# EDGAR Filing Document

**Accession Number:** 0001277866
**File Stem:** 0001062993-26-001188
**Filing Date:** 2026-2
**Character Count:** 396554
**Document Hash:** 32378d5978306081d58d6bcc539d7bf7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-001188.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001062993-26-001188

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26692823

**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

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**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION**<br>Washington, D.C. 20549

**FORM 6-K**

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

For the month of <u>**February 2026**</u>

Commission File Number: <u>**001-33153**</u>

**<u>ENDEAVOUR SILVER CORP.</u>**<br>(Translation of registrant's name into English)

**#1130-609 Granville Street <br><u>Vancouver, British Columbia, Canada V7Y 1G5</u>** <br>(Address of principal executive offices)

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

[ ] Form 20-F [ x ] Form 40-F

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**Incorporated by Reference**

Exhibits 99.1 and 99.2 to this Form 6-K of Endeavour Silver Corp. (the "Company") are hereby incorporated by reference as exhibits to the Registration Statement on Form F-10 (File No. 333-287602) of the Company, as amended or supplemented.

**<u>SUBMITTED HEREWITH</u>**

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](exhibit99-1.htm) | [Consolidated Statements for the Years Ended December 31, 2025 and 2024](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Management's Discussion & Analysis for the Three Months and Year Ended December 31, 2025 and 2024](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [Form 52-109F2 Certification of Interim Filings Full Certificate - CEO](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [Form 52-109F2 Certification of Interim Filings Full Certificate - CFO](exhibit99-4.htm) |
| [99.5](exhibit99-5.htm) | [Consent of Independent Registered Public Accounting Firm](exhibit99-5.htm) |

---

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**<u>SIGNATURES</u>**

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.

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| | | |
|:---|:---|:---|
|  | **Endeavour Silver Corp.** | **Endeavour Silver Corp.** |
|  | (Registrant) | (Registrant) |
| Date: February 27, 2026 | By: | */s/ Daniel Dickson* |
|  |  | Daniel Dickson |
|  | Title: | CEO |

---

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## Exhibit 99.1

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![](exhibit99-1xu001.jpg)

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<u>**MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING**</u>

The accompanying consolidated financial statements of Endeavour Silver Corp. ("the Company") have been prepared by management in accordance with International Financial Reporting Standards ("IFRS"), and within the framework of the material accounting policies disclosed in the notes to these consolidated financial statements.

Management, under the supervision and participation of the Chief Executive Officer and the Chief Financial Officer, have a process in place to evaluate disclosure controls and procedures and internal control over financial reporting as required by Canadian and United States securities regulations. We, as CEO and CFO, will certify our annual filings with Canadian Securities Administrators and the US Securities and Exchange Commission, as required in Canada by Multilateral Instrument 52-109 and in the United States as required by the Securities Exchange Act of 1934, respectively.

The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the consolidated financial statements. The Board carries out its responsibility principally through its Audit Committee, which is independent from management.

The Audit Committee of the Board of Directors meets with management to review the consolidated financial statements and related financial reporting matters prior to submitting the consolidated financial statements to the Board of Directors for approval. The Audit Committee reviews the consolidated financial statements and management discussion and analysis; considers the report of the external auditor; assesses the adequacy of internal controls, including management's assessment; examines the fees and expenses for audit services; and recommends to the Board the independent auditors for appointment by the shareholders. The independent auditors have full and free access to the Audit Committee and meet with it to discuss the audit work, financial reporting matters and our internal control over financial reporting. The Audit Committee is appointed by the Board of Directors and all of its members are independent directors.

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| | |
|:---|:---|
| February 27, 2026 |  |
| */s/ Daniel Dickson* | */s/ Elizabeth Senez* |
| Chief Executive Officer | Chief Financial Officer |

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 2** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Endeavour Silver Corp.

***Opinion on the Consolidated Financial Statements***

We have audited the accompanying consolidated statements of financial position of Endeavour Silver Corp. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive earnings (loss), changes in shareholders' equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and its financial performance and its cash flows for each of the years then ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 27, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 3** |

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***Critical Audit Matter***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 

*Fair value measurement of mineral properties, plant and equipment acquired in the acquisition of Minera Kolpa. ("Kolpa Acquisition")*

As discussed in Note 4 to the consolidated financial statements, on May 1, 2025, the Company acquired 100% of the issued and outstanding shares of Minera Kolpa. The Kolpa Acquisition was accounted for as a business combination. The total purchase price of $134.3 million was allocated to the identifiable assets acquired and liabilities assumed based on their acquisition-date fair values. The Company recognized the acquisition-date fair value of mineral properties, plant and equipment of $192.1 million. The fair value of mineral properties was estimated using a discounted cash flow model. Significant inputs used in determining the fair value of mineral properties include estimates of the appropriate discount rate, future silver, lead, zinc and copper prices ("future metal prices"), expected future production, and anticipated operating costs.

We identified the evaluation of the fair value measurement of the mineral properties acquired in the Kolpa Acquisition as a critical audit matter. A high degree of auditor judgment was required to evaluate the inputs used to estimate the acquisition-date fair value of the mineral properties. Significant assumptions used in the determination of the fair value of the mineral properties included estimates of the appropriate discount rate, future metal prices, expected future production and operating costs. Changes in any of these assumptions could have had a significant effect on the determination of the fair value measurement of the mineral properties acquired.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's process to determine the fair value measurement of the mineral properties acquired in the Kolpa Acquisition. This included controls over the Company's development of the significant assumptions used to estimate the fair value of the acquired mineral properties. We evaluated the reasonableness of the operating costs by comparing them to historical information. We evaluated the competence, experience, and objectivity of qualified persons who provided the estimate of future production. We involved valuation professionals with specialized skills and knowledge, who assisted in (1) assessing the future metal prices by comparing to third party estimates; and (2) evaluating the discount rate by comparing to an estimate independently developed using publicly available third-party sources.

**/s/ KPMG LLP**

Chartered Professional Accountants

We have served as the Company's auditor since 1994.

Vancouver, Canada

February 27, 2026

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 4** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Endeavour Silver Corp.

***Opinion on Internal Control Over Financial Reporting***

We have audited Endeavour Silver Corp.'s (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2025 and 2024, the related consolidated statements of comprehensive earnings (loss), changes in shareholders' equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements), and our report dated February 27, 2026 expressed an unqualified opinion on those consolidated financial statements.

The Company acquired Compañia Minera Kolpa S.A during 2025, and management excluded from its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025, Compañia Minera Kolpa S.A's internal control over financial reporting associated with 19% of total assets, 28% of net assets, 24% of total revenues, and (12%) of net income (loss) included in the consolidated financial statements of the Company as of and for the year ended December 31, 2025. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Compañia Minera Kolpa S.A.

***Basis for Opinion***

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Controls over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 5** |

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***Definition and Limitations of Internal Control Over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**/S/ KPMG LLP**

Chartered Professional Accountants

Vancouver, Canada

February 27, 2026

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 6** |

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**ENDEAVOUR SILVER CORP.**

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(expressed in millions of US dollars)

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| | | | |
|:---|:---|:---|:---|
|  |  | **December 31,** | December 31, |
|  | Notes | **2025** | 2024 |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $**215.4** | $106.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | **1.0** | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and other receivables | 5 | **26.0** | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;IVA receivables | 6 | **63.8** | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 7 | **62.3** | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 22 | **1.1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other current assets |  | **6.0** | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 24 | **47.6** |  |
| Total current assets |  | **423.2** | 157.6 |
| Non-current income tax receivable | 20 | **5.4** | 3.6 |
| Non-current IVA receivable | 6 | **3.0** | 31.3 |
| Non-current derivative assets | 22 | **8.0** |  |
| Other non-current assets | 8 | **10.2** | 20.5 |
| Mineral properties, plant and equipment | 8 | **785.9** | 506.2 |
| **Total assets** |  | $**1235.7** | $719.2 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities and other current liabilities |  | $**120.4** | $54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable |  | **24.3** | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable | 11 | **8.8** | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper stream liability | 22 | **7.7** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 22 | **94.1** | 10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale | 24 | **21.5** |  |
| Total current liabilities |  | **276.8** | 78.9 |
| Non-current loans payable | 11 | **3.9** | 115.0 |
| Provisions for reclamation and rehabilitation | 12 | **22.3** | 11.6 |
| Deferred income tax liability | 20 | **38.2** | 10.3 |
| Non-current copper stream liability | 22 | **37.0** |  |
| Non-current derivative liabilities | 22 | **36.2** | 16.6 |
| Convertible senior notes | 10 | **231.2** |  |
| Contingent payment | 4, 22 | **8.8** |  |
| Other non-current liabilities |  | **2.2** | 2.4 |
| **Total liabilities** |  | **656.6** | 234.8 |
| **Shareholders' equity** |  |  |  |
| Common shares | 13 | **981.2** | 851.0 |
| Contributed surplus | 13 | **89.2** | 5.6 |
| Retained deficit |  | **(491.3)** | (372.2) |
| **Total shareholders' equity** |  | **579.1** | 484.4 |
| **Total liabilities and shareholders' equity** |  | $**1235.7** | $719.2 |

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The accompanying notes are an integral part of these consolidated financial statements.

Approved on behalf of the Board:

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| | |
|:---|:---|
| /s/ *Margaret Beck*  | /s/ *Daniel Dickson* |
| Director | Director |

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 7** |

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**ENDEAVOUR SILVER CORP.**

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(expressed in millions of US dollars, except for shares and per share amounts)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Years ended** | **Years ended** |
|  |  | **December 31,** | December 31, |
|  | Notes | **2025** | 2024 |
| Revenue | &nbsp;&nbsp;14 | $**467.5** | $217.6 |
| Cost of sales: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct production costs |  | **280.3** | 124.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalties | &nbsp;&nbsp;8 | **30.9** | 20.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | &nbsp;&nbsp;13 | **0.5** | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | **73.0** | 29.9 |
|  |  | **384.7** | 175.6 |
| Mine operating earnings |  | **82.8** | 42.0 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration, evaluation and development | &nbsp;&nbsp;15 | **23.4** | 19.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | &nbsp;&nbsp;16 | **23.3** | 14.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties impairment | &nbsp;&nbsp;8 | **0.4** | 0.2 |
|  |  | **47.1** | 33.7 |
| Operating earnings |  | **35.7** | 8.3 |
| Finance costs | &nbsp;&nbsp;17 | **14.5** | 1.5 |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) |  | **0.3** | (5.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on derivative liabilities | &nbsp;&nbsp;22 | **(126.2)** | (30.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and other |  | **(0.2**) | 7.2 |
|  |  | **(126.1)** | (28.8) |
| Loss before income taxes |  | **(104.9)** | (22.0) |
| Income tax expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax expense | &nbsp;&nbsp;20 | **36.6** | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (recovery) | &nbsp;&nbsp;20 | **(22.4)** | (3.4) |
|  |  | **14.2** | 9.5 |
| Net loss and total comprehensive loss |  | $**(119.1)** | $(31.5) |
| Basic loss per share |  | $**(0.42)** | $(0.13) |
| Diluted loss per share | &nbsp;&nbsp;13 (g) | $**(0.42)** | $(0.13) |
| Basic weighted average number of shares outstanding ('000) | &nbsp;&nbsp;13 (g) | **283078** | 242181 |
| Diluted weighted average number of shares outstanding ('000) | &nbsp;&nbsp;13 (g) | **283078** | 242181 |

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The accompanying notes are an integral part of these consolidated financial statements.

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 8** |

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**ENDEAVOUR SILVER CORP.**

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(expressed in millions of US dollars, except for shares and per share amounts)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Notes | Number of<br>shares<br>(in thousands) | Share<br>Capital | Contributed<br>Surplus | Retained <br>Deficit | Total<br>Shareholders'<br>Equity |
| Balance at December 31, 2023 |  | 217246 | $722.7 | $4.6 | $(340.9) | $386.3 |
| Public equity offerings, net of issuance costs | 13 (b) | 43366 | 122.4 |  |  | 122.4 |
| Exercise of options | 13 (c) | 1712 | 5.9 | (2.0) |  | 4.0 |
| Canceled options and performance share units | 13 (c)(d) |  |  | (0.2) | 0.2 |  |
| Share-based compensation | 13 (c)(d) |  |  | 3.2 |  | 3.2 |
| Loss for the year |  |  |  |  | (31.5) | (31.5) |
| Balance at December 31, 2024 |  | 262324 | $851.0 | $5.6 | $(372.2) | $484.4 |
| Public equity offerings, net of issuance costs | 13 (b) | 16724 | 70.5 |  |  | 70.5 |
| Exercise of options | 13 (c) | 2184 | 11.0 | (3.8) |  | 7.2 |
| Redemption of deferred share units | 13 (d) | 103 | 0.3 | (0.3) |  |  |
| Issued as part of business acquisition | 4 | 14075 | 48.4 |  |  | 48.4 |
| Conversion feature of the convertible senior notes | 10 |  |  | 111.1 |  | 111.1 |
| Deferred tax impact of convertible senior notes conversion feature recognized in equity | 20 |  |  | (27.4) |  | (27.4) |
| Share-based compensation | 13 (c)(d) |  |  | 3.9 |  | 3.9 |
| Loss for the year |  |  |  |  | (119.1) | (119.1) |
| **Balance at December 31, 2025** |  | **295410** | $**981.2** | $**89.2** | $**(491.3)** | $**579.1** |

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The accompanying notes are an integral part of these consolidated financial statements.

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 9** |

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**ENDEAVOUR SILVER CORP.**

CONSOLIDATED STATEMENTS OF CASH FLOWS

(expressed in millions of US dollars)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Years ended** | **Years ended** |
|  |  | **December 31,** | December 31, |
|  | &nbsp;&nbsp;Notes | **2025** | 2024 |
| **Operating activities** |  |  |  |
| Net loss for the year |  | $**(119.1)** | $(31.5) |
| Items not affecting cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | &nbsp;&nbsp;13(c)(d) | **3.9** | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;8 | **73.8** | 31.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax recovery | &nbsp;&nbsp;20 | **(22.4)** | (3.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | **(4.4)** | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | &nbsp;&nbsp;17 | **14.5** | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | **(2.9)** | (7.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on copper stream revaluation |  | **13.2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of inventory write-down to net realizable value | &nbsp;&nbsp;7 | **(2.4)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | &nbsp;&nbsp;22 | **96.2** | 26.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on other investments |  | **(0.8)** | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash adjustments |  | **1.9** | (0.3) |
| Net changes in non-cash working capital | &nbsp;&nbsp;18 | **16.0** | (8.1) |
| Cash from operating activities |  | **67.4** | 19.1 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property, plant and equipment |  | **-** | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for mineral properties, plant and equipment | &nbsp;&nbsp;&nbsp;&nbsp;8 | **(169.2)** | (195.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash paid on business acquisition | &nbsp;&nbsp;&nbsp;&nbsp;4 | **(72.1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of other investments |  | **0.8** | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from loan receivable | &nbsp;&nbsp;&nbsp;&nbsp;5 | **0.2** | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest received |  | **2.9** | 7.5 |
| Cash used in investing activities |  | **(237.4)** | (183.5) |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of loans payable | &nbsp;&nbsp;11 | **(159.6)** | (4.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of lease liabilities |  | **(1.0)** | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | &nbsp;&nbsp;11 | **(15.7)** | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from public equity offerings | &nbsp;&nbsp;13 (b) | **70.5** | 122.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from convertible senior notes offering | &nbsp;&nbsp;10 | **339.1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of options | &nbsp;&nbsp;13 (c) | **7.2** | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from loans payable | &nbsp;&nbsp;11 | **15.0** | 120.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from copper stream prepayment | &nbsp;&nbsp;22 | **35.0** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of copper stream | &nbsp;&nbsp;22 | **(3.5)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing fees | &nbsp;&nbsp;11 | **-** | (1.7) |
| Cash from financing activities |  | **287.0** | 236.0 |
| Effect of exchange rate change on cash and cash equivalents |  | **0.3** | (0.5) |
| Increase in cash and cash equivalents |  | **117.3** | 71.1 |
| Cash and cash equivalents, beginning of the year |  | **106.4** | 35.3 |
| **Cash and cash equivalents, end of the year** |  | $**223.7** | $106.4 |
| **Cash and cash equivalents, excluding cash and cash equivalents held for sale** |  | **215.4** |  |
| **Cash and cash equivalents classified as held for sale** | &nbsp;&nbsp;24 | **8.3** |  |

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Supplemental cash flow information (Note 18)

The accompanying notes are an integral part of these consolidated financial statements.

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| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 10** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

**1. CORPORATE INFORMATION**

Endeavour Silver Corp. (the "Company" or "Endeavour Silver") is a corporation governed by the Business Corporations Act (British Columbia, Canada). The Company is engaged in silver mining in Mexico and Peru, and related activities including acquisition, exploration, development, extraction, processing, refining and reclamation. The Company is also engaged in exploration activities in Chile and United States. On May 1, 2025, the Company completed its acquisition of Compañia Minera Kolpa S.A. ("Minera Kolpa"), which operates the Huachocolpa Uno Mine in Peru (Note 4). On January 15, 2026, the Company completed the sale of Mina Bolañitos S.A. de C.V. ("Mina Bolañitos" or "Bolañitos"). The assets and liabilities relating to Mina Bolañitos were classified as held for sale at December 31, 2025 (Note 24). The address of the registered office is Suite 3500, 1133 Melville Street Vancouver, BC, Canada V6E 4E5.

**2. BASIS OF PRESENTATION**

These consolidated financial statements have been prepared in accordance with and using accounting policies in compliance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and Interpretations of the IFRS Interpretations Committee ("IFRIC"), effective for the Company's year ended December 31, 2025.

The Board of Directors approved the consolidated financial statements for issue on February 27, 2026.

Certain comparative figures have been reclassified to conform with the current period's presentation (Note 6 and Note 8).

The preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates (Note 3 (b)).

These consolidated financial statements are presented in the Company's functional currency of US dollars and include the accounts of the Company and its wholly owned subsidiaries. The Company's material subsidiaries are Refinadora Plata Guanaceví S.A. de C.V. ("Guanaceví"), Mina Bolañitos (Note 24), and Terronera Precious Metals S.A. de C.V. ("Terronera") as well as Minera Kolpa for the period May 1, 2025, to December 31, 2025. All intercompany transactions and balances have been eliminated upon consolidation of these subsidiaries.

**3. MATERIAL ACCOUNTING POLICIES**

The accounting policies below have been applied consistently to all years presented and by all subsidiaries in the group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Currency translation**

The functional and reporting currency of the Company and its subsidiaries is the US dollar. Transactions in currencies other than an entity's functional currency are recorded at the rates of exchange prevailing on the transaction dates. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are not retranslated. Foreign currency translation differences are recognized in comprehensive earnings (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Use of estimates and judgments**

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

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| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 11** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

These estimates and judgments are based on management's knowledge of the relevant facts and circumstances at the time, having regard to prior experience, and are continually evaluated. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Actual results could differ materially from those estimates.

Significant areas requiring the use of management judgment relate to the determination of mineralized reserves and resources, existence of indication of impairment or impairment reversal of non-current assets, determination of the appropriate classification of the Company's convertible senior notes, determination of Bolañitos assets held for sale, the accounting treatment of the copper stream liability, and recognition of deferred tax assets.

Significant areas requiring the use of management estimates relate to the valuation of inventory, valuation of the liability, equity and embedded derivative portions of the convertible senior notes, the valuation of assets and liabilities assumed in the acquisition of Minera Kolpa, the valuation of contingent liability arising from acquisition of Minera Kolpa, valuation of gold swap, silver collars, and foreign currency forward contracts, impairment of non-current assets, provision for reclamation and rehabilitation, and income taxes.

Judgments surrounding acquisition of Minera Kolpa and estimates related to assets and liabilities assumed at or arising from acquisition have been disclosed in Note 4. Judgment surrounding the determination of Bolañitos assets held for sale are disclosed in Note 24. Judgments and estimates related to convertible senior notes offering have been disclosed in Note 10. Judgments and estimates surrounding copper stream liability, gold swap, silver collars and foreign currency forwards have been disclosed in note Note 22. Critical judgments and estimates in applying policies that have the most significant effect on the amounts recognized in the consolidated financial statements include the following:

*Determination of mineral reserves and resources*

Judgments about the amount of product that can be economically and legally extracted from the Company's properties are made by management using a range of geological, technical and economic factors, history of conversion of mineral deposits to proven and probable reserves as well as data regarding quantities, grades, production techniques, recovery rates, production costs, commodity prices and exchange rates. This process may require complex and difficult geological judgments to interpret the data. The Company uses qualified persons (as defined by the Canadian Securities Administrator's National Instrument 43-101) to compile this data.

Changes in the judgments based on information surrounding reserves and resources may have an impact on the carrying value of mineral properties, plant and equipment (Note 8), reclamation and rehabilitation provisions (Note 12), recognition of deferred income tax amounts (Note 20), and depreciation (Note 8).

Estimating the quantity and/or grade of reserves and resources requires the size, shape and depth of ore bodies or fields to be determined by analyzing geological data such as drilling samples. Following this, the quantity of ore that can be extracted in an economical manner is calculated using data regarding the life of mine plans and forecast sales prices (based on current and long-term historical average price trends). Changes in estimates can be the result of estimated future production differing from previous forecasts of future production, expansion of mineable ore through exploration activities, differences between estimated and actual costs of mining and differences in the commodity price used in the estimation of mineable ore.

*Review of asset carrying values and assessment of impairment (accounting policy Note 3 (d) and Note 3 (e))*

Management applies significant judgment in assessing each cash-generating unit or assets for the existence of indicators of impairment or impairment reversal at the reporting date. Internal and external factors are considered in assessing whether indicators are present that would necessitate impairment testing. Significant assumptions regarding commodity prices, operating costs, capital expenditures and discount rates are used in determining whether there are any indicators of impairment. These assumptions are reviewed regularly by senior management and compared, when applicable, to relevant market consensus views. Following the announcement of the arrangement to sell the operation in November 2025, Bolanitos has been classified as held for sale (Note 24) and from the date of classification, the assets of this operation are no longer reviewed for impairment under the Company's policy for non-current assets. Instead, they are measured and reviewed in accordance *with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations* as described in Note 24.

If an indicator of impairment or reversal exists, the asset's recoverable amount is estimated. The recoverable amount is the greater of fair value less costs of disposal and value in use. The determination of fair value less costs of disposal and value in use requires management to make estimates and assumptions about future metal prices, production based on current estimates of capacity, ore grade, recovery rate and recoverable reserves and resources, future operating costs, capital expenditures and assets salvage value. The estimates and assumptions are subject to risk and uncertainty, and as such there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying value of the assets may be further impaired or the impairment charge reduced with the impact recorded in earnings (loss).

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 12** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

*Estimation of the amount and timing of reclamation and rehabilitation costs (Note 3 (f))*

Accounting for restoration requires management to make estimates of the future costs the Company will incur to complete the reclamation and rehabilitation work required to comply with existing laws, regulations and agreements in place at each mining operation and any environmental and social principles the Company is affected by. The calculation of the present value of these costs also includes assumptions regarding the timing of reclamation and rehabilitation work, applicable risk-free interest rate for discounting those future cash flows, inflation, and foreign exchange rates and assumptions relating to probabilities of alternative estimates of future cash flows. Actual costs incurred may differ from those amounts estimated. Future changes to environmental laws and regulations could increase the extent of reclamation and rehabilitation work required to be performed by the Company. Increase in future costs could materially impact the amounts charged to operations for reclamation and rehabilitation.

*Income taxes (Note 3 (j))*

Judgment is required in determining the recognition and measurement of deferred income tax assets and liabilities on the balance sheet. In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. These authorities may have different interpretations of tax legislation or tax agreements than those applied by the Company in computing current and deferred income taxes. These different interpretations may alter the timing or amounts of taxable income or deductions.

Final taxes payable and receivable are dependent on many factors, including outcomes of tax litigation and resolution of disputes. The resolution of these uncertainties may result in adjustments to the Company's tax assets and liabilities and value added tax receivable balances.

Management assesses the likelihood and timing of taxable earnings in future periods in recognizing deferred income tax assets. Estimates of future taxable income are based on forecasted cash flows using life of mine projections and the application of existing tax laws in each jurisdiction.

To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred income tax assets recorded at the balance sheet date could be impacted. In addition, future changes to tax laws could limit the ability of the Company to obtain tax deductions in future periods from deferred income tax assets. Deferred income tax assets are disclosed in Note 20.

*Inventories (Note 3 (c))*

In valuing inventories at the lower of cost and net realizable value, the Company makes estimates in determining the net realizable price and in quantifying the contained metal in finished goods and work in process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Inventories**

Work in process inventories, including ore stockpiles, are valued at the lower of production cost and net realizable value, after an allowance for further processing costs. Finished goods inventory, characterized as doré bars or concentrate, is valued at the lower of production cost and net realizable value. The cost includes an appropriate share of production overheads based on normal operating capacity. Materials and supplies are valued at the lower of weighted average cost and replacement cost. Similar inventories within the consolidated group are measured using the same method, and the reversal of previous write-downs to net realizable value may be required when there is a subsequent increase in the value of inventories.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 13** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Mineral properties, plant and equipment**

Mineral properties, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of mineral properties, plant and equipment items consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Mineral properties include direct costs of acquiring properties (including option payments) and costs incurred directly in the development of properties once the technical feasibility and commercial viability have been established.

Eligible development costs relating to specific properties are capitalized prospectively upon management's determination that a property will be developed. A development decision is made based upon consideration of project economics, including future metal prices, reserves and resources, and estimated operating and capital costs. Capitalization of costs incurred ceases when the property is capable of operating in the manner intended by management.

Exploration costs are incurred in the search for economic mineral deposits or the process of obtaining more information about existing mineral deposits and these costs are expensed as incurred. Evaluation costs are incurred to establish the technical and commercial viability of mineral deposits. Evaluation costs are capitalized when management determines there is a high degree of confidence that future economic benefits will flow to the Company. Ongoing evaluation costs that do not meet requirements for capitalizing are expensed in earnings (loss) for the period. Acquired exploration and evaluation projects and acquired exploration rights are recognized as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Upon demonstrating technical feasibility and commercial viability, and subject to an impairment analysis, capitalized exploration and evaluation costs are transferred to mineral property costs within mineral properties, plant and equipment. Where an item of plant and equipment comprises major components with different useful lives, the components are accounted for as separate items of plant and equipment and depreciated separately over their useful lives.

Plant and equipment are recorded at cost and depreciated using the straight-line method at rates varying from 5% to 30% annually. The accumulated costs of mineral properties are depleted using the units of production method based on the estimated future production.

The Company conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for mineral properties, plant and equipment and any changes arising from the assessment are applied by the Company prospectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Impairment of non-current assets**

The Company's tangible assets are reviewed for indications of impairment or reversal of a previous impairment at each financial statement date. If an indicator of impairment or reversal exists, the asset's recoverable amount is estimated. An impairment loss is recognized when the carrying amount of an asset, or its cash-generating unit, exceeds its recoverable amount. A cash-generating unit is the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows from other assets or groups of assets. Impairment losses are recognized in earnings (loss) for the period. The recoverable amount is the greater of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a risk-free rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount and the recoverable amount exceeds the carrying amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognized.

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| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 14** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

Management periodically reviews the carrying values of its exploration and evaluation assets with internal and external mining related professionals. A decision to abandon, reduce or expand a specific project is based upon many factors including general and specific assessments of reserves, forecasts of future metal prices, forecasts of future costs of exploring, developing and operating a producing mine, expiration term and ongoing expense of maintaining leased mineral properties and the general likelihood that the Company will continue exploration. The Company does not set a pre-determined holding period for properties with unproven reserves. However, properties which have not demonstrated suitable mineral concentrations at the conclusion of each phase of an exploration program are re-evaluated to determine if future exploration is warranted and their carrying values are recoverable.

If any area of interest is abandoned or it is determined that its carrying value cannot be supported by future production or sale, the related costs are recognized in earnings (loss) in the period of abandonment or determination that the carrying value exceeds its fair value. The amounts recorded as mineral properties represent costs eligible for capitalization incurred to date and do not necessarily reflect present or future values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Provision for reclamation and rehabilitation**

The Company recognizes provisions for statutory, contractual, constructive or legal obligations associated with the decommissioning and reclamation of mineral properties, plant and equipment, when those obligations result from the acquisition, construction, development or normal operation of the assets. A liability is recognized at the time environmental disturbance occurs and the resulting costs are capitalized to the corresponding asset. The provision for reclamation and rehabilitation obligations is estimated using expected cash flows based on engineering and environmental reports prepared by third-party industry specialists and is discounted at a pre-tax rate specific to the liability. The capitalized amount is amortized on the same basis as the related asset.

In subsequent periods, the liability is adjusted for any changes in the amount or timing of the estimated future cash costs, changes in the discount or inflation rates, and for the accretion of discounted underlying future cash flows. The unwinding of the effect of discounting the provision is recorded as a finance cost in earnings (loss) for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Derivative financial instruments**

The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations in commodity prices and other currencies against the US Dollar and may also recognize embedded derivatives that are separated from host contracts when their economic characteristics are not closely related to those of the host instrument. Derivative financial instruments are measured at fair value at each reporting period. All derivative instruments are classified as financial instruments at fair value through profit or loss. Changes in fair value of non-hedging derivative financial instruments are included in earnings (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Revenue recognition**

Revenue is generated from the sale of refined silver and gold or from the sale of these metals contained in doré or concentrate. Revenue for doré is recorded in the consolidated statement of comprehensive earnings (loss) gross of treatment and refining costs paid to counterparties under the terms of the sales agreements. Revenue for concentrate is recorded in the consolidated statement of comprehensive earnings (loss) net of treatment and refining costs paid to counterparties under the terms of the sales agreements. Revenue is recognized when control of the metal is transferred to the customer in an amount that reflects the consideration the Company expects to receive in exchange for the metals. In determining whether the Company has satisfied its performance obligation, it considers the indicators of the transfer of control, which include but are not limited to, whether: the Company has a present right to payment; the customer has a legal title to the asset; the Company has transferred physical possession of the asset to the customer; and the customer controls the risks and rewards of ownership of the asset.

<u>Revenue from metals in doré</u>

The refiners who receive doré from the Company refine the materials on the Company's behalf. The refiners transfer the refined product to customers according to the Company's instructions. Refined metals are sold at spot prices with sales proceeds collected upon or within several days of the completion of the sales transaction. Revenue from the sale of doré is recognized at the time a metal sale is executed and the Company has irrevocably directed the refiner to deliver the refined metal to the customer.

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| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 15** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

<u>Revenue from metals in concentrate</u><br> Metals in concentrate are sold under pricing arrangements where final prices are determined by market prices subsequent to the date of sale. Revenue from the sale of concentrates is provisionally priced at the date control transfers. On transfer, the Company recognizes revenue on a provisional basis based on current prices and at each period end, re-estimated prices based on period end closing prices for the estimated month of settlement. The final selling price is subject to movements in metal prices up to the final settlement date. Revenue is initially recognized based on the estimated mineral content then adjusted to final settlement adjustments. Final settlement periods range from two to six months after delivery of the product.

Variations between the sales price recorded at the initial recognition date and the actual final sales price at the settlement date, caused by changes in market metal prices, result in an embedded derivative in the related trade accounts receivable. For each reporting period until final settlement, period end closing prices are used to record revenue. The embedded derivative is recorded at fair value each period until final settlement occurs, with changes in fair value classified as an adjustment to revenue.

<u>Precious metal prepayment obligations</u>

Precious metal prepayments obligation represents the Company's obligation to transfer goods or services to a customer for which consideration has been received. Prepayments obligations arise primarily from advance payments received in respect of future deliveries of metals. Precious metal prepayments obligation is recognized when payment is received by the Company and is subsequently recognized as revenue when the related performance obligations to deliver metal are satisfied. The Company classifies precious metal prepayments obligation as current and does not adjust it for the effects of a significant financing component when the timing of payment and performance is less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Share-based payments**

The Company has a stock option plan and a share unit plan which are described in Note 13 (c) and Note 13 (d), respectively. The share unit plan permits the grant of Performance Share Units ("PSU"s), Deferred Share Units ("DSU"s) and Restricted Share Units ("RSU"s), to its directors, officers, employees.

Equity-settled share-based payment awards to employees and directors, including stock options and RSUs, are measured by reference to the fair value of the equity instruments granted and are charged over the vesting period using the graded vesting method. The amount recognized as an expense is adjusted to reflect the actual number of stock options for which the related service and vesting conditions are met. Equity-settled share-based payment awards to non-employees are measured at the fair value of the goods or services received as the goods or services are received, unless that fair value cannot be measured reliably, in which case they are measured by reference to the fair value of the equity instrument. The offset is credited to contributed surplus. Consideration received on the exercise of stock options or upon the settlement of RSUs through the issuance of common shares is recorded as share capital and the related contributed surplus is transferred to share capital. For those options or RSUs that expire or are forfeited after vesting, the amount previously recorded in contributed surplus is transferred to deficit.

Share-based compensation expense relating to cash-settled awards, including deferred share units and share appreciation rights which are described in Note 13 (e) and Note 13 (f), is recognized over the vesting period of the units based on the fair market value of the units. As these awards will be settled in cash, the expense and liability are adjusted each reporting period for changes in the fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j) Income taxes**

Income tax expense (recovery) comprises current and deferred tax. It is recognized in earnings (loss) except to the extent that it relates to a business combination, or items recognized directly in equity or other comprehensive income.

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustments to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.

The Company follows the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and tax losses carried forward. Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings (loss) in the period that includes the substantive enactment date.

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| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 16** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

Deferred tax assets are recognized to the extent their recovery is considered probable based on their term to expiry and estimates of future taxable income. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable earnings improve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k) Earnings per share**

The Company uses the treasury stock method for calculating diluted earnings per share. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive stock options are used to repurchase common shares at the average market price during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l) Business acquisitions**

During the period, the Company completed the acquisition of Minera Kolpa, which was accounted for as a business combination under IFRS 3 *Business Combinations* (Note 4) using the acquisition method. The cost of an acquisition is measured as the aggregate of the fair values, at the date of exchange, of assets transferred, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquiree the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred. The identifiable assets acquired, and liabilities assumed are recognized at their fair values as of the acquisition date. Acquisition-related costs are expensed as incurred. The results of Minera Kolpa have been included in consolidated financial statements from May 1, 2025 (the "Acquisition Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m) Financial instruments**

The Company recognizes financial assets and financial liabilities on the date the Company becomes party to the contractual provisions of the instruments. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as fair value through profit or loss ("FVTPL"). Transaction costs of financial assets and liabilities classified as FVTPL are expensed in the period in which they are incurred. A financial asset is derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial assets or when cash flows expire. A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled, or expired.

On initial recognition, the Company classifies and measures financial assets as either FVTPL, fair value through other comprehensive income ("FVTOCI") or amortized cost. Subsequent measurement of financial assets depends on the classifications of such assets. The basis of classification depends on an entity's business model and the contractual cash flows of the financial asset.

<u>Amortized cost</u>

Financial assets that meet the following conditions are measured subsequently at amortized cost:

* The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and

* The contractual terms of the financial asset provide cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding.

The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method.

<u>Fair value through profit and loss</u> 

All other financial assets are measured at FVTPL.

The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains or losses on them on a different basis. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent that they are not part of a designated hedging relationship. Determination of fair value is further described in Note 22.

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| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 17** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

<u>Financial liabilities and equity</u>

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are measured at the proceeds received, net of direct issue costs.

Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading or designated as FVTPL, are measured at amortized cost using the effective interest method.

