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Endeavour Silver Corp (TSE:EDR)
TSX:EDR
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Endeavour Silver (EDR) AI Stock Analysis

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TSE:EDR

Endeavour Silver

(TSX:EDR)

Rating:61Neutral
Price Target:
C$8.00
▲(2.04%Upside)
Endeavour Silver's overall score is influenced primarily by technical indicators showing positive momentum and a stable capital structure. Challenges remain in profitability, cash flow, and valuation due to recent losses and lack of dividends. The earnings call provided a balanced outlook with potential improvement from ongoing projects and recent acquisitions.
Positive Factors
Acquisition Impact
The closing of the Minera Kolpa acquisition, including its primary asset, the Huachocolpa Uno Mine, marks a significant expansion for Endeavour Silver.
Production Increase
Endeavour Silver's production increased 17% year-over-year due to the addition of Minera Kolpa's operations.
Project Progress
Commissioning and ramp-up at Terronera continue to progress smoothly, producing 598t of concentrate and generating $3.0M.
Negative Factors
Financial Loss
The primary driver of Endeavour Silver's net loss was a $31.9M derivative liability loss during the quarter after revaluing its forward contracts.
Production Challenges
The 17% year-over-year decrease in throughput at Bolañitos was below the firm's mine plan.
Production Decrease
The 17% year-over-year decrease in throughput at Bolañitos was below the firm's mine plan.

Endeavour Silver (EDR) vs. iShares MSCI Canada ETF (EWC)

Endeavour Silver Business Overview & Revenue Model

Company DescriptionEndeavour Silver Corp. is a mid-tier precious metals mining company primarily focused on the exploration, development, and production of silver and gold assets in Mexico. The company operates several high-grade, underground, silver-gold mines in Mexico and is actively advancing its exploration and development projects with the goal of becoming a premier senior producer in the sector.
How the Company Makes MoneyEndeavour Silver generates revenue primarily through the extraction, processing, and sale of precious metals, particularly silver and gold. The company's key revenue streams include the sale of these metals to various buyers, including market traders, industrial users, and financial institutions. Endeavour Silver strategically invests in exploration and development to expand its resource base and increase production capacity, thereby boosting its revenue potential. The company also engages in strategic partnerships and joint ventures to enhance operational efficiencies and access additional resources, contributing to its overall earnings.

Endeavour Silver Earnings Call Summary

Earnings Call Date:May 13, 2025
(Q1-2025)
|
% Change Since: 66.45%|
Next Earnings Date:Aug 13, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong production figures, stable revenue, and significant progress in key projects like Terronera and the acquisition of Kolpa. However, these positives are balanced by increased operating costs, a significant net loss due to gold hedging, and a decreased cash position. The ongoing investments and potential future production increase provide a positive outlook, but the immediate financial challenges create a balanced sentiment.
Q1-2025 Updates
Positive Updates
Strong Production Figures
Endeavour Silver produced 1.2 million ounces of silver and 8,300 ounces of gold, totaling 1.9 million silver equivalent ounces in Q1 2025.
Revenue Stability
Reported revenue of $64 million, consistent with the prior year, benefiting from higher precious metal prices.
Terronera Project Progress
Terronera is in its final stages of construction and started producing its first batch of concentrate, with commissioning underway.
Acquisition of Kolpa Mine
The acquisition of the Kolpa mine in Peru closed on May 1, enhancing Endeavour's production profile with exploration upside and existing infrastructure.
Increased Production Potential
With Kolpa and Terronera, along with existing assets Guanacevi and Bolañitos, Endeavour is on track to achieve annualized production of approaching 20 million silver equivalent ounces.
Negative Updates
Increased Operating Costs
Direct operating costs per ton increased by 6% compared to Q1 2024 due to 6% lower throughput.
Net Loss Due to Gold Hedging
Reported a net loss of $32.9 million due to unrealized non-cash impact of gold hedging and forward swap contracts, with gold prices rising from $2,600 to $3,100 in the quarter.
Decreased Cash Position
As of March 31, 2025, the cash position was $65 million and working capital was $15 million, both decreased from December 31, 2024, due to continued investment in Terronera.
Company Guidance
During the Endeavour Silver Q1 2025 Financial Results Conference Call, the company provided several key metrics and guidance updates. Endeavour Silver reported a production of 1.2 million ounces of silver and 8,300 ounces of gold, totaling 1.9 million silver equivalent ounces, with revenue reaching $64 million, consistent with the previous year. Direct operating costs per ton rose by 6% due to a 6% decrease in throughput, yet total direct operating costs remained stable. The company recorded a net loss of $32.9 million, primarily from unrealized non-cash impacts related to gold hedging and forward swap contracts. Excluding these adjustments, the adjusted loss was $200,000 compared to a $300,000 income in Q1 2024. Endeavour's cash costs were $15.89 per ounce of silver, and all-in sustaining costs were $24.48 net of gold credits, both slightly below annual guidance. As of March 31, 2025, the company had a cash position of $65 million and working capital of $15 million. The Terronera project is nearing completion, with commissioning underway and the first concentrate produced at the end of Q1. The company expects additional operational guidance as the plant ramps up to full throughput. Additionally, Endeavour completed the acquisition of the Kolpa mine, enhancing their production profile and aligning with their strategy to build a scalable silver-dominant asset base.

