Endeavour Silver (TSX: EDR) produced 3.6 million silver equivalent ounces in the third quarter of 2026, up from 3.4 million ounces in the prior quarter, despite a 12 day blockade at its Terronera mine and a mill repair at Guanaceví that both cut into throughput.
Output for the quarter included 2,096,545 ounces of silver and 10,126 ounces of gold, along with 6,504 tonnes of lead, 4,558 tonnes of zinc and 143 tonnes of copper. Silver production rose 19% from a year earlier, a comparison shaped by Terronera reaching commercial production last October and the sale of Bolañitos in January. Consolidated throughput totalled 510,944 tonnes.
Terronera processed 165,171 tonnes, or 1,795 tonnes per day, after operations were suspended from August 12 to August 24. The mine produced 710,670 ounces of silver and 7,157 ounces of gold from average grades of 152 g/t silver and 1.80 g/t gold. Silver recoveries improved each month, rising from 85.6% in July to 91.1% in September for a quarterly average of 88.0%, while gold recoveries averaged 75.0%. Once the blockade ended, September throughput recovered to 2,010 tonnes per day.
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Kolpa was the standout. Throughput rose to 256,052 tonnes, or 2,783 tonnes per day, well above the 2,300 to 2,500 tonnes per day the company guided in January following its plant expansion. Silver production climbed to 682,903 ounces at a grade of 92 g/t and a recovery of 90.3%.
Guanaceví processed 89,722 tonnes after its mill was taken offline on September 21 to replace the primary mill head and trunnion. Grades of 257 g/t silver and recoveries of 94.9% delivered 702,972 ounces of silver and 2,969 ounces of gold, with repairs expected to wrap up in the first half of October.
“Despite temporary operational disruptions, we are encouraged by our underlying metrics in the third quarter, with the Terronera plant reaching optimal processing performance and the Kolpa expansion exceeding expectations,” said CEO Dan Dickson.
Year to date, Endeavour has produced 5,915,874 ounces of silver and 32,340 ounces of gold, or 10.4 million silver equivalent ounces. That production amounts to 71% of the low end of full-year guidance of 14.6 million to 15.6 million silver equivalent ounces with three quarters of the year complete. Reaching the low end would require about 4.2 million ounces in the fourth quarter, well above the 3.6 million ounces produced in the third.
The company acknowledged the shortfall, saying full year production is now expected to land at or slightly below the bottom of the range. Revised production and cost guidance will accompany third quarter financial results on November 9.
Endeavour Silver last traded at $12.16 on the TSX.
