Endeavour Silver announces $60 million at-the-market offering

VANCOUVER - Endeavour Silver Corp. (NYSE:EXK; TSX:EDR), a $1.57 billion market cap silver producer whose shares have surged 46% over the past six months, announced Thursday it has entered into a sales agreement with BMO Capital Markets Corp. and other agents to sell up to $60 million in common shares through at-the-market distributions over approximately 24 months.

The offering will be conducted exclusively in the United States through the New York Stock Exchange at prevailing market prices. No sales will be made in Canada on the Toronto Stock Exchange or other Canadian trading markets.

According to the company’s statement, net proceeds will be used to advance evaluation and development of its Pitarrilla and Parral properties, fund any cash shortfalls during the ramp-up of operations at the Terronera project, assess potential development stage mineral properties for acquisition, continue exploration at existing properties, and fund working capital requirements.

The sales agreement involves BMO Capital Markets as lead agent, along with TD Securities, Ventum Financial, National Bank of Canada Financial, Raymond James, H.C. Wainwright, and ING Financial Markets. Endeavour will pay the agents compensation of 2% of the gross sales price per common share sold.

The offering is being made through a prospectus supplement dated July 10, 2025, to the company’s existing U.S. registration statement and Canadian short form base shelf prospectus, both dated May 27, 2025.

The at-the-market offering remains subject to necessary regulatory approvals, including from the TSX and NYSE, according to the press release.

Endeavour Silver describes itself as a mid-tier precious metals company with operations in Mexico and Peru, including its developing Terronera mine. Based on InvestingPro’s comprehensive analysis, the company currently appears fairly valued, with a Financial Health score rated as FAIR. Investors can access detailed valuation metrics and 12 additional ProTips about Endeavour Silver through InvestingPro’s exclusive research report.

In other recent news, Endeavour Silver Corp. has amended its senior secured debt facility for the Terronera Project in Mexico, increasing the principal amount by $15 million to a total of $135 million. The financing is led by ING Capital LLC and Societe Generale and will support the completion of commissioning activities at the Terronera Project, as well as provide general working capital. Additionally, Endeavour Silver has implemented a hedging program to manage silver price exposure, protecting against downside risk while allowing for potential price appreciation. At the company’s recent Annual General Meeting, shareholders approved all proposed items, including the re-election of board members and the re-appointment of KPMG LLP as the company’s auditor. The meeting saw a 50.23% turnout of outstanding common shares, with over 137 million votes cast or represented by proxy. Notably, Margaret M. Beck received the highest approval among director nominees with 98.83%. The AGM also marked the retirement of board member Ricardo Campoy, with Chairman Rex McLennan acknowledging his contributions to the company. These developments reflect ongoing strategic and operational activities within Endeavour Silver.

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