Q2 2026 Endeavour Silver Corp Earnings Call

July 30, 2026

Speaker #1: Thank you for standing by. This is the conference operator. Welcome to the Endeavour Silver Q2 2026 financial results conference call. As a reminder, all participants are on listen-only mode, and the conference is being recorded.

Operator: Thank you for standing by. This is the conference operator. Welcome to the Endeavour Silver Q2 2026 financial results conference call. As a reminder, all participants are on listen only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

Operator: Thank you for standing by. This is the conference operator. Welcome to the Endeavour Silver Q2 2026 Financial Results Conference Call. As a reminder, all participants are on listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

Speaker #1: After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad.

Operator: To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Allison Pettit, Vice President, Investor Relations. Please go ahead.

Speaker #1: Should you need assistance during the conference call, you may reach an operator by pressing star, then zero. I would now like to turn the conference over to Allison Pettit, Vice President, Investor Relations.

Speaker #1: Please go ahead.

Speaker #2: Thank you, operator, and good morning, everyone. Before we get started, I ask that you review our MD&A precautionary language regarding forward-looking statements and the risk factors pertaining to these statements.

Allison Pettit: Thank you, operator, good morning, everyone. Before we get started, I ask that you view our MD&A precautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Our MD&A and financial statements are available on our website at edrsilver.com. On today's call, we have Dan Dickson, Endeavour Silver's CEO, and Elizabeth Senez, our CFO. Following Dan's formal remarks, we will open the call for questions. Now over to Dan.

Allison Pettit: Thank you, operator. Good morning, everyone. Before we get started, I ask that you view our MD&A precautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Our MD&A and financial statements are available on our website at edrsilver.com. On today's call, we have Dan Dickson, Endeavour Silver's CEO, and Elizabeth Senez, our CFO. Following Dan's formal remarks, we will open the call for questions. Now over to Dan.

Speaker #2: Our MD&A and financial statements are available on our website at edrsilver.com. On today's call, we have Dan Dickson, Endeavour Silver's CEO, and Elizabeth Senev, our CFO.

Speaker #2: Following Dan's formal remarks, we will open the call for questions. And now, over to Dan.

Speaker #3: Thanks, Allison, and welcome, everyone. Endeavour Silver's Q2 performance reflects the strengths of our operations, with increased production, record metal sales, and a meaningful improvement in mine operating cash flow.

Dan Dickson: Thanks, Allison, welcome everyone. Endeavour Silver's Q2 performance reflects the strength of our operations with increased production, record metal sales, and a meaningful improvement in mine operating cash flow. Terronera's ramp up and the higher throughput achieved at Kolpa, together with our strong cash position, gives us a solid base to continue advancing our growth plans throughout the remainder of the year. In Q2, Endeavour produced nearly 2 million ounces of silver and over 10,000 ounces of gold, totaling 3 million silver equivalent ounces. This represents a 36% increase compared to Q2 2025.

Speaker #3: TerraNera's ramp-up and the higher throughput achieved at Colpa, together with our strong cash position, give us a solid base to continue advancing our growth plans throughout the remainder of the year.

Speaker #3: In Q2, Endeavour produced nearly 2 million ounces of silver and over 10,000 ounces of gold, totaling 3 million silver equivalent ounces. This represents a 36% increase compared to Q2 2025.

Dan Dickson: In Q2, Endeavour produced nearly 2 million ounces of silver and over 10,000 ounces of gold, totaling 3 million silver-equivalent ounces. This represents a 36% increase compared to Q2 2025.

Speaker #3: We reported revenue of $212 million, an increase of 150% compared to the prior year, with mine operating earnings of $74 million—again, higher than the $7 million in Q2 2025—and mine operating cash flow of $100 million before taxes, a 300% increase from Q2 2025.

Dan Dickson: We reported revenue of $212 million, an increase of 150% compared to prior year, with mine operating earnings of $74 million, again higher than the $7 million in Q2 2025, and mine operating cash flow of $100 million before taxes, a 300% increase from Q2 2025. Our all-in sustaining costs net of by-product credits were $37 this quarter, representing a 47% increase from Q2 2025. Profitability has significantly increased our operating costs with increased royalties, purchased material, profit sharing, and mining taxes. With increased profitability, we continued to invest in sustaining capital costs, especially compared to prior period. In Q2, Endeavour recognized an adjusted net earnings of $45 million or an adjusted net earnings per share of $0.15. Changes in the metal price have a meaningful impact on our direct cost per ton.

Speaker #3: Our oil and sustaining costs netted by product credits were $37 this quarter, representing a 47% increase from Q2 2025. Profitability has significantly increased our operating costs with increased royalties, purchased material, profit sharing, and mining taxes.

Dan Dickson: Profitability has significantly increased our operating costs with increased royalties, purchased material, profit sharing, and mining taxes. With increased profitability, we continued to invest in sustaining capital costs, especially compared to prior period. In Q2, Endeavour recognized an adjusted net earnings of $45 million or an adjusted net earnings per share of $0.15. Changes in the metal price have a meaningful impact on our direct cost per ton.

Speaker #3: With increased profitability, we continue to invest in sustaining capital costs, especially compared to the prior period. In Q2, Endeavour recognized an adjusted net earnings of $45 million, or an adjusted net earnings per share of $0.15.

Speaker #3: Changes in the metal price have a meaningful impact on our direct costs per ton. For example, for every $1 increase in silver per ounce, costs per ton rise by about $0.90 at Terronera, $3.80 at Guanaceví, and $0.50 at Bolañitos.

Dan Dickson: For example, for every one dollar increase in silver ounce, cost per ton rise by about $0.90 at Terronera, $3.80 at Guanaceví, and $0.50 at Kolpa due to the higher royalties, Special Mining Duty, third-party purchase ore, and federally required profit sharing. Direct operating costs per ton were 14% higher this quarter compared to Q2 last year, as the Mexican peso has appreciated and put pressure on inputs impacting our costs. During Q1, Kolpa installed and commissioned a new 3-stage pressure in ball mill, increasing plant capacity to 2,500 tons per day.

Dan Dickson: For example, for every $1 increase in silver ounce, cost per ton rise by about $0.90 at Terronera, $3.80 at Guanaceví, and $0.50 at Kolpa due to the higher royalties, mining duty, third-party purchase ore, and federally required profit sharing.

Speaker #3: Due to the higher royalties, mining duties, third-party purchases, and fairly required profit sharing, direct operating costs per ton were 14% higher this quarter compared to Q2 last year, as the Mexican peso has appreciated and put pressure on inputs, impacting our costs.

Dan Dickson: Direct operating costs per ton were 14% higher this quarter compared to Q2 last year, as the Mexican peso has appreciated and put pressure on inputs impacting our costs. During Q1, Kolpa installed and commissioned a new 3-stage pressure in ball mill, increasing plant capacity to 2,500 tons per day.

Speaker #3: During the first quarter, Colpa installed and commissioned a new three-stage pressure and ball mill, increasing plant capacity to 2,500 tons per day. Additional expansion expenditures remain, along with capital improvement initiatives.

Dan Dickson: Additional expansion expenditures remain, along with capital improvement initiatives, including the expansion of the tailing storage facility to accommodate the increased capacity, construction of a new water treatment plant, new power substations required to support current and future operating levels, as well as upgrades to the camp accommodations aimed at attracting and retaining skilled miners in Peru. Management continues to evaluate the long-term capital needs of Kolpa and has increased the 2026 budget by $18 million to bring projects forward and meet company and Peruvian recommendations. At Terronera, daily throughput remained consistent as the processing plant focused on metal recoveries. Silver grades were in line with plan for the quarter and are expected to increase during H2 as mining operations access our higher-grade areas. Further progress is expected on recoveries as the grinding circuit continues to find efficiencies and to meet the design criteria.

Speaker #3: Including the expansion of the tailings storage facility to accommodate the increased plant capacity, construction of a new water treatment plant, new power substations required to support current and future operating levels, as well as upgrades to the camp accommodations aimed at attracting and retaining skilled miners in Peru.

Speaker #3: Management continues to evaluate the long-term capital needs of Colpa and has increased the 2026 budget by $18 million to bring projects forward and meet company and Peruvian recommendations.

Dan Dickson: Management continues to evaluate the long-term capital needs of Kolpa and has increased the 2026 budget by $18 million to bring projects forward and meet company and Peruvian recommendations.

Speaker #3: At TerraNera, daily throughput remained consistent as the processing plant focused on metal recoveries. Silver grades were in line with plan for the quarter, and are expected to increase during the second half of the year as mining operations access our higher-grade areas.

Dan Dickson: At Terronera, daily throughput remained consistent as the processing plant focused on metal recoveries. Silver grades were in line with plan for the quarter and are expected to increase during H2 as mining operations access our higher-grade areas. Further progress is expected on recoveries as the grinding circuit continues to find efficiencies and to meet the design criteria.

Speaker #3: Further progress is expected on recoveries as the grinding circuit continues to find efficiencies and to meet the design criteria. With higher-grade areas and other ramp-up efficiency initiatives, such as the LNG plant commissioning and the waste dump to development, management expects an incremental decrease in TerraNera's cost per ton throughout the second half of the year.

Dan Dickson: With higher-grade areas and other ramp-up efficiency initiatives such as the LNG plant commissioning and the Waste Dump 2 development, management expects an incremental decrease in Terronera's cost per ton throughout H2. Exploration drilling also restarted at Terronera, making it the first drill program at the mine since 2020 and is aimed at expanding and better defining mineralization along strike and depth within the Terronera vein and defining the limits of mineralization near historical workings to support mine design and long-term planning at 11s. For more details, we released initial results on 18 June and you can find them on our website. Guanaceví incurred higher direct cost per ton this quarter, largely due to higher volume and cost of third-party material purchased, which have become more expensive on a per ton basis due to higher prices.