The Company's financial instruments are recognized as:

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| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | Amortized cost |
| &nbsp;&nbsp;&nbsp;Other investments | FVTPL |
| &nbsp;&nbsp;&nbsp;Accounts and other receivables (other than trade receivables) | Amortized cost |
| &nbsp;&nbsp;&nbsp;Trade receivables | FVTPL |
| &nbsp;&nbsp;&nbsp;Loan receivable | Amortized cost |
| &nbsp;&nbsp;&nbsp;Derivative assets | FVTPL |
| &nbsp;&nbsp;&nbsp;Convertible note – redemption option derivative | FVTPL |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities and other current liabilities | Amortized cost |
| &nbsp;&nbsp;&nbsp;Loans payable | Amortized cost |
| &nbsp;&nbsp;&nbsp;Share appreciation rights and deferred share units | FVTPL |
| &nbsp;&nbsp;&nbsp;Derivative liabilities | FVTPL |
| &nbsp;&nbsp;&nbsp;Precious metal prepayment obligation | FVTPL |
| &nbsp;&nbsp;&nbsp;Copper stream liability | FVTPL |
| &nbsp;&nbsp;&nbsp;Contingent payment | FVTPL |
| &nbsp;&nbsp;&nbsp;Convertible note – debt instrument | Amortized cost |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n) Convertible debt instruments** 

Convertible debt instruments are assessed on initial recognition to determine whether they contain a host debt instrument and one or more components that are required to be accounted for separately, including a conversion feature that is classified as equity or as an embedded derivative, and other embedded derivative features such as early redemption, extension, put or call options, contingent settlement features or other contractual terms that may cause the cash flows of the instrument to vary.

Where the conversion feature meets the criteria for equity classification, the instrument is accounted for as a compound financial instrument. The liability component is initially measured at fair value with the residual amount allocated to equity and recognized in contributed surplus. The liability component is subsequently measured at amortized cost using the effective interest method.

Where the conversion feature does not meet the criteria for equity classification, and/or where other embedded derivative features are required to be separated from the host debt instrument the embedded derivative(s) are initially measured at fair value. The host debt liability is subsequently measured at amortized cost using the effective interest method. Embedded derivative assets or liabilities are subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in profit or loss.

Transaction costs directly attributable to the issuance of convertible debt instruments are allocated between the host debt component and any separately recognized components based on their relative initial carrying amounts. Transaction costs allocated to the host debt component are included in the carrying amount of the liability and amortized using the effective interest method. Transaction costs allocated to equity components are recognized as a deduction from equity. Interest expense on the host debt component is recognized using the effective interest method over the expected life of the instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o) Assets held for sale and discontinued operations**

Non-current assets and disposal groups are classified as held for sale when their carrying amounts are expected to be recovered principally through a sale transaction rather than through continuing use. Classification as held for sale occurs when the disposal group is available for immediate sale in its present condition, management has committed to a plan to sell, and the sale is considered highly probable within one year.

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 18** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

Upon classification as held for sale, the disposal group is measured at the lower of its carrying amount and fair value less costs to sell. Any resulting impairment loss is recognized in profit or loss. Property, plant and equipment and mineral properties included in a disposal group classified as held for sale are not depreciated or depleted while classified as held for sale. Assets and liabilities of the disposal group are presented separately as current items in the consolidated statement of financial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p) New accounting standards issued but not yet adopted** 

On April 9, 2024, the IASB issued IFRS 18 *Presentation and Disclosure in the Financial Statements* ("IFRS 18") replacing IAS 1. IFRS 18 introduces categories and defined subtotals in the statement of profit or loss, disclosures on management-defined performance measures, and requirements to improve the aggregation and disaggregation of information in the financial statements. As a result of IFRS 18, amendments to IAS 7 were also issued to require that entities use the operating profit subtotal as the starting point for the indirect method of reporting cash flows from operating activities and also to remove presentation alternatives for interest and dividends paid and received. Similarly, amendments to IAS 33 "*Earnings per Share*" were issued to permit disclosure of additional earnings per share figures using any other component of the statement of profit or loss, provided the numerator is a total or subtotal defined under IFRS 18. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027 and is to be applied retrospectively, with early adoption permitted. The Company does not expect the impact of this standard to be material.

In May 2024, the IASB issued *Amendments to the Classification and Measurement of Financial Instruments* (Amendments to IFRS 9 and IFRS 7). These amendments updated classification and measurement requirements in IFRS 9 *Financial Instruments* and related disclosure requirements in IFRS 7 *Financial Instruments: Disclosures*. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. The amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company is currently assessing the effect of these amendments on its financial statements.

**4. ACQUISITION OF MINERA KOLPA**

On the Acquisition Date, the Company completed its acquisition of Minera Kolpa pursuant to a share purchase agreement entered into in April 2025. As a result of the acquisition, Minera Kolpa became a wholly-owned subsidiary of the Company.

The total consideration for the acquisition was $134.3. The following table summarizes the consideration paid as part of the purchase price:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cash consideration transferred to and on behalf of vendors as per the share purchase agreement | $78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's common shares transferred (14,075,357shares) | 48.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of the contingent payment payable in cash upon occurrence of certain events | 7.9 |
| &nbsp;&nbsp;Total consideration transferred as purchase price | $134.3 |

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 19** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

The contingent payment is payable in cash up to an additional $10.0, in increments of $0.5 for each 1 million silver ounce equivalent defined above 100 million silver ounce equivalents, across proven, probable, measured, indicated and inferred categories in a technical report prepared and filed by the Company with respect to Minera Kolpa within 24 months of the closing of the acquisition.

Primary reason for the acquisition of Minera Kolpa was to acquire their primary asset - Huachocolpa Uno Mine and related facilities, located in the districts of Huachocolpa and Santa Ana, approximately 490 kilometers southeast of Lima, Peru. Minera Kolpa has been in operation for 25 years and its assets include Huachocolpa Uno Mine, processing infrastructure, permits, and associated working capital. Management has concluded that Minera Kolpa constitutes a business, and therefore, the acquisition is accounted for in accordance with IFRS 3 *Business Combinations*.

The Company has consolidated the operating results, cash flows, and net assets of Minera Kolpa from the Acquisition Date. The determination of the fair value of assets acquired and liabilities assumed is based on a detailed valuation utilizing income, market, and cost approaches, conducted with the assistance of an independent third party. The purchase price is allocated based on management's best estimates at the time these consolidated financial statements were prepared, using information available as of the Acquisition Date.

The following table sets out the allocation of the purchase price to assets acquired and liabilities assumed, based on

management's estimates of fair value:

**Allocation of Purchase Price**

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| | |
|:---|:---|
| &nbsp;&nbsp;Cash and cash equivalents | $5.9 |
| &nbsp;&nbsp;Accounts and other receivables | 7.6 |
| &nbsp;&nbsp;Inventories | 7.6 |
| &nbsp;&nbsp;Sales tax receivables (IGV) | 0.6 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 4.8 |
| &nbsp;&nbsp;Mineral properties, plant and equipment | 192.1 |
| &nbsp;&nbsp;Right-of-use assets | 1.5 |
| &nbsp;&nbsp;Other non-current assets | 1.7 |
| &nbsp;&nbsp;Accounts payable, accrued liabilities and other | (25.2) |
| &nbsp;&nbsp;Income taxes payable | (3.1) |
| &nbsp;&nbsp;Loans payable | (25.7) |
| &nbsp;&nbsp;Lease obligations | (2.0) |
| &nbsp;&nbsp;Reclamation liabilities | (10.7) |
| &nbsp;&nbsp;Deferred income tax liabilities | (20.8) |
| &nbsp;&nbsp;**Net assets acquired** | $134.3 |

---

The gross amount of accounts and other receivables approximates the fair value allocated above, and no significant amounts are expected to be uncollectible. The Company determined the fair value of the mineral properties using a discounted cash flow model. This most significant estimates incorporated in the model were: future silver, lead, zinc, and copper prices; expected future production; and anticipated operating costs. A discount rate of 15.8% was applied, reflecting the Company's assessment of country risk, project-specific risk, and other relevant factors.

<br>The significant assumptions used in the determination of the fair value of the mining interests were as follows:

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| | |
|:---|:---|
| **Average long-term prices:** |  |
| Silver (USD/oz) | $29.1 |
| Lead (USD/lb) | $1.18 |
| Zinc (USD/lb) | $0.91 |
| Copper (USD/lb) | $4.2 |

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<u>Unaudited Pro Forma Financial Information</u> 

The following unaudited pro-forma financial information presents consolidated results assuming acquisition occurred on January 1, 2025:

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| | |
|:---|:---|
|  | **Year ended** |
|  | **December 31, <br>2025** |
| Revenue | $514.6 |
| Net Income (loss) | $(119.3) |

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 20** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

These pro forma amounts have been calculated after applying the Company's accounting policies and adjusting the results of Minera Kolpa to reflect the additional depreciation and depletion that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties had been applied from January 1, 2025.

**5. ACCOUNTS AND OTHER RECEIVABLES**

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| | | |
|:---|:---|:---|
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Trade receivables | $**20.6** | $3.3 |
| Sales tax receivables (GST and IGV) | **0.9** | 0.1 |
| Other receivables | **2.2** | 0.4 |
| Current portion of loan receivable | **2.3** | 1.4 |
|  | $**26.0** | $5.2 |

---

The trade receivables consist of receivables from concentrate sales. The fair value of receivables arising from concentrate sales contracts that contain provisional pricing mechanisms is determined using the appropriate period end closing prices from the exchange that is the principal active market for the particular metal. As such, these receivables, which meet the definition of an embedded derivative, are classified within Level 2 of the fair value hierarchy (Note 22).

The Company has a loan receivable due in cash payments over a five-year period starting from September 2022, of which $2.8 remains unpaid as of December 31, 2025 (December 31, 2024 - $2.9). As of December 31, 2025, the carrying value of the loan receivable is $2.6 (December 31, 2024 - $2.6), consisting of the current portion of $2.3 (December 31, 2024 - $1.4) and the non-current portion of $0.3 (December 31, 2024 - $1.2).

**6. IVA RECEIVABLES**

As at December 31, 2025, total Mexican subsidiaries value added tax, Impuesto al Valor Agregado ("IVA") of $66.8 (December 31, 2024 - $36.4) has been allocated between the current portion of $63.8, and the non-current portion of $3.0 (December 31, 2024 - $5.1 and $31.3, respectively). The non-current portion relates to Pitarrilla's claims which will be eligible for submission upon generation of revenue (December 31, 2024 - $1.9). At December 31, 2024, $29.4 of non-current IVA tax receivables were related to Terronera's claims which have become eligible, have been submitted for reimbursement and have been reclassified to current IVA receivables (December 31, 2024 - $29.3). During the current period, the Company has made a change in presentation within its statement of financial position to separately disclose IVA receivables from other receivables, in order to provide greater clarity and disaggregation of tax-related assets. As a result, the comparative figures for IVA receivables as at December 31, 2024 have been reclassified from other receivables to align with the current period presentation. During 2024, IVA receivables recovered included $4.8 of interest income, which was presented in investment and other income (expense) in the consolidated statement of comprehensive loss.

**7. INVENTORIES**

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| | | |
|:---|:---|:---|
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Warehouse inventory | $**31.0** | $19.7 |
| Stockpile inventory | **14.1** | 7.3 |
| Finished goods inventory | **14.9** | 7.2 |
| Work in process inventory | **2.3** | 1.8 |
|  | $**62.3** | $36.0 |

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 21** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

During the pre-commercial production period, Terronera produced stockpile and finished goods inventory at costs exceeding net realizable value. As a result, the Company recorded an inventory impairment of $1.2, before reaching commercial production. The affected inventory was subsequently sold or consumed during the period and as of December 31, 2025, ending inventory balances are carried at cost as their net realizable value exceeds the carrying amount.

**8. MINERAL PROPERTIES, PLANT AND EQUIPMENT AND OTHER NON-CURRENT ASSETS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Exploration<br>& evaluation<br>assets | Mineral<br>properties | Plant &<br>Buildings | Machinery &<br>equipment | Transport &<br>office<br>equipment | Total |
| **Cost** |  |  |  |  |  |  |
| **Balance at December 31, 2023** | $**80.2** | $**575.9** | $**159.2** | $**118.0** | $**15.0** | $**948.3** |
| Additions | 3.7 | 118.4 | 70.4 | 32.0 | 1.7 | 226.2 |
| Impairment of exploration properties | (0.2) |  |  |  |  | (0.2) |
| Disposals |  |  |  | (0.3) | (0.1) | (0.4) |
| **Balance at December 31, 2024** | $**83.7** | $**694.3** | $**229.6** | $**149.7** | $**16.6** | $**1173.9** |
| Additions | 1.3 | 23.9 | 147.9 | 15.2 | 2.4 | 190.7 |
| Acquired in business combination |  | 74.4 | 98.8 | 12.1 | 6.8 | 192.1 |
| Reclassified to assets held for sale |  | (93.5) | (23.8) | (34.9) | (2.6) | (154.8) |
| Disposals |  |  | (0.2) | (3.5) | (0.7) | (4.4) |
| Impairment of exploration properties | (0.4) |  |  |  |  | (0.4) |
| **Balance at December 31, 2025** | $**84.6** | $**699.1** | $**452.3** | $**138.6** | $**22.5** | $**1397.1** |
| **Accumulated depreciation** |  |  |  |  |  |  |
| **Balance at December 31, 2023** | $**-** | $**466.7** | $**95.4** | $**61.5** | $**10.1** | $**633.7** |
| Depreciation |  | 22.6 | 2.2 | 8.1 | 1.4 | 34.4 |
| Disposals |  |  |  | (0.3) |  | (0.3) |
| **Balance at December 31, 2024** | $**-** | $**489.3** | $**97.6** | $**69.3** | $**11.5** | $**667.7** |
| Depreciation |  | 38.0 | 22.7 | 12.7 | 2.5 | 75.9 |
| Reclassified to assets held for sale |  | (85.0) | (20.0) | (21.6) | (2.1) | (128.7) |
| Disposals |  |  | (0.1) | (3.0) | (0.6) | (3.7) |
| **Balance at December 31, 2025** | $**-** | $**442.3** | $**100.2** | $**57.4** | $**11.3** | $**611.2** |
| **Net book value** |  |  |  |  |  |  |
| **At December 31, 2024** | $**83.7** | $**205.0** | $**132.0** | $**80.4** | $**5.1** | $**506.2** |
| **At December 31, 2025** | $**84.6** | $**256.8** | $**352.1** | $**81.2** | $**11.2** | $**785.9** |

---

Following the completion of the commissioning phase of the Terronera Project, the Company assessed the grouping of the fully constructed assets and directly attributable development overhead costs. As a result of this assessment, the Company determined that it was appropriate to group plant and buildings together, as this better reflected the nature of its mine site assets, including those at Terronera. Comparative figures have been re-presented accordingly to align with the revised asset groupings.

Included in mineral properties is $nil for acquisition and development costs of development properties (December 31, 2024 - $157.1). During the period from January 1, 2025, to completion of the commissioning phase and achievement of commercial production on October 1, 2025, the Company capitalized borrowing costs related to the Terronera project construction Debt Facility in the amount of $10.2 (December 31, 2024 - $6.8) using a capitalization rate of 11.1%.

Other non-current assets include $3.2 (December 31, 2024 - $18.3) of deposits related to items of property, plant and equipment at Terronera.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 22** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

As of December 31, 2025, the Company has $7.4 committed for capital equipment purchases.

The Company is obliged to make certain royalty payments on its mineral properties. The following table includes the significant royalties payable by the Company as of December 31, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Royalties Payable** |
| &nbsp;&nbsp;El Porvenir and El Curso properties at Guanacevi mine | &nbsp;&nbsp;$12 dollar fixed per tonne production payment plus additional net smelter royalty when the silver price obtained is as follows: <br>• 4% for price less than or equal to $15 dollars per oz<br>• 9% for price greater than $15 dollars, and up to $20 dollars per oz<br>• 13% for price greater than $20 dollars, and up to $25 dollars per oz<br>• 16% for price greater than $25 dollars per oz |
| &nbsp;&nbsp;Grupo Mexico royalty at Terronera mine | &nbsp;&nbsp;2% net smelter royalty |
| &nbsp;&nbsp;Pitarrilla, exploration in Mexico | &nbsp;&nbsp;1.25% net smelter royalty |
| &nbsp;&nbsp;San Patricio, La Palmilla, exploration in Mexico | &nbsp;&nbsp;1% net smelter royalty |

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**9. PRECIOUS METAL PREPAYMENTS OBLIGATION**

On June 11, 2025, Guanaceví entered into a prepayment agreement with Auramet International Inc.("Auramet") for an initial term ending May 31, 2026.

Under the agreement, Auramet advances prepayments of up to $15.0 to the Company in consideration for the future delivery of the Guanaceví's precious metal. The advances are repaid by deliveries adjusted for the interest equivalent to SOFR plus 3.75%. The Company may draw additional amounts under the agreement once prior amounts are settled.

The prepayments amount received is initially recognized as a revenue contract liability and is subsequently being recognized as revenue as control of the metal transfers to Auramet and the related shipment's performance obligations have been satisfied.

During the year ended December 31, 2025, the Company received $59.7 prepayments, all of which were recognized as revenue, with no remaining revenue contract liability as of December 31, 2025.

**10. CONVERTIBLE SENIOR NOTES** 

On December 4, 2025, the Company completed an offering of $350.0 aggregate principal amount of unsecured convertible senior notes ("the Notes") due in 2031. The Notes bear interest at 0.25% per annum, payable semi-annually, and are convertible at the option of the holder into a fixed number of the Company's common shares at a conversion price defined in the offering agreement. The Company used the net proceeds from the offering to repay the majority of the outstanding balance of the ING Terronera project facility (Note 11).

The Notes contain both a host debt component and an equity conversion option and were therefore accounted for as a compound financial instrument. The Company concluded that the conversion feature meets the "fixed-for-fixed" criterion and is classified in equity. The Notes contain an early-redemption feature held by the issuer allowing the Company to redeem the notes subsequent to 2027 if certain share price criteria have been met for a defined period. This feature met the criteria of an embedded derivative and was determined not to be closely related to the host debt contract and accordingly, it was separated and valued at fair value on initial recognition. At initial recognition, the liability component was measured as the present value of the future contractual cash flows discounted at the Company's estimated market borrowing rate for similar non-convertible debt, determined to be 8.9%. The residual amount, representing the equity and embedded derivative component, were recognized in contributed surplus and non-current derivative assets respectively.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 23** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has allocated proceeds received on note offering as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp; Component | Amounts |
| &nbsp;&nbsp; Liability component (discounted at 8.9 %) | $237.2 |
| &nbsp;&nbsp; Equity component (residual) | 114.7 |
| &nbsp;&nbsp; Embedded derivative related to early redemption option | (1.9) |
| &nbsp;&nbsp; **Gross proceeds received** | $**350.0** |
| &nbsp;&nbsp; Issuance costs | 10.9 |
| &nbsp;&nbsp; **Net proceeds received** | $**339.1** |

---

Transaction costs were allocated to the liability and equity components and the embedded derivative on a proportionate basis with $7.4 allocated to the liability component and $3.5 allocated to the equity component.

As at December 31, 2025, the carrying amount of the liability component, net of allocated issuance costs was $231.2, reflecting the $1.5 accretion of the discount. The remainder of the instrument was allocated to the equity component at $111.1 net of allocated issuance costs, and the embedded derivative related to early redemption option $8.0 due to the $6.1 million revaluation recorded during the period (Note 22). The liability component is measured at amortized cost, with interest expense recognized using the effective interest rate, which reflects the 8.9% discount rate applied at inception. The equity component is not remeasured subsequent to initial recognition. Upon conversion, the liability component will be derecognized, and the equity component will be transferred to share capital together with the value of the shares issued, with no gain or loss recognized.

**11. LOANS PAYABLE**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Terronera**<br>**Debt Facility** | **Equipment<br>Financing** | **Kolpa** <br>**Loans** | **Total** |
| Loan currency | USD | USD | USD |  |
| Year of maturity | 2031 | 2029 | 2028 |  |
| **Balance at December 31, 2023** | $**-** | $**8.5** | $**-** | $**8.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan drawdowns | 120.0 | 3.5 |  | **123.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied deferred financing fees | (8.8) |  |  | **(8.8)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 7.2 | 0.4 |  | **7.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of principal |  | (4.1) |  | **(4.1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of interest | (3.7) | (0.4) |  | **(4.1)** |
| **Balance at December 31, 2024** | $**114.7** | $**7.9** | $**-** | $**122.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan drawdowns | 15.0 | 4.0 |  | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed on business acquisition | 0.0 | 1.1 | 24.7 | 25.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 18.4 | 0.7 | 1.4 | 20.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of principal (note 10) | (130.0) | (5.3) | (24.3) | (159.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of interest | (13.1) | (0.7) | (1.8) | (15.6) |
| **Balance at December 31, 2025** | $**5.0** | $**7.7** | $**-** | $**12.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Current portion of loans payable | 5.0 | 3.8 |  | 8.8 |
| **Balance: Non-current loans payable** | $**-** | $**3.8** | $**-** | $**3.9** |

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<u>Debt Facility</u>

On October 6, 2023, the Company, entered into a debt facility for up to $120.0 (the "Debt Facility"). During the second quarter of 2025, the Company entered into an amendment of the Debt Facility agreement, increasing the facility for an additional $15.0 to a total of $135.0. During December 2025, the Company used the proceeds from the Notes to extinguish $130.0 out of $135.0 of the outstanding Debt Facility. The remaining balance of $5.0 is repayable on June 30, 2026, and remains secured by corporate guarantees from the Company and first ranking securities interest over Terronera mine. As part of the early Debt Facility repayment, the Company has expensed $6.3 of early repayment penalties and previously capitalized deferred financing costs that were presented net of Debt Facility at December 31, 2025 (Note 17).

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 24** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

The Debt Facility is secured by corporate guarantees and a first-ranking security over the Terronera project and is subject to customary financial covenants, including minimum cash and coverage ratio requirements and maximum leverage limits. The Company was in compliance with all applicable covenants as at December 31, 2025.

The Debt Facility carries an interest rate equal to US Secured Overnight Financing Rate ("SOFR") + 4.50% per annum prior to of the Terronera Project. Following the completion of the Terronera project (as defined in the Debt Facility), the Debt Facility will carry an interest rate of SOFR + 3.75% per annum until the fifth anniversary of the loan, and SOFR + 4.25% from the fifth anniversary onwards.

<u>Equipment Financing</u>

The Company currently has financing arrangements for equipment totaling $17.6 with terms ranging from one to four years. The agreements require either monthly or quarterly payments of principal and interest with a weighted-average interest rate of 7.6%.

The equipment financing is secured by the underlying equipment purchased and is subject to various non-financial covenants and as at December 31, 2025, the Company was in compliance with these covenants. As at December 31, 2025, the net book value of equipment includes $17.9 (December 31, 2024 - $15.7) of equipment pledged as security for the equipment financing.

<u>Kolpa Loans</u>

As part of the Kolpa acquisition, on May 1, 2025, the Company assumed two syndicated loans originally entered into by Minera Kolpa with Banco BTG Pactual S.A. - Cayman Branch and Banco Santander Perú S.A. As collateral for these loans, Minera Kolpa entered into trust agreements and issued promissory notes to the lender. During December 2025, the Company used the proceeds from the Notes to extinguish these loans in full, and as a result incurred $0.7 of early repayment fees and write off's of deferred financing costs (Note 17).

**12. PROVISION FOR RECLAMATION AND REHABILITATION**

The Company's environmental permits require that it reclaim certain land it disturbs during mining and development operations. Significant reclamation and closure activities include land rehabilitation, decommissioning of buildings and mine facilities, ongoing care and maintenance and other costs.

The timing of cash flows has been estimated based on the estimated mine lives using current reserves and the present value of the probability weighted future cash flows. The model assumes a risk-free rate (based on the government bond yields) specific to the liability of 7.5% for Guanaceví, 7.5% for Bolañitos and 9.2% for Terronera and 3.9% for Minera Kolpa, and with estimated inflation rates of 4% in Mexico and 2% in Peru.

Changes to the reclamation and rehabilitation provision balance during the year are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Terronera** | **Guanaceví** | **Bolañitos** | **Pitarrilla** | **Kolpa** | **Total** |
| Balance at December 31, 2023 | $**1.3** | $**4.2** | $**3.2** | $**0.1** | $**-** | $**8.8** |
| &nbsp;&nbsp;&nbsp;Accretion |  | 0.4 | 0.3 |  |  | 0.7 |
| &nbsp;&nbsp;&nbsp;Effects of movements in exchange rates | (0.2) | (0.7) | (0.6) |  |  | (1.5) |
| &nbsp;&nbsp;&nbsp;Change in estimates during the year | 1.2 | 2 | 0.4 |  |  | 3.6 |
| **Balance at December 31, 2024** | $**2.3** | $**5.9** | $**3.3** | $**0.1** | $**-** | $**11.6** |
| &nbsp;&nbsp;&nbsp;Accretion | 0.1 | 0.6 | 0.3 |  | 0.2 | 1.2 |
| &nbsp;&nbsp;&nbsp;Acquired in business combination |  |  |  |  | 10.7 | 10.7 |
| &nbsp;&nbsp;&nbsp;Effects of movements in exchange rates | 0.3 | 1 | 0.6 |  |  | 1.9 |
| &nbsp;&nbsp;&nbsp;Change in estimates during the year | 1 | (0.2) | (0.1) |  | 0.3 | 1 |
| &nbsp;&nbsp;Reclassified to liabilities held for sale |  |  | (4.1) |  |  | (4.1) |
| **Balance at December 31, 2025** | $**3.7** | $**7.3** | $**-** | $**0.1** | $**11.2** | $**22.3** |

---

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 25** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

**13. SHARE CAPITAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Management of Capital**

The Company considers the items included in the consolidated statement of changes in equity as capital. The Company's objective when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through private placements, convertible debt, asset acquisitions or return capital to shareholders. The Company's authorized share capital consists of an unlimited number of common shares with no par value. As at December 31, 2025, the Company is not subject to externally imposed capital requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Public Offerings**

In June 2023, the Company filed a short form base shelf prospectus that qualified for the distribution of up to $200.0 of common shares, debt securities, warrants or units of the Company comprising any combination of common shares and warrants over a 25-month period. During the year ended December 31, 2024, the Company issued 27,540,971 common shares under this at-the-market ("ATM") facility at an average price of $2.00 per share for gross proceeds of $55.2, less commission of $1.1 and recognized $0.3 of other transaction costs related to the ATM financing as share issuance costs, which have been presented net within share capital.

On November 21, 2024, the Company filed a prospectus supplement to the June 2023 Base Shelf for the distribution of 15,825,000 common shares at a price of $4.60 per share through a bought deal financing. On November 27, 2024, the Company completed this prospectus offering for gross proceeds of $72.8, less commission of $3.9 and recognized $0.4 of other transaction costs related to the bought deal financing as share issuance costs, which have been presented net within share capital.

On April 8, 2025, the Company completed a $45.0 bought equity financing in order to finance a portion of cash consideration paid on the acquisition of Minera Kolpa, issuing 11,600,000 common shares at $3.88 per share. On April 16, 2025, underwriters exercised their over-allotment option, issuing an additional 1,285,000 common shares at $3.88 per share. The Company received gross proceeds of $50.0, less commission of $2.8 and recognized $0.6 of other transaction costs related to the financing as share issuance costs, which have been presented net within share capital.

On May 27, 2025, the Company filed an updated Base Shelf prospectus, and on July 10, 2025, issued a prospectus supplement for an offering of up to $60.0 of shares through an ATM facility. During the year ended December 31, 2025, the Company issued 3,838,915 common shares under this facility at an average price of $6.44 per share for gross proceeds of $24.7, less commission of $0.5 and recognized $0.3 of other transaction costs related to the ATM financing as share issuance costs, which have been presented net within share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Stock Options**

Options to purchase common shares have been granted to directors, officers, employees and consultants pursuant to the Company's current stock option plan, approved by the Company's shareholders in fiscal 2009 and amended and re-ratified in 2024, at exercise prices determined by reference to the market value on the date of grant. The stock option plan allows for, with approval by the Board, granting of options to its directors, officers, employees and consultants to acquire up to 5.0% of the issued and outstanding shares at any time.

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 26** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

The following table summarizes the Company's outstanding stock options:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in Canadian dollars** | **Years ended** | **Years ended** | **Years ended** | **Years ended** |
|  | **December 31,** <br>**2025** | **December 31,** <br>**2025** | December 31,<br>2024 | December 31,<br>2024 |
|  | **Number of<br>options** | **Weighted average<br>exercise price** | Number of<br>options | Weighted average<br>exercise price |
| Outstanding, beginning of the year | **3181491** | **$** **4.13** | 3488291 | $4.24 |
| &nbsp;&nbsp;&nbsp; Granted | **763530** | **$** **5.36** | 1994000 | $2.94 |
| &nbsp;&nbsp;&nbsp; Exercised | **(2184107)** | **$** **4.56** | (1712400) | $3.17 |
| &nbsp;&nbsp;&nbsp; Expired and forfeited | **(89120)** | **$** **4.21** | (588400) | $3.55 |
| Outstanding, end of the year | **1671794** | **$** **4.13** | 3181491 | $4.13 |
| Options exercisable at the end of the year | **892416** | **$** **4.01** | 1896491 | $4.82 |

---

During the year ended December 31, 2025, the weighted-average share price at the date of exercise was C$8.51 (December 31, 2024 - C$5.57).

<br>The following table summarizes the information about stock options outstanding at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expressed in Canadian dollars** | **Expressed in Canadian dollars** | | | | |
|  | **Options Outstanding** | **Options Outstanding** | **Options Outstanding** | **Options Exercisable** | **Options Exercisable** |
|  | Number | Weighted Average | Weighted | Number | Weighted |
| &nbsp;&nbsp;Exercise | Outstanding | Remaining | Average | Exercisable | Average |
| &nbsp;&nbsp;Price | as at | Contractual Life | Exercise | as at | Exercise |
| &nbsp;&nbsp;Intervals | December 31, 2025 | (Number of Years) | Price | December 31, 2025 | Price |
| $2.00- $2.99 | 780900 | 3.1 | $2.89 | 439100 | $2.89 |
| $4.00- $4.99 | 204000 | 2.6 | $4.24 | 176000 | $4.18 |
| $5.00- $5.99 | 609200 | 4.2 | $5.39 | 199622 | $5.39 |
| $6.00- $6.99 | 77694 | 1 | $6.40 | 77694 | $6.40 |
|  | 1671794 | 3.4 | $4.13 | 892416 | $4.01 |

---

During the year ended December 31, 2025, the Company recognized share-based compensation expense of $1.4 (December 31, 2024 - $1.8) based on the fair value of the vested portion of options granted in the current and prior years.

The weighted-average fair values of stock options granted and the assumptions used to calculate the related compensation expense have been estimated using the Black-Scholes Option Pricing Model with the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** <br>**2025** | December 31,<br>2024 |
| &nbsp;&nbsp;Weighted-average fair value of options in C$ | **$2.53** | $1.40 |
| &nbsp;&nbsp;Risk-free interest rate | **2.48%** | 3.75% |
| &nbsp;&nbsp;Expected dividend yield | **0%** | 0% |
| &nbsp;&nbsp;Expected share price volatility | **63%** | 62% |
| &nbsp;&nbsp;Expected options life in years | **3.63** | 3.52 |

---

Option pricing models require the input of highly subjective assumptions. The expected life of the options considered such factors as the average length of time similar option grants in the past have remained outstanding prior to exercise, expiry or cancellation and the vesting period of options granted. Volatility was estimated based on average daily volatility based on historical share price observations over the expected term of the option grant. Changes in the subjective input assumptions can materially affect the estimated fair value of the options. The Company amortizes the fair value of stock options on a graded basis over the respective vesting period of each tranche of stock options awarded. As at December 31, 2025, the unvested stock option expense not yet recognized was $0.4 (December 31, 2024 - $0.5) which is expected to be recognized over the next 17 months.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 27** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Share Units Plan**

On March 23, 2021, the Company adopted an equity-based Share Unit Plan ("SUP"), which was approved by the Company's shareholders on May 12, 2021. The SUP allows for, with approval by the Board, granting of PSUs, DSUs and RSUs, to its directors, officers, and employees to acquire up to 1.5% of the issued and outstanding shares. The SUP incorporates all existing PSUs under the former PSU plan and any new share units granted will be settled by cash, shares, or a combination of cash and shares at the discretion of the Board of Directors..

**Performance Share Units (PSUs)**

The PSUs granted are subject to a performance payout multiplier between 0% and 200% based on the Company's total shareholder return at the end of a three-year period, relative to the total shareholder return of the Company's peer group.

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** <br>**2025** | December 31,<br>2024 |
|  | **Number of units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of units |
| Outstanding, beginning of the year | **1078000** | 878000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | **299900** | 635000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cancelled | **(163000)** | (435000) |
| Outstanding, end of the year | **1214900** | 1078000 |

---

Performance criteria are based on the Company's share price performance relative to a representative group of other mining companies. On March 24, 2025, 163,000 PSUs were cancelled as the performance criteria were not met. Of the outstanding PSUs, 320,000 vest on March 6, 2026, 595,000 vest on March 12, 2027, and 299,900 vest on April 1, 2028 once certain performance criteria are met.

During the year ended December 31, 2025, the Company recognized share-based compensation expense of $1.4 related to the PSUs (December 31, 2024 - $0.9).

**Deferred share units (DSUs) -** ***Equity Settled***

The DSUs granted are vested immediately and are redeemable for shares at the time of a director's retirement.

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** <br>**2025** | December 31,<br>2024 |
|  | **Number of units** | Number of units |
| Outstanding, beginning of the year | **564841** | 330078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | **136969** | 234763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settled | **(103373)** |  |
| Outstanding, end of the year | **598437** | 564841 |

---

During the year ended December 31, 2025, the Company recognized share-based compensation expense of $0.6 related to the DSUs (December 31, 2024 - $0.5).

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 28** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

**Restricted Share Units (RSUs)**

The Company may award to its directors and employees non-transferable RSUs. The awards typically vest over a three-year period and at the election of the Company can be settled in equity upon vesting.

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
| Number of Units | **December 31,** <br>**2025** | December 31,<br>2024 |
| Outstanding, beginning of period | **-** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | **374310** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cancelled | **(10790)** |  |
| Outstanding, end of period | **363520** | - |

---

During the year ended December 31, 2025, the Company recognized share-based compensation expense of $0.5 related to the RSUs (December 31, 2024 - $0).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Historical Cash Settled Deferred Share Units** 

The Company previously had a deferred share unit plan whereby deferred share units were granted to independent directors of the Company. These cash settled deferred share units vested immediately and are redeemable for cash, based on the market value of the units at the time of a director's retirement. Upon adoption of the SUP plan in March 2021, no new cash settled deferred share units will be granted.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years ended** | **Years ended** | **Years ended** | **Years ended** |
|  | **December 31,** <br>**2025** | **December 31,** <br>**2025** | December 31,<br>2024 | December 31,<br>2024 |
|  | **Number<br>of Units** | **Weighted<br>Average<br>Grant Price** | Number<br>of Units | Weighted<br>Average Grant<br>Price |
| Outstanding, beginning of year | **1044204** | $**3.19** | 1044204 | $3.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settled | **(101576)** | $**2.74** |  | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding, end of year | **942628** | $**3.24** | 1044204 | $3.19 |
| Fair value at end of year | **942628** | $**12.91** | 1044204 | $5.27 |

---

The fair value per unit at December 31, 2025, was C$12.91 (December 31, 2024 - C$5.27).

During the year ended December 31, 2025, the Company recognized a mark to market expense on directors' compensation related to these DSUs, which is included in general and administrative salaries, wages and benefits, of $5.0 (December 31, 2024 - a recovery of $1.8) based on the change in the fair value of the DSUs granted in prior years.

As of December 31, 2025, there are 942,628 deferred share units outstanding (December 31, 2024 - 1,044,204) with a fair market value of $8.9 (December 31, 2024 - $3.8) recognized in accounts payable, accrued liabilities and other current liabilities.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 29** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Diluted Earnings per Share**

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Net loss | $**(119.1)** | $(31.5) |
| Basic weighted average number of shares outstanding (in thousands) | **283078** | 242181 |
| Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;Stock options | **-** |  |
| &nbsp;&nbsp;&nbsp;Equity settled deferred share units | **-** |  |
| &nbsp;&nbsp;&nbsp;Performance share units | **-** |  |
| Diluted weighted average number of share outstanding (in thousands) | **283078** | 242181 |
| Diluted loss per share | $**(0.42)** | $(0.13) |

---

As of December 31, 2025, there are 31,949,801 anti-dilutive instruments (December 31, 2024 – 949,291).

