Endeavour Silver (EXK) Q3 2026 earnings summary

Executive summary

• Q3 silver-equivalent production reached 3.61M oz, up from 3.04M oz YoY; silver and gold output rose 19% and 39%, respectively.

• Revenue increased 29% to $184.5M, while mine operating cash flow before taxes rose 139% to $94.7M.

• Higher realized metal prices supported stronger earnings; cash costs and AISC declined YoY to $16.55/oz and $29.54/oz.

Financial highlights

• Q3 realized prices were $62.42/oz silver and $4,290/oz gold, up 62% and 21% YoY.

• Mine operating earnings were $68.7M vs. $15.6M YoY; operating earnings were $53.5M vs. $1.8M.

• Net earnings were $26.4M vs. a $42.0M loss YoY; adjusted net earnings were $42.1M vs. a $2.0M loss.

• Q3 EBITDA was $66.6M vs. a $13.0M loss; adjusted EBITDA was $83.4M vs. $27.9M.

• 9M revenue was $606.3M, net earnings $157.8M and adjusted net earnings $146.0M.

Outlook and guidance

• FY26 production guidance is 7.8–8.1M oz silver, 42,000–43,500 oz gold and 13.7–14.3M oz AgEq.

• FY26 direct operating cost guidance is $170–$180/t at Terronera and $155–$165/t consolidated; management expects costs to trend down.

• Terronera grades are expected to remain near Q3 levels in Q4, with potential modest gains; 2027 grades are expected to be higher, and La Luz could contribute mid-to-late year.

• Pitarrilla’s feasibility study was nearing completion, with release expected within 10 days; the construction decision is targeted for mid-2027, subject to the tailings-dam permit.

• Pitarrilla production timing is targeted for Q1 2030; timing also depends on cash-flow conditions.