Slide 1: Growth on the Horizon
Growth on the Horizon C O R P O R AT E P R E S E N TAT I O N NOVEMBER 2025 TSX: EDR | NYSE: EXK edrsilver.com
Slide 2: Cautionary Note
Cautionary Note This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within applicable Canadian securities legislation. Such forward-looking statements and information herein
Slide 3: Non-IFRS Financial Measures
Non-IFRS Financial Measures The Company has included certain performance measures that are not defined under International Financial Reporting Standards (IFRS). The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an impro
Slide 4: Investor Highlights
Investor Highlights Mid-tier Silver Operating Mexico’s Significant Leading Silver Strategically Producer Next Silver Mine Organic Growth Leverage Acquiring Key Assets Three underground silver gold Terronera commercial production Leading organic growth profile in A leader in silver price beta, Opport
Slide 5: 30 Moz AgEq by 2030 – 30 by 30
30 Moz AgEq by 2030 – 30 by 30 ABOUT ENDEAVOUR SILVER Parral Endeavour Silver is a mid-tier silver producer with mining operations in Chihuahua Exploration Mexico and Peru. In addition to its operational mines, the Company Guanaceví Operation maintains a diverse portfolio of exploration projects acr
Slide 6: Recent Developments
Recent Developments Newest Acquisition Fuels Momentum in YTD 2025 Production YTD 2025 Production: 7.4 million oz AgEq (1) • Consolidated 2025 production was 4,373,087 oz Ag and 22,978 oz Au Bolañitos • AgEq(1) production of 7,438,645 oz, including base metals from Kolpa 20% Kolpa Delivers Consistent
Slide 7: Kolpa Mine, Peru
Kolpa Mine, Peru OPERATING MINE Metals Mix 40% Ag 60% Pb, Zn, Cu 2016-2023 Production 9.1M 100.1 79.1 4.1 oz Ag kt Pb kt Zn kt Cu 2024 Production 2.0M 19.8 12.6 0.5 oz Ag kt Pb kt Zn kt Cu (5.1 Moz AgEg) 1. Full details in the appendix, under Reserves and Resources TSX: EDR | NYSE: EXK 7
Slide 8: Strategic Acquisition of Endeavour's Third Producing Mine
Strategic Acquisition of Endeavour’s Third Producing Mine Consistent with plan Track record Leveraging Exploration Active mining to become senior of production Endeavour’s upside district silver producer growth technical strengths Providing a platform for Fully funded operating silver Kolpa began as
Slide 9: Kolpa: Integration Progressing Smoothly
Kolpa: Integration Progressing Smoothly Advancing Operational Alignment Q3 2025 Direct Costs Per Tonne • Ensuring seamless integration of systems, teams, and processes • The team remains focused on maintaining steady output and advancing Kolpa’s contribution to the Company’s long-term growth strateg
Slide 10: Kolpa: Overview
Kolpa: Overview(1) Location • Huachocolpa District, Huancavelica, Peru • 490 km SE of Lima • Avg elevation: 4,400 metres above sea level Land Package • 143 mining rights covering 25,177 ha of effective area and one beneficiation concession covering 366 ha Geology • Silver polymetallic mineralization
Slide 11: Kolpa: Mining Concessions
Kolpa: Mining Concessions Total: 143 Rights (25,177 Ha) • Kolpa holds mining rights to 143 mining concessions and claims covering 25,177 ha, and one beneficiation concession covering 366 ha. 63 of those mining claims comprise the Administrative Economic Unit (UEA) Huachocolpa Uno • 23 mining (1,679
Slide 12: Terronera Mine, Jalisco
Terronera Mine, Jalisco OPERATING MINE Reserve, Metals Mix 60% Ag 40% Au +10 YRS 2,000 Proposed Life of Mine Tonnes per day Endeavour’s next core asset 2 • Terronera Defined mineralization areas • La Luz Probable Reserves(1) • 7.4 million tonnes at 374 g/t AgEq containing 88.8 million AgEq oz 1. Ful
Slide 13: Terronera: Mexico's Newest Silver Mine
Terronera: Mexico’s Newest Silver Mine Strong progress on Accelerating High grade & low Senior secured debt Positive social mine startup production growth costs drive mine facility (1,4) impact profits Daily average production Average annual production(3) Shallow and thick deposit Principal: $135 mi
Slide 14: Terronera: Exploration Opportunities
Terronera: Exploration Opportunities TERRONERA PROJECT SURFACE VIEW TERRONERA VEIN • Endeavour controls 25 concessions totaling 20k hectares • The Terronera vein holds over 90% of the defined reserve • +50 mines on +50 known veins • Inferred envelope is open along strike and at depth • Thick vein wi
Slide 15: Terronera: Officially in Commercial Production
