Skip to contentHome page Seeking Alpha - Power to InvestorsCanadaDec. 26, 2025 10:43 AM ETEndeavour Silver Corp. (EXK) Stock, EDR:CA StockTaylor DartInvesting Group LeaderCommentsSummaryEndeavour Silver has finally brought Terronera into commercial production, which only came at the cost of 70%+ share dilution since the 2021 FS.Unfortunately, delays bringing Terronera online & the recent Bolanitos sale have resulted in a much softer outlook for 2026, with guidance for Terronera in H1'26 pointing to relatively low grades.Worse, the lower gold production because of the Bolanitos sale and lower gold grades at Terronera during the ramp-up phase have increased the impact of hedges at $2,325/oz.In this update we'll dig into the Q3'25 results, recent developments, and why there are better options than EXK for gaining exposure to silver.Nils Knopf/iStock via Getty ImagesAll figures are in United States Dollars unless otherwise noted. G/T = grams per tonne (of gold or silver). GEOs = gold-equivalent ounces. SEOs = silver-equivalent ounces. AISC refers to all-in sustaining costs. LOMP = life of mine plan. TPD = tonnes per day. UG = Underground. MTPA = million tonnes per annum. FS/DFS = Definitive Feasibility Study.More on my IG serviceAlluvial Gold Research offers in-depth research on my favorite miners ranked in order to aid in positioning in the most undervalued miners with upcoming catalysts to drive portfolio outperformance. Subscribers also get access to my current portfolio and real-time buy/sell alerts as well as the following: A Proprietary Sentiment Indicator for gold/silver miners updated weeklyExclusive Research on Top Ideas with fair value estimates Top Takeover TargetsBuy/Sell Signals for GDX, SIL & Individual MinersI have been able to outperform GDX consistently (280% return since August 2020 peak for GDX) with the help of timing models I've built & rigid stock selection. This article was written byTaylor Dart32.12K FollowersTaylor Dart is an individual investor with over 16 years of trading experience, with his primary focus being precious metals developers, producers and royalty/streaming companies. Taylor leads the investing group Alluvial Gold Research, where he offers portfolios with entry/exit points, Buy/Sell alerts, and proprietary sentiment indicators for gold and silver miners. Learn more. - Disclosure: I am not a financial advisor. All articles are my opinion - they are not suggestions to buy or sell any securities. Perform your own due diligence and consult a financial professional before trading or investing.Analyst’s Disclosure:I/we have a beneficial long position in the shares of ALK:CA, ALKEF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Disclaimer: Taylor Dart is not a Registered Investment Advisor or Financial Planner. This writing is for informational purposes only. It does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. Taylor Dart expressly disclaims all liability in respect to actions taken based on any or all of the information on this writing. Given the volatility in the precious metals sector, position sizing is critical, so when buying small-cap precious metals stocks, position sizes should be limited to 5% or less of one's portfolio.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.CommentsTo ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.Is this happening to you frequently? Please report it on our feedback forum.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.