Endeavour Silver (NYSE: EXK) swings to $66.5M Q2 2026 profit

Rhea-AI Filing Summary

Endeavour Silver Corp. reported sharply improved Q2 2026 results, with revenue from operations of $212.1 million, up 149% from Q2 2025, driven by higher metal prices and record sales of 2,054,108 oz silver and 10,823 oz gold. Silver production reached 1,943,955 oz and gold production 10,474 oz, for 3.4 million silver equivalent ounces, increases of 31%, 35% and 36% respectively.

Net earnings were $66.5 million versus a $20.5 million loss a year earlier, while EBITDA rose to $110.9 million and adjusted EBITDA to $90.0 million. The company held $236.6 million in cash and $214.4 million in working capital as of June 30, 2026. Unit costs rose, with cash costs of $23.52 and all-in sustaining costs of $36.89 per silver ounce, reflecting higher royalties, third-party material and sustaining capital, particularly at Terronera. Plant expansion at Kolpa lifted throughput 36% over Q1 2026, and the Terronera LNG plant entered operation with mine ramp-up continuing through Q3 2026.

Positive

• Revenue from operations in Q2 2026 climbed to $212.1 million, a 149% increase from $85.3 million in Q2 2025, supported by higher metal prices and record silver and gold ounces sold.
• Q2 2026 net earnings were $66.5 million, compared with a $20.5 million loss in Q2 2025; adjusted net earnings reached $44.8 million versus a $9.2 million loss a year earlier.
• Mine operating cash flow before taxes rose to $99.9 million in Q2 2026, up 336% year-over-year, contributing to a strong cash balance of $236.6 million and working capital of $214.4 million at June 30, 2026.
• Silver equivalent production in Q2 2026 increased to 3.4 million oz, up 36% from 2.5 million oz in Q2 2025, aided by Terronera’s contribution and a full quarter of Kolpa operations.

Negative

• Consolidated cash costs per payable silver ounce rose to $23.52 in Q2 2026, a 53% increase from $15.35 in Q2 2025, mainly due to higher metal prices driving increased royalties and third-party material costs.
• All-in sustaining costs per silver ounce increased to $36.89 in Q2 2026, 47% higher than $25.16 a year earlier, reflecting higher cash costs and sustaining capital expenditures, including at the Terronera operation.

Filing Explained

Convertible-note terms remain undisclosed, so the filing does not establish any resulting ownership change.

The completed Q2 report adds that a $5.1 million finance charge in the quarter related to senior convertible notes issued in December 2025, so the period includes a disclosed financing cost tied to that instrument.

The filing does not provide the notes’ proceeds, conversion terms, or resulting share issuance, leaving their ownership and funding mechanics unresolved.

It also records that Bolañitos was sold on January 15, 2026; only the first 15 days of 2026 are included in consolidated results, so year-over-year operating comparisons reflect a changed mine portfolio.

Cash costs, AISC, EBITDA and adjusted measures in the release are non-IFRS measures, which the company says are additional information rather than substitutes for IFRS measures and have no standardized IFRS meaning.

Key Figures

Q2 2026 revenue from operations: $212.1 million Q2 2026 net earnings: $66.5 million Q2 2026 silver production: 1,943,955 oz +5 more

8 metrics

Q2 2026 revenue from operations $212.1 million Three months ended June 30, 2026; 149% higher than Q2 2025

Q2 2026 net earnings $66.5 million Net earnings for three months ended June 30, 2026; compared to a $20.5 million loss in Q2 2025

Q2 2026 silver production 1,943,955 oz Silver ounces produced in Q2 2026; 31% higher than Q2 2025

Q2 2026 gold production 10,474 oz Gold ounces produced in Q2 2026; 35% higher than Q2 2025

Cash costs per silver ounce Q2 2026 $23.52 Consolidated cash costs per payable silver ounce in Q2 2026; 53% higher than $15.35 in Q2 2025

AISC per silver ounce Q2 2026 $36.89 All-in sustaining costs per silver ounce in Q2 2026; 47% higher than $25.16 in Q2 2025

Cash balance $236.6 million Cash position as at June 30, 2026

Working capital $214.4 million Working capital as at June 30, 2026; up from $146.4 million at December 31, 2025

Key Terms

all-in sustaining costs, EBITDA, silver equivalent ounces, working capital, +2 more

6 terms

all-in sustaining costs financial

"Consolidated AISC per silver ounce in Q2 2026 were $36.89"

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.

