Terronera, Endeavour's next core asset

Terronera represents Endeavour's next core asset – our future flagship mine, located 50km northeast of Puerto Vallarta, in Jalisco state, Mexico. Since acquiring the property in 2010, Endeavour has performed over a decade of work on the project including six technical reports and over 105,000 metres of drilling. The most recent feasibility study entitled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico" dated October 21, 2021 with an effective date of September 9, 2021 (the "Terronera Feasibility Study"), supports a high-grade, silver-gold underground mining operation, producing an average of 3.3 million payable oz silver and 32,874 payable oz gold per year over a 12-year mine life. (see news release dated September 9, 2021).

Since filing the Terronera Feasibility study, the Company has further evaluated various operating scenarios, cost-benefit initiatives and technologies to optimize the Terronera Project's operating flexibility and economics. Management recommended and the Board has approved the construction of an optimized Terronera Project scenario (the "Revised Scenario"), consisting of a process plant with 2,000 tonne per day (tpd) capacity and an initial capital expenditure cost of $230 million, partially offset by a decrease in sustaining capital to $88.3 million over the life of the mine. Endeavour expects a 21-month construction period, including 3 to 6 months ramp up to full production with initial production expected in the fourth quarter of 2024.

The revised metrics for the 2,000 tpd plant as compared to the 1,700 tpd plant contained in the 2021 Terronera Feasibility Study are set out in the following table. The Company does not consider these changes to be material to the Company.

A detailed investor presentation, prepared to accompany the NI 43-101 feasibility study is available here.