Endeavour Silver Corp. (EXK): Marketing Mix Analysis [Dec-2025 Updated]

You're looking for a clear-eyed view of Endeavour Silver Corp.'s marketing mix as they transition into a senior producer, so let's break down the four P's with late 2025 data. Honestly, the core narrative hinges on cost: while legacy All-in Sustaining Costs (AISC) for 2025 are pegged around \$25.00-\$26.00 per ounce, the ramp-up at Terronera promises to drive consolidated AISC down to the low teens, which is a game-changer for their $\sim$7.0 to 7.9 million ounce production guidance. We'll map out exactly how their silver/gold product, their B2B sales 'Place' in Mexico and Peru, the investor-centric 'Promotion,' and that crucial cost structure are all aligning right now.

Endeavour Silver Corp. (EXK) - Marketing Mix: Product

The product Endeavour Silver Corp. offers centers on the extraction and processing of precious and base metals from its mining operations.

Primary output is silver and gold in the form of doré or concentrate. The company's 2024 consolidated production reached the higher end of its revised guidance, totaling 4,471,824 ounces of silver and 39,047 ounces of gold, resulting in a silver equivalent production of 7.6 million ounces for the year.

The company is transitioning its portfolio, with the Terronera Project in Jalisco, Mexico, reaching 89.4% completion as of December 31, 2024, with current capital expenditures around $302 million, and management estimating total project spend of $332 million. Full system commissioning for Terronera was anticipated to start in early Q2 2025.

Significant by-product metals are sourced from the recently acquired Minera Kolpa operation in Peru, which was acquired in May 2025. In 2024, prior to acquisition, the Kolpa mine produced substantial base metals alongside its silver and gold output:

The base metal production from Kolpa in 2024 translated to a total silver equivalent production of 5.1 million ounces for that asset alone. The cash costs for Kolpa in 2024 were reported at $12.58 per ounce of silver on a by-product basis, with all-in sustaining costs totaling $22.80 per ounce.

The product portfolio is shifting toward a lower-cost profile with the integration of new assets. Endeavour Silver Corp. management projected that the combination of Terronera and Kolpa could nearly double output from the 7.6 million AgEq ounces produced in 2024 to 15-20 million ounces by 2026. Terronera's grades are expected to support All-In Sustaining Costs in the low-teens after gold credits, and Kolpa's polymetallic output may deliver costs in the $10-14/oz range.

The product mix is evolving, as evidenced by the following operational components:

• Primary output form: Doré and concentrate.
• By-product metals from Kolpa: Lead, zinc, and copper.
• Kolpa 2024 throughput: Over 1,800 tonnes per day (tpd), with plans underway to expand to 2,500 tpd.
• Terronera planned capacity: Process plant with 2,000 tpd capacity.

Endeavour Silver Corp. (EXK) - Marketing Mix: Place

The Place strategy for Endeavour Silver Corp. centers on the geographic location of its mining assets and the physical logistics of moving mined material and refined metal to the point of sale, which is strictly Business-to-Business (B2B).

Core Operations and Production Footprint

Endeavour Silver Corp.'s physical presence for production is concentrated in Mexico and Peru, with the recent addition of a Peruvian asset significantly diversifying its operational base outside of Mexico for the first time. The company now operates four active mines across these two jurisdictions.

• Core operating mines are located in Mexico (Guanaceví and Bolañitos) and Peru (Kolpa mine).
• The Kolpa mine acquisition in Peru closed on May 1, 2025.
• Guanaceví has been a core operation since 2005.

Terronera Project Ramp-Up

The Terronera project, located in Jalisco state, Mexico, represents a major near-term expansion of Endeavour Silver Corp.'s production capacity and distribution network. This facility achieved a significant milestone by declaring commercial production effective October 1, 2025. The physical plant is designed with a nameplate capacity of 2,000 tonnes per day. For the initial ramp-up phase, the company forecasted throughput of approximately 360,000 tonnes over the six months following the October 1, 2025, declaration. Once fully operational, Terronera is projected to contribute an average of 4 million ounces of silver and 38,000 ounces of gold annually over its initial 10-year mine life.

Strategic Growth Pipeline Locations

Beyond current production sites, Endeavour Silver Corp. maintains a pipeline of exploration projects that define its future distribution geography, specifically targeting large, high-grade deposits in Mexico and maintaining exploration exposure in Chile and the US. The Pitarrilla project in Durango, Mexico, is a key component of this pipeline, with management planning to publish a Preliminary Economic Assessment (PEA) by the end of 2025 to advance it toward development. The scale of this potential future production hub is substantial:

Sales Distribution Channels (B2B)

Endeavour Silver Corp.'s distribution is entirely B2B, involving the sale of unrefined and refined metal products to specialized downstream entities. The physical movement of product depends on the form of the metal produced at each site.

