• Endeavour Silver Corp (NYSE:EXK) projects significant silver and gold production increases by 2026, with the Terronera and Kolpa mines playing key roles.
• The company anticipates lower consolidated cash costs and all-in sustaining costs (AISC) due to increased production and favorable metal prices.
• Despite a negative P/E ratio, analyst upgrades reflect confidence in Endeavour's future performance, highlighting its strategic investments and operational efficiencies.

Endeavour Silver Corp, listed as NYSE:EXK, is a mining company focused on silver and gold production. The company operates the Terronera, Guanaceví, and Kolpa mines, with a significant shift in its 2026 production and cost guidance. Endeavour projects silver production between 8.3 and 8.9 million ounces and gold output between 46,000 and 48,000 ounces. The Kolpa mine is expected to contribute significantly to base metal production.

The 2026 guidance includes the newly commissioned Terronera mine and the recently integrated Kolpa mine, following the sale of the Bolañitos mine. Endeavour anticipates consolidated cash costs between $12 and $13 per payable silver ounce, with all-in sustaining costs (AISC) estimated at $27 to $28 per ounce. The company expects cash costs to decline compared to 2025 due to increased silver production and stronger estimated prices for gold and base metals.

Despite a negative price-to-earnings (P/E) ratio of -36.40, Endeavour Silver has received positive ratings from analysts. On January 14, 2026, Raymond James updated its rating for EXK to "Outperform" and raised the price target from C$12.50 to C$18.50. Similarly, B. Riley maintained its "Buy" grade and increased the price target from $11 to $14, reflecting confidence in the company's future performance.

Endeavour's operational specifics include Terronera's plant throughput averaging around 2,000 tonnes per day, Guanaceví's throughput at 1,050 tonnes per day, and Kolpa's throughput at 2,400 tonnes per day. The company plans to invest $91 million in sustaining capital across its three operating mines in 2026, with significant allocations for mine development and infrastructure enhancements. Additionally, Endeavour will continue advancing the Pitarrilla project with an estimated investment of $65.8 million.

Endeavour Silver's financial metrics reveal a price-to-sales ratio of 10.45 and an enterprise value to sales ratio of 10.66, indicating investors' willingness to pay a premium for the company's sales. However, the enterprise value to operating cash flow ratio is high at 74.66, suggesting a valuation significantly higher than its cash flow from operations. The debt-to-equity ratio is 0.25, indicating a relatively low level of debt compared to equity, but the current ratio of 0.79 raises potential liquidity concerns.