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“Endeavour delivered exceptional results in the first quarter of 2026, with increased production driving strong quarterly growth,” said Dan Dickson, Chief Executive Officer. “We reached new records in both production and revenue, underscoring the strength of our operations, the dedication of our team and the benefit of robust silver and gold prices. The Company’s operating cash flow also saw significant growth.”

“With a solid financial foundation and the successful completion of the Kolpa plant expansion and Terronera operating near design criteria, Endeavour is well positioned to achieve its production goals for the remainder of the year. These results highlight our commitment to operational excellence while creating lasting value for our shareholders.”

Q1 2026 Highlights

• Higher Production Fuels Quarterly Growth: Consolidated production of 1,875,375 ounces (“oz”) Silver and 11,740 oz Gold for 3.3 million oz silver equivalent (“AgEq”)⁽¹⁾. Production was 78% higher than the same period in 2025.  
• Record Ounces Sold with Record Realized Prices: $209.7 million from the sale of 1,642,220 oz of silver and 10,942 oz of gold at average realized prices of $85.95 per oz silver and $5,035 per oz gold as well as from sales of base metals. Revenue is 230% higher than in the same period in 2025.
• Strong Mine Operating Cash Flow: $114.6 million in mine operating cash flow before taxes⁽²⁾, 419% higher than the same period in 2025.
• Steady Operating Costs: Cash costs⁽²⁾ of $22.54 per oz payable silver and all-in sustaining costs⁽²⁾ of $37.03 per oz, net of by-product credits compared to $19.05 and $41.19, respectively, in Q4 2025.
• Strong Cash Position: $231.8 million in cash as of March 31, 2026.
• Higher Production Capacity: Plant expansion at Kolpa has been completed with throughput expected to be in line with guidance for the remainder of 2026.

Bolañitos Sale Finalized: On January 15, 2026, the Company completed the sale of the Bolañitos silver and gold mine (see news release from January 15, 2026 here) and made a gain on the sale of $35.6 million. The Bolañitos results for the first 15 days of 2026 are included in the Company’s financial results.

Direct operating costs per tonne in Q1 2026 increased to $186.92, 31% higher than $142.72 in Q1 2025. The increase was primarily driven by the addition of Terronera and Kolpa, which had direct operating costs per tonne of $195.11 and $155.92, respectively, during Q1 2026. The disposal of Bolañitos, which had a lower direct operating cost per tonne of $102.81 in Q1 2025, also contributed to the higher consolidated average. In addition, Guanaceví experienced higher cost per tonne due to lower throughput and higher underlying direct production costs.

Consolidated cash costs per silver ounce, net of by-product credits, were $22.54 in Q1 2026, representing a 42% increase from $15.89 in Q1 2025 due to the higher metal prices causing higher royalty, third party material cost, and special mining duties. Each mine has different costs and produces different amounts of payable silver, which affect the consolidated cash cost per ounce depending on the mix of production. For the three months ended March 31, 2026, the cash costs per silver ounce were $24.52 for Kolpa, $38.59 for Guanaceví, offset by negative $2.14 for Terronera.

Consolidated All‑in Sustaining Costs (“AISC”) per silver ounce in Q1 2026 were $37.03, 51% higher than $24.48 in Q1 2025. The increase was predominantly due to the contribution of Kolpa, which had AISC of $36.12 per ounce, and higher AISC of $48.47 at Guanaceví caused by the higher third-party material cost, higher royalties and special mining duties, partially offset by the contribution from Terronera, where AISC of $22.31 per ounce lowered the consolidated average. Consolidated AISC decreased from $41.19 in Q4 2025 to $37.03 in Q1 2026 primarily reflecting the ramp up of operations at Terronera and the efficiencies gained.

In Q1 2026, the Company’s mine operating earnings were $93.5 million (Q1 2025 – $12.9 million), driven by operating earnings of $38.4 million from Terronera, $23.0 million from Kolpa, and $20.4 million higher operating earnings at Guanaceví, partially offset by lower operating earnings from Bolañitos following its sale on January 15, 2026. Revenue for the quarter was $209.7 million, compared to $63.5 million in Q1 2025 driven by higher metal prices and higher sales, while cost of sales increased to $116.3 million from $50.6 million, primarily due to the inclusion of revenue and costs incurred at Terronera and Kolpa.

The Company recorded operating earnings of $83.8 million in Q1 2026 (Q1 2025 – $4.1 million) after exploration expenditures of $5.0 million (Q1 2025 – $4.5 million) and general and administrative expenses of $4.7 million (Q1 2025 – $4.3 million). Exploration expenses increased due to additional expenditures on advancing Pitarrilla and exploration work at Kolpa, partially offset by lower exploration spending at Terronera.

Earnings before taxes for Q1 2026 were $85.9 million, compared to a loss of $27.7 million in Q1 2025. This was after a loss on derivative contract revaluations of $24.2 million, a foreign exchange loss of $0.3 million, investment and other income loss of $3.2 million, and finance costs of $5.8 million, partially offset by a gain on the sale of Bolañitos of $35.6 million.

The Company recorded net earnings of $64.9 million for Q1 2026 (Q1 2025 – net loss of $32.9 million) after income tax expense of $21.0 million, which included $33.8 million of current tax expense and a deferred tax recovery of $12.8 million, primarily arising from temporary differences related to the buildup of finished goods inventory.

This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for the period ended March 31, 2026, and associated Management’s Discussion and Analysis (“MD&A”) which are available on the Company’s website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

About Endeavour Silver – Endeavour is a mid-tier silver producer with three operating mines in Mexico and Peru and a robust pipeline of exploration projects across Mexico, Chile, and the United States. With a proven track record of discovery, development, and responsible mining, Endeavour is driving organic growth and creating lasting value on its path to becoming a leading senior silver producer.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding expected operating and efficiency improvements, the Company’s strategic objectives, areas of priority, ability to meet production goals, expectations of throughput at Kolpa, the planned allocation of resources, Endeavour’s ability to unlock value across the Company’s development pipeline and deliver long-term value for its stakeholders, and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to unexpected changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; fluctuations in the prices of silver and gold; fluctuations in the currency markets (particularly the Mexican peso, Peruvian sol, Canadian dollar, Chilean peso, and U.S. dollar); fluctuations in interest rates; effects of inflation; changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Peru and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including, but not limited to, environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits; and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, forecasted mine economics, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.