CERTIFICATE OF QUALIFIED PERSON

William Bagnell, P.Eng.

Wood Canada Limited

111 Dunsmuir St, Suite 400

Vancouver, British Columbia, Canada V6B 5W3

I, William Bagnell, P.Eng., am employed as a Manager, Consulting and Technical Director of Underground Mining with Wood Canada Limited.

This certificate applies to the technical report entitled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico - Amended" with an effective date of September 9, 2021 (the "Technical Report").

I am a Professional Licensee Engineering with Association of Professional Engineers and Geoscientists Saskatchewan.  I graduated from the Technical University of Nova Scotia with a bachelor's degree in engineering (Mining) in 1996.

I have practiced my profession for 26 years.  I have been directly involved in Underground mining operations, Mining design, construction and commissioning of underground mines for base and precious metals.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) for those sections of the Technical Report that I am responsible for preparing.

I have not conducted a personal inspection of the Terronera property.

I am responsible for Sections 1.1, 1.2, 1.8, 1.11, 1.12, 1.17.1, 1.17.2, 1.18, 1.19, 1.20, 1.21; Section 2; Section 3; Section 15; Section 16.1, 16.5,16.6,16.7,16.8,16.9,16.9.1,16.9.2; Section 12.1; Sections 21.1, 21.2.1-21.2.4, 21.2.10, 21.2.11, 21.2.12, 21.3, 21.4.1, 21.4.2, 21.4.4; Sections 25.5, 25.6; Sections 26.3, 26.4; and Section 27 of the Technical Report.

I am independent of Endeavour Silver Corp. as independence is described by Section 1.5 of NI 43-101.

I have had no previous involvement with the Terronera property.

I have read NI 43-101 and the sections of the Technical Report that I am responsible for preparing have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report that I am responsible for preparing contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

"signed and stamped"

____________________________

William Bagnell, P.Eng.

Dated: 15 May 2023

CERTIFICATE OF QUALIFIED PERSON

Alan Drake, P.L.Eng.

Wood Canada Limited

111 Dunsmuir St, Suite 400

Vancouver, British Columbia, Canada V6B 5W3

I, Alan Drake, P.L.Eng., am employed as a Manager, Process Engineering with Wood Canada Limited.

This certificate applies to the technical report entitled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico - Amended" with an effective date of September 9, 2021 (the "Technical Report").

I am a Professional Licensee Engineering with Engineers and Geoscientists British Columbia.  I graduated from the Technicon Witwatersrand with a National Higher Diploma in Extraction Metallurgy in 1993.

I have practiced my profession for 29 years.  I have been directly involved in metallurgical plant operations, process design, construction and commissioning of minerals processing and hydrometallurgical facilities for base and precious metals.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

I am responsible for Sections 1.1, 1.8, 1.9, 1.13, 1.17.1, 1.17.2, 1.19, 1.20, 1.21; Section 2; Section 12.1.1, 12.2; Section 13; Section 17; Sections 21.1, 21.2.1-21.2.3, 21.2.6, 21.2.7, 21.2.10, 21.2.11, 21.2.12, 21.4.1, 21.4.3, 21.4.4; Sections 25.7, 25.11, 25.13, 25.14; Sections 26.1, 26.5 and Section 27 of the Technical Report.

I am independent of Endeavour Silver Corp. as independence is described by Section 1.5 of NI 43-101.

I have had no previous involvement with the Terronera property.

I have read NI 43-101 and this report has been prepared in compliance with that Instrument.

At the effective date of the Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

"signed and stamped"

_____________________________

Alan Drake, P.L.Eng.

Dated:  15 May 2023

CERTIFICATE OF QUALIFIED PERSON

Henry H. Kim, P.Geo.

Wood Canada Limited

111 Dunsmuir St, Suite 400

Vancouver, British Columbia, Canada V6B 5W3

I, Henry H. Kim, P.Geo., am employed as a Principal Resource Geologist with Wood Canada Limited.

This certificate applies to the technical report entitled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico - Amended" with an effective date of September 9, 2021 (the "Technical Report").

I am a member of Engineers and Geoscientist of British Columbia (Reg. No. 42519). I graduated with a B.Sc. degree in geology from University of British Columbia in 2008. I completed the Applied Geostatistics Citation Program, with the University of Alberta in 2014, and the Specialized Training Cycle in Geostatistics (CFSG) from Mines ParisTech at Fontainebleau and Geovariances in 2022.

I have practiced mineral exploration and resource estimation for 15 years. I have been involved in exploration drilling programs involving core logging, sampling, QAQC, and database validation. I conducted onsite grade control and management of mine operation crews for an open pit mine in eastern Canada. I have conducted audits and due diligence exercises on geological models, including epithermal systems, sampling databases, drill hole spacing studies, preparation of resource models, validation of mineral resource estimates, and mineral resource estimates on advanced mining studies and active mine operations including narrow vein and structurally controlled precious metal deposits in British Columbia and Ontario, Canada, and Idaho and Nevada, USA.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) for those sections of the Technical Report that I take responsibility.

I am responsible for Sections 1.1, 1.2, 1.7, 1.8, 1.10, 1.21; Section 2; Section 3.0, 3.1, 3.3; Section 11; Section 12.1, 12.2; Section 14; Section 25.3, 25.4; Sections 26.1, 26.2, 26.4 and Section 27 of the Technical Report.

I am independent of Endeavour Silver Corp. as independence is described by Section 1.5 of NI 43-101.

I have had no previous involvement with the Terronera property.

I have read NI 43-101 and this report has been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

"signed and stamped"

___________________________

Henry H. Kim, P.Geo.

Principal Resource Geologist

Dated: 15 May 2023

CERTIFICATE OF QUALIFIED PERSON Humberto F. Preciado, P.E.

I, Humberto F. Preciado, P.E., state that:

(a) I am a Principal Geotechnical Engineer at:

WSP USA Environment & Infrastructure Inc. 

2000 South Colorado Blvd., Suite 2-1000 

Denver, CO 80222

(b) This certificate applies to the technical report titled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico - Amended" with an effective date of: September 9, 2021 (the "Technical Report").

(c) I am a "qualified person" for the purposes of National Instrument 43-101 ("NI 43-101"). My qualifications as a qualified person are as follows. I am a graduate of Universidad Autonoma de Guadalajara in 1992 with a Bachelor of Science in Civil Engineering and from The University of British Columbia in 2005 with a PhD in Civil Engineering. I am a Registered Professional Engineer in AZ (46625), CO (0052648) and NV (019528). My relevant experience after graduation and over 31 years for the purpose of the Technical Report includes design of Tailings Storage Facilities, Heap Leach Pads, Mine Waste Dumps, Mining Closure, and Geo-environmental Site Investigations. I have coordinated and conducted geotechnical studies for mine waste facilities at the scoping, prefeasibility, feasibility, and detailed engineering level, and have performed reviews for internal and external audits for existing operations in North and South America.

(d) My most recent personal inspection of each property described in the Technical Report occurred on December 11, 2015, and was for a duration of four days.

(e) I am responsible for Item(s) Sections 1.1, 1.2, 1.14, 1.16, 1.17.1, 1.19-1.21; Section 2; Sec on 3; Section 18; Sec on 20; Sections 21.1, 21.2.1-21.2.3, 21.2.5, 21.2.8-21.2.12, 21.3; Sections 25.8, 25.9, 25.13, 25.14; Sections 26.1, 26.6-26.9; and Section 27 of the Technical Report.

(f) I am independent of the issuer as described in sec on 1.5 of NI 43-101.

(g) My prior involvement with the property that is the subject of the Technical Report is as follows. I have been involved with the Terronera property since 2015 participating in the geotechnical investigation and the Pre-Feasibility design of the tailings and waste rock storage facilities.

(h) I have read NI 43-101 and the part of the Technical Report for which I am responsible has been prepared in compliance with NI 43-101; and

(i) At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report for which I am responsible, contain(s) all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated at Denver, CO this 15 of May, 2023. 

"Signed and stamped" 

Humberto F. Preciado, P.E.

CERTIFICATE OF QUALIFIED PERSON Paul G. Ivancie, P.G.

I, Paul Gill Ivancie, P.G., state that:

(a) I am an Associate Hydrogeologist at:

WSP USA Environment and Infrastructure Inc. 

920 E. Sheridan St, Ste. A 

Laramie Wyoming 82070

(b) This certificate applies to the technical report titled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico - Amended" with an effective date of: September 9, 2021 (the "Technical Report").

(c) I am a "qualified person" for the purposes of National Instrument 43-101 ("NI 43-101"). My qualifications as a qualified person are as follows. I am a graduate of University of Colorado with a B.A. Degree in Geology in 1982. I am a member of American Institute of Professional Geologists (Certified Professional Geologist, #8507), and a registered professional geologist in the following States: Wyoming, PG -171, Texas, 5235 and Nebraska, G-0479. My relevant experience after graduation and the past 13 years for the purpose of the Technical Report includes all aspects of surface water and groundwater characterization, dewatering well design, and conceptual site model development.  I have been working with and supporting Mining in scoping, pre-feasibility, and feasibility studies.

(d) My most recent personal inspection of each property described in the Technical Report occurred on January 11-14, 2021, and was for a dura on of 4 days.

(e) I am responsible for Item(s) Sections 1.1, 1.2, 1.19, 1,21: Section 2, Section 3, Section 16.4: Sections 25.13, 25.14: Sections 26.1, 26.7, 26.9: and Section 27 of the Technical Report.

(f) I am independent of the issuer as described in sec on 1.5 of NI 43-101.

(g) My prior involvement with the property that is the subject of the Technical Report is as follows. I have been involved with the Terronera property since 2020 participating in hydrogeologic site characterization, dewatering well system design and conceptual site model development.

(h) I have read NI 43-101 and the part of the Technical Report for which I am responsible has been prepared in compliance with NI 43-101; and

(i) At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report for which I am responsible, contain(s) all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated at Denver, Colorado this 15 of May, 2023. 

"Signed and stamped" 

Paul Gill Ivancie, P.G.

CERTIFICATE OF QUALIFIED PERSON James D. Tod, P.Eng.

I, James D. Tod, P.Eng., state that:

(a) I am a Senior Associate Rock Mechanics Engineer at:

WSP E&I Canada Limited. 

2020 Winston Park Drive, Suite 600 

Oakville, ON, L6H 6X7

(b) This certificate applies to the technical report titled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico - Amended" with an effective date of: September 9, 2021 (the "Technical Report").

(c) I am a "qualified person" for the purposes of National Instrument 43-101 ("NI 43-101"). My qualifications as a qualified person are as follows. I am a graduate of The University of British Columbia with a B.A.Sc in Geological Engineering (1988) and Queen's University with a M.Sc.(Eng). in Mining Engineering (1996).  I am a registered Professional Engineer in Ontario (90518275), British Columbia (18148), and Alberta (276339). My relevant experience after graduation and over 34 years for the purpose of the Technical Report includes involvement in multiple geomechanics projects for both open pit and underground mining. I have coordinated and conducted rock mechanics studies at the scoping, pre-feasibility and feasibility level, and have performed reviews for internal and external studies, and audits for existing operations in Canada, the United States, Mexico, Chile, Turkey, Australia, Russia, Finland, and Indonesia.

(d) I am responsible for Item(s) 16.2 and 16.3 of the Technical Report.

(e) I am independent of the issuer as described in section 1.5 of NI 43-101.

(f) I have not had prior involvement with the property that is the subject of the Technical Report.

(g) I have read NI 43-101 and the part of the Technical Report for which I am responsible has been prepared in compliance with NI 43-101; and

(h) At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report for which I am responsible, contain(s) all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated at Gananoque/ON this 15 of May, 2023. 

"Signed and stamped" 

James D. Tod, P,Eng. 90518275 (ON)

CERTIFICATE OF QUALIFIED PERSON

Dale Mah, P.Geo.

Endeavour Silver Corp.

609 Granville St, Suite1130

Vancouver, British Columbia, Canada, V7Y 1G5

Tel: (604) 685-9775

I, Dale Mah, P,Geo., am currently employed as Vice President, Corporate Development with Endeavour Silver Corp. ("Endeavour Silver").

This certificate applies to the technical report entitled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico - Amended" with an effective date of September 9, 2021 (the "Technical Report").

I am a member of the Engineers & Geoscientists, British Columbia (#52136). I graduated from the University of Alberta with a Bachelor of Science (Specialization) degree in Geology in 1996.

I have practiced my profession for over 25 years. In this time I have been directly involved in generating and managing exploration activities, and in the collection, supervision and review of geological, mineralization, exploration and drilling data; geological models; sampling, sample preparation, assaying and other resource-estimation related analyses; assessment of quality assurance-quality control data and databases; supervision of Mineral Resource estimates; project valuation and cash flow modeling.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

I visited the Terronera Property between November 9-10, 2016, October 15-16, 2021 and most recently between March 27-28, 2023, with the most recent visit having a duration of 2 days

I am responsible for Sections 1.1-1.7, 1.15, 1.19, 1.21; Sections 2-10; Section 19; Section 23; Section 24, Section 25.1-25.3, 25.10; Sections 26.1, 26.2, 26.9; and Section 27 of the Technical Report.

I am not independent of Endeavour Silver as independence is described by Section 1.5 of NI 43-101.

I have been involved with the Terronera property since my employment commenced with Endeavour Silver in June 2016.

I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

"signed and stamped"

_____________________________

Dale Mah, P.Geo.

Dated: May 15, 2023

CERTIFICATE of QUALIFIED PERSON

Kirk Hanson, P.E., MBA

KH Mining LLC

2889 S Pajaro Way

Eagle, ID 83616

I, Kirk Hanson, MBA, P.E., am the sole proprietor of KH Mining LLC, a limited liability company operating in Boise, Idaho USA.

This certificate applies to the technical report entitled "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico - Amended" with an effective date of September 9, 2021 (the "Technical Report").

I am registered as a Professional Engineer in the State of Idaho (#11063).  I graduated with a B.Sc. degree from Montana Tech of the University of Montana, Butte, Montana in 1989 and from Boise State University, Boise, Idaho with an MBA degree in 2004.

I have practiced my profession for 32 years.  I was Engineering Superintendent at Barrick's Goldstrike operation, where I was responsible for all aspects of open-pit mining, mine designs, mine expansions and strategic planning.  After earning an MBA in 2004, I was assistant manager of operations and maintenance for the largest road department in Idaho.  In 2007, I joined AMEC (now Wood) as a principal mining consultant.  After leaving Wood in 2022, I formed KH Mining LLC of which I am the sole proprietor. Over the past 16 years, I have been the mining lead for multiple scoping, pre-feasibility, and feasibility studies.  I have also done financial modelling for multiple mines as part of completing the scoping, pre-feasibility and feasibility studies.

I have read the definition of a "qualified person" as set out in National Instrument 43-101 (NI 43101) and certify that, by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I am a "qualified person for the purpose of NI 43-101.

I have not visited the "Terronera Project" site.

I am responsible for Sections: 1.18, 12.1.3, 22, 25.12

I am independent of the Issuer and related companies in accordance with Section 1.5 of NI 43-101.

I have had no previous involvement with the Terronera property.

I have read NI 43-101, and the sections of the technical report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

"signed and stamped"

_____________________________

Kirk Hanson, MBA, P.E., 15 May 2023

Contents

Tables

Figures

1.0 SUMMARY

1.1 Introduction

Qualified persons from Wood Canada Ltd. (Wood), WSP Group, Inc., KH Mining LLC, together with a qualified person from Endeavour Silver Corp. (Endeavour Silver), prepared the Technical Report (Report) summarizing the results of a feasibility study (FS) on the Terronera Silver-Gold Project (Terronera Project).  The Company requested the British Columbia Securities Commission ("BCSC") to conduct a pre-filing review of the 2021 Terronera Technical Report, among others.  As a result of comments received from the BCSC, the Company anticipates filing an amended technical report. The comments include questions as to the qualifications of one of seven qualified persons who prepared the 2021 Terronera Technical Report, and certain minor matters.  None of the comments concern the actual mineral resource or mineral reserve estimates on the Terronera Project. The Terronera Project is located 50 km northeast of Puerto Vallarta in Jalisco State, Mexico.

