Endeavour Silver Achieves Record 11.2Moz AgEq in 2025

Canada-based mining company Endeavour Silver reported its production results for 4Q25 and the full year of 2025, announcing a record annual output of 11.2Moz AgEq. The total production for the year included 6.5Moz of silver and 37,164oz of gold.

For 4Q25, the company produced 3.8Moz AgEq, comprising 2.03Moz of silver and 13,785oz of gold. Consolidated silver production in 4Q25 was 146% higher than the same period in 2024, attributed largely to the new output from the Terronera and Kolpa mines, as well as the resolution of operational issues at Guanaceví that impacted the previous year. “Endeavour delivered another year of strong growth in 2025, highlighted by record AgEq production and the successful ramp-up at Terronera. Our team’s commitment to operational excellence and strategic investment has positioned us to unlock significant value for our stakeholders as we continue to advance our portfolio and strengthen our financial foundation,” said Dan Dickson, CEO, Endeavour Silver.

The Terronera mine in Jalisco declared commercial production effective Oct. 1, 2025. In 4Q25, it processed 154,180t of material, producing 352,002oz of silver and 8,148oz of gold. Average ore grades for the quarter were 86g/t silver and 2.27g/t gold, reflecting a strategic focus on lower-grade zones during the ramp-up phase. Management expects to shift mining to higher-grade areas by 2H26 to improve these metrics.

Meanwhile, the Guanaceví mine in Durango saw throughput increase by 78% compared to 4Q24, which had been affected by a trunnion failure. Despite lower grades for silver and gold, the increased volume resulted in a 22% rise in silver production and a 14% rise in gold production year-on-year. At the Kolpa mine in Peru, operations processed 198,830t in 4Q25, yielding 631,867oz of silver, along with lead and zinc byproducts. While silver and lead grades met expectations, zinc grades were lower than planned. The company is currently expanding plant capacity to 2,500t/d, with a new ball mill expected to be completed in 1Q26.

Endeavour closed a US$350 million convertible senior notes offering in December 2025. The proceeds were used to repay third-party debt and will fund the advancement of the Pitarrilla project. At year-end, the company held bullion inventory totaling 262,131oz of silver and 736oz of gold, alongside concentrate inventory.

Endeavour Silver Divests Assets 

Regarding the Bolañitos mine in Guanajuato, throughput decreased by 12% compared to 4Q24. However, silver grades rose by 82%, leading to a 60% increase in silver production, while gold production fell by 59% due to lower grades. On Nov. 24, 2025, Endeavour Silver entered a definitive agreement to sell the mine to Guanajuato Silver for US$30 million in cash plus shares and contingent payments; the transaction is expected to close in January 2026, as reported by MBN.

Acquired by Endeavour Silver in 2007, the Bolañitos mine is an underground operation utilizing mechanized long-hole and cut-and-fill methods. The site features a 1,600t/d flotation plant that produces bulk sulfide concentrates, currently processing approximately 1,200t/d. Geology at the property consists of low-sulfidation epithermal vein deposits, where the company has discovered 10 new orebodies since acquisition; current extraction focuses on the Lucero, La Luz, and San Miguel zones.

The operation is supported by grid power and local infrastructure, employing over 380 staff and 250 contractors. As of Dec. 31, 2024, the mine reported total proven and probable reserves of 379,000t containing 940,000oz of silver and 21,900oz of gold. Measured and indicated resources stood at approximately 1.15Mt, containing nearly 4Moz of silver and 85,000oz of gold. "The acquisition of the Bolanitos mine will be a genuinely transformative transaction for Guanajuato Silver. Bolañitos is poised to become our most significant mine, and we remain on track for completion of the transaction in January 2026,” said James Anderson, Chair and CEO, Guanajuato Silver.