Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to report third quarter 2024 production of 874,717 silver ounces and 9,290 gold ounces, for silver equivalent¹ production of 1.6 million ounces. Total year-to-date production of 6.0 million AgEq ounces is tracking towards the updated 2024 production guidance of 7.3 million to 7.6 million AgEq ounces. All amounts are in U.S. dollars unless stated otherwise.

“The trunnion failure at the Guanaceví mine poses a significant short-term challenge for the Company; however, it’s how we manage these difficult moments that often shapes our long-term success.” said Dan Dickson, Chief Executive Officer. “The ingenuity, commitment, and hard work of our team have been crucial in reducing the impact on the mine and the surrounding community. We remain focused on further mitigating the effects and look forward to returning Guanaceví to full production capacity in December.”

Q3 2024 Overview

• Guanaceví Production Impacted by the Trunnion Failure: Production decreased in August and September due to a trunnion failure of the primary ball mill (see news release from August 12, 2024). Production for Q3 2024 amounted to 768,905 silver ounces and 2,828 gold ounces. Estimated fabrication timing remains at 15 weeks with the mine being back to full operations in December 2024.
• Bolañitos Results Remain Consistent: With throughput remaining steady, gold production continues to be slightly above plan due to higher gold grades. Silver production continues to be slightly below plan due to lower silver grades. Processed ore grades are expected to have similar variation for the fourth quarter.
• Metal Sales and Inventories: Sold 1,017,392 silver ounces and 9,412 gold ounces during the third quarter. A total of 109,719 silver ounces and 401 gold ounces of bullion inventory and 8,202 silver ounces and 560 gold ounces in concentrate inventory were held at quarter end.
• Terronera Senior Secured Debt Facility: Drawdowns totaling $25 million were made during Q3 2024 to develop the Terronera mine, and a further and final drawdown of $35 million subsequent to quarter end (see news release dated April 10, 2024).

Q3 2024 Mine Operations

In August, the Company reported a primary ball mill trunnion failure at the Guanaceví mine. Temporary modifications were completed within the plant to re-purpose one of the regrind mills as the primary ball mill. The temporary modifications allowed throughput to average 565 tonnes per day since re-start after the trunnion failure. The plant team is closely monitoring the operation of the regrind mills to ensure continued reliability and high mechanical availability, including increased planned maintenance down days during this temporary period.

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¹ Silver equivalent (AgEq): AgEq is calculated using an 80:1 silver:gold ratio. Ounces are troy ounces.

During the 15-week period of reduced milling, the preliminary estimate indicated a cash shortfall of less than $5 million with a fabrication cost of $0.5 million for a new trunnion. The timeline for fabrication and installation remains on schedule for December 2024.

Consolidated silver production decreased 24% to 874,717 ounces in Q3 2024 compared to Q3 2023, primarily driven by reduced operating capacity at Guanaceví after the trunnion failure in August. Gold production increased by 2% to 9,290 ounces in Q3 2024 compared to Q3 2023, primarily due to higher gold grades mined at both Guanaceví and Bolañitos as well as higher gold content in third-party feed processed at the Guanaceví mine.

Production Highlights for the Three and Nine Months Ended September 30, 2024

Production Tables for the Three Months Ended September 30, 2024 by Mine

Production Tables for the Nine Months Ended September 30, 2024 by Mine

gpt = grams per tonne
Totals may not add up due to rounding

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.

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.