Endeavour Silver Announces Q1 2026 Financial Results
Rhea-AI Summary
Endeavour Silver (NYSE: EXK) reported Q1 2026 results with consolidated production of 3.34 million AgEq oz (1,875,375 oz silver; 11,740 oz gold) and revenue of $209.7 million. Mine operating cash flow before taxes was $114.6 million, cash totaled $231.8 million, and a $35.6 million gain arose from the sale of Bolañitos.
Kolpa plant expansion completed; Terronera operating near design. Consolidated cash costs were $22.54/oz and AISC $37.03/oz.
AI-generated analysis. Not financial advice.
Positive
- Production +78% AgEq (3.34M oz) in Q1 2026
- Revenue of $209.7 million in Q1 2026
- Mine operating cash flow before taxes $114.6 million
- Cash balance $231.8 million as of March 31, 2026
- Gain on Bolañitos sale $35.6 million
Negative
- Cash costs $22.54/oz, up 42% year-over-year
- AISC $37.03/oz, up 51% year-over-year
- Loss on derivative revaluations of $24.2 million
News Market Reaction – EXK
On the day this news was published, EXK gained 9.02%, reflecting a notable positive market reaction. Argus tracked a peak move of +27.7% during that session. Our momentum scanner triggered 67 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $280M to the company's valuation, bringing the market cap to $3.38B at that time. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
EXK is down 5.5% while key silver peers are mixed: SVM up 2.36%, AG up 3.74%, MAG down 1.96%, and CGAU and ERO modestly positive. The move appears stock-specific rather than a broad silver-sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 27 | Q4 2025 earnings | Neutral | -0.9% | Record 2025 revenue and scale but full-year net loss driven by derivatives. |
| Nov 07 | Q3 2025 earnings | Negative | -1.6% | Higher production and cash flow offset by large derivative loss and net loss. |
| Aug 13 | Q2 2025 earnings | Negative | -4.5% | Revenue growth and Kolpa progress overshadowed by net loss and higher costs. |
| Jul 08 | Q2 2025 production | Positive | -7.6% | Stronger production and Kolpa outperformance with Terronera ramping toward nameplate. |
| May 13 | Q1 2025 earnings | Negative | +0.3% | Net loss and derivative hit despite steady revenue and higher realized prices. |
Across the last five earnings-tagged events, EXK has averaged a -2.88% next-day move, often reacting negatively even when operational or revenue metrics improve.
Over the past year, Endeavour’s earnings releases have highlighted rapidly rising scale from Terronera and Kolpa, frequent references to record silver-equivalent output and higher revenue, but also recurring net losses tied to derivative contract losses and higher costs. Q4 2025 results on Feb 27, 2026 showed record $467.5M full-year revenue yet a $119.1M loss. Earlier quarters in 2025 similarly paired growth with cost and derivative headwinds. Today’s Q1 2026 report contrasts with that pattern by delivering strong profitability alongside record production and revenue.
Historical Comparison
In the last five earnings-type releases, EXK averaged a -2.88% move. Today’s -5.5% reaction to record Q1 2026 profitability is more negative than the typical post-earnings pattern.
Earnings releases trace a shift from 2025’s record revenue but net losses, heavily impacted by derivative losses and ramp-up costs, toward Q1 2026 results that pair record production and revenue with strong net earnings and cash generation.
Market Pulse Summary
The stock moved +9.0% in the session following this news. A strong positive reaction aligns with the sharp step-change in Q1 2026 profitability, where net earnings reached $64.9M and revenue rose to $209.7M. Historically, EXK’s earnings days averaged a -2.88% move, often skewing negative despite growth. Any extended upside would have to contend with higher Q1 cash costs of $22.54/oz and AISC of $37.03/oz, which remained elevated year-on-year and could constrain sentiment if metal prices or operating efficiencies soften.
Key Terms
all-in sustaining costs financial
cash costs financial
silver equivalent ounces financial
ebitda financial
adjusted ebitda financial
non-ifrs financial measures financial
md&a regulatory
derivative contract revaluations financial
AI-generated analysis. Not financial advice.
