Core Insights - Endeavour Silver Corp. experienced a transformative year in 2025, marked by significant production growth, record revenues, and strategic milestones that enhance its asset portfolio and position for sustained growth [2] Financial Performance - In 2025, the company produced 6,486,661 ounces of silver and 37,164 ounces of gold, with total silver equivalent production reaching 11.2 million ounces, a 48% increase from 2024 [6][22] - Revenue for 2025 totaled $467.5 million, a 115% increase compared to 2024, driven by higher metal prices and a 36% increase in silver ounces sold [6][22] - Mine operating cash flow before taxes was $156.3 million, significantly up from $72.3 million in 2024 [6][22] - The company reported a net loss of $119.1 million for the year, compared to a net loss of $31.5 million in 2024 [24] Production and Costs - Direct operating costs per tonne increased to $152.79, an 8% rise from 2024, primarily due to the addition of the Terronera mine [19][22] - Consolidated cash costs per silver ounce increased by 34% to $17.34, driven by higher operating costs and lower by-product sales from Bolañitos [20][22] - All-in sustaining costs per silver ounce rose by 32% to $31.52, influenced by higher capital expenditures and corporate costs [21][22] Strategic Developments - The company successfully commissioned the Terronera mine and completed the acquisition of Minera Kolpa, enhancing its asset portfolio [2][6] - A definitive agreement was made to sell the Bolañitos mine for $30 million in cash and shares, with contingent consideration based on production milestones [6][22] - The company closed a $350 million convertible notes offering to repay debt and fund further development, particularly at the Pitarrilla project [6][22] Operational Highlights - Terronera commenced commercial production on October 1, 2025, processing 154,180 tonnes in Q4 2025 [6][22] - The company processed a total of 1,464,590 tonnes in 2025, significantly higher than the 781,439 tonnes processed in 2024 [18][22] - The realized silver price for 2025 was $40.73 per ounce, a 49% increase from the previous year, while the realized gold price was $3,591 per ounce, up 50% [22]

Core Insights - Endeavour Silver Corp. experienced a transformative year in 2025, marked by significant production growth, record revenues, and strategic milestones that enhance its asset portfolio and position for sustained growth [2] Full Year 2025 Highlights - Silver production reached 6,486,661 ounces, a 45% increase from 2024, while gold production was 37,164 ounces, a slight decrease of 5% [4][6] - Total silver equivalent production was 11.2 million ounces, reflecting a 48% increase over 2024, driven by the new Terronera mine and the acquired Kolpa mine [6] - Revenue for 2025 totaled $467.5 million, a 115% increase compared to 2024, attributed to higher metal prices and a 36% increase in silver ounces sold [6][22] - The company reported a mine operating cash flow of $156.3 million, significantly up from $72.3 million in 2024 [6][22] Operating & Financial Overview - The company had a solid cash position of $215.4 million as of December 31, 2025 [6] - Commercial production at the Terronera mine began on October 1, 2025, with 352,002 ounces of silver and 8,148 ounces of gold produced in Q4 2025 [6] - The acquisition of Minera Kolpa was completed on May 1, 2025, funded by a $50 million equity financing [6] - A definitive agreement was made to sell the Bolañitos mine for $30 million in cash and $10 million in shares, with potential contingent payments [6] Q4 2025 Results - In Q4 2025, throughput was 551,010 tonnes, significantly higher than 165,591 tonnes in Q4 2024, due to contributions from Terronera and Kolpa [9][18] - The realized silver price was $54.83 per ounce, a 74% increase from Q4 2024, while the realized gold price was $4,283 per ounce, a 62% increase [15] - The company generated operating earnings of $34.6 million in Q4 2025, compared to an operating loss of $0.5 million in Q4 2024 [16] Year-End Financial Performance - For the year ended December 31, 2025, the company reported a net loss of $119.1 million, compared to a net loss of $31.5 million in 2024 [24] - The loss before tax was $104.9 million, significantly higher than the previous year's loss of $22.0 million, primarily due to finance costs and losses on derivative contracts [24] - The company incurred exploration and evaluation costs of $23.4 million, up from $19.4 million in 2024, reflecting increased activities at Pitarrilla and Kolpa [23]