Mr. Dan Dickson of Endeavour Silver reports

ENDEAVOUR SILVER ANNOUNCES COMPLETION OF PITARRILLA ACQUISITION

Endeavour Silver Corp. has completed its acquisition of the Pitarrilla project from SSR Mining Inc. Pitarrilla, one of the largest undeveloped silver deposits in the world (1), is located 160 kilometres north of Durango city in northern Mexico. Pitarrilla comprises 4,950 hectares across five concessions and has significant infrastructure in place with direct access to utilities. All references to dollars in this news release are to U.S. dollars.

"The addition of the Pitarrilla project elevates our portfolio as a leading mid-tier silver producer with high-quality silver exposure and significant growth," said Dan Dickson, Endeavour Silver's chief executive officer. "We look forward to bringing our regional expertise to generate long-term value for our shareholders. Our immediate goal is to verify all historical data to prepare a current mineral resource estimate, drill high-priority exploration targets and further define regional targets. The transition process has already begun, and we look forward to building on the successes achieved by SSR Mining."

Transaction information

Endeavour Silver purchased Pitarrilla by acquiring all the issued and outstanding shares of SSR Durango SA de CV from SSR Mining and Silver Standard Ventures Inc. for total consideration of approximately $70-million, comprising $34,909,936.60 in Endeavour Silver common shares and a further $35,066,829.58 in cash, and a 1.25-per-cent net smelter return royalty on Pitarrilla. As a result, 8,577,380 Endeavour Silver common shares were issued based on a deemed price of $4.07 per share. The shares are subject to a hold period of four months and one day following the date of closing. Following the closing of this transaction, SSR Mining owns 4.52 per cent of the issued and outstanding common shares of Endeavour Silver. Endeavour Silver will have matching rights to purchase the NSR royalty in the event SSR Mining proposes to sell it.

Management plans to invest $1.8-million for drilling and exploration activities to verify the historical data and define a current resource in 2022.

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 currently advancing the Terronera mine project toward a development decision, pending financing and final permits, and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal of becoming a premier senior silver producer. Its philosophy of corporate social integrity creates value for all stakeholders.

(1) One of the world's largest undeveloped silver deposits is based on publicly filed data available on SNL Metals and Mining and company disclosure as at Dec. 31, 2021, and includes the following projects: Navidad project (Argentina) and Cordero (Mexico). Other companies may calculate their respective resource base differently.

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