Endeavour Silver Announces Q3 2026 Financial Results and Updates 2026 Guidance

Quarterly unit costs declined year over year, but Terronera delays pushed full-year direct operating cost expectations higher.

Rhea-AI Summary

Endeavour Silver (NYSE: EXK) reported third-quarter 2026 net earnings of $26.40 million, reversing a loss in the prior-year quarter. Revenue reached $184.5 million, versus $111.4 million in the financial table, while basic earnings per share were $0.09 versus a $0.14 loss. Silver production rose 19% to 2,096,545 ounces and gold production rose 39% to 10,126 ounces.

The company revised full-year production guidance to 7.8–8.1 million silver ounces and 42,000–43,500 gold ounces. It raised expected direct operating costs to $170–$180 per tonne at Terronera and $155–$165 consolidated after transition delays and lower throughput. Quarterly cash costs declined to $16.55 per silver ounce and all-in sustaining costs to $29.54, both net of by-product credits. Cash stood at $287.9 million, with $246.7 million in working capital. A new $25.0 million secured revolving credit facility includes an expansion option of up to $75.0 million.

46 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 17 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 net earnings of $26.40 million reversed a $42.01 million year-earlier loss.
• Moderate pointQ3 revenue of $184.5 million increased 66% year over year in the financial table.
• Moderate pointQ3 silver production of 2,096,545 ounces increased 19% year over year.
• Moderate pointQ3 gold production of 10,126 ounces increased 39% year over year.
• Moderate pointQ3 realized silver price of $62.42 per ounce rose 62% year over year.
• Moderate pointQ3 realized gold price of $4,290 per ounce rose 21% year over year.
• Moderate pointQ3 mine operating earnings of $68.70 million increased 340% year over year.
• Moderate pointQ3 operating cash flow before working capital changes of $48.40 million rose 253%, a non-IFRS measure.
• Moderate pointQ3 cash costs of $16.55 per silver ounce fell 9%, net of by-product credits, a non-IFRS measure.
• Moderate pointQ3 all-in sustaining costs of $29.54 per silver ounce fell 3%, net of by-product credits, a non-IFRS measure.
• Moderate point$25.0 million secured revolving credit facility provides funding access, expandable by up to $75.0 million. 1% of market cap

35 minor points

• Minor pointQ3 basic earnings per share of $0.09 compared with a $0.14 year-earlier loss.
• Minor pointQ3 lead production of 6,504 tonnes rose 15%; zinc production of 4,558 tonnes rose 24%.
• Minor pointQ3 processed tonnes of 510,944 increased 28% year over year.
• Minor pointQ3 silver sales of 1,900,368 ounces rose 8%; gold sales of 9,499 ounces rose 27%.
• Minor pointQ3 mine operating cash flow before taxes of $94.70 million rose 139%, a non-IFRS measure.
• Minor pointQ3 adjusted net earnings of $42.10 million reversed a $1.98 million loss, a non-IFRS measure.
• Minor pointQ3 adjusted basic earnings per share of $0.14 compared with a $0.01 loss, a non-IFRS measure.
• Minor pointQ3 EBITDA of $66.60 million reversed a $12.96 million loss, a non-IFRS earnings measure before interest, taxes, depreciation and amortization.
• Minor pointQ3 adjusted EBITDA of $83.40 million rose 199% year over year, a non-IFRS measure.
• Minor pointTerronera direct operating costs fell from $195.11 per tonne in Q1 to $155.52 in Q3 2026.
• Minor pointKolpa direct operating costs fell from $141.92 per tonne in Q3 2025 to $137.50.
• Minor pointConsolidated direct operating costs fell sequentially from $186.92 per tonne in Q1 to $152.26 in Q3 2026.
• Minor pointCash of $287.9 million supported the balance sheet at September 30, 2026.
• Minor pointWorking capital of $246.7 million compared with negative $56.10 million in the financial table, a non-IFRS measure.
• Minor pointQ3 cost of sales of $115.8 million decreased from $127.2 million a year earlier.
• Minor pointQ3 operating earnings of $53.5 million increased from $1.8 million a year earlier.
• Minor pointQ3 general and administrative expenses of $4.7 million decreased from $6.5 million a year earlier.
• Minor pointQ3 investment and other income of $2.5 million increased from $0.1 million a year earlier.
• Minor pointQ3 earnings before taxes of $39.5 million reversed a $37.5 million year-earlier loss.
• Minor pointNine-month revenue of $606.3 million increased 133% year over year.
• Minor pointNine-month net earnings of $157.80 million reversed a $95.32 million loss; basic earnings reached $0.53 per share.
• Minor pointNine-month silver production of 5,915,874 ounces rose 33%; gold production of 32,340 ounces rose 38%.
• Minor pointNine-month lead production of 17,650 tonnes rose 93%; zinc production of 11,389 tonnes rose 90%.
• Minor pointNine-month processed tonnes of 1,477,177 increased 62% year over year.
• Minor pointNine-month silver sales of 5,596,696 ounces rose 26%; gold sales of 31,265 ounces rose 32%.
• Minor pointNine-month realized silver price of $72.16 per ounce rose 106%; gold price of $4,556 rose 38%.
• Minor pointNine-month mine operating earnings of $236.20 million increased 553% year over year.
• Minor pointNine-month mine operating cash flow before taxes of $309.10 million rose 265%, a non-IFRS measure.
• Minor pointNine-month operating cash flow before working capital changes of $132.10 million rose 264%, a non-IFRS measure.
• Minor pointNine-month adjusted net earnings of $146.00 million reversed an $11.46 million loss, a non-IFRS measure.
• Minor pointNine-month adjusted basic earnings per share of $0.49 reversed a $0.04 loss, a non-IFRS measure.
• Minor pointNine-month EBITDA of $285.50 million reversed a $31.16 million loss, a non-IFRS measure.
• Minor pointNine-month adjusted EBITDA of $277.10 million increased 431% year over year, a non-IFRS measure.
• Minor pointPitarrilla development advanced through additional exploration expenditures.
• Minor point. Forward-looking: it has not happened yet and may not happen.Lower-grade mining at Guanaceví is expected to improve resource utilization and contribute to extending mine life.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Terronera 2026 direct operating cost guidance increased to $170–$180 per tonne; consolidated guidance increased to $155–$165.
• Moderate pointNine-month all-in sustaining costs of $34.32 per ounce increased 26%, a non-IFRS measure.
• Moderate pointNine-month basic weighted average shares outstanding of 295,991 thousand increased 6% year over year.
• Minor pointTerronera transition delays and blockade-related lower throughput contributed to higher-than-planned costs during the first nine months.
• Minor pointQ3 direct operating costs of $152.26 per tonne increased 5% year over year.

