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What does Endeavour Silver do and what are its main business segments?

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Did Endeavour Silver beat or miss consensus estimates last quarter?

- **Operational Resilience**: Recovered from security disruptions, transitioning to LNG to reduce costs by $8/ton.
- **Record Growth**: 2025 revenue up 115% to $468 million, production 11 million oz silver equivalent (48% YoY increase).
- **Cost Optimization**: 2026 targeting cost reductions through LNG, workforce efficiency, and higher-grade mining.
- **Strategic Projects**: $68 million invested in Pitarrilla feasibility, with permitting for 2027 construction.
- **Market Position**: Well-positioned for silver price strength, with diversified assets reducing currency risk.


**【CEO Summary Section】**
- **Operational Challenges at Terronera**: Temporary shutdown due to security events in Mexico, resuming operations February 25. Transitioning from diesel to LNG power in Q2 2026 to reduce costs and improve stability.
- **Market Momentum**: Silver and gold prices elevated due to inflation, geopolitical tensions, and industrial demand. 2025 revenue reached $468 million, up 115% YoY, with production of 11 million ounces of silver equivalent.
- **2025 Milestones**: Kolpa acquisition, Terronera commercial production in October, and Bolanitos mine sale. Q4 2025 production: 4 million silver equivalent ounces (146% YoY increase).
- **Cost Management**: Direct operating costs per ton rising due to higher metal prices, royalties, and third-party ore purchases. All-in sustaining costs elevated in Q4 due to one-time CapEx ($16.3 million) and corporate G&A expenses.
- **2026 Outlook**: Expected cost reductions through LNG transition, workforce optimization, and higher-grade zones at Terronera. Kolpa capacity expansion to 2,500 tpd by Q2 2026.

**【CFO Financial Commentary】**
- **Financial Results**: 2025 revenue $468 million, mine operating cash flow $156 million. Q4 2025 adjusted net earnings $4.8 million, impacted by derivative losses and financing costs.
- **Cost Structure**: Cash costs $19/oz, driven by production profile changes. Direct operating costs per ton include royalties, duties, and third-party ore purchases.
- **Liquidity**: $215 million cash as of December 2025, supporting strategic initiatives like Pitarrilla development ($68 million budgeted for 2026).

**【Q&A Key Highlights】**
- **Terronera Operational Improvements**: Electrical stability with LNG transition, expected cost reduction of $8/ton. Q1 2026 grades improving, targeting higher-grade zones in H2 2026.
- **Capital Expenditure**: $56 million budgeted for 2026, including one-time items like LNG plant and waste dump development. Sustaining CapEx expected to decline post-2026.
- **Pitarrilla Progress**: Feasibility study targeted for Q3 2026, with permitting for tailings storage facility expected in Q1 2027. $68 million investment to advance engineering and procurement.
- **Currency Risk Management**: Limited Mexican peso hedges due to unfavorable exchange rates, diversification benefits from Kolpa reducing peso exposure.
- **Derivative Hedge Impact**: Remaining gold hedge liability ($50,000 oz) to unwind by Q2 2027, affecting balance sheet but not operational decisions.


Endeavour Silver Corp (EXK) Q4 2025 Earnings Call Transcript

- **Production Expansion**: Q3 silver-equivalent production up 88% YoY, driven by Colpa and Guanacevi. Terronera now in commercial production at 90% capacity.
- **Revenue Surge**: $111M revenue (+109% YoY) reflects higher metal prices and expanded output. Mine operating cash flow up 102%.
- **Cost Challenges**: AISC rose to $30.53/oz due to exploration, lower grades, and third-party ore purchases. Terronera commissioning costs included $3.6M loss.
- **Future Growth**: 350,000 tpd throughput expected at Terronera over six months, targeting higher-grade zones in mid-2026. Colpa expansion to 2,500 tpd under evaluation.
- **Liquidity & Risk**: $57M cash on hand, but $39M derivative liability sensitive to gold price fluctuations. Free cash flow expected in Q4/Q1 from Terronera.


