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I have known the CEO and done interviews with him for several years now.
Why not do one?
Since EXK is on da NSYE... it should bounce from here lol
I see it too man. I think options contract expiration was our only problem today. I picked up a few December call contracts
GOLD is wagging it's tail ( SILVER )
I know... so why interview the CEO
seems silly... at least I pointed it out lol
EXK is a BIG BOARD stock...
Why do have such a fascination with interviewing CEOS on youtube?
TheStockDok Thursday, 11/20/14 05:52:34 PM
Re: None
Post # of 734
CEO Interview November 20th 2014
Dok
You agree the tide seems to be turning too?
Silver and Gold finished up nicely but with Options expiration today the price got drug down to $3
I think it could be up 10% on Monday at the bell if PM's just stay flat
Stock trades off Silver prices. Silver was up, then flat, now headed back up and EXK lagging at moment. Added 4000 shares at 3.03 and expect a close over 3.10
Dok
Since start-up in 2004 Endeavour has posted nine consecutive
years of growth in silver production. In 2013 we produced 6.8
million ounces of silver and 75,578 ounces of gold, or 11.4 million
ounces of silver equivalent.
Guanaceví Mine: Acquired in 2004; our first and highest grade
mine
Guanaceví is located 260 km northwest of the city of Durango
in the state of Durango. In 2013 Guanaceví produced 2.8
million oz of silver and 6,800 oz of gold, totalling 3.2 million
oz of silver equivalent, at cash costs of $14.32 per oz of silver,
net of by-product credits. Today, three underground mines
feed a central, 1,200 tonne-per-day plant that produces doré
bars, with total workforce of about 450 employees and 300
contractors.
Bolañitos Mine: Acquired in 2007; our second and fastest growing
mine
Bolañitos is located 10 km northwest of the city of
Guanajuato in the state of Guanajuato. In 2013 Bolañitos
produced 2.9 million oz of silver and 51,652 oz of gold,
totalling 6.0 million of silver equivalent, at cash costs of
negative $2.87 per oz of silver, net of by-product credits.
Today, three underground mining operations feed a central,
1,600 tonne-per-day plant to produce bulk silver-gold
concentrates, employing 400 people and 370 contractors.
El Cubo Mine: Acquired in 2012; our third mine and latest
opportunity
El cubo is located 6 km southeast of the city of Guanajuato in
the state of Guanajuato. In 2013 El Cubo produced 1.2 million oz
of silver and 17,142 oz of gold, totalling 2.2 million oz of silver
equivalent, at cash costs of $18.77 per oz of silver, net of byproduct
credits. Today, four underground mining operations feed
a central, 1,550 tonne-per-day plant to produce high-grade silver-gold
concentrates, providing employment for 580 employees and
100 contractors.
Exploration Projects: In pursuit of our fourth mine
In addition to operating mines, Endeavour has a portfolio of
six exploration projects in Mexico and one in Chile. The most
advanced of these is San Sebastián, located in the state of Jalisco,
Mexico. In 2012 we discovered the Terronera vein, which is more
than 1,400 metres long, 200 metres deep, up to 20 metres thick,
and open along strike to the southeast and down dip. In 2014 we
will continue to explore the full potential of our project portfolio
as we lay the foundation for another nine years of accretive
growth.
Cause for optimism ...
Bradford Cooke, CEO of Endeavour, stated: "Consolidated silver and silver equivalent production remained on track in Q3 to meet our production guidance for the year. Production is expected to improve in the fourth quarter as our annual capital programs near completion and our mine optimization programs gain more traction in response to the current low metal prices.
"Our operating costs per tonne came down in Q3 but the cash costs per ounce drifted higher due to lower gold grades and prices. All-in sustaining costs are normally higher in Q2 and Q3 because these are typically the peak spending quarters for our capital and exploration programs each year. Since the end of Q3, we have accelerated cost cutting and revenue enhancement initiatives at each mine.
"We recently received the government mine development permit for our San Sebastián project in Jalisco state, Mexico. San Sebastián is an emerging new high grade silver-gold discovery which could represent the next phase of growth for Endeavour. Management is now working on the individual change of soil use permits, an updated resource estimate, initial mine plan and in-house economic scoping study followed by an independent PEA. Infill drilling continues with one drill rig while waiting for receipt of additional drill permits."
I see the areas for concern ...
