Profitable Production, Compelling · 1/1/2021 · EXPLORATION MEXICO CHILE Mexico City Lourdes Guadalupe y Calvo (2) LEON OFFICE SANTIAGO OFFICE M E X I C O GUANACEVI MINE EL COMPAS

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TSX: EDR | NYSE: EXK January 28, 2021

Profitable Production, Compelling Growth

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Cautionary Note

This presentation 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 Endeavour’s anticipated performance in 2021 and future years, including revenue, cash flow, operating and capital cost forecasts, silver and gold

production, timing and expenditures to explore and develop new silver mines and mineralized zones, silver and gold grades and recoveries, cash and all-in sustaining

costs per ounce, initial and sustaining capital expenditures, and the use of the Company’s working capital. 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,

performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include,

among others: fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and U.S. dollar);

fluctuations in the price of consumed commodities, changes in national and local governments, legislation, taxation, controls, regulations and political or economic

developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral

exploration, development and mining (including 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, reliability of calculation of mineral reserves and resources and precious metal recoveries, diminishing quantities or grades of mineral

reserves as properties are mined; risks in obtaining necessary licenses and permits, global market events and conditions 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, 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.

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Investor Highlights

MID-TIER PRODUCER

ORGANIC GROWTH

DISCOVERING NEW OREBODIES

ACQUIRING KEY ASSETS

BEST SILVER LEVERAGE

OPTIMIZING OPERATIONS

Three high grade, underground silver gold mines in Mexico

Reducing operating costs, boosting free cash flow

Best organic growth profile in silver mining sector

Track record of virgin discoveries to expand resources

Opportunistic mergers and acquisitions

Pure precious metals producer with sector leading beta to silver

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Core Assets

OPERATIONS

DEVELOPMENT

EXPLORATION

MEXICO CHILE

M exi co C i t y

Lo u r d es

G u a d a lup e y C a l v o ( 2)

L EO NO F F I C E

S A N T I A G OO F F I C E

M E X I C O

G U A N A C EV I M I N E

E L C O M P A S M I N E

EL C U B O ( 1)

B O L A N I T O S M I N ET ER R O N ER A

P A R RA L

B O L I V I A

C H I L EA I D A

P A L O M A

C E R R O M A R Q U EZ

2,200 employees and contractors

▸ 3 operations▸ 1 development project▸ 6 exploration projects

1. See EDR news release dated December 18, 2020 regarding signing a binding letter agreement to sell the El Cubo Mine to VanGold Mining Corp. for US $15 million in cash and share payments plus additional contingent payments.

2. Option Guadalupe y Calvo

5

Recent Highlights

5

Strongest Quarterly Production in 2 Years, 1.1 million oz

silver and 12,568 oz Au for 2.1 million oz AgEq(1) (21% increase q-o-q)

Achieved 2020 Production Guidance (2) of 6.5 million oz Ag Eq,

despite 2 month Gov. mandated suspension due to pandemic

Agreed to Sell El Cubo Assets to VanGold Mining for $15

million in cash and share payments plus additional

contingent payments; anticipated closing in Q1, 2021

Significantly Improved Financial Performance Y-o-Y

Q3, 2020 cash cost down 68% to $3.69 per oz Ag and AISC

down 19% to $17.48 per oz Ag

Q3 operating cash flow increased 397% to $10.3 million

Q3, 2020 cash at $45 million; working capital of $53.8 million

Drilled More High Grade Mineralization in the Santa Cruz

vein (Guanacevi), Melladito & San Bernabe veins

(Bolanitos), Calicanto & Misie veins (El Compas)

Expanded Land Position at Terronera to 20,000 hectares,

acquired 2 concessions with multiple vein structures

50% Au21,669

oz Au sold

50% Ag2.0 millionoz Ag sold

YTD Q3, 2020 Revenue of $77.7 million

2020 AgEq (1) Production 6.5 million oz

1. Silver equivalent at an 80:1 gold: silver ratio2. The Company withdrew its 2020 production guidance in early April due to the COVID-19 pandemic and the temporary shutdown mandated by the Mexican

government and chose not to issue revised guidance when production was resumed at the end of May due to continued uncertainty caused by COVID-19

Guanacevi

56%Bolanitos

33%

El Compas

11%

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2021 Outlook

Guanacevi Bolanitos El Compas Consolidated

Tonnes/ Day (TPD) 1,000 – 1,200 1,000 - 1,200 200 – 250 2,400 – 2,650

Silver Production (M oz) 3.1 – 3.7 0.4 – 0.5 0.1 - 0.1 3.6 – 4.3

Gold Production (K oz) 8.0 – 10.0 21.0 – 23.0 2.0 – 2.5 31.0 – 35.5

Silver Eq Production (M oz) (1) 3.7 – 4.5 2.1 – 2.3 0.2 – 0.2 6.1 – 7.1

Cash Costs, net of gold by-product credits (US$/oz) (2), (3) $7.00 - $8.00

AISC, net of gold by-product credits (US$/ oz) (2), (3) $19.00 - $20.00

Sustaining Capital Budget (US$M) $30.8

Development Budget (US$M) $9.0

Exploration Budget (US$M) $10.2

1. Gold ounces converted to silver equivalent ounces on a 80:1 ratio 2. Cash costs per ounce and AISC per ounce are examples of Non-IFRS measures. See disclosure in quarterly MD&A for information on “Non-GAAP” measures found on the company website. 3. See EDR News Release dated January 28, 2021 for full disclosure on 2020 Guidance; Costs forecasts reflect an 20:1 Mexican Peso per US Dollar exchange rate, $22.00/ oz Ag & $1,760/ oz Au price assumption.

