# EDGAR Filing Document

**Accession Number:** 0001277866
**File Stem:** 0001171843-25-007122
**Filing Date:** 2025-11
**Character Count:** 46372
**Document Hash:** 243b423bb6d9771f968ead399a79fd1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-007122.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001171843-25-007122

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251107

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**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:** 251460410

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** #1130-609 GRANVILLE STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **BUSINESS PHONE:** 604-685-9775

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PO BOX 10328
- **STREET 2:** #1130-609 GRANVILLE STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1

**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 November 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: November 7, 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 November 7, 2025](exh_991.htm) |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Endeavour Silver Announces Q3 2025 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today**

**VANCOUVER, British Columbia, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR)** announces its financial and operating results for the three and nine months ended September 30, 2025. All dollar amounts are in US dollars ($).

"Endeavour Silver delivered a strong third quarter, highlighted by a significant increase in production and robust revenue growth," commented Dan Dickson, Chief Executive Officer. "With silver equivalent production up 88% year-over-year and operating cash flow more than doubling, we continue to demonstrate the strength of our mining operations and our team's commitment to operational excellence. With the recent achievement of commercial production at Terronera in October, we are excited about the Company's future growth and the combined performance of our four operating mines in the coming quarters."

**<u>Q3 2025 Highlights</u>**

* **Increased Production Output and Capacity:** 1,766,926 ounces ("oz") silver and 7,285 oz gold for 3.0 million oz of silver equivalent ("AgEq")<sup>(</sup><sup>1)</sup>. Production was 88% higher than the same period in 2024 and excludes Terronera.

* **Higher oz Sold with Higher Realized Prices**: $94.5 million from the sale of 1,762,484 oz of silver and 7,478 oz of gold at average realized prices of $38.58 per oz silver and $3,550 per oz gold. Revenue from operations is 77% higher than in the same period in 2024.

* **Strong Mine Operating Cash Flow**: $39.7 million in operating cash flow before working capital changes<sup>(2)</sup>, 102% higher than the same period in 2024.

* **Operating Costs Impacted by Higher Realized Prices:** Cash costs<sup>(2)</sup> of $18.09 per oz payable silver and all-in sustaining costs<sup>(2)</sup> of $30.53 per oz, net of by-product credits were 59% and 18% higher, respectively, than the same period in 2024, partially driven by the impact of higher royalties, higher profit participation and higher cost of third-party mineralized material.

* **Strong Cash Position:** $57.0 million in cash as of September 30, 2025.

* **Higher Adjusted EBITDA:** Adjusted EBITDA of $28.2 million compared to $13.9 million in the same quarter in 2024 due higher metal prices, the new contribution from Kolpa and the negative impact of the Trunnion failure in Q3 2024.

* **Terronera Declares Commercial Production:** During the third quarter, the plant experienced only eight days of downtime, while consistently exceeding an average of 90% of the designed nameplate capacity of 2,000 tonnes per day, and metal recoveries of at least 90% projected, therefore commercial production was announced effective October 1, 2025. (See news release dated October 16, 2025 here).

