In 2025, silver manufacturing is anticipated to vary from 4.5 to five.2 million ounces (oz) and gold manufacturing is anticipated to be between 30,500 oz and 34,000 oz, bringing whole silver equal manufacturing to between 7.0 and seven.9 million oz 1 .
Consolidated money prices 2 and all-in sustaining prices 2 (AISC) for Guanaceví and Bolañitos in 2025 are estimated to be $16.00-$17.00 per oz silver and $25.00-26.00 per oz silver, respectively, internet of gold by-product credit. Consolidated money prices excluding Terronera on a per ounce foundation are anticipated to be larger in 2025 in comparison with 2024, primarily on account of decrease silver manufacturing from these mines as they enter their closing years of manufacturing, and a decrease estimated gold worth. AISC are anticipated to be barely larger in 2025 than realized in 2024 as larger ranges of sustaining capital can be required with prices being borne by decrease silver manufacturing.
“As we look forward to 2025, our strategic focus stays firmly on advancing the commissioning of our Terronera mission and integrating it into our manufacturing profile,” commented Dan Dickson, Chief Government Officer. “It will deliver us one step nearer to realizing our objective of changing into a senior silver producer. Moreover, we’re lucky to be in a robust place with not solely Terronera nearing manufacturing but additionally with Pitarrilla providing vital potential for natural development, offering additional alternatives to drive worth to our shareholders as we proceed to increase our portfolio.”
2025 Manufacturing Steering Abstract (3)
| Guanaceví | Bolañitos | Consolidated | ||
| Tonnes per day | Tpd | 1,000 – 1,100 | 1,100 – 1,200 | 2,100 – 2,300 |
| Silver manufacturing | M oz | 3.9 – 4.4 | 0.6 – 0.8 | 4.5 – 5.2 |
| Gold manufacturing | ok oz | 11.0 – 13.5 | 19.5 – 20.5 | 30.5 – 34.0 |
| Silver Eq manufacturing 1 | M oz | 4.8 – 5.5 | 2.2 – 2.4 | 7.0 – 7.9 |
Working Mines
At Guanaceví, 2025 plant throughput is estimated to vary from 1,000 tonnes per day (tpd) to 1,100 tpd and common 1,060 tpd with materials mined primarily from the Porvenir Cuatro extension on the El Curso concessions. The El Curso concessions have been leased from a 3rd celebration with no upfront prices, however with vital royalty funds on manufacturing. Mine grades in 2025 are anticipated to be barely decrease and recoveries are anticipated to be just like 2024. Money prices per ounce, AISC per ounce and direct prices 2 on a per tonne foundation are anticipated to be barely larger in 2025 in comparison with 2024 because of the decrease steel manufacturing and decrease gold by-product credit from the decrease gold worth estimate.
In 2025, plant throughput at Bolañitos is anticipated to vary from 1,100 tpd to 1,200 tpd and common 1,170 tpd sourcing materials from the Plateros-La Luz, Lucero-Karina and Bolañitos-San Miguel vein programs. Mine grades are anticipated to be larger for silver and decrease for gold and recoveries are anticipated to be just like 2024. Money prices per oz, AISC and direct prices 2 on a per tonne foundation are anticipated to be larger in 2025 in comparison with 2024 on account of decrease gold by-product credit pushed by the decrease gold worth estimate.
Consolidated Working Prices (Excluding Terronera)
| Guanaceví & Bolañitos | |||
| Money prices, internet of gold by-product credit 2 | $/oz | $16.00 – $17.00 | |
| AISC, internet of gold by-product credit 2 | $/oz | $25.00 – $26.00 | |
| Sustaining capital 2 price range | $M | $33.6 | |
| Exploration & Company capital price range | $M | $2.6 | |
2025 money prices, internet of gold by-product credit, are estimated to be $16.00-$17.00 per oz of silver produced.
AISC, internet of gold by-product credit are estimated to be $25.00-$26.00 per oz of silver produced.
Direct working prices 2 per tonne are estimated to be $130-$140. Direct prices 2 , which embody royalties and particular mining duties, and take account of the influence of the upper Mexico mining taxes enacted at first of 2025, are estimated to be within the vary of $175-$185 per tonne.
Administration made the next assumptions in calculating its 2025 price forecasts: $27.50 per oz silver worth, $2,200 per oz gold worth, 18:1 Mexican peso per US greenback alternate price, and a 4% Mexican annual inflation price.
