Endeavour Silver Prices Offering of Convertible Senior Notes

Rhea-AI Summary

Endeavour Silver (NYSE: EXK) priced an offering of unsecured convertible senior notes due 2031, targeting US$300 million aggregate principal (up to US$350 million if the US$50 million initial purchaser option is fully exercised).

The Notes pay 0.25% cash interest semi-annually, have an initial conversion rate of 80.2890 shares per US$1,000 (approximate conversion price US$12.4550 per share, ~32.5% premium to the NYSE close), and are expected to close on or about December 4, 2025, subject to customary conditions and TSX/NYSE approvals.

Net proceeds are intended to repay the company’s senior secured credit facility, advance the Pitarrilla project in Durango, Mexico, and support general corporate purposes.

Positive

• Offering size US$300M (up to US$350M option)
• Low cash interest rate of 0.25% per annum
• Conversion price approx. US$12.4550 per share
• Proceeds use repay senior secured credit facility

Negative

• Potential share issuance upon conversion increases share count
• Closing subject to TSX and NYSE approvals (on or about Dec 4, 2025)

News Market Reaction

-5.34%

39 alerts

-5.34% News Effect

-9.1% Trough in 28 hr 17 min

-$165M Valuation Impact

$2.92B Market Cap

1.4x Rel. Volume

On the day this news was published, EXK declined 5.34%, reflecting a notable negative market reaction. Argus tracked a trough of -9.1% from its starting point during tracking. Our momentum scanner triggered 39 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $165M from the company's valuation, bringing the market cap to $2.92B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Base notes offering size: US$300 million Maximum notes size: US$350 million Additional notes option: US$50 million +5 more

8 metrics

Base notes offering size US$300 million Aggregate principal amount of unsecured convertible senior notes due 2031

Maximum notes size US$350 million Includes US$50 million option for additional notes if fully exercised

Additional notes option US$50 million Increased option granted to initial purchasers for extra notes

Coupon rate 0.25% per annum Cash interest on notes, paid semi-annually

Initial conversion rate 80.2890 shares per US$1,000 Common shares per US$1,000 principal amount of notes

Conversion price US$12.4550 per share Implied by the initial conversion rate

Conversion premium 32.5% Premium to the NYSE closing price of the shares on pricing date

Expected closing date December 4, 2025 Anticipated closing of the notes offering, subject to approvals

Market Reality Check

Price: $10.93 Vol: Volume 20,669,197 is 1.52...

high vol

$10.93 Last Close

Volume Volume 20,669,197 is 1.52x the 20-day average of 13,615,528, indicating elevated trading ahead of the offering. high

Technical Shares at $9.41 are trading above the 200-day MA of $5.67, after a 1.92% gain over the last 24 hours and 9.26% below the 52-week high of $10.37.

Peers on Argus

EXK gained 1.92% with elevated volume, while silver/gold peers showed mixed but ...

EXK gained 1.92% with elevated volume, while silver/gold peers showed mixed but mostly positive moves: SVM +2.89%, AG +4.41%, CGAU +3.55%, ERO +3.18%, and MAG -1.96%, suggesting a blend of stock-specific and sector influences.

Historical Context

5 past events · Latest: Dec 04 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 04	Convertible notes completion	Negative	-2.6%	Completion of US$350M 0.25% convertible senior notes due 2031.
Dec 01	Convertible notes pricing	Negative	-5.3%	Pricing US$300–350M unsecured convertible notes with 0.25% coupon.
Dec 01	Convertible notes launch	Negative	-5.3%	Announcement of US$300M private offering of convertible senior notes.
Nov 24	Asset sale agreement	Positive	+6.1%	Agreement to sell Bolañitos mine for up to US$50M in cash and shares.
Nov 07	Q3 2025 earnings	Negative	-1.6%	Higher production and revenue but net loss and increased cash costs.

Pattern Detected

Recent capital-raising announcements (convertible notes and ATM) and mixed earnings have generally seen negative price reactions, while the mine sale agreement was followed by a positive move, indicating investors have been cautious on financing but more constructive on asset optimization.

Recent Company History

Over the last months, Endeavour Silver reported Q3 2025 results on Nov 07 with higher production and revenue but a $42.0M net loss and higher cash costs, and the stock fell 1.64%. On Nov 24, a deal to sell the Bolañitos mine for up to US$50M coincided with a 6.1% gain. On Dec 01, launching and then pricing a convertible notes offering (targeting US$300–350M) saw -5.34% moves, and completion of the US$350M issue on Dec 04 was followed by a -2.58% reaction, underscoring sensitivity to financing news.

Market Pulse Summary

The stock moved -5.3% in the session following this news. A negative reaction despite use-of-proceed...

Analysis

The stock moved -5.3% in the session following this news. A negative reaction despite use-of-proceeds plans would have fit prior patterns: the pricing and completion of this same convertible notes deal previously coincided with moves of -5.34% and -2.58%. Those responses came while EXK still traded well above its 200-day MA of $5.67, indicating concerns focused less on trend and more on financing terms and dilution risk. Such context framed the offering as a balance between project funding and shareholder dilution.

