EXK · Endeavour Silver

The thesis

Endeavour Silver's Q3 2026 results showed lower unit costs, but the company cut its 2026 production guide and raised its cost-per-tonne guidance, and silver now trades well below the price the company realized in Q3. The shares are more likely to lag the S&P 500 over the next three months; the Q4 2026 production release, expected in January 2027, shows whether output lands inside the revised range.

The company reported Q3 results after the close on 9 November 2026. Revenue was $184.5 million, net earnings $26.4 million ($0.09 per share) and adjusted earnings $42.1 million ($0.14 per share). All-in sustaining cost (AISC, the company's per-ounce measure of total mining cost, net of by-product credits) fell to $29.54 per silver ounce from $36.89 in Q2. Earnings Whispers had put the pre-report consensus at $0.09 per share on revenue of about $178.6 million.

The market's response was muted. The shares closed at $8.34 on 9 November 2026, before the release, and at $8.07 on 10 November 2026, the first session after it. The rating is Low because the cost improvement arrived alongside a lower production guide, a higher cost guide and a falling silver price, and the shares remain below both their 50-day and 200-day moving averages.

Bullish and bearish views on Endeavour Silver Corp.

The bull case on Endeavour Silver Corp. (EXK), in brief: Terronera is now the low-cost mine. The bear case: production guidance was cut.

Bull case

• Terronera is now the low-cost mine. The company reported Terronera AISC of $21.81 per ounce and cash cost of negative $0.20 per payable ounce for Q3 2026. Its direct operating cost fell to $155.52 per tonne from $195.11 in Q1 and $169.49 in Q2, which the company tied to completing the plant that switched power generation from diesel to liquefied natural gas.
• Consolidated unit costs came down. Q3 AISC of $29.54 per ounce compares with $30.53 in Q3 2025 and $36.89 in Q2 2026, per the company's results releases. Cash cost fell 9% year on year to $16.55 per payable ounce.
• Cash generation is strong. Mine operating cash flow before taxes rose 139% to $94.7 million in Q3, and the company held $287.9 million of cash and $246.7 million of working capital at 30 September 2026. It also added a $25.0 million secured revolving credit facility, expandable to $100.0 million.
• Output is growing year on year. Q3 silver production was 2,096,545 ounces, up 19%, and nine-month silver output was 5,915,874 ounces, up 33%, per the 9 November 2026 release.
• HC Wainwright keeps a Buy rating. HC Wainwright lowered its target to $16.75 from $17 on 10 November 2026 while maintaining Buy, per company news.

Bear case

• Production guidance was cut. The 9 November 2026 release set 2026 consolidated silver production at 7.8–8.1 million ounces, gold at 42,000–43,500 ounces and silver-equivalent output at 13.7–14.3 million ounces, all revised. The company blamed a slower-than-expected switch to liquefied natural gas power, contractor demobilization timing and the August blockade at Terronera.
• Cost guidance moved higher. Terronera's direct operating cost guide rose to $170–$180 per tonne and the consolidated guide to $155–$165 per tonne. Nine-month AISC was $34.32 per ounce, up 26% year on year.
• Guanaceví remains expensive. Guanaceví reported Q3 AISC of $40.84 per ounce and cash cost of $33.97 after a mill repair that held throughput to about 600 tonnes per day in part of the quarter.
• Silver has fallen below realized prices. Endeavour realized $62.42 per silver ounce in Q3 and $72.16 over nine months. Fortune reported silver at $52.76 on 9 November 2026, down 11.14% from a month earlier.
• Revenue stepped down sequentially. Q3 revenue of $184.5 million compares with $212.1 million in Q2, as cited by Earnings Whispers on 2 November 2026.

Price setup

The shares closed at $8.12 on 11 November 2026, 46.4% below the 52-week intraday high of $15.15 set on 26 January 2026. They are down 21.2% over three months from the $10.31 close on 13 August 2026 (adjusted daily closes).

The 52-week closing low is $7.03, set on 3 November 2026, one week before the results. Since then the shares closed at $7.83 on 4 November 2026, $7.59 on 5 November 2026 and $7.84 on 6 November 2026, then moved to $8.34 ahead of the release.

The 50-day moving average is $8.84 and the 200-day moving average is $9.55, both as of 11 November 2026. The shares closing back above the 200-day average would mean the market has looked past the guidance cut. The $7.03 low marks where the selling stopped before the results.

The price reflects the guidance cut and silver's slide from its January highs: the shares stand 46.4% below their 52-week high while the company reported $157.8 million of nine-month net earnings to 30 September 2026.

Catalysts ahead

• ~12 January 2027 (est.): Q4 2026 production release, with 2027 production and cost guidance expected around the same time. Shows whether 2026 silver output lands inside the revised 7.8–8.1 million-ounce range and whether 2027 cost guidance confirms Terronera's lower per-tonne costs.

What would change the view

A daily close above $9.58, just over the 200-day moving average, which would show the shares leading the S&P 500 and prove this call wrong; so would Q4 2026 production showing full-year silver output above the top of the 7.8–8.1 million-ounce guide.

What it trades with

Endeavour's revenue and margins follow the silver price first and the gold price second. Silver's 11.14% fall in the month to 9 November 2026, per Fortune, flows straight into Q4 realized prices. The shares trade with other Mexico-focused silver producers, and Terronera and Guanaceví carry Mexican operating and community risk; Kolpa adds exposure to Peru. Company-specific events, such as the August Terronera blockade and the Guanaceví mill repair, have moved costs more than broad equity markets have.