ | 99.25 | $ | 132.63 | $ | 149.81 | $ | 78.66 | $ | 170.04 | $ | 119.94 | |||||||
Direct costs per tonne | $ | 201.84 | $ | 101.05 | $ | 148.11 | $ | 193.09 | $ | 81.69 | $ | 173.37 | $ | 141.61 | |||||||
Expressed in thousands US dollars | Six Months Ended | Six Months Ended | |||||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | ||||||||||||||||
Direct production costs per financial statements | $ | 25,681 | $ | 20,868 | $ | 46,549 | $ | 23,773 | $ | 14,875 | $ | 6,303 | $ | 44,951 | |||||||
Smelting and refining costs included in net revenue | - | 1,591 | 1,591 | - | 1,003 | 206 | 1,209 | ||||||||||||||
Opening finished goods | (10,093 | ) | (2,857 | ) | (12,950 | ) | (1,509 | ) | (250 | ) | (642 | ) | (2,401 | ) | |||||||
Finished goods NRV adjustment | - | - | - | - | - | 266 | 266 | ||||||||||||||
Closing finished goods | 16,164 | 681 | 16,845 | 6,985 | 408 | 1,145 | 8,538 | ||||||||||||||
Direct operating costs | 31,752 | 20,283 | 52,035 | 29,249 | 16,036 | 7,278 | 52,563 | ||||||||||||||
Royalties | 6,362 | 149 | 6,511 | 6,371 | 138 | 291 | 6,800 | ||||||||||||||
Special mining duty (1) | 1,526 | 371 | 1,897 | 941 | 408 | - | 1,349 | ||||||||||||||
Direct costs | 39,640 | 20,803 | 60,443 | 36,561 | 16,582 | 7,569 | 60,712 | ||||||||||||||
By-product gold sales | (10,741 | ) | (23,790 | ) | (34,531 | ) | (7,673 | ) | (22,438 | ) | (6,352 | ) | (36,463 | ) | |||||||
Opening gold inventory fair market value | 1,900 | 4,784 | 6,684 | 735 | 746 | 1,283 | 2,764 | ||||||||||||||
Closing gold inventory fair market value | (4,662 | ) | (1,061 | ) | (5,723 | ) | (3,349 | ) | (633 | ) | (1,038 | ) | (5,020 | ) | |||||||
Cash costs net of by-product | 26,137 | 736 | 26,873 | 26,274 | (5,743 | ) | 1,462 | 21,993 | |||||||||||||
Amortization and depletion | 4,850 | 5,631 | 10,481 | 4,080 | 7,593 | 2,447 | 14,120 | ||||||||||||||
Share-based compensation | 120 | 120 | 240 | 93 | 91 | 45 | 229 | ||||||||||||||
Opening finished goods depreciation and depletion | (1,965 | ) | (635 | ) | (2,600 | ) | (271 | ) | (104 | ) | (804 | ) | (1,179 | ) | |||||||
NRV depreciation and depletion cost adjustment | - | - | - | - | - | 6 | 6 | ||||||||||||||
Closing finished goods depreciation and depletion | 3,733 | 199 | 3,932 | 1,333 | 220 | 30 | 1,583 | ||||||||||||||
Total production costs | $ | 32,875 | $ | 6,051 | $ | 38,926 | $ | 31,509 | $ | 2,057 | $ | 3,186 | $ | 36,752 | |||||||
| Six Months Ended | Six Months Ended | |||||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | ||||||||||||||||
Throughput tonnes | 195,270 | 212,238 | 407,508 | 200,525 | 205,604 | 45,342 | 451,471 | ||||||||||||||
Payable silver ounces | 2,321,016 | 328,800 | 2,649,816 | 1,851,886 | 211,444 | 35,647 | 2,098,977 | ||||||||||||||
Cash costs per silver ounce | $ | 11.26 | $ | 2.24 | $ | 10.14 | $ | 14.19 | ($ | 27.16 | ) | $ | 41.01 | $ | 10.48 | ||||||
Total production costs per ounce | $ | 14.16 | $ | 18.40 | $ | 14.69 | $ | 17.01 | $ | 9.73 | $ | 89.38 | $ | 17.51 | |||||||
