Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) reports third quarter 2023 production of 1,148,735 silver ounces (oz) and 9,089 gold oz, for silver equivalent¹ production of 1.9 million oz. Production continues to track in-line with the 2023 production guidance of 8.6-9.5 million silver equivalent ounces, totaling 6.5 million AgEq oz for the nine months ended September 30, 2023.

“Our production decreased this quarter compared to previous quarters due to lower throughput and ore grades processed at Guanacevi. We mined lower grades due to mine sequencing changes related to access and ventilation, whereas throughput was impacted due to an extended scheduled maintenance program. The mine sequencing is now back to plan, which will result in access to improved ore grades going forward. Additionally, the maintenance program has been executed successfully to minimize operational risks in the mill,” stated Dan Dickson, Chief Executive Officer. “We anticipate improved operational performance and operational efficiency in the last quarter.”

Q3 2023 Highlights

• Guanacevi Performance: Production was below plan due to a reduction in silver and gold grades and also impacted by lower processed tonnes due to a scheduled maintenance shutdown. Mine sequencing changes that were initiated in Q2 have resulted in lower grades compared to plan and historical comparisons. It is expected that the grades will increase in Q4 and stabilize going forward.
• 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 1,370,032 oz silver and 8,760 oz gold during the quarter. Held 416,033 oz silver and 1,253 oz gold of bullion inventory and 8,184 oz silver and 436 oz gold in concentrate inventory at quarter end.
• Completed the sale of the Cozamin Royalty to Gold Royalty Corp: Total consideration of US$7,500,000 was received by the Company in cash upon closing on the sale of the 1% Cozamin royalty (see news release dated August 30, 2023).
• Published Mid-Term Update on our 2022-2024 Sustainability Strategy: This publication describes the Company’s progress in executing the first half (18 months) of its three-year plan. Of the 39 targets that were set in the 2022-2024 Sustainability Strategy, 21 have been completed or achieved, 13 are on track or underway and 5 require more improvement.

Subsequent to Q3

• Obtained US$120 Million Project Financing for Terronera: Societe Generale and ING Capital LLC (together with ING Bank N.V.) have signed a definitive credit agreement for a senior secured debt facility of US$120 million (see news release dated October 10, 2023).

Q3 2023 Mine Operations

Consolidated silver production decreased 21% to 1,148,735 ounces in Q3, 2023 compared to Q3, 2022, primarily driven by decreased silver production at the Guanacevi mine due to a reduction in silver grade partially offset by higher milling rates. 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 Q3, 2022 and Q2, 2023. It is expected that grades will increase in Q4, 2023. Local third-party ores continued to supplement mine production, totaling 21% of quarterly throughput.

Consolidated gold production decreased by 1% to 9,089 ounces primarily due to increased throughput at both the Guanacevi and Bolanitos mines offset by a reduction in gold grade mined at the Guanacevi mine.

Guanacevi Q3, 2023 throughput was 6% higher than Q3, 2022 with silver grades 27% lower and gold grades 20% lower. Silver production decreased by 22% while gold production decreased by 13% at the Guanacevi mine.

Bolañitos Q3, 2023 throughput was 6% higher than Q3, 2022 with silver grades 15% lower and gold grades 1% higher. Silver production decreased by 15% while gold production increased by 7% at the Bolañitos mine. The change in grades was due to typical variations in the ore body.

Scheduled Maintenance at Guanacevi

Towards the end of the third quarter, Guanacevi entered its scheduled maintenance shutdown, which took place in the last week of September and the first week of October. Repairs and maintenance work were performed on a filter press transformer, the primary thickener, and the secondary crushing circuit. Concurrently, mining activities have been focused on building stockpiles. With the maintenance work now complete, both the mine and the plant are back to operating according to plan. The Company believes that it is well positioned to complete this year within the previously stated production guidance of between 8.6-9.5 million silver equivalent ounces.

Production Highlights for the Three and Nine Months Ended September 30, 2023

Production Tables for Q3 2023 by Mine

Mine-by-mine production in the third quarter and the nine months ended September 30^th, 2023 was:

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

Production Tables for the Nine Months Ended September 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 reviewed and approved the scientific and technical information related to operational 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.