Slides
Page 1
TSE: EDR | NYSE: EXK www.edrsilver.com TSX: EDR | NYSE: EXK Growth on the Horizon November 2024 Growth on the Horizon June 2025 TSX: EDR | NYSE: EXK www.edrsilver.com
Page 2
TSX: EDR | NYSE: EXK Cautionary Note 2 This presentation contains “forward -looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward -looking information" within applicable Canadian securities legislation . Such forward -looking statements and information herein include but are not limited to statements regarding Endeavour’s acquisition of all of the issued and outstanding shares of Compañía Minera Kolpa S.A. (“Kolpa ”) and its main asset the Huachocolpa Uno Mine (“Kolpa Mine”), including the completion, size, and expected benefits, potential synergies and risks with respect to the transaction the development and financing of the Terronera Project, including capital cost estimates, the anticipated timing of the project construction and commissioning, Terronera's forecasted operations, costs and expenditures, and the timing and results of various related activities . The Company does not intend to and does not assume any obligation to update forward -looking statements or information other than as required by applicable law . Forward -looking statements or information involve known and unknown risks, uncertainties, and other factors that may cause Endeavor's actual results, level of activity, production levels, performance, or achievements, and its operations to be materially different from those expressed or implied by such statements . Such factors include but are not limited changes in production and costs guidance ; the ongoing effects of inflation and supply chain issues on mine economics ; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Chile, the USA and Mexico ; financial risks due to precious metals prices ; operating or technical difficulties in mineral exploration, development and mining activities ; risks and hazards of mineral exploration, development and mining ; the speculative nature of mineral exploration and development ; risks in obtaining necessary licenses and permits ; continued compliance with the project loan debt facility ; the ongoing effects of inflation and supply chain issues on the Terronera Project economics ; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and US dollar) ; and challenges to the Company's title to properties ; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the SEC and Canadian securities regulatory authorities . Forward -looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company's mining operations, no material adverse change in the market price of commodities forecasted Terronera mine economics as of 2025 , mining operations will operate, and the mining products will be completed under management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward -looking statements or information, other factors may cause results to be materially different from those anticipated, described, estimated, assessed, or intended . There can be no assurance that any forward -looking statements or information will be accurate, as actual results and future events could differ materially from those anticipated in such statements or information . Accordingly, readers should not place undue reliance on forward -looking statements or information .
Page 3
TSX: EDR | NYSE: EXK Non-IFRS Financial Measures 3 The Company has included certain performance measures that are not defined under International Financial Reporting Standards (IFRS) . The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of Kolpa . The non -IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS as an indicator of performance . These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers with similar descriptions . These have been prepared by the Company using information provided by Kolpa during the due diligence process . Kolpa financial information is prepared using IFRS . Certain financial information of Kolpa presented herein is sourced from the historical audited financial statements of Kolpa for the years ended December 31, 2024 and 2023 .
Page 4
TSX: EDR | NYSE: EXK Investor Highlights 4 MID-TIER SILVER PRODUCER Two high grade, underground silver gold mines in Mexico BUILDING MEXICO’S NEXT SILVER MINE Terronera wet commissioning commenced in Q2 2025 SIGNIFICANT ORGANIC GROWTH Leading organic growth profile in silver sector; optionality on Pitarilla & Parral LEADING SILVER LEVERAGE A leader in silver price beta, anchored by a silver-dominant production profile STRATEGICALLY ACQUIRING KEY ASSETS Opportunistic mergers and acquisitions
Page 5
TSX: EDR | NYSE: EXK Parral Project Chihuahua State, Mexico Bolañitos Mine Guanajuato State, Mexico Terronera Project Jalisco State, Mexico Guanacevi Mine Durango State, Mexico Pitarrilla Project Durango State Mexico 5 2025 Outlook – Core Assets Focused in Mexico Exploration Operation Development 1. Silver equivalent at an 80:1 gold: silver ratio 2. See EDR news release dated January 15, 2025. Assumed $2,200 gold price and 18:1 Mexican peso to USD 3. The company will provide 2025 production and cost guidance for Terronera once commissioning is complete 2023 CONSOLIDATED OUTLOOK (3) Silver Production 4.5 – 5.2 Moz Gold Production 31 – 34 koz Silver Equivalent Production (1) 7.0 – 7.9 Moz Sustaining Capital $34M Exploration Budget $6.5M 2025 CONSOLIDATED OUTLOOK (2) (3) $16 - $17/oz Cash Costs, Net of Gold Credit(2) $25 - $26/oz All-in Sustaining Costs, Net of Gold Credit(2)
