Endeavour Silver Announces Q2 2025 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today

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VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. ('Endeavour' or the 'Company') (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three and six months ended June 30, 2025. All dollar amounts are in US dollars ($).
'We are pleased with Endeavour's strong performance this quarter, highlighted by increased silver equivalent production, robust revenue growth, and the successful integration of Minera Kolpa into our portfolio,' said Dan Dickson, Chief Executive Officer.
'Our team delivered solid operating results, achieving higher sales at favorable market prices while maintaining costs below guidance. The completion of the Minera Kolpa acquisition has enhanced the Company's growth profile, and with Terronera nearing commercial production, we are transforming our operational landscape with an expanded resource base and increased production capacity. These milestones, combined with a steadfast commitment to operational efficiency and disciplined capital management, position the company to leverage future opportunities and deliver sustainable growth for our shareholders well into the future.'
Q2 2025 Highlights
Strong and Consistent Production: 1,483,736 ounces ('oz') of silver and 7,755 oz of gold for 2.5 million oz silver equivalent ('AgEq')(1) with the addition of Kolpa, 13% higher than the same period in 2024.
Higher oz Sold with Higher Realized Prices: $85.3 million from the sale of 1,455,680 oz of silver and 7,706 oz of gold at average realized prices of $32.95 per oz silver and $3,320 per oz gold. Revenue from operations is 46% higher than in the same period in 2024.
Positive Mine Operating Cash Flow: $22.9 million in operating cash flow before working capital changes(2), 21% higher than the same period in 2024.
Operating Costs Below Guidance: Cash costs(2) of $15.35 per oz payable silver and all-in sustaining costs(2) of $25.16 per oz, net of by-product credits.
Solid Cash Position: Ended the second quarter with a robust consolidated cash balance of $52.5 million.
Completed Acquisition of Minera Kolpa: On May 1, 2025, the Company completed the acquisition of Minera Kolpa, including a $50 million bought deal equity financing, used to fund the cash component of the Kolpa Acquisition (See news release dated April 16, 2025 here), and commenced payments on the US$35 million copper stream with Versamet Royalties Corporation (See news release dated May 1, 2025 here).
Additional Credit Facility of US$15 Million: The Company amended and restated the Terronera credit facility to increase the principal amount from $120 million to $135 million (See news release dated June 24, 2025 here).
Terronera Nearing Commercial Production: Q2 results have been impacted by Terronera's operating losses during the commissioning phase. On August 5, 2025 the Company announced that the throughput has rapidly increased with milling rates between 1,900 and 2,000 tpd at the end of July and that silver and gold recoveries have averaged 71% and 67%, respectively during second half of the July. (See news release dated August 5, 2025 here).
Financial Overview
Three Months Ended June 30
Q2 2025 Highlights
Six Months Ended June 30
2025
2024
% Change
2025
2024
% Change
Production
1,483,736
1,312,572
13%
Silver ounces produced
2,689,529
2,772,578
(3%)
7,755
10,549
(26%)
Gold ounces produced
16,093
20,682
(22%)
3,503
-
-
Lead tonnes produced
3,503
-
-
2,316
-
-
Zinc tonnes produced
2,316
-
-
2,528,562
2,156,453
17%
Silver equivalent ounces produced(1)
4,401,401
4,427,130
(1%)
15.35
13.43
14%
Cash costs per silver ounce(2)
15.59
13.30
17%
25.25
20.48
23%
Total production costs per ounce(2)
24.79
19.65
26%
25.16
23.13
9%
All-in sustaining costs per ounce (2)
24.85
22.24
12%
303,828
218,989
39%
Processed tonnes
513,335
440,783
16%
142.00
140.36
1%
Direct operating costs per tonne(2)
142.30
137.65
3%
201.24
192.68
4%
Direct costs per tonne(2)
203.70
187.19
9%
Financial
85.3
