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Endeavour Silver (EXK) investor relations material
Endeavour Silver Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 marked a transformational period with Terronera reaching commercial production and Kolpa's first full quarter, significantly expanding operational capabilities and market position, and driving an 88% year-over-year rise in silver equivalent production to 3.0 million oz (excluding Terronera).
Operating four producing mines in Mexico and Peru, with a robust pipeline of exploration projects supporting organic growth and a target of 30 million silver equivalent ounces annual production by 2030.
Revenue rose 109% year-over-year to $111 million, benefiting from higher metal prices and increased output.
Financial highlights
Consolidated 2025 production reached 4.37M oz Ag, 22,978 oz Au, totaling 7.44M oz AgEq, with Kolpa contributing 2.0M oz Ag and Terronera producing 212,043 oz Ag and 6,256 oz Au in Q3.
Revenue from operations increased 77% year-over-year to $94.5 million, with adjusted EBITDA up 103% to $28.2 million.
Mine operating earnings grew to $15.6 million, with Kolpa contributing $3.9 million and Terronera posting a $3.6 million loss during commissioning.
Net loss for Q3 2025 was $42.0 million, mainly due to a $39 million loss on derivative contracts related to gold hedges.
Cash position at quarter-end was $57 million.
Outlook and guidance
Terronera forecasts throughput of 350,000 tons over the next six months, with average grades of 120 g/t silver and 2.5 g/t gold; higher-grade zones expected to be accessed mid-2026.
Annualized 2026 production and cost guidance for Terronera to be issued in January 2026.
Kolpa expected to align with historical benchmarks of 5 million silver equivalent ounces annually.
Free cash flow anticipated in Q4 2025 and Q1 2026, driven by Terronera's transition to commercial production.
Pitarrilla feasibility study expected mid-2026, with $25.7M budgeted for 2025 studies and development.
Terronera's Q3 operating loss was $3.6M. How will its commercial production impact consolidated AISC?
Q3 derivative loss was $39M. What is the hedging strategy going forward?
Working capital shifted to $56.1M deficit. What are the primary drivers?
Quantify LNG permit delay impact on Terronera costs
Kolpa expansion: What are the mine-side challenges?
Strategy for gold derivative contract exposure
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Next Endeavour Silver earnings date
Q4 202511 Mar, 2026
Next Endeavour Silver earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Endeavour Silver Corp. is a Canadian mining company focused on the exploration, development, and production of silver and gold properties in Mexico. The company operates several underground mines and is involved in the exploration of additional mineral resources to expand its production capacity. The company is headquartered in Vancouver, Canada, and its shares are listed on the NYSE.
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