2025 Deliberate Capital Expenditures (3)
| Sustaining Mine Growth |
Sustaining Different Capital |
Whole Sustaining Capital | Development Capital | Whole Capital |
|
| Guanaceví | $12.7 million | $6.6 million | $19.3 million | – | $19.3 million |
| Bolañitos | $9.7 million | $4.6 million | $14.3 million | – | $14.3 million |
| Pitarrilla | $9.1 million | $9.1 million | |||
| Exploration | $2.4 million | $2.4 million | |||
| Company | $0.2 million | $0.2 million | |||
| Whole | $22.4 million | $11.2 million | $33.6 million | $11.7 million | $45.3 million |
Sustaining Capital Investments
In 2025, Endeavour plans to take a position $33.6 million in sustaining capital at its two working mines. At assumed steel costs, the sustaining capital investments are anticipated to be paid out of working money stream.
At Guanaceví, $19.3 million can be invested in capital initiatives, the most important of which is 5.3 kilometres of mine improvement at El Curso and Milache for an estimated $12.7 million. An extra $2.8 million can be invested in mine infrastructure and tools. An extra $1.8 million can be invested within the plant and tailings storage facility, together with additional work on the tailings facility enlargement. A remaining $2.0 million can be spent on varied floor infrastructure or tools.
At Bolañitos, $14.3 million can be invested in capital initiatives, together with $9.7 million for six.7 kilometres of mine improvement to entry sources within the Plateros-La Luz, Lucero-Karina, and Bolañitos-San Miguel areas. The extra $4.6 million will go to improve the mining fleet, plant enhancements and to help website infrastructure.
The Firm additionally plans to spend $2.6 million to take care of exploration concessions, purchase cellular exploration tools and canopy company infrastructure.
Pitarrilla
Endeavour has introduced its intention to advance the Pitarrilla mission. Plans for work on the mission in 2025 are estimated to price a complete of $25.7 million composed of $16.6 million for feasibility examine, improvement and exploration work, and $9.1 million of capital spending. The capital spending consists of $6.0 million of buildings, proper of approach prices, and floor infrastructure; $2.2 million of mine infrastructure together with a air flow system; and $0.9 million of cellular tools. The Firm plans to finish 14,000 m of drilling and 600 m of ramp improvement at Pitarrilla in 2025 because it focuses on this mission and advances in direction of development.
2025 Deliberate Exploration (3)
| Mission | Exercise | Drill Metres | Expenditures |
| Guanaceví | Drilling | 6,000 | $1.0 million |
| Bolañitos | Drilling | 8,000 | $1.4 million |
| Terronera | Drilling | 4,000 | $1.0 million |
| Chile | Drilling | 2,500 | $1.6 million |
| Parral | Financial Research | – | $0.8 million |
| Baxter | Concentrating on | – | $0.5 million |
| Different | Analysis | – | $0.2 million |
| Whole | 20,500 | $6.5 million |
Technical Disclosure
The scientific and technical info contained on this information launch has been reviewed and accepted by Don Grey, SME-RM, Chief Working Officer, a Certified Individual as outlined below NI 43-101.
About Endeavour Silver – Endeavour is a mid-tier valuable metals firm with a robust dedication to sustainable and accountable mining practices. With operations in Mexico and the event of the brand new cornerstone mine in Jalisco state, the corporate goals to contribute positively to the mining trade and the communities during which it operates. As well as, Endeavour has a portfolio of exploration initiatives in Mexico, Chile and the USA to facilitate its objective to develop into a premier senior silver producer.
Contact Info:
Allison Pettit
Director, Investor Relations
E-mail: apettit@edrsilver.com
Web site: www.edrsilver.com
Endnotes
1 Silver equal is calculated utilizing an 80:1 silver:gold ratio.
2 Non-IFRS Monetary Measures
The Firm has included sure efficiency measures that aren’t outlined below Worldwide Monetary Reporting Requirements (IFRS). The Firm believes that these measures, along with typical measures ready in accordance with IFRS, present buyers an improved capability to judge the underlying efficiency of the Firm. The non-IFRS measures are meant to offer further info and shouldn’t be thought of in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS as an indicator of efficiency. These measures don’t have any standardized which means prescribed below IFRS, and subsequently is probably not akin to different issuers with related descriptions.