58.3
46%
Revenue from operations ($ millions)
148.8
122.0
22%
1,455,680
1,217,569
20%
Silver ounces sold
2,679,364
2,973,663
(10%)
7,706
9,887
(22%)
Gold ounces sold
16,244
20,767
(22%)
32.95
28.94
14%
Realized silver price per ounce
32.52
25.71
26%
3,320
2,374
40%
Realized gold price per ounce
3,110
2,238
39%
3.3
-
-
Pre-production revenue ($ millions)
3.3
-
-
85,711
-
-
Pre-production silver equivalent ounces sold(1)
85,711
-
-
(20.5)
(14.0)
(46%)
Net earnings (loss) ($ millions)
(53.4)
(15.2)
(251%)
(9.2)
(1.0)
(841%)
Adjusted net earnings (loss) ($ millions)(2)
(9.4)
(0.7)
(1,227%)
7.7
10.2
(24%)
Mine operating earnings ($ millions)
20.6
21.9
(6%)
22.9
18.9
21%
Mine operating cash flow before taxes ($ millions)(2)
45.0
39.5
14%
14.4
8.1
78%
Operating cash flow before working capital changes(2)
22.7
18.3
24%
1.4
(2.3)
162%
EBITDA ($ millions)(2)
(16.7)
11.3
(248%)
10.8
11.9
(10%)
Adjusted EBITDA ($ millions)(2)
25.9
28.1
(8%)
(15.3)
64.5
(124%)
Working capital ($ millions) (2)
(15.3)
64.5
(124%)
Shareholders
(0.07)
(0.06)
(17%)
Earnings (loss) per share – basic ($)
(0.20)
(0.06)
(233%)
(0.03)
(0.00)
(100%)
Adjusted earnings (loss) per share – basic ($)(2)
(0.03)
(0.00)
(100%)
0.05
0.03
67%
Operating cash flow before working capital changes per share(2)
0.08
0.08
0%
283,534,276
242,889,679
17%
Weighted average shares outstanding
272,987,662
235,201,630
16%
(1) Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company's financial statements, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
Direct operating costs per tonne in Q2 2025 increased to $142.00, slightly higher than $140.36 in Q2 2024. This metric was impacted by: higher costs per tonne at Bolañitos with lower throughput as a result of maintenance of the floatation circuit and crushing area; the addition of Kolpa which has higher direct operating costs per tonne; offset by lower costs at Guanaceví.
Consolidated cash costs per oz, net of by-product credits, were 14% higher in Q2 2025 at $15.35 per oz, compared with Q2 2024, driven by an increase in costs at Bolañitos and Guanaceví from lower production, and partially offset by addition of Kolpa which at $11.81 per oz decreases the average cash cost. All-In-Sustaining Costs ('AISC') in Q2 2025 was $25.16 per silver oz in Q2 2025, 9% higher compared to $23.13 per oz in Q2 2024, predominantly due to the addition of Kolpa which at $25.66 per oz increased the average AISC, and a slight increase of AISC at Guanaceví.
In Q2 2025, the Company's mine operating earnings were $7.7 million (Q2 2024 – $10.2 million) from revenue of $85.3 million (Q2 2024 – $58.3 million) and cost of sales of $80.9 million (Q2 2024 – $48.1 million). The decrease in mine operating earnings is predominantly due to Terronera's mine operating loss of $5.9 million as the mine ramped-up towards commercial production. The increase in the cost of sales compared to the prior period was driven by $21.5 million from Kolpa and $9.2 million increase from Terronera.
In Q2 2025, the Company had operating loss of $4.8 million (Q2 2024 – earnings of $1.7 million) after exploration, evaluation and development costs of $4.9 million (Q2 2024 – $4.3 million), and general and administrative expense of $7.6 million (Q2 2024 – $4.2 million). The increase in general and administrative expense is primarily due to the $3.6 million acquisition costs of Minera Kolpa.
The loss before taxes for Q2 2025 was $14.6 million (Q2 2024 – loss of $11.3 million) after loss on derivative contracts of $10.0 million (Q2 2024 – $9.2 million) and partially offset by a foreign exchange gain of $0.7 million (Q2 2024 – loss of $4.0 million), investment and other income of $0.7 million (Q2 2024 – $0.6 million), and finance costs of $1.1 million (Q2 2024 – $0.3 million).
The Company realized a net loss for the period of $20.5 million (Q2 2024 – net loss of $14.0 million) after an income tax expense of $5.9 million (Q2 2024 – $2.7 million). The deferred tax recovery was realized as a result of recognizing previously unutilized losses during the period.
