# EDGAR Filing Document

**Accession Number:** 0001277866
**File Stem:** 0001171843-25-005349
**Filing Date:** 2025-8
**Character Count:** 48287
**Document Hash:** 30f03068abe6a492360743756c4fc6c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-005349.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001171843-25-005349

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250813

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENDEAVOUR SILVER CORP
- **CENTRAL INDEX KEY:** 0001277866
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33153
- **FILM NUMBER:** 251208923

**BUSINESS ADDRESS:**
- **STREET 1:** #1130-609 GRANVILLE STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7Y 1G5
- **BUSINESS PHONE:** 604-685-9775

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 10328
- **STREET 2:** #1130-609 GRANVILLE STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7Y 1G5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENDEAVOUR GOLD CORP
- **DATE OF NAME CHANGE:** 20040128

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of August 2025**

Commission File Number: **001-33153**

**Endeavour Silver Corp.**

(Translation of registrant's name into English)

**#1130-609 Granville Street Vancouver, British Columbia, Canada V7Y 1G5**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ ] &nbsp;&nbsp;&nbsp;&nbsp; Form 40-F [ X ]

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | <u>**&nbsp;&nbsp;&nbsp;&nbsp;Endeavour Silver Corp.&nbsp;&nbsp;&nbsp;&nbsp;**</u> |
|  | (Registrant) |
| Date: August 13, 2025 | <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ DAN DICKSON&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Dan Dickson |
|  | CEO |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>**Exhibit Number**</u> | <u>**Description**</u> |
| [99.1](exh_991.htm) | [Press Release dated August 13, 2025](exh_991.htm) |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Endeavour Silver Announces Q2 2025 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today**

**VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR)** announces its financial and operating results for the three and six months ended June 30, 2025. All dollar amounts are in US dollars ($).

"We are pleased with Endeavour's strong performance this quarter, highlighted by increased silver equivalent production, robust revenue growth, and the successful integration of Minera Kolpa into our portfolio," said Dan Dickson, Chief Executive Officer.

"Our team delivered solid operating results, achieving higher sales at favorable market prices while maintaining costs below guidance. The completion of the Minera Kolpa acquisition has enhanced the Company's growth profile, and with Terronera nearing commercial production, we are transforming our operational landscape with an expanded resource base and increased production capacity. These milestones, combined with a steadfast commitment to operational efficiency and disciplined capital management, position the company to leverage future opportunities and deliver sustainable growth for our shareholders well into the future."

**<u>Q2 2025 Highlights</u>**

* **Strong and Consistent Production:** 1,483,736 ounces ("oz") of silver and 7,755 oz of gold for 2.5 million oz silver equivalent ("AgEq")<sup>(</sup><sup>1)</sup> with the addition of Kolpa, 13% higher than the same period in 2024.

* **Higher oz Sold with Higher Realized Prices**: $85.3 million from the sale of 1,455,680 oz of silver and 7,706 oz of gold at average realized prices of $32.95 per oz silver and $3,320 per oz gold. Revenue from operations is 46% higher than in the same period in 2024.

* **Positive Mine Operating Cash Flow**: $22.9 million in operating cash flow before working capital changes<sup>(</sup><sup>2)</sup>, 21% higher than the same period in 2024.

* **Operating Costs Below Guidance:** Cash costs<sup>(</sup><sup>2)</sup> of $15.35 per oz payable silver and all-in sustaining costs<sup>(</sup><sup>2)</sup> of $25.16 per oz, net of by-product credits.

* **Solid Cash Position:** Ended the second quarter with a robust consolidated cash balance of $52.5 million.

* **Completed Acquisition of Minera Kolpa:** On May 1, 2025, the Company completed the acquisition of Minera Kolpa, including a $50 million bought deal equity financing, used to fund the cash component of the Kolpa Acquisition (See news release dated April 16, 2025 here), and commenced payments on the US$35 million copper stream with Versamet Royalties Corporation (See news release dated May 1, 2025 here).

* **Additional Credit Facility of US$15 Million:** The Company amended and restated the Terronera credit facility to increase the principal amount from $120 million to $135 million (See news release dated June 24, 2025 here).

