BC Silver Miner Achieves Strong 2025 Production
Research Report

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Disclosures for H.C. Wainwright & Co., Endeavour Silver Corp., January 9, 2026

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Endeavour Silver Corp.'s (EDR:TSX; EXK:NYSE; EJD:FSE) Minera Kolpa acquisition drove record Q4/25 and "impressive" full-year 2025 (FY25) production, reported H.C. Wainwright & Co. (HCW) Analyst Heiko Ihle in a Jan. 9 research note. HCW raised its price target on the Canadian miner 32% to reflect the new price deck of the financial firm, and it is rolling forward its discounted cash flow model by one year.

"We remain quite pleased with Endeavour's 2025 production performance," Ihle wrote.

48% Return Implied

HCW's new price target on Endeavor is US$14.50 per share (US$14.50/share), up from US$11 previously, the analyst noted. Also, HCW's new net asset value multiple on the producer is 1.5x, versus 1.9x before, as it better represents the current metals environment and HCW's updated long-term price estimates on silver, gold, and copper.

In comparison to HCW's US$14.50/share price target, the British Columbia-based mining company was trading at about US$9.78/share at the time of Ihle's report. From there, the return to target is 48%.

Endeavor remains a Buy.

The company has 294.2 million shares outstanding. Its market cap is US$2.9 billion. Its 52-week range is US$2.95–10.60/share.

Record Output in Q4/25

Ihle reviewed Endeavour's performance in Q4/25, highlighting record production of 3,800,000 ounces (3.8 Moz) of silver equivalent, 143% greater output than the year earlier. Total silver production during the quarter was 2 Moz of silver, up 146% year over year (YOY), and total gold production, 13,785 ounces, up 52% YOY.

Endeavour's Minera Kolpa mine in Peru accounted for most of the production increase. Also, though, the Guanaceví mine in Durango, Mexico, maintained a favorable, 78% higher YOY throughput rate, having normalized after the trunnion failure in late 2024.

In terms of grades, silver grades at the Bolañitos mine in Guanajuato, Mexico, were 82% higher YOY, but gold grades were 47% lower YOY.

Late in Q4/25, Endeavour closed a US$350 million convertible note offering, funds from which it intends to use to reduce its debt materially.

Strong FY25 Production

Ihle reported Endeavour's FY25 production, an "impressive" 11.2 Moz of silver equivalent reflecting a 48% YOY increase, he wrote. Broken down by metal, silver output was 6.5 Moz, up 45% YoY, and gold production was 37,164 oz, down 5% YoY.  

Also, Ihle pointed out, the company produced 14,917 tons of lead, 9,106 tons of zinc, and 284 tons of copper since the May 1, 2025, closing of its Minera Kolpa acquisition.

As in Q4/25, Kolpa accounted for much of the higher silver production, but Guanaceví also contributed appreciably, Ihle wrote. The decreased gold production resulted from the mining of lower-grade areas at Bolañitos, which Endeavour sold in November 2025.

Focused on Two Projects

Ihle presented HCW's expectations this year for Endeavour and noted it is well-funded. One expectation is that its operations in Q1/26 will continue at full scale.

Another expectation is that the company will prioritize the remaining operational ramp-up at its Terronera project in Jalisco, Mexico, and related transition into higher-grade zones. Also, HCW expects Endeavour to keep advancing Pitarrilla in Durango, Mexico, which should "significantly improve" the company's production level following the Bolañitos divestment.

"We continue to highlight management's strength in developing assets from project to mine and reiterate our view that Terronera and Pitarrilla should ultimately represent significant value drivers for longer-term growth," Ihle wrote.

Additional growth in the future could come from Endeavour acquiring additional mines, the analyst added.

Revised Price Estimates

Over the past 12 months, various macroeconomic developments have materially supported rises in the spot prices of gold, silver, and copper. To reflect these increases, Ihle reported, HCW revised its long-term price estimates for each as follows:

Gold: Since Jan. 6, 2025, the gold price rose 68.6% to US$4,477 per ounce (US$4,477/oz) from US$2,656/oz. HCW's new estimate is US$3,750/oz, up from US$3,000/oz.

Silver: In the same time period, silver gained 156.4%, taking it to US$74.62/oz from US$30.02/oz. HCW's revised estimate is US$50/oz, previously US$33/oz.

Copper: Over the past year, copper climbed 35.9% to US$5.75 per pound (US$5.75/lb) from US$4.23/lb. HCW's updated estimate is US$5/lb versus US$4.50/lb before.

While HCW's new price assumptions for these three metals are higher than its previous ones, they remain much lower than current spot prices.

"Underlying demand drivers should allow for continued growth," Ihle wrote. "These revised estimates therefore reflect ongoing geopolitical risk factors that are likely to provide for continued investment into a variety of safe haven assets."