Adjusted net loss was $9.2 million compared to adjusted net loss of $1.0 million in Q2 2024, largely due to the operating loss from Terronera during the commissioning phase and higher depreciation and tax costs.
This news release should be read in conjunction with the Company's condensed consolidated interim financial statements for the period ended June 30, 2025, and associated Management's Discussion and Analysis ('MD&A') which are available on the Company's website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
Conference Call
Management will host a conference call to discuss the Company's Q2 2025 financial results today at 10:00am Pacific (PST)/ 1:00pm Eastern (EST).
Date:
Wednesday, August 13, 2025
Time:
10:00am Pacific (PDT) / 1:00pm Eastern (EDT)
Telephone:
Canada & US [phone] International [phone]
Replay:
Canada/US Toll Free [phone] International [phone] Access code is 6575935
To access the replay using an international dial-in number, please click here.
The replay will also be available on the Company's website at www.edrsilver.com.
Management Update
Endeavour is pleased to announce the promotion of Allison Pettit as Vice President, Investor Relations, joining the company's management team, effective August 1, 2025.
With over a decade of experience in the mining sector, Ms. Pettit has a proven track record working in investor relations, corporate communications, and stakeholder engagement. She joined Endeavour in 2024 after six years at NOVAGOLD Resources Inc., where she played a key role in enhancing corporate visibility and strengthening shareholder relationships.
Ms. Pettit will continue to lead Endeavour's investor relations and communications strategies, supporting the company's growth and strategic objectives. She holds a Bachelor of Business Administration and serves as a Board member for the BC Chapter of the Canadian Investor Relations Institute.
Endeavour warmly welcomes Ms. Pettit to its management team as the company advances its growth strategy and commitment to long-term shareholder value.
About Endeavour Silver
Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and Peru, and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Allison PettitVice President, Investor Relations Tel: (877) 685 - 9775Email: [e-mail] Website: www.edrsilver.com
Endnotes
1 Silver equivalent (AgEq)
AgEq is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.
2 Non-IFRS and Other Financial Measures and Ratios
Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, AISC per ounce, direct operating costs per tonne, direct costs per tonne, silver co-product cash costs, gold co-product cash costs, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization ('EBITDA'), adjusted EBITDA per share, sustaining and growth capital and adjusted net earnings (loss).
Please see the June 30, 2025 MD&A for explanations and a discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards ('IFRS'), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section 'Non-IFRS Measures' in the June 30, 2025 MD&A available on SEDAR+ at www.sedarplus.com.
Reconciliation of Working Capital
Expressed in thousands of US dollars
As at June 30, 2025
As at December 31, 2024
Current assets
$197,877
$157,647
Current liabilities
220,043
78,866
Working capital
($22,166)
$78,781
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in thousands US dollars
Three Months Ended June 30
Six Months Ended June 30
2025
2024
2025
2024
Net earnings (loss) for the period per financial statements
($20,455)
($14,007)
($53,362)
($15,201)
Unrealized foreign exchange (Gain) loss
(2,802)
2,196
(2,527)
2,332
(Gain) loss on derivatives & copper stream valuation
10,088
9,253
42,019
9,253
Acquisition costs
3,602
-
3,602
-
Change in fair value of investments
(178)
425
(321)
1,286
Change in fair value of cash settled DSUs
582
1,159
1,220
1,624
Adjusted net earnings (loss)
($9,163)
