Mr. Dan Dickson reports

ENDEAVOUR SILVER REPORTS Q3 2023 PRODUCTION RESULTS; IN-LINE WITH ANNUAL GUIDANCE

Endeavour Silver Corp. had third quarter 2023 production of 1,148,735 silver ounces (oz) and 9,089 gold oz, for silver equivalent (AgEq) production of 1.9 million oz. Production continues to track in line with the 2023 production guidance of 8.6 million to 9.5 million silver equivalent ounces, totalling 6.5 million AgEq oz for the nine months ended Sept. 30, 2023.

"Our production decreased this quarter compared to previous quarters due to lower throughput and ore grades processed at Guanacevi. We mined lower grades due to mine sequencing changes related to access and ventilation, whereas throughput was impacted due to an extended scheduled maintenance program. The mine sequencing is now back to plan, which will result in access to improved ore grades going forward. Additionally, the maintenance program has been executed successfully to minimize operational risks in the mill," stated Dan Dickson, chief executive officer. "We anticipate improved operational performance and operational efficiency in the last quarter."

Q3 2023 highlights:

• Guanacevi performance: Production was below plan due to a reduction in silver and gold grades and also impacted by lower processed tonnes due to a scheduled maintenance shutdown. Mine sequencing changes that were initiated in Q2 have resulted in lower grades compared with plan and historical comparisons. It is expected that the grades will increase in Q4 and stabilize going forward.
• 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 1,370,032 oz silver and 8,760 oz gold during the quarter. Held 416,033 oz silver and 1,253 oz gold of bullion inventory and 8,184 oz silver and 436 oz gold in concentrate inventory at quarter-end.
• Completed the sale of the Cozamin royalty to Gold Royalty Corp.: Total consideration of $7.5-million (U.S.) was received by the company in cash upon closing on the sale of the 1-per-cent Cozamin royalty (see news release dated Aug. 30, 2023).
• Published midterm update on the company's 2022 to 2024 sustainability strategy: This publication describes the company's progress in executing the first half (18 months) of its three-year plan. Of the 39 targets that were set in the 2022 to 2024 sustainability strategy, 21 have been completed or achieved, 13 are on track or under way, and five require more improvement.

Subsequent to Q3:

• Obtained $120-million (U.S.) project financing for Terronera: Societe Generale and ING Capital LLC (together with ING Bank NV) have signed a definitive credit agreement for a senior secured debt facility of $120-million (U.S.) (see news release dated Oct. 10, 2023).

Q3 2023 mine operations

Consolidated silver production decreased 21 per cent to 1,148,735 ounces in Q3 2023 compared with Q3 2022, primarily driven by decreased silver production at the Guanacevi mine due to a reduction in silver grade partially offset by higher milling rates. 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 Q3 2022 and Q2 2023. It is expected that grades will increase in Q4 2023. Local third party ores continued to supplement mine production, totalling 21 per cent of quarterly throughput.

Consolidated gold production decreased by 1 per cent to 9,089 ounces primarily due to increased throughput at both the Guanacevi and Bolanitos mines offset by a reduction in gold grade mined at the Guanacevi mine.

Guanacevi Q3 2023 throughput was 6 per cent higher than Q3 2022 with silver grades 27 per cent lower and gold grades 20 per cent lower. Silver production decreased by 22 per cent while gold production decreased by 13 per cent at the Guanacevi mine.

Bolanitos Q3 2023 throughput was 6 per cent higher than Q3 2022 with silver grades 15 per cent lower and gold grades 1 per cent higher. Silver production decreased by 15 per cent while gold production increased by 7 per cent at the Bolanitos mine. The change in grades was due to typical variations in the orebody.

Scheduled maintenance at Guanacevi

Toward the end of the third quarter, Guanacevi entered its scheduled maintenance shutdown, which took place in the last week of September and the first week of October. Repairs and maintenance work were performed on a filter press transformer, the primary thickener and the secondary crushing circuit. Concurrently, mining activities have been focused on building stockpiles. With the maintenance work now complete, both the mine and the plant are back to operating according to plan. The company believes that it is well positioned to complete this year within the previously stated production guidance of between 8.6 million and 9.5 million silver equivalent ounces.

Qualified person

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

Q3 2023 financial results and conference call

The company's Q3 2023 financial results will be released before markets open on Tuesday, Nov. 7, 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, Nov. 7, 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. or 1-604-638-9010 outside of Canada and the U.S. The replay passcode is 0484 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. Endeavour's philosophy of corporate social integrity creates value for all stakeholders.

We seek Safe Harbor.