Ms. Galina Meleger reports

ENDEAVOUR SILVER ANNOUNCES FIRST DRAWDOWN ON THE TERRONERA SENIOR SECURED DEBT FACILITY

Endeavour Silver Corp. has made the first drawdown of $60-million of the $120-million senior secured debt facility for the development of the Terronera mine in Jalisco state, Mexico. The debt facility is provided by Societe Generale and ING Bank N.V. and closed last year (see news release dated Oct. 10, 2023). (All references to dollars in this news release are in United States dollars.)

Construction of the Terronera mine is well under way and remains on track and has satisfied all conditions precedent to first draw. Key terms of the debt facility remain consistent with those previously announced in the company's news release dated April 18, 2023, and the hedge contract terms have now been executed, further reducing financial risk in the project. The key terms of these contracts are as follows:

Forward sales amounting to 68,000 ounces of gold have been executed at $2,325 per ounce, representing 55 per cent of planned gold production during the initial three years of operations.

There is no requirement to hedge silver sales.

Forward purchases of $45-million equivalent Mexican pesos over the remaining construction period have been hedged at $16.56 per U.S. dollar.

About Endeavour Silver Corp.

Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.

We seek Safe Harbor.