Core Viewpoint - Endeavour Silver Corp. is offering US$300 million in unsecured convertible senior notes due 2031 to raise funds for debt repayment, project advancement, and general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of US$300 million aggregate principal amount of unsecured convertible senior notes, with an option for initial purchasers to buy an additional US$45 million [1]. - The notes will bear cash interest semi-annually at a fixed rate and are convertible into Endeavour common shares [3]. - The offering is subject to customary closing conditions, including approvals from the Toronto Stock Exchange and the New York Stock Exchange [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay the senior secured debt facility with ING Capital LLC and Societe Generale, fund the Pitarrilla project in Durango State, Mexico, and for general corporate purposes [2]. Group 3: Regulatory and Compliance Information - The notes and shares will not be registered under the U.S. Securities Act and will only be offered to qualified institutional buyers [5]. - The offering does not constitute an offer to sell or solicitation in jurisdictions where such actions are unlawful [6]. Group 4: Company Overview - Endeavour Silver is a mid-tier silver producer with four operating mines in Mexico and Peru, and a pipeline of exploration projects across Mexico, Chile, and the United States [7].

Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones increasing by approximately 300 points on Friday [1] - Micron Technology, Inc. shares rose sharply by 2.5% to $235.92, driven by positive sentiment following Dell's strong third-quarter earnings and guidance [1] - Investors perceive Dell's results as indicative of broader strength in the technology sector, contributing to Micron's stock performance [1] Group 2 - DeFi Technologies Inc. shares surged by 20.5% to $1.6750 after the approval of QCAD as Canada's first compliant CAD stablecoin [3] - YD Bio Ltd saw a 13.7% increase in shares to $11.96, following the announcement of 510(k) clearance and plans for a clinical trial in Taiwan [3] - Other notable gainers included Savara Inc. (+12.3% to $6.02), TMC the metals company Inc. (+12.2% to $6.54), and ImmunityBio, Inc. (+10.7% to $2.3586) [3] - Precious metals stocks, including First Majestic Silver Corp. (+8.3% to $14.64) and Endeavour Silver Corp. (+10% to $9.47), rose amid increasing gold and silver prices [3] - Intel Corporation shares jumped by 7.8% to $39.65, reflecting positive market trends [3] - Crypto-linked stocks, such as Applied Digital Corporation, gained 6.8% to $26.61, following Bitcoin's rise above $90,000 [3]

Core Insights - Endeavour Silver Corp. (NYSE:EXK) has seen a significant stock price increase, rising 10.37% to close at $8.62, driven by renewed optimism for an interest rate cut and increased investor interest in silver miners [1][2] - The stock's rally is closely linked to a 3.59% increase in spot silver prices, which reached $53.32 per troy ounce during the trading session [2] - The company announced the sale of its Bolañitos silver and gold mine project to Guanajuato Silver Company Ltd. for $50 million, with the acquisition price set at $0.2709413 per share [3] Company Strategy - The sale of the Bolañitos project aligns with Endeavour's strategy to concentrate on its core projects, specifically the Terronera and Pitarrilla projects in Mexico [4] - CEO Dan Dickson emphasized that focusing resources on these key silver assets will enhance operational focus and support sustainable growth for the company [4]

Core Viewpoint - Endeavour Silver Corp. is highlighted as a strong investment opportunity in the silver mining sector, with a recent price target increase by Alliance Global Partners to $7.75 from $6, maintaining a Buy rating despite mixed Q3 2025 earnings results [1][2]. Financial Performance - Endeavour reported Q3 2025 revenue of $111 million, representing a 109% increase compared to Q3 2024, driven by record silver sales and higher metal prices, although it fell short of analyst estimates by 9.32% [2]. - The earnings per share (EPS) was reported at -$0.01, significantly missing projections by 131.85%, which were estimated at $0.0314 [2]. Production Metrics - Silver production increased by 102% to 1.77 million ounces, attributed to contributions from the Kolpa mine and improved throughput at Guanaceví [3]. - Conversely, gold production decreased by 22% to 7,285 ounces due to lower grades at Bolañitos [3]. Management Commentary - CEO Dan Dickson characterized the quarter as "transformational," acknowledging the short-term financial challenges while emphasizing that derivative losses are a non-cash impact related to the company's hedging strategy in a rising price environment [4]. Company Overview - Endeavour Silver Corp. is a Canadian mid-tier precious metals mining company focused on the acquisition, exploration, development, extraction, processing, and refining of mineral properties, primarily in Mexico and Peru, with silver and gold bullion as its main products [5].

