Endeavour Silver Announces Q4 2025 Financial Results; Earnings Call at 10AM PST (1PM EST) Today
Endeavour Silver Announces Q4 2025 Financial Results; Earnings Call at 10AM
PST (1PM EST) Today
VANCOUVER, British Columbia, Feb. 27, 2026 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) announces its financial and operating results for the three months and year ended December 31, 2025. All
dollar amounts are in US dollars ($).
“2025 was a transformative year for Endeavour, marked by robust production growth, record revenues and key strategic
milestones that have propelled the Company forward,” said Dan Dickson, Chief Executive Officer. “The successful
commissioning of Terronera, the acquisition of Kolpa and the sale of Bolañitos Mine have not only enhanced the Company’s
asset portfolio but also positioned it for sustained growth and long-term success.”
“With a strong balance sheet, Endeavour has the financial flexibility to advance its strategic objectives and continue prioritizing
progress at the Pitarrilla project by allocating resources to exploration, technical studies and economic evaluations, which will
further unlock value across the Company’s development pipeline.”
Full Year 2025 Highlights
• Significant Year-Over-Year Production Growth: In 2025, the Company produced 6,486,661 ounces (“oz”) of silver
and 37,164 oz of gold. Including base metal production, total silver equivalent (“AgEq”)(1) production reached 11.2 million
ounces, marking a 48% increase over 2024, driven by output from the newly commissioned Terronera mine and the
acquired Kolpa mine.
• Record Revenue Driven by Higher Sales Volumes and Strong Realized Prices : Revenue totaled $467.5 million in
2025 from the sale of 6,562,106 oz of silver and 43,430 oz of gold at average realized prices of $40.73 per oz silver and
$3,591 per oz gold, a 115% increase compared to 2024, driven by higher metals prices and 36% more silver ounces
sold.
• Strong Mine Operating Cash Flow : $156.3 million in mine operating cash flow before taxes (2) and $51.5 million in
operating cash flow before working capital(2) changes, representing a significant increase compared to $72.3 million and
$27.2 million, respectively, in 2024.
• Solid Cash Position: $215.4 million in cash as of December 31, 2025.
• Terronera Declared Commercial Production: Commercial production at Terronera commenced on October 1, 2025
(see news release dated October 16, 2025 here). During the fourth quarter of 2025, Terronera processed 154,180
tonnes, and produced 352,002 ounces of silver and 8,148 ounces of gold with average recoveries of 82.6% and 72.5%,
respectively.
• Completed Acquisition of Minera Kolpa: On May 1, 2025, the Company completed the acquisition of Kolpa,
including a $50 million bought deal equity financing, which funded the cash component of the acquisition (see news
release dated April 16, 2025 here). Additionally, the Company commenced payments on the $35 million copper stream
with Versamet Royalties Corporation (see news release dated May 1, 2025 here).
• Definitive Agreement to Sell Bolañitos: The Company entered into a definitive agreement to sell the Bolañitos mine
to Guanajuato Silver Company Ltd. (“Guanajuato Silver ”) for $30 million in cash and $10 million in Guanajuato Silver
shares, plus up to US$10 million in contingent consideration payable upon achieving certain production milestones at
the Bolañitos mine. The sale closed in January 2026.
• Completed US$350 Million Convertible Notes Offering: On December 4, 2025, the Company closed a $350 million
convertible senior notes offering and repaid the majority of its third-party debt. Remaining funds will be used to advance
Pitarrilla and for general corporate purposes (see news release dated December 4, 2025 here).
• Further Advancement of Pitarrilla: The Company has further advanced the project with a focus on exploration and
technical studies. During the year, $6.2 million was incurred on exploration costs and $2.8 million for evaluation and
non-capital expenditures to advance Pitarrilla.
