Endeavour Silver (EJD) Q3 2026 Earnings Report

The call was predominantly positive. The company reported strong year-over-year growth in production, revenue, earnings, cash flow, and cost metrics, while Terronera continued to show improving grades, recoveries, operating efficiency, and costs. The principal negatives were the revised 2026 production and operating-cost outlooks, Guanaceví grade and cost challenges, quarter-specific disruptions, and permitting and engineering dependencies for Pitarrilla.

For 2026, Endeavour Silver expects annual production to be between 7.8 million and 8.1 million silver ounces and 42,000 to 43,500 ounces of gold, representing silver equivalent production of 13.7 million to 14.3 million ounces; revised direct operating cost guidance is $170 to $180 per tonne at Terronera and $155 to $165 per tonne on a consolidated basis, with the trend expected to continue downwards. Terronera grades are expected to be relatively flat to Q3, with 2027 expected to be still higher grades from where we are at Q3, La Luz probably midyear to the end of the year, and the LNG plant expected to contribute $8 to $10 per tonne depending on how much LNG and how much diesel are used per ton; waste transport is expected to be reduced by 2 kilometers in Q4. The company used 17 in its estimates for the exchange rate, expects its full guidance for 2027 in January of next year, expects new resource estimates for Terronera, Guanaceví and Kolpa early in the new year, expects a Pitarrilla news release within 10 days, anticipates a tailings dam permit in Q1/Q2 of 2027, a construction decision sometime midyear next year, and is targeting production by 2030, Q1 2030.