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Endeavour Silver Announces Q4 2024 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today

1. Endeavour reported a net loss of $31.5 million for 2024. 2. Production hit the higher end of revised guidance at 7.6 million AgEq oz. 3. Achieved average realized prices increased by 15% for silver and 22% for gold. 4. Terronera project nearing completion, expected wet commissioning in Q2 2025. 5. Strong liquidity with $106.4 million cash position reported.

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FAQ

Why Bullish?

Despite the net loss, strong revenue due to high metal prices indicates overall positive momentum. In the past, EXK shares have reacted positively to improved commodity prices, particularly silver and gold.

How important is it?

The article discusses key financials and operational advancements that could impact EXK's market performance, especially given EXK's direct correlation to silver prices.

Why Long Term?

The completion of the Terronera project could enhance production levels and cost efficiency in the upcoming years. Historically, new project completions have driven up stock valuations in mining companies.

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VANCOUVER, British Columbia, March 11, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces its financial and operating results for the three months and the year ended December 31, 2024. All dollar amounts are in US dollars (US$). “The Company achieved strong financial results in 2024, maintaining a solid balance sheet," said CEO Dan Dickson. "Higher realized prices fueled robust revenue, with mine operating cash flow reaching $72.3 million. With the Terronera project nearing completion and Pitarrilla progressing toward an economic assessment, we are well-positioned for sustained growth and value creation”. 2024 Highlights Production at the Higher end of the Updated 2024 Guidance: Production hit the higher end of the revised guidance of 7.3 to 7.6 million AgEq oz produced, which had been decreased after a trunnion failure of the primary ball mill at the Guanacevi mine (see news release from December 17, 2024 here) affected mill throughput from August to December. Production resumed to full capacity in December with an annual total of 4,471,824 silver ounces (“oz”) and 39,047 gold oz, for silver equivalent (“AgEq”) production of 7.6 million oz during 2024.Strong Revenue from Higher Realized Prices: Revenue of $217.6 million, from the sale of 4,645,574 oz of silver and 38,522 oz of gold at average realized prices of $27.39 per oz silver and $2,397 per oz gold.Mine Operating Cash Flow: $72.3 million in mine operating cash flow before taxes(2), compared to $64.4 million in 2023 and operating cash flow before working capital changes of $27.2 million compared to $37.0 million in 2023.Net Earnings and Adjusted Earnings: Recognized net loss of $31.5 million compared to net earnings of $6.1 million and an adjusted net earnings(2) of $8.0 million or earnings(2) of $0.03 per share after excluding loss on derivative contracts, mark to market of deferred share units, gain on asset disposal, unrealized foreign exchange and investments losses. This compares to $1.7 million of adjusted net earnings or $0.01 earnings per share in 2023. Adjusted EBITDA(2) of $52.7 million compared to $47.1 million for 2023.Strong Liquidity: Cash position of $106.4 million and working capital(2) of $78.8 million.Terronera Nearing Completion: Overall project progress reached 89.4% completion with $302 million of the project’s budget spent as of December 31, 2024. Wet commissioning is expected in early Q2 2025 (see news release dated February 7, 2025 here).Advancement of the Pitarrilla Project: Advanced exploration and evaluation efforts at Pitarrilla with recent underground development and drilling. Technical studies commenced in Q4 2024 to support an economic assessment by Q1 2026. (see news release dated November 13, 2024 here).Operating And Financial Overview Three months ended December 31Q4 2024 HighlightsTwelve Months ended December 3120242023% Change 20242023% Change   Production   824,5291,406,423(41%)Silver ounces produced4,471,8245,672,703(21%)9,0759,608(6%)Gold ounces produced39,04737,8583%817,2921,396,315(41%)Payable silver ounces produced4,438,3545,627,379(21%)8,8989,440(6%)Payable gold ounces produced38,32737,1893%1,550,5292,175,063(29%)Silver equivalent ounces produced(1)7,595,5848,701,343(13%)13.6812.549%Cash costs per silver ounce(2)12.9913.49(4%)21.0017.6619%Total production