Speaker #3: Expiration drilling also restarted at TerraNera, making it the first drill program at the mine since 2020, and is aimed at expanding and better defining mineralization along strike and depth within the TerraNera vein, and defining the limits of mineralization near historical workings to support mine design and long-term planning at levels.

Dan Dickson: Exploration drilling also restarted at Terronera, making it the first drill program at the mine since 2020 and is aimed at expanding and better defining mineralization along strike and depth within the Terronera vein and defining the limits of mineralization near historical workings to support mine design and long-term planning at 11s. For more details, we released initial results on 18 June and you can find them on our website.

Speaker #3: For more details, we released initial results on June 18, and you can find them on our website. Guanaceví incurred higher direct costs per ton this quarter, largely due to higher volume and costs of third-party material purchased, which have become more expensive on a per-ton basis due to the higher prices.

Dan Dickson: Guanaceví incurred higher direct cost per ton this quarter, largely due to higher volume and cost of third-party material purchased, which have become more expensive on a per ton basis due to higher prices.

Speaker #3: The higher metal prices also drove higher royalties and special mining duty payable for the period. The higher prices have allowed the operating team to mine lower-grade zones, ultimately extending mine life, and we do expect higher-grade areas to come online in the near future, increasing grades from current levels.

Dan Dickson: The higher metal prices also drove higher royalties, Special Mining Duty payable for the period. The higher prices have allowed the operating team to mine lower grade zones, ultimately extending mine life, and we do expect higher grade areas to come in line in the near future, increasing grades from current levels. Drilling continued throughout Q2 at Guanaceví as well, focusing on underground diamond drilling in deeper parts of the Alejandro Corredor Dos and Milache areas, and we continued to test Santa Cruz vein and look for additional extensions to the north. As of 30 June 2026, we had a cash position of $236 million, working capital of $214 million, providing a strong and stable foundation to advance our ongoing initiatives. We continue to advance the Pit 3 feasibility study, which is expected at the end of Q3, with economic information being collected with drafts expected shortly for management.

Speaker #3: Drilling continued throughout Q2 at Guanaceví as well, focusing on underground diamond drilling in the deeper parts of the Alondra, Provenir Dos, and El Malache areas. We continue to test the Santa Cruz vein and look for additional extensions to the north.

Dan Dickson: Drilling continued throughout Q2 at Guanaceví as well, focusing on underground diamond drilling in deeper parts of the Alejandro Corredor Dos and Milache areas, and we continued to test Santa Cruz vein and look for additional extensions to the north.

Speaker #3: As of June 30, 2026, we had a cash position of $236 million and working capital of $214 million, providing a strong and stable foundation to advance our ongoing initiatives.

Dan Dickson: As of 30 June 2026, we had a cash position of $236 million, working capital of $214 million, providing a strong and stable foundation to advance our ongoing initiatives. We continue to advance the Pit 3 feasibility study, which is expected at the end of Q3, with economic information being collected with drafts expected shortly for management.

Speaker #3: We continue to advance the PIT 3F feasibility study, which is expected by the end of Q3, with economic information being collected and drafts expected shortly for management.

Speaker #3: In closing, Endeavour delivered a strong second quarter, supported by higher production, record metal sales, improved mine operating cash flow, and a strengthened balance sheet. With the Colpa expansion now achieving higher throughput, Terronera continuing to advance through its ramp-up, and the advancement of the Pit 3F feasibility study underway, we are well positioned to build on this momentum through the second half of the year and into next year.

Dan Dickson: In closing, Endeavour delivered a strong Q2 supported by higher production, record metal sales, improved mine operating cash flow and a strengthened balance sheet. With the Kolpa expansion now achieving higher throughput, Terronera continued advance through its ramp up and the events of the Pitarrilla feasibility study underway, we are well-positioned to build on this momentum through the H2 of the year and into next year. Thank you for your continued support and engagement and with that, I'm happy to open up for questions. Operator, let's please proceed to the Q&A session.

Speaker #3: Thank you for your continued support and engagement, and with that, I'm happy to open up for questions. Operating leads, please proceed to the Q&A session.

Speaker #2: Thank you. To join the question queue, you may press star, then 1, on your telephone keypad. You will hear a tone acknowledging your request.

Dan Dickson: Thank you. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Heiko Ihle with H.C. Wainwright. Please go ahead.

Operator: Thank you. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Heiko Ihle with H.C. Wainwright. Please go ahead.

Speaker #2: If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then 2. The first question comes from Heiko Ile with HC Wainwright.

Speaker #2: Please go ahead.

Speaker #3: Hey Dan and team, thanks for taking my questions. I'm going back on the—

Heiko Ihle: Hey Dan and team, thanks for taking my questions.

Dan Dickson: Hey, Heiko. How are you?

Speaker #4: Not too bad. Not too bad. I went back on the TerraNera Environmental. I went back on the TerraNera Environmental website this morning that you guys have set up, the TerraNera.com.

Heiko Ihle: Not too bad.

Dan Dickson: Good to hear.

Heiko Ihle: I went back on the Terronera environmental. I went back on the Terronera environmental website this morning, that you guys have set up, the terroneraproject.com. Obviously, commissioning at the site began a month ago. You did mention an incremental decrease in costs during the H2. Just a couple of questions based on that. Were there any bottlenecks or costs that you didn't anticipate so far during the commissioning or anything else that didn't come in as anticipated?

Speaker #4: Obviously, commissioning the site began a month ago. And then, you did mention an incremental decrease in costs during the second half. So, just a couple of questions based on that.

Speaker #4: Were there any bottlenecks or costs that you didn't anticipate so far during the commissioning? Or anything else that didn't come to us as anticipated?

Speaker #3: For the LNG plant, we commissioned it in June. I wouldn't say there was anything particularly unexpected—just going through permitting took a longer time.

Dan Dickson: For our LNG plant, we commissioned it in June. I wouldn't say there was anything particularly unexpected. Going through permitting it took a longer time. If you recall, we might have talked about this on past calls or past meetings, but there was an LNG spill in Mexico City in November, December of 2025. That impacted us having to put together additional emergency response plans for LNG to be transported to our site, which actually right now is coming out of the state of Chihuahua and eventually will come from Guadalajara. We had to do that. We also had to increase our permit around storage. Again, all related to some of the incidents that had happened around the country. From a commissioning standpoint of our actual LNG plant, it went very smoothly. Took longer than expected just because of the permitting.

Speaker #3: And if you recall, we might have talked about this on past calls or past meetings, but there was an LNG spill in Mexico City in November or December of 2025.

Speaker #3: And that impacted us, having to put together additional emergency response plans for LNG to be transported to our site, which actually, right now, is coming out of the state of Chihuahua, and eventually will come from Guadalajara.

Dan Dickson: That impacted us having to put together additional emergency response plans for LNG to be transported to our site, which actually right now is coming out of the state of Chihuahua and eventually will come from Guadalajara. We had to do that. We also had to increase our permit around storage. Again, all related to some of the incidents that had happened around the country. From a commissioning standpoint of our actual LNG plant, it went very smoothly. Took longer than expected just because of the permitting.

Speaker #3: We had to do that, and then we actually had to increase our permit around storage again, all related to some of the incidents that had happened around the country.

Speaker #3: But from a commissioning standpoint, there was actually an LNG plant. It went very smoothly, just took longer than expected because of the permitting.

Speaker #4: Yep, okay. And then, to be clear, the LNG plant obviously supplies the plant and the buildings, but then it also says that it gives loads to four portals of the mine water management system.

Heiko Ihle: Yep. Okay. To be clear, the LNG plant obviously supplies the plant and the buildings, but it also says that it gives loads to four portals of the mine water management system. All those are now connected, or what's the timeline to actually finish this off?

Speaker #4: Are all those now connected, or what's the timeline to actually finish this off?

Speaker #3: Yeah, no, that's a very good question, actually. So our lower platform is what we connected first, and that happened early June, end of June.

Dan Dickson: Yeah. No, that's a very good question, actually. Our lower platform is what we connected first, and that happened early June. End of June, we connected the upper platform. Effectively, the whole plant was connected by the end of Q2. Here in August, it's coming up. By 15 August, we'll have the mine connected to LNG generation system. Right now the mine remains on its diesel gen sets, and we've just had boreholes go through and we're actually running the line this week. Hopefully we're connected before mid-month, but at this point it's ongoing.

Speaker #3: We connected the upper platform, so effectively the whole plant was connected by the end of the quarter. And here in August, it's coming up.

Speaker #3: By August 15, we'll have the mine connected to LNG generation systems. So right now, the mine remains on its diesel gen sets, and we've just had boreholes go through, and we're actually running the line this week.

Speaker #3: So hopefully, we're connected before mid-month, but at this point, it's ongoing.

Speaker #4: Fair enough. And then just conceptually, I mean, you guys have close to a quarter billion in cash. I remember when this company didn't even have a market cap, if that's right.

Heiko Ihle: Fair enough. Just conceptually, you guys got close to a $quarter billion in cash. I remember when this company didn't have a market cap of that size. Probably aging myself here a little bit, just thinking out loud, what's the limit or what's the necessary bottom right now in regards to cash balance? Building on that, at what point should one even maybe think out loud and maybe see a special dividend, especially once you're done with all the capital expenditures that are coming towards you over the next couple of quarters?

Speaker #4: I'm probably aging myself here a little bit, just thinking out loud, but where do you think the limit is, or what's the necessary minimum right now in regard to cash balance?

