Endeavour Silver releases Q3 results, Terronera mine update
Endeavour Silver Corp. (EDR-TSX, EXK-NYSE) has reported total production of 3.0 million ounces of silver equivalent (AgEq) in the third quarter of 2025, consisting of 1.76 million silver ounces and 7,286 ounces of gold.
Endeavour is a mid-tier precious metals company with three producing mines and one development project, including the Guanacevi and Bolanitos mines in Mexico and the Kolpa mine in Peru. The Terronera silver-gold mine in Jalisco Mexico is closing in on the commercial production stage.
The company said its consolidated silver production in the third quarter was in line with plan and 102% higher than in the equivalent quarter of 2024 due to the addition of Kolpa, Bolanitos producing higher grades of silver and lower gold grades in 2025 and lower production in the comparative period at Guanacevi due to the trunnion failure in August, 2024.
Excluding Kolpa, consolidated silver production was 34% higher than in the third quarter of 2024. Consolidated gold production in the third quarter of 2025 was 22% lower than in the equivalent 2024 period. This was due to 37% less gold produced at the Bolanitos mine, partially offset by 13% higher gold production at the Guanacevi mine.
Endeavour Silver shares advanced on the news, rising 4.5% or 49 cents to $11.30. The shares are currently trading in a 52-week range of $11.64 and $4.21.
“We are pleased to deliver another strong quarter, marked by consistent performance across our portfolio,’’ said Endeavour Silver CEO Dan Dickson. “Our legacy mines continue to provide steady results, Kolpa is meeting expectations and integrating smoothly, and with Terronera nearing commercial production, we are entering the next phase of growth with significant momentum.’’
In an update at Terronera, the company said the operations team maintained production tonnage to an average 1,595 tonnes per day in order to stabilize gold and silver recovery rates.
Between September 1, and September 23, Terronera processed 39,190 tonnes of material, reaching a single day peak of 2,162 tonnes and averaging 1,866 tonnes per day with average metal recoveries of 82.8% for silver and 72.3% for gold. This includes two down days in early September for planned maintenance.
Since July 1, Terronera has produced 212,043 ounces of silver and 6,256 ounces of gold. During this period, 145,680 tonnes of material were processed, with average grades of 64 g/t silver and 2.08 g/t gold. During the quarter, the mill achieved average metal recoveries of 70.7% for silver and 64.2% for gold.
Operations at Terronera are currently focused in a lower grade zone at the Terronera vein and as of the end of August, the company said mined silver grades have reconciled slightly above plan at 108%, while gold grades have reconciled at 93% of the mine plan. The Terronera vein holds over 90% of the defined resource.
As higher recoveries are attained, the focus will shift to increasing the milling rate to sustain the designed throughput of 2,000 tonnes per day.
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