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TSX: EDR | NYSE: EXKNOVEMBER 2025 Growth on the Horizon CORPORATE PRESENTATION edrsilver.com
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2TSX: EDR | NYSE: EXK Cautionary Note 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 the expected benefits of 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”); exploration and development plans at Endeavour’s properties; potential strategic acquisitions by Endeavour; the development and commissioning of the Terronera Project and the timing thereof; capital cost estimates; Terronera's forecasted operations, costs and expenditures; the Company’s future areas of focus; forecasted production, cost guidance and financial results; life of mine; 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 and related timeframes 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; changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Peru, 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 project economics; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Peruvian sol, 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 and 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.
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3TSX: EDR | NYSE: EXK Non-IFRS Financial Measures 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.
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4TSX: EDR | NYSE: EXK Investor Highlights Mid-tier Silver Producer Operating Mexico’s Next Silver Mine Significant Organic Growth Leading Silver Leverage Strategically Acquiring Key Assets Three underground silver gold mines in Mexico, plus a silver-base metals mine in Peru Terronera commercial production commenced on October 1, 2025 Leading organic growth profile in silver sector; optionality on Pitarrilla & Parral A leader in silver price beta, anchored by a silver-dominant production profile Opportunistic mergers and acquisitions
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5TSX: EDR | NYSE: EXK 30 Moz AgEq by 2030 – 30 by 30 5Silver equivalent at an 80:1 gold: silver ratio 7.0 -7.9 Moz AgEq + Terronera and Kolpa partial year + ~12.0 Moz AgEq One of the world’s largest undeveloped silver deposits Pitarrilla 2025 7.6 Moz AgEq 2024 Production Exploration Operation Endeavour Silver is a mid-tier silver producer with mining operations in Mexico and Peru. In addition to its operational mines, the Company maintains a diverse portfolio of exploration projects across Mexico, Chile, and the United States. This robust pipeline supports Endeavour’s strategy for organic growth, reinforcing its ambition to become a leading senior silver producer. . ABOUT ENDEAVOUR SILVER Kolpa Huancavelica Guanaceví Durango Pitarrilla Durango Parral Chihuahua MEXICO PERU 2026 Bolañitos Guanajuato Terronera Jalisco
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6TSX: EDR | NYSE: EXK Newest Acquisition Fuels Momentum in YTD 2025 Production • Consolidated 2025 production was 4,373,087 oz Ag and 22,978 oz Au • AgEq(1) production of 7,438,645 oz, including base metals from Kolpa Kolpa Delivers Consistent Results • Kolpa produced 2,091,217 oz AgEq since May 1, 2025(2) • Throughput and production of metals were in line with historical performance and management expectations Terronera Announces Commercial Production Effective Oct 1, 2025 • Produced 212,043 oz Ag and 6,256 oz Au in Q3 • In Q3, exceeded average of 90% of nameplate capacity of 2000 tonnes per day (tpd) • 90% of projected metal recoveries also achieved Advancing Pitarrilla 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 ratio 2. From May 1, 2025 to September 30, 2025 3. See Non-IFRS Measures disclosure in appendix 52% 20% 28% 4,441,848 oz Ag sold 23,722 oz Au sold YTD 2025 Sales: Quantity of Metal Guanaceví Kolpa YTD 2025 Production: 7.4 million oz AgEq(1) Recent Developments 60% Ag 30% Au Bolañitos 10% Base Metals
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7TSX: EDR | NYSE: EXK 1. Full details in the appendix, under Reserves and Resources Kolpa Mine, Peru OPERATING MINE 7TSX: EDR | NYSE: EXK Metals Mix 9.1M oz Ag 2016-2023 Production kt Pb 100.1 kt Zn 79.1 kt Cu 4.1 2.0M oz Ag 2024 Production kt Pb 19.8 kt Zn 12.6 kt Cu 0.5 (5.1 Moz AgEg) 40% Ag 60% Pb, Zn, Cu
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8TSX: 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 Kolpa is consistent with 2024 production Strategic acquisition of Endeavour’s third producing mine and first in Peru 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 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 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 8TSX: EDR | NYSE: EXK Strategic Acquisition of Endeavour’s Third Producing Mine
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9TSX: 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 strategy 2025 Production • Processed 195,752 tonnes of material in Q3 • Produced 2,091,217 AgEq oz since May 1, 2025 • Results in line with management’s expectations established at time of acquisition 1. Silver equivalent at an 80:1 gold: silver ratio 2. See Non-IFRS Measures disclosure in appendix Q1 2025 Revenue By Metal Kolpa: Integration Progressing Smoothly 47% Ag 598,689 oz produced 26% Pb 5,664 tonnes produced 24% Zn 3,666 tonnes produced 3% Cu 120 tonnes produced 1,286,139 AgEq Ounces Produced(1) Q3 2025 PRODUCTION Q3 2025 Direct Costs Per Tonne 14% 63% 4% 19% processing costs mining costs royalties/ special mining duty g&a Operating Trends Q3 2025(2) Tonnes Processed (tpd) 2,128 Silver Grade (gpt) 105 Lead Grade (%) 3.07 Zinc Grade (%) 2.20 Copper Grade (%) 0.21 Cash Costs/Ag oz $16.43 All-in Sustaining Costs/oz $30.31 *Additional payable by-products including gold and antimony
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10TSX: EDR | NYSE: EXK Kolpa: 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.