Speaker #4: And then, building on that, at what point should one even maybe think out loud—and maybe even see—a special dividend, especially once you're done with all the capital expenditures that are coming towards you over the next couple of quarters?

Speaker #3: Yeah, I mean, we often get that question, Heiko. It's ultimately a resource allocation and what we do with that. And there will be a time that we return money to shareholders, either through a dividend or share buyback.

Dan Dickson: Yeah. We often get that question, Heiko. It's ultimately a resource allocation on what we do with that, there'll be a time that we return money to shareholders either through a dividend, share buyback. I think the growth plans that we have as a company over the next five years is still pretty substantial. We obviously have our convertible debt that sits long-term, that's about $350 million that one day will be paid back. If our share price is at $12.45 and that gets converted, that gets converted. Ultimately, Pit Three and the feasibility study that we have coming out, hopefully here by the end of September, have information publicly for that, dictates what we're going to do with that capital. That feasibility study, we fully expect to be very positive, and we expect to build costs somewhere $500, $600 million range.

Speaker #3: I think the growth plans that we have as a company over the next five years are still pretty substantial. We obviously have our convertible debt that sits long term, and that's about $350 million, that one day will be paid back for share prices at $12.45.

Dan Dickson: If our share price is at $12.45 and that gets converted, that gets converted. Ultimately, Pit Three and the feasibility study that we have coming out, hopefully here by the end of September, have information publicly for that, dictates what we're going to do with that capital. That feasibility study, we fully expect to be very positive, and we expect to build costs somewhere $500, $600 million range.

Speaker #3: And that gets converted. That gets converted. Ultimately, PIT 3A and the feasibility study that we have coming out—hopefully here by the end of September and having information publicly for that—dictates what we're going to do with that capital.

Speaker #3: And that feasibility study, we fully expect to be very positive, and we expect to build costs somewhere in the $500 to $600 million range. And we don't have that capex number yet.

Dan Dickson: We don't have that CapEx number yet. Just management's expectation being around that cash flow that we're generating and the cash that we have on our balance sheet, it will ultimately be earmarked for Pit 3. Pit 3, if we can have that built by 2030, ultimately you're a company of scale that can look at dividends or share buybacks, and that's when we start talking about returning capital to shareholders.

Speaker #3: But just management's kind of expectation being around that, that cash flow that we're generating and the cash that we have on our balance sheet will ultimately be earmarked for PIT 3A.

Speaker #3: Now, PIT 3A—if we can have that built by 2030—ultimately, now your company has scaled, it can look at dividends or share buybacks, and that's when we start talking about returning capital to shareholders.

Speaker #4: Perfect. Okay, that's it. I don't want to hold up the question queue too long here, so thanks for taking the questions, and I'll get back in line.

Heiko Ihle: Perfect. Okay. That's it. I don't want to hold up the question queue too long here. Thanks for taking the question. I'll get back in line.

Speaker #3: Thanks for the questions, Heiko.

Dan Dickson: Thanks for the question, Heiko.

Speaker #2: The next question comes from Wayne Lamb with TD Securities. Please go ahead.

Dan Dickson: The next question comes from Wayne Lam with TD Securities. Please go ahead.

Operator: The next question comes from Wayne Lam with TD Securities. Please go ahead.

Speaker #5: Hey, thanks guys. Maybe first question, just on the grades at TerraNera. Just want to get a bit more detail. If we look back to the commercial production announcement last October, you guys had guided to a six-month period where you were moving through the lower grade development in order to get to the higher grade zones.

Wayne Lam: Hey. Thanks, guys. Maybe first question, just on the grades of Terronera. Just wanted to get a bit more detail. If we look back to the commercial production announcement last October, you guys had guided to a six-month period where you were moving through the lower grade development ore to get to the higher grade zones. I just wanted to know what the expectation is now, with the commentary that you're going to get into higher grades. Is that something that we should expect a step change immediately into Q3, or is there still more of a ramp-up? Just with the mine plan in year one having silver grades north of 200 gram per ton and gold grades at almost 4 gram, should we start to model that into the back half of the year?

Wayne Lam [Director, Equity Research: Hey. Thanks, guys. Maybe first question, just on the grades of Terronera. Just wanted to get a bit more detail. If we look back to the commercial production announcement last October, you guys had guided to a six-month period where you were moving through the lower grade development ore to get to the higher grade zones.

Speaker #5: So, I was just wanting to know what the expectation is now, with the commentary that you're going to get into the higher grades.

Wayne Lam [Director, Equity Research: I just wanted to know what the expectation is now, with the commentary that you're going to get into higher grades. Is that something that we should expect a step change immediately into Q3, or is there still more of a ramp-up?

Speaker #5: Is that something that we should expect—a step change immediately into Q3, or is there still more of a ramp-up? And then, just with the mine plan in year one having silver grades north of 200 grams per ton, and gold grades at almost 4 grams, should we kind of start to model that into the back half of the year? Or, just wondering if there's any additional commentary you can provide us in terms of what we should expect going forward, and what you've seen so far through the month of July?

Wayne Lam [Director, Equity Research: Just with the mine plan in year one having silver grades north of 200 gram per ton and gold grades at almost 4 gram, should we start to model that into the back half of the year? Just wondering if there's any additional commentary you can provide us in terms of what we should expect going forward and what you've seen so far through the month of July.

Wayne Lam: Just wondering if there's any additional commentary you can provide us in terms of what we should expect going forward and what you've seen so far through the month of July.

Speaker #3: Yep. I'll answer your second question first, if that's okay, Wayne. So, as far as your question goes, going back to the feasibility study, when you have the 4-gram gold that's coming through, that's related to LaLuz.

Dan Dickson: Yep. I'll answer your second question first, if that's okay, Wayne. As far as you're going back to the feasibility study when you have the 4-gram gold that's coming through, and that's related to La Luz. In our feasibility study from an IRR standpoint, some payback periods, your highest grade material starts in day one. From practicality standpoints, we obviously didn't go with that. Obviously, the price is completely different than what we did our feasibility study at, which was at $17 silver. We didn't want to have ounces end up in our tailing storage facility and made the decision mid-year last year that we'd go after lower grade material, and that wouldn't happen until about mid-year this year. La Luz came out of that plan last year, and now it's earmarked for Q1, Q2 of next year. Ultimately, we spent time drilling that out.

Speaker #3: In our feasibility study, from an IRR standpoint and payback periods, your highest grade material starts on day one from a practicality standpoint. So, we obviously didn't go with that.

Speaker #3: Obviously, price is completely different than what we did our feasibility study at, which was at $17 silver. We didn't want to have grade or ounces end up in our tailings storage facility, and made the decision mid-year last year that we'd go after lower-grade material, and that would happen until about mid-year this year.

Dan Dickson: We didn't want to have ounces end up in our tailing storage facility and made the decision mid-year last year that we'd go after lower grade material, and that wouldn't happen until about mid-year this year. La Luz came out of that plan last year, and now it's earmarked for Q1, Q2 of next year. Ultimately, we spent time drilling that out.

Speaker #3: LaLuz came out of that plan last year, and now it's kind of earmarked for Q1, Q2 of next year. Ultimately, we spent time drilling that out.

Speaker #3: We've pushed that resource to depth a little bit. Our one rig that's been on site has been drilling TerraNera, and it's going back to La Luz in August to see if we can continue to find the bottom of La Luz.

Dan Dickson: We've pushed that resource to depth a little bit. Our one rig that's been on site, it's been drilling Terronera, and it's going back to La Luz in August to see if we can continue to find the bottom of La Luz. That's all designed around so we can properly mine design La Luz so we can be most efficient. We've gone back and forth between long hole and cut and fill. The long way to say that ultimately that high-grade gold isn't in our plan for 2026, it's in our plan for 2027. That's why you've seen that gold run around two compared to the feasibility study that's running four. The 200 gram silver is really coming from that Terronera shoot. There's a shoot that goes from southeast to northwest, plunging towards the northwest. That is our high-grade material.

Speaker #3: And that's all designed around so we can properly mine-design La Luz, so we can be most efficient. And we've kind of gone back and forth between long-hole and cut-and-fill.

Speaker #3: The long way to say that, ultimately, that high-grade gold isn't in our plan for 2026; it's in our plan for 2027. So that's why you've seen that gold run around too, compared to the feasibility study that's running for the 200-gram silver, which is really coming from that TerraNera chute.

Dan Dickson: The long way to say that ultimately that high-grade gold isn't in our plan for 2026, it's in our plan for 2027. That's why you've seen that gold run around two compared to the feasibility study that's running four. The 200 gram silver is really coming from that Terronera shoot. There's a shoot that goes from southeast to northwest, plunging towards the northwest. That is our high-grade material.

Speaker #3: There's a chute that goes from southeast to northwest, plunging towards the northwest—that is our high-grade material. And we put out drill results, as I said, on June 18th that kind of push that plunging chute towards the northwest.

Dan Dickson: We put out drill results, as I said, on 18 June, that pushed that plunging shoot towards the northwest, and we've actually come into that a little bit sooner. We are starting sill development now. We've seen some of our grades come up already in July, but I think it's going to be incremental increases July, August to September. We still do have some grade in the low-grade zones. We have some mineral that we're mining that's outside of our resource that if we don't take it, we're not going to get it. That's going to slightly impact it, but we should see an increase in silver grade in H2 and ultimately in Q3. Specific timings on July, August, September, it's going to give or take 3 or 4 weeks. It's a very small time period.

Speaker #3: And we've actually come into that a little bit sooner. We are starting sill development now. We've seen some of our grades come up already in July, but I think it's going to be incremental increases—July, August, to September.

Speaker #3: We still do have some grade in the low-grade zones. We have some mineral that we're mining that's outside of our resource that, if we don't take it, we're not going to get it.

