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01/10 00:34
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights mixed results: the Terronera project is nearing commercial production, but the company reported a net loss due to operating losses and increased expenses. The Q&A revealed concerns about integration and operating costs at Minera Kolpa, and management's unclear responses on some issues. While there is optimism about future production and cost alignment, current financials and uncertainties suggest a neutral sentiment for stock price movement.
Silver Production 1.5 million ounces of silver produced in Q2 2025, a 13% increase compared to Q2 2024, due to the inclusion of the new mine in Peru, Kolpa.
Gold Production 7,800 ounces of gold produced in Q2 2025, contributing to a total of 2.5 million silver equivalent ounces, a 13% increase compared to Q2 2024, due to the inclusion of Kolpa.
Revenue $85 million in Q2 2025, a 46% increase compared to Q2 2024, driven by higher precious metal prices and increased production.
Mine Operating Cash Flow Increased by 21% year-over-year in Q2 2025, while operating costs remained below guidance.
Cash Costs $15.35 per ounce of payable silver in Q2 2025, with all-in sustaining costs at $25.16 per ounce net of byproduct credits, relatively flat compared to the same period last year.
Mine Operating Earnings Decreased to $7.7 million in Q2 2025 from $10.2 million in Q2 2024, impacted by a $6 million loss at Terronera during commissioning and increased depreciation.
Net Loss $20 million in Q2 2025, primarily due to Terronera's operating losses during commissioning, increased G&A expenses related to the Kolpa acquisition, a $10 million noncash loss on derivatives, increased depreciation, and tax expenses.
Cash Position $52 million as of June 30, 2025, with a negative working capital. Excluding noncash derivatives, there is a $14 million surplus, designed for Terronera nearing commercial production.
Terronera commissioning: The company is advancing towards commercial production at Terronera, with throughput averaging 1,900-2,000 tonnes per day and silver and gold recoveries at 71% and 67% respectively. Higher-grade material will be introduced to enhance recoveries and sustain throughput.
Kolpa acquisition: The integration of Kolpa is progressing well. The company is validating and updating historical resources and expects a similar production profile to Kolpa's 2024 annual production of 5 million silver equivalent ounces. Kolpa is planning towards a 2,500 tonne per day operation.
Revenue growth: Revenue increased by 46% year-over-year to $85 million, driven by higher precious metal prices and increased production.
Production increase: Silver production rose to 1.5 million ounces and gold to 7,800 ounces, totaling 2.5 million silver equivalent ounces, a 13% increase compared to Q2 2024.
Cost management: Cash costs were $15.35 per ounce of payable silver, and all-in sustaining costs were $25.16 per ounce, remaining below guidance. Direct operating costs per ton were flat year-over-year.
Net loss: The company reported a net loss of $20 million, primarily due to Terronera's commissioning losses, increased G&A expenses from the Kolpa acquisition, and a $10 million noncash loss on derivatives.
Pitarrilla project: Exploration is focused on upgrading inferred resources to indicated, and engineers are working on studies for tailings dam permits and an economic study.
Production outlook: Endeavour aims to achieve an annualized production profile of 20 million silver equivalent ounces by 2026, with contributions from Terronera, Kolpa, Guanacevi, and Bolanitos.
Terronera Operating Losses: The company reported a $6 million loss at Terronera during the commissioning phase, which significantly impacted mine operating earnings.
Net Loss and Financial Strain: The company reported a net loss of $20 million for the period, driven by Terronera's operating losses, increased G&A expenses related to the Kolpa acquisition, a $10 million noncash loss on derivatives, and higher depreciation and tax expenses.
Negative Working Capital: As of June 30, the company's cash position was $52 million, but working capital was negative, indicating potential liquidity challenges.
Kolpa Integration Uncertainty: The company is unable to provide production guidance for Kolpa until a current 43-101 resource exists, creating uncertainty around its contribution to future production.
Ramp-Up Challenges at Terronera: Throughputs and recoveries at Terronera are still being optimized, with silver and gold recoveries averaging below expectations at 71% and 67%, respectively, during the second half of July.
Increased Operating Costs: While operating costs remained below guidance, the all-in sustaining costs were relatively high at $25 per ounce, which could pressure margins if metal prices decline.
Terronera Mine: The company is focused on achieving commercial production at Terronera. Throughputs are averaging between 1,900 and 2,000 tonnes per day, with silver and gold recoveries at 71% and 67% respectively during the second half of July. Higher-grade material will be introduced to enhance recoveries and sustain the design throughput of 2,000 tonnes per day. Terronera is expected to add a long-term asset to the portfolio and reinforce the company's position as a leading mid-tier silver producer.
Kolpa Mine: The integration of Kolpa is progressing well. The company is validating and updating historical resources and expects a similar production profile to Kolpa's 2024 annual production of 5 million silver equivalent ounces. Plans are underway to achieve a 2,500 tonne per day operation, with additional capital allocated to reach these production levels next year.
Annualized Production Profile: Endeavour is on track to achieve an annualized production profile of 20 million silver equivalent ounces by 2026, combining output from Guanacevi, Bolanitos, Terronera, and Kolpa.
Pitarrilla Project: Exploration work is focused on upgrading inferred resources to indicated resources. Engineers are working on studies to support tailings dam permits and an economic study.
The selected topic was not discussed during the call.
The earnings call presents a mixed picture. Positive elements include steady performance at Terronera and Kolpa, expected free cash flow, and strategic expansion plans. However, lower grades, unclear guidance on Kolpa's expansion, and unresolved gold hedge issues create uncertainties. The lack of shareholder return plans and mixed financial results add to the neutral sentiment.
The earnings call highlights mixed results: the Terronera project is nearing commercial production, but the company reported a net loss due to operating losses and increased expenses. The Q&A revealed concerns about integration and operating costs at Minera Kolpa, and management's unclear responses on some issues. While there is optimism about future production and cost alignment, current financials and uncertainties suggest a neutral sentiment for stock price movement.
The earnings call reveals financial instability with a net loss of $32.9 million due to hedging impacts and increased operational costs. The cash position and working capital have decreased, indicating liquidity risks. Despite slight improvements in cash costs, the lack of a share buyback program and integration risks from the Kolpa acquisition further contribute to a negative outlook. The Q&A section highlights uncertainties in project ramp-up and cash flow management, exacerbating concerns. Without a market cap, the stock's reaction is uncertain, but the overall sentiment suggests a negative impact.
The earnings call reflects several concerns: a net loss due to hedging, decreased cash and working capital, rising operational costs, and no shareholder return plan. Despite strong production goals and slightly lower cash costs, the lack of clear guidance and liquidity risks overshadow positives. The Q&A highlights uncertainties, particularly around cost management and cash flow for Terronera. These factors suggest a negative sentiment, likely leading to a stock price decline in the range of -2% to -8% over the next two weeks.
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