EDR.TO · 2025-11-07 12:00:00

Endeavour Silver Announces Q3 2025 Financial Results; Earnings Call at 10AM PDT (1PM EDT) Today

Financials

Endeavour Silver Announces Q3 2025 Financial Results; Earnings Call at 10AM

PDT (1PM EDT) Today

VANCOUVER, British Columbia, Nov. 07, 2025 -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:

EXK; TSX: EDR) announces its financial and operating results for the three and nine months ended September 30, 2025. All

dollar amounts are in US dollars ($).

“Endeavour Silver delivered a strong third quarter, highlighted by a significant increase in production and robust revenue

growth,” commented Dan Dickson, Chief Executive Officer. “With silver equivalent production up 88% year-over-year and

operating cash flow more than doubling, we continue to demonstrate the strength of our mining operations and our team’s

commitment to operational excellence. With the recent achievement of commercial production at Terronera in October, we are

excited about the Company’s future growth and the combined performance of our four operating mines in the coming quarters.”

Q3 2025 Highlights

• Increased Production Output and Capacity: 1,766,926 ounces (“oz”) silver and 7,285 oz gold for 3.0 million oz of

silver equivalent (“AgEq”)(1). Production was 88% higher than the same period in 2024 and excludes Terronera.

• Higher oz Sold with Higher Realized Prices : $94.5 million from the sale of 1,762,484 oz of silver and 7,478 oz of

gold at average realized prices of $38.58 per oz silver and $3,550 per oz gold. Revenue from operations is 77% higher

than in the same period in 2024.

• Strong Mine Operating Cash Flow : $39.7 million in operating cash flow before working capital changes (2), 102%

higher than the same period in 2024.

• Operating Costs Impacted by Higher Realized Prices: Cash costs (2) of $18.09 per oz payable silver and all-in

sustaining costs (2) of $30.53 per oz, net of by-product credits were 59% and 18% higher, respectively, than the same

period in 2024, partially driven by the impact of higher royalties, higher profit participation and higher cost of third-party

mineralized material.

• Strong Cash Position: $57.0 million in cash as of September 30, 2025.

• Higher Adjusted EBITDA: Adjusted EBITDA of $28.2 million compared to $13.9 million in the same quarter in 2024

due higher metal prices, the new contribution from Kolpa and the negative impact of the Trunnion failure in Q3 2024.

• Terronera Declares Commercial Production: During the third quarter, the plant experienced only eight days of

downtime, while consistently exceeding an average of 90% of the designed nameplate capacity of 2,000 tonnes per

day, and metal recoveries of at least 90% projected, therefore commercial production was announced effective October

1, 2025. (See news release dated October 16, 2025 here).

Financial Overview

Three Months Ended

September 30 Q3 2025 Highlights Nine months Ended September

2025 2024 %

Change 2025 2024 %

Change

Production

1,766,926 874,717 102% Silver ounces produced 4,456,455 3,647,295 22%

7,285 9,290 (22%) Gold ounces produced 23,379 29,972 (22%)

5,664 - - Lead tonnes produced 9,167 - -

3,666 - - Zinc tonnes produced 5,982 - -

3,037,156 1,617,925 88% Silver equivalent ounces produced(1) 7,438,645 6,045,055 23%

18.09 11.35 59% Cash costs per silver ounce(2) 16.58 12.83 29%

28.95 18.65 55% Total production costs per ounce(2) 26.43 19.41 36%

30.53 25.82 18% All-in sustaining costs per ounce (2) 27.19 23.10 18%

400,245 175,065 129% Processed tonnes 913,580 615,848 48%

144.88 138.54 5% Direct operating costs per tonne(2) 145.91 137.90 6%

192.78 189.85 2% Direct costs per tonne (2) 198.92 187.95 6%

Financial

111.4 53.4 109% Revenue from operations ($ millions) 260.2 175.4 48%

1,762,484 1,017,392 73% Silver ounces sold 4,441,848 3,991,055 11%

7,478 9,412 (21%) Gold ounces sold 23,722 30,179 (21%)

38.58 29.63 30% Realized silver price per ounce 35.07 26.71 31%

3,550 2,528 40% Realized gold price per ounce 3,308 2,328 42%

31.5 - - Pre-operating production revenue ($ millions) 34.8 - -

722,130 - - Pre-operating production silver equivalent ounces sold(1) 807,841 - -