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30** | **Three Months Ended September 30** | **Three Months Ended September 30** | **Q3 2025 Highlights** | **Nine months Ended September 30** | **Nine months Ended September 30** | **Nine months Ended September 30** |
| **2025** | **2024** | **% Change** |  | **2025** | **2024** | **% Change** |
|  |  |  | **Production** |  |  |  |
| 1766926 | 874717 | 102% | Silver ounces produced | 4456455 | 3647295 | 22% |
| 7285 | 9290 | (22%) | Gold ounces produced | 23379 | 29972 | (22%) |
| 5664 | - | - | Lead tonnes produced | 9167 | - | - |
| 3666 | - | - | Zinc tonnes produced | 5982 | - | - |
| 3037156 | 1617925 | 88% | Silver equivalent ounces produced<sup>(1)</sup> | 7438645 | 6045055 | 23% |
| 18.09 | 11.35 | 59% | Cash costs per silver ounce<sup>(2)</sup> | 16.58 | 12.83 | 29% |
| 28.95 | 18.65 | 55% | Total production costs per ounce<sup>(2)</sup> | 26.43 | 19.41 | 36% |
| 30.53 | 25.82 | 18% | All-in sustaining costs per ounce<sup>(2)</sup> | 27.19 | 23.10 | 18% |
| 400245 | 175065 | 129% | Processed tonnes | 913580 | 615848 | 48% |
| 144.88 | 138.54 | 5% | Direct operating costs per tonne<sup>(2)</sup> | 145.91 | 137.90 | 6% |
| 192.78 | 189.85 | 2% | Direct costs per tonne<sup>(2)</sup> | 198.92 | 187.95 | 6% |
|  |  |  | **Financial** |  |  |  |
| 111.4 | 53.4 | 109% | Revenue from operations ($ millions) | 260.2 | 175.4 | 48% |
| 1762484 | 1017392 | 73% | Silver ounces sold | 4441848 | 3991055 | 11% |
| 7478 | 9412 | (21%) | Gold ounces sold | 23722 | 30179 | (21%) |
| 38.58 | 29.63 | 30% | Realized silver price per ounce | 35.07 | 26.71 | 31% |
| 3550 | 2528 | 40% | Realized gold price per ounce | 3308 | 2328 | 42% |
| 31.5 | - | - | Pre-operating production revenue ($ millions) | 34.8 | - | - |
| 722130 | - | - | Pre-operating production silver equivalent ounces sold<sup>(1)</sup> | 807841 | - | - |
| (42.0) | (17.3) | (143%) | Net earnings (loss) ($ millions) | (95.3) | (32.5) | (193%) |
| (2.1) | 1.6 | (231%) | Adjusted net earnings (loss) ($ millions)<sup>(2)</sup> | (11.5) | 0.9 | (1,384%) |
| 15.6 | 12.5 | 25% | Mine operating earnings ($ millions) | 36.2 | 34.3 | 5% |
| 39.7 | 19.6 | 102% | Mine operating cash flow before taxes ($ millions)<sup>(2)</sup> | 84.6 | 59.1 | 43% |
| 13.6 | 4.5 | 205% | Operating cash flow before working capital changes<sup>(2)</sup> | 36.3 | 21.5 | 69% |
| (12.6) | (5.6) | (126%) | EBITDA ($ millions)<sup>(2)</sup> | (29.3) | 5.7 | (617%) |
| 28.2 | 13.9 | 103% | Adjusted EBITDA ($ millions)<sup>(2)</sup> | 54.1 | 42.0 | 29% |
| (56.1) | 29.4 | (291%) | Working capital ($ millions)<sup>(2)</sup> | (56.1) | 29.4 | (291%) |
|  |  |  | **Shareholders** |  |  |  |
| (0.14) | (0.07) | (100%) | Earnings (loss) per share – basic ($) | (0.34) | (0.14) | (143%) |
| (0.01) | 0.01 | (200%) | Adjusted earnings (loss) per share – basic ($)<sup>(2)</sup> | (0.04) | 0.00 | (100%) |
| 0.05 | 0.02 | 150% | Operating cash flow before working capital changes per share<sup>(2)</sup> | 0.13 | 0.09 | 44% |
| 291373472 | 246000878 | 18% | Weighted average shares outstanding | 279183612 | 238827655 | 17% |

---

<sup>(</sup><sup>1</sup><sup>)</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.

<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.

Direct operating costs per tonne in Q3 2025 increased to $144.88, slightly higher than $138.54 in Q3 2024. This increase was caused by the addition of Kolpa which incurs relatively higher direct operating costs per tonne, and higher direct operating costs per tonne at Bolañitos as a result of lower throughput.

Consolidated cash costs per silver ounce, net of by-product credits, were $18.09 in Q3 2025, a 59% increase compared to $11.35 in Q3 2024. The increase was primarily driven by a shift in the ratio of silver to gold production at Bolañitos and Guanaceví, with lower grades of gold leading to lower by-product credits and therefore higher cash costs net of by-product credits. The impact of higher realized prices is also observed as higher royalty costs, higher profit participation costs, and higher costs of purchased third-party material negatively impacted the underlying cash costs. Furthermore, the volume of third-party material purchased was 87% higher in the current period compared to the same period in 2024, which negatively impacts the underlying cash costs, but drives a higher quantity of ounces being produced.