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11TSX: EDR | NYSE: EXK Kolpa: Mining Concessions 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 (1,679 Has) in contraconcessionsct option buy to S.M. Chonta • Kolpa’s primary focus of operations
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12TSX: EDR | NYSE: EXK Reserve, Metals Mix 60% Ag 40% Au Probable Reserves(1) +10 YRS Proposed Life of Mine Endeavour’s next core asset 2,000 Tonnes per day Terronera Mine, Jalisco 1. Full details in the appendix, under Reserves and Resources TSX: EDR | NYSE: EXK 12 • Terronera • La Luz 2 • 7.4 million tonnes at 374 g/t AgEq containing 88.8 million AgEq oz Defined mineralization areas OPERATING MINE
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13TSX: 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 concentrates Opportunities to further define and potentially expand discoveries on an underexplored land package 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) TSX: EDR | NYSE: EXK Terronera: Mexico’s Newest Silver Mine Strong progress on mine startup Daily average production averaged 1,841 tpd in July Since completing commissioning, throughput rapidly increased and is currently 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 completion Gold hedge for up to 68,000 ounces at $2,325/oz Silver 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 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 released dated April 10, 2024 and June 24, 2025 for complete details on the debt facility and executed hedge con tract terms
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14TSX: 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 gpt Ag Eq TERRONERA PROJECT SURFACE VIEW TERRONERA 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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15TSX: EDR | NYSE: EXK 1. Silver equivalent at an 80:1 gold: silver ratio 2. See Non-IFRS Measures disclosure in appendix Q1 2025 Revenue By Metal Terronera: Officially in Commercial Production Q3 2025 Direct Costs Per Tonne 28% 48% 3% 21% processing costs mining costs royalties/ special mining duty g&a Operating Trends Q3 2025(2) Tonnes Processed (tpd) 145,680 Silver Grade (gpt) 64 Gold Grade (gpt) 2.08 Cash Costs/Ag oz $35.92 Commercial Production Declared on October 1, 2025 • Consistently exceeded average of 90% of the designed nameplate capacity of 2,000 tpd, and metal recoveries of 90% during commissioning phase • Annualized production and cost guidance to be issued in January 2026 Next Steps for the Newly Producing Mine • Forecasted throughput of approx. 360,000 tonnes over next six months averaging 122 g/t Ag and 2.52 g/t Au • Higher grade zones scheduled to be accessed by mid 2026, enhancing production
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16TSX: EDR | NYSE: EXK 2022 Acquired from SSR Mining $140M SSR 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 drilling 600 Moz Ag Defined by NI 43-101 Pitarrilla Project, Durango TSX: EDR | NYSE: EXK 161. 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 ratio 2. See appendix for full Mineral Reserve & Resource tables, dated December 31, 2023 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 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 2025/2026 Next Steps • $16.6 million for feasibility study, development and exploration work, and $9.1 million of capital spending in 2025 • 14,000 meters of drilling and 600 meters of ramp development to advance the project towards construction • Feasibility Study expected mid-year 2026 Endeavour Silver (without Pitarrilla & Kolpa) (1,2) 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 79 M Ag Eq oz 151 M Ag Eq oz25 M Ag Eq oz 694 M Ag Eq oz 103 M Ag Eq oz Endeavour Silver (with Pitarrilla) (1,2)
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18TSX: EDR | NYSE : EXK Pitarrilla: Exploration Supports Underground Mining Potential 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 Cross section view of Manto Pitarrilla showing various feeder structures, location of the underground ramp and 2024 drill traces Pitarrilla Plan View • Underground exploration ramp extended 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 metres and strike lengths approaching 700 metres