**14. REVENUE**

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Silver sales | $**267.3** | $127.3 |
| Gold sales | **156.0** | 92.3 |
| Lead sales | **27.9** |  |
| Zinc sales | **21.6** |  |
| Copper sales | **2.8** |  |
| Other metals sales | **0.9** |  |
| Less: smelting and refining costs | **(9.0)** | (2.0) |
| Revenue | $**467.5** | $217.6 |

---

Changes in fair value from provisional pricing are included in silver, gold, lead, zinc and copper sales. Revenue per product type was as follows:

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Concentrate sales | $**262.7** | $71.1 |
| Provisional pricing adjustments | **7.1** | (0.8) |
| Total revenue from concentrate sales | **269.8** | 70.3 |
| Refined metal sales | **197.7** | 147.3 |
| Total revenue | $**467.5** | $217.6 |

---

Provisional pricing adjustments on sales of concentrate are pricing adjustments made upon finalization of the sales contract. The Company's concentrate sales contracts are initially priced with provisional pricing periods lasting typically two to six months, with provisional pricing adjustments recorded to revenue as market prices vary. As at December 31, 2025, a 10% change to the underlying metals prices would result in a change in revenue and accounts receivable of $2.8 (December 31, 2024 - $0.3) based on the total quantities of metals in sales contracts for which the provisional pricing periods were not yet closed.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 30** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

The Company had eight customers representing 100% of concentrate and refined metal sales in 2025, with three customers accounting for 42%, 30%, and 20% of total sales respectively. In 2024, three customers represented 100% of concentrate and refined metal sales, accounting for 68%, 17%, and 16% of total sales respectively.

**15. EXPLORATION, EVALUATION AND DEVELOPMENT**

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** <br>**2025** | December 31,<br>2024 |
| Depreciation | $**0.5** | $0.8 |
| Share-based compensation | **0.5** | 0.2 |
| Employee costs | **4.6** | 2.5 |
| Direct exploration expenditures | **11.4** | 8.6 |
| Evaluation and development employee costs | **2.7** | 2.9 |
| Direct evaluation and development expenditures | **3.7** | 4.4 |
|  | $**23.4** | $19.4 |

---

**16. GENERAL AND ADMINISTRATIVE**<br>

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Depreciation | $**0.4** | $0.4 |
| Share-based compensation | **3.0** | 2.8 |
| Salaries, wages and benefits | **4.1** | 3.9 |
| Directors' DSU liability expense (recovery) | **5.5** | 1.8 |
| Direct general and administrative | **6.7** | 5.3 |
| Business acquisition costs | **3.6** |  |
|  | $**23.3** | $14.2 |

---

**17. FINANCE COSTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Years ended** | **Years ended** |
|  |  | **December 31,** | December 31, |
|  | &nbsp;&nbsp;Notes | **2025** | 2024 |
| Accretion on provision for reclamation and rehabilitation | &nbsp;&nbsp;12 | $**1.2** | $0.7 |
| Interest on loans | &nbsp;&nbsp;11 | **4.6** | 0.8 |
| Write-off of capitalized deferred fees and prepayment penalties | &nbsp;&nbsp;11 | **7.0** |  |
| Interest on convertible notes | &nbsp;&nbsp;10 | **1.5** |  |
| Interest on lease liabilities |  | **0.2** |  |
|  |  | $**14.5** | $1.5 |

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 31** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

**18. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Net changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and other receivables | $**(17.2)** | $(4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | **(1.2)** | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(19.9)** | (7.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaids | **1.6** | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **58.0** | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | **19.8** | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;IVA receivable | **(25.1)** | (0.5) |
|  | $**16.0** | $(8.1) |
| Non-cash financing and investing activities: |  |  |
| Reclamation included in mineral properties, plant and equipment | $**1.1** | $3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of exercised options allocated to share capital | $**3.8** | $2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of receivables settled with marketable securities | $**-** | $1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of capital assets acquired under finance leases | $**4.0** | $- |
| Other cash disbursements: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $**22.2** | $5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mining duty paid | $**4.0** | $2.6 |

---

**19. SEGMENT DISCLOSURES**

The Company's operating segments are based on internal management reports that are reviewed by the Company's executives (the chief operating decision makers) in assessing performance. The Company has three operating mining segments: Guanaceví and Terronera in Mexico, and Minera Kolpa in Peru as well as Exploration and Corporate segments. As of December 31, 2025, previously operating mine Bolañitos, in Mexico, has been classified as held for sale (Note 24). The Exploration segment consists of projects in the exploration and evaluation phases in Mexico, Chile and the USA. Exploration projects that are in the local district surrounding a mine are included in the mine's segments. All three mines located in Mexico produce silver and gold, while Minera Kolpa produces silver, led, zinc and copper. Refined metal sales come from Guanaceví while other three mines sell concentrate.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the years ended<br>December 31** | **For the years ended<br>December 31** | Revenue | Cost of<br>sales -<br>direct | Cost of sales -<br>depreciation | Cost of sales -<br>other | Mine<br>operating<br>earnings | Net earnings<br>and<br>comprehensive<br>earnings |
| Guanaceví | **2025** | $**197.7** | $**102.8** | $**28.9** | $**26.9** | $**39.1** | $**28.3** |
|  | 2024 | 147.3 | 82.9 | 19.5 | 20.7 | 24.2 | 13.5 |
| Bolañitos (Note 24) | **2025** | **74.2** | **44.1** | **10.2** | **0.9** | **19.0** | **12.9** |
|  | 2024 | 70.3 | 41.6 | 10.4 | 0.5 | 17.8 | 19.1 |
| Terronera | **2025** | **84.5** | **67.9** | **12.9** | **2.2** | **1.5** | **(124.0)** |
|  | 2024 |  |  |  |  |  | (37.3) |
| Kolpa | **2025** | **111.1** | **65.6** | **21.0** | **1.4** | **23.2** | **14.4** |
|  | 2024 |  |  |  |  |  |  |
| Exploration | **2025** | **-** | **-** | **-** | **-** | **-** | **(19.7)** |
|  | 2024 |  |  |  |  |  | (12.3) |
| Corporate | **2025** | **-** | **-** | **-** | **-** | **-** | **(31.0)** |
|  | 2024 |  |  |  |  |  | (14.5) |
| Consolidated | **2025** | $**467.5** | $**280.4** | $**73.0** | $**31.4** | $**82.8** | $**(119.1)** |
|  | 2024 | $217.6 | $124.5 | $29.9 | $21.2 | $42.0 | $(31.5) |

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 32** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

The Exploration segment included $2.2 of costs incurred in Chile for the year ended December 31, 2025 (December 31, 2024 - $1.1) and $0.1 of costs incurred in USA (December 31, 2024 - $nil).

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Years ended December 31** |  | Total assets | Total liabilities | Additions to fixed <br>assets |
| Guanaceví | **2025** | $**117.2** | $**55.7** | $**19.6** |
|  | 2024 | 114.7 | 43.9 | 22.9 |
| Bolañitos (Note 24) | **2025** | **47.6** | **21.5** | **10.4** |
|  | 2024 | 53.2 | 7.9 | 7.9 |
| Terronera | **2025** | **553.4** | **184.1** | **130.3** |
|  | 2024 | 373.5 | 173.4 | 189.9 |
| Kolpa | **2025** | **236.5** | **77.2** | **25.6** |
|  | 2024 |  |  |  |
| Exploration | **2025** | **91.1** | **2.0** | **4.4** |
|  | 2024 | 86.6 | 1.3 | 1.6 |
| Corporate | **2025** | **189.9** | **316.1** | **0.4** |
|  | 2024 | 91.2 | 8.3 |  |
| Consolidated | **2025** | $**1235.7** | $**656.6** | $**190.7** |
|  | 2024 | 719.2 | 234.8 | 222.3 |

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**20. INCOME TAXES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Tax Assessments**

Due to the nature of the Company's activities, various legal and tax matters are outstanding from time to time. The Company is

routinely subject to audit by tax authorities in the countries in which it operates and has received a number of tax assessments in various locations, which are currently at various stages of progress with the relevant authorities. The outcomes of these audits and assessments are uncertain however, the Company is confident of its position on the various matters under review.

Minera Santa Cruz y Garibaldi S.A. de C.V. ("MSCG"), a subsidiary of the Company, received an MXN 238 million assessment on October 12, 2010 by Mexican fiscal authorities for failure to provide the appropriate support for certain expense deductions taken in MSCG's 2006 tax return, failure to provide appropriate support for loans made to MSCG from affiliated companies, and deemed an unrecorded distribution of dividends to shareholders, among other individually immaterial items. MSCG immediately initiated a Nullity action and filed an administrative attachment to dispute the assessment.

In June 2015, the Superior Court ruled in favour of MSCG on a number of the matters under appeal; however, the Superior Court ruled against MSCG for failure to provide appropriate support for certain deductions taken in MSCG's 2006 tax return. In June 2016, the Company received an MXN 122.9 million ($6.8) tax assessment based on the June 2015 ruling. The 2016 tax assessment comprised of MXN 41.8 million owed ($2.3) in taxes, MXN 17.7 million ($1.0) in inflationary charges, MXN 40.4 million ($2.2) in interest and MXN 23.0 million ($1.3) in penalties. The 2016 tax assessment was issued for failure to provide the appropriate support for certain expense deductions taken in MSCG's 2006 tax return and failure to provide appropriate support for loans made to MSCG from affiliated companies.

The Company filed an appeal against the June 2016 tax assessment on the basis certain items rejected by the courts were included in the new tax assessment, and a number of deficiencies exist within the tax assessment. Since issuance of the tax assessment interest charges of MXN 24.4 million ($1.4) and inflationary charges of MXN 36.5 million ($2.0) have accumulated.

Included in the Company's consolidated financial statements are net assets of $1.0 held by MSCG. Following the Tax Court's rulings, MSCG is in discussions with the tax authorities with regards to the shortfall of assets within MSCG to settle its estimated tax liability. An alternative settlement option would be to transfer the shares and assets of MSCG to the tax authorities. As of December 31, 2025, the Company's income tax payable includes an allowance for transferring the shares and assets of MSCG amounting to $1.0. The Company is currently assessing MSCG's settlement options based on ongoing court proceedings and discussion with the tax authorities. The Company has been advised that the appeal filed with the Federal Tax Court, against the June 2016 tax assessment has been rejected. The Company continues to assess MSCG's settlement options.

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 33** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

Compania Minera Del Cubo S.A. de C.V. ("Cubo"), a subsidiary of the Company, received an MXN 58.5 million ($3.3) tax assessment in 2019 by Mexican fiscal authorities for alleged failure to provide the appropriate support for depreciation deductions taken in the Cubo 2016 tax return and denied eligibility of deductions of certain suppliers. The tax assessment consisted of MXN 24.1 million ($1.3) for taxes, MXN 21.0 million ($1.2) for penalties, MXN 10.4 million ($0.6) for interest and MXN 3.0 million ($0.2) for inflation. At the time of the tax assessment the Cubo entity had and continues to have sufficient loss carry forwards which would be applied against the assessed difference of taxable income. The Mexican tax authorities did not consider these losses in the assessment.

Due to the denial of certain suppliers for income tax purposes in the Cubo assessment, the invoices from these suppliers have been assessed as ineligible for refunds of IVA paid on the invoices. The tax assessment includes MXN 14.7 million ($0.8) for re-payment of IVA (value added taxes) refunded on these supplier payments. In the Company's judgment the suppliers and invoices meet the necessary requirements to be deductible for income tax purposes and the recovery of IVA.

The Company has filed an administrative appeal related to the 2016 Cubo tax assessment. The Company had previously provided a lien on certain El Cubo mining concessions during the appeal process. To facilitate the sale of the El Cubo mine and related assets, the Company elected to pay the assessed amount of $3.6 during Q1, 2021. During the appeal process the amount paid has been classified as a non-current income tax receivable. As of December 31, 2025, amount receivable is $4.0. Since issuance of the assessment interest charges of MXN 9.9 ($0.5) and inflationary charges of MXN 1.6 ($0.1) have accumulated.

In March 2024, the Company was notified that Cubo was subject to a tax audit by the relevant taxation authorities. Following an extended period of correspondence, information requests and discussions with the authorities, Cubo has received a formal assessment relating to certain tax positions taken in prior periods and in November 2025 filed a notice of objection and formally appealed the assessment. The appeal remains under review with tax authority, and no final determination has been made.

The Company continues to assess that it is probable that its appeal will prevail, and no provision is recognized in respect of the Cubo tax assessments. Cubo has no significant assets beyond the income tax receivable of $4.0, paid in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Mexico Taxes**

The Company's Mexican operations are subject to an Environmental Royalty Tax of 1% of gross sales and in 2025, the Company recognized $3.0 in royalty expense for the Environmental Royalty Tax (2024 - $1.1), included in cost of sales.

The Company's Mexican operations are subject to an annual Special Mining Duty of 8.5% on the profit resulting from subtracting the allowed deductions from the income on the sales of extractive activities with the exception of the annual inflation adjustment, interests and investments, aside from those performed for exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Deferred Income Tax Assets and Liabilities**

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| | | |
|:---|:---|:---|
| Mexico operations | **December 31,** | December 31, |
| Deferred tax derived from income tax | **2025** | 2024 |
| Deferred income tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax loss carryforwards | $**14.0** | $6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Working capital | **17.4** | 5.0 |
| Deferred income tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(4.3)** | (5.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | **(32.6)** | (13.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible note | **(29.6)** |  |
| Deferred income tax assets (liabilities), net | $**(35.1)** | $(7.1) |

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 34** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

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| | | |
|:---|:---|:---|
| Mexico operations | **December 31,** | December 31, |
| Deferred tax derived from special mining duty | **2025** | 2024 |
| Deferred income tax assets (liabilities): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Working capital | $**0.4** | $(0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | **(1.5)** | (2.7) |
| Deferred income tax assets (liabilities), net | $**(1.1)** | $(3.2) |

---

As of December 31, 2025, $2.0 of the deferred tax assets at Bolañitos are classified as assets held for sale (Note 24).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Income Tax Expense**

---

| | | |
|:---|:---|:---|
|  | **Years ended** | **Years ended** |
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Current income tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;Current income tax expense in respect of current year | $**27.5** | $7.9 |
| &nbsp;&nbsp;&nbsp;Special mining duty | **9.1** | 5.0 |
| Deferred income tax expense (recovery): |  |  |
| &nbsp;&nbsp;&nbsp;Deferred tax expense recognized in the current year | **2.8** | 5.1 |
| &nbsp;&nbsp;&nbsp;Special mining duty | **(2.1)** | 0.6 |
| &nbsp;&nbsp;&nbsp;Adjustments recognized in the current year in relation to prior years years | **(5.0)** | (2.8) |
| &nbsp;&nbsp;&nbsp;Recognition of previously unrecognized losses | **(18.2)** | (6.3) |
| Total income tax expense | $**14.2** | $9.5 |

---

The reconciliation of the income tax provision computed at statutory tax rates to the reported income tax provision is as follows:

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| | | |
|:---|:---|:---|
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Canadian statutory tax rates | **27.00%** | 27.00% |
| Income tax expense computed at Canadian statutory rates | $**(28.3)** | $(5.9) |
| Foreign tax rates different from statutory rate | **(3.9)** | 1.5 |
| Foreign exchange | **46.3** | 1.3 |
| Inflationary adjustment | **9.2** | 1.2 |
| Other non-deductible items | **0.2** | 0.7 |
| Special mining duty Mexican tax | **6.8** | 5.2 |
| Adjustments recognized in the current year in relation to prior years | **(5.0)** | (2.8) |
| Current year losses not recognized | **7.1** | 14.6 |
| Recognition of previously unrecognized losses | **(18.2)** | (6.3) |
| Income tax expense | $**14.2** | $9.5 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Unrecognized Deferred Tax Assets**

Management believes that sufficient uncertainty exists regarding the realization of certain deferred tax assets such that they have not been fully recognized. The tax benefits not recognized reflect management's assessment regarding the future realization of Canadian, Peruvian, Chilean and certain Mexican tax assets and estimates of future earnings and taxable income in these jurisdictions as of December 31, 2025. When circumstances cause a change in management's judgment about the recoverability of deferred tax assets, the impact of the change will be reflected in current income.

Deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax assets have been recognized are attributable to the following:

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| | | |
|:---|:---|:---|
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Non-capital losses | $**185.8** | $213.6 |
| Capital losses | **-** | 31.3 |
| Derivative liabilities | **103.3** |  |
| Exploration pools and others | **56.1** | 26.3 |

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| | |
|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 35** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

The Company has Canadian, Chilean, and Mexican non-capital tax losses available for carryforward, which, if not utilized, will expire as follows:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Loss Carry Forward | **December 31,** | December 31, |
|  | &nbsp;&nbsp;Expiry | **2025** | 2024 |
| Mexico tax loss carry forward | &nbsp;&nbsp;2026-2035 | $**160.1** | $178.9 |
| Canada tax loss carry forward | &nbsp;&nbsp;2035-2044 | **15.9** | 13.5 |
| Chile tax loss carry forward | &nbsp;&nbsp;No expiration | **23.5** | 21.2 |
| Capital losses |  | **33.0** | 31.3 |

---

**21. COMMITMENTS & CONTINGENCIES**

*Commitments*

As of December 31, 2025, the Company had commitments of $7.4 for capital equipment purchases.

*Contingencies*

Due to the nature of the Company's activities, various legal and tax matters are outstanding from time to time. The Company is routinely subject to audit by tax authorities in the countries in which it operates and has received a number of tax assessments in various locations, which are currently at various stages of progress with the relevant authorities (Note 20).

**22. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS**

<u>Copper Stream liability</u>

Concurrently with the acquisition of Minera Kolpa on May 1, 2025, the Company entered into a ten-year Copper Stream agreement on copper produced from Kolpa (the "Copper Stream") with Versamet Royalties Corporation ("Versamet"). Under the Copper Stream agreement, Versamet provided a $35.0 prepayment used to finance the cash consideration of the Kolpa acquisition on May 1, 2025. In exchange Versamet will receive refined copper LME Warrants or copper credits in the amount greater of: (i) 95.8% of produced copper or (ii) 0.03 pounds of copper per pound of lead produced. After 6,000 tonnes are delivered, Versamet will purchase 71.85% of produced copper, decreasing to 47.9% after 10,500 tonnes until the end of the term of the agreement.

The purchase price is based on the spot price of refined copper. Until the liability is repaid, Versamet will pay 10% of the spot price in cash per tonne, with the remaining 90% offset against the prepayment. Once the prepayment is fully applied, Versamet will continue to pay 10% of the spot price. Versamet holds a right of first refusal on future royalties, streams, or similar interests from Kolpa. The agreement is secured by an equity pledge in Kolpa.

The copper stream liability is classified as level 3 in the fair value hierarchy and measured at fair value through profit or loss. The stream is valued using a discounted cash flow model based on current market and operational assumptions. The key unobservable inputs used in the valuations include a discount rate reflecting credit risk and asset-specific risk, copper price forecasts, based on observable forward price curves over the expected production term. At the date of the initial recognition and December 31, 2025, rates of 8.6% and 7.5% were used respectively. The valuation involves significant judgment related to the life-of-mine production schedule, including expected output timing and volumes.

<u>Contingent payment on business acquisition (Note 4)</u>

The contingent payment is payable in cash within 24 months of closing of the acquisition of Minera Kolpa and is classified as level 3 in the fair value hierarchy and measured at fair value through profit or loss. Consideration is valued using a discounted cash flow model. The key unobservable inputs used in the valuation include a discount rate of 15.0%, as well as assumptions about the silver equivalent ounces expected to be reported as Kolpa's mineral reserves and resources in a future technical report.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 36** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

<u>Commodity contracts</u>

In connection with the Terronera Debt Facility (Note 11), on March 28, 2024, the Company entered into gold forward swap contracts to hedge against the fluctuation in gold prices. These have been amended to reflect the current gold production profile, with settlement of 68,000 oz from August 2025 to June 2027 with a forward price of $2,311 per ounce of gold. During the year ended December 31, 2025, the Company settled 13,946 gold oz under forward swap contracts and as of December 31, 2025, had 54,056 gold oz outstanding.

In relation to the amendment to the Terronera Debt facility, in June 2025, the Company implemented un-margined zero-cost collars for 968,000 oz of silver with a price range of $31 to $42 per oz, settling over the period from October 2025 to July 2026. During the year ended December 31, 2025, the Company settled 226,065 silver oz collars and as of December 31, 2025, had 741,935 silver collar oz outstanding.

<u>Foreign exchange contracts</u>

The Company also hedges a portion of the estimated operating expenditures incurred in Mexican Pesos. During the year ended December 31, 2025, the Company settled $53.3 of MXN forward contracts and recognized realized gains of $5.0. As of December 31, 2025, the Company had $30.0 Mexican Peso forward contracts with a weighted average settlement exchange rate of 18.95 pesos for US dollar settling between January 2026 and January 2027.

As at December 31, 2025, the fair values of the Company's derivatives and other financial instruments measured at fair value.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Gold<br>forward<br>swap | Silver<br>collars | Mexican<br>Peso<br>forward | Copper<br>stream<br>liability | Convertible<br>notes<br>derivative | Total |
| Derivative liability at December 31, 2024 | $(24.6) | $- | $(2.3) | $- | $- | $(26.9) |
| Recognized at copper stream inception |  |  |  | (35.0) |  | (35.0) |
| Recognized at convertible note offering |  |  |  |  | 1.9 | 1.9 |
| (Loss) gain on revaluation | (85.5) | (20.2) | 3.4 | (13.2) | 6.1 | (109.3) |
| Settled copper stream liability |  |  |  | 3.5 |  | 3.5 |
| Derivative asset (liability) at<br>December 31, 2025 | $(110.1) | $(20.2) | $1.1 | $(44.7) | $8.0 | $(165.9) |
| Presented in the statement of financial position: | Presented in the statement of financial position: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative asset | $- | $- | $1.1 | $- | $- | $1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current derivative assets |  |  |  |  | 8.0 | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | (73.9) | (20.2) |  |  |  | (94.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current derivative liabilities | (36.2) |  |  |  |  | (36.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current copper stream liability |  |  |  | (7.7) |  | (7.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current copper stream liability |  |  |  | (37.0) |  | (37.0) |
| Derivative asset (liability) at<br>December 31, 2025 | $(110.1) | $(20.2) | $1.1 | $(44.7) | $8.0 | $(165.9) |
| (Loss) gain on revaluation | $(85.5) | $(20.2) | $3.4 | $(13.2) | $6.1 | $(109.3) |
| Realized (loss) gain on derivatives | (20.5) | (1.4) | 5.0 |  |  | (16.9) |
| Loss on derivative contracts | $(106.0) | $(21.6) | $8.4 | $(13.2) | $6.1 | $(126.2) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Financial assets and liabilities**

As at December 31, 2025, the carrying and fair values of the Company's financial instruments by category are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair value through<br>profit or loss | Amortized cost | Carrying value | Fair value |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $- | $215.4 | $215.4 | $215.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 1 |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and other receivables | 20.6 | 3.1 | 23.8 | 23.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 9.1 |  | 9.1 | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable |  | 2.6 | 2.6 | 2.6 |
| Total financial assets | $30.7 | $221.1 | $251.9 | $251.9 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities and other<br> current liabilities | $8.9 | $111.5 | $120.4 | $120.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 130.3 |  | 130.3 | 130.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper stream liability | 44.7 |  | 44.7 | 44.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent payment | 8.8 |  | 8.8 | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable |  | 12.7 | 12.7 | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible senior notes |  | 231.2 | 231.2 | 231.2 |
| Total financial liabilities | $192.7 | $355.4 | $548.1 | $548.1 |

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| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 37** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

As at December 31, 2024, the carrying and fair values of the Company's financial instruments by category are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair value through<br>profit or loss | Amortized cost | Carrying value | Fair value |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $- | $106.4 | $106.4 | $106.4 |
| &nbsp;&nbsp;&nbsp;Other investments | 1.1 |  | 1.1 | 1.1 |
| &nbsp;&nbsp;&nbsp;Accounts and other receivables | 3.3 | 0.3 | 3.6 | 3.6 |
| &nbsp;&nbsp;&nbsp;Loans receivable |  | 2.6 | 2.6 | 2.6 |
| Total financial assets | $4.4 | $109.3 | $113.7 | $113.7 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities and other<br>current liabilities | $3.8 | $50.1 | $53.9 | $53.9 |
| &nbsp;&nbsp;&nbsp;Derivative liabilities | 26.9 |  | 26.9 | 26.9 |
| &nbsp;&nbsp;&nbsp;Loans payable |  | 120.2 | 120.2 | 120.2 |
| Total financial liabilities | $30.7 | $170.3 | $201.0 | $201.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Fair value hierarchy**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

**Level 1:** Other investments are comprised of investments in shares of companies. When there is an active market, fair values are determined based on a market approach reflecting the closing price of each particular security at the reporting date. The closing price is a quoted market price obtained from the exchange that is the principal active market for the investment. As a result, $0.9 of these financial assets have been included in Level 1 of the fair value hierarchy.

Cash settled deferred share units are determined based on a market approach reflecting the Company's closing share price or share price at redemption date for any pending settlements.

**Level 2:** The Company determines the fair value of the embedded derivatives as follows: of the embedded derivatives related to its trade receivables based on the quoted closing price obtained from the silver and gold metal exchanges; derivative liabilities related to Mexican peso forwards, silver collars and gold forward swaps values are determined by using forward prices from observable market curves for these contracts at the period end date.

**Level 3:** Included in other investments are share purchase warrants, copper stream liability, contingent payments payable related to acquisition of Minera Kolpa and early redemption derivative asset embedded in convertible senior notes. Fair value of the share purchase warrants at each period end has been estimated using the Black-Scholes Option Pricing Model. The copper stream liability is valued using a discounted cash flow model based on current market and operational assumptions disclosed above. Contingent payable related to acquisition of Minera Kolpa is value using a probability weighted discounted cashflows with key assumptions being likelihood and timing of the milestones being reached. Early redemption derivative asset embedded in the convertible senior notes is valued using FINCAD model with key assumptions being underlying stock volatility and the Company's credit spread.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 38** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

Assets and liabilities as at December 31, 2025, measured at fair value on a recurring basis include:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | Level 2 | Level 3 | Total |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other investments | $0.9 | $- | $0.1 | $1.0 |
| &nbsp;&nbsp;&nbsp;Trade receivables |  | 20.6 |  | 20.6 |
| &nbsp;&nbsp;&nbsp;Derivative assets |  | 1.1 | 8.0 | 9.1 |
| Total financial assets | $0.9 | $21.7 | $8.1 | $30.7 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash settled deferred share units | $8.9 | $- | $- | $8.9 |
| &nbsp;&nbsp;&nbsp;Derivative liability |  | 130.3 |  | 130.3 |
| &nbsp;&nbsp;&nbsp;Copper stream liability |  |  | 44.7 | 44.7 |
| &nbsp;&nbsp;&nbsp;Contingent payment |  |  | 8.8 | 8.8 |
| Total financial liabilities | $8.9 | $130.3 | $53.5 | $192.7 |

---

Assets and liabilities as at December 31, 2024 measured at fair value on a recurring basis include:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | Level 2 | Level 3 | Total |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other investments | $1.1 | $- | $- | $1.1 |
| &nbsp;&nbsp;&nbsp;Trade receivables |  | 3.3 |  | 3.3 |
| Total financial assets | $1.1 | $3.3 | $- | $4.4 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash settled deferred share units | $3.8 | $- | $- | $3.8 |
| &nbsp;&nbsp;&nbsp;Derivative liability |  | 26.9 |  | 26.9 |
| Total financial liabilities | $3.8 | $26.9 | $- | $30.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Financial instrument risk exposure and risk management**

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board approves and monitors the risk management process. The types of risk exposure and the manner in which such exposures are managed is outlined as follows:

<u>Credit Risk</u>

The Company is exposed to credit risk on its bank accounts, accounts and other receivables and loan receivables. Credit risk exposure on bank accounts is limited through maintaining the Company's balances with high-credit quality financial institutions, maintaining investment policies, assessing institutional exposure and continual discussion with external advisors. Accounts and other receivables are generated on the sale of concentrate inventory to reputable metal traders as well as various other receivables arising from operations. The Company reduces credit risk by restricting dealings to counterparties with acceptable credit profiles, managing concentration through exposure limits, and applying continuous credit monitoring practices. There has been no indication of a change in creditworthiness of the counterparty to the loan receivable since the initial recognition.

The carrying amount of financial assets represents the Company's maximum credit exposure.

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 39** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

As of December 31, 2025, none of the trade receivables were overdue by more than 30 days (2024 - $nil), $0.6 of the other receivables were overdue more than 30 days (2024 - $nil) and $1.3 of the loan receivables are overdue by more than 30 days (December 31, 2024 - $0.2). The Company's historical default rate and frequency of losses are low, and the lifetime expected credit loss allowance for receivables is nominal as at December 31, 2025.

<u>Market Risk</u>

Significant market related risks to which the Company is exposed consist of foreign currency risk, commodity price risk and interest rate risk.

*Foreign Currency Risk* - The Company's operations in Mexico and Canada make it subject to foreign currency fluctuations. Certain of the Company's operating expenses are incurred in Mexican pesos and Canadian dollars, therefore the fluctuation of the US dollar in relation to these currencies will consequently have an impact on the profitability of the Company and may also affect the value of the Company's assets and the amount of shareholders' equity. To manage foreign currency risk, the Company has entered into Mexican Peso forward purchase contracts, which partially reduce exposure to exchange rate volatility impacting operating expenditures denominated in MXN.

The US dollar equivalents of financial assets and liabilities denominated in currencies other than the US dollar as at December 31, 2025<sup>,</sup> are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Canadian Dollar** | **Mexican Peso** | **Peruvian Sol** | Canadian Dollar | Mexican Peso |
| Financial assets | $**1.9** | $**2.7** | $**7.0** | $1.5 | $2.4 |
| Financial liabilities | **(12.4)** | **(50.1)** | **(29.0)** | (6.0) | (16.3) |
| Net financial assets (liabilities) | $**(10.5)** | $**(47.4)** | $**(22.0)** | $(4.5) | $(13.9) |

---

Of the financial assets listed above, $0.9 (2024 - $0.4) represents cash and cash equivalents held in Canadian dollars, $2.6 (2024 - $2.4) represents cash held in Mexican pesos and $5.2 represents cash held in Peruvian sol (2024 - $nil). The remaining cash balance is held in US dollars.

As at December 31, 2025, with other variables unchanged, a 5% strengthening of the US dollar against the Canadian dollar would increase net earnings by $0.5 due to these financial assets and liabilities.

As at December 31, 2025, with other variables unchanged, a 5% strengthening of the US dollar against the Mexican peso would increase net earnings by $2.2 due to these financial assets and liabilities.

As at December 31, 2025, with other variables unchanged, a 5% strengthening of the US dollar against the Peruvian sol would increase net earnings by $1.0 due to these financial assets and liabilities.

*Commodity Price Risk* - Gold, silver and copper prices have historically fluctuated significantly and are affected by numerous factors outside of the Company's control, including, but not limited to, industrial and retail demand, central bank lending, forward sales by producers and speculators, levels of worldwide production, short-term changes in supply and demand due to speculative hedging activities and certain other factors. To partially reduce exposure to gold and silver price risk, the Company has entered into gold forward swap contracts and silver zero-cost collar contracts. Additionally, precious metal prepayment obligation contract substantially reduces the Company's exposure to future copper price fluctuations.

As at December 31, 2025, the following sensitivities reflect the impact of a 5% increase in the relevant forward commodity prices used in the valuation at that date, with all other valuation inputs held constant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 5% increase in forward copper prices would result in an approximate $2.3 increase in the copper stream liability.<br>• A 5% increase in forward gold prices would result in an approximate $11.7 increase in the gold forward swap liabilities.<br>• A 5% increase in forward silver prices would result in an approximate $2.5 increase in the silver zero-cost collar liabilities.

*Interest Rate Risk* - The interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The interest rate on the Debt Facility is variable and based on the exposure as of December 31, 2025, a 1% change in interest rate would result in an increase or decrease of interest costs in the amount of $0.1 per year. As of December 31, 2025, all of the Company's outstanding equipment financing obligations bear interest at fixed rates and are not exposed to changes in future cash flows attributable to changes in market interest rates.

The Company is exposed to interest rate risk on its contingent payment related to the Purchase of Minera Kolpa. The consideration is valued using a discounted cash flow model, using a discount rate of 15.0%, as well as assumptions about future technical report's silver equivalent ounces contained in Kolpas reserves and resources. Based on the exposure as of December 31, 2025, a 1% change in the interest rates would result in an increase or decrease of approximately $0.1 in interest earned by the Company.

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 40** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

The Company is exposed to interest rate risk on its cash and cash equivalents. The cash and cash equivalent interest earned is based on bank account interest rates which may fluctuate. Based on the exposure as of December 31, 2025, a 1% change in the interest rates would result in an increase or decrease of approximately $2.2 in interest earned by the Company. The Company has not entered into any derivative contracts to manage the interest rate risk.

<u>Liquidity Risk</u>

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages liquidity risk by continually monitoring forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support its normal operating requirements and development plans. The Company aims to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from operations, its holdings of cash and cash equivalents, and its committed and anticipated liabilities. As at December 31, 2025, the Company had a working capital surplus of $146.4, including $26.1 net assets presented as held for sale in Note 24.

The following table summarizes the remaining contractual maturities of the Company's financial liabilities at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | Less than |  |
|  | 1 year | Total |
| Accounts payable, accrued liabilities and other current liabilities | $120.4 | $120.4 |
| Loans payable | 9.3 | 13.4 |
| Lease liabilities | 1.4 | 2.1 |
| Reclamation and rehabilitation obligation |  | 27.3 |
| Gold forward swaps | 80.1 | 114.7 |
| Silver collar contracts | 21.5 | 21.5 |
| Copper stream liability | 7.9 | 58.8 |
| Contingent payment |  | 10.0 |
| Convertible note debenture | 0.5 | 354.5 |
| Total contractual obligations | $241.1 | $722.7 |

---

**23. RELATED PARTY TRANSACTIONS**

As of December 31, 2025, the Company has no outstanding related party payables (December 31, 2024 - nil). During the year ended December 31, 2025, the Company had no transactions with related parties other than as disclosed below in the key management compensation section. During the year ended December 31, 2024, the Company was charged $0.3 for legal services by a legal firm whose partner was the Company's corporate secretary at the time.

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 41** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

<u>Key management personnel</u>

The key management of the Company comprises executive and non-executive directors, and executive officers. Compensation was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | December 31, |
|  | **2025** | 2024 |
| Executive management cash compensation | $**2.7** | $2.6 |
| Executive management share based payments | **2.6** | 2.3 |
| Non-executive directors' fees | **0.5** | 0.4 |
| Non-executive directors' deferred share units | **0.5** | 0.5 |
| Revaluation on cash settled DSU's | **5.3** | 1.8 |
|  | $**11.6** | $7.6 |

---

The existing non-executive directors' deferred share units are comprised of both equity and cash settled deferred share units. The recognized expense or recovery includes the fair value of new issuances of equity settled deferred share units during the period and the change in fair value of all outstanding cash-settled deferred share units during the period. During the year ended December 31, 2025, the Company granted 136,969 deferred share units (December 31, 2024 - 234,763) with a fair value of $0.6 (December 31, 2024 - $0.5) at the date of grant. At December 31, 2025, there were 942,628 cash settled deferred share units and 598,437 equity-settled deferred share units outstanding with a fair value of $8.9 and $2.0 respectively (December 31, 2024 - 1,044,204 and 564,841 respectively, with a fair value of $5.5).

The amount disclosed for share-based payments is the expense for the year calculated in accordance with IFRS 2 *Share-based payments for stock options*, performance share units and deferred share units (Notes 11 (c), (d) and (e)). The fair values of these share-based payments are recognized as an expense over the vesting period of the award. Therefore, the compensation expense in the current year comprises the vested portion of current year awards and those of preceding years that vested within the current year.

**24. ASSET AND LIABILITIES HELD FOR SALE**

On November 24, 2025, the Company announced that it entered into a definitive share purchase agreement with Guanajuato Silver Company Ltd., to sell 100% of the issued and outstanding shares of Mina Bolañitos. The closing of the sale of Mina Bolañitos was finalized on January 15, 2026. On closing of the sale, the Company received an upfront portion of the consideration, comprising of $30.0 cash payment and 36.9 million common shares of Guanajuato Silver.

