Endeavour Silver Produces 2,096,545 Oz Silver and 10,126 Oz Gold, for a total of 3.6 Million Silver Equivalent Oz in Q3 2026

Endeavour Silver Corp. (EDR) reported third-quarter 2026 production figures, delivering 2,096,545 ounces of silver, 10,126 ounces of gold, and 3,611,034 ounces of silver-equivalent (AgEq) from 510,944 tonnes of ore processed. For the year-to-date period, the company produced 5,915,874 ounces of silver, 32,340 ounces of gold, and 10,390,771 ounces of AgEq across 1,477,177 tonnes.

Compared to the same quarter in 2025, consolidated silver output rose 19%, gold production increased 39%, throughput grew 28%, and AgEq rose 19%. Relative to the second quarter of 2026, silver production increased 7.9% to 1,943,955 ounces, while AgEq rose 6.2% to 3.4 million ounces. Management stated that consolidated silver production was "slightly below plan" and that full-year production is expected "at or slightly below the low end of the guided range," with a formal guidance update scheduled for November 9, 2026.

Operational disruptions impacted throughput at specific sites. Terronera operations were suspended from August 12 to August 24, 2026, due to a community blockade, resulting in Q3 throughput of 165,171 tonnes compared to 175,729 tonnes in Q2. September throughput at Terronera recovered to 60,313 tonnes, yielding 299,398 ounces of silver with a 91.1% silver recovery rate. At the Guanaceví mill, operations were taken offline on September 21 to replace the primary mill head and trunnion, limiting Q3 throughput to 89,722 tonnes. Repairs are guided for the first half of October.

Conversely, Kolpa throughput increased to 256,052 tonnes (2,783 tonnes per day) from 233,408 tonnes in Q2. Silver production at Kolpa reached 682,903 ounces, exceeding plan, while base metal production remained in line with expectations.

By September 30, Endeavour Silver had built inventories consisting of 363,854 ounces of silver and 1,346 ounces of gold bullion, plus 59,547 ounces of silver and 306 ounces of gold in concentrate. The company sold 1,900,368 ounces of silver against 2,096,545 ounces produced, resulting in an inventory build of approximately 196,000 ounces.

In corporate news, Greg Blaylock is departing as Vice President, Operations, a change disclosed within the production release with no successor named.

Endeavour Silver Corp. (EDR) released a statement that largely aggregates previously disclosed operational setbacks, specifically the blockade announced on August 16 and the Guanaceví mill failure reported on September 21–22. While the company is now totaling the damage from these events, the core news is considered priced into the market.

The release introduces several new developments, including a formal reduction in production guidance to "at or slightly below the low end," a shift from the unchanged guidance previously reaffirmed in the Q2 MD&A and transcript. The company also acknowledged that cost guidance must be recalculated, effectively resetting a second guidance line. Additionally, the departure of the Vice President of Operations occurs during what the company describes as the most operationally sensitive ramp-up period in its history.

Amidst these challenges, Endeavour Silver reported a strong September exit rate at the Terronera mine. The facility processed 2,010 tonnes per day (tpd) with a grade of 169 grams per tonne (g/t), achieving a recovery rate of 91.1% and producing 299,398 ounces of silver.

The net effect is a modest guidance cut, with the severe component of the disruption deferred to November 9. The update is not considered transformative or a surprise, but rather modestly negative.

Endeavour Silver Corp. (EDR) is a mid-tier silver producer operating three mines and maintaining a development pipeline across Mexico, Peru, Chile, and the United States. The company’s flagship asset is the Terronera mine in Jalisco, Mexico, which is scheduled to begin commercial production on October 1, 2025. Designed for a throughput of 2,000 tonnes per day, the underground silver-gold operation holds 7,380 kilotonnes of probable reserves grading 197 grams per tonne of silver and 2.25 grams per tonne of gold. The mine has a 10-year plan life, with the La Luz high-grade zone deferred to 2027. Terronera represents the only asset with meaningful reserve life and the lowest cash cost of $5.07 per ounce in Q2 2026, a figure driven entirely by gold by-product credits.

The Guanaceví mine in Durango, Mexico, is the company’s longest-running asset, having produced 61.4 million ounces of silver between 2005 and 2024. In Q3 2026, the mine reported grades of 257 grams per tonne of silver with a 94.9% recovery rate. However, it holds approximately 1.2 years of reserves and recorded an all-in sustaining cost (AISC) of $52.20 per ounce in Q2 2026, making it the cost laggard and facing longevity challenges.

In Peru, the Kolpa and Huachocolpa Uno operations in Huancavelica were acquired on May 1, 2025, for $50 million in equity plus a $35 million copper stream. These silver-lead-zinc-copper assets have been expanded to a design capacity of 2,500 tonnes per day, currently running at 2,783 tonnes per day. The operations reported a cash cost of $22.23 per ounce and an AISC of $29.40 per ounce in Q2 2026, marking them as the most reliable operators in the portfolio.

Pitarrilla in Durango, Mexico, serves as a large development option, containing approximately 491 million ounces of silver in indicated in-pit, underground, and inferred material. A feasibility study is targeted for Q3 2026, with estimated build capital ranging from $500 million to $600 million. While permits are largely secured, the dry-stack tailings facility remains the gating item. Earlier-stage projects include Parral in Chihuahua, Bruner in Nevada, and Aida for exploration, alongside generative ground in Chile and the United States. The company sold the Bolañitos asset to Guanajuato Silver on January 15, 2026, for $40 million upfront plus up to $10 million in contingent payments.