Production slightly higher now that operational turnaround is complete at Guanacevi and Bolanitos

Cash flow significantly higher due to higher metal pricesCosts slightly higher due to higher royalties and mining duties,

primarily at GuanaceviTerronera feasibility study expected mid-year, should facilitate

development decision Parral drill program focused on expanding resourcesChile drill program has strong discovery potential

Guanacevi

63%Bolanitos

34%

El Compas

3%

Breakdown by Mine

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Guanacevi MineDurango

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Guanacevi – Operational Turnaround Complete

1,004

tpd

1,024

tpd

684

tpd911

tpd

1,157

tpd

312 g/t

Ag Eq

350 g/t

Ag Eq

412 g/t

Ag Eq412 g/t

Ag Eq

412 g/t

Ag Eq

200

250

300

350

400

450

Q4, 2019 Q1, 2020 Q2, 2020 Q3, 2020 Q4, 2020

REDUCTION IN CASH COSTS Y-O-Y

INCREASE IN PRODUCTIVITYtonnes / employee / day

IMPROVED WORK CULTURE

New supervisors and management

Y-o-Y silver equivalent (1) production up 49%, grades up 32%, and throughput up 15%

Operational turn-around now complete, operating close to capacity

1. Silver equivalents have been calculated using an 80:1 gold: silver ratio2. Due to mandated government shut downs related to global pandemic

Abbreviated quarter (2)

Rising Quarterly Production (Ag Eq oz) (1)

835,555

939,240

675,146

994,245

1,247,537

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Q4, 2019 Q1, 2020 Q2, 2020 Q3, 2020 Q4, 2020

Abbreviated quarter

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1. Silver equivalents are converted using a 80:1 silver: gold ratio 2. Cash costs per ounce and AISC per ounce are examples of Non-IFRS measures. See disclosure in quarterly MD&A for information on “Non-GAAP”

measures found on the company website. Costs are presented in US $, net of by-product credits. 3. All-in sustaining costs (AISC) include mining, processing, direct overhead, corporate G&A, on-site exploration, share-based compensation,

reclamation, and sustaining capital net of gold credits.

Guanacevi - Continued to Outperform

Cash Costs, by Product Basis (2,3)

2020 Production of 3.9 million AgEq (1) oz

20% Au 9,814 oz

80% Ag3,071,075 oz

► Mining the new, higher grade El Curso, Milache and SCS

orebodies has led to significantly improved grades and

tonnes (Q4, 2020 tpd of 1,142 was the highest since 2015)

► Delivered free cash flow - $1.5 million in Q3, $4.3 million YTD

► Company pays a sliding scale royalty on El Curso Property,

based on realized silver prices

Q4, 2020 Q4, 2019 Change (%)

Tonnes Produced (tpd) 1,157 1,004 15%

Ag Grade (gpt) 331 252 31%

Au Grade (gpt) 1.01 0.75 35%

AgEq (1) Production (oz) 1,247,537 835,559 49%

Cash Costs (2) n/a $13.54 n/a

All-in Sustaining Costs (2,3) n/a $19.48 n/a

$12.83 $13.54

$9.01 $8.48 $9.64

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16 .00

Q3, 2019 Q4, 2019 Q1, 2020 Q2, 2020 Q3, 2020

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Bolanitos MineGuanajuato

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Bolanitos – Operational Turnaround Complete

Y-o-Y silver equivalent production up 46%, throughput up

31%, highest gold grades and recoveries in 3 years

Operational turnaround is now complete, operating close to

capacity at the highest levels since 2018

Added resources in the higher grade Melladito and San

Bernabe veins

Monthly Grade Profile (Ag Eq gpt) (1)

Rising Quarterly Production (Ag Eq oz) (1)

436,998 399,887

256,324

574,414

639,737

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Q4, 2019 Q1, 2020 Q2, 2020 Q3, 2020 Q4, 2020

1. Silver equivalents are converted using a 80:1 silver: gold ratio2. Due to mandated government shut downs related to global pandemic


196 g/t

177 g/t

215 g/t

204 g/t

212 g/t

Q4, 2019 Q1, 2020 Q2, 2020 Q3, 2020 Q4, 2020

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Bolanitos – Continued to Improve

81% Au 18,963 oz Au19% Ag

353,318 oz Ag

2020 Production of 1.9 million AgEq (1) oz

Q4, 2020 Q4, 2019 Change (%)

Tonnes Produced (tpd) 1,167 893 31%

Ag Grade (gpt) 34 51 33%

Au Grade (gpt) 2.22 1.81 23%

AgEq (1) Production (oz) 639,737 437,003 46%



Expanding production from San Miguel to 300 tpd

Developing new Melladito orebody for access in Q1, 2021

Investing sustaining capital to develop new high-grade areas

Delivered free cash flow - $2.3 million in Q3, $0.7 million YTD




Improved Cash Costs, by Product Basis (2,3)

$8.13 $4.81 ($7.32)

($30.21)($40.89)

($50.00)

($40.00)

($30.00)

($20.00)

($10.00)

$0.00

$10.00

$20.00

Q3, 2019 Q4, 2019 Q1, 2020 Q2, 2020 Q3, 2020

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El Compas MineZacatecas

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El Compas – Steady State Operation

Y-o-Y production up 9%, throughput up 3%, gold grades and

recoveries up, silver grades and recoveries down

The current resource is sufficient to support mining until mid-

2021, however management is reviewing alternative

plans to ensure free cash flow in 2021

Production (Silver Equivalent Ounces)

Quarterly Production (Ag Eq oz) (1)

217,375196,573

130,476

194,420

236,895

0

50,000

100,000

150,000

200,000

250,000

Q4, 2019 Q1, 2020 Q2, 2020 Q3, 2020 Q4, 2020

1. Silver equivalents are converted using a 80:1 silver: gold ratio2. Due to mandated government shut downs related to global pandemic


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El Compas – Achieved Mine Plan

88% Au 8 oz Au12% Ag

89,374 Ag

2020 Production of 758,334 AgEq (1) oz

Q4, 2020 Q4, 2019 Change (%)

Tonnes Produced (tpd) 257 248 4%

Ag Grade (gpt) 50 65 23%

Au Grade (gpt) 4.41 4.33 2%

AgEq (1) Production (oz) 236,895 217,358 9%



Mining upper El Compas vein to access higher grades

Calicanto property has returned encouraging drill results

Delivered free cash flow - $0.2 million in Q3, $0.2 million YTD




Cash Costs, by Product Basis (2,3)

($25.37)$10.96 $22.08

($96.75)

$0.42

($120.00)

($100.00)

($80.00)

($60.00)

($40.00)

($20.00)

$0.00

$20.00

$40.00

Q3, 2019 Q4, 2019 Q1, 2020 Q2, 2020 Q3, 2020

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Terronera Project Jalisco

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Terronera – Large, Low Cost Mine Potential

1. silver equivalents are converted using a 88:1 gold: silver ratio , using the base case pricing assumption in the 2020 PFS

