Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR)  reports full year 2025 production of 6,486,661 silver ounces and 37,164 gold oz, and in combination with base metal production, a silver equivalent ^( 1)  production of 11.2 million oz. Fourth quarter 2025 production was 2,030,206 silver ounces, 13,785 gold oz, and AgEq production of 3.8 million oz. All dollar amounts are in US dollars ($).

“Endeavour delivered another year of strong growth in 2025, highlighted by record silver equivalent production and the successful ramp-up at Terronera,” commented Dan Dickson, Chief Executive Officer. “Our team’s commitment to operational excellence and strategic investment has positioned us to unlock significant value for our stakeholders as we continue to advance our portfolio and strengthen our financial foundation. Looking ahead, we remain focused on disciplined growth and delivering long-term value.”

Q4 2025 Production Overview

• Terronera Declared Commercial Production: Announced commercial production at Terronera effective October 1, 2025 (see news release from October 16, 2025 here). While ramping up toward full capacity, Terronera maintained a steady output with no significant shutdowns and average recoveries of 82.6% for silver and 72.5% for gold.
• Guanaceví Maintains Stable Throughput: Due to slightly lower silver grades and slightly higher throughput, production of silver was slightly lower than the planned range with gold production at the higher end of the range.
• Kolpa Production Meets Expectation: Kolpa throughput exceeded plan and while processed grade for silver and lead were in line with expectations, zinc grades were lower than planned.
• Definitive Agreement to Sell Bolañitos Mine: Entered into a definitive agreement to sell the Bolañitos mine for US$30 million cash and US$10 million in Guanajuato Silver shares, plus up to US$10 million in contingent consideration payable upon achieving production milestones at the Bolañitos Mine, (see news release from November 24, 2025 here). The mine continued to perform during the fourth quarter with silver production in line with plan and gold production lower than plan due to lower grades.
• Metal Sales and Inventories: Sold 1,879,937 silver ounces and 12,614 gold ounces during the fourth quarter. A total of 262,131 silver ounces and 736 gold ounces of bullion inventory and 55,877 silver ounces and 861 gold ounces in concentrate inventory were held at December 31, 2025.
• Completed US$350 Million Convertible Notes Offering: Closed a US$350 million convertible senior notes offering and repaid the majority of third-party debt. Remaining funds will be used to advance the Pitarrilla project and for general corporate purposes (see news release from December 4, 2025 here).

Q4 2025 Mine Operations

Consolidated silver production was 2,030,206 oz in Q4 2025, in line with plan and 146% higher than Q4 2024, due to the addition of Kolpa and Terronera production, Bolañitos production shifting toward higher silver grades in 2025, and lower production in the comparative period at Guanaceví due to the trunnion failure in August 2024 which was resolved in late December 2024. Excluding Kolpa and Terronera, consolidated silver production was 27% higher than Q4 2024.

Consolidated gold production was 13,785 oz in Q4 2025, 52% higher than Q4 2024. Higher gold production was due to the addition of Terronera and 14% higher gold production at the Guanaceví mine, partially offset by 59% lower production at the Bolañitos mine. Excluding Terronera, consolidated gold production was 38% lower than Q4 2024.

In Q4 2025, following the declaration of commercial production effective October 1, 2025, Terronera’s throughput was 154,180 tonnes, producing 352,002 oz of silver and 8,148 oz of gold. The material processed during the quarter had an average grade of 86 grams per tonne (g/t) of silver and 2.27 g/t of gold. During Q4 2025, Terronera experienced lower average grades as mining activities were strategically focused in lower-grade areas of the deposit. This approach aligns with the planned production ramp-up and the mine’s transition through various zones. Looking ahead, operations are scheduled to shift into higher-grade areas by H2 2026, which is expected to significantly improve grade averages.

The team also remains committed to optimizing and refining plant processes to enhance metal recoveries, while steadily increasing throughput.

In Q4 2025, Guanaceví throughput was 78% higher than Q4 2024 as Guanaceví’s Q4 2024 production was negatively impacted by the trunnion failure. Despite silver and gold grades being 34% and 35% lower, respectively, silver production was 22% higher and gold production was 14% higher as a result of the higher throughput. Throughput and grades were in line with plan. Supplies of local third-party feed continued to supplement mine production, amounting to 23% of quarterly throughput.

In Q4 2025, Kolpa’s throughput was 198,830 tonnes of material producing 631,867 oz of silver, 5,570 tonnes of lead and 3,034 tonnes of zinc. The material processed had average grades of 108 g/t silver and 3.06% lead, 1.83% zinc and 0.20% copper. While silver and lead grades are in line with management expectations, zinc grades were lower. Significant progress has been achieved toward increased plant capacity to 2,500 tpd. In Q4 2025, the site commissioned a new crushing circuit and commenced installation of a new ball mill to be completed in Q1 2026.

In Q4 2025, Bolañitos’ throughput was 12% lower than throughput in Q4 2024. Silver grades were 82% higher than the comparative period, driving 60% higher silver production, while gold grades were 47% lower, driving 59% lower gold production. Throughput and gold grades were below plan, while silver oz grades were consistent with plan. The grade variation is due to mining from different locations in the ore body. The sale of Bolañitos is expected to close in January 2026.

Consolidated Production Highlights for the Three Months Ended December 31, 2025

¹ Silver equivalent (AgEq) is calculated using 80:1 silver: gold ratio, 60:1 lead ratio, 85:1 zinc ratio and 300:1 copper ratio plus silver ounces or $30/oz silver, $2,400/oz gold, $1,800/tonne lead, $2,550/tonne zinc and $9,000/tonne copper.

Consolidated^2,3 Production Highlights for the Twelve Months Ended December 31, 2025

¹ Silver equivalent (AgEq) is calculated using 80:1 silver: gold ratio, 60:1 lead ratio, 85:1 zinc ratio and 300:1 copper ratio plus silver ounces or $30/oz silver, $2,400/oz gold, $1,800/tonne lead, $2,550/tonne zinc and $9,000/tonne copper.
² Terronera pre-operating production is excluded. Terronera achieved commercial production on October 1, 2025, therefore three months of results are included in the year-to-date consolidated results.
³ The Kolpa acquisition closed on May 1, 2025, therefore eight months of results are included in the year-to-date consolidated results.

Production Tables for the Three Months Ended December 31, 2025 for the Mexico Operating Mines

Totals may not add up due to rounding

Production² Tables for the Twelve Months Ended December 31, 2025 for the Mexico Operating Mines

Totals may not add up due to rounding
² Terronera pre-operating production is excluded. Terronera achieved commercial production on October 1, 2025, therefore three months of results are included in the year-to-date consolidated results.

Production Tables for the Three Months Ended December 31, 2025 for the Peru Mine

Totals may not add up due to rounding

Production Tables for the Twelve Months Ended December 31, 2025 for the Peru Mine

Totals may not add up due to rounding
³ The Kolpa acquisition closed on May 1, 2025, therefore eight months of results are included in the year-to-date consolidated results.

About Endeavour Silver

Endeavour is a mid-tier silver producer with four 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.

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.