(42.0) (17.3) (143%) Net earnings (loss) ($ millions) (95.3) (32.5) (193%)

(2.1) 1.6 (231%) Adjusted net earnings (loss) ($ millions) (2) (11.5) 0.9 (1,384%)

15.6 12.5 25% Mine operating earnings ($ millions) 36.2 34.3 5%

39.7 19.6 102% Mine operating cash flow before taxes ($ millions)(2) 84.6 59.1 43%

13.6 4.5 205% Operating cash flow before working capital changes(2) 36.3 21.5 69%

(12.6) (5.6) (126%) EBITDA ($ millions)(2) (29.3) 5.7 (617%)

28.2 13.9 103% Adjusted EBITDA ($ millions)(2) 54.1 42.0 29%

(56.1) 29.4 (291%) Working capital ($ millions) (2) (56.1) 29.4 (291%)

Shareholders

(0.14) (0.07) (100%) Earnings (loss) per share – basic ($) (0.34) (0.14) (143%)

(0.01) 0.01 (200%) Adjusted earnings (loss) per share – basic ($)(2) (0.04) 0.00 (100%)

0.05 0.02 150% Operating cash flow before working capital changes per

share(2) 0.13 0.09 44%

291,373,472 246,000,878 18% Weighted average shares outstanding 279,183,612238,827,655 17%

(1) Silver equivalent (AgEq) is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu)

ratio.

(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are

provided at the end of this press release and in the MD&A accompanying the Company’s financial statements, which can be

viewed on the Company’s website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

Direct operating costs per tonne in Q3 2025 increased to $144.88, slightly higher than $138.54 in Q3 2024. This increase was

caused by the addition of Kolpa which incurs relatively higher direct operating costs per tonne, and higher direct operating

costs per tonne at Bolañitos as a result of lower throughput.

Consolidated cash costs per silver ounce, net of by-product credits, were $18.09 in Q3 2025, a 59% increase compared to

$11.35 in Q3 2024. The increase was primarily driven by a shift in the ratio of silver to gold production at Bolañitos and

Guanaceví, with lower grades of gold leading to lower by-product credits and therefore higher cash costs net of by-product

credits. The impact of higher realized prices is also observed as higher royalty costs, higher profit participation costs, and

higher costs of purchased third-party material negatively impacted the underlying cash costs. Furthermore, the volume of third-

party material purchased was 87% higher in the current period compared to the same period in 2024, which negatively impacts

the underlying cash costs, but drives a higher quantity of ounces being produced.

All-In Sustaining Costs (AISC) per silver ounce in Q3 2025 were $30.53, 18% higher than $25.82 in Q3 2024. This increase

was driven by a higher AISC at Bolañitos, caused by higher cash costs net of by-product credits, as well as higher corporate

general and administrative costs which are allocated to the operations based on their share of silver equivalent ounces

produced. The higher corporate general and administrative costs in Q3 2025 were caused by the $2.7 million revaluation of the

Deferred Share Units (“DSUs”) due to the higher share price that increases the liability value of cash-settled DSUs held by the

Company’s independent directors.

In Q3 2025, the Company’s mine operating earnings were $15.6 million (Q3 2024 – $12.5 million) from revenue of $142.8

million (Q3 2024 – $53.4 million) and cost of sales of $127.2 million (Q3 2024 – $41.0 million). The improvement in mine

operating earnings is due to higher operating earnings at Bolañitos and Guanaceví driven by higher realized metal prices, as

well as the additional contribution of $3.9 million in operating earnings from Kolpa. These earnings are offset by Terronera’s

operating loss of $3.6 million during the commissioning period. The increase in cost of sales compared to the prior period was

driven by an additional $35.1 million from Kolpa, and $35.1 million from Terronera.

In Q3 2025, the Company had operating earnings of $1.8 million (Q3 2024 – earnings of $3.8 million) after exploration,

evaluation and development costs of $7.3 million (Q3 2024 – $4.7 million), and general and administrative expenses of $6.5

million (Q3 2024 – $4.0 million). Exploration expenses increased as work began post-acquisition at Kolpa in Q2 2025, which

was not incurred in the comparative period. As noted above, the increase in general and administrative expenses is primarily

due to a $2.7 million revaluation of DSUs, which was $2.1 million higher than Q3 2024.

