Endeavour Silver Corp. · TSX:EDR
Endeavour Silver — Investor Day (November 2023)
189 slides from Endeavour Silver's investor day presentation, Nov 28, 2023
Slide 1: Investor Day
Investor Day Site Visit to Terronera, Puerto Vallarta, Mexico TSX: EDR | NYSE: EXK NYSE:EXK | TSX:EDR
Slide 2: Terronera Investor Day Presentation
NYSE:EXK | TSX:EDR TERRONERA Investor Day Presentation TSX: EDR | NYSE: EXK
Slide 3: Welcome Remarks
Welcome Remarks “We are excited to share with you our culture based on continuous improvement.” GALINA MELEGER, VP INVESTOR RELATIONS TSX: EDR | NYSE: EXK 3
Slide 4: 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 the meaning of applicable Canadian securities legislation. Such forward-looking statements and inf
Slide 5: Detailed Itinerary
Detailed Itinerary Sunday, November 19 Monday, November 20 Tuesday, November 21 7:15AM Meet in the lobby at the Westin Hotel 5:30 – Happy Hour with appetizers & 8:30 – Technical presentations on 6:15PM cocktails 9:30AM Pitarrilla in the Moreles Room, (Terrace on the Meeting room Westin Hotel & farew
Slide 6: Speakers & Agenda
Speakers & Agenda 01 Strategy DAN DICKSON President & Chief Executive Officer 06 Mexico Overview DAN DICKSON President & Chief Executive Officer 02 07 Overview & LUIS CASTRO ESG at GALINA MELEGER Exploration SVP, Exploration Endeavour VP, Investor Relations 03 08 2023 Optimized Local ANA MALLEN DAN
Slide 7: Detailed Table of Contents- Part I
Detailed Table of Contents- Part I Section 1: Strategy – Dan Dickson, CEO Slides 12 - 32 Endeavour Silver Overview…………………………………………………………… Slide 13 Our Purpose……………….……………..……………………………………………. Slide 14 Silver Investment Drivers……………………………………………………………... Slide 15 What Makes Us Different…………………………………………
Slide 8: Detailed Table of Contents- Part II
Detailed Table of Contents- Part II Grade Distribution – Looking SW……….…………………………………………. Slide 47 Longitudinal Section La Luz Vein..………………………………………………… Slides 48 - 49 Regional Opportunities……………………………………………………………... Slide 50 Section 3: 2023 Optimized Plan – Dan Dickson, CEO Slides 51 - 60 Optimized
Slide 9: Detailed Table of Contents Part III
Detailed Table of Contents Part III Liquified Natural Gas (LNG) Plant....………………………………………………… Slide 82 Power Generation Plant ………….……...…………………………………………... Slide 83 Filtered Tailing Storage Facility.……………………………………………………... Slide 84 Water Management & Requirements.…....................................
Slide 10: Detailed Table of Contents Part IV
Detailed Table of Contents Part IV Concrete Work: Flotation Area..…………………………………….………………… Slide 117 Project is Rapidly Advancing……..……...……………………………….…………... Slide 118 Section 6: Mexico Overview – Dan Dickson, CEO Slides 119 - 126 Country Overview...……….…………………………………………………………… Slide 120 Mexico: Still
Slide 11: Detailed Table of Contents Part V
Detailed Table of Contents Part V Environment…………………………..………………………………………………… Slide 153 Local Programs Environment………..…...…………………………………………... Slide 154 Local Programs: Environmental Initiatives………………….………………………... Slide 155 Local Programs: Water Monitoring…………………………………………………… Slide 156 Future Progra
Slide 12: Strategy
Strategy “Project execution is the correct path for adding long-term value, as we position ourselves as a top silver investment vehicle for investors seeking industry-leading growth.” DAN DICKSON, CEO TSX: EDR | NYSE: EXK 12
Slide 13: Endeavour Silver Overview
Endeavour Silver Overview ABOUT ENDEAVOUR Exploration Endeavour is a mid-tier precious metals producer with two high-grade Operation silver gold mines in Mexico. The Company has a compelling pipeline of exploration and development projects to fuel future growth to become a Development premier senior
Slide 14: Our Purpose
Our Purpose We find, build, and operate We have a compelling pipeline quality silver mines in a of exploration and development sustainable way to create value projects to facilitate our goal for our stakeholders. of becoming a premier senior silver producer. Our goal is to become a premier senior pr
Slide 15: Silver Investment Drivers
Silver Investment Drivers Endeavour Silver is an important part of the supply chain for silver, as discoveries and development of new silver mines continue to slow. Silver is the metal of tomorrow and a critical component for a cleaner, greener, more sustainable world. SOLAR ELECTRONICS Photovoltaic
Slide 16: What Makes Us Different?
What Makes Us Different? 1 2 3 4 MID-TIER SILVER PRODUCER; POSITIONED FOR INDUSTRY-LEADING ESG LEADER IN THE OPERATING HISTORY COMPELLING GROWTH SILVER LEVERAGE SILVER SPACE • Built on a foundation of core • Near term: Transformational • Pure precious producer with • At forefront of adoption and res
Slide 17: Our Commitment to Safety through Te Cuido
Our Commitment to Safety through “Te Cuido” Our goal is a workplace free of injuries and high potential incidents. Endeavour has a # REPORTABLE INJURIES & FREQUENCY RATE (1) long-established safety management system specifically designed for our mining 6 180 activities. Safety is a central driver of
Slide 18: Operational Framework Supported by ICARE Values
Operational Framework Supported by ICARE Values Our ICARE values are the guideposts that shape everyday actions for management, our employees and business partners that are central to our culture and an essential element of our success. INTEGRITY CARE We are honest, ethical and We respect and care f
Slide 19: Portfolio – Flagship Assets in Mexico
Portfolio – Flagship Assets in Mexico GUANACEVÍ BOLAÑITOS TERRONERA Durango Guanajuato Jalisco LOCATION 540 490 550 (once in production) EMPLOYEES METAL 80% Ag 20% Au 20% Ag 80% Au 60% Ag 40% Au END PRODUCT Dore Concentrate Concentrate MINE LIFE ~ 5 years ~ 2 years ~ 10 years Underground, ramp acces
Slide 20: Guanacevi – Our Largest Silver Mine
Guanacevi – Our Largest Silver Mine P&P RESERVES 14.3 M&I RESOURCES Million Ag / oz 9.6 Million Ag / Oz 7.7 Million Ag / Oz 6.8 Million Ag / oz 38,814 25,400 Au / Oz Au / Oz 18,585 17,400 Au Au / Oz / Oz 2018 2022 2018 2022 IMPROVED OPERATIONAL PERFORMANCE (As of December 31, 2022) Grade Contained M
Slide 21: Guanacevi – Delivering High Grade Drill Results
Guanacevi – Delivering High Grade Drill Results PROLIFIC AREA CONTINUITY TO THE EAST POTENTIAL ROYALTY SCALE Situated along prolific Intersecting excellent Connecting El Curso to One continuous orebody - Sliding scale on sales price Santa Cruz vein 15 km results with step-out Porvenir Dos comparable
Slide 22: Guanacevi – Improvement Underway in Q4
Guanacevi – Improvement Underway in Q4 QUARTERLY GRADE TREND 1.6 550 512 468 511 1.5 500 450 1.4 1.44 Blocks mined in 1.42 398 400 earlier quarter 1.3 1.29 Mining block lost in 350 341 mine plan 1.2 Additional ventilation 300 required 1.1 1.1 250 1.03 1 200 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 TSX: Au (gpt
Slide 23: Bolañitos – Maintaining Steady Performance
