Thank you. Endeavour, it's an interesting time right now. Happy to be back here in Beaver Creek. Obviously, we can see the attendance and a little bit more bounce in everybody's step. silver at $41. It's a relatively easy story to tell. It's nice to be in a growth story when silver's taking off. I think we're still at the early parts of where silver can go. Ultimately, we haven't made all-time highs, and Endeavour's positioned itself extremely well to take advantage of this over the next couple of years. A lot of people know us as a mid-tier company. We built the company through Guanaceví and Bolañitos, ultimately underground epithermal mines. I like to say those are mature assets. Mature assets is a kind way of saying short mine lives, high costs. Ultimately, our plan is to move into our Terronera project.
We just bought Minera Kolpa, and then behind that we have Pitarrilla. So in 2024, we produced about 8 million silver equivalent ounces. In 2026, annualized, we're going to produce 20 million silver equivalent ounces, and we have a plan to get to 30 million+ equivalent ounces by the end of 2030. So we're very excited with what we have.
There's not a lot of organic growth profiles in a company our size, so we're pushing hard and trying to get to where we are. I'll touch on Kolpa later in this presentation, Terronera, and ultimately Pitarrilla. But again, I think we're situated in a very good time, situated ourselves at a great spot at this time. There's where our numbers at the beginning of the year. We thought we'd produce about 7.5 million-8 million silver equivalent ounces. We've significantly changed the company.
Ultimately, we start building Terronera in 2023. We're imminent to commercial production, hopefully by the end of this month. We bought Compañía Minera Kolpa, so we've made our way into Peru. Ultimately, the next evolution for Endeavour outside of Mexico, we thought Peru was a good jurisdiction. We're very excited to be there. A lot of projects have come to our table since we've made our acquisition in Peru, and then we do still have our assets down in Chile, and we're also in Nevada, but again, primarily focused in Mexico and Peru. There's our long-term journey. As I say, in 2024, 7.5 million silver equivalent ounces. This year, we'd hope to have Terronera online mid-year. Like I say, I hope commercial production by the end of this month, so the end of this quarter.
Ultimately, Terronera on an annualized basis produces about 7 million silver equivalent ounces, 60% of that's in silver, 40% in gold. We announced our acquisition of Kolpa, Kolpa itself, a 2,000-ton-per-day operation. In 2024, it produced 5 million silver equivalent ounces. For us this year, in 2025, it'll do about 3 million silver equivalent ounces. Then ultimately, you can see that we'll be 20 million silver equivalent ounces for 2026, and again, that pathway to get to 30 million+ by 2030. Our recent developments, obviously, Terronera is top of mind. A lot of our questions here at Beaver Creek and leading up to this conference are about commercial production, when we're going to attain it, how things are looking at Terronera. Again, I'll get into that. Then Kolpa and how the integration of Kolpa is going.
Then this year, we also were spending $27 million at Pitarrilla to advance that project through feasibility study. $10 million of that was on infill drilling to convert inferred resources into indicated resources, so we can include that in a feasibility study, completing metallurgical work, validating a lot of the work that SSR did back in 2010- 2014, buying mobile fleets, starting construction on a camp, just trying to move Pitarrilla forward. Again, Pitarrilla, everybody knows it as an open-pit mine. We're looking at it from an underground standpoint. The plant's been permitted, the underground mine's permitted. We're really working on the tailings dam permit for Pitarrilla. So, Kolpa, a lot of questions in April when we announced this, closed this deal in May. May 1st, we had two months of production for Q2 that was reported, effectively showed 4.8 million silver equivalent ounces annualized.
