Endeavour Silver : Corporate Presentation (2026 05 06 edr cp)

Growth on the Horizon

CORPOR ATE PRESENTATION

edrsilver.com

M AY 2026 T SX: EDR | N Y SE : EXK

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 improved ability to evaluate the underlying performance of Kolpa.

The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS as an indicator of performance.

These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers with similar descriptions. These have been prepared by the Company using information provided by Kolpa during the due diligence process. Kolpa financial information is prepared using IFRS. Certain financial information of Kolpa presented herein is sourced from the historical audited financial statements of Kolpa for the years ended December 31, 2024 and 2023.

TSX: EDR | NYSE: EXK 3

Investor Highlights

Mid-tier Silver Producer

Operating Mexico's Newest Silver Mine

Significant Organic Growth

Leading Silver Leverage

Strategically Acquiring Key Assets

Two underground silver gold mines in Mexico, plus a silver-base metals mine in Peru

Terronera commercial production commenced on October 1, 2025

Leading organic growth profile in silver sector; optionality on Pitarrilla & Parral

A leader in silver price beta, anchored by a silver-dominant production profile

Opportunistic mergers and acquisitions

TSX: EDR | NYSE: EXK 4

Core Assets and Outlook

ABOUT ENDEAVOUR SILVER

Endeavour Silver is a mid-tier silver producer with mining operations in Mexico and Peru. In addition to its operational mines, the Company maintains a diverse portfolio of exploration projects across Mexico, Chile, and the United States. This robust pipeline supports Endeavour's strategy for organic growth, reinforcing its ambition to become a leading senior silver producer.

.

Guanaceví

Durango

Durango

MEXICO

Chihuahua

Parral

Pitarrilla

Exploration Operation

2024 Production

7.6 Moz AgEq(1)

2025

11.2 million ounces (Moz) AgEq(1)

2026

14.6 - 15.6 Moz AgEq(1)

Pitarrilla

One of the world's largest undeveloped silver deposits

Terronera

Jalisco

PERU

Kolpa

Huancavelica

1 Silver equivalent (AgEq) is calculated using 90 silver oz to 1 gold oz; 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne. See Non-IFRS Measures disclosure in appendix

TSX: EDR | NYSE: EXK 5

2026 Production & Cost Guidance(2)

Operation	Silver (Moz)	Gold (Koz)	Lead (k t)	Zinc (k t)	Copper (T)	Silver Eq (Moz)(1)	Cash Costs ($/oz)(3)	AISC ($/oz)(3)	Sustaining Capital ($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	16.0 - 18.0	650 - 750	4.4 - 4.9	$13.00 - $14.00	$22.00 - $23.00	$9.8
Terronera	2.4 - 2.6	35.0 - 36.0	-	-	-	5.6 - 5.8	($2.00 - $1.00)	$28.00 - $29.00	$56.7
Total Consolidated	8.3 - 8.9	46.0 - 48.0	22.0 - 24.0	16.0 - 18.0	650 - 750	14.6 - 15.6	$12.00 - $13.00	$27.00 - $28.00	$91.0

Lower cash costs with ~30% production growth vs. 2025

TSX: EDR | NYSE : EXK 6

1 Silver equivalent (AgEq) is calculated using 90 silver oz to 1 gold oz; 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne. Based on $36 per oz silver and $3,240 per oz gold. See Non-IFRS Measures disclosure in appendix

2Totals may not add due to rounding

3Net of by-product credits

Silver Miners Trade at Higher Multiples Compared to Gold

Few Pure Silver Producers

• Silver mining shares trade at a premium to gold mining shares due to the scarcity of primary silver mining companies

• Mid-tier producers offer a combination of liquidity, leverage and growth

  Endeavour Silver is one of the few silver investment vehicles with over 50% revenue from silver

  Endeavour Offers Leading Beta to Silver Price

• Historically, Endeavour has delivered industry leading multiples and consistent returns, offering top beta to silver

• Endeavour is one of few silver producers with a growth portfolio that is geared toward silver, enhancing the overall beta to silver

5% 9%

16%

67% 65% 44% 35%

72%

11%

32%

10%

24%

33%

7%

100%

Sector Leading Beta to Silver (1)

1.65 1.65 1.80

1.47 1.56

2.20

33% 35%

23%

47% 49%

57%

69%

57%

0.92 0.98

1.23

Silver Gold Base

Many large "silver" producers are less than 50% silver in the revenue mix due to scarcity of primary silver deposits as the companies grow through M&A