Bolañitos – Maintaining Steady Performance P&P RESERVES M&I RESOURCES 38,814 3.5 Million Au Oz Ag Oz 42,700 Au Oz 36,400 Au Oz 20,600 Au Oz 1.1 1.1 1.4 Million Million Million Ag Oz Ag Oz Ag Oz 2018 2022 2018 2022 (As of December 31, 2022) Grade Contained Metal MATURE MINE Tons Ag Au AgEq Ag oz Au o
Slide 24: A Clear Path to Transformational Growth
A Clear Path to Transformational Growth Transitioning to higher margin production as Terronera takes us down the cost curve Future Potential 18 AISC(2) $19.97/oz • Transitioning from mature mines to high-grade, low-cost $20 16 mines 14 • Terronera will nearly double +7 Mil Ag Eq oz Silver Eq Ag Oz (
Slide 25: Improving Our Financial Position with Terronera
Improving Our Financial Position with Terronera OPERATING PEER GROUP(1) COST CURVE VS. TERRONERA LOM MAISC(2,3) SIGNIFICANT EBITDA (3) CONTRIBUTOR Santa Elena -$22.16 $223.7 Cannington -$2.98 Cosala -$2.69 2023E EBITDA Inmaculada -$2.40 San Francisco del Oro $0.52 Terronera $3.24 Terronera EBITDA Ca
Slide 26: Our Aspirations To Enhance Profitability
Our Aspirations To Enhance Profitability Continued focus on margin expansion & cash flow By 2025, we through our growth pipeline. aspire to grow… LOM Terronera REVENUE Consolidated FY 2022 Results Average(1) Double-digit revenue growth Revenue $141 (millions) $210 Cost of Sales (millions) $159 $60 E
Slide 27: Advancing Projects in Parallel; Investing in LT Growth
Advancing Projects in Parallel; Investing in LT Growth PITARRILLA PARRAL LOCATION Durango Chihuahua ACQUIRED IN 2021 (from SSR Mining) 2016 (from SSR Mining) 10% RESOURCE MIX 60% Ag 40% Pb, Zn 90% Ag other PROPERTY 4,950 hectares 3,450 hectares DESCRIPTION Prolific mineral belt; extensive historical
Slide 28: Expansion & Optionality Across the Portfolio
Expansion & Optionality Across the Portfolio Because of the long-term opportunities we see in silver, we’re investing in our growth pipeline. 400 Future Potential PITARRILLA KEY FACTS: Inferred Resource 2009 Historic PFS by SSR modelled an UG • Endeavour Silver is one of few 350 mine modelling annua
Slide 29: The Journey to Our Long-Term Vision
The Journey to Our Long-Term Vision A depth of assets that can generate long term value V A L U E PITARRILLA S H A R E H O L D E R 2025 TERRONERA’S One of the world’s FIRST FULL YEAR largest undeveloped silver deposit 2023 OUTLOOK + 7.0 million Ag Eq oz Production of: 8.6 – 9.5 million AgEq oz TSX:
Slide 30: Global Scarcity of Primary Silver Mines in Development
Global Scarcity of Primary Silver Mines in Development Global projects with a gold or silver Global projects with a gold or silver resource estimate 5,184 resource estimate Primary gold or silver resource estimate Primary gold or silver resource estimate 3,934 Primary gold or silver projects with an
Slide 31: Silver Miners Trade at Higher Multiples Compared to Gold
Silver Miners Trade at Higher Multiples Compared to Gold FEW PURE SILVER PRODUCERS • Silver mining shares trade at a premium to gold mining shares due to the ENDEAVOUR SILVER IS THE LEADING SILVER scarcity of primary silver mining companies. Currently there are less than10 primary silver miners INVE
Slide 32: Shareholder & Liquidity Analysis
Shareholder & Liquidity Analysis OWNERSHIP SUMMARY (1) Other , 9% TOP INSTITUTIONAL HOLDERS (1) Canada, 6% South Korea , 7% Van Eck Associates Corporation Germany , 8% UK , 12% ETF Managers Group Institutional , Mirae Asset Global Investments 55,200,292, 29% Jupiter Fund Management USA, 58% PASSIVE
Slide 33: Exploration
Exploration “In the mining industry, there are very few silver dominant projects like Terronera. It is our belief that, with continued drilling success, there is potential to add significant production ounces and mine life at Terronera.” LUIS CASTRO, SVP EXPLORATION TSX: EDR | NYSE: EXK 33
Slide 34: Project Overview
34 TSX: EDR | NYSE: EXK Project Overview
Slide 35: Location, Access, Physiography, Infrastructure
Location, Access, Physiography, Infrastructure LOCATION 50 km northeast of Puerto Vallarta, Jalisco State, Mexico MEXICO Terronera Mexico City ACCESS Puerto Vallarta Excellent road access 1.5 hour drive from PV on Hwy #70; 50 km SW of PV PHYSIOGRAPHY Terronera Puerto Vallarta Mountainous, temperate,
Slide 36: A Decade of Work Has the Project Construction Ready
A Decade of Work Has the Project Construction Ready + 105,000 meters were drilled (2011–2018) & 6 technical reports were completed 2010 - 2011 2015 - 2016 2019 - 2020 • Acquired purchase option • Completed initial PEA • Received mine & plant from Grupo Mexico • Discovered high-grade La permits • Com
Slide 37: Project Evolution
Project Evolution Having invested approx. $30 million into Terronera before development, the size and scale of the project has grown significantly. With 6 technical reports published by different authors, we have increased 6 Independent confidence in the project inputs. Technical reports have been c
Slide 38: Mineral Reserves & Resources Growth
Mineral Reserves & Resources Growth 120,000 Inferred AgEq M+I AgEq 2P AgEq 417 368 393 382 374 450 400 53% Increase in Ag-Eq grade since 2011 365 366 351 100,000 AgEq Grade 321 350 293 80,000 300 56% 246 250 K oz Ag Eq 60,000 88,834 200 - - - - 70,541 68,403 Increase in total tonnes since 2016 - 66,
Slide 39: Exploration
NYSE:EXK | TSX:EDR Exploration TSX: EDR | NYSE: EXK 39
Slide 40: Property, History, Geology, Mineralization
Property, History, Geology, Mineralization PROPERTY HISTORY GEOLOGY MINERALIZATION • 24 mineral concessions, totalling • Historic silver-gold mining • Situated in the Sierra Madre • ≈40 veins, many not drilled, 17,971 hectares or close to 180 district dating from 1500’s to Occidental Volcanic belt t
Slide 41: Regional & Local Geology
Regional & Local Geology EXPLANATION TERRONERA TSX: EDR | NYSE: EXK • Situated in the Sierra Madre Occidental Volcanic belt is more than 1,200 km long and 200 to 300 km wide and hosts most of Mexico’s gold and silver deposits • The volcanic belt is one of the world’s largest epithermal precious meta
Slide 42: Mineralization Within Low Sulphidation Epithermal Veins
Mineralization Within Low Sulphidation Epithermal Veins Low-sulphidation epithermal veins in Mexico typically have a well- defined, subhorizontal ore horizon about 300 to 500 m in vertical extent where bonanza grade mineralization shoots have been deposited due to boiling of hydrothermal fluids. Nei
Slide 43: Drill Collar Locations – Well Defined Veins
Drill Collar Locations – Well Defined Veins TERRONERA VEIN TSX: EDR | NYSE: EXK The Terronera vein is a regional structure with a general trend of NW40°SE and dip of 70° towards the NE, with real widths that range between 1.5 and 20 meters. 43
Slide 44: Mineral Reserves & Resources
