Endeavour Silver Announces Q2 2026 Financial Results
Endeavour Silver Announces Q2 2026 Financial Results
VANCOUVER, British Columbia, July 29, 2026 -- 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, 2026. The
Company will host a conference call to discuss these results on Thursday, July 30 at 10:00am PT / 1:00pm EDT; details are
provided further in this news release. All dollar amounts are in US dollars ($).
“Endeavour delivered strong second quarter results, supported by higher production, record ounces sold and improved mine
operating cash flow,” said Dan Dickson, Chief Executive Officer. “The successful increase in throughput at Kolpa and our
strong cash position provide a solid foundation as we continue to advance our growth initiatives in the second half of the year,
while delivering long-term value for our shareholders.”
Q2 2026 Highlights
• Strong Production: Consolidated production of 1,943,955 ounces (“oz”) silver and 10,474 oz gold for a total of 3.4
million oz silver equivalent (“AgEq”)(1). Q2 production of silver and gold was 31% and 35% higher, respectively, than in
the same period in 2025.
• Record Ounces Sold with High Realized Prices: $212.1 million from the sale of 2,054,108 oz of silver and 10,823 oz
of gold at average realized prices of $70.16 per oz silver and $4,305 per oz gold as well as from sales of base metals.
Revenue from operations was 149% higher than in the same period in 2025.
• Strong Mine Operating Cash Flow: $99.9 million in mine operating cash flow before taxes (2), 336% higher than the
same period in 2025.
• Steady Operating Costs: Cash costs (2) of $23.52 per oz payable silver and all-in sustaining costs (AISC) (2) of $36.89
per oz, net of by-product credits, compared to $15.35 and $25.16, respectively, in Q2 2025.
• Strong Cash Position: $236.6 million in cash and $214.4 million in working capital as at June 30, 2026.
• Higher Production Capacity: A significant portion of the plant expansion at Kolpa was commissioned at the end of
Q1 2026, resulting in a 36% increase in throughput during Q2 2026 compared to Q1 2026.
• Terronera LNG Plant: The LNG plant began commissioning in June and is now in operation, with mine complex ramp-
up through Q3 2026.
Financial Overview
Three Months Ended June 30 Q2 2026 Highlights Six months Ended June 30
2026 20254 % Change 20263 20254 % Change
Production
1,943,955 1,483,736 31% Silver ounces produced 3,819,329 2,689,529 42%
10,474 7,755 35% Gold ounces produced 22,215 16,093 38%
6,207 3,503 77% Lead tonnes produced 11,146 3,503 218%
3,989 2,316 72% Zinc tonnes produced 6,831 2,316 195%
3,437,794 2,528,562 36% Silver equivalent ounces produced(1) 6,779,737 4,401,401 54%
23.52 15.35 53% Cash costs per silver ounce ($)(2) 23.03 15.59 48%
36.69 25.25 45% Total production costs per ounce ($)(2) 35.96 24.79 45%
36.89 25.16 47% All-in sustaining costs per ounce ($) (2) 36.96 24.85 49%
509,576 303,828 68% Processed tonnes 966,232 513,335 88%
161.73 142.00 14% Direct operating costs per tonne ($)(2) 173.63 142.30 22%
219.62 201.24 9% Direct costs per tonne ($)(2) 236.97 203.70 16%
Financial
212.1 85.3 149% Revenue from operations ($ millions) 421.8 148.8 183%
2,054,108 1,455,680 41% Silver ounces sold 3,696,328 2,679,364 38%
10,823 7,706 40% Gold ounces sold 21,766 16,244 34%
70.16 32.95 113% Realized silver price per ounce ($) 77.18 32.52 137%
4,305 3,320 30% Realized gold price per ounce ($) 4,672 3,110 50%
- 3.3 (100%) Pre-operating production revenue ($
millions) - 3.3 (100%)
66.5 (20.5) 425% Net earnings (loss) ($ millions) 131.4 (53.4) 346%
44.8 (9.2) 589% Adjusted net earnings (loss) ($ millions) (2) 104.0 (9.4) 1210%
74.0 7.7 855% Mine operating earnings ($ millions) 167.5 20.6 714%
99.9 22.9 336% Mine operating cash flow before taxes ($
millions)(2) 214.5 45.0 377%
45.0 14.4 213% Operating cash flow before working capital
changes(2) 83.8 22.7 269%
110.9 1.4 7807% EBITDA ($ millions)(2) 223.5 (16.7) 1439%
90.0 10.8 736% Adjusted EBITDA ($ millions)(2) 198.4 25.9 666%
214.4 (15.3) 1501% Working capital ($ millions) (2) 214.4 (15.3) 1501%
Shareholders
0.22 (0.07) 414% Earnings (loss) per share – basic ($) 0.44 (0.20) 320%
0.15 (0.03) 600% Adjusted earnings (loss) per share – basic
($)(2) 0.35 (0.03) 1267%
0.15 0.05 200% Operating cash flow before working capital
changes per share ($)(2) 0.28 0.08 250%
296,096 283,534 4% Basic weighted average shares
outstanding (‘000) 295,892 272,988 8%
(1) Silver equivalent ratios for 2026 are calculated using 90:1 Ag:Au, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne;
238 silver oz to 1 copper tonne. Silver equivalent ratios for 2025 are calculated using 80:1 Ag:Au, 60 silver oz to 1 lead tonne;
85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne.