**【CEO Summary Section】**
- **Q3 Production Milestones**: Achieved 1.8 million ounces of silver and 7,300 ounces of gold, totaling 3 million silver-equivalent ounces, an 88% YoY increase. This excludes Terronera, which entered commercial production in October.
- **Revenue Growth**: Reported $111 million revenue, up 109% YoY, driven by higher metal prices and expanded production from Colpa and Guanacevi.
- **Cost Dynamics**: Mine operating cash flow rose 102%, but cash costs increased to $18/oz due to higher royalties, exploration at Colpa, and lower grades at Guanacevi. All-in sustaining costs (AISC) rose to $30.53/oz.
- **Terronera Commissioning**: Operated at 90% of 2,000 tpd design capacity, with plans for 350,000 tpd throughput over six months. Mid-2026 targets 120g/t silver and 2.5g/t gold zones.
- **Colpa Integration**: Produced 1.3 million silver-equivalent ounces, slightly below expectations due to lower grades. $1.5 million spent on exploration to validate historical resources.
- **Balance Sheet**: Cash position of $57 million as of Q3, with $39 million derivative liability from gold hedges. No ATM usage in Q3, but evaluating refinancing options post-commercial production.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net loss of $37.5 million (vs. $12.5M mine operating earnings YoY). Non-GAAP metrics not disclosed, but focus on mine operating cash flow growth.
- **Cost Breakdown**: AISC includes $2.3M mark-to-market charge for deferred share units. Exploration and facility upgrades at Colpa drove incremental costs.
- **Liquidity**: $57M cash, with no debt repayment pressure. Derivative liability sensitivity to gold prices complicates short-term profitability.

**【Q&A Highlights】**
- **Terronera Downtime**: 7-day shutdown in Q3 due to electrical issues, resolved in October. No significant downtime in Q4 to date.
- **Colpa Performance**: Throughput slightly higher than expected, but lower grades and exploration costs drove higher AISC. Permitting underway for 2,500 tpd expansion.
- **Free Cash Flow Outlook**: Expect Q4/Q1 free cash flow from Terronera, contingent on LNG plant permit approval to reduce diesel costs.
- **Capital Allocation**: Prioritize Pitarrilla feasibility study (mid-2026) over shareholder returns. Refinancing project loan hedges under consideration.
- **Derivative Impact**: $39M Q3 mark-to-market loss on gold hedges. 57,000 oz remaining at $2,325 strike, creating volatility risk as gold prices stabilize.


Endeavour Silver Corp (EXK) Q3 2025 Earnings Call Transcript

- **Transformative Quarter**: 13% production growth to 2.5M silver-equivalent ounces, 46% revenue surge to $85M, and 21% mine operating cash flow increase.
- **Terronera Progress**: Near commercial production with 1,900-2,000 tpd throughput, targeting 90% of historical recoveries (88% silver, 76% gold).
- **Kolpa Expansion**: $12.5M capital required for 2,500 tpd expansion; integration costs temporary, with costs expected to align with 2024 levels.
- **Cash Flow Outlook**: Working capital to improve in H2 as Terronera generates positive cash flow, supporting debt reduction and growth.
- **No Silver Hedging**: Shareholders to benefit from silver price exposure; existing gold hedges to be unwound as debt is paid down.

**【CEO Opening Remarks】**
- Q2 2025 marked a transformative quarter with the commissioning of Terronera and the integration of Kolpa, driving a 13% increase in silver-equivalent production to 2.5 million ounces.
- Revenue surged 46% YoY to $85 million, benefiting from higher metal prices and increased production. Mine operating cash flow rose 21%, with cash costs at $15.35/oz and AISC at $25/oz (net of byproduct credits).
- Net loss of $20 million was attributed to Terronera's commissioning costs ($6M), higher G&A from Kolpa, and non-cash derivative losses.
- Cash position stood at $52M, with working capital negative due to Terronera's ramp-up, expected to improve as commercial production begins.

**【Terronera Update】**
- Throughput averaged 1,900-2,000 tpd in July, with recoveries at 71% silver and 67% gold. Management aims to reach 90% of historical recoveries (88% silver, 76% gold) by optimizing grind size in the SAG mill.
- Commercial production expected soon, with plans to process higher-grade material to enhance recoveries and maintain 2,000 tpd throughput.