Mineral Reserves & Resources COMPLETE MINERAL RESERVE & RESOURCE • Over 90% of the Mineral Reserve is hosted in the Terronera Vein TERRONERA VEIN • Inferred envelope around the Terronera vein is open along strike and at depth • While La Luz is smaller, it is very high-grade material, averaging 1,378
Slide 45: Longitudinal Section of Principal Terronera Vein
Longitudinal Section of Principal Terronera Vein SIZE HIGH GRADE CONTINUITY POTENTIAL 1.5 km strike length with Silver grade: 197 gpt 194 drill holes 1 million tonnes in inferred over 500m depth; Gold grade: 2.5 gpt 66,100 meters category; open to NW and averaging 4m thickness Silver equivalent grad
Slide 46: Cross Section Terronera Vein
Cross Section Terronera Vein SW SCHEMATIC CROSS SECTION TERRONERA NE NE50°SW Looking at N40°W TSX: EDR | NYSE: EXK Typical intersections of the Terronera vein; gold and silver minerals (sulfosalts) are hosted in a vein of white quartz + calcite + FeOx and to a lesser extent rhodochrosite, as main ga
Slide 47: Grade Distribution – Looking SW
Grade Distribution – Looking SW ESTIMATED BY MINING PLUS – DISPLAYING BLOCKS > 150 PPM TSX: EDR | NYSE: EXK 47
Slide 48: Longitudinal Section La Luz Vein
Longitudinal Section La Luz Vein SIZE HIGH GRADE CONTINUITY POTENTIAL 1.1 km strike length with Silver grade: 173 gpt Open along strike and at Deposit is shallow and over 250m depth; Gold grade: 15.0 gpt depth. Simular regional easy to access with averaging 1.2m thickness Silver equivalent grade: st
Slide 49: Cross Section La Luz Vein
Cross Section La Luz Vein NW SCHEMATIC CROSS SECTION LA LUZ SE NE14°SE Looking at N76°E 1.5m/19 Au/407 Ag 1.5m/29.5 Au/651 Ag 1.0m/0.39 Au/187 Ag TSX: EDR | NYSE: EXK The La Luz vein consists of white quartz + calcite + FeOx as gangue minerals; gold + electrum + argentite as ore minerals; hosted in
Slide 50: Regional Opportunities
Regional Opportunities OUTSIDE RESOURCE FOOTPRINT TERRONERA PROJECT SURFACE VIEW • Endeavour controls 24 concessions totaling 18k hectares Identified Regional Targets, Proximal to Terronera : • +50 mines on +40 known veins • Thick veins widths averaging 1-30 meters thick SAN SIMON • High-grade avera
Slide 51: 2023 Optimized Plan
2023 Optimized Plan “Our optimization work has captured opportunities for higher throughput and improved metallurgical recoveries. At the same time, technical risks have been mitigated by further study, engineering, testing and early works.” DAN DICKSON, CEO TSX: EDR | NYSE: EXK 51
Slide 52: Optimized Plan
NYSE:EXK | TSX:EDR Optimized Plan TSX: EDR | NYSE: EXK 52
Slide 53: 2023 Optimized Plan Highlights
2023 Optimized Plan Highlights Employees: CAPEX: Mining Process: 550 (once in production) $230M UG, ramp access, mechanized long hole & cut & fill End Product: Mine Life: Metals: Concentrate 10 Years 60% Ag 40% Au Plant Process: Geology: Annual Estimated Production: ~2,000 TSX: EDR | NYSE: EXK tpd c
Slide 54: Key Outcomes from the 2023 Optimized Design
Key Outcomes from the 2023 Optimized Design We have evaluated various operating scenarios, cost-benefit initiatives and technologies to optimize the Terronera Project’s operating flexibility and economics. Since 2021, additional cost pressures have emerged from systemic inflation and constrained glo
Slide 55: 2023 Optimized Plan Versus 2021 Feasibility Study
2023 Optimized Plan Versus 2021 Feasibility Study Select Operating Metrics Optimized(1) 2021 FS(1) Variance Select Financial Metrics Optimized(1) 2021 FS(1) Variance LOM tonnes processed (thousands) 7,382 7,380 0% LOM gross revenue (millions) 1,403.2 1,406.2 (0%) Process capacity (tonnes per day) 1,
Slide 56: Capital Cost Summary Compared to 2021 FS
Capital Cost Summary Compared to 2021 FS CAPEX Estimate (millions) 2023 Optimized Scenario 2021 Feasibility Study Variance Mining $69.9 $61.6 $8.3 OPTIMIZED CAPEX BREAKDOWN Processing plant $48.0 $37.8 $10.2 BY CATEGORY (MILLIONS) Site infrastructure $47.6 $24.5 $23.1 Total direct costs $165.5 $123.
Slide 57: Comprehensive Financing Package
Comprehensive Financing Package AVAILABLE LIQUIDITY OF $224 TO FUND CONSTRUCTION(2) $20 $41 $20 Cash Balance Undrawn Debt Facility $120 Million Senior Secured Debt Facility (3) Noncash WC • Joint lead arrangers: ING Capital & Societe General Remaining ATM • Term: 8.5 years • Interest: • Pre-project
Slide 58: Production and Cost Profile
Production and Cost Profile Average annual 12,000 15.00 production of 7 million silver 10,339 equivalent oz 10,000 10.00 from 38k oz of gold and 4 million oz of silver at an Annual Production (koz Ag Eq) 8,000 7,621 5.00 AISC of $2.15 Operating Cost (USD/oz) 6,922 6,889 per oz 6,309 6,377 5,956 6,10
Slide 59: Free Cash Flow and EBITDA
Free Cash Flow and EBITDA Average annual before tax free cash SPOT flow, once in production BASE BASE: Cumulated before Tax FCF Before Tax FCF BASE $71 million/ year Yr-2 Yr-1 SPOT $96 million/ year Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 YEAR 1 2 3 4 5 6 7 8 9 10 11 Sustaining Capi
Slide 60: Operating, Cash, and MAISC Costs
Operating, Cash, and MAISC Costs BASE CASE SPOT LOM MAISC, NET OF THE GOLD CREDIT (Base Case Prices) US$/T US$/Ag Oz US$/Ag Oz Mining $29.26 $5.47 $5.47 Process $ 23.38 $4.37 $4.37 G&A $9.32 $1.74 $1.74 Gold Credit ; ($15.330) Total Operating Costs $61.96 $11.58 $11.58 Treatment and Refining $14.36
Slide 61: Mine & Plant Design
Mine & Plant Design “The Terronera operation will include a profitable, safe and productive underground mine with a simple, efficient and economic concentrator. Our seasoned team is focused on meeting key project milestones as we advance through construction and into full production.” TSX: DON GRAY,
Slide 62: Mine & Plant Design
NYSE:EXK | TSX:EDR Mine & Plant Design TSX: EDR | NYSE: EXK 62
Slide 63: Key Project Personnel
Key Project Personnel Joe Campbell, Project General Manager Paulo Rodriguez, Project Controls Manager Over 30 years of experience in the mining industry overseeing Over 20 years of experience in the construction, among mining, hydro project development as well as having an extensive operations elect
Slide 64: Manpower & Recruitment Strategy
Manpower & Recruitment Strategy PRODUCTIVITY & MANPOWER • Skill-based operator selection C AMP C APAC IT Y • Experienced miner evaluation and onboarding • New miner training & equipment operator certification (DC3) • Mandatory safety training and basic skills 700 600 LOCAL RECRUITMENT • Mapping loca
Slide 65: Mine Layout
Mine Layout La Luz vein PROJECT INFRASTRUCTURE • Process plant • Mine portals • Associated mine facilities • Waste & tailing storage • Onsite power generations & distribution • Portable water & sewage treatment facilities • Ancillary buildings include gatehouse, emergency services, dining room, truc
Slide 66: Terronera Deposit – Ore Types
Terronera Deposit – Ore Types LONGITUDINAL VIEW NW- SE Oxide Transition Sulphide TSX: EDR Terronera Oxide, Terronera Transitional, Terronera Sulphide, La Luz, Ore Type Description Total LOM Mill Feed (% of Total) (% of Total) (% of Total) (% of Total) | NYSE: Ore, tons 39.9 % 20.6 % 37.3 % 2.3 % 7,3
