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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EXK

EXK fundamentals

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