Terronera: Officially in Commercial Production Q3 2025 Direct Costs Per Tonne Commercial Production Next Steps for the Newly Declared on October 1, 2025 Producing Mine processing costs 21% 28% • Consistently exceeded average of • Forecasted throughput of approx. 90% of the designed nameplate 360,000
Slide 16: Pitarrilla Project, Durango
Pitarrilla Project, Durango EXPLORATION ADVANCED Resource Metals Mix 60% Ag 40% Pb, Zn 2022 $140M Acquired from SSR Mining SSR invested to advance the project since 2002 +225,000 600 Moz Ag metres in drilling Defined by NI 43-101 Silver dominant project with extensive historical database and compreh
Slide 17: Pitarrilla: One of the World's Largest Undeveloped Silver Projects
Pitarrilla: One of the World’s Largest Undeveloped Silver Projects Organic Growth Potential Enhances Organic Growth Excellent Infrastructure in Supported By Large Resource Profile Place • Complimentary to regional existing • Road access platform in Mexico • Connected to power grid and water • Provid
Slide 18: Pitarrilla: Exploration Supports Underground Mining Potential
Pitarrilla: Exploration Supports Underground Mining Potential Pitarrilla Cross Section Pitarrilla Plan View • Underground exploration ramp extended over 1.3km, lying directly • Confirmed management’s geological interpretation and identified at least above the manto four structures extending through
Slide 19: Pitarrilla: Summary of Historically Contemplated Operations
Pitarrilla: Summary of Historically Contemplated Operations Endeavour Silver is evaluating the business case for 2009 PFS(1,3) Modelled on an Ag 4 an underground mine, focused on the high-grade core Key LOM Metrics Underground Mine of the deposit Average Head Grade (gpt) • 4,000 tpd mining operation
Slide 20: Pitarrilla: Opportunity & History of the Project
Pitarrilla: Opportunity & History of the Project Focus pivots to expanding resources with evaluation of open-pit SSR shifts focus of the project to reducing concepts following surge in silver price initial capex and maximizing returns Sep. 2009 Pre-feasibility study Dec. 2012 Feasibility study 2018
Slide 21: Guanaceví Mine, Durango
Guanaceví Mine, Durango OPERATING MINE 2024 Mine Plan, Metals Mix 80% Ag 20% Au 2005-2023 Production 2024 Production 53.5M 135k 4.0M 13.8k oz Ag oz Au oz Ag oz Au Reserves(1) • Proven – 0.2 million tonnes at 506 g/t AgEq containing 3.3 million AgEq oz. • Probable – 0.3 million tonnes at 414 g/t AgEq
Slide 22: Guanaceví: Maintaining Steady Production
Guanaceví: Maintaining Steady Production AgEq Quarterly Production (Oz)(1) Q3 2025 Production Higher Precious Metals Prices 995,146 928,557 1,334,447 1,282,853 1,279,860 Gold and silver production within Higher precious metals prices the planned range with higher increased availability of third-part
Slide 23: Guanaceví: Delivering High Grade Drill Results
Guanaceví: Delivering High Grade Drill Results Prolific Area Continuity To The East Potential Situated along prolific Santa Cruz vein Intersecting excellent results with Connecting El Curso to One continuous orebody - comparable to 15 km long, producing in area since step-out holes from the margins
Slide 24: Bolañitos Mine, Guanajuato
Bolañitos Mine, Guanajuato OPERATING MINE 2024 Mine Plan, Metals Mix 80% Au 20% Ag 2007-2023 Production 2024 Production 17.4M 361.9k 0.5M 25.2k oz Ag oz Au oz Ag oz Au Reserves(1) • Proven: 0.08 million tonnes at 259 g/t AgEq containing 0.6 million AgEq oz • Probable: 0.3 million tonnes at 222 g/t A
Slide 25: Bolañitos: Resilient Performance Continues
Bolañitos: Resilient Performance Continues AgEq Quarterly Production (Oz)(1) Q3 2025 Production Free Cash Flow Silver grades were consistent with Bolañitos provides optionality to the plan while gold grades were slightly gold price and exploration update 622,779 621,972 538,386 below plan due to min
Slide 26: Shareholder Information
Shareholder Information 46% Retail $7.26 $10.37/$2.95 Capital Structure NYSE share price NYSE 52-week high/low November 5, 2025 $2.1B $57M 294.2M issued/outstanding Cash position* NYSE: EXK Market Cap 3.9M potentially dilutive shares 13M TSX: EDR 298.1M total diluted shares *As of November 6, 2025 9
Slide 27: Sector Leading Organic Growth Strategy
Sector Leading Organic Growth Strategy OPERATIONS ADVANCED EXPLORATION GREENFIELDS Guanaceví Terronera Pitarrilla Bruner 4.0M oz Ag LOM production of 7.0 Moz AgEq One of largest undeveloped over the next few years silver projects globally Gold project in Nevada 13.8k oz Au (5.1 Moz AgEq) (80:1 silve