All-In Sustaining Costs (AISC) per silver ounce in Q3 2025 were $30.53, 18% higher than $25.82 in Q3 2024. This increase was driven by a higher AISC at Bolañitos, caused by higher cash costs net of by-product credits, as well as higher corporate general and administrative costs which are allocated to the operations based on their share of silver equivalent ounces produced. The higher corporate general and administrative costs in Q3 2025 were caused by the $2.7 million revaluation of the Deferred Share Units ("DSUs") due to the higher share price that increases the liability value of cash-settled DSUs held by the Company's independent directors.

In Q3 2025, the Company's mine operating earnings were $15.6 million (Q3 2024 – $12.5 million) from revenue of $142.8 million (Q3 2024 – $53.4 million) and cost of sales of $127.2 million (Q3 2024 – $41.0 million). The improvement in mine operating earnings is due to higher operating earnings at Bolañitos and Guanaceví driven by higher realized metal prices, as well as the additional contribution of $3.9 million in operating earnings from Kolpa. These earnings are offset by Terronera's operating loss of $3.6 million during the commissioning period. The increase in cost of sales compared to the prior period was driven by an additional $35.1 million from Kolpa, and $35.1 million from Terronera.

In Q3 2025, the Company had operating earnings of $1.8 million (Q3 2024 – earnings of $3.8 million) after exploration, evaluation and development costs of $7.3 million (Q3 2024 – $4.7 million), and general and administrative expenses of $6.5 million (Q3 2024 – $4.0 million). Exploration expenses increased as work began post-acquisition at Kolpa in Q2 2025, which was not incurred in the comparative period. As noted above, the increase in general and administrative expenses is primarily due to a $2.7 million revaluation of DSUs, which was $2.1 million higher than Q3 2024.

The loss before taxes for Q3 2025 was $37.5 million (Q3 2024 – loss of $13.3 million) after a loss on derivative contracts of $39.0 million (Q3 2024 – $19.4 million), partially offset by a foreign exchange gain of $0.6 million (Q3 2024 – loss of $3.1 million), investment and other income of $0.2 million (Q3 2024 – income of $5.9 million), and finance costs of $1.0 million (Q3 2024 – $0.5 million). The outstanding derivative contracts for gold, silver, and the Mexican peso were revalued at the end of the period and the higher precious metal prices drove a larger derivative liability fair value, thereby generating a $39.0 million derivative loss for the period.

The Company realized a net loss for the period of $42.0 million (Q3 2024 – net loss of $17.3 million) after an income tax expense of $4.5 million (Q3 2024 – $4.0 million). The deferred tax recovery was $6.2 million (Q3 2024 – $0.5 million), derived from changes in temporary timing differences between accounting and tax recognition.

Adjusted net loss was $2.1 million compared to adjusted net earnings of $1.6 million in Q3 2024, largely due to the largely due to the $5.7 million comparative difference in investment and other category partially offset by the higher mine profitability.

This news release should be read in conjunction with the Company's condensed consolidated interim financial statements for the period ended September 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 Q3 2025 financial results today at 10:00am Pacific (PST)/ 1:00pm Eastern (EST).

---

| | |
|:---|:---|
| Date: | Friday, November 7, 2025 |
| Time: | 10:00am Pacific (PST) / 1:00pm Eastern (EST) |
| 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 8825809 |

---

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>.

**About Endeavour Silver –** Endeavour is a mid-tier silver producer with four operating mines in Mexico and Peru and a robust pipeline of exploration projects across Mexico, Chile, and the United States. With a proven track record of discovery, development, and responsible mining, Endeavour is driving organic growth and creating lasting value on its path to becoming a leading senior silver producer.

**Contact Information**

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 September 30, 2025 MD&A for explanations and 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 September 30, 2025 MD&A available on SEDAR+ at www.sedarplus.com.