Key Terms

convertible senior notes, senior secured debt facility, qualified institutional buyers, Rule 144A, +4 more

8 terms

convertible senior notes financial

"offering of unsecured convertible senior notes due 2031 (the “Notes”)."

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

senior secured debt facility financial

"repay its senior secured debt facility with ING Capital LLC"

A senior secured debt facility is a loan arranged for a company that is backed by specific assets and takes priority over other debts if the company can’t pay. Think of it like a mortgage on a house: the lender has first claim on the pledged property before others. Investors care because it lowers lender risk, affects how likely creditors recover money in distress, and influences a company’s borrowing cost and capital structure.

qualified institutional buyers financial

"offered only to "qualified institutional buyers" (as defined in Rule 144A"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

Rule 144A regulatory

"qualified institutional buyers" (as defined in Rule 144A under the Securities Act)"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

Regulation S regulatory

"outside of the United States in accordance with the requirements of Regulation S under"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

Securities Act regulatory

"registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”)"

A securities act is a law that governs the offering, sale and disclosure of stocks, bonds and other investment products to the public. It requires companies to provide clear, truthful information—like a product label for an investment—so buyers can understand risks and value before they invest. For investors, these rules reduce fraud, promote transparency, and help ensure fair access to market information.

prospectus regulatory

"qualified by a prospectus in Canada."

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

principal amount financial

"US$300 million aggregate principal amount of Notes"

The principal amount is the original sum of money that is borrowed, lent, or invested before any interest, fees, or returns are added. It matters to investors because interest charges, scheduled repayments, and total return are calculated from that base amount — think of it as the price tag on which future costs or gains are built. Knowing the principal helps you compare deals and predict cash flows and risk.

AI-generated analysis. Not financial advice.

VANCOUVER, British Columbia, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announced today that it has priced its previously announced offering (the “Offering”) of unsecured convertible senior notes due 2031 (the “Notes”). The Company intends to issue US$300 million aggregate principal amount of Notes (or US$350 million aggregate principal amount if the option, which has been increased to US$50 million, granted to the initial purchasers to purchase additional Notes is exercised in full). Endeavour intends to use the net proceeds of the Offering to repay its senior secured debt facility with ING Capital LLC (together with ING Bank N.V.) and Societe Generale (the “Credit Facility”), to fund the advancement of its Pitarrilla project located in Durango State, Mexico, and for general corporate purposes, including strategic opportunities.

The Notes will bear cash interest semi-annually at a rate of 0.25% per annum. The initial conversion rate for the Notes will be 80.2890 common shares of the Company (the “Shares”) per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$12.4550 per Share. The initial conversion rate represents a premium of approximately 32.5% relative to today’s closing market price of the Shares on the NYSE and is subject to adjustment in certain events.

The Offering is expected to close on or about December 4, 2025, subject to customary closing conditions including approval of the Toronto Stock Exchange and the New York Stock Exchange.

The Notes and the Shares issuable upon the conversion thereof have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), registered under any state securities laws, or qualified by a prospectus in Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. The Notes will be offered only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in the United States and outside of the United States in accordance with the requirements of Regulation S under the Securities Act. The Notes may not be offered or sold in Canada except pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws.

This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or the Shares issuable upon the conversion thereof, and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or the Shares issuable upon the conversion thereof in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Endeavour Silver – Endeavour is a mid-tier silver producer with four 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.

For Further Information, Please Contact
Allison Pettit
Vice President Investor Relations
Email: apettit@edrsilver.com

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 the completion of the Offering, the proposed terms of the Offering, the proposed use of proceeds of the Offering and the repayment of the Credit Facility. The forward-looking statements or information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. 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 failure to satisfy the conditions to closing of the Offering; market demand for the Notes, 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, Chilean peso, Canadian dollar, Peruvian sol, 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; financial risks due to precious metals prices; 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 40-F and Annual Information Form and subsequent quarterly reports.

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

What amount did Endeavour Silver (EXK) price for the convertible notes on December 2, 2025?

Endeavour priced an offering of unsecured convertible senior notes for US$300 million, with an initial purchaser option up to US$350 million.

What is the interest rate and maturity for EXK's convertible senior notes due 2031?

The Notes bear cash interest of 0.25% per annum, paid semi-annually, and mature in 2031.

What is the initial conversion price and rate for EXK's 2031 convertible notes?

Initial conversion rate is 80.2890 shares per US$1,000, equivalent to approx. US$12.4550 per share.

How does Endeavour intend to use the net proceeds from the EXK convertible notes?

Net proceeds are intended to repay the senior secured credit facility, fund advancement of the Pitarrilla project, and for general corporate purposes.

When is the EXK convertible note offering expected to close and what approvals are required?

The offering is expected to close on or about December 4, 2025, subject to customary closing conditions and approval of the TSX and NYSE.

Who may be offered the Notes and are the Notes registered in the U.S. or Canada?

The Notes will be offered only to qualified institutional buyers under Rule 144A and in compliance with Regulation S; the Notes and conversion shares are not registered under the U.S. Securities Act or qualified by prospectus in Canada.