The fair value of the Guanajuato Silver common shares received of $20.2 was determined based on the Guanajuato Silver's quoted share price of C$0.76 per share on the closing date of the disposal. In accordance with the share purchase agreement, the cash consideration was subject to customary post-closing adjustment for working capital. Upon closing, the Company became entitled to VAT refunds for pre-closing periods that are received in cash within 18 months, net of related costs.

The total upfront consideration for the sale of the Mina Bolañitos consisted of the following components:

---

| | |
|:---|:---|
| Cash Consideration | $30.0 |
| Common shares received | 20.2 |
| Working capital adjustment | 5.2 |
| Total upfront consideration | $55.4 |

---

In addition to the upfront consideration, the fair value of the transaction at the closing date includes the fair value of the deferred considerations totaling up to $10.0, contingent upon achieving production milestones of two million and four million silver-equivalent ounces. The deferred contingent consideration payments were measured at fair value based on management's assessment of the likelihood of meeting each applicable production milestone, incorporating forecasted production and discounted to their present value with the appropriate discount rate.

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 42** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

As at January 15, 2026, the fair value less costs to sell and carry value of Mina Bolañitos were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Upfront consideration | $55.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred payments | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: costs to sell | (0.1) |
| **Fair value less costs to sell** | $**62.9** |
| Carrying value of net assets disposed | $28.2 |
| **Gain on disposal** | $**34.7** |

---

As a result of the sale, the Company expects to recognize a gain on disposal of $34.7 in the first quarter of 2026.

Management concluded that Bolañitos met the criteria defined in IFRS 5 *Assets held for sale and discontinued operations* and therefore, the assets and liabilities of the Mina Bolañitos were measured, classified and presented as held for sale as of December 31, 2025. Based on the estimated fair value less costs to sell, management determined that carrying amount was lower than fair value less costs to sell and no impairment loss was required to be recognized on the Mina Bolañitos at December 31, 2025.

At December 31, 2025, the carrying amounts of the assets and liabilities relating to the Mina Bolañitos, reported as a separate operating segment (Note 19) and classified as held for sale, were as follows:

---

| | |
|:---|:---|
|  | **December 31,**<br>**2025** |
| Assets held for Sale |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 26.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 0.3 |
|  | $**47.6** |
| Liabilities relating to assets held for sale |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclamation and closure provisions | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 1.2 |
|  | $**21.5** |
| Net assets held for sale | $**26.1** |

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 43** |

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**ENDEAVOUR SILVER CORP.**<br> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br> Years ended December 31, 2025 and 2024<br> (expressed in millions of US dollars, unless otherwise stated)<br>

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| | |
|:---|:---|
| **HEAD OFFICE** | Suite f#1130, 609 Granville Street<br>Vancouver, BC, Canada V7Y 1G5<br>Telephone: (604) 685-9775<br>1-877-685-9775<br>Website: www.edrsilver.com |
| **DIRECTORS** | Margaret Beck<br>Daniel Dickson<br>Amy Jacobsen<br>Angela Johnson<br>Rex McLennan<br>Kenneth Pickering<br>Mario Szotlender |
| **OFFICERS** | Daniel Dickson - Chief Executive Officer<br>Donald Gray - Chief Operating Officer<br>Elizabeth Senez - Chief Financial Officer<br>Luis Castro - Senior Vice President, Exploration<br>Greg Baylock - Vice President, Operations<br>Dale Mah - Vice President, Corporate Development<br>Allison Pettit - Vice President, Investor Relations <br>Alejandra Hincapie - Corporate Secretary |
| **REGISTRAR AND<br>TRANSFER AGENT** | Computershare Trust Company of Canada<br>3<sup>rd</sup> Floor - 510 Burrard Street<br>Vancouver, BC, V6C 3B9 |
| **AUDITORS** | KPMG LLP<br>777 Dunsmuir Street<br>Vancouver, BC, V7Y 1K3 |
| **SOLICITORS** | Blake, Cassels & Graydon LLP<br>1133 Melville St #3500,<br>Vancouver, BC V6E 4E5 |
| **SHARES LISTED** | Toronto Stock Exchange<br>Trading Symbol - EDR<br>New York Stock Exchange<br>Trading Symbol - EXK |

---

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|:---|:---|
| ENDEAVOUR SILVER CORP. \| CONSOLIDATED FINANCIAL STATEMENTS | **PAGE 44** |

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## Exhibit 99.2

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![](exhibit99-2xu002.jpg)

Endeavour Silver Corp.

Management's Discussion & Analysis

For the Three Months and Year Ended December 31, 2025 and 2024

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 1

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>FOR THE PERIOD ENDED DECEMBER 31, 2025

This Management Discussion and Analysis ("MD&A") should be read in conjunction with the consolidated financial statements of Endeavour Silver Corp. ("Endeavour" or "the Company") for the period ended December 31, 2025 and the related notes contained therein, which were prepared in accordance with the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. The Company uses certain non-IFRS financial measures in this MD&A as described under "Non-IFRS Measures". Additional information relating to the Company, including the most recent Annual Information Form (the "Annual Information Form"), is available on SEDAR+ at www.sedarplus.com, and the Company's most recent annual report on Form 40-F has been filed with the U.S. Securities and Exchange Commission (the "SEC") on EDGAR at www.sec.gov. This MD&A contains "forward-looking statements" that are subject to risk factors set out in a cautionary note contained herein. All dollar ($) amounts are expressed in United States ("$") dollars and tabular amounts are expressed in millions of U.S. dollars unless Canadian dollars (CAN$) or Mexican pesos (MXN) are otherwise indicated. This MD&A is dated as of February 27, 2026, and all information contained is current as of February 27, 2026, unless otherwise stated.

***Cautionary Note to U.S. Investors Regarding Mineral Reserves and Resources***

This MD&A has been prepared in accordance with the requirements of Canadian provincial securities laws, which differ from the requirements of U.S. securities laws. As a result, the Company reports the mineral reserves and resources of the projects it has an interest in according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies under subpart 1300 of Regulation S-K ("S-K 1300") under the Exchange Act. As an issuer that prepares and files its reports with the SEC pursuant to the Multijurisdictional Disclosure System, the Company is not subject to the requirements of S-K 1300. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under or differ from those prepared in accordance with S-K 1300. Accordingly, information included or incorporated by reference in this MD&A concerning descriptions of mineralization and estimates of mineral reserves and resources under Canadian standards may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of S-K 1300.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 2

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**Forward-Looking Statements**

This MD&A contains "forward-looking statements" within the meaning of the U.S. Securities Litigation Reform Act of 1995, as amended and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information include, but are not limited to, the reliability of mineral resource estimates; the continuation of exploration and mining operations; the Company's future production and cost guidance announcements; mineral resource estimations and life of mine plans; planned expansions, exploration and drilling activities, and the Company's areas of focus for each; plans to develop a current mineral resource estimate for Kolpa and related timing; the Company's plans for drilling and technical work; Endeavour's annual outlook including anticipated performance in 2026, including production and cost guidance and financial results, silver and gold grades and recoveries, cash costs per ounce ("oz"), anticipated operating costs, planned capital expenditures and sustaining capital, the price of gold and silver; planned capital allocation; working capital; the Company's capital requirements and the adequacy of the operating cash flow and existing working capital to meet capital requirements and the timing and results of various activities. Forward-looking statements are frequently characterized by words such as "plan", "expect", "forecast", "project", "intend", "believe", "anticipate", "outlook" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the dates the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

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 and are based on assumptions that may cause the actual results, level of activity, performance or achievements of the Company and its operations and related timeframes to be materially different from those expressed or implied by such statements. Such factors and assumptions include, among others: the ongoing effects of inflation and supply chain issues on project 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; 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; challenges to the Company's title to properties; as well as those factors described under "Risk Factors" in the Company's most recent Annual Information Form and in the Company's prospectus dated July 10, 2025. 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

Certain forward-looking statements and information in this MD&A may be considered "financial outlook" within the meaning of applicable Canadian securities legislation. Financial outlook is presented in this MD&A for the purpose of assisting investors and others in understanding certain key elements of the Company's financial results and business plan, as well as the objectives, strategic priorities and business outlook of the Company, and in obtaining a better understanding of the Company's anticipated operating environment. Readers are cautioned that such financial outlook may not be appropriate for other purposes.

***Qualified Person***

The scientific and technical information contained in this MD&A relating to the Company's mines and mineral projects has been reviewed and approved by Dale Mah, B.Sc., P.Geo., Vice President Corporate Development of Endeavour, a Qualified Person within the meaning of NI 43-101.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 3

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**Table of Contents**

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| | |
|:---|:---|
| [OVERVIEW OF THE BUSINESS](#page_5) | [5](#page_5) |
| [OPERATING HIGHLIGHTS](#page_5) | [5](#page_5) |
| [REVIEW OF OPERATING RESULTS](#page_6) | [6](#page_6) |
| [GUANACEVÍ OPERATIONS](#page_8) | [8](#page_8) |
| [BOLAÑITOS OPERATIONS](#page_10) | [10](#page_10) |
| [KOLPA OPERATIONS](#page_11) | [11](#page_11) |
| [TERRONERA OPERATIONS](#page_13) | [13](#page_13) |
| [EXPLORATION AND EVALUATION](#page_14) | [14](#page_14) |
| [CONSOLIDATED FINANCIAL RESULTS](#page_15) | [15](#page_15) |
| [SELECTED ANNUAL INFORMATION](#page_17) | [17](#page_17) |
| [KEY ECONOMIC TRENDS](#page_18) | [18](#page_18) |
| [ANNUAL OUTLOOK](#page_20) | [20](#page_20) |
| [LIQUIDITY AND CAPITAL RESOURCES](#page_23) | [23](#page_23) |
| [FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS](#page_27) | [27](#page_27) |
| [OUTSTANDING SHARE DATA](#page_30) | [30](#page_30) |
| [CHANGES IN ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES](#page_30) | [30](#page_30) |
| [RISKS AND UNCERTAINTIES](#page_33) | [33](#page_33) |
| [CONTROLS AND PROCEDURES](#page_34) | [34](#page_34) |
| [QUARTERLY RESULTS AND TRENDS](#page_36) | [36](#page_36) |
| [NON-IFRS MEASURES](#page_37) | [37](#page_37) |

---

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 4

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**OVERVIEW OF THE BUSINESS** 

The Company is engaged in silver mining in Mexico and Peru and related activities including property acquisition, exploration, development, mineral extraction, processing, refining and reclamation. The Company is also engaged in exploration activities in Chile and Nevada, USA. The Company's operations are comprised of the Guanaceví mine ("Guanaceví) located in Durango, Mexico, the Terronera mine ("Terronera") in Jalisco, Mexico, and the Kolpa mine ("Kolpa") in Huancavelica, Peru. On January 15, 2026, the Company completed the sale of Mina Bolanitos ("Bolañitos"). During 2025, the Company finished construction of the Terronera mine located in Jalisco State, Mexico and announced commercial production on October 1, 2025, as the operation met the defined criteria set forth by management, including sustained throughput and recovery rates. The Company is advancing several other exploration projects in order to achieve its goal of becoming a premier senior producer in the silver mining sector.

On May 1, 2025, the Company completed the acquisition of all outstanding shares of Compañia Minera Kolpa S.A. ("Minera Kolpa" or "Kolpa"), a privately held silver-focused polymetallic mining company located in Huancavelica, Peru. The total consideration was approximately $134.3 million, comprising $78.0 million in cash, $48.4 million in Endeavour common shares, and up to $10.0 million in contingent payments based on mineral resource expansion targets (the "Transaction"), valued at $7.9 million at the date of the acquisition. As part of the Transaction, Endeavour also assumed $25.8 million in debt.

The Company's common shares are listed on the Toronto Stock Exchange (TSX: EDR) and the New York Stock Exchange (NYSE: EXK).

**OPERATING HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Three Months Ended December 31** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Q4 2025 Highlights**  | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| **2025** | **2024** | **% Change** |  | **2025** | **2024** | **% Change** |
|  |  |  | **Production** |  |  |  |
| 2030206 | 824529 | 146% | Silver ounces produced | 6486661 | 4471824 | 45% |
| 13785 | 9075 | 52% | Gold ounces produced | 37164 | 39047 | (5%) |
| 5750 | - | - | Lead tonnes produced | 14917 | - | - |
| 3034 | - | - | Zinc tonnes produced | 9016 | - | - |
| 3767713 | 1550529 | 143% | Silver equivalent ounces produced<sup>(1)</sup> | 11206378 | 7595584 | 48% |
| 19.05 | 13.68 | 39% | Cash costs per silver ounce<sup>(2)</sup> | 17.34 | 12.99 | 34% |
| 32.05 | 21.00 | 53% | Total production costs per ounce<sup>(2)</sup> | 28.17 | 19.70 | 43% |
| 41.19 | 27.33 | 51% | All-in sustaining costs per ounce <sup>(2)</sup> | 31.52 | 23.88 | 32% |
| 551010 | 165591 | 233% | Processed tonnes | 1464590 | 781439 | 87% |
| 164.21 | 152.44 | 8% | Direct operating costs per tonne<sup>(2)</sup> | 152.79 | 140.98 | 8% |
| 207.91 | 209.49 | (1%) | Direct costs per tonne<sup>(2)</sup> | 202.30 | 192.51 | 5% |
|  |  |  | **Financial** |  |  |  |
| 172.6 | 42.2 | 309% | Revenue from operations ($ millions) | 432.8 | 217.6 | 99% |
| 1879936 | 654519 | 187% | Silver ounces sold | 6321785 | 4645574 | 36% |
| 12614 | 8343 | 51% | Gold ounces sold | 36336 | 38522 | (6%) |
| 54.83 | 31.56 | 74% | Realized silver price per ounce | 40.73 | 27.39 | 49% |
| 4283 | 2647 | 62% | Realized gold price per ounce | 3591 | 2397 | 50% |
|  - | - | - | Pre-operating production revenue ($ millions) | 34.8 | - | - |
|  - | - | - | Pre-operating production silver equivalent ounces sold<sup>(1)</sup> | 807841 | - | - |
| (23.8) | 1.0 | (2,421%) | Net earnings (loss) ($ millions) | (119.1) | (31.5) | (278%) |
| 4.8 | 4.8 | (1%) | Adjusted net earnings (loss) ($ millions)<sup>(2)</sup> | (6.7) | 8.0 | (184%) |
| 46.6 | 7.7 | 505% | Mine operating earnings ($ millions) | 82.8 | 42.1 | 97% |
| 71.7 | 13.1 | 447% | Mine operating cash flow before taxes ($ millions)<sup>(2)</sup> | 156.3 | 72.3 | 116% |
| 15.1 | 5.8 | 162% | Operating cash flow before working capital changes<sup>(2)</sup> | 51.5 | 27.2 | 89% |
| 11.7 | 4.4 | 166% | EBITDA ($ millions)<sup>(2)</sup> | (17.7) | 10.0 | (276%) |
| 41.1 | 8.6 | 377% | Adjusted EBITDA ($ millions)<sup>(2)</sup> | 95.1 | 52.7 | 80% |
| 146.4 | 78.8 | 86% | Working capital ($ millions) <sup>(2)</sup> | 146.4 | 78.8 | 86% |
|  |  |  | **Shareholders** |  |  |  |
| (0.08) | 0.00 | (100%) | Earnings (loss) per share - basic ($) | (0.42) | (0.13) | (223%) |
| 0.02 | 0.02 | 0% | Adjusted earnings (loss) per share - basic ($)<sup>(2)</sup> | (0.02) | 0.03 | (167%) |
| 0.05 | 0.02 | 150% | Operating cash flow before working capital changes per share<sup>(2)</sup> | 0.18 | 0.11 | 64% |
| 294635507 | 252169924 | 17% | Weighted average shares outstanding | 283078337 | 242181449 | 17% |

---

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

(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 5

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The above highlights are key measures used by management, however they should not be the sole measures used in determining the performance of the Company's operations.

**REVIEW OF OPERATING RESULTS**

**Consolidated Production Results from Operations for the Three Months and Years Ended December 31, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Three Months Ended December 31** | **Three Months Ended December 31** | **Three Months Ended December 31** | **CONSOLIDATED** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| **2025** | **2024** | **% Change** |  | **2025** | **2024** | **% Change** |
| 551010 | 165591 | 233% | Ore tonnes processed | 1464590 | 781439 | 87% |
| 2030206 | 824529 | 146% | Total silver ounces produced | 6486661 | 4471824 | 45% |
| 13785 | 9075 | 52% | Total gold ounces produced | 37164 | 39047 | (5%) |
| 5750 | - | - | Total lead tonnes produced | 14917 | - | - |
| 3034 | - | - | Total zinc tonnes produced | 9016 | - | - |
| 106 | - | - | Total copper tonnes produced | 284 | - | - |
| 3767713 | 1550529 | 143% | Silver equivalent ounces produced<sup>(1)</sup> | 11206378 | 7595584 | 48% |
| 19.05 | 13.68 | 39% | Cash costs per silver ounce<sup>(2)</sup> | 17.34 | 12.99 | 34% |
| 32.05 | 21.00 | 53% | Total production costs per ounce<sup>(2)</sup> | 28.17 | 19.70 | 43% |
| 41.19 | 27.33 | 51% | All in sustaining costs per ounce <sup>(2)</sup> | 31.52 | 23.88 | 32% |
| 164.21 | 152.44 | 8% | Direct operating costs per tonne<sup>(2)</sup> | 152.79 | 140.98 | 8% |
| 207.91 | 209.49 | (1%) | Direct costs per tonne<sup>(2)</sup> | 202.30 | 192.51 | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Silver equivalents are calculated using an 80:1 Ag:Au ratio, 60:1 Ag:Pb ratio, 85:1 Ag:Zn ratio and 300:1 Ag:Cu ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

![](exhibit99-2x005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Silver equivalents are calculated using an 80:1 Ag:Au ratio, 60:1 Ag:Pb ratio, 85:1 Ag:Zn ratio and 300:1 Ag:Cu ratio

***Consolidated Production***

**Three months ended December 31, 2025 (compared to the three months ended December 31, 2024)**

Consolidated plant throughput for the quarter was 551,010 tonnes, 385,419 tonnes more than 165,591 tonnes in Q4 2024. Plant throughput has primarily increased due to the addition of Kolpa which contributed 198,830 tonnes; the commissioning of Terronera which contributed 154,180 tonnes; and 45,582 tonnes more from Guanaceví which had lower throughput in the comparative period following a trunnion failure in early August 2024. Offsetting these increases, throughput at Bolañitos of 93,620 tonnes was 12% lower than Q4 2024.

Consolidated silver production during Q4 2025 was 2,030,206 oz, 146% higher than 824,529 oz in Q4 2024. The higher silver production was primarily due to the same reasons as discussed for plant throughput, with Kolpa contributing 631,867 oz, Terronera, contributing 352,002 oz; and Guanaceví contributing 158,757 oz more than the same period in 2024 due to the trunnion failure. Despite the lower throughput, Bolañitos also contributed 63,051 oz more than the same period in 2024 due to 82% higher silver grade in the current period.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 6

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Kolpa also added new base metal outputs, including 5,750 tonnes of lead, 3,034 tonnes of zinc, and 106 tonnes of copper, none of which were present in the comparative period.

Gold production totaled 13,785 oz, 4,710 oz more than the same period in 2024. This increase was driven by the 8,148 oz produced by Terronera and 380 oz more gold production at Guanaceví, offset by 3,817 oz lower at Bolañitos as a result of lower throughput, gold grades and recoveries.

**Year ended December 31, 2025 (compared to the year ended December 31, 2024)** 

Consolidated silver production for the year ended December 31, 2025, was 6,486,661 ounces, 2,014,837 higher than 4,471,824 ounces produced in the same period of 2024, predominantly due to the 1,611,194 ounces produced from Kolpa and 352,002 ounces produced from Terronera. Gold production totaled 37,164 ounces, 1,883 lower than the same period in 2024 predominantly due to the 10,542 lower production from Bolañitos driven by lower throughput, gold grades and gold recoveries and partially offset by 8,148 ounces produced from Terronera. Plant throughput reached 1,464,590 tonnes, 683,151 higher than the 781,439 tonnes processed in the year ended December 31, 2024, predominantly due to the 513,478 tonnes from Kolpa and 154,180 from Terronera.

***Consolidated Operating Costs***

**Three months ended December 31, 2025 (compared to the three months ended December 31, 2024)**

Direct operating costs per tonne in Q4 2025 were $164.21, 8% higher than $152.44 in Q4 2024. Increase in costs was partially driven by the appreciation of the Mexican Peso in comparison to the US dollar at the existing Mexican operations, and partially by the addition of Terronera which at $222.57 experienced higher than the group's consolidated average direct operating cost per tonne. These higher direct production costs were partially offset by the addition of Kolpa during 2025, which at $121.50 per tonne lowers the consolidated average direct operating cost per tonne.

Consolidated cash costs per silver ounce, net of by-product credits, were $19.05 in Q4 2025, 39% higher than $13.68 in Q4 2024, driven by the higher underlying cash costs. The increase was driven by a substantial change in the production profile. In Q4 2024, following the trunnion failure, Guanaceví had a lower influence in the overall average consolidated cash costs, which was in turn substantially impacted by the negative cash cost per oz at Bolañitos, lowering the consolidated cash cost per ounce. A higher contribution from Guanaceví in Q4 2025, which has a higher cash cost per oz at $31.18, in combination with the shift at Bolañitos toward higher silver to by-product gold production, have increased the cash cost per ounce. Offsetting this, the contribution of Kolpa's cash cost per oz at $11.42 and Terronera's cash cost per oz at $4.76 had a positive impact on the weighted average of consolidated cash costs.

Higher cash costs per silver ounce at Guanaceví were driven by lower grades, higher costs sensitive to metal prices: the cost per tonne of third party purchased material and royalties, appreciation of the Mexican peso relative to the US dollar and higher direct operating costs per tonne due to the ventilation challenges.

Consolidated all-In Sustaining Costs (AISC) per silver ounce in Q4 2025 were $41.19, 51% higher than $27.33 in Q4 2024. This increase was driven by the addition of Terronera which at $65.70 per oz incurred substantially higher AISC than the consolidated average predominantly due to higher sustaining capital expenditures during the first quarter of operations, as well as higher corporate general and administrative expenses caused by the revaluation of the deferred share unit allocated to the operations caused by the share price increase during the period.

**Year ended December 31, 2025 (compared to the year ended December 31, 2024)** 

Consolidated direct operating costs per tonne for the year ended December 31, 2025, were $152.79, 8% higher than $140.98 in the same period of 2024. Consolidated direct costs per tonne were negatively impacted by the addition of Terronera. During its first quarter of commercial production with direct operating cost of $222.57, Terronera substantially exceeded the average consolidated direct costs per tonne due to anticipated higher costs per tonne driven by higher total costs and lower throughput during the first quarter of operations. This was partially offset by the addition of Kolpa which at $133.74 has direct operating costs below the consolidated average. Direct operating costs per tonne at Guanaceví remained consistent, and costs at Bolañitos increased 12% in line with lower throughput.

Consolidated cash costs per silver ounce, net of by-product credits, were $17.34 for the year ended December 31, 2025, 34% higher than $12.99 in the same period of 2024. The increase was driven by Guanaceví where the larger volume and higher price of third party purchased material, higher royalties and higher special mining duties, as well as higher costs net of by-product sales at Bolañitos were driven by higher silver and lower gold production. This was partially offset by the addition of Kolpa and Terronera which at $13.38 per ounce and $4.76 per ounce respectively helped decrease the consolidated average cash cost.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 7

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Consolidated AISC was $31.52 per ounce for the year ended December 31, 2025, 32% higher than the same period of 2024, driven by the higher cash costs at Bolañitos and Guanaceví due to the factors discussed above, and the addition of Kolpa at $27.99 and Terronera at $65.70 per ounce which had higher AISC compared to the Company's consolidated average AISC.

**GUANACEVÍ OPERATIONS**

The Guanaceví operation is currently producing from two underground silver-gold mines along a five kilometre ("km") length of the prolific Santa Cruz vein. Guanaceví provides steady employment to 590 employees and engages over 260 contractors. Guanaceví purchases mill feed from small scale local miners.

In July 2019, the Company acquired a 10 year right to explore and exploit the El Porvenir and El Curso concessions from Ocampo Mining SA de CV ("Ocampo"), a subsidiary of Grupo Frisco. The Company agreed to meet certain minimum production targets from the properties, subject to various terms and conditions, and pay Ocampo a $12 fixed per tonne production payment plus a floating net smelter return royalty based on the silver spot price. The Company pays a 4% royalty on sales below $15.00 per silver oz, 9% above $15.00 per silver oz, 13% above $20.00 per silver oz, and a maximum of 16% above $25 per silver oz.

**Production Results for the Three Months and Years Ended December 31, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Three Months Ended December 31** | **Three Months Ended December 31** | **Three Months Ended December 31** | **GUANACEVÍ** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| **2025** | **2024** | **% Change** |  | **2025** | **2024** | **% Change** |
| 104380 | 58798 | 78% | Ore tonnes processed | 402992 | 353793 | 14% |
| 291 | 440 | (34%) | Average silver grade (g/t) | 334 | 397 | (16%) |
| 89.7 | 86.4 | 4% | Silver recovery (%) | 90.3 | 89.0 | 1% |
| 877554 | 718797 | 22% | Total silver ounces produced | 3915077 | 4019197 | (3%) |
| 874921 | 716641 | 22% | Payable silver ounces produced | 3903332 | 4007140 | (3%) |
| 0.99 | 1.53 | (35%) | Average gold grade (g/t) | 1.16 | 1.35 | (14%) |
| 90.1 | 90.7 | (1%) | Gold recovery (%) | 91.5 | 90.0 | 2% |
| 3002 | 2622 | 14% | Total gold ounces produced | 13747 | 13817 | (1%) |
| 2993 | 2613 | 15% | Payable gold ounces produced | 13706 | 13775 | (1%) |
| 1117703 | 928557 | 20% | Silver equivalent ounces produced<sup>(1)</sup> | 5014826 | 5124557 | (2%) |
| 31.18 | 20.25 | 54% | Cash costs per silver ounce<sup>(2)</sup> | 23.19 | 17.78 | 30% |
| 40.19 | 25.50 | 58% | Total production costs per ounce<sup>(2)</sup> | 30.80 | 22.62 | 36% |
| 42.31 | 32.40 | 31% | All in sustaining costs per ounce <sup>(2)</sup> | 31.37 | 26.29 | 19% |
| 196.45 | 230.50 | (15%) | Direct operating costs per tonne<sup>(2)</sup> | 186.16 | 188.71 | (1%) |
| 383.98 | 365.23 | 5% | Direct costs per tonne<sup>(2)</sup> | 342.81 | 293.90 | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Silver equivalents are calculated using an 80:1 Ag:Au ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

***Guanaceví Production Results***

**Three months ended December 31, 2025 (compared to the three months ended December 31, 2024)**

During the three months ended December 31, 2025, the Guanacevíprocessed 104,380 tonnes of ore, 78% higher than 58,798 tonnes in the same period of 2024, due to a trunnion failure in August 2024 that negatively impacted Q4 2024 production. The average silver grade was 291 grams per tonne ("g/t") in Q4 2025, down from 440 g/t in Q4 2024. Silver recovery was 89.7%, up from 86.4% in Q4 2024, with Q4 2024 being negatively impacted by plant operational changes following the August 2024 trunnion failure. The higher quantity of milled tonnes was partially offset by lower silver grades, resulting in a 22% increase in total silver production to 877,554 ounces, compared to 718,797 ounces in Q4 2024. Gold production totaled 3,002 ounces, 14% higher than 2,622 ounces in Q4 2024. Higher gold production is result of higher throughput, partially offset by 35% lower average gold grades (0.99 g/t vs. 1.53 g/t). Changes in grade and recovery reflect typical variations between planned and actual grades, and from accessing different areas in the mine. Ore grades were expected to decrease from previous year and were slightly lower than planned.

**Year ended December 31, 2025 (compared to the year ended December 31, 2024)** 

During the year ended December 31, 2025, the Guanaceví processed 402,992 tonnes of ore, 14% higher than 353,793 tonnes processed in the same period of 2024 as a result of the lower throughput in the comparative period following the trunnion failure in August 2024 which was repaired at the end of December 2024. The average silver grade was 334 g/t in 2025, lower than 397 g/t in 2024 due to expected variations in different areas of the mine. Despite the higher throughput and recoveries, the lower grades drove lower total silver production to 3,915,077 ounces, 3% lower than 4,019,197 ounces in 2024.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 8

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Gold production for the year ended December 31, 2025, was 13,747 ounces, 1% lower than 13,817 ounces produced in the same period of 2024. The lower gold production was primarily due to lower average grades, offset by higher throughput.

At Guanaceví, 2025 plant throughput was estimated to range from 1,000 tonnes per day (tpd) to 1,100 tpd and average 1,060 tpd with silver production estimated to range from 3.9 million oz to 4.4 million oz, and gold production estimated to range from 11,000 oz to 13,500 ounces. Using an 80:1 silver to gold ratio management estimated production to range between 4.8 million and 5.5 million silver equivalent ounces. Slightly higher throughput offset slightly lower silver equivalent ore grades during the year with production in line with guidance.

***Guanaceví Operating Costs***

**Three months ended December 31, 2025 (compared to the three months ended December 31, 2024)**

Direct operating costs per tonne for the three months ended December 31, 2025, were $196.45, 15% lower than $230.50 in the same period in 2024, primarily driven by the higher throughput in the current period as the trunnion failure resulted in lower throughput in Q4 2024. Including royalty and special mining duty costs, direct costs per tonne were $383.98 in Q4 2025 comparable with $365.23 in Q4 2024. Direct costs per tonne remained steady as higher direct costs were offset by 78% higher processed tonnes. Higher direct costs were in turn caused by higher third-party material purchases which have become more expensive on a per tonne basis due to higher metal prices, as well as a higher volume purchased in Q4 2025 compared to Q4 2024. Furthermore, direct costs were impacted by higher royalties which are based on metal prices, special mining duty tax which is based on the entity's earnings, and the appreciation of the Mexican peso quarter over quarter.

The purchase of local purchased material contributed $101.6 per tonne during Q4 2025 compared to $71.21 per tonne in Q4 2024; the volume of purchased material was higher at 24,346 tonnes compared to 13,842 tonnes in the same period in 2024. Total royalty expenses increased from $3.6 million in 2024 to $6.9 million, royalty expenses being included in direct cost per tonne and cost per oz metrics. Royalty expenses have increased due to the higher realized silver prices and volume of metal ounces sold in the period.

Cash costs per silver ounce were $31.18 in Q4 2025, 54% higher than $20.25 in Q4 2024. As noted above, lower silver ounce production was a result of 34% lower silver grade. The impact of the by-product credit was positive, increasing from $8.17 per oz to $12.20 per oz from higher gold prices, despite the consistent quantity of gold ounces sold. AISC per ounce also rose by 31% to $42.31 compared to $32.40 in Q4 2024, primarily due to the higher underlying cash costs per silver ounce and $1.7 million comparatively higher corporate general and administrative costs allocated to the operation, a result of the larger DSU revaluation with the appreciation of the Company's share price.

**Year ended December 31, 2025 (compared to the year ended December 31, 2024)** 

Direct operating costs per tonne for the year ended December 31, 2025, were $186.16, 1% lower than $188.71 in the same period in 2024. Higher mining costs from increased haulage, water management and ventilation were offset by higher output. Including royalty and special mining duty costs, direct costs per tonne were $342.81, 17% higher than $293.90 in 2024. This increase is reflective of higher costs of third-party material purchases, royalty costs and special mining duties which have become more expensive per tonne due to higher metal prices, and income before tax, as well as the pressure of the Mexican peso appreciating in comparison to the US dollar.

Cash costs per silver ounce, net of by-product credits, were $23.19 for the year ended December 31, 2025, 30% higher than $17.78 in 2024, driven by higher underlying cash costs net of by-product credits, and lower silver production. AISC per ounce were $31.37, 19% higher than $26.29 in 2024, due to the same cost drivers as described above as well as a $1.5 million higher general and administration allocation to Guanaceví, partially offset by $3.3 million lower sustaining capital expenditure compared to 2024.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 9

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**BOLAÑITOS OPERATIONS**

The Bolañitos operation encompasses three underground silver-gold mines and a flotation plant. Bolañitos provides steady employment for 510 employees and engages 235 contractors. Subsequent to year end, on January 15, 2026, the Company completed the planned divestiture of Bolañitos to Guanajuato Silver Company Ltd.

**Production Results for the Three Months and Years Ended December 31, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Three Months Ended December 31** | &nbsp;&nbsp; **Three Months Ended December 31** | &nbsp;&nbsp; **Three Months Ended December 31** | &nbsp;&nbsp; **BOLAÑITOS** | &nbsp;&nbsp; **Twelve Months Ended December 31** | &nbsp;&nbsp; **Twelve Months Ended December 31** | &nbsp;&nbsp; **Twelve Months Ended December 31** |
| &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **% Change** |  | &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **% Change** |
| &nbsp;&nbsp; 93620 | &nbsp;&nbsp; 106793 | &nbsp;&nbsp; (12%) | &nbsp;&nbsp; Ore tonnes processed | &nbsp;&nbsp; 393940 | &nbsp;&nbsp; 427646 | &nbsp;&nbsp; (8%) |
| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 82% | &nbsp;&nbsp; Average silver grade (g/t) | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 47% |
| &nbsp;&nbsp; 85.4 | &nbsp;&nbsp; 85.5 | &nbsp;&nbsp; (0%) | &nbsp;&nbsp; Silver recovery (%) | &nbsp;&nbsp; 84.0 | &nbsp;&nbsp; 84.4 | &nbsp;&nbsp; (0%) |
| &nbsp;&nbsp; 168783 | &nbsp;&nbsp; 105732 | &nbsp;&nbsp; 60% | &nbsp;&nbsp; Total silver ounces produced | &nbsp;&nbsp; 608388 | &nbsp;&nbsp; 452627 | &nbsp;&nbsp; 34% |
| &nbsp;&nbsp; 160647 | &nbsp;&nbsp; 100651 | &nbsp;&nbsp; 60% | &nbsp;&nbsp; Payable silver ounces produced | &nbsp;&nbsp; 578959 | &nbsp;&nbsp; 431214 | &nbsp;&nbsp; 34% |
| &nbsp;&nbsp; 1.03 | &nbsp;&nbsp; 1.95 | &nbsp;&nbsp; (47%) | &nbsp;&nbsp; Average gold grade (g/t) | &nbsp;&nbsp; 1.37 | &nbsp;&nbsp; 1.98 | &nbsp;&nbsp; (31%) |
| &nbsp;&nbsp; 84.8 | &nbsp;&nbsp; 96.4 | &nbsp;&nbsp; (12%) | &nbsp;&nbsp; Gold recovery (%) | &nbsp;&nbsp; 87.9 | &nbsp;&nbsp; 92.7 | &nbsp;&nbsp; (5%) |
| &nbsp;&nbsp; 2636 | &nbsp;&nbsp; 6453 | &nbsp;&nbsp; (59%) | &nbsp;&nbsp; Total gold ounces produced | &nbsp;&nbsp; 15270 | &nbsp;&nbsp; 25230 | &nbsp;&nbsp; (39%) |
| &nbsp;&nbsp; 2530 | &nbsp;&nbsp; 6285 | &nbsp;&nbsp; (60%) | &nbsp;&nbsp; Payable gold ounces produced | &nbsp;&nbsp; 14795 | &nbsp;&nbsp; 24552 | &nbsp;&nbsp; (40%) |
| &nbsp;&nbsp; 379632 | &nbsp;&nbsp; 621972 | &nbsp;&nbsp; (39%) | &nbsp;&nbsp; Silver equivalent ounces produced<sup>(1)</sup> | &nbsp;&nbsp; 1829957 | &nbsp;&nbsp; 2471027 | &nbsp;&nbsp; (26%) |
| &nbsp;&nbsp; 11.18 | &nbsp;&nbsp; (33.11) | &nbsp;&nbsp; 134% | &nbsp;&nbsp; Cash costs per silver ounce<sup>(2)</sup> | &nbsp;&nbsp; (4.35) | &nbsp;&nbsp; (31.47) | &nbsp;&nbsp; 86% |
| &nbsp;&nbsp; 22.23 | &nbsp;&nbsp; (11.03) | &nbsp;&nbsp; 302% | &nbsp;&nbsp; Total production costs per ounce<sup>(2)</sup> | &nbsp;&nbsp; 13.34 | &nbsp;&nbsp; (7.43) | &nbsp;&nbsp; 280% |
| &nbsp;&nbsp; 35.95 | &nbsp;&nbsp; (8.78) | &nbsp;&nbsp; 509% | &nbsp;&nbsp; All in sustaining costs per ounce <sup>(2)</sup> | &nbsp;&nbsp; 22.06 | &nbsp;&nbsp; 1.47 | &nbsp;&nbsp; 1405% |
| &nbsp;&nbsp; 122.84 | &nbsp;&nbsp; 109.46 | &nbsp;&nbsp; 12% | &nbsp;&nbsp; Direct operating costs per tonne<sup>(2)</sup> | &nbsp;&nbsp; 116.19 | &nbsp;&nbsp; 101.49 | &nbsp;&nbsp; 14% |
| &nbsp;&nbsp; 136.00 | &nbsp;&nbsp; 123.73 | &nbsp;&nbsp; 10% | &nbsp;&nbsp; Direct costs per tonne<sup>(2)</sup> | &nbsp;&nbsp; 124.21 | &nbsp;&nbsp; 108.63 | &nbsp;&nbsp; 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Silver equivalents are calculated using an 80:1 Ag:Au ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

***Bolañitos Production Results***

**Three months ended December 31, 2025 (compared to the three months ended December 31, 2024)**

During the three months ended December 31, 2025, Bolañitos processed 93,620 tonnes of ore, 12% lower than 106,793 tonnes in the same period of 2024, driven by planned down time for maintenance resulting in fewer operating days. The average silver grade was 66 g/t in Q4 2025, 82% higher than 36 g/t in Q4 2024. The higher silver grade was only partially offset by slightly lower throughput, resulting in 60% higher silver production of 168,783 ounces, compared to 105,732 ounces in Q4 2024.