Core Transaction Details - Endeavour Silver has agreed to sell its Bolañitos mine to Guanajuato Silver Company for up to $50 million, consisting of $30 million in cash and $10 million in Guanajuato shares [1] - An additional $10 million in contingent payments is tied to production milestones from Bolañitos, with $5 million payable on the first 2 million oz. of silver-equivalent produced and another $5 million on the next 2 million oz. [2] Strategic Focus - The sale allows Endeavour Silver to concentrate on its core silver assets in Mexico, particularly the Terronera mine and Pitarrilla project [3] - The Terronera mine is expected to become Endeavour's flagship asset, with operations starting in July and reaching commercial production last month, forecasted to deliver 4 million oz. of silver and 38,000 oz. of gold annually over a 10-year mine life [4] Resource and Growth Potential - The Pitarrilla project hosts one of the world's largest undeveloped silver resources, with 491.6 million oz. in measured and indicated categories, along with significant lead and zinc resources [5] - Bolañitos produced approximately 450,000 oz. of silver and 25,000 oz. of gold last year and is located in Guanajuato, a major silver mining district in Mexico [6] Guanajuato Silver's Expansion - The acquisition of Bolañitos adds a fifth operating asset to Guanajuato Silver's portfolio, which includes three primary silver mines and a gold mine [7] - Bolañitos has a land package of 25.4 sq. km and is expected to add about 7.5 million oz. of silver and 132,000 oz. of gold to Guanajuato's resource base [7] Synergy and Integration - There is potential synergy between Bolañitos and Guanajuato's San Ignacio mine, as Bolañitos surrounds San Ignacio on three sides, allowing for low-cost processing of mined material [8] - Guanajuato Silver has begun preparations for the seamless integration of Bolañitos into its production portfolio to quickly realize economic benefits from the acquisition [9] Additional Assets - The transaction includes the historic Cebada mine, which Guanajuato intends to reactivate post-acquisition, currently on care and maintenance [10]

Core Viewpoint - Endeavour Silver Corp. has entered into a definitive share purchase agreement with Guanajuato Silver Company Ltd. for the sale of the Bolañitos silver and gold mine for total consideration of up to US$50 million, with the transaction expected to close in January 2026 [1][2]. Transaction Details - Guanajuato Silver will acquire all issued and outstanding shares of Mina Bolañitos, S.A. de C.V., which holds the Bolañitos Mine in Guanajuato, Mexico [3]. - The total consideration payable at closing is US$40 million, consisting of US$30 million in cash and US$10 million in common shares of Guanajuato Silver at a deemed price of US$0.2709413 (C$0.3815) per share [4]. - In addition to the base consideration, Guanajuato Silver will make two contingent payments of US$5 million each upon the production of two million and four million ounces of silver equivalent from the Bolañitos Mine [5]. Contingent Payments - Each contingent payment will be satisfied 50% in cash and 50% in Guanajuato Shares, with the share price determined by the greater of the 10-day VWAP at the milestone payment date or the minimum price permitted by the TSXV [6]. - The number of contingent shares is subject to a maximum ownership percentage of 9.9% of the issued and outstanding Guanajuato Shares [7]. Investor Rights Agreement - An investor rights agreement will be established at closing, including participation rights for Endeavour and a commitment to vote in accordance with Guanajuato Silver's board recommendations for 12 months [8]. Closing Conditions - The transaction is subject to customary closing conditions, including regulatory approvals and the investor rights agreement [9]. - A reciprocal termination fee of US$2.5 million is included in the agreement, payable under certain circumstances [9]. Company Overview - Endeavour Silver is a mid-tier silver producer with four operating mines in Mexico and Peru, focusing on organic growth and creating lasting value [10].

Core Viewpoint - Endeavour Silver Corp. has reported disappointing financial performance despite some positive production metrics, indicating ongoing challenges in meeting market expectations [2][3][6]. Financial Performance - The company reported an earnings per share (EPS) of -$0.01, missing the estimated EPS of $0.02, which reflects a significant deviation from expectations [2][6]. - Revenue for the quarter was $111.4 million, falling short of the estimated $170.4 million, although this represents a substantial increase from $53.44 million reported a year ago [3][6]. - The company has only surpassed consensus revenue estimates twice in the last four quarters, highlighting ongoing challenges [3]. Production Metrics - Silver equivalent production rose by 88% year-over-year, indicating strong operational performance [4]. - The achievement of commercial production at the Terronera mine is viewed positively by the CEO, suggesting optimism for future growth [4]. Financial Ratios - The company has a negative price-to-earnings (P/E) ratio of -29.26 and a negative earnings yield of -3.42%, indicating current unprofitability [5]. - The price-to-sales ratio is 8.43, and the enterprise value to sales ratio is 8.77, suggesting that investors are paying a premium for the company's sales [5]. - The high enterprise value to operating cash flow ratio of 69.62 indicates a valuation significantly higher than its cash flow [5]. - The debt-to-equity ratio of 0.26 suggests a conservative use of debt, while the current ratio of 0.93 indicates potential difficulties in covering short-term liabilities [5].