2. As at December 31, 2019. For full details refer to table in the appendix

Quick Facts

Annual Silver/Gold Production (oz) 3 million Ag / 33,000 Au

Annual AgEq (1) Production (oz) 5.9 million

2 Defined Ore Bodies Terronera and La Luz, 66m oz Ag Eq in Reserves (2)

and 14m oz AgEq in Resources, 12 year mine life

AgEq (1) Grade (gpt) & Vein Widths Approx. 400 – 1,000 gpt AgEq; 1-30 m thick

Next Core Asset

Almost doubles consolidated production

Significantly decreases consolidated costs

District Scale Opportunity

Endeavour controls +26 concessions, totalling 20,128 hectares

Covers the entire district of San Sebastian, +50 old mines on

+50 known veins, 50 km NE of Puerto Vallarta

Drilling underway on newly acquired concessions

Final PFS Delivered Robust Economics

Feasibility study underway to further de-risk project

$60 million ATM in place

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Mining Costs ,

$44.64

Processing

Costs , $19.27

G&A, $6.16

Royalty ,

$3.99

Positive Project Economics Based on Updated 2020 PFS (AFTER-TAX)

NPV

@5% (US$)

$137 M

IRR

30%

PAYBACK

(years)

2.7

Terronera - Robust Project Economics

Operating & Financial Metrics 2020 PFS (1)

LOM tonnes processed (thousands) 5,563

Life of Mine (Years) 10

Average silver grade (g/t) 201

Average gold grade (g/t) 2.29

Silver equivalent grade (g/t) Base Prices 405

Avg annual Ag ounces produced (millions) 3.0

Avg annual Au ounces produced (thousands) 33

Avg annual Ag Eq ounces produced (millions) 5.9

LOM Revenue ($, millions) 942.7

LOM EBITDA ($, millions) 476.4

LOM Free cash flow, after tax ($, millions) 217.4

Total Cost $83.82

Direct Costs per Tonne

Cash Costs(2) AISC (2)

$0 / Ag oz$2.10/ Ag oz

Projected Low Total Cash Costs & AISC (3)

1. See Appendix for full base case assumptions in the updated 2020 PFS. Silver and gold price assumptions were $15.97/ oz Ag and $1,419 / oz Au. Average Recoveries for silver and gold are 84.9% and 82.3% respectively. The implied silver equivalent ratio is 89:1

2. Cash costs per ounce and AISC per ounce are examples of Non-IFRS measures. See disclosure in quarterly MD&A for information on “Non-GAAP” measures found on the company website. Costs are presented in US $, net of by-product credits

3. Projected cash costs & AISC are based on Updated PFS filed in 2020.

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2020 PFS Base, Spot & Current Case Highlights

PFS BASE CASE

PFS SPOT CASE

CURRENT

Silver price $15.97/oz $18.49 $26.00/ oz

Gold price $1,419/oz $1,812 $1,950/ oz

Gold: silver ratio 89:1 98:1 75:1

NPV (5% after-tax) $137 million $229 million $350 million

IRR (after-tax) 30% 45.7% 64.50%

Payback Period 2.7 1.7 1.1

LOM cash cost, net of gold by-product credit

$0.00/ oz ($4.15)/oz ($5.44)/oz

LOM AISC, net of gold by-product credit

$2.10/ oz ($2.06)/oz ($3.35)/oz

Average annual after tax free cash flow once in production

$31 million $43 million $57 million

After tax cumulative undiscounted free cash flow

$217 million $342 million $506 million

• Base case prices for the PFS are calculated on a 2 year trailing average• Spot case scenario for the PFS is closing metal prices as of July 8, 2020 • Current price scenario for the PFS using a 75:1 gold: silver ratio and implied prices of $26.00/ oz silver and $1950/ oz gold as of early January 2021

3 million oz silver and 33,000 oz goldLOM Annual Production

10 year mine life with 5.9 million oz of Ag Eq at 405 gpt(89:1 ratio)

$100 million initial capital expenditure And $62.4 million LOM sustaining capital

$83.82 totalDirect production cost per tonne

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Production and Grade Profile

480492

381401

390 385 384378

362

345

250

300

350

400

450

500

550

--

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Silver Production (oz)

Gold Production (oz)

Ag Eq Grade

K o

z A

g E

q

• Silver equivalents are calculated at a 89:1 ratio, using base case prices of $15.97/oz Ag, $1409/ oz Au

Terronera Vein

La Luz Vein

Years 1-4: Average Ag Eq annual production of 6.5 million oz ; elevated grade profile (average Ag Eq grade of 440 gpt)

La Luz is almost entirely very high grade and will be mined early

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Expand Property Size - new concessions acquired covering 5,000

hectares, adjacent mineralized areas

Expand Resources & Reserves – additional drilling underway to

test other veins and expand resources

Expand Plant Capacity – evaluate potential to expand up to 2,000

tpd subject to expanding reserves

Optimize Mining Methods – with more geotechnical analysis,

additional longhole mining may be possible

Optimize Ore Transport – evaluate truck haulage and ventilation

requirements

Optimize Mining Equipment – evaluate electric equipment instead

of diesel

Optimize Recoveries – evaluate mass pull, concentrate grade, grind

size vs. flotation stages

Tailings Transport – evaluate belt conveyors vs. haul trucks

Power Capacity – re-evaluate power needs and rates once

alternatives are optimized

Upside Opportunities

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Complete EPCM process –contractor bidding and selection

Build project team

Extend Government permits – amend mine access ramp, construction camp

Secure project financing

Obtain board approval for development

Next Steps

Order long lead items – mine and plant procurement

Evaluate upside opportunities –exploration drilling underway

Complete feasibility study by mid 2021

23

Parral ProjectChihuahua

24

Parral – Potential Sixth Mine

Historic Silver District

Palmilla was highest grade silver mine in Mexico in 1800s,

provided silver to the Mexican mint

Veta Colorada mine produced 4 million oz Ag per year prior to

closing in 1990 due to low silver price

Historic IMMSA resource at Veta Colorada; small toll mill in the

district could facilitate early production in 2020

IMMSA’s Santa Barbara and Frisco’s San Francisco mines to SW,

Discovery’s Cordero project to NE, Kootenay’s Cigarra project to W

Potential Core Asset

Was 4 million Ag oz per year mine until 1990

Indicated Resource(1) 3.7 million oz Ag; Inferred Resource(1)

36.8 million oz Ag, 21,800 oz Au

District Scale Opportunity

Endeavour concessions total 3,450 hectares

Controls the Parral district, 4 old mines and multiple veins

Potential Resource Expansion

Drilling resumes in 2021 ($2 million budget)

1. As at December 31, 2019. For full details refer to table in the appendix.

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Chile Projects

26

Chile – World Class Exploration Targets

Cerro Marquez – Bulk Tonnage Porphyry Copper (Au-Mo)

