Pro · Analytical tool

Miner Valuation Lab

Scenario-based implied share prices for Mining 50 operators — Blended 40/40/20, Operating Margin (8×), EV / Production, EV / Reserves. Illustrative model output, not investment advice.

How this valuation works →·Mining 50·Compare this miner →·Jurisdiction Risk →

Step 1 · Choose miner

Company

Focus: silverRegions: Mexico

High Data Coverage · 88% of core fields sourced

Missing: Gold AISC

7 / 8 key fields sourced from cached company data (cache 8/1/2026). Guidance and actuals are stored separately.

Endeavour Silver Corp.

EXK

Full CoverageCompare this miner

Current Price

$11.26

Modeled Implied Price

$11.31

Nominal · horizon 2031 (5 yrs)

Implied Upside

0.4%

Modeled annualized: 0.1%

Scenario · Method

Base

Blended

Near modeled value

Blended components

40% EV / Production · 40% Operating Margin · 20% EV / Reserves

EV / Production$11.6040%
Operating Margin$11.4540%
EV / Reserves$10.4420%
Blended$11.31

Operating Margin Multiple: 8×(scenario presets do not change this)

Production × (Metal Price − AISC) × Valuation Multiple

Value bridge

Modeled Enterprise Value$3.72B
+ Cash$215.40M
− Debt$243.90M
= Modeled Equity Value$3.69B
÷ Modeled Shares326.16M
= Implied Share Price$11.31

Starting shares: 295.41M · Silver-primary cost/production basis

Scenario key: base · Not a price target or investment recommendation.

Valuation method

Default is Blended (40% EV / Production · 40% Operating Margin · 20% EV / Reserves). Operating Margin uses a 8× multiple by default — Bear/Base/Bull do not change it.

Sources & Model Basis

Market data, operations, balance sheet, and reserves each keep their own as-of dates.

Market data through: Aug 27, 2026

Operations through: Feb 27, 2026

Balance sheet through: Dec 31, 2025

Reserves through: Dec 31, 2025

Scenario

Bear · Base · Bull · Custom. Changing scenario updates metal prices, production growth, cost inflation, dilution, implied value, upside, and sensitivity immediately.

Active: BaseHorizon 2031 (5 yrs)

USER ASSUMPTION · Gold $5,300/oz

USER ASSUMPTION · Silver $83.00/oz

Prod. growth Au/Ag 2.0% / 2.0%

Cost inflation 4.0%/yr

Dilution 2.0%/yr

OM multiple 8× (not scenario-dependent)

Preset basis: Gold Spot $4,610.43 · Silver Spot $69.42

Data through: 8/26/2026 · Gold PREVIOUS CLOSE · Silver PREVIOUS CLOSE

Previous close is the latest available session close — not an alarming stale signal.

Grey Rabbit Pro

Unlock Full Miner Valuation

Edit Bear, Base, Bull, and Custom scenarios, advanced assumptions, valuation range, real CAGR, and sensitivity — same Grey Rabbit engine, deeper analysis.

Start Grey Rabbit Pro — $29/month Sign in

BearIllustrative Scenario

Gold $3,900 (-15.4% vs spot)

Silver $56 (-19.3% vs spot)

BaseIllustrative Scenario

Gold $5,300 (+15.0% vs spot)

Silver $83 (+19.6% vs spot)

BullIllustrative Scenario

Gold $6,500 (+41.0% vs spot)

Silver $104 (+49.8% vs spot)

Steps 3–4 · Metal prices & cost inflation

Target year

Future gold price

USD/oz

Future silver price

USD/oz

Mining-cost inflation

% / yr

Current fundamentals

Auto-filled from cached company data where available. Missing fields stay blank — never zero-filled.

