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Endeavour Silver reports 2Q21 production

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Global Mining Review,

Endeavour Silver Corp. has reported its production of 1 073 724 silver oz and 11 166 oz gold in 2Q21, for silver equivalent (AgEq) production of 2 million oz at an 80:1 silver:gold ratio. Production continues to outpace the 2021 production guidance of 6.1 – 7.1 million AgEq oz, totalling 3.9 million AgEq oz for the 6 months ended 30 June 2021.

Quarterly production increased significantly compared to 2Q20, when mining operations were temporarily suspended as mandated by the Mexican government to halt the spread of the COVID-19 pandemic from April 2020 to late May 2020.

2Q21 Highlights

  • Consolidated production ahead of plan: Silver equivalent production at each mine is on track to meet or exceed 2021 production plans.
  • Guanacevi production ahead of plan: Higher throughput and higher grades resulted in production exceeding plan during the quarter and ahead of the annual plan.
  • Bolanitos production on plan: Processed tonnes were ahead of plan, offset by slightly lower ore grades than planned during the quarter.
  • El Compas production on plan: Processed tonnes were ahead of plan, offset by slightly lower ore grades than planned during the quarter.
  • Metal sales and inventories: Sold 1 120 266 oz silver and 9810 oz gold, held 459 659 oz silver and 1891 oz gold of bullion inventory and 12 159 oz silver and 944 oz gold in concentrate inventory. Management withheld metal from sale during the price correction over last 2 weeks of June and plans to sell the withheld metal inventory in anticipation of a precious metal prices rebound in 2021.
  • Sold the El Cubo Assets: Completed the sale of the El Cubo mine in Guanajuato, Mexico to Guanajuato Silver (formerly named VanGold Mining Corp) for US$15 million in cash and share payments, with up to US$3 million in contingent payments.
  • Seamless management succession plan: Bradford Cooke stepped down as CEO and assumed the role of Executive Chair of the company following the AGM on 12 May 2021. Dan Dickson assumed the role of CEO and Christine West was promoted to CFO.
  • Delivered positive brownfields exploration results at Guanacevi and Bolanitos: Drilling continued to intersect high-grade silver-gold mineralization in the Santa Cruz vein at Guanacevi, and in the Medallito and Belen veins at Bolanitos.
  • Delivered positive regional exploration result at the Terronera development project: Intercepted high-grade silver-gold mineralisation in a number of structures near the Terronera vein. The project management team continues to advance the feasibility study, which is expected to be completed during 3Q21.

Dan Dickson, Endeavour CEO, commented: “I am excited to lead the Endeavour team into the company’s next chapter. I want to commend our management and employees who have professionally navigated the global pandemic with care and understanding for our fellow workers, business partners and communities. As an organisation, our goal is to be a leader in our communities while delivering safe, sustainable production.”

“In 2Q21, Endeavour delivered positive results in operations and exploration and is pushing to advance the Terronera project to a development decision with the completion of the Terronera feasibility study in 3Q21.”

Mine Operations

Consolidated silver and gold production in 2Q21 were both higher than 2Q20 due to the suspension of the Guanacevi, Bolanitos and El Compas mines as a result of the COVID-19 pandemic in 2Q20. 2Q21 production slightly exceeded plan as higher throughput at each operation contributed to the higher production.

Guanacevi throughput exceeded plan and was the highest quarterly throughput since 2014 as operations continued to outperform. Mining the new higher grade El Curse orebodies has led to significantly improved grades and mine plan flexibility. Additionally, supplies of local third-party ores continued to supplement mine production, amounting to 10% of quarterly throughput, and contributed to the higher ore grades.

Bolanitos and El Compas processed tonnes, were all higher compared to plan, partly offset by slightly lower grades due to normal variations in the ore body. It is expected that grades will align with planned grades over the course of the year. As previously disclosed by the company (see news release dated 7 January 2021), the existing reserve at El Compas is limited and sufficient to continue mining until mid-2021. Management is currently assessing alternatives, including temporary closure.

COVID-19 pandemic remains relevant in Mexico, and at the company’s business locations, process and protocols remain in place to ensure staff and workers as well as our communities remain as safe as possible. Vaccination programmes are advancing in Mexico to allow a return of a new normal in 2H21.

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