Geologically similar to other large porphyry copper mines in Chile

Massive porphyry alteration zone in Miocene Volcanic Caldera

Drilled in Q4, 2019 – results geologically encouraging

Paloma – High Sulfidation Epithermal Gold (Ag)

Geologically similar to 4 million oz Solares Norte discovery

Massive acid-sulfate alteration zone in Miocene Volcanic Caldera

Initiated drilling in Q3, 2019 and planned drilling in 2021

Aida – Low Sulfidation Epithermal Silver (Pb-Zn)

Geologically similar to 2 billion oz Cerro Potosi mine

Massive epithermal alteration zone Miocene Volcanic rocks

Cerro Marquez

Paloma

Aida

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Exploring to extend

mine lives

Developing to

expand production

Advancing to development

High impact discovery potential

OPERATING MINES

Guanacevi – Mining new higher grade orebodies

Bolanitos – Developing new higher grade orebodies

El Compas – Drilling new high grade veins

DEVELOPMENT PROJECTS

CHILE ASSETS

Aida – Bulk tonnage low sulfidation epithermal silver

Cerro Marquez – Bulk tonnage porphyry copper

Paloma – Bulk tonnage high sulfidation epithermal gold

Terronera Jalisco

Awarded feasibility study to Wood Plc

Considering upside opportunities and debt financing

Restarted drilling to expand resources

Parral, Chihuahua

Restart drilling in 2021 to expand resources

Sector Leading Organic Growth Strategy

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Shareholder Information

Capital Structure

Issued/ Outstanding 157.4 million

Fully Diluted 165.7 million

Recent Price (Jan 20, 2021) US$4.69

Market cap (Jan 20, 2021) US$738 million

52-Week High/Low US$5.85/$1.00

60-Day Avg Daily Volume (shares) ~5.0 million

Key Data

Exchange Listings NYSE:EXK, TSX:EDR, FSE:EJD

Working Capital (Sep 30/20) US$53.8 million

Cash Position (Sep 30/20) US$44.9 million

Major Shareholder Van Eck (GDXJ) 6.0%

Strategic Shareholder Fresnillo 2%

Mining Analysts 10

~ presented as at September 30, 2020 unless noted otherwise

Sector Leading Beta to Silver(1)

Analysts Coverage

B Riley FBR Lucas Pipes

BMO Capital Markets Ryan Thompson

CIBC World Markets Cosmos Chiu

Global Alliance Jake Sekelsky

GMP Securities Ian Parkinson

Noble Capital Markets Mark Reichman

PI Financial Chris Thompson

Roth Capital Partners Joseph Reagor

H.C. Wainwright Heiko Ihle

TD Securities Craig Hutchison

1.201.30 1.24

1.37 1.311.39

1.56

Hecla Mining Fortuna Silver Pan American Coeur Mining Great Panther First Majestic Endeavour Silver

Expressed as a weekly frequency as compared to the GSCI Silver index

1. Source: 5 year beta as provided by Capital IQ software – as of January 5, 2021.

29

2021 Catalysts

Extend Mine Lives

Reduce Operating Costs

OptimizeTerronera

Make New Discoveries

29

Grow Through M&A

Improve productivity at each mine, focus on free cash flow

Continue exploration drilling, replace reserves and grow resources

Published final PFS with robust economics, initiated feasibility study

Drill world class Paloma high sulfidation gold –silver prospect in Chile

Acquire new mines that are accretive to NAV and cash flow with organic growth potential

30

Why Invest?

Mid-Tier Silver Producer

Three high-grade silver-gold mines in Mexico

Compelling Organic Growth

Building new mines to increase production and reduce costs

Experienced Management Team

Proven track record with exploration, development and

operational expertise

Strong Balance Sheet

$53.8 million working capital, no LTD debt

(as at 9/30/2020)

Pure Silver/ Gold Leverage

No base metals, no hedging & strong beta to silver price

Our mission is to create value for our shareholders

and become a premier silver producer in the silver

mining industry.

31

Appendix

Compelling Value Proposition

An attractive investment opportunity with an industry leading growth profile & silver leverage

32

ELECTRONICS

SILVERWARE

BATTERIES

SOLAR PANELS

BARS & COINS

WATER TREATMENT

MEDICAL

JEWELRY

Why Silver?

SILVER is playing an increasingly important role in industrial applications that contribute to a sustainable future:

100%

50%

0%

DENARIUS % SILVER

64-68 161-168 DidiusJulianus

193

Elagabalus219-222

Puplenus & Balbinus

238

Philip 244 Valerian255-60

Best natural conductor of electricity and heat: used in electronics, batteries, solar panels, alloys & coatings, LED & RFID chips, semi-conductors, photography, anti-bacterials, preservatives, medicines

Silver is a precious metal: like gold, silver is money and its role as a store of value and a hedge against monetary inflation is growing

Currency debasement is not new: governments throughout history have “printed” money; eg. falling silver % in the Roman Denarius coin

POPULAR APPLICATIONS: NON-COMMERCIAL USES:

SILVER SEMI-CONDUCTOR FILM

SILVER NANO PARTICLES

HIGH VALUE CHEMICALS

HYDROGREN FOR FUEL CELLS, ELECTRICITY

33

Ore Grades (g/t) Recovered Ounces Recoveries (%) Cost Analysis

Period

Plant throughput

(tonnes)Silver Gold Silver Gold Silver Gold

Cash costs ($/oz Ag)

AISC ($/oz Ag)

Direct costs($/tonne)