• Bullion Distribution: Dore bars from the Guanaceví mine are transported via armored car service weekly to a refinery in Torreon, Mexico, where they are processed into 99.99% pure gold bullion and 99.9% pure silver bullion before being offered for sale through a metal trader.
• Concentrate Distribution: Bulk silver and gold sulfide concentrates from operations like Bolañitos are trucked multiple times per week to the port of Manzanillo. From there, they are shipped to various smelters globally, including destinations in Korea and Canada, based on annual purchase contracts secured with metal traders.

The latest reported sales and inventory figures from the third quarter of 2025 illustrate the physical flow of product before final sale:

For comparison, the company reported 1,223,684 silver ounces sold in the first quarter ended March 31, 2025.

Endeavour Silver Corp. (EXK) - Marketing Mix: Promotion

You're looking at how Endeavour Silver Corp. communicates its story to the market as of late 2025. The promotion strategy is heavily weighted toward the investment community, anchoring the narrative around operational transformation, specifically the low-cost Terronera asset.

Investor Relations (IR) as the Primary Conduit

Investor Relations, led by the new VP of IR, Allison Pettit, alongside CEO Dan Dickson, is the central promotional engine. The key message driving investor interest is the growth story catalyzed by the Terronera mine achieving commercial production effective October 1, 2025. This milestone is positioned to double production and cut the cost profile in half, as previously communicated. Communications flow through news releases and webcasts, such as the one following the Q3 2025 results on November 7, 2025.

Here's how the Q3 2025 operational performance sets the stage for the Terronera ramp-up:

The Q3 2025 results showed silver equivalent production up 88% year-over-year, with revenue increasing 109% compared to the prior year, reaching $111 million. Still, the period reflected a net loss of $42.0 million, partially due to a $39.0 million derivative loss.

Corporate Messaging Anchored by Values

The internal and external corporate messaging is built around the ICARE values, which you should see reflected in all official statements and leadership conduct. These values are:

• Integrity
• Care
• Attitude
• Reliability
• Excellence

The company has a stated 2025 target to resolve ethics cases in less than 30 days from first contact to resolution. This focus on ethical culture is a core component of their long-term trust-building promotion.

Sustainability as a Key Theme

Endeavour Silver Corp.'s sustainability narrative is structured around a clear framework that directly addresses stakeholder concerns. This framework is critical for maintaining social license to operate and attracting ESG-conscious capital. The three pillars guiding their efforts are:

• People
• Planet
• Business

The company reported that community investments over the past three-year period, 2022-2024, reached $2.4 million, surpassing the $2 million target set for that timeframe. Oversight of this framework involves the CEO and a team including the VP of Investor Relations, reviewing yearly goals.

Dedicated Project Communication

To specifically communicate the development progress of the cornerstone asset, the company utilizes a dedicated project website, www.terronera.com. This site provides granular detail on the mine's progress, which construction began in 2023 and was completed in Q1 2025. For instance, post-commercial production, the site achieved average silver recoveries of 82.8 percent and gold recoveries of 72.3 percent in September 2025. The mine is 100% owned and has an estimated mine life of 10 years, with an annual estimated production target of 7 million oz silver equivalent (using an 80:1 ratio).

The corporate website, www.edrsilver.com, serves as the repository for all official financial reporting and presentations, including the latest Q3 2025 MD&A.

Finance: draft 13-week cash view by Friday.

Endeavour Silver Corp. (EXK) - Marketing Mix: Price

You're looking at the core economics that underpin Endeavour Silver Corp.'s pricing strategy, which, for a producer, is intrinsically linked to cost control. The price element here isn't about setting a shelf price for a consumer good; it's about ensuring the realized metal price covers the cost of production and leaves a margin for profit and reinvestment. For the legacy mines, Guanaceví and Bolañitos, the cost structure is clearly defined for 2025.

The All-in Sustaining Costs (AISC) for legacy mines are estimated at $25.00-$26.00 per oz silver in 2025, net of gold by-product credits. Digging deeper into the operational expenditure, the Cash Costs for these same legacy mines are forecast at $16.00-$17.00 per oz silver in 2025, also net of gold by-product credits.

Management's 2025 cost forecasts are built upon specific commodity price expectations, which you need to factor in when assessing the margin. These forecasts assume a silver price of $27.50 per oz and a gold price at $2,200 per oz.

To protect against downside risk, the hedging strategy employs zero-cost collars to shield against significant drops in the silver price. This approach locks in a floor price without an upfront premium cost, though it does cap the potential upside if prices surge past the call strike. It's a classic risk-management trade-off for a company managing significant capital expenditure.

The major shift in the pricing power of Endeavour Silver Corp. comes from the Terronera project. Once fully integrated, Terronera is expected to drive down consolidated AISC to the low teens, potentially around $13 per AgEq oz. To give you a benchmark, the feasibility study for Terronera outlined an expected AISC of just $10-$12 per ounce.

For context on realized pricing versus cost assumptions, here are some other relevant figures from recent performance:

• Q2 2025 realized silver price: $32.95 per oz.
• Q2 2025 realized gold price: $3,320 per oz.
• Q2 2025 consolidated AISC (including Kolpa): $25.16 per oz silver.
• Direct operating costs per tonne (2025 forecast): $130-$140.

Finance: draft 13-week cash view by Friday.