(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.
(3) Bolañitos mine was sold January 15, 2026, and the 15-day period from January 1, 2026, to January 15, 2026, is included in
the consolidated results above.
(4) Kolpa was acquired on May 1, 2025. Accordingly, the three- and six-month periods ending June 30, 2025 include two
months of operations of the Kolpa mine.
Direct operating costs per tonne in Q2 2026 were $161.73, 14% higher than $142.00 in Q2 2025. The increase in the average
cost compared to Q2 2025 was driven by the inclusion of Terronera with higher direct operating costs per tonne than the
consolidated average of $169.49 and higher costs at Guanaceví and Kolpa. Underlying costs in Mexico were negatively
affected by the Mexican peso being 12% stronger on average during the current period compared to the same period in 2025.
In comparison to Q1 2026, which had a similar Mexican peso exchange rate, Q2 2026 costs per tonne were 13% lower. As a
result, direct operating costs per tonne in the first half of 2026 were $173.63, compared to $142.30 in 2025.
Consolidated cash costs per silver ounce, net of by-product credits, were $23.52 in Q2 2026, representing a 53% increase
from $15.35 in Q2 2025 mainly due to higher metal prices causing higher royalties and third-party material costs. For the three
months ended June 30, 2026, cash costs per silver ounce were $22.23 for Kolpa, $40.17 for Guanaceví and $5.07 for
Terronera. Cash costs per silver ounce for the six-month period ended June 30, 2026, were $23.03 compared to $15.59 in
2025, a 48% increase driven by the same reasons described above.
Consolidated AISC per silver ounce in Q2 2026 were $36.89, 47% higher than $25.16 in Q2 2025 and in line with Q1 2026. The
increase compared to Q2 2025 was predominantly due to higher cash costs and higher sustaining capital expenditures,
particularly at Terronera, which was not operating in the comparative period. AISC per silver ounce for the six-month period
ended June 30, 2026, were $36.96 compared to $24.85 in 2025, for the same reasons described above.
In Q2 2026, the Company’s mine operating earnings were $74.0 million, higher than the $7.7 million for the same period in
2025, driven by higher metal prices as well as higher volume of silver and gold ounces sold with the addition of Terronera and a
full quarter of Kolpa operations. Revenue from operations was $212.1 million, compared to $85.3 million in Q2 2025, while cost
of sales, which now include Terronera and a full quarter of Kolpa operations, increased to $138.1 million from $80.9 million.
The Company recorded operating earnings of $64.7 million in Q2 2026 (Q2 2025 – operating loss of $4.8 million) after
exploration and evaluation costs of $6.4 million (Q2 2025 – $4.9 million) and general and administrative expenses of $2.9
million (Q2 2025 – $7.6 million). Exploration expenses increased due to additional expenditures on advancing Pitarrilla and
exploration work at Kolpa, while general and administrative expenses decreased predominantly due to the $3.6 million
acquisition costs ineligible to be capitalized in Q2 2025 and a $1.6 million change in the loss on revaluation of the cash-settled
deferred share units liability.
The Company recorded a $21.7 million gain on derivative contract revaluations in Q2 2026 (Q2 2025 – $10.1 million loss).
Finance costs increased to $5.7 million (Q2 2025 – $1.1 million), primarily due to a $5.1 million finance charge related to the
senior convertible notes issued in December 2025. Investment and other losses of $2.6 million (Q2 2025 – income of $0.7
million) were recorded during the period, largely due to the revaluation of Guanajuato Silver shares received as consideration for
the sale of Bolañitos. As a result, earnings before taxes were $79.5 million in Q2 2026, compared to a loss before taxes of
$14.6 million in Q2 2025.
This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for
the period ended June 30, 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 Q2 2026 financial results on July 30, 2026 at 10:00am
Pacific (PT)/ 1:00pm Eastern (EDT).
