Endeavour Silver Corp. (EXK): Business Model Canvas [Dec-2025 Updated]

You're looking at a silver miner in transition, and honestly, the old playbook isn't going to cut it. Endeavour Silver Corp. is betting big on that new Terronera mine, which just hit commercial production on October 1, 2025, aiming to slash their All-in Sustaining Costs (AISC) down to a lean $10-12/oz-a massive shift from their Q2 2025 AISC of $25.16 per silver ounce. This move, coupled with the Kolpa acquisition, is how they plan to jump from junior to mid-tier producer, driving that high-leverage play on silver prices that you're watching, especially after booking $111.4 million in revenue in Q3 2025. Dive into the full Business Model Canvas below to see exactly how they're structuring their key activities and resources to pull off this transformation.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Endeavour Silver Corp. (EXK) solidified or managed as of late 2025. These aren't just vendor agreements; they are strategic financial and operational anchors.

The company's strategy in 2025 clearly focused on portfolio rationalization and funding major development, which heavily involved these key partners. For instance, the closing of the US$350 million convertible notes offering in December 2025 directly targeted the repayment of existing debt obligations.

Here is a breakdown of the most significant partnerships driving the Endeavour Silver Corp. business model:

• Financing/Debt Restructuring Partners: ING Capital LLC and Societe Generale.
• Asset Divestiture Partner: Guanajuato Silver Company Ltd.
• Asset Acquisition Funder/Stream Partner: Versamet Royalties Corporation.
• Operational/Social License Partners: Local Mexican and Peruvian communities.

The debt repayment strategy was a major event in late 2025. Endeavour Silver Corp. closed its offering of US$350 million aggregate principal amount of 0.25% unsecured convertible senior notes due 2031 on December 4, 2025. The primary use of these net proceeds was to repay the senior secured debt facility with ING Capital LLC (together with ING Bank N.V.) and Societe Generale (the Credit Facility). Prior to this, the company held total debt of $161.5 million, carrying a debt-to-equity ratio of 0.32. This move effectively swapped secured debt for unsecured notes, altering the capital structure profile.

The divestiture of the Bolañitos mine was another cornerstone partnership move, announced in November 2025.

The closing of the Bolañitos Transaction was expected in January 2026. This sale allowed Endeavour Silver Corp. to focus resources on core assets like Terronera and the Pitarrilla project.

The acquisition of Minera Kolpa in Peru, completed May 1, 2025, was directly supported by a key streaming partnership with Versamet Royalties Corporation.

The terms of the copper stream were quite specific:

• Up-front cash consideration: US$35 million.
• Funding use: This stream funded a portion of the cash component for the Kolpa acquisition, alongside a $50 million bought deal equity financing.
• Kolpa Production Context (2024): The asset produced 518 tonnes of copper, alongside 2.0 million ounces of silver.
• Stream Mechanics: Versamet initially purchased copper equal to the greater of i) 95.8% of produced copper or ii) 0.03 pounds of copper per pound of produced lead. This percentage steps down after delivery milestones are met.

The relationship with local Mexican and Peruvian communities is vital for maintaining the social license to operate (SLO) and securing labor supply.

• The Kolpa operation in Peru has a history of contributing to local education and health systems.
• In Mexico, specifically at the Guanaceví operation during Q3 2025, supplies of local third-party feed supplemented mine production, amounting to 19% of the quarterly mill throughput. This demonstrates a tangible, quantifiable economic link to the local supply chain.

Finance: draft 13-week cash view by Friday.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Key Activities

You're looking at the core engine of Endeavour Silver Corp. (EXK) as of late 2025-what they actually spend their time and capital doing to generate metal and advance growth. It's a mix of running established assets while pushing major projects like Terronera over the finish line and laying groundwork for the next big leap at Pitarrilla.

Operating high-grade underground silver-gold mines (Guanaceví, Kolpa, Terronera)

Endeavour Silver Corp. is actively running its Mexican operations, which were significantly bolstered by the addition of Minera Kolpa in May 2025. The key activity here is maximizing throughput and recovery across the operating fleet. For the third quarter of 2025, the company reported total production of 3.0 million silver equivalent ounces (AgEq) (excluding Terronera pre-operating output).

Here's a breakdown of the operational performance from the operating mines through Q3 2025:

The Terronera project reached a major milestone, declaring commercial production effective October 1, 2025. During its commissioning phase leading up to this, throughput rapidly increased to between 1,900 and 2,000 tonnes per day (tpd) by the end of July 2025, with silver and gold recoveries averaging 71% and 67%, respectively, in the second half of July.