VANCOUVER, British Columbia, May 06, 2026 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three months ended March 31, 2026. The Company will host a conference call to discuss these results on Thursday, May 7 at 10:00am PT/1:00pm EDT; details are provided further in this news release. All dollar amounts are in US dollars ($).
“Endeavour delivered exceptional results in the first quarter of 2026, with increased production driving strong quarterly growth,” said Dan Dickson, Chief Executive Officer. “We reached new records in both production and revenue, underscoring the strength of our operations, the dedication of our team and the benefit of robust silver and gold prices. The Company’s operating cash flow also saw significant growth.”
“With a solid financial foundation and the successful completion of the Kolpa plant expansion and Terronera operating near design criteria, Endeavour is well positioned to achieve its production goals for the remainder of the year. These results highlight our commitment to operational excellence while creating lasting value for our shareholders.”
Q1 2026 Highlights
- Higher Production Fuels Quarterly Growth: Consolidated production of 1,875,375 ounces (“oz”) Silver and 11,740 oz Gold for 3.3 million oz silver equivalent (“AgEq”)(1). Production was
78% higher than the same period in 2025. - Record Ounces Sold with Record Realized Prices:
$209.7 million from the sale of 1,642,220 oz of silver and 10,942 oz of gold at average realized prices of$85.95 per oz silver and$5,035 per oz gold as well as from sales of base metals. Revenue is230% higher than in the same period in 2025. - Strong Mine Operating Cash Flow:
$114.6 million in mine operating cash flow before taxes(2),419% higher than the same period in 2025. - Steady Operating Costs: Cash costs(2) of
$22.54 per oz payable silver and all-in sustaining costs(2) of$37.03 per oz, net of by-product credits compared to$19.05 and$41.19 , respectively, in Q4 2025. - Strong Cash Position:
$231.8 million in cash as of March 31, 2026. - Higher Production Capacity: Plant expansion at Kolpa has been completed with throughput expected to be in line with guidance for the remainder of 2026.
- Bolañitos Sale Finalized: On January 15, 2026, the Company completed the sale of the Bolañitos silver and gold mine (see news release from January 15, 2026 here) and made a gain on the sale of
$35.6 million . The Bolañitos results for the first 15 days of 2026 are included in the Company’s financial results.
Financial Overview
| Q1 2026 Highlights | Three Months Ended March 31 | ||
| 2026 | 2025 | % Change | |
| Production | |||
| Silver ounces produced | 1,875,375 | 1,205,793 | |
| Gold ounces produced | 11,740 | 8,338 | |
| Lead tonnes produced | 4,939 | - | - |
| Zinc tonnes produced | 2,842 | - | - |
| Silver equivalent ounces produced(1) | 3,341,943 | 1,872,833 | |
| Cash costs per silver ounce ($)(2) | 22.54 | 15.89 | |
| Total production costs per ounce ($)(2) | 35.21 | 24.23 | |
| All-in sustaining costs per ounce ($)(2) | 37.03 | 24.48 | |
| Processed tonnes | 456,657 | 209,507 | |
| Direct operating costs per tonne ($)(2) | 186.92 | 142.72 | |
| Direct costs per tonne ($)(2) | 256.33 | 207.27 | |
| Financial | |||
| Revenue ($ millions) | 209.7 | 63.5 | |
| Silver ounces sold | 1,642,220 | 1,223,684 | |
| Gold ounces sold | 10,942 | 8,538 | |
| Realized silver price per ounce ($) | 85.95 | 31.99 | |
| Realized gold price per ounce ($) | 5,035 | 2,903 | |
| Net earnings (loss) ($ millions) | 64.9 | (32.9) | |
| Adjusted net earnings (loss)(2) ($ millions) | 59.2 | (0.2) | |
| Mine operating earnings ($ millions) | 93.5 | 12.8 | |
| Mine operating cash flow before taxes ($ millions)(2) | 114.6 | 22.1 | |
| Operating cash flow before working capital changes ($ millions)(2) | 38.8 | 8.3 | |
| EBITDA ($ millions)(2) | 112.6 | (18.1) | |
| Adjusted EBITDA ($ millions)(2) | 108.4 | 15.1 | |
| Working capital ($ millions)(2) | 173.4 | 14.8 | |
| Shareholders | |||
| Earnings (loss) per share – basic ($) | 0.23 | (0.13) | |
| Adjusted earnings (loss) per share – basic ($)(2) | 0.21 | - | |
| Operating cash flow before working capital changes per share ($)(2) | 0.14 | 0.03 | |
| Basic weighted average shares outstanding (‘000) | 283,078 | 262,323 | |
(1) Silver equivalents for 2026 are calculated using a 90:1 Ag:Au ratio, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratio. Silver equivalents for 2025 are calculated using an 80:1 Ag:Au ratio, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratio.
