Endeavour Silver Announces Q3 Financial Results; Earnings Conference

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Vancouver, Canada – November 8, 2022 - Endeavour Silver Corp. (“Endeavour” or the “Company”)
(NYSE: EXK; TSX: EDR) is pleased to announce its unaudited financial and operating results for the three and nine months ended September 30, 2022. All amounts reported are in United States (US) dollars.
Dan Dickson, CEO, commented, “This quarter is a continuation of our strong operational performance. With production guidance reaffirmed, and a strong fourth quarter expected, we are feeling confident about our
2022 production results. Like the rest of the industry, profit margins are under pressure. The strength of the
USD is weighing on commodity prices, and inflation is increasing direct costs. We are fortunate that the elevated grade profile at Guanacevi and strong operational performance has allowed us to stay within or
near our guided cost ranges on a per ounce basis.”
“We continue to focus on business improvement and cost management initiatives, while being mindful of the future. Continuing to advance the Terronera project in a deliberate and disciplined manner towards a
construction decision and the completion of the Pitarrilla acquisition, are both significant developments towards the future of the Company.”

Q3 2022 Highlights
• Continued Strong Production: 1,458,448 ounces (oz) of silver and 9,194 oz of gold for 2.2 million oz silver equivalent (AgEq) (1) at an 80:1 silver:gold ratio, totaling 6.3 million AgEq oz for the 9 months
ended September 30, 2022. Strong year to date production reinforces delivery of 2022 guidance.
• Revenue Impacted by Withholding Metal Sales & Lower Realized Prices: Generated $40.4 million from the sale of 1,327,325 oz silver and 8,852 oz gold at average realized prices of $19.24 per oz silver and $1,678 per oz gold. Management continued to carry higher metal inventory totaling 1,527,549 oz silver and 3,210 oz gold of bullion inventory and 2,770 oz silver and 143 oz gold in concentrate inventory, with a market value of approximately $35 million at September 30, 2022.
• Operating Costs per Ounce In-Line with Guidance, Despite Industry-Wide
Inflation: Cash costs
(2)
of $10.32 per oz payable silver and all-in sustaining costs (AISC)(2) of $20.27 per oz payable silver, net of gold credits.
• Negative Earnings and Lower Cash Flow Due to Impacted Revenue: Net loss of $1.5 million or $0.01 loss per share. $7.3 million in cash flow from operations before working capital changes(2) and mine operating cash flow before taxes(2) of $12.3 million. The Company continued to hold significant
finished goods held at costs on the balance sheet at quarter end.

• Healthy Balance Sheet: Cash position of $69.2 million and $101.6 million in working capital(2). Cash decreased in the quarter, as funds were spent to complete the acquisition of the Pitarrilla Project with
a $35 million cash payment and early works expenditures to advance the Terronera project.
• Strong Liquidity Remains: While the cash balance decreased during the quarter, the realized sale of finished goods inventory, with a market value of approximately $35 million at quarter end, would imply
a cash balance closer to $100 million.
• Advancing the Terronera Project: Work continued on predevelopment activities initiated last year
including detailed engineering, critical contracts, procurement of long-lead items and road and camp
construction. The Company intends to make a formal construction decision subject to completion of a
financing package and receipt of additional amended permits in the coming months. Budgeted development expenditures for 2022 are estimated to be $41.0 million.
• Completed the Acquisition of the Pitarrilla Project: The world’s largest undeveloped silver project that will form the cornerstone of the Company’s growth profile, together with Terronera and Parral

(see News Release dated July 6, 2022).
• Divested the El Compas Property to Grupo ROSGO: Completed the sale of the property and the plant for US$5 million over five years (see News Release dated September 12, 2022).

Financial Overview (see appendix for consolidated financial statements)

see & read more on
https://edrsilver.com/site/assets/files/11323/q3_2022_financial_results-final.pdf



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