Endeavour Silver Corp. Q2 2026 Earnings Recap

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.