Date: Thursday, July 30, 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 8095012; 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
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, 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 June 30, 2026 MD&A
available on SEDAR at www.sedarplus.com.
Reconciliation of Working Capital
Expressed in millions of U.S. dollars As at June 30, 2026 As at December 31, 2025
Current assets $435.4 $423.2
Current liabilities 221.0 276.8
Working capital $214.4 $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
June 30
Six Months Ended
June 30
2026 2025 2026 2025
Net earnings (loss) for the period per financial statements $66.5 ($20.5) $131.4 ($53.4)
Unrealized foreign exchange (Gain) loss (3.0) (2.8) (2.4) (2.5)
(Gain) loss on derivatives, copper stream and contingent
liabilities revaluations (21.3) 10.1 4.1 42.0
(Gain) on sale of Bolañitos (0.9) - (36.5) -
Acquisition costs - 3.6 - 3.6
Change in fair value of investments 4.3 (0.2) 8.4 (0.3)
Change in fair value of cash settled DSUs (1.0) 0.6 (1.1) 1.2
Adjusted net earnings (loss) $44.8 ($9.2) $104.0 ($9.4)
Basic weighted average share outstanding (‘000) 296,096 283,534 295,892 272,988
Adjusted net earnings (loss) per share $0.15 ($0.03) $0.35 ($0.03)
Totals may not add up due to rounding
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in millions of U.S. dollars Three Months Ended
June 30
Six Months Ended
June 30
2026 2025 2026 2025
Mine operating earnings per financial statements $74.0 $7.7 $167.5 $20.6
Share-based compensation 0.2 0.2 0.4 0.2
Depreciation 25.7 15.0 46.5 24.2
Mine operating cash flow before taxes $99.9 $22.9 $214.5 $45.0
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
June 30
Six Months Ended
June 30
(except for per share amounts) 2026 2025 2026 2025
Cash from operating activities per financial statements $39.8 $21.5 $60.6 $24.9
Net changes in non-cash working capital per financial
statements (5.1) 7.2 (23.2) 2.2
Operating cash flow before working capital changes $44.9 $14.3 $83.8 $22.7
Basic weighted average shares outstanding (‘000) 296,096 283,534 295,892 272,988
Operating cash flow before working capital changes per share $0.15 $0.05 $0.28 $0.08
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in millions of U.S. dollars Three Months Ended
June 30
Six Months Ended
June 30
2026 2025 2026 2025
Net earnings (loss) for the period per financial statements $66.5 ($20.5) $131.4 ($53.4)
Depreciation – cost of sales 25.7 15.0 46.5 24.2
Depreciation – exploration, evaluation and development 0.2 - 0.3 0.3
Depreciation – general & administration 0.1 0.1 0.2 0.2
Finance costs 5.4 0.8 10.9 1.0
Current income tax expense 10.7 9.1 44.5 14.4
Deferred income tax expense (recovery) 2.3 (3.2) (10.5) (3.4)
EBITDA $110.9 $1.4 $223.5 ($16.7)
Share based compensation 0.9 1.7 2.3 2.2
Unrealized foreign exchange (gain) loss (3.0) (2.8) (2.4) (2.5)
(Gain) loss on derivatives, copper stream and contingent
liabilities revaluations (21.3) 10.1 4.1 42.0
(Gain) on sale of Bolañitos (0.9) - (36.5) -
Change in fair value of investments 4.3 (0.2) 8.4 (0.3)
Change in fair value of cash settled DSUs (1.0) 0.6 (1.1) 1.2
Adjusted EBITDA $90.0 $10.8 $198.4 $25.9
Basic weighted average shares outstanding (‘000) 296,096 283,534 295,892 272,988
Adjusted EBITDA per share $0.30 $0.04 $0.67 $0.09
Totals may not add up due to rounding
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
June 30, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial statements $29.3 $37.8 - $33.9 $101.0
Purchase of the third-party material - (15.2) - (0.9) (16.1)
Smelting and refining costs included in revenue 1.4 - - 2.9 4.3
Opening finished goods (2.2) (17.6) - (1.4) (21.3)
Closing finished goods 1.3 12.3 - 0.9 14.5
Direct operating costs 29.8 17.3 - 35.3 82.4
Purchase of the third-party material - 15.2 - 0.9 16.1
Royalties 2.3 7.9 - 1.1 11.2
Special mining duty (1) 1.7 (0.7) - 1.1 2.2
Direct costs 33.8 39.7 - 38.4 111.9
By-products sales (31.8) (14.8) - (25.6) (72.2)
Opening by-products inventory fair market value 2.6 6.4 - 1.3 10.4
Closing by-products inventory fair market value (1.6) (3.6) - (0.8) (6.1)
Cash costs net of by-products 3.0 27.8 - 13.3 44.0
Depreciation 9.9 7.4 - 8.3 25.7
Share-based compensation 0.1 - - 0.1 0.2
Opening finished goods depreciation (0.6) (3.5) - (0.3) (4.4)
Closing finished goods depreciation 0.4 2.6 - 0.2 3.1
Total production costs $12.8 $34.3 - $21.6 $68.7
(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.
