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Honing Performance; Growing Margins
NYSE: EXK TSX: EDR
May 2014 European Gold Forum
Honing Performance; Growing Margins NYSE: EXK TSX: EDR May 2014 - - PowerPoint PPT Presentation
Honing Performance; Growing Margins NYSE: EXK TSX: EDR May 2014 European Gold Forum 1 Cautionary Note This presentation contains forward -looking statements within the meaning of the United States private securities litigation reform act
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NYSE: EXK TSX: EDR
May 2014 European Gold Forum
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This presentation contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include, but are not limited to, statements regarding Endeavour’s anticipated performance in 2014 and future years, including revenue, cash cost and capital cost forecasts, silver and gold production, timing and expenditures to develop new silver mines and mineralized zones, silver and gold grades and recoveries, cash costs per ounce, capital expenditures and sustaining capital and the use of the Company’s working capital. The Company does not intend to, and does not assume any obligation to update such forward-looking statements
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such
the Mexican peso, Canadian dollar and U.S. dollar); fluctuations in the price of consumed commodities, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, reliability of calculation of mineral reserves and resources and precious metal recoveries, diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits, global market events and conditions and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued
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.
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A mid-tier silver miner focused on accretive growth to build real value for stakeholders
Three high grade silver-gold mines in Mexico, Guanaceví, Bolañitos and El Cubo, and an emerging new discovery at San Sebastián
We acquire underperforming mines in large historic districts, then apply our expertise to turn around and expand them
By conducting modern exploration in historic districts, we make new discoveries that can be fast-tracked to production
Build a premier senior silver producer (+10 million oz per year) through continued
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Shares Issued: 101.2 million Fully Diluted: 106.6 million Recent Price (May 1/14): US$4.53 Market Cap (May 1/14): US$458million 52-week high-low: US$5.98-$2.88 Exchange Listings: NYSE:EXK TSX:EDR Daily Volume: 2.0 million shares Cash Position (Dec 31/13): $35 million LOC Available (Dec 31/13): $17 million
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Three producing mines and seven exploration projects
Mines
Guanaceví Bolañitos El Cubo
Exploration
San Sebastián Pánuco Parral Guadalupe y Calvo El Inca Arroyo Seco Lourdes
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into a 500 tpd plant
high grade ore
tailings into a 600 tpd plant
Milache ready for development
high grade ore
grade ore into a leased plant
developing new V-Asuncion mine
medium grade ore – ramping up to 1,550 tpd by year end Guanaceví 2004 Bolañitos 2007 El Cubo 2012
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Other 4.7 14 41 41 47 59 71 88 142 123 5.4 16 46 53 62 76 90 121 206 191
50 100 150 200 250
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Millions Silver Equivalents Silver
Note: Silver equivalents based on 50:1 silver:gold ratio; no base metals
2004 Acquired Guanaceví 2007 Acquired Bolañitos 2012 Acquired El Cubo
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Note: Silver equivalents based on 50:1 silver:gold ratio; no base metals
0.35 0.95 1.35 2.15 2.35 2.6 3.3 3.7 4.5 6.8 0.4 1.1 1.5 2.5 2.8 3.3 4.3 4.9 6.4 11.3
2 4 6 8 10 12 millions of ounces Silver Silver Equivalents
2012 Acquired El Cubo 2007 Acquired Bolañitos 2004 Acquired Guanaceví
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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$0.03 $0.37 $0.43 $0.11 $0.29
$0.00 $0.20 $0.40 $0.60 2007 2008 2009 2010 2011 2012 2013
Adjusted Earnings per Share
(2)
$0.66 $0.80 $0.84 $1.07 $1.46 $2.23 $2.77 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2007 2008 2009 2010 2011 2012 2013
Revenue per Share
$0.20 $0.40 $0.54 $0.89 $0.82
$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 2007 2008 2009 2010 2011 2012 2013
Operating Cash Flow per Share(1)
$9.38 $9.03 $6.04 $5.71 $5.08 $7.33 $7.92
$2.59 $2.44 $4.85 $4.13 $6.83 $7.50 $8.90
$- $2.00 $4.00 $6.00 $8.00 $10.00 2007 2008 2009 2010 2011 2012 2013 $/oz
Cash Costs net of By-products(3)
Endeavour Cash Costs Peer Group Cash Costs
1. Before changes in working capital 2. Includes $0.18 per share for deferred Mexican tax liability 3. Peers include: AXR, CDE, FR, FVI, GPR, HL, PAA, SSO and SVM; for 2013 does not include AXR
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10 20 30 40
P/CF (trailing 4Q)
20 40 60 80 100
P/E (adjusted; trailing 4Q)
nmf nmf nmf = not meaningful
50 100 150
EV/oz 2013 Production (Ag Eq.)
