Endeavour Silver Announces Q1 2025 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today
Endeavour Silver Announces Q1 2025 Financial Results; Earnings Call at 10AM
PDT (1PM EDT) Today
VANCOUVER, British Columbia, May 13, 2025 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) announces its financial and operating results for the three months ended March 31, 2025. All dollar amounts
are in US dollars ($).
“We’re pleased to report another strong quarter, with production tracking well against plan,” said Dan Dickson, Chief Executive
Officer. “Our revenue performance was bolstered by higher realized prices, highlighting the strength of our portfolio. We
continue to generate solid mine operating cash flow, underpinned by disciplined cost control and a relentless focus on
operational excellence. With robust liquidity, the addition of the Kolpa project, and Terronera coming online soon, we are well
positioned to drive sustainable growth and deliver long-term value for our shareholders.”
Q1 2025 Highlights
• Steady Production in Line with Plan: 1,205,793 ounces (“oz”) of silver and 8,338 oz of gold for 1.9 million oz silver
equivalent (“AgEq”)(1).
• Strong Revenue From Higher Realized Prices : $63.5 million from the sale of 1,223,684 oz of silver and 8,538 oz of
gold at average realized prices of $31.99 per oz silver and $2,903 per oz gold.
• Mine Operating Cash Flow : $8.3 million in operating cash flow before working capital changes(2), a decrease of 18%
from Q1 2024.
• Operating Costs: Cash costs (2) of $15.89 per oz payable silver and all-in sustaining costs(2) of $24.48 per oz, net of
gold credits. Cash costs (2) and all-in sustaining costs were slightly below guidance primarily due to a higher gold by-
product credit.
• Strong Liquidity: Cash position of $64.7 million and working capital(2) of $14.8 million. Cash decreased from
December 31, 2024, as the Company continued investing in development activities at the Terronera project (the
“Terronera Project”).
• Completed Acquisition of Minera Kolpa: Subsequent to the quarter end, the Company completed the acquisition of
Compañía Minera Kolpa S.A. (“Minera Kolpa”) and its main asset, the Huachocolpa Uno Mine (the “Acquisition”) and
concurrently closed the US$35 million copper stream with Versamet Royalties Corporation (See news release dated
May 1, 2025 here).
• Closed the Bought Deal Equity Financing: Subsequent to the quarter end, the Company closed a $50 million bought
deal equity financing, used to fund the cash component of Minera Kolpa, (as announced in the Endeavour news release
dated April 16, 2025 here).
Financial Overview
Q1 2025 Highlights Three Months Ended March 31
2025 2024 % Change
Production
Silver ounces produced 1,205,793 1,460,006 (17%)
Gold ounces produced 8,338 10,133 (18%)
Payable silver ounces produced 1,193,358 1,450,308 (18%)
Payable gold ounces produced 8,188 9,948 (18%)
Silver equivalent ounces produced(1) 1,872,833 2,270,677 (18%)
Cash costs per silver ounce(2) 15.89 13.19 20%
Total production costs per ounce(2) 24.23 18.90 28%
All-in sustaining costs per ounce (2) 24.48 21.44 14%
Processed tonnes 209,507 221,794 (6%)
Direct operating costs per tonne(2) 142.72 134.97 6%
Direct costs per tonne (2) 207.27 181.77 14%
Financial
Revenue ($ millions) 63.5 63.7 (0%)
Silver ounces sold 1,223,684 1,756,094 (30%)
Gold ounces sold 8,538 10,880 (22%)
Realized silver price per ounce 31.99 23.47 36%
Realized gold price per ounce 2,903 2,114 37%
Net earnings (loss) ($ millions) (32.9) (1.2) (2,656%)
Adjusted net earnings (loss)(2) ($ millions) (0.2) 0.3 n/a
Mine operating earnings ($ millions) 12.8 11.7 10%
Mine operating cash flow before taxes ($ millions)(2) 22.1 20.6 7%
Operating cash flow before working capital changes(2) 8.3 10.2 (18%)
EBITDA(2) ($ millions) (18.1) 13.5 (234%)
Adjusted EBITDA(2) ($ millions) 15.1 16.1 (6%)
Working capital(2) ($ millions) 14.8 56.4 (74%)
Shareholders
Earnings (loss) per share – basic ($) (0.13) (0.01) (1,200%)
Adjusted earnings (loss) per share – basic ($)(2) (0.00) 0.00 0%
Operating cash flow before working capital changes per share(2) 0.03 0.04 (25%)
Weighted average shares outstanding 262,323,863 227,503,581 15%
(1) Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au 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 Q1 2025 increased to $142.72, 6% higher compared with $134.97 in Q1 2024 caused by
6% lower throughput while total direct operating costs remained in line with Q1 2024.
