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TSX: EDR| NYSE: EXKSEPTEMBER 2025 Growth on the HorizonCORPORATE PRESENTATION edrsilver.com
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2TSX: EDR| NYSE: EXK Cautionary NoteThispresentationcontains“forward-lookingstatements”withinthemeaningoftheUnitedStatesPrivateSecuritiesLitigationReformActof1995and"forward-lookinginformation"withinapplicableCanadiansecuritieslegislation.Suchforward-lookingstatementsandinformationhereinincludebutarenotlimitedtostatementsregardingtheexpectedbenefitsofEndeavour’sacquisitionofalloftheissuedandoutstandingsharesofCompañíaMineraKolpaS.A.(“Kolpa”)anditsmainassettheHuachocolpaUnoMine(“KolpaMine”);explorationanddevelopmentplansatEndeavour’sproperties;potentialstrategicacquisitionsbyEndeavour;thedevelopmentandcommissioningoftheTerroneraProjectandthetimingthereof;capitalcostestimates;Terronera'sforecastedoperations,costsandexpenditures;theCompany’sfutureareasoffocus;forecastedproduction,costguidanceandfinancialresults;lifeofmine;andthetimingandresultsofvariousrelatedactivities.TheCompanydoesnotintendtoanddoesnotassumeanyobligationtoupdateforward-lookingstatementsorinformationotherthanasrequiredbyapplicablelaw.Forward-lookingstatementsorinformationinvolveknownandunknownrisks,uncertainties,andotherfactorsthatmaycauseEndeavor'sactualresults,levelofactivity,productionlevels,performance,orachievements,anditsoperationsandrelatedtimeframestobemateriallydifferentfromthoseexpressedorimpliedbysuchstatements.Suchfactorsincludebutarenotlimitedchangesinproductionandcostsguidance;theongoingeffectsofinflationandsupplychainissuesonmineeconomics;changesinnationalandlocalgovernments,legislation,taxation,controls,regulationsandpoliticaloreconomicdevelopmentsinCanada,Peru,Chile,theUSAandMexico;financialrisksduetopreciousmetalsprices;operatingortechnicaldifficultiesinmineralexploration,developmentandminingactivities;risksandhazardsofmineralexploration,developmentandmining;thespeculativenatureofmineralexplorationanddevelopment;risksinobtainingnecessarylicensesandpermits;continuedcompliancewiththeprojectloandebtfacility;theongoingeffectsofinflationandsupplychainissuesonprojecteconomics;fluctuationsinthepricesofsilverandgold,fluctuationsinthecurrencymarkets(particularlytheMexicanpeso,Peruviansol,Chileanpeso,CanadiandollarandUSdollar);andchallengestotheCompany'stitletoproperties;aswellasthosefactorsdescribedinthesection"riskfactors"containedintheCompany'smostrecentform40F/AnnualInformationFormfiledwiththeSECandCanadiansecuritiesregulatoryauthorities.Forward-lookingstatementsarebasedonassumptionsmanagementbelievestobereasonable,includingbutnotlimitedtothecontinuedoperationoftheCompany'sminingoperations,nomaterialadversechangeinthemarketpriceofcommoditiesandforecastedTerroneramineeconomicsasof2025,miningoperationswilloperate,andtheminingproductswillbecompletedundermanagement'sexpectationsandachievetheirstatedproductionoutcomes,andsuchotherassumptionsandfactorsassetoutherein.AlthoughtheCompanyhasattemptedtoidentifyimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromthosecontainedinforward-lookingstatementsorinformation,otherfactorsmaycauseresultstobemateriallydifferentfromthoseanticipated,described,estimated,assessed,orintended.Therecanbenoassurancethatanyforward-lookingstatementsorinformationwillbeaccurate,asactualresultsandfutureeventscoulddiffermateriallyfromthoseanticipatedinsuchstatementsorinformation.Accordingly,readersshouldnotplaceunduerelianceonforward-lookingstatementsorinformation.
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3TSX: EDR| NYSE: EXK Non-IFRS Financial MeasuresTheCompanyhasincludedcertainperformancemeasuresthatarenotdefinedunderInternationalFinancialReportingStandards(IFRS).TheCompanybelievesthatthesemeasures,inadditiontoconventionalmeasurespreparedinaccordancewithIFRS,provideinvestorsanimprovedabilitytoevaluatetheunderlyingperformanceofKolpa.Thenon-IFRSmeasuresareintendedtoprovideadditionalinformationandshouldnotbeconsideredinisolationorasasubstituteformeasuresofperformancepreparedinaccordancewithIFRSasanindicatorofperformance.ThesemeasuresdonothaveanystandardizedmeaningprescribedunderIFRS,andthereforemaynotbecomparabletootherissuerswithsimilardescriptions.ThesehavebeenpreparedbytheCompanyusinginformationprovidedbyKolpaduringtheduediligenceprocess.KolpafinancialinformationispreparedusingIFRS.CertainfinancialinformationofKolpapresentedhereinissourcedfromthehistoricalauditedfinancialstatementsofKolpafortheyearsendedDecember31,2024and2023.
