Endeavour Silver (TSX: EDR) has released production results for the first full quarter with Terronera in commercial production, with the company posting Q4 production results of 3.8 million ounces of silver equivalent.
That silver equivalent figure is comprised of 2.0 million ounces of silver and 13,785 ounces of gold. Silver production was 146% higher on a year over year basis as a result of both Kolpa and Terronera being added to the production mix, while gold production was 52% higher.
Terronera itself produced 352,002 ounces of silver and 8,148 ounces of gold in Q4, following the declaration of commercial production on October 1. Material processed average 86 g/t silver and 2.27 g/t gold, with grades lower than average as a result of strategically focusing on lower-grade areas of the deposit. Higher grade material is expected to be accessed by H2 2026.
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Sales during Q4 meanwhile are said to have amounted to 1.88 million ounces of silver and 12,614 ounces of gold, although revenue figures were not provided.
READ: Guanajuato Silver To Acquire Bolanitos Mine From Endeavour For US$50 Million
Full year 2025 production meanwhile totaled 11.2 million ounces of silver equivalent, consisting of 6.47 million ounces of silver and 37,164 ounces of gold.
Guidance issued for 2025 had called for silver equivalent production of 7.0 to 7.9 million ounces, with that guidance specifically relating to Guanacevi and Bolanitos. Silver only production was estimated at 4.5 to 5.2 million ounces, while gold production was estimated to be between 31,000 and 34,000 ounces. Combined, the two mines produced 29,017 ounces of gold, and 4.52 million ounces of silver, for combined silver equivalent production of 6.84 million ounces, falling short of guidance.
Outside of production, Q4 also saw Endeavour secure a US$350 million convertible senior notes offering, with funds used to repay third party debt and advance the Pitarrilla project. Endeavour also entered into an arrangement for the sale of the Bolanitos Mine for US$30 million in cash and US$10 million in shares of Guanajuato silver, plus US$10 million of contingent consideration.
Endeavour Silver last traded at $13.95 on the TSX.
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