Slide 67: Mobile Mining Fleet
Mobile Mining Fleet PREORDERED AND FINANCED 3x 3x 3x • Financing package with Sandvik Development Jumbo – DD321 Bolters Scoops - LH514 - Sandvik • Equipment on site to advance Terronera mine development • Additional equipment for production pending 3x 4x Dump Trucks - TH545 Scissor Lifts - A64 SL TS
Slide 68: Mine Plan
Mine Plan UNDERGROUND RAMP ACCESS MINES • Terronera – 3 declines, main central ramp connecting main haulage way at 2,230m elevation to Portal #1 MINING METHODS • La Luz – Portal access to be developed • 42 km lateral waste development and 34 km ore development over LOM Shrinkage, 2% MINING METHOD Or
Slide 69: Mine Design
Mine Design TERRONERA LA LU Z TSX: EDR <100 100-200 200-300 300-400 400-500 <500 | NYSE: Tonnes AgEq Ag oz Au oz Ag Eq Oz Tonnes AgEq Ag oz Au oz Ag Eq Oz Class Ag g/t Au g/t Class Ag g/t Au g/t (000’s) g/t (000s) (000s) (000s) (000’s) g/t (000s) (000s) (000s) Probable 7,380 197 2.25 374 46,707 534
Slide 70: Portal 1 Development
Portal 1 Development • First blast: July 8 • For Q3: total 285m driven including 231m for the main decline heading • Average break length: TSX: 3.84m EDR | NYSE: EXK 70
Slide 71: Portal 2 & 4 Development
Portal 2 & 4 Development • Portal 4 incline surface breakthrough on 16 Oct • Infrastructure design work (magazines, TSX: sumps, shop) being advanced EDR | NYSE: EXK 71
Slide 72: Mining Schedule
Mining Schedule 800 450 433.3 700 413.3 403.9 400 396.9 600 381.0 500 346.0 349.8 348.0 350 337.8 400 327.9 304.7 300 300 200 250 100 TSX: - 200 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Ore Mined Ag Eq g/t EDR YEAR 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 | Ore Mined 591
Slide 73: Mining Method for Terronera Vein
Mining Method for Terronera Vein 900,000 Average annual 800,000 production of 7 million silver 700,000 equivalent oz 600,000 from 38k oz of gold and 4 million 500,000 oz of silver at an 400,000 AISC of $2.15 (1) 300,000 per oz 200,000 10-year mine life 100,000 producing a total of 70 million silver
Slide 74: Optimized Flow Sheet
Optimized Flow Sheet: Changes from 2021 Feasibility Study Pebble Crushing Primary Cyclones Flash Flotation ROM Hopper Coarse Ore Flash flotation Stockpile ROM Ore Stockpile U/G Ore Delivery Flash Flotation relocated to treat 100% ROM Hopper SAG discharge. Flash Feeder concentrate upgraded Ball Mill
Slide 75: Updated Silver & Gold Recoveries
Updated Silver & Gold Recoveries Optimized Silver Recovery Functions by Ore Source Optimal Gold Recovery Functions by Ore Source Overall Gold Recovery Overall Silver Recovery TSX: Mill Feed – Silver Grade, g/t Mill Feed – Gold Grade, g/t EDR Mill Feed LOM LOM Ag Grade LOM Ag Recovery (%) Mill Feed L
Slide 76: Plant Area
Plant Area FEATURES • ROM Stockpile • Primary Crusher • Coarse Ore Storage Pile • Grinding • Flotation • Concentrate & Tailing Thickeners TSX: • Plant Office • Laboratory EDR • Maintenance Shop | NYSE: EXK 76
Slide 77: Crushing Area
Crushing Area • Run of mine ore feeds into a 50-mt dump ore pocket fitted with a stationary grizzly, with oversize material broken using a hydraulic rock breaker. • A vibrating grizzly feeds material passing the stationary grizzly to a primary jaw crusher powered (112- kW drive) to produce minus 120
Slide 78: Grinding Area
Grinding Area • The Terronera ore is classified as hard to very hard with a 75th percentile Bond Work index (BWi) of 19.1 kWh/t. • The primary grinding mill is SAG mill aided by pebble crusher for hard pebbles. Mill discharge screen undersize (+/-670-µm) will be sent to Flash Flotation to separate r
Slide 79: Flotation & Reagents
Flotation & Reagents • A portion of the cyclone underflow slurry is fed into a flash flotation cell (6.5 m3 cell) located in the grinding circuit area. The flash flotation tail product is directed to the ball mill feed box. The flash flotation concentrate is sent directly to the final concentrate th
Slide 80: Concentrate & Tailing Thickeners
Concentrate & Tailing Thickeners • Rougher flotation tails together with cleaner scavenger tails is sent to a 22- m diameter tailing thickener. Flotation tails are thickened to 66% solids prior to feeding the filter. • The filter cake produced with a moisture of 16% is stockpiled before hauling to t
Slide 81: Concentrate & Tailing Filters
Concentrate & Tailing Filters • The final concentrate is filtered in a 30-m2 pressure membrane filter CONCENTRATE press, and the filter cake with the FILTERS moisture of 8% is weighed and TAILINGS bagged in 2-mt bags for shipment. FILTERS Each concentrate bag is sampled and analyzed for precious met
Slide 82: Liquified Natural Gas (LNG) Plant
Liquified Natural Gas (LNG) Plant • Power is provided using liquified natural gas and gas-powered generators supplying up to 12.5 MW. • There are five 100m3 tanks with storage capacity for 4.5 days at full capacity and two ambient heat exchanges for LNG vaporization • Power is distributed over 13.8
Slide 83: Power Generation Plant
Power Generation Plant AREA MWH/Y Crushing 3,562 Fines hopper & grinding 17,815 Flotation 2,247 Thickening & filtration 10,896 Tailings management area 395 Status: Engineering 100% complete; Procurement 80% complete (5 gensets), shop Water management 1,377 testing at Caterpillar facilities performed
Slide 84: Filtered Tailing Storage Facility
Filtered Tailing Storage Facility • Tailing are piped from the process plant to a filter plant for filtering Tailings Storage Facility Process Plant and then placement on the TSF located northwest of the process plant. • TSF footprint covers Filters, approximately 89,760 m2 and Power Plant accommoda
Slide 85: Water Management & Requirements
Water Management & Requirements WATER SUPPLY AND DISTRIBUTION • Fresh water will be piped from Portal 1 and Portal 2 to a water tank THE WATER BALANCE AT TERRONERA located in the process plant site, Portal 1 area, and Portal 2 ancillary facilities. • It will convey water to various facilities, inclu
Slide 86: Closure Plan
Closure Plan A conceptual closure plan has been developed to ensure the post-mining landscape is safe and physically, geochemically, and ecologically stable. The plan ensures that the quality of water resources (possible effluents) in the area is protected and that communities and regulators welcome
Slide 87: Construction Update
Construction Update “Achieving key project milestones is vital both to Terronera’s success and to driving Endeavour’s efforts to become an industry leader in the silver mining industry.” DON GRAY, COO TSX: EDR | NYSE: EXK 87
Slide 88: Construction
NYSE:EXK | TSX:EDR Construction TSX: EDR | NYSE: EXK 88
Slide 89: Pre-construction: Head Start to Hit the Ground Running
