11:26 AM EDT, 07/09/2024 (MT Newswires) -- Endeavour Silver ( EXK ) on Tuesday reported a 5% decline in silver-equivalent production for the second quarter.

The company produced about 2.2 million ounces of silver equivalent during the period, down from nearly 2.3 million ounces of silver equivalent produced in the same quarter last year.

Silver production fell 12% to 1.3 million ounces, primarily driven by variations in grades, specifically lower silver grades at the Guanacevi mine in Mexico.

Gold production rose 7% to 10,549 ounces due to higher gold grades mined at both Guanacevi and Bolanitos mines in Mexico, as well as higher gold content in third-party feed processed at Guanacevi.

Endeavour said its total year-to-date production reached 4.4 million ounces of silver equivalent, tracking towards the upper range of its full-year 2024 production guidance of 8.1 million to 8.8 million ounces of silver equivalent.

The company said it remains focused on commissioning the Terronera mine in the fourth quarter, with production expected to start in 2025.

"As construction activities are beginning to peak, we have been implementing our business readiness strategy to smoothly transition into operations," CEO Dan Dickson said.

The company's shares were last seen down $0.30 to $5.31 on the Toronto Stock Exchange

Price: 5.30, Change: -0.31, Percent Change: -5.53