Endeavour Silver Corp.

Endeavour Silver Corp. (NYSE: EXK) is a Canada-based mid-tier precious metals producer operating three mines in Mexico and Peru, supported by a portfolio of exploration assets in Mexico, Chile, and the United States. The company focuses on silver mining and associated activities, including asset acquisition, exploration, project development, mineral extraction, processing, refining, and site reclamation.

As per Kalkine’s Global Tariff Report published on ‘EXK’ on Feb 02, 2026, Kalkine provided an ‘Buy’ stance on the stock at USD 10.66 based on fundamental analysis and the stock price has now moved up by ~ 25.61% since then.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

Endeavour Silver’s near-term outlook is being tempered by a combination of operational execution risk and a more volatile macro backdrop. While 2025 marked a step-change in scale with record revenue and sharply higher silver-equivalent production following the Kolpa acquisition and Terronera reaching commercial production, Terronera’s ramp-up is still normalizing, with elevated unit costs and sustaining capital intensity expected to unwind only progressively through 2026 as power reliability improves (diesel to LNG), start-up inefficiencies fade, and grades lift later in the year. At the same time, the company carries meaningful earnings and cash-flow noise from legacy hedges and cost sensitivities tied to higher metal prices (royalties, duties, purchased ore), alongside intermittent regional security disruptions that can constrain logistics. Against a risk-off environment driven by escalating geopolitical conflict—lifting oil and inflation expectations, tightening financial conditions, and increasing equity volatility—these operational and cost uncertainties warrant a more cautious stance despite supportive precious-metals prices.

Valuation (Using EV/Sales Multiple)

Share Price Chart

Conclusion

Amid escalating Middle East tensions amplifying market volatility and a sharp rerating driven by elevated metal prices and the Terronera ramp-up narrative, a "Sell" recommendation on Endeavour Silver Corp. (NYSE: EXK) has been given at the current market price of USD 13.39 as on 02 March 2026 at 6:57 am PST.

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 level is 02 March 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: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 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.’

Note 6: Dividend Yield may vary as per the stock price movement.