Slide 1: Building Our Vision of Becoming a Premier Senior Silver Producer
Building Insert on OurPresentation Vision of Becoming Title a Premier Senior APRIL 22, 2021 Silver Producer May 2022 TSX: 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: Other Notes and Disclaimers
Other Notes and Disclaimers Historical Estimate – Pitarrilla Project Pitarrilla is a large undeveloped silver, lead, and zinc project located 160 kilometres north of Durango City, in northern Mexico. The Pitarrilla property consists of 4,950 hectares across five concessions and has significant infra
Slide 4: Investor Highlights
Investor Highlights MID-TIER STRONG SIGNIFICANT DISCOVERING LEADING STRATEGICALLY SILVER FINANCIAL ORGANIC NEW SILVER ACQUIRING KEY PRODUCER POSITION GROWTH OREBODIES LEVERAGE ASSETS Two high grade, Clean balance Best organic Track record of Pure precious Opportunistic underground sheet, minimal gro
Slide 5: Strong Foothold in Mexico – World's #1 Silver-Producing Country
Strong Foothold in Mexico – World’s #1 Silver-Producing Country (1) Guanacevi Mine Parral Exploration Project • Historic silver mining district • Cornerstone silver mine in Durango • 4 mineralized areas • Produces doré bars MEXICO Pitarrilla Advanced Exploration Project(2) • Silver / lead / zinc min
Slide 6: 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 7: Recent Highlights
Recent Highlights DELIVERED STRONG PRODUCTION RESULTS IN Q1 2022 • Q1 2022: 1,314,955 oz Ag and 8,695 oz Au for 2.0 million oz AgEq(1) INTERSECTED HIGH-GRADE DRILL RESULTS AT GUANACEVI • 5.83 gpt Au and 1,278 gpt Ag for 2,534 gpt Ag Eq over 7.5 m true width Guanacevi Bolanitos • 1.89 gpt Au and 975
Slide 8: 2022 Outlook
2022 Outlook • Production outlook is on par with the average of the last three years 2022E AqEq(1) Production by Mine • Costs slightly higher as inflation, royalties and mining duties are expected to increase • Terronera construction decision subject to completion of financing package and receipt of
Slide 9: Guanacevi Mine
Guanacevi Mine Durango 80% Ag 20% Au 2022 Mine Plan, Metals Mix • Production – 2005 - 2021: 42.5M oz Ag, 100.8k oz Au – Q1 2022: 1.1M oz Ag, 3.4k oz Au • Improved performance bolstered by higher grades and throughput • LOM + 7 years TSX: TSX: • Reserves(1) : 1.1 million tonnes at 475 g/t AgEq EDR ED
Slide 10: Guanacevi - Strong Production in Q1 2022
Guanacevi - Strong Production in Q1 2022 Q1 2022 PRODUCTION AgEq Quarterly Production (oz)(1) Silver and gold production exceeded plan driven by higher grades 1,137,657 1,185,961 1,462,568 1,612,741 1,412,010 IMPROVED MINE PLAN Mining the new, higher grade El Curso orebodies has led to significantly
Slide 11: Guanacevi - Opportunity to Expand El Curso Orebody
Guanacevi - Opportunity to Expand El Curso Orebody PROLIFIC AREA CONTINUITY TO THE WEST TO THE EAST POTENTIAL Situated along prolific Intersecting excellent Connecting Milache to Connecting El Curso One continuous Santa Cruz vein 15 results with step holes to Porvenir Cuatro - orebody - comparable E
Slide 12: Bolanitos Mine
Bolanitos Mine Guanajuato 80% Au 20% Ag 2022 Mine Plan, Metals Mix • Production – 2007 - 2021: 16.1M oz Ag, 317k oz Au – Q1 2022: 0.2M oz Ag, 5.2k oz Au • Improved operational and financial performance • Reserves(1) : 513k tonnes at 236 g/t AgEq containing 3.9 million AgEq oz TSX: TSX:EDR • M&I Reso
Slide 13: 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 600,787 660,284 621,083 581,418 598,545 Q1 2022 PRODUCTION Strong silver pr
