Core Viewpoint - Endeavour Silver Corp. reported strong revenue but disappointing earnings, leading to a decline in stock price despite positive revenue growth [1][2][3] Financial Performance - The company achieved revenue of $85.30 million, exceeding expectations of $81.48 million, and reflecting a 46% year-over-year increase [2] - Negative earnings per share (EPS) of three cents were reported, contrary to analyst expectations of positive EPS of one cent, marking the second consecutive quarter of disappointing earnings [3] Management and Operational Concerns - Concerns have arisen regarding the company's management, particularly its ability to achieve profitability amid rising silver prices, with consistent profitability not expected until late 2025 or beyond [4] - The company cited three main reasons for negative earnings: sharp drop in silver production, lower realized silver prices, and higher costs due to inflation and ongoing project spending [5][6] Market Dynamics - The realized prices for silver can be affected by provisional pricing contracts, which may lead to negative adjustments if market prices fluctuate between shipment and final settlement [7][9] - Strong spot prices do not always equate to strong realized prices, emphasizing the importance of timing and contract terms in mining revenue [9] Future Outlook - Endeavour Silver's investor presentation titled "Growth on the Horizon" highlighted potential catalysts for earnings improvement, although meaningful impacts may not be seen until late 2025 or early 2026 [10][11] - The Terronera mine is expected to begin production in late 2025 or early 2026, projected to more than double silver-equivalent output and improve cost efficiency [13] - Upcoming access to higher-grade ore at Guanaceví and Bolañitos is anticipated to enhance production and margins [13] Analyst Sentiment - Analysts maintain a bullish outlook on Endeavour Silver, with a consensus price target of $8.33, indicating a potential upside of over 51% from the current price of $5.56 [11][12] - For investors seeking exposure to mining stocks without the risks associated with a single miner, the VanEck Gold Miners ETF is suggested as an alternative [12]

Financial Data and Key Metrics Changes - In Q2 2025, Endeavor Silver reported revenue of $85 million, a 46% increase compared to the prior year, driven by higher precious metal prices and increased production [6] - The company produced 1.5 million ounces of silver and 7,800 ounces of gold, totaling approximately 2.5 million silver equivalent ounces, representing a 13% increase compared to 2024 [5] - Mine operating cash flow before working capital changes rose by 21%, while cash costs were $15.35 per ounce of payable silver, and all-in sustaining costs were $25.26 per ounce [6] - The company reported a net loss of $20 million for the period, primarily due to operating losses during the commissioning of Terronera and increased general and administrative expenses [6][7] Business Line Data and Key Metrics Changes - The integration of the newly acquired Colpa mine is ongoing, with production expected to align with historical performance of approximately 5 million silver equivalent ounces annually [9] - The company anticipates achieving an annualized production profile of 20 million silver equivalent ounces by 2026, combining output from Terronera, Guanacevi, and Bolanitos [10] Market Data and Key Metrics Changes - As of June 30, the company's cash position was $52 million, but working capital was negative, which is by design as Terronera approaches commercial production [7] - The company is focusing on optimizing throughput and recovery rates at Terronera, with throughput averaging between 1,900 and 2,000 tons per day and silver and gold recoveries averaging 71% and 67%, respectively [7][16] Company Strategy and Development Direction - The company is focused on achieving commercial production at Terronera and integrating the Colpa acquisition, which is expected to enhance its position as a leading mid-tier silver producer [5][8] - Management is exploring additional acquisition opportunities but emphasizes the need for a breather to ensure Terronera reaches commercial production and generates positive cash flow [23][24] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ramp-up of Terronera, targeting commercial production by the end of July 2025, and expects recoveries to improve as operational adjustments are made [16][29] - The company anticipates working capital to improve in the second half of the year as cash flows from Terronera are realized [44] Other Important Information - The company is advancing the Pitoria project, focusing on upgrading inferred resources and obtaining necessary permits for tailings dam and economic studies [10][78] - The integration of the Colpa mine is expected to take time, with management working on validating historical resources before providing production guidance [9][75] Q&A Session Summary Question: Update on commercial production at Terronera - Management indicated that the ramp-up is progressing well, with recoveries expected to align with historical averages as operational adjustments are made [16][29] Question: Operating costs at Colpa - Management noted that integration costs are impacting current operating costs but expects them to align with historical performance as operations stabilize [30][32] Question: Hedging strategy moving forward - The company prefers not to hedge precious metals, focusing instead on providing exposure to silver price movements for shareholders [41][42] Question: Exploration potential at Colpa - Management is reorganizing the exploration team to adopt a more systematic approach to exploration, with results expected soon [55][56] Question: Timeline for updated technical report for Colpa - An updated technical report is anticipated by mid-2026, as validation of historical resources is underway [75][76]