Page 6
TSX: EDR | NYSE: EXK 6 Recent Developments 6 STEADY MOMENTUM WITH Q1 2025 PRODUCTION • Consolidated production was 1,205,793 oz Ag and 8,338 oz Au • Silver equivalent(1) production of 1.9 million oz TERRONERA CONSTRUCTION UPDATE(3) • Commissioning announced May 6, 2025 • Final construction phase • Producing concentrate Q1 2025 Production : 1.9 million oz AgEq (1) Guanacevi 71% Bolanitos 29% 40% Au 8,538 oz Au sold 60% Ag 1,223,684 oz Ag sold Q1 2025 Revenue By Metal 1. Silver equivalent at an 80:1 gold: silver ratio 2. See Non-IFRS Measures disclosure in appendix 3. See EDR news release dated May 6, 2025 EXPANSION INTO PERU WITH ACQUISITION OF KOLPA MINE • Silver focused operating mine; produced 31.6Moz AgEq since 2016 • Increasing Endeavour’s annual production profile by 5.0Moz AgEq • Peru plays a critical role as the world’s third-largest silver producer ADVANCING PITARRILLA ECONOMIC STUDY • Estimated costs of $25.7 Million ($16.6 Million for feasibility study, development and exploration work, and $9.1 million of capital spending)
Page 7
7 Kolpa Mine Peru 77 TSX: EDR | NYSE: EXK Metals Mix 1. Full details in the appendix, under Reserves and Resources Production • 2016-2023: 9.1 Moz Ag, 100.1 kt Pb, 79.1 kt Zn, 4.1 kt Cu • 2024: 2.0 Moz Ag, 19.8 kt Pb, 12.6 kt Zn, 0.5 kt Cu (5.1 Moz AgEq) 40% Ag 60% Pb, Zn, Cu
Page 8
TSX: EDR | NYSE: EXK 8 Strategic Acquisition of Endeavour’s Third Producing Mine CONSISTENT WITH PLAN TO BECOME SENIOR SILVER PRODUCER • Fully funded operating silver asset, expected to increase Endeavour’s production profile by 5.0 Moz AgEq, assuming continued production at Kolpa is consistent with 2024 production • Strategic acquisition of Endeavour’s third producing mine and first in Peru LEVERAGING ENDEAVOUR’S TECHNICAL STRENGTHS • Strong synergies with Endeavour’s underground operating skill set • Combining strengths and experience of key operating team members with a long-term work history at the Kolpa mine TRACK RECORD OF PRODUCTION GROWTH • Kolpa began as small-scale 800 tpd operation and has successfully undergone numerous expansions. Currently has 1,800 tpd plant capacity, with expansion plans to reach 2,500 tpd • The operation has produced approximately 31.6 Moz AgEq since 2016 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
Page 9
TSX: EDR | NYSE: EXK 9 Kolpa Project Overview (1) Location • Huachocolpa District, Huancavelica, Peru • 490 km SE of Lima • Avg elevation: 4,400 metres above sea level Land Package • 143 mining rights covering 25,177 ha of effective area and one beneficiation concession covering 366 ha Geology • Silver polymetallic mineralization rich in zinc, lead and copper, in production for 20+ years Concentrates Produced • Lead-silver concentrate, zinc-silver concentrate, copper-silver concentrate Transaction • $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-fill Processing Method • Conventional flotation 2024 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 Cost per Tonne (t) (2) • $133/tonne processed (1) Please see the Kolpa Technical Report for more information. (2) Refer to “Non-IFRS Financial Measures” in appendix.
Page 10
TSX: EDR | NYSE: EXK Kolpa Mining Concessions 10 Total:143 Rights ( 25,177 Ha) • Kolpa holds 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) Huachocolpa Uno • 23 mining concessions (1,679 Has) in contract option buy to S.M. Chonta • Kolpa’s primary focus of operations
Page 11
TSX: EDR | NYSE: EXK 11 1111 TSX: EDR | NYSE: EXK 1. Full details in the appendix, under Reserves and Resources Production • 2005 - 2023: 53.5M oz Ag, 135k oz Au • 2024: 4.0M oz Ag, 13.8k oz Au Reserves(1) : • Proven – 0.2 million tonnes at 506 g/t AgEq containing 3.3 million AgEq oz. • Probable – 0.3 million tonnes at 414 g/t AgEq containing 3.4 million AgEq oz Resources(1) : • Measured – 0.1 million tonnes at 547 g/t AgEq containing 2.5 AgEq oz • Indicated – 0.4 million tonnes at 491 g/t AgEq containing 6.6 AgEq oz 80% Ag 20% Au 2024 Mine Plan, Metals Mix Guanacevi Mine Durango
Page 12
TSX: EDR | NYSE: EXK AgEq Quarterly Production (oz)(1) 1,665,648 1,535,161 995,146 928,557 1,334,447 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Guanacevi – Q1 Production On Track 12 processing costs 15% mining costs 32% g&a 12% royalty/ special mining duty 23% purchased ore 18% Q1 2025 DIRECT COSTS PER TONNE Operating Trends 1. Silver equivalent at an 80:1 gold: silver ratio 2. See Non-IFRS Measures disclosure in appendix Q1 2025 Q1 2024 Change (%) Tonnes Processed (tpd) 1,138 1,263 (11%) Silver Grade (gpt) 348 402 (13%) Gold Grade (gpt) 1.30 1.25 4% Cash Costs/oz (2) $19.73 $15.94 24% All-in Sustaining Costs/oz (2) $26.50 $21.96 21% Production in line with plan and continues at full capacity with slightly lower silver grades. Q1 2025 PRODUCTION THROUGHPUT AND GRADE IN LINE WITH PLAN Supplies of local third-party feed continued to supplement mine production, amounting to 18% of quarterly throughput.