Advancing the Pitarrilla project feasibility study and development

Advancing the large-scale Pitarrilla project is a critical growth activity, positioning Endeavour Silver Corp. to potentially become a senior producer. The company raised \$73 million early in 2025 to fast-track this asset. The estimated total 2025 cost allocated for advancing Pitarrilla was \$25.7 Million, broken down into feasibility study, development, and exploration work of \$16.6 million, plus \$9.1 million in capital spending. Furthermore, the December 2025 closing of the \$350 million unsecured convertible senior notes offering is earmarked, in part, to fund the advancement of the Pitarrilla project.

Exploration and resource expansion across Mexico, Chile, and the US

Sustaining the pipeline requires ongoing exploration. For the two legacy mines (Guanaceví and Bolañitos), the 2025 exploration budget was set at \$6.5 million, with 20,500 meters of drilling planned across various projects. For Q1 2025 alone, exploration, evaluation, and development costs totaled \$4.5 million. While the search results confirm exploration activity in Mexico (Pitarrilla, Guanaceví), the specific 2025 financial allocation for Chile and the US exploration is not detailed in the latest reports, but the overall mandate includes these regions.

Key exploration focus areas and budgets for 2025 (Guanaceví and Bolañitos guidance):

• Total Exploration Budget: \$6.5 million
• Planned Drilling: 20,500 meters
• Q1 2025 Exploration/Evaluation/Development Spend: \$4.5 million

Refining and selling silver/gold doré and concentrates to metal traders

The final step is converting mined material into realized revenue. For the period from May 1, 2025, to September 30, 2025 (Year-to-Date 2025), Endeavour Silver Corp. sold 4,441,848 oz of silver. The sales mix for YTD 2025 was approximately:

• Silver (Ag): 60%
• Gold (Au): 30%
• Base Metals: 10%

Looking at Q2 2025 sales specifically, the company sold 1,455,680 oz of silver and 7,706 oz of gold, achieving average realized prices of \$32.95 per oz silver and \$3,320 per oz gold, resulting in total revenue from operations of \$85.3 million for that quarter. The Terronera project also generated approximately \$3 million in revenue from concentrate sales during its commissioning phase in Q2 2025. You'll want to track the realized prices, as they directly impact the top line; for instance, the Q1 2025 realized silver price was \$31.99 per oz.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Key Resources

The Key Resources for Endeavour Silver Corp. are centered on its mineral properties, processing infrastructure, and the underlying mineral inventory, which is crucial for its transition to a larger producer.

Operating Mines

Endeavour Silver Corp. operates mines across Mexico and Peru, with the portfolio significantly enhanced by recent additions and development milestones as of late 2025. The operational base includes Guanaceví in Mexico, Kolpa in Peru (acquired May 1, 2025), and the newly commissioned Terronera mine in Mexico (achieved commercial production on October 1, 2025).

Third Quarter 2025 production highlights the contribution from these assets (excluding Terronera pre-operating production):

• Consolidated silver production: 1,766,926 ounces.
• Consolidated gold production: 7,286 ounces.
• Total consolidated silver equivalent (AgEq) production: 3.0 million ounces.

Specific operational metrics for the three months ended September 30, 2025, for the Mexican operating mines (Guanaceví and Bolañitos) and Kolpa are detailed below:

The Terronera processing plant has a designed nameplate capacity of 2,000 tonnes per day (tpd). During its commissioning phase in September 2025, it reached a single-day peak throughput of 2,162 tpd and averaged 1,866 tpd.

Large-Scale Development Asset

The Pitarrilla project in Durango, Mexico, represents a significant long-term development asset and one of the world's largest undeveloped silver deposits. Endeavour Silver Corp. is advancing work on this asset, with recent financing supporting technical assessments and groundwork, aiming for an economic study in Q1 2026.

Proven and Probable Silver/Gold Mineral Reserves and Resources

Mineral inventory figures are reported as of December 31, 2024, for reserves and from the 2022 technical report for Pitarrilla resources. Mineral Resources are exclusive of and in addition to Mineral Reserves.

The mineral inventory forms the foundation of the company's future production profile. The older operating mines, Guanaceví and Bolañitos, have expected remaining lives of two to three years based on current proven and probable reserves as of mid-2025.