Pre-construction: Head Start to Hit the Ground Running Beginning in 2021, we have invested $58 million on early works activities including initial investment in long lead equipment, site clearing and earthworks and a temporary camp PRE-CONSTRUCTION ACTIVITIES • Opened project office in Puerto Vallar
Slide 90: Construction Update: De-Risking Catalyst at a Time
Construction Update: De-Risking 1 Catalyst at a Time Total Estimated Project Capital $230 million The Terronera project is approximately 38%1 complete with construction tracking to the optimized Capital Commited1 $160 million plan. Commissioning and ramp-up anticipated the second half of 2024 Capita
Slide 91: Health & Safety: A Top Priority
Health & Safety: A Top Priority Te Cuido (“I care for you”) safety culture Focus on accident investigation procedures, TSX: accident prevention measures, and on-site emergency brigade. EDR | NYSE: EXK Medical team & two ambulances on site 91
Slide 92: Health & Safety: Reinforcing Training as We Grow
Health & Safety: Reinforcing Training as We Grow Our strong safety focus at site continues We instill our Health and Safety practices and TSX: protocols from the “Te Cuido” safety culture across the Company. EDR | Training includes classroom and NYSE: field training on various topics. Employees & co
Slide 93: Recruitment: People - Our Most Valuable Resource
Recruitment: People - Our Most Valuable Resource Committed to hiring & empowering woman Our numbers have surpassed 500; including 90 TSX: employees and 430 contractor workers. EDR | NYSE: We continue to expand our team to support construction activities. ~25% of the workforce at EXK Terronera are wo
Slide 94: Recruitment: Expanding the Workforce
Recruitment: Expanding the Workforce Acquiring the right talent is key for success Onboarding & training programs continue to be TSX: developed for personnel hiring, including those required for mine development, construction EDR and operations. | NYSE: EXK 94
Slide 95: Engineering: Nearly Complete
Engineering: Nearly Complete 97% complete as at Q3 TSX: EDR | NYSE: EXK 95
Slide 96: Procurement Nearly Complete for Major Items
Procurement Nearly Complete for Major Items 2022 2023 2024 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec PROCUREMENT PO Awards PO Awards SAG Mill (lead time 64 weeks) – MO Group Primary Crusher (lead ti
Slide 97: Major Equipment Procurement List
Major Equipment Procurement List MAJORITY OF MAJOR MILL EQUIPMENT IS NOW ONSITE: • Total value of major equipment is approx. $20 million • Advanced planning paid off with timely equipment deliveries PO Value Equipment Package Provider PO Issue Arrival ($mil) SAG Mill Metso-Outotec Q1 2022 $3.5 mil Q
Slide 98: Procurement: Major Equipment at the Laydown Yard
Procurement: Major Equipment at the Laydown Yard TSX: EDR | NYSE: EXK Flotation tanks SAG mill shell 98
Slide 99: Procurement: Effective Expediting & Materials Management
Procurement: Effective Expediting & Materials Management TSX: EDR | NYSE: EXK Hydrocyclone separator Ball mill motor 99
Slide 100: Safe Traffic Flow and Efficient Equipment Deliveries Paramount
Safe Traffic Flow and Efficient Equipment Deliveries Paramount The project spans mountain slopes, so safe traffic flow and efficient equipment deliveries are paramount. Improvements to over TSX: seven kilometres of the community road used for EDR access from the camp to mill site and mine portals |
Slide 101: Site Access: Early Improvements Benefit Construction Ramp Up
Site Access: Early Improvements Benefit Construction Ramp Up The project’s focus on early road improvements has greatly benefited construction ramp up, especially during the rainy season. TSX: EDR | NYSE: EXK Access road widening Road connecting plant to the camp 101
Slide 102: Permanent Camp Complete
Permanent Camp Complete Complete facilities accommodate 550 personnel. TSX: EDR | NYSE: EXK 102
Slide 103: Camp: Modern Facility with Comfortable Accommodations
Camp: Modern Facility with Comfortable Accommodations TSX: EDR | NYSE: EXK Fully operational facilities include the dining, laundry, All dormitory units have been installed and are ready clinic and training areas. for living 103
Slide 104: Schedule Earthworks & Mining
Schedule Earthworks & Mining 2022 2023 2024 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Earthworks - Yellow Road Earthworks - Blue Road Earthworks - Portal 2 Earthworks - Portal 2 – Service Pad Earthworks – Plant Pad Earthwo
Slide 105: Mine Development: Advancing on 4 Fronts
Mine Development: Advancing on 4 Fronts During Q3, Portal 1 mine yard excavation reached the design elevation of 1,475 metres. Mine development advanced on four fronts: Portal 1, Portal 2, and Portal 4 TSX: (incline & decline). EDR | NYSE: EXK 105
Slide 106: Advance Rates: Steadily Gaining Momentum
Advance Rates: Steadily Gaining Momentum Over 1,300 metres of underground development have been completed through to Q3. As planned, mining advance rates increased as Portals 2 and 4 passed through the fault zone and ground conditions improved. TSX: EDR | NYSE: Self performing mine development under
Slide 107: Plant Construction Schedule
Plant Construction Schedule 2022 2023 2024 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug CSAMPEI Construction & Commissioning (14m) Concrete Works (10M) Grinding – Concrete (1,792m3) Reclaim Tunnel - Concrete (1,253m3) Floatation - Concrete (
Slide 108: Bulk Earthworks & Excavation: Begin at the Plant
Bulk Earthworks & Excavation: Begin at the Plant As at Q3, over 3,000 m3 of concrete poured. TSX: EDR | NYSE: EXK Foundation excavation As at Q1 2023 108
Slide 109: Concrete Work: Pours Scheduled with Local Suppliers
Concrete Work: Pours Scheduled with Local Suppliers The concrete contractor started in the grinding area. TSX: EDR | NYSE: EXK Trucks lined up for a large continuous pour 109
Slide 110: Plant Site Advance: Aerial View
Plant Site Advance: Aerial View Surface construction is 42.5% complete. TSX: EDR | NYSE: EXK 110
Slide 111: Primary Crusher
Primary Crusher Rebar installation and forms for the primary crusher area. TSX: EDR | NYSE: EXK 111
Slide 112: Coarse Ore Stockpile & Reclaim Area
Coarse Ore Stockpile & Reclaim Area Rebar installation and forms for the coarse-ore TSX: stockpile reclaim tunnel (COSRT). EDR | NYSE: EXK 112
Slide 113: Rebar Installation: COSRT
Rebar Installation: COSRT TSX: EDR | NYSE: Rebar installation and forms for the COSRT walls COSRT rebar installation and forms below future EXK & roof. crushed-ore stockpile. 113
Slide 114: Grinding Area
Grinding Area Grinding area will be ready for mechanical installation towards TSX: the end of Q4 EDR | NYSE: EXK 114
Slide 115: Mill Pedestals: Grinding Area
Mill Pedestals: Grinding Area Concrete Design: • SAG mill – 500m3 • Ball mill – 850m3 TSX: EDR | NYSE: Ball mill foundation with forms removed – EXK SAG mill foundation area – September 2023 September 2023 115
Slide 116: Flotation Area