Direct operating costs per tonne | $ | 162.61 | $ | 95.57 | $ | 127.69 | $ | 145.86 | $ | 77.99 | $ | 160.51 | $ | 116.43 | |||||||
Direct costs per tonne | $ | 203.00 | $ | 98.02 | $ | 148.32 | $ | 182.33 | $ | 80.65 | $ | 166.93 | $ | 134.48 |
Expressed in thousands US dollars | ||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | |||||||||
Closing finished goods | 16,164 | 681 | 16,845 | 6,985 | 408 | 1,145 | 8,538 | |||||||
Closing finished goods depletion | 3,733 | 199 | 3,932 | 1,333 | 220 | 30 | 1,583 | |||||||
Finished goods inventory | $ | 19,897 | $ | 880 | $ | 20,777 | $ | 8,318 | $ | 628 | $ | 1,175 | $ | 10,121 |
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in thousands US dollars | Three Months Ended | Three Months Ended | ||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | |||||||||||||
Cash costs net of by-product | $ | 12,319 | $ | 1,247 | $ | 13,566 | $ | 15,972 | ($ | 3,418 | ) | $ | 1,288 | $ | 13,842 | |||
Operations share-based compensation | 57 | 56 | 113 | 39 | 40 | 39 | 118 | |||||||||||
Corporate general and administrative | 401 | 155 | 556 | 2,013 | 1,093 | 277 | 3,383 | |||||||||||
Corporate share-based compensation | 527 | 214 | 741 | 460 | 250 | 64 | 773 | |||||||||||
Reclamation - amortization/accretion | 69 | 53 | 122 | 13 | 11 | 3 | 27 | |||||||||||
Mine site expensed exploration | 360 | 308 | 668 | 538 | 305 | 2 | 845 | |||||||||||
Intangible payments | (0 | ) | 0 | (0 | ) | 80 | 29 | (16 | ) | 94 | ||||||||
Equipment loan payments | 246 | 488 | 734 | 300 | 524 | - | 824 | |||||||||||
Capital expenditures sustaining | 7,050 | 2,788 | 9,838 | 3,696 | 3,366 | - | 7,062 | |||||||||||
All-In-Sustaining Costs | $ | 21,028 | $ | 5,310 | $ | 26,338 | $ | 23,112 | $ | 2,200 | $ | 1,656 | $ | 26,968 | ||||
Growth exploration and evaluation | 2,901 | 3,963 | ||||||||||||||||
Growth capital expenditures | 5,613 | 1,102 | ||||||||||||||||
All-In-Costs | $ | 34,852 | $ | 32,033 | ||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | |||||||||||||
Throughput tonnes | 94,017 | 107,344 | 201,361 | 111,893 | 107,912 | 22,213 | 242,018 | |||||||||||
Payable silver ounces | 1,190,568 | 155,708 | 1,346,276 | 936,424 | 112,456 | 13,387 | 1,062,267 | |||||||||||
Silver equivalent production (ounces) | 1,488,550 | 613,777 | 2,102,327 | 1,185,961 | 660,284 | 120,759 | 1,967,004 | |||||||||||
Sustaining cost per ounce | $ | 17.66 | $ | 34.10 | $ | 19.56 | $ | 24.68 | $ | 19.56 | $ | 123.73 | $ | 25.39 | ||||
All-In-costs per ounce | $ | 25.89 | $ | 30.16 | ||||||||||||||
Expressed in thousands US dollars | Six Months Ended | Six Months Ended | ||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | |||||||||||||
Cash costs net of by-product | $ | 26,137 | $ | 736 | $ | 26,873 | $ | 26,274 | ($ | 5,743 | ) | $ | 1,462 | $ | 21,993 | |||
Operations share-based compensation | 120 | 120 | 240 | 93 | 91 | 45 | 229 | |||||||||||
Corporate general and administrative | 2,468 | 1,031 | 3,499 | 3,622 | 1,966 | 498 | 6,086 | |||||||||||
Corporate share-based compensation | 1,444 | 603 | 2,047 | 987 | 536 | 136 | 1,658 | |||||||||||