Dan Dickson: We have some mineral that we're mining that's outside of our resource that if we don't take it, we're not going to get it. That's going to slightly impact it, but we should see an increase in silver grade in H2 and ultimately in Q3. Specific timings on July, August, September, it's going to give or take 3 or 4 weeks. It's a very small time period. Ultimately, I would expect to see higher grades, silver grades in Q3 than we saw in Q2, which has always been the plan.

Speaker #3: So that's going to slightly impact it, but we should see an increase in silver grade in the second half of the year, and ultimately in Q3.

Speaker #3: Specific timings on July, August, September—it's going to give or take three to four weeks. It's a very small time period, but ultimately, I would expect to see higher grade silver grades in Q3 than we saw in Q2, which has always been the plan.

Dan Dickson: Ultimately, I would expect to see higher grades, silver grades in Q3 than we saw in Q2, which has always been the plan.

Speaker #5: Okay, thanks. That's pretty good detail. Maybe just shifting to the costs—just wondering on the ASIC performance through H1, which you had noted, and some of the pressures that you'd been seeing.

Wayne Lam: Okay, thanks. That's pretty good detail. Maybe just shifting to costs. Just wondering on the AISC performance through H1, which you had noted some of the pressures that you've been seeing. Just curious with the performance through H1, and with the silver price pushing some of those factors higher, how are you thinking about your AISC guidance, and how should we be thinking about the improved efficiencies and the decline in sustaining capital spend into H2? Just wondering if that guidance is still realistic given the performance to date.

Wayne Lam [Director, Equity Research: Okay, thanks. That's pretty good detail. Maybe just shifting to costs. Just wondering on the AISC performance through H1, which you had noted some of the pressures that you've been seeing. Just curious with the performance through H1, and with the silver price pushing some of those factors higher, how are you thinking about your AISC guidance, and how should we be thinking about the improved efficiencies and the decline in sustaining capital spend into H2? Just wondering if that guidance is still realistic given the performance to date.

Speaker #5: But just curious, with the performance through the first half of the year, and with the silver price kind of pushing some of those factors higher, how are you thinking about your AISC guidance, and how should we be thinking about the improved efficiencies and the decline in sustaining capital spend into H2?

Speaker #5: Just wondering if that guidance is still realistic, given the performance to date?

Speaker #3: Yeah, it's a very difficult thing because of the amount of variables that go into your all-in sustaining costs. When we put out our guidance, we use a $38 silver price.

Dan Dickson: Yeah. It's a very difficult thing because of the amount of variables that go into your all-in sustaining costs. When we put out our guidance, we used $38 silver price or $36 silver price, ultimately build everything off that. That actually steps back to when we start our process for planning in basically Q3 2025, we're sitting around that. Obviously a huge change that's happened. We also provide all those sensitivities in that guidance. It's difficult for whatever price you guys are using, or different analysts have different prices, obviously. Right now, with the increased sustaining CapEx that we have at Kolpa, it's offset by the byproduct credits that we're getting from lead, zinc, silver, some of the efficiencies we're getting. There's a lot going in.

Speaker #3: Or $36 silver price, and ultimately, build everything off that. And that actually steps back to when we're looking—we start our process for planning in basically Q3 of 2025.

Speaker #3: And silver is sitting around that. And obviously, a huge change that's happened. We also provide all those sensitivities in that guidance. And so it's difficult for whatever price you guys are using, or different analysts have different prices. Obviously, right now with the increased sustaining capex that we have at Colpa, it's offset by the byproduct credits that we're getting from lead, zinc, silver, some of the efficiencies we're getting.

Dan Dickson: Obviously a huge change that's happened. We also provide all those sensitivities in that guidance. It's difficult for whatever price you guys are using, or different analysts have different prices, obviously. Right now, with the increased sustaining CapEx that we have at Kolpa, it's offset by the byproduct credits that we're getting from lead, zinc, silver, some of the efficiencies we're getting.

Speaker #3: So, there's a lot going on. We haven't changed our guidance on that all-in sustaining cost, and clearly, where we're sitting is much higher than our guidance.

Dan Dickson: There's a lot going in. We haven't changed our guidance on that all-in sustaining costs. Clearly where we're sitting is much higher than our guidance. That's going to continue because of the higher prices.

Dan Dickson: We haven't changed our guidance on that all-in sustaining costs. Clearly where we're sitting is much higher than our guidance. That's going to continue because of the higher prices.

Speaker #3: And that's going to continue because of the higher prices.

Speaker #5: Okay, great. And then maybe just lastly on the hedging strategy, can you give us a bit of detail on the go-forward hedging program on the Mexican peso?

Wayne Lam: Okay, great. Then maybe just lastly on the hedging strategy, can you give us a bit of detail on the go-forward hedging program on the Mexican peso? Then just with the higher costs at Guanacevi, I know you have the hedging in place currently from the build, but is there any thought to hedging silver price a bit further out to protect the margins at Guanacevi?

Wayne Lam [Director, Equity Research: Okay, great. Then maybe just lastly on the hedging strategy, can you give us a bit of detail on the go-forward hedging program on the Mexican peso? Then just with the higher costs at Guanacevi, I know you have the hedging in place currently from the build, but is there any thought to hedging silver price a bit further out to protect the margins at Guanacevi?

Speaker #5: And then, just with the higher costs at Guanaceví—I know you have the hedging in place currently from the build—but is there any thought to hedging silver price a bit further out to protect the margins at Guanaceví?

Speaker #2: Hi. I'll take that one. So, on the foreign exchange hedging, all of the foreign exchange hedges that we put in as part of the build have been unwound.

Elizabeth Senez: Hi, I'll take that one. On the foreign exchange hedging, all of the foreign exchange hedges that we put in as part of those have been unwound. Yes, we are doing foreign exchange hedging for the operating costs that are denominated in peso for Guanacevi, that also reflects on Terronera as well. With the stronger peso, we've not put any in in the last three months. That book's sitting pretty healthy for us and our plan generally is to hedge the peso, a small amount, to tolerate any significant shifts in the price of the peso as it moves around. On the metal hedging, as you know, all the silver collars unwound in June and were paid out 2 July, then the gold hedges stream out to the end of June of next year.

Speaker #2: But yes, we are doing foreign exchange hedging for the operating costs that are denominated in pesos for Guanesavi. And that also reflects on TerraNera as well.

Speaker #2: With the stronger peso, we've not put any in the last three months. But that book's sitting pretty healthy for us, and our plan generally is to hedge the peso a small amount to tolerate any significant shifts in the price of the peso as it moves around.

Elizabeth Senez: That book's sitting pretty healthy for us and our plan generally is to hedge the peso, a small amount, to tolerate any significant shifts in the price of the peso as it moves around. On the metal hedging, as you know, all the silver collars unwound in June and were paid out 2 July, then the gold hedges stream out to the end of June of next year. We've got another year of gold hedges to pay out. At this time, we have no plans to do any further metal hedging.

Speaker #2: On the metal hedging, as you know, all the silver collars unwound in June and were paid out July 2nd. And then, the gold hedges stream out to the end of June next year.

Speaker #2: So, we've got another year of gold hedges to pay out. At this time, we have no plans to do any further metal hedging.

Elizabeth Senez: We've got another year of gold hedges to pay out. At this time, we have no plans to do any further metal hedging.

Speaker #5: Okay, great. Thanks. Thanks for taking my questions.

Wayne Lam: Okay, great. Thanks for taking my questions.

Wayne Lam [Director, Equity Research: Okay, great. Thanks for taking my questions.

Speaker #3: Thanks for the questions, Wayne.

Dan Dickson: Thanks for the questions, Wayne.

Dan Dickson: The next question comes from Cosmos Chiu with CIBC. Please go ahead.

Operator: The next question comes from Cosmos Chiu with CIBC. Please go ahead.

Speaker #4: Next question comes from Cosmo Shoe with CIBC. Please go ahead.

Speaker #5: Great, thanks, Dan and team. Maybe, again, a question on the all-in sustaining cost. Dan, as you said, it's quite complex in terms of forecasting and guiding to all-in sustaining costs.

Cosmos Chiu: Great. Thanks, Dan and team. Maybe again, a question on the all-in sustaining cost. Dan, as you said, it is quite complex in terms of forecasting and guiding to all-in sustaining costs. We talked about the different variables in terms of commodity price assumptions. How about inflation? Could you remind us what kind of inflationary assumptions you have made? Are they kind of, the realized inflation, is it what you had expected or is it higher? How should we factor that in as we look at all-in sustaining cost?

Cosmos Chiu [Executive Director, Institutional Equity Research: Great. Thanks, Dan and team. Maybe again, a question on the all-in sustaining cost. Dan, as you said, it is quite complex in terms of forecasting and guiding to all-in sustaining costs. We talked about the different variables in terms of commodity price assumptions. How about inflation? Could you remind us what kind of inflationary assumptions you have made? Are they kind of, the realized inflation, is it what you had expected or is it higher? How should we factor that in as we look at all-in sustaining cost?

Speaker #5: And we talked about the different variables in terms of commodity price assumptions. But how about inflation? Can you remind us what kind of inflationary assumptions you have made?

Speaker #5: Are they kind of the realized inflation? Is this what you had expected, or is it higher? And how should we factor that in as we look at all-in sustaining cost?

Speaker #3: Yeah. Thanks, Cos. That's a good question. Ultimately, the inflation that we looked at is obviously different for a lot of things. For our labor, we had a planned 5% increase.

