Highlights of Fiscal 2012 (Compared to Fiscal 2011)
Financial
•Net earnings increased 124% to $42.1 million ($0.45 per share) compared to $18.8 million ($0.22 per share)
•Adjusted earnings(1) increased 24% to $40.2 million ($0.42 per share) compared to $32.4 million ($0.37 per share)
•EBITDA(1) increased 71% to $90.5 million
•Cash flow from operations before working capital changes increased 30% to $82.9 million
•Mine operating cash flow(1) increased 32% to $114.4 million
•Revenue increased 63% to $208.1 million
•Bullion held in inventory included 250,382 ounces (oz) silver and 2,712 oz gold
•Concentrate held in process included 361,279 oz silver and 6,222 oz gold
•Realized silver price decreased 13% to $30.99 per oz sold (on par with 2012 average spot price)
•Realized gold price increased 7% to $1,674 per oz sold (consistent with 2012 average spot price)
•Cash cost(1) increased 44% to $7.33 per oz silver payable (net of gold credits)
•Cash cost excluding El Cubo increased 4% to $5.28 per oz and El Cubo cash costs were $35.27 per oz
Operations
•Silver production up 20% to 4,485,476 oz
•Gold production up 77% to 38,687 oz
•Silver equivalent production up 33% to 6.4 million oz (at a 50:1 silver:gold ratio)
•Completed the Bolanitos mine and plant expansion to 1,600 tonnes per day (tpd) capacity
•Completed the Guanacevi mine and plant expansion to 1,200 tpd capacity
•Acquired the El Cubo mine and plant operating at 1,100 tpd
•Launched a $67 million, 18 month capital investment program at El Cubo to explore and develop the mines and rebuild and expand the plant, tailings facility, water supply, electrical supply, surface buildings and related surface infrastructure
•Completed an initial $14.5 million on capital projects at El Cubo including 5.4 km of mine development, 2 ventilation shafts, and 10,000 m of underground drilling, plant reconstruction and expansion, the purchase of new and refurbishment of old mine equipment and other purchases
•Won several safety awards at Durango State mine rescue and first aid competitions, and Certificate of Health for Guanacevi from the Durango State Secretary of Health, and national CSR award for El Cubo
Exploration
•Silver proven and probable reserves up 37% to 23.1 million oz;
•Gold proven and probable reserves up 229% to 222,300 oz;
•Silver equivalent proven and probable reserves up 67% to 34.2 million oz;
•Silver measured and indicated resources up 62% to 58.5 million oz;
•Gold measured and indicated resources up 96% to 524,800 oz;
•Silver equivalent measured and indicated resources up 67% to 84.7 million oz;
•Silver inferred resources up 74% to 61.1 million oz;
•Gold inferred resources up 182% to 520,400 oz;
•Silver equivalent inferred resources up 92% to 87.1 million oz;
•Delineated new high grade silver-gold discovery in Milache area at Guanacevi
•Drilled out new high grade silver-gold discovery in Lana vein at Bolanitos
•Discovered new high grade silver-gold discovery in Terronera vein at San Sebastian
Highlights of Fourth Quarter 2012 (Compared to Fourth Quarter 2011)
•Net earnings increased to $14.8 million ($0.15 per share) compared to $16,000 ($0.00 per share)
•Adjusted earnings(1) increased 759% to $12.9 million ($0.13 per share) compared to $1.7 million ($0.02 per share)
•EBITDA(1) increased 877% to $28.2 million
•Cash flow from operations before working capital changes increased 5% to $20.4 million
•Mine operating cash flow(1) increased 17% to $31.4 million
•Revenue increased 29% to $66.7 million on 1,345,832 silver oz sold and 13,037 gold oz sold
•Realized silver price increased 14% to $32.87 per oz sold
•Realized gold price increased 5% to $1,725 per oz sold
•Cash cost(1) increased 44% to $7.33 per oz silver payable (net of gold credits)
•Cash cost excluding El Cubo increased 79% to $7.23 per oz and El Cubo cash costs were $38.52 per oz
•Silver production up 9% to 1,235,026 oz
•Gold production up 10% to 12,917 oz
•Silver equivalent production up 9% to 1.9 million oz (at a 50:1 silver:gold ratio)
1.Adjusted earnings, mine operating cash flow, EBITDA and cash costs are non-IFRS measures. Please refer to the definitions in the Company's Management Discussion and Analysis.
Financial Results (Consolidated Statement of Operations appended below)
For the year ended December 31, 2012, the Company generated revenue totaling $208.1 million (2011 - $128.0 million). During the year, the Company sold 4,815,073 oz silver and 35,167 oz gold at realized prices of $30.99 and $1,674 per oz respectively as compared to sales of 2,838,784 oz silver and 17,044 oz gold at realized prices of $35.61 and $1,570 per oz respectively in 2011.