Q1 - 16 408,553 137 1.50 1,510,065 15,960 83.7 81.0 7.63 11.12 74.26

Q2 - 16 377,198 148 1.58 1,551,851 15,649 86.2 81.9 5.37 10.53 73.01

Q3 - 16 355,611 133 1.55 1,284,646 14,364 84.3 80.8 5.27 11.47 71.18

Q4 - 16 317,555 123 1.35 1,088.845 11,402 87.0 83.0 9.39 20.11 70.72

Total 2016 1,458,917 136 1.50 5,435,407 57,375 85.3 81.7 6.78 12.43 72.42

Q1 - 17 303,222 126 1.41 1,076,974 11,724 87.4 85.2 7.81 18.24 75.77

Q2 - 17 303,943 135 1.58 1,143,788 13,058 86.6 84.6 8.36 20.46 84.01

Q3 - 17 319,038 144 1.53 1,262,064 13,648 84.5 87 8.10 18.71 81.60

Q4 - 17 349,924 152 1.56 1,436,962 14,577 84.1 83.3 7.97 12.70 84.38

Total 2017 1,279,873 140 1.54 4,919,788 53,007 85.4 83.9 8.06 16.96 82.36

Q1 - 18 325,669 148 1.47 1,314,648 12,832 84.6 83.6 6.50 14.18 79.38

Q2 - 18 314,305 156 1.60 1,355,895 13,674 86.2 84.5 7.05 15.73 83.75

Q3 - 18 317,821 160 1.50 1,428,828 12,968 87.5 84.8 8.86 16.14 86.33

Q4 - 18 309,036 157 1.55 1,386,505 13,117 88.8 85.4 9.22 14.20 93.52

Total 2018 1,266,831 156 1.53 5,522,068 52,967 86.9 84.9 8.06 15.45 86.32

Q1 - 19 246,519 154 1.45 1,071,355 10,055 87.7 87.4 12.55 19.37 105.84

Q2 - 19 237,640 157 1.51 1,059,322 9,558 88.5 83.0 13.67 20.90 114.40

Q3 - 19 234,196 144 1.49 948,547 9,716 87.6 86.7 11.51 21.53 106.76

Q4 - 19 236,531 140 1.53 939,511 9,578 88.3 82.2 13.63 23.20 113.47

Total 2019 954,886 149 1.50 4,018,735 38,907 88.0 84.7 12.85 21.19 110.09

Q1 - 20 199,327 155 1.57 857,659 8,476 86.1 84.4 7.85 18.38 101.63

Q2 - 20 114,120 188 1.84 596,545 5,817 86.3 86.3 2.78 14.91 109.74

Q3 - 20 206,324 162 1.82 942,274 10,260 87.6 85.0 3.69 17.48 112.37

Q4 - 20 237,389 169 1.90 1,117,289 12,586 86.8 87.0 n/a n/a n/a

Total 2020 757,160 167 1.78 3,513,767 37,139 86.5 85.9 n/a n/a n/a

Consolidated Mine Operations Table

34

Guanaceví Mine Operations Table


Period

Plant throughput



AISC ($/oz Ag)


Q1 - 16 98,776 249 0.56 651,731 1,568 82.4 88.5 8.09 12.95 71.92

Q2 - 16 98,756 232 0.49 629,221 1,365 85.4 87.7 10.82 20.11 83.38

Q3 - 16 82,059 235 0.51 542,385 1,163 87.5 86.4 11.12 21.53 93.24

Q4 - 16 87,850 211 0.49 540,708 1,232 90.7 89.0 12.66 26.74 93.60

Total 2016 367,441 232 0.51 2,364,045 5,328 86.3 88.4 10.56 19.07 84.94

Q1 - 17 87,599 213 0.49 530,683 1,192 88.5 86.4 12.85 23.78 94.99

Q2 - 17 74,894 219 0.50 468,741 1,079 88.8 89.5 14.94 27.40 111.42

Q3 - 17 74,649 249 0.57 522,907 1,224 87.5 89.5 13.68 23.47 117.15

Q4 - 17 83,881 241 0.54 544,117 1,245 83.7 85.5 12.39 17.57 99.39

Total 2017 321,113 230 0.53 2,066,448 4,740 87.0 86.6 13.41 22.87 105.13

Q1 - 18 78,971 224 0.63 489,163 1,443 86.0 90.2 15.31 22.62 120.63

Q2 - 18 71,275 225 0.67 464,929 1,423 90.2 92.7 17.46 29.24 139.24

Q3 - 18 81,268 218 0.48 518,318 1,114 91.0 88.8 18.14 28.75 131.75

Q4 - 18 75,528 222 0.58 484,197 1,240 89.8 88.0 19.38 27.49 144.57

Total 2018 307,042 222 0.59 1,963,773 5,224 89.6 89.7 17.57 27.01 133.78

Q1 – 19 76,557 206 0.52 458,144 1,138 90.4 88.9 21.06 27.56 145.37

Q2 – 19 75,591 242 0.62 536,966 1,367 91.3 90.7 17.37 24.94 148.84

Q3 – 19 78,517 232 0.67 533,923 1,557 91.2 92.1 12.83 20.99 116.20

Q4 – 19 92,323 252 0.75 673,559 2,025 90.0 91.0 13.54 19.48 131.56

Total 2019 322,988 234 0.65 2,202,592 6,087 90.6 90.2 15.87 22.86 135.14

Q1 – 20 94,207 280 0.87 745,114 2,427 87.9 92.1 9.01 14.61 111.89

Q2 – 20 62,231 304 1.05 527,347 1,847 86.7 87.9 8.48 15.00 126.13

Q3 – 20 83,816 336 0.95 806,917 2,342 89.1 91.5 9.64 17.76 146.26

Q4 – 20 106,425 331 1.01 991,697 3,198 87.6 92.5 n/a n/a n/a

Total 2020 346,679 314 0.96 3,071,075 9,814 87.7 91.7 n/a n/a n/a

35


Period

Plant throughput



AISC ($/oz Ag)


