Endeavour Silver Announces Q3 2026 Financial Results and Updates 2026 Guidance

Endeavour Silver Corp. (EDR) reported third-quarter 2026 production of 2,096,545 oz of silver and 10,126 oz of gold, totaling 3.61 million AgEq oz. Silver and gold output increased 19% and 39% year over year, respectively. Revenue from operations reached $184.5 million, up 66% compared to $111.4 million in Q3 2025. The release’s 29% total-revenue comparison includes $31.5 million of Q3 2025 pre-operating production revenue, meaning the two percentages are scoped differently.

Q3 net earnings were $26.4 million, compared to a $42.0 million loss a year earlier. Adjusted net earnings stood at $42.1 million versus a $2.0 million loss, while EBITDA was $66.6 million versus negative $13.0 million. Cash costs were $16.55/oz payable silver, down 9% year over year. AISC was $29.54/oz, down 3%, while direct operating costs were $152.26/t, up 5%. Mine operating cash flow before taxes was $94.7 million, up 139% year over year. Cash was $287.9 million and working capital was $246.7 million at September 30, 2026.

The company revised its 2026 guidance, raising silver output to 7.8–8.1 million oz, gold to 42,000–43,500 oz, and AgEq to 13.7–14.3 million oz. Terronera direct operating costs were raised to $170–$180/t and consolidated direct operating costs to $155–$165/t. Terronera costs per tonne fell from $195.11 in Q1 to $155.52 in Q3 as the LNG plant came online. Kolpa fell from $155.92 to $137.50. Guanaceví was $188.35 in Q3 versus $172.22 in Q2.

Endeavour executed a $25.0 million secured revolver with an accordion to $100.0 million. Bolañitos was sold January 15, 2026, so only January 1–15 is included in 2026 results.

Endeavour Silver Corp. (EDR) announced a formal reduction in its 2026 production guidance and an upward revision to direct operating costs for its Terronera mine and on a consolidated basis. At the midpoints, silver output guidance was cut by 7.6%, gold by 9.0%, and silver-equivalent (AgEq) by 7.3%. The production shortfall was partially pre-announced on October 8, when the company stated that full-year output would be at or slightly below the low end of previous estimates. This release clarifies the magnitude of the cut and introduces the new cost guidance.

Third-quarter results were strong year over year but weaker sequentially. Revenue fell 13.0% from the second quarter, mine operating cash flow decreased by 5.2%, adjusted net earnings dropped by 6.0%, and adjusted EBITDA fell by 7.3%. Realized silver prices declined to $62.42/oz from $70.16/oz in Q2.

While the release highlighted that cash costs and all-in sustaining costs (AISC) were down year over year, it did not restate full-year cash-cost or AISC guidance. With nine-month cash costs at $20.73/oz and AISC at $34.32/oz, the previous full-year guidance ranges of $12–$13 for cash costs and $27–$28 for AISC cannot be met.

The company’s stock had already declined prior to the release, falling from a high of C$19.33 in January 2026 to a low of C$9.86 on November 3, before bouncing to C$11.80 on November 9. The announcement validates this prior de-rating rather than reversing it.

Endeavour Silver Corp. (EDR) is a mid-tier silver producer operating three mines: Guanaceví in Durango, Mexico; Terronera in Jalisco, Mexico; and Kolpa in Huancavelica, Peru. The company’s development and exploration portfolio includes Pitarrilla in Durango, Parral in Chihuahua, Bruner in Nevada, and Aida in Mexico. Endeavour Silver sold its Bolañitos asset on January 15, 2026.

Terronera began commercial production on October 1, 2025, and serves as the company’s key growth asset. Kolpa was acquired on May 1, 2025, and has been expanded toward 2,500 tpd. Management is led by CEO Dan Dickson, with the board chaired by Rex McLennan. Greg Blaylock, Vice President of Operations, was disclosed as departing in the October 8 production release.

Jurisdiction risk remains a factor, as Mexico accounts for Guanaceví, Terronera, and Pitarrilla. The company has previously faced community blockades, security pauses, mill outages, and permitting delays. Kolpa adds labor and tailings risk associated with Peru. At the revised guidance midpoints, 2026 output is projected at approximately 7.95 moz silver, 42.75 koz gold, and 14.0 moz AgEq.