Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) announces its financial and operating results for the three and nine months ended September 30, 2026.

“Our operations continue to deliver strong results, with mine operating cash flow increasing 139% and both cash costs and AISC declining year-over-year. Supported by a strong cash position and healthy working capital, we are well positioned to drive further growth and create long-term shareholder value as we advance the Pitarrilla Project,” said Dan Dickson, CEO. “At Terronera, we are particularly encouraged by the steady improvements in grades, recoveries and operating efficiencies achieved over the past three quarters, and with additional improvements anticipated in the coming quarters, we see continued opportunities to strengthen our operating performance and cash flow generation.”

Q3 2026 Highlights

• Higher Silver and Gold Production: Consolidated production of 2,096,545 ounces silver and 10,126 oz gold for a total of 3.6 million oz silver equivalen⁽¹⁾. Q3 production of silver and gold was 19% and 39% higher, respectively, than in the same period in 2025.
• Increased Revenue with High Realized Prices: $184.5 million revenue from the sale of 1,900,368 oz of silver and 9,499 oz of gold at average realized prices of $62.42 per oz silver and $4,290 per oz gold as well as from sales of base metals. Revenue was 29% higher than in the same period in 2025.
• Substantial Cash Flow Growth: $94.70 million in mine operating cash flow before taxes⁽²⁾, 139% higher than the same period in 2025.
• Steady Operating Costs: Cash costs⁽²⁾ of $16.55 per oz payable silver and All-in Sustaining Costs⁽²⁾ of $29.54 per oz, net of by-product credits, compared to $18.09 and $30.53, respectively, in Q3 2025.
• Well-Funded Balance Sheet: $287.9 million in cash and $246.7 million in working capital²⁾ as at September 30, 2026.
• Revolving Credit Facility: Executed a $25.0 million secured revolving credit facility, including an accordion feature for up to an additional $75.0 million for an aggregate maximum facility up to $100.0 million, providing increased financial flexibility to support working capital, operations, permitted acquisitions and investments, and the advancement of the Pitarrilla Project.

Production and Cost Guidance

Based on results to date and expected Q4 production, the Company is revising its 2026 silver production guidance at Guanaceví and narrowing the ranges of production at Terronera and Kolpa for a revised consolidated range of 7.8 to 8.1 million ounces of silver. The Company is also revising Terronera’s gold production range while tightening the ranges at Guanaceví for a revised consolidated range of 42,000 to 43,500 ounces of gold. Total silver equivalent production has been revised to a range of 13.7 to 14.3 million ounces.

Higher metal prices have also provided greater operating flexibility, allowing the Company to economically mine lower-grade material, particularly at Guanaceví. This approach supports improved resource utilization and is expected to contribute to an extension of mine life. Due to the longer-than-expected transition to liquefied natural gas (“LNG”), which is now in operation, timing of contractor demobilization, workflow optimization and other cost-saving initiatives, as well as lower throughput caused by the blockade at the Terronera mine (see news release dated August 23, 2026), costs in the first nine months of the year were higher than planned. As a result, full year 2026 direct operating costs per tonne at Terronera are expected to be higher than previously guided. Accordingly, the Company is revising its 2026 direct operating cost guidance at Terronera to a range of $170 – $180 per tonne, and as a consequence, the Company is revising its 2026 consolidated direct operating cost guidance to a range of $155 – $165 per tonne.

Financial Overview

(1) Silver equivalents for 2026 are calculated using 90:1 Ag:Au, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratios. Silver equivalents for 2025 are calculated using 80:1 Ag:Au, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratios.
(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.
(3) Bolañitos mine was sold January 15, 2026, and the 15 day period from January 1, 2026, to January 15, 2026, is included in the consolidated results above.
(4) Kolpa was acquired on May 1, 2025, accordingly the nine months ended September 30, 2025, include five months of operations of the Kolpa mine.

Consolidated direct operating costs per tonne in Q3 2026 were $152.26, 5% higher than $144.88 in Q3 2025. Q3 2026 average cost includes Terronera with direct operating costs per tonne higher than the average at $155.52 while the comparative period included Bolañitos with a lower $111.44 cost per tonne. Cost per tonne at Guanaceví remained relatively flat while costs at Kolpa slightly decreased from $141.92 to $137.50 per tonne.

(1) This is a 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 cost per tonne trended downwards throughout 2026. In Terronera the cost per tonne declined from $195.11 in Q1 to $169.49 in Q2 primarily due to the contractor demobilization and workflow optimization and then further decreased to $155.52 in Q3 primarily due to the completion of the LNG plant to transition power generation from diesel to LNG. At Kolpa, cost per tonne went from $155.92 in Q1 to $151.38 in Q2 and $137.50 in Q3 as throughput increased, despite continuous increased labour costs resulting from a shortage of skilled mining personnel as well as increased employee participation payments driven by higher production and metal prices. As a result, consolidated direct operating costs per tonne decreased from $186.92 in Q1 2026 to $161.73 in Q2 and to $152.26 in Q3 2026.

Consolidated cash costs per silver ounce, net of by-product credits, were $16.55 in Q3 2026, representing a 9% decrease from $18.09 in Q3 2025 due to the higher metal prices driving higher by-product credits while simultaneously driving higher third-party material costs that partially offset the impact of the by-product credit increase. Each mine has different costs and produces different amounts of payable silver, which affects the consolidated cash cost per ounce depending on the mix of production. For the three months ended September 30, 2026, the cash costs per silver ounce were $15.30 for Kolpa, $33.97 for Guanaceví, and negative $0.20 for Terronera.

Consolidated All-in Sustaining Costs per silver ounce in Q3 2026 were $29.54, 3% lower than $30.53 in Q3 2025, predominantly due to the addition of Terronera with a lower than average AISC of $21.81, and lower AISC at Kolpa, partially offset by a higher AISC at Guanaceví.

In Q3 2026, the Company’s mine operating earnings were $68.7 million which is $53.1 million higher than the $15.6 million for the same period in 2025, driven by higher metal prices offset by lower volume of silver and gold ounces sold due to the sale of Bolañitos and the timing of shipments which resulted in higher period-end finished goods inventory. Revenue was $184.5 million, compared to $142.8 million in Q3 2025, while cost of sales, which now include commercial production levels at Terronera but no longer include Bolañitos, decreased to $115.8 million from $127.2 million.

The Company recorded operating earnings of $53.5 million in Q3 2026 (Q3 2025 – $1.8 million) after exploration and evaluation costs of $10.5 million ( Q3 2025 – $7.3 million) and general and administrative expenses of $4.7 million ( Q3 2025 – $6.5 million). Exploration expenses increased due to additional expenditures on advancing Pitarrilla while general and administrative expenses decreased predominantly due to the $2.4 million comparatively lower loss on the revaluation of the cash-settled deferred share units liability.

The Company recognized a $10.3 million loss on derivative contract revaluations in Q3 2026 (Q3 2025 – $39.0 million loss). Finance costs increased to $5.7 million (Q3 2025 – $1.0 million), primarily due to a $5.1 million finance charge related to the senior convertible notes issued in December 2025. Investment and other income of $2.5 million (Q3 2025 – income of $0.1 million) were recorded during the period, largely due to the $4.4 million finance income partially offset by $1.5 million revaluation of Guanajuato Silver shares received as consideration for the sale of Bolañitos. As a result, earnings before taxes were $39.5 million in Q3 2026, compared to a loss before taxes of $37.5 million in Q3 2025.

This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for the period ended September 30, 2026, 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.

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.