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4TSX: EDR| NYSE: EXK Investor Highlights Mid-tier Silver ProducerStarting Up Mexico’s Next Silver MineSignificant Organic GrowthLeadingSilver LeverageStrategicallyAcquiring Key AssetsTwo high grade, underground silver gold mines in Mexico, plus a silver-base metals mine in PeruTerronera commissioning commencedin Q22025Leading organic growth profile in silver sector; optionality on Pitarilla & Parral A leader in silver price beta, anchored by a silver-dominant production profileOpportunistic mergers and acquisitions
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5TSX: EDR| NYSE: EXK 2025 Outlook:Core Assets Focused in Mexico 1.Silver equivalent at an 80:1 gold: silver ratio2.See EDR news release dated January 15, 2025. Assumed $2,200 gold price and 18:1 Mexican peso to USD3.The company will provide 2025 production and cost guidance for Terronera once commissioning is complete 2025 Consolidated Outlook(2)(3) 4.5 -5.2MozSilver Production 31-34 kozGold Production 7.0 -7.9 MozSilver Equivalent Production (1) $16 -$17/ozCash Costs, Net of Gold Credit(2) $6.5MExploration Budget $25 -$26/ozAll-in Sustaining Costs, Net of Gold Credit(2) $34MSustaining Capital KolpaMineHuancavelica,Peru BolañitosMineGuanajuato State, Mexico TerroneraProjectJalisco State, Mexico GuanaveciMineDurango State, Mexico PitarillaProjectDurango State, Mexico Parral ProjectChihuahua State, MexicoExplorationOperation MEXICO PERU *Production and cost guidance for Guanaceviand Bolanitos
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6TSX: EDR| NYSE: EXK The Journey to Our Long-Term VisionA depth of assets that generate long term value X.X MozAgEq + 12.0 Moz AgEq One of the world’s largest undeveloped silver deposit SHAREHOLDER VALUE Pitarilla2026 Full Year Production with Terroneraand Kolpa2025Production with Terronera(1) 7.6 Moz AgEq 2024 Production
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7TSX: EDR| NYSE: EXK Kolpa Fuels Early Momentum in H1 2025 Production•Consolidated production was 2,689,529 oz Ag and 16,093 oz Au•Silver equivalent(1) production of 4.4 million oz, including base metal production from Kolpa Terronera Mine Startup Progressing Steadily•During July, plant throughput averaged 1,841 tonnesper day (tpd)•Ag and Au recoveries averaged 71% and 67% during last two weeks of July Kolpa Delivers Strong Results at Stable Rate•Since the acquisition closed on May 1, Kolpa processed 118,896tonnes of material(2) •Throughput and production of metals were in line with historical results and management’s expectations Advancing Pitarilla Economic Study•Estimated 2025 costs of $25.7 Million ($16.6 million for feasibility study, development and exploration work, and $9.1 million of capital spending)1.Silver equivalent at an 80:1 gold: silver ratio2.From May 1, 2025 to June 30, 20253.See Non-IFRS Measures disclosure in appendix 60% 22% 18% 2,679,364 oz Ag sold16,244 oz Au sold H1 2025 Sales: Quantity of Metal Guanaceví Kolpa H1 2025 Production: 4.4 million oz AgEq(1) Recent Developments 57% Ag34% Au Bolañitos 9% Base Metals
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8TSX: EDR| NYSE: EXK 1.Full details in the appendix, under Reserves and Resources KolpaMine, Peru OPERATING MINE 8TSX: EDR| NYSE: EXK Metals Mix 9.1Moz Ag 2016-2023 Production kt Pb100.1kt Zn79.1kt Cu4.1 2.0Moz Ag 2024 Production kt Pb19.8kt Zn12.6kt Cu0.5(5.1 Moz AgEg) 40%Ag 60% Pb, Zn, Cu
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9TSX: EDR| NYSE : EXK Consistent with plan to become senior silver producer Fully funded operating silver asset, expected to increase Endeavour’s annual production profile by 5.0 Moz AgEq, assuming continued production at Kolpais consistent with 2024 productionStrategic acquisition of Endeavour’s third producing mine and firstin Peru Track record of production growth Kolpabegan as small-scale 800 tpdoperation and has successfully undergone numerous expansions. Currently has 1,800 tpdplant capacity, with expansion plans to reach 2,500 tpdThe operation has produced approximately 31.6 Moz AgEqsince 2016 Leveraging Endeavour’s technical strengths Strong synergies with Endeavour’s underground operating skill setCombining strengths and experience of key operating team members with a long-term work history at the Kolpamine Exploration upside Consistent track record of growing resources net of depletion Opportunities to further define and potentially expand recent near-mine exploration discoveries and make new discoveries on an underexplored land package Active mining district Providing a platform for further growth in a country and region with numerous mining operations and prospective geology 9TSX: EDR| NYSE: EXK Strategic Acquisition of Endeavour’s Third Producing Mine
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10TSX: EDR| NYSE: EXK Advancing Operational Alignment •Ensuring seamless integration of systems, teams, and processes•The team remains focused on maintaining steady output and advancing Kolpa’s contribution to the Company’s long-term growth strategyQ2 2025 Production •Since May 1, Kolpa processed 118,896tonnesof material•Results in line with management’s expectations established at time of acquisition 1.Silver equivalent at an 80:1 gold: silver ratio2.See Non-IFRS Measures disclosure in appendix Q1 2025 Revenue By Metal Kolpa: Integration Progressing Smoothly 47% Ag380,638 oz produced 27% Pb3,503tonnes produced 23% Zn2,316 tonnes produced 2% Cu 58 tonnes produced 805,032 AgEqOunces Produced(1) MAY & JUNE PRODUCTION Q2 2025 Direct Costs Per Tonne 11% 40% 2% 17% processing costs mining costs royalties/ special mining duty g&aOperating TrendsQ2 2025Tonnes Processed (tpd) 1,949Silver Grade (gpt) 111Lead Grade (%)3.13Zinc Grade (%)2.25Copper Grade (%)0.22Cash Costs/Ag oz (2) $11.81All-in Sustaining Costs/oz (2) $20.61*Additional payable by-products including gold and antimony
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11TSX: EDR| NYSE: EXK Kolpa: Overview(1) Location•HuachocolpaDistrict, Huancavelica, Peru•490 km SE of Lima•Avg elevation: 4,400 metres above sea levelLand Package•143 mining rights covering 25,177ha of effective area and one beneficiation concession covering 366 haGeology•Silver polymetallic mineralization rich in zinc, lead and copper, in production for 20+ yearsConcentrates Produced•Lead-silver concentrate, zinc-silver concentrate, copper-silver concentrateTransaction•$145 million: $80M in cash, $65M shares•Contingent consideration up to $10 million, paid in cash based on NI 43-101 resource estimate above 100 M AgEq•Assumed Kolpa's~$20 million of net debt Mining Method•Sub-level stoping and cut-and-fillProcessing Method•Conventional flotation2024 Production•2.0 Moz Ag, 19.8 kt Pb, 12.6 kt Zn, 0.5 kt Cu (5.1 Moz AgEq)2024 AISC on by product basis(2)•$22.80/oz 2024 Operating Costper Tonne (t)(2)•$133/tonne processed 1.Please see the KolpaTechnical Report for more information.2.Refer to “Non-IFRS Financial Measures” in appendix.