* **Terronera Nearing Commercial Production:** Q2 results have been impacted by Terronera's operating losses during the commissioning phase. On August 5, 2025 the Company announced that the throughput has rapidly increased with milling rates between 1,900 and 2,000 tpd at the end of July and that silver and gold recoveries have averaged 71% and 67%, respectively during second half of the July. (See news release dated August 5, 2025 here).

**<u>Financial Overview</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended June 30** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Q2 2025 Highlights** | **Six Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| **2025** | **2024** | **% Change** |  | **2025** | **2024** | **% Change** |
|  |  |  | **Production** |  |  |  |
| 1483736 | 1312572 | 13% | Silver ounces produced | 2689529 | 2772578 | (3%) |
| 7755 | 10549 | (26%) | Gold ounces produced | 16093 | 20682 | (22%) |
| 3503 | - | - | Lead tonnes produced | 3503 | - | - |
| 2316 | - | - | Zinc tonnes produced | 2316 | - | - |
| 2528562 | 2156453 | 17% | Silver equivalent ounces produced<sup>(1)</sup> | 4401401 | 4427130 | (1%) |
| 15.35 | 13.43 | 14% | Cash costs per silver ounce<sup>(2)</sup> | 15.59 | 13.30 | 17% |
| 25.25 | 20.48 | 23% | Total production costs per ounce<sup>(2)</sup> | 24.79 | 19.65 | 26% |
| 25.16 | 23.13 | 9% | All-in sustaining costs per ounce <sup>(2)</sup> | 24.85 | 22.24 | 12% |
| 303828 | 218989 | 39% | Processed tonnes | 513335 | 440783 | 16% |
| 142.00 | 140.36 | 1% | Direct operating costs per tonne<sup>(2)</sup> | 142.30 | 137.65 | 3% |
| 201.24 | 192.68 | 4% | Direct costs per tonne<sup>(2)</sup> | 203.70 | 187.19 | 9% |
|  |  |  | **Financial** |  |  |  |
| 85.3 | 58.3 | 46% | Revenue from operations ($ millions) | 148.8 | 122 | 22% |
| 1455680 | 1217569 | 20% | Silver ounces sold | 2679364 | 2973663 | (10%) |
| 7706 | 9887 | (22%) | Gold ounces sold | 16244 | 20767 | (22%) |
| 32.95 | 28.94 | 14% | Realized silver price per ounce | 32.52 | 25.71 | 26% |
| 3320 | 2374 | 40% | Realized gold price per ounce | 3110 | 2238 | 39% |
| 3.3 | - | - | Pre-production revenue ($ millions) | 3.3 | - | - |
| 85711 | - | - | Pre-production silver equivalent ounces sold<sup>(1)</sup> | 85711 | - | - |
| (20.5) | (14.0) | (46%) | Net earnings (loss) ($ millions) | (53.4) | (15.2) | (251%) |
| (9.2) | (1.0) | (841%) | Adjusted net earnings (loss) ($ millions)<sup>(2)</sup> | (9.4) | (0.7) | (1,227%) |
| 7.7 | 10.2 | (24%) | Mine operating earnings ($ millions) | 20.6 | 21.9 | (6%) |
| 22.9 | 18.9 | 21% | Mine operating cash flow before taxes ($ millions)<sup>(2)</sup> | 45 | 39.5 | 14% |
| 14.4 | 8.1 | 78% | Operating cash flow before working capital changes<sup>(2)</sup> | 22.7 | 18.3 | 24% |
| 1.4 | (2.3) | 162% | EBITDA ($ millions)<sup>(2)</sup> | (16.7) | 11.3 | (248%) |
| 10.8 | 11.9 | (10%) | Adjusted EBITDA ($ millions)<sup>(2)</sup> | 25.9 | 28.1 | (8%) |
| (15.3) | 64.5 | (124%) | Working capital ($ millions) <sup>(2)</sup> | (15.3) | 64.5 | (124%) |
|  |  |  | **Shareholders** |  |  |  |
| (0.07) | (0.06) | (17%) | Earnings (loss) per share – basic ($) | (0.20) | (0.06) | (233%) |
| (0.03) | (0.00) | (100%) | Adjusted earnings (loss) per share – basic ($)<sup>(2)</sup> | (0.03) | (0.00) | (100%) |
| 0.05 | 0.03 | 67% | Operating cash flow before working capital changes per share<sup>(2)</sup> | 0.08 | 0.08 | 0% |
| 283534276 | 242889679 | 17% | Weighted average shares outstanding | 272987662 | 235201630 | 16% |
| <sub><sup>(1)</sup> Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.</sub><br><sub><sup>(2)</sup> 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, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.</sub> | <sub><sup>(1)</sup> Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.</sub><br><sub><sup>(2)</sup> 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, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.</sub> | <sub><sup>(1)</sup> Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.</sub><br><sub><sup>(2)</sup> 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, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.</sub> | <sub><sup>(1)</sup> Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.</sub><br><sub><sup>(2)</sup> 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, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.</sub> | <sub><sup>(1)</sup> Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.</sub><br><sub><sup>(2)</sup> 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, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.</sub> | <sub><sup>(1)</sup> Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.</sub><br><sub><sup>(2)</sup> 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, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.</sub> | <sub><sup>(1)</sup> Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.</sub><br><sub><sup>(2)</sup> 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, which can be viewed on the Company's website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.</sub> |