(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company’s financial statements, which can be viewed on the Company’s website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
Direct operating costs per tonne in Q1 2026 increased to
Consolidated cash costs per silver ounce, net of by-product credits, were
Consolidated All‑in Sustaining Costs (“AISC”) per silver ounce in Q1 2026 were
In Q1 2026, the Company’s mine operating earnings were
The Company recorded operating earnings of
Earnings before taxes for Q1 2026 were
The Company recorded net earnings of
This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for the period ended March 31, 2026, and associated Management’s Discussion and Analysis (“MD&A”) which are available on the Company’s website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
About Endeavour Silver – Endeavour is a mid-tier silver producer with three operating mines in Mexico and Peru and a robust pipeline of exploration projects across Mexico, Chile, and the United States. With a proven track record of discovery, development, and responsible mining, Endeavour is driving organic growth and creating lasting value on its path to becoming a leading senior silver producer.
Conference Call
Management will host a conference call to discuss the Company’s Q1 2026 financial results on May 7 at 10:00am Pacific (PT)/ 1:00pm Eastern (EDT).
| Date: | Thursday, May 7, 2026 |
| Time: | 10:00am Pacific Time / 1:00pm Eastern Daylight Time |
| Telephone: | Canada & US +1-833-752-3348 |
| International +1-647-846-2804 | |
| Replay: | Canada/US Toll Free +1-855-669-9658 |
| International +1-412-317-0088 | |
| Access code is 7015869; audio replay will be available on the Company’s website | |
Contact Information
Allison Pettit
Vice President, Investor Relations
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Endnotes
1 Silver equivalent (AgEq)
Silver equivalents for 2026 are calculated using a 90:1 Ag:Au ratio, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratio. Silver equivalents for 2025 are calculated using an 80:1 Ag:Au ratio, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratio.
2 Non-IFRS and Other Financial Measures and Ratios
Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, AISC per ounce, direct operating costs per tonne, direct costs per tonne, silver co-product cash costs, gold co-product cash costs, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA per share, sustaining and growth capital and adjusted net earnings (loss).
Please see the March 31, 2026 MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards (“IFRS”), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section “Non-IFRS Measures” in the March 31, 2026 MD&A available on SEDAR at www.sedarplus.com.
Reconciliation of Working Capital
| Expressed in millions of U.S. dollars | As at March 31, 2026 | As at December 31, 2025 | ||
| Current assets | ||||
| Current liabilities | 249.5 | 276.8 | ||
| Working capital surplus | ||||
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
| Expressed in millions of U.S. dollars | Three Months Ended March 31 | |
| (except for share numbers and per share amounts) | 2026 | 2025 |
| Net earnings (loss) for the period per financial statements | ( | |
| Unrealized foreign exchange (gain) loss | 0.6 | 0.3 |
| (Gain) loss on derivatives copper stream and contingent liabilities revaluations | 25.4 | 31.9 |
| Gain from sale of Bolañitos | (35.6) | - |
| Change in fair value of investments | 4.1 | (0.1) |
| Change in fair value of cash settled DSUs | (0.1) | 0.6 |
| Adjusted net earnings (loss) | ( | |
| Basic weighted average shares outstanding (‘000) | 283,078 | 262,323 |
| Adjusted net earnings (loss) per share | ( | |
Reconciliation of Mine Operating Cash Flow Before Taxes
| Expressed in millions of U.S. dollars | Three Months Ended March 31 | |
| 2026 | 2025 | |
| Mine operating earnings per financial statements | ||
| Share-based compensation | 0.2 | - |
| Depreciation | 20.9 | 9.2 |
| Mine operating cash flow before taxes | ||
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share
| Expressed in millions of U.S. dollars | Three Months Ended March 31 | |