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12TSX: EDR| NYSE: EXK Kolpa:Mining Concessions Total: 143 Rights (25,177 Ha) •Kolpaholds mining rights to 143 mining concessions and claims covering 25,177 ha, and one beneficiation concession covering 366 ha. 63 of those mining claims comprise the Administrative Economic Unit (UEA) HuachocolpaUno•23 mining (1,679Has)in contraconcessionsctoption buy to S.M. Chonta•Kolpa’sprimary focus of operations
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13TSX: EDR| NYSE: EXK Reserve, Metals Mix 60% Ag 40% Au Probable Reserves(1) +10 YRSProposed Life of MineEndeavour’s next core asset 2,000Tonnes per day Terronera Project, Jalisco 1.Full details in the appendix, under Reserves and Resources TSX: EDR| NYSE: EXK13 •Terronera•La Luz2 •7.4 million tonnes at 374 g/t AgEqcontaining 88.8 million AgEqoz Definedmineralization areas OPERATING MINE
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14TSX: EDR| NYSE : EXK Accelerating production growth Average annual production(3)of 4.0 million oz Ag and 38,000 oz Au over a 10-year mine life (7.0 million oz AgEq(1))Flotation plant producing high grade bulk sulfide concentratesOpportunities to further define and potentially expand discoveries on an underexplored land package High grade & low costs drive mine profits Shallow and thickdeposit averages 374 gptAgEqLOM($0.20) per oz cash costs(2,3), $2.15 per oz MAISC(2,3) Average annual cash flow once in production of $50 million(2,3) TSX: EDR| NYSE: EXK Terronera: Mexico’s Newest Silver Mine Strong progress on mine startup Daily average production averaged 1,841 tpdin JulySince completingcommissioning, throughput rapidly increased and iscurrently between 1,900 and 2,000 tpd Senior secured debt facility(1,4) Principal: $135 million Term: 8.5 years; grace period during construction Cost: SOFR + 4.50% per annum prior to completion and 3.75% per annum post completionGold hedge for up to 68,000 ounces at $2,325/ozSilver hedge zero-cost collars secure $31–$42/oz range on ~968k oz until June 2026 Positive social impact The 2021 feasibility study estimates over $170 million LOM in corporate tax payments, in addition to local taxes, payroll and other fees 1.Silver equivalent at 79:1 gold: silver ratio2.See Non-IFRS Measures disclosure in appendix3.Estimate from the 2023 Optimized plan, using spot pricing of $20/oz Ag & $1575/oz Au4.See EDR news released dated April 10, 2024 and June 24, 2025 for complete details on the debt facility and executed hedge contract terms
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15TSX: EDR| NYSE : EXK Terronera: Exploration Opportunities •Endeavour controls 25 concessions totaling 20k hectares•+50 mines on +50 known veins •Thick vein widths averaging 1-30 meters thick •High-grade averaging 400 –1,000 gptAg Eq TERRONERA PROJECT SURFACE VIEWTERRONERA VEIN •The Terronera vein holds over 90% of the defined reserve•Inferred envelope is open along strike and at depth LA LUZ VEIN•The La Luz vein is almost entirely high grade and relatively shallow for access•It is will be mined early to optimize project economics
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16TSX: EDR| NYSE: EXK 2022Acquired from SSR Mining$140MSSR invested to advance the project since 2002 Resource Metals Mix 60% Ag 40% Pb, Zn +225,000 Silver dominant project with extensive historical database and comprehensive work completed to date metres in drilling600 Moz AgDefined by NI 43-101 PitarrillaProject,Durango TSX: EDR| NYSE: EXK161.Full details in the appendix, under Reserves and Resources ADVANCED EXPLORATION
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17TSX: EDR| NYSE: EXK Pitarrilla:One of the World’s Largest Undeveloped Silver Projects 1.Silver equivalent at 80:1 gold: silver ratio2.See appendix for full Mineral Reserve & Resource tables, dated December 31, 2023 Enhances Organic Growth Profile •Complimentary to regional existing platform inMexico•Provides both open pit and underground optionality •Maintains growth portfolio geared towards silver•Strong exploration potential along prolific mineral belt Excellent Infrastructure in Place •Road access •Connected to power grid and water source•Exploration and contractor camps •Access to utilities and a well-trained workforce Organic Growth Potential Supported By Large Resource Key Permits in Place •Water use and discharge•General use of explosives •Change of soil •Underground mining and development approved through Environmental Impact Statement •Collaboration agreements with local community 2025 Next Steps •$16.6 million for feasibility study, development and exploration work, and $9.1 million of capital spending•14,000 meters of drilling and 600 meters of ramp development to advance the project towards construction Endeavour Silver(without Pitarrilla) (1,2)Pitarrilla(1,2) 79 M Ag Eq oz151M Ag Eq oz25 M Ag Eq oz 694M Ag Eq oz 103 M Ag Eq oz InferredMeasured & IndicatedProven & Probable
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18TSX: EDR| NYSE : EXK Pitarrilla: Exploration Supports Underground Mining Potential Plan view of Manto Pitarrillashowing various feeder structures, location of the underground ramp, underground drill stations and 2024 underground drill holes PitarrillaCross Section Cross section view of Manto Pitarrillashowing various feeder structures, location of the underground ramp and 2024 drill traces PitarrillaPlan View •Undergroundexploration rampextended over 1.3km, lying directly above the manto•Cross cuts developed for underground drilling targeting veins to depth •Confirmed management’s geological interpretation and identified at least four structures extending through manto•Four primary feeder veins have a vertical extent of600 to 800 metresand strike lengths approaching 700 metres
