Endeavour Silver Announces Q1 2026 Financial Results
Endeavour Silver Announces Q1 2026 Financial Results
VANCOUVER, British Columbia, May 06, 2026 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) announces its financial and operating results for the three months ended March 31, 2026. The Company will
host a conference call to discuss these results on Thursday, May 7 at 10:00am PT/1:00pm EDT; details are provided further in
this news release. All dollar amounts are in US dollars ($).
“Endeavour delivered exceptional results in the first quarter of 2026, with increased production driving strong quarterly growth,”
said Dan Dickson, Chief Executive Officer. “We reached new records in both production and revenue, underscoring the
strength of our operations, the dedication of our team and the benefit of robust silver and gold prices. The Company’s operating
cash flow also saw significant growth.”
“With a solid financial foundation and the successful completion of the Kolpa plant expansion and Terronera operating near
design criteria, Endeavour is well positioned to achieve its production goals for the remainder of the year. These results
highlight our commitment to operational excellence while creating lasting value for our shareholders.”
Q1 2026 Highlights
• Higher Production Fuels Quarterly Growth: Consolidated production of 1,875,375 ounces (“oz”) Silver and 11,740 oz
Gold for 3.3 million oz silver equivalent (“AgEq”)(1). Production was 78% higher than the same period in 2025.
• Record Ounces Sold with Record Realized Prices : $209.7 million from the sale of 1,642,220 oz of silver and 10,942
oz of gold at average realized prices of $85.95 per oz silver and $5,035 per oz gold as well as from sales of base
metals. Revenue is 230% higher than in the same period in 2025.
• Strong Mine Operating Cash Flow : $114.6 million in mine operating cash flow before taxes(2), 419% higher than the
same period in 2025.
• Steady Operating Costs: Cash costs (2) of $22.54 per oz payable silver and all-in sustaining costs(2) of $37.03 per oz,
net of by-product credits compared to $19.05 and $41.19, respectively, in Q4 2025.
• Strong Cash Position: $231.8 million in cash as of March 31, 2026.
• Higher Production Capacity : Plant expansion at Kolpa has been completed with throughput expected to be in line
with guidance for the remainder of 2026.
• Bolañitos Sale Finalized: On January 15, 2026, the Company completed the sale of the Bolañitos silver and gold
mine (see news release from January 15, 2026 here) and made a gain on the sale of $35.6 million. The Bolañitos
results for the first 15 days of 2026 are included in the Company’s financial results.
Financial Overview
Q1 2026 Highlights Three Months Ended March 31
2026 2025 % Change
Production
Silver ounces produced 1,875,375 1,205,793 56%
Gold ounces produced 11,740 8,338 41%
Lead tonnes produced 4,939 - -
Zinc tonnes produced 2,842 - -
Silver equivalent ounces produced(1) 3,341,943 1,872,833 78%
Cash costs per silver ounce ($)(2) 22.54 15.89 42%
Total production costs per ounce ($)(2) 35.21 24.23 45%
All-in sustaining costs per ounce ($) (2) 37.03 24.48 51%
Processed tonnes 456,657 209,507 118%
Direct operating costs per tonne ($)(2) 186.92 142.72 31%
Direct costs per tonne ($)(2) 256.33 207.27 24%
Financial
Revenue ($ millions) 209.7 63.5 230%
Silver ounces sold 1,642,220 1,223,684 34%
Gold ounces sold 10,942 8,538 28%
Realized silver price per ounce ($) 85.95 31.99 169%
Realized gold price per ounce ($) 5,035 2,903 73%
Net earnings (loss) ($ millions) 64.9 (32.9) 297%
Adjusted net earnings (loss)(2) ($ millions) 59.2 (0.2) 28861%
Mine operating earnings ($ millions) 93.5 12.8 628%
Mine operating cash flow before taxes ($ millions)(2) 114.6 22.1 419%
Operating cash flow before working capital changes ($ millions)(2) 38.8 8.3 365%
EBITDA ($ millions)(2) 112.6 (18.1) 722%
Adjusted EBITDA ($ millions)(2) 108.4 15.1 617%
Working capital ($ millions) (2) 173.4 14.8 1071%
Shareholders
Earnings (loss) per share – basic ($) 0.23 (0.13) 277%
Adjusted earnings (loss) per share – basic ($)(2) 0.21 - 100%
Operating cash flow before working capital changes per share ($)(2) 0.14 0.03 367%
Basic weighted average shares outstanding (‘000) 283,078 262,323 8%
(1) Silver equivalents for 2026 are calculated using a 90:1 Ag:Au ratio, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne;
238 silver oz to 1 copper tonne ratio. Silver equivalents for 2025 are calculated using an 80:1 Ag:Au ratio, 60 silver oz to 1 lead
tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne 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 2026 increased to $186.92, 31% higher than $142.72 in Q1 2025. The increase was
primarily driven by the addition of Terronera and Kolpa, which had direct operating costs per tonne of $195.11 and $155.92,
respectively, during Q1 2026. The disposal of Bolañitos, which had a lower direct operating cost per tonne of $102.81 in Q1
2025, also contributed to the higher consolidated average. In addition, Guanaceví experienced higher cost per tonne due to
lower throughput and higher underlying direct production costs.
