EXKNYSEGold and Silver OresUS GAAP · USD

Endeavour Silver Corporation

Endeavour Silver Corp. is a precious-metals mining company focused on the acquisition, exploration, development, extraction, processing, refining, and reclamation of silver properties. The company operates mines and development projects in Mexico and Peru, and also conducts exploration in Chile and the United States.

Revenue468m USD
+114.8 %y/y
Operating profit (EBIT)35.7m USD
+328.5 %y/y
EBIT margin7.6%
+3.8 ppy/y
Net income-119m USD
−278.4 %y/y
Free cash flow-102m USD
+42.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300400500m USD2020: 138 m USD2020: EBIT -0.79 m USD20202021: 165 m USD2021: EBIT 22 m USD20212022: 210 m USD2022: EBIT 23 m USD20222023: 205 m USD2023: EBIT 8.7 m USD20232024: 218 m USD2024: EBIT 8.3 m USD20242025: 468 m USD2025: EBIT 36 m USD202546836
RevenueOperating profit (EBIT)

Business

Share of revenue
Silver production70 %

Mining and processing silver-bearing ore into payable metal products.

By-product metals15 %

Production of associated metals recovered alongside silver from ore bodies.

Mine development10 %

Advancing mines and projects through construction, ramp-up, and optimization.

Exploration and evaluation5 %

Drilling and geological work to extend mine life and add resources.

Customers

Endeavour Silver sells mined metal products into the metals and refining value chain rather than to end consumers. Its customers are typically smelters, refiners, bullion-related counterparties, and metal purchasers that take delivery of silver and associated concentrates from operating mines.

Smelters and refiners

Buy concentrate and ore output for downstream processing into payable metals.

Metal traders

Purchase silver-linked production for sale into broader metals markets.

Bullion value chain

Indirect end-market demand that supports pricing and offtake for silver output.

Project acquirers and partners

Relevant for the company's acquisition and advancement of silver assets.

Strategy

Endeavour Silver's strategy is to build a larger silver production base by operating existing mines, optimizing ramp-up assets, and advancing development projects. The company also uses exploration and acquisitions to extend mine life and replace reserves, which is central to sustaining a long-duration precious-metals business.

Ramp-up and optimization of TerroneraShort term

Brings a new operating mine into steady-state output and expands the production base.

Strengthen production base in Peru and MexicoMedium term

Diversifies mine-level risk and supports a more resilient silver portfolio.

Advance Pitarrilla toward developmentMedium term

Adds a larger pipeline project that can support future production growth.

Extend mine life through explorationLong term

Resource replacement is needed to sustain long-term silver output.

Geography

The company is headquartered in Canada but its operating footprint is centered in Latin America, especially Mexico and Peru. It also maintains exploration activity in Chile and the United States, which broadens its pipeline while keeping execution and permitting risk concentrated in mining jurisdictions.

Risks

The company is exposed to mine ramp-up, operating, and development risk because a large part of value creation depends on bringing assets into stable production and sustaining output. It also faces jurisdictional, metal-price, and reserve-replacement risk, which are common to precious-metals miners and can materially affect cash generation and asset value.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Ramp-up and optimization risk at Terronera1Silver price volatility2Jurisdictional and permitting risk3Reserve and resource depletion4Foreign exchange and operating cost inflation5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Ramp-up and optimization risk at TerroneraImpact: HighLikelihood: High

    New mines often underperform design assumptions until throughput and grades stabilize.

    Exposure: Operating production and mine plans

  2. Silver price volatilityImpact: HighLikelihood: High

    Revenue and project economics are highly sensitive to spot metal prices.

    Exposure: Sales realizations and development returns

  3. Jurisdictional and permitting riskImpact: HighLikelihood: Medium

    Mining operations depend on local permits, approvals, and community support.

    ExposureMexicoPeruChile
  4. Reserve and resource depletionImpact: HighLikelihood: Medium

    Mine life depends on successful exploration, replacement, and conversion of resources.

    Exposure: Existing mines and pipeline projects

  5. Foreign exchange and operating cost inflationImpact: MediumLikelihood: High

    Costs are incurred in local currencies while revenue is tied to U.S. dollar metals pricing.

    Exposure: Latin American operations

Accounting

Judgemental items
Mineral property impairment

Mine and project values depend on metal prices, reserves, and development success.

Impact: Can create material non-cash write-downs

Depletion and depreciation

Expense recognition depends on estimated recoverable ounces and asset lives.

Impact: Affects reported operating costs and earnings

Reclamation and closure provisions

Mining businesses must estimate future site restoration and closure costs.

Impact: Changes can move liabilities and expenses

Quarterly production timing

Ramp-up mines and grade variability can shift revenue and cost recognition between quarters.

Impact: Reduces comparability across periods

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026