| (except for per share amounts) | 2026 | 2025 |
| Cash from (used in) operating activities per financial statements | ||
| Net changes in non-cash working capital per financial statements | (18.1) | (5.0) |
| Operating cash flow before working capital changes | ||
| Basic weighted average shares outstanding (‘000) | 283,078 | 262,323 |
| Operating cash flow before working capital changes per share | ||
Reconciliation of EBITDA and Adjusted EBITDA
| Expressed in millions of U.S. dollars | Three Months Ended March 31 | |
| 2026 | 2025 | |
| Net earnings (loss) for the period per financial statements | ( | |
| Depreciation – cost of sales | 20.9 | 9.2 |
| Depreciation – exploration, evaluation and development | 0.2 | 0.3 |
| Depreciation – general & administration | 0.1 | 0.1 |
| Finance costs | 5.6 | 0.2 |
| Current income tax expense (recovery) | 33.8 | 5.3 |
| Deferred income tax expense (recovery) | (12.8) | (0.2) |
| EBITDA | ( | |
| Share based compensation | 1.4 | 0.5 |
| Unrealized foreign exchange (Gain) loss | 0.6 | 0.2 |
| (Gain) loss on derivatives, copper stream and contingent liabilities revaluations | 25.4 | 31.9 |
| (Gain) loss from disposal of Bolañitos | (35.6) | - |
| Change in fair value of investments | 4.1 | (0.1) |
| Change in fair value of cash settled DSUs | (0.1) | 0.6 |
| Adjusted EBITDA | ||
| Basic weighted average shares outstanding (‘000) | 283,078 | 262,323 |
| Adjusted EBITDA per share | ||
Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne
| Expressed in millions of U.S. dollars | Three Months Ended March 31, 2026 | ||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Direct production costs per financial statements | |||||
| Purchase of the third-party material | - | (10.3) | - | (0.9) | (11.3) |
| Smelting and refining costs included in revenue | 1.2 | 0.2 | - | 2.6 | 4.0 |
| Opening finished goods | (3.0) | (8.6) | (0.2) | (0.8) | (12.6) |
| Closing finished goods | 2.2 | 17.6 | - | 1.4 | 21.3 |
| Direct operating costs | 34.2 | 22.8 | 1.6 | 26.8 | 85.4 |
| Purchase of the third-party material | - | 10.3 | - | 0.9 | 11.3 |
| Royalties | 2.4 | 7.1 | - | 1.6 | 11.2 |
| Special mining duty (1) | 4.4 | 3.5 | 0.2 | 1.2 | 9.2 |
| Direct costs | 41.0 | 43.7 | 1.8 | 30.5 | 117.1 |
| By-products sales | (42.5) | (10.1) | (2.5) | (17.5) | (72.6) |
| Opening by-products inventory fair market value | 3.0 | 3.2 | 0.1 | 0.6 | 6.9 |
| Closing by-products inventory fair market value | (2.6) | (6.4) | - | (1.3) | (10.4) |
| Cash costs net of by-products | (1.1) | 30.3 | (0.6) | 12.3 | 40.9 |
| Depreciation | 9.4 | 4.7 | - | 6.8 | 20.9 |
| Share-based compensation | 0.1 | 0.1 | - | 0.1 | 0.2 |
| Opening finished goods depreciation | (0.5) | (1.8) | - | (0.2) | (2.4) |
| Closing finished goods depreciation | 0.6 | 3.5 | - | 0.3 | 4.4 |
| Total production costs | |||||
| Expressed in millions of U.S. dollars | Three Months Ended March 31, 2025 | ||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Direct production costs per financial statements | $- | $- | |||
| Purchase of the third-party material | - | (5.9) | - | - | (5.9) |
| Smelting and refining costs included in revenue | - | - | 0.4 | - | 0.4 |
| Opening finished goods | - | (5.4) | (0.5) | - | (5.9) |
| Closing finished goods | - | 4.8 | 1.3 | - | 6.1 |
| Direct operating costs | - | 18.9 | 11.0 | - | 29.9 |
| Purchase of the third-party material | - | 5.9 | - | - | 5.9 |
| Royalties | - | 6.1 | 0.2 | - | 6.2 |
| Special mining duty (1) | - | 1.0 | 0.4 | - | 1.4 |
| Direct costs | - | 31.8 | 11.6 | - | 43.4 |
| By-products sales | - | (12.8) | (12.0) | - | (24.8) |
| Opening by-products inventory fair market value | - | 3.2 | 0.8 | - | 4.0 |
| Closing by-products inventory fair market value | - | (2.2) | (1.4) | - | (3.6) |
| Cash costs net of by-products | - | 20.0 | (1.0) | - | 19.0 |
| Depreciation | - | 6.6 | 2.6 | - | 9.2 |
| Share-based compensation | - | 0.0 | 0.0 | - | 0.0 |
| Opening finished goods depreciation | - | (1.2) | (0.1) | - | (1.3) |
| Closing finished goods depreciation | - | 1.6 | 0.4 | - | 2.0 |
| Total production costs | $- | $- | |||
(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.