Highlights of Third Quarter 2014 (Compared to Third Quarter 2013)
Financial
Revenue, earnings, cash flows and EBITDA were all lower in Q3, 2014 compared to Q3, 2013 due to lower metal prices, lower mine production, an increase in silver inventories and corresponding decrease in silver sales
Net loss of $11.4 million ($0.11 loss per share) compared to net gain of $12.3 million ($0.12 per share)
EBITDA(1) decreased 92% to $2.2 million
Cash flow from operations before working capital changes decreased 83% to $4.4 million
Mine operating cash flow before taxes(1) decreased 25% to $19.6 million
Revenue decreased 40% to $40.5 million
Realized silver price decreased 17% to $18.78 per ounce (oz) sold
Realized gold price decreased 9% to $1,278 per oz sold
Cash costs(1) increased 108% to $10.70 per oz silver payable (net of gold credits)
All-in sustaining costs increased 66% to $20.18 per oz silver payable (net of gold credits)
Bullion inventory at quarter-end included 523,526 oz silver and 937 oz gold
Concentrate inventory at quarter-end included 33,768 oz silver and 517 oz gold
Capital investments and exploration expenditures peaked in Q3 and are now declining in Q4
Operations
Silver production decreased 12% to 1,634,294 oz
Gold production decreased 38% to 14,118 oz
Silver equivalent production decreased 23% to 2.5 million oz (at a 60:1 silver: gold ratio)
Silver and silver equivalent production, cash costs and all-in sustaining costs remain on track to meet guidance for the year
Each mine received awards for Corporate Social Responsibility and El Cubo received a Guanajuato state award for its proactive environmental programs
San Sebastián received its mine development permit (MIA) from the Mexican government subsequent to quarter-end
All mines accelerated their cost cutting and productivity enhancement programs given the drop in precious metal prices subsequent to quarter-end.
A lot has changed since October 9th
"Daniel Earle is maintaining his HOLD recommendation, but lowering his target price to $4.25 from $5.50, reflecting lower multiples on the back of the challenging silver price and weaker market sentiment."
Negative Financial Results for Endeavour
Endeavour Silver reported what Daniel Earle views as negative Q3/14 financial results yesterday morning – operating results were pre-released October 9.
EPS of -US$0.11 versus consensus of -US$0.05 and Daniel Earle's estimate of -US$0.04 and CFPS of US$0.04 versus consensus of US$0.11 and Eadinel Earle's estimate of US$0.09 on sales lagging production and lower realized prices.
Production was pre-released; cash costs of US$10.70/oz were above Daniel Earle's forecast of US$9.58/oz and AISC were reported at US$20.18/oz due to higher costs at Bolanitos and sales lagging production, which resulted in lower by-product credits.
The company carried 557 koz Ag and 1.5 koz Au in inventory with a quoted market value of US$9.5mm and US$1.8mm, respectively, as of the end of Q3/14. However, Daniel Earle notes spot prices have significantly declined since then.
Mine plan reviews have commenced for each operation, including the possibility of reducing production to optimize their short and long term viability.
Daniel Earle is maintaining his HOLD recommendation, but lowering his target price to $4.25 from $5.50, reflecting lower multiples on the back of the challenging silver price and weaker market sentiment.
Exactly - and I have an interview with Brad in 20 mins
There went another no brainer opportunity.
EXK under $3.00
I got some today too. This is a real mining company.
Phone Interview with Brad Cooke 11/20/14 at 4 EST - Follow the board here for link to audio
INTERVIEW WITH CEO 11-18-14
What were your thoughts on 2014 at the end of last year? Were your expectations correct? Here at Endeavour Silver, we predicted a modest bounce in gold and silver prices followed by a decline to retest the $19 and $1200 lows then a slow crawl forward to $22-24 silver and $1400 gold by year-end. Instead we got two big bounces followed by a crash to new lows so not on target!
What has been the most challenging aspect of this market? As a producer, our biggest challenge has been to continually trim our operating costs to maintain profitability. We succeeded in doing that in 2013 but we are back doing it again this year.
What was the most important milestone for your company this year? How did it affect share price? (why?) We added US$14.5 million to the balance sheet primarily from operations in the first half of 2014 in order to significantly strengthen our financial position – given the low metal prices, I would say that was our best achievement this year. As a result of that plus our sector leading leverage to the precious metal prices, our share price more than doubled from January to August.
2015 outlook:
What do you expect for 2015? More of the same? Better market? Worse market? As an eternal optimist, I regret to say I have a very muted outlook for the precious metals in 2015. We should see a nice rebound over the next four weeks (starting mid-November 2014) but then a decline to test new lows over the next four months. Since the gold and silver mining sectors are not sustainable below $15 silver and $1100 gold, that should mark the bottom and I see a slow climb back to $18 silver and $1350 gold by year-end.
