VANCOUVER, British Columbia, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three and nine months ended September 30, 2025. All dollar amounts are in US dollars
| Expressed in thousands of US dollars | Nine Months Ended September 30, 2025 | |||||||||||
| Guanaceví | Bolañitos | Kolpa | Total | |||||||||
| Direct production costs per financial statements | $ | 74,752 | $ | 33,004 | $ | 43,117 | $ | 150,873 | ||||
| Purchase of the third-party material | (20,313 | ) | - | (1,606 | ) | (21,919 | ) | |||||
| Smelting and refining costs included in revenue | - | 1,212 | 3,012 | 4,224 | ||||||||
| Opening finished goods | (5,448 | ) | (485 | ) | (610 | ) | (6,543 | ) | ||||
| Closing finished goods | 5,523 | 541 | 600 | 6,664 | ||||||||
| Direct operating costs | 54,514 | 34,272 | 44,513 | 133,299 | ||||||||
| Purchase of the third-party material | 20,313 | - | 1,606 | 21,919 | ||||||||
| Royalties | 19,825 | 553 | 630 | 21,008 | ||||||||
| Special mining duty (1) | 3,419 | 1,375 | 707 | 5,501 | ||||||||
| Direct costs | 98,071 | 36,200 | 47,456 | 181,727 | ||||||||
| By-products sales | (35,728 | ) | (40,621 | ) | (33,893 | ) | (110,242 | ) | ||||
| Opening by-products inventory fair market value | 3,185 | 772 | 544 | 4,501 | ||||||||
| Closing by-products inventory fair market value | (2,288 | ) | (666 | ) | (548 | ) | (3,502 | ) | ||||
| Cash costs net of by-products | 63,240 | (4,315 | ) | 13,559 | 72,484 | |||||||
| Depreciation | 21,148 | 8,332 | 12,769 | 42,249 | ||||||||
| Share-based compensation | 134 | 95 | 73 | 302 | ||||||||
| Opening finished goods depreciation | (1,188 | ) | (92 | ) | (134 | ) | (1,414 | ) | ||||
| Closing finished goods depreciation | 1,707 | 132 | 131 | 1,970 | ||||||||
| Total production costs | $ | 85,041 | $ | 4,152 | $ | 26,398 | $ | 115,591 | ||||
| Expressed in thousands of US dollars | Nine Months Ended September 30, 2024 | ||||||||||
| Guanaceví | Bolañitos | Kolpa | Total | ||||||||
| Direct production costs per financial statements | $ | 68,855 | $ | 30,258 | $ | - | $ | 99,113 | |||
| Purchase of the third-party material | (10,231 | ) | - | (10,231 | ) | ||||||
| Smelting and refining costs included in revenue | - | 1,436 | - | 1,436 | |||||||
| Opening finished goods | (7,137 | ) | (699 | ) | - | (7,836 | ) | ||||
| Closing finished goods | 1,725 | 718 | - | 2,443 | |||||||
| Direct operating costs | 53,212 | 31,713 | - | 84,925 | |||||||
| Purchase of the third-party material | 10,231 | - | - | 10,231 | |||||||
| Royalties | 16,948 | 259 | - | 17,207 | |||||||
| Special mining duty (1) | 2,113 | 1,270 | - | 3,383 | |||||||
| Direct costs | 82,504 | 33,242 | - | 115,746 | |||||||
| By-products sales | (27,642 | ) | (42,622 | ) | - | (70,264 | ) | ||||
| Opening by-products inventory fair market value | 2,909 | 619 | - | 3,528 | |||||||
| Closing by-products inventory fair market value | (1,059 | ) | (1,478 | ) | - | (2,537 | ) | ||||
| Cash costs net of by-products | 56,712 | (10,239 | ) | - | 46,473 | ||||||
| Depreciation | 16,436 | 8,112 | - | 24,548 | |||||||
| Share-based compensation | 181 | 45 | - | 226 | |||||||
| Opening finished goods depreciation | (1,459 | ) | (197 | ) | - | (1,656 | ) | ||||
| Closing finished goods depreciation | 515 | 184 | - | 699 | |||||||
| Total production costs | $ | 72,385 | ($ | 2,095 | ) | $ | - | $ | 70,290 | ||
| Expressed in thousands of US dollars | Nine Months Ended September 30, 2025 | ||||||||