Operating & Financial Overview
Three Months Ended December
31 Q4 2025 Highlights Twelve Months Ended December
31
2025 2024 % Change 2025 2024 %
Change
Production
2,030,206 824,529 146% Silver ounces produced 6,486,661 4,471,824 45%
13,785 9,075 52% Gold ounces produced 37,164 39,047 (5%)
5,750 - - Lead tonnes produced 14,917 - -
3,034 - - Zinc tonnes produced 9,016 - -
3,767,713 1,550,529 143% Silver equivalent ounces produced(1) 11,206,378 7,595,584 48%
19.05 13.68 39% Cash costs per silver ounce(2) 17.34 12.99 34%
32.05 21.00 53% Total production costs per ounce(2) 28.17 19.70 43%
41.19 27.33 51% All-in sustaining costs per ounce (2) 31.52 23.88 32%
551,010 165,591 233% Processed tonnes 1,464,590 781,439 87%
164.21 152.44 8% Direct operating costs per tonne(2) 152.79 140.98 8%
207.91 209.49 (1%) Direct costs per tonne (2) 202.30 192.51 5%
Financial
172.6 42.2 309% Revenue from operations ($ millions) 432.8 217.6 99%
1,879,936 654,519 187% Silver ounces sold 6,321,785 4,645,574 36%
12,614 8,343 51% Gold ounces sold 36,336 38,522 (6%)
54.83 31.56 74% Realized silver price per ounce 40.73 27.39 49%
4,283 2,647 62% Realized gold price per ounce 3,591 2,397 50%
- - - Pre-operating production revenue ($ millions) 34.8 - -
- - - Pre-operating production silver equivalent ounces
sold(1) 807,841 - -
(23.8) 1.0 (2,421%) Net earnings (loss) ($ millions) (119.1) (31.5) (278%)
4.8 4.8 (1%) Adjusted net earnings (loss) ($ millions) (2) (6.7) 8.0 (184%)
46.6 7.7 505% Mine operating earnings ($ millions) 82.8 42.1 97%
71.7 13.1 447% Mine operating cash flow before taxes ($ millions)(2) 156.3 72.3 116%
15.1 5.8 162% Operating cash flow before working capital changes
(2) 51.5 27.2 89%
11.7 4.4 166% EBITDA ($ millions)(2) (17.7) 10.0 (276%)
41.1 8.6 377% Adjusted EBITDA ($ millions)(2) 95.1 52.7 80%
146.4 78.8 86% Working capital ($ millions) (2) 146.4 78.8 86%
Shareholders
(0.08) 0.00 (100%) Earnings (loss) per share – basic ($) (0.42) (0.13) (223%)
0.02 0.02 0% Adjusted earnings (loss) per share – basic ($)(2) (0.02) 0.03 (167%)
0.05 0.02 150% Operating cash flow before working capital changes
per share(2) 0.18 0.11 64%
294,635,507252,169,924 17% Weighted average shares outstanding 283,078,337242,181,449 17%
(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 annual financial statements, which
can be viewed on the Company’s website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
Q4 2025 results
Throughput for the fourth quarter was 551,010 tonnes, higher than the 165,591 tonnes processed during the same period in
2024, primarily due to the contribution of 154,180 tonnes from Terronera and 198,830 tonnes from Kolpa. Throughput was also
higher at Guanaceví with 104,380 tonnes compared to 58,798 tonnes in 2024, as production was lower following the trunnion
failure in August 2024 until December 2024. Although Terronera made a meaningful contribution to the Company in Q4 2025,
throughput at Terronera during the fourth quarter was impacted by several disruptions related to the start up of new operations.
Electrical disruptions impacted the consistency of throughput, and the Company has launched a number of initiatives to
improve the operability and efficiency of the plant.
Direct operating costs per tonne (2) in Q4 2025 increased by 8% to $164.21 compared to Q4 2024, predominantly caused by
the appreciation of the Mexican peso relative to the US dollar at the Company’s Mexican operations and the addition of
Terronera, which at $222.57 per tonne experienced higher direct operating costs per tonne, partially offset by the addition of
Kolpa, which at $121.50 per tonne lowered the consolidated average. High direct operating costs per tonne at Terronera were
driven by lower than planned throughput and higher ramp up costs incurred during the first quarter of commercial operations.