**【Kolpa Integration】**
- May-June production tracked at 4.8M silver-equivalent ounces annually, aligning with Kolpa's 2024 performance. Expansion to 2,500 tpd requires $12.5M in capital and permits, with no timeline yet set.
- Integration costs impacted Q2 operating expenses, but management expects costs to align with 2024 levels as production stabilizes.

**【Q&A Highlights】**
- **Terronera Ramp-Up**: Recoveries improving with optimized grind size; commercial production near. Q2 recoveries were lower due to lower-grade ore and mill adjustments.
- **Kolpa Costs**: Integration costs drove higher per-ton costs, but expected to decline as production stabilizes. Expansion to 2,500 tpd will require additional capital and permits.
- **Exploration**: Kolpa's exploration program ($12M over 24 months) targeting new resources; early results expected by mid-September. Pitarrilla study delayed due to Terronera priorities.
- **Hedging Policy**: No plans to hedge silver; existing gold hedges ($68K oz at $2,325) will be unwound as debt is paid down.
- **Working Capital**: Expected to improve in H2 as Terronera generates positive cash flow, supporting debt reduction and future growth.


Endeavour Silver Corp. (EXK) Q2 2025 Earnings Call Transcript

- **Production Milestone**: Q1 1.9M silver eq oz; Terronera ramp-up on track for 20M+ annualized production by year-end.
- **Strategic Acquisitions**: Kolpa adds 5M oz/year with $12M exploration budget to validate 118M oz resource.
- **Financial Resilience**: $65M cash balance supports high-risk ramp-up; hedging limits volatility but creates mark-to-market noise.
- **Cost Efficiency**: All-in sustaining costs $24.48/oz (below guidance), driven by byproduct credits.
- **Growth Catalysts**: 90-day Terronera ramp-up target; Kolpa expansion to 2,500 tpd with $12-16M capital spend.

**【CEO Key Highlights】**
- **Q1 Production Growth**: 1.2 million oz silver and 8,300 oz gold (1.9M silver eq oz), revenue $64M, flat vs prior year but benefiting from higher metal prices.
- **Terronera Milestone**: First concentrate produced in Q1, commissioning underway with 90-day ramp-up target. Full production expected to add ~20M silver eq oz annually.
- **Kolpa Acquisition**: 5M silver eq oz/year production from existing infrastructure, with $12M 24-month exploration budget to validate 118M oz historical resource.
- **Financial Performance**: Net loss $32.9M due to mark-to-market hedging loss; adjusted loss $0.2M vs $0.3M prior year. Cash costs $15.89/oz (below guidance), cash balance $65M.

**【CFO Financial Update】**
- **Cost Management**: Direct operating costs flat vs prior year despite 6% lower throughput. All-in sustaining costs $24.48/oz (net of gold credits).
- **Capital Allocation**: $7M remaining in Terronera build costs; no additional capital needed for ramp-up. Q2 cash outflows expected to slow as commissioning nears completion.
- **Liquidity Position**: Working capital $15M; monitoring cash closely during high-risk ramp-up phase. Project loan facility at 3.75%+ overnight rate provides flexibility for refinancing post-commercial production.

**【Q&A Key Takeaways】**
- **Terronera Ramp-Up**: 90-day timeline from May 1; costs will be expensed in Q2. Management prioritizing throughput consistency over formal guidance until stability achieved.
- **Kolpa Expansion**: $12-16M to increase capacity to 2,500 tpd. Exploration focused on validating historical resources and identifying new structures.
- **Risk Management**: Hedging contracts limit downside but create accounting volatility. Cash position sufficient to fund ramp-up without additional equity.
- **2025 Outlook**: Target 20M silver eq oz annualized production by year-end, driven by Terronera and Kolpa additions.

