Mr. Dan Dickson reports

ENDEAVOUR SILVER REPORTS Q2 2023 PRODUCTION RESULTS; IN-LINE WITH ANNUAL GUIDANCE

Endeavour Silver Corp. had second quarter 2023 production of 1,494,000 silver ounces (oz) and 9,819 gold oz, for silver equivalent (AgEq) production of 2.3 million oz. Production continues in line with the 2023 production guidance of 8.6 million to 9.5 million silver equivalent ounces, totalling 4.7 million AgEq oz for the six months ended June 30, 2023.

"At the halfway mark for the year, we remain confident 2023 production will be within our previously stated guidance of between 8.6 [million] and 9.5 million silver equivalent ounces. Aside from maintaining steady operational performance, we are extremely pleased with the recently announced development decision of Terronera," stated Dan Dickson, chief executive officer. "We've established a seasoned team of professionals to lead the construction, obtained a $120-million (U.S.) commitment of debt financing and are gaining momentum at site. It's an exciting time for the company."

Q2 2023 highlights:

• Guanacevi continued to perform: Silver and gold production were in line with plan, driven by higher tonnes milled and offset by lower grades than planned. Mine sequencing changes during Q2 2023 have resulted in lower grades compared with plan and historical comparisons. It is expected that the grades will increase in Q3 2023.
• Bolanitos's performance remained steady: Strong gold production, higher gold grades and increased throughput were offset by the impact of lower silver production and silver grades.
• Metal sales and inventories: Sold 1,299,672 oz silver and 9,883 oz gold during the quarter. Held 637,439 oz silver and 854 oz gold of bullion inventory and 16,213 oz silver and 665 oz gold in concentrate inventory at quarter-end.
• Positive construction decision and executed commitment letter for project financing for the Terronera project: The board of directors approved the construction of an underground mine and mill at Terronera. Societe Generale and ING Bank NV have entered into a commitment letter for a senior secured debt facility of $120-million (U.S.). Completion of the definitive loan documentation is expected in Q3 2023 (see news release dated April 18, 2023).
• Construction and development update at Terronera: The company has made significant progress on development activities, with long-lead item procurement well advanced, and has assembled a seasoned team to construct the project (see news release dated April 20, 2023).
• Published 2022 sustainability report: Entitled "Enriched by our Past; Engaged in our Future," describing the company's progress in executing the first year of its 2022 to 2024 sustainability strategy.
• Newly appointed vice-president of operations, Greg Blaylock: Mr. Blaylock brings over 35 years experience in mining operations, mine planning and project development, and related executive and technical expertise (see news release dated June 14, 2023).
• Filed at-the-market prospectus supplement for up to $60-million (U.S.): Proceeds to be used for financing development of the Terronera mine and other growth initiatives, including the Pitarrilla and Parral properties, as well as prospective acquisitions and general working capital purposes (see news release dated June 27, 2023).

Q2 2023 mine operations

Consolidated silver production increased 10 per cent to 1,494,000 ounces in Q2 2023 compared with Q2 2022, primarily driven by increased silver production at the Guanacevi mine due to higher throughput and recoveries offset by a reduction in silver grade. Although historically higher grades have been mined from the El Curso orebody, mine sequencing changes during Q2 2023 have resulted in lower grades compared with both Q2 2022 and Q1 2023. It is expected that grades will increase in Q3 2023. Local third party ores continued to supplement mine production, totalling 11 per cent of quarterly throughput.

Gold production increased by 6 per cent to 9,819 ounces primarily due to increased throughput at both the Guanacevi and Bolanitos mines and higher gold grades mined at the Bolanitos mine.

Bolanitos's Q2 2023 throughput was slightly higher than Q2 2022 with silver grades 17 per cent lower and gold grades 5 per cent higher. Silver production decreased by 14 per cent while gold production increased by 6 per cent at the Bolanitos mine. The change in grades was due to typical variations in the orebody.

Qualified person

Dale Mah, PGeo, vice-president, corporate development, a qualified person under National Instrument 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

Q2 2023 financial results and conference call

The company's Q2 2023 financial results will be released before markets open on Tuesday, Aug. 8, 2023, and a telephone conference call will be held the same day at 10 a.m. PT/1 p.m. ET. To participate in the conference call, please dial the numbers below.

• Date and time: Tuesday, Aug. 8, 2023, at 10 a.m. PT/1 p.m. ET

Telephone:

• Toll-free in Canada and the United States: 1-800-319-4610;
• Local or international: 1-604-638-5340. Please allow up to 10 minutes to be connected to the conference call.

Replay: A replay of the conference call will be available by dialling (toll-free) 1-800-319-6413 in Canada and the U.S. (toll-free) or 1-604-638-9010 outside of Canada and the U.S. The replay passcode is 0297 followed by the pound key. The replay will also be available on the company's website.

About Endeavour Silver Corp.

Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera project and exploring its portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. The company's philosophy of corporate social integrity creates value for all stakeholders.

We seek Safe Harbor.