Endeavour Silver Corp. Q1 FY2025 earnings call

• Q1 marked a strong start with solid production figures. Guanacevi and Bolañitos performed in line with plan, and Terronera started producing concentrate nearing completion.
• In Q1, produced 1.2 million oz silver, 8,300 oz gold, totaling 1.9 million silver equivalent ounces. Revenue was $64 million.
• Terronera is in final stages of construction, commissioning underway; started producing concentrate in Q1.
• Acquired Kolpa mine in Peru on April 1, closed May 1, enhancing production profile with exploration upside and existing infrastructure.
• On track to achieve annualized production of approaching 20 million silver equivalent ounces with Guanacevi, Bolañitos, Terronera, and Kolpa.

In Q1, Endeavour Silver produced 1.2 million ounces of silver and 8,300 ounces of gold, totaling 1.9 million silver equivalent ounces. Revenue was $64 million. Direct operating costs per ton increased by 6% compared to Q1 2024 due to 6% lower throughput, though total direct operating costs remained relatively flat. The company reported a net loss of $32.9 million for the period, primarily due to unrealized non-cash impact of gold hedging and forward swap contracts. Excluding mark-to-market adjustments, the adjusted loss was $200,000 compared to income of $300,000 in Q1 2024. Cash costs were $15.89 per ounce of silver and all-in sustaining costs were $24.48 net of gold credits, both slightly below annual guidance. As of March 31, 2025, cash position was $65 million and working capital was $15 million.

• Will provide Terronera production guidance when confident in production timelines and costs; short ramp-up period of ~90 days, uncertainty in timeline leads to waiting for higher probability of operating duration.
• For 2026, will provide operational guidance and costs for all mines.
• Kolpa has a $12 million exploration program over 24 months to validate historical resource estimate and explore brownfield opportunities.

• Uncertainty in Terronera ramp-up timeline and production costs due to potential variability in throughput and grades during initial commercial production.
• Risks associated with validating historical resource estimates at Kolpa and potential delays in exploration progress.

Q: Nick Giles asked about Terronera ramp-up guidance and cost confidence.

A: Dan Dickson said production and throughput needed to be consistent to provide guidance, short ramp-up period of ~90 days, will provide guidance when confident in timelines.

Q: Wayne Lam asked about Terronera ramp-up timeline and cost of completion.

A: Dan Dickson said ramp-up from May 1; Elizabeth Senez said build costs nearly complete, operating costs during ramp-up are operational, not build costs.

Q: Heiko Ihle asked about Terronera Q2 cash spend and Kolpa exploration.

A: Dan Dickson said still funding Terronera in April, Kolpa has $12 million exploration budget over 24 months, focusing on validating historical resources and exploring brownfield opportunities.