Endeavour Silver Produces 1,875,375 Oz Silver and 11,740 Oz Gold, for a total of 3.3 Million Silver Equivalent Oz in Q1 2026

• Quarterly Production: Q1 2026 consolidated output reached 1.88 M oz Ag (+56% YoY) and 11,740 oz Au (+41% YoY), delivering 3.34 M AgEq oz, a 78% increase versus Q1 2025.
• Terronera Expansion: New crushers and a 14‑′ 24‑′ ball mill were commissioned in March, enabling a target throughput of 2,500 tpd for the coming quarters. Throughput in Q1 was 456,657 t (118% YoY).
• Kolma Plant: The plant expansion is now online, supporting higher capacity and base‑metal credits.
• Bolañitos Sale: Completed on Jan 15 2026; early‑2026 production from the mine is included in Q1 totals.
• Operational Issues: Heavy rainfall caused moisture‑related power outages at Kolma; labour shortages in Peru; a three‑day security pause at Terronera with minimal impact.
• Guidance Outlook: Management expects improved recoveries at Terronera, a ramp‑up to 2,500 tpd at Kolma in Q2 2026, and continued organic growth toward becoming a leading senior silver producer.

Aspect	Prior Expectation	Actual Outcome	Impact
Silver production	Guidance for 2026: 8.3‑9.0 M oz (full year) – Q1 implied ~2.1 M oz	Delivered 1.88 M oz (+56% YoY, +~10% vs internal Q1 guidance)	Positive material – early indication that full‑year guidance is attainable or may be revised upward.
Terronera capacity	Planned commissioning in Q2 2026 with 2,000 tpd	New crushers/ball mill commissioned; throughput already >1,200 tpd and on track for 2,500 tpd target	Positive material – de‑risking of a key growth asset.
Kolma performance	Expected to lift base‑metal credits and sustain production	Production up (530 k oz Ag) with strong recoveries; however, rainfall reduced throughput modestly	Neutral‑to‑positive – no material downside, but weather risk noted.
Bolañitos divestiture	Sale expected Jan 2026, cash component $30 M + $10 M shares	Completed on schedule; proceeds already reflected in cash balance	Routine positive – aligns with prior expectations, improves balance sheet.
Operational risks	Anticipated weather and labour constraints	Materialized but limited impact on overall output	Neutral – risk disclosed and managed.

Overall, the Q1 2026 results exceed production expectations and confirm that the Terronera ramp‑up is proceeding as planned, delivering a material positive catalyst for the stock.

• Endeavour Silver Corp. is a mid‑tier senior silver producer with three underground silver‑gold mines in Mexico (Terronera, Guanaceví, Bolanitos) and an underground silver‑base metal mine in Peru (Kolpa).
• Flagship: The Terronera Project (Jalisco, MX) – currently transitioning from commissioning to commercial production. Expected life‑of‑mine (LOM) cash cost net of gold credit is $0.20/oz, with an LOM AISC of $2.15/oz, positioning it among the lowest‑cost senior silver assets globally.
• Growth levers: Organic ramp‑up at Terronera, integration of Kolma’s base‑metal credits, and upside potential from advanced exploration projects (Pitarrilla, Parral).