Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to report full year 2022 production of 5,963,445 silver ounces and 37,548 gold oz, for silver equivalent¹ production of 9.0 million oz. Fourth quarter production was 1,830,835 silver oz and 10,370 gold oz, for silver equivalent production of 2.7 million oz.

The Company’s 2022 full year production exceeded the upper range of its guidance of between 7.6 million oz and 8.0 million oz AgEq (revised upwards in August) due to continuing strong performance at Guanacevi. Annual silver and gold production exceeded the upper range of guidance by 17% and 4% respectively.

“We are very pleased to have exceeded the top end of the 2022 production guidance, with full year silver equivalent production improving by 9% year over year and fourth quarter silver equivalent production up 21% over the prior year period. Fourth quarter throughput and grades at Guanaceví exceeded plan, contributing to the significant out-performance of the Guanaceví operations during 2022,” stated Dan Dickson, Chief Executive Officer. “I am extremely proud of the operations group collective desire to deliver safe production on a daily basis. The results over the past 2 years is a reflection of a dynamic team that is engaged and committed. Again, I am very proud of our team.”

Q4 Highlights

• Exceeded Production Guidance: Consolidated production remained strong as silver and gold production at each mine met or exceeded revised 2022 guidance and exceeded plan.
• Guanaceví Continued to Outperform: Silver and gold grades continued to deliver well above plan. Additionally, throughput exceeded plan as plant modifications and refurbishment completed in 2022 increased plant capacity to enable throughput to average 1,297 tpd during Q4, 2022.
• Bolañitos Performance Remained Steady: Increased silver production from higher silver grades and increased throughput were offset by the impact of lower than expected gold production due to lower gold grades.
• Sold Majority of Withheld Metal Inventory: Management took advantage of the rebound in silver prices during Q4, 2022 by reducing held inventory to 525,485 oz silver and 1,512 oz gold of bullion inventory and 4,766 oz silver and 195 oz gold in concentrate inventory at quarter end. Sold 2,816,881 oz silver and 11,843 oz gold during the quarter.
• Construction Preparation Advances at the Terronera Project: Progress on predevelopment activities include onsite delivery of mobile mining equipment, procurement of major equipment purchases, 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, near portal #2.
• 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 the coming months.
• Published Initial Mineral Resource Estimate for the Pitarrilla Project: One of the world’s largest undeveloped silver projects, Pitarrilla will form the cornerstone of the Company’s growth profile, together with Terronera and Parral. The Indicated Mineral Resources totals 158.6 million tonnes containing 491.6 million oz Ag grading 96.4 gpt, 1.1 billion pounds (lbs) of lead (Pb) grading 0.31%, and 2.6 billion pounds of zinc (Zn) grading 0.74%. The inferred Mineral Resource totals 35.4 million tonnes containing 99.4 million oz Ag grading of 87.2 gpt, 281 million lbs Pb grading 0.36%, 661 million lbs Zn grading 0.85% (see News Release dated December 8, 2022).

Q4 2022 Mine Operations

Consolidated silver production increased 27% to 1,830,835 ounces in Q4 2022 compared to Q4 2021, primarily driven by increased silver production at the Guanaceví mine. The high grades at El Curso have led to improved production, allowing for production targets to be exceeded. Local, third-party mill feed continued to supplement mine production, amounting to 16% of quarterly processed tonnes and contributing to higher processed grades. Guanaceví throughput was 22% higher than Q3, 2022 and 11% higher than plan as modifications to the plant increased capacity.

Consolidated gold production increased by 10% to 10,370 ounces primarily due higher gold grades mined at the Guanaceví mine. The increased gold production from Guanaceví more than offset the reduced gold produced from the Bolañitos mine.

Guanaceví Q4 2022 throughput was 10% higher than Q4 2021 with silver grades 23% higher and gold grades 19% higher resulting in increased silver and gold production of 29% and 27% respectively. The change in grades were due to accessing higher-grade areas of the mine.

Bolañitos Q4 2022 throughput was consistent with Q4 2021 with silver grades 4% higher and gold grades 6% lower. Silver production increased by 7% while gold production decreased by 1% at the Bolañitos mine. An increase in gold recoveries partially offset the reduction in gold grades. The change in grades were due to typical variations in the mineralized body.

Production Highlights for the Three and Twelve Months Ended December 31, 2022

Mine-by-mine production in the fourth quarter and the year ended December 31, 2022 was:

Q4 2022 Production by Mine

*gpt = grams per tonne

2022 Production by Mine

*gpt = grams per tonne

Qualified Person

Dale Mah, 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 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 development 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.