Endeavour Silver is a mid-tier silver and gold mining company operating underground mines in Mexico and Peru. Silver is the primary metal, contributing roughly 57% of revenue, with gold at ~33% and base metals (zinc, lead, copper) at ~9%. Endeavour operates three mines: Guanaceví in Durango, Mexico, a mature operation producing silver-gold doré refined and sold through commodity exchanges; Terronera in Jalisco, Mexico, a newly built mine that reached commercial production in October 2025 and produces high-grade silver-gold concentrate; and Kolpa in Peru, a polymetallic mine acquired in May 2025 producing silver, lead, zinc, and copper concentrates. Endeavour sells doré through commodity exchanges after third-party refining and sells concentrates to metal traders for global smelting. Endeavour is a price-taker on all metals and does not meaningfully hedge silver, making earnings highly sensitive to spot prices. A key cost dynamic at Guanaceví is a sliding-scale royalty that reaches 16% of net smelter returns when silver exceeds $25/oz, making high silver prices a double-edged sword at that mine. Terronera and Kolpa carry much lower royalty structures. Endeavour's long-term growth is anchored by Pitarrilla, one of the world's largest undeveloped silver deposits, with a feasibility study targeted for Q3 2026 and a construction decision expected in early 2027. Endeavour's stated goal is to reach 30M oz silver equivalent production by 2030.