EBITDA financial

"EBITDA ($ millions) (2) | 110.9 | 1.4 | 7807%"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

silver equivalent ounces financial

"Silver equivalent ounces produced (1) | 3,437,794 | 2,528,562 | 36%"

A measure that converts the production or reserves of various metals (like gold, lead, zinc) into the amount of silver they would be worth at current price ratios, so all metals are reported as ‘silver ounces.’ Think of it like converting different currencies into a single one to make totals easier to compare. Investors use it to get a single, comparable figure for output or value, but the number depends on the price ratios chosen and can change as metal prices move.

working capital financial

"Working capital ($ millions) (2) | 214.4 | (15.3) | 1501%"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

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.

special mining duty financial

"Special mining duty (1) | 1.7 | (0.7) | - | 1.1 | 2.2"

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

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Available on EDGAR 07/29/2026 - 05:05 PM Accepted by SEC EDGAR 07/29/2026 - 05:05 PM Learn about SEC filing dates

FAQ

How did Endeavour Silver (EXK) perform financially in Q2 2026?

Endeavour Silver generated $212.1 million in Q2 2026 revenue from operations, up 149% year-over-year, and reported $66.5 million in net earnings versus a $20.5 million loss in Q2 2025. EBITDA reached $110.9 million and adjusted EBITDA was $90.0 million.

What were Endeavour Silver (EXK)’s Q2 2026 production levels?

In Q2 2026, Endeavour Silver produced 1,943,955 oz of silver and 10,474 oz of gold, for 3.4 million silver equivalent ounces. These volumes were 31% higher for silver, 35% higher for gold, and 36% higher for silver equivalent ounces versus Q2 2025.

How did costs per ounce change for Endeavour Silver (EXK) in Q2 2026?

Consolidated cash costs were $23.52 per payable silver ounce in Q2 2026, up 53% from $15.35 a year earlier. All-in sustaining costs rose to $36.89 per silver ounce, a 47% increase, mainly due to higher royalties, third-party material and sustaining capital.

What was Endeavour Silver (EXK)’s balance sheet position at June 30, 2026?

As of June 30, 2026, Endeavour Silver held $236.6 million in cash and had $214.4 million in working capital. Working capital increased from $146.4 million at December 31, 2025, supporting ongoing operations and development spending across its mine portfolio.

How did Endeavour Silver (EXK)’s Q2 2026 earnings per share compare year-over-year?

Basic earnings per share in Q2 2026 were $0.22, compared with a basic loss per share of $0.07 in Q2 2025. Adjusted basic earnings per share improved to $0.15 from an adjusted loss of $0.03 a year earlier.

What operational milestones did Endeavour Silver (EXK) report for Kolpa and Terronera?

A significant portion of the Kolpa plant expansion was commissioned, lifting Q2 2026 throughput by 36% versus Q1 2026. At Terronera, the LNG plant began commissioning in June and is now operating, with mine complex ramp-up continuing through Q3 2026.

When will Endeavour Silver (EXK) discuss its Q2 2026 results with investors?

Management plans a conference call on Thursday, July 30, 2026, at 10:00am PT / 1:00pm EDT to discuss Q2 2026 financial results. Dial-in details and replay access codes are provided, and audio replay will be available on the company’s website.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2026

Commission File Number: 001-33153

Endeavour Silver Corp.
(Translation of registrant's name into English)

#1130-609 Granville Street
Vancouver, British Columbia, Canada V7Y 1G5
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Endeavour Silver Corp.
		(Registrant)
Date: July 29, 2026		/s/ DAN DICKSON
		Dan Dickson
		CEO

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press Release dated July 29, 2026

EXHIBIT 99.1

Endeavour Silver Announces Q2 2026 Financial Results

VANCOUVER, British Columbia, July 29, 2026 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three and six months ended June 30, 2026. The Company will host a conference call to discuss these results on Thursday, July 30 at 10:00am PT / 1:00pm EDT; details are provided further in this news release. All dollar amounts are in US dollars ($).

“Endeavour delivered strong second quarter results, supported by higher production, record ounces sold and improved mine operating cash flow,” said Dan Dickson, Chief Executive Officer. “The successful increase in throughput at Kolpa and our strong cash position provide a solid foundation as we continue to advance our growth initiatives in the second half of the year, while delivering long-term value for our shareholders.”

