Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) announces its consolidated production and cost guidance for Guanaceví and Bolañitos, and its capital and exploration budgets for 2025. The Company will provide 2025 production and cost guidance for the Terronera project in a separate news release once commissioning is complete. All dollar amounts are in US dollars (US$).

2025 Production and Cost Guidance Highlights

In 2025, silver production is expected to range from 4.5 to 5.2 million ounces and gold production is expected to be between 30,500 oz and 34,000 oz, bringing total silver equivalent production to between 7.0 and 7.9 million oz¹.

Consolidated cash costs² and all-in sustaining costs² (AISC) for Guanaceví and Bolañitos in 2025 are estimated to be $16.00-$17.00 per oz silver and $25.00-26.00 per oz silver, respectively, net of gold by-product credits. Consolidated cash costs excluding Terronera on a per ounce basis are expected to be higher in 2025 compared to 2024, primarily due to lower silver production from these mines as they enter their final years of production, and a lower estimated gold price. AISC are expected to be slightly higher in 2025 than realized in 2024 as higher levels of sustaining capital will be required with costs being borne by lower silver production.

“As we look ahead to 2025, our strategic focus remains firmly on advancing the commissioning of our Terronera project and integrating it into our production profile,” commented Dan Dickson, Chief Executive Officer. “This will bring us one step closer to realizing our goal of becoming a senior silver producer. Additionally, we are fortunate to be in a strong position with not only Terronera nearing production but also with Pitarrilla offering significant potential for organic growth, providing further opportunities to drive value to our shareholders as we continue to expand our portfolio.”

2025 Production Guidance Summary ⁽³⁾

Operating Mines

At Guanaceví, 2025 plant throughput is estimated to range from 1,000 tonnes per day (tpd) to 1,100 tpd and average 1,060 tpd with material mined mainly from the Porvenir Cuatro extension on the El Curso concessions. The El Curso concessions were leased from a third party with no upfront costs, but with significant royalty payments on production. Mine grades in 2025 are expected to be slightly lower and recoveries are expected to be similar to 2024. Cash costs per ounce, AISC per ounce and direct costs² on a per tonne basis are expected to be slightly higher in 2025 compared to 2024 due to the lower metal production and lower gold by-product credits from the lower gold price estimate.

In 2025, plant throughput at Bolañitos is expected to range from 1,100 tpd to 1,200 tpd and average 1,170 tpd sourcing material from the Plateros-La Luz, Lucero-Karina and Bolañitos-San Miguel vein systems. Mine grades are expected to be higher for silver and lower for gold and recoveries are expected to be similar to 2024. Cash costs per oz, AISC and direct costs² on a per tonne basis are expected to be higher in 2025 compared to 2024 due to lower gold by-product credits driven by the lower gold price estimate.

Consolidated Operating Costs (Excluding Terronera)

2025 cash costs, net of gold by-product credits, are estimated to be $16.00-$17.00 per oz of silver produced.

AISC, net of gold by-product credits are estimated to be $25.00-$26.00 per oz of silver produced.

Direct operating costs² per tonne are estimated to be $130-$140. Direct costs², which include royalties and special mining duties, and take account of the impact of the higher Mexico mining taxes enacted at the start of 2025, are estimated to be in the range of $175-$185 per tonne.

Management made the following assumptions in calculating its 2025 cost forecasts: $27.50 per oz silver price, $2,200 per oz gold price, 18:1 Mexican peso per US dollar exchange rate, and a 4% Mexican annual inflation rate.

2025 Planned Capital Expenditures ⁽³⁾

Sustaining Capital Investments

In 2025, Endeavour plans to invest $33.6 million in sustaining capital at its two operating mines. At assumed metal prices, the sustaining capital investments are expected to be paid out of operating cash flow.

At Guanaceví, $19.3 million will be invested in capital projects, the largest of which is 5.3 kilometres of mine development at El Curso and Milache for an estimated $12.7 million. An additional $2.8 million will be invested in mine infrastructure and equipment. A further $1.8 million will be invested in the plant and tailings storage facility, including further work on the tailings facility expansion. A remaining $2.0 million will be spent on various surface infrastructure or equipment.

At Bolañitos, $14.3 million will be invested in capital projects, including $9.7 million for 6.7 kilometres of mine development to access resources in the Plateros-La Luz, Lucero-Karina, and Bolañitos-San Miguel areas. The additional $4.6 million will go to upgrade the mining fleet, plant improvements and to support site infrastructure.

The Company also plans to spend $2.6 million to maintain exploration concessions, acquire mobile exploration equipment and cover corporate infrastructure.

Pitarrilla

Endeavour has announced its intention to advance the Pitarrilla project. Plans for work on the project in 2025 are estimated to cost a total of $25.7 million composed of $16.6 million for feasibility study, development and exploration work, and $9.1 million of capital spending. The capital spending includes $6.0 million of buildings, right of way costs, and surface infrastructure; $2.2 million of mine infrastructure including a ventilation system; and $0.9 million of mobile equipment. The Company plans to complete 14,000 m of drilling and 600 m of ramp development at Pitarrilla in 2025 as it focuses on this project and advances towards construction.

2025 Planned Exploration ⁽³⁾

Technical Disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Don Gray, SME-RM, Chief Operating Officer, a Qualified Person as defined under NI 43-101.

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.