| Three Months Ended March 31, 2026 | |||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Throughput tonnes | 175,418 | 95,524 | 13,988 | 171,727 | 456,657 |
| Payable silver ounces | 510,521 | 785,494 | 17,668 | 501,458 | 1,815,142 |
| Cash costs per silver ounce | ( | ( | |||
| Total production costs per ounce | ( | ||||
| Direct operating costs per tonne | |||||
| Direct costs per tonne | |||||
| Three Months Ended March 31, 2025 | |||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Throughput tonnes | - | 102,438 | 107,069 | - | 209,507 |
| Payable silver ounces | - | 1,012,281 | 181,077 | - | 1,193,358 |
| Cash costs per silver ounce | $- | ( | $- | ||
| Total production costs per ounce | $- | $- | |||
| Direct operating costs per tonne | $- | $- | |||
| Direct costs per tonne | $- | $- | |||
| Expressed in millions of U.S. dollars | March 31, 2026 | ||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Closing finished goods | 2.2 | 17.6 | - | 1.4 | 21.3 |
| Closing finished goods depreciation | 0.6 | 3.5 | - | 0.3 | 4.4 |
| Finished goods inventory | $- | ||||
| Expressed in millions of U.S. dollars | March 31, 2025 | ||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Closing finished goods | - | 4.8 | 1.3 | - | 6.1 |
| Closing finished goods depreciation | - | 1.6 | 0.4 | - | 2.0 |
| Finished goods inventory | $- | 6.4 | 1.7 | $- | 8.1 |
Reconciliation of All-In Costs Per Ounce and AISC per ounce
| Expressed in millions of U.S. dollars | Three Months Ended March 31, 2026 | ||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Cash costs net of by-products | ( | ( | |||
| Operations share-based compensation | 0.1 | 0.1 | - | 0.1 | 0.2 |
| Corporate general and administrative | 1.3 | 1.1 | 0.1 | 1.0 | 3.4 |
| Corporate share-based compensation | 0.5 | 0.4 | - | 0.3 | 1.2 |
| Reclamation - amortization/accretion | 0.1 | 0.1 | - | - | 0.3 |
| Mine site expensed exploration | 0.3 | 0.4 | - | 1.4 | 2.1 |
| Equipment loan payments | 0.9 | - | - | 0.2 | 1.1 |
| Capital expenditures sustaining | 9.3 | 5.7 | 0.2 | 2.9 | 18.1 |
| All-In-Sustaining Costs | ( | ||||
| Growth exploration, evaluation and development | 2.7 | ||||
| Growth capital expenditures | 5.8 | ||||
| All-In-Costs | |||||
| Expressed in millions of U.S. dollars | Three Months Ended March 31, 2025 | ||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Cash costs net of by-products | $- | ( | $- | ||
| Operations share-based compensation | - | - | - | - | 0.0 |
| Corporate general and administrative | - | 2.7 | 1.1 | - | 3.8 |
| Corporate share-based compensation | - | 0.3 | 0.1 | - | 0.4 |
| Reclamation - amortization/accretion | - | 0.1 | 0.1 | - | 0.2 |
| Mine site expensed exploration | - | 0.3 | 0.2 | - | 0.4 |
| Capital expenditures sustaining | - | 3.4 | 1.9 | - | 5.4 |
| All-In-Sustaining Costs | $- | $- | |||
| Growth exploration, evaluation and development | 3.8 | ||||
| Growth capital expenditures | 36.2 | ||||
| All-In-Costs | |||||
| Three Months Ended March 31, 2026 | |||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Throughput tonnes | 175,418 | 95,524 | 13,988 | 171,727 | 456,657 |
| Payable silver ounces | 510,521 | 785,494 | 17,668 | 501,458 | 1,815,142 |
| Silver equivalent production (ounces) | 1,296,348 | 1,042,779 | 62,766 | 940,050 | 3,341,943 |
| All-in-Sustaining cost per ounce | ( | ||||
| Three Months Ended March 31, 2025 | |||||
