Update shared on 19 Jan 2026
Fair value Increased 27%🪙 Endeavour Silver Corp. (TSX: EDR | NYSE: EXK)
Endeavour Silver is a mid-tier precious metals producer with operating assets in Mexico and Peru. Following the start of commercial production at Terronera in Q4 2025 and the divestment of Bolañitos, 2026 represents a structural step-change year with materially higher production, scale benefits, and stronger leverage to silver and gold prices.
Updated Snapshot — Q1 2026
📌 Capital Structure
🧾 Shares Outstanding (Basic): ~290.17 million 🧾 Exchange: TSX (EDR) / NYSE (EXK) 🧾 Currency Focus: CAD (valuation converted from USD)
⛏️ Cost Structure
AISC (2025 Q2): ~US$25.16 / oz Ag 2026 Guidance AISC: ~US$27–28 / oz Ag (net of by-product credits) Cash Costs (2026 guidance): ~US$12–13 / oz Ag Terronera expected to pull consolidated costs lower over time.
🧩 Projects Overview & Grade Quality
Terronera (Mexico) — Underground
Status: ✅ Commercial Production (Oct 2025)
Grade: High-grade Ag–Au system (gold credits significant)
Guanaceví (Mexico)
Status: Producing, mature asset
Grade: Moderate silver, declining trend
Kolpa (Peru)
Status: Producing polymetallic mine
Grade: Silver with strong Pb–Zn by-product credits
Bolañitos — SOLD to GSVR (Jan 2026)
⚠️ Key Risks
🏗️ Terronera ramp-up & commissioning execution risk 💸 Sustaining capex keeping AISC elevated in early years 📉 Silver price downside below US$30/oz 🧾 Dilution risk from future growth capital ⚖️ Mexico regulatory & tax regime uncertainty
⚡ Catalysts (2026)
Q1–Q2 2026: First full Terronera quarterly results 2026: Consolidated production growth & margin expansion Exploration success at Terronera & Pitarrilla Silver & gold price upside leverage Potential balance sheet strengthening via cash flow
🗺️ Expected Timeline to Steady-State Production
2026 H1: Ramp toward nameplate throughput
2026 H2: Improved grades & recoveries
2027+: Stable multi-asset silver producer
📊 Re-Valued FCF Scenarios (CAD)
Silver $100 Scenario
10× → CAD 14.69B → ~CAD 50.62/sh
15× → CAD 22.03B → ~CAD 75.93/sh
20× → CAD 29.38B → ~CAD 101.24/sh
Silver $150 Scenario
10× → CAD 24.89B → ~CAD 85.77/sh
15× → CAD 37.33B → ~CAD 128.66/sh
20× → CAD 49.78B → ~CAD 171.54/sh
🎯 Final Commentary
Endeavour Silver has transitioned from a high-cost, aging producer into a scaled silver company with Terronera as the core value driver. While AISC remains elevated in early 2026, the leverage to silver and gold prices is substantial. Successful ramp-up and stable metal prices could justify a material re-rating over the next 12–24 months.
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