Q1 - 16 137,128 94 2.33 334,569 8,449 80.7 82.2 (6.20) (3.55) 60.03

Q2 - 16 136,322 80 2.38 276,885 8,470 79.0 81.2 (7.08) (4.25) 63.94

Q3 - 16 132,686 76 2.30 255,350 7,875 78.7 80.3 (15.17) (11.16) 49.03

Q4 - 16 101,568 71 2.22 185,813 5,926 80.1 81.7 (4.87) 1.02 54.35

Total 2016 507,704 81 2.31 1,052,617 30,720 79.6 81.5 (8.37) (4.77) 57.07

Q1 - 17 94,351 66 2.40 168,723 6,218 84.3 85.4 (10.28) (3.82) 65.18

Q2 - 17 113,875 78 2.27 231,106 6,965 80.9 83.8 (4.78) 3.61 66.60

Q3 - 17 114,526 83 2.09 257,972 6,663 84.4 86.6 (0.52) 3.96 71.52

Q4 - 17 124,172 86 2.18 280,712 7,204 81.8 82.8 (2.73) 1.01 67.04

Total 2017 446,924 80 2.24 934,238 26,910 81.3 83.6 (4.00) 1.62 67.68

Q1 - 18 115,014 82 1.83 238,012 5,578 78.5 82.4 (2.77) 4.20 60.87

Q2 - 18 108,495 91 1.82 248,591 5,222 78.3 82.3 2.87 12.84 65.74

Q3 - 18 109,728 84 1.67 236,197 4,832 79.7 82.0 6.22 14.00 64.00

Q4 - 18 105,768 82 1.77 235,326 5,166 84.4 85.8 2.59 5.12 66.43

Total 2018 439,005 86 1.79 975,555 21,127 80.4 83.6 2.14 9.00 64.20

Q1 – 19 86,634 86 1.82 196,010 4,430 81.8 87.4 2.43 16.36 70.87

Q2 – 19 76,386 78 1.49 171,891 3,035 89.7 82.9 11.56 22.64 79.90

Q3 – 19 71,541 77 1.62 147,078 3,226 86.6 83.0 8.13 29.90 81.03

Q4 – 19 82,147 51 1.81 109,963 4,088 81.6 85.5 4.82 38.83 80.66

Total 2019 316,708 73 1.69 624,942 14,779 84.1 85.9 6.72 25.11 77.88

Q1 – 20 83,217 40 1.71 86,125 3,922 80.5 85.7 (7.32) 44.17 68.85

Q2 – 20 41,680 47 2.10 55,682 2,508 88.4 89.1 (30.20) 29.79 77.02

Q3 – 20 98,945 42 2.04 112,094 5,779 83.9 89.1 (40.89) 10.51 67.82

Q4 – 20 107,332 34 2.22 99,417 6,754 84.7 88.2 n/a n/a n/a

Total 2020 331,174 40 2.02 353,318 18,963 83.0 88.2 n/a n/a n/a

Bolañitos Mine Operations Table

36


Period

Plant throughput



AISC ($/oz Ag)


Q1 – 19 3,790 61 3.66 3,218 342 43.3 76.8 (5.59) 18.55 110.03

Q2 – 19 21,242 72 4.35 24,007 2,238 48.8 75.3 (1.52) 43.62 138.03

Q3 – 19 21,885 90 4.56 43,634 2,669 68.9 84.1 (25.37) 3.46 137.99

Q4 - 19 22,855 65 4.33 33,5181 2,298 70.2 72.2 10.90 47.68 160.01

Total 2019 69,772 75 4.37 104,377 7,577 62.0 77.3 (7.74) 27.49 143.70

Q1 – 20 21,903 58 4.02 26,420 2,127 64.7 75.1 22.10 45.98 182.81

Q2 – 20 10,209 60 5.55 13,516 1,462 68.6 80.3 (96.83) (48.25) 143.50

Q3 – 20 23,563 48 3.98 23,263 2,139 64.0 70.9 0.44 40.39 178.92

Q4 - 20 23,632 50 4.41 26,175 2,634 68.9 78.6 n/a n/a n/a

Total 2020 55,675 54 4.28 63,199 5,728 65.4 74.8 n/a n/a n/a

El Compas Mine Operations Table

37

Silver-Gold Reserves and Resources

Tonnes Ag g/t Au g/t Ag oz Au oz Ag Eq OzCompared

to 2018

Proven

Guanaceví 155,000 276 0.70 1,374,000 3,500 1,654,000 143%

Bolañitos 39,000 68 2.56 86,000 3,300 350,000 (78%)

El Compas 42,000 64 3.65 87,000 5,000 487,000 (2%)

Total Proven 236,000 203 1.54 1,547,000 11,800 2,491,000 (35%)

Probable

Guanaceví 560,000 240 0.66 4,326,000 11,800 5,270,000 (30%)

Bolañitos 327,000 43 2.44 455,000 25,700 2,511,000 111%

El Compas 53,000 82 4.96 141,000 8,500 821,000 100%

Terronera 5,587,000 208 2.33 37,440,000 419,000 70,960,000 -

Total Probable 6,527,000 202 2.22 42,362,000 465,000 79,562,000 (2%)

Total P+P 6,763,000 202 2.19 43,909,000 476,800 82,053,000 (4%)

Measured

Guanaceví 78,000 377 0.64 947,000 1,600 1,075,000 168%

Bolañitos 33,000 124 1.89 131,000 2,000 291,000 (77%)

El Cubo 19,000 224 1.89 140,000 1,200 236,000 (70%)

El Compas 2,000 123 6.27 9,000 500 49,000 43%

Total Measured 132,000 287 1.23 1,227,000 5,300 1,651,000 (33%)

Indicated

Guanaceví 1,062,000 331 0.85 11,305,000 29,100 13,633,000 22%

Bolañitos 502,000 160 1.95 2,588,000 31,400 5,100,000 (10%)

El Cubo 32,000 209 2.03 214,000 2,100 382,000 (83%)

El Compas 32,000 69 4.79 64,000 6,400 576,000 (49%)

Guadalupe y Calvo 1,861,000 119 2.38 7,120,000 142,400 18,512,000 -

Parral (new) 433,000 271 - 3,771,000 - 3,771,000 1,461%

Total Indicated 3,922,000 199 1.68 25,062,000 211,400 41,974,000 7%

Total M&I 4,054,000 202 1.68 26,289,000 216,700 43,625,000 5%

Inferred

Guanaceví 778,000 406 0.99 10,155,000 24,900 12,147,000 26%

Bolanitos 832,000 113 2.31 3,031,000 61,700 7,967,000 5%

El Cubo 463,000 163 1.89 2,419,000 28,200 4,675,000 (47%)

El Compas 81,000 90 6.77 232,000 17,500 1,632,000 (52%)

Terronera 1,080,000 208 2.26 7,239,000 79,000 13,559,000 -

Guadalupe y Calvo 154,000 94 2.14 465,000 10,600 1,313,000 -

Parral (new) 3,160,000 324 0.21 32,930,000 21,800 34,674,000 9%

Total Inferred 6,548,000 269 1.16 56,471,000 243,700 75,967,000 0%

Silver-Gold-Lead-Zinc Resources

Tonnes Ag g/t Au g/t Ag oz Au oz Pb% Zn% Ag Eq OzCompared to

2018

IndicatedGuanaceví 363,000 208 0.26 2,420,500 3,100 0.78 1.32 2,668,500 -

Parral (Cometa) 180,000 55 1.17 300,000 6,800 3.20 3.30 844,000 (87%)

Total Indicated 543,000 156 0.57 2,720,500 9,900 1.58 1.98 3,512,500 (61%)

InferredGuanaceví 488,000 132 0.16 2,076,000 2,500 1.36 2.54 2,276,000 -

Parral (Cometa) 880,000 74 1.45 2,100,000 41,000 3.27 3.24 5,380,000 (4%)

Total Inferred 1,368,000 95 0.99 4,176,000 43,500 2,59 2.99 7,656,000 (3%)