12 minor points

• Minor pointQ3 total production costs of $29.91 per ounce increased 3% year over year.
• Minor pointQ3 direct costs of $204.11 per tonne increased 6% year over year.
• Minor pointNine-month cash costs of $20.73 per silver ounce increased 25%, a non-IFRS measure.
• Minor pointNine-month total production costs of $33.81 per ounce increased 28%, a non-IFRS measure.
• Minor pointNine-month direct operating costs of $166.24 per tonne increased 14%, a non-IFRS measure.
• Minor pointNine-month direct costs of $225.61 per tonne increased 13%, a non-IFRS measure.
• Minor pointQ3 finance costs of $5.7 million rose from $1.0 million, including a $5.1 million convertible-note finance charge.
• Minor pointQ3 derivative revaluation loss of $10.3 million narrowed from a $39.0 million year-earlier loss.
• Minor pointQ3 exploration and evaluation costs of $10.5 million increased from $7.3 million.
• Minor pointKolpa labour costs increased amid skilled-worker shortages and higher employee participation payments.
• Minor pointHigher third-party material costs partially offset increased by-product credits in Q3 cash costs.
• Minor pointQ3 basic weighted average shares outstanding of 296,217 thousand increased 2% year over year.

Key Figures

Revenue: $184.5 million Mine operating cash flow before taxes: $94.70 million; 139% higher year over year AISC per silver ounce: $29.54, versus $30.53 +5 more

Revenue

$184.5 million

Q3 2026; revenue was 29% higher year over year

Mine operating cash flow before taxes

$94.70 million; 139% higher year over year

Q3 2026

AISC per silver ounce

$29.54, versus $30.53

Q3 2026 versus Q3 2025; net of by-product credits

Silver production guidance

7.8 to 8.1 million ounces

Revised consolidated 2026 guidance

Gold production guidance

42,000 to 43,500 ounces

Revised consolidated 2026 guidance

Silver equivalent production guidance

13.7 to 14.3 million ounces

Revised 2026 guidance

Direct operating cost guidance

$170–$180 per tonne at Terronera; $155–$165 per tonne consolidated

Revised 2026 guidance; Terronera costs expected above prior guidance

Secured revolving credit facility

$25.0 million, with an accordion of up to $75.0 million; maximum $100.0 million

Executed facility

Previous Earnings Reports

2 past events · Latest: Jul 29

Same Type 2 events

1. Jul 29

   Quarterly results

   24h Move

   +2.8%

   Revenue rose 149%, while cash costs and AISC increased 53% and 47%.

2. Nov 07

   Quarterly results

   24h Move

   -1.6%

   Reported a $42.0M net loss alongside higher production, revenue and $18.09 cash costs.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

all-in sustaining costs, revolving credit facility, liquefied natural gas, non-ifrs financial measures

4 terms

all-in sustaining costs financial

"All-in Sustaining Costs (AISC)(2) of $29.54 per oz"

All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.

revolving credit facility financial

"Executed a $25.0 million secured revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

liquefied natural gas technical

"transition to liquefied natural gas ("LNG"), which is now in operation"

Liquefied natural gas (LNG) is natural gas that has been cooled into a liquid so it can be shipped and stored more easily—think of it like condensing a bulky gas into a compact, refrigerated form for transport. It matters to investors because LNG supply, shipping capacity, and long-term contracts influence energy prices, company revenues, and exposure to geopolitical or infrastructure risks, much like how a clogged highway can delay deliveries and raise costs.

non-ifrs financial measures financial

"These are non-IFRS financial measures and ratios."

Non-IFRS financial measures are company-reported numbers that modify or exclude items from standard accounting results so management can highlight what it sees as underlying business performance—common examples are adjusted EBITDA or adjusted earnings per share. They matter to investors because they can make trends clearer by removing unusual or noncash items, like cleaning lens smudges off a camera, but they require scrutiny since companies decide what to exclude and comparisons across firms may not be uniform.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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VANCOUVER, British Columbia, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three and nine months ended September 30, 2026. The Company will host a conference call to discuss these results on Tuesday, November 10 at 9:00 a.m. Pacific Time (British Columbia) / 11:00 a.m. Eastern Standard Time; details are provided further in this news release. All dollar amounts are in US dollars ($).

“Our operations continue to deliver strong results, with mine operating cash flow increasing 139% and both cash costs and AISC declining year-over-year. Supported by a strong cash position and healthy working capital, we are well positioned to drive further growth and create long-term shareholder value as we advance the Pitarrilla Project,” said Dan Dickson, CEO. “At Terronera, we are particularly encouraged by the steady improvements in grades, recoveries and operating efficiencies achieved over the past three quarters, and with additional improvements anticipated in the coming quarters, we see continued opportunities to strengthen our operating performance and cash flow generation.”