| Terronera | Guanaceví | Bolañitos | Kolpa | Total | |
| Throughput tonnes | - | 102,438 | 107,069 | - | 209,507 |
| Payable silver ounces | - | 1,012,281 | 181,077 | - | 1,193,358 |
| Silver equivalent production (ounces) | - | 1,334,447 | 538,386 | - | 1,872,833 |
| All-in-Sustaining cost per ounce | $- | $- | |||
Reconciliation of Sustaining Capital and Growth Capital
| Expressed in millions of U.S. dollars | Three Months Ended March 31 | |
| 2026 | 2025 | |
| Capital expenditures sustaining | ||
| Growth capital expenditures | 5.8 | |
| Property, plant and equipment expenditures per financial statements | ||
| Expressed in millions of U.S. dollars | Three Months Ended March 31 | |
| 2026 | 2025 | |
| Mine site expensed exploration | ||
| Growth exploration, evaluation and development | 2.7 | 3.8 |
| Total exploration, evaluation and development | 4.8 | 4.2 |
| Exploration, evaluation and development depreciation | 0.2 | 0.3 |
| Exploration, evaluation and development share-based compensation | 0.1 | 0.1 |
| Exploration, evaluation and development expense | ||
| Expressed in millions of U.S. dollars Unless otherwise stated | Three Months Ended March 31 | ||
| 2026 | 2025 | ||
| Gross silver sales | |||
| Silver ounces sold | 1,642,220 | 1,223,684 | |
| Realized silver price per ounce | |||
| Expressed in millions of U.S. dollars Unless otherwise stated | Three Months Ended March 31 | |||||
| 2026 | 2025 | |||||
| Gross gold sales | ||||||
| Gold ounces sold | 10,942 | 8,538 | ||||
| Realized gold price per ounce | ||||||
| Expressed in millions of U.S. dollars Unless otherwise stated | Three Months Ended March 31 | |||
| 2026 | 2025 | |||
| Gross lead sales | $- | |||
| Lead tonnes sold | 4,542 | - | ||
| Realized lead price per tonne | $- | |||
| Expressed in millions of U.S. dollars Unless otherwise stated | Three Months Ended March 31 | |||||
| 2026 | 2025 | |||||
| Gross zinc sales | $- | |||||
| Zinc tonnes sold | 2,295 | - | ||||
| Realized zinc price per tonne | $- | |||||
| Expressed in millions of U.S. dollars Unless otherwise stated | Three Months Ended March 31 | |||||
| 2026 | 2025 | |||||
| Gross copper sales | $- | |||||
| Copper tonnes sold | 55 | - | ||||
| Realized copper price per tonne | $- | |||||
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding expected operating and efficiency improvements, the Company’s strategic objectives, areas of priority, ability to meet production goals, expectations of throughput at Kolpa, the planned allocation of resources, Endeavour’s ability to unlock value across the Company’s development pipeline and deliver long-term value for its stakeholders, and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to unexpected changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; fluctuations in the prices of silver and gold; fluctuations in the currency markets (particularly the Mexican peso, Peruvian sol, Canadian dollar, Chilean peso, and U.S. dollar); fluctuations in interest rates; effects of inflation; changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Peru and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including, but not limited to, environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits; and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, forecasted mine economics, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