Consolidated cash costs per silver ounce, net of by-product credits, were $22.54 in Q1 2026, representing a 42% increase
from $15.89 in Q1 2025 due to the higher metal prices causing higher royalty, third party material cost, and special mining
duties. Each mine has different costs and produces different amounts of payable silver, which affect the consolidated cash
cost per ounce depending on the mix of production. For the three months ended March 31, 2026, the cash costs per silver
ounce were $24.52 for Kolpa, $38.59 for Guanaceví, offset by negative $2.14 for Terronera.
Consolidated All-in Sustaining Costs (“AISC”) per silver ounce in Q1 2026 were $37.03, 51% higher than $24.48 in Q1 2025.
The increase was predominantly due to the contribution of Kolpa, which had AISC of $36.12 per ounce, and higher AISC of
$48.47 at Guanaceví caused by the higher third-party material cost, higher royalties and special mining duties, partially offset
by the contribution from Terronera, where AISC of $22.31 per ounce lowered the consolidated average. Consolidated AISC
decreased from $41.19 in Q4 2025 to $37.03 in Q1 2026 primarily reflecting the ramp up of operations at Terronera and the
efficiencies gained.
In Q1 2026, the Company’s mine operating earnings were $93.5 million (Q1 2025 – $12.9 million), driven by operating earnings
of $38.4 million from Terronera, $23.0 million from Kolpa, and $20.4 million higher operating earnings at Guanaceví, partially
offset by lower operating earnings from Bolañitos following its sale on January 15, 2026. Revenue for the quarter was $209.7
million, compared to $63.5 million in Q1 2025 driven by higher metal prices and higher sales, while cost of sales increased to
$116.3 million from $50.6 million, primarily due to the inclusion of revenue and costs incurred at Terronera and Kolpa.
The Company recorded operating earnings of $83.8 million in Q1 2026 (Q1 2025 – $4.1 million) after exploration expenditures
of $5.0 million (Q1 2025 – $4.5 million) and general and administrative expenses of $4.7 million (Q1 2025 – $4.3 million).
Exploration expenses increased due to additional expenditures on advancing Pitarrilla and exploration work at Kolpa, partially
offset by lower exploration spending at Terronera.
Earnings before taxes for Q1 2026 were $85.9 million, compared to a loss of $27.7 million in Q1 2025. This was after a loss on
derivative contract revaluations of $24.2 million, a foreign exchange loss of $0.3 million, investment and other income loss of
$3.2 million, and finance costs of $5.8 million, partially offset by a gain on the sale of Bolañitos of $35.6 million.
The Company recorded net earnings of $64.9 million for Q1 2026 (Q1 2025 – net loss of $32.9 million) after income tax
expense of $21.0 million, which included $33.8 million of current tax expense and a deferred tax recovery of $12.8 million,
primarily arising from temporary differences related to the buildup of finished goods inventory.
This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for
the period ended March 31, 2026, 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.
About Endeavour Silver – Endeavour is a mid-tier silver producer with three operating mines in Mexico and Peru and a
robust pipeline of exploration projects across Mexico, Chile, and the United States. With a proven track record of discovery,
development, and responsible mining, Endeavour is driving organic growth and creating lasting value on its path to becoming a
leading senior silver producer.
