EXK · Endeavour Silver Corp.

Endeavour Silver delivered exceptional Q1 2026 results, with revenue surging 230% year-over-year to $209.7 million, driven by record production of 3.3 million silver equivalent ounces (78% higher than Q1 2025) and record realized prices of $85.95/oz silver and $5,035/oz gold. The company reported net earnings of $64.9 million compared to a net loss of $32.9 million in the prior year, benefiting from a $35.6 million gain on the sale of the Bolañitos mine. Mine operating cash flow before taxes increased 419% to $114.6 million, reflecting strong operational leverage. The addition of the Terronera and Kolpa mines, which began contributing in 2025, drove the production growth, while Guanaceví also delivered higher earnings. Cash costs per silver ounce rose 42% to $22.54 due to higher royalties and special mining duties linked to elevated metal prices, but all-in sustaining costs improved sequentially from $41.19 in Q4 2025 to $37.03, reflecting efficiencies from Terronera's ramp-up. The company ended the quarter with a robust cash position of $231.8 million and working capital of $173.4 million, providing financial flexibility for growth initiatives and potential shareholder returns. Management expressed confidence in achieving full-year production goals, supported by the completed Kolpa plant expansion and Terronera operating near design criteria.