($974)
($9,369)
($706)
Basic weighted average share outstanding
283,534,276
242,889,679
272,987,662
235,201,630
Adjusted net earnings (loss) per share
($0.03)
($0.00)
($0.03)
($0.00)
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in thousands US dollars
Three Months Ended June 30
Six Months Ended June 30
2025
2024
2025
2024
Mine operating earnings per financial statements
$7,744
$10,196
$20,586
$21,852
Share-based compensation
136
74
170
153
Depreciation
15,010
8,639
24,216
17,516
Mine operating cash flow before taxes
$22,890
$18,909
$44,972
$39,521
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share
Expressed in thousands US dollars
Three Months Ended June 30
Six Months Ended June 30
(except for per share amounts)
2025
2024
2025
2024
Cash from (used in) operating activities per financial statements
$21,564
$12,367
$24,927
$16,950
Net changes in non-cash working capital per financial statements
7,192
4,301
2,207
(1,350)
Operating cash flow before working capital changes
$14,372
$8,066
$22,720
$18,300
Basic weighted average shares outstanding
283,534,276
242,889,679
272,987,662
235,201,630
Operating cash flow before working capital changes per share
$0.05
$0.03
$0.08
0.08
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in thousands US dollars
Three Months Ended June 30
Six Months Ended June 30
2025
2024
2025
2024
Net earnings (loss) for the period per financial statements
($20,455)
($14,007)
($53,362)
($15,201)
Depreciation – cost of sales
15,010
8,639
24,216
17,516
Depreciation – exploration, evaluation and development
4
188
254
347
Depreciation – general & administration
102
106
207
205
Finance costs
846
103
1,030
238
Current income tax expense
9,094
2,878
14,373
8,545
Deferred income tax expense (recovery)
(3,199)
(163)
(3,413)
(396)
EBITDA
$1,402
($2,256)
($16,695)
$11,254
Share based compensation
1,681
1,162
2,197
2,332
Unrealized foreign exchange (gain) loss
(2,802)
2,196
(2,527)
2,332
(Gain) loss on derivatives & copper stream valuation
10,088
9,253
42,019
9,253
Change in fair value of investments
(178)
425
(321)
1,286
Change in fair value of cash settled DSUs
582
1,159
1,220
1,624
Adjusted EBITDA
$10,773
$11,939
$25,893
$28,081
Basic weighted average shares outstanding
283,534,276
242,889,679
272,987,662
235,201,630
Adjusted EBITDA per share
$0.04
$0.05
$0.09
$0.12
Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne
Expressed in thousands of US dollars
Three Months EndedJune 30, 2025
Guanaceví
Bolañitos
Kolpa
Total
Direct production costs per financial statements
$23,058
$11,594
$16,301
$50,953
Purchase of the third-party material
(9,988)
-
-
(9,988)
Smelting and refining costs included in revenue
-
345
1,088
1,433
Opening finished goods
(4,763
)
(1,328)
(610)
(6,701)
Closing finished goods
5,939
935
574
7,448
Direct operating costs
14,246
11,546
17,353
43,145
Purchase of the third-party material
9,988
-
-
9,988
Royalties
6,197
164
-
6,361
Special mining duty (1)
1,079
423
148
1,650
Direct costs
31,510
12,133
17,501
61,144
By-products sales
(11,635)
(13,962)
(13,275)
(38,872)
Opening by-products inventory fair market value
2,232
1,410
544
4,186
Closing by-products inventory fair market value
(2,302)
(1,310)
(526)
(4,138)
Cash costs net of by-products
19,805
(1,729)
4,244
22,320
Depreciation
6,315
2,747
5,157
14,219
Share-based compensation
66
46
24
136
Opening finished goods depreciation
(1,618)
(384)
(134)
(2,136)
Closing finished goods depreciation
1,843
214
125
2,182
Total production costs
$26,411
$894
$9,416
$36,721
Expressed in thousands of US dollars
Three Months EndedJune 30, 2024
Guanaceví
Bolañitos
Kolpa
Total
Direct production costs per financial statements
$23,001
$10,702
-
$33,703
Purchase of the third-party material
(5,043)
-
-
(5,043)
Smelting and refining costs included in revenue
-
447
-
447
Opening finished goods
(2,314)
(651)
-
(2,965)
Closing finished goods
4,038
557
-
4,595
