Endeavour Silver mit Produktionsrekord in 2025 und starkes Wachstum voraus

Endeavour Silver: 2025 Performance & 2026 Outlook

Key Concepts:

• Silberequivalent (Silver Equivalent): A measure used to express the total metal content of an ore deposit or production, converted into the equivalent amount of silver based on current metal prices.
• Cashkosten (Cash Costs): The direct costs associated with producing a unit of silver, excluding depreciation and amortization.
• Konsolidierte Gesamtförderkosten (All-in Sustaining Costs): A comprehensive measure of the total cost of producing a unit of silver, including cash costs, capital expenditures, and exploration costs.
• Teronera: Endeavour Silver’s new mine, commencing commercial production in October 2025.
• Bolanitos: A non-core asset sold by Endeavour Silver to Guanajuato Silver Company Limited.
• Kolper: A recently acquired Peruvian asset expected to contribute significantly to base metal production.
• Peteria: A promising exploration project in Mexico, considered one of the world’s largest undeveloped silver projects.

2025 Record Production & Sales Performance

Endeavour Silver achieved a record year in 2025, producing 6.5 million ounces of silver and over 37,000 ounces of gold, totaling 11.2 million ounces of silver equivalent. This represents a significant increase of 45% in silver production and 36% in silver sales compared to 2024. Specifically, Q4 2025 production reached over 2 million ounces of silver, 13,785 ounces of gold, and 3.8 million ounces of silver equivalent. Total sales for the year included over 6.3 million ounces of silver and 3,636 ounces of gold.

Teronera’s Contribution to 2025 Results

The commencement of commercial production at the Teronera mine on October 1st, 2025, played a crucial role in the company’s success. Teronera processed 154,180 tonnes of ore, yielding 352,000 ounces of silver and 8,148 ounces of gold. The ore boasts high grades, averaging 86 grams of silver per tonne and 2.27 grams of gold per tonne.

2026 Forecast: Low-Cost Production & Growth

2026 is positioned as a year of strong, low-cost production for Endeavour Silver. The company anticipates a 30% increase in production compared to 2025, coupled with lower cash costs. The updated forecast projects silver production of 8.3 to 8.9 million ounces from Teronera, Guanavi, and Kolper. Cash costs are estimated to be between $12 and $13 USD per payable ounce of silver, with all-in sustaining costs ranging from $27 to $28 USD per ounce of silver (net of byproduct credits).

Gold production is projected to be between 46,000 and 48,000 ounces from Teronera and Guanavi. Kolper is expected to contribute significantly with 2.3 to 2.5 million ounces of silver, alongside 22,000 to 24,000 tonnes of lead, 16,000 to 18,000 tonnes of zinc, and 650 to 750 tonnes of copper, diversifying Endeavour Silver’s production portfolio. The total silver equivalent production across all assets is forecast to be between 14.6 and 15.6 million ounces.

Strategic Portfolio Consolidation & Asset Sales

To focus on core silver assets and strategic growth, Endeavour Silver successfully completed the sale of its non-core asset, Bolanitos, to Guanajuato Silver Company Limited in late 2025. The sale price is $40 million USD, comprised of $30 million USD in cash, $10 million USD in Guanajuato Silver shares at a predetermined price, and potential for up to $10 million USD in contingent consideration based on performance milestones.

Exploration & Long-Term Growth: Peteria Project

Endeavour Silver remains committed to long-term organic growth, with a focus on its exploration pipeline, particularly the Peteria project in Mexico. Peteria is described as one of the world’s largest undeveloped silver projects and is expected to be a cornerstone of the company’s long-term growth profile.

Company Overview & Investment Considerations

Endeavour Silver possesses a diversified portfolio of producing mines and high-grade development projects, primarily focused on the silver-rich regions of Mexico. The company’s record production in 2025, projected 30% production growth in 2026, and low-cost profile highlight its growth momentum. Strategic portfolio consolidation, including the sale of non-core assets and the acquisition and integration of Kolper, further enhances its valuation potential.

As stated in the broadcast, “Endeavour Silver verfügt über ein diversifiziertes Portfolio aus produzierenden Minen und hochgradigen Entwicklungsprojekten mit Schwerpunkt auf den globalen Silberhotstot Mexico.” (Endeavour Silver has a diversified portfolio of producing mines and high-grade development projects with a focus on the global silver hotspot Mexico.)

Disclaimer: The broadcast included a disclaimer stating that the discussed stock is or will be part of the SRC Mining Special Situation Certificate, and SRCAG and/or its employees may hold shares in the company.