"Industry-wide inflation is a growing challenge and we continue to look for ways to mitigate its negative impact," Endeavour's CEO Dan Dickson said.

The company reported cash costs for the quarter of US$10.21 per ounce of payable silver and all-in sustaining costs of $20.90/oz payable silver, net of gold credits.

Endeavour—which has two silver-gold mines in Mexico—has cash costs and AISC 2022 guidance of $9-$10/oz and $20-$21/oz, respectively.

Endeavour's net earnings during the quarter were $11.7 million, or $0.07 per share, down from net earnings of $12.2 million, or $0.08/share in Q1 last year.

"Looking ahead to the second quarter, we are targeting two major milestones: securing debt financing for Terronera and closing the Pitarrilla transaction," Dickson said, noting that the acquisition is fully financed and expected to close this quarter.

"After the deal closes, drilling will commence to verify Pitarrilla's historical data and update the historical resource. This will become a key focus for us for the balance of 2022," he said.

Endeavour Silver's share price was up 8% day on day May 12 at C$4.35 (US$3.34), giving the company a market capitalization of C$785.44 million.