EXK · Endeavour Silver Corp.

Endeavour Silver's Q1 2026 production demonstrated robust growth, with consolidated silver output rising 56% year-over-year to 1,875,375 oz and gold up 41% to 11,740 oz, primarily fueled by new contributions from Kolpa (530,118 oz silver) and Terronera (533,301 oz silver, 8,478 oz gold), partially offset by the January 15, 2026 sale of Bolañitos, whose initial 15 days were included. AgEq production surged 78% to 3.3 million oz. Terronera maintained steady throughput at 1,949 tpd with grades on plan (113 g/t Ag, 2.07 g/t Au), while recoveries improved to 84.0% Ag and 72.7% Au, reaching targets in March amid process refinements and minimal disruption from February security events in Jalisco. Guanaceví faced headwinds with 7% lower throughput due to a transformer failure and 18% lower silver grades, resulting in 22% silver production decline, though supplemented by 27% third-party feed. Kolpa processed 171,727 tonnes at 1,908 tpd, delivering strong 90.6% silver recovery on 106 g/t grades plus base metals (4,939t Pb, 2,842t Zn, 66t Cu), despite heavy rainfall increasing moisture and causing outages; March commissioning of new crushers and ball mill positions it for 2,500 tpd expansion in Q2. Sales lagged production with 1,642,220 oz Ag and 10,942 oz Au sold amid end-quarter price pressure, leading to inventory buildup held strategically by management. CEO Dan Dickson highlighted team adaptability, steady Terronera performance, Guanaceví consistency, and Kolpa enhancements as foundations for annual growth, with Terronera set to access higher grades by Q3. Financial results due May 6, 2026.