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Financial Data and Key Metrics Changes - In Q3 2025, the company produced 1.8 million ounces of silver and 7,300 ounces of gold, totaling approximately 3 million silver equivalent ounces, representing an 88% increase compared to Q3 2024 [3] - Revenue for the quarter was reported at $111 million, a 109% increase year-over-year, driven by higher precious metal prices and increased production [3] - Mine operating cash flow before working capital changes rose by 102%, while cash costs increased to $18 per payable silver ounce [4] - The company reported a net loss of $37.5 million for the period, primarily due to a loss on derivative contracts of $39 million [5] Business Line Data and Key Metrics Changes - Colpa produced 1.3 million silver equivalent ounces in Q3 2025, continuing to align with historical performance benchmarks [8] - All-in sustaining costs increased to $30.53 per ounce, net of byproduct credits, due to elevated exploration and initial capital investments [4] - Terronera experienced a mine operating loss of $3.6 million during the commissioning period, but has since reached commercial production [5][6] Market Data and Key Metrics Changes - The average silver price during the quarter was $38, with expectations for Q4 to be around $48 [57] - The company is experiencing higher costs due to inflation and operational challenges, including reliance on diesel generators while awaiting LNG permits [59] Company Strategy and Development Direction - The company aims to optimize operations at Terronera and expects to refine processes to improve throughput and recoveries [6] - Management is focused on advancing the Pitarrilla project, with plans to upgrade inferred resources to indicated and publish a feasibility study by mid-2026 [9] - The integration of the Colpa acquisition is progressing smoothly, with ongoing exploration to validate historical resource estimates [8] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving free cash flow in Q4 2025, contingent on operational efficiencies at Terronera [57] - The company is evaluating refinancing options for its project loan facility now that Terronera is in commercial production [30] - Management acknowledged the volatility in the market due to derivative liabilities but remains focused on long-term growth and shareholder value [78] Other Important Information - The company incurred $1.5 million in exploration expenses in Q3 2025 as part of its commitment to validate historical resources at Colpa [8] - The company has room for about 60,000 tons of stockpile at Terronera, with plans to increase throughput to 2,500 tons per day [24][9] Q&A Session Summary Question: What has been seen with Colpa versus expectations? - Management noted throughput is above 2,000 tons per day, but grades were slightly lower than expected. Community and labor relations are strong, and exploration results have been positive [14][15] Question: Update on Terronera's performance in October? - Management reported steady performance with no significant events, focusing on refining and optimizing plant operations [28][29] Question: Update on balance sheet and ATM usage? - The company has not used the ATM in the past month and is evaluating refinancing options for the project finance facility [30] Question: Clarification on CapEx spending? - Management indicated that CapEx spending would be consistent, with no significant catch-up expected in Q4 [37] Question: How critical is development at Guanacevi? - Sustaining capital is essential for maintaining production levels, and the company is on track with its development plans [49] Question: When can positive free cash flow be expected? - Management expects to achieve free cash flow in Q4 2025, driven by operational improvements at Terronera [57] Question: Will capital return policies be discussed soon? - Management indicated that cash flow from Terronera will be reinvested into Pitarrilla before considering capital returns to shareholders [62][63] Question: What is the exposure to derivative liabilities going forward? - Management clarified that they are not interested in entering new gold hedges and will focus on producing and delivering into existing contracts [82]

Company Strategy & Growth - Endeavour Silver aims to become a leading senior silver producer through organic growth and strategic acquisitions [17] - The company targets production of 30 million ounces of silver equivalent (AgEq) by 2030, dubbed "30 by 30" [16] - Endeavour Silver strategically acquires key assets, exemplified by the acquisition of the Kolpa mine in Peru [14, 24] Production & Operations - YTD 2025 production reached 74 million ounces AgEq [19] - Guanaceví contributed 52% to YTD 2025 metal sales quantity, followed by Kolpa at 20% and Bolañitos at 28% [20] - Terronera mine commenced commercial production on October 1, 2025, with average daily production of 1,841 tonnes in July [18, 43, 52] Kolpa Mine Acquisition - The Kolpa mine acquisition is expected to increase Endeavour's annual production profile by approximately 50 million ounces AgEq [25] - Since May 1, 2025, Kolpa has produced 209 million ounces AgEq [22] - In Q3 2025, Kolpa produced 598,689 ounces of silver, 5,664 tonnes of lead, 3,666 tonnes of zinc, and 120 tonnes of copper [29] Pitarrilla Project - Endeavour Silver is advancing an economic study for the Pitarrilla project, one of the world's largest undeveloped silver deposits [18, 60] - In 2025, an estimated $257 million is allocated for Pitarrilla, including $166 million for feasibility study, development, and exploration [18] - Pitarrilla's resource mix is 60% silver and 40% lead/zinc [59]