2 4 6
EV/oz Resources
(Ag Eq., excluding base metals)
11 Precious metal price assumptions Change (+/-) from current spot prices (1) Impact on cash costs ($/oz Ag) Impact on annual EBITDA (2) $21 silver/$1,260 gold $1silver/$60 gold $0.61 $11.4 million
(1) Silver equivalents based on 60:1 silver:gold ratio (2) Assuming 2014 production guidance
40 60 80 100 120 140 $- $5.00 $10.00 $15.00 $20.00 $25.00 $18 $19 $20 $21 $22 $23 $24 $25 $26 $27 $28 Millions
Consolidated EBITDA (includes new Mexican Taxes), Cash Costs and AISC Sensitivities Using 60:1 Silver:Gold Ratio
Cash Costs, net gold by-product All In Sustaining Costs Annual EBITDA
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Financial Performance
2012 2013 Revenue $208 M $277 M EBITDA $90.5 M $100.0 M Operating cash flow(1) $82.9 M $81.6 M Adjusted net earnings(2) $40.2 M $11.1 M Cash costs(3) $7.33 per oz Ag $7.92 per oz Ag All-in sustaining costs(4) $23.03 per oz Ag $18.31 per oz Ag
Operating Performance
Q1 2013 Q1 2014 Silver production 1,489,716 oz 1,898,999 oz Gold production 15,032 oz 18,519 oz Silver equivalent production (5) 2,391,636 oz 3,010,139 oz Realized silver price $29.38 per oz $20.50 per oz Realized gold price $1,613 per oz $1,306 per oz
(1) Before changes in working capital (2) Adjusted earnings are calculated by adding back the mark-to-market impact of derivative equities held as a liability on the Company’s balance sheet. Refer to the MD&A for details. (3) Net of by-product credits (4) All-in Sustaining Costs (AISC) include mining, processing, direct overhead, corporate G&A, on-site exploration, share-based compensation, reclamation and sustaining capital, net of gold credits (5) Silver equivalents are calculated on a 60:1 silver:gold ratio
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Operating 2014
Silver production 6.5-6.9 million oz Gold production 65,000-69,000 oz Silver equivalent production (1) 10.4-11.0 million oz
Financial
Cash costs – by-product $9-10 per oz Ag Cash costs – co-product – silver $13-14 per oz Ag Cash costs – by-product – gold $800-850 per oz Au All-in sustaining costs (AISC)(2) – by-product $19 per oz Ag AISC – co-product – silver $19 per oz Ag AISC – co-product – gold $1,166 per oz Au Capital budget $43.9 million Exploration budget $10.7 million
(1) Silver equivalents based on 60:1 silver:gold ratio (2) All-in Sustaining Costs (AISC) include mining, processing, direct overhead, corporate G&A, on-site exploration, share-based compensation, reclamation and sustaining capital
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Location: Durango, Mexico Property: 4,076 hectares Infrastructure: State highway, power grid, local labour Past Production: 450 million oz Ag Deposit Type: Low sulfidation epithermal veins Operating Mines: Porvenir Norte Porvenir Cuatro Santa Cruz New Discovery: Milache Future Potential: District poorly explored, five main veins up to eight km long
Proven and Probable: 3.3 million oz Ag Measured and Indicated: 14.0 million oz Ag Inferred: 9.4 million oz Ag
Q1 2014 Production
Production(2): 1,005,781 oz Ag 2,273 oz Au 1,412,161 oz Ag Eq. Throughput: 1,187 tpd Grades: 350 gpt Ag 0.77 gpt Au 396 gpt Ag Eq. Recoveries: 83.7% Ag 86.0% Au
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(1) See page 40 for details (2) Silver equivalents based on 60:1 silver:gold ratio
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New Resources Added
Indicated:
Inferred:
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Location: Guanajuato, Mexico Property: 2,538 hectares Infrastructure: State road, power grid, local labour Past Production:1.2 billion oz Ag 5 million oz Au Deposit Type: Low sulfidation epithermal veins Operating Mines: Lucero Bolañitos Karina Fernanda, Daniela New Discoveries: Asuncion, La Luz, Plateros Future Potential: District poorly explored, multiple veins up to five km long over 3x9 km area
