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Endeavour Silver Corp. operates the Guanaceví and Terronera underground mines in Mexico and Kolpa in Peru. Silver supplies most of its revenue, followed by gold; Kolpa also produces lead, zinc and copper. Bolañitos, formerly part of its Mexican operations, was sold in January 2026.
The company turns mined ore into refined metals or concentrates—material containing metals that still need smelting and refining. Guanaceví’s output is refined into bullion and sold through an agent on commodity exchanges. Terronera and Kolpa sell concentrates to metal traders. Sales lean heavily on a few buyers: three customers accounted for nearly all sales in 2025, and Terronera sold all its concentrate to one customer that year.
Income depends closely on silver and gold prices and on how much saleable metal the mines recover. Keeping production going also requires replacing depleted reserves through exploration, development or acquisitions. The company must obtain and renew government permits to operate, expand or build mines; some exploration properties need an additional exploitation concession before mining can proceed.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Endeavour Silver’s results hinge on silver and gold prices and mine execution in Mexico and Peru; Fresnillo is an important Mexican silver-mining peer to watch beyond this list.
First Majestic and Endeavour Silver both rely heavily on silver and gold mined in Mexico, so metal prices and Mexican operating conditions matter to both. First Majestic’s Mexican mine production is the closer comparison; its First Mint also sells silver bars and rounds to shareholders and bullion customers.
Pan American Silver shares Endeavour Silver’s exposure to silver and gold production in Mexico and Peru, and both also sell lead, zinc and copper. Its sales of those additional metals offer a comparison for Endeavour’s Kolpa business, rather than just its precious-metal mines.
Coeur and Endeavour Silver share exposure to Mexican silver-gold mining and sales into bullion and refining markets. Coeur has outside refiners turn unrefined metal into bullion for banks, metal trading houses and refiners; its Las Chispas production offers a Mexican operating comparison.
Hecla and Endeavour Silver both earn money from silver-bearing concentrates and unrefined gold-silver metal, so they share exposure to precious-metal prices. Hecla sells to smelters, refiners and metal traders, making its concentrate sales a useful comparison for Endeavour’s concentrate-producing mines.
Silvercorp’s Chinese silver-lead-zinc mines share Endeavour Silver’s silver-price exposure and resemble Kolpa’s multi-metal business, not its Mexican operating environment. Watch Silvercorp’s lead and zinc production alongside silver when comparing the metal mix with Kolpa’s concentrate sales.
Avino Silver & Gold Mines and Endeavour Silver both mine silver and gold in Mexico and sell metal-bearing concentrates, with copper adding another shared price exposure. Avino sells copper concentrate containing silver and gold under a long-term agreement with Samsung C&T U.K. Limited, making those sales the relevant comparison.
Santacruz Silver Mining’s Latin American concentrate business is a closer comparison for Endeavour Silver’s Kolpa operation than for its refined-metal sales. Santacruz sells all its silver, zinc, lead and copper in concentrate form, with silver and zinc generating substantially all revenue; watch that revenue mix when assessing Kolpa’s metal-price exposure.
Fortuna Mining shares Endeavour Silver’s gold-price exposure, while its Caylloma mine in Peru provides a closer comparison for Kolpa. Fortuna sells precious and base metals; Caylloma’s silver, lead and zinc production is the part to watch for that comparison.
Versamet Royalties helped fund Endeavour Silver’s Kolpa acquisition with a $35 million prepayment for ten years of copper purchases—a stream tied to Kolpa’s copper and lead production. Versamet pays only 10% of the spot price on deliveries, so watch Kolpa’s copper and lead output to assess Endeavour’s delivery obligations.
McEwen and Endeavour Silver both earn revenue from gold and silver mined in the Americas and sold as unrefined metal or concentrates. McEwen sends unrefined gold-silver bars to refiners and concentrates to smelters, making its precious-metal production and sales the relevant comparison.
Wheaton Precious Metals and Endeavour Silver both depend materially on silver-gold prices and mine production volumes. Wheaton buys precious metals under mine purchase agreements and resells them, rather than mining the metals itself as Endeavour does.
EIA Crude Oil Stocks Change (Oct/16)
For Endeavour Silver, EIA reports on crude oil and fuel stocks indicate whether energy may become costlier or cheaper to run its mines and projects.
A stock build suggests looser oil and fuel supply, which may ease the energy costs Endeavour Silver pays to operate its mines; a draw suggests tighter supply and may raise those costs.
FIRST MAJESTIC SILVER CORP earningsAG
First Majestic's report will show its Mexican mine production and silver and gold sales, offering Endeavour Silver an operating comparison from another Mexico-focused silver miner.
Read First Majestic's mine production alongside its silver and gold sales. If both are strong, another Mexico-focused silver miner is converting output into metal sales, a more supportive operating comparison for Endeavour Silver. If both are weak, the comparison is less supportive; it does not establish the cause or prove Endeavour Silver will report the same pattern.
Endeavour Silver Corp. earningsThis company
Endeavour Silver's report will show whether its mines are turning metal production into cash after direct production costs.
Read mine production and recovery rates alongside mine operating cash flow, which is revenue less direct production costs and royalties. If output or recoveries support cash flow while costs stay contained, the mines are turning metal into cash; if output is weak or costs rise, cash flow is being squeezed and metal prices alone may not make up the difference.
Santacruz Silver Mining Ltd. earningsSCZM
Santacruz Silver Mining's report will show the metal mix in its Latin American concentrate business, a comparison for Endeavour Silver's multi-metal Kolpa mine.
Look at how Santacruz's concentrate revenue from silver and zinc compares with revenue from lead and copper. If silver and zinc remain the main sources, it highlights how concentrated this kind of business can be in those metals, which also matter to Kolpa. If lead and copper contribute more, the revenue mix is broader. This is a business-model comparison, not evidence that Kolpa has the same sales mix or results.