Conference Call
Management will host a conference call to discuss the Company’s Q1 2026 financial results on May 7 at 10:00am Pacific
(PT)/ 1:00pm Eastern (EDT).
Date: Thursday, May 7, 2026
Time: 10:00am Pacific Time / 1:00pm Eastern Daylight Time
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 7015869; audio replay will be available on the Company’s website
Contact Information
Allison Pettit
Vice President, Investor Relations
Email: [email protected]
Website: www.edrsilver.com
Endnotes
1 Silver equivalent (AgEq)
Silver equivalents for 2026 are calculated using a 90:1 Ag:Au ratio, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne;
238 silver oz to 1 copper tonne ratio. Silver equivalents for 2025 are calculated using an 80:1 Ag:Au ratio, 60 silver oz to 1 lead
tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne 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, 2026 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, 2026 MD&A
available on SEDAR at www.sedarplus.com.
Reconciliation of Working Capital
Expressed in millions of U.S. dollars As at March 31, 2026 As at December 31, 2025
Current assets $422.9 $423.2
Current liabilities 249.5 276.8
Working capital surplus $173.4 $146.4
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in millions of U.S. dollars Three Months Ended March
31
(except for share numbers and per share amounts) 2026 2025
Net earnings (loss) for the period per financial statements $64.9 ($32.9)
Unrealized foreign exchange (gain) loss 0.6 0.3
(Gain) loss on derivatives copper stream and contingent liabilities revaluations 25.4 31.9
Gain from sale of Bolañitos (35.6) -
Change in fair value of investments 4.1 (0.1)
Change in fair value of cash settled DSUs (0.1) 0.6
Adjusted net earnings (loss) $59.2 ($0.2)
Basic weighted average shares outstanding (‘000) 283,078 262,323
Adjusted net earnings (loss) per share $0.21 ($0.00)
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in millions of U.S. dollars Three Months Ended March
31
2026 2025
Mine operating earnings per financial statements $93.5 $12.8
Share-based compensation 0.2 -
Depreciation 20.9 9.2
Mine operating cash flow before taxes $114.6 $22.1
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital
Changes Per Share
Expressed in millions of U.S. dollars Three Months Ended March
31
(except for per share amounts) 2026 2025
Cash from (used in) operating activities per financial statements $20.7 $3.4
Net changes in non-cash working capital per financial statements (18.1) (5.0)
Operating cash flow before working capital changes $38.8 $8.3
Basic weighted average shares outstanding (‘000) 283,078 262,323
Operating cash flow before working capital changes per share $0.14 $0.03
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in millions of U.S. dollars Three Months Ended March
31
2026 2025
Net earnings (loss) for the period per financial statements $64.9 ($32.9)
Depreciation – cost of sales 20.9 9.2
Depreciation – exploration, evaluation and development 0.2 0.3
Depreciation – general & administration 0.1 0.1
Finance costs 5.6 0.2
Current income tax expense (recovery) 33.8 5.3
Deferred income tax expense (recovery) (12.8) (0.2)
EBITDA $112.6 ($18.1)
Share based compensation 1.4 0.5
Unrealized foreign exchange (Gain) loss 0.6 0.2
(Gain) loss on derivatives, copper stream and contingent liabilities revaluations 25.4 31.9
(Gain) loss from disposal of Bolañitos (35.6) -
Change in fair value of investments 4.1 (0.1)
Change in fair value of cash settled DSUs (0.1) 0.6
Adjusted EBITDA $108.4 $15.1
Basic weighted average shares outstanding (‘000) 283,078 262,323
Adjusted EBITDA per share $0.38 $0.06
Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct
Costs Per Tonne
Expressed in millions of U.S. dollars
Three Months Ended