Consolidated cash costs per oz, net of by-product credits, increased 20% to $15.89 driven by 17% lower silver ounces
produced and 8% higher in direct costs, offset by 8% higher by-product gold sales.
All-In-Sustaining Costs (“AISC”) in Q1 2025 was $24.48 per silver ounce, 14% higher than Q1 2024 due to the 17% lower
production of silver ounces, partially offset by an 1% lower cash costs.
In Q1 2025, the Company’s mine operating earnings were $12.8 million (Q1 2024 – $11.7 million) from revenue of $63.5 million
(Q1 2024 – $63.7 million) and cost of sales of $50.7 million (Q1 2024 – $52.1 million). The lower cost of sales were driven by
the 30% lower ounces sold during the period compared to the same period in 2024. Realized silver price was $31.99 per oz for
the quarter, 36% higher than the same period in 2024 and the realized gold price was $2,903 or 37% higher compared to Q1
2025. Higher realized prices have offset the impact of lower ounces sold on revenue. Silver and gold ounces sold decreased
primarily due to the lower production of gold compared to Q1 2024.
In Q1 2025, the Company had operating earnings of $4.0 million (Q1 2024 – $3.3 million) after exploration, evaluation and
development costs of $4.5 million (Q1 2024 – $4.3 million), and general and administrative expense of $4.3 million (Q1 2024 –
$4.0 million). Exploration costs increased during the first quarter as the Company ramped up activities at Pitarrilla.
The loss before taxes for Q1 2025 was $27.8 million (Q1 2024 – earnings of $4.2 million) after loss on derivative contracts of
$31.9 million (Q1 2024 – $nil), a foreign exchange loss of $1.0 million (Q1 2024 – gain of $1.2 million), investment and other
income of $1.5 million (Q1 2024 – investments and other expense of $nil), and finance costs of $0.4 million (Q1 2024 – $0.3
million).
The Company realized a net loss for the period of $32.9 million (Q1 2024 – net loss of $1.2 million) after an income tax
expense of $5.1 million (Q1 2024 – income tax expense of $5.4 million). The deferred tax recovery was realized as a result of
recognizing previously unutilized losses during the period.
Adjusted net loss was $0.2 million in Q1 2025, compared to adjusted earnings of $0.3 million in Q1 2024, while adjusted
earnings per share remained steady at $0.00.
This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for
the period ended March 31, 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 Q1 2025 financial results today at 10:00am Pacific (PST)/
1:00pm Eastern (EST).
Date: Tuesday, May 13, 2025
Time: 10:00am Pacific (PDT) / 1:00pm Eastern (EDT)
Telephone: Canada & US +1-833-752-3348
International +1-647-846-2804
Replay: Canada/US Toll Free +1-855-669-9658
International +1-412-317-0088
Access code is 2198664
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.
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 Pettit, Director Investor Relations
Tel: (877) 685 - 9775
Email: [email protected]
Website: www.edrsilver.com
Endnotes
1 Silver equivalent (AgEq)
AgEq is calculated using an 80:1 Ag:Au 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 March 31, 2025 MD&A for explanations and 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 March 31, 2025
MD&A available on SEDAR at www.sedar.com.