Q3 2026 Highlights

• Higher Silver and Gold Production: Consolidated production of 2,096,545 ounces (“oz”) silver and 10,126 oz gold for a total of 3.6 million oz silver equivalent (“AgEq”)⁽¹⁾. Q3 production of silver and gold was 19% and 39% higher, respectively, than in the same period in 2025.
• Increased Revenue with High Realized Prices: $184.5 million revenue from the sale of 1,900,368 oz of silver and 9,499 oz of gold at average realized prices of $62.42 per oz silver and $4,290 per oz gold as well as from sales of base metals. Revenue was 29% higher than in the same period in 2025.
• Substantial Cash Flow Growth: $94.70 million in mine operating cash flow before taxes⁽²⁾, 139% higher than the same period in 2025.
• Steady Operating Costs: Cash costs⁽²⁾ of $16.55 per oz payable silver and All-in Sustaining Costs (AISC)⁽²⁾ of $29.54 per oz, net of by-product credits, compared to $18.09 and $30.53, respectively, in Q3 2025.
• Well-Funded Balance Sheet: $287.9 million in cash and $246.7 million in working capital²⁾ as at September 30, 2026.
• Revolving Credit Facility: Executed a $25.0 million secured revolving credit facility, including an accordion feature for up to an additional $75.0 million for an aggregate maximum facility up to $100.0 million, providing increased financial flexibility to support working capital, operations, permitted acquisitions and investments, and the advancement of the Pitarrilla Project.

Production and Cost Guidance

Based on results to date and expected Q4 production, the Company is revising its 2026 silver production guidance at Guanaceví and narrowing the ranges of production at Terronera and Kolpa for a revised consolidated range of 7.8 to 8.1 million ounces of silver. The Company is also revising Terronera's gold production range while tightening the ranges at Guanaceví for a revised consolidated range of 42,000 to 43,500 ounces of gold. Total silver equivalent production has been revised to a range of 13.7 to 14.3 million ounces.

Higher metal prices have also provided greater operating flexibility, allowing the Company to economically mine lower-grade material, particularly at Guanaceví. This approach supports improved resource utilization and is expected to contribute to an extension of mine life. Due to the longer-than-expected transition to liquefied natural gas ("LNG"), which is now in operation, timing of contractor demobilization, workflow optimization and other cost-saving initiatives, as well as lower throughput caused by the blockade at the Terronera mine (see news release dated August 23, 2026), costs in the first nine months of the year were higher than planned. As a result, full year 2026 direct operating costs per tonne at Terronera are expected to be higher than previously guided. Accordingly, the Company is revising its 2026 direct operating cost guidance at Terronera to a range of $170 - $180 per tonne, and as a consequence, the Company is revising its 2026 consolidated direct operating cost guidance to a range of $155 - $165 per tonne.

Financial Overview

Three Months Ended September 30			Q3 2026 Highlights	Nine Months Ended September 30
2026	20254	% Change		20263	20254	% Change
			Production
2,096,545	1,766,926	19%	Silver ounces produced	5,915,874	4,456,455	33%
10,126	7,285	39%	Gold ounces produced	32,340	23,379	38%
6,504	5,664	15%	Lead tonnes produced	17,650	9,167	93%
4,558	3,666	24%	Zinc tonnes produced	11,389	5,982	90%
3,611,034	3,037,156	19%	Silver equivalent ounces produced(1)	10,390,771	7,438,645	40%
16.55	18.09	(9)%	Cash costs per silver ounce ($)(2)	20.73	16.58	25%
29.91	28.95	3%	Total production costs per ounce ($)(2)	33.81	26.43	28%
29.54	30.53	(3)%	All-in sustaining costs per ounce ($)(2)	34.32	27.19	26%
510,944	400,245	28%	Processed tonnes	1,477,177	913,580	62%
152.26	144.88	5%	Direct operating costs per tonne ($)(2)	166.24	145.91	14%
204.11	192.78	6%	Direct costs per tonne ($)(2)	225.61	198.92	13%
			Financial
184.5	111.4	66%	Revenue from operations ($ millions)	606.3	260.2	133%
1,900,368	1,762,484	8%	Silver ounces sold	5,596,696	4,441,848	26%
9,499	7,478	27%	Gold ounces sold	31,265	23,722	32%
62.42	38.58	62%	Realized silver price per ounce ($)(2)	72.16	35.07	106%
4,290	3,550	21%	Realized gold price per ounce ($)(2)	4,556	3,308	38%
-	31.5	(100)%	Pre-operating production revenue ($ millions)	-	34.8	(100)%
26.40	(42.01)	163%	Net earnings (loss) ($ millions)	157.80	(95.32)	266%
42.10	(1.98)	2229%	Adjusted net earnings (loss) ($ millions)(2)	146.00	(11.46)	1374%
68.70	15.61	340%	Mine operating earnings ($ millions)	236.20	36.20	553%
94.70	39.66	139%	Mine operating cash flow before taxes ($ millions)(2)	309.10	84.63	265%
48.40	13.70	253%	Operating cash flow before working capital changes ($ millions)(2)	132.10	36.34	264%
66.60	(12.96)	614%	EBITDA ($ millions)(2)	285.50	(31.16)	1016%
83.40	27.93	199%	Adjusted EBITDA ($ millions)(2)	277.10	52.23	431%
246.70	(56.10)	540%	Working capital ($ millions) (2)	246.70	(56.10)	540%
			Shareholders
0.09	(0.14)	162%	Earnings (loss) per share - basic ($)	0.53	(0.34)	256%
0.14	(0.01)	2195%	Adjusted earnings (loss) per share - basic ($)(2)	0.49	(0.04)	1302%
0.16	0.05	248%	Operating cash flow before working capital changes per share ($)(2)	0.45	0.13	243%
296,217	291,373	2%	Basic weighted average shares outstanding ('000)	295,991	279,184	6%

(1) Silver equivalents for 2026 are calculated using 90:1 Ag:Au, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratios. Silver equivalents for 2025 are calculated using 80:1 Ag:Au, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratios.
(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.
(3) Bolañitos mine was sold January 15, 2026, and the 15 day period from January 1, 2026, to January 15, 2026, is included in the consolidated results above.
(4) Kolpa was acquired on May 1, 2025, accordingly the nine months ended September 30, 2025, include five months of operations of the Kolpa mine.