1.2 Terms of Reference

Mineral Resource and Mineral Reserve estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 29, 2019) and followed the definitions in CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014).

Measurement units used in this Report are metric unless otherwise noted.  Currency is expressed in US dollars or unless specified as Mexican pesos (MXN).

1.3 Property Description and Location

The Terronera Project is located in the mountainous region of San Sebastián, a historical mining district in Mexico.  The site can be accessed via Federal Highway No. 70 from Guadalajara, approximately 160 km southeast, and from Puerto Vallarta approximately 50 km southwest (Figure 1-1).

Endeavour Silver holds the Terronera Project through its 100% owned Mexican subsidiary, Endeavour Gold Corporation S.A. de C.V. (Endeavour Gold). Endeavour Gold holds the Terronera Project through its 100% owned subsidiaries Terronera Precious Metals S.A. de C.V. (TPM) and Minera Plata Adelante S.A. de C.V. (MPA).

The Terronera Project consists of 24 mineral concessions, totalling 17,369 ha all of which are valid and in good standing.  Surface rights and access rights have been negotiated with various private ranch owners and three local three local Ejidos in support of exploration activities.  Mexican Mining law provides the right to use water from the mine for exploration, exploitation, processing, and project personnel.

Project No.: 246468 15 May 2023

Summary Page 1-1

The Terronera Project is subject to three royalties.  The Mexican government retains 0.5% royalty on any precious metals produced. Industrias Minera México S.A. de C.V. (IMMSA) and Compañia Plata San Sebastian S.A. de C.V. (AGREMIN) retains 2% net smelter return (NSR) royalty on mineral production from the concessions each individually conveyed or optioned to Endeavour Silver (10 concessions totaling 3,388 ha from IMMSA; and 4 concessions totaling 9,752 ha from AGREMIN).

Figure 1-1: Terronera Project Location Map (Burga et al., 2020)

Project No.: 246468 15 May 2023

Summary Page 1-2

1.4 History

The Terronera Project is situated near the town of Sebastián del Oeste founded in 1605 during the Spanish colonial period.  By 1785 the Sebastián del Oeste mining district consisted of more than 25 mines and a number of smelters and was considered one of the principal sources of gold, silver, and copper for New Spain. The main mines in the district included Real de Oxtotipan, Los Reyes, Santa Gertrudis, Terronera, and La Quiteria.

In 1979 Consejo de Recursos Minerales conducted regional and local semi-detailed mapping and exploration followed by prospecting activities in 1985 by Compañía Minera Bolaños, S.A. In the late 1980s IMMSA began exploring the historical mining district and continued with geological mapping and sampling of outcropping structures of a number of veins to the mid-1990s.  Over the years, IMMSA drilled several holes intersecting widespread silver-gold mineralization, mainly at the Terronera Vein; however, a Mineral Resource estimate was not undertaken.

In 2010, Endeavour Silver acquired the option to purchase the San Sebastián properties from IMMSA and have conducted several exploration, and drilling campaigns that have resulted in Mineral Resource estimates, a preliminary economic assessment in 2015, a pre-feasibility study in 2017, and an updated pre-feasibility study in 2020.

There has reportedly been significant historical production from the San Sebastian del Oeste region spanning from 1566 through to the early 20th century; however, the amount of silver production is unknown.

1.5 Geology and Mineralization

The San Sebastián del Oeste mining district is situated at the southern end of the Sierra Madre Occidental metallogenic province, a north-northwesterly trending volcanic belt of mainly Tertiary age. This volcanic belt is more than 1,200 km long and 200 to 300 km wide and hosts most of Mexico's gold and silver deposits. The volcanic belt is one of the world's largest epithermal precious metal systems.

The San Sebastián del Oeste silver-gold district hosts high-grade silver-gold, epithermal vein deposits characterized by low-sulphidation mineralization and adularia-sericite alteration. The veins are typical of epithermal silver-gold vein deposits in Mexico in that they are primarily hosted in volcanic flows, pyroclastic, and epiclastic rocks, or sedimentary sequences of shale and its metamorphic counterparts.

The Terronera Project lies within the structurally and tectonically complex Jalisco Block at the western end of the younger (early Miocene to late Pliocene) Trans-Mexican Volcanic Belt. The more important mineralized veins in the San Sebastián del Oeste district are controlled by west-northwest to northwest striking structures related to a transcurrent fault system.

Project No.: 246468 15 May 2023

Summary Page 1-3

The Terronera Project is underlain by a volcano-sedimentary sequence which consists of shale, sandstone, and narrow calcareous-clayey interbeds overlain by tuffs, volcanic breccias, and lava flows of mainly andesitic composition. The volcano-sedimentary units crop out in the north-central part of the district. Further to the north, granitic to granodioritic intrusive rocks are present.

The principal Terronera Vein has been traced by drilling for 1.5 km on strike and from surface to the maximum depth of drilling at 546 m identifying its average true width to be 3.9 m. In addition to the main Terronera Vein, there are additional hanging wall and footwall veins. The veins are primarily hosted in volcanic flows, pyroclastic and epiclastic rocks, associated shales, and metamorphic counterparts.

1.6 Exploration

Endeavour Silver has conducted several exploration programs since 2010.  Exploration activities include geological mapping, data compilation, rock chip sampling, trenching, soil geochemistry surveys, and topographical and geographical mapping using satellite photogrammetry. 

Areas explored include: Real Alto, located in the southern part of the Terronera Project (including the Real, Tajo, Las Animas, Los Negros, La Escurana, Los Lodos, La Mora, Peña Gorda, El Maguey, Monte Obscuro and several other structures located in the area); Central part of the project (which includes the Terronera, La Luz and Quiteria West veins, in addition, several other structures in the area, highlighting El Padre, Los Espinos, Democrata, El Fraile, La Escondida, Vista Hermosa, La Atrevida, La Loma, Los Pajaros, Valentina, Jabalí, Lindero, San Simón, El Fresno, Zavala and Pendencia); North part of the project, around the Santiago de los Pinos town, including Los Reyes, La Ermita, Las Coloradas, La Plomosa and Los Encinos veins; La Unica area (La Unica vein and Julio-Camichina system); and more recently Los Cuates area (La Sanguijuela and San Sebastian 11 claims).

1.7 Drilling and Sampling

Drilling was initiated by IMMSA between 1995 and 2010, completing 17 diamond drill holes.  Since 2011 Endeavour Silver completed 194 diamond drill holes and 40 channels totaling 66,076.6 m on the Terronera Vein and 41 diamond drill holes totaling 9,795.65 m on the La Luz Vein.  Only holes drilled by Endeavour Silver were used to construct the Mineral Resource estimates.

Core logging recorded mineralization types, structure, density, recovery, rock quality designation (RQD), alteration, and geology. Core recovery is within acceptable levels with an average of 90% in the Terronera Vein, 100% in the La Luz Vein, and 100% in the host rock surrounding both.

Project No.: 246468 15 May 2023

Summary Page 1-4

Collar surveys are carried out with total station and a dual-band global positioning system (GPS), while surface holes are surveyed using a Reflex multi-shot down-hole survey instrument at 30 m intervals from the bottom of the hole and back up the collar.

Sampling is conducted in the Endeavour Silver core storage facilities, where it is geologically and geotechnically logged (RQD).  Sampling is done in the mineralized structure with intervals between 20 and 100 cm and within the surrounding host rock with intervals between 20 and 150 cm.  Photographs and density measurements are taken.

The whole core is cut in half with a diamond rotary saw, and broken core pieces are split with a pneumatic core splitter for sampling and are bagged and tagged.  Samples are prepared at the ALS Chemex facility Guadalajara (ALS Guadalajara) which is independent of Endeavour Silver and holds an ISO/IEC 17025 accreditation.  Independent laboratory ALS laboratory in Vancouver, Canada (ALS Canada) with ISO/IEC 17025 accreditation carried out the analytical process between 2012 and 2018. Samples from the 2020 campaign were sent to the SGS Durango-Mexico laboratory (SGS Durango) which is also independent of Endeavour Silver and accredited under ISO/IEC 17025.  SGS Durango were also used as the secondary laboratory for the 2019 drilling campaign. Inspectorate laboratory in Hermosillo has been used as a secondary laboratory since 2012. They are independent of Endeavour Silver and hold global quality certifications under ISO9001:2008, Environmental Management under ISO14001, and Safety Management under OH SAS 18001 and AS4801.

Silver grades were determined by ALS Canada using inductively couple plasma atomic emission spectroscopy (ICP-AES) following aqua regia digestion.  Gold was assayed by fire assay (FA) followed by atomic absorption (AA) analysis of the FA bead on a 30 g pulp sample.  Assays reporting over the gold and silver limit is FA followed by gravimetric analysis on a 30 g pulp sample.  Detection limits for high-grade gold assays are 0.5 to 1,000 ppm and 5 to 10,000 ppm for silver assays.

SGS Durango uses aqua regia digestion followed by ICP optical emission spectroscopy (OES) for silver and FA for gold.  Overlimit silver and gold assays are by FA with a gravimetric finish.

Endeavour Silver employed a quality assurance quality control (QA/QC) program, including certified reference materials (CRMs), blanks, and duplicates inserted in the sample stream at a rate of approximately one control for every 20 samples.  Check assaying was also conducted with a frequency of approximately 5%.  A review of the QC data from drilling used for Mineral Resource estimation found potential low-level carry-through contamination in ALS Canada results that have been deemed minor and not material to the Mineral Resource estimate.  The Qualified Person (QP) concludes that the sample preparation, security, and analytical procedures are adequate for use in Mineral Resource estimation.

Project No.: 246468 15 May 2023

Summary Page 1-5

1.8 Data Verification

The drill hole database was inspected and validated by the Wood QP.  Assay data was verified against the original laboratory certificates. Minor errors were found, addressed and discussed with Terronera's team. 

The Endeavour Silver QP performed verification and validation of drill hole collars, downhole surveys, geological logging, sampling, sample preparation, and assaying procedures during their site visit.  Drilling practices were reviewed by visiting a rig, drilling an exploration drill hole, and checking downhole survey measurements.  Core logging of drill holes from the Terronera and La Luz veins were reviewed.  Sampling practices were reviewed together with the Terronera Project geologists. Witness samples were selected from the Terronera and La Luz veins, sent to ALS Canada, and a blank and standard for each vein.  Results confirm the data to be reliable and suitable for use in updating the Mineral Resource.

The mining QP verified the resource model was suitable for mine planning and design purposes. The mining costs were verified to the source documents and are considered adequate for use in mine planning and meet feasibility level study.

The mineral process QP reviewed the composite samples that were selected for metallurgical testing and the metallurgical test results and considers them suitable to support feasibility level of study and the process design in this Report.

1.9 Mineral Processing and Metallurgical Testing

Hazen Research completed initial comminution testing in 2016 and 2019.  Samples were subjected to semi-autogenous grind mill comminution (SMC), Bond rod mill and ball mill work indexes (BWi and RWi, respectively), Bond abrasion index (Ai), and Bond impact work index (CWi) with results showing material classified as hard and highly abrasive.  Additional comminution testing performed in 2021 supported these initial results with ore classified as very hard and highly abrasive.

ALS Metallurgy performed metallurgical test work in Kamloops, B.C., Canada. Testing before 2019 focused on evaluating flotation parameters from composite samples representative of materials with various precious metal grades and reviewing the potential for deleterious elements.

The 2019/2020 metallurgical program included grind versus recovery, flash flotation, rougher and cleaner circuit confirmation testing with the aim to refine the process design parameters and flowsheet.  Recovery models were generated from composites from current and previous testwork campaigns.

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The 2021 testwork focused on assessing the metallurgical performance of both the Terronera and La Luz veins.  Testwork completed includes Ai, BWi, flash flotation, rougher and batch cleaner flotation, and locked cycle tests.  Additional comminution tests determined the hardness of the Terronera ore be 19.1 kWh/t and an Ai of 0.47.  Results showed a two-stage flotation cleaning circuit is recommended to achieve a marketable concentrate grade.  Additionally, recycling the cleaner scavenger tails should be implemented and maintained as an option in the current circuit.  The final concentrate quality used in the lock cycle tests was analyzed for minor and deleterious elements and was deemed not to affect the extraction of gold and silver significantly. 

Based on the projected LOM plan, overall recoveries of silver and gold are 87.7% and 76.3%, respectively.

1.10 Mineral Resource Estimate

Mineral Resources estimates were prepared for the Terronera and La Luz veins using drill holes completed by Endeavour Silver between 2010 and 2020.  Estimation domains were constructed to include the mineralization portions of the veins and wall rock along the structural corridors responsible for vein emplacement and silver and gold deposition using a nominal 150 g/t silver equivalent (AgEq) cut-off grade.

Following the identification of a high-grade silver sample population, continuity of high-grade samples at the scale of the drill hole spacing and sampling interval was found.  Based on these findings, a high-yield restriction was used to model the high-grade mineralization and prevent the over-projection of extreme silver grades.

An in-situ bulk density model used core recovery data to adjust the modeled density to reflect voids and open spaces and expected reduction in metal contained in the rock mass.

Estimation for both veins was performed in three passes using anisotropic search ellipsoids and inverse distance weighting to the third power.  The models were validated by means of visual inspection and checked for global bias and local bias using swath plots. No areas of significant bias were noted.

Blocks in the Terronera Mineral Resource model have been assigned a resource confidence category based on drill hole spacing criteria selected that considers a visual assessment of the continuity of the mineralized zones width along strike and down dip, and a geostatistical drill hole spacing study.  For the Terronera Zone, a 50 m drill spacing was used to define Indicated Mineral Resources with all remaining blocks inside the mineralized domain classified Inferred Mineral Resources.  For the La Luz Zone, blocks estimated with composites from at least two drill holes with a nominal drill hole spacing of 30 m are classified as Indicated Mineral Resources.  Holes spaced wider than the nominal 30 m spacing are classified as Inferred Mineral Resources.

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A cut-off grade of 150 g/t silver equivalent (AgEq) is applied to identify blocks that will have reasonable prospects of eventual economic extraction.

The silver equivalent calculation and cut-off grades used for the 2021 Mineral Resource estimate are consistent with values used from the preliminary economic assessment and pre-feasibility studies.  AgEq for the Terronera Project is Ag + 75 x Au.  The AgEq value takes into account silver grade plus gold grade factored by the differential of gold and silver metal prices and metallurgical recoveries. The 150 g/t AgEq cut-off grade generates sufficient revenue assuming metallurgical recovery and long-range silver price to cover operating costs, including mining, processing, general and administrative (G&A), treatment, refining, and royalties.

The Mineral Resource estimates for the Terronera, and La Luz deposits are summarized in Table 1-1 and Table 1-2, respectively and are reported according to the 2014 CIM Definition Standards.

The majority of the Terronera Mineral Resources have been classified as Indicated, and it is possible that infill and grade control drilling and production sampling may result in local changes to the thickness and grade of the blocks currently drilled at nominally 50 m spacing.  Additional drilling and production sampling are recommended to produce accurate forecasts for annual and short-range plans.  Other factors that could affect the Mineral Resource estimate include changes to metal prices, mine, and process operating cost, variability in metallurgical performance, mine design, and mining method selection due to geotechnical stability.

Table 1-1: Terronera Deposit Mineral Resource Estimate with Effective Date March 5, 2021

Notes:

1. Mineral Resources have an effective date of March 5, 2021.  The Qualified Person responsible for the Mineral Resource estimate is Henry Kim, P. Geo, an employee of Wood Canada Ltd.

2. Mineral Resources are reported inclusive of Mineral Reserves.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

3. AgEq is calculated as the sum of silver plus gold grades factored by the differential in gold and silver metal prices and metallurgical recoveries

4. Mineral Resources are constrained within a wireframe constructed at a nominal 150 g/t AuEq cut-off grade

5. A 150 g/t AgEq cut-off grade considers Wood's guidance on industry consensus for long-term silver and gold prices for Mineral Resource estimation, metallurgical performance including metallurgical recoveries (assuming the mean silver recovery of 87% and the mean gold recovery of 76%), mining, processing, and site G&A operating costs, treatment and refining charges, and royalties

6. The cut-off grade assumed a long-term silver price of $23.00/oz and gold price of $1,810/oz.

7. Mineral Resources are stated as in-situ with no consideration for planned or unplanned external mining dilution.

8. The silver and gold ounces presented in the Mineral Resource estimate table are contained metal, not the recoverable metal . 

