Endeavor Silver Shows Strong Production in Q1 2022

VANCOUVER, British Columbia, April 11, 2022 (GLOBE NEWSWIRE) — Endeavor Silver Corp. (“Endeavour” or the “Company”) (NYSE:EXK; TSX:EDR) is pleased to report production of 1,314,955 ounces of silver (oz) and 8,695 ounces of gold in the first quarter of 2022, for the silver equivalent1 (“AgEq”) production of 2.0 million ounces.

“The year is off to a good start,” said Dan Dickson, President and CEO. “Operationally, Guanacevi continues to exceed production expectations and Bolañitos remains stable. Strategically, we took an important step in January by signing a definitive agreement to acquire the Pitarrilla project, one of the largest undeveloped silver deposits in the world. The addition of Pitarrilla, which is expected to close in the second quarter, significantly enhances our already attractive portfolio of growth projects, which also includes Terronera and Parral. »

First Quarter 2022 Highlights

  • Guanacevi continued to outperform: Silver and gold production exceeded plan due to higher grades.
  • Bolañitos’ performance remained stable: Strong silver production, higher silver grades and increased throughput were offset by the impact of lower than expected gold production and lower gold grades.
  • Metal sales and inventories: Sold 1,717,768 oz of silver and 8,381 oz of gold during the quarter. Held 608,788 oz of silver and 1,911 oz of gold in bullion and 59,594 oz of silver and 1,931 oz of gold in concentrate at the end of the quarter.
  • Advance the Terronera project: Work continued on final detailed engineering, early earthworks, critical contracts and procurement of long lead items. The Company intends to take a formal construction decision subject to the completion of a financial package and receipt of further amended permits in the coming months.
  • Announcement of the definitive agreement for the acquisition of the Pitarrilla project: Endeavor acquires Pitarrilla, one of the world’s largest undeveloped silver deposits, from SSR Mining Inc. in a transaction expected to close in the second quarter of 2022. Pitarrilla is located in the state of Durango , Mexico, which has a long mining history and is known as a mining-friendly jurisdiction with several operating mines, including our Guanacevi mine.
  • US$46.0 million bought deal financing: On March 22, 2022, Endeavor completed a prospectus offering for the issuance of 9,293,150 common shares at a price of US$4.95 per common share for gross proceeds of US$46.0 million, including the exercise an over-allotment option. The Company expects to use the net proceeds to pay the cash consideration of US$35 million payable to SSR Mining Inc. upon completion of the Company’s acquisition of the Pitarrilla Project and for general purposes and the Company turnover.

Mining Q1 2022

Consolidated silver production increased by 25% to 1,314,955 ounces in Q1 2022 compared to Q1 2021, mainly due to a 23% increase in silver production at the Guanacevi mine and a 70% increase in silver production at the Bolañitos mine offset by zero production at El Compas, serviced and maintained by the Company last August.

Gold production fell 22% to 8,695 ounces as a 27% increase in gold production at the Guanacevi mine was offset by a 16% drop in gold production at the Bolañitos mine and zero production at El Compas.

Guanacevi’s throughput in Q1 2022 was 14% higher than Q1 2021 and silver and gold grades were 10% and 13% higher, respectively. Throughput from Guanacevi was on plan and mining the new, higher grade El Curso ore body has significantly improved grades and mine flexibility. In addition, local third-party ore supplies continued to supplement mine production, representing 11% of quarterly throughput and contributing to higher ore grades.

Bolañitos throughput in Q1 2022 was 7% higher than Q1 2021 with 61% higher silver grades and 20% lower gold grades. Silver production increased by 70% while gold production decreased by 16% at the Bolañitos mine.

Production Highlights for the Three Months Ended March 31, 2022

First Quarter 2022 Highlights Quarter ended March 31
2022 2021 % Switch
Throughput (tons) 206 147 209,453 (2%)
Silver ounces produced 1,314,955 1,048,100 25%
Ounces of gold produced 8,695 11 109 (22%)
Payable ounces produced 1,303,540 1,036,710 26%
Payable ounces produced 8,549 10,894 (22%)
Silver equivalent ounces produced1 2,010,555 1,936,820 4%
Silver ounces sold 1,717,768 623,379 176%
Ounces of gold sold 8,381 10,663 (21%)

First quarter 2022 production by mine

Production Tons Tons Grade Grade Recovery Recovery Money Gold
by mine Product per day Agricultural Gpt* August* Ag% At % ounces ounces
Guanacevi 101 253 1,125 407 1.19 85.6% 89.8% 1,133,850 3,477
Bolanitos 104,894 1,165 61 1.73 88.0% 89.4% 181 105 5,218
Consolidated 206 147 2,291 231 1.46 85.9% 89.6% 1,314,955 8,695

*gpt = grams per tonne

First Quarter 2022 Financial Results and Conference Call

The Company’s first quarter 2022 financial results will be released before markets open on Wednesday, May 11, 2022 and a conference call will be held the same day at 10:00 a.m. PT / 1:00 p.m. ET. To participate in the conference call, please dial the numbers below.

Date and hour : Wednesday, May 11, 2022 at 10:00 a.m. PT / 1:00 p.m. ET
Phone: Toll free in Canada and the United States +1-800-319-4610
Local or international +1-604-638-5340
Please allow up to 10 minutes to be connected to the conference call.
Replay: A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in Canada and the United States (toll-free) or +1-604-638-9010 outside of Canada and the United States. The replay password is 8312#. The replay will also be available on the Company’s website at www.edrsilver.com.

About Endeavor Silver – Endeavor Silver Corp. is a mid-tier precious metals mining company that operates two underground high-grade silver and gold mines in Mexico. Endeavor is currently advancing the Terronera mining project towards a development decision, pending final financing and permits and is exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal of becoming a leading senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavor Silver Corp.

Contact information
Trish Moran
Acting Head of Investor Relations
Tel: (416) 564-4290
Email: [email protected]
Website: www.edrsilver.com

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Caution Regarding Forward-Looking Statements

This press 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 laws. Such forward-looking statements and information included herein include, but are not limited to, statements regarding Endeavor’s expected performance in 2022, including changes in mining operations and production levels, timing and results of various activities and the impact of the COVID 19 pandemic on operations. The Company does not intend and undertakes no obligation to update such forward-looking statements or information except 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 Endeavor and its operations are materially different from those expressed or implied by such statements. . These factors include, but are not limited to, the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and cost guidelines, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metal prices, operational or technical difficulties in mineral exploration, development and mining activities; risks and hazards of exploration, development and mining; the speculative nature of mineral exploration and development, risks associated with obtaining necessary licenses and permits and challenges to the Company’s title; as well as the factors described in the “Risk Factors” section contained in the Company’s most recent 40F/Annual Information Form filed with the SEC and the Canadian securities regulators.

Forward-looking statements are based on assumptions that management believes are reasonable, including, but not limited to: the continuation of the Company’s mining operations, no material adverse changes in the market price of commodities, mining operations will operate and mining products will be achieved in accordance with management’s expectations and achieve the reported production results, as well as the other assumptions and factors set forth herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements or information, there may be other factors that cause results to differ materially from those anticipated, described, estimated, evaluated or expected. 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 any forward-looking statements or information.

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1 Silver equivalent calculated using a silver:gold ratio of 80:1.

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