Endeavour Silver Corp. Q4 FY2024 earnings call

• Mining market dynamics: Gold prices surged 27% in 2024, silver mirrored gold with industrial demand and supply constraints driving its rise. • Production details: 2024 production met higher end of guidance; Guanacevi overcame trunnion failure; Bolañitos steady with gold production increase. • Projects: Pitarrilla has a $26.6 million budget in 2025 for drilling, mobile equipment, mine development, etc. Terronera construction at 89% as of Dec 31, 2024, on track for Q2 2025 commercial production with key critical path items like tailing filter presses on track for mid-April completion.

In 2024, Endeavour Silver produced 7.6 million ounces of silver equivalent, achieving the higher end of the revised guidance range of 7.3 million to 7.6 million ounces. Total revenue was $218 million, up 6% compared to 2023. Cost of sales was $176 million, mine operating earnings were $42 million, and mine operating cash flow was $72 million. Adjusted net earnings were $8 million or an adjusted earnings per share of $0.03. Guanacevi faced a trunnion failure impacting throughput from August to December but resumed operations at usual rate by December. Bolañitos had increased gold production due to higher gold grades offset by lower silver production due to slightly lower silver grades.

• Pitarrilla: $26.6 million budget in 2025 for drilling, studies, etc.; no capital expenditure planned for 2026 until feasibility study completed. • Terronera: On track for Q2 2025 commercial production, cost and production expected to outperform conservative guidance due to gold price and peso devaluation impacts.

• Cost pressures from Mexican peso devaluation; 50 - 60% of costs tied to peso. • Guanacevi trunnion failure impacted throughput previously. • Significant royalty from El Curso concessions, with 80% of production coming from there, affecting cost structure.

Q: Remind us of CapEx in 2025 for Pitarrilla and how to see step up in 2026?

A: Pitarrilla has a $26.6 million budget in 2025, $10 million for drilling and $16 million for other items; no 2026 CapEx planned until feasibility study done.

Q: Should we still think about commercial production in the third quarter for Terronera and cost perspective?

A: On track for Q2 2025 commercial production, cost and production to be affected by gold price and peso; guidance was conservative so expected to outperform.

Q: Talk about cost pressures in Mexico and peso exposure?

A: ~50 - 60% of costs tied to peso; devaluation benefits cost; supply chain tariffs impact not significant yet.

Q: Progress on Terronera construction and bottleneck?

A: E-houses in place, filter presses critical path, on track for April completion to start wet commissioning.

Q: Royalty structure at Guanacevi and feed to mill percentage?

A: El Curso has sliding scale royalty, 80% of production from there, significant part of cost structure