| Guanaceví | Bolañitos | Kolpa | Total | ||||||
| Throughput tonnes | 298,612 | 300,320 | 314,648 | 913,580 | |||||
| Payable silver ounces | 3,028,411 | 418,312 | 926,364 | 4,373,087 | |||||
| Cash costs per silver ounce | $ | 20.88 | ($ | 10.32 | ) | $ | 14.64 | $ | 16.58 |
| Total production costs per ounce | $ | 28.08 | $ | 9.93 | $ | 28.50 | $ | 26.43 | |
| Direct operating costs per tonne | $ | 182.56 | $ | 114.12 | $ | 141.47 | $ | 145.91 | |
| Direct costs per tonne | $ | 328.42 | $ | 120.54 | $ | 150.82 | $ | 198.92 | |
| Expressed in thousands of US dollars | Nine Months Ended September 30, 2024 | |||||||
| Guanaceví | Bolañitos | Kolpa | Total | |||||
| Throughput tonnes | 294,995 | 320,853 | - | 615,848 | ||||
| Payable silver ounces | 3,290,499 | 330,563 | - | 3,621,062 | ||||
| Cash costs per silver ounce | $ | 17.24 | ($ | 30.97 | ) | - | $ | 12.83 |
| Total production costs per ounce | $ | 22.00 | ($ | 6.34 | ) | - | $ | 19.41 |
| Direct operating costs per tonne | $ | 180.38 | $ | 98.84 | - | $ | 137.90 | |
| Direct costs per tonne | $ | 279.68 | $ | 103.61 | - | $ | 187.95 | |
(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.
Reconciliation of All-In Costs Per Ounce and AISC per ounce
| Expressed in thousands of US dollars | Three Months Ended September 30, 2025 | ||||||||
| Guanaceví | Bolañitos | Kolpa | Total | ||||||
| Cash costs net of by-products | $ | 23,464 | ($ | 1,572 | ) | $ | 9,315 | $ | 31,207 |
| Operations share-based compensation | 48 | 35 | 49 | 132 | |||||
| Corporate general and administrative | 2,584 | 954 | 2,245 | 5,784 | |||||
| Acquisition costs | - | - | - | - | |||||
| Corporate share-based compensation | 218 | 79 | 358 | 655 | |||||
| Reclamation - amortization/accretion | 165 | 93 | 55 | 313 | |||||
| Mine site expensed exploration | 286 | 269 | 1,540 | 2,095 | |||||
| Equipment loan payments | - | - | 104 | 104 | |||||
| Capital expenditures sustaining | 4,989 | 3,873 | 3,521 | 12,383 | |||||
| All-In-Sustaining Costs | $ | 31,754 | $ | 3,731 | $ | 17,187 | $ | 52,673 | |
| Acquisition costs | - | ||||||||
| Growth exploration, evaluation and development | 4,876 | ||||||||
| Growth capital expenditures | 22,266 | ||||||||
| All-In-Costs | $ | 79,815 | |||||||
| Expressed in thousands of US dollars | Three Months Ended September 30, 2024 | ||||||||
| Guanaceví | Bolañitos | Kolpa | Total | ||||||
| Cash costs net of by-products | $ | 15,017 | ($ | 5,174 | ) | $ | - | $ | 9,843 |
| Operations share-based compensation | 59 | 14 | - | 73 | |||||
| Corporate general and administrative | 2,034 | 1,154 | - | 3,188 | |||||
| Corporate share-based compensation | 428 | 267 | - | 695 | |||||
| Reclamation - amortization/accretion | 85 | 68 | - | 153 | |||||
| Mine site expensed exploration | 313 | 321 | - | 634 | |||||
| Equipment loan payments | - | 19 | - | 19 | |||||
| Capital expenditures sustaining | 5,696 | 2,092 | - | 7,788 | |||||
| All-In-Sustaining Costs | $ | 23,632 | ($ | 1,239 | ) | $ | - | $ | 22,393 |
| Growth exploration, evaluation and development | 4,056 | ||||||||
| Growth capital expenditures | 41,008 | ||||||||
| All-In-Costs | $ | 67,457 | |||||||
| Expressed in thousands of US dollars | Three Months Ended September 30, 2025 | |||||||
| Guanaceví | Bolañitos | Kolpa | Total | |||||
| Throughput tonnes | 99,340 | 105,153 | 195,752 | 400,245 | ||||
