The Q2 production beat on volume (31-36% YoY growth) is a positive operational signal, but the 'slightly below plan' consolidated silver print and Guanacev's structural grade decline warrant caution. The key catalyst is the July 29 Q2 financial release, where all-in sustaining costs, margins, and cash flow will determine whether this production growth translates to profitability. Monitor analyst revisions and cost guidance between now and then.
Price Chart
Executive Summary
Endeavour Silver reported Q2 2026 production with strong year-over-year growth: silver output of 1,943,955 oz (+31% YoY), gold output of 10,474 oz (+35% YoY), and silver-equivalent production of 3.4M oz (+36% YoY). Growth was driven by the Terronera ramp-up and Kolpa's plant expansion, partially offset by declining grades at Guanacev and the sale of Bolaitos. Consolidated silver production was slightly below plan, and financial results with cost data are pending the July 29 release.
Key Facts
- Q2 2026 silver production: 1,943,955 oz (31% higher than Q2 2025)
- Q2 2026 gold production: 10,474 oz (35% higher than Q2 2025)
- Q2 2026 silver-equivalent production: 3,437,794 oz (36% higher than Q2 2025)
- Kolpa throughput rose to 233,408 tonnes in Q2 2026 from 171,727 tonnes in Q1 2026 (+36% QoQ)
- Guanacev silver production fell 30% YoY due to 35% lower silver grades, partially offset by 4% higher throughput
- Terronera silver recoveries averaged 85.4% and gold recoveries 72.6%, with grades of 126 g/t silver and 1.87 g/t gold in line with plan
- Q2 2026 financial results to be released July 29, 2026, with a conference call on July 30
Financial Impact
No financial data (revenue, costs, margins) provided in this production update. Revenue impact depends on metal prices and costs; strong production growth is directionally positive but consolidated output was slightly below plan.
Risk Factors
- Consolidated silver production slightly below plan, suggesting operational challenges
- Guanacev silver grades declined 35% YoY, a significant structural headwind absent grade improvement
- No cost or margin data in this filing; revenue growth may not flow to earnings if costs are elevated
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-004526 |
| Document: f6k_070826.htm | 0001171843-26-004526 |
| Document: 0001171843-26-004526-index-headers.html | 0001171843-26-004526 |
| Document: 0001171843-26-004526-index.html | 0001171843-26-004526 |
| Document: 0001171843-26-004526.txt | 0001171843-26-004526 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $7.83 | awaiting T+20 | — | $7.49 (−4.34%) |
Oct 8, 2026 18d ago | 6-K | $8.57 | awaiting T+20 | — | $7.49 (+12.60%) |
Sep 22, 2026 4w ago | 6-K | $10.51 $8.20 | ▲ +21.98% | ▲ +21.42% | $7.49 (+28.73%) |
Aug 24, 2026 9w ago | 6-K | $10.76 $10.13 | ▼ −5.86% | ▼ −5.87% | $7.49 (−30.39%) |
Aug 20, 2026 9w ago | 6-K | $10.62 $10.13 | ▲ +4.61% | ▲ +4.09% | $7.49 (+29.47%) |
Aug 17, 2026 10w ago | 6-K | $10.14 $9.64 | ▲ +4.93% | ▲ +2.95% | $7.49 (+26.13%) |
Jul 29, 2026 12w ago | 6-K | $7.77 $11.30 | ▲ +45.43% | ▲ +41.47% | $7.49 (−3.60%) |
Jul 8, 2026 15w ago | 6-K | $7.72 $8.96 | ▲ +16.06% | ▲ +12.79% | $7.49 (−2.98%) |
Jul 8, 2026 15w ago | Press Release | $7.72 $8.96 | ▲ +16.06% | ▲ +12.79% | $7.49 (−2.98%) |
Jun 18, 2026 18w ago | 6-K | $8.61 $7.49 | ▼ −13.01% | ▼ −13.54% | $7.49 (−13.01%) |
US Market Status
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