That's at 2,000 tons per day. There is a permit to go to 2,500 tons per day. That was received shortly after acquisition. We're waiting on the construction permit to go to 2,500 tons per day, and then after, there's an operating permit that needs to be obtained. For us, again, Kolpa's 40% silver. It's very difficult to go out and find silver mines, especially one that's operating. Kolpa itself was held by two private groups. One was a closed-end fund that held this property since 2016. They grew it from 800 tons t o 2,000 tons per day. The other 40% holder was a real estate company in Lima family. Ultimately, did a great job to develop a great operating team at Kolpa. Where we can bring expertise is exploration. Kolpa itself, the main structure is Buenaventura. It's about 4 km long.
They keep on going to the edges and keep on expanding out. They've been mining to about 200m-250m of depth. It's not that the mineralization ends there. That's where the water table is. They haven't wanted to deal with water. So we're very excited about what's potentially there. That's half the resource or half the production profiles off that vein. Then there's probably another 50 veins on the close to 30,000 ha that we now control. Of those 30 veins, all have various mineralization. There's some informal miners there. We feed the plant up to 2,000 tons per day. During the negotiating process and the process of buying Kolpa, silver price went from $27 to $34, and they pulled some drill holes that helped us push this over the line at the timing. But it's exactly what we've done historically at Endeavour.
It's epithermal vein system mining, potentially bigger than that. It's got a nice track record historically to grow production. There's a lot of exploration potential, and that's what really attracted us to this project. It's a great district. There's multiple mines in that district and really a lot of potential to grow. Cash costs for the two months that we held it was $11.80. All-in sustaining costs were $20. Again, that was just slightly below 2,000 tons per day. We are still evaluating going to 2,500 tons per day. We really want to grow the resource. The historical resource at Kolpa is 118 million silver equivalent ounces. We pay an additional $10 million when we prove that up. We expect to prove that up sometime in 2026. It's difficult for us to come out with guidance on Kolpa because we only have a historical resource under Canadian regulations.
We can point to what they did in 2024, which again is 5 million silver equivalent ounces at 2,000 tons per day. If you go to 2,500 tons per day, it's effectively a 6.5 million ounce silver equivalent. And again, that would be almost a 7-9 year mine life based on the historical resources with ample opportunity to extend that life. We're very excited about Kolpa. It's in a jurisdiction. For those that don't know, we bought it for $145 million. Ultimately, felt that was a very good fair price at the time. Silver was sitting $27-$30. We just saw SilverCrest got bought for $1.6 billion. Gatos got bought for $1 billion. They produced 10 million- 7 million silver equivalent themselves. Again, this does 5 million, ability to go to 6.5 million. Margins aren't the same. It's about 300 g silver equivalent.
But again, very good cash flow now. We're looking at these prices, $40 million-$45 million of free cash flow. Again, payback basically two and a half, three years. The Terronera project, again, a little bit of time here. All the questions around when does this come into commercial production. For those that aren't familiar with Terronera, it doubled our production, cuts our cost profile in half. All the gold that we produce at Terronera, which is about 38,000 oz-40,000 oz of gold a year, pays for operating costs, exploration, sustaining capital. The silver comes for free, which is about 4.5 million ounces of silver per year. We're talking about $150 million of cash flow. Completely transforming Endeavour Silver as how we know it. Similar to what we were seeing at Guanaceví and Bolañitos' epithermal vein systems.
Lots of potential to extend mine life from 10 years, which is what the reserve life is that we have right now, to 15, 20, 25 years. Terronera itself is open at depth and a long strike. In the middle of that longitudinal section, that magenta zone's up to 30 m thick. The top part's close to 20 m thick. It's our highest grade material. 1 km away from Terronera is a vein called La Luz. It's a high-grade gold vein. Not as thick as what Terronera is, almost 2 m in thickness. And it's only about 150,000 tons. But that juice of that high-grade gold, close to 10 g per ton, comes into the mine plan early on and helps that IRR and payback period. But most importantly, in this area, we have over 20,000 ha. In 2021, we stopped the rigs once we had a 10-year reserve life.
