Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to report first quarter 2023 production of 1,623,545 silver ounces (oz) and 9,342 gold oz, for silver equivalent¹ production of 2.4 million oz.

“The year is off to a strong start. First quarter silver equivalent production increased by 18% compared to the same period last year, as Guanacevi’s elevated silver grades continue to drive increased silver production,” stated Dan Dickson, Chief Executive Officer. “Our operations team has continued to deliver safe production, consistently meeting or beating our plan. These results provide management with continued confidence to advance our development projects, knowing we have the capabilities and culture to deliver.”

Q1 2023 Highlights

• Guanacevi Continues to Deliver: Silver and gold production met plan with higher grades offset by throughput and recoveries comparable to Q1 2022. Extended scheduled maintenance including mill liner and concentrate filter cloth changes led to lower tonnage throughput in February. Throughput returned to planned levels in March and is expected to remain on plan for the remainder of the year.
• Bolañitos’ Performance Remains Steady: Strong silver production, resulting from silver grades comporable to Q1 2022 along with increased throughput, were offset by the impact of slightly lower gold production and lower gold grades.
• Metal Sales and Inventories: Sold 1,667,408 oz silver and 9,126 oz gold during the quarter. Held 435,722 oz silver and 1,263 oz gold of bullion inventory and 35,347 oz silver and 503 oz gold in concentrate inventory at quarter end.
• Published Inaugural Climate Report: Entitled “Our Climate Journey,” highlighting the Company’s approach to climate change and alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (see News Release dated March 9, 2023).
• Construction Advances at the Terronera Project: Progress on development activities include onsite delivery of mobile mining equipment, procurement of major equipment, and assembly of initial project infrastructure such as the temporary mine maintenance shop and a permanent camp facility. Earthworks included site clearing, road upgrades and underground mine access development.
• Financial Due Diligence Continues on Financing the Terronera Project: The Company intends to make a formal construction decision subject to completion of a financing package and receipt of additional amended permits in short order.

Q1 2023 Mine Operations

Consolidated silver production increased by 23% to 1,623,545 ounces in Q1 2023 compared to Q1 2022, driven by a 27% increase in silver production at the Guanacevi mine and a 1% increase in silver production at the Bolañitos mine.

Gold production increased by 7% to 9,342 ounces as a 20% increase in gold production at the Guanacevi mine was offset by a 1% decrease in gold production at the Bolañitos mine.

Guanacevi throughput in Q1 2023 was 1% higher than Q1 2022 and silver grades and gold grades were 26% and 19% higher, respectively. Guanacevi throughput was slightly below plan with the majority of mining in the new higher grade El Curso orebody. Supplies of local third-party feed continued to supplement mine production, amounting to 11% of quarterly throughput and contributing to the higher grades.

Bolañitos Q1 2023 throughput was 4% higher than Q1 2022 with silver grades flat and gold grades 2% lower. Silver production was 1% higher while gold production decreased by 1% at the Bolañitos mine.

Production Highlights for the Three Months Ended March 31, 2023

Q1 2023 Production by Mine

*gpt = grams per tonne
Totals may not add up 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 Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a construction decision, pending financing and final permits and exploring its portfolio of exploration and development 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.