Key resource and reserve figures:

• Terronera Probable Reserves (as of Dec 31, 2024): 7.4 million tonnes at 374 g/t AgEq, containing 88.8 million AgEq ounces.
• Pitarrilla Indicated Mineral Resources (2022 Report): 158.6 million tonnes containing 491.6 million ounces Ag (grading 96.4 gpt) and 693.9 million ounces AgEq total (grading 136 gpt).
• Pitarrilla Inferred Mineral Resources (2022 Report): 35.4 million tonnes containing 99.4 million oz Ag (grading 87.2 gpt) and 151.2 million ounces AgEq total (grading 132.7 gpt).

Processing Plants with Combined Capacity

Endeavour Silver Corp.'s processing capacity is derived from its operating mines. The Terronera plant is designed for 2,000 tpd. The combined throughput for the nine months ended September 30, 2025, across the Mexican operating mines (Guanaceví and Bolañitos) totaled 698,932 tonnes.

The total tonnes processed across all three operating sites for the nine months ended September 30, 2025, is:

The addition of Terronera's 2,000 tpd capacity, now in commercial operation, substantially increases the company's processing capability, supporting the goal of nearly doubling output by 2026.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Value Propositions

Endeavour Silver Corp. offers investors high-leverage exposure to rising silver prices, anchored by a production profile heavily weighted toward silver.

The silver-dominant nature of the production is evident in the Q3 2025 figures, where the company produced 1,766,926 oz of silver against only 7,286 oz of gold, equating to a total of 3.0 million oz silver equivalent (AgEq) using an 80:1 silver:gold ratio for the calculation.

A key driver for future value is the significant production growth stemming from the Terronera mine in Mexico, which achieved commercial production effective October 1, 2025. The company forecasts Terronera will process approximately 360,000 tonnes over the next six months following this declaration.

This new asset is central to achieving lower future consolidated All-in Sustaining Costs (AISC). The feasibility study for Terronera outlined an expected AISC of just $10-12 per ounce, which compares favorably to the Q3 2025 consolidated AISC of $30.53 per silver ounce.

The operational base is now diversified, with mining assets spanning both Mexico and Peru. The Peruvian diversification was solidified with the acquisition of the Kolpa mine on May 1, 2025.

Here's a look at the cost structure contrast:

The operational footprint includes:

• Mines in Mexico and Peru.
• Addition of Kolpa mine in Peru on May 1, 2025.
• Terronera mine in Jalisco state, Mexico, declared commercial on October 1, 2025.
• Q3 2025 silver production was 1,766,926 oz.
• Q3 2025 gold production was 7,286 oz.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Customer Relationships

The Customer Relationships block for Endeavour Silver Corp. centers on three distinct groups: the buyers of its refined metals, the institutional investors funding its growth, and the local communities essential for its operations.

Transactional sales model with metal refiners and traders

The core transactional relationship involves the sale of produced silver, gold, and base metals. Endeavour Silver Corp. reports its sales mix, showing the relative importance of each metal stream to its revenue base. The company's sales are structured around these physical commodities, which are then sold to refiners and traders in the market.

Here are the metal sales composition figures for Year-to-Date (YTD) 2025:

Looking at a specific quarter, Endeavour Silver Corp. sold 1,477,197 silver ounces and 7,706 gold ounces during the second quarter (Q2) of 2025. The revenue generated in the third quarter (Q3) of 2025 was $142.8 million. The company is also strategically divesting assets; a definitive agreement was in place to sell its Bolanitos mine for up to $50M, with $40M on closing and a contingent consideration of $10M, expected to close in January 2026.

Investor relations and transparent communication with institutional shareholders

Maintaining the confidence of the investment community is critical, especially given the capital-intensive nature of mine development like the Terronera project. Endeavour Silver Corp. emphasizes clear, timely, and transparent reporting of financial and operational results to its global stakeholders.

Key financial and reporting metrics relevant to investor trust as of late 2025 include:

• Cash position as of September 30, 2025: $57.0 million.
• Reported revenue in the last twelve months (prior to April 25, 2025): $218 million.
• The company had a reported current ratio of 2.0 as of April 25, 2025.
• The stock was trending up by 15.01% on November 28, 2025.
• The company listed an ATM equity offering of up to US$60 million in common shares, with a term of approximately 24 months, starting July 10, 2025.
• The commission paid to agents for this offering is 2.00% of the gross sales price.

Communication is formalized through regular disclosures. For instance, the company provided its 2025 Q3 Management Discussion & Analysis and Financial Statements, and hosted an earnings call on November 7, 2025. Shareholders can request hard copies of complete audited financial statements free of charge by emailing apettit@edrsilver.com.

Community engagement to maintain social license and support local development

Sustaining the social license to operate requires demonstrable support for local development, often quantified through tax contributions and direct investment. While specific 2025 community spending figures aren't explicitly detailed as direct community investment, the company's projected economic contributions and capital plans illustrate this relationship.