Reclamation - amortization/accretion | 134 | 106 | 240 | 25 | 22 | 5 | 52 | |||||||||||
Mine site expensed exploration | 712 | 558 | 1,270 | 994 | 539 | 195 | 1,728 | |||||||||||
Intangible payments | 29 | 12 | 41 | 111 | 60 | 15 | 187 | |||||||||||
Equipment loan payments | 491 | 977 | 1,468 | 608 | 1,092 | - | 1,700 | |||||||||||
Capital expenditures sustaining | 12,696 | 5,214 | 17,910 | 7,900 | 6,100 | - | 14,000 | |||||||||||
All-In-Sustaining Costs | $ | 44,230 | $ | 9,358 | $ | 53,588 | $ | 40,615 | $ | 4,663 | $ | 2,355 | $ | 47,633 | ||||
Growth exploration and evaluation | 5,314 | 6,970 | ||||||||||||||||
Growth capital expenditures | 10,538 | 1,434 | ||||||||||||||||
All-In-Costs | $ | 69,440 | $ | 56,037 | ||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | |||||||||||||
Throughput tonnes | 195,270 | 212,238 | 407,508 | 200,525 | 205,604 | 45,342 | 451,471 | |||||||||||
Payable silver ounces | 2,321,016 | 328,800 | 2,649,816 | 1,851,886 | 211,444 | 35,647 | 2,098,977 | |||||||||||
Silver equivalent production (ounces) | 2,900,560 | 1,212,322 | 4,112,882 | 2,323,618 | 1,261,071 | 319,135 | 3,903,824 | |||||||||||
Sustaining cost per ounce | $ | 19.06 | $ | 28.46 | $ | 20.22 | $ | 21.93 | $ | 22.05 | $ | 66.07 | $ | 22.69 | ||||
All-In-costs per ounce | $ | 26.21 | $ | 26.70 |
Reconciliation of
Expressed in thousands US dollars | Three Months Ended | Six Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | |||||
Capital expenditures sustaining | $ | 9,838 | $ | 7,062 | $ | 17,910 | $ | 14,000 |
Growth capital expenditures | 5,613 | 1,102 | 10,538 | 1,434 | ||||
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows | $ | 15,451 | $ | 8,164 | $ | 28,448 | $ | 15,434 |
Reconciliation of Silver Co-Product Cash Costs and Gold Co-Product Cash Costs
Expressed in thousands US dollars | Three Months Ended | Three Months Ended | |||||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | ||||||||||||||||
Direct production costs per financial statements | $ | 7,797 | $ | 12,031 | $ | 19,828 | $ | 15,713 | $ | 7,770 | $ | 2,740 | $ | 26,223 | |||||||
Smelting and refining costs included in net revenue | - | 937 | 937 | - | 514 | 68 | 582 | ||||||||||||||
Royalties | 2,128 | 66 | 2,194 | 4,158 | 70 | 112 | 4,340 | ||||||||||||||
Special mining duty (1) | 795 | 127 | 922 | 684 | 257 | (38 | ) | 903 | |||||||||||||
Opening finished goods | (7,908 | ) | (2,995 | ) | (10,903 | ) | (5,935 | ) | (204 | ) | (442 | ) | (6,581 | ) | |||||||
Finished goods NRV adjustment | - | - | - | - | - | 266 | 266 | ||||||||||||||
Closing finished goods | 16,164 | 681 | 16,845 | 6,985 | 408 | 1,145 | 8,538 | ||||||||||||||
Direct costs | $ | 18,976 | $ | 10,847 | $ | 29,823 | $ | 21,605 | $ | 8,815 | $ | 3,851 | $ | 34,271 | |||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | ||||||||||||||||
Silver production (ounces) | 1,194,150 | 165,057 | 1,359,207 | 939,241 | 120,044 | 14,439 | 1,073,724 | ||||||||||||||
Average realized silver price ($) | 22.72 | 22.72 | 22.72 | 26.82 | 26.82 | 26.82 | 26.82 | ||||||||||||||