---

Direct operating costs per tonne in Q2 2025 increased to $142.00, slightly higher than $140.36 in Q2 2024. This metric was impacted by: higher costs per tonne at Bolañitos with lower throughput as a result of maintenance of the floatation circuit and crushing area; the addition of Kolpa which has higher direct operating costs per tonne; offset by lower costs at Guanaceví.

Consolidated cash costs per oz, net of by-product credits, were 14% higher in Q2 2025 at $15.35 per oz, compared with Q2 2024, driven by an increase in costs at Bolañitos and Guanaceví from lower production, and partially offset by addition of Kolpa which at $11.81 per oz decreases the average cash cost. All-In-Sustaining Costs ("AISC") in Q2 2025 was $25.16 per silver oz in Q2 2025, 9% higher compared to $23.13 per oz in Q2 2024, predominantly due to the addition of Kolpa which at $25.66 per oz increased the average AISC, and a slight increase of AISC at Guanaceví.

In Q2 2025, the Company's mine operating earnings were $7.7 million (Q2 2024 – $10.2 million) from revenue of $85.3 million (Q2 2024 – $58.3 million) and cost of sales of $80.9 million (Q2 2024 – $48.1 million). The decrease in mine operating earnings is predominantly due to Terronera's mine operating loss of $5.9 million as the mine ramped-up towards commercial production. The increase in the cost of sales compared to the prior period was driven by $21.5 million from Kolpa and $9.2 million increase from Terronera.

In Q2 2025, the Company had operating loss of $4.8 million (Q2 2024 – earnings of $1.7 million) after exploration, evaluation and development costs of $4.9 million (Q2 2024 – $4.3 million), and general and administrative expense of $7.6 million (Q2 2024 – $4.2 million). The increase in general and administrative expense is primarily due to the $3.6 million acquisition costs of Minera Kolpa.

The loss before taxes for Q2 2025 was $14.6 million (Q2 2024 – loss of $11.3 million) after loss on derivative contracts of $10.0 million (Q2 2024 – $9.2 million) and partially offset by a foreign exchange gain of $0.7 million (Q2 2024 – loss of $4.0 million), investment and other income of $0.7 million (Q2 2024 – $0.6 million), and finance costs of $1.1 million (Q2 2024 – $0.3 million).

The Company realized a net loss for the period of $20.5 million (Q2 2024 – net loss of $14.0 million) after an income tax expense of $5.9 million (Q2 2024 – $2.7 million). The deferred tax recovery was realized as a result of recognizing previously unutilized losses during the period.

Adjusted net loss was $9.2 million compared to adjusted net loss of $1.0 million in Q2 2024, largely due to the operating loss from Terronera during the commissioning phase and higher depreciation and tax costs.

This news release should be read in conjunction with the Company's condensed consolidated interim financial statements for the period ended June 30, 2025, 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.

**<u>Conference Call</u>**

Management will host a conference call to discuss the Company's Q2 2025 financial results today at 10:00am Pacific (PST)/ 1:00pm Eastern (EST).

---

| | |
|:---|:---|
| Date: | Wednesday, August 13, 2025 |
| Time: | 10:00am Pacific (PDT) / 1:00pm Eastern (EDT) |
| Telephone: | Canada & US +1-833-752-3348 <br>International +1-647-846-2804 |
| Replay: | Canada/US Toll Free +1-855-669-9658 <br>International +1-412-317-0088 <br>Access code is 6575935 |

---

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 <u>www.edrsilver.com</u>.

