Endeavour Silver nears completion of Terronera project in Mexico

Endeavour Silver (NYSE: EXK; TSX: EDR) expects its Terronera project in Jalisco state, Mexico, to be ready for full commissioning early in the second quarter of this year.

Substantial progress was made on Terronera’s Upper Plant Platform during the fourth quarter, with systems commissioning underway, the company said on Friday, noting that the project is almost 90% complete.

Capital spending on the project reached $302 million by Dec. 31, 2024, with $30 million more planned at that point. A $16 million increase in mining costs is attributed to an extended project schedule and higher waste rock disposal costs, including hauling and a permanent dump for it.

During the fourth quarter, crews developed 1,694 metres underground, bringing the total to 7,239 metres. The primary crusher commissioning was completed, with a total of 6,000 tonnes of ore crushed.

4-million-ounce silver mine

Terronera is estimated to contain total proven and probable reserves of 7.4 million tonnes, grading 197 g/t silver and 2.25 g/t gold.

The proposed mine consists of the Terronera and La Luz underground deposits, both of which will be mined using a combination of long-hole and cut-and-fill methods. The processing plant will have a capacity of 2,000 tonnes per day.

A feasibility study forecasts that the project will produce 4 million oz. of silver and 38,000 oz. of gold annually over a 10-year period.

Shares of Endeavour Silver rose 1.3% Friday morning in New York before sliding. The company has a market capitalization of approximately $1.1 billion.