Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) announces its financial and operating results for the three months ended March 31, 2026. All dollar amounts are in US dollars ($).

“Endeavour delivered exceptional results in the first quarter of 2026, with increased production driving strong quarterly growth,” said Dan Dickson, Chief Executive Officer. “We reached new records in both production and revenue, underscoring the strength of our operations, the dedication of our team and the benefit of robust silver and gold prices. The Company’s operating cash flow also saw significant growth.”

“With a solid financial foundation and the successful completion of the Kolpa plant expansion and Terronera operating near design criteria, Endeavour is well positioned to achieve its production goals for the remainder of the year. These results highlight our commitment to operational excellence while creating lasting value for our shareholders.”

Q1 2026 Highlights

• Higher Production Fuels Quarterly Growth: Consolidated production of 1,875,375 ounces Silver and 11,740 oz Gold for 3.3 million oz silver equivalent⁽¹⁾. Production was 78% higher than the same period in 2025.
• Record Ounces Sold with Record Realized Prices: $209.7 million from the sale of 1,642,220 oz of silver and 10,942 oz of gold at average realized prices of $85.95 per oz silver and $5,035 per oz gold as well as from s ales of base metals. Revenue is 230% higher than in the same period in 2025.
• Strong Mine Operating Cash Flow: $114.6 million in mine operating cash flow before taxes⁽²⁾, 419% higher than the same period in 2025.
• Steady Operating Costs: Cash costs⁽²⁾ of $22.54 per oz payable silver and all-in sustaining costs⁽²⁾ of $37.03 per oz, net of by-product credits compared to $19.05 and $41.19, respectively, in Q4 2025.
• Strong Cash Position: $231.8 million in cash as of March 31, 2026.
• Higher Production Capacity: Plant expansion at Kolpa has been completed with throughput expected to be in line with guidance for the remainder of 2026.
• Bolañitos Sale Finalized: On January 15, 2026, the Company completed the sale of the Bolañitos silver and gold mine (see news release from January 15, 2026 here) and made a gain on the sale of $35.6 million. The Bolañitos results for the first 15 days of 2026 are included in the Company’s financial results.

Financial Overview

⁽¹⁾ Silver equivalents for 2026 are calculated using a 90:1 Ag:Au ratio, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratio. Silver equivalents for 2025 are calculated using an 80:1 Ag:Au ratio, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratio.
⁽²⁾ These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company’s financial statements, which can be viewed on the Company’s website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

Direct operating costs per tonne in Q1 2026 increased to $186.92, 31% higher than $142.72 in Q1 2025. The increase was primarily driven by the addition of Terronera and Kolpa, which had direct operating costs per tonne of $195.11 and $155.92, respectively, during Q1 2026. The disposal of Bolañitos, which had a lower direct operating cost per tonne of $102.81 in Q1 2025, also contributed to the higher consolidated average. In addition, Guanaceví experienced higher cost per tonne due to lower throughput and higher underlying direct production costs.

Consolidated cash costs per silver ounce, net of by-product credits, were $22.54 in Q1 2026, representing a 42% increase from $15.89 in Q1 2025 due to the higher metal prices causing higher royalty, third party material cost, and special mining duties. Each mine has different costs and produces different amounts of payable silver, which affect the consolidated cash cost per ounce depending on the mix of production. For the three months ended March 31, 2026, the cash costs per silver ounce were $24.52 for Kolpa, $38.59 for Guanaceví, offset by negative $2.14 for Terronera.

Consolidated All‑in Sustaining Costs per silver ounce in Q1 2026 were $37.03, 51% higher than $24.48 in Q1 2025. The increase was predominantly due to the contribution of Kolpa, which had AISC of $36.12 per ounce, and higher AISC of $48.47 at Guanaceví caused by the higher third-party material cost, higher royalties and special mining duties, partially offset by the contribution from Terronera, where AISC of $22.31 per ounce lowered the consolidated average. Consolidated AISC decreased from $41.19 in Q4 2025 to $37.03 in Q1 2026 primarily reflecting the ramp up of operations at Terronera and the efficiencies gained.

In Q1 2026, the Company’s mine operating earnings were $93.5 million (Q1 2025 – $12.9 million), driven by operating earnings of $38.4 million from Terronera, $23.0 million from Kolpa, and $20.4 million higher operating earnings at Guanaceví, partially offset by lower operating earnings from Bolañitos following its sale on January 15, 2026. Revenue for the quarter was $209.7 million, compared to $63.5 million in Q1 2025 driven by higher metal prices and higher sales, while cost of sales increased to $116.3 million from $50.6 million, primarily due to the inclusion of revenue and costs incurred at Terronera and Kolpa.

The Company recorded operating earnings of $83.8 million in Q1 2026 (Q1 2025 – $4.1 million) after exploration expenditures of $5.0 million (Q1 2025 – $4.5 million) and general and administrative expenses of $4.7 million (Q1 2025 – $4.3 million). Exploration expenses increased due to additional expenditures on advancing Pitarrilla and exploration work at Kolpa, partially offset by lower exploration spending at Terronera.

Earnings before taxes for Q1 2026 were $85.9 million, compared to a loss of $27.7 million in Q1 2025. This was after a loss on derivative contract revaluations of $24.2 million, a foreign exchange loss of $0.3 million, investment and other income loss of $3.2 million, and finance costs of $5.8 million, partially offset by a gain on the sale of Bolañitos of $35.6 million.

The Company recorded net earnings of $64.9 million for Q1 2026 (Q1 2025 – net loss of $32.9 million) after income tax expense of $21.0 million, which included $33.8 million of current tax expense and a deferred tax re covery of $12.8 million, primarily arising from temporary differences related to the buildup of finished goods inventory.

This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for the period ended March 31, 2026, and associated Management’s Discussion and Analysis which are available on the Company’s website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

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.