**<u>Management Update</u>**

Endeavour is pleased to announce the promotion of Allison Pettit as Vice President, Investor Relations, joining the company's management team, effective August 1, 2025.

With over a decade of experience in the mining sector, Ms. Pettit has a proven track record working in investor relations, corporate communications, and stakeholder engagement. She joined Endeavour in 2024 after six years at NOVAGOLD Resources Inc., where she played a key role in enhancing corporate visibility and strengthening shareholder relationships.

Ms. Pettit will continue to lead Endeavour's investor relations and communications strategies, supporting the company's growth and strategic objectives. She holds a Bachelor of Business Administration and serves as a Board member for the BC Chapter of the Canadian Investor Relations Institute.

Endeavour warmly welcomes Ms. Pettit to its management team as the company advances its growth strategy and commitment to long-term shareholder value.

**<u>About Endeavour Silver</u>**

Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and Peru, 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.

**<u>Contact Information</u>**

Allison Pettit

Vice President, Investor Relations

Tel: (877) 685 - 9775

Email: apettit@edrsilver.com

Website: <u>www.edrsilver.com</u>

**<u>Endnotes</u>**

<sup>1</sup> **Silver equivalent (AgEq)**

AgEq is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.

<sup>2</sup> **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, sustaining and growth capital and adjusted net earnings (loss).

Please see the June 30, 2025 MD&A for explanations and a 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 June 30, 2025 MD&A available on SEDAR+ at www.sedarplus.com.

*Reconciliation of Working Capital*

---

| | | |
|:---|:---|:---|
| **Expressed in thousands of US dollars** | **As at June 30, 2025** | **As at December 31, 2024** |
| Current assets | $197877 | $157647 |
| Current liabilities | 220043 | 78866 |
| Working capital | ($22166) | $78781 |

---

*Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands US dollars** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Net earnings (loss) for the period per financial statements | ($20455) | ($14007) | ($53362) | ($15201) |
| Unrealized foreign exchange (Gain) loss | (2802) | 2196 | (2527) | 2332 |
| (Gain) loss on derivatives & copper stream valuation | 10088 | 9253 | 42019 | 9253 |
| Acquisition costs | 3602 | - | 3602 | - |
| Change in fair value of investments | (178) | 425 | (321) | 1286 |
| Change in fair value of cash settled DSUs | 582 | 1159 | 1220 | 1624 |
| Adjusted net earnings (loss) | ($9163) | ($974) | ($9369) | ($706) |
| Basic weighted average share outstanding | 283534276 | 242889679 | 272987662 | 235201630 |
| Adjusted net earnings (loss) per share | ($0.03) | ($0.00) | ($0.03) | ($0.00) |

---

*Reconciliation of Mine Operating Cash Flow Before Taxes*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands US dollars** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Mine operating earnings per financial statements | $7744 | $10196 | $20586 | $21852 |
| Share-based compensation | 136 | 74 | 170 | 153 |
| Depreciation | 15010 | 8639 | 24216 | 17516 |
| Mine operating cash flow before taxes | $22890 | $18909 | $44972 | $39521 |

---

*Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands US dollars** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| (except for per share amounts) | **2025** | **2024** | **2025** | **2024** |
| Cash from (used in) operating activities per financial statements | $21564 | $12367 | $24927 | $16950 |
| Net changes in non-cash working capital per financial statements | 7192 | 4301 | 2207 | (1350) |
| Operating cash flow before working capital changes | $14372 | $8066 | $22720 | $18300 |
| Basic weighted average shares outstanding | 283534276 | 242889679 | 272987662 | 235201630 |
| Operating cash flow before working capital changes per share | $0.05 | $0.03 | $0.08 | 0.08 |