Flotation Area Footing excavations and concrete TSX: EDR | NYSE: EXK 116
Slide 117: Concrete Work: Flotation Area
Concrete Work: Flotation Area TSX: EDR | NYSE: EXK Concrete pour - flotation area Flotation area initial rebar installation 117
Slide 118: Project is Rapidly Advancing
Project is Rapidly Advancing 2022 2023 2024 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec KEY MILESTONES Start Mass Earthworks Earthworks - Blue Road First Blast At Terronera Portal #2 30% Engineering Completed Start Concrete
Slide 119: Mexico Overview
Mexico Overview “While there are some challenges in country, I still believe that Mexico is a highly favourable jurisdiction with many advantages including terrific geological potential, a robust political/ government system, and access to labour .” TSX: DAN DICKSON, CEO EDR | NYSE: EXK 119
Slide 120: Country Overview
NYSE:EXK | TSX:EDR Country Overview TSX: EDR | NYSE: EXK 12
Slide 121: Mexico: Still the Best Address For Silver
Mexico: Still the Best Address For Silver WHY MEXICO? • Currently the largest producer of silver in the world. • Mexico has strong mining history, good infrastructure, is easily accessible, and has an experienced labour force. • Democratic republic based on a congressional system with 3 branches of
Slide 122: Mexico: 2024 Elections Overview
Mexico: 2024 Elections Overview Electoral Calendar CLAUDIA SHEINBAUM, MORENA PARTY, LEADING CANDIDATE • Served as Head of Government of Mexico City, position that is September 3-9 Electoral process begins equivalent to state governor. • First woman to be elected to that position • She has a Ph.D in
Slide 123: New Mexican Mining Laws
New Mexican Mining Laws SITUATIONAL RISK Term of mining • Intent is to increase economic activity on dormant mining concessions concessions reduced • Domestic conglomerates control a significant portion of dormant concessions from 50 years to 15 • Concessions have to be approved by secretary rather
Slide 124: New Mexican Mining Laws
New Mexican Mining Laws MINING COMMUNITY PERSPECTIVE • The new laws benefit the incumbents as they can oversee and manage increased compliance • The new laws could impact discovery potential in the long term and can limit supply as newcomers are less likely to benefit • There is no nationalization r
Slide 125: Environmental Regulatory Framework
Environmental Regulatory Framework CONSTITUTION MAIN LAW Environmental Law Forestry Law Water Law Secondary Law Environmental Environmental Agency Water Agency Agency Regulatory Agency SEMARNAT CONAGUA SEMARNAT Permits TSX: Environmental Impact Land Use Change Permit -Federal Zone Concession Note: M
Slide 126: Main Environmental Permits
Main Environmental Permits Terronera (Mine-Plant-TSF) Type of Permit Status Environmental Impact Assessment TSF Authorization for land use change from forest land to mining land Occupation of federal zone (federal creeks and streams) La Terronera Construction permit on federal zone (federal creeks a
Slide 127: ESG at Endeavour
ESG at Endeavour “Endeavour Silver has been delivering nearly 20 years of value to Mexico. We are acting decisively to drive positive change toward a healthier, more inclusive and sustainable future.” GALINA MELEGER, VP INVESTOR RELATIONS TSX: EDR | NYSE: EXK 127
Slide 128: Corporate ESG
NYSE:EXK | TSX:EDR Corporate ESG 128
Slide 129: Our 20-Year History of Sustainable Mining
Our 20-Year History of Sustainable Mining FOUNDATION DEVELOPMENT UPGRADE • Bradford Cooke founded the company as CEO and • Formalized sustainable development policies • Upgraded tailings facilities by Godfrey Walton joined as President and co-founder covering corporate governance, safety and impleme
Slide 130: Recognizing 20 Years of Sustainable Mining
Recognizing 20 Years of Sustainable Mining ENCOMPASSMENT NEW HORIZON • Acquired two new properties, El Compas • Formed new management team as part of succession and Parral planning; Dan Dickson became CEO • Aided rescue efforts after Mexican • Completed Terronera feasibility study, incorporated eart
Slide 131: Sustainability Strategy 2022-2024
Sustainability Strategy 2022-2024 OUR PILLARS Our Sustainability Strategy centers on three main pillars - People, Planet and Business - and sets out our priorities in these areas over the next three years. TSX: SUSTAINABILITY STRATEGY EDR 2022-2024 | NYSE: EXK 131 131
Slide 132: Sustainability Strategy Goals 2022-2024
Sustainability Strategy Goals 2022-2024 PEOPLE PLANET BUSINESS Zero fatalities Reduce GHG emissions 30% of women in the Board Reduction in injury rates Align with the Global Industry Standard Enhanced sustainability disclosures on Tailings Management Reduction in absenteeism and turnover Operational
Slide 133: Endeavour Impacts Lives
Endeavour Impacts Lives Our Main Achievements in the Last Five Years Housing and road program Over 500 tablets 663 scholarships Community well in in Bolañitos in partnership with donated to students and provided to students in need Guanacevi the local government to improve communities during the pan
Slide 134: Delivering Substantial Benefits to Mexico
Delivering Substantial Benefits to Mexico Highlights: TOTAL ECONOMIC IMPACT 1. $701 million – direct economic value distributed in the last 5 years (2018-2022) OVER 5 YEARS 2018-2022 2. $1.5 million – in community investments supporting local economic development, education and community infrastruct
Slide 135: ESG Commitments and Disclosures
ESG Commitments and Disclosures 10+ YEARS OF FORMALIZED REPORTING Reporting Frameworks Reporting Guidelines Memberships & & Standards Commitments • Started reporting in 2012 in line with the Global Reporting Initiative (GRI) • Added disclosures in 2020 to Sustainability Accounting Standards Board (S
Slide 136: Local Programs
Local Programs “We understand the importance of investing in the social and economic well-being of local communities. These communities are home to many of our employees and their families, and we rely on the infrastructure and surrounding lands to support our business. ” ANA MALLEN, SUSTAINABILITY
Slide 137: Nearby Communities
Nearby Communities SANTIAGO DE LOS PINOS SAN SEBASTIAN LA DEL OESTE SANTIAGO DE LOS PINOS ESTANCIA Population: 566 Edijo Members: 150 544 • Large % of residents receive remittances from relatives who migrated to US for TSX: farming/ agriculture • Income from land use arrangements i.e. LA ESTANCIA ED
Slide 138: Community Initiatives
NYSE:EXK | TSX:EDR Community Initiatives
Slide 139: Committed to the Community
Committed to the Community COMMITMENT TO THE LOCAL WORKFORCE • 2 Offices opened and staffed, with 50 full-time staff • Project Management office in Puerto Vallarta • Community Relations office in San Sebastian • Over 750 employed during construction phase • Over 500 employed during operations SIGNIF
Slide 140: Community: Equator Principles (EP4)