costs per ounce(2)19.7018.556%27.3321.4827%All-in sustaining costs per ounce(2)23.8822.934%165,591220,464(25%)Processed tonnes781,439874,382(11%)152.44132.8115%Direct operating costs per tonne(2)140.98130.178%209.49168.7124%Direct costs per tonne(2)192.51171.0013%   Financial   42.250.5(16%)Revenue ($ millions)217.6205.56%654,5191,332,648(51%)Silver ounces sold4,645,5745,669,760(18%)8,3439,417(11%)Gold ounces sold38,52237,1864%31.5623.7833%Realized silver price per ounce27.3923.7615%2,6472,05129%Realized gold price per ounce2,3971,96822%1.03.0(66%)Net earnings (loss) ($ millions)(31.5)6.1(614%)4.83.347%Adjusted net earnings (loss) (2) ($ millions)8.01.7357%7.75.445%Mine operating earnings ($ millions)42.136.615%13.112.65%Mine operating cash flow before taxes ($ millions) (2)72.364.412%5.89.8(41%)Operating cash flow before working capital changes(2)27.237.0(26%)4.48.3(48%)EBITDA(2) ($ millions)10.047.9(79%)8.59.3(8%)Adjusted EBITDA(2) ($ millions)52.747.112%78.842.585%Working capital (2) ($ millions)78.842.585%   Shareholders   0.000.01(100)%Earnings (loss) per share – basic ($)(0.13)0.03(533%)0.020.020%Adjusted earnings (loss) per share – basic ($)(2)0.030.01200%0.020.05(60%)Operating cash flow before working capital changes per share(2)0.110.19(42%)252,169,924207,932,31821%Weighted average shares outstanding242,181,449196,018,62324% (1) Silver equivalent (AgEq) is calculated using an 80:1 silver:gold ratio.(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company’s financial statements. Q4 2024 results Direct operating costs per tonne in Q4 2024 increased by 15% to $152.44 compared with Q4 2023, predominantly caused by a 35% increase in direct operating costs per tonne at Guanacevi as a result of the temporarily reduced mill throughput. Consolidated cash costs per silver ounce in Q4 2024, net of by-product credits increased by 9% to $13.68 due to 41% lower silver ounces produced, offset by 36% lower cash costs. Lower cash costs were mostly driven by 14% higher by-product gold sales and 7% lower direct costs compared to Q4 2023. Realized gold price was $2,647 per oz for the quarter, 29% higher than the prior year driving a larger gold credit that is included within cash costs. All-In-Sustaining Costs (“AISC”) per oz in Q4 2024 increased by 27% to $27.33 compared to Q4 2023 due to the 41% lower production of silver ounces, partially offset by 36% lower cash costs as discussed above. In Q4 2024, the Company’s mine operating earnings were $7.7 million (Q4 2023 – $5.4 million) from revenue of $42.2 million (Q4 2023 – $50.5 million) and cost of sales of $34.5 million (Q4 2023 – $45.1 million). The lower revenue and cost of sales were driven by 51% lower sales during the period compared to the same period in 2023; in addition to lower production, the finished goods inventory balance increased during the fourth quarter further reducing sales. Realized silver price was $31.56 per oz for the quarter, 33% higher than the same period in 2023, partially offsetting the impact lower sales on revenue. Royalty expense was $3.7 million which was 28% lower than $5.1 million in the same period in 2023, due to lower production from the Guanacevi mine where the royalties are mainly incurred. In Q4 2024, the Company had an operating loss of $0.5 million (Q4 2023 – operating earnings of $0.2 million) after exploration, evaluation and development costs of $6.1 million (Q4 2023 – $2.4 million), general and administrative expense of $1.9 million (Q4 2023 –$2.7 million) and write off of mineral properties of $0.2 million (Q4 2023 – $nil). Exploration activities increased during the fourth quarter as the Company ramped up its activities at Pitarrilla. The loss before taxes for Q4 2024 was $1.6 million (Q4 2023 – earnings of $0.7 million) after finance costs of $0.4 million (Q4 2023 – $0.3 million), a foreign exchange gain of $0.4 million (Q4 2023 – $1.4 million) loss on derivative contracts of $1.9 million (Q4 2023 – $nil) and investment and other income of $0.7 million (Q4 2023 – investments and other expenses of $0.6 million). The Company realized earnings for the period of $1.0 million (Q4 2023 – net earnings of $3.0 million) after an income tax recovery of $2.7 million (Q4 2023 – income tax recovery of $2.3 million). The deferred tax recovery was realized as a result of recognizing previously unutilized losses during the period. In Q4 2024 earnings were impacted by a $0.3 million mark-to-market adjustment resulting in an unrealized loss on investments (Q4 2023 – unrealized gain of $0.5 million). Adjusted net