Endeavour Silver's 2026 Plans Drive Production to New Highs with Disciplined Cost Strategy
Significant Production Growth: Up to 15.6 Million Silver Equivalent Ounces Projected
Endeavour Silver (NYSE:EXK; TSX:EDR) is charting a new course for 2026, forecasting consolidated production of 14.6 to 15.6 million silver equivalent ounces (AgEq) from its three operational pillars: Terronera, Guanacev, and newly integrated Kolpa. Silver output is set to range between 8.3 and 8.9 million ounces, underpinned by 46,000–48,000 ounces of gold and notable base metal contributions from Kolpa. This marks a considerable scale-up following mine expansions and the successful addition of the Kolpa deposit.
| Mine | Silver (M oz) | Gold (K oz) | Lead (K t) | Zinc (K t) | Copper (t) | AgEq (M oz) |
|---|---|---|---|---|---|---|
| Terronera | 2.4–2.6 | 35.0–36.0 | - | - | - | 5.6–5.8 |
| Guanacev | 3.6–3.8 | 11.0–12.0 | - | - | - | 4.6–4.9 |
| Kolpa | 2.3–2.5 | - | 22.0–24.0 | 16.0–18.0 | 650–750 | 4.4–4.9 |
| Consolidated | 8.3–8.9 | 46.0–48.0 | 22.0–24.0 | 16.0–18.0 | 650–750 | 14.6–15.6 |
Cost Controls: Improved Cash Costs Offset Slightly Higher AISC
Endeavour is keeping a watchful eye on costs as production ramps up. For 2026, consolidated cash costs are forecast between $12.00 and $13.00 per payable silver ounce, a decrease from the previous year, primarily due to higher silver output and supportive gold and base metal prices. However, all-in sustaining costs (AISC) are expected to rise slightly to $27.00–$28.00 per ounce, reflecting heightened sustaining mine development at Terronera and Kolpa, as well as expanded exploration efforts. This shift illustrates the company’s strategy to build operational scale while keeping unit costs competitive.
| Mine | Cash Costs ($/oz Ag) |
AISC ($/oz Ag) |
Direct Operating Costs ($/t) |
Direct Costs ($/t) |
|---|---|---|---|---|
| Terronera | (-$2.00)–(-$1.00) | $22.00–$23.00 | $130–$140 | $150–$160 |
| Guanacev | $21.00–$22.00 | $29.00–$30.00 | $180–$190 | $290–$300 |
| Kolpa | $13.00–$14.00 | $22.00–$23.00 | $130–$140 | $140–$150 |
| Consolidated | $12.00–$13.00 | $27.00–$28.00 | $140–$150 | $170–$180 |
Capital Investments: $157.8 Million Allocated for Growth and Sustaining Operations
Endeavour’s 2026 investment plan supports both immediate operational needs and long-term growth. Of the $157.8 million capital budget, sustaining capital across Terronera, Guanacev, and Kolpa stands at $91.0 million, primarily focused on mine development and infrastructure. Growth spending of $66.8 million includes the continued expansion at Kolpa and major advancement at the Pitarrilla project, a future growth driver for the company.
| Project | Sustaining Capital ($M) | Growth Capital ($M) | Total Capital ($M) |
|---|---|---|---|
| Terronera | $56.70 | - | $56.70 |
| Guanacev | $24.50 | - | $24.50 |
| Kolpa | $9.80 | $16.70 | $26.50 |
| Pitarrilla | - | $48.00 | $48.00 |
| Exploration | - | $1.80 | $1.80 |
| Corporate | - | $0.30 | $0.30 |
| Total | $91.00 | $66.80 | $157.80 |
Exploration Pipeline: Over 52,500 Meters of Drilling Planned
Pushing for further growth, Endeavour’s exploration and development budget enables over 52,500 meters of drilling across key projects, including Terronera, Guanacev, Kolpa, Pitarrilla, and new prospects in Chile and the U.S. With $25.9 million set aside for exploration, the company aims to bolster reserves and secure its production profile for the coming years.
Takeaway: Positioning for Long-Term Value Creation
Endeavour Silver enters 2026 with a roadmap that balances aggressive production targets, disciplined cost management, and forward-looking investments. As Terronera reaches full production and Kolpa completes its expansion, the company leverages diversified output while funding future growth from operational cash flow. For investors and stakeholders, Endeavour’s updated guidance signals a focus on scalability, operational efficiency, and long-term resilience in a dynamic metals market.
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