Silver Momentum Builds as Supply Tightens & Growth Accelerates

Endeavour Silver Corp. 

Endeavour Silver Corp. (EDR:TSX; EXK:NYSE; EJD:FSE) reported first-quarter 2026 production that reflected a significant increase in output compared to the prior year, with total silver equivalent production reaching approximately 3.3 million ounces. The results included both silver and gold production from the company’s operating portfolio, with management pointing to improved operational performance at key assets during the period.

Chief Executive Officer Dan Dickson said in a company news release that the quarter was marked by steady performance, highlighting Terronera as a key contributor with improved grades and recoveries and no major operational disruptions. The company attributed overall performance to operational consistency and contributions from its core producing assets.

On a year-over-year basis, Endeavour reported a substantial increase in both silver and gold production, driven primarily by output from the Kolpa and Terronera operations. These gains were partially offset by the divestment of the Bolañitos mine, which closed on January 15, 2026, with only partial production from that asset included in the quarter’s results.

Operationally, Terronera maintained throughput levels in line with internal planning, while recoveries improved over the course of the quarter as processing adjustments were implemented. At Guanaceví, production was impacted by lower silver grades and reduced throughput, though gold performance remained consistent with expectations. At Kolpa, the commissioning of new crushers and a 14 by 24 ball mill in March 2026 was intended to support higher throughput levels, although heavy rainfall affected operations and limited production during the period.

The company also reported increased processing activity, with consolidated throughput rising significantly compared to the same period in 2025. Sales volumes included both silver and gold, while inventory levels at quarter-end reflected a temporary buildup of bullion due to downward pressure on metal prices late in the quarter.

According to FactSet data, several analysts issued positive ratings on the company between February and April 2026:

• February 5: Raymond James analyst Craig Stanley assigned an overweight rating with a CA$14.61 target price
• April 2: TD Cowen analyst Lam Wayne issued a Buy recommendation with a CA$15.18 target price
• April 7: CIBC Capital Markets analyst Cosmos Chiu issued a Buy rating with a CA$17.97 target price
• April 8: Alliance Global Partners analyst Jake Sekelsky issued a Buy rating with a CA$15.50 target price
• April 8: H.C. Wainwright & Co. analyst Heiko Ihle issued a Buy rating with a CA$17 target price
• April 10: BMO Capital Markets analyst Kevin O’Halloran issued a Buy rating with a CA$15.54 target price
• April 13: B. Riley Securities analyst Nick Giles issued a Buy rating with a CA$16 target price
• April 15: National Bank Financial analyst Alex Terentiew issued a Buy rating with a CA$20.37 target price

In an April 15 report, Peter Krauth described the company’s first-quarter performance as “a strong and encouraging start to 2026,” noting the increase in silver and gold output and highlighting Terronera as a key growth driver due to steady throughput and improving recoveries. He also pointed to the successful commissioning of new equipment at Kolpa, which he said positions the operation to increase throughput capacity in the coming quarters.

Looking ahead, Endeavor’s investor presentation outlines development timelines for the Assafou project in Côte d’Ivoire. Key milestones include the approval of an environmental permit in September 2025 and an exploitation permit in February 2026, followed by a resource update in the first quarter of 2026. A Definitive Feasibility Study is expected in the first half of 2026, with construction targeted for the second half of the year.

The same presentation indicates a projected construction timeline of approximately two years, with first gold production targeted for the second half of 2028. Exploration activity continues across the broader project area, including drilling at the Pala Trend targets, which has extended the mineralized footprint and contributed to resource growth.

Endeavour also outlined longer-term exploration objectives, including a five-year mineral resource discovery target of 12 to 15 million ounces between 2026 and 2030. This program is expected to be supported by total exploration spending of approximately US$540 million over that period, including US$100 million planned for fiscal 2026, as detailed in the company’s investor presentation.

¹56.20% of the company is held by institutions, with Tidal Investments holding 6.17% and Mirae Asset Global owning 4.13%. .27% of Endeavour Silver is held by management and insiders.  The rest is retail.

Endeavour Silver has 295.73 million shares outstanding and an estimated market capitalization of approximately CA$2.99 million, based on recent trading prices. Shares trade in a 52-week range between CA$3.14 and CA$15.15.