What do you tell investors who are concerned about the state of the market? We aim to run our business to remain profitable at any metal price and that is a challenge we are meeting even at these low prices. However, there is currently a big disconnect between the paper and physical markets for gold and silver. Gold supply has been falling for three years and yet the gold price has crashed, primarily because of no inflation prompting short sellers in the futures market forcing the gold ETF’s to liquidate their physical holdings at lower and lower prices. And yet physical demand in the far-east as measured by gold imports into China and silver imports into India has never been higher! This current run in the US$ defies gravity and represents a short term rush to the safety and liquidity of the US$ in the absence of any other bona fide investment opportunities for global cash waiting for signs of economic recovery world-wide. Something always comes out of left field to pop the bubble so gold and silver investors only need to be a bit more patient. Once the US$ starts to unravel, things could evolve fairly quickly in the precious metals.
Do you have any catalysts on the horizon that investors should be excited about? Absolutely! In addition to new finds at all three of our mines in Mexico this year, Endeavour Silver has an exciting new discovery emerging on our San Sebastian property in Jalisco state. We have already received our mine development permit and hope to announce an updated resource, mine plan and economic study in 2015 followed potentially by a production decision.
Bought 4000 shares today on the dip at 2.87
Email from Brad:
Hi Ty
I did the following interview today so include it to bring you up to date on my thoughts for the gold and silver markets.
Regards Brad
What were your thoughts on 2014 at the end of last year? Were your expectations correct? Here at Endeavour Silver, we predicted a modest bounce in gold and silver prices followed by a decline to retest the $19 and $1200 lows then a slow crawl forward to $22-24 silver and $1400 gold by year-end. Instead we got two big bounces followed by a crash to new lows so not on target!
What has been the most challenging aspect of this market? As a producer, our biggest challenge has been to continually trim our operating costs to maintain profitability. We succeeded in doing that in 2013 but we are back doing it again this year.
What was the most important milestone for your company this year? How did it affect share price? (why?) We added US$14.5 million to the balance sheet primarily from operations in the first half of 2014 in order to significantly strengthen our financial position – given the low metal prices, I would say that was our best achievement this year. As a result of that plus our sector leading leverage to the precious metal prices, our share price more than doubled from January to August.
2015 outlook:
What do you expect for 2015? More of the same? Better market? Worse market? As an eternal optimist, I regret to say I have a very muted outlook for the precious metals in 2015. We should see a nice rebound over the next four weeks (starting mid-November 2014) but then a decline to test new lows over the next four months. Since the gold and silver mining sectors are not sustainable below $15 silver and $1100 gold, that should mark the bottom and I see a slow climb back to $18 silver and $1350 gold by year-end.
What do you tell investors who are concerned about the state of the market? We aim to run our business to remain profitable at any metal price and that is a challenge we are meeting even at these low prices. However, there is currently a big disconnect between the paper and physical markets for gold and silver. Gold supply has been falling for three years and yet the gold price has crashed, primarily because of no inflation prompting short sellers in the futures market forcing the gold ETF’s to liquidate their physical holdings at lower and lower prices. And yet physical demand in the far-east as measured by gold imports into China and silver imports into India has never been higher! This current run in the US$ defies gravity and represents a short term rush to the safety and liquidity of the US$ in the absence of any other bona fide investment opportunities for global cash waiting for signs of economic recovery world-wide. Something always comes out of left field to pop the bubble so gold and silver investors only need to be a bit more patient. Once the US$ starts to unravel, things could evolve fairly quickly in the precious metals.
Do you have any catalysts on the horizon that investors should be excited about? Absolutely! In addition to new finds at all three of our mines in Mexico this year, Endeavour Silver has an exciting new discovery emerging on our San Sebastian property in Jalisco state. We have already received our mine development permit and hope to announce an updated resource, mine plan and economic study in 2015 followed potentially by a production decision.
Brad and I will discuss the overall quarter for EXK and PM's in general
I have an interview set up with Brad Cooke tomorrow at 4 EST
Buy EXK under $3.00
Buy SAND under $3.00
Good lord..
I'm not sure what to say except that we could use a bit of inflation right about now.
wow..
