Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 17 Sep, 25 | EXK | Buy | USD 6.22 | USD 6.55 | USD 7.0 | 5 days | Closed |
14.39%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Endeavour Silver Corp., a silver mining company, engages in the acquisition, exploration, development, extraction, processing, refining, and reclamation of mineral properties in Chile and the United States. It explores for gold and silver deposits, and precious metals. The company was formerly known as Endeavour Gold Corp. and changed its name to Endeavour Silver Corp. in September 2004. Endeavour Silver Corp. was incorporated in 1981 and is headquartered in Vancouver, Canada.
Operating Cash Flow: Operating cash flow before working capital changes grew 78%, reaching USD 14.4 million in Q2 2025 versus USD 8.1 million in Q2 2024
Revenue Growth: Revenue increased 46% year-over-year, rising from USD 58.3 million in Q2 2024 to USD 85.3 million in Q2 2025
All-in Sustaining Costs (AISC): AISC rose 9% year-over-year, climbing from USD 23.13 per silver ounce in Q2 2024 to USD 25.16 per ounce in Q2 2025
Net Loss: Net loss widened by 46%, increasing from USD 14.0 million in Q2 2024 to USD 20.5 million in Q2 2025
Endeavour Silver faces elevated investment risk due to cost inflation and ongoing operating losses at Terronera during its commissioning phase, which could delay profitability despite revenue growth
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 6.22 | 5.5 | 6.55 | 7.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Strong Production Growth with Kolpa Integration: Endeavour Silver Corp. delivered a solid production performance in the second quarter of 2025, supported by the integration of Minera Kolpa into its portfolio. The Company produced 1,483,736 ounces of silver and 7,755 ounces of gold, totaling 2.5 million silver equivalent ounces, a 13% increase from Q2 2024. This growth reflects the successful incorporation of Kolpa’s contribution to the overall output, offsetting declines in gold production.
Revenue Growth Driven by Higher Sales and Realized Prices: Revenue from operations in Q2 2025 reached USD 85.3 million, representing a 46% year-over-year increase compared with USD 58.3 million in Q2 2024. The improvement was underpinned by higher silver and gold ounces sold, coupled with favorable market prices of USD 32.95 per silver ounce and USD 3,320 per gold ounce. Additionally, pre-production revenue of USD 3.3 million was generated during the commissioning of Terronera.
Cost Performance and Efficiency: The Company maintained operating costs below guidance, with consolidated cash costs at USD 15.35 per silver ounce and all-in sustaining costs of USD 25.16 per ounce. However, both metrics rose compared to Q2 2024, primarily due to higher costs at Bolañitos and Guanaceví, alongside Kolpa’s higher per-tonne operating cost profile. Nonetheless, Kolpa’s lower cash cost of USD 11.81 per ounce helped mitigate overall cost pressures.
Mine Operating and Financial Results Impacted by Terronera: Mine operating earnings stood at USD 7.7 million in Q2 2025, lower than the USD 10.2 million reported in the same quarter of 2024. The decline was primarily attributable to a USD 5.9 million operating loss at Terronera during its commissioning stage. The increase in cost of sales to USD 80.9 million, up from USD 48.1 million, was largely driven by Kolpa’s USD 21.5 million contribution and higher costs from Terronera.
Earnings and Cash Flow Trends: The Company reported a net loss of USD 20.5 million in Q2 2025 compared to a USD 14.0 million net loss in Q2 2024. Adjusted net loss widened to USD 9.2 million, reflecting Terronera’s ramp-up phase and higher depreciation and tax expenses. Despite these losses, operating cash flow before working capital changes improved significantly to USD 14.4 million, a 78% increase over Q2 2024, while mine operating cash flow rose 21% year-over-year to USD 22.9 million.
Balance Sheet Strength and Financing Activities: Endeavour ended the quarter with a consolidated cash balance of USD 52.5 million, supported by the successful completion of a USD 50 million bought-deal financing used to fund the Kolpa acquisition. The Company also amended and restated the Terronera credit facility, raising available funding from USD 120 million to USD 135 million. However, working capital declined to negative USD 15.3 million compared to a positive USD 64.5 million in Q2 2024, reflecting increased obligations from expansion activities.
Strategic Advancements with Terronera: Terronera remains central to Endeavour’s growth trajectory as it nears commercial production. In July 2025, throughput rates increased to between 1,900 and 2,000 tonnes per day, with silver and gold recoveries averaging 71% and 67%, respectively. Once fully ramped up, Terronera is expected to materially enhance the Company’s production capacity and long-term profitability.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Endeavour Silver Corporation (NYSE: EXK) at the closing market price of USD 6.22, as on Sep 16, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Other Precious Metals & Mining
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| EXK Endeavour Silver Corp. |
-0.035 0.38% | 9.29 | - | 9.50 | 4.20 | 2.23 | 4.21 | 74.53 |
| ANGPY Valterra Platinum Limited |
0.52 4.02% | 13.45 | 13.84 | - | 0.08 | 1.50 | 1.24 | 5.95 |
| AGPPF Anglo American Platinum Limited |
-2.35 2.89% | 78.92 | 12.71 | - | 0.08 | 1.44 | 1.24 | 5.95 |
| FNLPF Fresnillo PLC |
0.47 1.19% | 39.90 | 23.58 | 30.96 | 2.19 | 1.44 | 2.22 | 7.62 |
| IMPUY Impala Platinum Holdings Ltd PK |
0.88 6.52% | 14.30 | 15.44 | - | 0.04 | 0.65 | 0.03 | 0.15 |
Data Powered by EOD Historical Data (“EODHD”).
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is September 16,2025. The reference data in this report has been partly sourced from REFINITIV.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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