Dan Dickson: Yeah. Thanks, Cos. It's a good question. Ultimately, the inflation that we looked at, obviously different for a lot of things. Our labor, we had planned 5% increase in labor, and I think that's effectively where we settled, maybe a little bit higher by a point. Our initial plan when we go through our budgeting process, I think last year we had about 3% inflation. Obviously, everything's different with what's happened in the Strait of Hormuz and the impact on diesel prices. Not necessarily specific to us because we're captured a little bit in Mexico, where Pemex controls that a little bit. Obviously those prices impact our supplies, and that gets passed down the chain. We're seeing a little bit more of that in Q2 than obviously we saw in Q1. How long that continues, is that long-term inflation, short-term inflation?

Speaker #3: And I think that's effectively where we settled, maybe a little bit higher by points. Our initial plan, when we go through our budgeting process—I think last year we had about 3% inflation.

Speaker #3: Obviously, everything's different with what's happened in the Strait of Hormuz and the impact on diesel prices. And not necessarily specific to us, because we're captured a little bit in Mexico.

Dan Dickson: Obviously, everything's different with what's happened in the Strait of Hormuz and the impact on diesel prices. Not necessarily specific to us because we're captured a little bit in Mexico, where Pemex controls that a little bit. Obviously those prices impact our supplies, and that gets passed down the chain. We're seeing a little bit more of that in Q2 than obviously we saw in Q1. How long that continues, is that long-term inflation, short-term inflation? I don't think we need to get into that here. Ultimately, I expect it's going to be 4%.

Speaker #3: Pemex controls that a little bit, but obviously, those prices impact our supplies and that gets passed down the chain. We're seeing a little bit more of that in the second quarter than, obviously, we saw in the first quarter.

Speaker #3: How long that continues—is that long-term inflation, short-term inflation? I don't think we need to get into that here. But ultimately, we kind of expect it to be 4%.

Dan Dickson: I don't think we need to get into that here. Ultimately, I expect it's going to be 4%.

Speaker #5: Okay. As I look at the individual unsustaining costs, Dan, the one that's much higher than what you had expected is Guanaceví, I think in large part due to the higher cost of purchasing third-party ore.

Cosmos Chiu: Okay. As I look at the individual all-in sustaining costs, the one that's much higher than what you had expected is Guanaceví, I think in large part due to a higher cost of purchasing third-party ore. Could you maybe talk about that strategy? The third party ore, how much is that actually adding to your all-in sustaining costs? Your all-in sustaining costs is over $50 an ounce, that's almost touching spot.

Cosmos Chiu [Executive Director, Institutional Equity Research: Okay. As I look at the individual all-in sustaining costs, the one that's much higher than what you had expected is Guanaceví, I think in large part due to a higher cost of purchasing third-party ore. Could you maybe talk about that strategy? The third party ore, how much is that actually adding to your all-in sustaining costs? Your all-in sustaining costs is over $50 an ounce, that's almost touching spot.

Speaker #5: Is that could you maybe talk about that strategy? How much the third-party ore, how much is that actually adding to your unsustaining costs? Because your unsustaining costs is over $50 an ounce, and that's almost touching spot.

Dan Dickson: Yeah. There's two parts to that, Cos.

Dan Dickson: Yeah. There's two parts to that, Cos. Ultimately, our all-in sustaining costs at Guanacevi are higher because we're also seeing on a per ton basis, and I'll come back to the per ton basis as a base off it, but our grades have been lower than planned out of Guanacevi.

Speaker #3: Yeah. Yeah. There's two parts to that cost. Ultimately, our all-in sustaining costs at Guanesavi are higher because we're also seeing on a per-ton basis and I'll come back to the per-ton basis based off it, but our grades have been lower than planned at a Guanesavi.

Cosmos Chiu: Okay.

Dan Dickson: Ultimately, our all-in sustaining costs at Guanacevi are higher because we're also seeing on a per ton basis, and I'll come back to the per ton basis as a base off it, but our grades have been lower than planned out of Guanacevi.

Speaker #3: The grades lower than planned mean, on a per-ounce basis, the cost goes up. On a per-ounce basis, right, we're getting 8 ounces instead of 10 ounces out of that ton.

Cosmos Chiu: Okay.

Dan Dickson: The grades lower than planned mean on a per ounce basis, the cost goes up on a per ounce basis, right? We're getting eight ounces instead of 10 ounces out of that ton. That's pretty straightforward. Now ultimately, we're going into lower grade areas anywhere in El Cerros, back into Porvenir and then ultimately we're actually moving towards Milache where grades have come up. The idea of going after those lower grade ounces is because we have a two-year mine life right now at Guanacevi, and obviously that extends mine life. The idea of the purchased ore in that area, there's a number of different family-run operations in Guanacevi. It's a quilt system. We control a large part of the claims at Guanacevi, but there's a lot of family claims and a couple small miners and mills in the other area as well.

Speaker #3: And that's pretty straightforward. Ultimately, we're going into lower-grade areas anywhere in El Curso, back into Puerto Bernardos, and then ultimately, we're actually moving towards Malachi, where grades will come up.

Speaker #3: The idea of going after those lower-grade ounces is because we have a two-year mine life right now at Guanacevi. And obviously, that extends mine life.

Dan Dickson: The idea of going after those lower grade ounces is because we have a two-year mine life right now at Guanacevi, and obviously that extends mine life. The idea of the purchased ore in that area, there's a number of different family-run operations in Guanacevi. It's a quilt system. We control a large part of the claims at Guanacevi, but there's a lot of family claims and a couple small miners and mills in the other area as well.

Speaker #3: The idea of the purchased ore in that area—there's a number of different family-run operations in Guanesavi. It's a quilt system. We control a large part of the claims at Guanesavi, but there are a lot of family claims.

Speaker #3: And a couple of small miners and mills in that area as well. Around us is also Frisco, which, obviously, we have—the NSR, that's a 1.6% NSR with higher prices.

Dan Dickson: Around us is also Frisco, which we obviously have the NSR, that's 16% NSR. With higher prices, we pay higher royalties. That goes into our all-in sustaining costs. The Special Mining Duty, the profits that we're making at Guanacevi go into our all-in sustaining costs. Of course, all that. So it's a little bit of everything at Guanacevi is why our all-in sustaining costs are higher than what we had guided. Lower grades, higher prices that drive profit sharing, purchased ore. The purchased ore in this quarter, I think it was 21%, maybe even a bit higher than that.

Speaker #3: We pay higher royalties. That goes into our all-in sustaining costs. The special mining duty, the profits that we're making at Guanaceví, go into our all-in sustaining costs, of course—all that.

Dan Dickson: Of course, all that. So it's a little bit of everything at Guanacevi is why our all-in sustaining costs are higher than what we had guided. Lower grades, higher prices that drive profit sharing, purchased ore. The purchased ore in this quarter, I think it was 21%, maybe even a bit higher than that.

Speaker #3: And so it's a little bit of everything at Guanaceví, which is why our all-in sustaining costs are higher than what we guided. Lower grades and higher prices that drive profit sharing.

Speaker #3: Purchased ore—the purchased ore in this quarter, I think it was 21%, maybe even a bit higher than that. But it has been increasing to about 11,000, 12,000 tons came through in the quarter.

Cosmos Chiu: Higher.

Dan Dickson: It has been increasing to about 11,000, 12,000 tons came through in the quarter. That's just, again, a function of the higher prices mean more family operations can open up areas, and they're making more profit, and they're delivering more material. That material, when you're buying it at $50, increases. Our cost per ton on an all-in basis, so we call it our direct costs, which includes royalties and purchased ore, is $400. $130 of that $400 is purchased ore, right?

Speaker #3: And that's just, again, a function of the higher prices—meaning more family operations can open up areas, and they're making more profit, and they're delivering more material.

Speaker #3: That material, when you're buying it at $50, increases. So our cost per ton on an all-in basis—so we call it our direct costs, which includes royalties and purchased ore—is $400.

Speaker #3: $130 of that $400 is purchased ore, right? So, over 25% of our cost is related to purchased ore. Now, we make about a 30% to 33% margin on that purchased ore.

Cosmos Chiu: Yeah.

Dan Dickson: Over 25% of our cost is related to purchased ore. Now, we make about a 30% to 33% margin on that purchased ore. If we buy it for $100, we make $30, and it extends our mine life. One of the things, like the Guanaceví plant was originally built by the Mexican government in 1981 or 1982. Under that plant, when it got sold, 10% of that plant needs to be available for family operations to toll their ore.

Speaker #3: So, if we buy it for $100, we make $30. And it extends our mine life. One of the things is that the Guanesavi plant was originally built by the Mexican government in 1981 or 1982.

Speaker #3: Under that plant, when it got sold, 10% of that plant needs to be available for family operations to toll their ore. So some of this is in our control.

Dan Dickson: Some of it's in our control, some of it's out of our control, but ultimately, us taking more allows us to continue to extend mine life, gives Luis and his exploration team time to continue to find resources as we move along. Hopefully we're at Guanaceví another three, five, 10 years.

Speaker #3: Some of it's out of our control. But ultimately, us taking more allows us to continue to extend mine life. It gives Luis and his exploration team time to continue to find resources as we move along.

Speaker #3: And hopefully, we're at Guanesavi for another three, five, or ten years.

Speaker #5: Okay. Yeah, I wasn't aware of that—or maybe I forgot about that 30% profitability. So you're actually making money off of it. And I wasn't—I guess it's beyond profitability as well, it sounds like.

Cosmos Chiu: Okay. Yeah, I wasn't aware of that, or maybe I forgot about that 30% profitability. You're actually making money off of it.

Cosmos Chiu [Executive Director, Institutional Equity Research: Okay. Yeah, I wasn't aware of that, or maybe I forgot about that 30% profitability. You're actually making money off of it.

Dan Dickson: Absolutely.