2013 Reserves and Resources(1): Proven and Probable: 2.3 million oz Ag Measured and Indicated: 4.6 million oz Ag Inferred: 9.6 million oz Ag Q1 2014 Production Production(2): 572,851 oz Ag 10,640 oz Au 1,211,251 oz Ag Eq. Throughput: 1,582 tpd Grades: 144 gpt Ag 2.72 gpt Au 307 gpt Ag Eq. Recoveries: 86.9% Ag 85.4% Au
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(1) See page 40 for details (2) Silver equivalents based on 60:1 silver:gold ratio
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Socorro
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Location: Guanajuato, Mexico Property: 8,144 hectares Infrastructure: State roads, power grid, local labour Past Production: 80 million oz Ag 2 million oz Au Deposit Type: Low sulfidation epithermal veins Operating Mines: San Nicolas Dolores Villalpando Peregrina New Discoveries: Drilling under way Future Potential: District poorly explored 16 separate drill targets
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2013 Reserves and Resources(1): Proven and Probable: 5.9 million oz Ag Measured and Indicated: 10.6 million oz Ag Inferred: 6.0 million oz Ag Q1 2014 Production Production(2): 320,367 oz Ag 5,606 oz Au 656,727 oz Ag Eq. Throughput: 1,081 tpd Grades: 110 gpt Ag 2.01 gpt Au 231 gpt Ag Eq. Recoveries: 93.1% Ag 89.2% Au
Bolañitos is Model for Turn-Around
Bolanitos Production El Cubo Production Bolanitos Cash Cost El Cubo Cash Cost
(1) See page 40 for details (2) Silver equivalents based on 60:1 silver:gold ratio
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centuries, largely unexplored
each 3 km long
+20 separate veins
Lower Tertiary andesites
Vallarta in Jalisco State
11,824 gpt Ag, 40.3 gpt Au
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2013 Resource Estimate
Indicated :
Inferred:
Conceptual Plan
2014 2015
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2013 2014 2015 2016 San Sebastián Exploration Permitting Construction Production El Cubo Turn around Expand Discover Expand
1,500 tpd 2,000 tpd Bolañitos Expand Discover Expand Expand production resources plant production 2,000 tpd Guanaceví Optimize Develop Discover Expand plant Milache resources mine life Discover, Develop, Expand, Optimize – Our formula for growing production and reducing costs 6m oz 10m oz 10m oz 16m oz Ag Ag Eq. Ag Ag Eq.
Targeting 60% Production Growth
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Nine consecutive years of
growth
Additional expansion potential at three mines; new high-grade discovery at San Sebastián
Low political risk, large districts, big veins, high grades, low cash costs
Cash position US$35 million (Dec 31, 2013); no long-term debt
El Cubo mine in Guanajuato, same district as Bolañitos mine
Listed on the NYSE, TSX ~2.0 million shares/day
60/40 silver/gold bullion producer; no base metals; no hedging
300+ years in mining industry
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unlike gold, silver is consumed and the number
multiplying
like gold, silver is money and its role as a store of value and a hedge against monetary inflation is growing
new – governments throughout history have “printed” money eg. falling silver % in the Roman Denarius coin
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Dan Dickson CA CFO David Howe M.Sc. VP Operations and Mexico Country Manager Luis Castro
VP Exploration Miguel Ordaz Ing. Geo. Mexico Projects Director and Legal Representative Bradford Cooke M.Sc., P .Geo. Founder and CEO Godfrey Walton M.Sc., P .Geo. President and COO Terry Chandler B.Sc., P .Geo. VP Corporate Development Meghan Brown BA., MBA Director Investor Relations
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Bradford Cooke M.Sc., P .Geo. Godfrey Walton M.Sc., P .Geo. Mario Szotlender B.IR Ricardo Campoy B.Sc.
