EXK Posts High Grade Drill Results at Kolpa Mine: Solid Upside Ahead?

Endeavour Silver Corp. EXK reported encouraging drill results from its Kolpa Mine in Peru. The mine was added to EXK’s portfolio in May and is expected to add 5 million silver equivalent (AgEq) ounces to its annual production. The mine is expected to be a key catalyst in Endeavor Silver’s plans to become a senior silver producer. 

Since the acquisition, EXK has been drilling on the Poderosa West and Caudalosa Chica veins in Corridor 3, targeting the expansion of mineral resources. 

Strong Exploration Momentum for EXK at Kolpa Mine

The Poderosa West vein, previously identified through both surface outcrops and earlier drilling, has now been mapped at surface for approximately 2.5 kilometers. It yielded promising results with hole DDH-H1-25-88 showing 247 grams per ton of silver, 0.77% lead, 10.70% zinc and 0.55% of copper over 8.2 meters.  Also, hole DDH-H1-25-92 shows 266 grams per ton of silver, 1.34% lead, 4.73% zinc and 0.23% of copper over 5.15 meters of the estimated width.
Caudalosa Chica has been mapped for more than 1.5 kilometers where three drill holes were completed in July and August. Two have intersected significant mineralization.

The company is currently evaluating both surface exploration and recent drill results to design a comprehensive and systematic exploration strategy. At Poderosa West, ongoing underground development is facilitating access to new underground drill stations, which will support further step-out drilling.

Endeavour Silver has submitted applications for surface drilling along the entire 2.5-kilometer vein. Drilling activity in Corridor 3, targeting these two key structures, is planned to resume in the later part of the fourth quarter of 2025. 

Endeavour Silver acquired the Kolpa mine for $145 million in April, taking its tally of producing mines to three and marking its foray in Peru. Kolpa has rich deposits of silver, lead, zinc and copper.

Kolpa holds 143 mining rights covering 25,177 hectares and one beneficiation concession covering 366 hectares. With only approximately 10% of the claims worked to date, the land package remains underexplored.

Kolpa has been in continuous production for more than 25 years. The operation has undergone numerous throughput expansions. It has a concentrator plant with a current capacity of 1,800 tons per day (tpd), with scope of expansion to 2,500 tpd.

Endeavour Silver produced 2.5 million silver-equivalent ounces in the second quarter of 2025. This reflected a 17% increase from the year-ago quarter, driven by the addition of the Kolpa operation. Consolidated silver production was up 13% year over year to 1.484 million ounces.

On Aug. 5, 2025, Endeavour Silver announced that 57,080 tons were milled at its Terronera mine located in Jalisco State, Mexico, in July. Following the completion of commissioning, the mine has seen a significant increase in throughput. As the mill ramp-up progresses, Terronera is steadily approaching its target sustainable production levels and moving closer to commercial production.

A Look at Q2 Production Numbers of EXK’s Peers

Endeavor Silver, along with Avino Silver & Gold Mines Ltd. ASM, First Majestic Silver Corp. AG and Pan American Silver PAAS, falls under the Zacks Mining - Silver industry. 

Avino Silver & Gold Mines’ second-quarter 2025 silver production slipped 3% year over year to 283,619 ounces, while gold production increased 17% to 1,774 ounces. Copper production rose 12% from the year-ago quarter to 1.46 million pounds.

Avino Silver & Gold Mines reported second-quarter silver-equivalent production of 645,602 ounces, a 5% increase year over year, driven by record quarterly mill throughput.

First Majestic Silver’s second-quarter production was 7.9 million silver-equivalent ounces, which included 3.7 million silver ounces and 33,865 gold ounces. The AgEq ounces produced marked a solid 48% year-over-year increase, attributed to a 76% surge in silver production.

Increased production at the San Dimas mine and La Encantada mine, as well contributions from the Cerro Los Gatos mine, led to the improvement in First Majestic’s production numbers. 

Pan American Silver produced 5.1 million ounces of silver, which was 12% higher than the prior-year quarter. Pan American Silver produced 178.7 thousand ounces of gold in the second quarter, which came in 19% lower than the second quarter of 2024.  The company also produced 12.6 thousand ounces of zinc, 6 thousand ounces of lead and 0.7 thousand ounces of copper.

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