Endeavour Silver Corp. · TSX:EDR
Endeavour Silver — Investor Presentation (January 2026)
40 slides from Endeavour Silver's investor presentation, January 2026
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 J AN U AR Y 2 0 2 6 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 Newest Silver Mine Organic Growth Leverage Acquiring Key Assets Two underground silver gold mines Terronera commercial production Leading organic growth profile in A leader in silver price beta,
Slide 5: Core Assets and Outlook
Core Assets and Outlook 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 across Mex
Slide 6: 2026 Production & Cost Guidance
2026 Production & Cost Guidance(2) Sustaining Silver Gold Lead Zinc Copper Silver Eq Cash Costs AISC Operation Capital (Moz) (Koz) (K t) (K t) (T) (Moz)(1) ($/oz)(3) ($/oz)(3) ($M) Guanacevi 3.6 – 3.8 11.0 – 12.0 - - - 4.6 – 4.9 $21.00 - $22.00 $29.00 - $30.00 $24.5 Kolpa 2.3 – 2.5 - 22.0 – 24.0 16.
Slide 7: Silver Miners Trade at Higher Multiples Compared to Gold
Silver Miners Trade at Higher Multiples Compared to Gold Few Pure Silver Producers Endeavour Silver is one of the few silver • Silver mining shares trade at a premium to gold mining shares due to the investment vehicles with over 50% revenue scarcity of primary silver mining companies from silver •
Slide 8: Recent Developments
Recent Developments Addition of Kolpa and Terronera Fuel Momentum in 2025 Production 2025 Production: 11.2 million oz AgEq (1) • Consolidated 2025 production was 6,486,661 ounces (oz) Ag and 37,164 oz Au Terronera for a total of 11.2 Moz AgEq(1) Bolañitos 16% 9% Terronera Announces Commercial Produc
Slide 9: 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 newest mine 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. Full de
Slide 10: Terronera: Officially Part of Endeavour's Production Profile
Terronera: Officially Part of Endeavour’s Production Profile Operating Trends Commercial Production commenced on October 1, 2025 • While ramping up to full capacity, steady output was maintained with no significant downtime and average recoveries of 82.6% Ag and 72.5% Au Q4 2025 Q3 2025 Tonnes Proce
Slide 11: 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 12: Terronera: Catalysts
Terronera: Catalysts Next Steps for the Newly Producing Mine • Forecast throughput of approx. 360,000 tonnes over next six months averaging 122 g/t Ag and 2.52 g/t Au • During H1 2026, mine production will be from areas of the deposit with lower grades including stockwork, with mine development acce
Slide 13: Kolpa Mine, Peru
Kolpa Mine, Peru OPERATING MINE Metals Mix 40% Ag 60% Pb, Zn, Cu 2016-2024 Production 11.1M 119.9 91.7 4.6 oz Ag kt Pb kt Zn kt Cu 2025 Production (May 1 – December 31, 2025) 1.6M 14.9 9.0 0.3 oz Ag kt Pb kt Zn kt Cu (3.4 Moz AgEg) 1. Full details in the appendix, under Reserves and Resources TSX: E
Slide 14: Strategic Acquisition of Endeavour's First Mine in Peru
Strategic Acquisition of Endeavour’s First Mine in Peru 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 s
Slide 15: Kolpa: Integration Progressing Smoothly
Kolpa: Integration Progressing Smoothly Advancing Operational Alignment Q3 2025 Direct Costs Per Tonne • Kolpa acquisition closed on May 1, 2025 • In Q4 2025, the site commissioned a new crushing circuit and commenced installation of a new ball mill to be completed in Q1 2026 19% 14% processing cost
Slide 16: 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 • 144 mining rights covering 25,177 ha of effective area and one beneficiation concession covering 366 ha Geology • Silver polymetallic mineralization
Slide 17: Kolpa: Mining Concessions
Kolpa: Mining Concessions Total: 145 Rights (25,786 Ha) • Kolpa holds mining rights to 120 mining concessions covering 23,741 ha, and one beneficiation concession covering 366 ha. 63 of those mining claims comprise the Administrative Economic Unit (UEA) Huachocolpa Uno • Includes 23 mining concessio
Slide 18: 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 19: 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 20: 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 21: 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 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 concepts following surge in silver price initial capex and maximizing returns Sep. 2009 Pre-feasibility study Dec. 2012 Feasibility study 2018
Slide 23: Guanaceví Mine, Durango
Guanaceví Mine, Durango OPERATING MINE 2024 Mine Plan, Metals Mix 80% Ag 20% Au 2005-2024 Production 2025 Production 61.4M 149k 3.9M 13.7k 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 24: Guanaceví: Maintaining Steady Production
Guanaceví: Maintaining Steady Production AgEq Quarterly Production (Oz)(1) Q4 2025 Production Throughput and Grades in Line With Plan 1,334,447 1,282,853 1,279,860 Silver production slightly lower than Supplies of local third-party feed 1,117,703 928,557 planned range with gold production continued
Slide 25: 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 26: Shareholder Information
Shareholder Information 52% Retail Capital Structure $3.4B 294.2M issued/outstanding Market Cap 3.9M potentially dilutive shares 298.1M total diluted shares $11.57 $11.70/$2.95 48% Institutional *As of November 6, 2025 NYSE share price NYSE 52-week high/low January 15, 2026 $57M Top Shareholders Ana
Slide 27: Sector Leading Organic Growth Strategy
Sector Leading Organic Growth Strategy OPERATIONS ADVANCED EXPLORATION GREENFIELDS Guanaceví Terronera (Oct 1-Dec 31, 2025) Pitarrilla Bruner 3.9M oz Ag 0.4M oz Ag One of largest known undeveloped 8.1k oz Au silver projects globally Gold project in Nevada 13.7k oz Au (5.0 Moz AgEq) (1.0 Moz AgEq) Ko
Slide 28: Endeavour Silver Corp. Contact
@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 1G5 TSX:
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: Consolidated Production
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: Income Statement, Revenue & Cost
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.
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