Endeavour Silver Corp.

Kalkine’s Global Tariff Report provides fully independent analysis and data-driven analysis of major global sectors affected by tariff changes, evaluating the implications these shifts may have on equity valuations across those industries. The report concentrates on trade-sensitive sectors that typically experience heightened investor scrutiny during periods of tariff uncertainty. It also identifies defensive and countercyclical segments that demonstrate relative resilience or may even outperform, amid disruptions to global trade flows.

As illustrated in the table below, several key sectors in different countries are directly impacted by the recent tariff announcement from President Trump.

Key Developments 

Canada

• The S. ~35% tariff on non-USMCA-compliant Canadian imports (effective 1 Aug 2025) remains in force.
• USMCA-compliant goods remain exempt, containing the impact on deeply integrated supply chains (notably autos and advanced manufacturing).
• Trade tensions remain elevated but stable, with Canada continuing to favour targeted retaliation, dispute mechanisms, and legal channels rather than broad counter-tariffs.
• Escalatory rhetoric risk persists, including threats of sharply higher blanket tariffs; however, no confirmed implemented 100% across-the-board tariff is in effect as of today. 

India

• The additional U.S. tariff action announced in Aug 2025 remains active, keeping tariffs on several Indian export categories materially elevated.
• No confirmed rollback or tariff-reduction timeline has been formally announced, despite ongoing bilateral negotiations.
• India’s trade approach continues to shift toward diversification, with increasing emphasis on alternative market access (including progress on EU engagement) to partially offset U.S. headwinds.

China

• The reduced “fentanyl-related” tariff (~10%) remains in place, alongside the maintained reciprocal tariff structure through Nov 2026.
• However, stacked tariff layers (including legacy enforcement measures and sector-specific tariff regimes) remain intact, keeping effective tariffs on many Chinese goods structurally elevated.
• Net impact: the environment reflects a tariff truce / stability phase, offering reduced near-term escalation risk but limited meaningful relief. 

European Union

• The S.–EU reciprocal framework remains intact, effectively limiting most EU-origin goods to an ~15% tariff level (outside of separately treated categories).
• Autos and auto parts continue under the improved framework, with effective tariffs broadly around ~15%, representing a reduction versus earlier 2025 levels.
• EU retaliatory action remains largely suspended / deferred, signalling continued preference for de-escalation.
• Steel and aluminium remain the most sensitive unresolved area, with continued risk of selective tariff escalation or policy tightening into early 2026.

In Nov-25, the U.S. recorded total exports of USD 292.0bn versus total imports of USD 349.0bn, resulting in a trade deficit of (USD 57.0bn), reflecting continued net import dependence and steady domestic demand for foreign goods. Export composition remained balanced, with goods exports of USD 185.0bn (~63% of total exports) and services exports of USD 107.0bn (~37%), highlighting the structural role of services in sustaining U.S. external competitiveness and partially mitigating the deficit generated by goods trade dynamics. Overall, the data indicates that while the U.S. maintains a strong export base—particularly in services—imports continue to expand at a faster pace, sustaining a sizable deficit and reinforcing sensitivity to global supply chain flows and domestic consumption strength.

The U.S. economy is currently grappling with significant challenges, including high inflation, supply chain disruptions, and the effects of aggressive monetary policy from the Federal Reserve. Key sectors such as manufacturing, agriculture, and technology are feeling strain, particularly due to their dependence on global supply chains and export markets, with trade policies like tariffs on steel, aluminum, and electronics driving up costs for businesses and consumers alike. Despite these pressures, there’s cautious optimism in some quarters about market stabilization within the next year, though this is tempered by ongoing issues like labor shortages, energy price volatility, and political divisions. The Federal Reserve’s interest rate hikes aimed at curbing inflation—still above target levels—have slowed economic growth, raising recession risks, while strategic efforts such as trade agreements and supply chain diversification remain critical to fostering stability and mitigating prolonged uncertainty across these vital sectors.

Amid elevated Market Volatility and Tariff pressures, Endeavour Silver Corporation (NYSE: EXK) stands out as our defensive pick within the Mining Sector, supported by rigorous fundamental and technical research

Kalkine’s Global Tariff Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on Endeavour Silver Corporation (NYSE: EXK). 

Section 1: Company Overview and Fundamental Insights

1.1 Company Overview:

Endeavour Silver Corp. (NYSE: EXK) is a Canada-based mid-tier silver producer with three operating mines in Mexico and Peru and a pipeline of exploration projects across Mexico, Chile, and the United States. The Company is engaged in silver mining and related activities including acquisition, exploration, development, extraction, processing, refining and reclamation.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~48.78% of the total shareholding, indicating concentrated holding. The Vanguard Group, Inc., and Capital Research Global Investors hold a maximum stake in the company at ~­­­12.38% and ~10.82%, respectively.

1.4 Key Metrics:

Over FY2020–FY2024, Endeavour Silver (EXK) delivered steady topline growth, with revenue rising from USD 138.5m to USD 217.6m (4-year CAGR ~9.45%), indicating improving scale and stronger pricing/volume contributions over the cycle. Gross profit also expanded from USD 27.3m to USD 42.1m (4-year CAGR ~9.05%), broadly tracking revenue growth, though profitability was less consistent due to margin compression periods. Gross margin improved materially through 2022, peaking at 24.5% (2022) from 19.7% (2020), but then declined sharply to 17.8% (2023), suggesting significant cost inflation, grade variability, and/or operational inefficiencies before partially recovering to 19.35% (2024). Overall, the data implies EXK has been able to expand revenue structurally, but earnings quality remains sensitive to the commodity and cost environment, reinforcing that margin stability—not topline growth alone—remains the key determinant of profitability through the cycle.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates: The below picture gives an overview of the company’s update on its next reporting date.

2.2 Insights into Q3FY25 Financial Performance:

Section 3: Key Risks, Company Outlook:

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

• Trend Setup: EXK remains in a broader upward trend over the past year; however, the latest sharp decline signals near-term weakness as the price moved below the 21-DMA (~USD 11.68), indicating corrective pressure.
• Momentum Signal (RSI): The RSI (~45.77) is below the neutral 50 level, reflecting fading bullish momentum and suggesting the stock is in a cooling phase rather than an immediate continuation of the prior uptrend.
• Key Levels & Volume: Immediate resistance is near USD 11.68 (21-DMA), while the key downside support remains USD 10.12 (50-DMA); elevated selling volume strengthens the bearish signal, implying recovery needs confirmation through higher buying volume and a reclaim of moving averages.

4.2 Fundamental Valuation

Valuation Methodology: EV/Sales Multiple Based Relative Valuation (Illustrative)

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on February 02, 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and the uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavorable movement in the stock prices.