Consolidated direct operating costs per tonne in Q3 2026 were $152.26, 5% higher than $144.88 in Q3 2025. Q3 2026 average cost includes Terronera with direct operating costs per tonne higher than the average at $155.52 while the comparative period included Bolañitos with a lower $111.44 cost per tonne. Cost per tonne at Guanaceví remained relatively flat while costs at Kolpa slightly decreased from $141.92 to $137.50 per tonne.

Direct operating costs per tonne (1)	Terronera	Guanaceví	Kolpa	Total
Three months ended March 31, 2026	195.11	238.30	155.92	186.92
Three months ended June 30, 2026	169.49	172.22	151.38	161.73
Three months ended September 30, 2026	155.52	188.35	137.50	152.26

(1) This is a 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 cost per tonne trended downwards throughout 2026. In Terronera the cost per tonne declined from $195.11 in Q1 to $169.49 in Q2 primarily due to the contractor demobilization and workflow optimization and then further decreased to $155.52 in Q3 primarily due to the completion of the LNG plant to transition power generation from diesel to LNG. At Kolpa, cost per tonne went from $155.92 in Q1 to $151.38 in Q2 and $137.50 in Q3 as throughput increased, despite continuous increased labour costs resulting from a shortage of skilled mining personnel as well as increased employee participation payments driven by higher production and metal prices. As a result, consolidated direct operating costs per tonne decreased from $186.92 in Q1 2026 to $161.73 in Q2 and to $152.26 in Q3 2026.

Consolidated cash costs per silver ounce, net of by-product credits, were $16.55 in Q3 2026, representing a 9% decrease from $18.09 in Q3 2025 due to the higher metal prices driving higher by-product credits while simultaneously driving higher third-party material costs that partially offset the impact of the by-product credit increase. Each mine has different costs and produces different amounts of payable silver, which affects the consolidated cash cost per ounce depending on the mix of production. For the three months ended September 30, 2026, the cash costs per silver ounce were $15.30 for Kolpa, $33.97 for Guanaceví, and negative $0.20 for Terronera.

Consolidated All-in Sustaining Costs (AISC) per silver ounce in Q3 2026 were $29.54, 3% lower than $30.53 in Q3 2025, predominantly due to the addition of Terronera with a lower than average AISC of $21.81, and lower AISC at Kolpa, partially offset by a higher AISC at Guanaceví.

In Q3 2026, the Company’s mine operating earnings were $68.7 million which is $53.1 million higher than the $15.6 million for the same period in 2025, driven by higher metal prices offset by lower volume of silver and gold ounces sold due to the sale of Bolañitos and the timing of shipments which resulted in higher period-end finished goods inventory. Revenue was $184.5 million, compared to $142.8 million in Q3 2025, while cost of sales, which now include commercial production levels at Terronera but no longer include Bolañitos, decreased to $115.8 million from $127.2 million.

The Company recorded operating earnings of $53.5 million in Q3 2026 (Q3 2025 – $1.8 million) after exploration and evaluation costs of $10.5 million ( Q3 2025 – $7.3 million) and general and administrative expenses of $4.7 million ( Q3 2025 – $6.5 million). Exploration expenses increased due to additional expenditures on advancing Pitarrilla while general and administrative expenses decreased predominantly due to the $2.4 million comparatively lower loss on the revaluation of the cash-settled deferred share units liability.

The Company recognized a $10.3 million loss on derivative contract revaluations in Q3 2026 (Q3 2025 – $39.0 million loss). Finance costs increased to $5.7 million (Q3 2025 – $1.0 million), primarily due to a $5.1 million finance charge related to the senior convertible notes issued in December 2025. Investment and other income of $2.5 million (Q3 2025 – income of $0.1 million) were recorded during the period, largely due to the $4.4 million finance income partially offset by $1.5 million revaluation of Guanajuato Silver shares received as consideration for the sale of Bolañitos. As a result, earnings before taxes were $39.5 million in Q3 2026, compared to a loss before taxes of $37.5 million in Q3 2025.

This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for the period ended September 30, 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 Q3 2026 financial results on Tuesday, November 10 at 9:00 a.m. Pacific Time (British Columbia) / 11:00 a.m. Eastern Standard Time.

Date:	Tuesday, November 10, 2026
Time:	9:00 a.m. Pacific Time (British Columbia) / 11:00 a.m. Eastern Standard 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 5403106; 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

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, AISC per ounce, direct operating costs per tonne, direct costs per tonne, 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”), sustaining and growth capital.

Please see the September 30, 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 September 30, 2026 MD&A available on SEDAR at www.sedarplus.com.

Reconciliation of Working Capital

Expressed in millions of U.S. dollars	As at September 30, 2026		As at December 31, 2025
Current assets	$453.3		$423.2
Current liabilities		206.6		276.8
Working capital surplus	$246.7		$146.4

Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share

Expressed in millions of U.S. dollars	Three Months Ended September 30					Nine Months Ended September 30
		2026		2025			2026			2025
Net earnings (loss) for the period per financial statements	$	26.40	$	(42.01	)	$	157.80		$	(95.32	)
Unrealized foreign exchange (Gain) loss		3.4		(1.2	)		1.0			(3.8	)
(Gain) loss on derivatives, copper stream and contingent liabilities revaluations		10.5		38.9			14.6			81.0
(Gain) on sale of Bolañitos		-		-			(36.5	)		-
Acquisition costs		-		-			-			3.6
Change in fair value of investments		1.5		(0.5	)		9.9			(0.8	)
Change in fair value of cash settled DSUs		0.3		2.7			(0.8	)		4.0
Adjusted net earnings (loss)	$	42.1	$	(2.0	)	$	146.0		$	(11.5	)
Basic weighted average share outstanding ('000)		296,217		291,373			295,991			279,184
Adjusted net earnings (loss) per share	$	0.14	$	(0.01	)	$	0.49		$	(0.04	)

