VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour& or the “Company&) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three and six months ended June 30, 2025. All dollar amounts are in US dollars ($).
“We are pleased with Endeavour&s strong performance this quarter, highlighted by increased silver equivalent production, robust revenue growth, and the successful integration of Minera Kolpa into our portfolio,& said Dan Dickson, Chief Executive Officer.
“Our team delivered solid operating results, achieving higher sales at favorable market prices while maintaining costs below guidance. The completion of the Minera Kolpa acquisition has enhanced the Company&s growth profile, and with Terronera nearing commercial production, we are transforming our operational landscape with an expanded resource base and increased production capacity. These milestones, combined with a steadfast commitment to operational efficiency and disciplined capital management, position the company to leverage future opportunities and deliver sustainable growth for our shareholders well into the future.&
Q2 2025 Highlights
- Strong and Consistent Production: 1,483,736 ounces (“oz&) of silver and 7,755 oz of gold for 2.5 million oz silver equivalent (“AgEq&)(1) with the addition of Kolpa, 13% higher than the same period in 2024.
- Higher oz Sold with Higher Realized Prices: $85.3 million from the sale of 1,455,680 oz of silver and 7,706 oz of gold at average realized prices of $32.95 per oz silver and $3,320 per oz gold. Revenue from operations is 46% higher than in the same period in 2024.
- Positive Mine Operating Cash Flow: $22.9 million in operating cash flow before working capital changes(2), 21% higher than the same period in 2024.
- Operating Costs Below Guidance: Cash costs(2) of $15.35 per oz payable silver and all-in sustaining costs(2) of $25.16 per oz, net of by-product credits.
- Solid Cash Position: Ended the second quarter with a robust consolidated cash balance of $52.5 million.
- Completed Acquisition of Minera Kolpa: On May 1, 2025, the Company completed the acquisition of Minera Kolpa, including a $50 million bought deal equity financing, used to fund the cash component of the Kolpa Acquisition (See news release dated April 16, 2025 here), and commenced payments on the US$35 million copper stream with Versamet Royalties Corporation (See news release dated May 1, 2025 here).
- Additional Credit Facility of US$15 Million: The Company amended and restated the Terronera credit facility to increase the principal amount from $120 million to $135 million (See news release dated June 24, 2025 here).
- Terronera Nearing Commercial Production: Q2 results have been impacted by Terronera&s operating losses during the commissioning phase. On August 5, 2025 the Company announced that the throughput has rapidly increased with milling rates between 1,900 and 2,000 tpd at the end of July and that silver and gold recoveries have averaged 71% and 67%, respectively during second half of the July. (See news release dated August 5, 2025 here).
Financial Overview
| Three Months Ended June 30 | Q2 2025 Highlights | Six Months Ended June 30 | |||||||||
| 2025 | 2024 | % Change
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2025 | 2024 | % Change | |||||
| Production | |||||||||||
| 1,483,736 | 1,312,572 | 13% | Silver ounces produced | 2,689,529 | 2,772,578 | (3%) | |||||
| 7,755 | 10,549 | (26%) | Gold ounces produced | 16,093 | 20,682 | (22%) | |||||
| 3,503 | - | - | Lead tonnes produced | 3,503 | - | - | |||||
| 2,316 | - | - | Zinc tonnes produced | 2,316 | - | - | |||||
| 2,528,562 | 2,156,453 | 17% | Silver equivalent ounces produced(1) | 4,401,401 | 4,427,130 | (1%) | |||||
| 15.35 | 13.43 | 14% | Cash costs per silver ounce(2) | 15.59 | 13.30 | 17% | |||||
| 25.25 | 20.48 | 23% | Total production costs per ounce(2) | 24.79 | 19.65 | 26% | |||||
| 25.16 | 23.13 | 9% | All-in sustaining costs per ounce (2) | 24.85 | 22.24 | 12% | |||||
| 303,828 | 218,989 | 39% | Processed tonnes | 513,335 | 440,783 | 16% | |||||
| 142.00 | 140.36 | 1% | Direct operating costs per tonne(2) | 142.30 | 137.65 | 3% | |||||
| 201.24 | 192.68 | 4% | Direct costs per tonne(2) | 203.70 | 187.19 | 9% | |||||
| Financial | |||||||||||
| 85.3 | 58.3 | 46% | Revenue from operations ($ millions) | 148.8 | 122.0 | 22% | |||||
| 1,455,680 | 1,217,569 | 20% | Silver ounces sold | 2,679,364 | 2,973,663 | (10%) | |||||
| 7,706 | 9,887 | (22%) | Gold ounces sold | 16,244 | 20,767 | (22%) | |||||
| 32.95 | 28.94 | 14% | Realized silver price per ounce | 32.52 | 25.71 | 26% | |||||
| 3,320 | 2,374 | 40% | Realized gold price per ounce | 3,110 | 2,238 | 39% | |||||
| 3.3 | - | - | Pre-production revenue ($ millions) | 3.3 | - | - | |||||
| 85,711 | - | - | Pre-production silver equivalent ounces sold(1) | 85,711 | - | - | |||||
| (20.5) | (14.0) | (46%) | Net earnings (loss) ($ millions) | (53.4) | (15.2) | (251%) | |||||
| (9.2) | (1.0) | (841%) | Adjusted net earnings (loss) ($ millions)(2) | (9.4) | (0.7) | (1,227%) | |||||
| 7.7 | 10.2 | (24%) | Mine operating earnings ($ millions) | 20.6 | 21.9 | (6%) | |||||
| 22.9 | 18.9 | 21% | Mine operating cash flow before taxes ($ millions)(2) | 45.0 | 39.5 | 14% | |||||
| 14.4 | 8.1 | 78% | Operating cash flow before working capital changes(2) | 22.7 | 18.3 | 24% | |||||
| 1.4 | (2.3) | 162% | EBITDA ($ millions)(2) | (16.7) | 11.3 | (248%) | |||||
| 10.8 | 11.9 | (10%) | Adjusted EBITDA ($ millions)(2) | 25.9 | 28.1 | (8%) | |||||
| (15.3) | 64.5 | (124%) | Working capital ($ millions) (2) | (15.3) | 64.5 | (124%) | |||||
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Shareholders | ||||||||||
| (0.07) | (0.06) | (17%) | Earnings (loss) per share – basic ($) | (0.20) | (0.06) | (233%) | |||||
| (0.03) | (0.00) | (100%) | Adjusted earnings (loss) per share – basic ($)(2) | (0.03) | (0.00) | (100%) | |||||
| 0.05 | 0.03 | 67% | Operating cash flow before working capital changes per share(2) | 0.08 | 0.08 | 0% | |||||
| 283,534,276 | 242,889,679 | 17% | Weighted average shares outstanding | 272,987,662 | 235,201,630 | 16% | |||||
| (1) Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.
