Endeavour Silver (NYSE:EXK) is entering 2026 with a transformed production profile, projecting a sharp increase in silver equivalent output as its newest assets take center stage.
The Vancouver-based miner expects consolidated silver production to reach between 8.3 and 8.9 million ounces, complemented by 46,000 to 48,000 ounces of gold.
On a silver-equivalent (AgEq) basis, the company is guiding for 14.6 to 15.6 million ounces—a substantial leap from 2025 levels, primarily driven by the full-year contribution of the Terronera mine in Jalisco and the newly integrated Kolpa mine in Peru.
The 2026 guidance reflects a strategic pivot in the company's portfolio following the divestment of the mature Bolañitos mine.
While consolidated cash costs are expected to drop to $12–$13 per ounce due to higher volumes and base metal by-product credits from Kolpa, all-in sustaining costs (AISC) are projected at $27–$28 per ounce.
Management noted that AISC remains influenced by heavy sustaining capital requirements at the high-grade Guanaceví operation and the initial ramp-up phases at Terronera.
Endeavour has allocated a total capital budget of $157.8 million for the year.
A significant portion of this—$91 million—is dedicated to sustaining existing operations, while $64.7 million is earmarked for growth.
This includes $48 million to advance the massive Pitarrilla project in Durango, which Endeavour envisions as its next major cornerstone, and $16.7 million for a plant expansion at Kolpa to increase throughput to 2,500 tonnes per day.
The company's financial modeling for the year assumes silver and gold prices of $36/oz and $3,240/oz, respectively.
While these assumptions sit well below current spot prices in early 2026, they underscore a disciplined approach to capital allocation during a period of high inflation in the Mexican mining sector.