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19TSX: EDR| NYSE: EXK Pitarrilla:Summary of Historically Contemplated OperationsEndeavour Silver is evaluating the business case for an underground mine, focused on the high-grade core of the deposit 2009 PFS(1,3)Modelled on an Underground Mine•4,000 tpd mining operation over 12-year mine life •Targets sulphides beyond the limits of conceptual OP mine•Mining method included room & pillar and long hole•Base case prices were: $11/ oz Ag, $0.70/ lb Zn & $0.50/ oz Pb Key LOM MetricsAg 4 Average Head Grade (gpt) (M&I at 89 gpt cutofffor UG)171Average Annual Payable Production (M oz) 6.4Average Contained Metal (M oz) (M&I for UG)193.5Initial CAPEX (millions) $277 Key LOM MetricsAg 4 Average Head Grade gpt (measured at 30 gpt cut-off) 95.2Average Annual Production (Moz) (first 18 years)15Average Contained Metal (Moz) (flotation & leach)478.7 Initial CAPEX (millions) $741 1.Metrics from the Silver Standard NI 43-101 Technical Report entitled “PitarrillaProperty Pre-Feasibility Study”, dated September 21, 20092.Metrics from the Silver Standard NI 43-101 Technical Report entitled “Technical Report on the PitarrillaProject”, dated Dec 14, 20123.The economic analysis presented in the Technical Reports are not considered current and therefore should not be relied upon and should not be considered as representing the expected economic outcome under Endeavour’s ownership.4.Lead and Zinc are by-products; only silver is shown in this table 2012 FS(2,3)Modelled on an Open Pit Mine•28,000 tpdmining operation (float & leach) over 32-year mine life •Targets sulphides, oxides and transition zones •Mining method included standard truck and shovel •Base case prices were: $25/ oz Ag, $0.90/ lbZn & $0. 95/ oz Pb
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20TSX: EDR| NYSE : EXK Sector Leading Organic Growth Strategy OPERATIONS Guanaceví4.0M oz Ag13.8k oz Au (5.1 Moz AgEq) Bolañitos0.5M oz Ag25.2k oz Au(2.5 Moz AgEq) Te r r o n e r aLOM production of 7.0 Moz AgEqover the next few years (80:1 silver: gold ratio) ParralHistoric silver mining district PitarrillaOne of largest undeveloped silver projects globallyBrunerGold project in Nevada AidaLow sulfidation epithermal Ag ADVANCED EXPLORATIONGREENFIELDS Kolpa2.0 Moz Ag 12.6 kt Zn 19.8 kt Pb0.5 kt Cu(5.1Moz AgEq) Based on 2024 production data, exclusive of Terronera
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21TSX: EDR| NYSE: EXK Shareholder Information Sector Leading Beta to Silver (1) 1. Source: 3-year beta as provided by Capital IQ software –as of July 25, 2025 1.431.431.701.711.85 HLPAASAGCDEEXK Expressed as weekly frequency as compared to the GSCI Silver Index All amounts in USD unless otherwise stated*As of August 12, 2025 Top Shareholders Van Eck AssociatesTidal InvestmentsJupiter Asset ManagementBaker Steel Capital ManagersGlobal X ManagementConnor, Clark & LunnTD Asset ManagementCitadel AdvisorsMillennium ManagementSprott Asset Management Analysts $6.50NYSE share price 13M90-day average daily volume on NYSE $6.74/$2.82NYSE 52-week high/low NYSE: EXKTSX: EDRFSE: EJDExchange listings 52%Retail 48%Institutional $53M Cash position* Capital Structure 290.1Missued/outstanding5.1Mpotentially dilutive shares295.2Mtotal diluted shares*As of August 12, 2025 September 2,2025 $1.8BMarket Cap
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22TSX: EDR| NYSE : EXK Optimize OperationsFocus on delivering mine free cash flow; raising productivity, improving safety Develop TerroneraComplete start up phase and reach full production Extend Mine LivesContinue exploration drilling, replace reserves and grow resources Advance Growth PipelineDrill world class Pitarrilladeposit; Sequence project team after Terronera Grow Through M&AAcquire new mines that are accretive to NAV and cash flow with organic growth potential Focused on Becoming a Premier Senior Silver
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23TSX: EDR| NYSE: EXK Endeavour Silver Corp. @EDRSilverCorpEndeavour Silver Corp.@EDRSilverCorp @edrsilvercorp Allison PettitVice President, Investor Relationsapettit@edrsilver.comEndeavour SilverSuite 1130-609 Granville StreetVancouver, BCCanada V7Y 1G5 TF: 1 877 685 9775P: 604 685 9775 info@edrsilver.com 23TSX: EDR| NYSE: EXK Appendix
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24TSX: EDR| NYSE: EXK Mineral Reservesand Mineral Resources EstimatesSilver-Gold Proven and Probable Reserves (as of December 31, 2024)Tonnes (000s)Ag g/tAu g/tAg Eq g/tAg oz (000s)Au oz (000s)Ag Eq Oz (000s)Guanaceví 2024131.105062,6887.13,291Bolanitos 75 79 2.132591905.1625Total Proven 2773231.384332,87812.33,916Guanacevi 2573490.774142,8806.43,418Bolanitos 30477 1.7222275016.82,170Terronera 7,3801972.2537446,707534.088,834Total Probable 7,9411972.1837250,358557.194,422Total Proven & Probable8,2182012.1637453,216569.498,338 Silver-Gold Measured and Indicated Resources (as of December 31, 2024)Tonnes (000s)Ag g/tAu g/tAg Eq g/tAg oz (000s)Au oz (000s)Ag Eq Oz (000s)Guanaceví 1434491.155472,0725.32,521Bolañitos 62 1082.633302155.3660Total Measured2053461.604742,28710.63,180Guanaceví 4184110.944915,52412.66,591Bolañitos 1,0931082.272993,77979.710,517Parral 4332710.002713,7730.03,773Total Indicated 1,9442091.4832713,07692.320,881Total Measured & Indicated2,1492221.4934115,362102.824,061 Silver-Gold Inferred Mineral Resources (as of December 31, 2024)Tonnes (000s)Ag g/tAu g/tAg Eq g/tAg oz (000s)Au oz (000s)Ag Eq Oz (000s)Guanaceví 4035090.955906,59412.37,638Bolañitos 1,7051361.882957,434103.116,160Terronera 9975090.955906,91963.011,624Terronera(La Luz) 61 15011.351,00129522.01,977Parral 3,1803220.2133932,93821.734,677Total Inferred 6,3462661.0935354,180222.272,075