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19TSX: EDR | NYSE: EXK Pitarrilla: Summary of Historically Contemplated Operations Endeavour 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 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 Key LOM Metrics Ag 4 Average Head Grade gpt (measured at 30 gpt cut-off) 95.2 Average Annual Production (Moz) (first 18 years) 15 Average Contained Metal (Moz) (flotation & leach) 478.7 Initial CAPEX (millions) $741 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 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 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 & $0. 95/ oz Pb
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20TSX: EDR | NYSE: EXK Pitarrilla: Opportunity & History of the Project 6.00 11.00 16.00 21.00 26.00 31.00 36.00 41.00 46.00 51.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Historical Silver Price ($US/oz) 1 2 3 4 5 Contracts for feasibility study engineering work awarded. Began as an underground study, morphed into open pit. Pre-feasibility study published, focused on high-grade underground mine plan. Feasibility study published. Dec. 2012 Feb. 2010 Sep. 2009 Scoping study completed in conjunction with re-evaluation of underground mine plan. SSR Mining & Alacer Gold complete merger, whereby the resulting entity became primarily gold focused. Sept. 2020 2018 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
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21TSX: EDR | NYSE: EXK Guanaceví Mine, Durango 21TSX: EDR | NYSE: EXK Reserves(1) 2024 Mine Plan, Metals Mix Resources(1) 53.5M oz Ag 2005-2023 Production oz Au 135k 80% Ag 20% Au • 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 • 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 1. Full details in the appendix, under Reserves and Resources 4.0M oz Ag oz Au 13.8k 2024 Production OPERATING MINE
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22TSX: EDR | NYSE: EXK 15% 27% 11% 26% 21% processing costs mining costs g&a royalty/ special mining duty purchased ore Guanaceví: Maintaining Steady Production Q3 2025 Production Gold and silver production within the planned range with higher throughput and slightly lower grades OPERATING TRENDS 1. Silver equivalent at an 80:1 gold: silver ratio 2. See Non-IFRS Measures disclosure in appendix Q3 2025 Direct Costs Per Tonne AgEq Quarterly Production (Oz)(1) Higher Precious Metals Prices Higher precious metals prices increased availability of third-party ore purchased from local mines in Guanacevi district 995,146 928,557 1,334,447 1,282,853 1,279,860 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2025 Q3 2024 Change % Tonnes Processed (tpd) 1,080 729 48% Silver Grade (gpt) 340 402 (15%) Gold Grade (gpt) 1.07 1.46 (27%) Cash Costs/oz(2) $22.98 $19.59 17% All-in Sustaining Costs/oz(2) $31.09 $30.83 1%
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23TSX: EDR | NYSE: EXK Guanaceví: Delivering High Grade Drill Results Prolific Area Continuity To The East Potential Situated along prolific Santa Cruz vein 15 km long, producing in area since 2005 Intersecting excellent results with step-out holes from the margins of the El Curso orebody Connecting El Curso to Porvenir Dos One continuous orebody - comparable to original Porvenir Norte orebody which supported production for +14 years
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24TSX: EDR | NYSE: EXK Reserves(1) 2024 Mine Plan, Metals Mix 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 17.4M oz Ag 2007-2023 Production oz Au 361.9k 20% Ag 80% Au Bolañitos Mine, Guanajuato 1. Full details in the appendix, under Reserves and Resources TSX: EDR | NYSE: EXK 24 • 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 0.5M oz Ag oz Au 25.2k 2024 Production OPERATING MINE
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25TSX: EDR | NYSE: EXK Bolañitos: Resilient Performance Continues OPERATING TRENDS 1. Silver equivalent at an 80:1 gold: silver ratio 2. See Non-IFRS Measures disclosure in appendix Q3 2025 Production Silver grades were consistent with plan while gold grades were slightly below plan due to mining from different locations in ore body Q3 2025 Direct Costs Per Tonne AgEq Quarterly Production (Oz)(1) 21% 55% 6% 18% processing costs mining costs royalties g&a 622,779 621,972 538,386 440,678 471,158 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Free Cash Flow Bolañitos provides optionality to the gold price and exploration update remains on the property Q3 2025 Q3 2024 Change % Tonnes Processed (tpd) 1,143 1,171 (3%) Silver Grade (gpt) 50 36 39% Gold Grade (gpt) 1.36 2.00 (32%) Cash Costs/oz(2) ($11.47) ($51.38) 78% All-in Sustaining Costs/oz(2) $27.22 ($12.31) 321%
