Monitor Q2 production and cost trends—if cash costs do not improve toward the $12-$13/oz guidance, the stock may re-rate lower despite strong silver prices. The completion of Kolpa plant expansion and Terronera ramp-up are key catalysts to watch.
Price Chart
Executive Summary
Endeavour Silver reported Q1 2026 revenue of $209.7M (up 230% YoY) and net income of $64.9M (vs -$32.9M), driven by contributions from Terronera and Kolpa mines and a $35.6M gain on sale of Bolaitos. However, consolidated cash costs rose 42% to $22.54/oz (above FY guidance of $12-$13/oz), and AISC hit $37.03/oz (guidance $27-$28/oz), signaling cost inflation that may pressure margins if metal prices retreat.
Key Facts
- Revenue $209.7M vs $63.5M (+230%)
- Net income $64.9M vs -$32.9M (+297%)
- Silver production 1,875,375 oz (+56%), gold 11,740 oz (+41%)
- Cash costs $22.54/oz vs $15.89/oz (+42%)
- AISC $37.03/oz vs $24.48/oz (+51%)
- FY2026 guidance: silver 8.3-8.9M oz, cash costs $12-13/oz, AISC $27-28/oz
- Working capital $173.4M (vs $146.4M Dec 2025)
- Gain on sale of Bolaitos $35.6M
Financial Impact
Revenue tripled and net income swung to positive, but cash costs exceeded annual guidance range by 73-88%
Risk Factors
- Further cost inflation from higher commodity-linked royalties and duties
- Execution risk on Terronera and Kolpa ramp-ups
- Silver price volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-002368 |
| Exhibit: exhibit99-2.htm | 0001062993-26-002368 |
| Exhibit: exhibit99-3.htm | 0001062993-26-002368 |
| Exhibit: exhibit99-4.htm | 0001062993-26-002368 |
| Document: form6k.htm | 0001062993-26-002368 |
| Document: 0001062993-26-002368-index-headers.html | 0001062993-26-002368 |
| Document: 0001062993-26-002368-index.html | 0001062993-26-002368 |
| Document: 0001062993-26-002368.txt | 0001062993-26-002368 |
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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