Endeavour Silver |

Terronera Completion Video m

With our Terronera mine achieving commercial production, Endeavour Silver advances its goal of becoming a premier silver producer.

Terronera Website m Construction Journey m

Acquired by Endeavour Silver in 2010, Terronera commenced commercial production on October 1, 2025, and is now positioned as the company’s flagship underground silver‑gold operation in Mexico.

The Terronera Mine is located in the mountainous region of San Sebastián, a historic mining district in Jalisco State, approximately 160 km west of Guadalajara and 50 km northeast of Puerto Vallarta. The mine encompasses a land package of 24 mineral concessions totalling 17,971 hectares.

Developed with mechanized underground ramp access and a centralized 2,000‑tonnes‑per‑day flotation plant, the mine has an expected 10‑year mine life, with silver and gold recovered from low‑sulfidation epithermal veins.

Terronera is delivering benefits to the local area while reinforcing Endeavour Silver’s commitment to sustainable and responsible economic development, as well as its contribution to Mexico’s silver production.

In 2026, plant throughput at Terronera is expected to range from 1,950 to 2,050 tonnes per day (tpd), averaging approximately 2,000 tpd, with material sourced from the Terronera vein. Cash costs per ounce1, AISC per ounce1, and direct costs1 on a per-tonne basis are anticipated to be below the consolidated costs, driven by higher metal production and the efficiency of the newer, more sophisticated mine and processing plant. During H1 2026, mining activities will continue to strategically focus on lower-grade areas of the deposit, including mining lower grade stockwork. This approach aligns with the planned production ramp-up and the mine’s transition through various zones. Looking ahead, operations are scheduled to shift into higher-grade areas by H2 2026, which is expected to significantly improve grade averages. The team also remains committed to optimizing and refining plant processes to stabilize throughput and enhance metal recoveries.

Terronera achieved commercial production on October 1, 2025, therefore three months of results are included in the 2025 data below.

Operating Data	2025
Silver produced (oz)	352,002
Gold produced (oz)	8,148
Silver equivalent metal (oz) 80:1 ratio	1,003,822
Ore processed (t)	154,180
Silver/gold grade (g/t)	86/2.27
Cash operating costs ($/oz sold) ¹	-
All-in sustaining costs ($/oz sold) ¹	-

¹These are examples of Non-IFRS Financial Measures. Please refer to the Non-IFRS Measures section of the Company’s Management’s Discussion & Analysis for further information and definitions of these terms.

Responsible Mining

Mexico is one of the world’s premier mining jurisdictions, with a long history of successful mining. The Terronera mine, an original discovery that has grown in size and scale over the last decade, is now in commercial production. This milestone brings significant employment and business opportunities to the local area, as well as improved infrastructure, while Endeavour Silver remains committed to supporting sustainable economic activity in the region.

Located in the San Sebastian mining district of Jalisco state, Mexico, Terronera sits within the Sierra Madre volcanic belt, which hosts most of Mexico’s gold and silver deposits. It is a low-sulphidation epithermal vein system mined using a combination of long-hole and cut-and-fill techniques. The underground mine consists of two deposits, Terronera and La Luz, which feed a centralized 2,000-tonne-per-day processing plant. Based on the Feasibility Study, Terronera is expected to produce 4 million ounces of silver and 38,000 ounces of gold annually over its 10-year mine life.