Performance At Guanacevi Exceeds Plan And Increases Upper Range Of Guidance

VANCOUVER - Endeavour Silver Corp. reported full year 2022 production of 5,963,445 silver ounces (oz) and 37,548 gold oz, for silver equivalent (“AgEq”) production of 9.0 million oz. Fourth quarter production was 1,830,835 silver oz and 10,370 gold oz, for silver equivalent production of 2.7 million oz. The Company’s 2022 full year production exceeded the upper range of its guidance of between 7.6 million oz and 8.0 million oz AgEq due to continuing strong performance at Guanacevi. Annual silver and gold production exceeded the upper range of guidance by 17% and 4% respectively.

“We are very pleased to have exceeded the top end of the 2022 production guidance, with full year silver equivalent production improving by 9% year over year and fourth quarter silver equivalent production up 21% over the prior year period. Fourth quarter throughput and grades at Guanaceví exceeded plan, contributing to the significant out-performance of the Guanacevi operations during 2022,” stated Dan Dickson, Chief Executive Officer. “I am extremely proud of the operations group collective desire to deliver safe production on a daily basis. The results over the past 2 years is a reflection of a dynamic team that is engaged and committed. Again, I am very proud of our team.”

Consolidated silver production increased 27% to 1,830,835 ounces in Q4 2022 compared to Q4 2021, primarily driven by increased silver production at the Guanaceví mine. The high grades at El Curso have led to improved production, allowing for production targets to be exceeded. Local, third-party mill feed continued to supplement mine production, amounting to 16% of quarterly processed tonnes and contributing to higher processed grades. Guanacevi throughput was 22% higher than Q3, 2022 and 11% higher than plan as modifications to the plant increased capacity.

Consolidated gold production increased by 10% to 10,370 ounces primarily due higher gold grades mined at the Guanacevi mine. The increased gold production from Guanacevi more than offset the reduced gold produced from the Bolanitos mine.

Guanacevi Q4 2022 throughput was 10% higher than Q4 2021 with silver grades 23% higher and gold grades 19% higher resulting in increased silver and gold production of 29% and 27% respectively. The change in grades were due to accessing higher-grade areas of the mine.

Bolanitos Q4 2022 throughput was consistent with Q4 2021 with silver grades 4% higher and gold grades 6% lower. Silver production increased by 7% while gold production decreased by 1% at the Bolanitos mine. An increase in gold recoveries partially offset the reduction in gold grades. The change in grades were due to typical variations in the mineralized body.