Three Months Ended
June 30, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes 175,729 100,439 - 233,408 509,576
Payable silver ounces 582,043 691,401 - 599,323 1,872,767
Cash costs per silver ounce $5.07 $40.17 - $22.23 $23.52
Total production costs per ounce $21.93 $49.65 - $36.08 $36.69
Direct operating costs per tonne $169.49 $172.22 - $151.38 $161.73
Direct costs per tonne $192.13 $395.39 - $164.68 $219.62
Expressed in millions of U.S. dollars
Three Months Ended
June 30, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial statements - $23.1 $11.6 $16.3 $51.0
Purchase of the third-party material - (10.0) - - (10.0)
Smelting and refining costs included in revenue - - 0.3 1.1 1.4
Opening finished goods - (4.8) (1.3) (0.6) (6.7)
Closing finished goods - 5.9 0.9 0.6 7.4
Direct operating costs - 14.2 11.5 17.4 43.1
Purchase of the third-party material - 10.0 - - 10.0
Royalties - 6.2 0.2 - 6.4
Special mining duty (1) - 1.1 0.4 0.1 1.7
Direct costs - 31.5 12.1 17.5 61.1
By-products sales - (11.6) (14.0) (13.3) (38.9)
Opening by-products inventory fair market value - 2.2 1.4 0.5 4.2
Closing by-products inventory fair market value - (2.3) (1.3) (0.5) (4.1)
Cash costs net of by-products - 19.8 (1.7) 4.2 22.3
Depreciation - 6.3 2.7 5.2 14.2
Share-based compensation - 0.1 - - 0.1
Opening finished goods depreciation - (1.6) (0.4) (0.1) (2.1)
Closing finished goods depreciation - 1.8 0.2 0.1 2.2
Total production costs - $26.4 $0.9 $9.4 $36.7
Three Months Ended
June 30, 2025
Terronera 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 millions of U.S. dollars
Six Months Ended
June 30, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial statements $63.1 $61.7 $1.7 $58.4 $185.0
Purchase of the third-party material - (25.6) - (1.9) (27.4)
Smelting and refining costs included in revenue 2.6 0.2 - 5.5 8.3
Opening finished goods (3.0) (8.6) (0.2) (0.8) (12.6)
Closing finished goods 1.3 12.3 - 0.9 14.5
Direct operating costs 64.0 40.1 1.6 62.1 167.8
Purchase of the third-party material - 25.6 - 1.9 27.4
Royalties 4.7 15.0 - 2.6 22.4
Special mining duty (1) 6.1 2.8 0.2 2.4 11.4
Direct costs 74.8 83.4 1.8 69.0 229.0
By-products sales (74.3) (24.9) (2.5) (43.2) (144.8)
Opening by-products inventory fair market value 3.0 3.2 0.1 0.6 6.9
Closing by-products inventory fair market value (1.6) (3.6) - (0.8) (6.1)
Cash costs net of by-products 1.9 58.1 (0.6) 25.6 85.0
Depreciation 19.4 12.1 - 15.1 46.5
Share-based compensation 0.2 0.1 - 0.2 0.4
Opening finished goods depreciation (0.5) (1.8) - (0.2) (2.4)
Closing finished goods depreciation 0.4 2.6 - 0.2 3.1
Total production costs $21.3 $71.1 ($0.6) $40.9 $132.6
Six Months Ended
June 30, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes 351,147 195,963 13,988 405,135 966,232
Payable silver ounces 1,092,565 1,476,895 17,668 1,100,781 3,687,909
Cash costs per silver ounce $1.70 $39.33 ($34.70) $23.27 $23.03
Total production costs per ounce $19.47 $48.12 ($34.69) $37.15 $35.96
Direct operating costs per tonne $182.29 $204.43 $113.74 $153.30 $173.63
Direct costs per tonne $212.97 $425.53 $130.37 $170.25 $236.97
Six Months Ended
Expressed in millions of U.S. dollars June 30, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial statements - $48.5 $21.3 $16.3 $86.1
Purchase of the third-party material - (15.9) - - (15.9)
Smelting and refining costs included in revenue - - 0.8 1.1 1.9
Opening finished goods - (5.4) (0.5) (0.6) (6.5)
Closing finished goods - 5.9 0.9 0.6 7.4
Direct operating costs - 33.1 22.6 17.4 73.0
Purchase of the third-party material - 15.9 - - 15.9
