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 $214.4 million in working capital as at June 30, 2026.
- Higher Production Capacity: A significant portion of the plant expansion at Kolpa was commissioned at the end of Q1 2026, resulting in a 36% increase in throughput during Q2 2026 compared to Q1 2026.
- Terronera LNG Plant: The LNG plant began commissioning in June and is now in operation, with mine complex ramp-up through Q3 2026.
Financial Overview
Three Months Ended June 30Q2 2026 HighlightsSix months Ended June 30202620254
% Change 2026320254% Change Production 1,943,9551,483,73631%Silver ounces produced3,819,3292,689,52942%10,4747,75535%Gold ounces produced22,21516,09338%6,2073,50377%Lead tonnes produced11,1463,503218%3,9892,31672%Zinc tonnes produced6,8312,316195%3,437,7942,528,56236%Silver equivalent ounces produced(1)6,779,7374,401,40154%23.5215.3553%Cash costs per silver ounce ($)(2)23.0315.5948%36.6925.2545%Total production costs per ounce ($)(2)35.9624.7945%36.8925.1647%All-in sustaining costs per ounce ($)(2)36.9624.8549%509,576303,82868%Processed tonnes966,232513,33588%161.73142.0014%Direct operating costs per tonne ($)(2)173.63142.3022%219.62201.249%Direct costs per tonne ($)(2)236.97203.7016% Financial 212.185.3149%Revenue from operations ($ millions)421.8148.8183%2,054,1081,455,68041%Silver ounces sold3,696,3282,679,36438%10,8237,70640%Gold ounces sold21,76616,24434%70.1632.95113%Realized silver price per ounce ($)77.1832.52137%4,3053,32030%Realized gold price per ounce ($)4,6723,11050%-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%74.07.7855%Mine operating earnings ($ millions)167.520.6714%99.922.9336%Mine operating cash flow before taxes ($ millions)(2)214.545.0377%45.014.4213%Operating cash flow before working capital changes(2)83.822.7269%110.91.47807%EBITDA ($ millions)(2)223.5(16.7)1439%90.010.8736%Adjusted EBITDA ($ millions)(2)198.425.9666%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%0.150.05200%Operating cash flow before working capital changes per share ($)(2)0.280.08250%296,096283,5344%Basic weighted average shares outstanding (‘000)295,892272,9888%
(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 websiteContact Information
Allison Pettit
Vice President, Investor Relations
Email: [email protected]
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. dollarsAs at June 30, 2026As at December 31, 2025Current assets $435.4 $423.2Current liabilities 221.0 276.8Working capital $214.4 $146.4
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
June 30
Six Months Ended
June 30
2026202520262025Net 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)10.14.142.0(Gain) on sale of Bolañitos(0.9)-(36.5)-Acquisition costs-3.6-3.6Change in fair value of investments4.3(0.2)8.4(0.3)Change in fair value of cash settled DSUs(1.0)0.6(1.1)1.2Adjusted net earnings (loss)$44.8($9.2)$104.0($9.4)Basic weighted average share outstanding (‘000)296,096283,534295,892272,988Adjusted 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. dollarsThree Months EndedJune 30
Six Months Ended
June 30
2026202520262025Mine operating earnings per financial statements$74.0$7.7$167.5$20.6Share-based compensation0.20.20.40.2Depreciation25.715.046.524.2Mine 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
June 30Six Months Ended
June 30(except for per share amounts)2026202520262025Cash from operating activities per financial statements$39.8$21.5$60.6$24.9Net changes in non-cash working capital per financial statements(5.1)7.2(23.2)2.2Operating cash flow before working capital changes$44.9$14.3$83.8$22.7Basic weighted average shares outstanding (‘000)296,096283,534295,892272,988Operating cash flow before working capital changes per share$0.15$0.05$0.28$0.08
Reconciliation of EBITDA and Adjusted EBITDA
June 30Six Months Ended