| Payable silver ounces | 1,021,248 | 137,052 | 567,017 | 1,725,317 | ||||
| Silver equivalent production (ounces) | 1,279,860 | 471,158 | 1,286,139 | 3,037,156 | ||||
| All-in-Sustaining cost per ounce | $ | 31.09 | $ | 27.22 | $ | 30.31 | $ | 30.53 |
| Expressed in thousands of US dollars | Three Months Ended September 30, 2024 | |||||||
| Guanaceví | Bolañitos | Kolpa | Total | |||||
| Throughput tonnes | 67,094 | 107,971 | - | 175,065 | ||||
| Payable silver ounces | 766,599 | 100,694 | - | 867,293 | ||||
| Silver equivalent production (ounces) | 995,146 | 622,779 | - | 1,617,925 | ||||
| - | ||||||||
| All-in-Sustaining cost per ounce | $ | 30.83 | ($ | 12.31 | ) | - | $ | 25.82 |
| Expressed in thousands of US dollars | Nine months ended September 30, 2025 | ||||||||||
| Guanaceví | Bolañitos | Kolpa | Total | ||||||||
| Cash costs net of by-products | $ | 63,240 | ($ | 4,315 | ) | $ | 13,559 | $ | 72,484 | ||
| Operations share-based compensation | 134 | 95 | 73 | 302 | |||||||
| Corporate general and administrative | 6,334 | 2,357 | 7,000 | 15,692 | |||||||
| Acquisition costs | - | - | (3,602 | ) | (3,602 | ) | |||||
| Corporate share-based compensation | 1,268 | 472 | 681 | 2,421 | |||||||
| Reclamation - amortization/accretion | 472 | 268 | 96 | 836 | |||||||
| Mine site expensed exploration | 855 | 645 | 2,576 | 4,076 | |||||||
| Equipment loan payments | - | - | 170 | 170 | |||||||
| Capital expenditures sustaining | 13,216 | 7,473 | $ | 5,853 | 26,542 | ||||||
| All-In-Sustaining Costs | $ | 85,519 | $ | 6,995 | $ | 26,406 | $ | 118,921 | |||
| Acquisition costs | 3,602 | ||||||||||
| Growth exploration, evaluation and development | 11,839 | ||||||||||
| Growth capital expenditures | 103,842 | ||||||||||
| All-In-Costs | $ | 238,204 | |||||||||
| Expressed in thousands of US dollars | Nine months ended September 30, 2024 | ||||||||
| Guanaceví | Bolañitos | Kolpa | Total | ||||||
| Cash costs net of by-products | $ | 56,712 | ($ | 10,239 | ) | $ | - | $ | 46,473 |
| Operations share-based compensation | 181 | 45 | - | 226 | |||||
| Corporate general and administrative | 6,501 | 2,865 | - | 9,366 | |||||
| Corporate share-based compensation | 1,802 | 794 | - | 2,596 | |||||
| Reclamation - amortization/accretion | 288 | 218 | - | 506 | |||||
| Mine site expensed exploration | 776 | 970 | - | 1,746 | |||||
| Equipment loan payments | 206 | 306 | - | 512 | |||||
| Capital expenditures sustaining | 15,657 | 6,557 | - | 22,214 | |||||
| All-In-Sustaining Costs | $ | 82,123 | $ | 1,516 | $ | - | $ | 83,639 | |
| Growth exploration, evaluation and development | 10,879 | ||||||||
| Growth capital expenditures | 127,280 | ||||||||
| All-In-Costs | $ | 221,798 | |||||||
| Expressed in thousands of US dollars | Nine months ended September 30, 2025 | |||||||
| Guanaceví | Bolañitos | Kolpa | Total | |||||
| Throughput tonnes | 298,612 | 300,320 | 314,648 | 913,580 | ||||
| Payable silver ounces | 3,028,411 | 418,312 | 926,364 | 4,373,087 | ||||
| Silver equivalent production (ounces) | 3,897,142 | 1,450,287 | 2,091,217 | 7,438,645 | ||||
| All-in-Sustaining cost per ounce | $ | 28.24 | $ | 16.72 | $ | 28.51 | $ | 27.19 |
| Expressed in thousands of US dollars | Nine months ended September 30, 2024 | |||||||
| Guanaceví | Bolañitos | Kolpa | Total | |||||
| Throughput tonnes | 294,995 | 320,853 | - | 615,848 | ||||
| Payable silver ounces | 3,290,499 | 330,563 | - | 3,621,062 | ||||
