Endeavour Silver Corp. Q3 2026 Earnings Recap

Endeavour Silver fell 2.6% after earnings. The quarter’s higher production and cash flow came alongside a cut to 2026 production guidance, with Guanaceví’s below-plan silver grades and operational disruptions weighing on the outlook.

Key Takeaways

• Revised 2026 guidance to 7.8–8.1 million ounces of silver and 42,000–43,500 ounces of gold, or 13.7–14.3 million silver-equivalent ounces.
• Q3 production was 2 million ounces of silver and 10,000 ounces of gold; revenue rose 29% year over year to $185 million, and mine operating cash flow before taxes increased 139% to $95 million.
• Guanaceví silver grades were below plan through the year. A trunnion issue also reduced capacity for the quarter’s final nine days; management hopes to recover that production in Q4.
• Terronera was suspended for 12 days in August. Its direct operating cost per tonne fell to $156 in Q3 from $195 in Q1, while consolidated cost guidance was revised to $155–$165 per tonne.
• Cash costs were $16.55 per payable silver ounce and all-in sustaining costs were $29.54, down 9% and 3% year over year, respectively. The company ended September with $288 million in cash.