Reconciliation of Working Capital
Expressed in thousands of US dollars As at March 31, 2025 As at December 31,
2024
Current assets $120,626 $157,647
Current liabilities 105,827 78,866
Working capital $14,799 $78,781
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in thousands of US dollars Three Months Ended March 31
(except for share numbers and per share amounts) 2025 2024
Net earnings (loss) for the period per financial statements ($32,907) ($1,194)
Unrealized foreign exchange (gain) loss 275 136
(Gain) loss on derivatives 31,931 -
Change in fair value of investments (143) 861
Change in fair value of cash settled DSUs 638 465
Adjusted net earnings (loss) ($206) $268
Basic weighted average share outstanding 262,323,863 227,503,581
Adjusted net earnings (loss) per share ($0.00) $0.00
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in thousands of US dollars Three Months Ended March 31
2025 2024
Mine operating earnings per financial statements $12,842 $11,656
Share-based compensation 34 79
Depreciation 9,206 8,877
Mine operating cash flow before taxes $22,082 $20,612
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital
Changes Per Share
Expressed in thousands of US dollars Three Months Ended March 31
(except for per share amounts) 2025 2024
Cash from (used in) operating activities per financial statements $3,363 $4,583
Net changes in non-cash working capital per financial statements (4,985) (5,651)
Operating cash flow before working capital changes $8,348 $10,234
Basic weighted average shares outstanding 262,323,863 227,503,581
Operating cash flow before working capital changes per share $0.03 $0.04
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in thousands of US dollars Three Months Ended March 31
2025 2024
Net earnings (loss) for the period per financial statements ($32,907) ($1,194)
Depreciation – cost of sales 9,206 8,877
Depreciation – exploration, evaluation and development 250 159
Depreciation – general & administration 105 99
Finance costs 184 135
Current income tax expense (recovery) 5,279 5,667
Deferred income tax expense (recovery) (214) (233)
EBITDA ($18,097) $13,510
Share based compensation 516 1,170
Unrealized foreign exchange (Gain) loss 275 136
(Gain) loss on derivatives 31,931 -
Change in fair value of investments (143) 861
Change in fair value of cash settled DSUs 638 465
Adjusted EBITDA $15,120 $16,142
Basic weighted average shares outstanding 262,323,863 227,503,581
Adjusted EBITDA per share $0.06 $0.07
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 ended
March 31, 2025
Three months ended
March 31, 2024
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Direct production costs per financial
statements $25,444 $9,729 $35,173 $26,886 $9,819 $36,705
Purchase of the third-party material (5,866) - (5,866) (2,392) - (2,392)
Smelting and refining costs included in
revenue - 436 436 - 493 493
Opening finished goods (5,448) (485) (5,933) (7,137) (699) (7,836)
Closing finished goods 4,763 1,328 6,091 2,314 651 2,965
Direct operating costs 18,893 11,008 29,901 19,671 10,264 29,935
Purchase of the third-party material 5,866 - 5,866 2,392 - 2,392
Royalties 6,066 177 6,243 6,332 76 6,408
Special mining duty (1) 984 431 1,415 1,521 60 1,581
Direct costs 31,809 11,616 43,425 29,916 10,400 40,316
By-product gold sales (12,791) (11,992) (24,783) (10,731) (12,265) (22,996)
Opening gold inventory fair market value 3,185 772 3,957 2,909 619 3,528
Closing gold inventory fair market value (2,232) (1,410) (3,642) (871) (851) (1,722)
Cash costs net of by-product 19,971 (1,014) 18,957 21,223 (2,097) 19,126
Depreciation 6,569 2,637 9,206 5,815 3,062 8,877
Share-based compensation 20 14 34 62 17 79
Opening finished goods depreciation (1,188) (92) (1,280) (1,459) (197) (1,656)
Closing finished goods depreciation 1,618 384 2,002 770 219 989
Total production costs $26,990 $1,929 $28,919 $26,411 $1,004 $27,415
Three months ended March 31, 2025 Three months ended March 31, 2024
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 102,438 107,069 209,507 115,004 106,790 221,794