9. Numbers have been rounded as required by reporting guidelines and may result in apparent summation differences.

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Table 1-2: La Luz Deposit Mineral Resource Estimate with Effective Date March 5, 2021

Notes:

1. Mineral Resources have an effective date of March 5, 2021.  The Qualified Person responsible for the Mineral Resource estimate is Henry Kim, P. Geo, an employee of Wood Canada Ltd. 

2. Mineral Resources are reported inclusive of Mineral Reserves.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

3. AgEq is calculated as the sum of silver plus gold grades factored by the differential in gold and silver metal prices and metallurgical recoveries

4. Mineral Resources are constrained within a wireframe constructed at a nominal 150 g/t AuEq cut-off grade

5. A 150 g/t AgEq cut-off grade considers Wood's guidance on industry consensus for long-term silver and gold prices for Mineral Resource estimation, metallurgical performance including metallurgical recoveries (assuming the mean silver recovery of 87% and the mean gold recovery of 76%), mining, processing, and site G&A operating costs, treatment and refining charges, and royalties

6. The cut-off grade assumed a long-term silver price of $23.00/oz and gold price of $1,810/oz

7. Mineral Resources are stated as in-situ with no consideration for planned or unplanned external mining dilution.

8. The silver and gold ounces presented in the Mineral Resource estimate table are contained metal, not the recoverable metal. 

9. Numbers have been rounded as required by reporting guidelines and may result in apparent summation differences.

1.11 Mineral Reserve Estimate

Mineral Reserves were classified in accordance with the 2014 CIM Definition Standards. All Mineral Reserves were converted from Indicated Mineral Resources and are classified as Probable.

The Probable Mineral Reserve estimates for the Terronera and La Luz deposits are provided in Table 1-3. There is no Proven Mineral Reserve for either zone.

Factors that could affect the Mineral Reserve estimate include but are not limited to dilution, recovery, metal prices, underground and site operating costs, and management of the operation and environmental or social impacts.  Factors with the largest impacts to the Mineral Reserve estimates are the gold price for the La Luz Zone, silver prices for the Terronera Zone, and the ground conditions in the Terronera Zone during mining.

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Table 1-3: Terronera and La Luz Probable Mineral Reserve

1.12 Mining Methods

A geomechanical underground mine design study was performed on available core and review of previous studies. The study was used to determine location within the orebodies of the mining method, stability of openings, and requirements for ground support and dilution estimates.

Three declines from the surface will achieve underground access to Terronera and La Luz.  The declines collar at the process plant pad, the mine dry, and the upper zone of the deposit.  The La Luz access decline extends from the process plant decline to the La luz deposit.

Shrinkage mining methods will extract mineral Reserves at La Luz.  Shrinkage is an amenable method given the narrow thickness and the vertical nature of the deposit.  Broken ore will be extracted with scooptrams and hauled to remucks or direct loaded to 30-tonne haul trucks.  The trucks will then haul the material to the process plant stockpile.

The Terronera deposit will be extracted by a combination of sub-level stoping (SLS) methods and cut and fill (CAF) mining.  SLS accounts for approximately 59% of the extraction at Terronera.  CAF mining accounts for approximately 23% of the extraction, and the remaining 11% is extracted as development ore.  Primary transverse sub-level stopes and longitudinal sub-level stopes will be backfilled with cemented rockfill with an average of 5% binder content. Secondary transverse stopes will be backfilled with uncemented mine development rock.

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Development of the declines will start in January 2022, and development ore extracted during this time will be stockpiled for later processing.  The process plant is commissioned at the end of the third quarter of 2023.  Between October and December 2023, the process plant will ramp up to 1,700 tpd sustained production rate on stockpiled material and development ore.  Stoping commences in January 2024 from La Luz and Terronera. Mining is completed in La Luz in late 2025, and Terronera mining is complete at the end of the first half of 2035.

1.13 Recovery Methods

The process design was developed from the comminution and flotation testwork completed between 2017 and 2021.  The process plant will operate continuously 365 days per annum with an assumed availability of 92% producing a high-grade concentrate. 

Run-of-mine (ROM) material is transported to stockpiles, where a three-stage then processes it, closed crushing circuit with a designed capacity of 1,700 dry tpd in 16 hours of operation.  Finely crushed product with a P80 of 6.7 mm will be conveyed to a fine ore bin and then to a primary grinding circuit to produce a product that is 80% minus 70 μm.  Ground ores will be treated by flash flotation and conventional flotation with two stages of cleaning.  Based on testwork results, overall recoveries of 87.7% for silver and 76.3% for gold are assumed for the LOM.  Flotation tailings will be filtered and stored on the surface in a dry tailings storage facility (TSF).

Reagents used in the flotation of sulphide mineralization will be handled and stored on site.  Freshwater will be provided by the Terronera and La Luz underground mining operations and used as make-up/firewater and process water.  Annual power consumption required by the process is 43.3 GWh and will be supplied to the various process plant areas by the onsite power plant via overhead powerlines.

1.14 Project Infrastructure

Onsite infrastructure and services required for the Terronera Project include road and air (helipad) access, a process plant, process, and mine ancillary buildings, mine portals and associated mine facilities, waste and tailings storage facilities, onsite power generation and distribution, sewage and potable water treatment facilities (Figure 1-2).

The site can be accessed by unpaved public roads that will require upgrading to a single-lane road of crushed gravel material.  A helipad will provide additional access with its primary purpose for emergency use.

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The majority of the process facilities will be open structures that are typically structural steel stick built.  Ancillary buildings located in and around the process plant site and Portal 1 will include the gatehouse, mine emergency services, dining room, mine portal tag in/out building, truck shop and wash bay and a maintenance workshop and warehouse.  Additional ancillary buildings around Portal 2/3 include a truck shop and mine portal tag in/out buildings and mine dry and administration buildings.

Tailings will be piped from the process plant to a filter plant, where a dry tailings material will be produced and trucked to the TSF located northwest of the process plant. The current footprint of the TSF occupies an area of approximately 89,760 m2 and will accommodate approximately 3.2 million m3 (5.3 million tonnes) of compacted filtered tailings over a 12-year mine life based on a process rate of 1,700 tpd.

A temporary waste rock storage facility (WRSF) will be constructed southeast and uphill from Portal 2 and will vary in size throughout the life-of-mine (LOM), reaching a maximum capacity of approximately 1.2 million tonnes. 

Power will be provided by an onsite natural gas generator and will supply the 14.6 MW of connected load power required at the site.  Power will be distributed by 13.8 kV overhead power lines from the primary power switchgear line up with two breakers. One breaker will supply for the process plant and ancillary buildings, while the second breaker will supply the surface ancillary loads at Portal 1, Portal 2, Portal 3, and the mine water management system.  Electrical houses will be modular units and installed close to the main load points.

Freshwater will be piped from Portal 1 and Portal 2 to tanks located close by. Potable water will be distributed by a high-density polyethylene pipe (HDPE) pipeline to facilities around the process plant site and those around Portal 2.

An offsite construction camp facility adjacent to Santiago de Los Pinos will be converted to a permanent camp to provide personnel accommodation, meals, and ancillary services.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

Figure 1-2: Terronera Site Layout (prepared by Wood QP, dated 2021)

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

1.15 Market Studies and Contracts

The long-term silver price is assumed at $20.00/oz, and the long term gold price is assumed at $1,575/oz based on Wood's third-quarter 2021 guidelines derived from a survey of industry-consensus of forecast prices.

Endeavour Silver has not conducted any market studies, as gold and silver are commodities widely traded in world markets.  Due to the size of the bullion market and the above-ground inventory of bullion, Endeavour Silver's activities will not influence gold or silver prices. Endeavour Silver produces a silver concentrate from its other current operating mines, which is then shipped to third parties for further refining before being sold. To a large extent, silver concentrate is sold at the spot price.

In its current operations, Endeavour Silver has no current contracts or agreements for mining, concentrating, smelting, refining, transportation, handling, or sales that are outside normal or generally accepted practices within the mining industry.  No contracts or agreements are in place for the Terronera Project. Endeavour Silver's current hedge policy is to not enter into long-term hedge contracts or forward sales.

1.16 Environmental Studies, Permitting, and Social or Community Impact

Environmental baseline studies relating to meteorology and air quality, climatology, soil erosion and contamination, surface and subsurface hydrology, flora and fauna, and cultural, historical, and archaeological resources have been performed in support of the Manifest of Environmental Impact (MIA) initially submitted to SEMARNAT (Secretaria de Medio Ambiente y Recursos Naturales) in December 2013 for a 500 tpd operation.  A modified MIA application was submitted to SEMARNAT in February 2017 with a proposed process rate of up to 1,500 tpd and a TSF developed as a filtered tailings storage facility.  A further update to the MIA will be required to address the current production rate of 1,700 tpd.  The QP does not consider this to be an issue.

A conceptual closure plan has been developed to ensure the post-mining landscape is safe and physically, geochemically, and ecologically stable. The plan ensures that the quality of water resources (possible effluents) in the area is protected and that communities and regulators welcome the restitution plan.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

1.17 Capital and Operating Costs

1.17.1 Capital Cost

Terronera Project's initial capital cost (Table 1-4) is $175 M expressed in the second quarter of 2021 US dollars.  This estimate falls under the AACE International Recommended Practice No. 47R-11 Class 3 Classification Guideline, with an expected accuracy to be within +15%/-10% of the Terronera Project's final cost, including contingency.

Sustaining capital is estimated to be $108.5 M and considers underground mining activities, mine surface facilities, tailings management, and filter plant standby requirements.

Table 1-4: Summary of Capital Costs

Note:  Figures may not sum due to rounding.

1.17.2 Operating Cost

Total operating costs over the LOM is estimated at $494.1 M. Average operating costs are estimated at $66.96/t of processed ore and summarized in Table 1-5.

Mine operating costs account for all mining operations, excluding capital development and delineation drilling. Cost models are based on site-specific inputs provided from Endeavour Silver.

Process operating costs include labour, energy consumption, supplies (operating and maintenance), mobile equipment, laboratory, and TSF and were estimated using first principles, budget quotations for reagents, and experience with similar projects.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

G&A operating costs average approximately $6.8 M/yr or $ 10.90/t of processed ore.

Table 1-5: Operating Cost Summary

Note:  Figures may not sum due to rounding.

1.18 Economic Analysis

Certain information and statements contained in this section are forward-looking in nature and are subject to known and unknown risks, uncertainties, and other factors, many of which cannot be controlled or predicted and may cause actual results to differ materially from those presented here. Forward-looking statements include, but are not limited to, statements with respect to the economic and study parameters of the Terronera Project; mineral reserves; the cost and timing of any development of the Terronera Project; the proposed mine plan and mining strategy; dilution and extraction recoveries; processing method and rates and production rates; projected metallurgical recovery rates; infrastructure requirements; capital, operating and sustaining cost estimates; concentrate marketability and commercial terms; the projected LOM and other expected attributes of the project; the net present value (NPV), internal rate of return (IRR) and payback period of capital; future metal prices and currency exchange rates; government regulations and permitting timelines; estimates of reclamation obligations; requirements for additional capital; environmental risks; and general business and economic conditions.

The financial analysis was carried out using a discounted cash flow (DCF) methodology. Net annual cash flows were estimated to project yearly cash inflows (or revenues) and subtract projected cash outflows (such as capital and operating costs, royalties, and taxes). These annual cash flows were assumed to occur at year-end and were discounted back to the beginning of 2022 (Year -2), the start year of capital expenditure, and totalled to determine the NPV of the Terronera Project at a selected discount rate.

The financial evaluation of the Terronera Project generates positive before and after-tax results.  The results show an after-tax NPV of $174.1 M at a 5% discount rate, an IRR of 21.3%, and a payback period of 3.6 years.  A summary of the financial analysis results is presented in Table 1-6.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

The Terronera Project is most sensitive to fluctuations in the silver price, then to silver feed grades, gold price, and gold feed grades. It is less sensitive to changes in operating costs. It is least sensitive to changes in initial capital cost.  Spider graphs showing the Terronera Project's sensitivity to capital costs, operating costs, grade, and metal price are shown in Figure 1-3 and Figure 1-4.

Table 1-6: Summary of Economic Results

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

Figure 1-3: Sensitivity of After-Tax NPV Discounted at 5% (prepared by Kirk Hanson, dated 2021)

Figure 1-4: Sensitivity of After-Tax IRR Discounted at 5% (prepared by Kirk Hanson, dated 2021)

1.19 Interpretation and Conclusions

Under the assumptions discussed in this Report, the Terronera Project is technically feasible and returns a positive economic outcome.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

1.20 Opportunities and Risk

The following opportunities for the Terronera Project have been identified:

• A better understanding of the distribution of oxide, transition, and sulphide could improve the production and metallurgical performance forecast.

• Use mineralogical analysis to improve the understanding of the losses of gold and silver to tailings, which could identify how to reduce these losses.

• Rock mechanics conditions underground are better than currently modeled and actual conditions may allow more extensive use of SLS as the primary production method and a reduction in external dilution.

• Groundwater flows are lower than estimated, and the dewatering system requirements are less than currently designed

• If surface rights outside the property boundary can be negotiated, the filter plant could be relocated north (downhill) from its current location. This would result in cost savings of up to $1.5 M associated with access road infrastructure and filtered tailings transport.

The following risks have been identified for the Terronera Project:

• The presence of clays has potential of a negative impact on plant performance.

• Underground development, production costs and dilution may increase due to actual ground conditions being different from what was captured in the rock mechanics analysis. 

• Operating costs estimates may increase as Endeavour Silver G&A costs are typically higher than those of similar-sized Mexican operations.

• The current mine plan does not optimize production from oxide, transition and sulphide ore zones.  Ore blending may be required for optimal process plant performance, and this may impact mine production rate and operating costs.

• The drainage water quality at Terronera assumed to be similar to other Endeavour Silver mine sites of similar geological conditions. However, mine water quality is also influenced by site-specific factors, which could result in Terronera mine drainage requiring treatment.

• The current filtered TSF does not have an out-of-specification area for temporary filtered tailings disposal. This could result in the need for redundant filtering systems at the filter plant or an additional temporary tailings disposal site.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

1.21 Recommendations

Recommended work programs provide opportunities for improvements to mitigate risks and have higher confidence in how the mine will behave in the first few years of mining.  The program is estimated at $6.05 M and includes recommendations relating to rock mechanics, hydrogeological testing and modeling, testwork to support refinements to the processing plant, activities to support the TSF, investigations to support the design of site infrastructure, and water management. 

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

2.0 INTRODUCTION

2.1 Introduction

QPs from Wood, WSP, KH Mining LLC, together with a QP from Endeavour Silver, prepared the Report summarizing the results of a FS on the Terronera Project for Endeavour Silver.  The Terronera Project is located 50 km northeast of Puerto Vallarta in Jalisco State, Mexico.

2.2 Terms of Reference

The Report supports Mineral Resource and Mineral Reserve estimates that were prepared in accordance with the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 29, 2019) and reported using the definitions in CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014).

Measurement units used in this Report are metric unless otherwise noted.  Currency is expressed in US dollars or unless specified as Mexican pesos (MXN).