Geoff Handley B.Sc. Chair, Corp. Gov. & Nom. Committee Chair Rex McLennan B.Sc., MBA, ICD.D Audit Committee Chair Ken Pickering P.Eng. HSES Committee Chair
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Silver-Gold Reserves and Resources Tonnes Ag g/t Au g/t Ag oz Au oz Aq Eq Proven Guanaceví 327,711 281 0.51 2,961,100 5,300 3,279,100 Bolañitos 380,522 156 2.50 1,910,300 30,500 3,740,300 El Cubo 752,534 138 2.16 3,330,400 52,200 6,462,400 Total Proven 1,460,766 175 1.87 8,201,800 88,000 13,481,800 Probable Guanaceví 34,480 342 0.46 379,400 500 409,400 Bolañitos 98,300 134 2.17 424,200 6,800 832,200 El Cubo 615,407 131 2.23 2,595,700 44,100 11,160,200 Total Probable 748,188 141 2.14 3,399,300 51,400 12,401,800 Total P&P 2,208,954 163 1.96 11,601,100 139,400 25,883,600 Measured Guanaceví 132,003 183 0.29 777,200 1,300 855,200 Bolañitos 75,900 132 1.39 322,800 3,400 526,800 El Cubo 660,097 158 2.87 3,357,800 60,800 7,005,800 Total Measured 868,000 160 2.35 4,457,800 65,500 8,387,800 Indicated Guanaceví 1,701,230 242 0.57 13,221,600 31,500 15,111,600 Bolañitos 1,191,800 111 1.95 4,263,300 74,700 8,745,300 El Cubo 1,570,476 144 2.06 7,263,000 104,200 13,515,000 San Sebastian 2,476,000 229 1.08 18,216,200 86,300 23,394,200 Guadalupe y Calvo 1,861,000 119 2.38 7,147,300 142,500 15,697,300 Total Indicated 8,800,506 177 1.55 50,111,400 439,200 76,463,400 Total M&I 9,668,506 176 1.62 54,569,200 504,700 84,851,200 Inferred Guanaceví 1,155,035 253 0.46 9,384,300 17,100 10,410,300 Bolañitos 2,145,128 140 1.62 9,642,100 111,720 16,345,300 El Cubo 1,477,844 163 3.40 7,729,500 130,100 15,535,500 San Sebastian 2,376,000 175 1.66 13,390,600 126,800 20,998,600 Guadalupe y Calvo 154,000 94 2.14 464,600 10,600 1,100,600 Total Inferred 7,308,007 173 1.69 40,611,100 396,320 64,390,300 Silver-Gold-Lead-Zinc Resources Tonnes Ag g/t Au g/t Ag oz Au oz Aq Eq Indicated Parral 1,631,000 49 0.90 2,589,900 47,200 5,421,900 Buena Fe 655,000 166 0.21 3,495,700 4,400 3,759,700 Total Indicated 2,286,000 83 0.70 6,085,600 51,600 9,181,600 Inferred Guanaceví 646,000 129 0.15 2,687,300 3,100 2,873,300 Parral 1,303,000 63 0.88 2,658,900 36,900 4,872,900 Arroyo Seco 738,000 220 0.07 5,220,000 1,700 5,322,000 Total Inferred 2,687,000 122 0.48 10,566,200 41,700 13,068,200
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Comparative Table of Consolidated Mine Operations
