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1. Company Snapshot

1.a. Company Description

Endeavour Silver Corp., a silver mining company, engages in the acquisition, exploration, development, extraction, processing, refining, and reclamation of mineral properties in Mexico and Chile.The company explores for gold and silver deposits, and precious metals.The company operates two producing silver-gold mines in Mexico, such as the Guanaceví mine in Durango; and the Bolañitos mine in Guanajuato.


It is also advancing two exploration and development projects in Mexico, including the Terronera property in Jalisco; and the Parral properties in Chihuahua.In addition, the company holds interests in three exploration projects in northern Chile comprising the Aida silver project, the Paloma gold project, and the Cerro Marquez copper-molybdenum gold project.The company was formerly known as Endeavour Gold Corp.


and changed its name to Endeavour Silver Corp.in September 2004.Endeavour Silver Corp.


was incorporated in 1981 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on EDR

Endeavour Silver Corp.'s recent performance was negatively driven by delivery delays at its Terronera project, which have impacted overall project productivity and commissioning timelines. The project experienced delivery delays during December for critical path structural steel components, leading to a 29% year-over-year decline in Q4 silver-equivalent production. Furthermore, the company's Guanacevi mine faced a trunnion breakdown in August, reducing operating capacity and affecting production results. These issues have likely hindered the company's ability to meet production targets and investor expectations.

1.c. Company Highlights

2. Endeavour Silver Surges to Record Silver‑Equivalents in 2025

Endeavour Silver reported a staggering 115% jump in revenue to $468 million, driven by a 48% rise in silver‑equivalent production to 11 million ounces. The company posted an EPS of $0.02746, well below analysts’ $0.08235 estimate, reflecting the heavy investment cycle. With a P/E of –23.32 and a P/S of 6.03, the stock trades on a valuation that still leaves room for upside as the firm moves from a high‑expense to a high‑margin regime. Dan Dickson highlighted that the company’s cash flow is bolstered by high silver prices, yet the one‑off costs in Q4 2025 push the EBITDA margin into negative territory.

Publication Date: Apr -13

📋 Highlights
  • Record Production & Revenue:: Achieved 11 million silver equivalent ounces (+48% YoY) and $468M revenue (+115% YoY) in 2025.
  • Q4 2025 Surge:: Generated 4 million silver equivalent ounces in Q4, a 146% increase from Q4 2024, driven by 2M silver ounces and 14K gold ounces.
  • Balance Sheet Strengthening:: Raised $350M via convertible debt in December 2025, boosting cash reserves to $215M by year-end.
  • Operational Efficiency:: Plans to cut direct operating costs at Terronera by switching to LNG in Q2 2026, with Q4 2025 costs at 28-29% (projected decline in 2026).

Record Revenue & Production

The 2025 year was transformational: the acquisition of Kolpa and the commercialization of Terronera pushed output to 11 million ounces of silver‑equivalent, a 48% increase from 2024. Terronera’s Q4 production of 2 million ounces of silver and 14,000 ounces of gold translated into nearly 4 million silver‑equivalent ounces, up 146% from Q4 2024. The sale of the Bolanitos Mine generated a clean accounting gain, freeing capital for expansion.

Balance Sheet & Capital Strategy

Ending December 31, cash stood at $215 million, augmented by a $350 million convertible debt issuance in December. The net debt/EBITDA of –0.68 underscores a strong liquidity cushion, while the company’s free cash flow yield of –3.84% indicates room for dividend or share buyback once operations stabilize.

Operational Highlights

Terronera is moving into higher‑grade zones, with grade guidance at 120 g/t silver for 2026 and an expectation of further improvement as high‑grade material is integrated. Kolpa’s expansion to 2,500 t/d is ahead of schedule, with the ball mill set for testing in Q2. At Pitarrilla, $68 million is being deployed for feasibility, permitting and early works, positioning the project for a 2027 tailings storage facility permit.

Cost Management & Efficiency

Direct operating costs at Terronera are projected to fall to 28‑29% of revenue in 2026 after the transition from diesel to LNG, with the company anticipating a 10‑15% reduction in electrical costs following the LNG plant permit. The company’s cost discipline will be further supported by disciplined execution and improved mill availability, as noted by Dan Dickson.