Reserves and Resources (Dec 31, 2019)

38

Reserves & Resources (Dec 31, 2019)Notes1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any or all part of the Mineral Resources will be converted into

Mineral Reserves.2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is

reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.3. The Mineral Resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves,

Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.4. Mineral Resources are exclusive of and in addition to Mineral Reserves.5. Guanacevi Mineral Resource and Mineral Reserve cut-off grades are based on a 182 g/t silver equivalent for Santa Cruz Sur of Guanacevi, 340 g/t silver equivalent for the El Curso

concession of Guanacevi and 218 g/t silver equivalent for Santa Cruz, North Porvenir and Milache of Guanaceví; Metallurgical recoveries were 83.3% silver and 84.5% gold for Guanaceví6. Bolañitos, Mineral Resource and Mineral Reserve cut-off grades are based on a 166 g/t silver equivalent for the Lucero ramp, 206 g/t for the La Luz ramp and 168 g/t for San Miguel of

Bolanitos. Metallurgical recoveries were 71.9% silver and 89.0% gold for Bolañitos7. El Cubo Mineral Resource cut-off grades are based on a 196 g/t silver equivalent for Area II (that comprises Dolores Mine) of El Cubo and 238 g/t silver equivalent for Areas I&IV (that

comprise Santa Cecilia and San Nicolas Mines) of El Cubo.8. El Compas Mineral Resource and Mineral Reserve cut-off grades are based on a 3.46 g/t gold equivalent. Metallurgical recoveries were 70.0% silver and 82.5% gold for El Compas9. Mineral Resource cut-off grades for Terronera was 150 g/t silver equivalent and the Mineral Reserve cut-off grades for Terronera and La Luz Deposits were 165 g/t and 222 g/t silver

equivalent respectively. Metallurgical recoveries were 84.6% silver and 80.4% gold for Terronera10. Mineral Resource cut-off grades are based on a 150 g/t silver equivalent for Guadalupe y Calvo11. Mineral Resource cut-off grades at Parral vary: 130 g/t silver equivalent for most veins, 200 g/t silver for Sierra Plata, and US$55/t NSR for Cometa.12. Mining recoveries of 93% were applied for Guanaceví, Bolañitos and El Compas and 95% for Terronera for Mineral Reserve Estimate calculations. Minimum mining widths were 0.8 metres

for Mineral Reserve Estimate calculations.13. Dilution factors for Mineral Reserve Estimate calculations averaged 35% for Guanaceví, 33.66% for Bolañitos and 36.2% for El Compas and 11% for Terronera. Dilution factors are calculated

based on internal stope dilution calculations and external dilution factors of 24% for cut and fill mining and 40% for long hole mining at Guanaceví and Bolañitos14. Silver equivalent grades and ounces are based on a 80:1 silver:gold ratio and calculated including only silver and gold.15. Probable Mineral Reserves for Terronera includes the Terronera and La Luz Deposits.16. Inferred Mineral Resources for Terronera includes the Terronera, La Luz and Real Alto Area.17. Indicated and Inferred Mineral Resources for "Parral (new)" includes the Colorada, Palmilla, San Patricio, and Sierra Plata areas.18. The La Colorada structure (Parral) does not contain gold on an economic scale.19. Price assumptions for Guanaceví, Bolañitos, El Compas and El Cubo are US$16.34/oz for silver, US$1,279/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc.20. Price assumptions for Terronera are US$17.50/oz for silver, US$1,275/oz for gold.21. Price assumptions for Parral are US$15/oz for silver, US$1,275/oz for gold.22. Figures in tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.23. Effective November 31, 2019, Endeavour Silver announced suspension of operations at the El Cubo Mine, while Management evaluates other alternatives including final closure. 2018

Reserve subtotals and totals include El Cubo for comparative purposes.24. See AIF for potential risks that can materially affect the development of the mineral resources or exploitation of reserves.

Godfrey Walton, M.Sc., P.Geo., President and COO of Endeavour, is the Qualified Person who reviewed and approved this technical information contained in these Mineral Reserve and Resource Estimates. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor th e integrity of all assay results. All samples are split at the local field office and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish.

The Mineral Reserve Estimate for Terronera in the technical report titled “Updated Technical Report for the Terronera Project, Jalisco State, Mexico” effective February 12, 2019 and signed April 30, 2019 were undertaken by Independent Qualified Persons Eugene Puritch, P.Eng., FEC, CET, Yungang Wu, P.Geo., David Burga, P.Geo., D. Gregory Robinson, P.Eng., Peter J Smith P. Eng, Eugenio Iasillo P.E., Humberto Preciado P.E., and Benjamin Peacock, P. Eng.

The Parral Mineral Resources disclosed have been estimated by Mr. Jose Texidor Carlsson, P.Geo., an employee of Roscoe Postle Associates (RPA) and independent of Endeavour. By virtue of his education and relevant experience, Mr. Texidor Carlsson is a “Qualified Person” for the purpose of National Instrument 43 -101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014). Mr. Texidor Carlsson, P.Geo. has read and approved the contents as it pertains to the disclosed Parral Mineral Resource estimates.

Terronera Assumptions for 2020 PFS

2020

Silver Price 15.97

Gold Price 1,419

Silver:Gold Ratio 89

Operating Statistics

LOM Tonnes Processed LOM (thousands) 5,563

Life of Mine (Years) 10.0

Average silver grade (g/t) 201

Average gold grade (g/t) 2.29

Silver equivalent grade (g/t) 405

Average silver recovery 84.9%

Average gold recovery 82.3%

LOM payable Ag ounces produced (millions) 29.8

LOM payable Au ounces produced (thousands) 328

LOM payable Ag Eq ounces produced (millions) 59.0

Avg annual payable Ag ounces produced (millions) 3.0

Avg annual payable Au ounces produced (thousands) 33

Avg annual payable Ag Eq ounces produced (millions) 5.9

Capital Expenditure Statistics

Initial Capital Expenditure (millions) 99.1

Process Capacity (tonnes per day) 1,600

LOM Sustaining Capital 62.4

Total LOM Project Capital 161.5

Financial Cost Metrics

LOM Revenue (millions) 942.7

LOM EBITDA (millions) 476.4

After Tax LOM Free Cash Flow (millions) 217.4

After Tax Project Net Present Value (millions)

137.1

After Tax Internal Rate of Return 30.0%

Pay Back Period (years) 2.7

Cash costs by Product (per silver ounce) 0.00

All in sustaining (per silver ounce) 2.10

Cash costs by Silver Equivalent (per silver ounce)

7.90

All in sustaining Silver equivalents (per silver ounce)

8.96

LOM COS (millions) 466.3

Total Direct Production Costs (per Tonne) 83.82

40

Management Team

Dan Dickson, CA, CFO

Luis Castro, Ing., Geo.