Endeavour Silver Corp. (EXK) Q1 2025 Earnings Call Transcript

- **Production Record:** Achieved 7.6M oz silver equivalent, top of revised guidance range, despite Guanacevi trunnion failure
- **Financial Strength:** $218M revenue (+6% YoY), $72M mine operating cash flow, $106M cash position
- **Cost Efficiency:** 4% lower cash costs ($12.99/oz), offsetting 4% higher all-in sustaining costs
- **Project Momentum:** Terronera 89% complete, on track for Q3 2025 commercial production; Pitarrilla $26.6M budget allocated for 2025
- **Currency Benefit:** MXN depreciation reduced direct operating costs by $5M in 2024

**【CEO Summary Section】**
- 2024 silver equivalent production reached 7.6 million ounces, achieving the upper end of the revised guidance range (7.3-7.6M oz). Key challenges included a trunnion failure at Guanacevi, which impacted throughput from August to December but was resolved by year-end.
- Revenue increased 6% YoY to $218 million, with mine operating cash flow of $72 million and adjusted net earnings of $8 million ($0.03 EPS). Cost of sales rose 4% due to lower economies of scale, fixed costs from the trunnion failure, and inflationary pressures, partially offset by MXN depreciation.
- Consolidated cash cost per ounce decreased 4% to $12.99, driven by higher byproduct gold sales. All-in sustaining costs increased 4% to $23.88/oz due to lower silver production.
- As of Q4 2024, cash position was $106 million, with $73 million raised to advance the Pitarrilla project and general working capital.

**【CFO Financial Commentary】**
- 2024 financial highlights:
  - Revenue: $218M (+6% YoY)
  - Mine operating earnings: $42M
  - Cash cost per ounce: $12.99 (-4% YoY)
  - All-in sustaining cost: $23.88/oz (+4% YoY)
  - Adjusted net earnings: $8M ($0.03 EPS)
- Key cost drivers:
  - 33% of costs tied to MXN labor
  - 50-60% of remaining costs exposed to MXN
  - 80% of Guanacevi production sourced from El Curso lease with 16% NSR royalty at current silver prices

**【Q&A Highlights】**
1. **Pitarrilla Project (2025 Budget):** 
   - $26.6M allocated for drilling ($10M), mobile equipment, and technical studies
   - Economic assessment expected Q1 2026
   - No 2026 capital expenditure planned until feasibility study complete

2. **Terronera Progress:**
   - Construction completion: 89% as of Dec 31, 2024
   - Wet commissioning target: mid-April 2025
   - Commercial production: Q3 2025
   - Filter presses identified as critical path item

3. **Cost Pressures & Currency Impact:**
   - 50-60% of costs exposed to MXN depreciation
   - 2024 MXN weakening offset $5M in direct operating costs
   - El Curso royalty cost: ~$55/tonne (~$5/oz Ag) at current silver prices

Actual									-0.11	-0.02	0	0.13	-0.03	0.01	-0.03	0	0.07	-0.02	-0.02	0.04	0.05	0.01	-0.04	0.02	0	0	0.01	0.02	0	-0.03	-0.01	0.02
Forecast									-0.0271	-0.0353	0.0376	0.0553	0.0232	0.0307	0.0222	0.0381	0.0451	0.0135	0.0083	0.038	0.025	0.0121	0.0098	0.0156	0.022	0.0165	0.0017	-0.0133	0.0057	0.0079	-0.01	0.0514
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-305.90%	+43.34%	-100.00%	+135.08%	-229.31%	-67.43%	-235.14%	-100.00%	+55.21%	-248.15%	-340.96%	+5.26%	+100.00%	-17.36%	-508.16%	+28.21%	-100.00%	-100.00%	+488.24%	+250.38%	-100.00%	-479.75%	0.00%	-61.09%

EXK

EXK fundamentals

EXK Q4 2025 Earnings

Earnings Call

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EXK

EXK fundamentals

EXK Q4 2025 Earnings

Earnings Call

EXK Earnings Call Summary for Q4/20251:00 PM on Feb 27, 2026

EXK Earnings Call Summary for Q3/20251:00 PM on Nov 7, 2025

EXK Earnings Call Summary for Q2/20251:00 PM on Aug 13, 2025

EXK Earnings Call Summary for Q1/20251:00 PM on May 13, 2025

EXK Earnings Call Summary for Q4/20241:00 PM on Mar 11, 2025

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