Consolidated cash costs per silver ounce in Q4 2025 (2), net of by-product credits, increased by 39% to $19.05 due to a
substantial change in the production profile. Higher costs per silver ounce at Bolañitos and Guanaceví were partially offset by
the contribution of Kolpa, with cash costs of $11.42 per oz, and Terronera’s cash costs of $4.76 per oz.
All-In-Sustaining Costs (“AISC”)(2) per silver oz in Q4 2025 increased by 51% to $41.19. This increase was driven by the
addition of Terronera which at $65.70 per silver oz incurred substantially higher AISC than the consolidated average,
predominantly due to higher sustaining capital expenditures during its first quarter of operations, along with higher corporate
general and administrative expenses, including the revaluation of deferred share units driven by the increase in the Company’s
share price. Terronera AISC includes capital expenditures of $16.3 million. This capital investment includes one-time
investments related to a new mining operation.
In Q4 2025, the Company’s mine operating earnings were $46.6 million (Q4 2024 – $7.7 million) with revenue of $172.6 million
(Q4 2024 – $42.2 million) and cost of sales of $126.0 million (Q4 2024 – $34.5 million). The higher revenue and cost of sales
were driven by the addition of Kolpa and Terronera, in addition to higher realized metal prices.
The realized silver price(2) was $54.83 per oz for the quarter, 74% higher than the same period in 2024, and the realized gold
price was $4,283 per oz, 62% higher than the same period in 2024. Royalty expenses increased due to higher production and
higher metal prices, including special mining duty taxes recognized during the quarter.
In Q4 2025, the Company generated operating earnings of $34.6 million (Q4 2024 – operating loss of $0.5 million) after
exploration, evaluation and development costs of $6.7 million (Q4 2024 – $6.1 million) and general and administrative
expenses of $4.9 million (Q4 2024 – $1.9 million). The increase in general and administrative expenses was primarily driven by
a higher revaluation of cash-settled deferred share units resulting from the increase in the Company’s share price during the
quarter.
The loss before taxes for Q4 2025 was $25.0 million (Q4 2024 – loss of $1.6 million) after finance costs of $11.9 million (Q4
2024 – $0.4 million), a foreign exchange loss of $0.1 million (Q4 2024 – foreign exchange gain of $0.4 million), net losses on
derivative contracts of $45.2 million (Q4 2024 – $1.9 million). These losses on derivative contracts incurred during the quarter
were primarily derived from the loss on revaluation of the gold forward swap contracts of $25.4 million (Q4 2024 – $0.5 million
gain) and silver collar contracts of $17.0 million (Q4 2024 – $ nil), as well as a $9.8 million loss on a revaluation of the copper
stream liability (Q4 2024 – $ nil), partially offset by a $0.6 million gain on Mexican peso forward contracts (Q4 2024 – loss of
$2.4 million) and a $6.2 million gain on the compound derivative in the convertible note. Also contributing to the loss before
taxes were investment and other losses of $2.5 million (Q4 2024 – investment and other income of $0.7 million). The Company
realized a net loss for the period of $23.8 million (Q4 2024 – net earnings of $1.0 million) after recognizing an income tax
recovery of $1.2 million (Q4 2024 – income tax recovery of $2.7 million).
Full Year 2025 results
Throughput for the year was 1,464,590 tonnes, higher than the 781,439 tonnes processed during 2024, primarily due to the
contribution of 154,180 tonnes from Terronera and 513,478 tonnes from Kolpa. Throughput was also higher at Guanaceví with
402,992 tonnes compared to 353,793 tonnes in 2024, as production was lower following the trunnion failure in the second half
of 2024.