---

*Reconciliation of EBITDA and Adjusted EBITDA*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands US dollars** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Net earnings (loss) for the period per financial statements | ($20455) | ($14007) | ($53362) | ($15201) |
| Depreciation – cost of sales | 15010 | 8639 | 24216 | 17516 |
| Depreciation – exploration, evaluation and development | 4 | 188 | 254 | 347 |
| Depreciation – general & administration | 102 | 106 | 207 | 205 |
| Finance costs | 846 | 103 | 1030 | 238 |
| Current income tax expense | 9094 | 2878 | 14373 | 8545 |
| Deferred income tax expense (recovery) | (3199) | (163) | (3413) | (396) |
| EBITDA | $1402 | ($2256) | ($16695) | $11254 |
| Share based compensation | 1681 | 1162 | 2197 | 2332 |
| Unrealized foreign exchange (gain) loss | (2802) | 2196 | (2527) | 2332 |
| (Gain) loss on derivatives & copper stream valuation | 10088 | 9253 | 42019 | 9253 |
| Change in fair value of investments | (178) | 425 | (321) | 1286 |
| Change in fair value of cash settled DSUs | 582 | 1159 | 1220 | 1624 |
| Adjusted EBITDA | $10773 | $11939 | $25893 | $28081 |
| Basic weighted average shares outstanding | 283534276 | 242889679 | 272987662 | 235201630 |
| Adjusted EBITDA per share | $0.04 | $0.05 | $0.09 | $0.12 |