Gold production totaled 2,636 ounces, 59% lower than 6,453 ounces in Q4 2024, reflecting a 47% decrease in average gold grade (1.03 g/t vs. 1.95 g/t), and 12% lower recoveries and throughput. Gold recoveries have been negatively affected by the fluctuations in grades which in turn are caused by accessing different areas of the mine.

**Year ended December 31, 2025 (compared to the year ended December 31, 2024)** 

Silver production at Bolañitos was 608,388 oz during the year ended December 31, 2025, 34% higher than in 2024. Gold production during the year was 39% lower at 15,270 oz compared to the 25,230 oz in 2024.

Plant throughput for the year ended December 31, 2025, was 8% lower at 393,940 tonnes, partially due to the repair of the ball mill motor stator and primary crusher replacement during the year, and partially due to the extended maintenance down time in Q4. Average silver grades were 47% higher at 57 gpt silver driving the 34% higher silver production, however average gold grades were 31% lower at 1.37 gpt gold, driving the 39% lower gold production. Changes in grade reflect expected variations to differences between planned and actual grades and from accessing different areas in the mine.

At Bolañitos, 2025 plant throughput was estimated to range from 1,100 tpd to 1,200 tpd and average 1,170 tpd with silver production estimated to range from 0.6 million oz to 0.8 million oz, and gold production estimated to range from 19,500 oz to 20,500 oz. Using an 80:1 silver to gold ratio management estimated production to range between 2.2 million and 2.4 million silver equivalent ounces. Lower throughput, ore grades and recoveries resulted in lower silver equivalent production than expected during the year. Significantly higher prices resulted in lower grade ores to be mined to extend the mine life of the operations. The lower ore grades impact recoveries, while lower throughput was due to extended downtime within the plant.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 10

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***Bolañitos Operating Costs***

**Three months ended December 31, 2025 (compared to the three months ended December 31, 2024)**

Direct operating cost per tonne increased by 12% from $109.46 per tonne in Q4 2024 to $122.84 in Q4 2025, driven by 12% lower throughput. Cash costs per silver ounce were $11.18 in Q4 2025, compared to negative $33.11 in Q4 2024. In addition to lower throughput, this change is predominantly caused by the 37% lower by-product credit, partially offset by higher silver production. Total production costs per ounce increased to positive $22.23 per oz from negative $11.03 per oz in Q4 2024, due to the higher cash costs per ounce with no substantial changes in other production costs. As a result of higher cash cost per silver oz and higher sustaining capital expenditures, and higher allocated general and administrative expenses, driven by DSU revaluation, AISC have increased from negative $8.78 per oz to positive $35.95 per oz.

**Year ended December 31, 2025 (compared to the year ended December 31, 2024)** 

Cash costs per silver ounce were negative $4.35 for the year ended December 31, 2025, compared to negative $31.47 in the same period of 2024. This change is predominantly due to the 39% lower gold production, which resulted in a 14% lower by-product credit, in addition to slightly higher direct operating costs driven by appreciation of the Mexican peso in comparison to US dollar and was partially offset by 34% higher silver production. Total production costs per ounce increased to positive $13.34 from negative $7.43 in 2024, reflecting the increase in the cash cost per silver ounce and with no substantial changes in other production costs. AISC per ounce increased to $22.06 compared to $1.47 in the same period of 2024, due to the higher total production cost per ounce and higher sustaining capital expenditures, partially offset by lower loan payments, general and administrative expenses compared to the same period of 2024.

As noted above, on January 15, 2026, subsequent to year end, the Company sold the Bolañitos mine.

**KOLPA OPERATIONS**

Kolpa, was acquired by Endeavour Silver in May 2025 and is in the Huachocolpa region of Huancavelica, about 490 kilometers southeast of Lima, Peru, a key mining jurisdiction, ranks as the world's third largest silver producer. In 2024, Kolpa processed approximately 685,000 tonnes, yielding 2.0 million ounces of silver, along with 19,820 tonnes lead, 12,554 tonnes zinc and 518 tonnes copper. In silver-equivalent terms, this amounted to a total production of 5.1 million ounces (Moz). The Kolpa produces three types of concentrate and receives payment for other recovered minerals, including gold and antimony. Kolpa provides steady employment for approximately 600 employees and 1,800 contractors.

The Company has filed a technical report prepared in accordance with NI 43-101 entitled, "Technical Report on the Huachocolpa Uno Mine Property, Huancavelica Province, Peru" (the "Current Technical Report"). The Current Technical Report has an effective date of December 31, 2024, and was prepared by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG, P.Geo., Henri Gouin, P.Eng. each of SGS Geological Services, and by Dale Mah, P.Geo., and Donald Gray, SME-RM of Endeavour.

The Current Technical Report contains a historical mineral resource estimate (the "Historical Estimate"), originally disclosed in a technical report titled "Huachocolpa Uno Preliminary Economic Assessment" dated May 7, 2024. The Historical Estimate is not considered current and is not being relied upon by the Company. A qualified person has not done sufficient work to classify the Historical Estimate as current mineral resources. The Company is not treating the Historical Estimate as current mineral resources, has not verified this information and is not relying on it.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 11

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**Production Results for the Three Months and Year December 31, 2025 and 2024**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Three Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **Three Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **Three Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **KOLPA** | &nbsp;&nbsp; **Twelve Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **Twelve Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **Twelve Months Ended December 31<sup>(3)</sup>** |
| &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **% Change** |  | &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **% Change** |
| &nbsp;&nbsp; 198830 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Tonnes processed | &nbsp;&nbsp; 513478 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 108 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Average silver grade (g/t) | &nbsp;&nbsp; 108 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 91.4 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Silver recovery (%) | &nbsp;&nbsp; 90.7 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 631867 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Total silver ounces produced | &nbsp;&nbsp; 1611194 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 596781 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Payable silver ounces produced | &nbsp;&nbsp; 1523145 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 3.06 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Average Pb grade (%) | &nbsp;&nbsp; 3.08 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 94.4 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Lead recovery (%) | &nbsp;&nbsp; 94.3 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 5750 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Total lead tonnes produced | &nbsp;&nbsp; 14917 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 5462 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Payable lead tonnes produced | &nbsp;&nbsp; 14161 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 1.83 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Average Zn grade (%) | &nbsp;&nbsp; 2.07 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 83.4 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Zinc recovery (%) | &nbsp;&nbsp; 84.9 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 3034 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Total zinc tonnes produced | &nbsp;&nbsp; 9016 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 2578 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Payable zinc tonnes produced | &nbsp;&nbsp; 7782 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Average Cu grade (%) | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 26.7 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Copper recovery (%) | &nbsp;&nbsp; 26.7 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 106 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Total copper tonnes produced | &nbsp;&nbsp; 284 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 102 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Payable copper tonnes produced | &nbsp;&nbsp; 272 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 1266557 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Silver equivalent ounces produced<sup>(1)</sup> | &nbsp;&nbsp; 3357774 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 11.42 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Cash costs per silver ounce<sup>(2)</sup> | &nbsp;&nbsp; 13.38 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 25.30 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Total production costs per ounce<sup>(2)</sup> | &nbsp;&nbsp; 27.24 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 27.19 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; All in sustaining costs per ounce<sup>(2)</sup> | &nbsp;&nbsp; 27.99 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 121.50 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Direct operating costs per tonne<sup>(2)</sup> | &nbsp;&nbsp; 133.74 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 131.93 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Direct costs per tonne<sup>(2)</sup> | &nbsp;&nbsp; 143.51 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Silver equivalents are calculated using an 60:1 Ag:Pb ratio, 85:1 Ag:Zn ratio and 300:1 Ag:Cu ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The production results for the year ended December 31, 2025, show only eight months of operations, following the Kolpa acquisition on May 1, 2025. As the asset was not owned or operated by the Company during the comparative periods in 2024, no corresponding data is presented for those periods. As such, year-over-year comparisons are not applicable and should be interpreted accordingly.

***Kolpa Production Results***

**Three months ended December 31, 2025** 

During the three months ended December 31, 2025, Kolpa processed 198,830 tonnes. The average silver grade was 108 g/t, with a recovery of 91.4%, resulting in silver production of 631,867 ounces. Lead production totaled 5,750 tonnes, based on an average grade of 3.06% and a recovery of 94.4%. Zinc production was 3,034 tonnes, with an average grade of 1.83% and a recovery of 83.4%. Copper production reached 106 tonnes, with an average grade of 0.2% and a recovery of 26.7%. Throughput was slightly higher in Q4 than Q3 however production was partially offset by lower grades. Production was in line with management's expectations and slightly above historical performance.

**Year to date discussion & analysis: Eight months ended December 31, 2025** 

During the eight months ended December 31, 2025, the Kolpa processed 513,478 tonnes. The average silver grade was 108 g/t, with a recovery of 90.7%, resulting in silver production of 1,611,194 ounces. Lead production totaled 14,917 tonnes, based on an average grade of 3.08% and a recovery of 94.3%. Zinc production was 9,016 tonnes, with an average grade of 2.07% and a recovery of 84.9%. Copper production reached 284 tonnes, with an average grade of 0.21% and a recovery of 26.7%. Production was in line with management's expectations and historical performance.

<br>***Kolpa Operating Costs***

**Three months ended December 31, 2025** 

Direct cost per tonne was $131.93 slightly below the prior quarters due to the increased throughput. During the three months ended December 31, 2025, Kolpa's cash costs were $11.42 per silver ounce. Costs were in line with prior quarters and management expectations and they reflect the environment of high metal prices which have negatively impacted the cost of purchased third-party material, royalties, Peruvian special mining tax, and employee participation in profits, as well as by appreciating value of the Peruvian sol against the US dollar which increases costs relative to prior quarters. AISC included additional exploration, allocation of DSU revaluation driven by the Company's share price increase which is included in corporate general & administrative costs, as well as sustaining capital expenditures during the period. AISC accounts for a substantial amount of the sustaining capital expenditure which was incurred as part of the post acquisition infrastructure improvement but does not qualify to be classified as expansionary. AISC totaled $27.19 per ounce, due to the reasons stated above.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 12

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**Year to date discussion & analysis: Eight months ended December 31, 2025** 

During the eight months ended December 31, 2025, Kolpa's cash costs were $13.38 per silver ounce. Inclusive of depreciation and share-based compensation, total production costs totaled $27.24 per ounce. AISC included additional exploration, general and administrative, and sustaining capital expenditures totaling $27.99 per ounce, driven by the same items described above.

**TERRONERA OPERATIONS**

Terronera mine, located approximately 40 km northeast of Puerto Vallarta in the state of Jalisco, Mexico, hosts a high-grade silver-gold mineral resource along the Terronera vein. Terronera achieved commercial production on October 1, 2025, after consistently exceeding an average of 90% of the designed nameplate capacity of 2,000 tonnes per day, while also achieving at least 90% of the projected metal recoveries. Terronera provides steady employment for 460 employees and engages 570 contractors.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Three Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **Three Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **Three Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **TERRONERA** | &nbsp;&nbsp; **Twelve Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **Twelve Months Ended December 31<sup>(3)</sup>** | &nbsp;&nbsp; **Twelve Months Ended December 31<sup>(3)</sup>** |
| &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **% Change** |  | &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **% Change** |
| &nbsp;&nbsp; 154180 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Ore tonnes processed | &nbsp;&nbsp; 154180 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 86.0 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Average silver grade (g/t) | &nbsp;&nbsp; 86.0 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 82.6 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Silver recovery (%) | &nbsp;&nbsp; 82.6 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 352002 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Total silver ounces produced | &nbsp;&nbsp; 352002 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 334850 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Payable silver ounces produced | &nbsp;&nbsp; 334850 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 2.27 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Average gold grade (g/t) | &nbsp;&nbsp; 2.27 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 72.5 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Gold recovery (%) | &nbsp;&nbsp; 72.5 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 8148 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Total gold ounces produced | &nbsp;&nbsp; 8148 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 7839 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Payable gold ounces produced | &nbsp;&nbsp; 7839 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 1003822 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Silver equivalent ounces produced<sup>(1)</sup> | &nbsp;&nbsp; 1003822 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 4.76 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Cash costs per silver ounce<sup>(2)</sup> | &nbsp;&nbsp; 4.76 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 27.49 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Total production costs per ounce<sup>(2)</sup> | &nbsp;&nbsp; 27.49 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 65.70 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; All in sustaining costs per ounce <sup>(2)</sup> | &nbsp;&nbsp; 65.70 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 222.57 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Direct operating costs per tonne<sup>(2)</sup> | &nbsp;&nbsp; 222.57 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; 230.35 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; Direct costs per tonne<sup>(2)</sup> | &nbsp;&nbsp; 230.35 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Silver equivalents are calculated using an 80:1 Ag:Au ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Terronera Project achieved commercial production effective October 1, and due to that the production results for the year ended December 31, 2025, show only three months of operations. As the asset was in development prior to October 1, 2025, no corresponding data is presented for those periods. As such, year-over-year comparisons are not applicable and should be interpreted accordingly.

***Terronera Production Results***

**Three months ended December 31, 2025** 

During Q4 2025, the first period of commercial production, Terronera, produced 352,002 ounces of silver and 8,148 ounces of gold. The plant processed 154,180 ore tonnes with average grades of 86 g/t silver and 2.27 g/t gold. During 2025 ore was mined from areas of a deposit with lower grades including stockwork, as mine development accesses higher-grade areas in H2 2026, which will increase grades. Throughput was impacted by several disruptions associated with new operations. In Q4, electrical disruptions significantly impacted the consistency of throughput, while a number of initiatives commenced to improve the operability and efficiency of the plant. Due to the several starts and stops, recoveries have not substantially progressed beyond recoveries achieved at the late phase of pre-production in the last month of Q3. During the quarter, the mill achieved average metal recoveries of 82.6% for silver and 72.5% for gold, compared to designed recoveries of 89% and 76% respectively.<br>

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 13

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***Terronera Operating Costs***

**Three months ended December 31, 2025** 

During the three months ended December 31, 2025, Terronera's direct operating costs were $222.57 per tonne. Direct operating costs were impacted by lower than planned throughput, and higher ramp up costs incurred during the first quarter of commercial operations. Construction contractors were largely demobilized before commercial production, with some finalizing their services during Q4, and operational teams continued to ramp up and complete training through the period. Cash costs were $4.76 per silver ounce. Due to the factors described above, lower metal production resulted in higher-than-expected cash cost per oz. AISC included additional exploration costs, as well as substantial general and administrative costs allocated to Terronera, which were higher than budgeted due to DSU revaluation loss driven by share price appreciation. Additionally, AISC included $16.3 million ($48.67 per oz) capital expenditures classified as sustaining as they do not meet the definition of expansionary; these are one-off capital expenditures related to the optimization of the production of the expanded mine and plant operations. Due to these factors in combination with lower metal production, AISC in Q4 2025 was $65.70 per oz.

**EXPLORATION AND EVALUATION** 

During 2025, the Company advanced exploration activities across its core assets and the newly acquired Kolpa project, with a continued focus on expanding mineral resources and refining geological interpretations. A total of 295 drill holes were completed, representing approximately 55,109 meters of drilling, with total exploration expenditures of $25.6 million for the year, inclusive of holding costs.

At Terronera, during Q4 2025, the Company drilled 15 holes totaling 2,975 meters at a cost of $0.7 million, with activities focused on underground diamond drilling in the La Luz deposit. For the twelve months ended December 31, 2025, a total of 44 drill holes were completed, comprising of 7,146 meters, at an aggregate cost of $1.7 million. The purpose of the drilling is to better define the La Luz ore body to provide a more detailed mine plan. Management expects the drilling to increase the total current resources. In addition, the Company incurred $2.4 million in evaluation and non-capital expenditures over the year.

At Guanaceví, Q4 2025 drilling consisted of 7 holes totaling 1,929 meters at a cost of $0.4 million, focused on underground diamond drilling in the El Curso mine. Drilling targeted the La Cruz area between the Milache and El Curso mines, as well as the Alondra area located between El Curso and Porvenir Cuatro. For the twelve months ended December 31, 2025, the Company completed 23 drill holes totaling 5,870 meters, at an aggregate cost of $1.2 million.

At Bolañitos, during Q4 2025, the Company drilled 6 holes totaling 987 meters at a cost of $0.1 million. Activities primarily involved underground drilling in the Lana NW area targeting the Lana FW vein. For the twelve months ended December 31, 2025, a total of 38 drill holes were completed, comprising 7,889 meters, at an aggregate cost of $0.8 million.

At Kolpa, during the fourth quarter, the Company drilled 46 holes totaling 10,083 meters and completed 2,159 meters of exploration drift development at a cost of $0.7 million. Underground exploration activities were conducted across the Bienaventurada, Poderosa Oeste, Caudalosa Chica, and Yamila areas. Drilling results confirmed mineral potential and supported continued resource development. For the eight months ended December 31, 2025, the Company drilled a total of 138 holes, comprising 24,038 meters of drilling, and completed 5,426 meters of exploration drift development, at an aggregate cost of $4.2 million.

At Pitarrilla, no drilling was conducted during the quarter, with activities instead focused on technical study work and infrastructure rehabilitation at a cost of $1.4 million. Key activities included completion of mine design, continued evaluation of power requirements, clearing of plant and office site, design of the construction camp, design of tailings management facilities and continued baseline studies. Environmental activities progressed through monthly water table monitoring, well rehabilitation, flora relocation, and completion of the first environmental baseline field campaign. The Land Use Change permit was executed through vegetation clearing along access roads and permitted area polygons.

For the twelve months ended December 31, 2025, the Company drilled a total of 42 holes, comprising 7,333 meters of drilling, and completed 670 meters of development primarily in the exploration ramp, drill stations, and cross-cuts, at a total cost of $6.2 million. In addition, $2.8 million was incurred during the year for evaluation and non-capital expenditures to advance Pitarrilla-related studies.

In Chile, no drilling occurred during the quarter; however, $0.2 million was incurred to continue preparation and permitting activities for the next drilling campaign at Catalina. Earlier in the year, drilling activities focused on the Anastasia project, including the Jimena, Millaray, Quillay, and Julieta veins; however, the project was formally closed during the fourth quarter, the option agreement was terminated and the costs capitalized to date of $0.3 million were impaired to nil. Exploration activities at the Aida, Genesis, Karla, and Constanza projects continued through geological mapping, environmental permitting, geochemical and spectral studies, and community engagement efforts. For the twelve months ended December 31, 2025, the Company drilled a total of 10 holes totaling 2,834 meters, at a cost of $1.8 million.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 14

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At Parral, Q4 activities at the Veta Colorada area focused on pump monitoring and maintenance of underground infrastructure. Total expenditures for the quarter amounted to $0.1 million, with $0.4 million incurred during the twelve months ended December 31, 2025.

At other properties in Mexico, the Company incurred $0.1 million during the quarter related to care and maintenance activities at the Guadalupe y Calvo, Zacatecas, and El Cubo properties, for total expenditures of $0.2 million during 2025.

The Company also incurred $2.3 million in ongoing holding costs related to exploration concessions and properties across its portfolio, as well as $1.6 million in administrative and corporate costs associated with exploration activities during the year.

**CONSOLIDATED FINANCIAL RESULTS**

**Three months ended December 31, 2025 (compared to the three months ended December 31, 2024)**

Revenue of $172.6 million in Q4 2025, net of $3.8 million of smelting and refining costs, has significantly increased compared to $42.2 million, net of $0.5 million of smelting and refining costs, in Q4 2024. Gross sales of $176.4 million in Q4 2025 are 309% higher than gross sales of $42.7 million for the same period in 2024. Gross sales have increased predominantly due to the $50.7 million of revenue contribution from Kolpa, and $50.7 million of revenue from Terronera, with the remaining increase caused by a 74% increase in realized price of silver and 62% increase in realized price of gold, partially offset by slightly lower production from Bolañitos and Guanaceví.

During Q4 2025, the Company sold 1,879,937 oz silver and 12,614 oz gold, at realized prices of $54.83 and $4,283 per oz, respectively, compared to sales of 654,519 oz silver and 8,343 oz gold, at realized prices of $31.56 and $2,647 per oz, respectively, in the same period of 2024. For the three months ended December 31, 2025, the realized prices of silver were within 1% of the average market prices and gold prices were within 3% of market prices. Silver and gold market prices averaged $55.26 and $4,154 per oz, respectively. Additionally, the Company recorded $10.8 million from sales of lead, $7.2 million from sales of zinc, $1.1 million from sales of copper, and $0.3 million from sales of other metals including antimony.

Cost of sales for Q4 2025 was $126.0 million, an increase of 266% over the cost of sales of $34.5 million for Q4 2024. The increase in the cost of sales compared to the prior period was driven by $31.3 million costs at Kolpa and $38.7 million from Terronera. Remaining increase in cost of sales comes from Bolañitos and Guanaceví, predominantly due to the increase in cost of purchased material and royalties and partially due to the higher depreciation cost and higher mining cost which are caused by the advancing ages of the mines. The Company's mine operating earnings were $46.6 million in Q4 2025, $38.8 million higher than the $7.7 million in the comparative period, due to the $11.0 million higher operating earnings in Bolañitos and Guanaceví, $16.6 million operating earnings from Kolpa, and $11.1 million from Terronera..

Exploration, evaluation and development expenses were $6.7 million compared to $6.1 million incurred in the same period of 2024, primarily due to the additional exploration expenditures in Q4 2025 on advancing the Pitarrilla Project as well as additional exploration work at Kolpa, partially offset by the lower expenses at Terronera where in Q4 2024 the Company incurred certain project costs that were not eligible for capitalization, such as supervisory activities and allocated general and administrative costs. General and administrative expenses of $4.9 million in Q4 2025 were higher compared to the $1.9 million incurred in the same period of 2024. Of the $3.0 million increase in general and administrative expenses, $1.8 million was due to the larger revaluation of the DSU's to their fair market value caused by the increase in the share price. Remaining increase is caused by $0.5 million higher direct costs, $0.4 million higher share-based compensation caused by forfeitures in Q4 2024 and $0.3 million comparatively higher salaries. As a result, the Company incurred operating earnings of $34.6 million for the quarter (Q4 2024 - operating loss of $0.5 million).

The Company incurred a foreign exchange loss of $0.1 million in Q4 2025 compared to a gain of $0.4 million in Q4 2024. For the three months period ended December 31, 2025, due to the revaluation of the Mexican peso forward contracts, gold forward swap contracts, silver collars, copper stream liability and the redemption feature derivative embedded into the convertible notes the Company recognized a net loss on derivative contracts of $45.2 million (Q4 2024 - $1.9 million), primarily from the loss on revaluation of the gold forward swap contracts of $25.4 million (Q4 2024 - $0.5 million gain) and silver collar contract of $17.0 million (Q4 2024 - $ nil), and $9.8 million loss on revaluation of copper stream liability (Q4 2024 - $nil), partially offset by $0.6 million gains on Mexican peso forward contracts (Q4 2024 - loss of $2.4 million) and $6.2 million gain on the redemption feature derivative in the convertible note.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 15

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The Company incurred $11.9 million in finance charges (Q4 2024 - $0.4 million) primarily from $6.3 million incurred due to write-off of deferred financing costs and penalties incurred on early repayment of the Terronera debt facility. Remaining $5.9 million relates to interest on Terronera debt facility, and Kolpa loans prior to their extinguishment in December, interest on loans related to mobile equipment and leases and accretion of reclamation and rehabilitation liabilities. Additionally, in Q4 2025 the Company recognized a loss of $2.5 million in investment and other income, compared to income of $0.7 million in Q4 2024, predominantly due to the change in the value of marketable securities. These losses, contributed to a loss before taxes for Q4 2025 of $25.0 million (Q4 2024 - loss of $1.6 million).

Income tax recovery was $1.2 million in Q4 2025 compared to recovery of $2.7 million in Q4 2024. The $1.2 million tax recovery is comprised of $11.6 million expense in current income tax (Q4 2024 - recovery of $0.2 million) and a recovery of $12.8 million in deferred income tax (Q4 2024 - recovery of $2.5 million). The current income tax expense consists of $3.6 million in special mining duty taxes and $8.0 million expense of current income taxes. The deferred income tax recovery of $22.4 million primarily reflects the recognition of deferred tax assets on previously unrecognised loss carry forwards, supported by taxable temporary differences arising from the equity component of the convertible note. The related deferred tax liability was recorded in equity, while the deferred tax recovery was recognized in profit or loss. After these tax charges, the Company realized a net loss for the period of $23.8 million (Q4 2024 - net earnings of $1.0 million).

The Company's adjusted net earnings were $4.8 million in Q4 2025, compared to $4.8 million in Q4 2024, due to the number of offsetting differences. Largest differences include $27.2 million realized losses from derivative contracts and $11.5 million comparatively higher financing costs largely due to the early repayment of debt facility, offset by $33.8 million higher operating profit and $3.9 million comparatively higher realized foreign currency revaluation loss. Adjusted net earnings (loss) is a Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

As at December 31, 2025, the Company's finished goods inventory included 318,008 oz of silver and 1,597 oz of gold, compared to 228,652 oz silver and 775 oz gold at September 30, 2025. The cost allocated to these finished goods was $15.3 million as at December 31, 2025, compared to $8.8 million at September 30, 2025. As at December 31, 2025, the finished goods inventory fair market value was $29.8 million, compared to $13.5 million at September 30, 2025.

**Year ended December 31, 2025 (compared to the Year ended December 31, 2024)**

Revenue of $467.5 million, net of $9.0 million of smelting and refining costs, increased by 115% compared to $217.6 million, net of $2.0 million of smelting and refining costs, in 2024. Gross sales of $476.5 million in the period are 117% higher than $219.6 million during the same period in 2024.

The increase in gross sales was driven primarily by the addition of $116.5 million from Kolpa and $86.4 million from Terronera as well as a 49% increase in realized silver prices and a 50% increase in realized gold prices. During the period, the Company sold 6,562,106 oz silver and 43,430 oz gold (inclusive of 240,231 oz of silver and 7,094 oz of gold from pre-operating production at Terronera), for realized prices of $40.73 and $3,591 per oz, respectively, compared to sales of 4,645,574 oz silver and 38,522 oz gold, for average realized prices of $27.39 and $2,397 per oz, respectively, in the same period of 2024.

Cost of sales for the year ended December 31, 2025, totaled $384.7 million, an 119% increase over $175.6 million in the same period in 2024. This increase was primarily driven by $87.9 million in cost of sales in Kolpa, as well as by $83.0 million in Terronera, which resulted in mine operating earnings of $82.8 million (2024 - $42.0 million).

Exploration, evaluation and development expenses were $23.4 million, compared to $19.4 million incurred in the same period of 2024, mostly influenced by the higher spending at Pitarrilla and partially offset by the lower development costs ineligible to be capitalized at Terronera such as supervisory activities and allocated general and administrative costs. General and administrative expenses of $23.3 million for the year ended December 31, 2025, were 65% higher compared to the $14.1 million incurred for the same period of 2024, primarily due to the $3.7 million comparatively higher loss on revaluation of directors DSU's carried at fair market value and $3.6 million of Kolpa business acquisition costs. These changes resulted in operating earnings of $35.7 million (2024 - earnings of $8.3 million).

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 16

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The Company incurred losses on derivative revaluation of $126.2 million (2024 – $30.5 million) mostly driven by $106.0 million loss on gold forward swaps (2024 – 24.6 million), and $21.5 million loss on silver collars (2024 – $ nil) and $13.2 million copper stream liability revaluation (2024 – $ nil) and partially offset by $8.3 million gain on Mexican Peso forward (2024 – loss of $5.9 million) and $6.1 million gain on revaluation of the redemption feature derivative embedded in the convertible senior notes. Due to the timing of transactions and their settlements the Company incurred modest foreign exchange gain of $0.3 million during the year ended December 31, 2025, compared to a more substantial foreign exchange loss of $5.5 million in 2024. The Company incurred $14.5 million in finance charges primarily from $7.0 million write-off of deferred and additional fees incurred on early debt repayment, $4.8 million interest on loans and leases, $1.5 million finance charge on the senior convertible notes, and $1.2 million accretion of reclamation and rehabilitation liabilities. These finance charges are in comparison to $1.5 million for the same period in 2024 where the Company only incurred $0.8 million interest on certain loans and $0.7 million accretion of reclamation and rehabilitation liabilities. Note that due to the Terronera construction, the Terronera debt facility interest was capitalized in the prior year. The Company recognized $0.2 million in investment and other loss compared to $7.2 million in investment and other income in 2024. Investments and other income during the current period were driven by the Company recognizing $2.8 million in interest income (2024 – $7.5 million) and unrealized gain on marketable securities of $0.7 million in 2025 (2024 – loss of $1.8 million) offset by other losses. Additionally, during 2025 the Company incurred $0.8 million revaluation losses on conditional consideration related to acquisition of Kolpa, and $0.7 million provision costs and $0.5 million of other losses, while in 2024 the Company recognized $1.0 million of previously contingent consideration on the sale of the Cubo, and $0.5 million of other gains. As a result, the loss before taxes for the year ended December 31, 2025, was $104.9 million (2024 – $22.0 million).

Income tax expense was $14.2 million for the year ended December 31, 2025, compared to $9.5 million for the same period in 2024. The $14.2 million tax expense is comprised of $36.6 million in current income tax expense (2024 - $12.9 million) and a recovery of $22.4 million in deferred income tax (2024 - recovery of $3.4 million). The current income tax expense consists of $9.1 million in special mining duty taxes and $27.5 million of income taxes (2024 - $5.0 million and $7.9 million respectively). The deferred income tax recovery of $22.4 million primarily reflects the recognition of deferred tax assets on previously unrecognised loss carry forwards, supported by taxable temporary differences arising from the equity component of the convertible note. The related deferred tax liability was recorded in equity, while the deferred tax recovery was recognized in profit or loss.

**SELECTED ANNUAL INFORMATION**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions US dollars<br>except per share amounts** | &nbsp;&nbsp;**Year ended December 31** | &nbsp;&nbsp;**Year ended December 31** | &nbsp;&nbsp;**Year ended December 31** |
| &nbsp;&nbsp;**Expressed in millions US dollars<br>except per share amounts** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;$467.5 | &nbsp;&nbsp;$217.6 | &nbsp;&nbsp;$205.5 |
| &nbsp;&nbsp;Net earnings (loss) | &nbsp;&nbsp;($119.1) | &nbsp;&nbsp;($31.5) | &nbsp;&nbsp;$6.1 |
| &nbsp;&nbsp;Basic earnings (loss) per share | &nbsp;&nbsp;($0.42) | &nbsp;&nbsp;($0.13) | &nbsp;&nbsp;$0.03 |
| &nbsp;&nbsp;Diluted earnings (loss) per share | &nbsp;&nbsp;($0.42) | &nbsp;&nbsp;($0.13) | &nbsp;&nbsp;$0.03 |
| &nbsp;&nbsp;Dividends per share | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;1235.7 | &nbsp;&nbsp;$719.2 | &nbsp;&nbsp;$474.8 |
| &nbsp;&nbsp;Total long-term liabilities | &nbsp;&nbsp;379.9 | &nbsp;&nbsp;$155.9 | &nbsp;&nbsp;$30.2 |

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ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 17

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**KEY ECONOMIC TRENDS**

**Precious Metal Price Trends**

The prices of silver and gold are a critical factor in determining profitability and cash flow from operations. The financial performance of the Company has been, and is expected to continue to be, closely linked to the prices of silver and gold. These precious metals represented 91% of revenue in 2025.

During the year ended December 31, 2025, the average price of silver was $40.21 per ounce, with silver trading between $29.41 and $74.84 per oz. This compares to an average of $23.35 per oz for the year ended December 31, 2024, with a low of $20.09 and a high of $26.03 per oz. For the year ended December 31, 2025, the Company realized an average price of $40.73 per silver oz compared with $27.39 per oz for the year ended December 31, 2024.

During the year ended December 31, 2025, the average price of gold was $3,448 per oz, with gold trading between $2,633 and $4,539 per oz. This compares to an average of $2,385 per oz for the year ended December 31, 2024, with a low of $1,985 and a high of $2,778 per oz. For the year ended December 31, 2025, the Company realized an average price of $3,591 per oz compared with $2,397 per oz for the year ended December 31, 2024.

Several factors drove the largest annual rise in gold price since 2010. Global tensions, including ongoing conflicts in Ukraine and the Middle East, expectations of slower economic growth, concerns over U.S. trade policies, and tariffs pushed investors and central banks toward gold to diversify away from the U.S. dollar and other fiat currencies. These dynamics propelled gold to record highs, with prices reaching an all-time peak of $4,539 per ounce in December 2025 and silver reaching $74.84 per oz in the same month. Beyond the safe haven characteristic of silver, there has been a growing sense of optimism in the silver market, driven by industrial demand and supply constraints. The global push towards electrification, renewable energy, solid state batteries, and electric vehicles, is expected to increase the demand for silver in industrial applications. Silver plays an indispensable role in solar panels, batteries, and other key technologies, positioning it as a strategic metal in the clean energy transition. Over this same period of industrial demand growth, the silver market has faced supply-demand deficits in recent years, with exploration, new discoveries and new production not keeping pace with mine resource depletion. A lack of new major projects coming online, is creating a supply-demand imbalance that has supported the rise of silver price since the beginning of 2023 and especially noted at the end of 2025.

**Currency Fluctuations**

The Company's operations in Q4 2025 were located in Mexico and Peru therefore a significant portion of operating costs and capital expenditures are denominated in Mexican pesos and Peruvian soles. The Company's corporate activities are based in Vancouver, Canada with a portion of these expenditures being denominated in Canadian dollars.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 18

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![](exhibit99-2xu004.jpg)

During the year ended December 31, 2025, the Mexican peso strengthened against the U.S. dollar. The average foreign exchange rate was $19.17 Mexican pesos per U.S. dollar, with the peso trading within a range of $17.90 to $20.88. This compares to the same period in 2024 where the peso traded at an average of $18.09 Mexican pesos per U.S. dollar, and a range of $16.34 to $20.88 Mexican pesos per U.S. dollar.

![](exhibit99-2x008.jpg)

During the period May 1, 2025 to December 31, 2025, the Peruvian sol strengthened against the U.S. dollar. The average foreign exchange rate in the period was $3.52 Peruvian soles per U.S. dollar, with the sol trading within a range of $3.36 to $3.73. The Company was not exposed to the Peruvian sol fluctuation prior to the Kolpa acquisition in May 2025.