Slide 28: Appendix
Appendix @edrsilvercorp @EDRSilverCorp Endeavour Silver Corp. @EDRSilverCorp Endeavour Silver Corp. Allison Pettit Endeavour Silver TF: 1 877 685 9775 Vice President, Investor Relations Suite 1130-609 Granville Street P: 604 685 9775 apettit@edrsilver.com Vancouver, BC info@edrsilver.com Canada V7Y
Slide 29: Mineral Reserves and Mineral Resources Estimates
Mineral Reserves and Mineral Resources Estimates Silver-Gold Proven and Probable Reserves (as of December 31, 2024) Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) Ag Eq Oz (000s) Guanaceví 202 413 1.10 506 2,688 7.1 3,291 Bolanitos 75 79 2.13 259 190 5.1 625 Total Proven 277 323 1.3
Slide 30: Mineral Reserves and Mineral Resources Estimates (continued)
Mineral Reserves and Mineral Resources Estimates (continued) Silver-Lead-Zinc Resources (as of December 31, 2024) Ag Eq Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) Pb% Zn% Oz (000s) Guanaceví 363 208 0.26 229 2,421 3.1 2,670 0.78 1.32 Pitarrilla In Pit (Oxide & Transition) 133,90
Slide 31: Notes to Mineral Reserves and Mineral Resources Tables
Notes to Mineral Reserves and Mineral Resources Tables 1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any or all part of the Mineral Resources will be converted into Mineral Reserves. The estimate of Mineral Resources may be
Slide 32: Notes to Mineral Reserves and Mineral Resources Tables (continued)
Notes to Mineral Reserves and Mineral Resources Tables (continued) Notes on the Pitarrilla Resource Estimate 18. The classification of the current Mineral Resource Estimate into Indicated and Inferred Mineral Resources is consistent with current 2014 CIM Definition Standards - For Mineral Resources
Slide 33: Qualified Persons
Qualified Persons Guanaceví and Bolañitos The Technical Reports are entitled “NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanaceví Project, Durango State, Mexico” (the “ 2022 Guanaceví Report ”) with an effective date of November 5, 2022, and “NI 43-101 Techni
Slide 34: Non-IFRS Financial Measures for Kolpa
Non-IFRS Financial Measures for Kolpa Consolidated Production - Cash Costs, AISC and Direct Costs KOLPA KEY METRICS CONSOLIDATED PRODUCTION (12 MONTHS ENDED DECEMBER 31) CALCULATION OF SILVER EQUIVALENT (AgEq) ounces produced 2024 2023 Prices $(USD) 2024 2023 Ore Tonnes processed 686,503 661,535 A
Slide 35: Non-IFRS Financial Measures for Kolpa
Non-IFRS Financial Measures for Kolpa Income Statement, Revenue & Cost Reconciliation INCOME STATEMENT EXTRACTS (12 MONTHS ENDED DECEMBER 31) (1) GROSS REVENUE RECONCILIATION (12 MONTHS ENDED DECEMBER 31) ALL-IN SUSTAINING COSTS (12 MONTHS ENDED DECEMBER 31) Expressed in thousands US dollars 2024 20
Slide 36: 2023 Optimized Plan (2,000 tpd) Compared to 2021 FS (continued)
2023 Optimized Plan (2,000 tpd) Compared to 2021 FS (continued) DETAILED VIEW - 2,000 TPD PLANT COMPARED TO 2021 FS 2023 2021 % Capital Expenditure Statistics Operating Cost Metrics Change Silver Price 20.00 20.00 0% Initial Capital Expenditure (millions) 230.4 175.0 32% 1,403. LOM Gross Revenue (mi
Slide 37: Terronera: Operational Metrics & Updated Initial Capex Scenario
Terronera: Operational Metrics & Updated Initial Capex Scenario Select Operating Metrics 2021 FS(1) Optimized(2) DIRECT COST PER TONNE LOM tonnes processed (thousands) 7,380 7,382 Life of Mine (Years) 12 10 Average silver grade (g/t) 197 196 17% TCRC - $15.25 29% Average gold grade (g/t) 2.25
Slide 38: Non-IFRS Measures
Non-IFRS Measures Endeavour Silver reports non-IFRS measures which include cash costs net of by-product revenue on a payable silver basis, total production costs per ounce, all-in sustaining costs per ounce, direct production costs per tonne, silver co-product cash costs and gold co-product cash cos
Slide 39: Management Team
Management Team Dan Dickson Don Gray Elizabeth Senez CPA, CA Ing., MBA, MSE FCA (ICAEW) CEO COO CFO Luis Castro Greg Blaylock Dale Mah Allison Pettit Ing., Geo. B.Sc, MSE B.Sc., P.Geo. VP Investor Relations SVP Exploration VP Operations VP Corporate Development TSX: EDR | NYSE: EXK 39
Slide 40: Board of Directors
Board of Directors Rex McLennan Dan Dickson Margaret Beck B.Sc., MBA, ICD.D CPA, CA B.Sc. Director, Chairman and Corp. Gov. & CEO & Director Director and Audit Committee Chair Nom. Committee Chair Amy E. Jacobsen Ken Pickering Mario Szotlender Angela Johnson QP, P.E., MBA P. Eng. BIR B. Sc., P. Geo.