2.3 Qualified Persons

The following individuals served as QPs as required by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and prepared the Report content required by Form 43-101F1 Technical Report:

• Mr. Henry Kim, P. Geo., Principal Resource Geologist, Wood

• Mr. William Bagnell, P.Eng., Technical Director Underground Mining, Wood

• Mr. James Tod, P.Eng., Senior Associate Rock Mechanics Engineer, WSP,

• Mr. Alan Drake, P.L. Eng., Manager Process Engineering, Wood

• Mr. Kirk Hanson, P.E., KH Mining

• Mr. Paul Ivancie, P.G., Associate Hydrogeologist, WSP

• Mr. Dale Mah, P. Geo., Vice President, Corporate Development, Endeavour Silver

• Mr. Humberto Preciado, P.E., Principal Geotechnical Engineer, WSP

2.4 Site Visits

Mr. Ivancie visited the site from January 11-14, 2021.  During his visit he located and inspected a monitoring well and retrieved groundwater data; inspected water quality sampling sites and reviewed each site's documented flow data; inspected groundwater discharge and surface water flows; and interviewed Endeavour Silver site personnel.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

Mr. Preciado visited the site from December 11-14, 2015. He oversaw a portion of the geotechnical site investigation program in the proposed TSF and the collection and submittal of waste rock samples to an analytical, environmental laboratory in Mexico.

Mr. Mah visited the Terronera Project site between November 9-10, 2016 and between October 15-17, 2021. During his visits he examined drill core through the various deposits and compared the core to the geological logs. He also examined the core storage and sample splitting facilities, warehouse, camp facilities, and proposed sites for the portals, tailings storage facility, and process plant.  He inspected outcrops and discussed the interpretation of the geological model with site staff.

2.5 Effective Dates

The Report has effective dates as follows:

• Mineral Resource estimates - March 5, 2021

• Mineral Reserve estimates - June 30, 2021

The overall effective date for this Report is September 9, 2021.

2.6 Previous Technical Reports

The following technical reports have previously been filed on the Terronera Project:

• Alva, T., Bagnell, W., Coulson, A., Drake, A., Hanson, K., Ivancie, P., Mah, D., Preciado, H., 2021: NI 43-101 Technical Report on the Feasibility Study of the Terronera Project Jalisco State, Mexico, effective date September 9, 2021, 277 p.

• Kalanchey, R., Petrina, M., Preciado, H., Puritch, E., Burga, D., Wu Y., Levy, M., Iasillo, E., 2020:  NI 43-101 Technical Report for the Terronera Project, Jalisco State, Mexico: Report prepared by Ausenco Engineering Canada for Endeavour Silver Corp., effective date July 14, 2020, 324 p.

• Puritch, E., Robinson, D.G., Smith, P.J., Burga, D., Wu, Y., Iasillo, E., Preciado, H., and Peacock, B., 2019:  Updated Technical Report for the Terronera Project, Jalisco State, Mexico: Report prepared by P&E Mining Consultants Inc. for Endeavour Silver Corp., effective date February 12, 2019, 334 p.

• Puritch E., Burga, D., Wu, Y., Iasillo, E., and Preciado, H., 2019:  Updated Mineral Resource Estimate Technical Report for the Terronera Project, Jalisco State. Mexico: Report prepared by P&E Mining Consultants Inc. for Endeavour Silver Corp., effective date February 1, 2019, 230 p.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

• Smith, P.J., Iasillo, E., Puritch, E., Wu, Y., Burga, D., Peacock, B., and Preciado, H., 2018: NI 43-101 and NI 43-101F1 Technical Report Updated Mineral Resource Estimate and Updated Preliminary Feasibility Study for the Terronera Project Jalisco State, Mexico: Report prepared by Smith Foster and Associates for Endeavour Silver Corp., effective date August 7, 2018, 317 p.

• Smith, P.J., Iasillo, E., Puritch, E., Wu, Y., Burga, D., Barry, J., Pearson, J., Peacock, B., and Fleming, S., 2017:  NI 43-101 Technical Report Preliminary Feasibility Study for the Terronera Project Jalisco State Mexico: Report prepared by Smith Foster and Associates for Endeavour Silver Corp., effective date April 3, 2017, 341 p.

• Smith, P.J., Iasillo, E., Puritch, E., Sutcliff, R., Burga, D., Barry, J., Routledge, R., Pearson, J., Peacock, B., and Fleming, S., 2015:  NI 43-101 Technical Report Preliminary Economic Assessment for the Terronera Project, Jalisco State, Mexico: Report prepared by Smith Foster and Associates for Endeavour Silver Corp., effective date March 25, 2015, 242 p.

Under the former project name of San Sebastián, the following technical reports were filed:

• Munroe, M.J., 2013:  NI 43-101 Technical Report on the Resource Estimates for the San Sebastián Project, Jalisco State, Mexico: Report prepared by Michael J. Munroe for Endeavour Silver Corp., effective date December 31, 2013, 140 p.

• Lewis, W.J., and Murahwi, C.Z., 2012:  NI 43-101 Technical Report, Audit of the Mineral Resource Estimate for the San Sebastián Project, Jalisco State, Mexico: Report prepared by Micon International Limited for Endeavour Silver Corp., effective date December 15, 2012, 128 p.

• Lewis, W.J., and Murahwi, C.Z., 2011:  NI 43-101 Technical Report, Audit of the Mineral Resource Estimate for the San Sebastián Project, Jalisco State, Mexico: Report prepared by Micon International Limited for Endeavour Silver Corp., effective date December 21, 2011, 131 p.

2.7 Sources of Information

Sources of information include expert reports referenced in Section 3 and documents listed in Section 27.

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	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

3.0 RELIANCE ON OTHER EXPERTS

The QPs have relied upon other expert reports, which provided information regarding property claim tenure, property contracts and agreements, royalties and taxation.

3.1 Legal Status

The QPs have not independently reviewed the legal status of the Terronera Project.  They have fully relied upon, and disclaim responsibility for, information derived from experts retained by Endeavour Silver's outside legal counsel (Cereceres Estudio Legal) and Endeavour Silver (Eugenio Cantu) for the legal status through the following documentation:

• Cereceres Ronquillo, R. (2021, June 9). Legal Opinion on Mining Concessions. Terronera Project. [letter to Mr. Luis Castro, Endeavour Silver], 28 pp.

• Cantu, E. (2021, October 18). Confirmation of Legal Inputs to Section 4 of the "NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico" ("Technical Report") [letter to Mr. Scott Macklin, Wood], 1 page plus Exhibit.

This information is used in support of the property description and mineral tenure, surface and water rights, property agreements, royalties, any obligations that must be met to retain the property, and encumbrances described in Section 4, and in support of assessing reasonable prospects of eventual economic extraction of the Mineral Resource estimates in Section 14, and demonstrating economic viability of the Mineral Reserve estimates in Section 15 and in support of assumptions used in the economic analysis in Section 22.

3.2 Taxation

The QPs have not independently reviewed the taxation information.  The QPs have fully relied upon, and disclaim responsibility for, information supplied by Endeavour Silver's Chief Financial Officer for information related to taxation contained in the following document:

• West, C. (2021, October 18). Taxation considerations and tax inputs to the financial model used in the Terronera Project Feasibility Study National Instrument 43-101 Technical Report prepared by Wood plc for Endeavour Silver Corp. ("Endeavour Silver") [letter to Mr. Kirk Hanson], 3 pp.

This information is used in support of the capital cost estimate in Section 21, the economic analysis in Section 22, and the Mineral Reserve estimate in Section 15.

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3.3 Baseline Studies, Environmental, and Permitting

The QPs have not independently reviewed the basis for, or the information in the baseline studies and application documents used to obtain the Manifestacion de Impacto Ambiental approvals for the Terronera Project.  Humberto Preciado, P.E., of WSP, has fully relied upon the expert statements and representations provided by Endeavour Silver environmental experts through the following:

• Padilla, R. (2021, October 21). Terronera FS 2021 Technical Report - Section 20 Environmental Expert [email to Mr Humberto Preciado].

The QPs have not performed independent investigations to verify the reliability of the representations of Ruben Padilla (Endeavour Silver).  However, the QPs have reviewed documents prepared by Ruben Padilla that support the MIA modification and has also worked with Mr. Padilla at other mine sites in Mexico. These are professionals with deep understanding of the environmental regulatory framework in Mexico that produce good quality and reliable work who continue to consult with Endeavour Silver in their current operations.

This information is used in Section 20 of the Report, and in support of the Mineral Resource estimate in Section 14, the Mineral Reserve estimate in Section 15, and the economic analysis in Section 22.

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4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 Location

The Terronera project is located in the northwestern portion of Jalisco State, near its border with the State of Nayarit, Mexico, as shown in Figure 4-1.

Figure 4-1: Terronera Project Location Map (Burga et al., 2020)

The Terronera project is near San Sebastián del Oeste, which also gives its name to the municipality and mining district that surrounds it.

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The Terronera Project is situated between latitude 20° 3' 45" and 21° 0' 30" north and longitude 104° 3' 00" and 104° 5' 00" west which is between WGS 84, UTM coordinates 514,860 and 524,860 east and 2,303,715 and 2,289,120 north in Zone 13Q.

4.2 Mexican Regulations for Mineral Concessions

In Mexico, as per Article 15 of the Mining Law, all mining concessions are valid for 50 years and are extendable provided that the application is made within five years before the expiry of the concession and that the concession is kept in good standing. For the concessions to remain in good standing, the two most relevant obligations to comply with are payment of the bi-annual fees must be made (January and July) to the Mexican government, and two reports must be filed in January and May of each year that covers the production, investment and work completed on the concession between January and December of the preceding year.

All new concessions must have their boundaries orientated north-south and east-west, and the lengths of the sides must be one hundred meters or multiples thereof, except where these conditions cannot be satisfied, such as when they border other mineral concessions. The locations of the concessions are determined on the basis of a fixed point on the land (mojoneras), called the starting point, which is either linked to the perimeter of the concession or located thereupon. Before being granted a concession, the company must present a topographic survey to the Dirección General de Minas (DGM) within 60 days of staking. Once this is completed, the DGM will usually grant the concession, subject to certain exceptions (i.e. electricity has precedence over mining concessions).

Before December 21, 2005, exploration concessions in Mexico were granted for six years, and at the end of the six years, they could be converted to exploitation concessions. However, as of December 21, 2005 (through an amendment made on April 28, 2005, to the Mexican mining law), there is now only one type of mining concession. Therefore, as of the date of the amendment (April 2005), there is no distinction between exploration and exploitation concessions on all new titles granted; all concessions grant titleholders the right to carry out exploration, exploitation and beneficiation activities.

4.3 Property Description and Tenure

Endeavour Silver holds the Terronera Project through its 100% owned Mexican subsidiary, Endeavour Gold Corporation S.A. de C.V. (Endeavour Gold). Endeavour Gold holds the Terronera Project through its 100% owned subsidiaries Terronera Precious Metals S.A. de C.V. (TPM) and Minera Plata Adelante S.A. de C.V. (MPA).

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The Terronera project, of which Endeavour Silver holds 100% indirect interest as per the preceding paragraph and as mentioned hereinbelow, consists of 25 mineral concessions (Table 4-1), totaling 20,128 ha; see Figure 4-2 for a concession map of the Terronera Project.

Table 4-1: Concessions and Fees on Each Concession

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Note: (1) All concessions in Table 4-1 for which a "100% owned" reference is included, are owned indirectly by Endeavour Silver as per the first paragraph of Section 4.3. (2) All concessions in Table 4-1 for which a "exclusive purchase option granted" are indirectly optioned to Endeavour Silver as per the first paragraph of Section 4.3.

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Figure 4-2: Terronera Project Concessions Map (prepared by Endeavour Silver, dated 2021)

Note:  coordinate system:  WGS 84/UTM Zone 13Q

In February 2010, Endeavour Silver acquired an option to purchase the San Sebastián concessions in Jalisco State from Industrias Minera México S.A. de C.V. (IMMSA), also known as Grupo Mexico, one of the largest mining companies in Mexico. In 2013, Endeavour Silver completed the acquisition of a 100% interest of these core group of 10 concessions, totaling 3,388 ha. These concessions (San Sebastián 1 R-1, and San Sebastián 2 to San Sebastián 10) cover the main area of the known mining district.

In 2011, Endeavour Silver filed and received the title from the Mexican Federal Government for two concessions (San Sebastián 10 Fracc. 1 and Fracc. 2), totaling 2,078 ha.

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Additionally, in 2013, Endeavour Silver filed a total of seven concessions (San Sebastián 12, San Sebastián 13, San Sebastián 14, San Sebastián 15, San Sebastián 16, San Sebastián 17 and San Sebastián 18) totaling 4,163 ha. To date, five of these concessions have been titled, except for San Sebastián 15 and San Sebastián 16, which were re-filed in November and August 2018, respectively. The San Sebastián 12, San Sebastián 13, and San Sebastián 14 concessions were titled by the Mexican Federal Government in 2017, San Sebastián 17 in 2014 and San Sebastián 18 in 2015. The refiling of requests for San Sebastián 15 and San Sebastián 16 provide Endeavour Silver (indirectly as per first paragraph of Section 4.3) a right of preference, over any third party who may have filed for them after Endeavour Silver, to obtain title to such concessions (Table 4-2).

In 2015, Endeavour Silver acquired an option to purchase a group of properties (Los Pinos Fracc. I, Los Pinos Fracc. II and La Fundisión 2 Fracc. I, totaling 8,373 ha), surrounding the San Sebastián silver-gold properties, from Agregados Mineros de Occidente S.A. de C.V. (AGREMIN). In 2017 Endeavour Silver also acquired another option from AGREMIN to purchase the La Única Fracc. II (3,538 ha) concession. AGREMIN transferred these properties and the options agreement to its affiliate, Compañia Plata San Sebastián S.A. de C.V. (such corporate group hereinafter "AGREMIN". In December 2018, Endeavour Silver terminated the option agreement for La Fundisión 2 Fracc. I (Title 228866) and La Única Fracc. II (Title 225185) concessions.

At the end of 2017, Endeavour Silver filed for a total of three concessions at the southern boundary of the San Sebastián properties; these concessions were called Cerro Gordo 1 (499.7 ha), Cerro Gordo 2 (500 ha), and Cerro Gordo 3 (400 ha). Two of these concessions have been titled, except for Cerro Gordo 3 (filed again in June 2018). In early 2018, Endeavour Silver filed and received the title for two more concessions in the area: Cerro Gordo 4 (400 ha) and Cerro Gordo 5 (399 ha). The refiling of the request for Cerro Gordo 3 provides Endeavour Silver (indirectly as per the first paragraph of Section 4.3) a right of preference, over any third party who may have filed for such concession after Endeavour Silver, to obtain title to it (Table 4-2).

In August 2018, Endeavour Silver acquired an exploration and option to purchase agreement covering the La Unica Fracc. I (2,157 ha) property from AGREMIN. This option is effective for four years as of execution. Other than the legal minimum to evidence exploration works as per Mining Law and its regulations, no minimum investment was imposed by AGREMIN. For this purchase option Endeavour Silver is to pay $500,000 plus VAT, in yearly payments as of execution year, each for each year the option is effective. Endeavour Silver retained the right to terminate this option for convenience. If the purchase is executed, all amounts paid during the term of the option agreement are considered towards purchase price ($500,000).

In April 2019, Endeavour Silver filed for one concession called San Sebastián 11 (4,217 ha), titling in process.

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On September 24, 2020, Endeavour Silver acquired an exploration and option to purchase agreement covering the La Sanguijuela (2,759 ha) property from a person related to AGREMIN ("JPAB") of which name is omitted for such person's security . This option is effective for four years as of the date of execution. Other than the legal minimum to evidence exploration works as per Mining Law and its regulations, no minimum investment was imposed by JPAB.  For this purchase option Endeavour Silver is to pay $550,000 plus VAT, in yearly payments as of execution year, each for each year the option is effective. Endeavour Silver retained the right to terminate this option for convenience. If the purchase is executed, all amounts paid during the term of the option agreement are considered towards purchase price ($550,000).

The annual 2021 concession fees (hectare basis - Table 4-1) for the Terronera project was MXN 5,592,466, which is equal to $279,623 (at an exchange rate of 20 MXN to US$1.00). Confirmation of payment and statutory reporting included in the June 9, 2021, title opinion by Cereceres Estudio Legal, S.C.

The Endeavour Silver concessions surround mining concessions owned by Minera Cimarron S.A. de C.V. (Minera Cimarron), a private Mexican Company. These concessions cover the active La Quiteria Mine and the historical Los Reyes and San Andres mines indicated as Other Concessions in Figure 4-2.

Table 4-2: Concessions for which a Request was Re-filed with the Mexican Government.

