What factors drove the changes in Endeavour Silver's revenue and profit?

What were the key takeaways from Endeavour Silver's earnings call?

What is the revenue and EPS growth rate for Endeavour Silver year over year?

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

What guidance did Endeavour Silver's management provide for the next earnings period?

Did Endeavour Silver beat or miss consensus estimates last quarter?

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What is Endeavour Silver's latest dividend and current dividend yield?

- **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.


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