The commitment to local economies is shown through long-term fiscal projections and current operational spending:

• A 2021 feasibility study estimated over $170 million LOM (Life of Mine) in corporate tax payments, separate from local taxes and payroll.
• Sustaining capital expenditures planned for 2025 totaled $33.6 million, which supports ongoing operations and infrastructure.
• Capital spending for the Pitarrilla project in 2025 included an estimated $9.1 million for capital expenditures, supporting local economic activity around that development.

Endeavour Silver Corp. states its intention to contribute positively to the communities in which it operates, with its portfolio including operations in Mexico and Peru.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Channels

You're looking at how Endeavour Silver Corp. gets its product and capital into the market, which is key for a growing miner. The channels here are pretty standard for the sector, but the recent financing numbers give you a clear picture of their late 2025 strategy.

Direct sales of silver and gold doré/concentrates to international metal refiners

The primary channel for Endeavour Silver Corp.'s output is the direct sale of its produced silver and gold doré or concentrates to international metal refiners. This is where the physical product leaves the mine site and enters the global commodity market.

Here's a look at the Q3 2025 sales metrics that flowed through this channel:

The realized prices you see are what Endeavour Silver Corp. actually received after all adjustments, which is what matters for their top line. The total revenue for the quarter, $142.8 million, shows the overall scale of sales activity, including base metals or other revenue sources not detailed in the direct metal sales line item.

Global financial markets for equity and debt financing (NYSE: EXK; TSX: EDR)

To fund operations, acquisitions like Kolpa, and development projects like Pitarrilla, Endeavour Silver Corp. taps the global capital markets using its dual listing on the New York Stock Exchange (NYSE: EXK) and Toronto Stock Exchange (TSX: EDR). This channel is about securing the cash needed to keep the shovels moving.

The company executed significant financing activities in 2025:

• Closed a US$350 million offering of 0.25% unsecured convertible senior notes due 2031 in December 2025, including the full exercise of the $50 million option.
• The conversion price for these notes was set at approximately US$12.4550 per Share.
• Completed a US$45,008,000 bought deal financing in April 2025, issuing 11,600,000 common shares at US$3.88 per Common Share.
• As of the December 2025 financing announcement, the total debt stood at $161.5 million, with a debt-to-equity ratio of 0.32.
• Cash on hand as of September 30, 2025, was $57.0 million.

This $350 million raise was clearly earmarked to pay down existing debt and push the Pitarrilla project forward, which is a major strategic move. The market cap as of late 2025 was reported at $2.56 billion.

Corporate website and investor presentations for stakeholder communication

This channel is how Endeavour Silver Corp. communicates its story, performance, and strategy to shareholders, analysts, and potential investors. It's about managing perception and providing the data you're using right now.

Key data points shared through these investor channels include:

• Stock Tickers: NYSE: EXK and TSX: EDR.
• Year-to-Date Stock Performance (as of Dec 2025): The stock had surged 136% year-to-date, or 150% YTD.
• The company declared commercial production at the Terronera Mine on October 16, 2025.
• Q3 2025 silver equivalent production (excluding Terronera) was 3.0 million oz.

The narrative being pushed is one of significant production growth, especially with the Kolpa mine integration and Terronera coming online, even while managing higher costs and recent net losses, like the $42 million net loss in Q3 2025. Finance: draft the Q4 2025 cash flow projection by next Tuesday.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Endeavour Silver Corp.'s output, which is primarily the physical metal they extract and process. For a primary producer like Endeavour Silver Corp., the customer base is heavily weighted toward entities that purchase the raw or semi-processed material for further refining or investment purposes.

Global precious metal refiners and bullion dealers represent the most direct and significant customer segment for the bulk of Endeavour Silver Corp.'s production. These are the entities that purchase the silver and gold doré or concentrates for final refining into investment-grade bars or for distribution into the industrial supply chain. The scale of these transactions is substantial, as seen in the third quarter of 2025 results.

For the three months ended September 30, 2025, Endeavour Silver Corp. reported revenue from the sale of metals totaling $94.5 million. This revenue was generated from the sale of 1,762,484 ounces ("oz") of silver and 7,478 oz of gold. These sales figures directly reflect the volume transacted with this primary customer group.

The realized prices Endeavour Silver Corp. achieved on these sales are a direct reflection of broader market demand, which includes interest from industrial consumers and investors. The average realized price for silver in Q3 2025 was $38.58 per oz, and for gold, it was $3,550 per oz.