---

*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**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Direct production costs per financial statements | $23058 | $11594 | $16301 | $50953 |
| Purchase of the third-party material | (9988) | - | - | (9988) |
| Smelting and refining costs included in revenue | - | 345 | 1088 | 1433 |
| Opening finished goods | (4763) | (1328) | (610) | (6701) |
| Closing finished goods | 5939 | 935 | 574 | 7448 |
| Direct operating costs | 14246 | 11546 | 17353 | 43145 |
| Purchase of the third-party material | 9988 | - | - | 9988 |
| Royalties | 6197 | 164 | - | 6361 |
| Special mining duty <sup>(1)</sup> | 1079 | 423 | 148 | 1650 |
| Direct costs | 31510 | 12133 | 17501 | 61144 |
| By-products sales | (11635) | (13962) | (13275) | (38872) |
| Opening by-products inventory fair market value | 2232 | 1410 | 544 | 4186 |
| Closing by-products inventory fair market value | (2302) | (1310) | (526) | (4138) |
| Cash costs net of by-products | 19805 | (1729) | 4244 | 22320 |
| Depreciation | 6315 | 2747 | 5157 | 14219 |
| Share-based compensation | 66 | 46 | 24 | 136 |
| Opening finished goods depreciation | (1618) | (384) | (134) | (2136) |
| Closing finished goods depreciation | 1843 | 214 | 125 | 2182 |
| Total production costs | $26411 | $894 | $9416 | $36721 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Direct production costs per financial statements | $23001 | $10702 | - | $33703 |
| Purchase of the third-party material | (5043) | - | - | (5043) |
| Smelting and refining costs included in revenue | - | 447 | - | 447 |
| Opening finished goods | (2314) | (651) | - | (2965) |
| Closing finished goods | 4038 | 557 | - | 4595 |
| Direct operating costs | 19682 | 11055 | - | 30737 |
| Purchase of the third-party material | 5043 | - | - | 5043 |
| Royalties | 5556 | 92 | - | 5648 |
| Special mining duty<sup>(1)</sup> | 129 | 637 | - | 766 |
| Direct costs | 30410 | 11784 | - | 42194 |
| By-products sales | (8622) | (14852) | - | (23474) |
| Opening by-products inventory fair market value | 871 | 851 | - | 1722 |
| Closing by-products inventory fair market value | (2187) | (751) | - | (2938) |
| Cash costs net of by-products | 20472 | (2968) | - | 17504 |
| Depreciation | 5965 | 2674 | - | 8639 |
| Share-based compensation | 60 | 14 | - | 74 |
| Opening finished goods depreciation | (771) | (219) | - | (990) |
| Closing finished goods depreciation | 1326 | 144 | - | 1470 |
| Total production costs | $27052 | ($355) | - | $26697 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 96834 | 88098 | 118896 | 303828 |
| Payable silver ounces | 994882 | 100183 | 359347 | 1454412 |
| Cash costs per silver ounce | $19.91 | ($17.26) | $11.81 | $15.35 |
| Total production costs per ounce | $26.55 | $8.92 | $26.20 | $25.25 |
| Direct operating costs per tonne | $147.11 | $131.06 | $145.95 | $142.00 |
| Direct costs per tonne | $325.40 | $137.72 | $147.20 | $201.24 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 112897 | 106092 | - | 218989 |
| Payable silver ounces | 1192165 | 111296 | - | 1303461 |
| Cash costs per silver ounce | $17.17 | ($26.67) | - | $13.43 |
| Total production costs per ounce | $22.69 | ($3.19) | - | $20.48 |
| Direct operating costs per tonne | $174.34 | $104.20 | - | $140.36 |
| Direct costs per tonne | $269.36 | $111.07 | - | $192.68 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Direct production costs per financial statements | $48502 | $21323 | $16301 | $86126 |
| Purchase of the third-party material | (15854) | - | - | (15854) |
| Smelting and refining costs included in revenue | - | 781 | 1088 | 1869 |
| Opening finished goods | (5448) | (485) | (610) | (6543) |
| Closing finished goods | 5939 | 935 | 574 | 7448 |
| Direct operating costs | 33139 | 22554 | 17353 | 73046 |
| Purchase of the third-party material | 15854 | - | - | 15854 |
| Royalties | 12263 | 341 | - | 12604 |
| Special mining duty <sup>(1)</sup> | 2063 | 854 | 148 | 3065 |
| Direct costs | 63319 | 23749 | 17501 | 104569 |
| By-products sales | (24426) | (25954) | (13275) | (63655) |
| Opening by-products inventory fair market value | 3185 | 772 | 544 | 4501 |
| Closing by-products inventory fair market value | (2302) | (1310) | (526) | (4138) |
| Cash costs net of by-products | 39776 | (2743) | 4244 | 41277 |
| Depreciation | 12884 | 5384 | 5157 | 23425 |
| Share-based compensation | 86 | 60 | 24 | 170 |
| Opening finished goods depreciation | (1188) | (92) | (134) | (1414) |
| Closing finished goods depreciation | 1843 | 214 | 125 | 2182 |
| Total production costs | $53401 | $2823 | $9416 | $65640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Direct production costs per financial statements | $49887 | $20521 | $- | $70408 |
| Purchase of the third-party material | (7435) | - | - | (7435) |
| Smelting and refining costs included in revenue | - | 940 | - | 940 |
| Opening finished goods | (7137) | (699) | - | (7836) |
| Closing finished goods | 4038 | 557 | - | 4595 |
| Direct operating costs | 39353 | 21319 | - | 60672 |
| Purchase of the third-party material | 7435 | - | - | 7435 |
| Royalties | 11888 | 168 | - | 12056 |
| Special mining duty<sup>(1)</sup> | 1650 | 697 | - | 2347 |
| Direct costs | 60326 | 22184 | - | 82510 |
| By-products sales | (19353) | (27117) | - | (46470) |
| Opening by-products inventory fair market value | 2909 | 619 | - | 3528 |
| Closing by-products inventory fair market value | (2187) | (751) | - | (2938) |
| Cash costs net of by-products | 41695 | (5065) | - | 36630 |
| Depreciation | 11780 | 5736 | - | 17516 |
| Share-based compensation | 122 | 31 | - | 153 |
| Opening finished goods depreciation | (1459) | (197) | - | (1656) |
| Closing finished goods depreciation | 1326 | 144 | - | 1470 |
| Total production costs | $53464 | $649 | $- | $54113 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 199272 | 195167 | 118896 | 513335 |
| Payable silver ounces | 2007163 | 281260 | 359347 | 2647770 |
| Cash costs per silver ounce | $19.82 | ($9.75) | $11.81 | $15.59 |
| Total production costs per ounce | $26.60 | $10.04 | $26.20 | $24.79 |
| Direct operating costs per tonne | $166.30 | $115.56 | $145.95 | $142.30 |
| Direct costs per tonne | $317.75 | $121.69 | $147.20 | $203.70 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 227901 | 212882 | - | 440783 |
| Payable silver ounces | 2523900 | 229869 | - | 2753769 |
| Cash costs per silver ounce | $16.52 | ($22.03) | - | $13.30 |
| Total production costs per ounce | $21.18 | $2.82 | - | $19.65 |
| Direct operating costs per tonne | $172.68 | $100.14 | - | $137.65 |
| Direct costs per tonne | $264.70 | $104.21 | - | $187.19 |
| (1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS. | (1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS. | (1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS. | (1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS. | (1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS. |

