Endeavour Silver Corp. Earnings Recaps
Q2 2026
Aug 4, 2026
Endeavour Silver’s shares fell slightly by 0.5% after reporting higher production and record metal sales, but investors appeared wary of rising costs and margin pressure amid increasing royalties, input prices, and sustaining capital spending.
Key takeaways
- Q2 silver equivalent production rose 36% year-over-year to nearly 3 million ounces, driven by ramp-up at Terronera and increased throughput at Kolpa.
- Revenues grew 150% to $212 million with mine operating earnings of $74 million and mine operating cash flow reaching $100 million before taxes, a 300% jump from prior year.
- All-in sustaining costs (net of by-product credits) increased 47% to $37 per ounce due to higher royalties, purchased materials, profit sharing, and mining taxes, pressuring margins.
- Direct operating costs per tonne increased 14%, impacted by Mexican peso appreciation and inflationary inputs, despite improvements in plant capacity and operational efficiencies.
- The company increased its 2026 capital budget by $18 million for Kolpa expansions and continues to advance ramp-up and exploration initiatives, with a strong $236 million cash position underpinning growth plans.
Q1 2026
May 9, 2026
Endeavour Silver’s shares gained 7.7% following Q1 results driven by better-than-expected production and revenue growth amid ongoing operational ramp-ups and cost improvements.
Key takeaways
- Total production reached 3 million silver equivalent ounces, a 78% increase year-over-year, supported by additions from Copa and Terronera.
- Revenue grew 23% year-over-year to $210 million, alongside a 400% increase in mine operating cash flow to $115 million before taxes.
- All-in sustaining costs rose 51% year-over-year to $37/oz but declined 9% sequentially, reflecting operational efficiencies and ongoing ramp-up.
- Direct operating costs per tonne increased due to the inclusion of higher-cost assets Copa and Terronera, though cost reductions are expected as operations normalize.
- Strong cash position of over $232 million and stable working capital underpin continued investment, including exploration and Pitarrilla feasibility studies.
Q2 2025
Aug 13, 2025
Endeavour Silver reported substantial revenue growth in Q2 2025, bolstered by higher precious metal prices and the integration of the new Kolpa mine, but faced ongoing operational challenges as it approaches commercial production at Terronera.
Key takeaways
- Production reached 2.5 million silver equivalent ounces, a 13% increase year-over-year, driven by the new Kolpa mine's contribution.
- Revenue surged by 46% to $85 million, benefiting from improved precious metal prices and production levels.
- The company incurred a net loss of $20 million due to commissioning losses at Terronera and increased general and administrative costs related to the Kolpa acquisition.
- Cash costs were maintained below guidance at $15.35 per ounce for payable silver, with all-in sustaining costs recorded at $25 per ounce.
- Endeavour is on track for a future annual production profile of 20 million silver equivalent ounces, supported by ongoing ramp-up efforts at Terronera and improvements at Kolpa.