The loss before taxes for Q3 2025 was $37.5 million (Q3 2024 – loss of $13.3 million) after a loss on derivative contracts of

$39.0 million (Q3 2024 – $19.4 million), partially offset by a foreign exchange gain of $0.6 million (Q3 2024 – loss of $3.1

million), investment and other income of $0.2 million (Q3 2024 – income of $5.9 million), and finance costs of $1.0 million (Q3

2024 – $0.5 million). The outstanding derivative contracts for gold, silver, and the Mexican peso were revalued at the end of the

period and the higher precious metal prices drove a larger derivative liability fair value, thereby generating a $39.0 million

derivative loss for the period.

The Company realized a net loss for the period of $42.0 million (Q3 2024 – net loss of $17.3 million) after an income tax

expense of $4.5 million (Q3 2024 – $4.0 million). The deferred tax recovery was $6.2 million (Q3 2024 – $0.5 million), derived

from changes in temporary timing differences between accounting and tax recognition.

Adjusted net loss was $2.1 million compared to adjusted net earnings of $1.6 million in Q3 2024, largely due to the largely due

to the $5.7 million comparative difference in investment and other category partially offset by the higher mine profitability.

This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for

the period ended September 30, 2025, and associated Management’s Discussion and Analysis (“MD&A”) which are available

on the Company’s website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

Conference Call

Management will host a conference call to discuss the Company’s Q3 2025 financial results today at 10:00am Pacific (PST)/

1:00pm Eastern (EST).

Date: Friday, November 7, 2025

Time: 10:00am Pacific (PST) / 1:00pm Eastern (EST)

Telephone: Canada & US +1-833-752-3348

International +1-647-846-2804

Replay: Canada/US Toll Free +1-855-669-9658

International +1-412-317-0088

Access code is 8825809

To access the replay using an international dial-in number, please click here.

The replay will also be available on the Company’s website at www.edrsilver.com.

About Endeavour Silver – Endeavour is a mid-tier silver producer with four operating mines in Mexico and Peru and a robust

pipeline of exploration projects across Mexico, Chile, and the United States. With a proven track record of discovery,

development, and responsible mining, Endeavour is driving organic growth and creating lasting value on its path to becoming a

leading senior silver producer.

Contact Information

Allison Pettit, Vice President, Investor Relations

Tel: (877) 685 - 9775

Email: [email protected]

Website: www.edrsilver.com

Endnotes

1 Silver equivalent (AgEq)

AgEq is calculated using an 80:1 Ag:Au ratio, 60:1 (Ag:Pb) ratio, 85:1 (Ag:Zn) ratio and 300:1 (Ag:Cu) ratio.

2 Non-IFRS and Other Financial Measures and Ratios

Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per

silver ounce, total production costs per ounce, all-in costs per ounce, AISC per ounce, direct operating costs per tonne, direct

costs per tonne, silver co-product cash costs, gold co-product cash costs, realized silver price per ounce, realized gold price

per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working

capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share,

earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA per share, sustaining and growth

capital and adjusted net earnings (loss).

Please see the September 30, 2025 MD&A for explanations and discussion of these non-IFRS and other non-financial

measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios

prepared in accordance with International Financial Reporting Standards (“IFRS”), provide management and investors an

improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and

ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures

or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning

prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-

IFRS measures have been incorporated by reference and can be found in the section “Non-IFRS Measures” in the September

30, 2025 MD&A available on SEDAR+ at www.sedarplus.com.

Reconciliation of Working Capital

Expressed in thousands of US dollars As at September 30, 2025 As at December 31, 2024

Current assets $207,931 $157,647

Current liabilities 263,989 78,866

Working capital surplus (deficit) ($56,058) $78,781

Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share

Expressed in thousands US dollars Three Months Ended

September 30

Nine Months Ended

September 30

2025 2024 2025 2024

Net earnings (loss) for the period per financial

statements ($41,956) ($17,300) ($95,318) ($32,501)

Unrealized foreign exchange (Gain) loss (1,325) 1,445 (3,852) 3,777

Gain (loss) on derivatives, copper stream and

contingent liabilities revaluations 38,939 17,109 80,958 26,362

Acquisition costs - - 3,602 -

Change in fair value of investments (501) (109) (822) 1,177

Change in fair value of cash settled DSUs 2,742 454 3,962 2,078

Adjusted net earnings (loss) ($2,101) $1,599 ($11,470) $893

Basic weighted average share outstanding 291,373,472 246,000,878 279,183,612 238,827,655