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25TSX: EDR| NYSE: EXK (continued) Silver-Lead-Zinc Resources (as of December 31, 2024)Tonnes (000s)Ag g/tAu g/tAg Eq g/tAg oz (000s)Au oz (000s)Ag Eq Oz(000s)Pb%Zn%Guanaceví3632080.262292,4213.12,6700.781.32PitarrillaIn Pit (Oxide & Transition)133,900870.00112375,1000.0483,2000.190.48PitarrillaUnderground (Sulphide)24,8001460.00264116,5000.0210,7001.012.14Parral(Cometa) 180551.171493206.88603.203.30Total Indicated159,243970.00136494,3419.9697,4300.320.74 Guanaceví4881320.161452,0762.502,2721.362.54PitarrillaIn Pit (Oxide & Transition)25,600760.0010063,000- 82,7000.140.48PitarrillaUnderground (Sulphide)9,800115.50.0021836,400- 68,6000.931.80Parral(Cometa) 880741.451902,10041.05,3763.273.24Total Inferred36,768880.04134103,57643.5158,9480.440.93 Mineral Reserves and Mineral Resources Estimates
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26TSX: EDR| NYSE: EXK Notes to Mineral Reserves and Mineral Resources Tables1.MineralResourcesarenotMineralReservesanddonothavedemonstratedeconomicviability.ThereisnocertaintythatanyorallpartoftheMineralResourceswillbeconvertedintoMineralReserves.TheestimateofMineralResourcesmaybemateriallyaffectedbyenvironmental,permitting,legal,title,taxation,socio-political,marketing,orotherrelevantissues.2.TheInferredMineralResourceinthisestimatehasalowerlevelofconfidencethanthatappliedtoanIndicatedMineralResourceandmustnotbeconvertedtoaMineralReserve.ItisreasonablyexpectedthatthemajorityoftheInferredMineralResourcecouldbeupgradedtoanIndicatedMineralResourcewithcontinuedexploration.3.TheMineralResourcesinthisestimatewerecalculatedusingtheCanadianInstituteofMining,MetallurgyandPetroleum(CIM),CIMStandardsonMineralResourcesandReserves,DefinitionsandGuidelinespreparedbytheCIMStandingCommitteeonReserveDefinitionsandadoptedbyCIMCouncil.4.MineralResourcesareexclusiveofandinadditiontoMineralReserves.5.GuanaceviMineralResourceandMineralReservecut-offgradesarebasedona249g/tsilverequivalentforSantaCruzSurofGuanaceviand249g/tsilverequivalentforSantaCruz,249g/tsilverequivalentforMilacheand316g/tsilverequivalentforOcampoandPorvenirNorteofGuanaceví;Metallurgicalrecoverieswere86.8%silverand91.0%goldforGuanaceví.6.ThecutoffgradeappliedforresourcecalculationattheregionalpolymetallicprojectsatGuanacevi(NocheBuenaandBuenaFe)is202g/tsilverequivalent.ThesilverequivalentisbasedonthecalculatedNSRforeachelementbasedonthefollowingpriceassumptionsUS$16.29/ozforsilver,US$1,195/ozforgold,US$0.82/lbforleadandUS$0.90/lbforzinc.7.BolañitosMineralResourceandMineralReservecut-offgradesarebasedon141g/tsilverequivalentforBelen,KarinaandPuertecito,141g/tsilverequivalentforLaLuzRamp,142g/tSilverequivalentfortheLuceroRampand141g/tsilverequivalentforSanMiguelramparea.Metallurgicalrecoverieswere86.2%silverand90.2%goldforBolañitos8.Terroneramineralreservesarereportedusingasilverequivalencycut-offformulaAgEq(g/t)=Ag(g/t)+(Au(g/t)x78.9474).Cut-offgradevariesbetween156g/tto200g/tAgEqdependingonminingmethod.Metalpricesusedwere$1,500/ozAuand$19.00/ozAg.Metallurgicalrecoveryof84.9%forsilverand79.8%forgold,transport,treatmentandrefiningchargesof$0.75/ozAg,andNSRroyaltiesof2.5%.MineralReservesarereportedbasedonminingcostsof$30.00/tforsub-levelopenstoping,$49.18/tforcutandfill,and$48.00/tforshrinkagemining,and$28.46/tforprocesscosts,and$8.49/tforG&Acosts.9.Terroneramineralresourcesareconstrainedwithinawireframeconstructedatanominal150g/tAuEqcut-offgrade.A150g/tAgEqcut-offgradeconsidersWood’sguidanceonindustryconsensusforlongtermsilverandgoldpricesforMineralResourceestimation,metallurgicalperformance,mining,processing,andsiteG&Aoperatingcosts,treatmentandrefiningcharges,androyalties.MineralResourcesarestatedasin-situwithnoconsiderationforplannedorunplannedexternalminingdilution.ThesilverandgoldouncesestimatespresentedintheMineralResourceestimatetablehavenotbeenadjustedformetallurgicalrecoveries.10.ParralMineralResourcesareestimatedatacut-offgradeof130g/tAgEqforPalmilla,VetaColorada,andSanPatricio,200g/tAgforSierraPlata,andanNSRcut-offvalueofUS$55/tforElCometa.TheNSRandAgEqvaluesarebasedonestimatedmetallurgicalrecoveries,assumedmetalpricesandsmelterterms,whichincludepayablefactors,treatmentcharges,penalties,andrefiningcharges.Metalpriceassumptionswere:US$17/ozAg,US$1,275/ozAu,US$1.15/lbZn,andUS$1.00/lbPb.Aminimumminingwidthof1.5mwasusedforSierraPlata,and1.75mforallotherveins.11.Miningrecoveryof89%wasappliedforGuanaceví;89.5%to93.5%forBolañitos,and90%(cutandfill),95%(longhole),80%(shrinkage)forTerroneraforMineralReserveEstimatecalculations.Minimumminingwidthswere0.8metresforMineralReserveEstimatecalculations.12.DilutionfactorsforMineralReserveEstimatecalculationsaveraged35.5%forGuanaceví,37.3%forBolañitos,and20%forTerronera.Forcurrentoperationsdilutionfactorsarebasedonveinwidthdilutedtowidthofdriveforlateralsillpreparation(generally>30%)andinternalstopedilutioncalculationsandexternaldilutionfactorsof24%forcutandfillminingand40%forlongholemining.13.Silverequivalentgradesarebasedona80:1silver:goldratioandcalculatedincludingonlysilverandgold.SilverequivalentgradesforTerroneraarebasedona78:9474silver:goldratioandcalculatedincludingonlysilverandgold.14.IndicatedandInferredSilver-GoldMineralResourcesfor"Parral"includestheColorada,PalmillaandSanPatricioareas.15.TheVetaColoradastructure(Parral)doesnotcontaingoldonaneconomicscale.16.PriceassumptionsforGuanacevíandBolañitos,areUS$26/ozforsilver,US$2,200/ozforgold.17.Figuresintablesareroundedtoreflectestimateprecision;smalldifferencesgeneratedbyroundingarenotmaterialtotheestimates.