Slide 14: Terronera Project
Terronera Project Jalisco 60% Ag 40% Au 2020 Reserve, Metals Mix • Endeavour’s next operating asset • Acquired option to purchase in 2010 • To date, invested $30+ million on project • completed 6 technical reports • 105,000+ meters in drilling • 2 defined ore bodies: • Terronera vein TSX: TSX: • La
Slide 15: Terronera – A Unique Opportunity in the Silver Mining Industry
Terronera – A Unique Opportunity in the Silver Mining Industry LARGE, HIGH GRADE UG MINE POTENTIAL ~ 100% ORGANIC GROWTH IN 2 YEARS • Endeavour’s largest mine and next operating asset • Construction ready subject to financing, receipt of amended permits and board approval EXPECTED TO NEARLY DOUBLE P
Slide 16: Terronera – Improvements in the Feasibility Study
Terronera – Improvements in the Feasibility Study Higher Production & Mine Plan Larger Reserve Longer Mine Life • Improved methodology to • Additional portal incorporated • Production profile optimized capture high-grade silver zones to improve sequencing, • Elevated grade and production in • LOM re
Slide 17: Terronera – Robust Project Economics
Terronera – Robust Project Economics Royalty Operating & Financial Metrics(2) 2021 FS(1) $4.46 LOM tonnes processed (thousands) 7,380 TCRC Life of Mine (Years) 12 $15.25 Mining Costs Average silver grade (g/t) 197 $30.96 Total Cost Average gold grade (g/t) 2.25 G&A $87.05 Silver equivalent grade (g/
Slide 18: Terronera – 2021 FS Base & Spot Case Highlights
Terronera – 2021 FS Base & Spot Case Highlights FS BASE FS SPOT 3.3 million oz silver and 33,000 CASE CASE oz gold Silver price (oz) $20.00 $24.00 LOM Annual Production Gold price (oz) $1,574 $1,800 12-year mine life with 5.9 million Gold: silver ratio 79:1 75:1 oz Ag Eq at 374 gpt NPV (5% after-tax
Slide 19: Terronera Doubles Production Profile – Has Potential to Grow
Terronera Doubles Production Profile – Has Potential to Grow 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 La Luz is almost TSX: EDR | NYSE: EXK La Luz Vein entirely high grade and will be mined
Slide 20: 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 21: Terronera - Project Timeline
Terronera - Project Timeline PROJECT MANAGEMENT TEAM • Significant global construction & operating experience • Escobal Mine, Guatemala MILESTONES(1) H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 • Buritica Mine, Colombia • Engaging with local government and state ministries to align sustainability objectives
Slide 22: Terronera - The Right Formula for Value Creation
Terronera - The Right Formula for Value Creation PROVEN STRATEGY QUALITY PROJECT IMPROVED CONFIDENCE • Comprehensive reviews & analysis in: + LARGE HIGH-GRADE UG MINE POTENTIAL • Attractive both in size and grade; shallow, thick deposit style • Construction & cost estimate • 12-year mine life • Oper
Slide 23: Terronera - Operating Cost Comparison
Terronera - Operating Cost Comparison $ TERRONERA EST. LOM CASH COSTS(1) VS. OPERATING PEER GROUP(2) 40.00 34.68 30.00 22.43 20.13 20.51 20.00 13.44 14.46 15.63 15.75 8.96 9.29 9.48 10.05 10.27 11.15 11.21 7.27 8.04 8.14 10.00 3.91 4.95 5.04 5.61 5.65 6.42 2.99 0.59 2.74 0.00 (1.56) (1.20) (1.17) (0
Slide 24: Robust Organic Growth Pipeline
Robust Organic Growth Pipeline Pitarrilla Project: Durango State, Mexico Parral Project: Chihuahua State, Mexico Bruner Gold Project: Nye County, Nevada Aida & Paloma: Chile TSX: TSX:EDR EDR| NYSE: | NYSE: EXK EXK 24