**Cost Trends**

![](exhibit99-2x009.jpg)

The Company's profitability is subject to industry-wide cost pressures on development and operating costs with respect to labour, energy, consumables and capital expenditures. Underground mining is labour intensive and approximately 33% of the Company's production costs are directly tied to labour. To mitigate the impact of higher labour and consumable costs, the Company focuses on continuous improvement by promoting more efficient use of materials and supplies and by pursuing more advantageous pricing while increasing performance and without compromising operational integrity. Higher metal prices in 2025 drove a substantially higher cost of purchased third party material, higher royalties and higher special mining duty as well as higher processing charges, which in combination with the strengthening Mexican peso and combined with the higher third-party material purchases and lower plant throughput resulted in higher cost per tonne. Additionally, 1% higher special mining duty rate enacted by the Mexico government from January 1, 2025, contributed to higher special mining duty costs in 2025. The increase in cost per tonne was partially offset by incorporating Kolpa operations from May 1, 2025, as Kolpa has lower cost per tonne in comparison to Guanaceví and Bolañitos. The addition of Terronera in Q4 2025 has increased the average cost per tonne by contributing a site cost per tonne of $230.35 during its first quarter of operations; the mine and plant are being ramped up.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 19

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**ANNUAL OUTLOOK**

***2026 Production and Cost Guidance***

In 2026, silver production from Terronera, Guanaceví, and Kolpa is projected to range between 8.3 and 8.9 million oz, while gold output from Terronera and Guanaceví is expected to range between 46,000 and 48,000 oz. Kolpa is anticipated to contribute significant base metal production, including 22,000 to 24,000 tonnes of lead, 16,000 to 18,000 tonnes of zinc, and 650 to 750 tonnes of copper. Together, these three mines are forecast to deliver 14.6 to 15.6 million silver equivalent ounces.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Terronera** | &nbsp;&nbsp; **Guanacevi** | &nbsp;&nbsp; **Kolpa** | &nbsp;&nbsp; **Consolidated** |
| &nbsp;&nbsp; Tonnes per day | &nbsp;&nbsp; t | &nbsp;&nbsp; 1950 - 2050 | &nbsp;&nbsp; 1000 - 1100 | &nbsp;&nbsp; 2300 - 2500 | &nbsp;&nbsp; 5250 - 5650 |
| &nbsp;&nbsp; Silver Production | &nbsp;&nbsp; M oz | &nbsp;&nbsp; 2.4 - 2.6 | &nbsp;&nbsp; 3.6 - 3.8 | &nbsp;&nbsp; 2.3 - 2.5 | &nbsp;&nbsp; 8.3 - 8.9 |
| &nbsp;&nbsp; Gold Production | &nbsp;&nbsp; K oz | &nbsp;&nbsp; 35.0 - 36.0 | &nbsp;&nbsp; 11.0 - 12.0 | &nbsp;&nbsp; - | &nbsp;&nbsp; 46.0 - 48.0 |
| &nbsp;&nbsp; Lead Production | &nbsp;&nbsp; K t | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22.0 - 24.0 | &nbsp;&nbsp; 22.0 - 24.0 |
| &nbsp;&nbsp; Zinc Production | &nbsp;&nbsp; K t | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16.0 - 18.0 | &nbsp;&nbsp; 16.0 - 18.0 |
| &nbsp;&nbsp; Copper Production | &nbsp;&nbsp; t | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 650 - 750 | &nbsp;&nbsp; 650 - 750 |
| &nbsp;&nbsp; **Silver Eq Production** | &nbsp;&nbsp; **M oz** | &nbsp;&nbsp; **5.6 - 5.8** | &nbsp;&nbsp; **4.6 - 4.9** | &nbsp;&nbsp; **4.4 - 4.9** | &nbsp;&nbsp; **14.6 - 15.6** |

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<sup>(1)</sup> Silver equivalent for 2026 guidance is calculated using the following ratios: 90 silver oz to 1 gold oz; 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne.

Consolidated cash costs in 2026 for Terronera, Guanaceví, and Kolpa are projected to range between $12.00 and $13.00 per payable silver oz, while consolidated all-in sustaining costs<sup>3</sup> ("AISC") are estimated at $27.00 to $28.00 per oz, net of by-product credits. On a per-ounce basis, consolidated cash costs are expected to decline compared to 2025, driven primarily by higher silver production from these mines and stronger estimated prices for gold and base metals, while being partially offset by lower gold output. AISC, however, is expected to be slightly higher than in 2025 due to increased sustaining mine development during Terronera's first full year of production, post-acquisition capital investment at Kolpa, and increased exploration activities across all sites.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Terronera** | &nbsp;&nbsp; **Guanacevi** | &nbsp;&nbsp; **Kolpa** | &nbsp;&nbsp; **Consolidated** |
| &nbsp;&nbsp; Direct operating costs per tonne | &nbsp;&nbsp; $/t | &nbsp;&nbsp; $130 - $140 | &nbsp;&nbsp; $180 - $190 | &nbsp;&nbsp; $130 - $140 | &nbsp;&nbsp; **$140 - $150** |
| &nbsp;&nbsp; Direct costs per tonne | &nbsp;&nbsp; $/t | &nbsp;&nbsp; $150 - $160 | &nbsp;&nbsp; $290 - $300 | &nbsp;&nbsp; $140 - $150 | &nbsp;&nbsp; **$170 - $180** |
| &nbsp;&nbsp; Cash costs, net of by-product credits | &nbsp;&nbsp; $/oz Ag | &nbsp;&nbsp; ($2.00 - $1.00) | &nbsp;&nbsp; $21.00 - $22.00 | &nbsp;&nbsp; $13.00 - $14.00 | &nbsp;&nbsp; **$12.00 - $13.00** |
| &nbsp;&nbsp; AISC, net of by-product credits | &nbsp;&nbsp; $/oz Ag | &nbsp;&nbsp; $28.00 - $29.00 | &nbsp;&nbsp; $29.00 - $30.00 | &nbsp;&nbsp; $22.00 - $23.00 | &nbsp;&nbsp; **$27.00 - $28.00** |
| &nbsp;&nbsp; Sustaining capital budget | &nbsp;&nbsp; $million | &nbsp;&nbsp; $56.7 | &nbsp;&nbsp; $24.5 | &nbsp;&nbsp; $9.8 | &nbsp;&nbsp; **$91.0** |
| &nbsp;&nbsp; Growth capital budget | &nbsp;&nbsp; $million |  |  | &nbsp;&nbsp; $16.7 | &nbsp;&nbsp; **$16.7** |

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***Operating mines***

In 2026, plant throughput at Terronera is expected to range from 1,950 to 2,050 tonnes per day (tpd), averaging approximately 2,000 tpd, with material mined from the Terronera vein. Cash costs per ounce, and direct costs on a per tonne basis are anticipated to be below the consolidated company-wide costs, driven by higher metal production along with improved development efficiencies and mine productivities following ramp up in 2025. During H1 2026, mine production will be from areas of the deposit with lower grades including stockwork, as mine development accesses higher-grade areas in H2 2026, which will increase grades. Efforts will continue to optimize the plant circuits to sustain throughput and enhance metal recoveries.

At Guanaceví, plant throughput in 2026 is projected to range from 1,000 to 1,100 tpd, averaging 1,050 tpd, with ore mined from the Milache concession and the Porvenir Cuatro and Porvenir Dos extensions on the El Curso concessions. The El Curso concessions were leased from a third party with no upfront costs but carry significant royalty obligations on production. Mine grades in 2026 are expected to be slightly lower, while recoveries should remain consistent with 2025. Cash costs per ounce, AISC per ounce, and direct costs<sup>3</sup> per tonne are expected to slightly increase compared to 2025 due to reduced output.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 20

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At Kolpa, plant throughput in 2026 is forecast to range from 2,300 to 2,500 tpd, averaging 2,400 tpd, with material mined from the Bienaventurada and Poderosa concessions, supplemented by lower-grade material from the Yen open pit. Cash costs per ounce<sup>3</sup>, AISC per ounce, and direct costs per tonne are expected to improve compared to 2025, supported by higher metal production from increased milling rates and stronger base metal prices, which provide a by-product credit.

***Consolidated Operating Costs***

Direct operating costs per tonne are projected to range between $140 and $150. At Terronera, operating costs per tonne are expected to fall within $130-$140, a significant reduction to Q4 realized direct operating cost per tonne of $222.57 due to various factors: the transition from diesel generation to LNG in mid-2026, construction team de-mobilisation, workforce and logistics optimisation plans, and 19% higher throughput. Average daily throughput in Q4 2025 was 1,676 tpd, however as noted above this will increase to 2,000 tpd for 2026. Guanaceví's costs are estimated at $180 to $190 per tonne, consistent with 2025. Kolpa's costs are anticipated to improve to $130 to $140 per tonne, primarily due to higher milling rates following the plant expansion.

Direct costs which include third-party material purchases, royalties, and special mining duties, are forecast at $170 to $180 per tonne based on a budgeted silver price of $36 per ounce. These costs are highly sensitive to metal prices, as fluctuations directly impact royalties, duties, and third-party material costs. Guanaceví is expected to incur the highest direct costs at $290 to $300 per tonne, driven by elevated royalties and third-party purchases. In comparison, Terronera is projected at $150 to $160 per tonne, and Kolpa at $140 to $150, both significantly lower than Guanaceví.

To clarify the impact of silver price on the Company's direct costs per tonne, for every $1.00 increase in silver price per oz, direct costs per tonne rise by approximately $0.90 at Terronera, $3.80 at Guanaceví, and $0.50 at Kolpa, reflecting the impact of royalties, duties, and third-party purchases. At a silver price of $75 per oz, direct costs per tonne would be approximately $180-$190 at Terronera, $430-$440 at Guanaceví, and $150-$160 at Kolpa.

For 2026, consolidated cash costs, net of gold by-product credits, are projected to range between $12.00 and $13.00 per payable silver ounce. This consolidated figure reflects negative cash costs at Terronera, estimated between negative $1.00 and negative $2.00, due to its higher gold by-product and lower anticipated per tonne costs. Guanaceví is expected to report higher cash costs, net of gold by-product credits, in the range of $21.00 to $22.00, while Kolpa should maintain steady cash costs, net of by-product credits, between $13.00 and $14.00. Cash costs net of by-product are highly sensitive to by-product metal prices.

AISC<sup>3</sup>, net of gold by-product credits, are forecast at $27.00 to $28.00 per ounce of payable silver. Despite low cash costs, Terronera's AISC is expected to fall between $28.00 and $29.00, due to sustaining capital requirements in the first year of operation, along with higher mine-site exploration and equipment costs. Guanaceví's AISC is projected at $29.00 to $30.00, roughly in line with 2025 levels, while Kolpa's AISC is anticipated to improve to $22.00-$23.00, primarily due to higher metal production.

Management's 2026 cost forecasts are based on a silver price of $36.00 per oz, a gold price of $3,240 per oz, an exchange rate of 18.50 Mexican pesos per U.S. dollar and 3.60 Peruvian soles per U.S. dollar, as well as annual inflation assumptions of 4% in Mexico and 2% in Peru.

***2026 Planned Capital Expenditures***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Project** | &nbsp;&nbsp;**Sustaining Mine <br>Development** | &nbsp;&nbsp;**Sustaining Other <br>Capital** | &nbsp;&nbsp;**Total Sustaining <br>Capital** | &nbsp;&nbsp;**Growth Capital** | &nbsp;&nbsp;**Total Capital** |
| &nbsp;&nbsp;Terronera | &nbsp;&nbsp;$32.9 million | &nbsp;&nbsp;$23.8 million | &nbsp;&nbsp;$56.7 million | &nbsp;&nbsp;- | &nbsp;&nbsp;$56.7 million |
| &nbsp;&nbsp;Guanaceví | &nbsp;&nbsp;$15.5 million | &nbsp;&nbsp;$9.0 million | &nbsp;&nbsp;$24.5 million | &nbsp;&nbsp;- | &nbsp;&nbsp;$24.5 million |
| &nbsp;&nbsp;Kolpa | &nbsp;&nbsp;$2.7 million | &nbsp;&nbsp;$7.1 million | &nbsp;&nbsp;$9.8 million | &nbsp;&nbsp;$16.7 million | &nbsp;&nbsp;$26.5 million |
| &nbsp;&nbsp;Pitarrilla | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$48.0 million | &nbsp;&nbsp;$48.0 million |
| &nbsp;&nbsp;Exploration | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$1.8 million | &nbsp;&nbsp;$1.8 million |
| &nbsp;&nbsp;Corporate | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$0.3 million | &nbsp;&nbsp;$0.3 million |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$51.1 million** | &nbsp;&nbsp;**$39.9 million** | &nbsp;&nbsp;**$91.0 million** | &nbsp;&nbsp;**$66.8 million** | &nbsp;&nbsp;**$157.8 million** |

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ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 21

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***Capital Investments***

In 2026, Endeavour plans to invest $91.0 million in sustaining capital across its three operating mines. At budgeted metal prices, these investments are expected to be funded from operating cash flows.

At Terronera, $56.7 million will be allocated to capital projects, including $32.9 million for 9.0 kilometers of mine development in Terronera. The remaining $23.8 million will support one-time mine and plant infrastructure enhancements including the transition from diesel to LNG, construction of a new warehouse, expansion of accommodations by increasing bed capacity and other key initiatives designed to strengthen operational efficiency and sustainability.

At Guanaceví, $24.5 million will be invested in capital projects, with the largest component being 4.5 kilometers of mine development at El Curso and Milache for an estimated $15.5 million. An additional $6.3 million will be for mine infrastructure and equipment, $1.4 million for plant equipment and tailings storage facility expansion, and $1.3 million for various surface infrastructure and equipment upgrades.

At Kolpa, $26.5 million will be invested in capital projects, including $2.7 million for 3.5 kilometers of mine development in the Bienaventurada and Poderosa areas. A further $7.1 million will be for mine infrastructure, equipment, and building improvements. Growth expenditures of $16.7 million will support a plant expansion to increase capacity to 2,500 tonnes per day, including ongoing installation of a new ball mill, upgrades to flotation cells and expansion of the tailings storage facility. Management estimates the plant expansion to be completed in Q1 2026.

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

***Pitarrilla***

Endeavour will continue advancing the Pitarrilla project in 2026 with an estimated investment of $65.8 million, which includes $15.0 million for the feasibility study, $2.8 million for exploration work including 8,550 meters of drilling, and $48.0 million in capital expenditures. Capital spending includes $10.4 million for mine equipment, $4.0 million for additional equipment, $11.2 million for camp, warehouse, and surface infrastructure, $7.0 million to complete 1,300 meters of underground development, and $15.4 million in other indirect project costs, including contingency.

***2026 Planned Exploration***

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Project** | &nbsp;&nbsp; **Activity** | &nbsp;&nbsp; **Drill Metres** | &nbsp;&nbsp; **Expenditures** |
| &nbsp;&nbsp; Terronera | &nbsp;&nbsp; Drilling / Others | &nbsp;&nbsp; 10300 | &nbsp;&nbsp; $6.9 million |
| &nbsp;&nbsp; Guanaceví | &nbsp;&nbsp; Drilling / Others | &nbsp;&nbsp; 8550 | &nbsp;&nbsp; $2.2 million |
| &nbsp;&nbsp; Kolpa | &nbsp;&nbsp; Drilling / Others | &nbsp;&nbsp; 20100 | &nbsp;&nbsp; $9.7 million |
| &nbsp;&nbsp; Pitarrilla | &nbsp;&nbsp; Drilling / Others | &nbsp;&nbsp; 8550 | &nbsp;&nbsp; $2.8 million |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Drilling / Others | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; $2.0 million |
| &nbsp;&nbsp; USA | &nbsp;&nbsp; Drilling / Others | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; $1.3 million |
| &nbsp;&nbsp; Other | &nbsp;&nbsp; Geology & Targeting | &nbsp;&nbsp; - | &nbsp;&nbsp; $1.1 million |
| &nbsp;&nbsp; **Total** |  | &nbsp;&nbsp; **52500** | &nbsp;&nbsp; **$25.9 million** |

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In 2026, the Company plans to invest $25.9 million in exploration drilling, with approximately 52,500 meters planned across its portfolio. The majority of the budget is allocated to additional drilling at operating sites to support reserve and resource replacement and expansion.

At Terronera, the Company plans to drill approximately 10,300 meters at an estimated cost of $6.9 million. Drilling will be primarily focused on infill drilling along the La Luz vein, with additional drilling planned at the Terronera, Los Cuates, and Quiteria veins.

At the Guanaceví, approximately 8,550 meters of drilling are planned at a cost of $2.2 million, targeting reserve and resource replacement at the El Curso, Alondra, and Milache mines.

At Kolpa, the Company plans to complete approximately 20,100 meters of drilling at an estimated cost of $9.7 million. The program will include both surface and infill drilling at the Bienaventurada and Poderosa mines.

In Chile, management plans to invest $2.0 million to complete approximately 2,500 meters of drilling at the Aida project, with drilling focused on the Mina Vieja and Estrella veins, along with limited surface drilling at the Constanza target.

At the Baxter and Bruner projects in Nevada, USA, the Company plans to invest $1.3 million to complete approximately 2,500 meters of surface drilling.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 22

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**LIQUIDITY AND CAPITAL RESOURCES** 

The Company has historically funded its acquisition, exploration and development activities through equity financings, debt facilities and convertible debt. In recent years, the Company has financed most of its acquisition, exploration, development and operating activities from production cash flows, treasury, equity offerings and debt. The Company may choose to undertake equity, debt, convertible debt or other financings, on an as-needed basis, in order to facilitate its growth. On May 27, 2025, the Company filed an updated Base Shelf prospectus, and on July 10, 2025, issued a prospectus supplement for an offering of up to $60 million of shares through an at-the-market ("ATM") distributions ("ATM Facility"). As of December 31, 2025, $35.3 million of the facility remains available. During Q4 2025, the Company closed the offering of $350 million aggregate principal amount of 0.25% unsecured convertible senior notes due 2031 and has used proceeds from the offering to extinguish $150.0 million of loans during December 2025.

Management of the Company believes that operating cash flow and existing current assets will be sufficient to cover capital requirements and meet its short-term obligations for at least the next twelve months. The Company continues to assess financing alternatives, including equity or debt or a combination of both, to fund future growth.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **As at December 31, 2025** | **As at December 31, 2024** |
| &nbsp;&nbsp;Current assets | $423.2 | $157.6 |
| &nbsp;&nbsp;Current liabilities | 276.8 | 78.9 |
| &nbsp;&nbsp;Working capital surplus | $146.4 | $78.8 |

---

As at December 31, 2025, the Company had a working capital surplus of $146.4 million (including $26.0 million of net current assets classified as held for sale) compared to $78.8 million as of December 31, 2024. The $67.6 million increase in working capital was primarily due to $117.3 million increase in cash mostly from proceeds from investing activities, offset by the $83.9 million increase in gold forward swaps and silver collars derivative liabilities, due to the increase in metal prices. The working capital balance was further negatively affected by the reclassification to current of those derivatives being settled during the twelve months after the balance sheet date which was partially offset by the reclassification from previously non-current IVA and additional accumulation of IVA for a total of $59.5 million. Additionally, working capital has been impacted by $14.8 million increase in tax payable, addition of $7.7 million of current copper stream liability and number of largely offsetting increases in current assets and liabilities due to the acquisition of Kolpa and transition of Terronera into commercial production and by the reclassification of Bolañitos assets and liabilities held for sale into current assets and liabilities.

**Three months ended December 31, 2025 (compared to the three months ended December 31, 2024)**

<u>*Cash flow provided by operating activities*</u>

During Q4 2025, operating activities generated cash flow of $15.4 million compared to using $4.9 million in Q4 2024 and has released $0.4 million in working capital in Q4 2025 (2024 - invested $10.6 million). Higher metal prices helped generate stronger cash flow and as a result cash flow from operations before working capital changes was $15.1 million in Q4 2025, compared to $5.8 million in Q4 2024. While Q4 2025 operating earnings exceeded Q4 2024 by $35.1 million, operating cashflows before working capital changes have increased by $9.3 million, the difference being driven by $14.6 million repayment of precious metal prepayments in Q4 2025, $14.2 million settlements of gold forward swap contracts, silver collars and other realized derivative contract gains and $3.5 million higher exploration and general and administrative costs offset by lower depreciation in 2025.

<u>*Cash flow used by investing activities*</u>

During Q4 2025, investing activities used net cash of $37.0 million compared to $43.8 million in Q4 2024. Payments for mineral properties, plant and equipment totaled $38.8 million in Q4 2025 compared to $45.9 million in Q4 2024 due to higher capital growth investment at Terronera which was under development at the time, partially offset by capital investments made into Kolpa in Q4 2025.

Of the $38.8 million invested in mineral properties, plants and equipment during Q4 2025, $15.6 million was at Terronera, most significant of which $7.9 million on equipment and infrastructure and $7.7 million on mine development. $9.2 million was invested at Kolpa, of which $7.3 million on equipment and infrastructure primarily related to capacity expansion and $1.9 million on mine development. At Guanaceví, the Company invested $6.4 million, with $4.3 million spent on mine development and $2.1 million on equipment and infrastructure. At Bolañitos, $2.9 million was invested, $1.7 million of which was related to mine development. $3.0 million was invested at Pitarrilla, $2.8 million of which were invested into mobile equipment. The remaining capital expenditure was related to exploration activities or administrative investments.

<u>*Cash flow provided by financing activities*</u>

Financing activities for the three months period ended December 31, 2025, provided $188.2 million, compared to $101.2 million in the same period of 2024. The largest changes were due to: $339.1 million of proceeds from the December 2025 convertible note offering, and $9.0 million from public equity offering, offset by $152.7 million loan repayments, $5.9 million interest payments and $1.7 million copper stream repayments. In comparison, in Q4 2024 the Company received $68.6 million from public equity offerings and other than $2.3 million interest payments had no substantial financing cash outflows.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 23

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**Year ended December 31, 2025 (compared to the year ended December 31, 2024)**

<u>*Cash flow provided by operating activities*</u>

During the year ended December 31, 2025, operating activities generated cash flow of $67.4 million compared to $19.1 million in the same period of 2024. Cash flow provided by operations before working capital changes was $51.5 million in 2025, compared to $27.2 million in 2024. While 2025 operating earnings were comparatively $27.4 million higher than 2024, operating cash flow before working capital adjustments was $24.2 higher than 2024, with the difference being predominantly in settlement of realized losses on derivative contracts which was $13.2 million comparatively higher in 2025, $13.1 million of comparatively higher exploration and general and administrative costs.

<u>*Cash flow used by investing activities*</u>

During the year ended December 31, 2025, investing activities used net cash of $237.4 million compared to $183.5 million in 2024. Payments for mineral properties, plant and equipment totaled $169.2 million in 2025 compared to $195.4 million in 2024, primarily due to lower spending on Terronera during 2025 compared to 2024 due to the higher development expenditures in the prior year. The year ended 2025 also included $72.1 million in net cash used for the Kolpa acquisition.

Of the $169.2 million invested in mineral properties, plants and equipment during the year ended December 31, 2025, $115.8 million was at Terronera, primarily on equipment, infrastructure and mine development. Additionally, $18.6 million was invested at Kolpa, primarily related to the plant capacity expansion and mine development. At Guanaceví, the Company invested $19.6 million, of which $14.6 million was spent on mine development. At Bolañitos, the Company invested $10.4 million, $6.0 million of which was related to mine development. The remaining capital expenditures were related to Pitarrilla, exploration sites, or administrative investments.

<u>*Cash flow provided by financing activities*</u>

Financing activities for the year ended December 31, 2025, provided $287.0 million, compared to $236.0 million in the same period of 2024. The biggest sources of financing cashflow included $339.1 million of proceeds from the December 2025 convertible note offering, and $35.0 million copper stream prepayment, neither of which provided cash in 2024, as well as $70.5 million from public equity offerings (2024 -$122.4 million), $15.0 million proceeds from loans payable (2024 - $120 million) and $7.2 million from option exercises (2024- $4.0 million). In contrast, the largest outflow were $159.6 million loan repayments (2024 -$4.1 million), $15.7 million interest payments (2024 - $4.2 million) and $3.5 million copper stream payments (2024 - $nil).

<u>*Equity financings*</u>

On April 8, 2025, the Company completed a bought deal equity offering for the issuance of a total of 11,600,000 common shares at a price of $3.88 per share, which raised net cash proceeds of $45.0 million. On April 16, 2025 the underwriters exercised their over-allotment option with additional issuance of 1,285,000 common shares at a price of $3.88 per share. The Company has received gross proceeds of $50.0 million, less commission of $2.8 million and recognized $0.6 million of other transaction costs related to the financing as share issuance costs, which have been presented net within share capital. The Company used the net proceeds of the offering to fund the purchase price of Minera Kolpa.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Use of proceeds (millions)** |  |
| &nbsp;&nbsp;Net proceeds received | $46.6 |
| &nbsp;&nbsp;Purchase of Minera Kolpa | 46.6 |
| &nbsp;&nbsp;Allocated to working capital | $- |

---

On May 27, 2025, the Company filed an updated Base Shelf prospectus, and on July 10, 2025, issued a prospectus supplement for an offering of up to $60.0 million of shares through an ATM facility. During the year ended December 31, 2025, the Company issued 3,838,915 common shares under this facility at an average price of $6.44 per share for gross proceeds of $24.7 million, less commission of $0.5 million and recognized $0.3 of other transaction costs related to the ATM financing as share issuance costs, which have been presented net within share capital.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Use of proceeds (millions)** |  |
| &nbsp;&nbsp;Net proceeds received | $23.9 |
| &nbsp;&nbsp;Terronera project funding and ramp-up support | 23.9 |
| &nbsp;&nbsp;Allocated to working capital | $- |

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ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 24

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On November 27, 2024 the Company completed a bought deal equity offering for the issuance of a total of 15,825,000 common shares at a price of $4.60 per share, which raised gross proceeds of $72.8 million. The net proceeds for this financing as at December 31, 2025, have been used as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Use of proceeds (millions)** |  |
| &nbsp;&nbsp;Net proceeds received | $68.6 |
| &nbsp;&nbsp;Advancing Pitarrilla project | 15.1 |
| &nbsp;&nbsp;Allocated to working capital | $53.5 |

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<u>*Debt financings*</u>

On October 6, 2023, the Company, through its wholly-owned subsidiary Terronera Precious Metals, S.A. de C.V. entered into a credit agreement with Société Generale and ING Capital LLC (together with ING Bank N.V.) for a senior secured debt facility for up to $120 million (the "Debt Facility"). On June 23, 2025, the credit agreement was amended and restated to include a third tranche of $15 million bringing the total of the fully drawn debt facility to $135 million. During December 2025, the Company has used proceeds of convertible notes to repay $130 million of the debt facility with remaining $5 million being payable in June 2026.

The Debt Facility includes certain restrictive covenants with respect to the use of the loan proceeds, including restrictions on transferring funds out of the Terronera entity. These restrictions are not expected to have any impact on the Company's ability to meet its obligations.

<br>As part of the Kolpa acquisition, on May 1, 2025, the Company assumed two syndicated loans originally entered into by Minera Kolpa with Banco BTG Pactual S.A. - Cayman Branch and Banco Santander Perú S.A. During December 2025, the Company used the proceeds from the convertible notes to extinguish these loans in full.

***Contingencies***

Minera Santa Cruz y Garibaldi S.A. de C.V. ("MSCG"), a subsidiary of the Company, received an MXN 238 million assessment on October 12, 2010 by Mexican fiscal authorities for failure to provide the appropriate support for certain expense deductions taken in MSCG's 2006 tax return, failure to provide appropriate support for loans made to MSCG from affiliated companies, and deemed an deemed an unrecorded distribution of dividends to shareholders, among other individually immaterial items. MSCG immediately initiated a Nullity action and filed an administrative attachment to dispute the assessment.

In June 2015, the Superior Court ruled in favour of MSCG on a number of the matters under appeal; however, the Superior Court ruled against MSCG for failure to provide appropriate support for certain deductions taken in MSCG's 2006 tax return. In June 2016, the Company received an MXN 122.9 million ($6.8 million) tax assessment based on the June 2015 ruling. The 2016 Assessment comprised of MXN 41.8 million owed ($2.3 million) in taxes, MXN 17.7 million ($1.0 million) in inflationary charges, MXN 40.4 million ($2.2 million) in interest and MXN 23.0 million ($1.3 million) in penalties. The 2016 Assessment was issued for failure to provide the appropriate support for certain expense deductions taken in MSCG's 2006 tax return and failure to provide appropriate support for loans made to MSCG from affiliated companies.

The Company filed an appeal against the June 2016 Assessment on the basis certain items rejected by the courts were included in the new tax assessment, and a number of deficiencies exist within the assessment. Since the issuance of the tax assessment, interest charges of MXN 24.4 million ($1.4 million) and inflationary charges of MXN 36.5 million ($2.0 million) have accumulated.

Included in the Company's consolidated financial statements are net assets of $1.0 million held by MSCG. Following the Tax Court's rulings, MSCG is in discussions with the tax authorities with regards to the shortfall of assets within MSCG to settle its estimated tax liability. An alternative settlement option would be to transfer the shares and assets of MSCG to the tax authorities. As of December 31, 2025, the Company's income tax payable includes an allowance for transferring the shares and assets of MSCG amounting to $1.0 million. The Company is currently assessing MSCG's settlement options based on ongoing court proceedings and discussion with the tax authorities. The Company has been advised that the appeal filed with the Federal Tax Court, against the June 2016 tax assessment has been rejected. The Company continues to assess MSCG's settlement options.

Compania Minera Del Cubo S.A. de C.V. ("Cubo"), a subsidiary of the Company, received an MXN 58.5 million ($3.3 million) assessment in 2019 by Mexican fiscal authorities (the "Cubo Assessment") for alleged failure to provide the appropriate support for depreciation deductions taken in the Cubo 2016 tax return and denied eligibility of deductions of certain suppliers. The tax assessment consisted of MXN 24.1 million ($1.3 million) for taxes, MXN 21.0 million ($1.2 million) for penalties, MXN 10.4 million ($0.6 million) for interest and MXN 3.0 million ($0.2 million) for inflation. At the time of the tax assessment the Cubo entity had and continues to have sufficient loss carry forwards which would be applied against the assessed difference of taxable income. The Mexican tax authorities did not consider these losses in the assessment.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 25

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Due to the denial of certain suppliers for income tax purposes in the Cubo Assessment, the invoices from these suppliers have been assessed as ineligible for refunds of IVA paid on the invoices. The tax assessment includes MXN 14.7 million ($0.8 million) for re-payment of IVA (value added taxes) refunded on these supplier payments. In the Company's judgement the suppliers and invoices meet the necessary requirements to be deductible for income tax purposes and the recovery of IVA.

The Company has filed an administrative appeal related to the 2016 Cubo tax assessment. The Company had previously provided a lien on certain El Cubo mining concessions during the appeal process. To facilitate the sale of the El Cubo mine and related assets, the Company elected to pay the assessed amount of $3.6 million during Q1, 2021. During the appeal process the amount paid has been classified as a non-current income tax receivable. As of December 31, 2025, the amount receivable is $4.0 million. Since issuance of the assessment, interest charges of MXN 9.9 ($0.5 million) and inflationary charges of MXN 1.6 ($0.1 million) have accumulated.

In March 2024, the Company was notified that Cubo was subject to a tax audit by the relevant taxation authorities. Following an extended period of correspondence, information requests and discussions with the authorities, Cubo has received a formal assessment relating to certain tax positions taken in prior periods and in November 2025 filed a notice of objection and formally appealed the assessment. The appeal remains under review with the tax authority, and no final determination has been made.

The Company continues to assess that it is probable that its appeal will prevail, and no provision is recognized in respect of the Cubo tax assessments. Cubo has no significant assets beyond the income tax receivable of $4.0 million, paid in 2021.

The Company is required to use judgement to determine certain tax treatments in calculating income tax expense and IVA recoverable. A number of these judgements are subject to various uncertainties. From time to time, Mexican authorities may apply, re-interpret legislation or disregard precedents and it is possible that these uncertainties may be resolved unfavorably for the Company.

***Capital Requirements***

As of December 31, 2025, the Company held $223.7 million in cash and cash equivalents (including $8.3 million classified as held for sale) and had a working capital of $146.4 million (including $26.0 million of net current assets classified as held for sale). The Company may be required to raise additional funds through future debt or equity financings in order to carry out other business plans.

***Contractual Obligations***

The Company had the following undiscounted contractual obligations at December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Payments due by period (in millions of US dollars)** | &nbsp;&nbsp;**Payments due by period (in millions of US dollars)** | &nbsp;&nbsp;**Payments due by period (in millions of US dollars)** | &nbsp;&nbsp;**Payments due by period (in millions of US dollars)** | &nbsp;&nbsp;**Payments due by period (in millions of US dollars)** | &nbsp;&nbsp;**Payments due by period (in millions of US dollars)** |
| &nbsp;&nbsp;**Contractual Obligations** | **Total** | **Less than 1<br>year** | **1 - 3 years** | **3 - 5 years** | **More than 5<br>years** |
| &nbsp;&nbsp;Capital asset purchases | $7.4 | $7.4 | $- | $- | $- |
| &nbsp;&nbsp;Accounts payable, accrued liabilities and other | 120.4 | 120.4 |  |  |  |
| &nbsp;&nbsp;Loans payable | 13.4 | 9.3 | 4.1 |  |  |
| &nbsp;&nbsp;Lease liabilities | 2.1 | 1.4 | 0.7 |  |  |
| &nbsp;&nbsp;Other contracts | 0.3 | 0.1 | 0.2 |  |  |
| &nbsp;&nbsp;Reclamation obligations | 27.3 |  | 7.6 | 0.6 | 19.1 |
| &nbsp;&nbsp;Gold forward swaps | 114.7 | 80.1 | 34.6 |  |  |
| &nbsp;&nbsp;Silver collar contracts | 21.5 | 21.5 |  |  |  |
| &nbsp;&nbsp;Copper stream liability | 58.8 | 7.9 | 16.2 | 14.3 | 20.4 |
| &nbsp;&nbsp;Contingent payment | 10.0 |  | 10.0 |  |  |
| &nbsp;&nbsp;Convertible note debenture | 354.5 | 0.5 | 1.8 | 1.8 | 350.4 |
| &nbsp;&nbsp;Total | $730.4 | $248.6 | $75.2 | $16.7 | $389.9 |

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ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 26

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**FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS**

As at December 31, 2025, the carrying and fair values of the Company's financial instruments by category were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 202** **5** | **As at December 31, 202** **5** | **As at December 31, 202** **4** | **As at December 31, 202** **4** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Carrying value** | **Estimated Fair<br>value** | **Carrying value** | **Estimated Fair\value** |
| &nbsp;&nbsp;**Financial assets:** |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $215.4 | $215.4 | $106.4 | $106.4 |
| &nbsp;&nbsp;Other investments | 1 | 1 | 1.1 | 1.1 |
| &nbsp;&nbsp;Trade and other receivables | 23.8 | 23.8 | 3.6 | 3.6 |
| &nbsp;&nbsp;Derivative assets | 9.1 | 9.1 |  |  |
| &nbsp;&nbsp;Loan receivable | 2.6 | 2.6 | 2.6 | 2.6 |
| &nbsp;&nbsp;Total financial assets | $251.9 | $251.9 | $113.7 | $113.7 |
| &nbsp;&nbsp;**Financial liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Accounts payable, accrued liabilities and other current liabilities | $120.4 | $120.4 | $53.9 | $53.9 |
| &nbsp;&nbsp;Derivative liabilities | 130.3 | 130.3 | 26.9 | 26.9 |
| &nbsp;&nbsp;Copper stream liability | 44.7 | 44.7 |  |  |
| &nbsp;&nbsp;Contingent payment | 8.8 | 8.8 |  |  |
| &nbsp;&nbsp;Loans payable | 12.7 | 12.7 | 120.2 | 120.2 |
| &nbsp;&nbsp;Senior convertible notes | 231.2 | 231.2 |  |  |
| &nbsp;&nbsp;Total financial liabilities | $548.1 | $548.1 | $201 | $201 |

---

***Fair value hierarchy***

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by no or little market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

Assets and liabilities as at December 31, 2025 that measured at fair value on a recurring basis include:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**As at December 31, 2025** | | | | |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| &nbsp;&nbsp;**Financial Assets:** |  |  |  |  |
| &nbsp;&nbsp;Other investments | $1.0 | $0.9 | $- | $0.1 |
| &nbsp;&nbsp;Trade receivables | 20.6 |  | 20.6 |  |
| &nbsp;&nbsp;Derivative assets | 9.1 |  | 1.1 | 8.0 |
| &nbsp;&nbsp;Total financial assets | $30.7 | $0.9 | $21.7 | $8.1 |
| &nbsp;&nbsp;**Financial Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Cash-settled deferred share units | $8.9 | $8.9 | $- | $- |
| &nbsp;&nbsp;Copper stream liability | 44.7 |  |  | 44.7 |
| &nbsp;&nbsp;Contingent payment | 8.8 |  |  | 8.8 |
| &nbsp;&nbsp;Derivative liabilities | 130.3 |  | 130.3 |  |
| &nbsp;&nbsp;Total financial liabilities | $192.7 | $8.9 | $130.3 | $53.5 |

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**Other investments**

The Company holds marketable securities classified as Level 1 and Level 3 in the fair value hierarchy. The fair values of Level 1 investments are determined based on a market approach reflecting the closing price of each particular security at the reporting date. The closing price is a quoted market price obtained from the stock exchange that is the principal active market for the particular security, being the market with the greatest volume and level of activity for the assets. For Level 3 investments, which consist of share purchase warrants where inputs are not observable, they have an estimated value determined by using an option pricing model. Changes in fair value on available for sale marketable securities are recognized in earnings or loss.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 27

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**Trade receivables**

The trade receivables consist of receivables from provisional silver and gold sales from the Bolañitos and Kolpa mines. The fair value of receivables arising from concentrate sale contracts that contain provisional pricing mechanisms is determined using the appropriate quoted closing price on the measurement date from the exchange that is the principal active market for the particular metal. As such, these receivables, which meet the definition of an embedded derivative, are classified within Level 2 of the fair value hierarchy.