Q2 2026 Highlights

• Strong Production: Consolidated production of 1,943,955 ounces (“oz”) silver and 10,474 oz gold for a total of 3.4 million oz silver equivalent (“AgEq”)⁽¹⁾. Q2 production of silver and gold was 31% and 35% higher, respectively, than in the same period in 2025.
• Record Ounces Sold with High Realized Prices: $212.1 million from the sale of 2,054,108 oz of silver and 10,823 oz of gold at average realized prices of $70.16 per oz silver and $4,305 per oz gold as well as from sales of base metals. Revenue from operations was 149% higher than in the same period in 2025.
• Strong Mine Operating Cash Flow: $99.9 million in mine operating cash flow before taxes⁽²⁾, 336% higher than the same period in 2025.
• Steady Operating Costs: Cash costs⁽²⁾ of $23.52 per oz payable silver and all-in sustaining costs (AISC)⁽²⁾ of $36.89 per oz, net of by-product credits, compared to $15.35 and $25.16, respectively, in Q2 2025.

• Strong Cash Position: $236.6 million in cash and $214.4 million in working capital as at June 30, 2026.
• Higher Production Capacity: A significant portion of the plant expansion at Kolpa was commissioned at the end of Q1 2026, resulting in a 36% increase in throughput during Q2 2026 compared to Q1 2026.
• Terronera LNG Plant: The LNG plant began commissioning in June and is now in operation, with mine complex ramp-up through Q3 2026.
  
  

Financial Overview

Three Months Ended June 30				Q2 2026 Highlights	Six months Ended June 30
2026	20254		% Change		20263	20254	% Change
				Production
1,943,955	1,483,736		31%	Silver ounces produced	3,819,329	2,689,529	42%
10,474	7,755		35%	Gold ounces produced	22,215	16,093	38%
6,207	3,503		77%	Lead tonnes produced	11,146	3,503	218%
3,989	2,316		72%	Zinc tonnes produced	6,831	2,316	195%
3,437,794	2,528,562		36%	Silver equivalent ounces produced(1)	6,779,737	4,401,401	54%
23.52	15.35		53%	Cash costs per silver ounce ($)(2)	23.03	15.59	48%
36.69	25.25		45%	Total production costs per ounce ($)(2)	35.96	24.79	45%
36.89	25.16		47%	All-in sustaining costs per ounce ($)(2)	36.96	24.85	49%
509,576	303,828		68%	Processed tonnes	966,232	513,335	88%
161.73	142.00		14%	Direct operating costs per tonne ($)(2)	173.63	142.30	22%
219.62	201.24		9%	Direct costs per tonne ($)(2)	236.97	203.70	16%
				Financial
212.1	85.3		149%	Revenue from operations ($ millions)	421.8	148.8	183%
2,054,108	1,455,680		41%	Silver ounces sold	3,696,328	2,679,364	38%
10,823	7,706		40%	Gold ounces sold	21,766	16,244	34%
70.16	32.95		113%	Realized silver price per ounce ($)	77.18	32.52	137%
4,305	3,320		30%	Realized gold price per ounce ($)	4,672	3,110	50%
-	3.3		(100%)	Pre-operating production revenue ($ millions)	-	3.3	(100%)
66.5	(20.5)		425%	Net earnings (loss) ($ millions)	131.4	(53.4)	346%
44.8	(9.2)		589%	Adjusted net earnings (loss) ($ millions)(2)	104.0	(9.4)	1210%
74.0	7.7		855%	Mine operating earnings ($ millions)	167.5	20.6	714%
99.9	22.9		336%	Mine operating cash flow before taxes ($ millions)(2)	214.5	45.0	377%
45.0	14.4		213%	Operating cash flow before working capital changes(2)	83.8	22.7	269%
110.9	1.4		7807%	EBITDA ($ millions)(2)	223.5	(16.7)	1439%
90.0	10.8		736%	Adjusted EBITDA ($ millions)(2)	198.4	25.9	666%
214.4	(15.3)		1501%	Working capital ($ millions) (2)	214.4	(15.3)	1501%
				Shareholders
0.22	(0.07)		414%	Earnings (loss) per share – basic ($)	0.44	(0.20)	320%
0.15	(0.03)		600%	Adjusted earnings (loss) per share – basic ($)(2)	0.35	(0.03)	1267%
0.15	0.05		200%	Operating cash flow before working capital changes per share ($)(2)	0.28	0.08	250%
296,096	283,534		4%	Basic weighted average shares outstanding (‘000)	295,892	272,988	8%

⁽¹⁾ Silver equivalent ratios 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. Silver equivalent ratios 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.
⁽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 three- and six-month periods ending June 30, 2025 include two months of operations of the Kolpa mine.