Slide 25: Pitarrilla – Acquisition Leverages Existing Platform in Mexico
Pitarrilla – Acquisition Leverages Existing Platform in Mexico Pitarrilla Project, Durango State, Mexico One of the world’s largest undeveloped silver projects(1) Located on Prolific Mexican Mineral Belt Potential for long mine life based on Historical Resource Estimate MEXICO N Enhances Endeavour’s
Slide 26: Pitarrilla – An Advanced Exploration Project
Pitarrilla – An Advanced Exploration Project Well-established mining-friendly State of Durango Excellent infrastructure in place (access roads and exploration camp) Pitarrilla Project Access to utilities and well-trained Durango State, Mexico workforce Pitarrilla 4,950 5 HECTARES CONCESSIONS Key per
Slide 27: Parral – Next Potential Core Asset
Parral – Next Potential Core Asset PARRAL PROJECT SURFACE VIEW HISTORIC SILVER PRODUCING DISTRICT • Existing development / access to ore from past producers • Historic annual production was 4 million Ag oz until 1990 • Indicated resource(1) 3.7 million oz Ag • Inferred resource(1) 36.8 million oz Ag
Slide 28: Bruner Gold – An Advanced Stage Exploration Project
Bruner Gold – An 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 29: Chile – High Impact Discovery Potential
Chile – High Impact Discovery Potential BOLIVIA 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 Aida • Paloma (High Sulfidation Epithermal Gold (Ag)
Slide 30: Sector Leading Organic Growth Strategy
Sector Leading Organic Growth Strategy Guanacevi Bolanitos OPERATIONS 2022 production : 3.8 – 4.2 Moz Ag, 10 – 12 koz Au 2022 production : 0.4 – 0.6 Moz Ag, 21 – 23 koz Au Terronera DEVELOPMENT Potential to add LOM production of 6.0 Next core asset in Jalisco, near Puerto million oz AgEq over the ne
Slide 31: Shareholder Information
Shareholder Information CAPITAL STRUCTURE KEY DATA (as at December 31, 2021 unless otherwise noted) Issued/ outstanding (as of May 9, 2022) 181.0 million Exchange listings NYSE:EXK, TSX:EDR, FSE:EJD Fully diluted (as of May 9, 2022) 186.5 million Working capital US$168 million Recent closing price -
Slide 32: Focused on Becoming a Premier Senior Silver Producer
Focused on Becoming a Premier Senior Silver Producer Optimize Extend Mine Advance Make New Grow Through Terronera TSX: EDR | NYSE: EXK Operations Lives Discoveries M&A Focus on delivering mine Published FS with robust Drill world class Paloma Acquire new mines that Continue exploration free cash flo
Slide 33: 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 34: Appendix
Appendix Find us on social: @edrsilvercorp @EDRSilverCorp Endeavour Silver Corp. @EDRSilverCorp Endeavour Silver Corp. TSX: Compelling Value Proposition TSX: EDR EDR Attractive investment opportunity | NYSE: with industry leading growth profile | NYSE: & silver leverage EXK EXK 34
Slide 35: 2020 Sustainability Highlights
2020 Sustainability Highlights 2020 was a year of global challenge, however we united in the face of adversity. We augmented standard safety procedures with COVID-19 protocols to protect our workforce with minimal disruption to the business and distributed 2,200 COVID-19 tests and personal protectiv
Slide 36: Mineral Reserves and Mineral Resources Estimates
Mineral Reserves and Mineral Resources Estimates Silver-Gold Proven and Probable Reserves (as of December 31, 2021) Reserves Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq Oz Guanaceví 127,000 344 0.91 417 1,409,000 3,700 1,709,000 Bolanitos 119,000 33 2.74 252 125,000 10,500 964,000 Total Proven
