Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 2 Feb, 26 | EXK | Buy | USD 10.56 | USD 11.15 | USD 11.8 | Same day | Closed |
11.65%
|
*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 Mexico, Chile, Peru, and the United States. It primarily explores for gold and silver deposits, and precious metals, as well as polymetals. 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 strength: Mine operating cash flow before working capital changes climbed to USD 39.7m (+102% YoY)
Terronera milestone: Terronera achieved commercial production (effective 1 Oct 2025) with commissioning performance at >90% of 2,000 tpd capacity and ≥90% recoveries
Cash cost inflation: Cash costs rose sharply to USD 18.09/oz (+59% YoY), pressuring operating margins
Net loss widened: Reported net loss increased to (USD 42.0m) vs (USD 17.3m) mainly due to (USD 39.0m) derivative losses
Cost inflation and margin pressure risk, Hedging / derivative mark-to-market risk, Terronera ramp-up and execution risk
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 10.56 | 9.4 | 11.15 | 11.8 |
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.
EXK Q3’25: Strong YoY Operational Momentum: Endeavour Silver reported a materially stronger Q3, driven by higher production and stronger pricing, supported by the first full-quarter contribution from the Kolpa (Colpa) mine. Silver equivalent production rose ~88% YoY to ~3.0Moz (excluding Terronera), while revenue from operations increased ~109% YoY to ~USD 111m. Mine operating cash flow before working capital changes more than doubled (+102% YoY), reflecting improved scale and operational performance.
Volumes & Costs: Higher Realizations, but Cost Inflation Continued: Production totalled 1.77Moz silver (+102% YoY) and 7.3koz gold (-22% YoY), alongside new base metal output from Kolpa. Realized prices rose sharply (silver +30% YoY; gold +40% YoY), supporting revenue growth. However, cost metrics deteriorated: cash costs increased 59% YoY to USD 18.09/oz payable silver and AISC rose 18% YoY to USD 30.53/oz, driven mainly by higher royalties/profit participation, greater purchased third-party ore, and weaker by-product credits due to lower gold grades.
Profitability: Operational Improvement Offset by Derivative Losses: While mine operating earnings improved to USD 15.6m (vs. USD 12.5m) and Adjusted EBITDA rose to USD 28.2m (vs. USD 13.9m), headline results were significantly impacted by hedging. The company reported a net loss of (USD 42.0m), primarily due to a (USD 39.0m) derivative loss from mark-to-market revaluation in a higher metal price environment. The balance sheet ended Q3 with ~USD 57m cash, though working capital remained pressured partly due to derivative liabilities.
Terronera Commercial Production & Outlook: Terronera declared commercial production effective Oct 1, 2025, after commissioning delivered >90% of 2,000 tpd nameplate capacity and ≥90% recoveries. Management expects Terronera to drive positive free cash flow starting Q4’25/Q1’26 and plans to evaluate refinancing of the project facility within ~six months. Consolidated 2026 production/cost guidance is expected in Jan 2026, with strategic focus on growth priorities including Pitarrilla advancement and potential Kolpa expansion, rather than near-term capital returns.
Based on EXK's guidance for free cash flow beginning Q4 FY2025/Q1 FY2026, improved asset quality through the expanded platform of Terronera + Colpa (with Colpa targeting potential 2,500 tpd expansion) and a longer-duration growth pathway anchored by Pitarrilla, material EBITDA and cash flow uplift already visible in Q3 FY2025 (Adjusted EBITDA USD 28.2m; mine operating cash flow USD 39.7m) even before Terronera meaningfully contributes to normalized metrics, near-term operational leverage from cost optimisation catalysts, a "Buy" recommendation is given at the current market price of USD 10.56, as of February 02, 2026, at 8:28 am PST.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Silver
| 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. |
-0.25 2.82% | 8.61 | - | 11.43 | 5.93 | 5.15 | 6.44 | 31.00 |
| AG First Majestic Silver Corp |
-0.55 2.96% | 18.00 | 62.75 | 21.46 | 7.88 | 3.84 | 7.85 | 14.71 |
| DSVSF Discovery Metals Corp |
- -% | 6.18 | 51.07 | 13.62 | 9.50 | 10.28 | 9.27 | 20.87 |
| ANPMF Andean Precious Metals Corp |
-0.28 6.24% | 4.21 | 6.87 | 3.08 | 2.24 | 3.05 | 1.95 | 4.02 |
| SVM Silvercorp Metals Inc |
-0.56 4.71% | 11.32 | 15.39 | 12.06 | 2.37 | 0.97 | 1.39 | 3.26 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
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 as on February 2, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
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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