Direct operating costs per tonne in Q2 2026 were $161.73, 14% higher than $142.00 in Q2 2025. The increase in the average cost compared to Q2 2025 was driven by the inclusion of Terronera with higher direct operating costs per tonne than the consolidated average of $169.49 and higher costs at Guanaceví and Kolpa. Underlying costs in Mexico were negatively affected by the Mexican peso being 12% stronger on average during the current period compared to the same period in 2025. In comparison to Q1 2026, which had a similar Mexican peso exchange rate, Q2 2026 costs per tonne were 13% lower. As a result, direct operating costs per tonne in the first half of 2026 were $173.63, compared to $142.30 in 2025.

Consolidated cash costs per silver ounce, net of by-product credits, were $23.52 in Q2 2026, representing a 53% increase from $15.35 in Q2 2025 mainly due to higher metal prices causing higher royalties and third-party material costs. For the three months ended June 30, 2026, cash costs per silver ounce were $22.23 for Kolpa, $40.17 for Guanaceví and $5.07 for Terronera. Cash costs per silver ounce for the six-month period ended June 30, 2026, were $23.03 compared to $15.59 in 2025, a 48% increase driven by the same reasons described above.

Consolidated AISC per silver ounce in Q2 2026 were $36.89, 47% higher than $25.16 in Q2 2025 and in line with Q1 2026. The increase compared to Q2 2025 was predominantly due to higher cash costs and higher sustaining capital expenditures, particularly at Terronera, which was not operating in the comparative period. AISC per silver ounce for the six-month period ended June 30, 2026, were $36.96 compared to $24.85 in 2025, for the same reasons described above.

In Q2 2026, the Company’s mine operating earnings were $74.0 million, higher than the $7.7 million for the same period in 2025, driven by higher metal prices as well as higher volume of silver and gold ounces sold with the addition of Terronera and a full quarter of Kolpa operations. Revenue from operations was $212.1 million, compared to $85.3 million in Q2 2025, while cost of sales, which now include Terronera and a full quarter of Kolpa operations, increased to $138.1 million from $80.9 million.

The Company recorded operating earnings of $64.7 million in Q2 2026 (Q2 2025 – operating loss of $4.8 million) after exploration and evaluation costs of $6.4 million (Q2 2025 – $4.9 million) and general and administrative expenses of $2.9 million (Q2 2025 – $7.6 million). Exploration expenses increased due to additional expenditures on advancing Pitarrilla and exploration work at Kolpa, while general and administrative expenses decreased predominantly due to the $3.6 million acquisition costs ineligible to be capitalized in Q2 2025 and a $1.6 million change in the loss on revaluation of the cash-settled deferred share units liability.

The Company recorded a $21.7 million gain on derivative contract revaluations in Q2 2026 (Q2 2025 – $10.1 million loss). Finance costs increased to $5.7 million (Q2 2025 – $1.1 million), primarily due to a $5.1 million finance charge related to the senior convertible notes issued in December 2025. Investment and other losses of $2.6 million (Q2 2025 – income of $0.7 million) were recorded during the period, largely due to the revaluation of Guanajuato Silver shares received as consideration for the sale of Bolañitos. As a result, earnings before taxes were $79.5 million in Q2 2026, compared to a loss before taxes of $14.6 million in Q2 2025.

This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for the period ended June 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 Q2 2026 financial results on July 30, 2026 at 10:00am Pacific (PT)/ 1:00pm Eastern (EDT).

Date:	Thursday, July 30, 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 8095012; 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, 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 June 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 June 30, 2026 MD&A available on SEDAR at www.sedarplus.com.

Reconciliation of Working Capital

Expressed in millions of U.S. dollars	As at June 30, 2026		As at December 31, 2025
Current assets		$435.4		$423.2
Current liabilities		221.0		276.8
Working capital		$214.4		$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 June 30		Six Months Ended June 30
	2026	2025	2026	2025
Net earnings (loss) for the period per financial statements	$66.5	($20.5)	$131.4	($53.4)
Unrealized foreign exchange (Gain) loss	(3.0)	(2.8)	(2.4)	(2.5)
(Gain) loss on derivatives, copper stream and contingent liabilities revaluations	(21.3)	10.1	4.1	42.0
(Gain) on sale of Bolañitos	(0.9)	-	(36.5)	-
Acquisition costs	-	3.6	-	3.6
Change in fair value of investments	4.3	(0.2)	8.4	(0.3)
Change in fair value of cash settled DSUs	(1.0)	0.6	(1.1)	1.2
Adjusted net earnings (loss)	$44.8	($9.2)	$104.0	($9.4)
Basic weighted average share outstanding (‘000)	296,096	283,534	295,892	272,988
Adjusted net earnings (loss) per share	$0.15	($0.03)	$0.35	($0.03)