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27TSX: EDR| NYSE: EXK Notes on the Pitarrilla Resource Estimate 18.The classification of the current Mineral Resource Estimate into Indicated and Inferred Mineral Resources is consistent with current 2014 CIM Definition Standards -For Mineral Resources and Mineral Reserves.19.All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.20.All Mineral Resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.21.Mineral Resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has alower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.22.It is envisioned that parts of the Pitarrilla deposit (oxide and transition mineralization) may be mined using open pit mining methods. In-pit mineral resources are reported at a cut-off grade of 50 g/t AgEqwithin a conceptual pit shell, which has been limited to the base of the transition mineralization.23.The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and toselect an appropriate resource reporting cut-off grade.24.It is envisioned that parts of the Pitarrilla deposit (sulphidemineralization) may be mined using underground mining methods. Underground (below-pit) Mineral Resources are estimated from thebottom of the pit (base of transition mineralization) and are reported at a base case cut-off grade of 150 g/t AgEq. The underground Mineral Resource grade blocks were quantified above the base case cut-off grade, below the constraining pit shell and within the constraining mineralized wireframes. At this base case cut-off grade the deposit shows good deposit continuity with limited orphaned blocks. Any orphaned blocks are connected within the models by lower grade blocks and are included in the Mineral Resource estimate.25.Based on the size, shape, location and orientation of the Pitarrilla deposit, it is envisioned that the deposit may be mined using low cost underground bulk mining methods (i.e. longholemining).26.High grade capping of Ag, Pb and Zn was done on 1.50 metrecomposite data.27.Bulk density values were determined based on physical test work from each deposit model and waste model.28.AgEqCut-off grades consider metal prices of $22.00/oz Ag, $1.00/lbPb and $1.30/lbZn and considers variable metal recoveries for Ag, Pb and Zn: oxide and transition mineralization -75% for silver, 70% for Pb and 65% for Zn; sulphidemineralization -86% for silver, 91% for Pb and 85% for Zn.29.The pit optimization and in-pit base case cut-off grade of 50 g/t AgEqconsiders a mining cost of US$2.50/t rock and processing, treatment and refining, transportation and G&A cost of US$22.40/t mineralized material, an overall pit slope of 42°for oxide and 48°for transition and metal recoveries. The below-pit base case cut-off grade of 150 g/t AgEqconsiders a mining cost of US$46.50/t rock and processing, treatment and refining, transportation and G&A cost of US$30.90/t mineralized material.30.The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.31.The database used for the current mineral resource estimate comprises data for 804 surface reverse circulation and diamond drillholes completed in the deposit area, which total 254,386 metres. The database totals 134,441 assay intervals for 188,816 metres.32.The mineral resource estimate is based on 19 three-dimensional (“3D”) resource models representing oxide, transition and sulphidemineralization, as well as 9 lithological 3D solids and a digital elevation surface model. The main Pitarrilla deposit generally strikes 330°to 335°and dips/plunges steeply east-northeast (-60°to -65°). The oxide mineralization in the Cordon Colorado and Javelina Creek Zones extend for 700 to 900 metressouthwest and northeast of the main Breccia Ridge Zone.33.Silver, lead and zinc were estimated for each mineralization domain in the Pitarrilla deposit. Blocks within each mineralizeddomain were interpolated using 1.5 metrescapped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID 2 ) interpolation method was used for all domains. Notes to Mineral Reserves and Mineral Resources Tables (continued)
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28TSX: EDR| NYSE: EXK Qualified PersonsGuanaceví and BolañitosThe Technical Reports are entitled “NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanaceví Project, Durango State, Mexico” (the “ 2022 Guanaceví Report ”) with an effective date of November 5, 2022, and “NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the BolañitosProject, Guanajuato State, Mexico” (the “ 2022 BolañitosReport ”) with an effective date of November 9, 2022 and are co-authored by Dale Mah, P.Geo., Vice President, Corporate Development of Endeavour, Don Gray, SME-RM, Chief Operations Officer of Endeavour and Richard A. Schwering, SME-RM of Hard Rock Consulting LLC. Mr. Schwering is independent of Endeavour. Both reports were filed on SEDAR and EDGAR on January 26, 2023. These authors are Qualified Persons as defined by NI 43-101 and are responsible for all sections of the Technical Reports. Terronera ProjectThe 2021 feasibility study technical report entitled “NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico (“Technical Report”)”, prepared by Wood PLC and dated May 15, 2023 with an effective date of September 9, 2021. The Technical Report was authored in accordance with National Instrument 43-101 was filed on SEDAR and EDGAR on October 25, 2021. The FS team includes Dale Mah, P.Geo., non-independent, from Endeavour Silver, Wood PLC QPs, Henry Kim, P.Geo., William Bagnell, P.Eng., Alan Drake, P.Eng., WSP QPs, James Tod, P.Eng., Paul Ivancie, P.G., Humberto Preciado, P.Eng., and Kirk Hanson, P.Eng., from KH Mining who are the Independent Qualified Persons for the 2021 FS andwho have prepared the scientific and technical information on the Terronera project and reviewed the information that is summarized in this document. The qualified persons preparing the FS have followed industry accepted practices for verifying that the data used in the study is suitable for the purposes used. Site visits by two of the qualified persons (including Dale Mah from Endeavour and Humberto Preciado from Wood) is part of the data verification procedures. A more detailed description of data verification undertaken by the qualified persons is included in the relevant sections of technical report.Parral ProjectThe Parral Technical Report is entitled “Technical Report on the Parral Project, State of Chihuahua, Mexico”, prepared by RoscoePostle Associates Inc. (RPA), now part of SLR Consulting Ltd. (SLR) and dated March 14, 2020. Mineral Resources disclosed in this presentation have been estimated by Mr. Jose Texidor Carlsson, P.Geo., an employee of RPA and independent of Endeavour. By virtue of his education and relevant experience, Mr. Texidor Carlsson is a “Qualified Person” for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). Pitarrilla Project The Amended Pitarrilla Technical Report, dated March 15, 2023, titled “Mineral Resource Estimate for the Pitarrilla Ag-Pb-Zn Project, Durango State, Mexico” (the “2022 Pitarrilla Report”) with an effective date of October 6, 2022. The 2022 Pitarrilla Report was prepared on behalf of the Company by SGS Geological Services Inc.(“SGS”), andauthored by Allan Armitage, Ph.D., P. Geo., (“Armitage”) of SGS Geological Services. Mr. Armitage is an independent Qualified Person as defined by NI 43-101 and is responsible for the Mineral Resource Estimate and all sections of the technical report. KolpaThe Kolpa Technical Report entitled “Technical Report on the HuachocolpaUno Mine Property, Huancavelica Province, Peru” (the “Kolpa Technical Report”) with an effective date of December 31, 2024. TheKolpa Technical Report was prepared on behalf of the Company by Allan Armitage, Ph.D., P.Geo., Ben Eggers, MAIG, P.Geo., and Henri Gouin, P.Eng. each of SGS and Dale Mah, P.Geo. and Donald Gray, SME-RM of Endeavour. Dale Mah and Donald Gray are each a qualified person as defined by NI 43-101. However, they are not independent of the Company. Dale Mah is Vice President, Corporate Development for Endeavour and Donald Gray is Chief Operating Officer for Endeavour. Updated Mineral Reserves and Mineral Resources EstimatesRichard A. Schwering, P.G., SME-RM of Hard Rock Consulting LLC is the Qualified Person who reviewed and approved the technical information contained in the Updated Company Mineral Reserve and Resource Estimates of the Guanaceví Mine and the BolañitosMine as of December 31, 2024. Dale Mah has reviewed and approved the balance of the technical and scientific information contained in this presentation.
