Endeavour Silver Corp. announced its 2024 development update for the Terronera Project in Jalisco state, Mexico. To date, the Company has made significant construction progress, with concrete work well advanced and vertical construction now underway.

Following a thorough risk analysis initiated in 2023, the Company has updated its initial capital cost, schedule, and execution plan. With an experienced and seasoned team leading the project, the Company anticipates the schedule to remain in line with previous guidance, with initial production anticipated to start in the fourth quarter of 2024. Development and Execution Plan: In 2023, project activity focused on completing bulk earthworks, major mobile mining equipment procurement, detail engineering, access road construction, advancing plant concrete, constructing the permanent camp, and development advance in Portals 1, 2 and 4. At the end of the year, construction progress was approaching 50% completion.

In 2024, the First Quarter surface construction will focus on structural steel erection, mechanical installations and initial electrical work for the crushing, coarse-ore stockpile, grinding, flotation and tailing thickener areas. Excavation is expected to be nearing completion for the LNG and power generation areas and the concentrate and tailing filtration areas at the end of first quarter. In Second Quarter and third quarter, work is planned to advance in all plant areas with mechanical completion and commissioning activities planned in Fourth Quarter with initial production at the end of 2024.

For the mine, development of Portals 1, 2 and 4 will continue with first ore development anticipated in second quarter. The first long-hole mining is planned for Third Quarter and cut-and-fill mining is planned to begin in Fourth Quarter with accumulation of the stockpile during this period. Development activities at La Luz are expected to begin in Third Quarter with portal construction and ramp advance to ore access in fourth quarter.

The project remains on schedule for mill commissioning and initial production in the fourth quarter of 2024. The critical path remains the underground mine development where advance rates have been steadily increasing and the TSF construction. The Terronera project is a high-grade silver-gold project being developed in the San Sebastian mining district in Jalisco state, Mexico.

It is located within the Sierra Madre volcanic belt, which hosts most of Mexico's gold and silver deposits. It is a low- sulphidation epithermal vein system that will be mined using a combination of long hole and cut and fill techniques. The underground mine consists of two deposits, Terronera and La Luz, which will feed a centralized 2,000 tonne per day process plant.

Based on the Feasibility Study, Terronera is expected to produce 4 million ounces of silver and 38,000 ounces of gold annually over its 10-year life.