Page 13
TSX: EDR | NYSE: EXK 13 Guanacevi – Delivering High Grade Drill Results 13 PROLIFIC AREA Situated along prolific Santa Cruz vein 15 km long, producing in area since 2005 CONTINUITY Intersecting excellent results with step-out holes from the margins of the El Curso orebody TO THE EAST Connecting El Curso to Porvenir Dos POTENTIAL One continuous orebody - comparable to original Porvenir Norte orebody which supported production for +14 years
Page 14
TSX: EDR | NYSE: EXK 14 Bolanitos Mine Guanajuato 1414 TSX: EDR | NYSE: EXK 80% Au 20% Ag 2024 Mine Plan, Metals Mix 1. Full details in the appendix, under Reserves and Resources Production • 2007 - 2023: 17.4M oz Ag, 361.9k oz Au • 2024: 0.5M oz Ag, 25.2k oz Au Reserves(1) : • Proven: 0.08 million tonnes at 259 g/t AgEq containing 0.6 million AgEq oz • Probable: 0.3 million tonnes at 222 g/t AgEq containing 2.2 million AgEq oz Resources(1) : • Measured – 0.06 million tonnes at 330 g/t AgEq containing 0.7 million AgEq oz • Indicated – 1.1 million tonnes at 299 g/t AgEq containing 10.5 million AgEq oz
Page 15
TSX: EDR | NYSE: EXK AgEq Quarterly Production (oz)(1) 605,028 621,292 622,779 621,972 538,386 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Bolanitos – Maintaining Steady Performance 15 Q1 2025 PRODUCTION processing costs, 27% mining costs, 58% royalties, 5% g&a, 19% Q1 2025 DIRECT COSTS PER TONNE Operating Trends Q1 2025 Q1 2024 Change (%) Tonnes Processed (tpd) 1,190 1,174 2% Silver Grade (gpt) 67 42 59% Gold Grade (gpt) 1.43 1.94 (26%) Cash Costs/oz (2) ($5.60) ($17.69) (68%) All-in Sustaining Costs/oz (2) $13.16 $15.59 (16%) 1. Silver equivalent at an 80:1 gold: silver ratio 2. See Non-IFRS Measures disclosure in appendix Bolanitos provides optionality to the gold price and exploration upside remains on the property. FREE CASH FLOW Silver production was consistent with plan, while gold production slightly below plan due to lower gold grades.
Page 16
TSX: EDR | NYSE: EXK 16 16 TSX: EDR | NYSE: EXK 1. Full details in the appendix, under Reserves and Resources • Endeavour’s next core asset • Wet commissioning commenced in Q2 2025 • 2 defined mineralization areas: • Terronera • La Luz • Proposed LOM + 10 years (optimized scenario) • Probable Reserves(1) : • 7.4 million tonnes at 374 g/t AgEq containing 88.8 million AgEq oz Terronera Project Jalisco 40% Au60% Ag Reserve, Metals Mix
Page 17
TSX: EDR | NYSE: EXK 17 Terronera – Mexico’s Next Silver Mine COMMISSIONING ACTIVITIES COMMENCED • Endeavour’s largest mine and next operating mine • 10 years of technical work has prepared the project for construction including 6 technical reports (105,000 m of drilling) UPDATED INITIAL CAPITAL COSTS • Current capital expenditures are approximately $302 million as of December 31, 2024. Management estimates total project spend of $332 million.(4) EXECUTED PROJECT FINANCING • Senior secured debt facility from Société Générale & ING Capital for $120 million(5) • Ongoing ESG commitments as laid out by EP4 Principles ALMOST 100% ORGANIC GROWTH HIGH GRADE & LOW COSTS DRIVE MINE PROFITS • Shallow and thick deposit averages 374 gpt AgEq LOM • ($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) EXPECTED TO NEARLY DOUBLE PRODUCTION • 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 concentrates 2024 Production Near Term Growth Terronera Addition7.6 mil AgEq oz At an 80:1 silver: gold ratio + 7.0 mil AgEq oz ~ 364 g/t AgEq LOM grade 1. Silver equivalent at 79:1 gold: silver ratio 2. See Non-IFRS Measures disclosure in appendix 3. Estimate from the 2023 Optimized plan, using spot pricing of $20/oz Ag & $1575/oz Au 4. See EDR news release dated February 7, 2025 for full details 5. See EDR news release dated October 10, 2023 for full details
Page 18
TSX: EDR | NYSE: EXK 18 Terronera – Wet Commissioning Activities Commenced Initial Production SENIOR SECURED DEBT FACILITY(1) • Principal: $120 million • Term: 8.5 years; grace period during construction • Cost: SOFR + 4.50% per annum prior to completion and 3.75% per annum post completion • Gold hedge for up to 68,000 ounces at $2,329/oz • No hedging on the silver production WET COMMISSIONING • First slurry has been introduced to the concentrate filter • The Company plans to provide operational guidance as ramp up advances PROJECT MANAGEMENT TEAM • Global construction & operating experience • Escobal Mine, Guatemala • Buritica Mine, Colombia • Engaging with local government and state ministries to align sustainability objectives 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. See EDR news released dated April 10, 2024 for complete details on the debt facility and executed hedge contract terms 2. These timeframes do not consider further disruptions to the labour market and global supply chain constraints
Page 19
TSX: EDR | NYSE: EXK Final Stages of Construction 19 Concentrate filter pre-commissioning has started
Page 20
TSX: EDR | NYSE: EXK Terronera - Exploration Opportunities 20 TERRONERA PROJECT SURFACE VIEW • Endeavour controls 25 concessions totaling 20k hectares • +50 mines on +50 known veins • Thick veins widths averaging 1-30 meters thick • High-grade averaging 400 – 1,000 gpt Ag Eq 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 • The Terronera vein holds over 90% of the defined reserve • Inferred envelope is open along strike and at depth TERRONERA VEIN