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29TSX: EDR| NYSE: EXK Non-IFRS Financial Measures for Kolpa Consolidated Production -Cash Costs, AISC and Direct CostsCONSOLIDATED PRODUCTION (12 MONTHS ENDED DECEMBER 31)20242023Ore Tonnesprocessed 686,503661,535Average Silver (Ag) grade (gpt) 102.6495.18Average Lead (Pb) grade (%)3.082.90Average Zinc (Zn) grade (%)2.132.12Average Copper (Cu) grade (%)0.180.18 Silver (Ag) recovery (%)89.88%89.14%Lead (Pb) recovery (%)93.79%92.92%Zinc (Zn) recovery (%)85.83%83.91%Copper (Cu) recovery (%)42.54%44.33% Total Silver (Ag) Ouncesproduced 2,037,0531,805,663Total Lead (Pb) Tonnes produced 19,82017,825Total Zinc (Zn) Tonnes produced 12,55411,746Total Copper (Cu) Tonnes produced 518522Total Silver Equivalent (AgEq) produced5,066,8524,599,018 Payable Silver (Ag) ounces1,927,0051,736,417Cash costs per silver ounce$12.58$13.08Total production costs per ounce$18.88$19.57All in sustaining costs (AISC) per ounce$22.80$22.00Direct operating costs per tonne $132.62$120.65Direct costs per tonne $135.89$123.35 CALCULATION OF SILVER EQUIVALENT (AgEq) ounces producedPrices $(USD) 20242023Ag Oz $ $26.00$26.00Pb Tonne$ $1,984.14$1984.14Zn Tonne$ $2,755.75$2,755.75Cu Tonne$ $9,369.55$9,369.55 ProductionTotal Silver (Ag) Ounces produced2,037,0531,805,663Total Lead (Pb) Tonnesproduced 19,82017,825Total Zinc (Zn) Tonnesproduced 12,55411,746Total Copper (Cu) Tonnesproduced 518522 Silver (Ag) RatiosPb/T-Ag 76.3176.31Zn/T-Ag 105.99105.99Cu/T-Ag 360.37360.37 Base Metals (Pb, Zn, Cu) to Silver Equivalent (Ae Eq) ouncesPb –Ae Eq Oz 1,512,5251,736,417Zn –Ag Eq Oz 1,330,6031,244,963Cu –Ae Eq Oz 186,670188,122Base Metals (Pb, Zn, Cu)–AqEq Oz 3,029,7992,793,355Ag Oz 2,037,0531,805,663Total Ag Eq Oz 5,066,8524,599,018 1 Metric Tonne(1,00kg) = 2,204.62 lbs1 Troy Ounce = 31.10348 KOLPA KEY METRICS
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30TSX: EDR| NYSE: EXK ALL-IN COSTS (12 MONTHS ENDED DECEMBER 31)Expressed in thousands US dollars20242023Cash costs net of by-product$24,248$22,704Reclamation obligation (Accretion)317327Mine site expensed exploration9,5837,391Capital expenditures –sustaining9,7797,776All-in Sustaining Costs$43,927$38,199 (2) REVENUE BY METAL TYPE (12 MONTHS ENDED DECEMBER 31)Expressed in thousands US dollars20242023Silver (Ag) Sales$50,802$37,719By-product sales69,04358,897Sales & Services (Revenue)$119,845$96,616 NET DEBT (12 MONTHS ENDED DECEMBER 31)Expressed in thousands US dollars20242023Financial Obligations (current)8,6219,589Lease Liability Obligations (current)2,337853Financial Obligations –non-current19,10212,273Lease Liability Obligations –non-current351699Less: Cash & Cash Equivalents(10,082)93,702)Net Debt$20,329$19,712 CAPITAL EXPENDITURE (12 MONTHS ENDED DECEMBER 31)Expressed in thousands US dollars20242023Capital Expenditure –sustaining9,7797,776Capital Expenditure –expansionary 7,7081,261Purchase of PP&E (Capital Expenditure)$17,487$9,037 ALL-IN SUSTAINING COSTS (12 MONTHS ENDED DECEMBER 31)20242023Throughput tonnes686,503661,535Payable Silver (Ag) ounces1,927,0051,736,417Silver Equivalent Production (Ag Eq ounces)5,066,8524,599,018All-in Sustaining cost per ounce$22.80$22.00 (1) GROSS REVENUE RECONCILIATION (12 MONTHS ENDED DECEMBER 31)Expressed in thousands US dollars20242023Gross Revenue$128,413$109,815Smelting and Refining Costs(8,567)(13,199)Sales & Services (Revenue)$119,845$96,616 CASH COSTS & DIRECT COSTS (12 MONTHS ENDED DECEMBER 31)20242023Throughput tonnes686,503661,535Payable Silver (Ag) ounces1,927,0051,736,417Cash Costs per Silver (Ag) oz -Payable$12.58$13.08Direct Operating Costs per TonneProcessed$132.62$120.65 COST RECONCILIATION (12 MONTHS ENDED DECEMBER 31)Expressed in thousands US dollars20242023Direct Production Costs (Costs of Sales & Services less Depreciation)$76,060$61,513Smelting and Refining Costs8,56713,199Administrative expenses6,0944,803Sales Expenses 322299Direct operating costs$91,04379,814Royalties 2,2471,788Direct costs$91,043$79,814By-product Lead (Pb) sales(39,489)(33,941)By-product Zinc (Zn) sales(25,167)(20,975)By-product Copper (Cu) sales(4,386)(3,981)Cash costs net of by-product$24,248$22,704 INCOME STATEMENT EXTRACTS (12 MONTHS ENDED DECEMBER 31)Expressed in thousands US dollars20242023Sales & Services118,84596,616Cost of sales & services(88,413)(72,817)Gross Profit$31,432$23,829 These reconciliations and related financial information of Kolpahave been prepared by the Company using information provided by Kolpaduring the due diligence process. Kolpafinancial information is prepared using IFRS. Certain financial information of Kolpapresented herein is sourced from the historical audited financial statements of Kolpafor the years ended December 31, 2024 and 2023. Non-IFRS FinancialMeasures for KolpaIncome Statement, Revenue & Cost Reconciliation
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31TSX: EDR| NYSE: EXK 2023 OptimizedPlan (2,000 tpd) Compared to 2021 FS(continued) 20232021% ChangeSilver Price20.0020.000%Gold Price1,5751,5750%Silver: Gold Ratio79790%Operating StatisticsLOMTonnesProcessed LOM (thousands)7,3827,3800%Life of Mine (Years)10.012.0(17%)Averagesilvergrade (g/t) 196197(1%)Average gold grade (g/t)2.132.25(5%)Silverequivalentgrade (g/t) 364374(3%)Average silver recovery89.5%87.7%2%Average gold recovery78.7%76.3%2%LOM payable Ag ounces produced (millions)39.939.30%LOM payable Au ounces produced (thousands)384393(2%)LOM payable Ag Eq ounces produced (millions)69.770.3(1%)Avg annual payable Ag ounces produced (millions)4.03.320%Avg annual payable Au ounces produced (thousands)383317%Avg annual payable Ag Eq ounces produced (millions)7.05.918% DETAILED VIEW -2,000 TPD PLANT COMPARED TO 2021 FS Capital Expenditure StatisticsInitial Capital Expenditure (millions)230.4175.032%Process Capacity (tonnesper day)1,9901,70017%LOM Sustaining Capital88.3105.6(16%)Total LOM Project Capital318.7280.614% Operating Cost MetricsLOM Gross Revenue (millions)1,403.21,406.2(0%)LOM Gross COS (millions)596.4642.5(7%)LOM EBITDA (millions)806.9756.67%After Tax LOM Free Cash Flow (millions)316.9311.42%Cash costs by Product (per silver ounce)(0.20)0.59(134%)All in sustaining (per silver ounce)2.153.24(34%)Cash costs by Silver Equivalent (per silver ounce) 8.509.14(7%)All in sustaining Silver equivalents (per silver ounce) 9.8410.62(7%)Total Direct Production Costs (per Tonne)80.4387.06(8%)Mining Costs (pertonne)29.2630.96(7%)Processing Costs (pertonne)23.3825.47(8%)General and Administrative (pertonne)9.3210.90(14%)Treatment & Refining Charges (pertonne)14.3615.26(6%)Royalty Costs (pertonne) 4.474.46(0%)
