Endeavour Silver with Record Production in 2025 and Strong Growth Ahead

Endeavor Silver: 2025 Performance & 2026 Outlook – Company Update

Key Concepts: Silver Equivalent Ounces (SEO), Cash Cost, Byproduct Credits, Exploration Pipeline, Strategic Consolidation, Teronera, Bolanitos, Kulpa, Peria.

I. 2025 – A Record Year for Endeavor Silver

Endeavor Silver achieved record performance in 2025, producing approximately 6.12 million ounces of silver and 37,000 ounces of gold, totaling 11.2 million silver equivalent ounces (SEO). Silver production and sales experienced significant increases of 45% and 36% respectively compared to 2024. The fourth quarter of 2025 alone yielded over 2 million ounces of silver, nearly 14,000 ounces of gold, and 3.8 million SEO. This success is largely attributed to the commencement of commercial production at the Teronera mine on October 1st, 2025. Teronera contributed 352,000 ounces of silver and over 8,000 ounces of gold, boasting high-grade ore averaging 86 grams of silver per ton (g/t) and 2.27 g/t of gold. Sales figures for the year reached 6.3 million ounces of silver and 36,300 ounces of gold.

II. 2026 Forecast: Growth & Low Costs

The company anticipates continued strong performance in 2026, characterized by low-cost production and approximately 30% production growth compared to 2025. The updated forecast projects combined silver production from Teronera, Guanajuato, and Kulpa to range between 8.3 to 8.9 million ounces. Crucially, this production is expected to be achieved at a low cash cost of $12 to $13 USD per payable ounce of silver, with total production costs (net of byproduct credits) at $27 to $28 per ounce of silver. Gold production is estimated at 46,000 to 48,000 ounces from Teronera and Guanajuato.

III. Kulpa Acquisition & Portfolio Diversification

The acquisition of the Peruvian Kulpa asset is a key component of Endeavor Silver’s diversification strategy. Kulpa is projected to contribute significantly to base metal production, adding 2.3 to 2.5 million ounces of silver, 22,000 to 24,000 tons of lead, 16,000 to 18,000 tons of zinc, and 650 to 750 tons of copper. Overall, the company expects total silver equivalent production across all assets to reach 14.6 to 15.6 million ounces in 2026.

IV. Strategic Portfolio Consolidation: Sale of Bolanitos

To focus on core silver assets and strategic growth, Endeavor Silver successfully completed the sale of its non-core Bolanitos asset to Guanajuato Silver Company at the end of 2025. The sale price is $40 million USD, comprising $30 million USD in cash and $10 million USD in Guanajuato Silver shares. An additional $10 million USD is potentially available based on performance milestones.

V. Long-Term Growth: Exploration at Peria

Beyond immediate production gains, Endeavor Silver is committed to long-term organic growth through exploration, particularly at its Peria project in Mexico. Peria is described as one of the world’s largest undeveloped silver projects and is expected to be a cornerstone of the company’s future growth. The company is actively working on its exploration pipeline, with Peria as a primary focus.

VI. Key Arguments & Perspectives

The video presents a strongly positive outlook for Endeavor Silver, emphasizing its diversified portfolio, record production, low costs, and strategic acquisitions. The argument is that the company is well-positioned for continued growth in the silver market, particularly benefiting from its operations in Mexico, a “global silver hotspot.” The sale of Bolanitos is presented as a strategic move to streamline the portfolio and focus on higher-potential assets.

VII. Notable Quotes

“2026 is marked by strong low-cost production.” – This statement highlights the company’s primary focus for the coming year.

“Endeavor Silver has a diversified portfolio of producing mines and high-grade development projects with a focus on Mexico, the global silver hotspot.” – This encapsulates the company’s core strengths and strategic positioning.

VIII. Technical Terms & Concepts

• Silver Equivalent Ounces (SEO): A standardized measure used to compare the value of different metals (silver, gold, lead, zinc, copper) by converting them into the equivalent amount of silver.
• Cash Cost: The direct costs associated with producing one ounce of silver, excluding depreciation and amortization.
• Byproduct Credits: Revenue generated from the sale of metals produced as a byproduct of silver mining (e.g., gold, lead, zinc). These credits reduce the overall cost of silver production.
• Exploration Pipeline: The series of stages involved in discovering and evaluating new mineral deposits.
• Strategic Consolidation: The process of streamlining a company’s portfolio by selling non-core assets and acquiring assets that align with its long-term strategy.
• g/t (grams per ton): A unit of concentration used to measure the amount of precious metals in ore.

IX. Logical Connections

The video follows a logical progression, starting with a review of 2025’s achievements, then outlining the 2026 forecast, detailing the impact of the Kulpa acquisition and Bolanitos sale, and finally emphasizing the long-term growth potential through exploration. Each section builds upon the previous one, demonstrating how the company’s recent actions are contributing to its overall strategic goals.

X. Synthesis/Conclusion

Endeavor Silver demonstrated significant growth in 2025, driven by record production and strong sales, particularly following the start of production at Teronera. The company is poised for continued success in 2026, with a focus on low-cost production, increased output, and strategic portfolio optimization. The acquisition of Kulpa diversifies the company’s base metal exposure, while the sale of Bolanitos allows for greater focus on core silver assets. Long-term growth is underpinned by promising exploration activities at the Peria project. Overall, Endeavor Silver presents itself as a well-positioned and dynamic player in the silver mining industry.

Disclaimer: The video includes a disclaimer stating that the stock discussed is or will be part of the SSC mining special situation certificate and SS AG and/or SSC employees may hold shares in the company.