Slide 1: Growth on the Horizon
Growth on the Horizon May 10, 2023 TSE: EDR | NYSE: EXK TSX: EDR | NYSE: EXK www.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 the meaning of applicable Canadian securities legislation. Such forward-looking statements and inf
Slide 3: Investor Highlights
Investor Highlights MID-TIER BUILDING SIGNIFICANT LEADING STRATEGICALLY SILVER MEXICO’S NEXT ORGANIC SILVER ACQUIRING KEY PRODUCER SILVER MINE GROWTH LEVERAGE ASSETS Two high grade, Terronera is fully Best organic Pure precious Opportunistic underground funded with initial growth profile in metals p
Slide 4: 2023 Outlook – Portfolio Focused in Mexico
2023 Outlook – Portfolio Focused in Mexico Bruner Project Nevada, USA Guanacevi Mine Paral Project Durango State, Mexico Chihuahua State, Mexico Bolañitos Mine 2023 CONSOLIDATED OUTLOOK (3) Pitarrilla Project Guanajuato State, Mexico Durango State Mexico 2023 CONSOLIDATED OUTLOOK (3) Terronera Proje
Slide 5: 3-Year Sustainability Strategy
3-Year Sustainability Strategy Our Sustainability Strategy 2022-2024 centers on three main pillars - people, planet and business - and sets out our priorities in these areas over the next three years. Increase positive social impacts for people: • Achieve zero fatalities and reduce accident rate 1 •
Slide 6: Recent Highlights
Recent Highlights Q1 PRODUCTION TRACKING IN-LINE WITH GUIDANCE • Consolidated production was 1,623,545 million oz Ag and 9,342 oz Au • Silver equivalent(1) production increased by 18% y-o-y to 2.4 million oz Guanacevi 75% Bolanitos FINANCIALS IMPACTED BY LOWER REALIZED PRICES 25% • Revenue of $55.5
Slide 7: Guanacevi Mine
Guanacevi Mine Durango 80% Ag 20% Au 2023 Mine Plan, Metals Mix • Production – 2005 - 2022: 48.4M oz Ag, 120k oz Au – Q1 2023: 1.4M oz Ag, 4.2k oz Au • Improved performance bolstered by higher grades and throughput • Reserves(1) : 1.0 million tonnes at 541 g/t AgEq TSX: TSX: containing 17.4 million
Slide 8: Guanacevi – Continues to Deliver
Guanacevi – Continues to Deliver Q1 2023 PRODUCTION AgEq Quarterly Production (oz)(1) Production on plan driven by high grades in the El Curso area. 2,075,243 Throughput was lower due to extended maintenance. 1,623,550 1,774,964 1,412,010 1,488,550 IMPROVED MINE PLAN Mining the new, higher grade El
Slide 9: Guanacevi – Delivering Record High Grade Drill Results
Guanacevi – Delivering Record High Grade Drill Results PROLIFIC AREA CONTINUITY TO THE EAST POTENTIAL Situated along prolific Intersecting excellent Connecting El Curso to One continuous orebody Santa Cruz vein 15 km results with step holes Porvenir Dos - comparable to original long, producing in ar
Slide 10: Bolanitos Mine
Bolanitos Mine Guanajuato 80% Au 20% Ag 2023 Mine Plan, Metals Mix • Production – 2007 - 2022: 16.8M oz Ag, 339k oz Au – Q1 2023: 0.2M oz Ag, 5.1k oz Au • Reserves(1) : 518k tonnes at 255 g/t AgEq containing 4.2 million AgEq oz • M&I Resources(1) : 446k tonnes at 304 g/t AgEq TSX: containing 4.5 mil
Slide 11: Bolanitos – Maintaining Steady Performance
Bolanitos – Maintaining Steady Performance DEVELOPING NEW ORE BODIES AgEq Quarterly Production (oz)(1) Focused on developing Belen vein and expanding production from Melladito vein; both new areas have multiple drill targets. 613,777 570,418 585,192 595,941 Q1 2023 PRODUCTION 598,545 Strong silver p
Slide 12: Terronera Project
Terronera Project Jalisco 60% Ag 40% Au Reserve, Metals Mix • Endeavour’s next operating asset • Fully funded to construction Formal board approval to build a mine $120 million senior secured debt facility • 2 defined ore bodies: • Terronera vein TSX: • La Luz vein TSX:EDR • EDR| NYSE: Proposed
Slide 13: Terronera – Mexico’s Next Silver Mine in Construction
Terronera – Mexico’s Next Silver Mine in Construction BOARD FORMALLY APPROVED CONSTRUCTION ALMOST 100% ORGANIC GROWTH • Endeavour’s largest mine and next operating mine • 10 years of technical work has prepared the project for construction including 6 technical reports (105,000 m of drilling) EXPECT
Slide 14: Terronera – Robust Economics in 2021 Feasibility Study