**Derivative assets** 

The Company also hedged a portion of the estimated remaining capital and operating expenditures incurred in Mexican Pesos. The fair value of the foreign exchange forward contracts is determined using mark-to-market values provided by counterparties. These valuations are based on observable market inputs, including spot rate, forward foreign exchange rates and interest rate curves. Accordingly, the instruments are classified as Level 2 in the fair value hierarchy. Derivative assets further include early redemption derivative asset embedded in the convertible senior notes is valued using FINCAD model with key assumptions being underlying stock volatility and the Company's credit spread, the instrument classified as Level 3 in the fair value hierarchy.

**Deferred share units ("DSUs")**

The Company has a cash settled DSU plan whereby DSUs may be granted to independent directors of the Company in lieu of compensation in cash or stock options. The DSUs vest immediately and are redeemable for cash based on the market value of the units at the time of a director's retirement. The DSUs are classified as Level 1 in the fair value hierarchy. The liability is determined based on a market approach reflecting the closing price of the Company's common shares at the reporting date. Changes in fair value are recognized in general and administrative expenses.

**Copper stream liability**

The Company entered into a copper stream agreement on copper produced by Kolpa. Under the copper stream agreement, the Company received a $35 million prepayment used to finance the cash consideration of Kolpa acquisition on May 1, 2025. The copper stream liability is classified as level 3 in the fair value hierarchy and measured at fair value through profit or loss. The stream is valued using a discounted cash flow model based on current market and operational assumptions. The key unobservable inputs used in the valuations include a discount rate, reflecting credit risk and asset-specific risk, a copper price forecasts, based on observable forward price curves over the expected production term. Valuations involves significant management's judgment related to the life-of-mine production schedule, including expected output timing and volumes.

**Contingent payment**

Part of the consideration in acquisition of Kolpa was a deferred payable totaling up to $10.0, contingent upon achieving production milestones of two million and four million silver-equivalent ounces. Contingent payment is valued using a probability weighted discounted cashflows with key assumptions being likelihood and timing of the milestones being reached. Its classified as Level 3 in the fair value hierarchy

**Derivative liabilities**

Company holds certain gold forward swap contracts and silver collars to hedge against the fluctuation in gold and silver prices. The fair value of the gold forward swap contracts and silver collars are determined using mark-to-market values provided by counterparties. These valuations are based on observable market inputs, including gold and silver spot price, forward price curve and interest rate curves. Accordingly, the instruments are classified as Level 2 in the fair value hierarchy.

***Financial Instrument Risk Exposure and Risk Management***

The Company is exposed to a variety of financial instrument related risks. The board of directors approves and monitors the risk management process. The types of risk exposure and the way in which such exposure is managed is provided as follows:

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 28

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**Credit Risk**

The Company is exposed to credit risk on its bank accounts, accounts receivable and loan receivable. Credit risk exposure on bank accounts is limited through maintaining the Company's balances with high-credit quality financial institutions, maintaining investment policies, assessing institutional exposure and continual discussion with external advisors. Value-added tax receivables are generated on the purchase of supplies and services to produce silver, which are refundable from the Mexican government. Trade receivables are generated on the sale of concentrate inventory to reputable metal traders. The loan receivable is related to the remaining proceeds for the sale of the El Compas mine to Grupo ROSGO. There has been no indication of a change in the creditworthiness of the counterparty to the loan receivable since the initial recognition.

**Liquidity Risk**

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages its liquidity risk by continually monitoring forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support its normal operating requirement and development plans. The Company aims to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from operations, its holdings of cash and cash equivalents, and its committed and anticipated liabilities.

The Company's Mexican subsidiaries pay IVA on the purchase and sale of goods and services. The net amount paid is recoverable but is subject to review and assessment by the tax authorities. The Company regularly files the required IVA returns and all supporting documentation with the tax authorities, however a smaller portion of IVA refund requests are denied from time to time based on the alleged lack of compliance with certain formal requirements and information returns by the Company's third-party suppliers. The Company takes necessary legal action on the delayed refunds as well as any denied refunds. The Company is in regular contact with the tax authorities in respect of its IVA filings and believes that the full amount of its IVA receivables will ultimately be received; however, the timing of recovery of these amounts and the nature and extent of any adjustments to the Company's IVA receivables remains uncertain.

**Market Risk**

The significant market risk exposures to which the Company is exposed are foreign currency risk, interest rate risk, and commodity price risk.

<u>Foreign Currency Risk</u> - The Company's operations in Mexico, Peru and Canada make it subject to foreign currency fluctuations. Certain of the Company's operating expenses are incurred in Mexican pesos, Peruvian sol and Canadian dollars; therefore, the fluctuation of the U.S. dollar in relation to these currencies will consequently have an impact upon the profitability of the Company and may also affect the value of the Company's assets and the amount of shareholders' equity. The Company also hedged a portion of the estimated operating expenditures incurred in Mexican Pesos. As of December 31, 2025, the Company had $30.0 million in Mexican Peso forward contracts with a weighted average rate of 18.95 pesos per US dollar settling between January 2026 and January 2027.

<u>Interest Rate Risk</u> - The interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The interest rate on the Debt Facility are variable, and based on the exposure as of December 31, 2025, a 1% change in interest rate would result in an increase or decrease of interest costs of $0.1 million per year. As of December 31, 2025, all of the Company's outstanding equipment financing obligations bear interest at fixed rates and are therefore not exposed to changes in future cash flows attributable to changes in market interest rates.

The Company is exposed to interest rate risk on its cash and cash equivalents. The cash and cash equivalent interest earned is based on bank account interest rates which may fluctuate. Based on the exposure as of December 31, 2025, a 1% change in the interest rates would result in an increase or decrease of approximately $2.3 million in interest earned by the Company. The Company has not entered into any derivative contracts to manage the interest rate risk.

<u>Commodity Price Risk</u> - The Company is subject to commodity price risk related to silver, gold, lead, zinc, and copper. Fluctuations in the market prices of these metals can have a direct and immediate impact on the valuation of related financial instruments, non-financial assets, and overall net earnings. Gold and silver prices have historically fluctuated significantly and are affected by numerous factors outside of the Company's control, including, but not limited to, industrial and retail demand, central bank lending, forward sales by producers and speculators, levels of worldwide production, short-term changes in supply and demand because of speculative hedging activities and certain other factors.

At December 31, 2025, there are 156,830 oz of silver and 3,453 oz of gold as well as trivial amounts of base metals, which do not have a final settlement price and the estimated revenues have been recognized at current market prices. As at December 31, 2025, with other variables unchanged, a 10% decrease in the market value of silver and gold would result in a reduction of revenue and the associated receivable of $2.6 million.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 29

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On May 1, 2025, concurrently with the acquisition of Minera Kolpa shares, Endeavour entered into a ten year $35 million copper stream agreement with Versamet Royalties Corporation to help fund the cash portion of the Kolpa acquisition. Under the terms of the stream:

* Versamet will receive refined copper via LME Warrants, initially representing 95.8% of the copper produced.

* Once 6,000 tonnes are delivered, the stream reduces to 71.85%, and after 10,500 tonnes, to 47.9%.

* Versamet will pay 10% of the spot price per tonne, with the remaining 90% reducing the prepaid deposit.

This agreement includes security over the acquired entity and provides Versamet the right of first refusal on future streaming arrangements.

In connection with the Debt Facility, on March 28, 2024, the Company entered into gold forward swap contracts for 68,000 oz, a portion of the expected gold sales in the first three years of production, to hedge against the fluctuation in gold prices. The Company amended the forward swap contracts during the year ended December 31, 2025, which will settle from January 2026 to June 2027 with revised forward price of $2,311 per ounce of gold. As of December 31, 2025, 54,056 oz remains outstanding.

In September 2025 in relation to the amendment to the Debt Facility, the Company implemented un-margined zero cost collars for 968,000 ounces of silver with a price range of $31 to $42. During Q4, the Company settled 226,065 silver oz collars and as of December 31, 2025, had 741,935 silver collar oz outstanding to be settled over the period from January 2026 to June 2026.

**OUTSTANDING SHARE DATA**

As of February 27, 2026, the Company had the following securities issued, issuable and outstanding:

* 295,733,387 common shares;

* 1,321,022 stock options;

* 1,214,900 performance share units;

* 598,437 equity settled DSUs.

* 353,520 restricted share units.

As at December 31, 2025, the Company's issued share capital was $981.2 million (December 31, 2024 - $851 million), representing 295,410,615 common shares (December 31, 2024 - 262,323,863), and the Company had options outstanding to purchase 1,671,794 common shares (December 31, 2024 - 3,181,491) with a weighted average exercise price of CAD$4.13 (December 31, 2024 - CAD$4.13) as well as convertible senior notes with $350.0 million aggregate principal value convertible into common shares based on an initial conversion rate of 80.2890 common shares per $1,000 principal amount of notes.

The Company considers the items included in the consolidated statement of shareholders' equity as capital. The Company's objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through private placements, prospectus offerings, convertible debentures, asset acquisitions or return capital to shareholders. The Company is not subject to externally imposed capital requirements.

**CHANGES IN ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES**

***Accounting standards adopted during the period***

The accounting policies applied in the Company's consolidated financial statements for the year ended December 31, 2025 are the same as those applied in the Company's annual audited consolidated financial statements as at and for the year ended December 31, 2024, for accounting policies applied to address; business acquisitions, precious metals prepayment obligations, convertible debt instruments and assets and liabilities held for sale - as described in the Company's consolidated financial statements for the year ended December 31, 2025.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 30

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***Critical Accounting Estimates***

The preparation of financial statements requires the Company to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management's judgment relate to the determination of mineralized reserves and resources, determination of the appropriate classification of the Company's convertible senior notes, determination of Bolañitos assets held for sale, the accounting treatment of the copper stream liability, and recognition of deferred tax assets. Significant areas requiring the use of management estimates relate to the valuation of inventory, valuation of the liability, equity and embedded derivative portions of the convertible senior notes, the valuation of assets and liabilities assumed in the acquisition of Minera Kolpa, the valuation of contingent liability arising from acquisition of Minera Kolpa, valuation of gold swap, silver collars, and foreign currency forward contracts, impairment of non-current assets, provision for reclamation and rehabilitation, and income taxes.

***Determination of reserves and resources***

Judgments about the amount of product that can be economically and legally extracted from the Company's properties are made by management using a range of geological, technical and economic factors, history of conversion of mineral deposits to proven and probable reserves as well as data regarding quantities, grades, production techniques, recovery rates, production costs, commodity prices and exchange rates. This process may require complex and difficult geological judgments to interpret the data. The Company uses qualified persons (as defined by NI 43-101) to compile this data.

Estimating the quantity and /or grade of reserves and resources requires the size, shape and depth of ore bodies or fields to be determined by analyzing geological data such as drilling samples. Following this, the quantity of reserves and resources that can be extracted in an economical manner is calculated using data regarding the life of mine plans and forecast sales prices (based on current and long-term historical average price trends). Changes in estimates can be the result of estimated future production differing from previous forecasts of future production, expansion of reserves and resources through exploration activities, differences between estimated and actual costs of mining and differences in the commodity price used in the estimation of reserves and resources.

The economic assumptions used to estimate mineral reserves may change from period to period and additional geological data is generated during the course of operations, which may change management's judgments surrounding reserves and resources. Any changes in management's judgements may impact the carrying value of mineral properties, plant and equipment, reclamation and rehabilitation provisions, recognition of deferred income tax amounts and depreciation.

***Review of asset carrying values and assessment of impairment***

Management applies significant judgment in assessing each CGU and assets for the existence of indicators of impairment or impairment reversal at the reporting date. Internal and external factors are considered in assessing whether indicators are present that would necessitate impairment testing. Significant assumptions regarding commodity prices, operating costs, capital expenditures and discount rates are used in determining whether there are any indicators of impairment. These assumptions are reviewed regularly by senior management and compared, when applicable, to relevant market consensus views.

If an indicator of impairment or reversal exists, the asset's recoverable amount is estimated. The recoverable amount is the greater of fair value less costs of disposal and value in use. The determination of fair value less costs of disposal and value in use requires management to make estimates and assumptions about expected production and sales volumes, metal prices, ore tonnage and grades, recoveries, operating costs, future capital expenditures and appropriate discount rates for future cash flows. The estimates and assumptions are subject to risk and uncertainty, and as such there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying value of the assets may be further impaired or the impairment charge reduced with the impact recorded in profit or loss.

If an area of interest is abandoned or it is determined that its carrying value cannot be supported by future production or sale, the related costs are charged against operations in the period of abandonment or determination that the carrying value exceeds its fair value. The amounts recorded as mineral properties represent costs incurred to date and do not necessarily reflect present or future values.

***Achievement of commercial production***

Once a mine reaches the operating levels intended by management, depreciation of capitalized costs begins. Significant judgement is required to determine when certain of the Company's assets reach this level. Management considers several factors including: completion of a reasonable period of commissioning; consistent operating results achieved at a pre-determined level of design capacity and indications exist that this level will continue; mineral recoveries at or near expected levels; and the transfer of operations from development personnel to operational personnel has been completed.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 31

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***Estimation of the amount and timing of reclamation and rehabilitation costs***

Accounting for restoration requires management to make estimates of the future costs the Company will incur to complete the reclamation and rehabilitation work required to comply with existing laws, regulations and agreements in place at each mining operation and any environmental and social principles the Company is in compliance with. The calculation of the present value of these costs also includes assumptions regarding the timing of reclamation and rehabilitation work, applicable risk-free interest rates for discounting those future cash flows, inflation and foreign exchange rates and assumptions relating to probabilities of alternative estimates of future cash flows. Actual costs incurred may differ from those amounts estimated. Also, future changes to environmental laws and regulations could increase the extent of reclamation and rehabilitation work required to be performed by the Company. Increase in future costs could materially impact the amounts charged to operations for reclamation and rehabilitation.

***Deferred Income Taxes***

The Company follows the asset and liability method of accounting for income taxes. Under this method, future tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Future tax assets and liabilities are measured using substantively enacted or enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on future tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the substantive enactment date. Future tax assets are recognized to the extent that they are considered more likely than not to be realized.

Judgement is required in determining the recognition and measurement of deferred income tax assets and liabilities on the balance sheet. In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. These authorities may have different interpretations of tax legislation or tax agreements than those applied by the Company in computing current and deferred income taxes. These different interpretations may alter the timing or amounts of taxable income or deductions.

Final taxes payable and receivable are dependent on many factors, including outcomes of tax litigation and resolution of disputes. The resolution of these uncertainties may result in adjustments to the Company's tax assets and liabilities.

Management assesses the likelihood and timing of taxable earnings in future periods in recognizing deferred income tax assets. Estimates of future taxable income is based on forecasted cash flows using life of mine projections and the application of existing tax laws in each jurisdiction.

To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred income tax assets recorded at the balance sheet date could be impacted. In addition, future changes to tax laws could limit the ability of the Company to obtain tax deductions in future periods from deferred income tax assets.

***Inventory***

In valuing inventories at the lower of cost and net realizable value, the Company makes estimates in determining the net realizable price and in quantifying the contained metal in finished goods and work in progress.

***Business Combinations***

On the acquisition of a business, the acquisition method of accounting is used, whereby the purchase consideration is allocated to the identifiable assets, liabilities and contingent liabilities (identifiable net assets) on the basis of fair value at the date of acquisition. When the cost of acquisition exceeds the fair values attributable to the Company's share of identifiable net assets, the difference is treated as purchased goodwill, which is not amortized but is reviewed for impairment annually or more frequently where there is an indication of impairment. If the fair value attributable to the Company's share of the identifiable net assets exceeds the cost of acquisition, the difference is immediately recognized in profit or loss. Incremental costs related to acquisitions are expensed as incurred.

Determination of the fair value of assets acquired and liabilities assumed and the resulting goodwill, if any, requires that management make estimates based on the information provided by the acquiree. Changes to the provisional values of assets acquired and liabilities assumed, deferred income taxes and resulting goodwill, if any, will be adjusted when the final measurements are determined (within one year of acquisition date).

When purchase consideration is contingent on future events, the initial cost of the acquisition recorded includes an estimate of the fair value of the contingent amounts expected to be payable in the future. When the fair value of contingent consideration as at the date of acquisition is finalized, before the end of the 12 months measurement period, the adjustment is allocated to the identifiable assets acquired and liabilities assumed. Changes to the estimated fair value of contingent consideration subsequent to the acquisition date are recorded in profit or loss.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 32

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***Financial instruments carried at fair market value***

The company has several financial instruments carried at fair market value as described above in "Financial Instruments and fair market value measurements" section. The Company makes estimates on determination of the fair market value at the end of the period and resulting gains (losses) on revaluation using assumptions inputs and methods described above in the "Financial Instruments and fair market value measurements" section.

**RISKS AND UNCERTAINTIES**

Besides the risks discussed elsewhere in this MD&A, the following are risks and uncertainties that have affected the Company's financial statements or future performance or that may affect them in the future. See "Risk Factors" in the Company's Annual Information Form and the Prospectus dated July 10, 2025, for other risks affecting the Company generally.

***Interest Rate Risk***

Increases to benchmark interest rates may have an impact on the Company's cost of borrowing under any debt financing that the Company may negotiate, resulting in reduced amounts available to fund the Company's exploration, development and production activities and could negatively impact the market price of its common shares and/or the price of gold or silver, which could have a material adverse effect on the Company's operations and financial condition.

***Precious Metal Price Fluctuations***

The Company's revenue is primarily dependent on the sale of silver and gold, led, zinc and copper and movements in the spot price of silver, gold, led, zinc and copper may have a direct and immediate impact on the Company's income and the value of related financial instruments. The Company's sales are directly dependent on commodity prices. Metal prices have historically fluctuated widely and are affected by numerous factors beyond the Company's control including international economic and political trends, expectations for inflation, currency exchange rate fluctuations, interest rates, global and regional supply and demand, consumption patterns, speculative market activities, worldwide production and inventory levels, and sales programs by central banks. The exact effect of these factors on metal prices cannot be accurately predicted. Declining market prices for these metals could materially adversely affect the Company's operations and profitability and could affect the Company's ability to finance the exploration and development of any of the Company's other mineral properties.

***Fluctuations in the price of consumed commodities***

Prices and availability of commodities consumed or used in connection with exploration, development and mining, such as natural gas, diesel, oil, electricity, cyanide and other reagents fluctuate affecting the costs of production at the Company's operations. These fluctuations can be unpredictable, can occur over short periods of time and may have a materially adverse impact on the Company's operating costs or the timing and costs of various projects.

***Foreign Exchange Rate Fluctuations***

Operations in Mexico, Peru, Chile and Canada are subject to foreign currency exchange fluctuations. The Company raises its funds through equity issuances which are generally priced in Canadian dollars or U.S. dollars, and the majority of the exploration costs of the Company are denominated in U.S. dollars, Chilean pesos, Mexican pesos and Peruvian sol. The Company may suffer losses due to adverse foreign currency fluctuations.

***Calculation of Reserves and Resources and Precious Metal Recoveries***

There is a degree of uncertainty attributable to the calculation and estimation of reserves and resources and their corresponding metal grades to be mined and recovered. Until reserves or resources are actually mined and processed, the quantities of mineralization and metal grades must be considered as estimates only. Any material change in the quantity of mineral reserves, mineral resources, grades and recoveries may affect the economic viability of the Company's properties.

***Economic Conditions for Mining***

Events in global financial markets, and the volatility of global financial conditions, will continue to have an impact on the global economy. Many industries, including the mining sector, are impacted by market conditions. Some of the key impacts of financial market turmoil include devaluations and high volatility in global equity, commodity, foreign exchange and precious metal markets and a lack of market liquidity. Financial institutions and large corporations may be forced into bankruptcy or need to be rescued by government authorities. Access to financing may also be negatively impacted by future liquidity crises throughout the world. These factors may impact the Company's ability to obtain equity or debt financing and, where available, to obtain such financing on terms favorable to the Company.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 33

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Increased levels of volatility and market turmoil could have an adverse impact on the Company's operations and planned growth and the trading price of the securities of the Company may be adversely affected.

The Company assesses on a quarterly basis the carrying values of its mineral properties. Should market conditions and commodity prices worsen and persist in a worsened state for a prolonged period of time, an impairment of the Company's mineral properties may be required.

***Mexican Tax Assessments***

The Company is required to use judgement to determine certain tax treatments in calculating income tax expense and IVA recoverable. A number of these judgements are subject to various uncertainties. From time to time, Mexican authorities may apply, re-interpret legislation or disregard precedents and it is possible that these uncertainties may be resolved unfavorably for the Company. See "Contingencies" for further details.

***Refinancing and Dilution Risk***

The Company's outstanding unsecured convertible senior notes change the Company's capital structure and pose a refinancing risk. If the notes are not converted before maturity, the Company will need to repay or refinance the principal amount in 2031, and its ability to do so will depend on operating performance, commodity prices and access to capital markets. Fluctuations in the Company's share price could affect the likelihood and timing of conversions, potentially leading to dilution of existing shareholders if conversions occur.

***Assurance on Financial Statements***

The Company prepares the financial reports in accordance with accounting policies and methods prescribed by IFRS. In the preparation of financial reports, management may need to rely upon assumptions, make estimates or use their best judgment in determining the financial condition of the Company. Significant accounting policies and practices are described in more detail in the notes to the annual consolidated financial statements for the year ended December 31, 2025. In order to have a reasonable level of assurance that financial transactions are properly authorized, assets are safeguarded against unauthorized or improper use and transactions are properly recorded and reported, the Company has implemented and continues to analyze the internal control systems for financial reporting.

***Mexico Update***

Following recent security concerns in Mexico, and temporary blockades in the Jalisco area, operations at Terronera were temporarily paused to ensure safety of our employees. Normal operations were resumed on Wednesday February 25, 2026. Management continues to monitor the situation and respond accordingly.

**CONTROLS AND PROCEDURES**

***Disclosure Controls and Procedures***

The Company's officers and management are responsible for establishing and maintaining disclosure controls and procedures for the Company. Disclosure controls and procedures are designed to provide reasonable assurance that material information required to be disclosed by the Company under securities legislation is recorded, processed, summarized and reported within the applicable time periods and to ensure that required information is gathered and communicated to the Company's management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as is appropriate to permit timely decisions regarding public disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

At the end of the period covered by this MD&A, management, including the CEO and CFO, conducted an evaluation of the effectiveness of the Company's disclosure controls and procedures pursuant to National Instrument 52-109 "Certification of Disclosure in Issuers Annual and Interim Filings" ("NI 52-109") and Rule 13a -15(b) of the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"). Based upon that evaluation, the Company's CEO and CFO have concluded that, as of the end of the period covered by this MD&A, the Company's disclosure controls and procedures were effective to give reasonable assurance that the information required to be disclosed by the Company in reports that it files or submits is (i) recorded, processed, summarized and reported, within the time periods specified under applicable securities legislation in Canada and in the U.S. Securities and Exchange Commission's rules and forms, and (ii) accumulated and communicated to management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 34

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***Management's Report on Internal Controls over Financial Reporting***

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in NI 52-109 and in Rules 13a-15(f) of the U.S. Exchange Act). A Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with applicable generally accepted accounting principles.

A Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements. It should be noted that a control system, no matter how well conceived or operated, can only provide reasonable assurance, not absolute assurance, that the objectives of the control system are met.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

Management of the Company, including the CEO and CFO, assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth in the Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its assessment, management has concluded that, as of December 31, 2025, the Company's internal control over financial reporting is effective. Also, management determined that there were no material weaknesses in the Company's internal control over financial reporting as at December 31, 2025.

**Limitation on Scope**

Management excluded from its assessment of internal control over financial reporting the internal control policies and procedures of Minera Kolpa S.A., which the Company acquired on May 1, 2025. Minera Kolpa's total assets, net assets, total revenues and net income (loss) constitute approximately 19%, 28%, 24% and (12)%, respectively, of the consolidated financial statement amounts as of and for the year ended December 31, 2025. This limitation of scope is in accordance with section 3.3(1)(b) of National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings, which permits an issuer to limit the design of disclosure controls and processes and internal controls over financial reporting to exclude a business acquired not more than 365 days before the end of the financial period to which the CEO's and CFO's annual certification relates.

***Changes in Internal Control over Financial Reporting***

Management, including the CEO and CFO, has evaluated the Company's internal controls over financial reporting to determine whether any changes occurred during the period that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

There have been no changes in internal control over financial reporting that occurred during the fiscal year ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 35

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**QUARTERLY RESULTS AND TRENDS<br>**

<br> The following table presents selected financial information for each of the most recent eight quarters:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table in millions of U.S. dollars except for share numbers and per share amounts** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| **Table in millions of U.S. dollars except for share numbers and per share amounts** | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Gross Sales | $176.4 | $146 | $90.1 | $63.9 | $42.7 | $54 | $58.7 | $64.2 |
| Smelting and refining costs included in revenue | 3.8 | 3.1 | 1.5 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 |
| Total Revenue | 172.6 | 142.9 | 88.6 | 63.5 | 42.2 | 53.5 | 58.2 | 63.7 |
| Direct production costs | 92 | 93.9 | 59.2 | 35.2 | 25.4 | 28.7 | 33.7 | 36.7 |
| Royalties | 9 | 9.3 | 6.5 | 6.2 | 3.7 | 5.2 | 5.6 | 6.4 |
| Mine operating cash flow before taxes | 71.6 | 39.7 | 22.9 | 22.1 | 13.1 | 19.6 | 18.9 | 20.6 |
| Share-based compensation | 0.2 | 0.1 | 0.1 |  | 0.1 | 0.1 |  | 0.1 |
| Depreciation | 24.9 | 23.9 | 15 | 9.2 | 5.3 | 7 | 8.7 | 8.9 |
| Mine operating earnings (loss) | $46.5 | $15.7 | $7.8 | $12.9 | $7.7 | $12.5 | $10.2 | $11.6 |
| Basic earnings (loss) per share | ($0.08) | ($0.14) | ($0.07) | ($0.13) | $0.00 | ($0.07) | ($0.06) | ($0.01) |
| Diluted earnings (loss) per share | ($0.08) | ($0.14) | ($0.07) | ($0.13) | $0.00 | ($0.07) | ($0.06) | ($0.01) |
| Weighted shares outstanding | 294635507 | 291373472 | 283534276 | 262323863 | 252169924 | 246000878 | 242899679 | 227503581 |
| Net earnings (loss) | (23.8) | (42.0) | (20.5) | (32.9) | 1 | (17.3) | (14.0) | (1.2) |
| Depreciation | 25.1 | 24.1 | 15.1 | 9.6 | 5.7 | 7.4 | 8.9 | 9.1 |
| Finance costs | 11.6 | 0.7 | 0.8 | 0.2 | 0.3 | 0.4 | 0.1 | 0.1 |
| Current income tax | 11.6 | 10.7 | 9.1 | 5.3 | (0.2) | 4.5 | 2.9 | 5.7 |
| Deferred income tax (recovery) | (12.8) | (6.2) | (3.2) | (0.2) | (2.5) | (0.5) | (0.2) | (0.2) |
| EBITDA | $11.7 | ($12.7) | $1.3 | ($18.0) | $4.4 | ($5.6) | ($2.3) | $13.5 |

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ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 36

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The following table presents selected production and costs information for each of the most recent eight quarters:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2024 |
|  | &nbsp;&nbsp;Q4 | &nbsp;&nbsp;Q3 | &nbsp;&nbsp;Q2 | &nbsp;&nbsp;Q1 | &nbsp;&nbsp;Q4 | &nbsp;&nbsp;Q3 | &nbsp;&nbsp;Q2 | &nbsp;&nbsp;Q1 |
| &nbsp;&nbsp;**Processed tonnes** | &nbsp;&nbsp;551010 | &nbsp;&nbsp;400245 | &nbsp;&nbsp;303828 | &nbsp;&nbsp;209507 | &nbsp;&nbsp;165591 | &nbsp;&nbsp;175065 | &nbsp;&nbsp;218989 | &nbsp;&nbsp;221794 |
| &nbsp;&nbsp;Terronera | &nbsp;&nbsp;154180 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Guanaceví | &nbsp;&nbsp;104380 | &nbsp;&nbsp;99340 | &nbsp;&nbsp;96834 | &nbsp;&nbsp;102438 | &nbsp;&nbsp;58798 | &nbsp;&nbsp;67094 | &nbsp;&nbsp;112897 | &nbsp;&nbsp;115004 |
| &nbsp;&nbsp;Bolañitos | &nbsp;&nbsp;93620 | &nbsp;&nbsp;105153 | &nbsp;&nbsp;88098 | &nbsp;&nbsp;107069 | &nbsp;&nbsp;106793 | &nbsp;&nbsp;107971 | &nbsp;&nbsp;106092 | &nbsp;&nbsp;106790 |
| &nbsp;&nbsp;Kolpa | &nbsp;&nbsp;198830 | &nbsp;&nbsp;195752 | &nbsp;&nbsp;118896 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Silver ounces** | &nbsp;&nbsp;2030206 | &nbsp;&nbsp;1766926 | &nbsp;&nbsp;1483736 | &nbsp;&nbsp;1205793 | &nbsp;&nbsp;824529 | &nbsp;&nbsp;874717 | &nbsp;&nbsp;1312572 | &nbsp;&nbsp;1460006 |
| &nbsp;&nbsp;Terronera | &nbsp;&nbsp;352002 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Guanaceví | &nbsp;&nbsp;877554 | &nbsp;&nbsp;1024321 | &nbsp;&nbsp;997875 | &nbsp;&nbsp;1015327 | &nbsp;&nbsp;718797 | &nbsp;&nbsp;768905 | &nbsp;&nbsp;1195753 | &nbsp;&nbsp;1335742 |
| &nbsp;&nbsp;Bolañitos | &nbsp;&nbsp;168783 | &nbsp;&nbsp;143916 | &nbsp;&nbsp;105223 | &nbsp;&nbsp;190466 | &nbsp;&nbsp;105732 | &nbsp;&nbsp;105812 | &nbsp;&nbsp;116819 | &nbsp;&nbsp;124263 |
| &nbsp;&nbsp;Kolpa | &nbsp;&nbsp;631867 | &nbsp;&nbsp;598689 | &nbsp;&nbsp;380638 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Silver equivalent ounces<sup>(1)</sup>** | &nbsp;&nbsp;3767713 | &nbsp;&nbsp;3037156 | &nbsp;&nbsp;2528562 | &nbsp;&nbsp;1872833 | &nbsp;&nbsp;1550529 | &nbsp;&nbsp;1617925 | &nbsp;&nbsp;2156453 | &nbsp;&nbsp;2270676 |
| &nbsp;&nbsp;Terronera | &nbsp;&nbsp;1003822 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Guanaceví | &nbsp;&nbsp;1117703 | &nbsp;&nbsp;1279860 | &nbsp;&nbsp;1282853 | &nbsp;&nbsp;1334447 | &nbsp;&nbsp;928557 | &nbsp;&nbsp;995146 | &nbsp;&nbsp;1535161 | &nbsp;&nbsp;1665648 |
| &nbsp;&nbsp;Bolañitos | &nbsp;&nbsp;379632 | &nbsp;&nbsp;471158 | &nbsp;&nbsp;440678 | &nbsp;&nbsp;538386 | &nbsp;&nbsp;621972 | &nbsp;&nbsp;622779 | &nbsp;&nbsp;621292 | &nbsp;&nbsp;605028 |
| &nbsp;&nbsp;Kolpa | &nbsp;&nbsp;1266557 | &nbsp;&nbsp;1286139 | &nbsp;&nbsp;805032 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Cash costs per oz <sup>(2)</sup>** | &nbsp;&nbsp;$19.05 | &nbsp;&nbsp;$18.09 | &nbsp;&nbsp;$15.35 | &nbsp;&nbsp;$15.89 | &nbsp;&nbsp;$13.68 | &nbsp;&nbsp;$11.35 | &nbsp;&nbsp;$13.43 | &nbsp;&nbsp;$13.19 |
| &nbsp;&nbsp;Terronera | &nbsp;&nbsp;$4.76 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Guanaceví | &nbsp;&nbsp;$31.18 | &nbsp;&nbsp;$22.98 | &nbsp;&nbsp;$19.91 | &nbsp;&nbsp;$19.73 | &nbsp;&nbsp;$20.25 | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$17.17 | &nbsp;&nbsp;$15.94 |
| &nbsp;&nbsp;Bolañitos | &nbsp;&nbsp;$11.18 | &nbsp;&nbsp;($11.47) | &nbsp;&nbsp;($17.26) | &nbsp;&nbsp;($5.60) | &nbsp;&nbsp;($33.11) | &nbsp;&nbsp;($51.38) | &nbsp;&nbsp;($26.67) | &nbsp;&nbsp;($17.69) |
| &nbsp;&nbsp;Kolpa | &nbsp;&nbsp;$11.42 | &nbsp;&nbsp;$16.43 | &nbsp;&nbsp;$11.81 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**AISC per oz <sup>(2)</sup>** | &nbsp;&nbsp;$41.19 | &nbsp;&nbsp;$30.53 | &nbsp;&nbsp;$25.16 | &nbsp;&nbsp;$24.48 | &nbsp;&nbsp;$27.33 | &nbsp;&nbsp;$25.82 | &nbsp;&nbsp;$23.13 | &nbsp;&nbsp;$21.44 |
| &nbsp;&nbsp;Terronera | &nbsp;&nbsp;$65.70 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Guanaceví | &nbsp;&nbsp;$42.31 | &nbsp;&nbsp;$31.09 | &nbsp;&nbsp;$26.81 | &nbsp;&nbsp;$26.50 | &nbsp;&nbsp;$32.40 | &nbsp;&nbsp;$30.83 | &nbsp;&nbsp;$24.53 | &nbsp;&nbsp;$21.96 |
| &nbsp;&nbsp;Bolañitos | &nbsp;&nbsp;$35.95 | &nbsp;&nbsp;$27.22 | &nbsp;&nbsp;$7.04 | &nbsp;&nbsp;$13.16 | &nbsp;&nbsp;($8.78) | &nbsp;&nbsp;($12.31) | &nbsp;&nbsp;$8.15 | &nbsp;&nbsp;$15.59 |
| &nbsp;&nbsp;Kolpa | &nbsp;&nbsp;$27.19 | &nbsp;&nbsp;$30.31 | &nbsp;&nbsp;$25.66 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Direct costs per tonne<sup>(2)</sup>** | &nbsp;&nbsp;$207.91 | &nbsp;&nbsp;$192.78 | &nbsp;&nbsp;$201.24 | &nbsp;&nbsp;$207.27 | &nbsp;&nbsp;$209.49 | &nbsp;&nbsp;$189.85 | &nbsp;&nbsp;$192.68 | &nbsp;&nbsp;$181.77 |
| &nbsp;&nbsp;Terronera | &nbsp;&nbsp;$230.35 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Guanaceví | &nbsp;&nbsp;$383.98 | &nbsp;&nbsp;$349.83 | &nbsp;&nbsp;$325.40 | &nbsp;&nbsp;$310.52 | &nbsp;&nbsp;$365.23 | &nbsp;&nbsp;$330.55 | &nbsp;&nbsp;$269.36 | &nbsp;&nbsp;$260.13 |
| &nbsp;&nbsp;Bolañitos | &nbsp;&nbsp;$136.00 | &nbsp;&nbsp;$118.41 | &nbsp;&nbsp;$137.72 | &nbsp;&nbsp;$108.49 | &nbsp;&nbsp;$123.73 | &nbsp;&nbsp;$102.42 | &nbsp;&nbsp;$111.07 | &nbsp;&nbsp;$97.39 |
| &nbsp;&nbsp;Kolpa | &nbsp;&nbsp;$131.93 | &nbsp;&nbsp;$153.03 | &nbsp;&nbsp;$147.20 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Silver equivalent production 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Cash cost per oz, AISC per oz and direct costs per tonne are non-IFRS measures.

