Shares of Endeavour Silver Corp. (NYSE: EXK) surged 5.94% on November 5, 2024, following the release of the company's third-quarter 2024 financial results. The silver mining company reported solid production numbers and an optimistic outlook, driving investor confidence in the stock.

Endeavour Silver is a mid-tier precious metals producer with operations in Mexico and a new cornerstone mine under development in Jalisco state. The company's third-quarter performance was boosted by higher realized prices for silver and gold, as well as cost-saving measures implemented after a temporary disruption at its Guanaceví mine.

For the quarter ended September 30, 2024, Endeavour Silver posted revenue of $53.4 million, an 8% increase from the same period last year. The company reported adjusted earnings of $1.6 million, or $0.01 per share, compared to an adjusted loss of $8.3 million in Q3 2023. The strong financial results were driven by a 24% increase in the realized silver price and a 30% increase in the realized gold price, partially offset by a 24% decrease in silver ounces produced due to the temporary reduction in capacity at Guanaceví.

Endeavour Silver's all-in sustaining costs (AISC) per ounce decreased by 14% to $25.51 compared to Q3 2023, reflecting the lower cash costs and reduced sustaining capital expenditures. The company's cash position remained healthy at $54.9 million, with working capital of $29.4 million.

Looking ahead, Endeavour Silver remains optimistic about the commissioning of its new Terronera mine near the end of Q4 2024, which is expected to be a transformative milestone for the company. The project's overall progress reached 77% completion, with more than $258 million of the project's budget spent to date.