Payable silver ounces 1,012,281 181,077 1,193,358 1,331,735 118,573 1,450,308
Cash costs per silver ounce $19.73 ($5.60) $15.89 $15.94 ($17.69) $13.19
Total production costs per ounce $26.66 $10.65 $24.23 $19.83 $8.47 $18.90
Direct operating costs per tonne $184.43 $102.81 $142.72 $171.05 $96.11 $134.97
Direct costs per tonne $310.52 $108.49 $207.27 $260.13 $97.39 $181.77
(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 Ended March 31, 2025 Three Months Ended March 31, 2024
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Cash costs net of by-product $19,971 ($1,014) $18,957 $21,223 ($2,097) $19,126
Operations share-based compensation 20 14 34 62 17 79
Corporate general and administrative 2,676 1,080 3,756 2,204 801 3,005
Corporate share-based compensation 294 119 413 690 250 940
Reclamation - amortization/accretion 148 85 233 102 77 179
Mine site expensed exploration 270 174 444 122 314 436
Equipment loan payments 0 0 0 128 220 348
Capital expenditures sustaining 3,446 1,925 5,371 4,716 2,266 6,982
All-In-Sustaining Costs $26,826 $2,382 $29,208 $29,247 $1,848 $31,095
Growth exploration, evaluation and
development 3,775 3,524
Growth capital expenditures 36,214 37,905
All-In-Costs $69,197 $72,524
Three Months Ended March 31, 2025 Three Months Ended March 31, 2024
Guanaceví Bolañitos Total Guanaceví Bolañitos Total
Throughput tonnes 102,438 107,069 209,507 115,004 106,790 221,794
Payable silver ounces 1,012,281 181,077 1,193,358 1,331,735 118,573 1,450,308
Silver equivalent production (ounces) 1,334,447 538,386 1,872,833 1,665,648 605,028 2,270,677
All-in-Sustaining cost per ounce $26.50 $13.16 $24.48 $21.96 $15.59 $21.44
Reconciliation of Sustaining Capital and Growth Capital
Expressed in thousands of US dollars Three Months Ended March 31
2025 2024
Capital expenditures sustaining $5,371 $6,982
Growth capital expenditures 36,214 37,905
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows $41,585 $44,887
Expressed in thousands of US dollars Three Months Ended March 31
2025 2024
Mine site expensed exploration $444 $436
Growth exploration, evaluation and development 3,775 3,524
Total exploration, evaluation and development 4,219 3,960
Exploration, evaluation and development depreciation 250 159
Exploration, evaluation and development share-based compensation 69 151
Exploration, evaluation and development expense $4,538 $4,270
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
Expressed in thousands of US dollars Three Months Ended March 31
2025 2024
Gross silver sales $39,151 $41,222
Silver ounces sold 1,223,684 1,756,094
Realized silver price per ounce $31.99 $23.47
Expressed in thousands of US dollars Three Months Ended March 31
2025 2024
Gross gold sales $24,783 $22,996
Gold ounces sold 8,538 10,880
Realized gold price per ounce $2,903 $2,114
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 development and
financing of the Terronera Project including: anticipated timing of the projectfuture payments in connection with acquisition;
the Company’s ability to further drawdown on the Debt Facility, estimated project economics, Terronera’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, Endeavour’s anticipated performance in
2024 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in
sustaining costs and the timing and results of various activities. 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 minethe
Terronera Project 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; r risks in obtaining necessary licenses and permits; satisfaction of conditions precedent to
drawdown under the Debt Facility; the ongoing effects of inflation and supply chain issues on the Terronera Project
economics; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso,
Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company’s title to properties; as well as those factors
described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form and the
Prospectus Supplement Dated April 3, 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.