Mr. Dan Dickson reports

ENDEAVOUR SILVER CLOSES US$120 MILLION PROJECT LOAN DEBT FACILITY TO ADVANCE THE DEVELOPMENT OF TERRONERA

Endeavour Silver Corp.'s wholly owned subsidiary, Terronera Precious Metals SA de CV, has executed the credit agreement for a senior secured debt facility for up to $120-million (U.S.) with ING Capital LLC (together with ING Bank NV) and Societe Generale acting as joint lead arrangers. Proceeds from the Debt Facility will be used towards construction of the underground mine and mill at the Company's Terronera project in Jalisco state, Mexico. All references to dollars ($) in this news release are in United States dollars.

"Completion of the project loan marks a step forward in our deep-rooted commitment to creating shareholder value and executing on our strategic vision to foster economic growth, environmental responsibility, and to positively impact lives by promoting local development", said Dan Dickson, Endeavour's CEO. "ING and Societe Generale are tier one lenders to the mining industry, and we are grateful for their partnership and support towards executing this vision. We look forward to unlocking all these benefits as we advance Terronera towards production."

Debt Facility Details

Key terms of the Debt Facility are consistent with those previously announced in the Company's news release dated April 18, 2023 and include the following:

• Facility amount - Up to $120 million principal amount on senior secured debt.
• Term - 8.5 years, including a 2-year grace period during the construction phase. Cash sweep will be applied to 35% of excess cash flow after debt service from completion onwards until $35 million of loan principal has been prepaid.
• Interest rate - US Secured Overnight Financing Rate ("SOFR") + 4.50% per annum prior to completion (SOFR + 3.75% per annum upon completion).
• Repayment and maturity - Principal payments are payable in quarterly installments commencing in the fourth quarter of 2025.
• Gold hedge - Prior to initial drawdown, Terronera is required to enter into a hedging program for 68,000 ounces of gold over the initial two operating years prior to initial drawdown. No hedging requirements apply to the silver production.
• Foreign exchange hedge - Prior to initial drawdown, Terronera is required to enter into a hedging program for managing exposure to the Mexican Peso during construction. The program requires approximately 75% of the remaining capital expenditure incurred in Mexican Pesos be hedged. Prior to initial production, a hedging program is required for managing exposure to the Mexican Peso during operations. Under this program 50% of the projected operating costs incurred in Mexican Pesos are hedged prior to completion. Thereafter, the foreign exchange protection program for operations will rise to 70% of the projected operating costs incurred in Mexican pesos.
• Project cost overrun funding - Cost overrun funding is required in the form of cash, letter of credit issued by a Canadian financial institution or or a combination of both for up to $48 million.
• Financial Covenants - The Debt Facility is subject to certain customary conditions precedent and debt servicing covenants. The Debt Facility is secured through corporate guarantees from Endeavour and certain Endeavour subsidiaries and a first ranking security interest over the Terronera project.

Terronera expects to drawdown in 2024 to advance the project in accordance with the 21-month construction period with initial production expected in the fourth quarter of 2024.

Artemis Capital Advisors acted as Endeavour's financial advisor. Koffman Kalef LLP and Cereceres Estudio Legal, S.C. acted as Endeavour's Canadian and Mexican legal counsel, respectively.

About Endeavour Silver - Endeavour Silver Corp. 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. Our philosophy of corporate social integrity creates value for all stakeholders.

We seek Safe Harbor.