**NON-IFRS MEASURES**

**Non-IFRS and Other Financial Measures and Ratios**

We have included certain non-IFRS financial measures and ratios in this MD&A, as discussed below. We believe that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers.

Non-IFRS financial measures are defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112") as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 37

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A non-IFRS ratio is defined by 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.

Working capital is a non-IFRS measure that is a common measure of liquidity but does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is current assets and current liabilities. Working capital is calculated by deducting current liabilities from current assets. Working capital should not be considered in isolation or as a substitute from measures prepared in accordance with IFRS. The measure is intended to assist readers in evaluating our liquidity.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **As at December 31, 2025** | **As at December 31, 2024** |
| &nbsp;&nbsp;Current assets | $423.2 | $157.7 |
| &nbsp;&nbsp;Current liabilities | $276.8 | 78.9 |
| &nbsp;&nbsp;Working capital | $146.4 | $78.8 |

---

Adjusted earnings and adjusted earnings per share are non-IFRS measures that supplement information to the Company's consolidated financial statements. The Company believes that, in addition to the conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's underlying core operating performance. The presentation of adjusted earnings and adjusted earnings per share is not meant to be a substitute for net income and net income per share presented in accordance with IFRS but rather should be evaluated in conjunction with such IFRS measures.

The Company defines the adjusted earnings as net income adjusted to include certain non-cash and unusual items, and items that in the Company's judgement are subject to volatility as a result of factors which are unrelated to the Company's operation in the period. Certain items that become applicable in a period may be adjusted for, with the Company retroactively presenting comparable periods with an adjustment for such items and, conversely, items no longer applicable may be removed from the calculation. During the current period, the Company has included unrealized foreign exchange (gain) loss, (gain) loss on derivatives, changes in the fair value of its investments in marketable securities and change in fair value of cash settled DSUs and made retroactive adjustments to prior periods for the same.

The following table provides a detailed reconciliation of net income as reported in the Company's financial statement to adjusted earnings and adjusted earnings per share.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Expressed in millions of US dollars** | **Three Months Ended**<br> **December 31** | **Three Months Ended**<br> **December 31** | **Year Ended** <br>**December 31** | **Year Ended** <br>**December 31** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net earnings (loss) for the period per financial statements | (23.8) | ($1.0) | ($119.1) | ($31.5) |
| Unrealized foreign exchange (Gain) loss | (0.5) | 1.6 | (4.4) | 5.4 |
| Reversal of inventory write-down to net realizable value | (2.4) |  | (2.4) |  |
| (Gain) loss on derivatives, copper stream and contingent liabilities revaluations | 29.2 | 1.9 | 110.2 | 30.6 |
| Acquisition costs |  |  | 3.6 |  |
| Change in fair value of investments | 0.8 | 0.6 |  | 1.8 |
| Change in fair value of cash settled DSUs | 1.5 | (0.3) | 5.5 | 1.8 |
| Adjusted net earnings (loss) | $4.8 | $4.8 | ($6.7) | $8 |
| Basic weighted average share outstanding | 294635507 | 252169924 | 283078337 | 242181449 |
| Adjusted net earnings (loss) per share | $0.02 | $0.02 | ($0.02) | $0.03 |

---

Mine operating cash flow before taxes is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Mine operating cash flow is calculated as revenue minus direct production costs and royalties. Mine operating cash flow is used by management to assess the performance of the mine operations, excluding corporate and exploration activities, and is provided to investors as a measure of the Company's operating performance.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 38

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended** <br>**December 31** | **Three Months Ended** <br>**December 31** | **Year Ended** <br>**December 31** | **Year Ended** <br>**December 31** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Mine operating earnings per financial statements | $46.6 | $7.7 | $82.8 | $42.1 |
| &nbsp;&nbsp;Share-based compensation | 0.2 | 0.1 | 0.5 | 0.3 |
| &nbsp;&nbsp;Depreciation | 24.9 | 5.3 | 73 | 29.9 |
| &nbsp;&nbsp;Mine operating cash flow before taxes | $71.7 | $13.1 | $156.3 | $72.3 |

---

Operating cash flow before working capital changes per share is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Operating cash flow per share is calculated by dividing cash from operating activities by the weighted average shares outstanding. Operating cash flow per share is used by management to assess operating performance on a per share basis, irrespective of working capital changes and is provided to investors as a measure of the Company's operating performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended<br>December 31** | **Three Months Ended<br>December 31** | **Year Ended**<br>**December 31** | **Year Ended**<br>**December 31** |
| &nbsp;&nbsp;(except for per share amounts) | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Cash from (used in) operating activities per financial statements | $15.5 | ($4.9) | $67.4 | $19.1 |
| &nbsp;&nbsp;Net changes in non-cash working capital per financial statements | 0.3 | (10.6) | 16 | (8.1) |
| &nbsp;&nbsp;Operating cash flow before working capital changes | $15.1 | $5.8 | $51.5 | $27.2 |
| &nbsp;&nbsp;Basic weighted average shares outstanding | 294635507 | 252169924 | 283078337 | 242181449 |
| &nbsp;&nbsp;Operating cash flow before working capital changes per share | $0.05 | $0.02 | $0.18 | $0.11 |

---

EBITDA is a non-IFRS financial measure, which excludes the following from net earnings:

* Income tax expense;

* Finance costs;

* Depreciation.

Adjusted EBITDA excludes the following additional items from EBITDA:

* Share based compensation;

* Non-recurring impairments (reversals);

* Unrealized foreign exchange (gain) loss;

* Change in fair value of investments;

* (Gain) loss on derivatives and copper stream revaluation;

* Change in fair value of cash settled DSUs;

* Significant non-routine items.

Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the basic weighted average number of shares outstanding for the period.

Management believes EBITDA is a valuable indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.

EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or "EBITDA multiple" based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a Company.

EBITDA is intended to provide additional information to investors and analysts. It does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS. EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore is not necessarily indicative of operating profit or cash flow from operations as determined by IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently.

Certain items that become applicable in a period may be adjusted for, with the Company retroactively presenting comparable periods with an adjustment for such items and, conversely, items no longer applicable may be removed from the calculation.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 39

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended** <br>**December 31** | **Three Months Ended** <br>**December 31** | **Year Ended** <br>**December 31** | **Year Ended** <br>**December 31** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Net earnings (loss) for the period per financial statements | ($23.8) | $1 | ($119.1) | ($31.5) |
| &nbsp;&nbsp;Depreciation - cost of sales | 24.9 | 5.3 | 73 | 29.9 |
| &nbsp;&nbsp;Depreciation - exploration, evaluation and development | 0.1 | 0.3 | 0.5 | 0.8 |
| &nbsp;&nbsp;Depreciation - general & administration | 0.1 | 0.1 | 0.4 | 0.4 |
| &nbsp;&nbsp;Finance costs | 11.6 | 0.3 | 13.3 | 0.9 |
| &nbsp;&nbsp;Current income tax expense | 11.6 | (0.2) | 36.6 | 12.9 |
| &nbsp;&nbsp;Deferred income tax expense (recovery) | (12.8) | (2.5) | (22.4) | (3.4) |
| &nbsp;&nbsp;EBITDA | $11.7 | $4.4 | ($17.7) | $10 |
| &nbsp;&nbsp;Share based compensation | 0.8 | 0.4 | 3.9 | 3.2 |
| &nbsp;&nbsp;Unrealized foreign exchange (gain) loss | (0.5) | 1.6 | (4.4) | 5.4 |
| &nbsp;&nbsp;Reversal inventory write-down to net realizable value | (2.4) |  | (2.4) |  |
| &nbsp;&nbsp;(Gain) loss on derivatives, copper stream and contingent liabilities revaluations | 29.2 | 1.9 | 110.2 | 30.6 |
| &nbsp;&nbsp;Change in fair value of investments | 0.8 | 0.6 |  | 1.8 |
| &nbsp;&nbsp;Change in fair value of cash settled DSUs | 1.5 | (0.3) | 5.5 | 1.8 |
| &nbsp;&nbsp;Adjusted EBITDA | $44.1 | $8.6 | $95.1 | $52.7 |
| &nbsp;&nbsp;Basic weighted average shares outstanding | 294635507 | 252169924 | 283078337 | 242181449 |
| &nbsp;&nbsp;Adjusted EBITDA per share | $0.14 | $0.03 | $0.34 | $0.22 |

---

Cash costs per silver oz, total production costs per oz, direct operating costs per tonne and direct costs per tonne are measures developed by precious metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-IFRS measures and ratios are similar to those reported by other mining companies. Cash costs per oz, total production costs per oz and direct costs per tonne are measures used by the Company to manage and evaluate operating performance at each of the Company's operating mining units. They are widely reported in the silver mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Direct operating costs include mining, processing (including smelting, refining, transportation and selling costs) and direct overhead at the operation sites. Direct costs include all direct operating costs plus royalties and special mining duty. Cash costs include all direct costs less by-product gold sales and changes in finished gold inventories.

Total production costs include all cash costs plus depreciation, changes in depreciation in finished goods inventory and site share-based compensation. Cash costs per silver ounce and total production costs per ounce are calculated by dividing cash costs and total production costs by the payable silver ounces produced. Direct operating cost per tonne and direct costs per tonne are calculated by dividing direct operating costs and direct costs by the number of processed tonnes. The following tables provide a detailed reconciliation of these measures to the Company's direct production costs, as reported in its consolidated financial statements.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 40

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Direct production costs per financial statements | $30.4 | $28 | $11.1 | $22.5 | $92 |
| &nbsp;&nbsp;Purchase of the third-party material |  | (10.6) |  | (0.9) | (11.5) |
| &nbsp;&nbsp;Smelting and refining costs included in revenue | 1 |  | 0.4 | 2.5 | 3.8 |
| &nbsp;&nbsp;Opening finished goods | (0.1) | (5.5) | (0.5) | (0.6) | (6.8) |
| &nbsp;&nbsp;Closing finished goods | 3 | 8.6 | 0.5 | 0.8 | 12.9 |
| &nbsp;&nbsp;Direct operating costs | 34.3 | 20.5 | 11.5 | 24.2 | 90.5 |
| &nbsp;&nbsp;Purchase of the third-party material |  | 10.6 |  | 0.9 | 11.5 |
| &nbsp;&nbsp;Royalties | 1.2 | 6.9 | 0.2 | 0.6 | 9 |
| &nbsp;&nbsp;Special mining duty <sup>(1)</sup> |  | 2 | 1 | 0.5 | 3.6 |
| &nbsp;&nbsp;Direct costs | 35.5 | 40.1 | 12.7 | 26.2 | 114.6 |
| &nbsp;&nbsp;By-products sales | (31.2) | (11.9) | (10.9) | (19.3) | (73.4) |
| &nbsp;&nbsp;Opening by-products inventory fair market value | 0.3 | 2.3 | 0.7 | 0.5 | 3.8 |
| &nbsp;&nbsp;Closing by-products inventory fair market value | (3.0) | (3.2) | (0.7) | (0.6) | (7.5) |
| &nbsp;&nbsp;Cash costs net of by-products | 1.6 | 27.3 | 1.8 | 6.8 | 37.5 |
| &nbsp;&nbsp;Depreciation | 7.1 | 7.8 | 1.9 | 8.2 | 24.9 |
| &nbsp;&nbsp;Share-based compensation | 0.1 |  |  |  | 0.2 |
| &nbsp;&nbsp;Opening finished goods depreciation |  | (1.7) | (0.1) | (0.1) | (1.9) |
| &nbsp;&nbsp;Closing finished goods depreciation | 0.5 | 1.8 |  | 0.2 | 2.4 |
| &nbsp;&nbsp;Total production costs | $9.2 | $35.2 | $3.6 | $15.1 | $63 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Direct production costs per financial statements | $- | $14 | $11.4 | $- | $25.4 |
| &nbsp;&nbsp;Purchase of the third-party material |  | (4.2) |  |  | (4.2) |
| &nbsp;&nbsp;Smelting and refining costs included in revenue |  |  | 0.5 |  | 0.5 |
| &nbsp;&nbsp;Opening finished goods |  | (1.7) | (0.7) |  | (2.4) |
| &nbsp;&nbsp;Closing finished goods |  | 5.4 | 0.5 |  | 5.9 |
| &nbsp;&nbsp;Direct operating costs |  | 13.5 | 11.7 |  | 25.2 |
| &nbsp;&nbsp;Purchase of the third-party material |  | 4.2 |  |  | 4.2 |
| &nbsp;&nbsp;Royalties |  | 3.6 | 0.1 |  | 3.7 |
| &nbsp;&nbsp;Special mining duty <sup>(1)</sup> |  | 0.2 | 1.4 |  | 1.6 |
| &nbsp;&nbsp;Direct costs |  | 21.5 | 13.2 |  | 34.7 |
| &nbsp;&nbsp;By-products sales |  | (4.9) | (17.3) |  | (22.2) |
| &nbsp;&nbsp;Opening by-products inventory fair market value |  | 1.1 | 1.5 |  | 2.6 |
| &nbsp;&nbsp;Closing by-products inventory fair market value |  | (3.2) | (0.8) |  | (4.0) |
| &nbsp;&nbsp;Cash costs net of by-products |  | 14.5 | (3.4) |  | 11.1 |
| &nbsp;&nbsp;Depreciation |  | 3.1 | 2.3 |  | 5.4 |
| &nbsp;&nbsp;Share-based compensation |  |  | 0.1 |  | 0.1 |
| &nbsp;&nbsp;Opening finished goods depreciation |  | (0.5) | (0.2) |  | (0.7) |
| &nbsp;&nbsp;Closing finished goods depreciation |  | 1.2 | 0.1 |  | 1.3 |
| &nbsp;&nbsp;Total production costs | $- | $18.3 | ($1.1) | $- | $17.2 |

---

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 41

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Throughput tonnes | 154180 | 104380 | 93620 | 198830 | 551010 |
| &nbsp;&nbsp;Payable silver ounces | 334850 | 874921 | 160647 | 596781 | 1967199 |
| &nbsp;&nbsp;Cash costs per silver ounce | $4.76 | $31.18 | $11.18 | $11.42 | $19.05 |
| &nbsp;&nbsp;Total production costs per ounce | $27.49 | $40.19 | $22.23 | $25.30 | $32.05 |
| &nbsp;&nbsp;Direct operating costs per tonne | $222.57 | $196.45 | $122.84 | $121.50 | $164.21 |
| &nbsp;&nbsp;Direct costs per tonne | $230.35 | $383.98 | $136.00 | $131.93 | $207.91 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Throughput tonnes |  | 58798 | 106793 |  | 165591 |
| &nbsp;&nbsp;Payable silver ounces |  | 716641 | 100651 |  | 817292 |
| &nbsp;&nbsp;Cash costs per silver ounce | $- | $20.25 | ($33.11) | $- | $13.68 |
| &nbsp;&nbsp;Total production costs per ounce | $- | $25.50 | ($11.03) | $- | $21.00 |
| &nbsp;&nbsp;Direct operating costs per tonne | $- | $230.50 | $109.46 | $- | $152.44 |
| &nbsp;&nbsp;Direct costs per tonne | $- | $365.23 | $123.73 | $- | $209.49 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Direct production costs per financial statements | $30.4 | $102.8 | $44.1 | $65.6 | $242.9 |
| &nbsp;&nbsp;Purchase of the third-party material |  | (30.9) |  | (2.5) | (33.4) |
| &nbsp;&nbsp;Smelting and refining costs included in revenue | 1 |  | 1.6 | 5.5 | 8.1 |
| &nbsp;&nbsp;Opening finished goods | (0.1) | (5.4) | (0.5) | (0.6) | (6.6) |
| &nbsp;&nbsp;Closing finished goods | 3 | 8.6 | 0.5 | 0.8 | 12.9 |
| &nbsp;&nbsp;Direct operating costs | 34.3 | 75 | 45.8 | 68.7 | 223.8 |
| &nbsp;&nbsp;Purchase of the third-party material |  | 30.9 |  | 2.5 | 33.4 |
| &nbsp;&nbsp;Royalties | 1.2 | 26.8 | 0.8 | 1.2 | 30 |
| &nbsp;&nbsp;Special mining duty <sup>(1)</sup> |  | 5.4 | 2.4 | 1.3 | 9.1 |
| &nbsp;&nbsp;Direct costs | 35.5 | 138.2 | 48.9 | 73.7 | 296.3 |
| &nbsp;&nbsp;By-products sales | (31.2) | (47.6) | (51.5) | (53.2) | (183.6) |
| &nbsp;&nbsp;Opening by-products inventory fair market value | 0.3 | 3.2 | 0.8 | 0.5 | 4.8 |
| &nbsp;&nbsp;Closing by-products inventory fair market value | (3.0) | (3.2) | (0.7) | (0.6) | (7.5) |
| &nbsp;&nbsp;Cash costs net of by-products | 1.6 | 90.5 | (2.5) | 20.4 | 110 |
| &nbsp;&nbsp;Depreciation | 7.1 | 28.9 | 10.2 | 21 | 67.1 |
| &nbsp;&nbsp;Share-based compensation | 0.1 | 0.2 | 0.1 | 0.1 | 0.5 |
| &nbsp;&nbsp;Opening finished goods depreciation |  | (1.2) | (0.1) | (0.1) | (1.4) |
| &nbsp;&nbsp;Closing finished goods depreciation | 0.5 | 1.8 |  | 0.2 | 2.4 |
| &nbsp;&nbsp;Total production costs | $9.2 | $120.2 | $7.7 | $41.5 | $178.6 |

---

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 42

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Direct production costs per financial statements | $- | $82.9 | $41.6 | $- | $124.5 |
| &nbsp;&nbsp;Purchase of the third-party material |  | (14.4) |  |  | (14.4) |
| &nbsp;&nbsp;Smelting and refining costs included in revenue |  |  | 2 |  | 2 |
| &nbsp;&nbsp;Opening finished goods |  | (7.1) | (0.7) |  | (7.8) |
| &nbsp;&nbsp;Closing finished goods |  | 5.4 | 0.5 |  | 5.9 |
| &nbsp;&nbsp;Direct operating costs |  | 66.8 | 43.4 |  | 110.2 |
| &nbsp;&nbsp;Purchase of the third-party material |  | 14.4 |  |  | 14.4 |
| &nbsp;&nbsp;Royalties |  | 20.5 | 0.4 |  | 20.9 |
| &nbsp;&nbsp;Special mining duty <sup>(1)</sup> |  | 2.3 | 2.7 |  | 5 |
| &nbsp;&nbsp;Direct costs |  | 104 | 46.5 |  | 150.5 |
| &nbsp;&nbsp;By-products sales |  | (32.5) | (59.9) |  | (92.4) |
| &nbsp;&nbsp;Opening by-products inventory fair market value |  | 2.9 | 0.6 |  | 3.5 |
| &nbsp;&nbsp;Closing by-products inventory fair market value |  | (3.2) | (0.8) |  | (4.0) |
| &nbsp;&nbsp;Cash costs net of by-products |  | 71.2 | (13.6) |  | 57.6 |
| &nbsp;&nbsp;Depreciation |  | 19.5 | 10.4 |  | 29.9 |
| &nbsp;&nbsp;Share-based compensation |  | 0.2 | 0.1 |  | 0.3 |
| &nbsp;&nbsp;Opening finished goods depreciation |  | (1.5) | (0.2) |  | (1.7) |
| &nbsp;&nbsp;Closing finished goods depreciation |  | 1.2 | 0.1 |  | 1.3 |
| &nbsp;&nbsp;Total production costs | $- | $90.6 | ($3.2) | $- | $87.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Throughput tonnes | 154180 | 402992 | 393940 | 513478 | 1464590 |
| &nbsp;&nbsp;Payable silver ounces | 334850 | 3903332 | 578959 | 1523145 | 6340286 |
| &nbsp;&nbsp;Cash costs per silver ounce | $4.76 | $23.19 | ($4.35) | $13.38 | $17.34 |
| &nbsp;&nbsp;Total production costs per ounce | $27.49 | $30.80 | $13.34 | $27.24 | $28.17 |
| &nbsp;&nbsp;Direct operating costs per tonne | $222.57 | $186.16 | $116.19 | $133.74 | $152.79 |
| &nbsp;&nbsp;Direct costs per tonne | $230.35 | $342.81 | $124.21 | $143.51 | $202.30 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Throughput tonnes |  | 353793 | 427646 |  | 781439 |
| &nbsp;&nbsp;Payable silver ounces |  | 4007140 | 431214 |  | 4438354 |
| &nbsp;&nbsp;Cash costs per silver ounce | $- | $17.78 | ($31.47) | $- | $12.99 |
| &nbsp;&nbsp;Total production costs per ounce | $- | $22.62 | ($7.43) | $- | $19.70 |
| &nbsp;&nbsp;Direct operating costs per tonne | $- | $188.71 | $101.49 | $- | $140.98 |
| &nbsp;&nbsp;Direct costs per tonne | $- | $293.90 | $108.63 | $- | $192.51 |

---

(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 43

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Closing finished goods | 3.0 | 8.6 | 0.5 | 0.8 | 12.9 |
| &nbsp;&nbsp;Closing finished goods depreciation | 0.5 | 1.8 | 0.0 | 0.2 | 2.4 |
| &nbsp;&nbsp;Finished goods inventory | $3.5 | $10.4 | $0.5 | $0.9 | $15.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Closing finished goods |  | 5.4 | 0.5 |  | 5.9 |
| &nbsp;&nbsp;Closing finished goods depreciation |  | 1.2 | 0.1 |  | 1.3 |
| &nbsp;&nbsp;Finished goods inventory | $- | $6.6 | $0.6 | $- | $7.2 |

---

AISC per oz and all-in costs per oz are measures developed by the World Gold Council (and used as a standard of the Silver Institute) in an effort to provide a comparable standard within the precious metal industry; however, there can be no assurance that the Company's reporting of these non-IFRS measures are similar to those reported by other mining companies. These measures are used by the Company to manage and evaluate operating performance at each of the Company's operating mining units and consolidated group and are widely reported in the silver mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. The following tables provide a detailed reconciliation of these measures to the Company's cost of sales, as reported in the Company's consolidated financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Cash costs net of by-products | $1.6 | $27.3 | $1.8 | $6.8 | $37.5 |
| &nbsp;&nbsp;Operations share-based compensation | 0.1 |  |  |  | 0.2 |
| &nbsp;&nbsp;Corporate general and administrative | 1.8 | 2.6 | 0.9 | (1.0) | 4.2 |
| &nbsp;&nbsp;Corporate share-based compensation | 0.3 | 0.2 |  | 0.2 | 0.7 |
| &nbsp;&nbsp;Reclamation - amortization/accretion | 0.1 | 0.2 |  | 0.1 | 0.3 |
| &nbsp;&nbsp;Mine site expensed exploration | 0.7 | 0.4 | 0.1 | 1.7 | 2.9 |
| &nbsp;&nbsp;Equipment loan payments | 1.2 |  |  | 0.2 | 1.4 |
| &nbsp;&nbsp;Capital expenditures sustaining | 16.3 | 6.4 | 2.9 | 8.3 | 33.9 |
| &nbsp;&nbsp;All-In-Sustaining Costs | $22.0 | $37.0 | $5.8 | $16.2 | $81.0 |
| &nbsp;&nbsp;Growth exploration, evaluation and development |  |  |  |  | 3.6 |
| &nbsp;&nbsp;Growth capital expenditures |  |  |  |  | 5.0 |
| &nbsp;&nbsp;All-In-Costs |  |  |  |  | $89.6 |

---

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 44

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Cash costs net of by-products | $- | $14.5 | ($3.4) | $- | $11.1 |
| &nbsp;&nbsp;Operations share-based compensation |  |  | 0.1 |  | 0.1 |
| &nbsp;&nbsp;Corporate general and administrative |  | 0.9 | 0.7 |  | 1.6 |
| &nbsp;&nbsp;Corporate share-based compensation |  | 0.1 | 0.1 |  | 0.2 |
| &nbsp;&nbsp;Reclamation - amortization/accretion |  | 0.1 | 0.1 |  | 0.2 |
| &nbsp;&nbsp;Mine site expensed exploration |  | 0.4 | 0.2 |  | 0.6 |
| &nbsp;&nbsp;Capital expenditures sustaining |  | 7.2 | 1.3 |  | 8.5 |
| &nbsp;&nbsp;All-In-Sustaining Costs | $- | $23.2 | ($0.9) | $- | $22.3 |
| &nbsp;&nbsp;Growth exploration, evaluation and development |  |  |  |  | 5.2 |
| &nbsp;&nbsp;Growth capital expenditures |  |  |  |  | 37.3 |
| &nbsp;&nbsp;All-In-Costs |  |  |  |  | $64.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Throughput tonnes | 154180 | 104380 | 93620 | 198830 | 551010 |
| &nbsp;&nbsp;Payable silver ounces | 334850 | 874921 | 160647 | 596781 | 1967199 |
| &nbsp;&nbsp;Silver equivalent production (ounces) | 1003822 | 1117703 | 379632 | 1266557 | 3767713 |
| &nbsp;&nbsp;All-in-Sustaining cost per ounce | $65.70 | $42.31 | $35.95 | $27.19 | $41.19 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Throughput tonnes |  | 58798 | 106793 |  | 165591 |
| &nbsp;&nbsp;Payable silver ounces |  | 716641 | 100651 |  | 817292 |
| &nbsp;&nbsp;Silver equivalent production (ounces) |  | 928557 | 621972 |  | 1550529 |
| &nbsp;&nbsp;All-in-Sustaining cost per ounce | $- | $32.40 | ($8.78) | $- | $27.33 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Cash costs net of by-products | $1.6 | $90.5 | ($2.5) | $20.4 | $110.0 |
| &nbsp;&nbsp;Operations share-based compensation | 0.1 | 0.2 | 0.1 | 0.1 | 0.5 |
| &nbsp;&nbsp;Corporate general and administrative | 1.8 | 8.9 | 3.3 | 6.0 | 19.9 |
| &nbsp;&nbsp;Acquisition costs |  |  |  | (3.6) | (3.6) |
| &nbsp;&nbsp;Corporate share-based compensation | 0.3 | 1.3 | 0.5 | 0.9 | 3.0 |
| &nbsp;&nbsp;Reclamation - amortization/accretion | 0.1 | 0.6 | 0.3 | 0.2 | 1.1 |
| &nbsp;&nbsp;Mine site expensed exploration | 0.7 | 1.2 | 0.8 | 4.2 | 7.0 |
| &nbsp;&nbsp;Equipment loan payments | 1.2 |  |  | 0.4 | 1.6 |
| &nbsp;&nbsp;Capital expenditures sustaining | 16.3 | 19.6 | 10.4 | 14.1 | 60.4 |
| &nbsp;&nbsp;All-In-Sustaining Costs | $22.0 | $122.4 | $12.8 | $42.6 | $199.8 |
| &nbsp;&nbsp;Acquisition costs |  |  |  |  | 3.6 |
| &nbsp;&nbsp;Growth exploration, evaluation and development |  |  |  |  | 15.4 |
| &nbsp;&nbsp;Growth capital expenditures |  |  |  |  | 108.8 |
| &nbsp;&nbsp;All-In-Costs |  |  |  |  | $327.7 |

---

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 45

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Cash costs net of by-products | $- | $71.2 | ($13.6) | $- | $57.6 |
| &nbsp;&nbsp;Operations share-based compensation |  | 0.2 | 0.1 |  | 0.3 |
| &nbsp;&nbsp;Corporate general and administrative |  | 7.4 | 3.6 |  | 11.0 |
| &nbsp;&nbsp;Corporate share-based compensation |  | 1.9 | 0.9 |  | 2.8 |
| &nbsp;&nbsp;Reclamation - amortization/accretion |  | 0.4 | 0.3 |  | 0.7 |
| &nbsp;&nbsp;Mine site expensed exploration |  | 1.1 | 1.2 |  | 2.3 |
| &nbsp;&nbsp;Equipment loan payments |  | 0.2 | 0.3 |  | 0.5 |
| &nbsp;&nbsp;Capital expenditures sustaining |  | 22.9 | 7.9 |  | 30.8 |
| &nbsp;&nbsp;All-In-Sustaining Costs | $- | $105.3 | $0.7 | $- | $106.0 |
| &nbsp;&nbsp;Growth exploration, evaluation and development |  |  |  |  | 16.1 |
| &nbsp;&nbsp;Growth capital expenditures |  |  |  |  | 164.6 |
| &nbsp;&nbsp;All-In-Costs |  |  |  |  | $286.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Throughput tonnes | 154180 | 402992 | 393940 | 513478 | 1464590 |
| &nbsp;&nbsp;Payable silver ounces | 334850 | 3903332 | 578959 | 1523145 | 6340286 |
| &nbsp;&nbsp;Silver equivalent production (ounces) | 1003822 | 5014826 | 1829957 | 3357774 | 11206378 |
| &nbsp;&nbsp;All-in-Sustaining cost per ounce | $65.70 | $31.37 | $22.06 | $27.99 | $31.52 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Terronera** | **Guanaceví** | **Bolañitos** | **Kolpa** | **Total** |
| &nbsp;&nbsp;Throughput tonnes |  | 353793 | 427646 |  | 781439 |
| &nbsp;&nbsp;Payable silver ounces |  | 4007140 | 431214 |  | 4438354 |
| &nbsp;&nbsp;Silver equivalent production (ounces) |  | 5124557 | 2471027 |  | 7595584 |
| &nbsp;&nbsp;All-in-Sustaining cost per ounce | $- | $26.29 | $1.47 | $- | $23.88 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended** <br>**December 31** | **Three Months Ended** <br>**December 31** | **Year Ended** <br>**December 31** | **Year Ended** <br>**December 31** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Capital expenditures sustaining | $33.9 | $8.5 | $60.4 | $30.8 |
| &nbsp;&nbsp;Growth capital expenditures | 5.0 | 37.3 | 108.8 | 164.6 |
| &nbsp;&nbsp;Property, plant and equipment expenditures per Consolidated Statement of Cash Flows | $38.8 | $45.8 | $169.2 | $195.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Year Ended**<br>**December 31** | **Year Ended**<br>**December 31** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Mine site expensed exploration | $2.9 | $0.6 | $7.0 | $2.3 |
| &nbsp;&nbsp;Growth exploration, evaluation and development | 3.6 | 5.2 | 15.4 | 16.1 |
| &nbsp;&nbsp;Total exploration, evaluation and development | 6.5 | 5.8 | 22.4 | 18.4 |
| &nbsp;&nbsp;Exploration, evaluation and development depreciation | 0.1 | 0.3 | 0.5 | 0.8 |
| &nbsp;&nbsp;Exploration, evaluation and development share-based compensation | 0.1 | 0.1 | 0.5 | 0.2 |
| &nbsp;&nbsp;Exploration, evaluation and development expense | $6.6 | $6.2 | $23.3 | $19.4 |

---

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 46

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Year Ended**<br> **December 31** | **Year Ended**<br> **December 31** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Gross silver sales | $103.1 | $20.7 | $267.3 | $127.3 |
| &nbsp;&nbsp;Silver ounces sold | 1879936 | 654519 | 6562106 | 4645574 |
| &nbsp;&nbsp;Realized silver price per ounce | $54.83 | $31.56 | $40.73 | $27.39 |

---

<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 Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Gross gold sales | $54.0 | $22.1 | $156.0 | $92.4 |
| &nbsp;&nbsp;Gold ounces sold | 12614 | 8343 | 43430 | 38522 |
| &nbsp;&nbsp;Realized gold price per ounce | $4283 | $2647 | $3591 | $2397 |

---

<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 Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Gross lead sales | $10.7 | $- | $27.9 | $- |
| &nbsp;&nbsp;Lead tonnes sold | 5456 |  | 14145 |  |
| &nbsp;&nbsp;Realized lead price per tonne | $1969 | $- | $1975 | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Gross Zinc sales | $7.2 | $- | $21.6 | $- |
| &nbsp;&nbsp;Zinc tonnes sold | 2573 |  | 7662 |  |
| &nbsp;&nbsp;Realized zinc price per tonne | $2801 | $- | $2820 | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| &nbsp;&nbsp;**Expressed in millions of US dollars** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Gross Copper sales | $1.1 | $- | $2.8 | $- |
| &nbsp;&nbsp;Copper tonnes sold | 98 |  | 270 |  |
| &nbsp;&nbsp;Realized copper price per tonne | $11434 | $- | $10481 | $- |

---

ENDEAVOUR SILVER CORP. \| MANAGEMENT'S DISCUSSION & ANALYSIS PAGE 47

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## Exhibit 99.3

------

**Form 52-109F1**

***Certification of Annual Filings***

***Full Certificate***

I, Daniel Dickson, Chief Executive Officer of Endeavour Silver Corp., certify the following:

1. ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Endeavour Silver Corp. (the "issuer") for the financial year ended December 31, 2025.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (2013) (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ***ICFR - material weakness relating to design:*** N/A

------

5.3 ***Limitation on scope of design:*** The issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a business that the issuer acquired not more than 365 days before the issuer's financial year end; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Summary financial information about the proportionately consolidated entity, variable interest entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

6. ***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) N/A

7. ***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1, 2025 and ended on December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8. ***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

Date: February 27, 2026

*"Daniel Dickson"*

_______________________

Daniel Dickson

Chief Executive Officer

------

## Exhibit 99.4

------

**Form 52-109F1**

***Certification of Annual Filings***

***Full Certificate***

I, Elizabeth Senez, Chief Financial Officer of Endeavour Silver Corp., certify the following:

1. ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Endeavour Silver Corp. (the "issuer") for the financial year ended December 31, 2025.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (2013) (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ***ICFR - material weakness relating to design:*** N/A

------

5.3 ***Limitation on scope of design:*** The issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a business that the issuer acquired not more than 365 days before the issuer's financial year end; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Summary financial information about the proportionately consolidated entity, variable interest entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

6. ***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) N/A

7. ***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1, 2025 and ended on December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8. ***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

Date: February 27, 2026

*"Elizabeth Senez"*

_______________________

Elizabeth Senez

Chief Financial Officer

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## Exhibit 99.5

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**CONSENT OF INDEPENDENT REGISTERED PUBLIC<br>ACCOUNTING FIRM**

The Board of Directors

Endeavour Silver Corp.

We consent to the incorporation by reference in the Registration Statement (No. 333-287602) on Form F-10, of our reports dated February 27, 2026, with respect to the consolidated financial statements of Endeavour Silver Corp. (the Company), which comprise the consolidated statements of financial position as of December 31, 2025 and 2024, the related consolidated statements of comprehensive earnings (loss), changes in shareholders' equity, and cash flows for each of the years then ended, and the related notes, and the effectiveness of internal control over financial reporting as of December 31, 2025, which reports appear in the Form 6-K of the Company dated February 27, 2026.

<br>/s/ KPMG LLP

Chartered Professional Accountants

February 27, 2026

Vancouver, Canada

------