Silver value ($) | 27,131,580 | 3,750,163 | 30,881,743 | 25,186,472 | 3,219,073 | 387,193 | 28,792,738 | ||||||||||||||
Gold production (ounces) | 3,680 | 5,609 | 9,289 | 3,084 | 6,753 | 1,329 | 11,166 | ||||||||||||||
Average realized gold price ($) | 1,840 | 1,840 | 1,840 | 1,866 | 1,866 | 1,866 | 1,866 | ||||||||||||||
Gold value ($) | 6,772,598 | 10,322,691 | 17,095,289 | 5,754,599 | 12,600,781 | 2,479,852 | 20,835,232 | ||||||||||||||
Total metal value ($) | 33,904,178 | 14,072,854 | 47,977,032 | 30,941,072 | 15,819,854 | 2,867,045 | 49,627,970 | ||||||||||||||
Pro-rated silver costs (%) | 80 | % | 27 | % | 64 | % | 81 | % | 20 | % | 14 | % | 58 | % | |||||||
Pro-rated gold costs (%) | 20 | % | 73 | % | 36 | % | 19 | % | 80 | % | 86 | % | 42 | % | |||||||
Pro-rated silver costs ($) | 15,185 | 2,891 | 19,196 | 17,587 | 1,794 | 520 | 19,883 | ||||||||||||||
Pro-rated gold costs ($) | 3,791 | 7,956 | 10,627 | 4,018 | 7,021 | 3,331 | 14,388 | ||||||||||||||
Silver co-product cash costs ($) | 12.72 | 17.51 | 14.12 | 18.72 | 14.94 | 36.02 | 18.52 | ||||||||||||||
Gold co-product cash costs ($) | 1,030 | 1,419 | 1,144 | 1,303 | 1,040 | 2,506 | 1,289 | ||||||||||||||
Expressed in thousands US dollars | Six Months Ended | Six Months Ended | |||||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | ||||||||||||||||
Direct production costs per financial statements | $ | 25,681 | $ | 20,868 | $ | 46,549 | $ | 23,773 | $ | 14,875 | $ | 6,303 | $ | 44,951 | |||||||
Smelting and refining costs included in net revenue | - | $ | 1,591 | $ | 1,591 | - | 1,003 | 206 | 1,209 | ||||||||||||
Royalties | 6,362 | 149 | 6,511 | 6,371 | 138 | 291 | 6,800 | ||||||||||||||
Special mining duty (1) | 1,526 | 371 | 1,897 | 941 | 408 | - | 1,349 | ||||||||||||||
Opening finished goods | (10,093 | ) | (2,857 | ) | (12,950 | ) | (1,509 | ) | (250 | ) | (642 | ) | (2,401 | ) | |||||||
Finished goods NRV adjustment | - | - | - | - | - | 266 | 266 | ||||||||||||||
Closing finished goods | 16,164 | 681 | 16,845 | 6,985 | 408 | 1,145 | 8,538 | ||||||||||||||
Direct costs | 39,640 | 20,803 | 60,443 | 36,561 | 16,582 | 7,569 | 60,712 | ||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | Total | ||||||||||||||||
Silver production (ounces) | 2,328,000 | 346,162 | 2,674,162 | 1,857,458 | 226,271 | 38,095 | 2,121,824 | ||||||||||||||
Average realized silver price ($) | 23.95 | 23.95 | 23.95 | 26.95 | 26.95 | 26.95 | 26.95 | ||||||||||||||
Silver value ($) | 55,757,752 | 8,290,900 | 64,048,652 | 50,053,984 | 6,097,454 | 1,026,568 | 57,178,006 | ||||||||||||||
Gold production (ounces) | 7,157 | 10,827 | 17,984 | 5,827 | 12,935 | 3,513 | 22,275 | ||||||||||||||
Average realized gold price ($) | 1,900 | 1,900 | 1,900 | 1,781 | 1,781 | 1,781 | 1,781 | ||||||||||||||
Gold value ($) | 13,599,206 | 20,572,670 | 34,171,876 | 10,378,054 | 23,037,606 | 6,256,754 | 39,672,414 | ||||||||||||||
Total metal value ($) | 69,356,958 | 28,863,570 | 98,220,528 | 60,432,038 | 29,135,060 | 7,283,321 | 96,850,420 | ||||||||||||||