FRES HOC HL CDE PAAS AYA SVM AG EXK

*Based on the most recent financial results

1. Source: 3-year beta as provided by Capital IQ software - as of January 15, 2026

TSX: EDR | NYSE: EXK 7

OPERATING MINE

Terronera Mine, Jalisco

Reserve, Metals Mix

60% Ag 40% Au

Endeavour's newest mine

+10 YRS

Life of Mine

2

Defined mineralization areas

2,000

Tonnes per day

• Terronera

• La Luz

  Probable Reserves(1)

  • 7.4 million tonnes at 374 g/t AgEq containing 88.8 million AgEq oz

    TSX: EDR | NYSE: EXK 8

    1. Full details in the appendix, under Reserves and Resources TSX: EDR | NYSE: EXK 8

    
    
    

    Terronera: Officially Part of Endeavour's Production Profile

    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 sustaining capital of $16M ($48/oz) included one-time capital expenditures contributing to AISC

      Q1 2026 Production in Line with Plan(1)

    • Processed 175,418 tonnes of material in Q1

    • Produced 1,296,348 AgEq oz

    • Terronera's production was in line with plan and is expected to increase during the year as mine development accesses higher-grade areas by Q3

      2026

      Q1 2026 Direct Costs Per Tonne

      19% 25%

      17%

      39%

      Operating Trends

      processing costs mining costs

      royalties/ special mining duty g&a

      Q1 2026

Hedges From Senior Secured Debt Facility(2)

• Gold hedges for up to 68,000 ounces at $2,311/oz

• Silver hedges zero-cost collars secure $31-$42/oz range on ~968k oz until June 2026

Tonnes Processed (tpd) 1,949

Gold Grade (gpt)	2.07
Cash Costs Ag/oz	($2.14)
All-in Sustaining Costs/oz (AISC)	$22.31

Silver Grade (gpt) 113

1 Silver equivalent (AgEq) is calculated using 90 silver oz to 1 gold oz; 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne. See Non-IFRS Measures disclosure in appendix

TSX: EDR | NYSE: EXK 9

Terronera: Exploration Opportunities

TERRONERA PROJECT SURFACE VIEW

• Endeavour controls 25 concessions totaling 20k hectares

  • +50 mines on +50 known veins

• Thick vein widths averaging 1-30 meters thick

• High-grade averaging 400 - 1,000 gpt Ag Eq

TERRONERA VEIN

• The Terronera vein holds over 90% of the defined reserve

• Inferred envelope is open along strike and at depth

  LA LUZ VEIN

• The La Luz vein is almost entirely high grade and relatively shallow for access

• It is will be mined early to optimize project economics

TSX: EDR | NYSE : EXK 10

Terronera: Catalysts

Next Steps for the Newly Producing Mine

• During H1 2026, mine production will be from areas of the deposit with lower grades including stockwork, with mine development accessing higher-grade areas in H2 2026, which will increase grades

• Optimizing and refining plant circuits to sustain throughput and enhance metal recoveries

• Advancing efforts to obtain LNG Permit and CONAGUA permit for waste dump 2

TSX: EDR | NYSE: EXK 11

OPERATING MINE

Kolpa Mine, Peru

Metals Mix

40% Ag 60% Pb, Zn, Cu

2016-2024 Production

11.1M

oz Ag

119.9

kt Pb

91.7

kt Zn

4.6

kt Cu

2025 Production (May 1 - December 31, 2025)

1.6M

oz Ag

14.9

kt Pb

9.0

kt Zn

0.3

kt Cu

TSX: EDR | NYSE: EXK 12

(3.4 Moz AgEg)

1. Full details in the appendix, under Reserves and Resources

TSX: EDR | NYSE: EXK 12

Strategic Acquisition of

Endeavour's First Mine in Peru

Consistent with plan to become senior silver producer

Fully funded operating silver asset, expected to increase Endeavour's annual production profile by 5.0 Moz AgEq, assuming continued production at Kolpa is consistent with 2024 production

Strategic acquisition of Endeavour's third producing mine and first in Peru

Track record of production growth

Kolpa began as small-scale 800 tpd operation and has successfully undergone numerous expansions

Currently has 1,800 tpd plant capacity, with expansion plans to reach 2,500 tpd

The operation has produced approximately 31.6 Moz

AgEq since 2016

Leveraging Endeavour's technical strengths

Strong synergies with Endeavour's underground operating skill set

Combining strengths and experience of key operating team members with a longterm work history at the Kolpa mine

Exploration upside

Consistent track record of growing resources net of depletion

Opportunities to further define and potentially expand recent near-mine exploration discoveries and make new discoveries on an underexplored land package

Active mining district

Providing a platform for further growth in a country and region with numerous mining operations and prospective geology