Money prices and money prices per ounce
Money prices per ounce is a non-IFRS measure. Within the silver mining trade, this metric is a standard efficiency measure that doesn’t have a standardized which means below IFRS. Money prices embody direct prices (together with smelting, refining, transportation and promoting prices), royalties and particular mining responsibility and modifications in completed items stock internet of gold credit. Money prices per ounce relies on ounces of silver produced and is calculated by dividing money prices by the variety of ounces of silver produced.
Direct working prices and direct prices
Direct working prices per tonne embody mining, processing (together with smelting, refining, transportation and promoting prices) and direct overhead on the operation websites. Direct prices per tonne embody all direct working prices, royalties and particular mining responsibility.
All-in sustaining prices (AISC) and AISC per ounce
This measure is meant to help readers in evaluating the full price of manufacturing silver from operations. Whereas there isn’t any standardized which means throughout the trade for AISC measures, the Firm’s definition conforms to the definition of AISC as set out by the World Gold Council and used as an ordinary of the Silver Institute. The Firm defines AISC because the money prices (as outlined above), plus reclamation price accretion, mine website expensed exploration, company basic and administration prices and sustaining capital expenditures. AISC per ounce relies on ounces of silver produced and is calculated by dividing AISC by the variety of ounces of silver produced.
Sustaining capital
Sustaining capital is outlined because the capital required to take care of operations at present ranges. This measurement is utilized by administration to evaluate the effectiveness of an funding program.
For additional info on reconciliations of Non-GAAP measures, check with the Non-IFRS Measures part of the Firm’s Administration’s Dialogue & Evaluation for the three and 9 months ending September 30, 2024, starting on web page 25.
(3) Totals could not add on account of rounding
Cautionary Word Relating to Ahead-Wanting Statements
This information launch comprises “forward-looking statements” throughout the which means of the USA personal securities litigation reform act of 1995 and “forward-looking info” throughout the which means of relevant Canadian securities laws. Such forward-looking statements and data herein embody however will not be restricted to statements concerning Endeavour’s anticipated efficiency in 2025; modifications in mining operations; forecasts of Endeavour’s manufacturing ranges, money prices, AISC, direct prices, capital expenditures, mine grades, recoveries and sustaining capital investments; Endeavour’s future manufacturing and value steerage bulletins; exploration plans, the enlargement of Endeavour’s portfolio and the timing and outcomes of varied actions. The Firm doesn’t intend to and doesn’t assume any obligation to replace such forward-looking statements or info, aside from as required by relevant legislation.
Ahead-looking statements or info contain identified and unknown dangers, uncertainties and different elements that will trigger the precise outcomes, stage of exercise, manufacturing ranges, efficiency or achievements of Endeavour and its operations to be materially totally different from these expressed or implied by such statements. Such elements embody however will not be restricted modifications in manufacturing and prices steerage; the continuing results of inflation and provide chain points on mine economics; nationwide and native governments, laws, taxation, controls, laws and political or financial developments in Canada and Mexico; monetary dangers on account of valuable metals costs; working or technical difficulties in mineral exploration, improvement and mining actions; dangers and hazards of mineral exploration, improvement and mining; the speculative nature of mineral exploration and improvement; dangers in acquiring mandatory licenses and permits; fluctuations within the costs of silver and gold, fluctuations within the forex markets (notably the Mexican peso, Chilean peso, Canadian greenback and U.S. greenback); and challenges to the Firm’s title to properties; in addition to these elements described within the part “threat elements” contained within the Firm’s most up-to-date type 40F/Annual Info Type filed with the S.E.C. and Canadian securities regulatory authorities.
Ahead-looking statements are based mostly on assumptions administration believes to be affordable, together with however not restricted to: the continued operation of the Firm’s mining operations, no materials adversarial change out there worth of commodities, forecast mine economics as of 2025, mining operations will operate and the mining merchandise can be accomplished in accordance with administration’s expectations and obtain their said manufacturing outcomes, and such different assumptions and elements as set out herein. Though the Firm has tried to establish essential elements that might trigger precise outcomes to vary materially from these contained in forward-looking statements or info, there could also be different elements that trigger outcomes to be materially totally different from these anticipated, described, estimated, assessed or meant. There may be no assurance that any forward-looking statements or info will show to be correct as precise outcomes, and future occasions might differ materially from these anticipated in such statements or info. Accordingly, readers shouldn’t place undue reliance on forward-looking statements or info.