Direct operating costs
19,682
11,055
-
30,737
Purchase of the third-party material
5,043
-
-
5,043
Royalties
5,556
92
-
5,648
Special mining duty(1)
129
637
-
766
Direct costs
30,410
11,784
-
42,194
By-products sales
(8,622)
(14,852)
-
(23,474)
Opening by-products inventory fair market value
871
851
-
1,722
Closing by-products inventory fair market value
(2,187)
(751)
-
(2,938)
Cash costs net of by-products
20,472
(2,968)
-
17,504
Depreciation
5,965
2,674
-
8,639
Share-based compensation
60
14
-
74
Opening finished goods depreciation
(771)
(219)
-
(990)
Closing finished goods depreciation
1,326
144
-
1,470
Total production costs
$27,052
($355)
-
$26,697
Expressed in thousands of US dollars
Three Months EndedJune 30, 2025
Guanaceví
Bolañitos
Kolpa
Total
Throughput tonnes
96,834
88,098
118,896
303,828
Payable silver ounces
994,882
100,183
359,347
1,454,412
Cash costs per silver ounce
$19.91
($17.26)
$11.81
$15.35
Total production costs per ounce
$26.55
$8.92
$26.20
$25.25
Direct operating costs per tonne
$147.11
$131.06
$145.95
$142.00
Direct costs per tonne
$325.40
$137.72
$147.20
$201.24
Expressed in thousands of US dollars
Three Months EndedJune 30, 2024
Guanaceví
Bolañitos
Kolpa
Total
Throughput tonnes
112,897
106,092
-
218,989
Payable silver ounces
1,192,165
111,296
-
1,303,461
Cash costs per silver ounce
$17.17
($26.67)
-
$13.43
Total production costs per ounce
$22.69
($3.19)
-
$20.48
Direct operating costs per tonne
$174.34
$104.20
-
$140.36
Direct costs per tonne
$269.36
$111.07
-
$192.68
Expressed in thousands of US dollars
Six Months EndedJune 30, 2025
Guanaceví
Bolañitos
Kolpa
Total
Direct production costs per financial statements
$48,502
$21,323
$16,301
$86,126
Purchase of the third-party material
(15,854)
-
-
(15,854)
Smelting and refining costs included in revenue
-
781
1,088
1,869
Opening finished goods
(5,448)
(485)
(610)
(6,543)
Closing finished goods
5,939
935
574
7,448
Direct operating costs
33,139
22,554
17,353
73,046
Purchase of the third-party material
15,854
-
-
15,854
Royalties
12,263
341
-
12,604
Special mining duty (1)
2,063
854
148
3,065
Direct costs
63,319
23,749
17,501
104,569
By-products sales
(24,426)
(25,954)
(13,275)
(63,655)
Opening by-products inventory fair market value
3,185
772
544
4,501
Closing by-products inventory fair market value
(2,302)
(1,310)
(526)
(4,138)
Cash costs net of by-products
39,776
(2,743)
4,244
41,277
Depreciation
12,884
5,384
5,157
23,425
Share-based compensation
86
60
24
170
Opening finished goods depreciation
(1,188)
(92)
(134)
(1,414)
Closing finished goods depreciation
1,843
214
125
2,182
Total production costs
$53,401
$2,823
$9,416
$65,640
Expressed in thousands of US dollars
Six Months EndedJune 30, 2024
Guanaceví
Bolañitos
Kolpa
Total
Direct production costs per financial statements
$49,887
$20,521
$ -
$70,408
Purchase of the third-party material
(7,435)
-
-
(7,435)
Smelting and refining costs included in revenue
-
940
-
940
Opening finished goods
(7,137)
(699)
-
(7,836)
Closing finished goods
4,038
557
-
4,595
Direct operating costs
39,353
21,319
-
60,672
Purchase of the third-party material
7,435
-
-
7,435
Royalties
11,888
168
-
12,056
Special mining duty(1)
1,650
697
-
2,347
Direct costs
60,326
22,184
-
82,510
By-products sales
(19,353)
(27,117)
-
(46,470)
Opening by-products inventory fair market value
2,909
619
-
3,528
Closing by-products inventory fair market value
(2,187)
(751)
-
(2,938)
Cash costs net of by-products
41,695
(5,065)
-
36,630
Depreciation
11,780
5,736
-
17,516
Share-based compensation
122
31
-
153
Opening finished goods depreciation
(1,459)
(197)
-
(1,656)
Closing finished goods depreciation
1,326
144
-
1,470
Total production costs
$53,464
$ 649
$ -
$54,113
Expressed in thousands of US dollars
Six Months EndedJune 30, 2025
Guanaceví
Bolañitos
Kolpa
Total
Throughput tonnes
199,272
195,167
118,896
513,335
Payable silver ounces
2,007,163