Adjusted net earnings (loss) per share ($0.01) $0.01 ($0.04) $0.00

Reconciliation of Mine Operating Cash Flow Before Taxes

Expressed in thousands US dollars Three Months Ended

September 30

Nine months ended September

2025 2024 2025 2024

Mine operating earnings per financial statements $15,609 $12,483 $36,195 $34,335

Share-based compensation 132 73 302 226

Depreciation 23,915 7,032 48,131 24,548

Mine operating cash flow before taxes $39,656 $19,588 $84,628 $59,109

Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital

Changes Per Share

Expressed in thousands US dollars Three Months Ended

September 30

Nine Months Ended

September 30

(except for per share amounts) 2025 2024 2025 2024

Cash from (used in) operating activities per financial

statements $27,052 $8,467 $51,978 $23,963

Net changes in non-cash working capital per financial

statements 13,443 4,012 15,649 2,480

Operating cash flow before working capital changes $13,609 $4,455 $36,329 $21,483

Basic weighted average shares outstanding 291,373,472 246,000,878 279,183,612 238,827,655

Operating cash flow before working capital changes

per share $0.05 $0.02 $0.13 $0.09

Reconciliation of EBITDA and Adjusted EBITDA

Expressed in thousands US dollars Three Months Ended

September 30

Nine Months Ended

September 30

2025 2024 2025 2024

Net earnings (loss) for the period per financial

statements ($41,956) ($17,300) ($95,318) ($32,501)

Depreciation – cost of sales 23,915 7,032 48,131 24,548

Depreciation – exploration, evaluation and development 133 221 387 568

Depreciation – general & administration 98 99 305 304

Finance costs 684 357 1,714 595

Current income tax expense 10,663 4,523 25,036 13,068

Deferred income tax expense (recovery) (6,166) (512) (9,579) (908)

EBITDA ($12,629) ($5,580) ($29,324) $5,674

Share based compensation 942 564 3,139 2,896

Unrealized foreign exchange (gain) loss (1,325) 1,445 (3,852) 3,777

Gain (loss) on derivatives, copper stream and

contingent liabilities revaluations 38,939 17,109 80,958 26,362

Change in fair value of investments (501) (109) (822) 1,177

Change in fair value of cash settled DSUs 2,742 454 3,962 2,078

Adjusted EBITDA $28,168 $13,883 $54,061 $41,964

Basic weighted average shares outstanding 291,373,472 246,000,878 279,183,612 238,827,655

Adjusted EBITDA per share $0.10 $0.06 $0.19 $0.18

Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct

Costs Per Tonne

Expressed in thousands of US dollars Three Months Ended

September 30, 2025

Guanaceví Bolañitos Kolpa Total

Direct production costs per financial statements $26,250 $11,681 $26,816 $64,747

Purchase of the third-party material (7,346) - (984) (8,330)

Smelting and refining costs included in revenue - 431 1,924 2,355

Opening finished goods (5,939) (935) (574) (7,448)

Closing finished goods 5,523 541 600 6,664

Direct operating costs 18,488 11,718 27,782 57,988

Purchase of the third-party material 7,346 - 984 8,330

Royalties 7,562 212 630 8,404

Special mining duty (1) 1,356 521 559 2,436

Direct costs 34,752 12,451 29,955 77,158

By-products sales (11,302) (14,667) (20,618) (46,587)

Opening by-products inventory fair market value 2,302 1,310 526 4,138

Closing by-products inventory fair market value (2,288) (666) (548) (3,502)

Cash costs net of by-products 23,464 (1,572) 9,315 31,207

Depreciation 8,264 2,948 7,612 18,824

Share-based compensation 48 35 49 132

Opening finished goods depreciation (1,843) (214) (125) (2,182)

Closing finished goods depreciation 1,707 132 131 1,970

Total production costs $31,640 $1,329 $16,982 $49,951

Expressed in thousands of US dollars Three Months Ended

September 30, 2024

Guanaceví Bolañitos Kolpa Total

Direct production costs per financial statements $18,968 $9,737 $ - $28,705

Purchase of the third-party material (2,796) - - (2,796)

Smelting and refining costs included in revenue - 496 - 496

Opening finished goods (4,038) (557) - (4,595)