*Reconciliation of Working Capital*

---

| | | |
|:---|:---|:---|
| **Expressed in thousands of US dollars** | **As at September 30, 2025** | **As at December 31, 2024** |
| Current assets | $207931 | $157647 |
| Current liabilities | 263989 | 78866 |
| Working capital surplus (deficit) | ($56058) | $78781 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands US dollars** | **Three Months Ended**<br>**September 30** | **Three Months Ended**<br>**September 30** | **Nine Months Ended**<br>**September 30** | **Nine Months Ended**<br>**September 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Net earnings (loss) for the period per financial statements | ($41956) | ($17300) | ($95318) | ($32501) |
| Unrealized foreign exchange (Gain) loss | (1325) | 1445 | (3852) | 3777 |
| Gain (loss) on derivatives, copper stream and contingent liabilities revaluations | 38939 | 17109 | 80958 | 26362 |
| Acquisition costs | - | - | 3602 | - |
| Change in fair value of investments | (501) | (109) | (822) | 1177 |
| Change in fair value of cash settled DSUs | 2742 | 454 | 3962 | 2078 |
| Adjusted net earnings (loss) | ($2101) | $1599 | ($11470) | $893 |
| Basic weighted average share outstanding | 291373472 | 246000878 | 279183612 | 238827655 |
| Adjusted net earnings (loss) per share | ($0.01) | $0.01 | ($0.04) | $0.00 |

---

*Reconciliation of Mine Operating Cash Flow Before Taxes*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands US dollars** | **Three Months Ended September 30** | **Three Months Ended September 30** | **Nine months ended September 30** | **Nine months ended September 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Mine operating earnings per financial statements | $15609 | $12483 | $36195 | $34335 |
| Share-based compensation | 132 | 73 | 302 | 226 |
| Depreciation | 23915 | 7032 | 48131 | 24548 |
| Mine operating cash flow before taxes | $39656 | $19588 | $84628 | $59109 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands US dollars** | **Three Months Ended September 30** | **Three Months Ended September 30** | **Nine Months Ended**<br>**September 30** | **Nine Months Ended**<br>**September 30** |
| (except for per share amounts) | **2025** | **2024** | **2025** | **2024** |
| Cash from (used in) operating activities per financial statements | $27052 | $8467 | $51978 | $23963 |
| Net changes in non-cash working capital per financial statements | 13443 | 4012 | 15649 | 2480 |
| Operating cash flow before working capital changes | $13609 | $4455 | $36329 | $21483 |
| Basic weighted average shares outstanding | 291373472 | 246000878 | 279183612 | 238827655 |
| Operating cash flow before working capital changes per share | $0.05 | $0.02 | $0.13 | $0.09 |

---

*Reconciliation of EBITDA and Adjusted EBITDA*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expressed in thousands US dollars** | **Three Months Ended**<br>**September 30** | **Three Months Ended**<br>**September 30** | **Three Months Ended**<br>**September 30** | **Nine Months Ended**<br>**September 30** | **Nine Months Ended**<br>**September 30** |
|  |  | **2025** | **2024** | **2025** | **2024** |
| Net earnings (loss) for the period per financial statements | Net earnings (loss) for the period per financial statements | ($41956) | ($17300) | ($95318) | ($32501) |
| Depreciation – cost of sales | Depreciation – cost of sales | 23915 | 7032 | 48131 | 24548 |
| Depreciation – exploration, evaluation and development | Depreciation – exploration, evaluation and development | 133 | 221 | 387 | 568 |
| Depreciation – general & administration | Depreciation – general & administration | 98 | 99 | 305 | 304 |
| Finance costs | Finance costs | 684 | 357 | 1714 | 595 |
| Current income tax expense | Current income tax expense | 10663 | 4523 | 25036 | 13068 |
| Deferred income tax expense (recovery) | Deferred income tax expense (recovery) | (6166) | (512) | (9579) | (908) |
| EBITDA | EBITDA | ($12629) | ($5580) | ($29324) | $5674 |
| Share based compensation | Share based compensation | 942 | 564 | 3139 | 2896 |
| Unrealized foreign exchange (gain) loss | Unrealized foreign exchange (gain) loss | (1325) | 1445 | (3852) | 3777 |
| Gain (loss) on derivatives, copper stream and contingent liabilities revaluations | Gain (loss) on derivatives, copper stream and contingent liabilities revaluations | 38939 | 17109 | 80958 | 26362 |
| Change in fair value of investments | Change in fair value of investments | (501) | (109) | (822) | 1177 |
| Change in fair value of cash settled DSUs | Change in fair value of cash settled DSUs | 2742 | 454 | 3962 | 2078 |
| Adjusted EBITDA | Adjusted EBITDA | $28168 | $13883 | $54061 | $41964 |
| Basic weighted average shares outstanding | Basic weighted average shares outstanding | 291373472 | 246000878 | 279183612 | 238827655 |
| Adjusted EBITDA per share | Adjusted EBITDA per share | $0.10 | $0.06 | $0.19 | $0.18 |