True, so far nothing positive in metal prices. With strong balance sheet it is all EXK lacks though.. They can withstand some punishing prices for a bit. Will move nicely when Silver rebounds. Who would dump now? Never know in this market but metals will rise again and take EXK with it. They would all go bust if it hangs here, or stop producing.. at the same time demand is huge. Silver will probably bounce back over 20 by end of year IMO. These prices are ridiculous. Let's see but a bigger sell off because of low silver prices would make this a even better buy. GLTA
Deep, Thanks, it should be interesting. Cooke's comments in the last CC were way off the mark when it came to silver pricing. I think he will be correct but his timing short term was not so good. I hope it doesn't impact financials as bad as the stock thinks it will.
The Third Quarter, 2014 financial results will be released before market open on Monday, November 10, 2014 and a telephone conference call will be held the same day at 10:00am PDT (1:00pm EDT).
Fearless Monday Reporting:)
EXK
Is a Q report due this week?
Ridiculous selloff and thank goodness for buyers. When you like a stock you want it to drop."Buffet"
Survive and Thrive
22.61 RSI(14)
... has to be a good time to accumulate.
I have been swooping in on some shares here at this price today.
as you know..EXK will benefit as much or more than any silver producer WHEN Silver starts its NEXT uptrend.I like the Gold here and jurisdiction as well.Low debt,expansion plans, all but the current price of SILVIO..
Will be patient but the charts have me buying and thinking of a rocking DIO(RIP) song..!
Additional Drill Results at San Sebastián
This morning, Daniel Earle released a new reseach report for Endeavour.
The company announced additional exploration drilling results at its San Sebastián project in Jalisco State, Mexico. This mineralized zone reportedly extends over 1,400 m in length and remains wide open along strike and to some extent down dip. The company currently has one drill rig at San Sebastián and is targeting an updated resource estimate at the end of Q4/14E.
In other news, Endeavour also announced that it has now completed the purchase of a 100% interest in the La Bufa property (press release dated August 21); payment consisted of 85,587 common shares, together with a previous advance of US$19,000 plus 5% interest
Daniel Earle rates the company as neutral.
A recent summery of the drilling found, The Terronera vein is reportedly a large structure over 20 m wide that has been traced on surface for more than 2,800 m.
Recent drilling highlights from the Terronera vein include two parallel mineralized zones within the 28 m wide vein in hole TR12-3:
557 g/t Ag and 1.47 g/t Au (646 g/t AgEq) over 11.3 m true width, (including 6,940 g/t Ag and 6.93 g/t Au (7,356 g/t AgEq) over 0.4 m true width
1,605 g/t Ag and 2.77 g/t Au (1,772 g/t AgEq) over 8.3 m true width, (including 5,210 g/t Ag and 9.34 g/t Au (5,770 g/t AgEq) over 0.5 m true width,
Very exciting to see future projections from this company.
A little O/T buy very interesting article about the Hunt Brothers
Fellow bugs,
A very interesting article that runs down the Hunts activities in the 1970's when they tried to "corner the silver market". Which they actually didn't intend to do. Its out there on Bloomberg.
http://www.bloomberg.com/news/2014-10-23/hunt-s-death-revives-memory-of-fortune-lost-on-silver-bet.html
Q3/14 Production Statistics
Endeavour Silver reported Q3/14 production results this morning, announcing production of 1.63 Moz Ag and 14.1 koz Au, roughly in line with Daniel Earle's forecast of 1.65 Moz Ag, but below his gold production forecast of 18.8 koz Au, due to lower grades.
Production of 1.63 Moz Ag was down roughly 2% from 1.67 Moz Ag in Q2/14, while production of 14.1 koz Au was also down 7% from 15.1 koz in the prior quarter
Production of 2.4 Moz AgEq was slightly below Daniel Earle's forecast 2.8 Moz AgEq (Endeavour uses a 60:1 Ag:Au ratio)
Q3/14 financial results are expected to be released Monday November 10, pre-market, with the conference call at 1:00 PM on the same day
The company's 2014 guidance of 6.5-6.9 Moz Ag, remains unchanged
The impact is rated at Neural.
Endeavour's operating results in Q3/14 were slightly weaker than those of Q2/14, in Daniel Earle's view, as throughput and grades at El Cubo were lower than he anticipated. Silver production was roughly in line with Daniel Earle's estimates, however he anticipated slightly higher gold grades at Guanacevi, Bolanitos and El Cubo.
Guancevi operations – production was slightly better than he anticipated due to slightly higher grades and recoveries, while mill throughput was relatively flat.
Bolanitos operations – silver-equivalent production was essentially flat relative to Q2/14, in Daniel Earle's view, with gold grades slightly lower than he anticipated; mill throughput was flat at more or less plant capacity.
