Endeavour Silver (TSX: EDR) this morning released their guidance figures for 2026, which is headlined by anticipated metal production of 14.6 to 15.6 million silver equivalent ounces.
That figure is based on expected production from the Terronera, Guanacevi, and Kolpa mines. Broken out, guidance is currently calling for the production of 8.3 to 8.9 million ounces of silver, 46,000 to 48,000 ounces of gold, 22,000 to 24,000 tonnes of lead, 16,000 to 18,000 tonnes of zinc, and 650 to 750 tonnes of copper.
On an individualized basis, Terronera is expected to deliver 5.6 to 5.8 million ounces of silver equivalent production, followed by 4.6 to 4.9 million silver equivalent ounces at Guanacevi, and 4.4 to 4.9 million silver equivalent ounces at Kolpa.
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Guidance notably excludes the Bolanitos mines, with the sale of that asset being finalized on Thursday. The mine, which was sold to Guanajuato Silver, was sold for US$40 million in upfront capital, consisting of $30 million in cash, and $10 million in Guanajuato common shares. Two $5 million contingent payments are also expected to be made under the transaction, upon the completion of two million and four million ounces of sliver equivalent production at the mine.
In terms of costing, cash costs on a consolidated basis are expected to range between $12.00 and $13.00 per payable silver ounce, while all in sustaining costs are expected to be $27.00 to $28.00 an ounce, net of by-product credits. Cash costs in 2026 are expected to be down relative to 2025, however all in sustaining costs will be higher, driven by sustaining mine development at Terronera, post-acquisition investments at Kolpa, and enhanced exploration activities.
“2026 marks a pivotal turning point for Endeavour as Terronera ramps up into its first full year of production and Kolpa now fully integrated into our operating portfolio. [..] With lower consolidated cash costs and a disciplined approach to sustaining capital and exploration, we are well positioned to deliver long-term value for our stakeholders,” commented Dan Dickson, CEO of Endeavour Silver.
In terms of capital expenditures, total capital spend is expected to come in at $157.8 million in 2026. Of that, $66.8 million is allocated to growth capital, and $91.0 million is allocated to sustaining capital. Exploration notably is expected to cost $25.9 million, with 52,500 metres of drilling planned across Endeavour’s portfolio.
Endeavour Silver last traded at $16.09 on the TSX.
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