Mexico-focused miners upbeat about 2025 production goals

Two Mexico-focused mining companies remain optimistic about their 2025 production goals despite project delays.

Vancouver-based Endeavour Silver expects silver production to range from 4.5Moz to 5.2Moz and gold between 30,500oz and 34,000oz, bringing total silver equivalent output to 7.0-7.9Moz, according to a statement.

The figures are below 2024 guidance when silver equivalent production was forecast at 8.1-8.8Moz. However, the company expects to provide 2025 production and cost guidance for the US$271mn Terronera project in a separate news release once commissioning is complete.

Last week, Endeavour reported that Terronera in Jalisco state experienced delivery delays of structural steel components during December, which “adversely impacted” overall project productivity and expected commissioning timelines.

"As we look ahead to 2025, our strategic focus remains firmly on advancing the commissioning of our Terronera project and integrating it into our production profile,” CEO Dan Dickson said. 

“This will bring us one step closer to realizing our goal of becoming a senior silver producer. Additionally, we are fortunate to be in a strong position with not only Terronera nearing production but also with Pitarrilla offering significant potential for organic growth, providing further opportunities to drive value to our shareholders as we continue to expand our portfolio.” 

In 2025, Endeavour plans to invest US$33.6mn in sustaining capital at its two operating mines, Guanaceví and Bolañitos. At assumed metal prices, the sustaining capital investments are expected to be paid out of operating cash flow.

The company also plans to spend US$2.6mn on maintaining exploration concessions, acquiring mobile exploration equipment, and covering corporate infrastructure.

Endeavour has announced its intention to advance the Pitarrilla project. Work on the project in 2025 is estimated to cost US$25.7mn, including US$16.6mn for feasibility studies, development and exploration, and US$9.1mn of capital spending.

The Canadian miner plans to complete 14,000m of drilling and 600m of ramp development at Pitarrilla in 2025 as it advances toward construction.

Torex

Toronto-based Torex Gold guided payable production in 2025 at 400,000-450,000oz gold equivalent compared to 460,000-480,000oz guided in 2024.

“The lower production year-over-year reflects four weeks of scheduled downtime in the processing plant during the first quarter to complete upgrades and tie-ins related to the Media Luna project,” the miner said. 

In early November, Torex said the company expected the first copper concentrate production from the US$950mn Media Luna project at the Morelos complex in 1Q25 and commercial production shortly after. The miner rescheduled the start of the plant tie-in period from November 2024 to February 2025.

CEO Jody Kuzenko believes 2025 to be a pivotal year for Torex, with the conclusion of the Media Luna project only a few months away, “marking the start of our next chapter at Morelos.”

“For the first time, we will have simultaneous production from both the north and south sides of the Balsas river, and we will also become a meaningful copper producer with the metal representing approximately 20% of the guided 2025 production,” she said in a statement.

Kuzenko expects production to increase in 2026, staying at 450,000-500,000oz gold equivalent through 2030 on the reserve case, with considerable exploration upside remaining.

"All-in sustaining costs are expected to be higher in 2025 on account of the lower production and fewer economies of scale, which we expect to gain as mining at Media Luna ramps up and cost efficiencies are attained,” she said. 

“All-in sustaining costs guidance of US$1,400 to US$1,600/oz AuEq sold also reflects the impact of higher forecast metal prices on royalties and profit-sharing with 2025 guidance assuming a gold price of US$2,500/oz versus 2024 guidance of US$1,900/oz,” the CEO added.

Kuzenko expects to improve costs in 2026 and 2027 as Media Luna ramps up, production increases and efficiencies are gained.