Cosmos Chiu: It's, I guess it's beyond profitability as well. It sounds like you need to, it's part of the agreement that you might have in place in terms of giving access to some of these families.

Cosmos Chiu [Executive Director, Institutional Equity Research: It's, I guess it's beyond profitability as well. It sounds like you need to, it's part of the agreement that you might have in place in terms of giving access to some of these families.

Speaker #5: You need to—it's part of the agreement that you might have in place, in terms of giving access to some of these families here. So—

Speaker #3: Yeah, we have to give access, but it also has to be profitable. So there are gating items in that agreement that protect us as well.

Dan Dickson: Yeah. We have to give access, but it also has to be profitable. There are gating items in that agreement that protect us as well. Ultimately, and there is a number of things when it comes to community relations, et cetera. There is a lot of qualitative aspects of buying that purchased ore, and we do a lot of work around it to make sure those claims are legit claims, et cetera. It is a profitable segment for us and extends our mine life.

Speaker #3: But ultimately, and there are a number of things when it comes to community relations, etc., etc. There are a lot of qualitative aspects involved when purchasing that ore.

Speaker #3: And we do a lot of work around it to make sure those claims are legitimate claims, etc., etc. But it is a profitable segment for us and extends our mine life.

Cosmos Chiu: Hmm. Okay. Maybe one last question, Dan. Talking about sort of unexpected cost, I see that your CapEx has increased now from $157 for the year to $181 million. At Kolpa

Cosmos Chiu [Executive Director, Institutional Equity Research: Hmm. Okay. Maybe one last question, Dan. Talking about sort of unexpected cost, I see that your CapEx has increased now from $157 for the year to $181 million. At Kolpa, it is going to be $18 million additional CapEx. Would you categorize that as sort of unexpected cost, or is there really a benefit to it, a future benefit to it, whereby it might equate to over 2,500 tons per day or lower cost later on in terms of per ton? Could you maybe talk about that?

Speaker #5: Okay. And then maybe one last question, Dan. Talking about sort of unexpected cost, I see that your CapEx has increased now from $157 million for the year to $181 million.

Speaker #5: At Colpa, it's going to be $18 million additional capex. So would you categorize that as sort of an unexpected cost, or is there a future benefit to it whereby it might equate to over 2,500 tons per day or lower cost later on in terms of per ton?

Dan Dickson: Yeah

Cosmos Chiu: it is going to be $18 million additional CapEx. Would you categorize that as sort of unexpected cost, or is there really a benefit to it, a future benefit to it, whereby it might equate to over 2,500 tons per day or lower cost later on in terms of per ton?

Dan Dickson: Yeah.

Speaker #5: Could you maybe talk about that?

Cosmos Chiu: Could you maybe talk about that?

Speaker #3: Yeah, no, that's very fair. So, in that $18 million, there's about $5 million of overruns from putting that ball mill in place—recommendations from Peruvian authorities of what we have to increase for power consumption.

Dan Dickson: Yeah, no, that is very fair. In that $18 million, there is about $5 million of overruns from putting that ball mill in place, recommendations from Peruvian authorities of what we have to increase for power consumption and substations, and then lifts required on the current tailings facility. Similarly, we have been running certain days at 2,600 all the way up to 2,800 tons per day. Obviously we do not have facility capabilities to continually run that for the next two or three years. By increasing the power of substations, putting in a water treatment plant, and our tailing filter systems, we are going from conventional tailings to dry stack tailings. We are trying to push that forward. That $18 million that we have added in is project expenditures we expect to happen this year, it could end up getting pushed into next year.

Speaker #3: And substations, and then lifts required on the current tailings facility. Similarly, we've been running certain days at 2,600, all the way up to 2,800 tons per day.

Speaker #3: But obviously, we don't have the facility capabilities to continually run that for the next two or three years. By increasing the power at our substations, upgrading water treatment, putting in a water treatment plant, and improving our tailing filter systems, we're going from conventional tailings to dry stack tailings.

Dan Dickson: Obviously we do not have facility capabilities to continually run that for the next two or three years. By increasing the power of substations, putting in a water treatment plant, and our tailing filter systems, we are going from conventional tailings to dry stack tailings. We are trying to push that forward. That $18 million that we have added in is project expenditures we expect to happen this year, it could end up getting pushed into next year.

Speaker #3: We're trying to push that forward. That $18 million that we've added in is project expenditures we expect to happen this year, but it could end up getting pushed into next year.

Speaker #3: If we don't start that work now, we'll be racing come 2030 to get it all finished so we can continue to fill our tailings dam with ore.

Dan Dickson: If we do not start that work now, we will be racing come 2030 to get it all finished so we can continue to fill our tailings dam with ore. As far as your question of what is expected, what is unexpected, some of it was unexpected, as I say, overruns, which is about five of the 18, and then $13 million is us bringing things forward from 2027. There is another inside that, there is $3 million for accommodations. New camp, and that is again, we are losing or having high turnover in Peru because of all the informal miners that have been popping up with high prices. We are building that out sooner than what we had planned to attract and retain talent. It is something that we did not take very lightly when we started looking at it.

Speaker #3: So, as far as your question of what's expected and what's unexpected, some of it was unexpected, as I say—overruns, which is about five of the eighteen.

Speaker #3: And then $13 million is us bringing things forward from 2027. There's another item inside that—there's $3 million for accommodations, so new camp. And that's, again, we're losing or having high turnover in Peru because all the informal miners have been popping up with high prices.

Dan Dickson: New camp, and that is again, we are losing or having high turnover in Peru because of all the informal miners that have been popping up with high prices. We are building that out sooner than what we had planned to attract and retain talent. It is something that we did not take very lightly when we started looking at it.

Speaker #3: So we're building that out sooner than what we had planned to attract and retain talent. So it's something that we didn't take very lightly when we started looking at it, but also we see a lot of potential through our exploration programs that we've done there, that, hey, this is a long-term investment.

Dan Dickson: Also we see a lot of potential through our exploration programs that we have done there that, hey, this is a long-term investment. We are going to be there well past the eight years that we thought we had in our effectively model when we purchased it. We are going to be here 15, 20, 25 years, and we are going to make these investments now.

Speaker #3: It's not something that's going to—we're going to be there well past the eight years that we thought we had in our effective model when we purchased it.

Speaker #3: We're going to be here 15, 20, 25 years, and we're going to make these investments now.

Cosmos Chiu: Hmm. Great. Thanks, Dan, for answering all my questions. Very good answers. Thank you.

Cosmos Chiu [Executive Director, Institutional Equity Research: Hmm. Great. Thanks, Dan, for answering all my questions. Very good answers. Thank you.

Speaker #5: Great. Thanks, Dan, for answering all my questions. Very good answers. Thank you.

Speaker #3: Thanks for the questions, cause.

Dan Dickson: Thanks for the questions, Cos.

Speaker #1: The next question comes from Alex Turn, with National Bank. Please go ahead.

Dan Dickson: The next question comes from Alex Terentiew with National Bank. Please go ahead.

Operator: The next question comes from Alex Terentiew with National Bank. Please go ahead.

Speaker #2: Hey guys, yeah, a lot of good questions asked here already. Maybe just a few follow-ups to dig into some of those. So, starting with Colpa, the additional spending here—this mine, I guess, since you guys bought it—has been performing operationally, I think, pretty well.

Alex Terentiew: Hey, guys. Yeah, a lot of good questions asked here already. Maybe just a few follow-ups to dig into some of those. Starting with Kolpa, the additional spending here. This mine, I guess since you guys bought it, has been performing operationally, I think pretty well. You got your expansion up and production has been looking pretty good. I think the offset has been there's been a bit more spending, at least than I anticipated. I'm just trying to get a sense of the spending this year. How should I think about longer-term spending here? Is this kind of catch-up spending that maybe you kind of didn't anticipate? Is sustaining going to be a little bit higher on this project or this mine going forward? Just trying to get a sense of longer-term expectations here.

Alex Terentiew [Director, Equity Research: Hey, guys. Yeah, a lot of good questions asked here already. Maybe just a few follow-ups to dig into some of those. Starting with Kolpa, the additional spending here. This mine, I guess since you guys bought it, has been performing operationally, I think pretty well. You got your expansion up and production has been looking pretty good. I think the offset has been there's been a bit more spending, at least than I anticipated.

Speaker #2: You got your expansion up, and production has been looking pretty good. But I think the offset has been, there's been a bit more spending, at least, than I anticipated.

Speaker #2: So I'm just trying to get a sense of the spending this year. I mean, how does that should I how should I think about longer-term spending here?

Alex Terentiew [Director, Equity Research: I'm just trying to get a sense of the spending this year. How should I think about longer-term spending here? Is this kind of catch-up spending that maybe you kind of didn't anticipate? Is sustaining going to be a little bit higher on this project or this mine going forward? Just trying to get a sense of longer-term expectations here.

Speaker #2: Is this the kind of catch-up spending that maybe you didn’t anticipate, or is sustaining going to be a little bit higher on this project, or this mine, going forward?

Speaker #2: Just trying to get a sense of longer-term expectations here.

Speaker #3: Yeah, no, that's a very fair question. I'd say it's more focused on one-time expenditures with regards to expansion—going from, effectively, 2,000 tons per day to 2,500 tons per day.

Dan Dickson: Yeah. No, that's a very fair question. I'd say it's more focused on one-time expenditures with regards to expansion of going from effectively 2,000 tons per day to 2,500 tons per day. When our management team that we inherited came through with their program, there's definitely things they missed from a conceptual standpoint that we start peeling back the onion and go, "Well, hold on. There's not enough capacity from a power standpoint here. Hey, we're going to run out of tailings dam in 2029, 2030 if we don't start moving on this." As we've taken control, and now we've been in control for just over a year, there's things that we have recommendations on and things that they've ultimately missed. Most of that is actually one-time expenditures for the long-term viability of Kolpa.

