EDR: Terronera Ramp-Up Will Drive Stronger Future Production Performance

Analysts have trimmed their price target on Endeavour Silver to 14.75 dollars from 15.13 dollars. This reflects slightly higher perceived risk, a modestly softer revenue growth outlook, and only marginally lower long term margin expectations.

What's in the News

• Endeavour Silver achieved commercial production at the Terronera mine in Jalisco, Mexico, as of October 1, 2025, after consistently operating above 90% of nameplate capacity and projected metal recoveries during commissioning (company announcement).
• The successful ramp up at Terronera, with 100 operating days and only eight days of downtime since July 1, 2025, is expected to underpin Endeavour's long term growth ambitions and its goal of becoming a senior silver producer (company announcement).
• For the third quarter of 2025, consolidated silver output rose to 1,766,926 ounces from 874,717 ounces a year earlier, while gold production declined to 7,286 ounces from 9,290 ounces, alongside lead, zinc and copper byproduct volumes (operating results).
• Across the first nine months of 2025, Endeavour reported total silver production of 4,456,455 ounces versus 3,647,295 ounces in the prior year period, with gold production down to 23,379 ounces from 29,972 ounces, reflecting a shift in the company’s metal mix (operating results).
• Exploration drilling at the Kolpa Mine in Peru delivered intercepts on the Poderosa West and Caudalosa Chica vein systems, supporting a broader brownfields exploration strategy targeting structurally paired vein corridors over multi kilometer trends (exploration update).

Valuation Changes

• The fair value estimate was trimmed slightly to 14.75 dollars from 15.13 dollars, reflecting a modest reduction in the intrinsic value outlook.
• The discount rate rose slightly to 7.28 percent from 7.20 percent, indicating a marginally higher perceived risk profile.
• The revenue growth forecast eased slightly to 34.56 percent from 35.11 percent, suggesting a small downgrade to top line expansion expectations.
• The net profit margin narrowed marginally to 24.47 percent from 24.55 percent, implying only a minimal change in long term profitability assumptions.
• The future P/E multiple nudged higher to 23.59 times from 23.32 times, signaling a slightly richer valuation applied to expected earnings.