Pro-rated silver costs (%) | 80 | % | 29 | % | 65 | % | 83 | % | 21 | % | 14 | % | 59 | % | |||||||
Pro-rated gold costs (%) | 20 | % | 71 | % | 35 | % | 17 | % | 79 | % | 86 | % | 41 | % | |||||||
Pro-rated silver costs ($) | 31,868 | 5,976 | 39,414 | 30,282 | 3,470 | 1,067 | 35,843 | ||||||||||||||
Pro-rated gold costs ($) | 7,772 | 14,827 | 21,029 | 6,279 | 13,112 | 6,502 | 24,869 | ||||||||||||||
Silver co-product cash costs ($) | 13.69 | 17.26 | 14.74 | 16.30 | 15.34 | 28.00 | 16.89 | ||||||||||||||
Gold co-product cash costs ($) | 1,086 | 1,369 | 1,169 | 1,078 | 1,014 | 1,851 | 1,116 |
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
Expressed in thousands US dollars | Three Months Ended | Six Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | |||||
Gross silver sales | $ | 13,698 | $ | 30,052 | $ | 55,582 | $ | 46,987 |
Silver ounces sold | 602,894 | 1,120,266 | 2,320,662 | 1,743,645 | ||||
Realized silver price per ounces | $ | 22.72 | $ | 26.82 | $ | 23.95 | $ | 26.95 |
Expressed in thousands US dollars | Three Months Ended | Six Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | |||||
Gross gold sales | $ | 18,021 | $ | 18,305 | $ | 34,531 | $ | 36,463 |
Gold ounces sold | 9,792 | 9,810 | 18,173 | 20,473 | ||||
Realized gold price per ounces | $ | 1,840 | $ | 1,866 | $ | 1,900 | $ | 1,781 |
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Appendix
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited – prepared by management)
(expressed in thousands of US dollars, except for shares and per share amounts)
Three months ended | Six months ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenue | $ | 30,782 | $ | 47,775 | $ | 88,522 | $ | 82,241 | |||||||
Cost of sales: | |||||||||||||||
Direct production costs | 19,828 | 26,223 | 46,549 | 44,951 | |||||||||||
Royalties | 2,194 | 4,340 | 6,511 | 6,800 | |||||||||||
Share-based payments | 113 | 111 | 240 | 229 | |||||||||||
Depreciation, depletion and amortization | 4,175 | 6,624 | 10,481 | 14,120 | |||||||||||
Write down of inventory to net realizable value | - | 272 | - | 272 | |||||||||||
26,310 | 37,570 | 63,781 | 66,372 | ||||||||||||
Mine operating earnings | 4,472 | 10,205 | 24,741 | 15,869 | |||||||||||
Expenses: | |||||||||||||||
Exploration and evaluation | 3,784 | 5,025 | 7,000 | 9,155 | |||||||||||
General and administrative | 1,348 | 4,293 | 5,645 | 7,816 | |||||||||||
Care and maintenance costs | 189 | 55 | 379 | 576 | |||||||||||
Impairment (reversal of impairment) of non-current assets, net | - | - | - | (16,791 | ) | ||||||||||
Write off of exploration properties | 500 | - | 500 | - | |||||||||||
5,821 | 9,373 | 13,524 | 756 | ||||||||||||
Operating earnings (loss) | (1,349 | ) | 832 | 11,217 | 15,113 | ||||||||||
Finance costs | 336 | 216 | 634 | 507 | |||||||||||
Other income (expense): | |||||||||||||||
Foreign exchange | (289 | ) | 659 | 522 | (35 | ) | |||||||||
Gain on asset disposal | - | 5,841 | - | 5,841 | |||||||||||
Investment and other | (6,872 | ) | 1,802 | (1,052 | ) | 4,553 | |||||||||
