Endeavour Silver's zero-cost collar expires, unlocking $25M annual cash flow and growth catalysts.

Endeavour Silver's silver zero-cost collar expires on June 30, unlocking about $25 million in annualized cash flow. The company trades at a discount to peers despite strong Q1 results, including $209.7 million in sales and $108 million adjusted EBITDA. Upcoming catalysts include the LNG plant at Terronera, Pitarrilla feasibility study in Q3, and a portfolio rebalanced for silver/gold cycles. Risks include silver price volatility and potential cost overruns at Pitarrilla that could affect valuation multiples.