Terronera – Robust Economics in 2021 Feasibility Study Select Operating Metrics 2021 FS(1) Optimized(2) LOM tonnes processed (thousands) 7,380 7,382 Economics FS Base Case FS Spot Case Life of Mine (Years) 12 10 Silver price (oz) $20.00 $24.00 Average silver grade (g/t) 197 196 Gold price (oz) $1,57
Slide 15: Terronera - Operating Cost Comparison
Terronera - Operating Cost Comparison $ TERRONERA EST. LOM CASH COSTS(1) VS. OPERATING PEER GROUP(2) 40.00 28.64 25.43 30.00 22.59 24.54 19.56 20.09 20.9 16.73 16.99 17.5 20.00 13.38 13.94 9.48 9.5 9.89 10.03 10.04 11.02 11.34 5.58 5.63 5.77 6.23 10.00 -58.23 -46.6 -24.83 -23.53 -22.59 -19.29 -7.23
Slide 16: Terronera – Construction Update
Terronera – Construction Update EARLY PROJECT FOCUS OFFSETS PARTIAL INFLATION • Since early 2022, Terronera has been significantly de-risked with $58 (1) million invested in early works and major equipment procurement ONSITE DELIVERY OF MOBILE MINING FLEET • 30 Sandvik & Getman mobile mine units del
Slide 17: Terronera – Project Schedule
Terronera – Project Schedule INITIAL PRODUCTION IN Q4 2024 • 21 month construction period, including 3-6 month ramp 2023 2024 up to full production MILESTONES(1) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SENIOR SECURED DEBT FACILITY • Principal: $120 million Underground mine development • Term: 8.5 years; grace perio
Slide 18: Terronera - Doubles Production Profile
Terronera - Doubles Production Profile Exploration Opportunities Years 1 – 4 Along Strike and at Depth Average AgEq annual production of 7.5M oz Elevated grade of 456 g/t AgEq Terronera Vein 12000 Silver Production (oz) 60 Gold Production (oz) 550.0 Ag Eq Grade 55 10000 50 8000 45 424.5 425.0 424.1
Slide 19: Terronera - Exploration Opportunities
Terronera - Exploration Opportunities TERRONERA PROJECT SURFACE VIEW WITHIN RESOURCE FOOTPRINT • Endeavour controls 25 concessions totaling 20k hectares • 2 defined ore bodies: Terronera & La Luz – open to • +50 mines on +50 known veins surface & at depth • Thick veins widths averaging 1-30 meters t
Slide 20: Pitarrilla Project
Pitarrilla Project, Durango 60% Ag 40% Pb, Zn Resource metals mix • Acquired from SSR Mining in July 2022 • Silver dominant project with extensive historical database and comprehensive work completed to date : • SSR invested $140 million to advance the project since 2002 TSX: TSX: • +225,000 metres
Slide 21: Pitarrilla – One of the World’s Largest Undeveloped Silver Projects
Pitarrilla – One of the World’s Largest Undeveloped Silver Projects ENHANCES ORGANIC GROWTH PROFILE ORGANIC GROWTH POTENTIAL • • Complimentary to regional existing platform in Mexico Provides both open pit and underground optionality SUPPORTED BY LARGE RESOURCE • Maintains growth portfolio geared to
Slide 22: 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 initial concepts following surge in silver price capex and maximizing returns Pre-feasibility study published, Feasibility study Scoping study
Slide 23: Parral Project
Parral Project, Chihuahua 10% 90% Ag other Resource metals mix • Acquired Parral from SSR Mining in 2016 • Located in prolific silver mining district • 4 distinct mineralized vein systems • Veta Colorado • San Patricio • Palmilla • Cometa TSX: TSX:EDR EDR| NYSE: | NYSE: EXK EXK 23
Slide 24: Parral – Potential Core Asset
Parral – Potential Core Asset SURFACE VIEW – 4 MINERALIZED AREAS HISTORIC SILVER PRODUCING DISTRICT • Existing development / access to ore from past producers • Historic annual production was 4 million Ag oz until 1990 from the Veta Colorada mine • Palmilla – highest grade silver mine in Mexico in 1
Slide 25: Robust Organic Growth Pipeline
Robust Organic Growth Pipeline • Bruner Project: Nye County, Nevada High Impact Discovery Potential in Chile • Aida Project: Northern Chile, Region II • Paloma Project: Northern Chile, Region II TSX: TSX:EDR EDR| NYSE: | NYSE: EXK EXK 25
Slide 26: Bruner Project – Advanced Stage Exploration Project