Page 21
TSX: EDR | NYSE: EXK 2121 TSX: EDR | NYSE: EXK Pitarrilla Project, Durango • Acquired from SSR Mining in July 2022 • Silver dominant project with extensive historical database and comprehensive work completed to date : • SSR invested $140 million to advance the project since 2002 • +225,000 metres in drilling • 2 technical reports by previous owners Resource metals mix 60% Ag 40% Pb, Zn
Page 22
TSX: EDR | NYSE: EXK 22 Pitarrilla – One of the World’s Largest Undeveloped Silver Projects ENHANCES ORGANIC GROWTH PROFILE • Complimentary to regional existing platform in Mexico • Provides both open pit and underground optionality • Maintains growth portfolio geared towards silver • Strong exploration potential along prolific mineral belt 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 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 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) 1. Silver equivalent at 80:1 gold: silver ratio 2. See appendix for full Mineral Reserve & Resource tables, dated December 31, 2023 79 M Ag Eq oz 151 M Ag Eq oz25 M Ag Eq oz 694 M Ag Eq oz 103 M Ag Eq oz Inferred Measured & Indicated Proven & Probable
Page 23
TSX: EDR | NYSE: EXK Pitarrilla – Exploration Supports Underground Mining Potential 23 PITARRILLA PLAN VIEW • Confirmed management’s geological interpretation and identified at least four structures extending through manto • Four primary feeder veins have a vertical extent of 600 to 800 metres and strike lengths approaching 700 metres Cross section view of Manto Pitarrilla showing various feeder structures, location of the underground ramp and 2024 drill traces Plan view of Manto Pitarrilla showing various feeder structures, location of the underground ramp, underground drill stations and 2024 underground drill holes PITARRILLA CROSS SECTION • Underground exploration ramp extended over 1.3km, lying directly above the manto • Cross cuts developed for underground drilling targeting veins to depth
Page 24
TSX: EDR | NYSE: EXK Pitarrilla – Summary of Historically Contemplated Operations 24 2009 PFS(1,3) MODELLED ON AN UNDERGROUND MINE Key LOM Metrics Ag 4 Average Head Grade (gpt) (M&I at 89 gpt cutoff for UG) 171 Average Annual Payable Production (M oz) 6.4 Average Contained Metal (M oz) (M&I for UG) 193.5 Initial CAPEX (millions) $277 • 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 2012 FS (2,3) MODELLED AN OPEN PIT MINE Key LOM Metrics Ag 4 Average Head Grade gpt (measured at 30 gpt cut-off) 95.2 Average Annual Production (M oz) (first 18 years) 15 Average Contained Metal (M oz) (flotation & leach) 478.7 Initial CAPEX (millions) $741 • 28,000 tpd mining 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/ lb Zn & $0. 95/ oz Pb ENDEAVOUR SILVER IS EVALUATING THE BUSINESS CASE FOR AN UNDERGROUND MINE, FOCUSED ON THE HIGH-GRADE CORE OF THE DEPOSIT 1. Metrics from the Silver Standard NI 43-101 Technical Report entitled “Pitarrilla Property Pre-Feasibility Study”, dated September 21, 2009 2. Metrics from the Silver Standard NI 43-101 Technical Report entitled “Technical Report on the Pitarrilla Project”, dated Dec 14, 2012 3. The economic analysis presented in the Technical Reports are not considered current and therefore should not be relied upon a nd should not be considered as representing the expected economic outcome under Endeavour’s ownership. 4. Lead and Zinc are by-products; only silver is shown in this table
Page 25
TSX: EDR | NYSE: EXK 25 Pitarrilla – Opportunity & History of the Project 6.00 11.00 16.00 21.00 26.00 31.00 36.00 41.00 46.00 51.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Historical Silver Price ($US/ oz) 1 2 3 4 5 Contracts for feasibility study engineering work awarded. Began as an underground study, morphed into open pit. Feb. 2010 Pre-feasibility study published, focused on high-grade underground mine plan. Sep. 2009 Feasibility study published. Dec. 2012 Scoping study completed in conjunction with re-evaluation of underground mine plan. 2018 SSR Mining & Alacer Gold complete merger, whereby the resulting entity became primarily gold focused. Sept. 2020 Focus pivots to expanding resources with evaluation of open-pit concepts following surge in silver price SSR shifts focus of the project to reducing initial capex and maximizing returns
Page 26
TSX: EDR | NYSE: EXK 2626 TSX: EDR | NYSE: EXK 90% Ag Resource metals mix • Acquired Parral from SSR Mining in 2016 • Located in prolific silver mining district • 4 distinct mineralized vein systems • Veta Colorado • San Patricio • Palmilla • Cometa Parral Project, Chihuahua 10% other
Page 27
