Lundin Refreshes Buy...Sep 25
Lundin refreshes Endeavour Silver buy
2017-09-25 21:29 ET - In the News
Brien Lundin, in the September, 2017, edition of the Gold Newsletter, refreshes his buy of Endeavour Silver Corp., recently $3.09. Mr. Lundin said buy 11 times from August, 2005, to April, 2017, at prices ranging from $1.62 to $9.43. A $1,000 investment for each of the 11 buys is now worth $10,017. Endeavour, a silver miner in Mexico, saw its stock tumble in August after it released its second quarter financials. Mr. Lundin says the market overreacted. Although the financials showed year-over-year decreases in revenue, gold production and silver production (which respectively fell by 27, 26 and 17 per cent), they also underlined the progress that Endeavour is making at its three mines. Of the three, the Guanacevi mine is the only one that has underperformed so far this year (a trend that Mr. Lundin expects to reverse), whereas the Bolanitos and El Cubo mines are both expected to meet or exceed their targets. Meanwhile, two new mines, El Compas and Terronera, are expected to start operating in the next few years, giving Endeavour a "strong organic growth profile," says Mr. Lundin. He concludes that the recent drop in the stock represents a "silver-plated buying opportunity." Silver bulls should take advantage of the bargain.