Community: Equator Principles (EP4) TSX: EDR | To protect the local community and ecosystem, and ensure In line with ISO 14001 guidelines, we have an NYSE: responsible development, we have designed our Terronera Environmental Management System (EMS) project in line with the Equator Principles (EP4),
Slide 141: EP4 Compliance Milestones
EP4 Compliance Milestones Construction Management Plans Status Air Quality Management Plan Completed Noise and Vibration Management Plan Completed Soils Management Plan Completed Erosion and Sedimentation Control Plan Completed Water Management Plan Completed Flora and Fauna Management Plan Complete
Slide 142: Supportive Community
Supportive Community Endeavour maintains its social license through an active community relations program. The three largest communities in the area include Santiago de Los Pinos, San Sebastian del Oeste, and La Estancia. The company works with the community to identify initiatives to support. TSX:
Slide 143: Community: Perceptions Social Baseline Results
Community: Perceptions Social Baseline Results SEBASTIAN SANTIAGO DE LOS PINOS DEL OESTE LA ESTANCIA • Large percentage of residents receive remittances • Mostly tourism – food, accommodation and from relatives who migrated to the US for farming/ • Mostly tourism - food, accommodation and agricultur
Slide 144: Community: Relations Areas of Focus Continued
Community: Relations Areas of Focus Continued EQUATOR PRINCIPLES (EP4) STAKEHOLDER ENGAGEMENT GRIEVANCE MECHANISM Strategic alliances to maintain social license: S t a&kexternal Internal e h o ld communication e r E n g a g e mofe n t • Community management and • Ejido(s) the grievance mechanism: co
Slide 145: Community: Relations Areas of Focus Continued
Community: Relations Areas of Focus Continued SOCIAL INVESTMENT LOCAL CONTENT CONTRACTOR MANAGEMENT Investment to reduce the educational gap • Local hiring is promoted through employment S t a k e h o ld e r E n g a g e m e n t Monitoring the social performance of in school-age children: outreach pr
Slide 146: Community: Relations Areas of Focus Continued
Community: Relations Areas of Focus Continued COMMUNITY HEALTH & SAFETY LAND ACQUISITION LIVELIHOOD RESTORATION Signage plan for community roads and • All land required for the Terronera project • TheS livelihood t a k e h orestoration ld e r Eplan n g aoffers g e displaced m e nt population settlem
Slide 147: Community: Road Improvements for Town
Community: Road Improvements for Town Subheading here vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas TSX: molestias excepturi sint occaecati cupiditate non provident. EDR | NYSE: EXK Taking detailed notes on
Slide 148: Community: Contractor Management
Community: Contractor Management TSX: EDR | NYSE: EXK Local suppliers, Santiago de los Pinos Promoting ‘Te Cuido’, our safety mantra. 148
Slide 149: Community: Community Clean Up
Community: Community Clean Up TSX: EDR | NYSE: Endeavour donated a truck to the local EXK Supporting a local waste collection campaign. community for garbage collection. 149
Slide 150: Community: Partnering with Municipal & Ejido Authorities
Community: Partnering with Municipal & Ejido Authorities Creating local jobs Local municipal and ejido authorities are supportive of the Terronera project, which they view as a welcome source of employment for hundreds of people from the surrounding communities. TSX: They see that Endeavour will be
Slide 151: Community: Partnering with Local Schools
Community: Partnering with Local Schools Investing in the next generation As part of our 2022-2024 Sustainability Strategy, we TSX: are increasing our community investments in areas like education, in light of its importance to members of EDR our host communities like Terronera. | NYSE: EXK 151
Slide 152: Community: Tablet Donation Program
Community: Tablet Donation Program Enabling access to technology In host communities, Endeavour has donated TSX: hundreds of smart tablets to help young students EDR access digital learning activities. | NYSE: EXK 152
Slide 153: Environment
NYSE:EXK | TSX:EDR Environment TSX: EDR | NYSE: EXK 153
Slide 154: Local Programs: Environment
Local Programs: Environment KEY PERMITS IN HAND Critical permits received and periodic reviews by regulators successful to date ENVIRONMENTAL STUDIES UNDERWAY Environmental baseline & social impact assessment INTEGRATING EQUATOR PRINCIPLES To meet bank financing requirements into Environmental Socia
Slide 155: Local Programs: Environmental Initiatives
Local Programs: Environmental Initiatives Biodiversity stewardship Environmental programs include replanting TSX: campaigns, species rescue and water monitoring, amongst others. EDR | NYSE: All Endeavour sites operate a nursery to grow local flora. Agave is farmed and grown EXK in the area. 155
Slide 156: Local Programs: Water Monitoring
Local Programs: Water Monitoring TSX: EDR | NYSE: As the project sits on a ridge top in mountainous terrain, water management is paramount at EXK Terronera. Testing and monitoring local water bodies. 156
Slide 157: Future Programs in Progress
Future Programs in Progress • Implementing a scholarships program, as we have • In partnership with the Health Centre of done at our operations, which supports families Santiago de los Pinos, supporting health with continued education campaigns for the community members. • Developing a program for l
Slide 158: Pitarrilla
Pitarrilla “The acquisition of Pitarrilla, one of the world’s largest undeveloped silver projects, accelerates our vision to become a premier senior silver producer.” DALE MAH, VP CORPORATE DEVELOPMENT TSX: EDR | NYSE: EXK 158
Slide 159: Pitarrilla
NYSE:EXK | TSX:EDR Pitarrilla
Slide 160: Compelling Acquisition Rationale in 2022
Compelling Acquisition Rationale in 2022 ENHANCES ORGANIC GROWTH PIPELINE • • One of the World’s largest undeveloped silver projects Complimentary to regional existing platform in Mexico ORGANIC GROWTH POTENTIAL • Maintains growth portfolio geared towards high silver exposure and beta SUPPORTED BY L
Slide 161: Project Focus Pivots with Changes in Silver Price
Project Focus Pivots with Changes in Silver Price Focus pivots to expanding resources with an evaluation SSR shifts focus of the project to reducing of open-pit concepts following a surge in silver price initial capex and maximizing returns Pre-feasibility study Advanced internal scoping Dec. 2012 J
Slide 162: Summary of Historically Contemplated Operations
Summary of Historically Contemplated Operations 2009 PFS(1,3) MODELLED AN UNDERGROUND MINE • 4,000 tpd processing rate over 12-year mine life Endeavour Silver is evaluating the business case for an • Targets sulphides beyond the limits of conceptual OP mine underground mine, focused on the high-grad
Slide 163: Pitarrilla Mineral Resources Summary