Royalties - 12.3 0.3 - 12.6
Special mining duty (1) - 2.1 0.9 0.1 3.1
Direct costs - 63.3 23.7 17.5 104.6
By-products sales - (24.4) (26.0) (13.3) (63.7)
Opening by-products inventory fair market value - 3.2 0.8 0.5 4.5
Closing by-products inventory fair market value - (2.3) (1.3) (0.5) (4.1)
Cash costs net of by-products - 39.8 (2.7) 4.0 41.3
Depreciation - 12.9 5.4 5.2 23.4
Share-based compensation - 0.1 0.1 - 0.2
Opening finished goods depreciation - (1.2) (0.1) (0.1) (1.4)
Closing finished goods depreciation - 1.8 0.2 0.1 2.2
Total production costs - 53.4 2.8 9.4 65.6
Six Months Ended
June 30, 2025
Terronera 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
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in millions of U.S. dollars
Three Months Ended
June 30, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Cash costs net of by-products $3.0 $27.8 - $13.3 $44.0
Operations share-based compensation 0.1 - - 0.1 0.2
Corporate general and administrative 0.8 0.6 - 0.8 2.1
Corporate share-based compensation 0.2 0.2 - 0.2 0.7
Reclamation - amortization/accretion 0.1 0.1 - 0.1 0.3
Mine site expensed exploration 0.4 0.4 - 1.0 1.9
Equipment loan payments 0.8 - - 0.2 0.9
Capital expenditures sustaining 10.0 7.0 - 1.9 18.9
All-In-Sustaining Costs $15.4 $36.1 - $17.6 $69.1
Growth exploration, evaluation and development 4.3
Growth capital expenditures 8.9
All-In-Costs $82.3
Three Months Ended
June 30, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes 175,729 100,439 - 233,408 509,576
Payable silver ounces 582,043 691,401 - 599,323 1,872,767
Silver equivalent production (ounces) 1,298,268 955,070 - 1,184,457 3,437,794
All-in-Sustaining cost per ounce $26.42 $52.20 - $29.40 $36.89
Expressed in millions of U.S. dollars
Three Months Ended
June 30, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Cash costs net of by-products - $19.8 ($1.7) $4.2 $22.3
Operations share-based compensation - 0.1 - - 0.1
Corporate general and administrative - 1.1 0.3 4.8 6.2
Acquisition costs - - - (3.6) (3.6)
Corporate share-based compensation - 0.8 0.3 0.3 1.4
Reclamation - amortization/accretion - 0.2 0.1 - 0.3
Mine site expensed exploration - - - 1.0 1.1
Equipment loan payments - - - 0.1 0.1
Capital expenditures sustaining - 4.8 1.7 2.3 8.8
All-In-Sustaining Costs - $26.7 $0.7 $9.2 $36.6
Acquisition costs 3.6
Growth exploration, evaluation and development 3.6
Growth capital expenditures 45.4
All-In-Costs $89.2
Three Months Ended
June 30, 2025
Terronera 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 millions of U.S. dollars
Six Months Ended
June 30, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Cash costs net of by-products $1.9 $58.1 ($0.6) $25.6 $85.0
Operations share-based compensation 0.2 0.1 - 0.2 0.4
Corporate general and administrative 2.1 1.6 0.1 1.7 5.5
Corporate share-based compensation 0.7 0.5 - 0.6 1.8
Reclamation - amortization/accretion 0.2 0.3 - 0.1 0.6
Mine site expensed exploration 0.7 0.9 - 2.4 4.0
Equipment loan payments 1.7 - - 0.4 2.0
Capital expenditures sustaining 19.4 12.7 0.2 4.8 37.0
All-In-Sustaining Costs $26.8 $74.2 ($0.4) $35.7 $136.3
Growth exploration, evaluation and development 7.1
Growth capital expenditures 14.7
All-In-Costs $158.1
Six Months Ended
June 30, 2026
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes 351,147 195,963 13,988 405,135 966,232
Payable silver ounces 1,092,565 1,476,895 17,668 1,100,781 3,687,909
Silver equivalent production (ounces) 2,594,616 1,997,849 62,766 2,124,507 6,779,737
All-in-Sustaining cost per ounce $24.50 $50.22 ($20.22) $32.46 $36.96