March 31, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial
statements $33.8 $24.0 $1.7 $24.5 $83.9
Purchase of the third-party material - (10.3) - (0.9) (11.3)
Smelting and refining costs included in
revenue 1.2 0.2 - 2.6 4.0
Opening finished goods (3.0) (8.6) (0.2) (0.8) (12.6)
Closing finished goods 2.2 17.6 - 1.4 21.3
Direct operating costs 34.2 22.8 1.6 26.8 85.4
Purchase of the third-party material - 10.3 - 0.9 11.3
Royalties 2.4 7.1 - 1.6 11.2
Special mining duty (1) 4.4 3.5 0.2 1.2 9.2
Direct costs 41.0 43.7 1.8 30.5 117.1
By-products sales (42.5) (10.1) (2.5) (17.5) (72.6)
Opening by-products inventory fair market
value 3.0 3.2 0.1 0.6 6.9
Closing by-products inventory fair market
value (2.6) (6.4) - (1.3) (10.4)
Cash costs net of by-products (1.1) 30.3 (0.6) 12.3 40.9
Depreciation 9.4 4.7 - 6.8 20.9
Share-based compensation 0.1 0.1 - 0.1 0.2
Opening finished goods depreciation (0.5) (1.8) - (0.2) (2.4)
Closing finished goods depreciation 0.6 3.5 - 0.3 4.4
Total production costs $8.5 $36.7 $(0.6) $19.3 $63.9
Expressed in millions of U.S. dollars
Three Months Ended
March 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial
statements $- $25.4 $9.7 $- $35.2
Purchase of the third-party material - (5.9) - - (5.9)
Smelting and refining costs included in
revenue - - 0.4 - 0.4
Opening finished goods - (5.4) (0.5) - (5.9)
Closing finished goods - 4.8 1.3 - 6.1
Direct operating costs - 18.9 11.0 - 29.9
Purchase of the third-party material - 5.9 - - 5.9
Royalties - 6.1 0.2 - 6.2
Special mining duty (1) - 1.0 0.4 - 1.4
Direct costs - 31.8 11.6 - 43.4
By-products sales - (12.8) (12.0) - (24.8)
Opening by-products inventory fair market
value - 3.2 0.8 - 4.0
Closing by-products inventory fair market
value - (2.2) (1.4) - (3.6)
Cash costs net of by-products - 20.0 (1.0) - 19.0
Depreciation - 6.6 2.6 - 9.2
Share-based compensation - 0.0 0.0 - 0.0
Opening finished goods depreciation - (1.2) (0.1) - (1.3)
Closing finished goods depreciation - 1.6 0.4 - 2.0
Total production costs $- $27.0 $1.9 $- $28.9
(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.
Three Months Ended
March 31, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes 175,418 95,524 13,988 171,727 456,657
Payable silver ounces 510,521 785,494 17,668 501,458 1,815,142
Cash costs per silver ounce ($2.14) $38.59 ($34.70) $24.52 $22.54
Total production costs per ounce $16.67 $46.76 ($34.69) $38.43 $35.21
Direct operating costs per tonne $195.11 $238.30 $113.74 $155.92 $186.92
Direct costs per tonne $233.84 $457.23 $130.37 $177.82 $256.33
Three Months Ended
March 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes - 102,438 107,069 - 209,507
Payable silver ounces - 1,012,281 181,077 - 1,193,358
Cash costs per silver ounce $- $19.73 ($5.60) $- $15.89
Total production costs per ounce $- $26.66 $10.65 $- $24.23
Direct operating costs per tonne $- $184.43 $102.81 $- $142.72
Direct costs per tonne $- $310.52 $108.49 $- $207.27
Expressed in millions of U.S. dollars March 31, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Closing finished goods 2.2 17.6 - 1.4 21.3
Closing finished goods depreciation 0.6 3.5 - 0.3 4.4
Finished goods inventory $2.8 $21.1 $- $1.7 $25.7
Expressed in millions of U.S. dollars March 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Closing finished goods - 4.8 1.3 - 6.1
Closing finished goods depreciation - 1.6 0.4 - 2.0
Finished goods inventory $- 6.4 1.7 $- 8.1
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in millions of U.S. dollars
Three Months Ended
March 31, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Cash costs net of by-products ($1.1) $30.3 ($0.6) $12.3 $40.9
Operations share-based compensation 0.1 0.1 - 0.1 0.2
Corporate general and administrative 1.3 1.1 0.1 1.0 3.4