El Cubo operation – production was lower than he anticipated based on lower throughput and lower grades compared to Daniel Earle's estimates; grades continued to lag the reserve grade, and management indicated its focus on reducing dilution and accelerating mine development of its V-Ascuncion discovery to reduce costs and increase throughput and grades. The company also stated that it is evaluating various operating alternatives for El Cubo, under current market conditions.
SILVER popping ...
17's soon to go poof
a reasonable outlook, for EXK....
He says....
...." With silver under $18 and gold near $1,200, Endeavor's margins will no doubt suffer in the short term. However, I urge investors to take a longer investing time frame when putting funds into a company like Endeavor. If you're bullish on silver in the long term like I am, and feel prices could eventually get back to 2011 levels of $30+ ounce, then the stock remains a compelling buy."
It wouldhave been helpful if he was then asked......"looking at the long term then, what do you think are the odds that we will see another Grand Stock Market Crash, like 2008...in the near term or intermediate future, (6 to 18 months...),like most experts are forecasting now,....and mister CEO, wouldnt it be a good idea for investors to position themselves for that with cash on the sidelines, and wait for the collapse to come? and Do you think the miners have been manipulated on wall street , with a campaign of naked shorting, and this is why their share price has been collapsed these last few years? It would be very interesting to ever hear any of these CEO's talk about it. The only one I hear describing it is Eric Sprott. and some of the KWN pundits.
I like EXK. I'll be happy to load up on it after the next Crash.
Hard Asset Investments
Long only, gold & precious metals, oil & gas, alternative energy
Update: Endeavor Silver Reports Q3 Production Totals
Oct. 12, 2014 7:17 AM ET
Endeavor Silver has announced production totals for Q3 2014; the company produced 1.63 million silver ounces and 14,118 gold ounces.
Silver production fell 12% and gold production fell 38% compared to a year ago; silver equivalent production declined 23%.
However, silver and gold production remains on target to meet the company's consolidated guidance for the year and production is expected to improve in the fourth quarter.
Endeavor Silver (NYSE:EXK) recently announced third quarter 2014 production totals at its three silver-gold mines in Mexico: the Guanacevi mine in Durango State, and the Bolanitos and El Cubo mines in Guanajuato State. Silver production came in at 1.63 million ounces and gold production was 14,118 ounces, for a total of 2.5 million silver equivalent ounces, which is down slightly from last quarter's total of 2.6 million ounces.
"In a previous article on Endeavor, I argued that the stock is a buy despite higher than expected cash costs recently at its mines. My reason is because management had previously warned costs were expected to rise in the second and third quarters, so the higher costs should not come as a surprise to investors. In addition, I argued that Endeavor's long-term growth potential remains intact, putting the company on track to increase production to 16+ million silver ounces in just a few years.
While the production totals for Q3 represent a 23% decrease in total production year-over-year, this does not change my investment thesis as the company is on track to meet or exceed guidance for 2014. In addition, production should improve in the fourth quarter as the company's annual capital programs near completion, according to CEO Bradford Cooke.
With silver under $18 and gold near $1,200, Endeavor's margins will no doubt suffer in the short term. However, I urge investors to take a longer investing time frame when putting funds into a company like Endeavor. If you're bullish on silver in the long term like I am, and feel prices could eventually get back to 2011 levels of $30+ ounce, then the stock remains a compelling buy."
Thank ... EXK is OK in my book.
Some big equity news today that I found from Daniel Earle.
The main mineralized zone now reportedly extends over 1,200 m in length by up to 450 m vertically and to some extent down dip. Daniel Earle reports that drilling highlights from the Villalpando and Asuncion veins (since April) include 200 g/t Ag and 5.49 g/t Au (530 g/t AgEq)
There are currently four drill rights out of twelve working in Mexico and drilling along the V-Asuncion area at its El Cubo mine in Guanajuato State, Mexico continues to intersect high grade, silver-gold mineralization.
Some further research from Daniel Earle, in regards to the El Cobo mines:
Proven and Probable resources of 1.4 Mt grading 135 g/t Ag and 2.16 g/t Au (5.9 Moz Ag and 96 koz Au or 11.7 Moz AgEq)
Indicated resources of 2.2 Mt grading 102 g/t Ag and 1.77 g/t Au (10.6 Moz Ag and 165 koz Au or 20.5 Moz AgEq)
Inferred resources of 2.5 Mt grading 143 g/t Ag and 2.77 g/t Au (7.7 Moz Ag and 130 koz Au or 15.5 Moz AgEq)
Until next time, folks.
You would think elk would be back in the 3 ,s with silver so cheap.
"So how low do they go"
This is looking like capitulation time in SILVER.
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