Industrial silver demand is surging due to growth in solar, EV production, and AI servers, with global EV production forecast to reach 14-15 million units in 2026. Silver exploration and mining companies are racing to expand production and resources to meet this demand, with several companies reporting strong drill results and production guidance.

Azarias Capital Management sold 536,928 shares of Endeavour Silver (EXK) worth approximately $4.55 million in Q4, reducing its stake to 2.59% of AUM. Despite the sale, the fund maintains meaningful exposure to the stock. Endeavour Silver shares have surged 281% over the past year, significantly outperforming the S&P 500's 14% gain. The company expects strong 2026 guidance with increased production and lower costs as new mines ramp up.

Endeavour Silver Corp. released its 2026 production guidance projecting 8.3-8.9 million ounces of silver and 46,000-48,000 ounces of gold from its three operating mines (Terronera, Guanaceví, and Kolpa). The company expects consolidated cash costs of $12.00-$13.00 per silver ounce and AISC of $27.00-$28.00 per ounce. Endeavour plans $157.8 million in total capital expenditures, including $91.0 million in sustaining capital and $65.8 million for the Pitarrilla project development.

Endeavour Silver Corp. has completed the sale of its Bolañitos silver and gold mine in Mexico to Guanajuato Silver Company Ltd. for US$40 million upfront (US$30 million cash and US$10 million in shares), plus contingent payments of up to US$10 million based on future silver production milestones. The company plans to focus resources on its core silver assets and strategic growth projects.

Endeavour Silver Corp. completed the sale of its Bolañitos silver and gold mine in Mexico to Guanajuato Silver Company Ltd. for US$40 million upfront (US$30 million cash and US$10 million in shares), plus contingent payments of up to US$10 million based on future silver production milestones. The transaction allows Endeavour to focus resources on its core silver assets and strategic growth projects.

Silver prices surged 13% in early 2026, reaching $80.80 per ounce, driven by geopolitical tensions, potential tariffs on refined silver imports, and strong industrial demand. The metal's addition to the U.S. Critical Minerals List has increased its strategic importance. Silver miners and related ETFs are experiencing significant gains as fixed mining costs translate to expanded margins with rising spot prices.

Endeavour Silver plans to issue up to US$350 million in convertible senior notes due 2031, with proceeds intended to repay existing debt, fund the Pitarrilla project in Mexico, and support general corporate purposes.

The silver market in 2025 experienced record metal prices, hitting $54.48, with a 67% year-to-date gain. Global silver demand is expected to decline by 4%, marking the fifth consecutive year of market deficit, driven by economic uncertainties and changing industrial dynamics.

Zacatecas Silver Corp. successfully closed an over-subscribed private placement financing of $3.75 million, with plans to fund exploration activities at its El Cristo and Panuco silver projects in Mexico, including a 4,000-metre drill program.

Zacatecas Silver Corp. completed the first tranche of a private placement, raising $2.3 million by issuing 38,449,335 units at $0.06 per unit, with plans to complete the final tranche by September 29, 2025.

Zacatecas Silver Corp. expanded its private placement financing from 41.7 million to 62.5 million units at $0.06 per unit, raising up to $3.75 million for drilling, strategic initiatives, and working capital.

Endeavour Silver reported higher revenue but missed earnings expectations due to lower silver production, provisional pricing challenges, and higher operational costs. The company expects improvements with the Terronera mine coming online in late 2025 or early 2026.