Reconciliation of Mine Operating Cash Flow Before Taxes

Expressed in millions of U.S. dollars	Three Months Ended September 30				Nine Months Ended September 30
		2026		2025		2026		2025
Mine operating earnings per financial statements	$	68.7	$	15.6	$	236.2	$	36.2
Share-based compensation		0.3		0.1		0.7		0.3
Depreciation		25.7		23.9		72.2		48.1
Mine operating cash flow before taxes	$	94.7	$	39.7	$	309.1	$	84.6

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 September 30				Nine Months Ended September 30
(except for per share amounts)		2026		2025		2026		2025
Cash from operating activities per financial statements	$	76.5	$	27.1	$	137.0	$	52.0
Net changes in non-cash working capital per financial statements		28.1		13.4		4.9		15.6
Operating cash flow before working capital changes	$	48.4	$	13.7	$	132.1	$	36.3
Basic weighted average shares outstanding ('000)		296,217		291,373		295,991		279,184
Operating cash flow before working capital changes per share	$	0.16	$	0.05	$	0.45	$	0.13

Reconciliation of EBITDA and Adjusted EBITDA

Expressed in millions of U.S. dollars	Three Months Ended September 30						Nine Months Ended September 30
		2026			2025			2026			2025
Net earnings (loss) for the period per financial statements	$	26.4		$	(42.0	)	$	157.8		$	(95.3	)
Depreciation - cost of sales		25.7			23.9			72.2			48.1
Depreciation - exploration, evaluation and development		0.3			0.1			0.6			0.4
Depreciation - general & administration		0.1			0.1			0.3			0.3
Finance costs		5.4			0.7			16.3			1.7
Current income tax expense		14.2			10.7			58.7			25.0
Deferred income tax expense (recovery)		(1.1	)		(6.2	)		(11.6	)		(9.6	)
Interest income		(4.4	)		(0.3	)		(8.80	)		(1.84	)
EBITDA	$	66.6		$	(13.0	)	$	285.5		$	(31.2	)
Share based compensation		1.1			1.0			3.4			3.1
Unrealized foreign exchange (gain) loss		3.4			(1.2	)		1.0			(3.8	)
(Gain) loss on derivatives, copper stream and contingent liabilities revaluations		10.5			38.9			14.6			81.0
(Gain) on sale of Bolañitos		-			-			(36.5	)		-
Change in fair value of investments		1.5			(0.5	)		9.9			(0.8	)
Change in fair value of cash settled DSUs		0.3			2.7			(0.8	)		4.0
Adjusted EBITDA	$	83.4		$	27.9		$	277.1		$	52.2
Basic weighted average shares outstanding ('000)		296,217			291,373			295,991			279,184
Adjusted EBITDA per share	$	0.28		$	0.10		$	0.94		$	0.19

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 September 30, 2026
	Terronera			Guanaceví			Bolañitos		Kolpa			Total
Direct production costs per financial statements	$	24.0		$	25.1		$	-	$	33.3		$	82.4
Purchase of the third-party material		-			(13.1	)		-		(0.8	)		(13.9	)
Smelting and refining costs included in revenue		1.4			-			-		2.2			3.6
Opening finished goods		(1.3	)		(12.3	)		-		(0.9	)		(14.5	)
Closing finished goods		1.6			17.2			-		1.4			20.2
Direct operating costs		25.7			16.9			-		35.2			77.8
Purchase of the third-party material		-			13.1			-		0.8			13.9
Royalties		1.9			4.4			-		1.1			7.4
Special mining duty(1)		2.1			2.0			-		1.1			5.2
Direct costs		29.7			36.4			-		38.2			104.3
By-products sales		(30.4	)		(10.5	)		-		(28.7	)		(69.6	)
Opening by-products inventory fair market value		1.7			3.6			-		0.8			6.1
Closing by-products inventory fair market value		(1.2	)		(5.6	)		-		(0.5	)		(7.3	)
Cash costs net of by-products		(0.2	)		23.9			-		9.8			33.5
Depreciation		9.7			5.0			-		11.0			25.7
Share-based compensation		0.1			0.1			-		0.1			0.3
Opening finished goods depreciation		(0.4	)		(2.6	)		-		(0.1	)		(3.1	)
Closing finished goods depreciation		0.5			3.6			-		0.3			4.4
Total production costs	$	9.7		$	30.0		$	-	$	21.1		$	60.8

(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.

	Three Months Ended September 30, 2026
	Terronera			Guanaceví		Bolañitos		Kolpa		Total
Throughput tonnes		165,171			89,722		-		256,052		510,944
Payable silver ounces		683,088			702,659		-		645,679		2,031,425
Cash costs per silver ounce	$	(0.20	)	$	33.97	$	-	$	15.30	$	16.55
Total production costs per ounce	$	14.23		$	42.72	$	-	$	32.57	$	29.91
Direct operating costs per tonne	$	155.52		$	188.35	$	-	$	137.50	$	152.26
Direct costs per tonne	$	180.23		$	405.19	$	-	$	149.06	$	204.11

Expressed in millions of U.S. dollars	Three Months Ended September 30, 2025
	Terronera		Guanaceví			Bolañitos			Kolpa			Total
Direct production costs per financial statements	$	-	$	26.3		$	11.7		$	26.8		$	64.7
Purchase of the third-party material		-		(7.3	)		-			(1.0	)		(8.3	)
Smelting and refining costs included in revenue		-		-			0.4			1.9			2.4
Opening finished goods		-		(5.9	)		(0.9	)		(0.6	)		(7.4	)
Closing finished goods		-		5.5			0.5			0.6			6.7
Direct operating costs		-		18.5			11.7			27.8			58.0
Purchase of the third-party material		-		7.3			-			1.0			8.3
Royalties		-		7.6			0.2			0.6			8.4
Special mining duty(1)		-		1.4			0.5			0.6			2.4
Direct costs		-		34.8			12.5			30.0			77.2
By-products sales		-		(11.3	)		(14.7	)		(20.6	)		(46.6	)
Opening by-products inventory fair market value		-		2.3			1.3			0.5			4.1
Closing by-products inventory fair market value		-		(2.3	)		(0.7	)		(0.5	)		(3.5	)
Cash costs net of by-products		-		23.5			(1.6	)		9.3			31.2
Depreciation		-		8.3			2.9			7.6			18.8
Share-based compensation		-		-			-			-			0.1
Opening finished goods depreciation		-		(1.8	)		(0.2	)		(0.1	)		(2.2	)
Closing finished goods depreciation		-		1.7			0.1			0.1			2.0
Total production costs	$	-	$	31.6		$	1.3		$	17.0		$	50.0

(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.