---

*Reconciliation of All-In Costs Per Ounce and AISC per ounce*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Cash costs net of by-products | $19805 | ($1729) | $4244 | $22320 |
| Operations share-based compensation | 66 | 46 | 24 | 136 |
| Corporate general and administrative | 1074 | 323 | 4755 | 6152 |
| Acquisition costs | - | - | (3602) | (3602) |
| Corporate share-based compensation | 756 | 274 | 323 | 1353 |
| Reclamation - amortization/accretion | 159 | 90 | 41 | 290 |
| Mine site expensed exploration | 29 | 27 | 1036 | 1092 |
| Equipment loan payments | - | - | 66 | 66 |
| Capital expenditures sustaining | 4781 | 1675 | 2332 | 8788 |
| All-In-Sustaining Costs | $26670 | $706 | $9219 | $36595 |
| Acquisition costs |  |  |  | 3602 |
| Growth exploration, evaluation and development |  |  |  | 3633 |
| Growth capital expenditures |  |  |  | 45362 |
| All-In-Costs |  |  |  | $89192 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Cash costs net of by-products | $20472 | ($2968) | - | $17504 |
| Operations share-based compensation | 60 | 14 | - | 74 |
| Corporate general and administrative | 2263 | 910 | - | 3173 |
| Corporate share-based compensation | 684 | 277 | - | 961 |
| Reclamation - amortization/accretion | 101 | 73 | - | 174 |
| Mine site expensed exploration | 341 | 335 | - | 676 |
| Equipment loan payments | 78 | 67 | - | 145 |
| Capital expenditures sustaining | 5245 | 2199 | - | 7444 |
| All-In-Sustaining Costs | $29244 | $907 | $- | $30151 |
| Growth exploration, evaluation and development |  |  |  | 3299 |
| Growth capital expenditures |  |  |  | 48367 |
| All-In-Costs |  |  |  | $81817 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** | **Three Months Ended**<br>**June 30, 2025** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 96834 | 88098 | 118896 | 303828 |
| Payable silver ounces | 994882 | 100183 | 359347 | 1454412 |
| Silver equivalent production (ounces) | 1282853 | 440678 | 805032 | 2528562 |
| All-in-Sustaining cost per ounce | $26.81 | $7.04 | $25.66 | $25.16 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** | **Three Months Ended**<br>**June 30, 2024** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 112897 | 106092 | - | 218989 |
| Payable silver ounces | 1192165 | 111296 | - | 1303461 |
| Silver equivalent production (ounces) | 1535161 | 621292 | - | 2156453 |
| All-in-Sustaining cost per ounce | $24.53 | $8.15 | - | $23.13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Cash costs net of by-products | $39776 | ($2743) | $4244 | $41277 |
| Operations share-based compensation | 86 | 60 | 24 | 170 |
| Corporate general and administrative | 3750 | 1403 | 4755 | 9908 |
| Acquisition costs | - | - | (3602) | (3602) |
| Corporate share-based compensation | 1050 | 393 | 323 | 1766 |
| Reclamation - amortization/accretion | 307 | 175 | 41 | 523 |
| Mine site expensed exploration | 299 | 201 | 1036 | 1536 |
| Equipment loan payments | - | - | 66 | 66 |
| Capital expenditures sustaining | 8227 | 3600 | $2332 | 14159 |
| All-In-Sustaining Costs | $53495 | $3089 | $9219 | $65803 |
| Acquisition costs |  |  |  | 3602 |
| Growth exploration, evaluation and development |  |  |  | 7408 |
| Growth capital expenditures |  |  |  | 81576 |
| All-In-Costs |  |  |  | $158389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Cash costs net of by-products | $41695 | ($5065) | $- | $36630 |
| Operations share-based compensation | 122 | 31 | - | 153 |
| Corporate general and administrative | 4467 | 1711 | - | 6178 |
| Corporate share-based compensation | 1374 | 527 | - | 1901 |
| Reclamation - amortization/accretion | 203 | 150 | - | 353 |
| Mine site expensed exploration | 463 | 649 | - | 1112 |
| Equipment loan payments | 206 | 287 | - | 493 |
| Capital expenditures sustaining | 9961 | 4465 | - | 14426 |
| All-In-Sustaining Costs | $58491 | $2755 | $- | $61246 |
| Growth exploration, evaluation and development |  |  |  | 6823 |
| Growth capital expenditures |  |  |  | 86272 |
| All-In-Costs |  |  |  | $154341 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2025** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 199272 | 195167 | 118896 | 513335 |
| Payable silver ounces | 2007163 | 281260 | 359347 | 2647770 |
| Silver equivalent production (ounces) | 2617300 | 979070 | 805032 | 4401401 |
| All-in-Sustaining cost per ounce | $26.65 | $10.98 | $25.66 | $24.85 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** | **Six Months Ended**<br>**June 30, 2024** |
| | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 227901 | 212882 | - | 440783 |
| Payable silver ounces | 2523900 | 229869 | - | 2753769 |
| Silver equivalent production (ounces) | 3200854 | 1226276 | - | 4427129 |
| All-in-Sustaining cost per ounce | $23.17 | $11.98 | - | $22.24 |