4.4 Surface Rights

In addition to the mineral rights, Endeavour Silver has agreements with various private ranch owners and three local Ejidos (San Sebastián del Oeste, Santa Ana, and Santiago de Los Pinos) that provide access for exploration purposes. Table 4-3 summarizes the surface access rights as of October 2021.

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Table 4-3: Summary of Endeavour Silver's Surface Access Rights

4.5 Water Rights

The Mexican Mining Law states in Article 19 that mining concessions give the right to use the water coming from the mine for exploration, exploitation, and processing of the minerals or substances obtained and for domestic use of the personnel within the project area; therefore, a groundwater use concession title is not required if the supply is guaranteed by mine water.

4.6 Royalties, Government Fees and Encumbrances

IMMSA, JAB and AGREMIN each retain a 2% NSR royalty on mineral production from the concessions each individually conveyed or optioned to Endeavour Silver.

In addition, the concessions and their exploitation impose (as applicable) the payment of:

• Surface Area Fees - fees for the area covered by each mining concession on a per Hectare basis (referenced in Table 4-1 above)

• Special Mining Fees - 7.5% of the positive difference resulting from the income derived from the sale of the metals produced minus the allowable deductions

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• Extraordinary Mining Fee - 0.5% of the income derived from the sale of gold, platinum and silver

• Additional mining fees - applicable to mining concessions where no exploration or exploitation work has been performed.

4.7 Environmental and Permitting Considerations

The Terronera project is a greenfield mine development. Current and past land use has been for agriculture, grazing, and forestry purposes. Environmental disturbances for these historical uses include road construction, cattle corrals, and other small farming structures.

Other than the historical adits, and some historical mining activities, no major and recent mining activities appear to have occurred within the project boundaries. Currently, site disturbance has been limited to mining exploration drilling within La Luz and Terronera mining areas. These areas represent small footprints around the exploration boreholes that are remediated and reclaimed rapidly after the drilling campaign is completed. Therefore, as a greenfield mining project, the current environmental liabilities of Endeavour Silver are low and limited to localized exploration-disturbed areas.

Environmental studies, permitting and social impacts are discussed in Section 20.

4.8 Significant Factors and Risks

The 2020 Fraser Institute Annual Survey of Mining Companies (Yunis & Aliakbari, 2020) provides an independent assessment of the overall political risk facing an exploration or mining project across various global jurisdictions. Overall, Mexico ranked 42 out of 77 jurisdictions in the survey on the investment attractiveness index, which combines the policy perception index in which Mexico ranked 61st, with results from the best practices mineral potential index where it ranked 27th.

No other significant factors and risks are known to the QP that may affect access, title, or right or ability to perform work on the property, other than what are discussed in this Report.

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5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

5.1 Accessibility

The Terronera Project is situated approximately 160 km west of Guadalajara in Jalisco State and 50 km northeast of Puerto Vallarta. Road access is via paved roads. From Guadalajara, travel by road is via Federal Highway No. 70 that passes through the town of Mascota, about 210 km west of Guadalajara, and then it is another 55 km to San Sebastián del Oeste. Highway 70 continues to Puerto Vallarta on the Pacific coast. Good gravel roads exist within the Terronera Project area, and year-round access is possible, although some difficulties may be experienced during the rainy season.

Recent road improvements have reduced the road transit time from Puerto Vallarta to San Sebastián del Oeste to less than two hours. San Sebastián del Oeste is also served by a paved airfield in excellent condition.

National and international access to Puerto Vallarta and Guadalajara are good, with numerous daily flights from major cities in Mexico, the United States, and Canada, giving many options for traveling to and from the Terronera Project.

5.2 Local Resources and Infrastructure

There is currently a 1 MW powerline owned by the Mexican government that passes through the Terronera Project site with an agreement for Endeavour Silver to access 250 kW and an objective to increase Endeavour Silver's capacity. 

As of 2015, the population of municipality of San Sebastián del Oeste was approximately 5,086, with 638 living in the town of the same name and 566 living in the town of Santiago de Los Pinos, the closest town to the main facilities proposed for the project. The town of San Sebastián del Oeste is well maintained, and tourism is the principal industry with several hotels and restaurants. It receives regular tourist visits from nearby Puerto Vallarta, while agriculture and livestock are the main activities of Santiago de Los Pinos.

Most of the labour and small equipment required for exploration programs can be found in the municipality of San Sebastián del Oeste. Supplies are usually purchased in Puerto Vallarta, Mascota, or Guadalajara. During mine operations it is anticipated that labour will be sourced from neighbouring communities and Puerto Vallarta.

Additional information on local resources and infrastructure envisaged in the FS is provided in Section 18.

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5.3 Climate

The climate type reported for the Terronera Project site is subtropical, with the rainy season occurring from June to September.  July is typically the wettest month. The weather is predominantly humid in the winter and dry and warm during the spring. The mean annual temperature is 18°C, with a maximum of 25.6°C and a minimum of 11.7°C. Prevailing winds in the area are from the southwest.

Exploration activities can be curtailed by wet weather.  It is envisaged that any future mining operations will be conducted on a year-round basis.

5.4 Physiography

The Terronera Project is in a mountainous region of Western Mexico with elevations ranging from sea level at the Pacific coast to 2,850 m at the highest elevation in the San Sebastián region of the Sierra Madre Occidental mountain range (Figure 5-1).  The town of San Sebastián del Oeste is at an elevation of 1,480 m above sea level, Santiago de Los Pinos is at an elevation of 1,120 m above sea level.

Elevations range from 1,160 m to 1,800 m within the Terronera Project footprint.  Within Endeavour Silver's surface rights, there exists sufficient flat land to support the surface facilities of the mine.

The surrounding area is mountainous and heavily forested, mainly with pine and oak trees. The surrounding valleys are occupied by cattle ranches, cornfields, and coffee plantations.

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Figure 5-1: View of Topography Surrounding the Town of San Sebastián (provided by Endeavour Silver, dated 2020)

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6.0 HISTORY

6.1 San Sebastián del Oeste Mining District

The following section is summarized from Lewis and Murahwi (2012) and Munroe (2013). San Sebastián del Oeste is a silver and gold mining town founded in 1605 during the Spanish colonial period. By 1785, more than 25 mines and several smelters had been established in the district and, during the peak mining period, the area was considered one of the principal sources of gold, silver, and copper for New Spain. The primary mines in the district included Real de Oxtotipan, Los Reyes, Santa Gertrudis, Terronera, and La Quiteria.

San Sebastián del Oeste was declared a city in 1812 and reached a peak population of more than 20,000 people by 1900. It was the provincial capital and one of Mexico's more critical gold and silver mining centres. The prosperity of the city declined after the revolution of 1910.

The mines were, in part, responsible for the founding of the city of Puerto Vallarta that supplied those mines with salt. Mules took the salt to San Sebastián del Oeste and other mines in the high sierras for use in the metal smelting process. Mined silver and gold were sent through Guadalajara and Mexico City to Veracruz and sent to Spain.

Exploration activities, where known, are summarized in Table 6-1.

Table 6-1: Exploration History Summary

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6.2 Past Production History

There has reportedly been significant historical production from the San Sebastián del Oeste region spanning 1566 when the Villa de San Sebastián was founded through to the early 20th century. The amount of silver production; however, is unknown since historical production records have not survived the revolutions, passing of the individual owners, closing of the mines, corporate failure, or government seizure of assets (Lewis and Murahwi (2012); Munroe (2013)).

However, in the Terronera Project area including surface construction and mine, no old mine operations and portals are present. Beyond the project area, there are old mines from the 15 century, which do not affect the project both in the surface or underground.

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7.0 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional Geology

The following section is summarized from Lewis and Murawhi (2012) and Munroe (2013). The mining district of San Sebastián del Oeste, shown in Figure 7-1, is situated at the southern end of the Sierra Madre Occidental metallogenic province, a north-northwesterly trending volcanic belt of mainly Tertiary age. This volcanic belt is more than 1,200 km long and 200 to 300 km wide and hosts most of Mexico's gold and silver deposits. The volcanic belt is one of the world's largest epithermal precious metal systems.

The oldest rocks in the southern part of the Sierra Madre Occidental are late-Cretaceous to early-Tertiary calc-alkaline, granodiorite to granite batholiths that intrude coeval volcano-sedimentary units of late Eocene to Miocene age.

The Terronera project lies within the structurally and tectonically complex Jalisco Block at the western end of the younger (early Miocene to late Pliocene) Trans-Mexican Volcanic Belt. Country rocks within the Jalisco Block include Cretaceous silicic ash flows and marine sedimentary rocks deposited between 45 and 115 Ma that are intruded by Cretaceous to Tertiary granite, diorite, and granodiorite of the Puerto Vallarta Batholith. The volcanic rocks of the San Sebastián cinder cone field are dated at 0.48 to 0.26 Ma, and are characterized by distinct, high potassium, alkalic compositions and were extruded within the Tepic-Zacoalco Graben that bounds andesitic stratovolcanoes located to the north and northeast.

The area has been affected by strong tectonic activity during the Cretaceous to Recent period, which has resulted in regional northwest-southeast striking transcurrent faults associated with movements of the northern portion of the Jalisco Block.

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Figure 7-1: Geology of the San Sebastián del Oeste Area (Lewis and Murahwi, 2013)

7.2 Local and Property Geology

The San Sebastián del Oeste area, including the Terronera Project, is underlain by an intermediate to felsic volcanic and volcaniclastic sequence correlated with the middle to lower Cretaceous Lower Volcanic Group of the Sierra Madre Occidental geological province. This volcano-sedimentary sequence consists of shale, sandstone, and narrow calcareous-clayey interbeds overlain by tuffs, volcanic breccias, and lava flows of mainly andesitic composition. The volcano-sedimentary units crop out in the north-central part of the district. Further to the north, granitic to granodioritic intrusive rocks are present.

The sedimentary basin most likely developed along with a volcanic arc later intruded by granitic granodiorite intrusions. This magmatism gave rise to andesite flows and pyroclastic eruptions followed by deposition of the rhyolite flows, volcanic breccias, pyroclastic dacites, and basalt, which are host to the epithermal veins in the district. A later volcanic event, attributable to the formation of the Trans Mexican Volcanic Belt, resulted in volcanic rocks of mafic alkaline composition. The geology of the Terronera Project area is shown in Figure 7-2.

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Figure 7-2: Terronera Project Geology Showing Mineralized Veins (prepared by Endeavour Silver, dated 2020)

Note:  Coordinate system is WGS 84/UTM Zone 13Q

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7.3 Structure

The more critical mineralized veins in the San Sebastián del Oeste district are controlled by west-northwest to northwest striking structures related to a transcurrent fault system. An extensive, second-order, east-west structural trend is related to extension caused by sinistral movement on the primary structures.

7.4 Alteration

In the San Sebastián del Oeste district, silver and gold mineralization represents the upper portion of an epithermal vein system. Illite, sericite, and adularia are characteristic alteration assemblages that typically occur in the veins and in the vein wall rocks. In higher elevation areas, where limited mining (colonial-era artisanal mining), has occurred, such as the El Hundido and Real de Oxtotipan mines, the quartz is amorphous and milky white, indicative of a low-temperature environment.

7.5 Mineralization

The epithermal veins' silver-gold ± base metal mineralization is hosted in structurally controlled quartz and quartz breccia veins.  The principal Terronera Vein has been traced by drilling for 1.5 km on strike and from the surface to the maximum depth of drilling at 546 m, as shown in Figure 7-2. The Terronera Vein strikes at approximately 145° and dips 80° east. The actual width of the principal Terronera Vein ranges from 1.5 to 15 m and averages 3.9 m. In addition to the main Terronera Vein, there are additional hanging wall and footwall veins. The veins are primarily hosted in volcanic flows, pyroclastic, and epiclastic rocks and associated shales and their metamorphic counterparts (Lewis and Mulahwi (2012); Munroe (2013)).

Metallic minerals include galena, argentite, and sphalerite associated with quartz, calcite, and pyrite gangue constituents. Munroe (2013) reported that high silver and gold values from 2011 sampling of underground workings in the Terronera Vein were primarily obtained from crystalline quartz veins, drusy in places, with limonite and manganese oxides lining box works after sulphides and fine-grained disseminated pyrite and traces of dark grey sulphides, probably silver sulphides.

Regionally, known deposits contain polymetallic sulphide mineralization in wide vein structures. The veins at higher elevations may represent the tops of ore shoots containing significant silver and gold mineralization at depth.

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8.0 DEPOSIT TYPES

The deposits within the San Sebastián del Oeste district are considered to be examples of low-sulphidation epithermal deposits.

8.1 Low-Sulphidation Epithermal Deposits

The following description for a low-sulphidation epithermal model is taken from Pantaleyev (1996).

8.1.1 Geological Setting

High-level hydrothermal systems form low-sulphidation epithermal deposits from depths of ~1 km to surficial hotspring settings.  Deposition is related to regional-scale fracture systems related to grabens, (resurgent) calderas, flow-dome complexes, and rarely, maar diatremes.  Extensional structures in volcanic fields (normal faults, fault splays, ladder veins, and cymoid loops) are common; locally graben or caldera-fill clastic rocks are present.  High-level (subvolcanic) stocks and dikes and pebble breccia diatremes occur in some areas.  Locally resurgent or domal structures are related to underlying intrusive bodies.

Most types of volcanic rocks can host the deposit type; however, calc-alkaline andesitic compositions predominate.  Some deposits occur in areas with bimodal volcanism and extensive subaerial ash-flow deposits.  A less common association is with alkalic intrusive and shoshonitic volcanic rocks. Clastic and epiclastic sediments can be associated with mineralization that develops in intra-volcanic basins and structural depressions.

8.1.2 Mineralization

Ore zones are typically localized in structures but may occur in permeable lithologies.  Upward-flaring ore zones centred on structurally controlled hydrothermal conduits are typical.  Large (> 1 m wide and hundreds of metres in strike length) to small veins and stockworks are familiar with lesser disseminations and replacements.  Vein systems can be laterally extensive, but ore shoots have a relatively limited vertical extent.  High-grade mineralization is commonly found in dilational zones in faults at flexures, splays, and cymoid loops. 

Textures typical of low-sulphidation deposits include open-space filling, symmetrical and other layering, crustification, comb structure, colloform banding, and multiple brecciation.

Deposits can be strongly zoned along strike and vertically.  Deposits are commonly zoned vertically over 250 to 350 m from a base metal-poor, gold-silver-rich top to a relatively silver-rich base metal zone, and an underlying base metal-rich zone grading at depth into sparse base metal, pyritic zone.  From surface to depth, metal zones can contain gold-silver-arsenic-antimony-mercury, gold-silver-lead-zinc-copper, or silver-lead-zinc.  In alkalic host rocks, tellurides, vanadium-mica (roscoelite), and fluorite may be abundant, with lesser molybdenite.

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The main mineral species are pyrite, electrum, gold, silver, argentite, chalcopyrite, sphalerite, galena, tetrahedrite, silver sulphosalt, and selenide minerals.  Quartz, amethyst, chalcedony, quartz pseudomorphs after calcite, calcite, adularia, sericite, barite, fluorite, calcium-magnesium-manganese-iron carbonate such as rhodochrosite, hematite, and chlorite are the most common gangue minerals.

8.1.3 Alteration

Silicification is extensive in mineralization as multiple generations of quartz and chalcedony are commonly accompanied by adularia and calcite.  Pervasive silicification in vein envelopes can be flanked by sericite-illite-kaolinite assemblages.  Intermediate argillic alteration (kaolinite-illite-montmorillonite (smectite)) can form adjacent to some veins; advanced argillic alteration (kaolinite-alunite) may form along the tops of mineralized zones.  Propylitic alteration dominates peripherally and at depth.

Figure 8-1 illustrates the spatial distribution of the alteration and veining found in a hypothetical low-sulphidation hydrothermal system.

8.2 Applicability of the Low-Sulphidation Model to the Terronera Project

Low-sulphidation epithermal veins in Mexico typically have a well-defined, subhorizontal ore horizon about 300 to 500 m in vertical extent where bonanza grade mineralization shoots have been deposited due to boiling of hydrothermal fluids. Neither the top nor the bottom of the mineralized horizons at the Terronera Project have been precisely established.