Closing finished goods 1,725 718 - 2,443

Direct operating costs 13,859 10,394 - 24,253

Purchase of the third-party material 2,796 - - 2,796

Royalties 5,060 91 - 5,151

Special mining duty (1) 463 573 - 1,036

Direct costs 22,178 11,058 - 33,236

By-products sales (8,289) (15,505) - (23,794)

Opening by-products inventory fair market value 2,187 751 - 2,938

Closing by-products inventory fair market value (1,059) (1,478) - (2,537)

Cash costs net of by-products 15,017 (5,174) - 9,843

Depreciation 4,656 2,376 - 7,032

Share-based compensation 59 14 - 73

Opening finished goods depreciation (1,326) (144) - (1,470)

Closing finished goods depreciation 515 184 - 699

Total production costs $18,921 ($2,744) $ - $16,177

Expressed in thousands of US dollars Three Months Ended

September 30, 2025

Guanaceví Bolañitos Kolpa Total

Throughput tonnes 99,340 105,153 195,752 400,245

Payable silver ounces 1,021,248 137,052 567,017 1,725,317

Cash costs per silver ounce $22.98 ($11.47) $16.43 $18.09

Total production costs per ounce $30.98 $9.70 $29.95 $28.95

Direct operating costs per tonne $186.11 $111.44 $141.92 $144.88

Direct costs per tonne $349.83 $118.41 $153.03 $192.78

Expressed in thousands of US dollars Three Months Ended

September 30, 2024

Guanaceví Bolañitos Kolpa Total

Throughput tonnes 67,094 107,971 - 175,065

Payable silver ounces 766,599 100,694 - 867,293

Cash costs per silver ounce $ 19.59 ($ 51.38) - $ 11.35

Total production costs per ounce $ 24.68 ($ 27.25) - $ 18.65

Direct operating costs per tonne $ 206.56 $ 96.27 - $ 138.54

Direct costs per tonne $ 330.55 $ 102.42 - $ 189.85

Expressed in thousands of US dollars Nine Months Ended

September 30, 2025

Guanaceví Bolañitos Kolpa Total

Direct production costs per financial statements $ 74,752 $ 33,004 $ 43,117 $ 150,873

Purchase of the third-party material (20,313) - (1,606) (21,919)

Smelting and refining costs included in revenue - 1,212 3,012 4,224

Opening finished goods (5,448) (485) (610) (6,543)

Closing finished goods 5,523 541 600 6,664

Direct operating costs 54,514 34,272 44,513 133,299

Purchase of the third-party material 20,313 - 1,606 21,919

Royalties 19,825 553 630 21,008

Special mining duty (1) 3,419 1,375 707 5,501

Direct costs 98,071 36,200 47,456 181,727

By-products sales (35,728) (40,621) (33,893) (110,242)

Opening by-products inventory fair market value 3,185 772 544 4,501

Closing by-products inventory fair market value (2,288) (666) (548) (3,502)

Cash costs net of by-products 63,240 (4,315) 13,559 72,484

Depreciation 21,148 8,332 12,769 42,249

Share-based compensation 134 95 73 302

Opening finished goods depreciation (1,188) (92) (134) (1,414)

Closing finished goods depreciation 1,707 132 131 1,970

Total production costs $ 85,041 $ 4,152 $ 26,398 $ 115,591

Expressed in thousands of US dollars Nine Months Ended

September 30, 2024

Guanaceví Bolañitos Kolpa Total

Direct production costs per financial statements $ 68,855 $ 30,258 $ - $ 99,113

Purchase of the third-party material (10,231) - (10,231)

Smelting and refining costs included in revenue - 1,436 - 1,436

Opening finished goods (7,137) (699) - (7,836)

Closing finished goods 1,725 718 - 2,443

Direct operating costs 53,212 31,713 - 84,925

Purchase of the third-party material 10,231 - - 10,231

Royalties 16,948 259 - 17,207

Special mining duty (1) 2,113 1,270 - 3,383

Direct costs 82,504 33,242 - 115,746

By-products sales (27,642) (42,622) - (70,264)

Opening by-products inventory fair market value 2,909 619 - 3,528

Closing by-products inventory fair market value (1,059) (1,478) - (2,537)

Cash costs net of by-products 56,712 (10,239) - 46,473

Depreciation 16,436 8,112 - 24,548

Share-based compensation 181 45 - 226

Opening finished goods depreciation (1,459) (197) - (1,656)