Bruner Project – Advanced Stage Exploration Project FAVOURABLE GEOLOGY • Gold and silver occurring in low-sulphidation epithermal veins and in disseminations within sheeted and stockwork zones IDEALLY LOCATED • Situated within Nevada’s Walker Lane NW trending mineral belt, which currently hosts seve
Slide 27: Chile – High Impact Discovery Potential
Chile – High Impact Discovery Potential WORLD CLASS DEPOSITS • Aida (Low Sulfidation Epithermal Silver (Pb-Zn)) – Geologically similar to 2B oz Cerro Potosi mine in Bolivia – Massive epithermal alteration zone Miocene Volcanic rocks • Paloma (High Sulfidation Epithermal Gold (Ag)) – Geologically sim
Slide 28: Sector Leading Organic Growth Strategy
Sector Leading Organic Growth Strategy OPERATIONS Guanacevi Bolanitos 2023 production 5.2 – 5.7 Moz Ag, 15 – 17 koz Au 0.5 – 0.6 Moz Ag, 21 – 23 koz Au Terronera DEVELOPMENT LOM production of 7.0 million oz AgEq Next core asset in Jalisco, near Puerto over the next few years (79:1 silver: gold Valla
Slide 29: Shareholder Information
Shareholder Information CAPITAL STRUCTURE KEY DATA Issued/ outstanding 190.3 million Exchange listings NYSE:EXK, TSX:EDR, FSE:EJD Fully diluted 195.2 million Working capital US$61.6 million Recent closing price - NYSE US$4.16 Cash position US$92.8 million Market capitalization US$800 million Strateg
Slide 30: Focused on Becoming a Premier Senior Silver Producer
Focused on Becoming a Premier Senior Silver Producer Optimize Extend Mine Develop Advance Growth Grow Through Terronera TSX: EDR | NYSE: EXK Operations Lives Pipeline M&A Focus on delivering mine Complete construction on Drill world class Pitarrilla Acquire new mines that Continue exploration free c
Slide 31: Appendix
Appendix Find us on social: @edrsilvercorp @EDRSilverCorp Endeavour Silver Corp. @EDRSilverCorp Endeavour Silver Corp. TSX: Contact: TSX: Galina Meleger, VP of Investor Relations EDR EDR | NYSE: | NYSE: EXK EXK 31
Slide 32: Shareholder & Liquidity Breakdown
Shareholder & Liquidity Breakdown OWNERSHIP SUMMARY (1) Other , 9% Canada, 6% TOP INSTITUTIONAL HOLDERS (1) Insiders, 445,088, 0% South Korea , 7% Germany , 8% Van Eck Associates Corporation UK , 12% ETF Managers Group Institutional , Mirae Asset Global Investments 50,632,763, 27% Jupiter Fund Manag
Slide 33: 2022 Sustainability Highlights
2022 Sustainability Highlights PEOPLE PLANET BUSINESS 30 28% 90% 61,905 100% $220M Average training decline in the reportable water recycling and trees planted in of our employees completed spent on goods and hours provided to injury rate, from 2021 and reuse rate in our reforestation projects train
Slide 34: 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 35: Mineral Reserves and Mineral Resources Estimates (continued)
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 36: 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 37: Notes to Mineral Reserves and Mineral Resources Tables (continued)
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 38: 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 39: 2023 Optimized Plan (2,000 tpd) Compared to 2021 FS
2023 Optimized Plan (2,000 tpd) Compared to 2021 FS Detailed View - 2,000 TPD Plant Compared to 2021 FS Updated Development Plans and Initial Capital Costs Summary 2023 2021 % Change Silver Price 20.00 20.00 0% Gold Price 1,575 1,575 0% Silver: Gold Ratio 79 79 0% Operating Statistics Life of % LOM
Slide 40: 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 41: Management Team
Management Team Dan Dickson, CPA, CA, Don Gray, Ing., MBA, MSE, Christine West, CPA, CGA Nicholas Shakesby, BBA 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 41
Slide 42: 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, QP, P.E., MBA P. E
Slide 43: Why Invest?
Why Invest? Our mission is to create value for our shareholders and become a premier silver producer in the silver mining industry. Mid-Tier Silver Compelling Experienced Strong Balance Pure Silver / TSX: EDR | NYSE: EXK Producer Organic Growth Management Sheet Gold Leverage Team Two high-grade silv
Slide 44: TSX: EDR | NYSE: EXK
44 TSX: EDR | NYSE: EXK