---

*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>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** |
| **Expressed in thousands of US dollars** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Direct production costs per financial statements | $26250 | $11681 | $26816 | $64747 |
| Purchase of the third-party material | (7346) | - | (984) | (8330) |
| Smelting and refining costs included in revenue | - | 431 | 1924 | 2355 |
| Opening finished goods | (5939) | (935) | (574) | (7448) |
| Closing finished goods | 5523 | 541 | 600 | 6664 |
| Direct operating costs | 18488 | 11718 | 27782 | 57988 |
| Purchase of the third-party material | 7346 | - | 984 | 8330 |
| Royalties | 7562 | 212 | 630 | 8404 |
| Special mining duty<sup>(1)</sup> | 1356 | 521 | 559 | 2436 |
| Direct costs | 34752 | 12451 | 29955 | 77158 |
| By-products sales | (11302) | (14667) | (20618) | (46587) |
| Opening by-products inventory fair market value | 2302 | 1310 | 526 | 4138 |
| Closing by-products inventory fair market value | (2288) | (666) | (548) | (3502) |
| Cash costs net of by-products | 23464 | (1572) | 9315 | 31207 |
| Depreciation | 8264 | 2948 | 7612 | 18824 |
| Share-based compensation | 48 | 35 | 49 | 132 |
| Opening finished goods depreciation | (1843) | (214) | (125) | (2182) |
| Closing finished goods depreciation | 1707 | 132 | 131 | 1970 |
| Total production costs | $31640 | $1329 | $16982 | $49951 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** |
| **Expressed in thousands of US dollars** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Direct production costs per financial statements | $18968 | $9737 | $- | $28705 |
| Purchase of the third-party material | (2796) | - | - | (2796) |
| Smelting and refining costs included in revenue | - | 496 | - | 496 |
| Opening finished goods | (4038) | (557) | - | (4595) |
| Closing finished goods | 1725 | 718 | - | 2443 |
| Direct operating costs | 13859 | 10394 | - | 24253 |
| Purchase of the third-party material | 2796 | - | - | 2796 |
| Royalties | 5060 | 91 | - | 5151 |
| Special mining duty<sup>(1)</sup> | 463 | 573 | - | 1036 |
| Direct costs | 22178 | 11058 | - | 33236 |
| By-products sales | (8289) | (15505) | - | (23794) |
| Opening by-products inventory fair market value | 2187 | 751 | - | 2938 |
| Closing by-products inventory fair market value | (1059) | (1478) | - | (2537) |
| Cash costs net of by-products | 15017 | (5174) | - | 9843 |
| Depreciation | 4656 | 2376 | - | 7032 |
| Share-based compensation | 59 | 14 | - | 73 |
| Opening finished goods depreciation | (1326) | (144) | - | (1470) |
| Closing finished goods depreciation | 515 | 184 | - | 699 |
| Total production costs | $18921 | ($2744) | $- | $16177 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** |
| **Expressed in thousands of US dollars** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 99340 | 105153 | 195752 | 400245 |
| Payable silver ounces | 1021248 | 137052 | 567017 | 1725317 |
| Cash costs per silver ounce | $22.98 | ($11.47) | $16.43 | $18.09 |
| Total production costs per ounce | $30.98 | $9.70 | $29.95 | $28.95 |
| Direct operating costs per tonne | $186.11 | $111.44 | $141.92 | $144.88 |
| Direct costs per tonne | $349.83 | $118.41 | $153.03 | $192.78 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 67094 | 107971 | - | 175065 |
| Payable silver ounces | 766599 | 100694 | - | 867293 |
| Cash costs per silver ounce | $19.59 | 51.38) | - | $11.35 |
| Total production costs per ounce | $24.68 | 27.25) | - | $18.65 |
| Direct operating costs per tonne | $206.56 | $96.27 | - | $138.54 |