After cost of sales of $130.1 million (2011 - $59.2 million), mine operating earnings amounted to $78.0 million (2011 - $68.8 million) from mining and milling operations in Mexico.
Excluding depreciation and depletion of $29.7 million (2011 - $17.1 million), stock-based compensation of $0.5 million (2011- $0.5 million), and a write-down of inventory of $6.2 million (2011- $nil), mine operating cash flow before taxes was $114.4 million (2011 - $86.3 million) in 2012. Operating earnings were $47.5 million (2010 - $15.6 million) and the Company incurred net earnings for the year ended December 31, 2012 of $53.6 million (2011-$47.5 million).
Net earnings include a mark-to-market derivative liability loss related to share purchase warrants issued in 2009 denominated in Canadian dollars, while the Company's functional currency is the US dollar. Under IFRS, these warrants are classified and accounted for as financial liability at fair market value with adjustments recognized through net earnings. The appreciation of these warrants resulted in a derivative liability gain of $1.9 million (2011 - loss of $13.7 million). Therefore, adjusted earnings were $40.2 million ($0.42 per share) compared to $32.4 million ($0.37 per share).
Cash cost, net of gold by-product credits, increased 44% to $7.33 per oz silver produced (2011 - $5.08). The increased cash cost per ounce was largely due to the acquisition of the El Cubo mine, a low-grade, high-cost mining operation. Similar to Guanacevi and Bolanitos, Endeavour sees strong potential to turn El Cubo into a high-grade, low-cost, long life underground mine because the new reserve grades for silver and gold at El Cubo are 78% and 51% higher respectively compared to the current production grades, and because of Endeavour's experience at discovering new high-grade ore-bodies, developing new mines into production and expanding both production tonnes and ore grades at Guanacevi and Bolanitos.
In addition to the acquisition of El Cubo, the Company invested a total of $66.2 million in capital expenditures on property, plant and equipment during 2012. Approximately $19.3 million was invested at Guanacevi, including $12.6 million for 7.3 kilometres (km) of mine development, $1.3 million on processing facilities, $4.8 million on mine equipment and $0.6 million on office equipment, building upgrades and vehicles. The mine equipment capital was primarily for underground equipment, pumps, ventilation, and electrical systems.
A total of $31.3 million was invested at Bolanitos including $18.5 million for significant reserve delineation and 8.5 km of mine development in the Lucero mine area to support 1,600 tpd of mine output. Another $6.6 million was spent on the plant expansion providing capacity of 1,600 tpd, while ensuring the optionality of further plant expansions. Additionally $4.6 million was spent on mine equipment and $1.6 million on office equipment, building upgrades and light vehicles. The mine equipment expenditure was to expand the mobile equipment fleet for increased production, to purchase communications and rescue equipment and rehabilitate the Asuncion shaft. The expenditures on office equipment include software upgrades and the building expenditures include refurbishing the Asuncion head frame.
An initial $14.5 million was invested at El Cubo with $9.7 million spent on 5.4 km of mine development, $4.1 million on the El Tajo plant rehabilitation and expansion, $0.4 million on mine equipment and $0.3 million on office equipment, building upgrades and light vehicles.
Exploration Results
In January 2012, Endeavour commenced an aggressive $15.0 million surface exploration drill program to test multiple exploration targets within three of the mining districts where Endeavour is currently active in Mexico. Subsequent to the acquisition of El Cubo, the Company added an additional 11,000 metres and $2.6 million to explore El Cubo targets and follow up on the San Sebastian property's year to date results. By the end of 2012, 191 diamond drill holes totaling 74,000 metres of core were completed.
Endeavour enjoyed another strong year of reserve and resource growth thanks to the success of its acquisition, exploration and development programs. Endeavour's exploration team continued to discover new, high-grade silver-gold deposits within historic silver mining districts such as Guanacevi, Guanajuato and San Sebastian in 2012. The recently acquired El Cubo mine and Guadalupe y Calvo property were also accretive to reserves and resources.
In particular, the Company's discoveries in the Milache area at Guanacevi, the Lana vein at Bolanitos and the Terronera vein at San Sebastian all contributed significantly to the 2012 resource growth. Endeavour more than replaced the proven and probable reserves it depleted in 2012 and increased its resources in all categories as a result of its successful acquisition, exploration and development programs. Gold reserves and resources rose more than silver reserves and resources because both the newly discovered mineralized zones at Bolanitos and San Sebastian and the recently acquired El Cubo and Guadalupe y Calvo properties have more gold compared to Guanacevi.
2013 Outlook
Endeavour plans another year of organic growth in 2013. Silver production is forecast to increase 12-18% to 5.0-5.3 million oz and gold production is anticipated to increase 19-27% to 46,000-49,000 oz as shown in the table below. Silver equivalent production is expected to climb 14-22% to 7.3-7.8 million oz (at a silver:gold ratio of 50:1).
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