IKN

Take physic, pomp

A quick one on the 1q15 of three silver producers

Endeavour Silver (EDR.to) (EXK): Sucked less than most. It was a better quarter from a company that usually disappoints, the question on ops is how much the mill feed changes in the next couple of quarters will affect costs. But this one, which I’ve never loved, is in a decent financial position. Bad Crooke must be pissed how it got sold off in the last couple of days on the back of these numbers, for once it was selling it didn’t deserve.
Great Panther Silver (GPR.to) (GPL): Didn’t look like it sucked, but it did. The bottom line profit of $3.6m in Loonies was because of a positive CAD$6m adjustment on its forex. At least it managed to scrape gross profit this time, but once office charges are thrown in, it’s still running at a loss. The silver lining (geddit?) is that cash costs dropped, but not by enough. This is the one you buy if you like style more than substance, horrid.
First Majestic Silver (AG) (FR.to): Sucked a bit. When you check the balance sheet and see the negative U$12.6m working cap you 1) realize why FR.ro raised CAD$30m in that equity placement after quarter end and 2) wonder whether they’re going to need another one soon. As for ops, you can point to this-positive and that-negative, but the bottom line is that it’s just another silver miner waiting for metals prices to rebound so that it can start making a profit. Running to stand still.
So of the three, Endeavour Silver is best. Or least worst.

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