This Silver Stock Is Up 281% and One Fund Just Took $5 Million Off the Table
Key Points
Azarias Capital sold 536,928 shares of Endeavour Silver in the fourth quarter; the estimated transaction value was $4.55 million based on quarterly average prices.
Meanwhile, the quarter-end position value decreased by $3.23 million, reflecting both trading and stock price movement.
After the sale, the fund reported holding 630,009 EXK shares valued at $5.92 million.
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On January 22, Azarias Capital Management disclosed selling 536,928 shares of Endeavour Silver (NYSE:EXK), an estimated $4.55 million trade based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated January 22, Azarias Capital Management, L.P. reduced its stake in Endeavour Silver by 536,928 shares. The estimated value of the shares sold was $4.55 million, calculated using the mean unadjusted closing price for the fourth quarter. Meanwhile, the position’s value at quarter-end was $5.92 million, down $3.23 million from the prior filing.
What else to know
This was a sell transaction, lowering the stake to 2.59% of 13F reportable AUM.
Top holdings after the filing:
- NYSEMKT: SPY: $72.60 million (31.8% of AUM)
- NYSEMKT: URG: $19.39 million (8.5% of AUM)
- NASDAQ: EU: $10.25 million (4.5% of AUM)
- NYSE: NXE: $9.93 million (4.3% of AUM)
- NYSE: MAN: $8.62 million (3.8% of AUM)
As of January 22, EXK shares were priced at $13.60, up a staggering 281.0% over the past year and vastly outperforming the S&P 500’s roughly 14% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of January 22) | $13.60 |
| Market capitalization | $4.00 billion |
| Revenue (TTM) | $337.14 million |
| Net income (TTM) | ($94.29 million) |
Company snapshot
- Endeavour Silver produces and sells silver and gold from two operating mines in Mexico, with additional exploration projects in Mexico and Chile.
- The company generates revenue through the extraction, processing, and sale of precious metals, focusing on both production and development-stage assets.
- It serves a global customer base of industrial buyers and precious metals investors seeking silver and gold supply.
Endeavour Silver is a Canadian-based precious metals producer with a diversified portfolio of operating mines and development projects in Mexico and Chile. The company leverages operational expertise in silver and gold mining to drive production growth and expand its resource base. Strategic investments in exploration and development support its competitive position in the global precious metals industry.
What this transaction means for investors
Endeavour Silver’s shares are up more than 280% over the past year, so Azarias Capital’s decision to scale back likely reflects discipline as opposed to a loss of conviction, especially since it still kept exposure to the stock.
Plus, the backdrop remains constructive. In its 2026 guidance, Endeavour Silver management laid out a clear step-change in scale as Terronera ramps into its first full year of production and Kolpa becomes fully integrated. The company expects silver equivalent output of 14.6 to 15.6 million ounces, with consolidated cash costs projected at $12 to $13 per ounce and all-in sustaining costs at $27 to $28. CEO Dan Dickson called 2026 “a pivotal turning point” as Endeavour evolves into a larger and more diversified producer, emphasizing lower cash costs and operating leverage as silver prices remain supportive.
Even after the sale, Endeavour remains a meaningful holding alongside broad market exposure via SPY and other commodity-linked names. Ultimately, after a parabolic move, trimming winners can fund redeployment without abandoning a fundamentally improved story.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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