Endeavour Silver (EXK) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with record revenue of $467.5 million, driven by the acquisition of Kolpa, Terronera achieving commercial production, and the sale of Bolanitos closing in January 2026.

• Silver equivalent production rose 48% to 11.2 million ounces, with three operating mines in Mexico and Peru and advanced exploration projects supporting organic growth.

• Terronera Mine commenced commercial production in October 2025, Kolpa Mine integrated in Peru, and Guanaceví maintained steady output.

• Operations at Terronera were temporarily paused due to security events in Mexico but resumed after supply routes were secured.

• Ended the year with $215.4 million in cash and a strong working capital surplus of $146.4 million.

Financial highlights

• Record 2025 revenue of $468 million, up 115% from 2024, with mine operating earnings of $83 million and mine operating cash flow before taxes reaching $156 million.

• Adjusted EBITDA grew 80% to $95.1 million; adjusted net loss was $6.7 million, while net loss for 2025 was $119.1 million due to derivative and finance costs.

• Cash position at year-end was $215 million, with a market cap of $3.9 billion.

• Realized silver and gold prices increased 49% and 50% year-over-year to $40.73/oz and $3,591/oz, respectively.

• Cash costs per silver ounce rose 34% to $17.34; AISC per silver ounce increased 32% to $31.52.

Outlook and guidance

• 2026 guidance targets 14.6–15.6 Moz AgEq, representing ~30% production growth over 2025, with lower consolidated cash costs.

• Direct operating costs per ton expected to decline in 2026 as Terronera transitions to LNG and construction demobilizes.

• Kolpa plant expansion to 2,500 tpd expected in Q1 2026, improving cost efficiency.

• $68 million investment planned at Pitarrilla in 2026, with feasibility study completion targeted for Q3 2026.

• Terronera's cost per ounce expected to decrease through 2026 as higher grades are mined in H2.