(7,161 | ) | 8,302 | (530 | ) | 10,359 | ||||||||||
Earnings (loss) before income taxes | (8,846 | ) | 8,918 | 10,053 | 24,965 | ||||||||||
Income tax expense: | |||||||||||||||
Current income tax expense | 1,325 | 1,146 | 2,340 | 1,817 | |||||||||||
Deferred income tax expense | 1,752 | 1,116 | 7,974 | 4,243 | |||||||||||
3,077 | 2,262 | 10,314 | 6,060 | ||||||||||||
Net earnings (loss) and comprehensive earnings (loss) for the period | $ | (11,923 | ) | $ | 6,656 | $ | (261 | ) | $ | 18,905 | |||||
Basic earnings (loss) per share based on net earnings | $ | (0.07 | ) | $ | 0.04 | $ | (0.00 | ) | $ | 0.12 | |||||
Diluted earnings (loss) per share based on net earnings | $ | (0.07 | ) | $ | 0.04 | $ | (0.00 | ) | $ | 0.11 | |||||
Basic weighted average number of shares outstanding | 180,974,609 | 168,383,755 | 176,291,929 | 164,051,368 | |||||||||||
Diluted weighted average number of shares outstanding | 184,569,970 | 172,195,942 | 179,018,499 | 167,743,113 |
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(unaudited – prepared by management)
(expressed in thousands of US dollars)
2022 | 2021 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 116,226 | $ | 103,303 | ||||
Other investments | 8,293 | 11,200 | ||||||
Accounts and other receivable | 13,486 | 14,462 | ||||||
Income tax receivable | 1,219 | 177 | ||||||
Inventories | 35,664 | 27,485 | ||||||
Prepaid expenses | 11,566 | 5,135 | ||||||
Total current assets | 186,454 | 161,762 | ||||||
Non-current deposits | 595 | 599 | ||||||
Non-current income tax receivable | 3,570 | 3,570 | ||||||
Non-current other investments | 2,943 | - | ||||||
Non-current IVA receivable | 7,528 | 4,256 | ||||||
Deferred income tax asset | - | 936 | ||||||
Intangible assets | - | 40 | ||||||
Right-of-use leased assets | 614 | 664 | ||||||
Mineral properties, plant and equipment | 141,806 | 122,197 | ||||||
Total assets | $ | 343,510 | $ | 294,024 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 26,383 | $ | 31,991 | ||||
Income taxes payable | 4,995 | 4,228 | ||||||
Loans payable | 5,179 | 4,128 | ||||||
Lease liabilities | 176 | 207 | ||||||
Total current liabilities | 36,733 | 40,554 | ||||||
Loans payable | 7,392 | 6,366 | ||||||
Lease liabilities | 755 | 794 | ||||||
Provision for reclamation and rehabilitation | 7,576 | 7,397 | ||||||
Deferred income tax liability | 8,545 | 1,506 | ||||||
Total liabilities | 61,001 | 56,617 | ||||||
Shareholders' equity | ||||||||
Common shares, unlimited shares authorized, no par value, issued | ||||||||
and outstanding 181,051,354 shares ( | 631,751 | 585,406 | ||||||
Contributed surplus | 5,349 | 6,331 | ||||||
Retained earnings (deficit) | (354,591 | ) | (354,330 | ) | ||||
Total shareholders' equity | 282,509 | 237,407 | ||||||
Total liabilities and shareholders' equity | $ | 343,510 | $ | 294,024 | ||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(unaudited – prepared by management)
(expressed in thousands of US dollars)