Speaker #3: And when our management team that we inherited came through with their program, there were definitely things they missed from a conceptual standpoint. We start peeling back the onion and go, well, hold on.

Speaker #3: There's not enough capacity from a power standpoint here. Hey, we're going to run out of tailings dam in 2029, 2030, if we don't start moving on this.

Speaker #3: So, as we've taken control, and now we've been in control for just over a year, there are things that we have recommendations on and things that they've ultimately missed.

Dan Dickson: As we've taken control, and now we've been in control for just over a year, there's things that we have recommendations on and things that they've ultimately missed. Most of that is actually one-time expenditures for the long-term viability of Kolpa.

Speaker #3: But most of that is actually one-time expenditures for the long-term viability of Colpa, effectively putting the tailing storage filter presses in, going from wet stack to dry stack.

Dan Dickson: Effectively putting the tailing storage filter presses in, going from wet stack to dry stack, that's a one-time thing. New accommodations, one-time item, new power substations, a new water treatment plant to bring their standards up. Some of these things that from an acquisition standpoint, we felt like we could live with for a while, but at these prices, with these cash flows, it gives us the ability to make that investment now, and it's something we don't have to worry about in year three, year four, year five to push that out. Again, I'd point back to a lot of the work that Luis' team's doing and ultimately our Kolpa exploration team and what we're seeing. I think our enthusiasm to get these investment projects done points to what we think the resource is ultimately going to be.

Speaker #3: That's a one-time thing—new accommodations, a one-time item, new power substations, a new water treatment plant to bring their standards up. Some of these things that we, from an acquisition standpoint, felt like we could live with for a while. But at these prices, with these cash flows, it gives us the ability to make that investment now.

Dan Dickson: Some of these things that from an acquisition standpoint, we felt like we could live with for a while, but at these prices, with these cash flows, it gives us the ability to make that investment now, and it's something we don't have to worry about in year three, year four, year five to push that out. Again, I'd point back to a lot of the work that Luis' team's doing and ultimately our Kolpa exploration team and what we're seeing. I think our enthusiasm to get these investment projects done points to what we think the resource is ultimately going to be.

Speaker #3: And it's something we don't have to worry about in year three, year four, or year five—to push that out. And again, I'd point back to a lot of the work that Luis's team is doing, and ultimately our Colpa exploration team and what we're seeing.

Speaker #3: And I think our enthusiasm to get these investment projects done points to what we think the resources are ultimately going to be.

Speaker #5: Okay, that makes sense. And did you have an estimate on when an updated resource and mine plan would be out for Colpa?

Alex Terentiew: Okay, good. No, that makes sense. Do you have an estimate on when an updated resource and mine plan would be out for Kolpa?

Alex Terentiew [Director, Equity Research: Okay, good. No, that makes sense. Do you have an estimate on when an updated resource and mine plan would be out for Kolpa?

Speaker #3: Yeah, we expect it to be out by the end of the year.

Dan Dickson: Yeah, we expect it to be out by the end of the year.

Speaker #5: End of the year. Okay, good. All right. And then just going back to Terra Nera, I know you talked about higher silver grades coming in the second half of this year.

Alex Terentiew: End of the year. Okay, good. All right, just going back to Terronera. I know you talked about higher silver grades coming H2 this year. Any higher gold grades coming with those as well?

Alex Terentiew [Director, Equity Research: End of the year. Okay, good. All right, just going back to Terronera. I know you talked about higher silver grades coming H2 this year. Any higher gold grades coming with those as well?

Speaker #5: Any higher gold grades coming with those as well, or is it just—?

Speaker #3: No, we're staying in Terra Nera. There are some pockets in Terra Nera. Even, like I say, the drill results that we put out had three to four grams in some of that area.

Dan Dickson: No, we're staying in Terronera. There are some pockets in Terronera, like I say, the drill results that we put out had three, four grams in some of that area. Ultimately, gold should hover around two. It's the silver that will pick up.

Speaker #3: But ultimately, gold should hover around two. It's the silver that we'll pick up.

Speaker #5: Okay. And then just sticking with this one, you’ve had some really nice exploration results that you touched on earlier in the call and that you published, I guess, a couple of weeks ago.

Alex Terentiew: Okay. Then just sticking with this one, you've had some really nice exploration results that you touched on earlier in the call and you published, I guess, a couple of weeks ago. Are you still thinking of putting out a new updated plan here for Terronera? I mean, obviously the mine plan has changed quite a bit with these silver prices and exploration and-

Alex Terentiew [Director, Equity Research: Okay. Then just sticking with this one, you've had some really nice exploration results that you touched on earlier in the call and you published, I guess, a couple of weeks ago. Are you still thinking of putting out a new updated plan here for Terronera? I mean, obviously the mine plan has changed quite a bit with these silver prices and exploration.

Speaker #5: Are you still thinking of putting out a new, updated plan here for Terra Nera? I mean, obviously, the mine plan has changed quite a bit with these silver prices and exploration, and—yeah.

Dan Dickson: Yeah.

Alex Terentiew: Yeah. Okay.

Speaker #5: Okay.

Speaker #3: No, it's a very fair question. I don't know. We're not doing a new technical study, and a new mine plan won't be in that. So, when we come out in 2027, we'll have the guidance for the year with expected tons and ultimately grades, but we just put out ounces we're expected to produce.

Dan Dickson: No, it's a very fair question. We're not doing a new technical study, a new mine plan won't be in that. When we come out in 2027, we'll have the guidance for the year with expected tons and ultimately grades. We just put out ounces expected produced. We'll have a new resource for Terronera coming out at the end of this year. Luis right now is continuing to drill Terronera. As I say, we finish that up, we're going back over to Luz, he'll bring that rig back to Terronera. It's just a question of when we cut off the Terronera drill results for the year-end resource.

Speaker #3: But we'll have a new resource for Terra Nera coming out at the end of this year. Luis right now has continued drilling Terra Nera.

Speaker #3: As I say, we finished that up. We're going back over to the Luce, and he'll bring that rig back to Terra Nera. It's just a question of when we cut off the Terra Nera drill results for the year-end resource.

Speaker #5: Okay. Sounds good. Thanks.

Alex Terentiew: Okay. Sounds good. Thanks.

Alex Terentiew [Director, Equity Research: Okay. Sounds good. Thanks.

Speaker #3: Thanks for the questions, Alex.

Dan Dickson: Thanks for the questions, Alex.

Speaker #1: The next question comes from Soundaria IR with Bay Valley Securities. Please go ahead.

Dan Dickson: The next question comes from Soundarya Iyer with B. Riley Securities. Please go ahead.

Operator: The next question comes from Soundarya Iyer with B. Riley Securities. Please go ahead.

Speaker #6: Thanks, team, for taking my question. So again, most of the questions have been answered, but just one on Colpa. Its throughput was higher quarter over quarter, but I think the grades were slightly lower.

Soundarya Iyer: Thanks, team, for taking my question. Again, most of the questions have been answered, but just one on Kolpa. Throughput was higher quarter over quarter, but I think the grades were slightly lower. Is that a sequencing as you ramp up to that 2,500 tons and achieve steady state? How should we think about the grade and unit cost trending from here?

Soundarya Iyer [Senior Equity Research Associate: Thanks, team, for taking my question. Again, most of the questions have been answered, but just one on Kolpa. Throughput was higher quarter over quarter, but I think the grades were slightly lower. Is that a sequencing as you ramp up to that 2,500 tons and achieve steady state? How should we think about the grade and unit cost trending from here?

Speaker #6: So, is that a sequencing as you ramp up to that 2,500 tons and achieve steady state, or how should we think about the grade and unit cost trending from here?

Speaker #3: Yeah, Sundaria. The grades, actually quarter over quarter, are relatively flat. Silver is down just a little bit, I would say—that's under 5%, maybe 2 or 3%.

Dan Dickson: Yeah, Soundarya. The grades actually quarter-over-quarter are relatively flat. Silver is down just a little bit. I would say that's under 5%, maybe 2% or 3%. Ultimately, our grades going forward for Kolpa are pretty flat. There's times where we have, we call the Yen pit. It's an open pit where it allows us to ultimately feed some lower grade material through if we're ever short on tons. Again, generally I expect grades to be relatively flat for the next 6 months.

Speaker #3: Ultimately, our grades going forward for Colpa are pretty flat. There's times where we have what we call the Yen Pit. It's an open pit where it allows us to ultimately feed some lower-grade material through if we're ever short on tons.

Speaker #3: But again, generally, I expect grades to remain relatively flat for the next six months.

Speaker #6: Thank you, that's helpful. And one on Pitarrilla spending—so $48 million budgeted, and I think roughly $5 million spent. So what are the key areas that need to be funded from here?

Operator: Thank you. That's helpful. One on Pitarrilla spending. $48 million budgeted and I think roughly $5 million spent. What are the key areas that needs to be funded from here? Is it like H2 catch up or we can roll some of that into 2027 without affecting the timeline?

Soundarya Iyer [Senior Equity Research Associate: Thank you. That's helpful. One on Pitarrilla spending. $48 million budgeted and I think roughly $5 million spent. What are the key areas that needs to be funded from here? Is it like H2 catch up or we can roll some of that into 2027 without affecting the timeline?

Speaker #6: And is it like back-half catch-up, or can we roll some of that into 2027 without affecting the pipelines?