	Three Months Ended September 30, 2025
	Terronera		Guanaceví		Bolañitos			Kolpa		Total
Throughput tonnes		-		99,340		105,153			195,752		400,245
Payable silver ounces		-		1,021,248		137,052			567,017		1,725,317
Cash costs per silver ounce	$	-	$	22.98	$	(11.47	)	$	16.43	$	18.09
Total production costs per ounce	$	-	$	30.98	$	9.70		$	29.95	$	28.95
Direct operating costs per tonne	$	-	$	186.11	$	111.44		$	141.92	$	144.88
Direct costs per tonne	$	-	$	349.83	$	118.41		$	153.03	$	192.78

Expressed in millions of U.S. dollars	Nine Months Ended September 30, 2026
	Terronera			Guanaceví			Bolañitos			Kolpa			Total
Direct production costs per financial statements	$	87.1		$	86.9		$	1.7		$	91.7		$	267.4
Purchase of the third-party material		-			(38.7	)		-			(2.6	)		(41.3	)
Smelting and refining costs included in revenue		4.0			0.2			-			7.7			11.9
Opening finished goods		(3.0	)		(8.6	)		(0.2	)		(0.8	)		(12.6	)
Closing finished goods		1.6			17.2			-			1.4			20.2
Direct operating costs		89.7			57.0			1.5			97.4			245.6
Purchase of the third-party material		-			38.7			-			2.6			41.3
Royalties		6.6			19.3			-			3.8			29.7
Special mining duty(1)		8.2			4.8			0.2			3.4			16.6
Direct costs		104.5			119.8			1.7			107.2			333.2
By-products sales		(104.6	)		(35.4	)		(2.5	)		(71.8	)		(214.3	)
Opening by-products inventory fair market value		3.0			3.2			0.1			0.6			6.9
Closing by-products inventory fair market value		(1.2	)		(5.6	)		-			(0.5	)		(7.3	)
Cash costs net of by-products		1.7			82.0			(0.7	)		35.5			118.5
Depreciation		29.0			17.1			-			26.1			72.2
Share-based compensation		0.3			0.1			-			0.3			0.7
Opening finished goods depreciation		(0.5	)		(1.8	)		-			(0.1	)		(2.4	)
Closing finished goods depreciation		0.5			3.6			-			0.3			4.4
Total production costs	$	31.0		$	101.0		$	(0.7	)	$	62.1		$	193.4

(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.

	Nine Months Ended September 30, 2026
	Terronera		Guanaceví		Bolañitos			Kolpa		Total
Throughput tonnes		516,318		285,684		13,988			661,187		1,477,177
Payable silver ounces		1,775,653		2,179,554		17,668			1,746,460		5,719,334
Cash costs per silver ounce	$	0.97	$	37.60	$	(34.70	)	$	20.32	$	20.73
Total production costs per ounce	$	17.45	$	46.38	$	(34.69	)	$	35.46	$	33.81
Direct operating costs per tonne	$	173.72	$	199.38	$	113.74		$	147.18	$	166.24
Direct costs per tonne	$	202.50	$	419.14	$	130.37		$	162.04	$	225.61

Expressed in millions of U.S. dollars	Nine Months Ended September 30, 2025
	Terronera		Guanaceví			Bolañitos			Kolpa			Total
Direct production costs per financial statements	$	-	$	74.8		$	33.0		$	43.1		$	150.9
Purchase of the third-party material		-		(20.3	)		-			(1.6	)		(21.9	)
Smelting and refining costs included in revenue		-		-			1.2			3.0			4.2
Opening finished goods		-		(5.4	)		(0.5	)		(0.6	)		(6.5	)
Closing finished goods		-		5.5			0.5			0.6			6.7
Direct operating costs		-		54.5			34.3			44.5			133.3
Purchase of the third-party material		-		20.3			-			1.6			21.9
Royalties		-		19.8			0.6			0.6			21.0
Special mining duty(1)		-		3.4			1.4			0.7			5.5
Direct costs		-		98.1			36.2			47.5			181.7
By-products sales		-		(35.7	)		(40.6	)		(33.9	)		(110.2	)
Opening by-products inventory fair market value		-		3.2			0.8			0.5			4.5
Closing by-products inventory fair market value		-		(2.3	)		(0.7	)		(0.5	)		(3.5	)
Cash costs net of by-products		-		63.2			(4.3	)		13.6			72.5
Depreciation		-		21.1			8.3			12.8			42.2
Share-based compensation		-		0.1			0.1			0.1			0.3
Opening finished goods depreciation		-		(1.2	)		(0.1	)		(0.1	)		(1.4	)
Closing finished goods depreciation		-		1.7			0.1			0.1			2.0
Total production costs	$	-	$	85.0		$	4.2		$	26.4		$	115.6

(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.