earnings were $4.8 million or $0.02 basic adjusted earnings per share in Q4 2024, compared to adjusted earnings of $3.3 million, or $0.02 basic adjusted earnings per share in Q4 2023. Full Year 2024 results For the year ended December 31, 2024, direct operating costs per tonne for the year increased to $140.98, 8% higher than 2023 primarily due to the lower throughput, partially offset by lower direct operating cost. Following the trunnion failure at Guanacevi, and due to the significant number of variables, estimates and remaining uncertainties, management withdrew its 2024 full year cost guidance in August. With lower operating plant capacity at Guanacevi for approximately four months in 2024, operating costs and all-in sustaining cost metrics were higher than originally guided for 2024. Consolidated cash costs per oz, net of by-product credits, decreased by 4% to $12.99 in 2024 compared with 2023, driven by 24% lower cash costs and partially offset by 21% lower silver oz produced. Lower cash costs were predominantly caused by 26% higher by-product gold sales. Realized gold price was $2,397 per oz for the year, 22% higher than the prior year driving a larger gold credit that is included in cash costs. AISC per oz increased by 4% to $23.88 compared to 2023 driven by the 21% lower production of silver ounces, partially offset by the 24% lower cash costs as discussed above. For the year ended December 31, 2024, the Company’s mine operating earnings were $42.1 million (2023 – $36.6 million) on revenue of $217.6 million (2023 – $205.5 million) with cost of sales of $175.6 million (2023 – $168.9 million). Realized silver price was $27.39 per oz for the year, 15% higher than the prior year driving higher silver revenues despite fewer ounces sold. Cost of sales was higher than the prior year, primarily due to the lower economies of scale that arise from lower production, and the fixed costs incurred during the trunnion failure at Guanacevi. The Company also experienced some inflationary pressures on costs during the year, yet benefited from the weaker Mexican peso in the second half of the year. The Company had operating earnings of $8.3 million (2023 – $8.7 million) after exploration, evaluation and development costs of $19.4 million (2023 – $15.1 million), general and administrative expense of $14.2 million (2023 – $12.3 million) and a write off of mineral properties of $0.2 million (2023 - $0.4 million). Exploration and evaluation costs were higher than the prior year due to increased activity at Pitarrilla; development costs were higher than the prior year due to development work at Terronera that was not eligible for capitalization to the cost of the project. Loss before tax was $22.0 million (2023 – earnings before tax of $18.3 million) after finance costs of $1.5 million (2023 – $1.4 million), loss on derivative contracts of $30.6 million (2023 – $nil), a foreign exchange loss of $5.5 million (2023 – gain of $4.7 million), a gain on asset disposals of $0.1 million (2023 - $7.1 million) and investment and other income of $7.2 million (2023 – investment and other expense of $0.8 million). The derivative loss arose on the gold and foreign exchange hedge contracts which were required to be implemented under the Terronera debt facility. Investment and other income was higher in 2024 compared to 2023 due to interest recovered on VAT refunds in Mexico, as well as a higher cash balance driving greater interest returns. The Company realized net loss for the year of $31.5 million (2023 – earnings of $6.2 million) after an income tax expense of $9.5 million (2023 – $12.1 million). Adjusted net earnings was $8.0 million or $0.03 basic adjusted earnings per share in 2024, compared to adjusted earnings of $1.7 million, or $0.01 adjusted net earnings per share in 2023. This news release should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2024, and associated Management’s Discussion and Analysis (“MD&A”) which are available on the Company’s website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. Conference Call Management will host a conference call to discuss the Company’s Q4 2024 financial results today at 10:00am Pacific (PST)/ 1:00pm Eastern (EST). Date: Tuesday, March 11, 2025   Time: 10:00am Pacific (PDT) / 1:00pm Eastern (EDT)   Telephone: Canada & US +1-844-763-8274International +1-647-484-8814   Replay: Canada/US Toll Free +1-855-669-9658 International +1-412-317-0088 Access code is 9624341    To access the replay using an international dial-in number, please click here. The replay will also be available on the Company’s website at www.edrsilver.com. About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.  