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Doubling Silver Production Was Only the Beginning | Dan Dickson - Endeavour Silver

The Deep Dive Sep 29, 2026 8:24

Summary

CEO Dan Dickson calls silver's pullback a healthy pause, expecting gold to move first before silver catches up and overshoots.

Endeavour Silver has grown from about 7 million to 15 million silver-equivalent ounces (silver plus byproduct metals), targeting 17-18 million in 2027.

Pitarrilla's feasibility study is due shortly; its 600-million-ounce silver resource could add 7 million ounces of annual production around 2030.

Setbacks are modest: a cracked mill trunnion (a feed pipe) and a resolved community blockade defer only about 10 days of production.

Underground drilling across every mine keeps replacing resources, with new results and estimates expected in the fourth quarter.

Key points on Endeavour Silver Corp

  • Dan Dickson says output has grown from 7 million to 15 million silver-equivalent ounces over the last three to four years, with around 15 million expected for 2026 and nearly 18 million in 2027.
  • Q2 2026 production was up over 30% year over year, partly from M&A; near-term growth comes from higher Terranera grades running through 2027 and a full year of the expanded Colpa mine in Peru, which has run at 2,500 since March after going from 1,700 to 2,500.
  • Long-term growth rests on Pithoria in Mexico, which he sizes at roughly 600 million ounces of silver plus lead and zinc, could add another 7 million silver-equivalent ounces, has a feasibility study due shortly, and targets first production around 2030 after a two-and-a-half-year build.
  • He calls two recent setbacks small: a cracked ball-mill trunnion has Guanesevi at about 60% capacity for two and a half to three weeks (roughly 10,000 tons deferred, spare part about $75,000), and the August community blockade at Terranera was resolved for under $200,000 plus requests such as a new antenna, road cleanup, farmer water access, and 125 added easement hectares.
  • Exploration continues across the portfolio: positive Guanesevi drill results are due in Q4 2026, about 20 Terranera holes (10 already public) are extending the high-grade zone, and a Colpa resource is due around end-2026; if it comes out at up to 120 million ounces of silver, a $10 million contingent payment is due by May 2027, which he fully expects to make.

Dan Dickson's takeaways

  • Top takeaway He argues the silver-price pause is healthy: after a strong 2025-2026 run to about $120 and a pullback to the mid-$60s as of the interview, the charts are holding up and the breather lets him evaluate projects with a clearer sense of the floor.
  • His thesis is that gold moves first and silver then follows, catches up, and ultimately overshoots.
  • He sees the US fiscal debate around deficits and interest payments, including talk of $5,000 checks ahead of the midterms, entering the mainstream and setting up precious metals well.
  • He downplays the Terranera and Guanesevi disruptions as 10 to 14 days of lost production each at modest cost, saying the tonnes will be made up, possibly in 2027.
  • He argues underground drilling in epithermal vein systems steadily replaces reserves, pointing to positive Guanesevi and Terranera results and more news flow in Q4 2026.

Steve Hyland's takeaways

  • Top takeaway He notes The Deep Dive's YouTube audience has grown substantially and frames the interview for viewers new to the Endeavour Silver story.
  • He steers the conversation through the silver-price pullback, growth drivers, the recent Terranera and Guanesevi incidents, and the exploration pipeline.