| Direct costs per tonne | $330.55 | $102.42 | - | $189.85 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2025** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Direct production costs per financial statements | $74752 | $33004 | $43117 | $150873 |
| Purchase of the third-party material | (20313) | - | (1606) | (21919) |
| Smelting and refining costs included in revenue | - | 1212 | 3012 | 4224 |
| Opening finished goods | (5448) | (485) | (610) | (6543) |
| Closing finished goods | 5523 | 541 | 600 | 6664 |
| Direct operating costs | 54514 | 34272 | 44513 | 133299 |
| Purchase of the third-party material | 20313 | - | 1606 | 21919 |
| Royalties | 19825 | 553 | 630 | 21008 |
| Special mining duty <sup>(1)</sup> | 3419 | 1375 | 707 | 5501 |
| Direct costs | 98071 | 36200 | 47456 | 181727 |
| By-products sales | (35728) | (40621) | (33893) | (110242) |
| Opening by-products inventory fair market value | 3185 | 772 | 544 | 4501 |
| Closing by-products inventory fair market value | (2288) | (666) | (548) | (3502) |
| Cash costs net of by-products | 63240 | (4315) | 13559 | 72484 |
| Depreciation | 21148 | 8332 | 12769 | 42249 |
| Share-based compensation | 134 | 95 | 73 | 302 |
| Opening finished goods depreciation | (1188) | (92) | (134) | (1414) |
| Closing finished goods depreciation | 1707 | 132 | 131 | 1970 |
| Total production costs | $85041 | $4152 | $26398 | $115591 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Nine Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2024** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Direct production costs per financial statements | $68855 | $30258 | $- | $99113 |
| Purchase of the third-party material | (10231) | - |  | (10231) |
| Smelting and refining costs included in revenue | - | 1436 | - | 1436 |
| Opening finished goods | (7137) | (699) | - | (7836) |
| Closing finished goods | 1725 | 718 | - | 2443 |
| Direct operating costs | 53212 | 31713 | - | 84925 |
| Purchase of the third-party material | 10231 | - | - | 10231 |
| Royalties | 16948 | 259 | - | 17207 |
| Special mining duty <sup>(1)</sup> | 2113 | 1270 | - | 3383 |
| Direct costs | 82504 | 33242 | - | 115746 |
| By-products sales | (27642) | (42622) | - | (70264) |
| Opening by-products inventory fair market value | 2909 | 619 | - | 3528 |
| Closing by-products inventory fair market value | (1059) | (1478) | - | (2537) |
| Cash costs net of by-products | 56712 | (10239) | - | 46473 |
| Depreciation | 16436 | 8112 | - | 24548 |
| Share-based compensation | 181 | 45 | - | 226 |
| Opening finished goods depreciation | (1459) | (197) | - | (1656) |
| Closing finished goods depreciation | 515 | 184 | - | 699 |
| Total production costs | $72385 | 2095) | $- | $70290 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2025** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 298612 | 300320 | 314648 | 913580 |
| Payable silver ounces | 3028411 | 418312 | 926364 | 4373087 |
| Cash costs per silver ounce | $20.88 | 10.32) | $14.64 | $16.58 |
| Total production costs per ounce | $28.08 | $9.93 | $28.50 | $26.43 |
| Direct operating costs per tonne | $182.56 | $114.12 | $141.47 | $145.91 |
| Direct costs per tonne | $328.42 | $120.54 | $150.82 | $198.92 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars** | **Nine Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2024** |
| **Expressed in thousands of US dollars** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 294995 | 320853 | - | 615848 |
| Payable silver ounces | 3290499 | 330563 | - | 3621062 |
| Cash costs per silver ounce | $17.24 | 30.97) | - | $12.83 |
| Total production costs per ounce | $22.00 | 6.34) | - | $19.41 |
| Direct operating costs per tonne | $180.38 | $98.84 | - | $137.90 |
| Direct costs per tonne | $279.68 | $103.61 | - | $187.95 |