The San Sebastián del Oeste silver-gold district hosts high-grade silver-gold, epithermal vein deposits characterized by low-sulphidation mineralization and adularia-sericite alteration. The veins are typical of epithermal silver-gold vein deposits in Mexico in that they are primarily hosted in volcanic flows, pyroclastic, and epiclastic rocks, or sedimentary sequences of shale and its metamorphic counterparts.

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Figure 8-1: Alteration and Mineralization Distributions within a Low-Sulphidation Epithermal Vein System (Lewis and Murahwi, 2013)

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9.0 EXPLORATION

9.1 Grids and Surveys

The topographical and geographical mapping basis for the Terronera Project uses satellite photogrammetry took on March 1, 2012, by Photosat Satellite and GIS Data Consultant of Vancouver, Canada.  The topographic resolution for these data generated 1 m contours.  Because the Terronera Project area has remained relatively undisturbed since the date of this satellite capture, the image and contour data are used as the basis of the FS.

9.2 Sampling Method and Approach

To establish exploration drill hole targets, Endeavour Silver has collected surface outcrop, underground channel, surface channel samples, and conducted numerous surface geologic mapping campaigns.

9.2.1 Surface Channel Samples

Chip channel samples are marked by a line at each end of the channel and are collected across zones of mineralization, alteration, and structure by taking continuous (approximately 10 cm width) chips from a geologically defined traverse. The sample is chipped from the face with a mallet and chisel and captured by a large canvas. The canvas is cleaned after each sample has been taken and a lithologic description is recorded. The samples range from 1 to 2 m long, depending on degree of mineralization and weigh approximately 3 to 6 kg. Sample locations are recorded by a hand-held GPS unit.

9.2.2 Rock Chip Samples

As with the channel samples, single point rock chip samples are collected from an area of 1 to 2 m in diameter. Multiple chips are collected from different points in the sampling area with a resulting weight from 1 to 3 kg.  The chips are bagged and the same protocol is applied as with the channel samples. Sample locations are recorded with a hand-held GPS unit.

9.2.3 Soil Geochemical Samples

The soil geochemical sample method is primarily utilized in areas with a higher degree of weathering. Where appropriate, soil samples were taken from the A horizon, just below the organic horizon in pits dug by hand with shovels; in other areas, soil samples constituted fine-grained material collected from weathered slopes.  Soil samples constituted approximately 400 to 600 g of material with as much organic matter removed as possible by screening or hand-picking.  Soil sampling typically occurred on lines or grids with one sample taken every 50 to 100 m. The grids or lines are oriented perpendicular to the structure being tested. Samples and sample location were described by the geologist / sampling technician and location recorded by hand-held GPS.

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9.3 2010 to 2019 Endeavour Silver Exploration Programs

Initial work in 2010 included data compilation, field mapping, and sampling. Surface mapping was completed over the Real Alto Zone in the southern part of the Terronera Project. One thousand and four rock and soil samples were collected in 2010, mainly from the historical mines in the San Sebastián del Oeste district. A soil geochemistry survey was conducted over the Real Alto Zone to potentially delineate buried veins in the area and map and sample any veins exposed to the surface. A total of 735 soil samples were collected in the Real Alto area.

In 2011, geological mapping, rock chip sampling, and topographic surveying were conducted. Mapping and sampling of structures in the Santiago de Los Pinos area, including El Alcribil, El Orconcito, El Padre, El Izote, La Plomosa, Tierras, Coloradas, Los Cuates, La Yesquilla, and La Ermita areas were completed. In early 2011, mapping and sampling were also carried out on the Terronera Vein near San Sebastián del Oeste. In late 2011, mapping and sampling were conducted in the La Luz and the Los Reyes areas. A total of 301 rock chip samples were collected in 2011.

In early 2012, exploration activities focused on surface sampling at the Quiteria West (Los Leones and La Cueva), Terronera, and La Zavala areas; 24 rock chip samples were collected.

In 2013, Endeavour Silver conducted geological mapping, trenching, and sampling. Mapping focused on the southern strike extension of the Terronera Vein, La Zavala Vein, and the Quiteria West structures. Some samples were collected at the eastern extension of the Real Vein in the Real Alto area. A total of 350 rock chip samples were collected. The trenching program included 129 rock chip samples collected from 24 trenches excavated in the Terronera and La Zavala areas.

In 2014, geological mapping, trenching, and sampling was conducted at the Quiteria West and Terronera NW areas, including sampling at the Terronera, Lupillo, El Salto, and La Cascada mines located over the Terronera Vein and the Resoyadero, La Tapada 2, Otates, Tajo los Cables, El Toro, ZP3, Copales, Mina 03, Mina 04 and Cotete areas/mines in the Quiteria area.

A West Vein trenching program was conducted over the projection of the Quiteria West (east and west portions) and Terronera (northwestern area) veins. The program included a total of 1,091 rock chip and surface channel samples collected from the underground, surface and trenching programs. Regional geological mapping was undertaken.

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In 2015, Endeavour Silver conducted geological mapping, trenching, and a soil geochemical survey. Mapping included the Terronera North, La Zavala, El Fraile, El Padre, SE part of Quiteria-Democrata, and La Ermita areas. The trenching program was conducted over the Democrata and La Luz veins. The soil geochemical survey was completed to locate a possible eastern extension of the Democrata and Quiteria veins while simultaneously conducting geological mapping over the area. The sampling program included 2,170 rock chip samples (107 collected during the trenching program) and 425 soil/rock chip samples within a sampling grid.

During 2016, several thousand rock chip and surface channel samples were collected, and analysis revealed the Terronera Vein system to extend over a 7 km x 7 km area and identified nine other veins in the northern half of the Terronera Project area. A soil geochemistry grid (810 samples collected) was completed at the Las Coloradas area to define potential buried structures in areas with extensive vegetation cover.

In 2017, geological mapping, trenching, and sampling were conducted at the Terronera Project to determine drill targets. This work focused on the Terronera NW, Quiteria West, Los Espinos-Guardarraya, El Jabalí, El Fraile, Vista Hermosa, La Escondida, El Armadillo, La Atrevida, Miguel, Santana, Peña Gorda and Los Tablones areas. A total of 1,244 rock chip samples and 308 rock chip samples from trenching were collected from Terronera NW, Los Espinos NW, El Fraile, Vista Hermosa, La Escondida, El Armadillo, La Atrevida, and Miguel areas.

During 2018, geological mapping activities were carried out within Endeavour Silver's concessions to generate targets of interest with the potential to contain mineralization. The areas explored included Terronera Central and Terronera South, Real Alto, El Jabalí, La Mesa and San Felipe de Hijar. In addition, regional exploration programs continued with the objective of defining possible targets of interest around the Terronera Project. A total of 1,735 rock chip samples were collected from the local and regional programs.

During 2019, exploration activities carried out by Endeavour Silver consisted of geological mapping and sampling mainly focused on the areas of Real Alto, Los Pajaros, Terronera North (El Gavilan Vein), Terronera Central (La Gris Vein and La Piedad Shear Zone), Terronera South (El Hundido, San Simon, Monte Negro, and Tierra Blanca areas), El Muro, San Sebastián 17 claim, San Sebastián 11 claim, and La Saguijuela claim (Los Cuates area). The regional exploration program continued collecting a total of 1,697 rock chip samples.

9.4 2020 Endeavour Silver Exploration Program

During 2020, exploration was carried out within the Terronera Project covering Terronera North, Terronera Central, and Terronera South, El Fresno-La Zavala, La Sanguijuela Claim, Sab Sebastián 11 Claim, Real Alto, and La Unica Claim. During the year, 22 new structures were mapped within the Terronera Project.

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9.4.1 Terronera North

Point 10 Zone was identified close to where the Gavilán Vein was mapped. Point 10 is marked by reddish, oxidized quartz with strong jointing and traces of sulphides. Field measured thickness is up to 6 m, and the structure trends N70°W, dipping 75° to the southwest. Field investigating of the intersection between the Juan Dueñas Mine Quitería Vein was also carried out.

9.4.2 Terronera Central and Terronera South

Field evidence at the hanging wall and footwall of Terronera Vein were analyzed, including the correlation of the Jabalí, Lindero, El Carmen, and Laura structures to identify areas for growth.

The Lindero structure is located towards the hanging wall of the Terronera Vein is oriented N35 to 40°W, dipping from 60° to 75° southwest with an average thickness of 1.8 to 2.0 m. Lindero is hosted in the Cretaceous unit of rhyolites near the contact with the andesites. Figure 9-1 shows a 2 x 2 m historically mined area developed within a sulphide bearing quartz vein as part of the Lindero structure.

The Jabalí Vein trends N40°W dips 70° northeast and is marked by crystalline quartz, sulphides, oxidized pyrite, barite, and veinlets of calcite, with minor gray sulphides. Jabalí has a thickness of 1.5 to 2.0 m. Figure 9-2 shows an outcrop on the Jabalí Vein trace. The vein is 2.5 m thick and marked by opaque, chalcedonic  quartz with traces of grey sulphides, and manganese (pyrolusite) in fractures, hosted in rhyolite.

The El Carmen structure is located at the hanging wall of the Terronera Vein and is interpreted to be a vein-fault type feature with an east-west trend dipping 46° to the south. The average thickness is 1 m and has opaque white quartz with saccharoid texture and moderate oxides in fractures.

The Laura Vein is also a hanging wall structure relative to the Terronera Vein. Historical workings are parallel with the structure trend and developed for approximately 30 m. The Laura Vein corresponds to the projection of the La Piedad Shear Zone.

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Figure 9-1: Outcrops of the Lindero Vein (prepared by Endeavour Silver, dated 2020)

Figure 9-2: Outcrops of the Jabalí Vein (prepared by Endeavour Silver, dated 2020)

9.4.3 El Fresno-La Zavala

The El Fresno-La Zavala area consists of Pendencia, La Semilla, Gloria system, 12 De Diciembre, and Detachment Fresno. In addition, new records were located identifying the possible projection of the El Fresno structure. A trenching program was conducted over this trace to determine the continuity or limit of the El Fresno mineralized structure.

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The Pendencia Vein was traced for approximately 300 m with a general east-west trend dipping 75° north. Along with this structure, the old Pendencia Mine is considered one of the more extensively developed mines in the area. Currently, access is limited to a 40 m adit oriented perpendicular to the structure but is believed to have two levels of development. Pendencia is a footwall structure with thickness up to 2m and is marked by quartz veining with sulphide veinlets.

The La Semilla structure presents a general trend-oriented N65 to 75° W dipping from 75 to 80° to the northeast and has been traced approximately 200 m. A small 3 m adit has been located along La Semilla and consists of quartz-hematite, with traces of sulphides and an average thickness of 1.5 m.

The El Fresno structure is marked by alteration zones and mineralized float that aligns with the trend of the structure. A new outcrop was mapped along with the projection of the vein within a gap zone (Figure 9-3).

Silver results of the El Fresno-La Zavala area are presented in Figure 9-4.

Figure 9-3: Strong Alteration Zone (hematite-jarosite) with Fractured Quartz, Argillic Alteration Zone, with Outcrops of Massive Quartz, on the Trend of the El Fresno Structure (prepared by Endeavour Silver, dated 2020)

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Figure 9-4: Silver Results in the Terronera El Fresno-La Zavala Area (prepared by Endeavour Silver, dated 2020)

Note:  Coordinate system WGS 84/UTM Zone 13 Q

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9.4.4 La Sanguijuela Claim

Reconnaissance mapping conducted on the La Sanguijuela claim mainly focused on the local geology of Los Cuates area. The El Puerto, La Pastura, and El Columpio veins were identified and mapped.

The Los Cuates Vein presents a general east-west trend dipping from 65 to 85° to the north with a length of 1,700 m. The area is marked by uneven terrain, which varies in elevation by +/- 150 m. The Los Cuates Vein has an average thickness of 4 m and is known to host nine mine workings (Los Cuates, El Abuelo, El León, El Tejón, El Moloaste, La Hojarasca, and El Solitario Mines; in addition, Los Cuates and La Escalera shafts). Figure 9-5 shows adits of the Los Cuates Mine, developed on Los Cuates Vein. The structure consists of two veins separated by a fault zone at the footwall of the main structure. The veins contain opaque quartz with hematite in fractures and very narrow veinlets of gray sulphides (galena).

The El Puerto Vein is developed within the rhyolite unit surrounded by the alteration zone containing intense fractures, moderate to strong oxidation, and traces of sulphides. The mapped area is characterized by opaque chalcedonic quartz veinlets of calcite and dendritic manganese. In some areas, the vein becomes narrow and loses continuity.

La Pastura Vein trends N45°W, dipping from 60 to 75° to the northeast, with an average thickness of 1.5 m. It is hosted in a sedimentary unit where the host rock is a massive clay-rich limestone (mudstone). The topography is characteristic of sediments with gentle hills and dendritic drainage patterns. Quartz is more crystalline with traces of fine copper (malachite) and zinc (sphalerite) mineralization.

The El Columpio structure is located 200 m to the south of the main Los Cuates Vein. It is oriented in an east-west trend, dipping from 50 to 65° to the north. Outcrops are rare, but when mapped, El Columpio can be seen hosted in rhyolites as opaque white quartz with oxidized fractures containing dendritic manganese and traces of sulphides. The vein trace is defined or identified by float remnants and zones of oxide alteration and argillic alteration.

Silver results of the La Sanguijuela claim are presented in Figure 9-6.

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Figure 9-5: Adits to Los Cuates Mine (Number 4 shows the Main Adit; Numbers 1 to 3 shows the secondary adits) (prepared by Endeavour Silver, dated 2020)

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Figure 9-6: Silver Results in the La Sanguijuela Area (prepared by Endeavour Silver, dated 2020)

Note:  Coordinate system WGS 84/UTM Zone 13 Q

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9.4.5 San Sabastián 11 Claim

Exploration work of the San Sebastián claim was limited to field mapping of the El Volantin.

9.4.6 Real Alto

Within the Real Alto Zone, the El Saucillo Vein was mapped towards the Cerro Gordo claims. Structural analysis was carried out on the northwest-southeast and east-west structures.

Silver results of the Real Alto area presented in Figure 9-7.

9.4.7 La Unica Claim

Reconnaissance mapping and field checks identified three structures requiring further investigation: La Única, Julio Camichina, and El Bonete. A total of 911 rock chip samples were collected during the 2020 regional exploration program, which focused on identifying areas for growth within 25 km of the Terronera Vein.

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Figure 9-7: Silver Results in the Real Alto Area (prepared by Endeavour Silver, dated 2020)

Note:  Coordinate system WGS 84/UTM Zone 13 Q

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10.0 DRILLING

The drill programs conducted at the Terronera Project are summarized in Table 10-1.  Drill holes were typically drilled starting with HQ core diameter and eventually reducing to NQ.

Drill collar location maps for the Terronera Project, Terronera Vein, and La Luz Vein are presented in Figure 10-1, Figure 10-2, and Figure 10-3, respectively. The Terronera Vein intercepts and La Luz Vein intercepts are shown on the longitudinal projection in Figure 10-4 and Figure 10-5, respectively. Results of the drilling program carried out during 2020 are summarized in Table 10-2 to Table 10-6.

Interpretations of the Terronera drilling results can be found in Figure 14-1 and Figure 14-2 and interpretations of La Luz drilling results in Figure 14-13 and Figure 14-14.