For the year ended December 31, 2025, direct operating costs per tonne increased to $152.79, 8% higher than 2024, primarily
due to the addition of Terronera, which operated at higher unit costs during its first quarter of commercial production, and
inflationary cost pressures, partially offset by the addition of Kolpa, which operated at costs below the consolidated average.
Consolidated cash costs per silver oz, net of by-product credits, increased by 34% to $17.34 in 2025 compared to 2024, driven
by higher underlying operating costs and a lower volume of by-product sales from Bolañitos, partially offset by the contribution
of lower cash cost per silver oz from Kolpa and Terronera and higher silver ounces produced. Higher cash costs at Bolañitos
and Guanaceví were predominantly caused by higher royalties, larger volume and higher costs of purchased material in
addition to the appreciation of the Mexican peso against the US dollar.
AISC per silver oz increased by 32% to $31.52 compared to 2024, driven by higher underlying consolidated cash costs, higher
sustaining capital expenditures mainly due to the ramp up of Terronera, and higher corporate general and administrative costs,
including share-based compensation revaluations as noted above, partially offset by higher production volumes.
For the year ended December 31, 2025, the Company’s mine operating earnings were $82.8 million (2024 – $42.1 million) from
revenue of $467.5 million (2024 – $217.6 million) with cost of sales of $384.7 million (2024 – $175.6 million). Both revenue and
cost of sales were higher compared to 2024 primarily due to the addition of Kolpa and Terronera. Revenue has increased due
to higher realized metal prices, with the silver price at $40.73 per oz for the year, 49% higher than the prior year and the gold
price at $3,591 per oz, 50% higher than 2024, driving significantly higher silver revenues. Cost of sales has also increased due
to the impact of higher prices on underlying royalties and purchased ore, as well as inflation and the appreciation of the
Mexican peso against the US dollar.
The Company had operating earnings of $35.7 million (2024 – $8.3 million) after exploration, evaluation and development costs
of $23.4 million (2024 – $19.4 million), general and administrative expenses of $23.3 million (2024 – $14.2 million) and
acquisition-related costs associated with Kolpa. Exploration and evaluation costs were higher than the prior year due to
increased activities at Pitarrilla and Kolpa. General and administrative expenses were higher than the prior year due to a larger
impact of the revaluation of cash-settled deferred share units based on the Company’s share price.
Loss before tax was $104.9 million (2024 – loss before tax of $22.0 million) after finance costs of $14.5 million (2024 – $1.5
million), loss on derivative contracts of $126.2 million (2024 – $30.6 million), a foreign exchange gain of $0.3 million (2024 –
loss of $5.5 million), investment and other loss of $0.2 million (2024 – $7.2 million), and other non-operating items. Finance
costs were higher in 2025 than 2024 primarily due to the expense of borrowing costs related to Terronera following the
commercial production declaration on October 1, 2025, which were previously capitalized. The derivative loss arose primarily
Date: Friday, February 27, 2026
Time: 10:00am Pacific (PST) / 1:00pm Eastern (EST)
Telephone: Canada & US +1-833-752-3348
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from the revaluation of gold forward swap contracts, silver collars, copper stream liability, and senior convertible notes
redemption derivative. Investment and other income was lower in 2025 compared to 2024 due to lower interest income from
cash balances, and changes in the value of marketable securities. The Company realized a net loss for the year of $119.1
million (2024 – net loss of $31.5 million) after an income tax expense of $14.2 million (2024 – $9.5 million).
Mexico Update
Following recent security concerns in Mexico, and temporary blockades in the Jalisco area, operations at Terronera were
temporarily paused to ensure safety of our employees. Normal operations were resumed on Wednesday, February 25, 2026.
Management continues to monitor the situation and will respond accordingly.
This news release should be read in conjunction with the Company’s consolidated financial statements for the year ended
December 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 Q4 2025 financial results today, at 10:00am Pacific (PST)/
1:00pm Eastern (EST).
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 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.
Contact Information
Allison Pettit
Vice President, 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, 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 December 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 December
31, 2025 MD&A available on SEDAR+ at www.sedarplus.com.