Corporate share-based compensation 0.5 0.4 - 0.3 1.2
Reclamation - amortization/accretion 0.1 0.1 - - 0.3
Mine site expensed exploration 0.3 0.4 - 1.4 2.1
Equipment loan payments 0.9 - - 0.2 1.1
Capital expenditures sustaining 9.3 5.7 0.2 2.9 18.1
All-In-Sustaining Costs $11.4 $38.1 ($0.4) $18.1 $67.2
Growth exploration, evaluation and
development 2.7
Growth capital expenditures 5.8
All-In-Costs $75.7
Expressed in millions of U.S. dollars
Three Months Ended
March 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Cash costs net of by-products $- $20.0 ($1.0) $- $19.0
Operations share-based compensation - - - - 0.0
Corporate general and administrative - 2.7 1.1 - 3.8
Corporate share-based compensation - 0.3 0.1 - 0.4
Reclamation - amortization/accretion - 0.1 0.1 - 0.2
Mine site expensed exploration - 0.3 0.2 - 0.4
Capital expenditures sustaining - 3.4 1.9 - 5.4
All-In-Sustaining Costs $- $26.8 $2.4 $- $29.2
Growth exploration, evaluation and
development 3.8
Growth capital expenditures 36.2
All-In-Costs $69.2
Three Months Ended
March 31, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes 175,418 95,524 13,988 171,727 456,657
Payable silver ounces 510,521 785,494 17,668 501,458 1,815,142
Silver equivalent production (ounces) 1,296,348 1,042,779 62,766 940,050 3,341,943
All-in-Sustaining cost per ounce $22.31 $48.47 ($20.22) $36.12 $37.03
Three Months Ended
March 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes - 102,438 107,069 - 209,507
Payable silver ounces - 1,012,281 181,077 - 1,193,358
Silver equivalent production (ounces) - 1,334,447 538,386 - 1,872,833
All-in-Sustaining cost per ounce $- $26.50 $13.16 $- $24.48
Reconciliation of Sustaining Capital and Growth Capital
Expressed in millions of U.S. dollars
Three Months Ended March
31
2026 2025
Capital expenditures sustaining $18.1 $5.4
Growth capital expenditures 5.8 $36.2
Property, plant and equipment expenditures per financial statements $23.9 $41.6
Expressed in millions of U.S. dollars
Three Months Ended March
31
2026 2025
Mine site expensed exploration $2.1 $0.4
Growth exploration, evaluation and development 2.7 3.8
Total exploration, evaluation and development 4.8 4.2
Exploration, evaluation and development depreciation 0.2 0.3
Exploration, evaluation and development share-based compensation 0.1 0.1
Exploration, evaluation and development expense $5.0 $4.5
Expressed in millions of U.S. dollars
Unless otherwise stated
Three Months Ended March
31
2026 2025
Gross silver sales $141.1 $39.2
Silver ounces sold 1,642,220 1,223,684
Realized silver price per ounce $85.95 $31.99
Expressed in millions of U.S. dollars
Unless otherwise stated
Three Months Ended March
31
2026 2025
Gross gold sales $55.1 $24.8
Gold ounces sold 10,942 8,538
Realized gold price per ounce $5,035 $2,903
Expressed in millions of U.S. dollars
Unless otherwise stated
Three Months Ended March
31
2026 2025
Gross lead sales $8.9 $-
Lead tonnes sold 4,542 -
Realized lead price per tonne $1,966 $-
Expressed in millions of U.S. dollars
Unless otherwise stated
Three Months Ended March
31
2026 2025
Gross zinc sales $7.0 $-
Zinc tonnes sold 2,295
-
Realized zinc price per tonne $3,070 $-
Expressed in millions of U.S. dollars
Unless otherwise stated
Three Months Ended March
31
2026 2025
Gross copper sales $0.7 $-
Copper tonnes sold 55
-
Realized copper price per tonne $12,909 $-
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 expected operating and
efficiency improvements, the Company’s strategic objectives, areas of priority, ability to meet production goals, expectations
of throughput at Kolpa, the planned allocation of resources, Endeavour’s ability to unlock value across the Company’s
development pipeline and deliver long-term value for its stakeholders, 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