Endeavour Silver Produces 6,486,661 Oz Silver and 37,164 Oz Gold, for a total of 11.2 Million Silver Equivalent Oz in 2025
Endeavour Silver Hits Record Production as Terronera Ramps Up, but Derivative Hedges and Debt Burdens Cloud the Financial Horizon
The most recent news release (January 8, 2026) reports that Endeavour Silver achieved record consolidated production in 2025, totaling 11.2 million silver equivalent (AgEq) ounces (6.5 million oz silver, 37,164 oz gold). This represents a 47% increase over 2024 production levels. Key drivers were the successful ramp-up of the Terronera mine, which achieved commercial production on October 1, 2025, and a full year of contribution from the Kolpa mine in Peru (acquired May 1, 2025).
In conjunction with production results, the company announced a definitive agreement to sell the Bolañitos mine to Guanajuato Silver for up to $50 million (consisting of $30 million cash, $10 million in shares, and $10 million in contingent payments). Furthermore, the company closed a massive US$350 million convertible senior note offering in December 2025 to repay existing debt and advance the Pitarrilla project.
- Production Growth: The achievement of 11.2 million AgEq ounces confirms the company’s transition into a mid-tier producer. Terronera's commercial status is the primary catalyst, as it is expected to be a high-margin, low-cost flagship.
- Portfolio Rationalization: The sale of Bolañitos is a strategic positive, allowing management to focus resources on the higher-margin Terronera and the development of the world-class Pitarrilla project.
- Financial De-risking via Debt: While the $350 million convertible note offering provides liquidity and clears the senior secured credit facility, it introduces long-term dilution risk and a massive debt obligation ($350 million).
- Derivative Drag: Despite record production and high silver prices, the company’s Q3 2025 results revealed a staggering $39 million loss on derivative contracts due to legacy gold hedges (selling gold at $2,325/oz while spot prices soared). This remains a significant cash flow leak.
Endeavour Silver is a mid-tier precious metals miner. Its flagship project is the Terronera Mine in Jalisco, Mexico. - Terronera: An underground mine with a 10-year life. Average annual production is projected at 7 million AgEq ounces. It is designed to be the company's lowest-cost asset (LOM AISC estimated at $2.15/oz). - Guanaceví: A high-grade, mature underground mine in Durango, currently the primary silver producer but facing rising costs. - Kolpa (Peru): A polymetallic mine acquired in 2025, adding roughly 5 million AgEq ounces annually.