Endeavour Silver achieved record annual revenue of $467.5M in 2025, marking a 115% increase over 2024. This performance was driven by a 48% rise in silver-equivalent production to 11M ounces, supported by the commissioning of Terronera mine in October and the acquisition of the Kolpa mine, alongside stronger metal prices.

Despite robust top-line growth, the company reported a net loss of $119.1M, primarily due to $126.2M in derivative contract losses and elevated finance costs linked to Terronera’s ramp-up. Cash costs in Q4 climbed to $19.05 per silver ounce, while all-in sustaining costs reached $41.19 per ounce as initial mine costs and a firmer Mexican peso weighed on margins.

Operational hurdles included electrical disruptions at Terronera, now being addressed through new operational initiatives, and a brief pause in February 2026 due to local security blockades, with normal production resuming shortly after. Management is focusing on ramping up efficiency and stabilizing costs as Terronera moves beyond its commissioning phase.