Silver North Resources Ltd.

Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB; I90:FSE) outlined an expanded exploration program centered on its Haldane silver project in Yukon, supported by a newly secured multi-year drilling agreement. The company entered into a two-year contract with Boart Longyear to support drilling activities across the 2026 and 2027 field seasons, positioning the project for sustained exploration activity.

The agreement provides for two diamond drill rigs to remain on site throughout both seasons, with planned drilling totaling between 10,000 and 14,000 meters. The company indicated that mobilization of equipment was expected around mid-March, with drilling anticipated to begin once seasonal conditions allow, likely in June.

At Haldane, the 2026 program is expected to prioritize expansion of the Main Fault target, where previous drilling intersected consistent widths and grades of silver, gold, lead, and zinc mineralization. Additional targets identified for follow-up work include the Bighorn zone, where earlier drilling and trenching revealed mineralized structures along a 600-meter strike length, as well as the Johnson, West Fault, and Middlecoff targets.

Exploration efforts will also incorporate airborne geophysical surveys to refine targeting. At Haldane, the company contracted SkyTEM Canada Inc. to conduct a SkyTEM312 survey covering 944 line kilometers, designed to collect magnetic and electromagnetic data to better define subsurface structures. A separate VTEM survey is planned at the Veronica project through Geotech Ltd., covering 243 line kilometers to assist with mapping geology obscured by overburden and identifying structural controls.

At Veronica, prior sampling in 2025 identified high-grade mineralization, including a float sample returning 2,860 g/t silver along with gold, lead, and zinc values, as well as additional mineralized zones identified through surface work. The company stated that this project remains a priority exploration target alongside Haldane.

Jason Weber, President and CEO, stated in a company news release that the company’s financial position enabled it to secure the two-year drilling contract, providing visibility on executing its planned exploration program, including 5,000 to 7,000 meters of drilling annually focused on expanding the Main Fault zone.

Third-party commentary has highlighted both exploration progress and funding visibility. In a January 17 report, Rick Mills of Ahead of the Herd wrote that the 2025 drilling program at Haldane successfully tested the Main Fault structure over a 100-meter strike length and up to 150 meters down dip, noting that the target is one of the few on the property with mineralization exposed at surface. He also cited drill results, including an interval of 3.2 meters averaging 2,014 g/t silver within a broader 13.15-meter intersection.

In a February 20 report, Bob Moriarty wrote that the company “persists in striking dazzling silver intercepts,” referencing drill results that included 13.15 meters of 818 g/t silver equivalent. He also noted that the company had secured approximately CA$13 million in funding, which he said would support exploration over the next two years, including the use of two drill rigs.

²On February 23, John Newell of John Newell & Associates described Silver North as a “Speculative Buy” and identified technical price levels of CA$0.55, CA$0.70, and CA$1.05. He wrote that the company had transitioned from early-stage validation into expansion-focused exploration, supported by financing that he said funds its largest planned drill program to date.

According to the company’s investor presentation, the 2026 exploration strategy is designed to extend the Main Fault discovery both along strike and at depth following results from 2025 that expanded the footprint of mineralization. The presentation indicates that two drill rigs are expected to operate for approximately four to five months during the field season, supported by geophysical surveys conducted earlier in the year.

The same presentation outlines broader exploration objectives across the company’s portfolio, including continued work at Haldane, efforts to confirm a carbonate replacement deposit system at the Tim project, and further investigation of similar geological potential at Veronica. The company also noted that Veronica is located near the Silvertip Mine and is exploring comparable geological units, while the Tim property remains under an option agreement that could see a partner earn an interest through staged expenditures and development milestones.

¹ Management and strategic Investors own 14.6%, and the rest is retail. The company has a market cap of approximately CA$23.19 million and a 52-week share price range of CA$0.08 to CA$0.57 per share. 

Silver North’s continued focus on the Main Fault and surrounding targets aligns with its stated objective of advancing high-grade discoveries in established silver districts. The 2025 results underscore the mineral potential of Haldane and reinforce the company’s strategy of developing projects alongside major silver producers.