Endeavour Silver (EXK) Q2 2026 Earnings Call Transcript
Endeavour Silver (EXK) reported Q2 2026 revenue of $212 million, up 150% year over year, with adjusted net earnings of $45 million, or $0.15 per share, versus $7 million last year. Mine operating cash flow rose to $100 million before taxes. AISC was $37/oz. Management discussed ramp-ups at Terronera and Kolpa, a $181 million 2026 capex plan, and Pitarrilla feasibility and permitting milestones.
How this was made
The 30-second read
Why it matters
Key trading inputs are the magnitude of the Q2 operating cash flow improvement, the direction of AISC (up), and the updated capital allocation and financing (new revolver, convertible debt balance, expected VAT refunds).
Market read
For traders, the call updates near-term catalysts (Terronera LNG completion by Aug 15, Pitarrilla feasibility by end of Sept) and quantifies cost inflation (AISC $37, over $50 in another scenario) alongside a revised 2026 capex budget.
What to watch
Pitarrilla’s dry-stack tailings permitting is the gating item; any delay could push construction and resource conversion, outweighing near-term cash improvements.
Background
The article is a transcript-style summary of Endeavour Silver’s Q2 2026 earnings call, covering operating results, cost metrics, and development milestones for Terronera, Kolpa, and Pitarrilla.
Ticker impact
Endeavour Silver reported Q2 results and updated 2026 capital plans, including a $181M capex budget and Pitarrilla feasibility timing through Sept. 2026.
Bias modestly positive, but with volatility around AISC inflation and Pitarrilla permitting gating items.
Revenue, adjusted earnings, and mine operating cash flow all improved sharply year over year, while management also disclosed higher AISC, FX-driven cost pressure, and specific project milestones (feasibility by end of Sept, Terronera LNG completion by Aug 15).
Market effects
Reinforces that silver miners are seeing cost inflation (taxes, royalties, FX, purchased ore) even as metal prices lift cash generation.
Highlights operational and labor/permitting friction in Peru and Mexico, which can affect risk premia for LatAm precious-metal developers.
Project-specific LNG power transition and tailings permitting timelines can influence investor sentiment toward development-stage silver supply growth.
Counterpoint
Despite strong top-line and cash flow growth, the disclosed AISC step-up and lower-grade feed reliance suggest margins may be less durable if costs continue to rise.
Key entities
- companyEndeavour Silver Corp.
NYSE-listed silver producer reporting Q2 2026 results and providing updates on Terronera ramp-up, Kolpa throughput, and Pitarrilla feasibility and capex.
- personDan Dickson
CEO who discussed labor turnover in Peru and permitting as a primary obstacle for Pitarrilla’s dry-stack tailings facility.
- personElizabeth Senez
CFO who discussed cost drivers and the lack of plans for new silver hedging after unwinding collars in June.