TSX: EDR | NYSE: EXK Parral – Potential Core Asset 27 • Existing development / access to ore from past producers • Historic annual production was 4 million Ag oz until 1990 from the Veta Colorada mine • Palmilla – highest grade silver mine in Mexico in 1800s, provided silver to Mexican mint HISTORIC SILVER PRODUCING DISTRICT DISTRICT SCALE OPPPORTUNITY CURRENT EXPLORATION PROGRAM SURFACE VIEW – 4 MINERALIZED AREAS • Endeavour controls 4 historic mines on multiple veins totaling 3,450 hectares or 35 km2 • District contains several known deposits including Santa Barbara, San Francisco, Cordero and La Cigarra • Objective: Define mineral resource of 60 million oz Ag Eq followed by a PEA to model production • Recent drill program focused on resource expansion at depth and along strike in the San Patricio vein system • Recent drill results include: • 508 gpt Ag, 0.11 gpt Au, 0.45% Pb and 1.60% Zn for 586 gpt AgEq(1) over a 2.33 m ETW (SPT-47) • 336 gpt Ag, 0.28 gpt Au, 1.04% Pb and 2.55% Zn for 477 gpt AgEq (1) over a 2.5 m ETW (SPT-38) Silver equivalents are calculated using the formula: Ag (gpt) + [Au (gpt) X Au Price / Ag Price] + [Pb (%) X 2204.6 X Pb Price / Ag Price X 31.1] + [Zn (%) X 2204.6 X Zn Price / Ag Price X 31.1]
Page 28
TSX: EDR | NYSE: EXK 28 OPERATIONS DEVELOPMENT ADVANCED EXPLORATION GREENFIELDS Guanacevi 4.0M oz Ag, 13.8k oz Au Bolanitos 0.5M oz Ag, 25.2k oz Au Terronera Next core asset in Jalisco, near Puerto Vallarta on 200 km2 land package LOM production of 7.0 million oz AgEq over the next few years (80:1 silver: gold ratio) Parral Historic silver mining district Aida Low sulfidation epithermal Ag Sector Leading Organic Growth Strategy Pitarrilla One of largest undeveloped silver projects globally 2024 production Bruner Gold project in Nevada Kolpa 2.0 Moz Ag, 19.8 kt Pb, 12.6 kt Zn, 0.5 kt Cu (5.1 Moz AgEq)
Page 29
TSX: EDR | NYSE: EXK 29 Shareholder Information CAPITAL STRUCTURE Issued/outstanding* 289.5 million Potentially dilutive units* 5.9 million Total diluted shares* 283.6 million Recent closing price – NYSE (June 10, 2025) US$4.99 Market capitalization (June 10, 2025) US$1.4 billion 52-week high / low US$5.67/ $2.46 90-day average daily share volume on NYSE ~13 million KEY DATA Exchange listings NYSE:EXK, TSX:EDR, FSE:EJD Working capital US$15 million Cash position US$65 million Major shareholders Van Eck (GDX) ANALYST COVERAGE B Riley FBR Nick Giles BMO Capital Markets Kevin O’Halloran CIBC World Markets Cosmos Chiu Global Alliance Jake Sekelsky H.C. Wainwright Heiko Ihle Raymond James Craig Stanley TD Securities Wayne Lam Ventum Financial Phil Ker 1. Source: 3-year beta as provided by Capital IQ software – as of March 7, 2025 1.59 1.63 1.67 1.79 1.86 NYSE:HL TSX:FVI TSX:AG NYSE:CDE TSX:EDR SECTOR LEADING BETA TO SILVER(1) 29 Expressed as weekly frequency as compared to the GSCI Silver Index * As at March 31, 2025 * As at May 12, 2025
Page 30
TSX: EDR | NYSE: EXK 30 Focused on Becoming a Premier Senior Silver Producer 30 Optimize Operations Focus on delivering mine free cash flow; raising productivity, improving safety Develop Terronera Complete wet commissioning phase and reach full production Extend Mine Lives Continue exploration drilling, replace reserves and grow resources Advance Growth Pipeline Drill world class Pitarrilla deposit; Sequence project team after Terronera Grow Through M&A Acquire new mines that are accretive to NAV and cash flow with organic growth potential
Page 31
TSX: EDR | NYSE: EXK Appendix 31 TSX: EDR | NYSE: EXK Endeavour Silver Suite 1130-609 Granville Street Vancouver, BC Canada V7Y 1G5 TF: 1 877 685 9775 P: 604 685 9775 info@edrsilver.com Allison Pettit Director, Investor Relations apettit@edrsilver.com
Page 32
TSX: EDR | NYSE: EXK 32 Mineral Reserves and Mineral Resources Estimates 32 Silver-Gold Proven and Probable Reserves (as of December 31, 2024) Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) Ag Eq Oz (000s) Guanaceví 202 413 1.10 506 2,688 7.1 3,291 Bolanitos 75 79 2.13 259 190 5.1 625 Total Proven 277 323 1.38 433 2,878 12.3 3,916 Guanacevi 257 349 0.77 414 2,880 6.4 3,418 Bolanitos 304 77 1.72 222 750 16.8 2,170 Terronera 7,380 197 2.25 374 46,707 534.0 88,834 Total Probable 7,941 197 2.18 372 50,358 557.1 94,422 Total Proven & Probable 8,218 201 2.16 374 53,216 569.4 98,338 Silver-Gold Measured and Indicated Resources (as of December 31, 2024) Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) Ag Eq Oz (000s) Guanaceví 143 449 1.15 547 2,072 5.3 2,521 Bolañitos 62 108 2.63 330 215 5.3 660 Total Measured 205 346 1.60 474 2,287 10.6 3,180 Guanaceví 418 411 0.94 491 5,524 12.6 6,591 Bolañitos 1,093 108 2.27 299 3,779 79.7 10,517 Parral 433 271 0.00 271 3,773 0.0 3,773 Total Indicated 1,944 209 1.48 327 13,076 92.3 20,881 Total Measured & Indicated 2,149 222 1.49 341 15,362 102.8 24,061 Silver-Gold Inferred Mineral Resources (as of December 31, 2024) Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) Ag Eq Oz (000s) Guanaceví 403 509 0.95 590 6,594 12.3 7,638 Bolañitos 1,705 136 1.88 295 7,434 103.1 16,160 Terronera 997 509 0.95 590 6,919 63.0 11,624 Terronera (La Luz) 61 150 11.35 1,001 295 22.0 1,977 Parral 3,180 322 0.21 339 32,938 21.7 34,677 Total Inferred 6,346 266 1.09 353 54,180 222.2 72,075
Page 33