Reconciliation of Working Capital
Expressed in millions of US dollars As at December 31, 2025 As at December 31, 2024
Current assets $423.2 $157.6
Current liabilities 276.8 78.9
Working capital surplus $146.4 $78.8
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in millions of US dollars Three Months Ended
December 31 Year Ended
December 31
2025 2024 2025 2024
Net earnings (loss) for the period per financial statements (23.8) ($1.0) ($119.1) ($31.5)
Unrealized foreign exchange (Gain) loss (0.5) 1.6 (4.4) 5.4
Reversal of inventory write-down to net realizable value (2.4) - (2.4) -
(Gain) loss on derivatives, copper stream and contingent
liabilities revaluations 29.2 1.9 110.2 30.6
Acquisition costs - - 3.6 -
Change in fair value of investments 0.8 0.6 - 1.8
Change in fair value of cash settled DSUs 1.5 (0.3) 5.5 1.8
Adjusted net earnings (loss) $4.8 $4.8 ($6.7) $8.0
Basic weighted average share outstanding 294,635,507 252,169,924 283,078,337 242,181,449
Adjusted net earnings (loss) per share $0.02 $0.02 ($0.02) $0.03
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in millions of US dollars Three Months Ended
December 31 Year Ended
December 31
2025 2024 2025 2024
Mine operating earnings per financial statements $46.6 $7.7 $82.8 $42.1
Share-based compensation 0.2 0.1 0.5 0.3
Depreciation 24.9 5.3 73.0 29.9
Mine operating cash flow before taxes $71.7 $13.1 $156.3 $72.3
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital
Changes Per Share
Expressed in millions of US dollars Three Months Ended
December 31
Year Ended
December 31
(except for per share amounts) 2025 2024 2025 2024
Cash from (used in) operating activities per financial
statements $15.5 ($4.9) $67.4 $19.1
Net changes in non-cash working capital per financial
statements 0.3 (10.6) 16.0 (8.1)
Operating cash flow before working capital changes $15.1 $5.8 $51.5 $27.2
Basic weighted average shares outstanding 294,635,507 252,169,924 283,078,337 242,181,449
Operating cash flow before working capital changes per
share $0.05 $0.02 $0.18 $0.11
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in millions of US dollars Three Months Ended
December 31
Year Ended
December 31
2025 2024 2025 2024
Net earnings (loss) for the period per financial statements ($23.8) $1.0 ($119.1) ($31.5)
Depreciation – cost of sales 24.9 5.3 73.0 29.9
Depreciation – exploration, evaluation and development 0.1 0.3 0.5 0.8
Depreciation – general & administration 0.1 0.1 0.4 0.4
Finance costs 11.6 0.3 13.3 0.9
Current income tax expense 11.6 (0.2) 36.6 12.9
Deferred income tax expense (recovery) (12.8) (2.5) (22.4) (3.4)
EBITDA $11.7 $4.4 ($17.7) $10.0
Share based compensation 0.8 0.4 3.9 3.2
Unrealized foreign exchange (gain) loss (0.5) 1.6 (4.4) 5.4
Reversal inventory write-down to net realizable value (2.4) - (2.4) -
Gain (loss) on derivatives, copper stream and contingent
liabilities revaluations 29.2 1.9 110.2 30.6
Change in fair value of investments 0.8 0.6 - 1.8
Change in fair value of cash settled DSUs 1.5 (0.3) 5.5 1.8
Adjusted EBITDA $44.1 $8.6 $95.1 $52.7
Basic weighted average shares outstanding 294,635,507 252,169,924 283,078,337 242,181,449
Adjusted EBITDA per share $0.14 $0.03 $0.34 $0.22