---

*Reconciliation of Sustaining Capital and Growth Capital*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Capital expenditures sustaining | $8788 | $7444 | $14159 | $14426 |
| Growth capital expenditures | 45362 | 48367 | 81576 | 86272 |
| Property, plant and equipment expenditures per Consolidated Statement of Cash Flows | $54150 | $55811 | $95735 | $100698 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Mine site expensed exploration | $1092 | $676 | $1536 | $1112 |
| Growth exploration, evaluation and development | 3633 | 3299 | 7408 | 6823 |
| Total exploration, evaluation and development | 4725 | 3975 | 8944 | 7935 |
| Exploration, evaluation and development depreciation | 4 | 188 | 254 | 347 |
| Exploration, evaluation and development share-based compensation | 193 | 127 | 262 | 278 |
| Exploration, evaluation and development expense | $4922 | $4290 | $9460 | $8560 |

---

*Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Gross silver sales | &nbsp;&nbsp;$48873 | &nbsp;&nbsp;$35234 | &nbsp;&nbsp;&nbsp;&nbsp;$88024 | &nbsp;&nbsp;&nbsp;&nbsp;$76456 |
| Silver ounces sold | &nbsp;&nbsp;1483311 | &nbsp;&nbsp;1217569 | &nbsp;&nbsp;&nbsp;&nbsp;2706995 | &nbsp;&nbsp;&nbsp;&nbsp;2973663 |
| Realized silver price per ounce | &nbsp;&nbsp;$32.95 | &nbsp;&nbsp;$28.94 | &nbsp;&nbsp;&nbsp;&nbsp;$32.52 | &nbsp;&nbsp;&nbsp;&nbsp;$25.71 |
| inclusive of 27,631 oz of silver from pre-production at Terronera | inclusive of 27,631 oz of silver from pre-production at Terronera | inclusive of 27,631 oz of silver from pre-production at Terronera | inclusive of 27,631 oz of silver from pre-production at Terronera | inclusive of 27,631 oz of silver from pre-production at Terronera |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Gross gold sales | &nbsp;&nbsp;$27989 | &nbsp;&nbsp;$23474 | &nbsp;&nbsp;&nbsp;&nbsp;$52772 | &nbsp;&nbsp;&nbsp;&nbsp;$46470 |
| Gold ounces sold | &nbsp;&nbsp;8431 | &nbsp;&nbsp;9887 | &nbsp;&nbsp;&nbsp;&nbsp;16969 | &nbsp;&nbsp;&nbsp;&nbsp;20767 |
| Realized gold price per ounce | &nbsp;&nbsp;$3320 | &nbsp;&nbsp;$2374 | &nbsp;&nbsp;&nbsp;&nbsp;$3110 | &nbsp;&nbsp;&nbsp;&nbsp;$2238 |
| inclusive of 725 oz of gold from pre-production at Terronera | inclusive of 725 oz of gold from pre-production at Terronera | inclusive of 725 oz of gold from pre-production at Terronera | inclusive of 725 oz of gold from pre-production at Terronera | inclusive of 725 oz of gold from pre-production at Terronera |

---

**<u>Cautionary Note Regarding Forward-Looking Statements</u>**

*This news release 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 the Company's forecasted operations, costs and expenditures, the Company's exploration programs, extensions of mineralisation and publishing of future resource estimates; and the timing and results of various related activities, including achieving commercial production at Terronera. 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 but are not limited to unexpected changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; fluctuations in the prices of silver and gold; fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar, Peruvian sol, and U.S. dollar); fluctuations in interest rates; effects of inflation; changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Peru 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 (including, but not limited to environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits; satisfaction of conditions precedent to drawdown under the Debt Facility; challenges to the Company's title to properties; May 27, 2025 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, 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.*