Endeavour Silver Corp. · TSX:EDR
Endeavour Silver — Investor Presentation (April 2025)
41 slides from Endeavour Silver's investor presentation, Apr 2, 2025
Slide 1: Growth on the Horizon
Growth on the Horizon April 2025 November 2024 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 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 BUILDING SIGNIFICANT LEADING STRATEGICALLY SILVER MEXICO’S NEXT ORGANIC SILVER ACQUIRING KEY PRODUCER SILVER MINE GROWTH LEVERAGE ASSETS Two high grade, Terronera is Best organic Pure precious Opportunistic underground scheduled for wet growth profile in metals producer
Slide 5: 2025 Outlook – Core Assets Focused in Mexico
2025 Outlook – Core Assets Focused in Mexico Exploration Operation Development 2023 CONSOLIDATED OUTLOOK (3) Parral Project Guanacevi Mine Chihuahua State, Mexico 2025 CONSOLIDATED OUTLOOK (2) (3) Durango State, Mexico 4.5 – 5.2 Moz $25 - $26/oz Silver Production All-in Sustaining Costs, Net of Gold
Slide 6: Recent Developments
Recent Developments STEADY MOMENTUM WITH Q1 2025 PRODUCTION • Consolidated production was 1,205,793 oz Ag and 8,338 oz Au • Silver equivalent(1) production of 1.9 million oz Guanacevi Bolanitos 33% 67% TERRONERA CONSTRUCTION UPDATE(3) • Final construction phase • Producing first batch of concentrate
Slide 7: Strategic Acquisition of Endeavour’s Third Producing Mine
Strategic Acquisition of Endeavour’s Third Producing Mine CONSISTENT WITH PLAN TO BECOME SENIOR SILVER PRODUCER • Fully funded operating silver asset, expected to increase Endeavour’s production profile by up to 5.1 Moz AgEq, assuming continued production at Kolpa is consistent with 2024 production
Slide 8: Kolpa Project Overview
Kolpa Project Overview (1) • Huachocolpa District, Huancavelica, Peru Location • 490 km SE of Lima • Avg elevation: 4,400 metres above sea level • 143 mining rights covering 25,177 ha of Land Package effective area and one beneficiation concession covering 366 ha • Silver polymetallic mineralization
Slide 9: Guanacevi Mine
Guanacevi Mine Durango 80% Ag 20% Au 2024 Mine Plan, Metals Mix Production • 2005 - 2023: 53.5M oz Ag, 135k oz Au • 2024: 4.0M oz Ag, 13.8k oz Au Reserves(1) : • Proven – 0.2 million tonnes at 506 g/t AgEq containing 3.3 million AgEq oz. TSX: • Probable – 0.3 million tonnes at 414 g/t AgEq TSX: cont
Slide 10: Guanacevi – Q1 Production On Track
Guanacevi – Q1 Production On Track Q1 2025 PRODUCTION AgEq Quarterly Production (oz)(1) Production in line with plan and continues at full capacity with slightly lower silver and gold grades. 1,665,648 1,535,161 1,334,447 THROUGHPUT AND GRADE IN LINE WITH PLAN 995,146 928,557 Supplies of local third
Slide 11: Guanacevi – Delivering High Grade Drill Results
Guanacevi – Delivering 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-out holes Porvenir Dos - comparable to original long, producing in area
Slide 12: Bolanitos Mine
Bolanitos Mine Guanajuato 80% Au 20% Ag 2024 Mine Plan, Metals Mix Production • 2007 - 2023: 17.4M oz Ag, 361.9k oz Au • 2024: 0.5M oz Ag, 25.2k 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 AgEq containing
Slide 13: Bolanitos – Maintaining Steady Performance
Bolanitos – Maintaining Steady Performance AgEq Quarterly Production (oz)(1) Q1 2025 PRODUCTION Silver production was consistent with plan, while gold production slightly below plan due to lower gold grades. 605,028 621,292 622,779 621,972 538,386 FREE CASH FLOW Bolanitos provides optionality to the
Slide 14: Terronera Project
Terronera Project Jalisco 60% Ag 40% Au Reserve, Metals Mix • Endeavour’s next core asset • Full commissioning anticipated Q2 2025 • 2 defined mineralization areas: • Terronera • La Luz • Proposed LOM + 10 years (optimized scenario) TSX: TSX: • Probable Reserves(1) : EDR • EDR| NYSE: 7.4 million ton
Slide 15: Terronera – Mexico’s Next Silver Mine
Terronera – Mexico’s Next Silver Mine CONSTRUCTION NEARLY COMPLETE 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) EXPECTED TO NEARLY DOUBLE PROD
Slide 16: Terronera – Project Details
Terronera – Project Details FULL COMISSIONING ESTIMATED EARLY Q2 2025 • Focus remains on tailing filter electrical, mechanical installations and pipeline connections • Ramp-up Q2 2025 SENIOR SECURED DEBT FACILITY(1) • Principal: $120 million • Term: 8.5 years; grace period during construction • Cost
Slide 17: Terronera – Construction Update
