Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) announces its financial and operating results for the three months and year ended December 31, 2025. All dollar amounts are in US dollars ($).

“2025 was a transformative year for Endeavour, marked by robust production growth, record revenues and key strategic milestones that have propelled the Company forward,” said Dan Dickson, Chief Executive Officer. “The successful commissioning of Terronera, the acquisition of Kolpa and the sale of Bolañitos Mine have not only enhanced the Company’s asset portfolio but also positioned it for sustained growth and long-term success.”

“With a strong balance sheet, Endeavour has the financial flexibility to advance its strategic objectives and continue prioritizing progress at the Pitarrilla project by allocating resources to exploration, technical studies and economic evaluations, which will further unlock value across the Company’s development pipeline.”

Full Year 2025 Highlights

• Significant Year-Over-Year Production Growth: In 2025, the Company produced 6,486,661 ounces of silver and 37,164 oz of gold. Including base metal production, total silver equivalent⁽¹⁾ production reached 11.2 million ounces, marking a 48% increase over 2024, driven by output from the newly commissioned Terronera mine and the acquired Kolpa mine.
• Record Revenue Driven by Higher Sales Volumes and Strong Realized Prices: Revenue totaled $467.5 million in 2025 from the sale of 6,562,106 oz of silver and 43,430 oz of gold at average realized prices of $40.73 per oz silver and $3,591 per oz gold, a 115% increase compared to 2024, driven by higher metals prices and 36% more silver ounces sold.
• Strong Mine Operating Cash Flow: $156.3 million in mine operating cash flow before taxes⁽²⁾ and $51.5 million in operating cash flow before working capital⁽²⁾ changes, representing a significant increase compared to $72.3 million and $27.2 million, respectively, in 2024.
• Solid Cash Position: $215.4 million in cash as of December 31, 2025.
• Terronera Declared Commercial Production: Commercial production at Terronera commenced on October 1, 2025 (see news release dated October 16, 2025 here). During the fourth quarter of 2025, Terronera processed 154,180 tonnes, and produced 352,002 ounces of silver and 8,148 ounces of gold with average recoveries of 82.6% and 72.5%, respectively.
• Completed Acquisition of Minera Kolpa: On May 1, 2025, the Company completed the acquisition of Kolpa, including a $50 million bought deal equity financing, which funded the cash component of the acquisition (see news release dated April 16, 2025 here). Additionally, the Company commenced payments on the $35 million copper stream with Versamet Royalties Corporation (see news release dated May 1, 2025 here).
• Definitive Agreement to Sell Bolañitos: The Company entered into a definitive agreement to sell the Bolañitos mine to Guanajuato Silver Company Ltd. for $30 million in cash and $10 million in Guanajuato Silver shares, plus up to US$10 million in contingent consideration payable upon achieving certain production milestones at the Bolañitos mine. The sale closed in January 2026.
• Completed US$350 Million Convertible Notes Offering: On December 4, 2025, the Company closed a $350 million convertible senior notes offering and repaid the majority of its third-party debt. Remaining funds will be used to advance Pitarrilla and for general corporate purposes (see news release dated December 4, 2025 here).
• Further Advancement of Pitarrilla: The Company has further advanced the project with a focus on exploration and technical studies. During the year, $6.2 million was incurred on exploration costs and $2.8 million for evaluation and non-capital expenditures to advance Pitarrilla.

Operating & Financial Overview

Q4 2025 results

Throughput for the fourth quarter was 551,010 tonnes, higher than the 165,591 tonnes processed during the same period in 2024, primarily due to the contribution of 154,180 tonnes from Terronera and 198,830 tonnes from Kolpa. Throughput was also higher at Guanaceví with 104,380 tonnes compared to 58,798 tonnes in 2024, as production was lower following the trunnion failure in August 2024 until December 2024. Although Terronera made a meaningful contribution to the Company in Q4 2025, throughput at Terronera during the fourth quarter was impacted by several disruptions related to the start up of new operations. Electrical disruptions impacted the consistency of throughput, and the Company has launched a number of initiatives to improve the operability and efficiency of the plant.