Closing finished goods depreciation 515 184 - 699

Total production costs $ 72,385 ($ 2,095) $ - $ 70,290

Expressed in thousands of US dollars Nine Months Ended

September 30, 2025

Guanaceví Bolañitos Kolpa Total

Throughput tonnes 298,612 300,320 314,648 913,580

Payable silver ounces 3,028,411 418,312 926,364 4,373,087

Cash costs per silver ounce $ 20.88 ($ 10.32) $ 14.64 $ 16.58

Total production costs per ounce $ 28.08 $ 9.93 $ 28.50 $ 26.43

Direct operating costs per tonne $ 182.56 $ 114.12 $ 141.47 $ 145.91

Direct costs per tonne $ 328.42 $ 120.54 $ 150.82 $ 198.92

Expressed in thousands of US dollars Nine Months Ended

September 30, 2024

Guanaceví Bolañitos Kolpa Total

Throughput tonnes 294,995 320,853 - 615,848

Payable silver ounces 3,290,499 330,563 - 3,621,062

Cash costs per silver ounce $ 17.24 ($ 30.97) - $ 12.83

Total production costs per ounce $ 22.00 ($ 6.34) - $ 19.41

Direct operating costs per tonne $ 180.38 $ 98.84 - $ 137.90

Direct costs per tonne $ 279.68 $ 103.61 - $ 187.95

(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.

Reconciliation of All-In Costs Per Ounce and AISC per ounce

Expressed in thousands of US dollars Three Months Ended

September 30, 2025

Guanaceví Bolañitos Kolpa Total

Cash costs net of by-products $ 23,464 ($ 1,572) $ 9,315 $ 31,207

Operations share-based compensation 48 35 49 132

Corporate general and administrative 2,584 954 2,245 5,784

Acquisition costs - - - -

Corporate share-based compensation 218 79 358 655

Reclamation - amortization/accretion 165 93 55 313

Mine site expensed exploration 286 269 1,540 2,095

Equipment loan payments - - 104 104

Capital expenditures sustaining 4,989 3,873 3,521 12,383

All-In-Sustaining Costs $ 31,754 $ 3,731 $ 17,187 $ 52,673

Acquisition costs -

Growth exploration, evaluation and development 4,876

Growth capital expenditures 22,266

All-In-Costs $ 79,815

Expressed in thousands of US dollars Three Months Ended

September 30, 2024

Guanaceví Bolañitos Kolpa Total

Cash costs net of by-products $ 15,017 ($ 5,174) $ - $ 9,843

Operations share-based compensation 59 14 - 73

Corporate general and administrative 2,034 1,154 - 3,188

Corporate share-based compensation 428 267 - 695

Reclamation - amortization/accretion 85 68 - 153

Mine site expensed exploration 313 321 - 634

Equipment loan payments - 19 - 19

Capital expenditures sustaining 5,696 2,092 - 7,788

All-In-Sustaining Costs $ 23,632 ($ 1,239) $ - $ 22,393

Growth exploration, evaluation and development 4,056

Growth capital expenditures 41,008

All-In-Costs $ 67,457

Expressed in thousands of US dollars Three Months Ended

September 30, 2025

Guanaceví Bolañitos Kolpa Total

Throughput tonnes 99,340 105,153 195,752 400,245

Payable silver ounces 1,021,248 137,052 567,017 1,725,317

Silver equivalent production (ounces) 1,279,860 471,158 1,286,139 3,037,156

All-in-Sustaining cost per ounce $ 31.09 $ 27.22 $ 30.31 $ 30.53

Expressed in thousands of US dollars Three Months Ended

September 30, 2024

Guanaceví Bolañitos Kolpa Total

Throughput tonnes 67,094 107,971 - 175,065

Payable silver ounces 766,599 100,694 - 867,293

Silver equivalent production (ounces) 995,146 622,779 - 1,617,925

All-in-Sustaining cost per ounce $ 30.83 ($ 12.31) - $ 25.82

Expressed in thousands of US dollars Nine months ended

September 30, 2025

Guanaceví Bolañitos Kolpa Total

Cash costs net of by-products $ 63,240 ($ 4,315) $ 13,559 $ 72,484

Operations share-based compensation 134 95 73 302

Corporate general and administrative 6,334 2,357 7,000 15,692

Acquisition costs - - (3,602) (3,602)

Corporate share-based compensation 1,268 472 681 2,421

Reclamation - amortization/accretion 472 268 96 836

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