Endeavour Silver sets 2026 guidance as Terronera enters first full year

The guidance comprises 8.3-million to 8.9-million ounces of silver output from the Terronera, Guanaceví and Kolpa mines, as well as gold output from Terronera and Guanaceví of between 46 000 oz and 48 000 oz.

The prior-year guidance did not include Terronera or Kolpa, but did include the Bolañitos mine, the sale of which closed last week. Compared with Terronera, Bolañitos has a higher proportion of gold production and lower cash costs net of by-product credits, while Kolpa produces minimal gold but benefits from by-product credits from lead, zinc and copper.

For 2026, consolidated cash costs, net of by-product credits, are projected at $12/oz to $13/oz of payable silver, while consolidated all-in sustaining costs (AISC) are estimated at $27/oz to $28/oz. On a per-ounce basis, cash costs are expected to decline year-on-year, driven by higher silver production and stronger assumed prices for gold and base metals, partially offset by lower gold output. AISC are expected to be slightly higher than in 2025 owing to increased sustaining mine development at Terronera during its first full year of operation, post-acquisition capital at Kolpa and increased exploration across the portfolio.

“2026 marks a pivotal turning point for Endeavour as Terronera ramps up into its first full year of production and Kolpa now fully integrated into our operating portfolio,” CEO Dan Dickson said. “This year’s guidance highlights our evolution into a larger, more diverse silver producer.”

At Terronera, plant throughput is expected to average about 2 000 t/d, with mining focused on the Terronera vein. Cash costs and direct costs per tonne are expected to be below consolidated averages, supported by higher metal production and improving efficiencies following the 2025 ramp-up. Lower-grade areas will be mined in the first half of the year, with grades expected to improve in the second half as development accesses higher-grade zones.

Guanaceví is forecast to process about 1 050 t/d, with slightly lower grades expected in 2026, while recoveries remain in line with 2025. Cash costs and AISC at Guanaceví are expected to increase modestly year-on-year owing to lower output and elevated royalties linked to leased concessions.

At Kolpa, throughput is expected to average about 2 400 t/d, with cash costs and AISC forecast to improve compared with 2025, driven by higher milling rates and stronger base-metal prices that enhance by-product credits.

Endeavour has budgeted $91-million in sustaining capital across its three operating mines in 2026, with a further $66.8-million allocated to growth capital, including $16.7-million at Kolpa for a plant expansion to 2 500 t/d, which is expected to be completed in the first quarter of the year.

In addition, the company plans to invest $65.8-million in advancing the Pitarrilla project, including feasibility work, exploration drilling and capital development, and $25.9-million on exploration across its operating mines and project pipeline in Mexico, Peru, Chile and the US.

Management’s 2026 cost guidance is based on a silver price of $36/oz, a gold price of $3 240/oz, an exchange rate of 18.50 Mexican pesos to the US dollar and 3.60 Peruvian soles to the dollar, with inflation assumptions of 4% in Mexico and 2% in Peru.