Direct operating costs per tonne⁽²⁾ in Q4 2025 increased by 8% to $164.21 compared to Q4 2024, predominantly caused by the appreciation of the Mexican peso relative to the US dollar at the Company’s Mexican operations and the addition of Terronera, which at $222.57 per tonne experienced higher direct operating costs per tonne, partially offset by the addition of Kolpa, which at $121.50 per tonne lowered the consolidated average. High direct operating costs per tonne at Terronera were driven by lower than planned throughput and higher ramp up costs incurred during the first quarter of commercial operations.

Consolidated cash costs per silver ounce in Q4 2025⁽²⁾, net of by-product credits, increased by 39% to $19.05 due to a substantial change in the production profile. Higher costs per silver ounce at Bolañitos and Guanaceví were partially offset by the contribution of Kolpa, with cash costs of $11.42 per oz, and Terronera’s cash costs of $4.76 per oz.

All-In-Sustaining Costs⁽²⁾ per silver oz in Q4 2025 increased by 51% to $41.19. This increase was driven by the addition of Terronera which at $65.70 per silver oz incurred substantially higher AISC than the consolidated average, predominantly due to higher sustaining capital expenditures during its first quarter of operations, along with higher corporate general and administrative expenses, including the revaluation of deferred share units driven by the increase in the Company’s share price. Terronera AISC includes capital expenditures of $16.3 million. This capital investment includes one-time investments related to a new mining operation.

In Q4 2025, the Company’s mine operating earnings were $46.6 million (Q4 2024 – $7.7 million) with revenue of $172.6 million (Q4 2024 – $42.2 million) and cost of sales of $126.0 million (Q4 2024 – $34.5 million). The higher revenue and cost of sales were driven by the addition of Kolpa and Terronera, in addition to higher realized metal prices.

The realized silver price⁽²⁾ was $54.83 per oz for the quarter, 74% higher than the same period in 2024, and the realized gold price was $4,283 per oz, 62% higher than the same period in 2024. Royalty expenses increased due to higher production and higher metal prices, including special mining duty taxes recognized during the quarter.

In Q4 2025, the Company generated operating earnings of $34.6 million (Q4 2024 – operating loss of $0.5 million) after exploration, evaluation and development costs of $6.7 million (Q4 2024 – $6.1 million) and general and administrative expenses of $4.9 million (Q4 2024 – $1.9 million). The increase in general and administrative expenses was primarily driven by a higher revaluation of cash-settled deferred share units resulting from the increase in the Company’s share price during the quarter.

The loss before taxes for Q4 2025 was $25.0 million (Q4 2024 – loss of $1.6 million) after finance costs of $11.9 million (Q4 2024 – $0.4 million), a foreign exchange loss of $0.1 million (Q4 2024 – foreign exchange gain of $0.4 million), net losses on derivative contracts of $45.2 million (Q4 2024 – $1.9 million). These losses on derivative contracts incurred during the quarter were primarily derived from the loss on revaluation of the gold forward swap contracts of $25.4 million (Q4 2024 – $0.5 million gain) and silver collar contracts of $17.0 million (Q4 2024 – $ nil), as well as a $9.8 million loss on a revaluation of the copper stream liability (Q4 2024 – $ nil), partially offset by a $0.6 million gain on Mexican peso forward contracts (Q4 2024 – loss of $2.4 million) and a $6.2 million gain on the compound derivative in the convertible note. Also contributing to the loss before taxes were investment and other losses of $2.5 million (Q4 2024 – investment and other income of $0.7 million). The Company realized a net loss for the period of $23.8 million (Q4 2024 – net earnings of $1.0 million) after recognizing an income tax recovery of $1.2 million (Q4 2024 – income tax recovery of $2.7 million).

Full Year 2025 results

Throughput for the year was 1,464,590 tonnes, higher than the 781,439 tonnes processed during 2024, primarily due to the contribution of 154,180 tonnes from Terronera and 513,478 tonnes from Kolpa. Throughput was also higher at Guanaceví with 402,992 tonnes compared to 353,793 tonnes in 2024, as production was lower following the trunnion failure in the second half of 2024.

For the year ended December 31, 2025, direct operating costs per tonne increased to $152.79, 8% higher than 2024, primarily due to the addition of Terronera, which operated at higher unit costs during its first quarter of commercial production, and inflationary cost pressures, partially offset by the addition of Kolpa, which operated at costs below the consolidated average.