Pitarrilla Mineral Resources Summary (as of October 6, 2022): MINERALIZATION BREAKDOWN BY BREAKDOWN BY TYPE (AGEQ) CONTAINED METAL CATEGORY (AGEQ) 22% 18% 33% 7% 67% 71% 82% Silver Lead Zinc Indicated Inferred Oxide & Transition Sulphide Grade Contained Metals Cut-off Grade Tonnes (AgEq g/t) (Mt) Ag
Slide 164: Accessibility & Infrastructure
Accessibility & Infrastructure Located on Prolific Central Mexican Silver Belt in Durango TSX: EDR | NYSE: • Accessible year round, approx. 5 hour drive time from Durango on mostly paved roads EXK • Nearest community is Casas Blancas (population: ~120) which is fairly remote with very little cultura
Slide 165: Geological Overview of the Deposit – Breccia Ridge
Geological Overview of the Deposit – Breccia Ridge OVERVIEW BRECCIA RIDGE CROSS-SECTION • Breccia Ridge is the main area of underground mining interest • Ag-Zn-Pb mineralization at Pitarrilla occurs as a vertically stacked mineralized system centered on rhyolitic dykes and sills that constitute the
Slide 166: Vertical Structures Best Drilled From Depth
Vertical Structures Best Drilled From Depth 3D GEOLOGICAL MODELING TSX: EDR HG_ENVELOPE (> 300 AGEQ) | FEEDER = 5.00 M NYSE: LA_PEÑA_DI KE EXK PEÑA_HW_ENVELO PE > 120 AGEQ 166
Slide 167: Plan View – Ramp Extension, Cross cuts, Drilling Stations
Plan View – Ramp Extension, Cross cuts, Drilling Stations Development plan of ramp and exploration cross-cuts to enable drill stations. TSX: EDR | NYSE: EXK 167
Slide 168: Longitudinal Section – Ramp Extension & Drill Program
Longitudinal Section – Ramp Extension & Drill Program TSX: EDR | NYSE: EXK 168
Slide 169: New Discoveries within Ramp Demonstrates Additional Potential
New Discoveries within Ramp Demonstrates Additional Potential As the ramp gets extended, there are numerous mineralized veins that require follow up, showing clear potential for exploration and expansion TSX: EDR | NYSE: Images showing pseudo-strata mineralized, Photograph showing lithologic EXK wit
Slide 170: “Manto Rico” Target of Sulphide Resource in Conglomerate
“Manto Rico” Target of Sulphide Resource in Conglomerate PLAN VIEW “Manto Rico” Expected development Envelope – by the end of 2023 400-600m wide TSX: EDR | NYSE: EXK 170
Slide 171: “Manto Rico” Target of Sulphide Resource in Conglomerate
“Manto Rico” Target of Sulphide Resource in Conglomerate CROSS SECTION “Manto Rico” Envelope Expected development by the end of 2023 TSX: EDR | NYSE: EXK 171
Slide 172: Significant Exploration Potential with Clear Path to Development
Significant Exploration Potential with Clear Path to Development OVERVIEW PITARRILLA GENERALIZED CROSS-SECTION (SECTION 375A) • Extensive work program conducted by SSR Mining: • Multiple drill campaigns completed on the project from 2003 to 2012, totaling 680 drillholes for 227,731 metres • Explorat
Slide 173: Contact Us
Contact Us Suite 1130-609 Granville Street Head Office Vancouver, BC, Canada V7Y 1G5 Telephone 604.685.9775 Stock Symbol NYSE: EXK | TSX: EDR TSX: Website www.edrsilver.com EDR Galina Meleger | Vice President, Investor Relations Email gmeleger@edrsilver.com NYSE: EXK Find us on social: 173 173
Slide 174: Safety Induction
Safety Induction TSX: EDR | NYSE: EXK
Slide 175: I Care For You
I Care For You Te Cuido Safety Philosophy • Safety philosophy chosen by Endeavor • Result of combining the best systems, Silver as a pillar of the organizational programs and behaviors to achieve culture; it reflects the attitude and the future practices and continuous way in which business is carri
Slide 176: Main Risks at the Project
Main Risks at the Project AREAS UNDER CONSTRUCTION: ON THE ROADS: • Fall at the same level: slippery and uneven • Collisions with animals, pedestrians and floor running off narrow roads • Injuries from moving equipment • Injuries from not wearing a seat belt • Human interaction with working machines
Slide 177: Safety and Behavioral Guidelines for Your Visit
Safety and Behavioral Guidelines for Your Visit During your visit, please pay attention to your surroundings and the safety advice, avoid exposing yourself to dangers and taking risks and take care of your colleagues • Wear your personal protective • Constantly watch the surface you are walking equi
Slide 178: Local Emergency Care Plan
Local Emergency Care Plan We are prepared to attend to possible contingencies, please report any incident immediately to your tour guide and follow the instructions. WE HAVE THE FOLLOWING: WE ARE INTERESTED IN ALWAYS IMPROVING OUR WORK AREAS, PLEASE REPORT: • 1 Doctor TSX: • 3 Paramedics • Any unsaf
Slide 179: Enjoy the Site Visit
Stand Back and Take Control! Enjoy the Site Visit Stand Back and Take Control! SAFETY INDUCTION 179
Slide 180: Site Layout
Site Layout Stops for Nov 20th Visit 1. Office/ Training room 2. Mill/ grinding area 3. TSF overlook TSX: 4. Portal 2/4 EDR | NYSE: EXK 180
Slide 181: Appendix
NYSE:EXK | TSX:EDR Appendix TSX: EDR | NYSE: EXK 18
Slide 182: Mineral Reserves and Mineral Resources Estimates
Mineral Reserves and Mineral Resources Estimates Silver-Gold Proven and Probable Reserves (as of December 31, 2022) Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) Ag Eq Oz (000s) Guanaceví 311 527 1.45 643 5,274 14.5 6,435 Bolanitos 169 65 2.60 273 352 14.1 1,479 Total Proven 480 36
Slide 183: Mineral Reserves and Mineral Resources Estimates
Mineral Reserves and Mineral Resources Estimates (continued) Silver-Lead-Zinc Resources (as of December 31, 2022) Ag Eq Oz Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) (000s) Pb% Zn% Cu% Guanaceví 363 208 0.26 229 2,421 3.1 2,670 0.78 1.32 - Pitarrilla In Pit (Oxide & Transition)
Slide 184: Notes to Mineral Reserves and Mineral Resources Tables
Notes to Mineral Reserves and Mineral Resources Tables Notes 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 ma
Slide 185: Notes to Mineral Reserves and Mineral Resources Tables
Notes to Mineral Reserves and Mineral Resources Tables (continued) Notes on Pitarilla Resource Estimate: 19 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 and M
Slide 186: Qualified Persons
Qualified Persons Guanacevi and Bolanitos 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 Guanacevi Report ”) with an effective date of November 5, 2022, and “NI 43-101 Techni
Slide 187: 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 188: Management Team
Management Team Dan Dickson, CPA, CA, Don Gray, Ing., MBA, MSE, Christine West, CPA, CGA Greg Blaylock, B.Sc, MSE, CEO COO CFO VP Operations TSX: EDR | NYSE: EXK Luis Castro, Ing., Geo. Dale Mah, B.Sc., P.Geo. Galina Meleger, VP Exploration VP Corporate Development VP Investor Relations 188
Slide 189: Board or Directors
Board or Directors Rex McLennan, B.Sc., Dan Dickson, CEO Margaret Beck Ricardo Campoy MBA, ICD.D Chairman CPA, CA B.Sc. Audit B.Sc. Corp. Gov. & Nom. Director Committee Chair Comp. Committee Chair Committee Chair TSX: EDR | NYSE: EXK Amy E. Jacobsen Ken Pickering Mario Szotlender, Christine West, QP