Massive Q1 Output: 3.3M Silver-Equivalent Ounces as Production Jumps 56%

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Endeavour Silver Corp. (EDR:TSX; EXK:NYSE; EJD:FSE) reported first-quarter production of 1,875,375 ounces of silver and 11,740 ounces of gold, resulting in total silver equivalent production of 3.3 million ounces. The company stated that all dollar amounts are in U.S. dollars.

Chief Executive Officer Dan Dickson said in a company news release, "We are pleased to report robust production for the first quarter of 2026, highlighted by steady performance at Terronera, which delivered improved grades and recoveries without any significant shutdowns."

The company reported that consolidated silver production was 56% higher than the 1,205,793 ounces produced in the first quarter of 2025, while gold production increased 41% compared to 8,338 ounces in the same period last year. The increase in production was attributed to contributions from the Kolpa and Terronera operations, partially offset by the sale of the Bolañitos mine, which was completed on January 15, 2026. Production from Bolañitos for the first 15 days of the year was included in the results.

At Terronera, throughput was consistent with the plan, and recoveries improved throughout the quarter as processing refinements were implemented. Recoveries in March were reported to be in line with management targets. Guanaceví experienced lower silver grades and reduced throughput compared to plan, resulting in slightly lower silver production, while gold grades and recoveries remained in line with expectations. At Kolpa, new crushers and a 14 by 24 ball mill were commissioned in March 2026 to support higher throughput, although heavy rainfall during the quarter impacted operations and reduced production levels.

During the quarter, Endeavour sold 1,642,220 ounces of silver and 10,942 ounces of gold. As of March 31, 2026, the company held 419,699 ounces of silver and 1,405 ounces of gold in bullion inventory, along with 72,048 ounces of silver and 575 ounces of gold in concentrate inventory. The company noted that bullion inventory was held temporarily as silver and gold prices experienced downward pressure at the end of the quarter.

Consolidated throughput for the quarter totaled 456,657 tonnes, representing a 118% increase compared to the same period in 2025. Silver equivalent production increased 78% year over year to 3,341,943 ounces.

Silver Market Dynamics and Industrial Demand Trends

According to an April 18 report from Goldfix, global energy market conditions had supported increased demand for clean energy technologies, with China's exports of lithium-ion batteries, electric vehicles, and solar components rising 34%, 53%, and 80% year over year, respectively. The report stated that "China's clean-tech exports are benefiting from global demand shifts tied to energy market volatility." It also noted that solar photovoltaic cells remained one of the largest industrial uses of silver, and that expanding battery technologies and electric vehicle production were contributing to sustained demand for the metal.

A separate April 19 report from Couloir Capital indicated that precious metals had gained during the week as easing geopolitical tensions reduced inflation risks and supported demand for non-yielding assets. The report stated that "silver gained 6.5% during the week primarily due to U.S. dollar weakness and improving geopolitical sentiment," adding that a softer U.S. dollar made silver more attractive to investors. It further noted that base metals and precious metals had been supported by tightening supply conditions and improving demand signals across global markets.

Also on April 19, analysis from 24/7 Wall St. cited data from the Silver Institute's World Silver Survey 2026, which projected a 46.3 million ounce structural deficit in the silver market. The report stated that "silver enters 2026 facing its sixth straight annual structural deficit," and added that above-ground inventories had declined by 762 million ounces since 2021. It further explained that "that drawdown leaves the physical market thinner than at any point in modern history," with demand continuing to outpace supply despite a modest easing in overall consumption.

The same report noted that industrial fabrication remained the largest source of silver demand, even as it was expected to decline 3% to 639.6 million ounces, while investment demand in coins and bars was projected to increase by 18%. It concluded that "the result is another year when demand outruns supply by a meaningful margin," reflecting ongoing imbalances in the physical silver market.

Analyst Coverage and Operational Performance Highlights

According to FactSet:

• February 5 – Raymond James analyst Craig Stanley gave the company an overweight rating with a CA$14.61 target price.
• April 2 – TD Cowen analyst Lam Wayne gave the company a Buy recommendation with a CA$15.18 target price.
• April 7 – CIBC Capital Markets analyst Cosmos Chiu gave the company a Buy rating with a CA$17.97 target price.
• April 8 – Alliance Global Partners analyst Jake Sekelsky gave the company a Buy rating with a CA$15.50 target price.
• April 8 – H.C. Wainwright & Co. analyst Heiko Ihle gave the company a Buy rating with a CA$17 target price.
• April 10 – BMO Capital Markets analyst Kevin O'Halloran gave the company a Buy rating with a CA$15.54 target price.
• April 13 – B. Riley Securities analyst Nick Giles gave the company a Buy rating with a CA$16 target price.
• April 15 – National Bank Financial analyst Alex Terentiew gave the company a Buy rating with a CA$20.37 target price.

In an April 15  report, Peter Krauth wrote that the company "delivered a strong and encouraging start to 2026," reporting "robust Q1 production of 1.9 million silver ounces and 11,740 gold ounces, for a healthy 3.3 million silver-equivalent ounces." He stated that "year-over-year results were especially positive, with silver production jumping 56% and gold production rising 41%," and added that "Terronera stood out as a key growth engine, delivering steady throughput and improving recoveries as optimization efforts progressed." Krauth also noted that "new equipment, including crushers and a ball mill, was successfully commissioned" at Kolpa, adding that this "positions the operation to ramp up to 2,500 tonnes per day in the upcoming quarters."

Operational Milestones and Development Timeline

According to the company's current Investor Presentation, the Assafou project in Côte d'Ivoire includes several defined milestones and timelines. The presentation states that an environmental permit was approved in September 2025, followed by an exploitation permit approved in February 2026, and a resource update for Assafou and satellite targets in the first quarter of 2026. A Definitive Feasibility Study publication is scheduled for the first half of 2026, with targeted construction expected to begin in the second half of 2026.

The same presentation indicates that the project targets first gold production in the second half of 2028, with an expected construction period of approximately two years.

Exploration activity is also outlined, with 23,000 meters of drilling completed during fiscal 2025 at the Pala Trend 2 and Pala Trend 3 targets, extending the mineralized trend to 3 kilometers. The Assafou resource was updated with fiscal 2025 results, including a 0.2 million ounce maiden resource at the Pala Trend 3 satellite deposit.

The presentation further states that the Assafou project hosts multiple satellite targets within 6 kilometers of the main deposit, including Pala Trend 1 and Pala Trend 2, where resource drilling is underway. Additional targets along the Assafou structure, including Kongodjan and Broukro, have shown results indicating the potential for further occurrences along a 12-kilometer structural trend.

Broader exploration plans outlined in the presentation include a five-year mineral resource discovery target of 12 to 15 million ounces between 2026 and 2030, with approximately 6 million ounces expected from greenfield exploration, including the discovery of two to three new projects. 

The company also outlined an estimated total exploration expenditure of US$540 million for the 2026 to 2030 period, with fiscal 2026 exploration guidance of US$100 million.

Ownership and Share Structure¹

56.20% of the company is held by institutions, with Tidal Investments holding 6.17% and Mirae Asset Global owning 4.13%. .27% of Endeavour Silver is held by management and insiders. 

The rest is retail.

Endeavour Silver has 295.73 million shares outstanding and an estimated market capitalization of approximately CA$2.99 million, based on recent trading prices. Shares trade in a 52-week range between CA$3.14 and CA$15.15.