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26TSX: EDR | NYSE: EXK Shareholder Information Sector Leading Beta to Silver (1) 1. Source: 3-year beta as provided by Capital IQ software – as of October 7, 2025 1.41 1.44 1.62 1.69 1.84 HL PAAS AGCDE EXK Expressed as weekly frequency as compared to the GSCI Silver Index All amounts in USD unless otherwise stated *As of November 7, 2025 Top Shareholders Van Eck Associates Tidal Investments Jupiter Asset Management Baker Steel Capital Managers Global X Management Connor, Clark & Lunn TD Asset Management Citadel Advisors Millennium Management Sprott Asset Management Analysts $7.26 NYSE share price 13M 90-day average daily volume on NYSE $10.37/$2.95 NYSE 52-week high/low NYSE: EXK TSX: EDR FSE: EJD Exchange listings 54% Institutional 46% Retail $57M Cash position* Capital Structure 294.2M issued/outstanding 3.9M potentially dilutive shares 298.1M total diluted shares *As of November 6, 2025 November 5, 2025 $2.1B Market Cap
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27TSX: EDR | NYSE : EXK Sector Leading Organic Growth Strategy OPERATIONS Guanaceví 4.0M oz Ag 13.8k oz Au (5.1 Moz AgEq) Bolañitos 0.5M oz Ag 25.2k oz Au (2.5 Moz AgEq) Terronera LOM production of 7.0 Moz AgEq over the next few years (80:1 silver: gold ratio) Parral Historic silver mining district Pitarrilla One of largest undeveloped silver projects globally Bruner Gold project in Nevada Aida Low sulfidation epithermal Ag ADVANCED EXPLORATION GREENFIELDS Kolpa 2.0 Moz Ag 12.6 kt Zn 19.8 kt Pb 0.5 kt Cu (5.1Moz AgEq) Based on 2024 production data, exclusive of Terronera
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28TSX: EDR | NYSE: EXK Endeavour Silver Corp. @EDRSilverCorp Endeavour Silver Corp. @EDRSilverCorp @edrsilvercorp Allison Pettit Vice President, Investor Relations apettit@edrsilver.com Endeavour Silver Suite 1130-609 Granville Street Vancouver, BC Canada V7Y 1G5 TF: 1 877 685 9775 P: 604 685 9775 info@edrsilver.com 28TSX: EDR | NYSE: EXK Appendix
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29TSX: EDR | NYSE: EXK Mineral Reserves and Mineral Resources Estimates 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
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30TSX: EDR | NYSE: EXK (continued) 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 Mineral Reserves and Mineral Resources Estimates
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31TSX: EDR | NYSE: EXK Notes to Mineral Reserves and Mineral Resources Tables 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.
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32TSX: 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 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. Notes to Mineral Reserves and Mineral Resources Tables (continued)
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33TSX: EDR | NYSE: EXK Qualified Persons Guanaceví and Bolañitos 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 Guanaceví 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 Persons 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 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 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. Kolpa The Kolpa Technical Report entitled “Technical Report on the Huachocolpa Uno Mine Property, Huancavelica Province, Peru” (the “Kolpa Technical Report”) with an effective date of December 31, 2024. The Kolpa 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 Estimates Richard 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 Bolañitos Mine 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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34TSX: EDR | NYSE: EXK Non-IFRS Financial Measures for Kolpa Consolidated Production - Cash Costs, AISC and Direct Costs CONSOLIDATED PRODUCTION (12 MONTHS ENDED DECEMBER 31) 2024 2023 Ore Tonnes processed 686,503 661,535 Average Silver (Ag) grade (gpt) 102.64 95.18 Average Lead (Pb) grade (%) 3.08 2.90 Average Zinc (Zn) grade (%) 2.13 2.12 Average Copper (Cu) grade (%) 0.18 0.18 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) Ounces produced 2,037,053 1,805,663 Total Lead (Pb) Tonnes produced 19,820 17,825 Total Zinc (Zn) Tonnes produced 12,554 11,746 Total Copper (Cu) Tonnes produced 518 522 Total Silver Equivalent (AgEq) produced 5,066,852 4,599,018 Payable Silver (Ag) ounces 1,927,005 1,736,417 Cash costs per silver ounce $12.58 $13.08 Total production costs per ounce $18.88 $19.57 All in sustaining costs (AISC) per ounce $22.80 $22.00 Direct operating costs per tonne $132.62 $120.65 Direct costs per tonne $135.89 $123.35 CALCULATION OF SILVER EQUIVALENT (AgEq) ounces produced Prices $(USD) 2024 2023 Ag Oz $ $26.00 $26.00 Pb Tonne $ $1,984.14 $1984.14 Zn Tonne $ $2,755.75 $2,755.75 Cu Tonne $ $9,369.55 $9,369.55 Production Total Silver (Ag) Ounces produced 2,037,053 1,805,663 Total Lead (Pb) Tonnes produced 19,820 17,825 Total Zinc (Zn) Tonnes produced 12,554 11,746 Total Copper (Cu) Tonnes produced 518 522 Silver (Ag) Ratios Pb/T - Ag 76.31 76.31 Zn/T - Ag 105.99 105.99 Cu/T - Ag 360.37 360.37 Base Metals (Pb, Zn, Cu) to Silver Equivalent (Ae Eq) ounces Pb – Ae Eq Oz 1,512,525 1,736,417 Zn – Ag Eq Oz 1,330,603 1,244,963 Cu – Ae Eq Oz 186,670 188,122 Base Metals (Pb, Zn, Cu)– Aq Eq Oz 3,029,799 2,793,355 Ag Oz 2,037,053 1,805,663 Total Ag Eq Oz 5,066,852 4,599,018 1 Metric Tonne (1,00kg) = 2,204.62 lbs 1 Troy Ounce = 31.10348 KOLPA KEY METRICS
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35TSX: EDR | NYSE: EXK ALL-IN COSTS (12 MONTHS ENDED DECEMBER 31) 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 (2) REVENUE BY METAL TYPE (12 MONTHS ENDED DECEMBER 31) 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 NET DEBT (12 MONTHS ENDED DECEMBER 31) 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) 93,702) Net Debt $20,329 $19,712 CAPITAL EXPENDITURE (12 MONTHS ENDED DECEMBER 31) 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 ALL-IN SUSTAINING COSTS (12 MONTHS ENDED DECEMBER 31) 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 (1) GROSS REVENUE RECONCILIATION (12 MONTHS ENDED DECEMBER 31) 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 CASH COSTS & DIRECT COSTS (12 MONTHS ENDED DECEMBER 31) 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 COST RECONCILIATION (12 MONTHS ENDED DECEMBER 31) Expressed in thousands US dollars 2024 2023 Direct Production Costs (Costs 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 $91,043 $79,814 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 INCOME STATEMENT EXTRACTS (12 MONTHS ENDED DECEMBER 31) Expressed in thousands US dollars 2024 2023 Sales & Services 118,845 96,616 Cost of sales & services (88,413) (72,817) Gross Profit $31,432 $23,829 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. Non-IFRS Financial Measures for Kolpa Income Statement, Revenue & Cost Reconciliation
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36TSX: EDR | NYSE: EXK 2023 Optimized Plan (2,000 tpd) Compared to 2021 FS (continued) 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% DETAILED VIEW - 2,000 TPD PLANT COMPARED TO 2021 FS 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%)
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37TSX: EDR | NYSE: EXK Terronera: Operational Metrics & Updated Initial Capex Scenario 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 Avg annual after-tax free cash flow once in production (millions) $40 $50 17% 5% 13% 36% 29% TCRC - $15.25 Royalty - $4.46 G&A - $10.90 Mining costs - $30.96 Processing 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 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 Total Cost $87.05
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38TSX: 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 s pecial 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 defi ned 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 inc lude 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 Compan y 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 di scloses 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 c ash 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 managemen t 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 f und capital expenditures. Gross revenue and Gross cost of sales - Gross revenue represents gross sales of silver and gold and is calculated by adjusting n et 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.com and on EDGAR at www.sec.gov Non-IFRS Measures
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39TSX: EDR | NYSE: EXK Management Team Dan Dickson CPA, CA CEO Luis Castro Ing., Geo. SVP 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 Allison Pettit VP Investor Relations
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40TSX: EDR | NYSE: EXK Board of Directors 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 CPA, CA CEO & 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