Dan Dickson: Yeah. Some of it's going to roll into 2027. We had always had a plan of having that feasibility study done in Q3. Internally, that may mean the front end of Q3, and externally that means the back end of Q3. Because we're not going to have that feasibility study done till the end of Q3, it pushes back some equipment purchase, long lead items, deposits that would be required. Again, the gating item for Pitarrilla isn't necessarily the feasibility study from our standpoint. It's permitting of the tailing storage facility that we're going through that process. Obviously Mexico has been very difficult to get things through permitting, but we're seeing that kind of unlock over the last 6, 7 months. We hope that we can get the permitting of that TSF.

Speaker #3: Yeah, some of it's going to roll into 2027. We had always had a plan of having that physical study done in Q3 internally. That may mean the front end of Q3, and externally, that means the back end of Q3.

Speaker #3: So because we're not going to have that feasibility study done until the end of Q3, it pushes back some equipment purchases and long lead item deposits that would be required.

Speaker #3: Again, the gating item for Piteria isn't necessarily the feasibility study from our standpoint. It's the permitting of the tailings storage facility. We're going through that process.

Dan Dickson: Again, the gating item for Pitarrilla isn't necessarily the feasibility study from our standpoint. It's permitting of the tailing storage facility that we're going through that process. Obviously Mexico has been very difficult to get things through permitting, but we're seeing that kind of unlock over the last 6, 7 months. We hope that we can get the permitting of that TSF.

Speaker #3: And obviously, Mexico has been very difficult to get things through permitting, but we're seeing that kind of unlock over the last six or seven months.

Speaker #3: And we hope that we can get the permitting of that TSF. Again, we already have an MIA that's in place, and we have our underground permitted, plant's permitted.

Dan Dickson: Again, we already have a MIA that's in place, we have our underground permitted, the plant's permitted. It's just our tailing storage facility, which is a dry stack, which is easier to ultimately get approved. It's a timing on all that, we're definitely behind on what we expect to spend at this point in time.

Speaker #3: So it's just our daily storage facility, which is a dry stack, which is easier to ultimately get approved. It's a timing on all that.

Speaker #3: And we're definitely behind on what we expected to spend at this point in time.

Speaker #6: Got it. That's helpful. Thank you. I'll turn back.

Soundarya Iyer: Got it. That's helpful, Connor. Thank you. I'll turn back.

Soundarya Iyer [Senior Equity Research Associate: Got it. That's helpful, Connor. Thank you. I'll turn back.

Speaker #3: Thanks for the question.

Dan Dickson: Thanks for the question.

Speaker #1: Once again, if you have a question, please press star, then one. The next question comes from John Tomazos with John Tomazos Independent Research. Please go ahead.

Dan Dickson: Once again, if you have a question, please press star, then one. The next question comes from John Tumazos with John Tumazos Independent Research. Please go ahead.

Operator: Once again, if you have a question, please press star, then one. The next question comes from John Tumazos with John Tumazos Independent Research. Please go ahead.

Speaker #2: Congratulations on all the progress. Should we think of the $70 million of value-added tax refund like $70 million more cash? Is that what's in your cash balances, or $300 million?

John Tumazos: Congratulations on all the progress.

Dan Dickson: Thank you, John.

John Tumazos: Should we think of the $70 million of value-added tax refund, like 70 million more cash, as though your cash balances are $300 million?

Speaker #3: Yeah, it's a very fair way to think about that. We expect to collect that in Q3, and it's on track. So, we feel we've had a very good track record historically.

Dan Dickson: Yeah. It is a fair way to think about that. We expect to collect that in Q3. It's on track. We feel we've had a very good track record historically in Mexico in collecting our value-added tax back. We really haven't had any issues since 2010 or 2011 when we had to go through courts to receive it. It's been pretty normal course over the last couple of years. There was a big buildup of value-added tax through the build of Terronera. Again, we expect to collect that in Q3.

Speaker #3: Mexico is collecting our value-added tax back. We really haven't had any issues since 2010 or 2011, when we had to go through courts to receive it.

Speaker #3: But it's been pretty normal course over the last couple of years. There was a big buildup of value-added tax through the build of Terronera.

Speaker #3: But again, we expect to collect that in Q3.

Speaker #2: How much of the cash balances are designated to finish Colpa and finish Terra Nera, to one significant digit? How much do you think Piteria is going to take?

John Tumazos: How much of the cash balances are designated to finish Kolpa and finish Terronera? To one significant digit, how much do you think Pitarrilla is going to take?

Dan Dickson: Ultimately, the cash balance on our balance sheet is not needed for the capital, sustaining capital program at Terronera or the expansion work at Kolpa. Kolpa's generating cash flow that covers off our capital expenditures. Similarly, at Terronera, we're generating cash flow that covers off some of these commission items with LNG or waste development too. Little jobs that need to get done effectively. Our warehouse is going to get completed here in H2. The cash balance should be growing, especially from this point forward, and not earmarked for any of that. What it's ultimately earmarked for, and the capital that we're going to generate this year and next year and hopefully into next year, is earmarked for the construction of Pitarrilla.

Speaker #3: Ultimately, the cash balance on our balance sheet is not needed for the sustaining capital program at Terra Nera or the expansion work at Colpa.

Speaker #3: Colpa is generating cash flow that covers off our capital expenditures. Similarly, at Terra Nera, we're generating cash flow that covers off some of these commission items with LNG or waste development too.

Speaker #3: A little jobs that need to get done effectively in our warehouse are going to get completed here in the second half. So the cash balance should be growing, especially from this point forward.

Dan Dickson: Our warehouse is going to get completed here in H2. The cash balance should be growing, especially from this point forward, and not earmarked for any of that. What it's ultimately earmarked for, and the capital that we're going to generate this year and next year and hopefully into next year, is earmarked for the construction of Pitarrilla.

Speaker #3: And not earmarked for any of that. What it's ultimately earmarked for, and the capital that we're going to generate this year and next year, and hopefully into the year after, is earmarked for the construction of Terronera.

Speaker #2: Do you know the rough magnitude of the capital Piteria requires?

John Tumazos: Do you know the rough magnitude that the capital Pitarrilla requires?

Speaker #3: We don't have that yet internally from our external advisors, who are putting together the feasibility study on Pitarria. We've always said publicly that we expect it to be somewhere between 500 or 600, but that's just a management estimate at this point.

Dan Dickson: We don't have that yet internally from our external advisors who are putting together the feasibility study on Pitarrilla. We've always said publicly that we expect it to be somewhere between $500 or $600, but that's just a management estimate at this point. At the end of Q3, we should have.

Speaker #3: At the end of Q3.

John Tumazos: How many times per day does the mine and mill?

Speaker #2: How many tons per day is the mine and mill?

Speaker #3: We expect the mill to be somewhere between 3,500 and 4,000 tons. But again, that will come out in our feasibility study.

Dan Dickson: We expect the mill to be somewhere between 3,500 and 4,000 tons. Again, that will come out in our feasibility study.

Speaker #2: Is it practical for me to root for you to buy in some stock at $7.50 to hold toward the conversion at $12.45, or to buy some of those bonds now when they might be depressed because your stock is depressed?

John Tumazos: Is it practical for me to root for you to buy in some stock at seven and a half to hold toward the conversion at 12.45, or to buy some of those bonds now when they might be depressed because your stock is depressed?

Speaker #3: Well, that's for you to determine. I mean, ultimately, I can just talk to you about our business. People's investment philosophies are different among everybody, and they have different wants, needs, and criteria.

Dan Dickson: Well, that's for you to determine. Ultimately, I can just talk to you about our business. People's investment philosophies are different amongst everybody, they have different wants and needs and criteria, we'll let you make that assessment, John, as opposed to us giving advice.

Speaker #3: And we'll let you make that assessment, John, as opposed to us giving advice.

Speaker #2: I'm sorry. I'm not asking you for investment advice. Do you want to buy some of those bonds when your stock is down?

John Tumazos: I'm sorry. I'm not asking you for investment advice. Do you want to buy in some of those bonds when your stock is down?

Speaker #3: I believe in our company wholeheartedly. So yes, I would always want to buy into our stock, especially with our price compared to our net asset value right now.

Dan Dickson: I believe in our company fullheartedly. Yes, I would always want to buy into our stock, especially with our price compared to our net asset value right now. There's a lot of things that factor into that. Mostly for me, it's my wife and how much she spends, what I want to do is always different based on what's happening in my life.

Speaker #3: There are a lot of things that factor into that. Mostly for me, it's my wife and how much she spends. But what I want to do is always different based on what's happening in my life.

Speaker #2: Thanks, and congratulations on your progress.

John Tumazos: Thanks, congratulations on your progress.

Speaker #3: Thanks for the questions, John. I hope I dodged that last one well.

Dan Dickson: Thanks for the questions, John. I hope I dodged that last one well.

Dan Dickson: This concludes the question and answer session. I would like to turn the conference back over to Dan Dickson for any closing remarks. Please go ahead.

Operator: This concludes the question and answer session. I would like to turn the conference back over to Dan Dickson for any closing remarks. Please go ahead.

Speaker #1: This concludes the question-and-answer session. I would like to turn the conference back over to Dan Dickson for any closing remarks. Please go ahead.

Speaker #3: Thanks, operator, and thanks to shareholders for listening in today. I think we have a lot to deliver in the second half of the year.

Dan Dickson: Thanks, operator. Thanks to our shareholders for listening in today. I think we have a lot to deliver in H2 of the year. We are well-positioned to do that, and I look forward to the further growth that we have in Endeavour Silver for this year and next year. Have a good day.

Speaker #3: We're well positioned to do that, and I look forward to the further growth that we have in Endeavour Silver for this year and next year.

Speaker #3: Have a good day.

Dan Dickson: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Q2 2026 Endeavour Silver Corp Earnings Call

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