June 30 2026202520262025Net earnings (loss) for the period per financial statements$66.5($20.5)$131.4($53.4)Depreciation – cost of sales25.715.046.524.2Depreciation – exploration, evaluation and development0.2-0.30.3Depreciation – general & administration0.10.10.20.2Finance costs5.40.810.91.0Current income tax expense10.79.144.514.4Deferred income tax expense (recovery)2.3(3.2)(10.5)(3.4)EBITDA$110.9$1.4$223.5($16.7)Share based compensation0.91.72.32.2Unrealized foreign exchange (gain) loss(3.0)(2.8)(2.4)(2.5)(Gain) loss on derivatives, copper stream and contingent liabilities revaluations(21.3)10.14.142.0(Gain) on sale of Bolañitos(0.9)-(36.5)-Change in fair value of investments4.3(0.2)8.4(0.3)Change in fair value of cash settled DSUs(1.0)0.6(1.1)1.2Adjusted EBITDA$90.0$10.8$198.4$25.9Basic weighted average shares outstanding (‘000)296,096283,534295,892272,988Adjusted 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. dollarsThree Months Ended
June 30, 2026TerroneraGuanacevíBolañitosKolpaTotalDirect production costs per financial statements$29.3$37.8-$33.9$101.0Purchase of the third-party material-(15.2)-(0.9)(16.1)Smelting and refining costs included in revenue1.4--2.94.3Opening finished goods(2.2)(17.6)-(1.4)(21.3)Closing finished goods1.312.3-0.914.5Direct operating costs29.817.3-35.382.4Purchase of the third-party material-15.2-0.916.1Royalties2.37.9-1.111.2Special mining duty (1)1.7(0.7)-1.12.2Direct costs33.839.7-38.4111.9By-products sales(31.8)(14.8)-(25.6)(72.2)Opening by-products inventory fair market value2.66.4-1.310.4Closing by-products inventory fair market value(1.6)(3.6)-(0.8)(6.1)Cash costs net of by-products3.027.8-13.344.0Depreciation9.97.4-8.325.7Share-based compensation0.1--0.10.2Opening finished goods depreciation(0.6)(3.5)-(0.3)(4.4)Closing finished goods depreciation0.42.6-0.23.1Total 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.
June 30, 2026TerroneraGuanacevíBolañitosKolpaTotalThroughput tonnes175,729100,439-233,408509,576Payable silver ounces582,043691,401-599,3231,872,767 Cash costs per silver ounce$5.07$40.17-$22.23$23.52Total production costs per ounce$21.93$49.65-$36.08$36.69Direct operating costs per tonne$169.49$172.22-$151.38$161.73Direct costs per tonne$192.13$395.39-$164.68$219.62
Three Months Ended
June 30, 2025TerroneraGuanacevíBolañitosKolpaTotalDirect production costs per financial statements-$23.1$11.6$16.3$51.0Purchase of the third-party material-(10.0)--(10.0)Smelting and refining costs included in revenue--0.31.11.4Opening finished goods-(4.8)(1.3)(0.6)(6.7)Closing finished goods-5.90.90.67.4Direct operating costs-14.211.517.443.1Purchase of the third-party material-10.0--10.0Royalties-6.20.2-6.4Special mining duty (1)-1.10.40.11.7Direct costs-31.512.117.561.1By-products sales-(11.6)(14.0)(13.3)(38.9)Opening by-products inventory fair market value-2.21.40.54.2Closing by-products inventory fair market value-(2.3)(1.3)(0.5)(4.1)Cash costs net of by-products-19.8(1.7)4.222.3Depreciation-6.32.75.214.2Share-based compensation-0.1--0.1Opening finished goods depreciation-(1.6)(0.4)(0.1)(2.1)Closing finished goods depreciation-1.80.20.12.2Total production costs-$26.4$0.9$9.4$36.7
June 30, 2025TerroneraGuanacevíBolañitosKolpaTotalThroughput tonnes-96,83488,098118,896303,828Payable silver ounces-994,882100,183359,3471,454,412 Cash costs per silver ounce-$19.91($17.26)$11.81$15.35Total production costs per ounce-$26.55$8.92$26.20$25.25Direct operating costs per tonne-$147.11$131.06$145.95$142.00Direct costs per tonne-$325.40$137.72$147.20$201.24
Six Months Ended