Totals may not add up due to rounding

Reconciliation of Mine Operating Cash Flow Before Taxes

Expressed in millions of U.S. dollars	Three Months Ended June 30		Six Months Ended June 30
	2026	2025	2026	2025
Mine operating earnings per financial statements	$74.0	$7.7	$167.5	$20.6
Share-based compensation	0.2	0.2	0.4	0.2
Depreciation	25.7	15.0	46.5	24.2
Mine operating cash flow before taxes	$99.9	$22.9	$214.5	$45.0

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 June 30		Six Months Ended June 30
(except for per share amounts)	2026	2025	2026	2025
Cash from operating activities per financial statements	$39.8	$21.5	$60.6	$24.9
Net changes in non-cash working capital per financial statements	(5.1)	7.2	(23.2)	2.2
Operating cash flow before working capital changes	$44.9	$14.3	$83.8	$22.7
Basic weighted average shares outstanding (‘000)	296,096	283,534	295,892	272,988
Operating cash flow before working capital changes per share	$0.15	$0.05	$0.28	$0.08

Reconciliation of EBITDA and Adjusted EBITDA

Expressed in millions of U.S. dollars	Three Months Ended June 30			Six Months Ended June 30
		2026	2025	2026	2025
Net earnings (loss) for the period per financial statements		$66.5	($20.5)	$131.4	($53.4)
Depreciation – cost of sales		25.7	15.0	46.5	24.2
Depreciation – exploration, evaluation and development		0.2	-	0.3	0.3
Depreciation – general & administration		0.1	0.1	0.2	0.2
Finance costs		5.4	0.8	10.9	1.0
Current income tax expense		10.7	9.1	44.5	14.4
Deferred income tax expense (recovery)		2.3	(3.2)	(10.5)	(3.4)
EBITDA		$110.9	$1.4	$223.5	($16.7)
Share based compensation		0.9	1.7	2.3	2.2
Unrealized foreign exchange (gain) loss		(3.0)	(2.8)	(2.4)	(2.5)
(Gain) loss on derivatives, copper stream and contingent liabilities revaluations		(21.3)	10.1	4.1	42.0
(Gain) on sale of Bolañitos		(0.9)	-	(36.5)	-
Change in fair value of investments		4.3	(0.2)	8.4	(0.3)
Change in fair value of cash settled DSUs		(1.0)	0.6	(1.1)	1.2
Adjusted EBITDA		$90.0	$10.8	$198.4	$25.9
Basic weighted average shares outstanding (‘000)		296,096	283,534	295,892	272,988
Adjusted EBITDA per share		$0.30	$0.04	$0.67	$0.09

Totals may not add up due to rounding

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 June 30, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Direct production costs per financial statements	$29.3	$37.8	-	$33.9	$101.0
Purchase of the third-party material	-	(15.2)	-	(0.9)	(16.1)
Smelting and refining costs included in revenue	1.4	-	-	2.9	4.3
Opening finished goods	(2.2)	(17.6)	-	(1.4)	(21.3)
Closing finished goods	1.3	12.3	-	0.9	14.5
Direct operating costs	29.8	17.3	-	35.3	82.4
Purchase of the third-party material	-	15.2	-	0.9	16.1
Royalties	2.3	7.9	-	1.1	11.2
Special mining duty (1)	1.7	(0.7)	-	1.1	2.2
Direct costs	33.8	39.7	-	38.4	111.9
By-products sales	(31.8)	(14.8)	-	(25.6)	(72.2)
Opening by-products inventory fair market value	2.6	6.4	-	1.3	10.4
Closing by-products inventory fair market value	(1.6)	(3.6)	-	(0.8)	(6.1)
Cash costs net of by-products	3.0	27.8	-	13.3	44.0
Depreciation	9.9	7.4	-	8.3	25.7
Share-based compensation	0.1	-	-	0.1	0.2
Opening finished goods depreciation	(0.6)	(3.5)	-	(0.3)	(4.4)
Closing finished goods depreciation	0.4	2.6	-	0.2	3.1
Total production costs	$12.8	$34.3	-	$21.6	$68.7

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

	Three Months Ended June 30, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	175,729	100,439	-	233,408	509,576
Payable silver ounces	582,043	691,401	-	599,323	1,872,767
Cash costs per silver ounce	$5.07	$40.17	-	$22.23	$23.52
Total production costs per ounce	$21.93	$49.65	-	$36.08	$36.69
Direct operating costs per tonne	$169.49	$172.22	-	$151.38	$161.73
Direct costs per tonne	$192.13	$395.39	-	$164.68	$219.62