Production & Outlook - 2025 consolidated silver production is projected to be 450万-520万盎司[16] - 2025 consolidated gold production is projected to be 31000-34000盎司[16] - H1 2025 silver equivalent production reached 440万盎司，包括来自Kolpa的贱金属产量[22,23] Kolpa Mine Acquisition & Performance - Kolpa矿的收购预计将使Endeavour的年产量增加约510万盎司银当量[30] - Kolpa在2024年生产了200万盎司银，19800吨铅，12600吨锌和500吨铜（合计510万盎司银当量）[27,36] - Q2 2025 Kolpa生产了380638盎司银，3503吨铅，2316吨锌和58吨铜，总计805032盎司银当量[32] Terronera Project - Terronera项目预计年产400万盎司银和38000盎司黄金，即700万盎司银当量，矿山寿命为10年[71] - 截至2025年6月30日，Terronera项目的资本支出约为33800万美元[67] - Terronera项目的概略寿命期内平均品位为374克/吨银当量[70] Financial Highlights - 截至2025年8月12日，市值约为17亿美元[119] - 截至2025年8月12日，现金头寸为5250万美元[119] Resources & Reserves - Guanacevi的探明储量为20万吨，银当量品位为506克/吨，含有330万盎司银当量[44] - Bolanitos的探明储量为8万吨，银当量品位为259克/吨，含有60万盎司银当量[56] - Terronera的概略储量为740万吨，银当量品位为374克/吨，含有8880万盎司银当量[66]

Company Performance - Endeavour Silver reported a quarterly loss of $0.03 per share, missing the Zacks Consensus Estimate of $0.01, compared to break-even earnings per share a year ago, representing an earnings surprise of -400.00% [1] - The company posted revenues of $85.3 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.67%, and showing a year-over-year increase from $58.26 million [2] - Over the last four quarters, Endeavour Silver has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Endeavour Silver shares have increased approximately 57.1% since the beginning of the year, significantly outperforming the S&P 500's gain of 9.6% [3] - The current consensus EPS estimate for the coming quarter is $0.07 on revenues of $115.76 million, and for the current fiscal year, it is $0.03 on revenues of $394.52 million [7] Industry Outlook - The Mining - Silver industry, to which Endeavour Silver belongs, is currently ranked in the top 7% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can materially impact stock performance [5][8]

Group 1: CoreWeave Inc Financial Results - CoreWeave reported a revenue of $1.21 billion for the second quarter, exceeding analysts' expectations of $1.08 billion [1] - The company's adjusted loss per share was 27 cents, which was worse than the anticipated loss of 17 cents per share [1] Group 2: Stock Movements - CoreWeave shares fell 8.8% to $135.72 in pre-market trading following the mixed quarterly results [2] - Profrac Holding Corp shares tumbled 29.4% to $4.46 after pricing a $75 million stock offering at $4 per share [4] - CAVA Group Inc shares dipped 24% to $64.26 after reporting worse-than-expected quarterly sales results [4] - Journey Medical Corp shares declined 20.5% to $6.79 after reporting disappointing second-quarter EPS results [4] - Ondas Holdings Inc shares fell 17.5% to $3.54 after announcing a proposed public offering [4] - KinderCare Learning Companies Inc shares dropped 16.4% to $8.20 after missing second-quarter earnings estimates and narrowing 2025 guidance [4] - Endeavour Silver Corp shares fell 13.9% to $4.95 after posting a loss for the second quarter [4] - Stratasys Ltd shares dipped 13.4% to $9.80 following second-quarter results [4] - Denison Mines Corp shares declined 8.8% to $1.97 as the company announced the pricing of upsized $300 million convertible senior notes offering [4] - Hanesbrands Inc shares fell 7.7% to $5.70 after a previous jump of 28% due to acquisition news [4] - Penguin Solutions Inc shares fell 5.8% to $22.84 in pre-market trading [4]

Core Viewpoint - Endeavour Silver Corp. reported strong financial and operational results for Q2 2025, showcasing increased silver equivalent production, significant revenue growth, and successful integration of Minera Kolpa into its operations [2][3]. Financial Overview - Silver ounces produced in Q2 2025 reached 1,483,736, a 13% increase from 1,312,572 ounces in Q2 2024. However, gold production decreased by 26% to 7,755 ounces [5][6]. - Revenue from operations was $85.3 million, a 46% increase compared to $58.3 million in Q2 2024, driven by higher sales volumes and realized prices [6][7]. - Mine operating cash flow before working capital changes was $22.9 million, up 21% from $18.9 million in Q2 2024 [6][11]. - The company ended Q2 2025 with a consolidated cash balance of $52.5 million [6]. Production Costs - Cash costs per silver ounce increased by 14% to $15.35 in Q2 2025, while all-in sustaining costs rose by 9% to $25.16 per ounce [5][10]. - Direct operating costs per tonne were $142.00, slightly higher than $140.36 in Q2 2024, influenced by maintenance and the addition of Kolpa [7][9]. Acquisition and Growth - The acquisition of Minera Kolpa was completed on May 1, 2025, which included a $50 million equity financing to fund the cash component of the acquisition [6][12]. - The Terronera project is nearing commercial production, with increased throughput rates reported at the end of July 2025 [6][12]. Earnings and Losses - The company reported a net loss of $20.5 million for Q2 2025, compared to a net loss of $14.0 million in Q2 2024, primarily due to operating losses from the Terronera project [15][13]. - Adjusted net loss was $9.2 million, significantly higher than the adjusted net loss of $1.0 million in Q2 2024 [15][28]. Management Update - Allison Pettit has been promoted to Vice President of Investor Relations, effective August 1, 2025, to enhance the company's investor relations and communications strategies [19][20].