TSX: EDR | NYSE : EXK 13

TSX: EDR | NYSE: EXK 13

Kolpa: Integration Progressing Smoothly

Advancing Operational Alignment

• Kolpa acquisition closed on May 1, 2025

• Focus remains on maintaining steady output and advancing Kolpa's contribution to the Company's long-term growth strategy

  Q1 2026 Direct Costs Per Tonne

  3% processing costs

  19%

  25%

  mining costs

  Q1 2026 Production(1)

• Processed 171,727 tonnes of material in Q1

• Produced 940,050 AgEq oz(1)

• Completion of plant expansion to throughput of 2,500tpd

  9%

  Operating Trends

  44%

  royalties/ special mining duty g&a

  purchased ore

  Q1 2026

56% Ag

530,118

oz produced

24% Pb

4,939

tonnes produced

18% Zn

2,842

tonnes produced

2% Cu

66

tonnes produced

*Additional payable by-products including gold and antimony

Tonnes Processed (tpd) 1,908

Silver Grade (gpt) 106

Lead Grade (%) 3.05

Zinc Grade (%) 1.97

Copper Grade (%) 0.20

Cash Costs/Ag oz $24.52

AISC/oz $36.12

1 Silver equivalent (AgEq) is calculated using 90 silver oz to 1 gold oz; 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne. See Non-IFRS Measures disclosure in appendix

TSX: EDR | NYSE: EXK 14

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 rich in zinc, lead and copper, in production for 20+ years

  Concentrates Produced • Lead-silver concentrate, zinc-silver concentrate,

  copper-silver concentrate

  Transaction • $145 million: $80M in cash, $65M shares

• Contingent consideration up to $10 million, paid in cash based on NI 43-101 resource estimate above 100 M AgEq

• Assumed Kolpa's ~$20 million of net debt (2)

  Mining Method • Sub-level stoping and cut-and-fill

  Processing Method • Conventional flotation

  1. Please see the Kolpa Technical Report for more information.

  2. Refer to "Non-IFRS Financial Measures" in appendix.

  TSX: EDR | NYSE: EXK 15

  
  
  

  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 concessions under option

  • Kolpa's primary focus of operations

TSX: EDR | NYSE: EXK 16

OPERATING MINE

Guanaceví Mine, Durango

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 containing 3.4 million AgEq oz

  Resources(1)

• Measured - 0.1 million tonnes at 547 g/t AgEq containing 2.5 AgEq oz

  TSX: EDR | NYSE: EXK 17

• Indicated - 0.4 million tonnes at 491 g/t AgEq containing 6.6 AgEq oz

1. Full details in the appendix, under Reserves and Resources

TSX: EDR | NYSE: EXK 17

Guanaceví: Maintaining Steady Production

Q1 2026 Production

Silver production was slightly below plan with gold grades and recoveries in line with plan

OPERATING TRENDS

Direct Costs

Higher direct costs driven by increased third-party material purchases, royalties (linked to higher metal prices), mining duty tax and appreciation of Peso

Q1 2026

Tonnes Processed (tpd) 1,061

Silver Grade (gpt) 285

Gold Grade (gpt) 1.02

Cash Costs/oz $38.59(2)

AISC/oz $48.47(2)

1. Silver equivalent (AgEq) is calculated using 90 silver oz to 1 gold oz; 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne. See Non-IFRS Measures disclosure in appendix

2. See Non-IFRS Measures disclosure in appendix

TSX: EDR | NYSE: EXK 18

processing costs

mining costs g&a

royalty/ special mining duty

purchased ore

10%

24%

22%

32%

12%

Q1 2026 Direct Costs Per Tonne

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

1,117,703 1,042,779

1,279,860

1,334,447 1,282,853

AgEq Quarterly Production (Oz)(1)

Guanaceví: Delivering High Grade Drill Results

Prolific Area Continuity To The East Potential

Situated along prolific Santa Cruz vein 15 km long, producing in area since 2005

Intersecting excellent results with

step-out holes from the margins of the El Curso orebody

Connecting El Curso to Porvenir Dos

One continuous orebody - comparable to original Porvenir Norte orebody which supported production for +14 years

TSX: EDR | NYSE: EXK 19

ADVANCED EXPLORATION

Pitarrilla Project, Durango

Resource Metals Mix

60% Ag 40% Pb, Zn

2022

Acquired from SSR Mining

+225,000

metres in drilling

$140M

SSR invested to advance the project since 2002

600 Moz Ag

Defined by NI 43-101

TSX: EDR | NYSE: EXK 20

Silver dominant project with extensive historical database and comprehensive work completed to date

1. Full details in the appendix, under Reserves and Resources

TSX: EDR | NYSE: EXK 20