On July 9, 2026, analysts Heiko F. Ihle, CFA, and Case Bongirne of H.C. Wainwright & Co. reiterated a Buy rating and US$17.00 price target on Endeavour Silver Corp. (EDR:TSX; EXK:NYSE; EJD:FSE), implying roughly 120% upside from the July 8, 2026, closing price of US$7.72, following the release of the company's second-quarter 2026 production results.
2Q26 Production Results
On July 8, 2026, Endeavour reported second-quarter output of approximately 1.9 million ounces (oz) of silver and 10,474 oz of gold, for a total of 3.4 million silver equivalent ounces (SEOs) once base metal production at Minera Kolpa is included. The analysts highlighted that sales meaningfully outpaced production during the period, with the company selling 2.1 million oz of silver and 10,823 oz of gold; in their view, this likely reflected some late-March production that had been held back after commodity prices declined.
Minera Kolpa saw a significant increase in throughput as management finalized the long-awaited 2,500-tonne-per-day (tpd) expansion at the site. Although grades were lower amid the ramp-up of open-pit material, higher volumes pushed silver output above plan. Second-quarter recovery rates were 85.4% for silver and 72.6% for gold. At Guanaceví, output remained on plan, though grades declined due to mine sequencing and additional dilution.
Growth Drivers and Outlook
The analysts continue to view Terronera and Minera Kolpa as the primary drivers of EXK's production growth over the coming quarters. They expect recovery rates to rise further as mining at Terronera moves into higher-grade zones in 3Q26 and beyond, with higher silver grades feeding the mill and management continuing to optimize plant processes. With Kolpa's 2,500 tpd expansion now largely complete, the analysts look for the higher run-rate to lift silver output, with improved volumes outweighing the lower-grade open-pit material processed during commissioning, and anticipate grades firming up as the operation exits its ramp-up phase.
Management is also weighing additional capital upgrades, including a dry-stack tailings filter press and on-site improvements, which the analysts believe should support sustained throughput and a longer operating runway. At Guanaceví, they look past current lower-grade sequencing and regard its consistent throughput as a reliable production base with grade upside as the mine plan advances.
Near-Term Catalysts
Current silver and gold prices of US$58.60/oz and US$4,070/oz have declined from US$85.95/oz and US$5,035/oz at the time of the analysts' prior report, but both remain comfortably above their price deck assumptions of US$50.00/oz for silver and US$3,750/oz for gold.
As a result, the analysts noted that current prices increase the likelihood that our revenue and earnings projections undersell the firm's profitability if current commodity prices remain. They characterized the second half of 2026 as a catalyst-filled stretch, pointing to further grade improvements at Terronera, increased throughput at Minera Kolpa, and a feasibility study for Pitarrilla. In their view, the combination of operational and technical progress in a strong commodity price environment should position the firm for a meaningful re-rating in 2H26.
Valuation
The analysts applied unchanged discount rates of 7.0% for Guanaceví, 9.0% for Terronera, and 10.0% for Minera Kolpa, which they believe are consistent with comparable assets carrying similar geopolitical risk and reflect recent peer transactions amid high spot pricing. They then added cash and finished inventories of US$307.4M (US$1.04 per share) and subtracted US$244.3M in debt (US$0.83 per share), yielding a net asset value (NAV) of US$2.51B, or US$8.39 per share.
Applying an unchanged 2.0x NAV multiple produces the rounded US$17.00 price target. The valuation also incorporates the market value of Endeavour's shares in Guanajuato Silver Co. Ltd. (GSVR:TSX.V; GSVRF:OTCQX), estimated at roughly US$13.3M, or US$0.04 per share. For 2026, the analysts model revenue of US$724.6M and diluted earnings per share of US$0.51.
Risks
Risks to the firm's thesis include commodity price risk, financing risk, the potential for increased capital to construct Terronera, and operating and technical risk.
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Disclosures for H.C. Wainwright & Co., Endeavour Silver Corp., July 9, 2026
This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: Endeavour Silver Corp. (EXK-US) as of 07-08-2026 16 14 12 10 8 6 4 2 0 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 Q2 Q3 BUY:$5.50 03/03/23 BUY:$8.00 07/12/23 BUY:$7.75 08/09/23 BUY:$7.25 11/08/23 BUY:$6.00 01/11/24 BUY:$5.50 03/12/24 BUY:$6.25 04/10/24 BUY:$6.50 07/25/24 BUY:$6.25 08/02/24 BUY:$6.00 10/09/24 BUY:$7.25 11/06/24 BUY:$7.00 01/10/25 BUY:$7.25 03/12/25 BUY:$8.75 07/09/25 BUY:$9.75 10/09/25 BUY:$11.00 10/30/25 BUY:$14.50 01/09/26 BUY:$17.00 03/02/26 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of July 8, 2026 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 530 83.73% 156 29.43% Neutral 48 7.58% 12 25.00% Sell 2 0.32% 0 0.00% Under Review 53 8.37% 22 41.51% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Case Bongirne and Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Endeavour Silver Corp. (including, without limitation, any option, right, warrant, future, long or short position). As of June 30, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Endeavour Silver Corp..
Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did receive compensation from Endeavour Silver Corp. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Endeavour Silver Corp. during the past 12 months. The Firm does not make a market in Endeavour Silver Corp. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.