Expressed in millions of U.S. dollars	Three Months Ended June 30, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Direct production costs per financial statements	-	$23.1	$11.6	$16.3	$51.0
Purchase of the third-party material	-	(10.0)	-	-	(10.0)
Smelting and refining costs included in revenue	-	-	0.3	1.1	1.4
Opening finished goods	-	(4.8)	(1.3)	(0.6)	(6.7)
Closing finished goods	-	5.9	0.9	0.6	7.4
Direct operating costs	-	14.2	11.5	17.4	43.1
Purchase of the third-party material	-	10.0	-	-	10.0
Royalties	-	6.2	0.2	-	6.4
Special mining duty (1)	-	1.1	0.4	0.1	1.7
Direct costs	-	31.5	12.1	17.5	61.1
By-products sales	-	(11.6)	(14.0)	(13.3)	(38.9)
Opening by-products inventory fair market value	-	2.2	1.4	0.5	4.2
Closing by-products inventory fair market value	-	(2.3)	(1.3)	(0.5)	(4.1)
Cash costs net of by-products	-	19.8	(1.7)	4.2	22.3
Depreciation	-	6.3	2.7	5.2	14.2
Share-based compensation	-	0.1	-	-	0.1
Opening finished goods depreciation	-	(1.6)	(0.4)	(0.1)	(2.1)
Closing finished goods depreciation	-	1.8	0.2	0.1	2.2
Total production costs	-	$26.4	$0.9	$9.4	$36.7

	Three Months Ended June 30, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	-	96,834	88,098	118,896	303,828
Payable silver ounces	-	994,882	100,183	359,347	1,454,412
Cash costs per silver ounce	-	$19.91	($17.26)	$11.81	$15.35
Total production costs per ounce	-	$26.55	$8.92	$26.20	$25.25
Direct operating costs per tonne	-	$147.11	$131.06	$145.95	$142.00
Direct costs per tonne	-	$325.40	$137.72	$147.20	$201.24

Expressed in millions of U.S. dollars	Six Months Ended June 30, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Direct production costs per financial statements	$63.1	$61.7	$1.7	$58.4	$185.0
Purchase of the third-party material	-	(25.6)	-	(1.9)	(27.4)
Smelting and refining costs included in revenue	2.6	0.2	-	5.5	8.3
Opening finished goods	(3.0)	(8.6)	(0.2)	(0.8)	(12.6)
Closing finished goods	1.3	12.3	-	0.9	14.5
Direct operating costs	64.0	40.1	1.6	62.1	167.8
Purchase of the third-party material	-	25.6	-	1.9	27.4
Royalties	4.7	15.0	-	2.6	22.4
Special mining duty (1)	6.1	2.8	0.2	2.4	11.4
Direct costs	74.8	83.4	1.8	69.0	229.0
By-products sales	(74.3)	(24.9)	(2.5)	(43.2)	(144.8)
Opening by-products inventory fair market value	3.0	3.2	0.1	0.6	6.9
Closing by-products inventory fair market value	(1.6)	(3.6)	-	(0.8)	(6.1)
Cash costs net of by-products	1.9	58.1	(0.6)	25.6	85.0
Depreciation	19.4	12.1	-	15.1	46.5
Share-based compensation	0.2	0.1	-	0.2	0.4
Opening finished goods depreciation	(0.5)	(1.8)	-	(0.2)	(2.4)
Closing finished goods depreciation	0.4	2.6	-	0.2	3.1
Total production costs	$21.3	$71.1	($0.6)	$40.9	$132.6

	Six Months Ended June 30, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	351,147	195,963	13,988	405,135	966,232
Payable silver ounces	1,092,565	1,476,895	17,668	1,100,781	3,687,909
Cash costs per silver ounce	$1.70	$39.33	($34.70)	$23.27	$23.03
Total production costs per ounce	$19.47	$48.12	($34.69)	$37.15	$35.96
Direct operating costs per tonne	$182.29	$204.43	$113.74	$153.30	$173.63
Direct costs per tonne	$212.97	$425.53	$130.37	$170.25	$236.97