In the southern part of the district, there's 12 veins we've drilled. Five of those were mineralized with 400 g-1,200 g. As we bring this mine into cash flow, we use some of that cash flow for exploration and continue, like I say, extend mine life from the 10 years that we know, 15, 20, 25 years. In July, we announced our production profile. We did close to 18 or we did 1,851 tons per day in July. Our recoveries were 70% on silver, 70% on gold. Life of mine recoveries for Terronera is 89% for silver, 76% for gold. For us to attain commercial production, we effectively want to see 90% of that was recovery levels. So effectively, silver getting into the 80 percentiles. We're there now. We want to see that consistency over a period of time.
Again, hopefully we see that consistency this month that we announced Terronera's commercial production. Again, on an annualized basis, we'll produce about 7 million silver equivalent ounces. The gold pays for the silver, so the cash profile here is about $150 million of free cash flow. Very excited about Terronera. That completely transforms Endeavour Silver as what we've historically known it. We've been around, and I've been with the company for 20 years now, which is a little bit daunting to say. Guanaceví and Bolañitos did a great job building our company. Transforming it into Terronera and Kolpa is really a game changer for us. Behind that, we have another project that's one of the world's largest undeveloped silver projects. We picked this up in 2021, 2022 for $70 million. For those that don't know, there's a 600 million ounce silver resource here, plus zinc and lead.
So just shy of 900 million silver equivalent ounces. It's in Durango, which is one of the best states in Mexico. A lot of people know this as the old big open-pit, $800 million build cost, $1.2 billion NAV value. We've been looking at it from an underground mine standpoint for the last three years, and that's how we've been advancing it. We have a 2 km adit that goes into a manto zone. The manto zone's about 7 million tons, grading about 300 g, and through that manto zone, there's three veins that come up through it that's feeding the overall deposit. Those three veins are within 70 m of each other. So the volume that we can get out of Pitarrilla as an underground operation with one or two main adits is ultimately, we think it's going to be about 3,500 tons-4,000 tons per day.
It's not rocket science. SSR put out a 2009 pre-feasibility study on a 3,600 ton per day project that produced 6.5 million ounces of silver plus zinc and lead. So ultimately, that's 11 million- 12 million silver equivalent ounces. And our pathway to go from 2026, 20 million silver equivalent ounces to when Pitarrilla gets constructed and completed to 30 million silver equivalent ounces. So real organic growth in our company and in our space, the silver space, there's not that many silver producing assets where our revenue mix is 50% silver. See on these slides just where that manto zone is. Ultimately, it's a big blob. Again, the three vein structures, they go to a depth almost 800 m below, and that's what we know. It can continue to go on. It's a mesothermal system, so it is different than Guanaceví, Bolañitos, and Terronera.
But ultimately, again, large volumes that we can get out of Pitarrilla. So that's our story in a 10-minute nutshell. Ultimately, we feel like we have the sector leading organic growth. Guanaceví and Bolañitos are still there for us. Again, higher cost assets. We continue to make little discoveries and push those mines on. But really going forward, thinking about Endeavour, it's the Kolpa mine, Terronera, and then hopefully ultimately Pitarrilla. Again, with all that, you see a 30 million ounce silver equivalent producer before this decade's out. We are on the New York Stock Exchange. We have great liquidity. Our market cap has exponentially increased. We've gone from a huge retail shareholder list to a lot of institutions have come in over the last year and a half. It's been an exciting ride. Again, we still stay predominantly silver.
With Kolpa, Terronera, and our existing assets, we're over 50% silver, 30% gold, the rest base metals. When Pitarrilla comes online, we'll push that silver up because Pitarrilla is 60% silver, the rest base metals. So again, we're in an exciting spot at a great time where silver's starting to take off, and we have a great growth vehicle of silver with that. So with that, I can open up for questions for 30 seconds.
Yeah, I think it's going to have to be a very quick question and a very quick answer. Anybody? Okay.
That's a quick answer. There you go.
Thank you very much, Dan.
Thank you.