(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company&s financial statements, which can be viewed on the Company&s website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. |
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Direct operating costs per tonne in Q2 2025 increased to $142.00, slightly higher than $140.36 in Q2 2024. This metric was impacted by: higher costs per tonne at Bolañitos with lower throughput as a result of maintenance of the floatation circuit and crushing area; the addition of Kolpa which has higher direct operating costs per tonne; offset by lower costs at Guanaceví.
Consolidated cash costs per oz, net of by-product credits, were 14% higher in Q2 2025 at $15.35 per oz, compared with Q2 2024, driven by an increase in costs at Bolañitos and Guanaceví from lower production, and partially offset by addition of Kolpa which at $11.81 per oz decreases the average cash cost. All-In-Sustaining Costs (“AISC&) in Q2 2025 was $25.16 per silver oz in Q2 2025, 9% higher compared to $23.13 per oz in Q2 2024, predominantly due to the addition of Kolpa which at $25.66 per oz increased the average AISC, and a slight increase of AISC at Guanaceví.
In Q2 2025, the Company&s mine operating earnings were $7.7 million (Q2 2024 – $10.2 million) from revenue of $85.3 million (Q2 2024 – $58.3 million) and cost of sales of $80.9 million (Q2 2024 – $48.1 million). The decrease in mine operating earnings is predominantly due to Terronera&s mine operating loss of $5.9 million as the mine ramped-up towards commercial production. The increase in the cost of sales compared to the prior period was driven by $21.5 million from Kolpa and $9.2 million increase from Terronera.
In Q2 2025, the Company had operating loss of $4.8 million (Q2 2024 – earnings of $1.7 million) after exploration, evaluation and development costs of $4.9 million (Q2 2024 – $4.3 million), and general and administrative expense of $7.6 million (Q2 2024 – $4.2 million). The increase in general and administrative expense is primarily due to the $3.6 million acquisition costs of Minera Kolpa.
The loss before taxes for Q2 2025 was $14.6 million (Q2 2024 – loss of $11.3 million) after loss on derivative contracts of $10.0 million (Q2 2024 – $9.2 million) and partially offset by a foreign exchange gain of $0.7 million (Q2 2024 – loss of $4.0 million), investment and other income of $0.7 million (Q2 2024 – $0.6 million), and finance costs of $1.1 million (Q2 2024 – $0.3 million).
The Company realized a net loss for the period of $20.5 million (Q2 2024 – net loss of $14.0 million) after an income tax expense of $5.9 million (Q2 2024 – $2.7 million). The deferred tax recovery was realized as a result of recognizing previously unutilized losses during the period.
Adjusted net loss was $9.2 million compared to adjusted net loss of $1.0 million in Q2 2024, largely due to the operating loss from Terronera during the commissioning phase and higher depreciation and tax costs.
This news release should be read in conjunction with the Company&s condensed consolidated interim financial statements for the period ended June 30, 2025, and associated Management&s Discussion and Analysis (“MD&A&) which are available on the Company&s website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
Conference Call
Management will host a conference call to discuss the Company&s Q2 2025 financial results today at 10:00am Pacific (PST)/ 1:00pm Eastern (EST).
| Date: | Wednesday, August 13, 2025
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| Time: | 10:00am Pacific (PDT) / 1:00pm Eastern (EDT)
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| Telephone: | Canada & US +1-833-752-3348
International +1-647-846-2804 |
| Replay: | Canada/US Toll Free +1-855-669-9658
International +1-412-317-0088 Access code is 6575935 |
To access the replay using an international dial-in number, please click here.
The replay will also be available on the Company&s website at www.edrsilver.com.
Management Update
Endeavour is pleased to announce the promotion of Allison Pettit as Vice President, Investor Relations, joining the company&s management team, effective August 1, 2025.
With over a decade of experience in the mining sector, Ms. Pettit has a proven track record working in investor relations, corporate communications, and stakeholder engagement. She joined Endeavour in 2024 after six years at NOVAGOLD Resources Inc., where she played a key role in enhancing corporate visibility and strengthening shareholder relationships.
Ms. Pettit will continue to lead Endeavour&s investor relations and communications strategies, supporting the company&s growth and strategic objectives. She holds a Bachelor of Business Administration and serves as a Board member for the BC Chapter of the Canadian Investor Relations Institute.
Endeavour warmly welcomes Ms. Pettit to its management team as the company advances its growth strategy and commitment to long-term shareholder value.
About Endeavour Silver
Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and Peru, and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Allison Pettit
Vice President, Investor Relations
Tel: (877) 685 - 9775
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Endnotes
1Silver equivalent (AgEq)
AgEq is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.