Expressed in millions of U.S. dollars	Six Months Ended June 30, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Direct production costs per financial statements	-	$48.5	$21.3	$16.3	$86.1
Purchase of the third-party material	-	(15.9)	-	-	(15.9)
Smelting and refining costs included in revenue	-	-	0.8	1.1	1.9
Opening finished goods	-	(5.4)	(0.5)	(0.6)	(6.5)
Closing finished goods	-	5.9	0.9	0.6	7.4
Direct operating costs	-	33.1	22.6	17.4	73.0
Purchase of the third-party material	-	15.9	-	-	15.9
Royalties	-	12.3	0.3	-	12.6
Special mining duty (1)	-	2.1	0.9	0.1	3.1
Direct costs	-	63.3	23.7	17.5	104.6
By-products sales	-	(24.4)	(26.0)	(13.3)	(63.7)
Opening by-products inventory fair market value	-	3.2	0.8	0.5	4.5
Closing by-products inventory fair market value	-	(2.3)	(1.3)	(0.5)	(4.1)
Cash costs net of by-products	-	39.8	(2.7)	4.0	41.3
Depreciation	-	12.9	5.4	5.2	23.4
Share-based compensation	-	0.1	0.1	-	0.2
Opening finished goods depreciation	-	(1.2)	(0.1)	(0.1)	(1.4)
Closing finished goods depreciation	-	1.8	0.2	0.1	2.2
Total production costs	-	53.4	2.8	9.4	65.6

	Six Months Ended June 30, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	-	199,272	195,167	118,896	513,335
Payable silver ounces	-	2,007,163	281,260	359,347	2,647,770
Cash costs per silver ounce	-	$19.82	($9.75)	$11.81	$15.59
Total production costs per ounce	-	$26.60	$10.04	$26.20	$24.79
Direct operating costs per tonne	-	$166.30	$115.56	$145.95	$142.30
Direct costs per tonne	-	$317.75	$121.69	$147.20	$203.70

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

Expressed in millions of U.S. dollars	Three Months Ended June 30, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Cash costs net of by-products	$3.0	$27.8	-	$13.3	$44.0
Operations share-based compensation	0.1	-	-	0.1	0.2
Corporate general and administrative	0.8	0.6	-	0.8	2.1
Corporate share-based compensation	0.2	0.2	-	0.2	0.7
Reclamation - amortization/accretion	0.1	0.1	-	0.1	0.3
Mine site expensed exploration	0.4	0.4	-	1.0	1.9
Equipment loan payments	0.8	-	-	0.2	0.9
Capital expenditures sustaining	10.0	7.0	-	1.9	18.9
All-In-Sustaining Costs	$15.4	$36.1	-	$17.6	$69.1
Growth exploration, evaluation and development					4.3
Growth capital expenditures					8.9
All-In-Costs					$82.3

	Three Months Ended June 30, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	175,729	100,439	-	233,408	509,576
Payable silver ounces	582,043	691,401	-	599,323	1,872,767
Silver equivalent production (ounces)	1,298,268	955,070	-	1,184,457	3,437,794
All-in-Sustaining cost per ounce	$26.42	$52.20	-	$29.40	$36.89

Expressed in millions of U.S. dollars	Three Months Ended June 30, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Cash costs net of by-products	-	$19.8	($1.7)	$4.2	$22.3
Operations share-based compensation	-	0.1	-	-	0.1
Corporate general and administrative	-	1.1	0.3	4.8	6.2
Acquisition costs	-	-	-	(3.6)	(3.6)
Corporate share-based compensation	-	0.8	0.3	0.3	1.4
Reclamation - amortization/accretion	-	0.2	0.1	-	0.3
Mine site expensed exploration	-	-	-	1.0	1.1
Equipment loan payments	-	-	-	0.1	0.1
Capital expenditures sustaining	-	4.8	1.7	2.3	8.8
All-In-Sustaining Costs	-	$26.7	$0.7	$9.2	$36.6
Acquisition costs					3.6
Growth exploration, evaluation and development					3.6
Growth capital expenditures					45.4
All-In-Costs					$89.2

	Three Months Ended June 30, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	-	96,834	88,098	118,896	303,828
Payable silver ounces	-	994,882	100,183	359,347	1,454,412
Silver equivalent production (ounces)	-	1,282,853	440,678	805,032	2,528,562
All-in-Sustaining cost per ounce	-	$26.81	$7.04	$25.66	$25.16

Expressed in millions of U.S. dollars	Six Months Ended June 30, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Cash costs net of by-products	$1.9	$58.1	($0.6)	$25.6	$85.0
Operations share-based compensation	0.2	0.1	-	0.2	0.4
Corporate general and administrative	2.1	1.6	0.1	1.7	5.5
Corporate share-based compensation	0.7	0.5	-	0.6	1.8
Reclamation - amortization/accretion	0.2	0.3	-	0.1	0.6
Mine site expensed exploration	0.7	0.9	-	2.4	4.0
Equipment loan payments	1.7	-	-	0.4	2.0
Capital expenditures sustaining	19.4	12.7	0.2	4.8	37.0
All-In-Sustaining Costs	$26.8	$74.2	($0.4)	$35.7	$136.3
Growth exploration, evaluation and development					7.1
Growth capital expenditures					14.7
All-In-Costs					$158.1

