Endeavour Silver produced 2,096,545 ounces of silver in the third quarter of 2026, 19% more than a year earlier. A blockade at its newest mine, Terronera, and a mill repair at Guanaceví mean full-year output will land at or slightly below guidance.
At a glance
- Gold output rose 39% to 10,126 ounces, and total output reached 3.6 million silver-equivalent ounces.
- Terronera was shut from August 12 to August 24 by a blockade, then produced 299,398 ounces of silver in September.
- The company will update its production and cost guidance with third-quarter results on November 9.
Background
Endeavour Silver is a Vancouver-based miner with three operating mines: Terronera in Jalisco, Mexico, Guanaceví in Durango, Mexico, and Kolpa in Huancavelica, Peru. Terronera, its newest mine, reached commercial production on October 1, 2025. The company sold its Bolañitos mine in January 2026, so this year's figures come from the three remaining mines.
What happened
Endeavour Silver reported third-quarter production on October 8. It produced 2,096,545 ounces of silver, up 19% from 1,766,926 ounces a year earlier, and 10,126 ounces of gold, up 39%.
Together that comes to 3,611,034 silver-equivalent ounces, a measure that converts gold and other metals into silver at set prices. The mines processed 510,944 tonnes of ore, 28% more than in the same quarter of 2025.
Mine by mine
Terronera produced 710,670 ounces of silver and 7,157 ounces of gold. A blockade suspended operations from August 12 to August 24. The company has not given a cause. Once it ended, Terronera processed 60,313 tonnes in September and produced 299,398 ounces of silver.
Guanaceví produced 702,972 ounces of silver, 31% less than a year earlier, mainly because silver grades were 24% lower. Its mill was taken offline on September 21 to replace the primary mill head and trunnion, with repairs expected to finish in the first half of October.
Kolpa produced 682,903 ounces of silver, plus 6,504 tonnes of lead and 4,558 tonnes of zinc. Throughput rose to 256,052 tonnes from 233,408 tonnes in the second quarter.
What it means
Because of the Terronera and Guanaceví interruptions, Endeavour now expects full-year production to come in at or slightly below the low end of its guidance. It will publish revised production and cost guidance with its third-quarter results on November 9.
Chief executive Dan Dickson said the company was "encouraged by our underlying metrics in the third quarter", pointing to Terronera's plant performance and the Kolpa expansion. Greg Blaylock is leaving his role as vice president of operations.
Our read
Outlook: neutral. Endeavour is a mid-sized producer, and its output is small next to global silver supply. Its results matter more for its own shares than for the silver price.
What to watch
- Revised production and cost guidance with third-quarter results on November 9.
- Whether Guanaceví's mill repair finishes in the first half of October as planned.
- Whether Terronera holds its September pace through the fourth quarter.
For information only, not investment advice.
Silver price in India
metalscost.com India reference price as of 2026-10-16.
Detailed analysis
Timeline
- 2025-10-01: Terronera reaches commercial production.
- 2026-01-15: Endeavour completes the sale of its Bolañitos mine.
- 2026-08-12: A blockade suspends operations at Terronera until August 24.
- 2026-09-21: Guanaceví's mill is taken offline for a mill head and trunnion replacement.
- 2026-10-08: Endeavour reports third-quarter output of 2,096,545 ounces of silver.
Supply Drivers
A two-week blockade at Terronera and a mill repair at Guanaceví reduced throughput during the quarter.
Mining Production
Third-quarter silver output rose 19% as Terronera and Kolpa added ounces, while Guanaceví fell 31% on lower grades.
What could lift prices
- Terronera produced 299,398 ounces of silver in September alone once the blockade ended.
- Kolpa's expanded plant lifted throughput to 256,052 tonnes.
What could weigh on prices
- Full-year output is now expected at or slightly below the low end of guidance.
- Guanaceví's silver grades were 24% lower than a year earlier.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Mexico | Medium | Terronera and Guanaceví, two of the company's three mines, are in Mexico. |
| Peru | Low | Kolpa's expanded plant raised its throughput during the quarter. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Silver Mining | Neutral | Higher output from a new mine was offset by stoppages at two operations. |
Who gains, who loses
- Endeavour Silver: Terronera and Kolpa lifted its silver output 19% from a year earlier.
- Endeavour Silver shareholders: Full-year production is now expected at or below the low end of guidance.
Other ways this could play out
- If Terronera keeps its September pace and Guanaceví's mill restarts on time, the fourth quarter could be the year's strongest.
- If either mine is interrupted again, full-year output could fall further below guidance.
Price risks
- Silver prices are set by global supply and demand, not by one mid-sized producer.
- Revised cost guidance on November 9 could change how investors value the company.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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