Slide 37: Mineral Reserves and Mineral Resources Estimates (continued)
Mineral Reserves and Mineral Resources Estimates (continued) Silver-Lead-Zinc Resources (as of December 31, 2021) Resources Tonnes Ag g/t Au g/t Ag oz Au oz Ag Eq Oz Pb% Zn% Cu% Guanaceví 363,000 208 0.26 229 2,421,000 3,100 2,669,000 0.78 1.32 - Parral (Cometa) 180,000 55 1.17 149 320,000 6,800 864
Slide 38: Notes to Mineral Reserves and Mineral Resources Tables
Notes to Mineral Reserves and Mineral Resources Tables Notes to Mineral Reserve and Mineral Resource Tables (as of December 31, 2021) 1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any or all of the mineral resources will be
Slide 39: Notes to Mineral Reserves and Mineral Resources Tables (continued)
Notes to Mineral Reserves and Mineral Resources Tables (continued) 6. Mineral resource and reserve cut-off grades – refer to note 5. 7. Metallurgical recoveries – refer to note 5. 8. Mining recoveries – refer to note 5. 9. Minimum mining widths were 0.8 m for mineral reserve estimate calculations. 1
Slide 40: Qualified Persons
Qualified Persons Guanacevi and Bolanitos Dale Mah, P.Geo., Vice President Corporate Development of Endeavour Silver, is the Qualified Person who reviewed and approved this document and the technical information contained in the Mineral Reserve and Resource Estimates for Guanacevi and Bolanitos. A Q
Slide 41: Terronera Feasibility Study Summary
Terronera Feasibility Study Summary FS PFS % PROJECT SUMMARY 2021 2020 Change Tonnes Mined (Thousands) 7,380 5,563 33% Mined Gold (koz) 533.6 410.0 30% Mined Silver (koz) 46,707 36,013 30% Mined Silver Equivalent (koz) 88,838 67,988 31% Gold Recovery Rate (%) 76.3 82.3 (7%) Silver Recovery Rate (%)
Slide 42: 2021 Terronera Feasibility Study Compared to 2020 PFS
2021 Terronera Feasibility Study Compared to 2020 PFS TERRONERA PROJECT FS – PFS Change 2021 FS Compared to 2020 PFS 2021 2020 % Change Silver Price 20.00 15.97 25% Gold Price 1,575 1,419 11% Silver:Gold Ratio 79 89 (11%) Operating Statistics LOM Tonnes Processed LOM (thousands) 7,380 5,563 33% Life
Slide 43: 2021 Feasibility Study Compared to 2020 PFS
2021 Feasibility Study Compared to 2020 PFS TERRONERA PROJECT FS – PFS Change 2021 FS Compared to 2020 PFS 2021 2020 % Change Operating Cost Metrics LOM Gross Revenue (millions) 1,406.2 942.7 49% LOM Gross COS (millions) 640.6 466.3 37% LOM EDITBA (millions) 763.7 476.4 60% After Tax LOM Free Cash F
Slide 44: Feasibility Study Reserves and Resources
Feasibility Study Reserves and Resources Terronera and La Luz Probable Mineral Reserve (FS 2021) Terronera Tonnes Ag (g/t) Au g/t Ag Eq g/t Ag (000’s Au (000’s Ag Eq (kt) oz) oz) (000’s oz) Total 7,380 197 2.25 374 46,707 534 88,834 Probable Notes 1. Mineral Resource cut-off grades for Terronera was
Slide 45: 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 46: 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 46
Slide 47: Board or Directors
Board or Directors Bradford Cooke Dan Dickson, CEO Rex McLennan, B.Sc., Margaret Beck M.Sc., P.Geo. CPA, CA MBA, ICD.D Lead Director B.Sc. Audit Executive Chair Director Corp. Gov. & Nom. Committee Chair Committee Chair TSX: EDR | NYSE: EXK Ricardo Campoy Amy E. Jacobsen Ken Pickering Mario Szotlend
Slide 48: TSX: EDR | NYSE: EXK
48 TSX: EDR | NYSE: EXK