281,260
359,347
2,647,770
Cash costs per silver ounce
$19.82
($9.75)
$11.81
$15.59
Total production costs per ounce
$26.60
$10.04
$26.20
$24.79
Direct operating costs per tonne
$166.30
$115.56
$145.95
$142.30
Direct costs per tonne
$317.75
$121.69
$147.20
$203.70
Expressed in thousands of US dollars
Six Months EndedJune 30, 2024
Guanaceví
Bolañitos
Kolpa
Total
Throughput tonnes
227,901
212,882
-
440,783
Payable silver ounces
2,523,900
229,869
-
2,753,769
Cash costs per silver ounce
$16.52
($22.03)
-
$13.30
Total production costs per ounce
$21.18
$2.82
-
$19.65
Direct operating costs per tonne
$172.68
$100.14
-
$137.65
Direct costs per tonne
$264.70
$104.21
-
$187.19
(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in thousands of US dollars
Three Months EndedJune 30, 2025
Guanaceví
Bolañitos
Kolpa
Total
Cash costs net of by-products
$19,805
($1,729)
$4,244
$22,320
Operations share-based compensation
66
46
24
136
Corporate general and administrative
1,074
323
4,755
6,152
Acquisition costs
-
-
(3,602)
(3,602)
Corporate share-based compensation
756
274
323
1,353
Reclamation - amortization/accretion
159
90
41
290
Mine site expensed exploration
29
27
1,036
1,092
Equipment loan payments
-
-
66
66
Capital expenditures sustaining
4,781
1,675
2,332
8,788
All-In-Sustaining Costs
$26,670
$706
$9,219
$36,595
Acquisition costs
3,602
Growth exploration, evaluation and development
3,633
Growth capital expenditures
45,362
All-In-Costs
$89,192
Expressed in thousands of US dollars
Three Months EndedJune 30, 2024
Guanaceví
Bolañitos
Kolpa
Total
Cash costs net of by-products
$20,472
($2,968)
-
$17,504
Operations share-based compensation
60
14
-
74
Corporate general and administrative
2,263
910
-
3,173
Corporate share-based compensation
684
277
-
961
Reclamation - amortization/accretion
101
73
-
174
Mine site expensed exploration
341
335
-
676
Equipment loan payments
78
67
-
145
Capital expenditures sustaining
5,245
2,199
-
7,444
All-In-Sustaining Costs
$29,244
$907
$-
$30,151
Growth exploration, evaluation and development
3,299
Growth capital expenditures
48,367
All-In-Costs
$81,817
Expressed in thousands of US dollars
Three Months EndedJune 30, 2025
Guanaceví
Bolañitos
Kolpa
Total
Throughput tonnes
96,834
88,098
118,896
303,828
Payable silver ounces
994,882
100,183
359,347
1,454,412
Silver equivalent production (ounces)
1,282,853
440,678
805,032
2,528,562
All-in-Sustaining cost per ounce
$26.81
$7.04
$25.66
$25.16
Expressed in thousands of US dollars
Three Months EndedJune 30, 2024
Guanaceví
Bolañitos
Kolpa
Total
Throughput tonnes
112,897
106,092
-
218,989
Payable silver ounces
1,192,165
111,296
-
1,303,461
Silver equivalent production (ounces)
1,535,161
621,292
-
2,156,453
All-in-Sustaining cost per ounce
$24.53
$8.15
-
$23.13
Expressed in thousands of US dollars
Six Months EndedJune 30, 2025
Guanaceví
Bolañitos
Kolpa
Total
Cash costs net of by-products
$39,776
($2,743)
$4,244
$41,277
Operations share-based compensation
86
60
24
170
Corporate general and administrative
3,750
1,403
4,755
9,908
Acquisition costs
-
-
(3,602)
(3,602)
Corporate share-based compensation
1,050
393
323
1,766
Reclamation - amortization/accretion
307
175
41
523
Mine site expensed exploration
299
201
1,036
1,536
Equipment loan payments
-
-
66
66
Capital expenditures sustaining
8,227
3,600
$2,332
14,159
All-In-Sustaining Costs
$53,495
$3,089
$9,219
$65,803
Acquisition costs
3,602
Growth exploration, evaluation and development
7,408
Growth capital expenditures
81,576
All-In-Costs
$158,389
Expressed in thousands of US dollars
Six Months EndedJune 30, 2024
Guanaceví
Bolañitos
Kolpa
Total
Cash costs net of by-products
$41,695
($5,065)
$-
$36,630
Operations share-based compensation
122
31
-
153
Corporate general and administrative
4,467
1,711
-
6,178
Corporate share-based compensation
1,374
527
-
1,901
Reclamation - amortization/accretion
203
150
-
353
Mine site expensed exploration