Core Insights - Endeavour Silver Corp. reports steady progress at its Terronera mine in Jalisco, Mexico, with significant improvements in milling rates and recovery percentages for silver and gold [1][4]. Production and Operations - In July, a total of 57,080 tonnes were milled at the Terronera mine, averaging 1,841 tonnes per day (tpd), with current milling rates now between 1,900 and 2,000 tpd [2]. - Silver and gold recoveries since July 16 have averaged 71% and 67%, respectively, while processing lower-grade material [2]. - Higher-grade material is scheduled for processing soon, which is expected to enhance recoveries directly [3]. Management Commentary - The Chief Operating Officer expressed satisfaction with the startup progress, highlighting the team's ownership and management of early challenges [4]. - The focus is on implementing a business readiness plan to ensure successful operations of Endeavour's next core asset [4]. Company Overview - Endeavour Silver is a mid-tier precious metals company committed to sustainable mining practices, with operations in Mexico and Peru, and aims to become a premier senior silver producer [5].

Core Viewpoint - Endeavour Silver Corp. is making steady progress at its Terronera mine in Jalisco, Mexico, with increasing milling rates and improving recovery rates for silver and gold [1][4]. Production and Operations - In July, a total of 57,080 tonnes were milled at the Terronera mine, averaging 1,841 tonnes per day (tpd) [2]. - Current milling rates have increased to between 1,900 and 2,000 tpd, with silver and gold recoveries averaging 71% and 67% respectively since July 16 [2]. - Higher-grade material is expected to be processed soon, which is anticipated to enhance recovery rates further [3]. Management and Strategy - The Chief Operating Officer expressed satisfaction with the startup progress and emphasized the team's ownership of the mill startup and throughput increase [4]. - The company is focused on implementing a business readiness plan to ensure successful operations at the Terronera mine [4]. Company Overview - Endeavour Silver is a mid-tier precious metals company committed to sustainable mining practices, with operations in Mexico and Peru, and aims to become a premier senior silver producer [5].

Core Insights - Endeavour Silver Corporation (EXK) produced 2.5 million silver-equivalent ounces (AgEq) in Q2 2025, a 17% increase year-over-year, attributed to the addition of the Kolpa operation in May 2025 [1][8] Production Performance - Consolidated silver production rose 13% year-over-year to 1,483,736 ounces; however, excluding Kolpa, production decreased by 16% [2] - Guanaceví's silver production was 997,875 ounces, down 17% year-over-year, while Bolanitos saw a 10% decline to 105,223 ounces [2] - Total gold production fell 26% year-over-year to 7,755 ounces, with Bolañitos down 34% to 4,193 ounces and Guanaceví down 16% to 3,562 ounces [3] Sales and Inventory - Total silver ounces sold increased 21% year-over-year to 1.48 million ounces, while gold sales decreased by 22% to 7,706 ounces [4] - At the end of the quarter, the company held 242,980 ounces of silver and 701 ounces of gold in bullion inventory, along with 24,970 ounces of silver and 399 ounces of gold in concentrate inventory [4] Financial Updates - Endeavour Silver announced a deal to sell up to $60 million worth of common shares over the next 24 months through at-the-market distributions on the New York Stock Exchange [5][6] - The proceeds will be used for the evaluation and development of Pitarrilla and Parral properties, covering cash shortfalls during the ramp-up of operations at the Terronera project, and for exploration and working capital needs [6] Stock Performance - EXK shares have gained 12.4% over the past year, outperforming the industry growth of 6.6% [7]

Core Viewpoint - Endeavour Silver Corp. has entered into a sales agreement to raise up to US$60 million through the sale of common shares over approximately 24 months, utilizing various financial agents for the offering [1][2]. Group 1: Offering Details - The offering will be conducted via a prospectus supplement dated July 10, 2025, linked to the existing U.S. registration statement and Canadian base shelf prospectus [2]. - The common shares will be sold at market prices prevailing at the time of each sale, with no sales occurring on the Toronto Stock Exchange [1][2]. - The company will pay the agents a compensation of 2.00% of the gross sales price per common share sold under the sales agreement [4]. Group 2: Use of Proceeds - Net proceeds from the offering will be allocated to advance the evaluation and development of the Pitarrilla and Parral properties, fund cash requirements during the ramp-up of operations at the Terronera project, assess potential acquisition opportunities, continue exploration at existing properties, and support working capital needs [3]. Group 3: Company Overview - Endeavour Silver is a mid-tier precious metals company focused on sustainable mining practices, with operations in Mexico and Peru, and aims to become a premier senior silver producer [6].