Mr. Dan Dickson reports

ENDEAVOUR SILVER PRODUCES 5,672,703 OZ SILVER AND 37,858 OZ GOLD (8.7 MILLION SILVER EQUIVALENT OZ) IN 2023; IMPROVED FOURTH QUARTER PRODUCTION DELIVERS ANNUAL GUIDANCE

Endeavour Silver Corp. had full-year 2023 production of 5,672,703 silver ounces (oz) and 37,858 gold oz, for silver equivalent (AgEq) production of 8.7 million oz. Fourth quarter production was 1,396,315 silver oz and 9,440 gold oz for 2.2 million silver equivalent oz.

"We are extremely pleased with our strong Q4 production results, which have been driven by initiatives our operations team implemented to improve both mine and mill productivity," commented Dan Dickson, chief executive officer. He further added: "Implementing these initiatives allowed us to successfully overcome the challenges that affected Q3 production. Not only did Guanacevi's production return to historical levels, which is expected to be continue into 2024, our recovery plan more than met expectations, allowing us to achieve our annual production guidance with strong fourth quarter performance. We have now delivered three consecutive years of meeting or exceeding our annual production guidance."

Q4 highlights:

• Production in line with guidance: Consolidated production in line with guidance, representing the company's third consecutive year of meeting or exceeding production guidance;
• Guanacevi improved performance: Silver grades, gold grades and plant throughput slightly exceeded plan. The plant refurbishments and modifications enhance operational flexibility to exceed the historical throughput of 1,200 tonnes per day;
• Bolanitos performance remained steady: Increased silver production from higher silver grades with similar throughput was offset by lower gold production due to lower gold grades. The variations in grades quarter from quarter is expected, while annual ore grades were within 2 per cent of annual planned grades;
• Metal sales and inventories: Sold 1,332,648 oz silver and 9,417 oz gold during the quarter. Held 476,015 oz silver and 1,411 oz gold of bullion inventory and 11,869 oz silver and 300 oz gold in concentrate inventory at quarter-end;
• Encouraging brownfields exploration results from Guanacevi and Bolanitos: Drilling continued to intersect high-grade silver-gold mineralization in the Santa Cruz vein at Guanacevi (see news release dated Oct. 18, 2023) and intersected multiple mineralized structures near current workings at Bolanitos (see news release dated Nov. 27, 2023);
• Positive greenfields exploration results from the Parral project: Drilled over 6,500 metres testing the San Patricio vein and other regional targets (see news release dated Oct. 25, 2023);
• Appointment of chief financial officer: Elizabeth Senez brings over 20 years of experience in accounting, corporate finance and corporate treasury (see news release dated Dec. 5, 2023);
• At-the-market offering for up to $60-million (U.S.): Proceeds to be used for financing development of the Terronera project and other growth initiatives (see news release dated Dec. 18, 2023).

Q4 2023 mine operations

Consolidated silver production decreased 23 per cent to 1,406,423 ounces in Q4 2023 compared with Q4 2022, primarily driven by lower silver production at the Guanacevi mine due to a reduction in silver grade and slightly lower throughput. Although the grades at El Curso have returned to historic averages during Q4 2023, the company was mining in higher-grade areas in Q4 2022. Local third party ore continued to supplement mine production, totalling 14 per cent of quarterly throughput.

Consolidated gold production decreased by 7 per cent to 9,608 ounces compared with Q4 2022, primarily due to lower gold grades mined at the Guanacevi mine. The lower gold production from Guanacevi more than offset the higher gold produced from the Bolanitos mine.

At Guanacevi, Q4 2023 throughput was 7 per cent lower than Q4 2022 with silver grades 18 per cent lower and gold grades 17 per cent lower resulting in lower silver and gold production of 24 per cent and 25 per cent, respectively.

At Bolanitos, Q4 2023 throughput was 4 per cent higher than Q4 2022 with silver grades 10 per cent lower and gold grades 8 per cent higher. Silver production decreased by 10 per cent while gold production increased by 8 per cent. The change in grades was due to typical variations in the mineralized body.

Qualified person

Dale Mah, 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.

2023 financial results and conference call

The company's annual 2023 financial results will be released before markets open on Monday, March 11, 2024, and a telephone conference call will be held the same day at 9 a.m. PT/12 p.m. ET. To participate in the conference call, please dial the numbers below.

Date and time: Monday, March 11, 2024, at 9 a.m. PT/12 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 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 0627 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.