| Silver equivalent production (ounces) | 4,196,000 | 1,849,055 | - | 6,045,055 | ||||
| All-in-Sustaining cost per ounce | $ | 24.96 | $ | 4.59 | - | $ | 23.10 | |
Reconciliation of Sustaining Capital and Growth Capital
| Expressed in thousands of US dollars | Three Months Ended September 30 | Nine months ended September 30 | ||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Capital expenditures sustaining | $ | 12,383 | $ | 7,788 | $ | 26,542 | $ | 22,214 |
| Growth capital expenditures | 22,266 | 41,008 | 103,842 | 127,280 | ||||
| Property, plant and equipment expenditures per Consolidated Statement of Cash Flows | $ | 34,649 | $ | 48,796 | $ | 130,384 | $ | 149,494 |
| Expressed in thousands of US dollars | Three Months Ended September 30 | Nine months ended September 30 | |||||||
| 2025 | 2024 | 2025 | 2024 | ||||||
| Mine site expensed exploration | $ | 2,095 | $ | 634 | $ | 4,076 | $ | 1,746 | |
| Growth exploration, evaluation and development | 4,876 | 4,056 | 11,839 | 10,879 | |||||
| Total exploration, evaluation and development | 6,971 | 4,690 | 15,915 | 12,625 | |||||
| Exploration, evaluation and development depreciation | 133 | 221 | 387 | 568 | |||||
| Exploration, evaluation and development share-based compensation | 154 | (204 | ) | 416 | 74 | ||||
| Exploration, evaluation and development expense | $ | 7,258 | $ | 4,707 | $ | 16,718 | $ | 13,267 | |
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
| Expressed in thousands of US dollars | Three Months Ended September 30 | Nine months ended September 30 | ||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Gross silver sales | $ | 76,194 | $ | 30,145 | $ | 164,218 | $ | 106,601 |
| Silver ounces sold | 1,975,175 | 1,017,392 | 4,682,170 | 3,991,055 | ||||
| Realized silver price per ounce | $ | 38.58 | $ | 29.63 | $ | 35.07 | $ | 26.71 |
1)inclusive of 212,691 oz of silver from pre-operating production at Terronera during three months and 240,321 oz during the nine months ended September 30, 2025
| Expressed in thousands of US dollars | Three Months Ended September 30 | Nine months ended September 30 | ||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Gross gold sales | $ | 49,158 | $ | 23,794 | $ | 101,930 | $ | 70,264 |
| Gold ounces sold | 13,847 | 9,412 | 30,816 | 30,179 | ||||
| Realized gold price per ounce | $ | 3,550 | $ | 2,528 | $ | 3,308 | $ | 2,328 |
1)inclusive of 6,368 oz of gold from pre-operating production at Terronera during three months and 7,094 oz during the nine months ended September 30, 2025
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to unexpected changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; fluctuations in the prices of silver and gold; fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar, Peruvian sol, and U.S. dollar); fluctuations in interest rates; effects of inflation; changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Peru and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including, but not limited to environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits; satisfaction of conditions precedent to drawdown under the Debt Facility; and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form and the Prospectus dated July 10, 2025 filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecasted mine economics, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