Contact InformationAllison Pettit, Director Investor Relations Tel: (877) 685 - 9775Email: apettit@edrsilver.com Website: www.edrsilver.com Endnotes 1 Silver equivalent (AgEq) AgEq is calculated using an 80:1 silver:gold ratio. 2 Non-IFRS and Other Financial Measures and Ratios Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, AISC per ounce, direct operating costs per tonne, direct costs per tonne, silver co-product cash costs, gold co-product cash costs, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA per share and sustaining and growth capital. Please see the December 31, 2024 MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards (“IFRS”), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section “Non-IFRS Measures” in the December 31, 2024, MD&A available on SEDAR+ at www.sedarplus.com. Reconciliation of Working Capital Expressed in thousands of US dollarsAs at December 31, 2024 As at December 31, 2023Current assets$157,647 $100,773 Current liabilities 78,866  58,244 Working capital$78,781 $42,529  Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share Expressed in thousands of US dollars  Three months ended December 31Year ended December 31(except for share numbers and per share amounts)2024202320242023Net earnings (loss) for the period per financial statements$1,025$3,049($31,476)$6,123Unrealized foreign exchange (loss)1,5932165,3701,421Gain (loss) on derivatives1,919-30,551-Change in fair value of investments5965251,7732,522Gain on sale of Cozamin royalty---(6,990)Change in fair value of cash settled DSUs(297)(504)1,781(1,327)Adjusted net earnings (loss)$4,836$3,286$7,999$1,749Basic weighted average share outstanding252,169,924207,932,318242,181,449196,018,623Adjusted net earnings (loss) per share$0.02$0.02$0.03$0.01 Reconciliation of Mine Operating Cash Flow Before Taxes         Expressed in thousands of US dollarsThree months ended December 31Year ended December 31 202420232024 2023Mine operating earnings per financial statements$7,744$5,352$42,079$36,611Share-based compensation5544281(74)Depreciation5,3467,18129,89427,885Mine operating cash flow before taxes$13,145$12,577$72,254$64,422 Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share Expressed in thousands of US dollars Three months ended December 31Year ended December 31(except for per share amounts)2024202320242023Cash from (used in) operating activities per financial statements($4,850)$6,706$19,113$11,771Net changes in non-cash working capital per financial statements(10,615)(3,085)(8,135)(25,243)Operating cash flow before working capital changes$5,765$9,791$27,248$37,014Basic weighted average shares outstanding252,169,924207,932,318242,181,449196,018,623Operating cash flow before working capital changes per share$0.02$0.05$0.11$0.19 Reconciliation of EBITDA and Adjusted EBITDA Expressed in thousands of US dollars Three months ended December 31Year ended December 31  2024  2023  2024  2023 Net earnings (loss) for the period per financial statements$1,025 $3,049 ($31,476)$6,123 Depreciation – cost of sales 5,346  7,181  29,894  27,885 Depreciation – exploration, evaluation and development 261  80  829  528 Depreciation – general & administration 99  197  403  376 Finance costs 294  164  889  822 Current income tax expense (162) 207  12,906  11,344 Deferred income tax expense (recovery) (2,507) (2,544) (3,415) 786 EBITDA$4,356 $8,334 $10,030 $47,864 Share based compensation 346  714  3,242  3,618 Gain on sale of Cozamin royalty -  -  -  (6,990)Unrealized foreign exchange (loss) 1,593  216  5,370  1,421 Gain (loss) on derivatives 1,919  -  30,551  - Change in fair value of investments 596  525  1,773  2,522 Change in fair value of cash settled DSUs (297) (504) 1,781  (1,327)Adjusted EBITDA$8,513 $9,285 $52,747 $47,108 Basic weighted average shares outstanding 252,169,924  207,932,318  242,181,449  196,018,623 Adjusted EBITDA per share$0.03 $0.04 $0.22 $0.24  Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne Expressed in thousands of US dollars Three months ended December 31, 2024Three months ended December 31, 2023 GuanacevíBolañitosTotalGuanacevíBolañitosTotalDirect production costs per financial statements$14,017 $11,387 $25,404  $22,956  $9,861 $32,817 'Purchase of the third-party material (4,187) -  (4,187) (2,597) -  (2,597)Smelting and refining costs included in net revenue -  536  536  - 506  506 Opening finished goods (1,725) (718) (2,443) (8,627)(656) (9,283)Closing