Endeavour Silver Financial Statement Overview

Summary
Endeavour Silver faces financial challenges, especially in profitability and cash generation, with negative margins and free cash flow. However, a stable capital structure with solid equity base and manageable leverage provides some financial stability.
Income Statement
45
Neutral
Endeavour Silver has shown volatile performance in its income statement. The TTM (Trailing-Twelve-Months) gross profit margin stands at 19.9%, which is moderate but shows a declining trend from previous years. The net profit margin is notably negative at -29.1% in the TTM period, indicating significant losses. Revenue growth has been inconsistent, with a negligible growth rate in the latest period. While the EBIT margin is a low 4.1%, the EBITDA margin is concerning at -9.9%, suggesting operational challenges.
Balance Sheet
60
Neutral
The balance sheet presents a mixed picture. The debt-to-equity ratio is reasonable at 0.27, showing manageable leverage relative to equity. However, return on equity (ROE) is negative at -14.0% in the TTM period, reflecting poor profitability for shareholders. The equity ratio is solid at 62.1%, indicating a strong equity base compared to total assets. The company's equity has been growing, which is a positive sign of financial stability.
Cash Flow
50
Neutral
The cash flow statement indicates challenges with free cash flow, which has been negative and further decreased in the TTM period. Free cash flow growth is negative, highlighting cash generation issues. The operating cash flow to net income ratio is -0.31, showing inefficiencies in converting income to cash. Despite these issues, the company maintains a positive operating cash flow, which is encouraging.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue217.64M205.46M210.16M165.32M138.46M
Gross Profit42.08M36.61M51.52M36.37M27.34M
EBITDA10.03M37.92M50.23M31.55M28.73M
Net Income-31.48M6.12M6.20M13.96M1.16M
Balance Sheet
Total Assets719.25M474.81M399.44M294.02M210.59M
Cash, Cash Equivalents and Short-Term Investments107.50M40.42M92.04M114.50M65.85M
Total Debt120.24M9.53M15.58M11.49M10.77M
Total Liabilities234.81M88.47M83.54M56.62M51.52M
Stockholders Equity484.44M386.34M315.89M237.41M159.07M
Cash Flow
Free Cash Flow-176.27M-106.02M-54.72M-30.63M13.43M
Operating Cash Flow19.11M11.77M54.99M23.46M38.96M
Investing Cash Flow-183.46M-108.00M-111.45M-38.01M-29.81M
Financing Cash Flow236.00M48.92M36.76M56.65M27.54M

Endeavour Silver Technical Analysis

Technical Analysis Sentiment
Positive
Last Price7.84
Price Trends
50DMA
6.47
Positive
100DMA
6.01
Positive
200DMA
5.95
Positive
Market Momentum
MACD
0.37
Positive
RSI
63.90
Neutral
STOCH
60.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EDR, the sentiment is Positive. The current price of 7.84 is above the 20-day moving average (MA) of 7.37, above the 50-day MA of 6.47, and above the 200-day MA of 5.95, indicating a bullish trend. The MACD of 0.37 indicates Positive momentum. The RSI at 63.90 is Neutral, neither overbought nor oversold. The STOCH value of 60.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EDR.