	Six Months Ended June 30, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	351,147	195,963	13,988	405,135	966,232
Payable silver ounces	1,092,565	1,476,895	17,668	1,100,781	3,687,909
Silver equivalent production (ounces)	2,594,616	1,997,849	62,766	2,124,507	6,779,737
All-in-Sustaining cost per ounce	$24.50	$50.22	($20.22)	$32.46	$36.96

Expressed in millions of U.S. dollars	Six Months Ended June 30, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Cash costs net of by-products	-	$39.8	($2.7)	$4.2	$41.3
Operations share-based compensation	-	0.1	0.1	-	0.2
Corporate general and administrative	-	3.8	1.4	4.8	9.9
Acquisition costs	-	-	-	(3.6)	(3.6)
Corporate share-based compensation	-	1.1	0.4	0.3	1.8
Reclamation - amortization/accretion	-	0.3	0.2	-	0.5
Mine site expensed exploration	-	0.3	0.2	1.0	1.5
Equipment loan payments	-	-	-	0.1	0.1
Capital expenditures sustaining	-	8.2	3.6	2.3	14.2
All-In-Sustaining Costs	-	$53.5	$3.1	$9.2	$65.8
Acquisition costs					$3.6
Growth exploration, evaluation and development					$7.4
Growth capital expenditures					$81.6
All-In-Costs					$158.4

	Six Months Ended June 30, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	-	199,272	195,167	118,896	513,335
Payable silver ounces	-	2,007,163	281,260	359,347	2,647,770
Silver equivalent production (ounces)	-	2,617,300	979,070	805,032	4,401,401
All-in-Sustaining cost per ounce	-	$26.65	$10.98	$25.66	$24.85

Reconciliation of Sustaining Capital and Growth Capital

Expressed in millions of U.S. dollars	Three Months Ended June 30		Six Months Ended June 30
	2026	2025	2026	2025
Capital expenditures sustaining	$18.9	$8.8	$37.0	$14.2
Growth capital expenditures	8.9	45.4	14.7	81.6
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows	$27.8	$54.2	$51.7	$95.7

Expressed in millions of U.S. dollars	Three Months Ended June 30		Six Months Ended June 30
	2026	2025	2026	2025
Mine site expensed exploration	$1.9	$1.1	$4.0	$1.5
Growth exploration, evaluation and development	4.3	3.6	7.1	7.4
Total exploration, evaluation and development	6.2	4.7	11.0	8.9
Exploration, evaluation and development depreciation	0.2	-	0.3	0.3
Exploration, evaluation and development share-based compensation	-	0.2	0.1	0.3
Exploration, evaluation and development expense	$6.4	$4.9	$11.5	$9.5

Reconciliation of Realized Metal Prices Per Ounce

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended June 30		Six Months Ended June 30
	2026	2025(1)	2026	2025(1)
Gross silver sales	$144.1	$48.9	$285.3	$88.0
Silver ounces sold	2,054,108	1,483,311	3,696,328	2,706,995
Realized silver price per ounce	$70.16	$32.95	$77.18	$32.52

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

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended June 30		Six Months Ended June 30
	2026	2025(1)	2026	2025(1)
Gross gold sales	$46.6	$28.0	$101.7	$52.8
Gold ounces sold	10,823	8,431	21,766	16,969
Realized gold price per ounce	$4,305	$3,320	$4,672	$3,110

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

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended June 30		Six Months Ended June 30
	2026	2025	2026	2025
Gross lead sales	$11.5	$6.7	$20.5	$6.7
Lead tonnes sold	5,956	3,344	10,498	3,344
Realized lead price per tonne	$1,938	$2,014	$1,950	$2,014

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended June 30		Six Months Ended June 30
	2026	2025	2026	2025
Gross zinc sales	$11.4	$5.6	$18.4	$5.6
Zinc tonnes sold	3,454	1,974	5,749	1,974
Realized zinc price per tonne	$3,299	$2,847	$3,208	$2,847

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended June 30		Six Months Ended June 30
	2026	2025	2026	2025
Gross copper sales	$1.5	$0.6	$2.2	$0.6
Copper tonnes sold	111	57	167	57
Realized copper price per tonne	$13,190	$9,820	$13,097	$9,820

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 advancing the Company’s growth initiatives in the second half of the year; mine complex ramp-up at the Terronera project; 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.

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