---

(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>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Cash costs net of by-products | $23464 | 1572) | $9315 | $31207 |
| Operations share-based compensation | 48 | 35 | 49 | 132 |
| Corporate general and administrative | 2584 | 954 | 2245 | 5784 |
| Acquisition costs | - | - | - | - |
| Corporate share-based compensation | 218 | 79 | 358 | 655 |
| Reclamation - amortization/accretion | 165 | 93 | 55 | 313 |
| Mine site expensed exploration | 286 | 269 | 1540 | 2095 |
| Equipment loan payments | - | - | 104 | 104 |
| Capital expenditures sustaining | 4989 | 3873 | 3521 | 12383 |
| All-In-Sustaining Costs | $31754 | $3731 | $17187 | $52673 |
| Acquisition costs |  |  |  | - |
| Growth exploration, evaluation and development |  |  |  | 4876 |
| Growth capital expenditures |  |  |  | 22266 |
| All-In-Costs |  |  |  | $79815 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Bolañitos** | **Kolpa** | **Total** |
| Cash costs net of by-products | $15017 | ($| 5174) | $- | $9843 |
| Operations share-based compensation | 59 |  | 14 | - | 73 |
| Corporate general and administrative | 2034 |  | 1154 | - | 3188 |
| Corporate share-based compensation | 428 |  | 267 | - | 695 |
| Reclamation - amortization/accretion | 85 |  | 68 | - | 153 |
| Mine site expensed exploration | 313 |  | 321 | - | 634 |
| Equipment loan payments | - |  | 19 | - | 19 |
| Capital expenditures sustaining | 5696 |  | 2092 | - | 7788 |
| All-In-Sustaining Costs | $23632 | ($| 1239) | $- | $22393 |
| Growth exploration, evaluation and development |  |  |  |  | 4056 |
| Growth capital expenditures |  |  |  |  | 41008 |
| All-In-Costs |  |  |  |  | $67457 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2025** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 99340 | 105153 | 195752 | 400245 |
| Payable silver ounces | 1021248 | 137052 | 567017 | 1725317 |
| Silver equivalent production (ounces) | 1279860 | 471158 | 1286139 | 3037156 |
| All-in-Sustaining cost per ounce | $31.09 | $27.22 | $30.31 | $30.53 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** | **Three Months Ended**<br>**September 30, 2024** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 67094 |  | 107971 | - | 175065 |
| Payable silver ounces | 766599 |  | 100694 | - | 867293 |
| Silver equivalent production (ounces) | 995146 |  | 622779 | - | 1617925 |
|  |  |  |  | - |  |
| All-in-Sustaining cost per ounce | $30.83 | ($| 12.31) | - | $25.82 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Nine months ended**<br>**September 30, 2025** | **Nine months ended**<br>**September 30, 2025** | **Nine months ended**<br>**September 30, 2025** | **Nine months ended**<br>**September 30, 2025** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Cash costs net of by-products | $63240 | 4315) | $13559 | $72484 |
| Operations share-based compensation | 134 | 95 | 73 | 302 |
| Corporate general and administrative | 6334 | 2357 | 7000 | 15692 |
| Acquisition costs | - | - | (3602) | (3602) |
| Corporate share-based compensation | 1268 | 472 | 681 | 2421 |
| Reclamation - amortization/accretion | 472 | 268 | 96 | 836 |
| Mine site expensed exploration | 855 | 645 | 2576 | 4076 |
| Equipment loan payments | - | - | 170 | 170 |
| Capital expenditures sustaining | 13216 | 7473 | $5853 | 26542 |
| All-In-Sustaining Costs | $85519 | $6995 | $26406 | $118921 |
| Acquisition costs |  |  |  | 3602 |
| Growth exploration, evaluation and development |  |  |  | 11839 |
| Growth capital expenditures |  |  |  | 103842 |
| All-In-Costs |  |  |  | $238204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Nine months ended**<br>**September 30, 2024** | **Nine months ended**<br>**September 30, 2024** | **Nine months ended**<br>**September 30, 2024** | **Nine months ended**<br>**September 30, 2024** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Cash costs net of by-products | $56712 | 10239) | $- | $46473 |
| Operations share-based compensation | 181 | 45 | - | 226 |
| Corporate general and administrative | 6501 | 2865 | - | 9366 |
| Corporate share-based compensation | 1802 | 794 | - | 2596 |
| Reclamation - amortization/accretion | 288 | 218 | - | 506 |
| Mine site expensed exploration | 776 | 970 | - | 1746 |
| Equipment loan payments | 206 | 306 | - | 512 |
| Capital expenditures sustaining | 15657 | 6557 | - | 22214 |
| All-In-Sustaining Costs | $82123 | $1516 | $- | $83639 |
| Growth exploration, evaluation and development |  |  |  | 10879 |
| Growth capital expenditures |  |  |  | 127280 |
| All-In-Costs |  |  |  | $221798 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Nine months ended**<br>**September 30, 2025** | **Nine months ended**<br>**September 30, 2025** | **Nine months ended**<br>**September 30, 2025** | **Nine months ended**<br>**September 30, 2025** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 298612 | 300320 | 314648 | 913580 |
| Payable silver ounces | 3028411 | 418312 | 926364 | 4373087 |
| Silver equivalent production (ounces) | 3897142 | 1450287 | 2091217 | 7438645 |
| All-in-Sustaining cost per ounce | $28.24 | $16.72 | $28.51 | $27.19 |
| **Expressed in thousands of US dollars**  | **Nine months ended**<br>**September 30, 2024** | **Nine months ended**<br>**September 30, 2024** | **Nine months ended**<br>**September 30, 2024** | **Nine months ended**<br>**September 30, 2024** |
| **Expressed in thousands of US dollars**  | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| Throughput tonnes | 294995 | 320853 | - | 615848 |
| Payable silver ounces | 3290499 | 330563 | - | 3621062 |
| Silver equivalent production (ounces) | 4196000 | 1849055 | - | 6045055 |
| All-in-Sustaining cost per ounce | $24.96 | $4.59 | - | $23.10 |