Table 10-1: Drill Hole Summary

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Figure 10-1: Terronera Surface Map Showing Completed 2020 Drill Holes (prepared by Endeavour Silver, dated 2020)

Note:  Completed drill holes are shown in black; EDR = Endeavour Silver; Coordinate system - WGS 84 / UTM Zone 13Q

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Figure 10-2: Drill Collar Locations - Terronera Vein (prepared by Endeavour Silver, dated 2020)

Note:  EDR = Endeavour Silver

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Figure 10-3: Drill Collar Locations - La Luz Vein (prepared by Endeavour Silver, dated 2020)

Note:  EDR = Endeavour Silver

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Figure 10-4: 2020 Drill Intersections - Terronera Vein Longitudinal Projection (prepared by Endeavour Silver, dated 2020)

Note:  Coordinate system - WGS 84/UTM Zone 13Q

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Figure 10-5: 2020 Drill Intersections - La Luz Vein Longitudinal Projection (prepared by Endeavour Silver, dated 2020)

Note:  Coordinate system - WGS 84/UTM Zone 13Q

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Table 10-2: Surface Drill Hole Assay Summary for Mineral Intercepts in the La Loma - Los Pajaros Area

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Table 10-3: Surface Drill Hole Assay Summary for Mineral Intercepts in the Real Alto Area

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Table 10-4: Surface Drill Hole Assay Summary for Mineral Intercepts in the San Simón - El Fresno Area

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Table 10-5: Surface Drill Hole Assay Summary for Mineral Intercepts in the Los Cuates Vein Area

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Table 10-6: Surface Drill-Hole Assay Summary for Mineral Intercepts in the Terronera Vein Area

10.1 Sampling and Logging

For sampling and logging descriptions, please refer to Section 11.

10.2 Core Recovery

In general, core recovery in the Terronera Vein is within acceptable levels, with an average of 90% in the mineralized zone and 100% in the host rock.

Core recovery at La Luz is mostly 100% for both mineralized and host rock.

10.3 Drill Hole Surveying

10.3.1 Collar

Surveys are carried out by Endeavour Silver surveyors with total stations with dual-band GPS. The survey starts from a previously positioned survey point (with GPS) and with adequate quality control.  Based on the baseline survey point related to an open support polygonal, topographic control points (stations) are propagated to the drilling areas.

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Collar measurement, based on the open support polygon, is performed by positioning the total station at a topographic control point.  A survey prism reflects the electronic distance measurement beam back to the source providing the total station with the coordinates of the collar. Coordinates of the collar are entered into Excel, and later imported into the drilling databases.

10.3.2 Downhole

Surface holes are surveyed using a Reflex multi-shot down-hole survey instrument, performed by personnel from the drilling companies, generally at 30 m intervals from the bottom of the hole and back up to the collar. As a first step, an initial survey is taken at 15 m to verify the correct inclination and azimuth of the drill hole.

Drill-hole survey data is transferred to databases in Vulcan and AutoCAD and corrected for local magnetic declination, as necessary. Information for each drill hole is stored in separate folders.

10.4 Geotechnical Drilling Program

10.4.1 2016 Drilling Program

In 2016, Endeavour Silver engaged Knight Piésold Ltd. (KP) to provide pre-feasibility level geomechanical and hydrogeological support for the proposed underground mine at the Terronera Vein of the Terronera Project. A total of 1,241 m was drilled in four drill holes.

The investigation program consisted of four geomechanical drill holes with detailed geomechanical logging. Core orientation was undertaken on three of these geomechanical drill holes to determine discontinuity orientations within all encountered rock units. A fourth geomechanical drill hole was drilled subparallel to the existing Lupillo adit, which was used to calibrate the rock mass quality observed in the exploration core to the performance of the adit.

The hydrogeological site investigations consisted of hydraulic conductivity testing and the installation of vibrating wire piezometers. Sixteen constant head packer tests were completed in three geomechanical drill holes.

10.4.2 2018-2019 Drilling Program

In 2018 and early 2019, Endeavour Silver engaged KP to provide geomechanical and hydrogeological support for the proposed underground mine at the La Luz Vein of the Terronera Project.

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The investigation program consists of four geomechanical drill holes with core orientation and detailed geomechanical logging, hydrogeological packer testing at approximately 30 m intervals, and a nested vibrating wire piezometer installation.

Two drill holes were completed by the end of 2018, totaling 405 m, and two more drill holes for 385 m was completed in early 2019.

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11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

11.1 Introduction

The dataset used for the 2021 Mineral Resource estimate for the Terronera and La Luz deposits consists of over 20,000 1-m drill core samples that were taken under the supervision of Endeavour Silver's geology team and prepared and analyzed at commercial laboratories since 2012. 

Endeavour Silver implemented QA/QC programs at the Terronera Project in data collection campaigns executed since 2012, accounting for all of the drill holes used in the Mineral Resource estimates for the Terronera and La Luz veins.  The Wood QP carried out a review of the QC data for the 2012 to 2020 drill programs used in the Mineral Resource estimate and concluded that notwithstanding minor issues with the QC program itself and potential low-level carry-through contamination in the primary lab, the results indicate the precision and accuracy of the Terronera silver and gold assays is good.

11.2 Sampling

Table 11-1 shows the number of samples and control samples analyzed by campaign.

The 2011 drill program focused on exploration targets within the Terronera Project area, including the Real Alto, Animas-Los Negros, El Tajo, Real veins, and the Central area (Quiteria Vein and Quiteria Mine West). This drilling was not used in the 2021 Mineral Resource estimates for the Terronera and La Luz veins.

The 2020 drill program was the last program included in the 2021 Mineral Resource estimate and consisted mainly of exploration drilling at the La Loma-Los Pajaros, Real Alto, San Simon-El Fresno, and Los Cuates areas. Three new drill holes were drilled at the southern portion of the Terronera Vein (458.20 m, 137 samples) and represent 14% of the total samples drilled in 2020 (Table 11-1).

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	Endeavour Silver Corp.
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	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

Table 11-1: Number of Samples and Control Samples by Campaign

Endeavour Silver has followed consistent sampling protocols since the implementation of the 2012 drill campaign. An Endeavour Silver geologist supervises all drilling and sampling. Sampling takes place at the core storage facilities at the Endeavour Silver campsite in Santiago de Los Pinos.  Drill core boxes are collected from the surface drill platforms by an Endeavour Silver geologist and taken to the core storage facility where the boxes are laid out, opened, measured, marked for sampling, and are geologically and geotechnically logged.

Sampling is done in the mineralized structure and a few centimetres in the host rock on either side. In mineralized structures, sample intervals are between 20 and 100 cm and between 20 and 150 cm in the host rock. Intervals of high core recovery are not mixed with those of low recovery. Technicians record the RQD data. Sample numbers are tagged on the boxes and intervals, and sample numbers are tracked in an Excel spreadsheet.  Technicians take photographs and density measurements for each box of core.

Whole, intact core pieces are cut in half with a diamond rotary saw, and broken core pieces are split with a pneumatic core splitter for sampling.

Cut samples are put in plastic bags with a corresponding sample number generated by the geologists.  Samples are bagged and tagged at the core storage facilities and shipped to the ALS-Chemex preparation facility in Guadalajara, Mexico. The un-sampled half core is stored at the Terronera core storage facility.

11.3 Sample Preparation

Sample preparation consists of weighing the entire sample, drying the sample, if necessary, at a temperature between 100 and 120°C, and then crushing the dried sample to 70% passing -10 mesh (2 mm).  The crushed sample is homogenized and split through a riffle splitter to obtain a 250 g sub-sample that is pulverized to 85% passing -200 mesh (75 µm) in a ring and puck mill.  The cleaning procedure when crushing is by compressed air and by-passing silica rock through the crusher following samples with high clay content. At the pulverization stage, cleaning is done by compressed air and silica sand.

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	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

11.4 Drill Core Storage

The Terronera Project has two core storage facilities located in Santiago de Los Pinos and within the Terronera Project area. There is no security for the core shack's mineralized core, and the camp is an open site area.

Plastic core boxes and paper pulp bags are stored in an orderly manner in metal racks. Core Storage 1 is where core drilled until the 2020 drill program is stored. Core Storage 2 is where the post-2020 drilling campaign core is stored.

Endeavour Silver maintains the chain of custody throughout the drilling, sampling, and dispatch process to ensure no tampering takes place.  Witness samples taken by independent consultants visiting the property in 2021 and in 2018 support the presence of economically significant mineralization in the intervals sampled. 

11.5 Laboratory Certification

Samples from the Terronera Project are prepared at ALS Guadalajara. The laboratory is independent of Endeavour Silver and holds an ISO/IEC 17025 accreditation.

With ISO/IEC 17025 accreditation, ALS Canada, independent of Endeavour Silver, carried out the analytical process between the 2012 and 2018 campaigns. The Inspectorate laboratory in Hermosillo was used as a secondary laboratory from 2012 to 2018. Inspectorate holds global certifications for quality under ISO9001:2008, Environmental Management under ISO14001, and Safety Management under OH SAS 18001 and AS4801 and is independent of Endeavour Silver.

For the 2020 drilling campaign, holes drilled between August and mid-October used ALS Canada as the primary laboratory and SGS Durango as the secondary laboratory.  For holes drilled from mid-October to December, SGS Durango was the primary laboratory while ALS Canada was the check laboratory. SGS Durango is also independent of Endeavour Silver and accredited under ISO/IEC 17025.

11.6 Analytical Methods

At ALS Canada, silver grades and the grades of 35 additional elements are determined by inductively ICP-AES following aqua regia digestion. The detection range for the silver assay is 0.2 to 100 ppm.

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	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

Gold was assayed by FA followed by AA analysis of the FA bead. A 30 g nominal pulp sample weight is used. The detection range for the gold assay is 0.005 to 10 ppm.

The analytical procedure for high-grade (over-limit) gold and silver mineralization is FA followed by gravimetric analysis. A 30 g nominal pulp sample weight is used. The detection limits for high-grade gold assays are 0.5 to 1,000 ppm and 5 to 10,000 ppm for silver assays.

The 2020 surface exploration program samples were analyzed by SGS Durango using aqua regia digestion, followed by ICP-OES for silver and 31 additional elements and by FA for gold.  Overlimit silver and gold assays are by FA with gravimetric finish, and multielement overlimit analyses are by ICP-OES after sodium peroxide fusion. 

11.7 Quality Assurance/Quality Control Program

Endeavour Silver submitted QA/QC samples, including standards, duplicates, blanks, and check assays to ensure accuracy and precision of the analyses. Blanks, duplicate, and standards samples were inserted approximately every 20th sample, representing approximately 5% of the total number of samples analyzed for each drilling campaign since 2012. Check assaying was also conducted with a frequency of approximately 5%.

The Wood QP reviewed the QA/QC results for the 2012 to 2020 drill programs.  A summary of the program and concussions from the review are presented below.

11.7.1 Standard Samples

Endeavour Silver uses commercial CRMs to monitor the accuracy of the laboratory.  The CRMs were obtained from CDN Resource Laboratories Ltd., of Langley, B.C., Canada. Each CRM was prepared by the vendor at its laboratory and shipped directly to Endeavour Silver together with a certificate of analysis for each standard purchased.

A standard was inserted at a rate of approximately one in every 20 samples. This represents approximately 5% of the samples sent to the laboratory.  Control charts provided by Endeavour Silver's team were reviewed and analyzed by the Wood QP.  The Wood QP concluded that the silver assays at ALS Canada were 2 to 3% low compared to the best values provided with the CRMs.

11.7.2 Duplicate Samples

Endeavour Silver took routine field duplicate samples by quarter sawing, crushing and splitting half core intervals, and preparing one-quarter as the original sample and the second split as the duplicate sample.  The original and the duplicate crushed samples were tagged with consecutive sample numbers and sent to the laboratory as separate samples.  Crushed duplicates were taken and analyzed at a rate of approximately one in every 20 samples representing approximately 5% of the total samples for each campaign since 2012.

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	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

Correlation plots demonstrate a high correlation between original and field duplicate assays for gold and silver for all drilling campaigns. Scatter in gold grades is attributed to the relatively low concentration and coarse nature of the gold mineralization.  There were several outliers in field duplicate silver assays for the 2014 to2016 and 2016 campaigns and in field duplicate gold assays for the 2018 campaign but no outliers in the other campaigns.  Endeavour Silver did not take any action to re-assay sample batches based on the performance of the field duplicates. In reviewing the control charts, the Wood QP estimates that more than 90% of duplicate pairs returned an average relative difference of less than 10%, which is considered reasonably good precision for this type of duplicate sample and for this style of mineralization.

11.7.3 Blanks

Coarse blank materials are used to monitor possible contamination during both preparation and analysis of the samples in the laboratory. The expected values for the blank samples should be below detection limits for silver and gold.

Coarse blank samples were inserted randomly at an average rate of approximately one in 20 samples representing approximately 5% of the total samples assayed in each campaign. In his review, the Wood QP noted that in several cases, the blank returned anomalously high silver grades of several ppm even when following waste samples containing only trace mineralization, indicating that there are likely low levels of precious metal mineralization in the blank material.  However, the Wood QP also noted that a higher-than-average proportion of blank samples analyzed after mineralized sample intervals returned silver grades of several ppm, indicating potential low-level carry-through contamination issues with several campaigns.  The magnitude of the contamination appears to be limited to a few ppm of silver which is relatively minor given that the average grade of silver mineralization is several hundred ppm.

11.7.4 Check Assaying

As an additional QC measure, check assaying was used to determine the relative accuracy of the primary laboratory. From 2012 to 2018, Endeavour Silver routinely conducted check analyses using Inspectorate. For the 2020 drilling campaign, both ALS Canada and SGS Durango were used as the secondary laboratory. Pulps were randomly selected from the samples prepared and analyzed at the primary laboratory and sent to the secondary laboratory for check assaying. The total number of check samples selected represents approximately 5% of the total samples taken during each drill program.

Campaigns from 2012 to 2018 produced a correlation coefficient higher than 0.98 for silver and gold, with very few outliers indicating good agreement between the original ALS Canada assay and the check assays from Inspectorate. A similar agreement is shown between ALS Canada and SGS Durango laboratory in 2020. However, overall a slight negative bias of 3 to 5% is observed in the ALS Canada results relative to the check assay labs.

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	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

11.8 QP Comments on Section 11

The QP notes:

• Sampling, sample preparation, and sample chain of custody practices are consistent with industry standards for high-grade silver-gold mineralization

• Overall, results of the QA/QC program indicate that the precision and accuracy of the Terronera silver and gold assays are good

• In the QP's opinion, the sample preparation at the drill core facilities, security and analytical procedures described by Endeavour Silver's geologists meet industry accepted practices and the sample results are adequate for use in the estimation of Mineral Resources.

• The QP did not visit ALS Canada, Inspectorate, or SGS Durango laboratories.

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	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

12.0 DATA VERIFICATION

12.1 Database Verification

The database used for the 2021 Mineral Resource estimate has a cut-off date of January 21, 2021 and consists of diamond drill hole data and modeled estimation domains (wireframes) for the Terronera and La Luz veins. The drill hole database consists of collars, assays (gold and silver), survey information, lithology and alteration description, recovery, and density data that the Wood QP visually inspected.

Assay data was verified against the original laboratory certificates. 

The Wood QP considers the current drill hole data and modeled estimation domains of the Terronera and La Luz veins suitable for the Mineral Resource estimation.

Mr. Bagnell verified the resource model was suitable for mine planning and design purposes. The mining costs were verified to the source documents and are considered adequate for use in mine planning and meet feasibility level study.

Mr. Preciado led the engineering design of the tailings and waste rock storage facilities for the project (refer to Section 18). As the design lead, he visited the project in 2015 and he supervised the geotechnical site investigations, materials sample selection and data interpretation that was used in the feasibility level design of the waste storage facilities. It is Mr. Preciado's opinion that the data collected for the design of these facilities is adequate for the purposes used in the Report.

Mr. Preciado discussed and reviewed the information related to Environmental Studies, Permitting and Social or Community Impact prepared by Endeavour's Environmental and Community Outreach teams for the project (refer to Section 20). In addition, he led the team in charge of proposing the Reclamation and Closure Activities and the associated costs for the project (Section 20.5).  It is Mr. Preciado's opinion that the data collected for the preparation of this Section is adequate for the purposes used in the technical report.

Mr. Tod was the senior reviewer for the geotechnical (rock mechanics) portions of the project (refer to Section 16.2). He did not visit the site but was involved in the review of the geomechanics data, data interpretation, and analyses that were used in the feasibility level geomechanics designs for the underground workings and mining blocks. It is Mr. Tod's opinion that the data collected for the design of these facilities is adequate for the purposes used in the Report.