Terronera – Construction Update(1) ON TRACK FOR WET COMMISSIONING IN EARLY Q2 • Current capital expenditures are approximately $302 million as of December 31, 2024. Management estimates total project spend of $332 million.(1) UNDERGROUND MINE DEVELOPMENT • 7,239 metres of mine development completed
Slide 18: Final Stages of Construction
Final Stages of Construction TSX: EDR | NYSE: EXK Concentrate filter pre-commissioning has started 18
Slide 19: 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 veins
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 – 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 • Confirmed management’s geological interpretation and identified directly above the manto at least four structures extending through
Slide 23: Pitarrilla – Summary of Historically Contemplated Operations
Pitarrilla – Summary of Historically Contemplated Operations 2009 PFS(1,3) MODELLED ON AN UNDERGROUND MINE • 4,000 tpd mining operation over 12-year mine life ENDEAVOUR SILVER IS EVALUATING THE BUSINESS • Targets sulphides beyond the limits of conceptual OP mine CASE FOR AN UNDERGROUND MINE, FOCUSED
Slide 24: 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 25: Sector Leading Organic Growth Strategy
Sector Leading Organic Growth Strategy OPERATIONS Guanacevi Bolanitos 2025E production 3.9 – 4.4 Moz Ag, 11 – 13.5 koz Au 0.6 – 0.8 Moz Ag, 19.5 – 20.5 koz Au Terronera DEVELOPMENT Next core asset in Jalisco, near Puerto LOM production of 7.0 million oz AgEq Vallarta on 200 km2 land package over the
Slide 26: Shareholder Information
Shareholder Information CAPITAL STRUCTURE KEY DATA Issued/outstanding* 262.3 million Exchange listings NYSE:EXK, TSX:EDR, FSE:EJD Potentially dilutive units* 4.8 million Working capital US$79 million Total diluted shares* 257.5 million Cash position US$106 million Recent closing price – NYSE (April
Slide 27: Focused on Becoming a Premier Senior Silver Producer
Focused on Becoming a Premier Senior Silver Producer Optimize Extend Mine Develop Advance Growth Grow Through TSX: EDR | NYSE: EXK Operations Lives Terronera Pipeline M&A Focus on delivering mine free Complete construction Drill world class Pitarrilla Acquire new mines that Continue exploration cash
Slide 28: Appendix
Appendix Endeavour Silver Suite 1130-609 Granville Street Vancouver, BC Canada V7Y 1G5 TF: 1 877 685 9775 P: 604 685 9775 info@edrsilver.com Allison Pettit Director, Investor Relations TSX: TSX: apettit@edrsilver.com EDR EDR | NYSE: | NYSE: EXK EXK 28
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 Oz Tonnes (000s) Ag g/t Au g/t Ag Eq g/t Ag oz (000s) Au oz (000s) (000s) Pb% Zn% 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 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 34: Non-IFRS Financial Measures for Kolpa – Consolidated Production
Non-IFRS Financial Measures for Kolpa Consolidated Production - Cash Costs, AISC and Direct Costs TSX: EDR | NYSE: EXK 1. Please see the Kolpa Technical Report for more information. 34
Slide 35: Non-IFRS Financial Measures for Kolpa – Income Statement
Non-IFRS Financial Measures for Kolpa Income Statement, Revenue & Cost Reconciliation (2) INCOME STATEMENT EXTRACTS Twelve Months Ended December 31, REVENUE BY METAL TYPE Twelve Months Ended December 31, Expressed in thousands US dollars 2024 2023 Expressed in thousands US dollars 2024 2023 Sales &
Slide 36: 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 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 LOM Tonnes Processed LOM (thousands) 7,382 7,380 0% Life of Mine (Years) 1
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 Average gold grade (g/t) 2.25 2.13 TCRC $15.25 , 17% Silv
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 p roduction costs per ounce, all-in sustaining costs per ounce, direct production costs per tonne, silver co-product cash costs and gold co-product cash c
Slide 39: Management Team
Management Team Dan Dickson, CPA, CA, Don Gray, Ing., MBA, MSE, Elizabeth Senez, FCA CEO COO (ICAEW) CFO TSE: EDR | NYSE: EXK Greg Blaylock, B.Sc, MSE, Luis Castro, Ing., Geo. Dale Mah, B.Sc., P.Geo. VP Operations VP Exploration VP Corporate Development 39
Slide 40: Board of Directors
Board of Directors Rex McLennan, B.Sc., Dan Dickson, CEO Margaret Beck Ricardo Campoy MBA, ICD.D Director, CPA, CA B.Sc. Director and B.Sc. Director and Chairman and Director Audit Comp. Committee Chair Corp. Gov. & Nom. Committee Chair Committee Chair TSE: EDR | NYSE: EXK Amy E. Jacobsen Ken Picker
Slide 41: TSX: EDR | NYSE: EXK
41 TSX: EDR | NYSE: EXK
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