	Nine Months Ended September 30, 2025
	Terronera		Guanaceví		Bolañitos			Kolpa		Total
Throughput tonnes		-		298,612		300,320			314,648		913,580
Payable silver ounces		-		3,028,411		418,312			926,364		4,373,087
Cash costs per silver ounce	$	-	$	20.88	$	(10.32	)	$	14.64	$	16.58
Total production costs per ounce	$	-	$	28.08	$	9.93		$	28.50	$	26.43
Direct operating costs per tonne	$	-	$	182.56	$	114.12		$	141.47	$	145.91
Direct costs per tonne	$	-	$	328.42	$	120.54		$	150.82	$	198.92

Expressed in millions of U.S. dollars	September 30, 2026
	Terronera		Guanaceví		Bolañitos		Kolpa		Total
Closing finished goods		1.6		17.2		-		1.4		20.2
Closing finished goods depreciation		0.5		3.6		-		0.3		4.4
Finished goods inventory	$	2.1	$	20.8	$	-	$	1.7	$	24.6

Expressed in millions of U.S. dollars	September 30, 2025
	Terronera		Guanaceví		Bolañitos		Kolpa		Total
Closing finished goods		-		5.5		0.5		0.6		6.7
Closing finished goods depreciation		-		1.7		0.1		0.1		2.0
Finished goods inventory	$	-	$	7.2	$	0.7	$	0.7	$	8.6

Reconciliation of All-In Costs Per Ounce and AISC per ounce

Expressed in millions of U.S. dollars	Three Months Ended September 30, 2026
	Terronera			Guanaceví		Bolañitos		Kolpa		Total
Cash costs net of by-products	$	(0.2	)	$	23.9	$	-	$	9.8	$	33.5
Operations share-based compensation		0.1			0.1		-		0.1		0.3
Corporate general and administrative		1.4			1.0		-		1.4		3.8
Corporate share-based compensation		0.3			0.2		-		0.3		0.8
Reclamation - amortization/accretion		0.1			0.1		-		0.1		0.3
Mine site expensed exploration		0.4			0.3		-		1.7		2.4
Equipment loan payments		0.7			-		-		0.1		0.8
Capital expenditures sustaining		12.1			3.1		-		2.9		18.1
All-In-Sustaining Costs	$	14.9		$	28.7	$	-	$	16.4	$	60.0
Growth exploration, evaluation and development											7.8
Growth capital expenditures											9.2
All-In-Costs										$	77.0

	Three Months Ended September 30, 2026
	Terronera		Guanaceví		Bolañitos		Kolpa		Total
Throughput tonnes		165,171		89,722		-		256,052		510,944
Payable silver ounces		683,088		702,659		-		645,679		2,031,425
Silver equivalent production (ounces)		1,354,759		970,205		-		1,286,070		3,611,034
All-in-Sustaining cost per ounce	$	21.81	$	40.84	$	-	$	25.40	$	29.54

Expressed in millions of U.S. dollars	Three Months Ended September 30, 2025
	Terronera		Guanaceví		Bolañitos			Kolpa		Total
Cash costs net of by-products	$	-	$	23.5	$	(1.6	)	$	9.3	$	31.2
Operations share-based compensation		-		-		-			-		0.1
Corporate general and administrative		-		2.6		1.0			2.2		5.8
Acquisition costs		-		-		-			-		-
Corporate share-based compensation		-		0.2		0.1			0.4		0.7
Reclamation - amortization/accretion		-		0.2		0.1			0.1		0.3
Mine site expensed exploration		-		0.3		0.3			1.5		2.1
Equipment loan payments		-		-		-			0.1		0.1
Capital expenditures sustaining		-		5.0		3.9			3.5		12.4
All-In-Sustaining Costs	$	-	$	31.8	$	3.7		$	17.2	$	52.7
Acquisition costs											-
Growth exploration, evaluation and development											4.8
Growth capital expenditures											22.3
All-In-Costs										$	79.8

	Three Months Ended September 30, 2025
	Terronera		Guanaceví		Bolañitos		Kolpa		Total
Throughput tonnes		-		99,340		105,153		195,752		400,245
Payable silver ounces		-		1,021,248		137,052		567,017		1,725,317
Silver equivalent production (ounces)		-		1,279,860		471,158		1,286,139		3,037,156
All-in-Sustaining cost per ounce	$	-	$	31.09	$	27.22	$	30.31	$	30.53

Expressed in millions of U.S. dollars	Nine Months Ended September 30, 2026
	Terronera		Guanaceví		Bolañitos			Kolpa		Total
Cash costs net of by-products	$	1.7	$	82.0	$	(0.7	)	$	35.5	$	118.5
Operations share-based compensation		0.3		0.1		-			0.3		0.7
Corporate general and administrative		3.5		2.7		0.1			3.0		9.3
Corporate share-based compensation		1.0		0.7		-			0.9		2.6
Reclamation - amortization/accretion		0.3		0.4		-			0.2		0.9
Mine site expensed exploration		1.1		1.2		-			4.1		6.4
Equipment loan payments		2.4		-		-			0.4		2.8
Capital expenditures sustaining		31.4		15.8		0.2			7.7		55.1
All-In-Sustaining Costs	$	41.7	$	102.9	$	(0.4	)	$	52.1	$	196.3
Growth exploration, evaluation and development											14.9
Growth capital expenditures											23.9
All-In-Costs										$	235.1

	Nine Months Ended September 30, 2026
	Terronera		Guanaceví		Bolañitos			Kolpa		Total
Throughput tonnes		516,318		285,684		13,988			661,187		1,477,177
Payable silver ounces		1,775,653		2,179,554		17,668			1,746,460		5,719,334
Silver equivalent production (ounces)		3,949,375		2,968,054		62,765			3,410,577		10,390,771
All-in-Sustaining cost per ounce	$	23.46	$	47.20	$	(20.22	)	$	29.84	$	34.32