June 30, 2026TerroneraGuanacevíBolañitosKolpaTotalDirect production costs per financial statements$63.1$61.7$1.7$58.4$185.0Purchase of the third-party material-(25.6)-(1.9)(27.4)Smelting and refining costs included in revenue2.60.2-5.58.3Opening finished goods(3.0)(8.6)(0.2)(0.8)(12.6)Closing finished goods1.312.3-0.914.5Direct operating costs64.040.11.662.1167.8Purchase of the third-party material-25.6-1.927.4Royalties4.715.0-2.622.4Special mining duty (1)6.12.80.22.411.4Direct costs74.883.41.869.0229.0By-products sales(74.3)(24.9)(2.5)(43.2)(144.8)Opening by-products inventory fair market value3.03.20.10.66.9Closing by-products inventory fair market value(1.6)(3.6)-(0.8)(6.1)Cash costs net of by-products1.958.1(0.6)25.685.0Depreciation19.412.1-15.146.5Share-based compensation0.20.1-0.20.4Opening finished goods depreciation(0.5)(1.8)-(0.2)(2.4)Closing finished goods depreciation0.42.6-0.23.1Total production costs$21.3$71.1($0.6)$40.9$132.6
June 30, 2026TerroneraGuanacevíBolañitosKolpaTotalThroughput tonnes351,147195,96313,988405,135966,232Payable silver ounces1,092,5651,476,89517,6681,100,7813,687,909 Cash costs per silver ounce$1.70$39.33($34.70)$23.27$23.03Total production costs per ounce$19.47$48.12($34.69)$37.15$35.96Direct operating costs per tonne$182.29$204.43$113.74$153.30$173.63Direct costs per tonne$212.97$425.53$130.37$170.25$236.97
Six Months Ended
June 30, 2025TerroneraGuanacevíBolañitosKolpaTotalDirect production costs per financial statements-$48.5$21.3$16.3$86.1Purchase of the third-party material-(15.9)--(15.9)Smelting and refining costs included in revenue--0.81.11.9Opening finished goods-(5.4)(0.5)(0.6)(6.5)Closing finished goods-5.90.90.67.4Direct operating costs-33.122.617.473.0Purchase of the third-party material-15.9--15.9Royalties-12.30.3-12.6Special mining duty (1)-2.10.90.13.1Direct costs-63.323.717.5104.6By-products sales-(24.4)(26.0)(13.3)(63.7)Opening by-products inventory fair market value-3.20.80.54.5Closing by-products inventory fair market value-(2.3)(1.3)(0.5)(4.1)Cash costs net of by-products-39.8(2.7)4.041.3Depreciation-12.95.45.223.4Share-based compensation-0.10.1-0.2Opening finished goods depreciation-(1.2)(0.1)(0.1)(1.4)Closing finished goods depreciation-1.80.20.12.2Total production costs-53.42.89.465.6
June 30, 2025TerroneraGuanacevíBolañitosKolpaTotalThroughput tonnes-199,272195,167118,896513,335Payable silver ounces-2,007,163281,260359,3472,647,770 Cash costs per silver ounce-$19.82($9.75)$11.81$15.59Total production costs per ounce-$26.60$10.04$26.20$24.79Direct operating costs per tonne-$166.30$115.56$145.95$142.30Direct costs per tonne-$317.75$121.69$147.20$203.70
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Three Months Ended
June 30, 2026TerroneraGuanacevíBolañitosKolpaTotalCash costs net of by-products$3.0$27.8-$13.3$44.0Operations share-based compensation0.1--0.10.2Corporate general and administrative0.80.6-0.82.1Corporate share-based compensation0.20.2-0.20.7Reclamation - amortization/accretion0.10.1-0.10.3Mine site expensed exploration0.40.4-1.01.9Equipment loan payments0.8--0.20.9Capital expenditures sustaining10.07.0-1.918.9All-In-Sustaining Costs$15.4$36.1-$17.6$69.1Growth exploration, evaluation and development 4.3Growth capital expenditures 8.9All-In-Costs $82.3
June 30, 2026TerroneraGuanacevíBolañitosKolpaTotalThroughput tonnes175,729100,439-233,408509,576Payable silver ounces582,043691,401-599,3231,872,767Silver equivalent production (ounces)1,298,268955,070-1,184,4573,437,794All-in-Sustaining cost per ounce$26.42$52.20-$29.40$36.89
Three Months Ended
June 30, 2025TerroneraGuanacevíBolañitosKolpaTotalCash costs net of by-products-$19.8($1.7)$4.2$22.3Operations share-based compensation-0.1--0.1Corporate general and administrative-1.10.34.86.2Acquisition costs---(3.6)(3.6)Corporate share-based compensation-0.80.30.31.4Reclamation - amortization/accretion-0.20.1-0.3Mine site expensed exploration---1.01.1Equipment loan payments---0.10.1Capital expenditures sustaining-4.81.72.38.8All-In-Sustaining Costs-$26.7$0.7$9.2$36.6Acquisition costs 3.6Growth exploration, evaluation and development 3.6Growth capital expenditures 45.4All-In-Costs $89.2