---

 *Reconciliation of Sustaining Capital and Growth Capital*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Three Months Ended** <br>**September 30** | **Three Months Ended** <br>**September 30** | **Nine months ended**<br> **September 30** | **Nine months ended**<br> **September 30** |
| **Expressed in thousands of US dollars**  | **2025** | **2024** | **2025** | **2024** |
| Capital expenditures sustaining | $12383 | $7788 | $26542 | $22214 |
| Growth capital expenditures | 22266 | 41008 | 103842 | 127280 |
| Property, plant and equipment expenditures per Consolidated Statement of Cash Flows | $34649 | $48796 | $130384 | $149494 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Three Months Ended September 30** | **Three Months Ended September 30** | **Nine months ended September 30** | **Nine months ended September 30** |
| **Expressed in thousands of US dollars**  | **2025** | **2024** | **2025** | **2024** |
| Mine site expensed exploration | $2095 | $634 | $4076 | $1746 |
| Growth exploration, evaluation and development | 4876 | 4056 | 11839 | 10879 |
| Total exploration, evaluation and development | 6971 | 4690 | 15915 | 12625 |
| Exploration, evaluation and development depreciation | 133 | 221 | 387 | 568 |
| Exploration, evaluation and development share-based compensation | 154 | (204) | 416 | 74 |
| Exploration, evaluation and development expense | $7258 | $4707 | $16718 | $13267 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Three Months Ended September 30** | **Three Months Ended September 30** | **Nine months ended September 30** | **Nine months ended September 30** |
| **Expressed in thousands of US dollars**  | **2025** | **2024** | **2025** | **2024** |
| Gross silver sales | $76194 | $30145 | $164218 | $106601 |
| Silver ounces sold | 1975175 | 1017392 | 4682170 | 3991055 |
| Realized silver price per ounce | $38.58 | $29.63 | $35.07 | $26.71 |

---

<sup>1)</sup> inclusive of 212,691 oz of silver from pre-operating production at Terronera during three months and 240,321 oz during the nine months ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in thousands of US dollars**  | **Three Months Ended September 30** | **Three Months Ended September 30** | **Nine months ended September 30** | **Nine months ended September 30** |
| **Expressed in thousands of US dollars**  | **2025** | **2024** | **2025** | **2024** |
| Gross gold sales | $49158 | $23794 | $101930 | $70264 |
| Gold ounces sold | 13847 | 9412 | 30816 | 30179 |
| Realized gold price per ounce | $3550 | $2528 | $3308 | $2328 |

---

<sup>1)</sup> inclusive of 6,368 oz of gold from pre-operating production at Terronera during three months and 7,094 oz during the nine months ended September 30, 2025

**<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 timing and results of various activities. 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; 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 and the Prospectus dated July 10, 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.*