Expressed in millions of U.S. dollars	Nine Months Ended September 30, 2025
	Terronera		Guanaceví		Bolañitos			Kolpa			Total
Cash costs net of by-products	$	-	$	63.2	$	(4.3	)	$	13.6		$	72.5
Operations share-based compensation		-		0.1		0.1			0.1			0.3
Corporate general and administrative		-		6.3		2.4			7.0			15.7
Acquisition costs		-		-		-			(3.6	)		(3.6	)
Corporate share-based compensation		-		1.3		0.5			0.7			2.4
Reclamation - amortization/accretion		-		0.5		0.3			0.1			0.8
Mine site expensed exploration		-		0.9		0.6			2.6			4.1
Equipment loan payments		-		-		-			0.2			0.2
Capital expenditures sustaining		-		13.2		7.5			5.9			26.5
All-In-Sustaining Costs	$	-	$	85.5	$	7.0		$	26.4		$	118.9
Acquisition costs												3.6
Growth exploration, evaluation and development												11.8
Growth capital expenditures												103.8
All-In-Costs											$	238.2

	Nine Months Ended September 30, 2025
	Terronera		Guanaceví		Bolañitos		Kolpa		Total
Throughput tonnes		-		298,612		300,320		314,648		913,580
Payable silver ounces		-		3,028,411		418,312		926,364		4,373,087
Silver equivalent production (ounces)		-		3,897,142		1,450,287		2,091,217		7,438,645
All-in-Sustaining cost per ounce	$	-	$	28.24	$	16.72	$	28.51	$	27.19

Reconciliation of Sustaining Capital and Growth Capital

Expressed in millions of U.S. dollars	Three Months Ended September 30					Nine Months Ended September 30
		2026			2025		2026		2025
Capital expenditures sustaining	$	18.1		$	12.4	$	55.1	$	26.5
Growth capital expenditures		9.2			22.3		23.9		103.8
Other non-cash additions and adjustments to properties, plant and equipment		(0.3	)		-		1.1	$	0.0
Property, plant and equipment expenditures per financial statements	$	27.0		$	34.6	$	80.1	$	130.4

Expressed in millions of U.S. dollars	Three Months Ended September 30				Nine Months Ended September 30
		2026		2025		2026		2025
Mine site expensed exploration	$	2.4	$	2.1	$	6.4	$	4.1
Growth exploration, evaluation and development		7.8		4.8		14.9		11.8
Total exploration, evaluation and development		10.2		6.9		21.3		15.9
Exploration, evaluation and development depreciation		0.3		0.1		0.6		0.4
Exploration, evaluation and development share-based compensation		-		0.2		0.1		0.4
Exploration, evaluation and development expense	$	10.5	$	7.2	$	22.0	$	16.7

Reconciliation of Realized Metal Prices Per Ounce

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended September 30				Nine Months Ended September 30
		2026	2025(1)			2026	2025(1)
Gross silver sales	$	118.6	$	76.2	$	403.9	$	164.2
Silver ounces sold		1,900,368		1,975,175		5,596,696		4,682,170
Realized silver price per ounce	$	62.42	$	38.58	$	72.16	$	35.07

¹⁾ inclusive of 212,691 oz of silver from pre-operating production at Terronera during three months and 240,321 oz during the nine months period ended September 30, 2025.

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended September 30				Nine Months Ended September 30
		2026	2025(1)			2026	2025(1)
Gross gold sales	$	40.9	$	49.2	$	142.5	$	101.9
Gold ounces sold		9,499		13,847		31,265		30,816
Realized gold price per ounce	$	4,290	$	3,550	$	4,556	$	3,308

¹⁾ inclusive of 6,386 oz of gold from pre-operating production at Terronera during three months and 7,094 oz during the nine months ended September 30, 2025.

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended September 30				Nine Months Ended September 30
		2026		2025		2026		2025
Gross lead sales	$	11.7	$	10.4	$	32.2	$	17.2
Lead tonnes sold		6,033		5,345		16,531		8,689
Realized lead price per tonne	$	1,950	$	1,957	$	1,950	$	1,979

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended September 30				Nine Months Ended September 30
		2026		2025		2026		2025
Gross zinc sales	$	13.6	$	8.8	$	32.0	$	14.4
Zinc tonnes sold		3,823		3,115		9,572		5,089
Realized zinc price per tonne	$	3,542	$	2,817	$	3,341	$	2,829

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended September 30				Nine Months Ended September 30
		2026		2025		2026		2025
Gross copper sales	$	1.9	$	1.1	$	4.1	$	1.7
Copper tonnes sold		136		115		302		172
Realized copper price per tonne	$	14,358	$	10,009	$	13,663	$	9,953

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, plans at Pitarrilla, the planned allocation of resources, revised production and cost guidance for 2026, higher than guided operating costs at Terronera, 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; 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); disruptions and delays due to blockades, protest, demonstrations and similar actions; 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Endeavour Silver's Q3 2026 earnings?

Endeavour Silver earned $26.40 million, or $0.09 per basic share, in Q3 2026. That compares with a $42.01 million loss, or $0.14 per basic share, in Q3 2025.

What is Endeavour Silver's updated 2026 production guidance?

Endeavour Silver's revised 2026 guidance is 7.8 to 8.1 million ounces of silver and 42,000 to 43,500 ounces of gold. Total silver equivalent production guidance is 13.7 to 14.3 million ounces.

Why did Endeavour Silver's Terronera operating costs improve during 2026?

Terronera's direct operating cost per tonne declined as contractor demobilization, workflow optimization and the transition from diesel to liquefied natural gas progressed. Costs fell from $195.11 in Q1 to $169.49 in Q2 and $155.52 in Q3; the LNG plant's completion primarily drove the Q3 decline.

How do mine changes affect comparisons of Endeavour Silver's 2026 and 2025 results?

The reporting periods include different operating contributions from Bolañitos and Kolpa. Bolañitos was sold on January 15, 2026, and its first 15 days of 2026 remain in nine-month results. Kolpa was acquired on May 1, 2025, so the nine-month 2025 comparison includes five months of that mine's operations.

Did Endeavour Silver change its silver equivalent calculation for 2026?

Endeavour Silver used different metal conversion ratios for 2026 and 2025 silver equivalent production. The silver-to-gold ratio changed from 80:1 to 90:1. Silver ounces per tonne changed from 60 to 45 for lead, 85 to 61 for zinc, and 300 to 238 for copper.