Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to report first quarter 2024 production of 1,460,006 silver ounces (oz) and 10,133 gold oz, for silver equivalent ⁽¹⁾ production of 2.3 million oz.

“Across our portfolio, the operations performed largely in-line with our expectations to deliver our annual production guidance of 8.1- 8.8 million silver equivalent ounces in 2024,” commented Dan Dickson, Chief Executive Officer. “The infrastructure upgrades in pumping and ventilation have stabilized production at Guanacevi, and the impact from these improvements is being realized by our strong start to the year. Gold and silver prices have strengthened considerably, which will improve future revenues. I look forward to building upon the success of this quarter.”

Q1 2024 Highlights

• Guanaceví Continues to Deliver: Silver and gold production were consistent with plan showing higher gold grades and overall recoveries, offset by lower silver grades. Throughput slightly exceeded plan due to plant refurbishments and mining efficiencies that were implemented in 2023.
• Bolañitos Performance Remains Steady: Strong gold production continued from the fourth quarter of 2023. Silver production continued to trend down as lower silver grades were encountered; variations in grades quarter to quarter are expected.
• Metal Sales and Inventories: Sold 1,756,094 oz silver and 10,880 oz gold during the quarter. Held 174,759 oz silver and 394 oz gold bullion inventory and 7,369 oz silver and 385 oz gold in concentrate inventory at quarter end.

Q1 2024 Mine Operations

Consolidated silver production decreased by 10% to 1,460,006 ounces in Q1 2024 compared to Q1 2023, driven by 7% lower silver production at the Guanaceví mine and 32% lower silver production at the Bolañitos mine. Gold production increased by 8% to 10,133 ounces in Q1 2024 compared to Q1 2023 due to 17% higher gold production at the Bolañitos mine, offset by 2% lower gold production at the Guanaceví mine.

In Q1, 2024, Guanaceví throughput was 12% higher than Q1 2023 and silver grades and gold grades were 21% and 12% lower, respectively, which drove the lower silver and gold output. Guanaceví throughput was slightly above plan due to plant refurbishments and modifications implemented last year, while grades were slightly lower due to typical variations in the resource model. 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 2024 throughput was 2% lower than Q1 2023 with 31% lower silver grades offset by 14% higher gold grades. Silver production was 32% lower while gold production was 17% higher at the Bolañitos mine.

Production Highlights

Q1 2024 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 in this news release.

About Endeavour Silver 

Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.