finished goods 5,448  485  5,933  7,137  699  7,836 Direct operating costs 13,553  11,690  25,243  18,869  10,410  29,279 'Purchase of the third-party material 4,187  -  4,187  2,597  -  2,597 Royalties 3,550  111  3,661  5,033  72  5,105 Special mining duty (1) 185  1,413  1,598  62  151  213 Direct costs 21,475  13,214  34,689  26,561  10,633  37,194 By-product gold sales (4,834) (17,253) (22,087) (7,045) (12,271) (19,316)Opening gold inventory fair market value 1,059  1,478  2,537  2,345  815  3,160 Closing gold inventory fair market value (3,185) (772) (3,957) (2,909) (619) (3,528)Cash costs net of by-product 14,515  (3,333) 11,182  18,952  (1,442) 17,510 Depreciation 3,040  2,306  5,346  3,942  3,239  7,181 Share-based compensation 46  9  55  33  11  44 Opening finished goods depreciation (515) (184) (699) (1,509) (222) (1,731)Closing finished goods depreciation 1,187  92  1,279  1,459  197  1,656 Total production costs$18,273 ($1,110)$17,163 $22,877 $1,783 $24,660   Three months ended December 31, 2024Three months ended December 31, 2023 GuanacevíBolañitosTotalGuanacevíBolañitosTotalThroughput tonnes 58,798  106,793  165,591  110,781  109,683  220,464 Payable silver ounces 716,641  100,651  817,292  1,267,864  128,451  1,396,315        Cash costs per silver ounce$20.25 ($33.11)$13.68 $14.95 ($11.23)$12.54 Total production costs per ounce$25.50 ($11.03)$21.00 $18.04 $13.88 $17.66 Direct operating costs per tonne$230.50 $109.46 $152.44 $170.33 $94.91 $132.81 Direct costs per tonne$365.23 $123.73 $209.49 $239.76 $96.94 $168.71               Expressed in thousands of US dollars Year ended December 31, 2024Year ended December 31, 2023 GuanacevíBolañitosTotalGuanacevíBolañitosTotalDirect production costs per financial statements$82,872 $41,645 $124,517 $79,842 $38,989 $118,831 'Purchase of the third-party material (14,418) -  (14,418) (10,102) -  (10,102)Smelting and refining costs included in net revenue -  1,972  1,972  -  2,451  2,451 Opening finished goods (7,137) (699) (7,836) (4,953) (245) (5,198)Closing finished goods 5,448  485  5,933  7,137  699  7,836 Direct operating costs 66,765  43,403  110,168  71,924  41,894  113,818 'Purchase of the third-party material 14,418  -  14,418  10,102  -  10,102 Royalties 20,498  370  20,868  21,937  273  22,210 Special mining duty (1) 2,298  2,683  4,981  2,862  530  3,392 Direct costs 103,979  46,456  150,435  106,825  42,697  149,522 By-product gold sales (32,476) (59,875) (92,351) (29,273) (43,925) (73,198)Opening gold inventory fair market value 2,909  619  3,528  2,740  354  3,094 Closing gold inventory fair market value (3,185) (772) (3,957) (2,909) (619) (3,528)Cash costs net of by-product 71,227  (13,572) 57,655  77,383  (1,493) 75,890 Depreciation 19,476  10,418  29,894  15,481  12,404  27,885 Share-based compensation 227  54  281  (17) (57) (74)Opening finished goods depreciation (1,459) (197) (1,656) (862) (79) (941)Closing finished goods depreciation 1,187  92  1,279  1,459  197  1,656 Total production costs$90,658 ($3,205)$87,453 $93,444 $10,972 $104,416                Year ended December 31, 2024Year ended December 31, 2023 GuanacevíBolañitosTotalGuanacevíBolañitosTotalThroughput tonnes 353,793  427,646  781,439  433,409  440,973  874,382 Payable silver ounces 4,007,140  431,214  4,438,354  5,089,921  537,458  5,627,379        Cash costs per silver ounce$17.78 ($31.47)$12.99 $15.20 ($2.78)$13.49 Total production costs per ounce$22.62 ($7.43)$19.70 $18.36 $20.41 $18.55 Direct operating costs per tonne$188.71 $101.49 $140.98 $165.95 $95.00 $130.17 Direct costs per tonne$293.90 $108.63 $192.51 $246.48 $96.82 $171.00  Reconciliation of All-In Costs Per Ounce and AISC per ounce Expressed in thousands of US dollarsThree months ended December 31, 2024 Three months ended December 31, 2023 GuanacevíBolañitosTotalGuanacevíBolañitosTotalCash costs net of by-product$14,515 ($3,333)$11,182 $18,952 ($1,442)$17,510 Operations share-based compensation 46  9  55  33  11  44 Corporate general and administrative 895  702  1,597  1,423  550  1,973 Corporate share-based compensation 95  120  215  404  156  560 Reclamation - amortization/accretion 84  65  149  78  66  144 Mine site expensed exploration 365  217  582  286  350  636 Equipment loan payments -  -  -  140  340  480 Capital expenditures sustaining 7,218  1,336  8,554  5,944  2,700  8,644 All-In-Sustaining Costs$23,218 ($884)$22,334 $27,260 $2,731 $29,991 Growth exploration, evaluation and development   5,204    1,609 Growth capital expenditures   37,338    32,826 All-In-Costs  $64,876   $64,426                Three months ended December 31, 2024Three months ended December 31, 2023 GuanacevíBolañitosTotalGuanacevíBolañitosTotalThroughput tonnes 58,798  106,793  165,591  110,781  109,683  220,464 Payable silver ounces 716,641  100,651  817,292  1,267,864  128,451  1,396,315 Silver equivalent production (ounces) 928,557  621,972  1,550,529  1,569,359  605,704  2,175,063        All-In-Sustaining cost per ounce$32.40 ($8.78)$27.33 $21.50 $21.26 $21.48               Expressed in thousands of US dollarsYear ended December 31, 2024Year ended December 31, 2023 GuanacevíBolañitosTotalGuanacevíBolañitosTotalCash costs net of by-product$71,227 ($13,572)$57,655 $77,383 ($1,493)$75,890 Operations share-based compensation 227  54  281  (17) (57) (74)Corporate general and administrative 7,396  3,567  10,963  6,354  2,419  8,773 Corporate share-based compensation 1,897  914  2,811  2,328  886  3,214 Reclamation - amortization/accretion 372  283  655  313  263  576 Mine site expensed exploration 1,141  1,187  2,328  1,354  1,352  2,706 Equipment loan payments 206  306  512  819  1,805  2,624 Capital expenditures sustaining 22,875  7,893  30,768  24,631  10,708  35,339 All-In-Sustaining Costs$105,341 $632 $105,973 $113,165 $15,883 $129,048 Growth exploration, evaluation and development   16,083    11,401 Growth capital expenditures   164,618    82,448 All-In-Costs  $286,674   $222,897                Year ended December 31, 2024Year ended December 31, 2023 GuanacevíBolañitosTotalGuanacevíBolañitosTotalThroughput tonnes 353,793  427,646  781,439  433,409  440,973  874,382 Payable silver ounces 4,007,140  431,214  4,438,354  5,089,921  537,458  5,627,379 Silver equivalent production (ounces) 5,124,557  2,471,027  7,595,584  6,301,637  2,399,706  8,701,343        All-In-Sustaining cost per ounce$26.29 $1.47 $23.88 $22.23 $29.55 $22.93  Reconciliation of Sustaining Capital and Growth Capital Expressed in thousands of US dollarsThree months ended December 31Year ended December 31  2024  2023  2024  2023 Capital expenditures sustaining$8,554 $8,644 $30,768 $35,339 Growth capital expenditures 37,338  32,826  164,618  82,448 Property, plant and equipment expenditures per Consolidated Statement of Cash Flows$45,892 $41,470 $195,386 $117,787           Expressed in thousands of US dollarsThree months ended December 31Year ended December 31  2024  2023  2024  2023 Mine site expensed exploration$582 $636 $2,328 $2,706 Growth exploration, evaluation and development 5,204  1,609  16,083  11,401 Total exploration, evaluation and development 5,786  2,245  18,411  14,107 Exploration, evaluation and development depreciation 261  80  829  528 Exploration, evaluation and development share-based compensation 76  110  150  478 Exploration, evaluation and development expense$6,123 $2,435 $19,390 $15,113  Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce Expressed in thousands of US dollarsThree months ended December 31Year ended December 31  2024   2023   2024  2023 Gross silver sales$20,659 $31,689 $127,260 $134,716 Silver ounces sold 654,519  1,332,648  4,645,574  5,669,760 Realized silver price per ounce$31.56 $23.78 $27.39 $23.76           Expressed in thousands of US dollarsThree months ended December 31Year ended December 31  2024   2023   2024   2023 Gross gold sales$22,087 $19,316 $92,351 $73,198 Gold ounces sold 8,343  9,417  38,522  37,186 Realized gold price per ounce$2,647 $2,051 $2,397 $1,968  Cautionary Note Regarding Forward-Looking Statements This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995, as amended and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the construction and development of the Terronera Project (as defined herein), including: anticipated timing of the Terronera Project, estimated Terronera project economics; Terronera project’s forecasted operations, costs and expenditures, the timing and completion of an economic study for Pitarrilla; the Company’s future growth and value creation and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors and are based on assumptions that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors and assumptions include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; the Company’s ability to continue to comply with the terms of the Debt Facility; the ongoing effects of inflation and supply chain issues on the Terronera Project economics; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, forecasted mine economics as of 2025, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

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