Endeavour Silver Corp.
Endeavour Silver operates the Guanacevi silver-gold mine and the newly commissioned Terronera silver-gold mine in Mexico, plus the Kolpa polymetallic mine in Peru following its January 2026 sale of the Bolañitos mine; Q1 2026 revenue jumped to $209.7 million from $63.5 million a year earlier on higher metal prices and Terronera's ramp-up, with $231.8 million of cash and $236.1 million of convertible senior notes outstanding as of March 31, 2026.
Notable vs. Peers
- All-in sustaining cost of $36.89/oz Ag, by-product is 100% higher than the peer producer average of $18.45/oz Ag, by-product.
- Financials score of 5.4/10 is weaker than the peer average of 7.1/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Apr 2023 · Source
- Apr 2023 · Source
- Mar 2025 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not yet determined: grid power.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 21.3%Terronera Project, Jalisco, Mexico
- 12 yrsTerronera Project, Jalisco, Mexico
Jurisdiction (40%)6/10
Mexico has a long mining tradition and skilled workforce, but security concerns in some states and an evolving regulatory/mining-law environment add meaningful risk versus the US/Canada; Endeavour's Kolpa mine in Peru adds further jurisdictional diversification.
Infrastructure (40%)8.6/10
A confirmed mill, confirmed road access, and a confirmed tailings facility at Guanacevi & Terronera Mines, Mexico (and Kolpa Mine, Peru); grid power not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)8.3/10
San Julian (Fresnillo plc) is 46 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:5.4/10
Nearest producing mine: San Julian (Fresnillo plc), 46 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:5/10
Primary commodity: Silver
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Endeavour Silver Corp., appointed effective 13 May 2021, responsible for the Company's strategic direction, vision, growth and performance. BComm, University of British Columbia. Joined Endeavour Silver in Mar 2007 as Controller, rising to CFO and building the Company's financial infrastructure over 14 years as it grew from four employees to a team of over 2,000. Earlier career: assurance group, KPMG LLP (2001-2007), focused on publicly traded precious-metals companies.
Chief Financial Officer of Endeavour Silver Corp. effective 1 Jan 2024. Fellow of the Institute of Chartered Accountants in England and Wales; undergraduate degree in Psychology, Oxford University. Over 20 years of accounting, corporate-finance and corporate-treasury experience. Career: began at Deloitte and Touche LLP's mining group (2002); Group Treasurer, First Quantum Minerals, London office (8 years); CFO for a group of Vancouver-based exploration companies (Fury Gold Mines, Tier One Silver, Coppernico Metals, Torq Resources) formed through acquisitions and spin-outs, immediately before Endeavour Silver.
Chief Operating Officer of Endeavour Silver Corp., appointed effective 1 Mar 2026, succeeding Don Gray (retired 30 Apr 2026). Mexican geological engineer, Geological Engineering degree, Instituto Politecnico Nacional (Mexico City, 1989), 33+ years of mineral exploration and mining experience. Joined Endeavour Silver as Project Geologist in 2004, promoted to Exploration Manager (2008) and Vice President of Exploration (2012), directly involved in guiding Endeavour's exploration programs including numerous new mineral discoveries in the Guanacevi and Guanajuato districts. Earlier career: geological engineer/projects manager/department head across the Mexican Government (Mexican Geological Survey, CONAE), 1990-1998; exploration manager for private Mexican mining companies (Minera Zocalo, Minera Fuerte Mayo, Minera Real de Panuco), 1998-2004.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Two directors put real money in at the June 2026 lows while most of the executive team was selling into strength. Kenneth Pickering bought 20,000 shares at $10.80 on 9 June and George Paspalas 5,000 at $12.72 on 3 June, both opening or building genuine positions. Against that, nine insiders sold about 125,000 shares between March and May at $13.30 to $15.41 -- roughly five times the buying -- so this is a divided register rather than a unified one. Precious-metals specialists including Sprott and Baker Steel Capital are present among the institutional holders, though our sources do not disclose the sizes of their positions. Van Eck Associates Corporation, the sponsor behind the GDX/GDXJ gold-miner ETF family, separately discloses a real 10.31% stake, though that exposure is largely index-driven rather than a specialist's discretionary pick.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Endeavour Silver operates the Guanaceví silver-gold mine and the Terronera silver-gold mine in Mexico, along with the Kolpa polymetallic mine in Peru, after selling its Bolañitos mine in January 2026; silver accounted for 57.2% of 2025 revenue. Terronera, its newest mine, in Jalisco, produced its first concentrate in March 2025 and declared commercial production effective 1 October 2025. Terronera's 2021 feasibility study, prepared before construction, shows an NPV5% of US$174.1M and a 21.3% IRR at US$20/oz silver over a 12-year life; the mine's capital cost has since risen well above that study's estimate, and no newer study has been published. Q2 2026 consolidated production was a record 1,943,955 oz of silver and 10,474 oz of gold (3.4 million oz silver-equivalent), at an all-in sustaining cost of US$36.89 per silver ounce.