Consolidated cash costs per silver oz, net of by-product credits, increased by 34% to $17.34 in 2025 compared to 2024, driven by higher underlying operating costs and a lower volume of by-product sales from Bolañitos, partially offset by the contribution of lower cash cost per silver oz from Kolpa and Terronera and higher silver ounces produced. Higher cash costs at Bolañitos and Guanaceví were predominantly caused by higher royalties, larger volume and higher costs of purchased material in addition to the appreciation of the Mexican peso against the US dollar.

AISC per silver oz increased by 32% to $31.52 compared to 2024, driven by higher underlying consolidated cash costs, higher sustaining capital expenditures mainly due to the ramp up of Terronera, and higher corporate general and administrative costs, including share-based compensation revaluations as noted above, partially offset by higher production volumes.

For the year ended December 31, 2025, the Company’s mine operating earnings were $82.8 million (2024 – $42.1 million) from revenue of $467.5 million (2024 – $217.6 million) with cost of sales of $384.7 million (2024 – $175.6 million). Both revenue and cost of sales were higher compared to 2024 primarily due to the addition of Kolpa and Terronera. Revenue has increased due to higher realized metal prices, with the silver price at $40.73 per oz for the year, 49% higher than the prior year and the gold price at $3,591 per oz, 50% higher than 2024, driving significantly higher silver revenues. Cost of sales has also increased due to the impact of higher prices on underlying royalties and purchased ore, as well as inflation and the appreciation of the Mexican peso against the US dollar.

The Company had operating earnings of $35.7 million (2024 – $8.3 million) after exploration, evaluation and development costs of $23.4 million (2024 – $19.4 million), general and administrative expenses of $23.3 million (2024 – $14.2 million) and acquisition-related costs associated with Kolpa. Exploration and evaluation costs were higher than the prior year due to increased activities at Pitarrilla and Kolpa. General and administrative expenses were higher than the prior year due to a larger impact of the revaluation of cash-settled deferred share units based on the Company’s share price.

Loss before tax was $104.9 million (2024 – loss before tax of $22.0 million) after finance costs of $14.5 million (2024 – $1.5 million), loss on derivative contracts of $126.2 million (2024 – $30.6 million), a foreign exchange gain of $0.3 million (2024 – loss of $5.5 million), investment and other loss of $0.2 million (2024 – $7.2 million), and other non-operating items. Finance costs were higher in 2025 than 2024 primarily due to the expense of borrowing costs related to Terronera following the commercial production declaration on October 1, 2025, which were previously capitalized. The derivative loss arose primarily from the revaluation of gold forward swap contracts, silver collars, copper stream liability, and senior convertible notes redemption derivative. Investment and other income was lower in 2025 compared to 2024 due to lower interest income from cash balances, and changes in the value of marketable securities. The Company realized a net loss for the year of $119.1 million (2024 – net loss of $31.5 million) after an income tax expense of $14.2 million (2024 – $9.5 million).

Mexico Update

Following recent security concerns in Mexico, and temporary blockades in the Jalisco area, operations at Terronera were temporarily paused to ensure safety of our employees. Normal operations were resumed on Wednesday, February 25, 2026. Management continues to monitor the situation and will respond accordingly.

This news release should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2025, and associated Management’s Discussion and Analysis (“MD&A”) which are available on the Company’s website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

Conference Call

Management will host a conference call to discuss the Company’s Q4 2025 financial results today, at 10:00am Pacific (PST)/ 1:00pm Eastern (EST).

To access the replay using an international dial-in number, please click here.

The replay will also be available on the Company’s website at www.edrsilver.com.

About Endeavour Silver – Endeavour is a mid-tier silver producer with three operating mines in Mexico and Peru and a robust pipeline of exploration projects across Mexico, Chile, and the United States. With a proven track record of discovery, development, and responsible mining, Endeavour is driving organic growth and creating lasting value on its path to becoming a leading senior silver producer.

Contact Information
Allison Pettit
Vice President, Investor Relations
Tel: (877) 685 – 9775
Email: apettit@edrsilver.com
Website: www.edrsilver.com

Reconciliation of Working Capital

Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share

Reconciliation of Mine Operating Cash Flow Before Taxes

Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share

Reconciliation of EBITDA and Adjusted EBITDA

Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne

Reconciliation of All-In Costs Per Ounce and AISC per ounce

Reconciliation of Sustaining Capital and Growth Capital

Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce