Contradictions in Terronera's Ramp-Up: Insights from Q2 2025 Earnings Call

Silver Production and Terronera Commissioning:
- Endeavour Silver produced 1.5 million ounces of silver and 7,800 ounces of gold in Q2, totaling approximately 2.5 million silver equivalent ounces, representing a 13% increase compared to Q2 2024.
- This increase was primarily due to the inclusion of the new mine in Peru, Kolpa, and the ongoing commissioning process at Terronera.

Revenue and Precious Metal Prices:
- Endeavour Silver reported revenue of $85 million for Q2, an increase of 46% compared to the previous year.
- The growth in revenue was primarily driven by higher precious metal prices and increased production.

Operating Cash Flow and Costs:
- Mine operating cash flow before working capital changes rose by 21%, while operating costs remained below guidance.
- The decrease in mine operating earnings to $7.7 million from $10.2 million in Q2 2024 was impacted by a $6 million loss at Terronera during the commissioning phase and increased depreciation.

Kolpa Integration and Exploration Potential:
- The acquisition and integration of the Minera Kolpa mine were progressing well, with initial production output aligning with historical performance.
- There is considerable exploration potential at Kolpa, with Endeavour focusing on systematic surface exploration to enhance resource definition and assist in future mine planning.