Endeavour Silver : Presentation PDF

Terronera

Feasibility

Study Webinar

Mexico's next silver development

September 9, 2021

TSX: EDR | NYSE: EXK

www.edrsilver.com

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 information herein include but are not limited to statements regarding Endeavour's anticipated performance in 2021 and future years including statements regarding the economics analysis and production estimates in the 2021 Feasibility Study, changes in mining operations and production levels, the timing and results of various activities and the impact of the COVID 19 pandemic on operations. 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 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 include, among others, the reliability of the Terronera economic analysis and production estimates for Terronera, the ultimate impact of the COVID 19 pandemic on operations and projects and results, changes in production timelines and costs guidance, 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, 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 ability to achieve the revenue, costs and production estimates in the Terronera 2021 Feasibility Study, the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, no material impact of the COVID 19 pandemic on the Terronera development plans provided for in the 2021 Feasibility Study, 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.

Qualified Person and QA/QC

Dale Mah, P.Geo., Vice President Corporate Development of Endeavour, is the Qualified Person who reviewed and approved this p resentation. The Feasibility Study (FS) team includes Wood PLC QPs, Tatiana Alva, P.Geo., William Bagnell, P.Eng., Alan Drake, P.Eng., Kirk Hanson, P.Eng. and Humberto Preciado, P.Eng., wh o are the Independent Qualified Persons for the 2021 FS and who have prepared the scientific and technical information on the Terronera project and reviewed the information that is summariz ed in this presentation. The qualified persons preparing the FS report have followed industry accepted practices for verifying that the data used in the study is suitable for the purposes used. S ite visits by three of the qualified persons (including Dale Mah from Endeavour and Tatiana Alva and Humberto Preciado from Wood) is part of the data verification procedures. A more detailed des cription of data verification undertaken by the qualified persons will be included in the relevant sections of the technical report that will be filed within 45 days of this presentation.

A Quality Control sampling program of reference standards, blanks and duplicates is used to monitor the integrity of all assa y results. All samples are split at the local field office and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 30 gram pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption (AA) finish and silver by aqua regia digestion and ICP finish, over-limits by fire assay and gravimetric finish.

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Terronera - A Unique Opportunity in the Silver Mining Industry

LARGE, HIGH GRADE UG MINE POTENTIAL

• Endeavour's largest mine and next core asset
• Construction ready, subject to board approval

DOUBLES CONSOLIDATED PRODUCTION

100% ORGANIC GROWTH IN 2 YEARS

• LOM 3.3 million oz per year silver and 32,874 oz per year gold for a 12 year mine life (5.9 million Ag Eq oz 1)

1,700 TPD CAPACITY UNDERGROUND MINE

• High grade vein system
• Flotation plant producing high grade bulk sulfide concentrates

FEASIBILITY STUDY DELIVERS ROBUST ECONOMICS

• After tax NPV 5% = $174 million,
• IRR = 21.3%,
• Payback Period = 3.6 years
• Base case prices of $20 silver and $1,575 gold

LOW-COST MINE DRIVES PROFITS

6.6

mil Ag Eq oz

• 327 g/t Ag Eq grade

+ 6.0

mil Ag Eq oz

• 400 g/t Ag Eq LOM grade

Terronera Addition

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• $0.59 per oz Cash Cost 2, $3.24 per oz MAISC 2
• $175 million initial capex 2

2021 Production

2024 Production

Mid-point of Guidance

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1.	Silver equivalent at an 79:1 gold: silver ratio	3
2.	See Non-IFRS Measures disclosure in appendix

Highlights Of Feasibility Study

IN-DEPTH REVIEW PROVIDES MORE CONFIDENCE

• Finalized comprehensive cost/ peer review & operability analysis
• Improved assurance in cost estimate and executing within budget
• Realistic market pricing addressed for current state of the market
• Rigorous approach ensures suitability for financing due diligence
• Improved design, operability, new plant layout, and optimized mine

FAVORABLE OUTCOMES AS COMPARED TO 2020 PFS

• LOM Reserves - Tonnes increased 33% to 7.4 Mt
• LOM - increased 20% to 12 years
• Daily plant throughput increased 6% to 1,700 tpd
• Payable Au oz increased by 20% to 393,000 oz
• Payable Ag oz increased by 32% to 39.3 million oz
• Longhole mining increased to nearly 60% to reduce mining costs

READY TO BUILD,

READY TO GROW

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Base Case Highlights

UNDERGROUND MINE

Shallow, thick and rich deposit, 12-year mine life

21.3% IRR

$0.59 /oz LOM CASH COST

net of the gold credit

5.9 MILLION oz Ag Eq PER YEAR

3.3 m oz Ag, 32,874 oz Au (79:1)

.

• Base case prices are $20/ oz silver and $1,575/ oz gold, implied 79:1 silver to gold ratio

$174 MILLION NPV

NPV @ 5% (after tax)

3.6 YEAR PAYBACK PERIOD

.

$3.24/oz LOM MAISC

net of the gold credit

EXPLORATION UPSIDE

Remains open along strike and to depth; Newly identified regional targets

.

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