463
649
-
1,112
Equipment loan payments
206
287
-
493
Capital expenditures sustaining
9,961
4,465
-
14,426
All-In-Sustaining Costs
$58,491
$2,755
$-
$61,246
Growth exploration, evaluation and development
6,823
Growth capital expenditures
86,272
All-In-Costs
$154,341
Expressed in thousands of US dollars
Six Months EndedJune 30, 2025
Guanaceví
Bolañitos
Kolpa
Total
Throughput tonnes
199,272
195,167
118,896
513,335
Payable silver ounces
2,007,163
281,260
359,347
2,647,770
Silver equivalent production (ounces)
2,617,300
979,070
805,032
4,401,401
All-in-Sustaining cost per ounce
$26.65
$10.98
$25.66
$24.85
Expressed in thousands of US dollars
Six Months EndedJune 30, 2024
Guanaceví
Bolañitos
Kolpa
Total
Throughput tonnes
227,901
212,882
-
440,783
Payable silver ounces
2,523,900
229,869
-
2,753,769
Silver equivalent production (ounces)
3,200,854
1,226,276
-
4,427,129
All-in-Sustaining cost per ounce
$23.17
$11.98
-
$22.24
Reconciliation of Sustaining Capital and Growth Capital
Expressed in thousands of US dollars
Three Months Ended June 30
Six Months Ended June 30
2025
2024
2025
2024
Capital expenditures sustaining
$8,788
$7,444
$14,159
$14,426
Growth capital expenditures
45,362
48,367
81,576
86,272
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows
$54,150
$55,811
$95,735
$100,698
Expressed in thousands of US dollars
Three Months Ended June 30
Six Months Ended June 30
2025
2024
2025
2024
Mine site expensed exploration
$1,092
$676
$1,536
$1,112
Growth exploration, evaluation and development
3,633
3,299
7,408
6,823
Total exploration, evaluation and development
4,725
3,975
8,944
7,935
Exploration, evaluation and development depreciation
4
188
254
347
Exploration, evaluation and development share-based compensation
193
127
262
278
Exploration, evaluation and development expense
$4,922
$4,290
$9,460
$8,560
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
Expressed in thousands of US dollars
Three Months Ended June 30
Six Months Ended June 30
2025
2024
2025
2024
Gross silver sales
$48,873
$35,234
$88,024
$76,456
Silver ounces sold
1,483,311
1,217,569
2,706,995
2,973,663
Realized silver price per ounce
$32.95
$28.94
$32.52
$25.71
inclusive of 27,631 oz of silver from pre-production at Terronera
Expressed in thousands of US dollars
Three Months Ended June 30
Six Months Ended June 30
2025
2024
2025
2024
Gross gold sales
$27,989
$23,474
$52,772
$46,470
Gold ounces sold
8,431
9,887
16,969
20,767
Realized gold price per ounce
$3,320
$2,374
$3,110
$2,238
inclusive of 725 oz of gold from pre-production at Terronera
Cautionary Note Regarding Forward-Looking Statements
This news release contains 'forward-looking statements' within the meaning of the United States private securities litigation reform act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the Company's forecasted operations, costs and expenditures, the Company's exploration programs, extensions of mineralisation and publishing of future resource estimates; and the timing and results of various related activities, including achieving commercial production at Terronera. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to unexpected changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; fluctuations in the prices of silver and gold; fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar, Peruvian sol, and U.S. dollar); fluctuations in interest rates; effects of inflation; changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Peru and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including, but not limited to environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits; satisfaction of conditions precedent to drawdown under the Debt Facility; challenges to the Company's title to properties; May 27, 2025 filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecasted mine economics, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.