VP Exploration

Bradford Cooke, M.Sc., P.Geo.

CEO

Donald Gray, M.Sc., P.Geo.

President and COO

Dale Mah,

B.Sc., P.Geo.VP Corporate Development

Galina Meleger, CIM, CSRPDirector, IR

Christine West,

CPA, CGAVP Controller

Lorena Aguilar,BS, Director, HR

Ernesto Lima,

Ing., MBADirector, Project

Development

Nicholas Shakesby, BBA

VP Operations

41

Board of Directors

Bradford Cooke, M.Sc., P.Geo.

Margaret Beck, B.Sc.

Mario Szotlender, B.IR

Ricardo Campoy, B.Sc.

Comp. Committee Chair

Geoff Handley, B.Sc.Chair; Corp. Gov. &

Nom. Committee Chair

Rex McLennan, B.Sc., MBA, ICD.D

Audit Committee Chair

Ken Pickering, P. Eng.

HSES Committee Chair

42

Van Eck Associates

Renaissance Technologies

Fresnillo

Merian Global Investors

Mirae Asset Global Investments

Credit Suisse Securities

Black Rock

Konwave AG

Stabilitas

Dimensional Fund Advisors

RBC Global Asset Management

Millennium Management

Sprott Asset Management

Sprott Inc

Global X Management

Connor Clark & Lunn

NinePoint Partners

Morgan Stanley

AMG Fondsverwaltung

UBS Financial Services

ETF Managers

Institutional Investors, Analyst Coverage

Ryan Thompson, BMO

Cosmos Chiu, CIBC

Jake Sekelsky, Alliance Global Partners

Ian Parkinson, GMP Securities

Mark Reichman, Noble Capital Markets

Heiko Ihle, H.C. Wainwright

Craig Hutchison, TD

Chris Thompson, PI Financial

Joseph Reagor, Roth Capital Partners

Lucas Pipes, B. Riley FBR

43

44

▸ 2012 – Endeavour started GRI 4.0 reporting of its sustainability activities.

▸ Every year, we go to our stakeholders for feedback on a full range of interests, and every two years, we conduct a materiality review to rank what is most important both internally and externally to adjust our goals and programs.

▸ Our reporting is based on the five pillars listed below, with Governance as the foundation.

2018 Annual Review & Sustainability Report

2019 marks the 8th consecutive year that we’ve reported on our sustainability initiatives

We receive annual awards for the way we do business

45

▸ Because mining is a high risk industry, employee health and safety is our #1 priority, governed by extensive safety policies and practices.

▸ Every employee goes through rigorous safety induction, daily safety procedures, regular refresher courses, job site audits and each mine has award-winning first aid and mine rescue teams.

▸ We provide regular health programs for employees including annual medical checkups, disease and occupational health tests, drug and alcohol tests, lifestyle and fitness counselling.

▸ In the communities, we work with state governments to provide medical, dental, and optical services, and lifestyle and addiction counselling.

Health & Safety

2019 Highlights

70% of all training activities involved safety education, highlighting its importance Guanacevi received the “Casco de Plata” safety award last year, the highest safety recognition provided by the Mining Chamber in Mexico, for their performance in 2018

46

▸ Education and training are important to improving the quality of life in the local communities.

▸ Endeavour sponsors university scholarships in Mexico and Canada, high school scholarships in Mexico, and online courses to complete high school diplomas, technical and self-employment courses.

▸ We run mining skills training programs to teach young people, women and the unemployed career skills like operating dump trucks, scoop trams, jumbo drills followed by job offers.

Our People

2019 Highlights

Provided an average of 47 hours of training for each employeeCompleted the suspension of operations at El Cubo smoothly, and transferred 40% of the professional employees to other job opportunities within the Company

47

▸ We support our local communities in many ways to improve the quality of life, resolve issues and build sustainable capacity.

▸ Endeavour donates our time, funds, food and gifts for cultural and religious celebrations; we sponsor sports teams, kids camps and field trips, and an annual 10 km race to promote fitness; we help upgrade local buildings, schools, churches and roads.

▸ We also train locals and provide equipment for cottage businesses such as pastry making, confections, jewelry, tourist gifts, clothing and mops.

▸ Our goal is to complete at least one legacy project at each community, from fresh water supply, to proper sewage disposal, to new community buildings, to tourist mine.

Community

2019 Highlights

Supported 118 Mexican students with scholarships to further their education Sponsored several events to engage with over 1,000 locals in the communities near TerroneraFully funded a multi-use recreational facility for the El Cubocommunity

48

▸ Protection of our natural environment is paramount for Endeavour.

▸ We monitor dumps, tailings, water and energy consumption and emissions, waste recycling and disposal & biodiversity.

▸ In particular, tailings management has been a hot topic recently but from day one we have made major investments to upgrade our tailings facilities to North American standards – dry stack at Guanaceví, a unique drainage system at Bolañitos, and new facilities at El Cubo.

▸ We typically plant tens of thousands of trees and cacti each year, reclaiming areas disturbed by Endeavour but also historic areas.

Environment

2019 Highlights

Planted 51,000 trees in reforestation projects to reclaim disturbed groundRecycled over 93% of water used

49

▸ Investments are essential to generate economic impact and profits are essential to fulfil community and sustainability objectives.

▸ Our most obvious positive economic impacts have been from investing in:

▸ acquisition of properties, mines and plants ▸ exploration to discover new orebodies in historic mining districts▸ development to open new mines and refurbish and expand old

mines, plants and facilities▸ operations to create over 2,000 employee and contractor jobs▸ direct economic impact on 8,100 people (3:1 ratio)▸ indirect economic impact on another 8,100 people such as

suppliers and services; 99% in Mexico

Economic Value

2019 Highlights

99% of our workforce is Mexican, spent $42 million in employee wages and benefits. Spent $164 million on goods and services, 97% of total procurement is from within Mexico. Paid $5 million in various taxes

Documents

Profitable Production, Compelling · 1/1/2021 · EXPLORATION MEXICO CHILE Mexico City Lourdes Guadalupe y Calvo (2) LEON OFFICE SANTIAGO OFFICE M E X I C O GUANACEVI MINE EL COMPAS