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32TSX: EDR| NYSE: EXK Terronera:OperationalMetrics & Updated Initial Capex Scenario Select Operating Metrics2021 FS(1)Optimized(2) LOM tonnesprocessed (thousands) 7,3807,382Life of Mine (Years) 1210Average silver grade (g/t) 197196Average gold grade (g/t)2.252.13Silver equivalent grade (g/t) Base Prices 374364Avg annual Ag ounces produced (millions) 3.34.0Avg annual Au ounces produced (thousands)3338Avg annual Ag Eq ounces produced (millions) 5.97.0Select Operating MetricsLOM Sustaining Capital(3) (millions) $106$88.3LOM cash cost, net of gold by-product credit (3) $0.59/ oz($0.20) /ozLOM AISC, net of gold by-product credit(3) $3.24/ oz$2.15 /ozAvg annual after-tax free cash flow once in production (millions)$40$50 17% 5% 13% 36% 29% TC RC - $15.25Royalty - $4.46G& A - $10.90Mining costs - $30.96Processing costs - $25.47 DIRECT COST PER TONNE 1.See Appendix for full base case assumptions in the 2021 FS. Price assumptions were $20/ oz Ag and $1,575 / oz Au. The optimized metrics for the 2000 tpdplant as compared to the 1700 tpdplant are nonmaterial. Price assumptions were $20/ oz Ag and $1,575 / oz Au. 2.See EDR news release dated April 18, 2023 for full details on the Optimized case 3.Non-IFRS Measures disclosure in appendix Total Cost$87.05
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33TSX: EDR| NYSE: EXK Endeavour Silver reports non-IFRS measures which include cash costs net of by-product revenue on a payable silver basis, total production costs per ounce, all-in sustaining costs per ounce, direct production costs per tonne, silver co-product cash costs and gold co-product cash costs in order to manage and evaluate operating performance at each of the Company’s mines. These measures, some established by the Silver Institute (Production Cost Standards, June 2011), are widely used in the silver mining industry as a benchmark for performance, but do not have a standardized meaning and are reported on a production basis. Full reconciliation and definitions of each of these measures are provided in the Company’s quarterly Management Discussion and Analysis (MD&A) as filed on SEDAR and posted on the company website. Cash costs (“Cash costs”) per ounce -Cash costs per ounce is a non-IFRS measure. In the silver mining industry, this metric is a common performance measure that does not have a standardized meaning under IFRS. Cash costs include direct costs (including smelting, refining, transportation and selling costs), royalties and special mining duty and changes in finished goods inventory net of gold credits. For the purpose of the FS, special mining duty has not been included in cash costs but is included in tax expense.Mine Site -All-in sustaining costs (“MAISC”) and All-in sustaining cost(“AISC”) per ounce -MAISC and AISC per ounce are non-IFRS measures. These measures are intended to assist readers in evaluating the total cost of producing silver from operations. While here is no standardized meaning across the industry for AISC measures, the Company’s definition conforms to the definition of AISC as set out by the World Gold Council and used as a standard of the Silver Institute. The Company defines AISC as the cash operating costs (as defined above), reclamation cost accretion, mine site expensed exploration, corporate general and administration costs and sustaining capital expenditures. For the purpose of the FS, MAISC does not include corporate general and administration costs.Free cash flow -In the mining industry, free cash flow is a common performance measure with no standardized meaning. The Company calculates free cash flow by deducting cash capital spending (capital expenditures, net of expenditures paid through finance leases) from net cash provided by operating activities. The Company discloses free cash flow as it believes the measure provides valuable assistance to inventors and analysts in evaluating the Company’s ability to generate cash flow after capital investments and build the cash resources of the Company. Initial and sustaining capital -Initial and sustaining capital are non-IFRS measures. Initial capital is defined as capital required to develop and construct to bring the mine to commercial production and sustaining capital is defined as the capital required to maintain operations at existing levels. Both measurements are used by management to assess the effectiveness of an investment program.Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) -EBITDA represents net earnings before interest, taxes, depreciation and amortization. EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.Gross revenue and Gross cost of sales -Gross revenue represents gross sales of silver and gold and is calculated by adjusting net revenue for the removal of treatment, refining and transportation costs. Gross cost of sales is calculated by adjusting cost of sales for the inclusion of treatment, refining and transportation costs. Other examples of Non-IFRS Measures for which definitions and reconciliations are provided for in the Company’s quarterly Management Discussion and Analysis (MD&A) include operating cash flow before working capital changes, adjusted net earnings, and working capital. For further details on non-IFRS financial measures, review the Company’s MD&A, which is filed with its financial statements on SEDAR+ at www.sedarplus.comand on EDGAR at www.sec.gov Non-IFRS Measures
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34TSX: EDR| NYSE: EXK Management Team Dan DicksonCPA, CACEO Luis CastroIng., Geo. SVP Exploration Dale MahB.Sc., P.Geo.VP Corporate Development Elizabeth SenezFCA (ICAEW)CFO Greg BlaylockB.Sc, MSEVP Operations Don Gray Ing., MBA, MSECOO Allison Pettit VP Investor Relations
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35TSX: EDR| NYSE: EXK Board of Directors Margaret BeckB.Sc. Director and Audit Committee Chair Mario SzotlenderBIRDirector Rex McLennanB.Sc., MBA, ICD.D Director, Chairman and Corp. Gov. & Nom. Committee Chair Dan Dickson CPA, CACEO & Director Ken PickeringP. Eng. Director and Sustainability Committee Chair Amy E. JacobsenQP, P.E., MBA Director Angela JohnsonB. Sc., P. Geo., MBADirector