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 US dollars Three Months Ended
December 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial statements $30.4 $28.0 $11.1 $22.5 $92.0
Purchase of the third-party material - (10.6) - (0.9) (11.5)
Smelting and refining costs included in revenue 1.0 - 0.4 2.5 3.8
Opening finished goods (0.1) (5.5) (0.5) (0.6) (6.8)
Closing finished goods 3.0 8.6 0.5 0.8 12.9
Direct operating costs 34.3 20.5 11.5 24.2 90.5
Purchase of the third-party material - 10.6 - 0.9 11.5
Royalties 1.2 6.9 0.2 0.6 9.0
Special mining duty (1) - 2.0 1.0 0.5 3.6
Direct costs 35.5 40.1 12.7 26.2 114.6
By-products sales (31.2) (11.9) (10.9) (19.3) (73.4)
Opening by-products inventory fair market value 0.3 2.3 0.7 0.5 3.8
Closing by-products inventory fair market value (3.0) (3.2) (0.7) (0.6) (7.5)
Cash costs net of by-products 1.6 27.3 1.8 6.8 37.5
Depreciation 7.1 7.8 1.9 8.2 24.9
Share-based compensation 0.1 - - - 0.2
Opening finished goods depreciation - (1.7) (0.1) (0.1) (1.9)
Closing finished goods depreciation 0.5 1.8 - 0.2 2.4
Total production costs $9.2 $35.2 $3.6 $15.1 $63.0
Expressed in millions of US dollars Three Months Ended
December 31, 2024
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial statements $ - $14.0 $11.4 $ - $25.4
Purchase of the third-party material - (4.2) - - (4.2)
Smelting and refining costs included in revenue - - 0.5 - 0.5
Opening finished goods - (1.7) (0.7) - (2.4)
Closing finished goods - 5.4 0.5 - 5.9
Direct operating costs - 13.5 11.7 - 25.2
Purchase of the third-party material - 4.2 - - 4.2
Royalties - 3.6 0.1 - 3.7
Special mining duty (1) - 0.2 1.4 - 1.6
Direct costs - 21.5 13.2 - 34.7
By-products sales - (4.9) (17.3) - (22.2)
Opening by-products inventory fair market value - 1.1 1.5 - 2.6
Closing by-products inventory fair market value - (3.2) (0.8) - (4.0)
Cash costs net of by-products - 14.5 (3.4) - 11.1
Depreciation - 3.1 2.3 - 5.4
Share-based compensation - - 0.1 - 0.1
Opening finished goods depreciation - (0.5) (0.2) - (0.7)
Closing finished goods depreciation - 1.2 0.1 - 1.3
Total production costs $ - $18.3 ($1.1) $ - $17.2
Expressed in millions of US dollars Three Months Ended
December 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes 154,180 104,380 93,620 198,830 551,010
Payable silver ounces 334,850 874,921 160,647 596,781 1,967,199
Cash costs per silver ounce $4.76 $31.18 $11.18 $11.42 $19.05
Total production costs per ounce $27.49 $40.19 $22.23 $25.30 $32.05
Direct operating costs per tonne $222.57 $196.45 $122.84 $121.50 $164.21
Direct costs per tonne $230.35 $383.98 $136.00 $131.93 $207.91
Expressed in millions of US dollars Three Months Ended
December 31, 2024
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes - 58,798 106,793 - 165,591
Payable silver ounces - 716,641 100,651 - 817,292
Cash costs per silver ounce $ - $20.25 ($33.11) $ - $13.68
Total production costs per ounce $ - $25.50 ($11.03) $ - $21.00
Direct operating costs per tonne $ - $230.50 $109.46 $ - $152.44
Direct costs per tonne $ - $365.23 $123.73 $ - $209.49
Expressed in millions of US dollars Year Ended
December 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial statements $30.4 $102.8 $44.1 $65.6 $242.9
