They sucked.
Here's Endeavour's (EDR.to) quarterly numbers as published yesterday morning....
....and the quarter just gone is lacklustre compared, which showed itself in the pressure on the stock yesterday.
Meanwhile, even more sucky is the NR just out from Great Panther (GPR.to) that you can find here. From the data here's the silver production evolution....
...but even more interesting is this paragraph in the same NR:
The market for high grade precious metals concentrate sales became more difficult during the quarter as a result of a global surplus of concentrates due to the general upsurge in mine production in response to higher metal prices. Great Panther has secured a contract to sell the Guanajuato concentrates through a trader to an overseas smelter. However, the smelter has an oversupply of concentrates and has reduced the quantity of purchases, such that inventories of unsold concentrates at Guanajuato were higher than normal at the end of the quarter. While this will influence second quarter revenue, it is considered to be a short-term issue and negotiations with alternative buyers are being pursued.
So GPR.to has a whole bunch of unsold inventory from the quarter. Fair enough, but why haven't we heard anything like this from any other junior recently? A question of lower quality concentrates getting rejected by the market first, perhaps? DYODD.
Disclosure: No position in either stock, cos little leagues get tiring after a while.