Future Outlook & Growth Drivers

With Terronera expected to reach steady‑state by mid‑2026, and Kolpa’s throughput expansion, 2026 is poised to be a “big year” for Endeavour. The firm’s guidance of 23.7% revenue growth next year reflects confidence in higher grades, lower costs, and the momentum from its capital investments. The company’s lack of a silver hedge signals an optimistic stance on price trajectory, while a 50,000‑ounce gold hedge at $2,325 provides a buffer for gold income.

3. NewsRoom

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Dow ticks ahead but Nasdaq lags as Microsoft slips, Fed decision awaited

Dec -10

Source: proactiveinvestors.com

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FTSE 100 Live: Blue-chips open in the green, Berkeley results mostly impress

Dec -10

Source: proactiveinvestors.com

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Dow closes lower on banking worries while Russell 2000 hits record high

Dec -09

Source: proactiveinvestors.com

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Dow Jones reverses, Nasdaq back in positive territory despite big tech wobbles

Dec -09

Source: proactiveinvestors.com

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Silver prices hit record as industrial demand and easing rates fuel rally

Dec -09

Source: proactiveinvestors.com

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Endeavour Silver Completes US$350 Million Offering of Convertible Senior Notes

Dec -04

Source: globenewswire.com

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Guanajuato Silver Provides Corporate Update

Dec -04

Source: accessnewswire.com

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Silver surges to record on Fed rate cut optimism

Nov -28

Source: proactiveinvestors.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.50%)

6. Segments

Guanacevi

Expected Growth: 5.5%

Increasing silver prices, growing demand for silver in industrial applications, and Endeavour Silver Corp.'s expansion plans at Guanacevi mine are expected to drive growth in the silver mining segment.

Bolanitos

Expected Growth: 5.5%

Increasing silver prices, high-grade ore reserves, and efficient mining operations at Bolanitos drive growth, with a forecast CAGR of 5.5%.

7. Detailed Products

Silver

Endeavour Silver Corp. is a mid-tier precious metals mining company that operates three underground silver-gold mines in Mexico. Silver is one of the primary products of the company.

Gold

Gold is a by-product of the company's silver mining operations. Endeavour Silver Corp. produces gold at its three mines in Mexico.

Lead

Lead is a by-product of the company's silver mining operations. Endeavour Silver Corp. produces lead at its mines in Mexico.

Zinc

Zinc is a by-product of the company's silver mining operations. Endeavour Silver Corp. produces zinc at its mines in Mexico.

Exploration Services

Endeavour Silver Corp. offers exploration services to identify and develop new mineral deposits.

8. Endeavour Silver Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Endeavour Silver Corp. is medium due to the availability of alternative metals and mining companies.

Bargaining Power Of Customers

The bargaining power of customers for Endeavour Silver Corp. is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Endeavour Silver Corp. is medium due to the company's dependence on a few key suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants for Endeavour Silver Corp. is high due to the relatively low barriers to entry in the mining industry and the attractiveness of the silver market.

Intensity Of Rivalry

The intensity of rivalry for Endeavour Silver Corp. is high due to the competitive nature of the mining industry and the presence of several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.41%
Debt Cost 12.76%
Equity Weight 97.59%
Equity Cost 12.76%
WACC 12.76%
Leverage 2.47%

11. Quality Control: Endeavour Silver Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
GoGold Resources

A-Score: 5.3/10

Value: 2.7

Growth: 8.1

Quality: 7.9

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Metalla

A-Score: 5.0/10

Value: 6.7

Growth: 5.2

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Gold Royalty

A-Score: 4.9/10

Value: 5.3

Growth: 7.2

Quality: 4.0

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
McEwen Mining

A-Score: 4.5/10

Value: 5.1

Growth: 6.1

Quality: 2.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Aris Mining

A-Score: 4.1/10

Value: 2.1

Growth: 2.7

Quality: 5.1

Yield: 1.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Endeavour Silver

A-Score: 4.0/10

Value: 6.4

Growth: 3.2

Quality: 3.1

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.28$

Current Price

13.28$

Potential

-0.00%

Expected Cash-Flows