Endeavour Silver Peers Comparison

Overall Rating
UnderperformOutperform
Sector (44)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
$702.12M34.7310.93%58.11%761.96%
66
Neutral
$738.74M151.681.21%74.02%
61
Neutral
$2.25B-14.41%4.45%-3193.40%
60
Neutral
C$359.97M-2.95%71.90%
47
Neutral
C$242.56M-5.23%-18.89%
44
Neutral
C$979.11M-6.82-13.73%1.75%17.37%-32.84%
41
Neutral
$832.91M-67.76%-16.69%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:EDR
Endeavour Silver
7.84
1.84
30.67%
TSE:ASM
Avino Silver & Gold
4.88
3.43
236.55%
TSE:GGD
GoGold Resources
2.20
0.81
58.27%
TSE:ABRA
AbraSilver Resource
5.46
2.96
118.40%
TSE:ITR
Integra Resources Corp
2.12
0.65
44.22%
TSE:SLVR
Silver Tiger Metals
0.58
0.34
141.67%

Endeavour Silver Corporate Events

Private Placements and FinancingBusiness Operations and Strategy
Endeavour Silver Announces US$60 Million At-the-Market Offering
Positive
Jul 10, 2025

Endeavour Silver Corp. has announced an at-the-market offering of up to US$60 million through a sales agreement with several financial agents. The proceeds will be used for advancing the evaluation and development of the Pitarrilla and Parral properties, supporting operations at the Terronera project, exploring potential acquisitions, and funding working capital requirements. This strategic move is expected to enhance Endeavour’s operational capabilities and strengthen its position in the mining industry.

The most recent analyst rating on (TSE:EDR) stock is a Buy with a C$7.50 price target. To see the full list of analyst forecasts on Endeavour Silver stock, see the TSE:EDR Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Endeavour Silver Expands Credit Facility to Boost Terronera Project
Positive
Jun 24, 2025

Endeavour Silver has amended its project loan credit facility to include an additional $15 million, increasing the total to $135 million. This funding will support the commissioning of the Terronera Project in Mexico and general working capital. The company has implemented zero cost collars to manage silver price exposure, protecting downside at $31 per ounce while allowing participation in price appreciation up to $42 per ounce. The commissioning is proceeding as planned, aligning with management’s expectations, and the company will update stakeholders as it nears commercial production.

The most recent analyst rating on (TSE:EDR) stock is a Buy with a C$7.50 price target. To see the full list of analyst forecasts on Endeavour Silver stock, see the TSE:EDR Stock Forecast page.

Executive/Board ChangesShareholder Meetings
Endeavour Silver Announces AGM Results and Board Member Retirement
Neutral
Jun 3, 2025

Endeavour Silver announced the successful voting results from its 2025 Annual General Meeting, where all director nominees were re-elected, and KPMG LLP was re-appointed as auditor. The company also acknowledged the retirement of Ricardo Campoy, expressing gratitude for his 14 years of service on the Board, which has been instrumental to the company’s progress.

The most recent analyst rating on (TSE:EDR) stock is a Buy with a C$7.50 price target. To see the full list of analyst forecasts on Endeavour Silver stock, see the TSE:EDR Stock Forecast page.

Business Operations and Strategy
Endeavour Silver Reports Positive Drill Results at Pitarrilla Project
Positive
Jun 3, 2025

Endeavour Silver has announced positive results from its 2024/2025 drilling program at the Pitarrilla project in Durango, Mexico. The drilling has successfully intersected high-grade silver, zinc, and lead mineralization, enhancing confidence in upgrading existing mineral resources. The exploration program aims to define the geometry of mineralized structures and has confirmed the presence of multiple high-grade veins, which could significantly impact the company’s resource estimates and strengthen its position in the mining industry.

The most recent analyst rating on (TSE:EDR) stock is a Buy with a C$7.50 price target. To see the full list of analyst forecasts on Endeavour Silver stock, see the TSE:EDR Stock Forecast page.

Private Placements and FinancingM&A TransactionsBusiness Operations and Strategy
Endeavour Silver Completes Acquisition of Minera Kolpa to Boost Production Capacity
Positive
May 1, 2025

Endeavour Silver has completed the acquisition of Minera Kolpa, a silver-focused mining operation in Peru, for $145 million, with additional contingent payments and debt obligations. The acquisition is expected to enhance Endeavour’s production capacity and exploration potential, with plans to expand the Kolpa mine’s throughput and increase production capacity by Q3 2025. The company has also secured a $35 million copper stream and a $50 million equity financing to fund the acquisition, while planning significant capital and exploration expenditures to be covered by operating cash flows.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 11, 2025