Endeavour Silver kicks off commercial production at Terronera

Canada’s Endeavour Silver (TSX: EDR)(NYSE: EXK) has begun commercial production at its Terronera silver-gold mine in in Jalisco, Mexico, expected to process 360,000 tonnes of ore over the next six months.

The announcement follows a successful commissioning phase in which Terronera’s mining and processing operations consistently surpassed 90% of the designed nameplate capacity of 2,000 tonnes per day while achieving at least 90% of projected metal recoveries.

Since operations began on July 1, 2025, Terronera has run for 100 days with only eight days of downtime and has maintained strong metal recoveries since mid-August. Endeavour said the achievement solidifies its position as a growing mid-tier silver producer.

“Bringing Terronera into commercial production marks a huge milestone for Endeavour Silver and represents a truly transformational moment in our company’s history,” chief executive officer Dan Dickson said. “This achievement not only reinforces our commitment to sustainable growth but also positions Endeavour as a leading mid-tier silver producer with a solid foundation for future expansion.”

“We expect Terronera to be a significant contributor to free cash flow generation and silver-equivalent production growth for Endeavour,” National Bank Financial mining analyst Alex Terentiew said Thursday in a note. The mine accounts for 42% of his estimated 2026 cash flow projection and 37% of his silver-equivalent production estimate, he added. 

Endeavour shares jumped 7.1% to C$14.26 Thursday afternoon in Toronto, boosting the company’s market value to about C$4.2 billion. It’s their highest intraday level since the company’s foundation in 2004, Toronto Stock Exchange data show. The stock has more than doubled since the start of the year.

4-million-ounce silver mine

The Terronera mine includes the Terronera and La Luz underground deposits, both mined using a combination of long-hole stoping and cut-and-fill methods.

A recent feasibility study forecast annual production of 4 million ounces of silver and 38,000 ounces of gold over a 10-year mine life.

Throughput over the next six months is expected to average grades of 122 g/t silver and 2.52 g/t gold. Higher-grade zones are scheduled to be accessed by mid-2026, which should further boost production. Endeavour plans to release its 2026 production and cost guidance for Terronera in January.

With Terronera, Endeavour Silver now operates four mines across Mexico and Peru and maintains an active exploration pipeline spanning Mexico, Chile and the United States.