Three months ended | Six months ended | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Operating activities | |||||||||||||||||
Net earnings (loss) for the period | $ | (11,923 | ) | $ | 6,656 | $ | (261 | ) | $ | 18,905 | |||||||
Items not affecting cash: | |||||||||||||||||
Share-based compensation | 972 | 1,028 | 2,499 | 2,193 | |||||||||||||
Depreciation, depletion and amortization | 4,324 | 6,723 | 10,786 | 14,347 | |||||||||||||
Impairment (reversal of impairment) of non-current assets, net | - | - | - | (16,791 | ) | ||||||||||||
Write off of exploration properties | 500 | - | 500 | - | |||||||||||||
Deferred income tax expense | 1,752 | 1,116 | 7,974 | 4,243 | |||||||||||||
Unrealized foreign exchange loss (gain) | (84 | ) | - | (143 | ) | (220 | ) | - | (53 | ) | |||||||
Finance costs | 336 | 216 | 634 | 507 | |||||||||||||
Write down of inventory to net realizable value | - | 272 | - | 272 | |||||||||||||
Loss (gain) on asset disposal | 105 | (5,841 | ) | 46 | (5,807 | ) | |||||||||||
Loss (gain) on other investments | 7,626 | (1,366 | ) | 2,269 | (3,912 | ) | |||||||||||
Net changes in non-cash working capital | (22,156 | ) | 806 | (21,042 | ) | (8,360 | ) | ||||||||||
Cash from (used in) operating activities | (18,548 | ) | 9,467 | 3,185 | 5,544 | ||||||||||||
Investing activities | |||||||||||||||||
Proceeds on disposal of property, plant and equipment | 48 | 6,985 | 82 | 7,541 | |||||||||||||
Mineral property, plant and equipment | (15,451 | ) | (8,164 | ) | (28,448 | ) | (15,434 | ) | |||||||||
Purchase of investments | (748 | ) | - | (2,119 | ) | (832 | ) | ||||||||||
Proceeds from disposal of marketable securities | - | 4,905 | - | 9,288 | |||||||||||||
Redemption of (investment in) non-current deposits | 2 | 19 | 4 | (1 | ) | ||||||||||||
Cash from (used) in investing activities | (16,149 | ) | 3,745 | (30,481 | ) | 562 | |||||||||||
Financing activities | |||||||||||||||||
Repayment of loans payable | (1,214 | ) | (918 | ) | (2,297 | ) | (1,887 | ) | |||||||||
Repayment of lease liabilities | (54 | ) | (43 | ) | (106 | ) | (85 | ) | |||||||||
Interest paid | (204 | ) | (174 | ) | (381 | ) | (367 | ) | |||||||||
Public equity offerings | - | 29,034 | 46,001 | 59,134 | |||||||||||||
Exercise of options | 1,448 | 785 | 1,578 | 4,583 | |||||||||||||
Share issuance costs | (15 | ) | (664 | ) | (2,812 | ) | (1,266 | ) | |||||||||
Deferred share unit redemption | (6 | ) | - | (6 | ) | - | |||||||||||
Performance share unit redemption | - | (2,174 | ) | (1,897 | ) | (2,174 | ) | ||||||||||
Cash from (used) financing activities | (45 | ) | 25,846 | 40,080 | 57,938 | ||||||||||||
Effect of exchange rate change on cash and cash equivalents | (46 | ) | 144 | 139 | 64 | ||||||||||||
Increase (decrease) in cash and cash equivalents | (34,742 | ) | 39,058 | 12,784 | 64,044 | ||||||||||||
Cash and cash equivalents, beginning of the period | 151,014 | 85,989 | 103,303 | 61,083 | |||||||||||||
Cash and cash equivalents, end of the period | $ | 116,226 | $ | 125,191 | $ | 116,226 | $ | 125,191 | |||||||||
Source:
2022 GlobeNewswire, Inc., source