Purchase of the third-party material - (30.9) - (2.5) (33.4)
Smelting and refining costs included in revenue 1.0 - 1.6 5.5 8.1
Opening finished goods (0.1) (5.4) (0.5) (0.6) (6.6)
Closing finished goods 3.0 8.6 0.5 0.8 12.9
Direct operating costs 34.3 75.0 45.8 68.7 223.8
Purchase of the third-party material - 30.9 - 2.5 33.4
Royalties 1.2 26.8 0.8 1.2 30.0
Special mining duty (1) - 5.4 2.4 1.3 9.1
Direct costs 35.5 138.2 48.9 73.7 296.3
By-products sales (31.2) (47.6) (51.5) (53.2) (183.6)
Opening by-products inventory fair market value 0.3 3.2 0.8 0.5 4.8
Closing by-products inventory fair market value (3.0) (3.2) (0.7) (0.6) (7.5)
Cash costs net of by-products 1.6 90.5 (2.5) 20.4 110.0
Depreciation 7.1 28.9 10.2 21.0 67.1
Share-based compensation 0.1 0.2 0.1 0.1 0.5
Opening finished goods depreciation - (1.2) (0.1) (0.1) (1.4)
Closing finished goods depreciation 0.5 1.8 - 0.2 2.4
Total production costs $9.2 $120.2 $7.7 $41.5 $178.6
Expressed in millions of US dollars Year Ended
December 31, 2024
Terronera Guanaceví Bolañitos Kolpa Total
Direct production costs per financial statements $ - $82.9 $41.6 $ - $124.5
Purchase of the third-party material (14.4) - (14.4)
Smelting and refining costs included in revenue - - 2.0 - 2.0
Opening finished goods - (7.1) (0.7) - (7.8)
Closing finished goods - 5.4 0.5 - 5.9
Direct operating costs - 66.8 43.4 - 110.2
Purchase of the third-party material - 14.4 - - 14.4
Royalties - 20.5 0.4 - 20.9
Special mining duty (1) - 2.3 2.7 - 5.0
Direct costs - 104.0 46.5 - 150.5
By-products sales - (32.5) (59.9) - (92.4)
Opening by-products inventory fair market value - 2.9 0.6 - 3.5
Closing by-products inventory fair market value - (3.2) (0.8) - (4.0)
Cash costs net of by-products - 71.2 (13.6) - 57.6
Depreciation - 19.5 10.4 - 29.9
Share-based compensation - 0.2 0.1 - 0.3
Opening finished goods depreciation - (1.5) (0.2) - (1.7)
Closing finished goods depreciation - 1.2 0.1 - 1.3
Total production costs $ - $90.6 ($3.2) $ - $87.4
Expressed in millions of US dollars Year Ended
December 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes 154,180 402,992 393,940 513,478 1,464,590
Payable silver ounces 334,850 3,903,332 578,959 1,523,145 6,340,286
Cash costs per silver ounce $4.76 $23.19 ($4.35) $13.38 $17.34
Total production costs per ounce $27.49 $30.80 $13.34 $27.24 $28.17
Direct operating costs per tonne $222.57 $186.16 $116.19 $133.74 $152.79
Direct costs per tonne $230.35 $342.81 $124.21 $143.51 $202.30
Expressed in millions of US dollars Year Ended
December 31, 2024
Terronera Guanaceví Bolañitos Kolpa Total
Throughput tonnes - 353,793 427,646 - 781,439
Payable silver ounces - 4,007,140 431,214 - 4,438,354
Cash costs per silver ounce $ - $17.78 ($31.47) $ - $12.99
Total production costs per ounce $ - $22.62 ($7.43) $ - $19.70
Direct operating costs per tonne $ - $188.71 $101.49 $ - $140.98
Direct costs per tonne $ - $293.90 $108.63 $ - $192.51
(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 millions of US dollars Three Months Ended
December 31, 2025
Terronera Guanaceví Bolañitos Kolpa Total
Cash costs net of by-products $1.6 $27.3 $1.8 $6.8 $37.5
Operations share-based compensation 0.1 - - - 0.2
Corporate general and administrative 1.8 2.6 0.9 (1.0) 4.2