VANCOUVER, British Columbia - Endeavour Silver Corp. ('Endeavour' or the 'Company') (NYSE: EXK; TSX: EDR) is pleased to announce its consolidated production and cost guidance and its capital and exploration budgets for 2023. All dollar amounts are in US dollars (US$).

2023 Production and Cost Guidance Highlights

In 2023, silver production is expected to range from 5.7 to 6.3 million ounces (oz) and gold production is expected to be between 36,000 oz and 40,000 oz. Silver equivalent production is forecasted to total between 8.6 million and 9.5 million oz at an 80:1 silver:gold ratio.

Consolidated cash costs2 and all-in sustaining costs2 ('AISC') in 2023 are estimated to be $10.00-$11.00 per oz silver and $19.00-20.00 per oz silver, respectively, net of gold by-product credits. Consolidated cash costs on a per ounce basis are expected to be similar to 2022 and AISC slightly lower as comparable sustaining capital, exploration and general and administrative costs will be allocated over increased production.

'Our 2023 guidance marks our fourth consecutive year of production growth and a 25% increase from the mid-point of last year's original forecast. Our ongoing operational success is a product of culture and values promoted throughout the Company for safe and sustainable operations, together with improved mineral quality at Guanacevi,' stated Dan Dickson, Endeavour's CEO. 'The combination of higher consolidated throughput and produced ounces allows for similar projected unit costs, amidst an inflationary-challenged landscape. While we continue to see cost pressures in explosives, energy prices and steel, we have also identified efficiencies to mitigate costs.'

Mr. Dickson added, 'As we look to the year ahead, our commitment to creating shareholder value will continue by way of organic growth and continued strong operating performance. We are in an enviable position with one development project and multiple advanced exploration projects that provide considerable upside for value creation both near and long term. A development decision on Terronera is expected soon and will redefine our cost profile when production commences. The planned advancement of the Pitarrilla and Parral assets will provide further similar opportunities for growth and value.'

Operating Mines

At Guanacevi, 2023 plant throughput will range from 1,150 tonnes per day (tpd) to 1,250 tpd and average 1,200 tpd sourcing from Milache, SCS and El Curso. A significant portion of production will be mined from the Porvenir Cuatro extension on the El Curso concessions. The El Curso concessions were leased from a third party with no upfront costs, but with significant royalty payments on production. Compared to 2022, mine grades are expected to remain elevated and recoveries are anticipated to be similar in 2023. Cash costs per ounce and direct costs2 on a per tonne basis are expected to be similar to 2022, with an increase in costs offset by both increased processed tonnes and increased production.

In 2023, plant throughput at Bolanitos is expected to range from 1,150 tpd to 1,250 tpd and average 1,200 tpd sourcing from the Plateros-La Luz, Lucero-Karina and Bolanitos-San Miguel vein systems. Mine grades and recoveries are expected to be similar to 2022. Direct costs on a per tonne basis are expected to decrease slightly due to both a reduction in indirect costs and an increase in processed tonnes. Cash costs per ounce are expected to be slightly lower than 2022 due to an increase in gold ounces produced.

Consolidated Operating Costs

2023 cash costs, net of gold by-product credits, are expected to be $10.00-$11.00 per oz of silver produced. Consolidated cash costs on a co-product basis2 are anticipated to be $13.00-$14.00 per oz silver and $1,100-$1,200 per oz gold.

All-in sustaining costs, net of gold by-product credits, in accordance with the World Gold Council standard, are estimated to be $19.00-$20.00 per oz of silver produced. Excluding non-cash items, AISC are forecast to be in the $18.00-$19.00 range.

Direct operating costs2 per tonne are estimated to be $115-$120 with inflationary pressures expected to continue in 2023. Direct costs2, which include royalties and special mining duties, are estimated to be in the range of $140-$145 per tonne.

Management made the following assumptions in calculating its 2023 cost forecasts: $21 per oz silver price, $1,680 per oz gold price, 20:1 Mexican peso per US dollar exchange rate and a 5% US annual inflation rate.

Sustaining Capital Investments

In 2023, Endeavour plans to invest $34.7 million in sustaining capital at its two operating mines. At current metal prices, the sustaining capital investments are expected to be paid out of operating cash flow.

At Guanacevi, $22.9 million will be invested in capital projects, the largest of which is 4.5 kilometres of mine development at Milache, SCS and El Curso for an estimated $14.0 million. The additional $8.9 million will go towards improving plant infrastructure, upgrading the mining fleet, and supporting surface site infrastructure.

At Bolanitos, $11.8 million will be invested in capital projects, including $8.2 million for 3.8 kilometres of mine development to access resources in the Plateros-La Luz, Lucero-Karina, and Bolanitos-San Miguel areas. The additional $3.6 million will go to upgrade the mining fleet, plant improvements which include an elevation raise to the tailings dam, and to support site infrastructure.

At Terronera, a $25.7 million development budget has been allocated for the first quarter of 2023 to continue with pre-construction activities. The approval is based on utilizing existing cash on hand and cash flow from operations, ahead of formalized project financing as the Company continues to advance the project. With the ramp up of the procurement phase well underway, the funds will be used for final detailed engineering, assembly of initial project infrastructure, further earthworks pertaining to site clearing, road upgrades and underground mine access development. The Company intends to make a formal construction decision, subject to completion of a financing package and receipt of amended permits, in the coming months, at which time the budget for the remainder of 2023 for the project will be determined.

The Company also plans to spend $2.1 million to maintain exploration concessions, acquire mobile exploration equipment and cover corporate infrastructure.

About Endeavour Silver - Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

Contact:

Investor

Galina Meleger

VP

Tel: (604)640-4804

Email: gmeleger@edrsilver.com

Website: www.edrsilver.com

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