Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) is pleased to report second quarter 2023 production of 1,494,000 silver ounces and 9,819 gold oz, for silver equivalent¹ production of 2.3 million oz. Production continues in-line with the 2023 production guidance of 8.6-9.5 million silver equivalent ounces, totaling 4.7 million AgEq oz for the six months ended June 30, 2023.

“At the halfway mark for the year, we remain confident 2023 production will be within our previously stated guidance of between 8.6-9.5 million silver equivalent ounces. Aside from maintaining steady operational performance, we are extremely pleased with the recently announced development decision of Terronera,” stated Dan Dickson, Chief Executive Officer. “We’ve established a seasoned team of professionals to lead the construction, obtained a US$120 million commitment of debt financing and are gaining momentum at site. It’s an exciting time for the Company.”

Q2 2023 Highlights

• Guanacevi Continued to Perform: Silver and gold production were in-line with plan driven by higher tonnes milled offset by lower grades than plan. Mine sequencing changes during Q2, 2023 have resulted in lower grades compared to plan and historical comparisons. It is expected that the grades will increase in Q3, 2023.
• Bolañitos’ Performance Remained Steady: Strong gold production, higher gold grades and increased throughput were offset by the impact of lower silver production and silver grades.
• Metal Sales and Inventories: Sold 1,299,672 oz silver and 9,883 oz gold during the quarter. Held 637,439 oz silver and 854 oz gold of bullion inventory and 16,213 oz silver and 665 oz gold in concentrate inventory at quarter end.

• Positive Construction Decision and Executed Commitment Letter for Project Financing for the Terronera Project: The Board of Directors approved the construction of an underground mine and mill at Terronera. Societe Generale and ING Bank N.V. have entered into a commitment letter for a Senior Secured Debt Facility of US$120 million. Completion of the definitive loan documentation is expected in Q3 2023 (see news release dated April 18, 2023).
• Construction and Development Update at Terronera: The Company has made significant progress on development activities, with long-lead item procurement well advanced, and has assembled a seasoned team to construct the project (see news release dated April 20, 2023).
• Published 2022 Sustainability Report entitled “Enriched by our Past; Engaged in our Future”: Describing the Company’s progress in executing the first year of its 2022-2024 Sustainability Strategy.
• Newly Appointed VP of Operations, Greg Blaylock: Mr. Blaylock brings over 35 years’ experience in mining operations, mine planning and project development and related executive and technical expertise (see news release dated June 14, 2023).
• Filed At-The-Market Prospectus Supplement for up to US$60 million: Proceeds to be used for funding development of the Terronera mine, and other growth initiatives including the Pitarrilla and Parral properties as well as prospective acquisitions and general working capital purposes (see news release dated June 27, 2023).

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¹ Silver equivalent calculated using an 80:1 silver:gold ratio.

Q2 2023 Mine Operations

Consolidated silver production increased 10% to 1,494,000 ounces in Q2, 2023 compared to Q2, 2022, primarily driven by increased silver production at the Guanacevi mine due to higher throughput and recoveries offset by a reduction in silver grade. Although historically higher grades have been mined from the El Curso orebody, mine sequencing changes during Q2, 2023 have resulted in lower grades compared to both Q2, 2022 and Q1, 2023. It is expected that grades will increase in Q3, 2023. Local third-party ores continued to supplement mine production, totaling 11% of quarterly throughput.

Gold production increased by 6% to 9,819 ounces primarily due to increased throughput at both the Guanacevi and Bolanitos mines and higher gold grades mined at the Bolañitos mine.

Bolañitos Q2, 2023 throughput was slightly higher than Q2, 2022 with silver grades 17% lower and gold grades 5% higher. Silver production decreased by 14% while gold production increased by 6% at the Bolañitos mine. The change in grades was due to typical variations in the ore body.

Production Highlights for the Three and Six Months Ended June 30, 2023

Production Tables for Q2 2023 by Mine

Mine-by-mine production in the second quarter and first half of 2023 was:

*gpt = grams per tonne
Totals may not add due to rounding

Production Tables for the Six Months Ended June 30, 2023 by Mine

*gpt = grams per tonne
Totals may not add due to rounding

Qualified Person

Dale Mah, P.Geo., Vice President Corporate Development, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

About Endeavour Silver 

Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.