TSX: EDR | NYSE: EXK 33 Mineral Reserves and Mineral Resources Estimates (continued) 33 Silver-Lead-Zinc Resources (as of December 31, 2024) Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) Ag Eq Oz (000s) Pb% Zn% Guanaceví 363 208 0.26 229 2,421 3.1 2,670 0.78 1.32 Pitarrilla In Pit (Oxide & Transition) 133,900 87 0.00 112 375,100 0.0 483,200 0.19 0.48 Pitarrilla Underground (Sulphide) 24,800 146 0.00 264 116,500 0.0 210,700 1.01 2.14 Parral (Cometa) 180 55 1.17 149 320 6.8 860 3.20 3.30 Total Indicated 159,243 97 0.00 136 494,341 9.9 697,430 0.32 0.74 Guanaceví 488 132 0.16 145 2,076 2.50 2,272 1.36 2.54 Pitarrilla In Pit (Oxide & Transition) 25,600 76 0.00 100 63,000 - 82,700 0.14 0.48 Pitarrilla Underground (Sulphide) 9,800 115.5 0.00 218 36,400 - 68,600 0.93 1.80 Parral (Cometa) 880 74 1.45 190 2,100 41.0 5,376 3.27 3.24 Total Inferred 36,768 88 0.04 134 103,576 43.5 158,948 0.44 0.93
Page 34
TSX: EDR | NYSE: EXK 34 Notes to Mineral Reserves and Mineral Resources Tables 34 1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any or all part of the Mineral Resources will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 3. The Mineral Resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. 4. Mineral Resources are exclusive of and in addition to Mineral Reserves. 5. Guanacevi Mineral Resource and Mineral Reserve cut-off grades are based on a 249 g/t silver equivalent for Santa Cruz Sur of Guanacevi and 249 g/t silver equivalent for Santa Cruz, 249 g/t silver equivalent for Milache and 316 g/t silver equivalent for Ocampo and Porvenir Norte of Guanaceví; Metallurgical recoveries were 86.8% silver and 91.0% gold for Guanaceví. 6. The cutoff grade applied for resource calculation at the regional polymetallic projects at Guanacevi (Noche Buena and Buena Fe) is 202g/t silver equivalent. The silver equivalent is based on the calculated NSR for each element based on the following price assumptions US$16.29/oz for silver, US$1,195/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc. 7. Bolañitos Mineral Resource and Mineral Reserve cut-off grades are based on 141 g/t silver equivalent for Belen, Karina and Puertecito, 141 g/t silver equivalent for La Luz Ramp, 142 g/t Silver equivalent for the Lucero Ramp and 141 g/t silver equivalent for San Miguel ramp area. Metallurgical recoveries were 86.2% silver and 90.2% gold for Bolañitos 8. Terronera mineral reserves are reported using a silver equivalency cut-off formula AgEq (g/t) = Ag (g/t) + (Au (g/t) x 78.9474). Cut-off grade varies between 156 g/t to 200 g/t AgEq depending on mining method. Metal prices used were $1,500/oz Au and $19.00/oz Ag. Metallurgical recovery of 84.9% for silver and 79.8% for gold, transport, treatment and refining charges of $0.75/oz Ag, and NSR royalties of 2.5%. Mineral Reserves are reported based on mining costs of $30.00/t for sub- level open stoping, $49.18/t for cut and fill, and $48.00/t for shrinkage mining, and $28.46/t for process costs, and $8.49/t for G&A costs. 9. Terronera mineral resources are constrained within a wireframe constructed at a nominal 150 g/t AuEq cut-off grade. A 150 g/t AgEq cut-off grade considers Wood’s guidance on industry consensus for long term silver and gold prices for Mineral Resource estimation, metallurgical performance, mining, processing, and site G&A operating costs, treatment and refining charges, and royalties. Mineral Resources are stated as in-situ with no consideration for planned or unplanned external mining dilution. The silver and gold ounces estimates presented in the Mineral Resource estimate table have not been adjusted for metallurgical recoveries. 10. Parral Mineral Resources are estimated at a cut-off grade of 130 g/t AgEq for Palmilla, Veta Colorada, and San Patricio, 200 g/t Ag for Sierra Plata, and an NSR cut-off value of US$55/t for El Cometa. The NSR and AgEq values are based on estimated metallurgical recoveries, assumed metal prices and smelter terms, which include payable factors, treatment charges, penalties, and refining charges. Metal price assumptions were: US$17/oz Ag, US$1,275/oz Au, US$1.15/lb Zn, and US$1.00/lb Pb. A minimum mining width of 1.5 m was used for Sierra Plata, and 1.75 m for all other veins. 11. Mining recovery of 89% was applied for Guanaceví; 89.5% to 93.5% for Bolañitos, and 90% (cut and fill), 95% (longhole), 80% (shrinkage) for Terronera for Mineral Reserve Estimate calculations. Minimum mining widths were 0.8 metres for Mineral Reserve Estimate calculations. 12. Dilution factors for Mineral Reserve Estimate calculations averaged 35.5% for Guanaceví, 37.3% for Bolañitos, and 20% for Terronera. For current operations dilution factors are based on vein width diluted to width of drive for lateral sill preparation (generally >30%) and internal stope dilution calculations and external dilution factors of 24% for cut and fill mining and 40% for long hole mining. 13. Silver equivalent grades are based on a 80:1 silver:gold ratio and calculated including only silver and gold. Silver equivalent grades for Terronera are based on a 78:9474 silver:gold ratio and calculated including only silver and gold. 14. Indicated and Inferred Silver-Gold Mineral Resources for "Parral" includes the Colorada, Palmilla and San Patricio areas. 15. The Veta Colorada structure (Parral) does not contain gold on an economic scale. 16. Price assumptions for Guanaceví and Bolañitos, are US$26/oz for silver, US$2,200/oz for gold. 17. Figures in tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.
Page 35
TSX: EDR | NYSE: EXK 3535 Notes to Mineral Reserves and Mineral Resources Tables (continued) 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 a lower 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 AgEq within 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 to select an appropriate resource reporting cut-off grade. 24. It is envisioned that parts of the Pitarrilla deposit (sulphide mineralization) may be mined using underground mining methods. Underground (below-pit) Mineral Resources are estimated from the bottom 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. longhole mining). 26. High grade capping of Ag, Pb and Zn was done on 1.50 metre composite data. 27. Bulk density values were determined based on physical test work from each deposit model and waste model. 28. AgEq Cut-off grades consider metal prices of $22.00/oz Ag, $1.00/lb Pb and $1.30/lb Zn and considers variable metal recoveries for Ag, Pb and Zn: oxide and transition mineralization - 75% for silver, 70% for Pb and 65% for Zn; sulphide mineralization - 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 AgEq considers 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 AgEq considers 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 drill holes 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 sulphide mineralization, 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 metres southwest 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 mineralized domain were interpolated using 1.5 metres capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID 2 ) interpolation method was used for all domains.
Page 36
TSX: EDR | NYSE: EXK Qualified Persons 36 Guanacevi and Bolanitos The Technical Reports are entitled “NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanaceví Project, Durango State, Mexico” (the “ 2022 Guanacevi Report ”) with an effective date of November 5, 2022, and “NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bolañitos Project, Guanajuato State, Mexico” (the “ 2022 Bolañitos Report ”) 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 Pers ons as defined by NI 43-101 and are responsible for all sections of the Technical Reports. Terronera Project The 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 and who have prepa red 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 Project The Parral Technical Report is entitled “Technical Report on the Parral Project, State of Chihuahua, Mexico”, prepared by Roscoe Postle 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”), and authored 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.
Page 37
TSX: EDR | NYSE: EXK Non-IFRS Financial Measures for Kolpa Consolidated Production - Cash Costs, AISC and Direct Costs 37 1. Please see the Kolpa Technical Report for more information.
Page 38
TSX: EDR | NYSE: EXK Non-IFRS Financial Measures for Kolpa Income Statement, Revenue & Cost Reconciliation 38 2024 2023 Sales & Services 119,845 96,616 Cost of sales & services (88,413) (72,787) Gross Profit $ 31,432 $ 23,829 2024 2023 Direct Production Costs (Cost of Sales & Services less Depreciation) 76,060$ 61,513$ Smelting and Refining Costs 8,567 13,199 Administrative expenses 6,094 4,803 Sales expenses 322 299 Direct operating costs 91,043$ 79,814$ Royalties 2,247 1,788 Direct costs 93,290$ 81,601$ By-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$ CASH COSTS & DIRECT COSTS 2024 2023 Throughput tonnes 686,503 661,535 Payable Silver (Ag) ounces 1,927,005 1,736,417 Cash Costs per Silver (Ag) oz - Payable $ 12.58 $ 13.08 Direct Operating Costs per Tonne Processed $ 132.62 $ 120.65 (1) GROSS REVENUE RECONCILIATION Expressed in thousands US dollars 2024 2023 Gross Revenue $ 128,413 $ 109,815 Smelting and Refining Costs (8,567) (13,199) Sales & Services (Revenue) $ 119,845 $ 96,616 INCOME STATEMENT EXTRACTS Expressed in thousands US dollars Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, COST RECONCILIATION Expressed in thousands US dollars Twelve Months Ended December 31, (2) REVENUE BY METAL TYPE Expressed in thousands US dollars 2024 2023 Silver (Ag) Sales $ 50,802 $ 37,719 By-product sales 69,043 58,897 Sales & Services (Revenue) $ 119,845 $ 96,616 All-In Costs Expressed in thousands US dollars 2024 2023 Cash costs net of by-product $ 24,248 $ 22,704 Reclamation obligation (Accretion) 317 327 Mine site expensed exploration 9,583 7,391 Capital expenditures - sustaining 9,779 7,776 All-In-Sustaining Costs $ 43,927 $ 38,199 All-In Sustaining Costs 2024 2023 Throughput tonnes 686,503 661,535 Payable Silver (Ag) ounces 1,927,005 1,736,417 Silver Equivalent Production (Ag Eq ounces) 5,066,852 4,599,018 All-In-Sustaining cost per ounce $ 22.80 $ 22.00 Capital Expenditure Expressed in thousands US dollars 2024 2023 Capital expenditure - sustaining 9,779 7,776 Capital expenditure - expansionary 7,708 1,261 Purchase of PP&E (Capital Expenditure) $ 17,487 $ 9,037 Net Debt Expressed in thousands US dollars 2024 2023 Financial Obligations - current 8,621 9,589 Lease Liability Obligations - current 2,337 853 Financial Obligations - non-current 19,102 12,273 Lease Liability Obligations - non-current 351 699 Less: Cash & Cash Equivalents (10,082) (3,702) Net Debt $ 20,329 $ 19,712 Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, These reconciliations and related financial information of Kolpa have been prepared by the Company using information provided by Kolpa during the due diligence process. Kolpa financial information is prepared using IFRS. Certain financial information of Kolpa presented herein is sourced from the historical audited financial statements of Kolpa for the years ended December 31, 2024 and 2023.