The segment of industrial consumers requiring silver for electronics and solar technology is an indirect but crucial driver of demand, influencing the realized price. While Endeavour Silver Corp. does not typically sell directly to end-users like solar panel manufacturers, the overall market demand from these sectors supports the metal's valuation. The company's Q3 2025 silver equivalent production, excluding the newly commissioned Terronera mine, was 3.0 million oz.

Institutional and retail investors seeking exposure to silver price movements influence the market through their buying and selling of physical bullion, futures, or shares of miners like Endeavour Silver Corp. The company's strategic focus on growth, such as advancing the Pitarrilla project with cash flow generated from operations, is aimed at increasing shareholder value, which appeals to this segment. The company's cash balance as of September 30, 2025, stood at $57.0 million.

Here's a look at the key operational metrics that underpin the volume sold to these customer segments in Q3 2025:

The company's production profile is set to expand, which will increase the volume available for these customer segments in the near term. Endeavour Silver Corp. forecasts a 2025 production midpoint of 7.45 million silver equivalent ounces.

The customer base is further defined by the nature of the metal sales:

• Global precious metal refiners and bullion dealers: Purchase the majority of the 1,762,484 oz of silver sold in Q3 2025.
• Industrial consumers: Demand is inferred through the market price for silver, which averaged $38.58 per oz in Q3 2025 sales.
• Institutional and retail investors: Their sentiment drives the realized prices and the company's valuation, with a cash position of $57.0 million at the end of Q3 2025.

The integration of the Minera Kolpa acquisition also adds a new stream of metal sales, contributing $3.9 million in operating earnings in Q3 2025.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Cost Structure

The Cost Structure for Endeavour Silver Corp. is heavily influenced by significant upfront capital investment for new projects, ongoing operational costs across its mines, and recent acquisition-related expenses.

Capital Expenditure for Development

• High capital expenditure for Terronera development reached approximately $302 million as of December 31, 2024.
• Management estimates the total project spend for Terronera to be $332 million.

Operating Costs and Expenses

The operating costs reflect the performance of existing mines like Guanaceví and Bolañitos, alongside the initial impact of the newly acquired Kolpa mine.

Mine operating expenses include the direct costs per tonne, which saw an increase in Q2 2025 compared to Q2 2024, partly due to the addition of Kolpa and maintenance at Bolañitos.

Specific Expense Line Items (Q2 2025)

• Exploration and evaluation costs were $4.9 million.
• General and administrative expense totaled $7.6 million.
• The general and administrative increase was primarily due to $3.6 million in acquisition costs related to Minera Kolpa.

The cost of sales in Q2 2025 included $21.5 million from Kolpa and a $9.2 million increase from Terronera.

Endeavour Silver Corp. (EXK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Endeavour Silver Corp. brings in cash right now, late in 2025. It's all about metal sales, but the structure is getting more complex with new acquisitions and asset rationalization.

The primary engine for Endeavour Silver Corp. revenue remains the sale of silver and gold doré/concentrates at spot market prices. This is directly tied to the realized metal prices for the period. For instance, in the third quarter of 2025, the company realized an average price of $38.58 per ounce for silver and $3,550 per ounce for gold.

Here's a look at the metal sales that drove revenue in Q3 2025:

• Revenue from operations was reported at $111.4M for Q3 2025, though total revenue reached $142.8M for the same quarter.
• The sales included 1,762,484 ounces of silver and 7,478 ounces of gold, totaling $94.5 million from these metal sales.
• The company is leveraging its silver-dominant profile, which gives it a strong beta (sensitivity) to rising silver prices.

The business also benefits from by-product credits from gold, lead, and zinc sales. These credits directly reduce the reported cost of production, which is a key metric for investors. The inclusion of the Kolpa mine, acquired in Q2 2025, is already showing up in the operational metrics, contributing $3.9 million in operating earnings in Q3 2025.

We can see the impact of these by-products in the cost structure:

Finally, Endeavour Silver Corp. is actively managing its portfolio, which includes generating proceeds from asset sales. The company signed a definitive agreement to sell its Bolañitos gold/silver mine in Mexico to Guanajuato Silver Company.

The terms of the Bolañitos divestiture are structured as follows:

• Total consideration is up to $50 million.
• The upfront payment is $40 million, split into $30 million in cash and $10 million in Guanajuato Silver shares.
• An additional $10 million is tied to two contingent payments based on future production milestones at Bolañitos.

This sale is a strategic move to focus capital on core silver assets like the Terronera mine, which achieved commercial production in October 2025. Finance: draft 13-week cash view by Friday.