June 30, 2025TerroneraGuanacevíBolañitosKolpaTotalThroughput tonnes-96,83488,098118,896303,828Payable silver ounces-994,882100,183359,3471,454,412Silver equivalent production (ounces)-1,282,853440,678805,0322,528,562All-in-Sustaining cost per ounce-$26.81$7.04$25.66$25.16
Six Months Ended
June 30, 2026TerroneraGuanacevíBolañitosKolpaTotalCash costs net of by-products$1.9$58.1($0.6)$25.6$85.0Operations share-based compensation0.20.1-0.20.4Corporate general and administrative2.11.60.11.75.5Corporate share-based compensation0.70.5-0.61.8Reclamation - amortization/accretion0.20.3-0.10.6Mine site expensed exploration0.70.9-2.44.0Equipment loan payments1.7--0.42.0Capital expenditures sustaining19.412.70.24.837.0All-In-Sustaining Costs$26.8$74.2($0.4)$35.7$136.3Growth exploration, evaluation and development 7.1Growth capital expenditures 14.7All-In-Costs $158.1
June 30, 2026TerroneraGuanacevíBolañitosKolpaTotalThroughput tonnes351,147195,96313,988405,135966,232Payable silver ounces1,092,5651,476,89517,6681,100,7813,687,909Silver equivalent production (ounces)2,594,6161,997,84962,7662,124,5076,779,737 All-in-Sustaining cost per ounce$24.50$50.22($20.22)$32.46$36.96
Six Months Ended
June 30, 2025TerroneraGuanacevíBolañitosKolpaTotalCash costs net of by-products-$39.8($2.7)$4.2$41.3Operations share-based compensation-0.10.1-0.2Corporate general and administrative-3.81.44.89.9Acquisition costs---(3.6)(3.6)Corporate share-based compensation-1.10.40.31.8Reclamation - amortization/accretion-0.30.2-0.5Mine site expensed exploration-0.30.21.01.5Equipment loan payments---0.10.1Capital expenditures sustaining-8.23.62.314.2All-In-Sustaining Costs -$53.5$3.1$9.2$65.8Acquisition costs $3.6Growth exploration, evaluation and development $7.4Growth capital expenditures $81.6All-In-Costs $158.4
June 30, 2025TerroneraGuanacevíBolañitosKolpaTotalThroughput tonnes-199,272195,167118,896513,335Payable silver ounces-2,007,163281,260359,3472,647,770Silver equivalent production (ounces)-2,617,300979,070805,0324,401,401 All-in-Sustaining cost per ounce-$26.65$10.98$25.66$24.85
Reconciliation of Sustaining Capital and Growth Capital
Three Months Ended
June 30Six Months Ended
June 302026202520262025Capital expenditures sustaining$18.9$8.8$37.0$14.2Growth capital expenditures8.945.414.781.6Property, plant and equipment expenditures per Consolidated Statement of Cash Flows$27.8$54.2$51.7$95.7
Three Months Ended
June 30Six Months Ended
June 302026202520262025Mine site expensed exploration$1.9$1.1$4.0$1.5Growth exploration, evaluation and development4.33.67.17.4Total exploration, evaluation and development6.24.711.08.9Exploration, evaluation and development depreciation0.2-0.30.3Exploration, evaluation and development share-based compensation-0.20.10.3Exploration, evaluation and development expense$6.4$4.9$11.5$9.5
Reconciliation of Realized Metal Prices Per Ounce
Unless otherwise stated
Three Months Ended
June 30Six Months Ended
June 3020262025(1)20262025(1)Gross silver sales$144.1$48.9$285.3$88.0Silver ounces sold2,054,1081,483,3113,696,3282,706,995Realized 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.
Unless otherwise stated
Three Months Ended
June 30Six Months Ended
June 3020262025(1)20262025(1)Gross gold sales$46.6$28.0$101.7$52.8Gold ounces sold10,8238,43121,76616,969Realized 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. dollarsUnless otherwise stated
Three Months Ended
June 30Six Months Ended
June 302026202520262025Gross lead sales$11.5$6.7$20.5$6.7Lead tonnes sold5,9563,34410,4983,344Realized lead price per tonne$1,938$2,014$1,950$2,014
Unless otherwise stated
Three Months Ended
June 30Six Months Ended
June 302026202520262025Gross zinc sales$11.4$5.6$18.4$5.6Zinc tonnes sold3,4541,9745,7491,974Realized zinc price per tonne$3,299$2,847$3,208$2,847
Unless otherwise stated
Three Months Ended
June 30Six Months Ended
June 302026202520262025Gross copper sales$1.5$0.6$2.2$0.6Copper tonnes sold1115716757Realized 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.