Page 39
TSE: EDR | NYSE: EXK 2023 Optimized Plan (2,000 tpd) Compared to 2021 FS 39 2023 2021 % Change Silver Price 20.00 20.00 0% Gold Price 1,575 1,575 0% Silver: Gold Ratio 79 79 0% Operating Statistics LOM Tonnes Processed LOM (thousands) 7,382 7,380 0% Life of Mine (Years) 10.0 12.0 (17%) Average silver grade (g/t) 196 197 (1%) Average gold grade (g/t) 2.13 2.25 (5%) Silver equivalent grade (g/t) 364 374 (3%) Average silver recovery 89.5% 87.7% 2% Average gold recovery 78.7% 76.3% 2% LOM payable Ag ounces produced (millions) 39.9 39.3 0% LOM payable Au ounces produced (thousands) 384 393 (2%) LOM payable Ag Eq ounces produced (millions) 69.7 70.3 (1%) Avg annual payable Ag ounces produced (millions) 4.0 3.3 20% Avg annual payable Au ounces produced (thousands) 38 33 17% Avg annual payable Ag Eq ounces produced (millions) 7.0 5.9 18% Capital Expenditure Statistics Initial Capital Expenditure (millions) 230.4 175.0 32% Process Capacity (tonnes per day) 1,990 1,700 17% LOM Sustaining Capital 88.3 105.6 (16%) Total LOM Project Capital 318.7 280.6 14% Operating Cost Metrics LOM Gross Revenue (millions) 1,403.2 1,406.2 (0%) LOM Gross COS (millions) 596.4 642.5 (7%) LOM EBITDA (millions) 806.9 756.6 7% After Tax LOM Free Cash Flow (millions) 316.9 311.4 2% Cash costs by Product (per silver ounce) (0.20) 0.59 (134%) All in sustaining (per silver ounce) 2.15 3.24 (34%) Cash costs by Silver Equivalent (per silver ounce) 8.50 9.14 (7%) All in sustaining Silver equivalents (per silver ounce) 9.84 10.62 (7%) Total Direct Production Costs (per Tonne) 80.43 87.06 (8%) Mining Costs (per tonne) 29.26 30.96 (7%) Processing Costs (per tonne) 23.38 25.47 (8%) General and Administrative (per tonne) 9.32 10.90 (14%) Treatment & Refining Charges (per tonne) 14.36 15.26 (6%) Royalty Costs (per tonne) 4.47 4.46 (0%) Detailed View - 2,000 TPD Plant Compared to 2021 FS
Page 40
TSX: EDR | NYSE: EXK 40 Terronera – Operational Metrics & Updated Initial Capex Scenario 40 Select Operating Metrics 2021 FS(1) Optimized(2) LOM tonnes processed (thousands) 7,380 7,382 Life of Mine (Years) 12 10 Average silver grade (g/t) 197 196 Average gold grade (g/t) 2.25 2.13 Silver equivalent grade (g/t) Base Prices 374 364 Avg annual Ag ounces produced (millions) 3.3 4.0 Avg annual Au ounces produced (thousands) 33 38 Avg annual Ag Eq ounces produced (millions) 5.9 7.0 Select Operating Metrics LOM Sustaining Capital (3) (millions) $106 $88.3 LOM cash cost, net of gold by-product credit (3) $0.59/ oz ($0.20) /oz LOM AISC, net of gold by-product credit (3) $3.24/ oz $2.15 /oz Average annual after-tax free cash flow once in production (millions) $40 $50 1. See Appendix for full base case assumptions in the 2021 FS. Price assumptions were $20/ oz Ag and $1,575 / oz Au. The optimi zed metrics for the 2000 tpd plant as compared to the 1700 tpd plant 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 processing costs $25.47 , 29% mining costs $30.96 , 36% g&a $10.90 , 13% royalty $4.46 , 5% TCRC $15.25 , 17% DIRECT COST PER TONNE Total Cost $87.05
Page 41
TSE: EDR | NYSE: EXK Non-IFRS Measures 41 Endeavour Silver reports non -IFRS measures which include cash costs net of by -product revenue on a payable silver basis, total p roduction 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 t he Company’s mines. These measures, some established by the Silver Institute (Production Cost Standards, June 2011), are widely used in th e s ilver 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 a nd 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 d oes not have a standardized meaning under IFRS. Cash costs include direct costs (including smelting, refining, transportation and selling c ost s), 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 acros s t he 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 Com pany 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 fre e cash flow by deducting cash capital spending (capital expenditures, net of expenditures paid through finance leases) from net cash provided by operating activiti es. 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 afte r c apital 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 t o bring the mine to commercial production and sustaining capital is defined as the capital required to maintain operations at existing levels. Both measure men ts 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, serv ice 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 treatme nt, 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 Manage ment 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 S EDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov
Page 42
TSE: EDR | NYSE: EXK Management Team 42 Dan Dickson, CPA, CA, CEO Luis Castro, Ing., Geo. VP Exploration Dale Mah, B.Sc., P.Geo. VP Corporate Development Elizabeth Senez, FCA (ICAEW) CFO Greg Blaylock, B.Sc, MSE, VP Operations Don Gray, Ing., MBA, MSE, COO
Page 43
TSE: EDR | NYSE: EXK Board of Directors 43 Margaret Beck B.Sc. Director and Audit Committee Chair Mario Szotlender BIR Director Rex McLennan, B.Sc., MBA, ICD.D Director, Chairman and Corp. Gov. & Nom. Committee Chair Dan Dickson, CEO CPA, CA Director Ken Pickering P. Eng. Director and Sustainability Committee Chair Amy E. Jacobsen QP, P.E., MBA Director Angela Johnson B. Sc., P. Geo., MBA Director
Page 44
TSX: EDR | NYSE: EXK 44