I think there are three main reasons why our share price has rebounded so well this year:

• First, Endeavour Silver shares were oversold last year due largely to our sector-leading leverage to the silver price. Leverage is a double-edged sword because when precious metals prices fall, our share price falls more than our peers; but when precious metals prices rise, our shares bounce back more than our peers.
• Second, we announced in late January our plan to focus on generating free cash flow from our high-cost El Cubo mine this year by ramping production down to care and maintenance by year-end. Since El Cubo’s high costs were a drag on our cash flow and share performance, cutting costs and reducing production to make free cash flow this year was taken as positive news by the market.
• Third, our renewed focus on expanding the resources at our exciting new Terronera project in Mexico and engineering a larger mine to improve the already robust economics in order to complete a pre-feasibility study could drive a significant revaluation of our future cash flow and therefore share price.