Mr. Ivancie, led the conceptual design for location and installation of groundwater dewatering wells (refer to section 16.4 Hydrogeological Considerations) based upon the current mine dewatering plan and available resource structural models. Mr. Ivancie inspected the project January 11-14, 2021, and compiled information used in the dewatering well system design and conceptual site model following that site visit. It is Mr. Ivancie's opinion that the mine de-watering program is acceptable for the purposes used in the Report.

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12.1.1 Metallurgical Data

The mineral process QP reviewed the composite samples that were selected for metallurgical testing and the metallurgical test results and considers them suitable to support feasibility level of study and the process design in this Report.

12.1.2 Market Studies and Contracts

The Endeavour QP has reviewed commodity pricing and marketing assumptions and the potential significant contracts that may be entered into and considers the information acceptable for use in estimating Mineral Resources and Mineral Reserves and the economic analysis that supports the Mineral Reserves. Commodity pricing was established by comparing spot LME prices, various trailing averages, long-term forecast prices used by mining analysts, investment banks and economists. The Endeavour QP also reviewed Terronera's concentrate grade analysis and compared them to the saleability and payable terms based on Endeavour Silver's operating assets in Mexico for reasonability.

12.1.3 Economic Analysis

The Terronera financial model was constructed by Wood under the supervision of the QP responsible for the economic analysis and financial peer review.  In addition to verifying model calculations and inputs, the following checks were completed by the QP:

• The QP compared metal pricing for the PFS economic analysis against Wood's internal quarterly price report that summarizes consensus pricing and 3-year trailing average pricing.  In the QP's opinion, the PFS metal prices are supported and reasonable.
• The QP reviewed and confirmed quotes for smelter terms, concentrate shipping, and insurance from multiple suppliers.
• The QP reviewed a memo from Endeavour Silver Corp.'s CFO and tax expert that summarized applicable local, state, and federal Mexican taxes and fully relied on this information.

12.2 QP Comments on Section 12

The QP's data verification procedures support:

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	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

• the adequacy of the Mineral Resource database for its use in updating the Mineral Resource estimate.

• The adequacy of the metallurgical samples used in the metallurgical test program

• The adequacy of the data supporting the modifying factors applied to convert the Mineral Resources to Mineral Reserves.

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13.0 MINERAL PROCESSING AND METALLURGICAL TESTING

13.1 Summary of Historical Metallurgical Testwork

A series of metallurgical testwork was performed between 2017 and 2019, 2020, and most recently in 2021.

13.1.1 Pre-2019 Testwork

In 2016, initial comminution testwork was completed at Hazen Research.

Between 2017 and 2019, initial metallurgical testwork was conducted by ALS Metallurgy in Kamloops, B.C., Canada.  The metallurgical test program included evaluation of the flotation parameters for one composite representing an average grade of the deposit and three composite samples representing low, medium, and high-grade materials identified in the deposit.  Each composite sample was subjected to rougher flotation testing at three different grind sizes, including 80% passing 150, 200, and 270 mesh (Tyler).  Precious metals and metal sulphides mineralization flotation characteristics were evaluated to develop the levels of gold and silver recoveries that could be achieved at different grinds. The following samples were used to test the metallurgical response to a flotation process, with additional samples submitted for comminution and abrasion testing:

• TR2015 - 1 Average Grade

• TR2016 - 03 Low Grade (LG)

• TR2016 - 01 Medium Grade (MG)

• TR2016 - 02 High Grade (HG)

• TERRONERA Comminution Testing

Approximately 20 kg of each of the LG, MG, and HG samples were procured for evaluation.  The material was crushed to P100 passing 6 mesh, blended, and split into 1 kg charges.  A representative sample was pulverized and submitted for head analyses.  The composite samples provided by Endeavour Silver were deemed representative of materials with various precious metal grades present at the Terronera Vein.  The results obtained are shown in Table 13-1.

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Table 13-1: Samples Characterization and Head Assay, Fire Assay, and Whole Rock Analysis (%) on Low Grade, Medium Grade, and High-Grade Composite Samples

Results of the head analysis showed:

• Some variability in the whole rock analyses

• Lower quartz contents in the LG and MG composites when compared to the HG composite

• Differences in the calcium oxide and sulphide contents

• Iron content is higher in the HG composite

• An indication of the presence of pyrite in the HG composite with higher levels of iron and sulphide.

The analytical data developed on the average grade composite is provided in Table 13-2.  Approximately 81.9% of the gold and 89.3% of the silver present in the sample were cyanide soluble.  The total sulphur assayed was 0.39%, with slightly more than half coming from sulphide sulphur. Analytical data indicates that one of the most abundant elements is iron.  The sulphur flotation mass balance calculations provide indications that a significant portion of the sulphur is present as a sulphide.  These findings were corroborated by mineralogical examination of the flotation tailings sample and flotation test results, which indicate the presence of pyrite.

Based on the test data, it was estimated that the second cleaner concentrate would contain approximately 68% of the gold and 80% of the silver contained in the feed to flotation, as shown in Table 13-3.

Flash flotation with a regrind circuit was also part of this initial testwork program to enhance precious metal recovery.  Metallurgical data developed by ALS Metallurgy is summarized in Table 13-4.

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Table 13-2: Head Analyses of the Average Grade Composite Sample

Table 13-3: Metallurgical Test Data for Second Cleaner Concentrate

Table 13-4: Metallurgical Data Developed by ALS Metallurgy

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The following observations were made:

• A single open cycle test was conducted in open cycle simulating a 100 µm primary grind size

• Approximately 50 and 60% gold and silver recoveries, respectively, are obtained in the flash flotation stage

• Overall recovery is the sum of the precious metal reporting to the final products in the flash and second cleaner flotation concentrates.

13.1.1.1 Deleterious Elements

The test program detected trace elements in the ICP scan conducted in the final concentrate product and identified deleterious elements, including arsenic, cadmium, chromium, mercury, and antimony.

13.1.1.2 Comminution Testing

Initial samples were submitted to Hazen Research for comminution testing in 2016.  The samples were subjected to SMC testing, RWi, Ai, and CWi.  The results are presented in Table 13-5.  Test results indicated the material would be classified as a hard and highly abrasive material. 

Table 13-5: Hazen Research Comminution Test Results

Note: SCSE = standard circuit specific energy

In 2019, a BWi was determined for four samples from various areas of the deposit for variability testing.  Each sample was tested at a closed size setting (CSS) of 100 mesh. In addition, the BWi was determined for the original average grade composite sample at a CSS of 100 and 200 mesh.  The BWi results obtained in previous testwork are summarized in Table 13-6.

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Table 13-6: Bond Ball Mill Work Index Test Results

Note: For the preparation of this report, BWi were corrected from the updated pre-feasibility study (Burga et al., 2020) as these values had been incorrectly reported.

13.1.1.3 Findings

The 2017 to 2019 metallurgical testwork resulted in the following:

• Overall gold recovery of 82.3%

• Overall silver recovery of 86.6%

• Flash and cleaner concentrates combined represent approximately 2.3% of the original feed to flotation.

The following flowsheet was recommended to provide an improved level of precious metal recovery and lower capital and operating costs:

• A two-stage crushing circuit

• A coarser primary grind size of 100 µm

• Higher flotation recovery using flash flotation

• Improved final concentrate grade with a regrind circuit.

13.1.2 2020 Recovery Model

The 2019/2020 metallurgical testwork was conducted at the ALS Metallurgy facility in Kamloops, B.C., Canada, from samples obtained in 2019.  The program completed included grind versus recovery, flash flotation, and cleaner circuit confirmation testing to refine the process design parameters and flowsheet.  No additional comminution testing was completed.

Recovery models were generated from composites from current and previous testwork campaigns, as summarized in Table 13-7.

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Primary grind versus recovery tests compared recoveries at three different grind sizes between 70 to 135 µm at 80% passing.  The relationship between grind size and silver/gold recovery shows similar trends for both high- and low-grade samples in Figure 13-1.  The recovery benefits of silver/gold outweigh grinding mill capital and operating cost savings at 70 µm. 

Table 13-7: Test Samples Head Assays

Figure 13-1: High and Low-Grade Grind Size versus Recovery (Burga et al., 2020)

Two cleaner circuit lock cycle tests (LCT) using the high- and low-grade samples were conducted to investigate the removal of the regrind mill and reduction of cleaner circuit stages to achieve a minimum target of 4,500 g/t Ag in the final concentrate.  Results achieved a concentrate silver grade higher than the target; however, the lower grade sample required two stages of cleaning to achieve the 4,500 g/t Ag concentrate grade.

Silver and gold recovery models were developed to include additional LCTs (Figure 13-2 and Figure 13-3) and indicated an expected recovery of 84.9% and 82.3%, respectively.  These levels of recovery were achieved at a grind of 70 µm at 80% passing. 

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Figure 13-2: 2020 Silver Recovery Model (Burga et al., 2020)

Figure 13-3: 2020 Gold Recovery Model (Burga et al., 2020)

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13.2 2021 Testwork

The 2021 metallurgical testwork campaign was conducted on five master composites, three from the Terronera Vein and two from the La Luz Vein.  Additionally, six variability composites from the Terronera Vein were prepared and tested.  Samples selected to construct the composites were based on the pre-feasibility mine plan to provide good spatial coverage of the various mining periods over the LOM.  Spatial distribution of these samples is illustrated in Figure 13-4 to Figure 13-6.  Master composites prepared for Terronera represent low-, medium- and high-grade silver in the plant feed.  Master composites for La Luz represent the expected grade of silver and gold  delivered to the plant.  Variability composites for Terronera represent the variability in silver and gold grade during the first three years of operation.

The primary objective of the test program was to assess the metallurgical performance of the Terronera and La Luz veins.  Testwork completed include Ai, BWi, flash flotation, batch cleaner flotation and LCTs.

The chemical assays of the composites tested are shown in Table 13-8.

Table 13-8: Chemical Assays - Composites

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Figure 13-4: Location of Master Composites at Terronera Vein (prepared by Endeavour Silver, dated 2020)

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Figure 13-5: Location of Variability Composites at Terronera Vein (prepared by Endeavour Silver, dated 2020)

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Figure 13-6: Location of Master Composites at La Luz Vein (prepared by Endeavour Silver, dated 2020)

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13.2.1 Comminution Testing

Ai and BWi tests were completed on all composites with results (Table 13-9) showing all samples can be classified as highly abrasive and very hard.

For design purposes the hardness of the Terronera material was determined as 19.1 kWh/t, which equates to the 75th percentile of all comminution test results for the deposit.  An Ai of 0.47 was considered for design.

Table 13-9: 2021 Comminution Test Results

Note: Testing was conducted at 150 mesh.

13.2.2 Flash Flotation

Flash flotation tests were performed on all composites from the Terronera an La Luz veins.  Figure 13-7 shows the recovery versus head grade for both silver and gold illustrating recovery as a function of head grade to have a positive trend; however, this trend is not well marked to establish a firm relationship between recovery and head grade. 

Figure 13-8 indicates when the head grade is below 100 g/t Ag, the flash concentrate will have a silver content below the marketable quality of 3,000 g/t Ag.

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Figure 13-7: 2021 Recovery versus Head Grade for Silver and Gold (prepared by Wood , dated 2021)

Figure 13-8: 2021 Flash Concentrate Grade versus Head Grade for Silver and Gold (prepared by Wood, dated 2021)

13.2.3 Flash Flotation Blend Tests

Flash flotation test results showed a low head grade would not produce a good quality concentrate.  A series of tests were planned to evaluate the effect of blending low-grade material from La Luz Vein with a medium-grade material from Terronera Vein.  Blend composites containing 25%, 50% and 75% from La Luz Vein were prepared and tested.  Table 13-10 shows the characteristics of the composites tested and Figure 13-9 shows the corresponding recovery versus head grade for both silver and gold.  Results show the positive impact of blending different grade material on the recovery of both silver and gold.

Figure 13-10 indicates the positive impact of blending material of different grades on the concentrate quality of both silver and gold.

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Table 13-10: 2021 Flash Flotation Blend Composites

Figure 13-9: 2021 Recovery versus Head Grade of Blended Material for Silver and Gold (prepared by Wood, dated 2021)

Figure 13-10: 2021 Flash Concentrate Grade vs Head Grade of Blended Material for Silver and Gold (prepared by Wood, dated 2021)

13.2.4 Cleaner Flotation Testing

Batch cleaner flotation tests were performed on six composites (five from the Terronera Vein and one from La Luz Vein) to determine silver and gold grade in a combined concentrate.  Additionally, two composites were tested without flash flotation and adding a third cleaning stage to evaluate the impact of removing the flash flotation stage.  Figure 13-11 shows that low-grade material from the Terronera Vein can produce a good quality concentrate with the addition of a third cleaning stage; however, very low silver grade material from the La Luz Vein cannot produce a good quality concentrate.  This confirms the need to blend material from the La Luz Vein and the Terronera Vein to improve recovery.

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Figure 13-11: 2021 Cleaning Performance - Silver and Gold (prepared by Wood, dated 2021)

13.2.5 Locked Cycle Tests

Testing was performed on four master composites, three from Terronera and one blend composite from the La Luz Vein and Terronera Vein.  The LCT flowsheet is presented in Figure 13-12.  The flowsheet differs from previous tests in that the bulk cleaner scavenger tail stream is not recycled back to the rougher flotation feed but discarded to the final tailings.  The two tailings streams are combined to produce a final circuit tail.  Additionally, an alternate flowsheet consisting of one cleaning stage and recycling cleaner scavenger tails back to rougher feed was tested. Figure 13-13 shows the recovery at the flash and bulk flotation stages, and the overall recovery for both silver and gold. Figure 13-14 and Figure 13-15 show the recovery and final concentrate grade, respectively versus feed grade at the bulk flotation stage for both silver and gold.  The feed to the bulk flotation is the flash flotation tails.

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Figure 13-12: Locked Cycle Test Flowsheet (prepared by Wood, dated 2021)

Figure 13-13: Flash and Bulk Flotation Recovery versus Head Grade (prepared by Wood, dated 2021)

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Figure 13-14: Bulk Flotation Recovery versus Feed Grade (prepared by Wood, dated 2021)

Figure 13-15: Bulk Flotation Concentrate Grade versus Feed Grade (prepared by Wood, dated 2021)

The results show that good silver and gold recoveries can be achieved with a single cleaning stage and a marketable silver concentrate can also be produced.  However, it would not be possible to have the same metallurgical response with a low-grade silver content in the feed.  Therefore, a two-stage flotation cleaning circuit is recommended to achieve a marketable concentrate grade.  It is also recommended that the recycling of the cleaner scavenger tails be implemented and maintained as an option in the current circuit.  Operating the circuit with or without recycling and when, must be determined by operations as part of the optimization process.

Project No.: 246468 15 May 2023

Mineral Processing And Metallurgical Testing Page 13-17

	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

13.2.6 Concentrate Quality/Deleterious Elements

The final concentrate quality (flash + bulk flotation) of four composites used in the lLCTs was analyzed for minor and deleterious elements.  Table 13-11 shows the chemical assays of the blended concentrates produced.  The level of these concentrations will not have a significant effect on the extraction of gold and silver.

Table 13-11: 2021 Concentrate Quality

Project No.: 246468 15 May 2023

Mineral Processing And Metallurgical Testing Page 13-18

	Endeavour Silver Corp.
	Terronera Project
	NI 43-101 Technical Report on the Feasibility Study of the Terronera Project

13.3 Recovery Model

A statistical analysis was performed to help predict the silver and gold recoveries as a function of head grade.  Results of the flash flotation testing (Figure 13-8) shows good correlation between the head grade and flash concentrate quality.  The analysis, however, could not establish a meaningful relationship between the head grade and the flash flotation mass pull (FMP), and as a result, an average FMP of 1.602% was used.  The concentrate grade equations for silver and gold together with the mass pull were used to establish the recovery of the flash flotation stage. Equations to estimate the silver (AgFConc) and gold (AuFConc) content in the flash flotation concentrate are:

• AgFConc = 17.6350 * (AgHead)^1.9797

• AuFConc = 15.4772 * (AuHead)^1.1631