Share Price

$11.26

Market Cap

$1.70B

Enterprise Value

$3.35B

Silver Production

8.60 Moz

Silver AISC

$28/oz

Silver Reserves (P&P)

50.02 Moz

Data Coverage

High · 88%

Active scenario · BaseTarget: 2031Gold: $5,300 (+15.0% vs current spot)Silver: $83 (+19.6%)Mining Cost Inflation: 4.0%

Step 5 · Implied valuation

Valuation Method

Current share price

$11.26

Reference for upside / downside

Implied share price

$11.31

Future dollars

Nominal upside

0.4%

(Implied ÷ Current) − 1

Real share price

$10.00

Today's dollars

Real downside

-11.2%

Real CAGR

-2.4%

Nominal CAGR

0.1%

Horizon

5 years

Method: Blended

Future EV: $3.72B

Future equity: $3.69B

Future shares: 326.16M

Future gold AISC: —· company-reported

Gold margin / oz: —

Future GEO prod: 200.6 koz

Net Debt: $28.50M

Current EV: $3.35BEV / Reserve GEO$2,643$ / reserve GEO

EV / Annual Production GEO$19,008$ / annual production GEO

Operating Margin Proxy: $470.41M

Valuation range

EV / Production: $11.60$/share

EV / Reserves: $10.44$/share

Operating Margin: $11.45$/share

Blended: $11.31$/share

Range: $10.44 – $11.60

Different valuation lenses can produce materially different outcomes. The blended method reduces reliance on any single framework.

Blended valuation combines multiple valuation lenses to reduce dependence on any single metric. Current Grey Rabbit weights are 40% EV/Production, 40% Operating Margin, and 20% EV/Reserves.

· EV/Production rewards production scale but does not directly account for operating costs.
· Operating Margin introduces metal-price and cost sensitivity but remains a simplified proxy rather than free cash flow.
· EV/Reserves provides asset-base context but does not account for mine economics, development timelines, or jurisdictional differences.

Weights are a Grey Rabbit analytical model assumption — not an industry-standard or statistically optimized weighting.

Interpretation

Under the Base scenario using the Blended valuation method, the model estimates an implied 2031 share value of $11.31.

·Compared with the current share price of $11.26, this represents upside 0.4% nominal and downside -11.2% inflation-adjusted.
·Real CAGR estimate: -2.4% (today's dollars).
·Major assumptions: gold $5,300/oz; GEO production 0.20 Moz; dilution 2.0%/yr; horizon 5 years.
·Dilution reduces implied value per share relative to undiluted enterprise value.
·Blended weights — Production 40%, Operating Margin 40%, Reserves 20%.
·Operating Margin Proxy is simplified — before taxes, growth capex, financing, royalties, and corporate costs.

⚠ Material market-cap inconsistency (>10%): prefer derived price × shares for valuation.

Scenario comparison · model outputs

Valuation Method: Blended — outcomes from the engine (not the assumption table above).

Metric	Bear	Base	Bull
Gold price	$3,900	$5,300	$6,500
Silver price	$56	$83	$104
Future AISC (Au)	—	—	—
GEO production	162.1 koz	200.6 koz	224.6 koz
Operating Margin Proxy	$157.02M	$470.41M	$754.61M
Future EV	$2.39B	$3.72B	$4.82B
Future shares	342.46M	326.16M	318.24M
Implied Share Price	$6.89	$11.31	$17.41
Nominal Upside / Downside	-38.8%	0.4%	54.6%
Real Upside / Downside	-47.2%	-11.2%	40.0%
Real CAGR	-12.0%	-2.4%	7.0%

Custom scenario is editable above and kept separate from Bear / Base / Bull presets. Outcome rows (highlighted) are what ultimately matters — assumption rows above are secondary context.

Grey Rabbit Pro

Unlock Sensitivity Analysis

See how implied price, margins, and real CAGR respond as metal prices and costs shift — live from your active scenario.

Start Grey Rabbit Pro — $29/month Sign in

Save locally (this browser)

Miner Valuation Lab provides scenario-based analytical estimates using user-defined and sourced assumptions. Results are illustrative and are not investment advice or guaranteed valuations. See the disclaimer.