While the Guanaceví mine in Durango, Mexico, was the backbone on which Endeavour Silver was founded in 2004, the mine has experienced economic cycles caused by fluctuating precious metals prices. In 2018, negative operating and financial results threatened the economic stability of Guanaceví town, where Endeavour is the largest employer, providing steady work to 550 people and 325-plus contractors. The operation had also experienced management turnover in recent years.

Shifting focus to 2022, the Guanaceví mine has surpassed USD$1 billion in revenue since starting production, thanks largely to an extensive operational turnaround to improve mine safety, productivity and profitability. This transformation was made possible by Endeavour's work to significantly improve workplace culture, change management, and employee welfare and productivity. For example, amid the COVID-19 lockdowns, Endeavour built a new camp with an expanded cafeteria and furnishings for employees. At the same time, we initiated the "Te Cuido" workplace culture program. These nvestments and initiatives together with improved mineral quality, have helped employees feel valued and connected to corporate objectives.

In turn, the Guanaceví team has risen to the challenge, embracing the changes implemented over the past two years, sharing their ideas to bolster operations performance with management, to bring the mine to an enviable level of safety and profitability. Through this employee-centred effort, we have realized that such changes can significantly improve employee commitment and provide a strong operation that will continue to be a foundation of Endeavour's solid future. Guanacevi's significant outperformance has been the driving factor for the company exceeding production guidance for two years in a row.