Mr. Don Gray reports

ENDEAVOUR SILVER PROVIDES Q2 CONSTRUCTION UPDATE ON THE TERRONERA PROJECT AS ACTIVITY RAMPS UP

Endeavour Silver Corp. has provided a construction update for its Terronera project in Jalisco state, Mexico. All references to dollars in this news release are to United States dollars.

"The seasoned construction team that we have assembled has been meeting the challenges and we continue making good progress," commented Don Gray, chief operating officer. "Our advanced planning is now paying off with timely equipment deliveries and disciplined field execution that's keeping the project on schedule and within budget. We expect to award the mill construction contract in Q4, which will kick off the next major construction phase. Meeting key project milestones is important to both Terronera's success and to achieving Endeavour's industry-leading, silver-dominant transformational growth."

Construction and development highlights

Early works have continued since the first quarter of 2022, with more than $70-million of the budget spent to date. Overall construction progress is 30 per cent complete. Project commitments total $144-million and are tracking in line with the optimized plan (see news release dated April 18, 2023). As of June 30, 2023, site works and activities have included:

• Safety -- continuing safety training for new hires includes classroom and field training covering topics such as gas monitoring, fire suppression, and incident identification and reporting. Management continues to integrate the company's workplace Te Cuido safety culture philosophy into the development and construction phase of the project.
• Engineering -- detail mill and surface facilities engineering is over 70 per cent complete. Focus has been on completing the concrete design to allow fieldwork to begin. Engineering was finalized to request proposals for the mill construction contract, which includes structural steel, mechanical, piping, electrical and instrumentation.
• Access road construction -- improvements to over seven kilometres of the community road used for access between the camp and mill site and mine portals are substantially complete. Remaining work includes widening a few road sections to facilitate oversized loads that will be delivered to site. The project's focus on early road improvements have greatly facilitated construction ramp-up, especially prior to the rainy season.
• Permanent camp -- progress is approximately 90 per cent complete for the camp facilities, which will accommodate 550 personnel. Fully operational facilities include the dining, laundry, clinic and training areas. Nearly all dormitory units have been installed; several final living units remain pending.
• Mine development -- nearly 600 metres of underground development have been completed in portal 2 and portal 4 access declines, which are being driven in parallel to concurrently advance the ventilation circuit. Advance rates have steadily increased as development personnel are added, and efficiencies improve. Preparations are currently under way to commence portal 1 ramp development, which will be collared at the mill site for ore haulage and lower orebody access.
• Plant site preparation -- mill site earthworks have been completed with over 280,000 cubic metres of material moved to date. Excavations were completed for the coarse ore reclaim tunnel and grinding areas, and rebar installation has begun.
• Procurement -- deliveries are advancing on schedule with shipments arriving at the company's warehouse and laydown yard in Puerto Vallarta. Major equipment deliveries in Q2 include jaw and pebble crushers, vibrating screens, flotation cells, and the concentrate bagging system.
• Board of directors special committee -- a board committee, consisting of three independent directors, chaired by Ken Pickering, was formed to provide oversight for timely construction and mine development as the project advances.
• On-site personnel -- the work force has increased to 83 employees and 390 contractor workers. Recruitment activities have been focused on key personnel for construction management and mine development. Onboarding and training programs continue to be developed for personnel hiring, including those required to self-perform mine development and for operational readiness.
• Community relations -- the Q2 focus areas were partnerships with local schools to finance education campaigns and cultural celebrations. The company also installed a telephone transmission antenna in Santiago de los Pinos and work is continuing on road signage as traffic increases.

Project timeline and next steps

The company remains focused on advancing the Terronera project to initial production. Coming major milestones include:

• Advancing mill area concrete work including the coarse ore reclaim tunnel and grinding areas, as well as commencing work for other areas such as crushing and flotation;
• Awarding the mill construction contract to begin mobilization for Q4 2023 construction;
• Receiving major mill component deliveries in Q3 including the SAG (semi-autogenous grinding) mill, hydrocyclone separator, thickener components and apron feeders;
• Advancing development for portal 1 decline;
• Advancing portal 2 and portal 4 development for initial ore access in Q1 2024.

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. Endeavour's philosophy of corporate social integrity creates value for all stakeholders.

We seek Safe Harbor.