UPDATE - Endeavour Silver Provides 2026 Guidance

Executive Summary

• Endeavour Silver Corp. announced its consolidated production and cost guidance for 2026, reflecting the inclusion of the newly commissioned Terronera mine and the recently acquired Kolpa mine, while excluding the sold Bolañitos mine.
• The company projects consolidated silver production of 8.3 to 8.9 million ounces and gold production of 46,000 to 48,000 ounces, with significant base metal output from Kolpa (lead, zinc, copper).
• Consolidated cash costs are expected to decline to $12.00–$13.00 per payable silver ounce, while AISC is projected to increase slightly to $27.00–$28.00 per ounce due to sustaining capital investments at Terronera and Kolpa.

Key Details

• 2026 Production Guidance:
  • Silver: 8.3 to 8.9 million ounces (Terronera: 2.4–2.6 M oz; Guanaceví: 3.6–3.8 M oz; Kolpa: 2.3–2.5 M oz).
  • Gold: 46,000 to 48,000 ounces (Terronera: 35.0–36.0 K oz; Guanaceví: 11.0–12.0 K oz).
  • Base Metals (Kolpa): 22,000–24,000 tonnes of lead; 16,000–18,000 tonnes of zinc; 650–750 tonnes of copper.
  • Silver Equivalent: 14.6 to 15.6 million AgEq ounces.
  • Throughput: Consolidated 5,250–5,650 tonnes per day (Terronera: 1,950–2,050 tpd; Guanaceví: 1,000–1,100 tpd; Kolpa: 2,300–2,500 tpd).
• Cost Guidance:
  • Consolidated Cash Costs: $12.00–$13.00 per payable silver ounce (net of by-product credits).
  • Consolidated AISC: $27.00–$28.00 per ounce (net of by-product credits).
  • Terronera Cash Costs: Negative $1.00 to $2.00 per ounce (driven by high gold-to-silver ratio).
  • Guanaceví Cash Costs: $21.00–$22.00 per ounce.
  • Kolpa Cash Costs: $13.00–$14.00 per ounce.
  • Direct Operating Costs: $140–$150 per tonne consolidated.
  • Direct Costs: $170–$180 per tonne consolidated (highly sensitive to silver price; e.g., at $75/oz Ag, costs rise to $180–$190 at Terronera, $430–$440 at Guanaceví, and $150–$160 at Kolpa).
• Capital Expenditures (2026):
  • Total Capital Budget: $157.8 million ($91.0 million sustaining, $66.8 million growth).
  • Terronera: $56.7 million sustaining (includes $32.9M for 9.0 km mine development).
  • Guanaceví: $24.5 million sustaining (includes $15.5M for 4.5 km mine development).
  • Kolpa: $26.5 million total ($9.8M sustaining, $16.7M growth for plant expansion to 2,500 tpd, expected completion Q1 2026).
  • Pitarrilla Project: $65.8 million total ($48.0M capital, $15.0M feasibility study, $2.8M exploration).
• Exploration Budget (2026):
  • Total: $25.9 million for 52,500 meters of drilling.
  • Breakdown: Kolpa ($9.7M, 20,100m), Terronera ($6.9M, 10,300m), Guanaceví ($2.2M, 8,550m), Pitarrilla ($2.8M, 8,550m), Chile ($2.0M, 2,500m), USA ($1.3M, 2,500m).
• Assumptions:
  • Silver Price: $36.00/oz.
  • Gold Price: $3,240/oz.
  • Exchange Rates: 18.50 MXN/USD; 3.60 PEN/USD.
  • Inflation: 4% in Mexico; 2% in Peru.
• Corporate Updates:
  • Sale of Bolañitos mine closed on January 15, 2026.
  • Terronera is in its first full year of production; Kolpa is fully integrated.

Notable Quotes

• “2026 marks a pivotal turning point for Endeavour as Terronera ramps up into its first full year of production and Kolpa now fully integrated into our operating portfolio,” said Dan Dickson, CEO. “This year’s guidance highlights our evolution into a larger, more diverse silver producer, and I’m proud of the team’s dedication in building scale and strength for our future.”
• “With lower consolidated cash costs and a disciplined approach to sustaining capital and exploration, we are well positioned to deliver long-term value for our stakeholders. These efforts reinforce our operating foundation and enable us to capitalize on favourable silver market conditions as we advance Endeavour’s growth.”