Ms. Galina Meleger reports

ENDEAVOUR SILVER ANNOUNCES AT-THE-MARKET OFFERING OF UP TO US$60 MILLION

Endeavour Silver Corp. has entered into a sales agreement dated Dec. 18, 2023, with BMO Capital Markets Corp. (the lead agent), TD Securities (USA) LLC, CIBC World Markets Inc., Raymond James (USA) Ltd., B. Riley Securities Inc., H.C. Wainwright & Co. LLC, AGP/Alliance Global Partners and Stifel Nicolaus Canada Inc., pursuant to which the company may, at its discretion and from time to time during the 25-month term of the sales agreement, sell, through the agents, such number of common shares of the company as would result in aggregate gross proceeds to the company of up to $60-million (U.S.). Sales of common shares will be made through at-the-market distributions as defined in the Canadian Securities Administrators' National Instrument 44-102 (Shelf Distributions), including sales made directly on the New York Stock Exchange, or any other recognized marketplace upon which the common shares are listed or quoted or where the common shares are traded in the United States. The common shares will be distributed at the market prices prevailing at the time of each sale, and, as a result, prices may vary as between purchasers and during the period of distribution. No offers or sales of common shares will be made in Canada on the Toronto Stock Exchange or other trading markets in Canada. All references to dollars in this news release are to U.S. dollars.

The offering will be made by way of a prospectus supplement dated Dec. 18, 2023, to the company's existing U.S. registration statement on Form F-10 and Canadian short form base shelf prospectus, each dated June 16, 2023. The prospectus supplement relating to the offering has been filed with the securities commissions in each of the provinces of Canada (other than Quebec) and the U.S. Securities and Exchange Commission. The U.S. prospectus supplement (together with a related registration statement) is available on the SEC's website, and the Canadian prospectus supplement (together with the related base shelf prospectus and sales agreement) is available on the SEDAR+ website maintained by the Canadian Securities Administrators. Alternatively, BMO Capital Markets will provide copies of the U.S. prospectus upon request by contacting BMO Capital Markets (attention: equity syndicate department, 151 West 42nd St., 32nd floor, New York, N.Y., 10036, by telephone: 800-414-3627 or by e-mail: bmoprospectus@bmo.com).

Net proceeds of the offering, if any, together with the company's current cash resources, will be used to finance the construction and development of the company's Terronera mine, to advance the evaluation and development of the Pitarrilla and Parral properties, to assess potential development-stage mineral properties for acquisition, to finance the potential acquisition of other development-stage mineral properties, for continued exploration on the company's existing mineral properties, and to add to the company's working capital.

The company will pay the agent compensation, or allow a discount, of 2.00 per cent of the gross sales price per common share sold under the sales agreement. Sales under the sales agreement remain subject to necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the New York Stock Exchange.

About Endeavour Silver Corp.

Endeavour Silver is a mid-tier precious metal mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour Silver 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. Its philosophy of corporate social integrity creates value for all stakeholders.

We seek Safe Harbor.