Ore grades (g/t) Recovered ounces Recoveries (%) Period Plant t’put (tonnes) Silver Gold Silver Gold Silver Gold Cash costs(1) ($/oz Ag) Direct costs ($/tonne) Q1 2011 141,942 263 1.36 900,133 5,008 75.0 81.0 4.62 79.30 Q2 2011 136,958 266 1.36 850,476 4,831 72.7 80.6 6.98 96.69 Q3 2011 138,592 263 1.47 858,738 4,926 73.4 75.2 5.03 91.47 Q4 2011 184,381 252 1.45 1,120,781 7,045 75.0 82.0 4.05 84.14 Total 2011 601,873 260 1.41 3,730,128 21,810 74.1 79.8 5.08 87.55 Q1 2012 193,759 229 1.33 1,072,491 6,321 75.2 76.2 6.26 92.44 Q2 2012 202,987 208 1.47 1,040,026 7,695 76.5 80.3 5.46 86.32 Q3 2012 306,164 161 1.49 1,137,933 11,754 71.8 80.1 4.70 97.04 Q4 2012 362,779 151 1.55 1,235,026 12,917 70.1 71.7 12.25 92.86 Total 2012 1,065,689 179 1.48 4,485,476 38,687 73.2 76.5 7.33 92.74 Q1 2013 376,344 154 1.51 1,489,746 15,032 79.9 82.3 10.04 99.63 Q2 2013 393,070 165 1.96 1,535,396 22,212 73.6 80.4 10.53 96.45 Q3 2013 389,090 171 1.89 1,855,846 22,946 86.7 96.9 5.14 104.06 Q4 2013 379,480 181 1.78 1,931,717 17,686 87.3 81.6 7.46 90.72 Total 2013 1,537,984 168 1.78 6,813,069 75,578 82.1 85.6 7.92 97.00 Q1 2014 346,525 198 1.92 1,898,999 18,519 86.1 86.6 Q2 2014 Q3 2014 Q4 2014 Total 2014
(1) Net of by-product credits
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Comparative Table of Guanaceví Mine Operations
Ore grades (g/t) Recovered ounces Recoveries (%) Period Plant t’put (tonnes) Silver Gold Silver Gold Silver Gold Cash costs(1) ($/oz Ag) Direct costs ($/tonne) Q1 2011 91,104 307 0.70 663,202 1,750 73.8 85.4 8.63 89.11 Q2 2011 85,594 310 0.69 618,083 1,633 72.5 86.0 10.85 106.55 Q3 2011 87,662 305 0.83 647,397 1,933 75.3 82.6 9.61 107.05 Q4 2011 98,716 320 0.56 753,353 1,550 74.2 87.2 9.82 99.41 Total 2011 363,076 311 0.69 2,682,035 6,866 73.9 85.4 9.71 100.34 Q1 2012 98,963 292 0.60 726,697 1,620 78.2 85.3 12.38 113.69 Q2 2012 100,208 269 0.87 669,754 2,499 77.4 89.2 8.64 100.81 Q3 2012 108,343 227 0.87 598,285 2,667 75.7 88.0 10.99 101.82 Q4 2012 110,763 215 0.69 518,207 1,088 67.7 44.3 18.20 99.70 Total 2012 418,277 249 0.76 2,512,943 7,874 74.6 76.1 12.25 103.83 Q1 2013 106,653 233 0.34 640,616 942 80.2 80.8 16.70 113.61 Q2 2013 100,781 240 0.68 555,036 1,590 71.3 72.6 16.59 111.21 Q3 2013 107,480 265 0.70 715,080 1,978 78.0 82.1 12.98 111.06 Q4 2013 121,008 272 0.69 861,495 2,275 81.5 85.2 13.09 114.55 Total 2013 435,922 253 0.60 2,772,227 6,784 78.2 80.7 14.32 110.93 Q1 2014 106,813 350 0.77 1,005,781 2,273 83.7 86.0 Q2 2014 Q3 2014 Q4 2014 Total 2014
(1) Net of by-product credits
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Comparative Table of Bolañitos Mine Operations
Ore grades (g/t) Recovered ounces Recoveries (%) Period Plant t’put (tonnes) Silver Gold Silver Gold Silver Gold Cash costs(1) ($/oz Ag) Direct costs ($/tonne) Q1 2011 50,838 184 2.53 236,931 3,258 78.8 78.8 (6.59) 61.75 Q2 2011 51,364 192 2.48 232,393 3,198 73.3 78.1 (3.31) 80.25 Q3 2011 50,930 190 2.57 211,341 2,993 67.9 71.1 (9.02) 64.66 Q4 2011 85,665 173 2.48 367,428 5,494 77.1 80.3 (7.77) 66.54 Total 2011 238,797 183 2.51 1,048,093 14,943 74.7 77.5 (6.77) 68.07 Q1 2012 94,796 163 2.10 345,794 4,701 69.5 73.6 (6.63) 70.26 Q2 2012 102,779 149 2.05 370,272 5,196 75.2 76.6 (0.31) 72.18 Q3 2012 117,271 148 2.39 433,388 7,363 77.7 81.7 (9.98) 77.34 Q4 2012 161,841 140 2.20 518,674 8,660 71.3 75.8 (3.73) 75.66 Total 2012 476,687 148 2.19 1,668,128 25,920 73.4 77.0 (5.20) 74.25 Q1 2013 167,500 135 2.27 578,654 9,891 79.8 81.0 (0.06) 85.10 Q2 2013 202,472 160 2.84 810,414 15,751 77.8 85.2 1.75 75.50 Q3 2013 181,442 147 2.75 794,734 15,868 92.5 98.9 (8.10) 84.57 Q4 2013 159,294 152 2.61 698,098 10,142 89.7 75.9 0.60 72.78 Total 2013 710,708 149 2.63 2,881,816 51,652 84.6 86.0 (2.87) 79.47 Q1 2014 142,412 144 2.72 572,851 10,640 86.9 85.4 Q2 2014 Q3 2014 Q4 2014 Total 2014
(1) Net of by-product credits
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Comparative Table of El Cubo Mine Operations
Ore grades (g/t) Recovered ounces Recoveries (%) Period Plant t’put (tonnes) Silver Gold Silver Gold Silver Gold Cash costs(1) ($/oz Ag) Direct costs ($/tonne) Q1 2012 Q2 2012 Q3 2012 80,550 92 1.42 106,260 1,724 44.6 46.9 29.21 119.32 Q4 2012 90,175 96 1.42 198,145 3,169 71.2 77.0 38.52 115.25 Total 2012 170,725 94 1.42 304,405 4,893 58.6 62.8 35.27 117.17 Q1 2013 102,191 103 1.48 270,446 4,199 79.9 86.4 15.30 108.85 Q2 2013 89,817 93 1.41 170,423 2,574 63.5 63.2 31.31 127.11 Q3 2013 100,168 112 1.62 346,032 5,101 95.6 97.8 18.61 131.83 Q4 2013 99,178 118 1.77 372,124 5,269 98.9 93.4 6.65 90.44 Total 2013 391,354 107 1.57 1,159,026 17,142 86.1 86.8 18.77 113.31 Q1 2014 97,300 110 2.01 320,367 5,606 93.1 89.2 Q2 2014 Q3 2014 Q4 2014 Total 2013 391,354 107 1.57 1,159,026 17,142 86.1 86.8 18.77 113.31
(1) Net of by-product credits
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29% 12% 2% 17% 5% 20% 4% 3% 8%
Guanaceví
Labour Re-Agents & Grinding Fuel Power Royalties Contractor Refining Explosives Tolled Ore
34% 8% 3% 18% 20% 11% 6%
Bolañitos
Labour Re-agents & Grinding Fuel Power Contractor Refining Explosives 38% 14% 3% 11% 27% 7%
El Cubo
Labour Re-agents & Grinding Fuel Power Contractor Explosives 32% 11% 3% 17% 2% 21% 5% 5% 4%
Consolidated
Labour Re-agents & Grinding Fuel Power Royalties Contractor Refining Explosives tolled Ore
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773,000 tonnes @ 304 Ag gpt + 0.65 Au gpt = 7.55 million Oz Ag (8.4 million Oz Ag-Eq) 799,000 tonnes @ 231 Ag gpt + 0.39 Au gpt = 5.93 million Oz Ag (6.5 million Oz Ag-Eq) 2.8 million tonnes @ 217 Ag gpt + 0.42 Au gpt = 19.92 million Oz Ag (22.1 million Oz Ag-Eq) 2.0 million tonnes @ 217 Ag gpt + 0.40 Au gpt = 14.05 million Oz Ag (15.5 million Oz Ag-Eq)
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Daniela discovery is 800m long x150m vertical x 3-10m thick