Silver Viper Minerals Announces $3 Million Private Placement

Mr. Dickson added, “Whilst the marketplace anticipates the authentic building choice at Terronera, our investment plan stays intact. Now we have been advancing construction actions with our current cash, whilst we verify a viable debt financing package deal. We consider that mission execution is the proper trail for including long-term price, as we place ourselves as a best silver funding car for buyers searching for business main enlargement.”

2022 Highlights

• Manufacturing Surpassed Steering : Manufacturing of five,963,445 oz (ounces) of silver and 37,548 ounces of gold for 9.0 million ounces silver similar (AgEq) ¹ as in comparison to upward revised steering of seven.6-8.0 million ounces AgEq.

• Sturdy Income : Web income of $210.2 million from the sale of 6,464,869 ounces of silver and 38,868 ounces of gold at reasonable discovered costs of $22.07 in keeping with ounces silver and $1,814 in keeping with ounces gold.

• Prices In step with Ounce Slightly In-Line with Steering, In spite of Business-Huge Inflation : Cash prices ⁽²⁾ of $10.65 in keeping with ounces payable silver have been moderately above steering because of larger labour, energy, consumables and royalty prices and all-in maintaining prices ⁽²⁾ of $19.97 in keeping with ounces is beneath value steering because of the larger silver ounces produced.

• Wholesome Stability Sheet : Cash place of $83.4 million and $93.6 million in operating capital ^{( 2)} . Cash lowered within the 4 ^th quarter, as budget have been spent on construction actions at Terronera.

• Larger Cash Glide : $54.0 million in working cash waft sooner than operating capital adjustments ⁽²⁾ , and mine working cash waft sooner than taxes ⁽²⁾ of $78.5 million.

• Web Source of revenue : Web income of $6.2 million, or $0.03 in keeping with proportion, have been impacted by means of inflationary pressures and a discount within the discovered silver worth as in comparison to the prior 12 months.

• Income Ahead of Passion, Taxes, Depreciation and Amortization (EBITDA) ^{( 2)} : Generated EBITDA of $51.9 million, 6% lower from prior 12 months because of the decrease discovered silver costs offset by means of the larger manufacturing.

• Development Preparation Advances on the Terronera Challenge : Growth on construction actions come with onsite supply of cellular mining apparatus, procurement of primary apparatus, and meeting of preliminary mission infrastructure such because the transient mine repairs store and an enduring camp facility. Earthworks incorporated website online clearing, street upgrades and underground mine get admission to construction.

• Monetary Due Diligence Continues on Financing the Terronera Challenge : The Corporate intends to make a proper building choice topic to final touch of a financing package deal and receipt of extra amended allows within the coming months.

• Printed Preliminary Mineral Useful resource Estimate for the Pitarrilla Challenge : Some of the global’s biggest undeveloped silver tasks, Pitarrilla will shape the cornerstone of the Corporate’s enlargement profile, in conjunction with Terronera and Parral (see N ews Free up dated December 8, 2022 ).

Monetary Review (see appendix for consolidated economic statements)

(1) Silver similar (AgEq) is calculated the use of an 80:1 silver:gold ratio.

(2) Those are non-IFRS economic measures and ratios. Additional main points on those non-IFRS economic measures and ratios are equipped on the finish of this press liberate and within the MD&A accompanying the Corporate’s economic statements on SEDAR at www.sedar.com .

For the 12 months ended December 31, 2022, web income, web of $3.0 million of smelting and refining prices, larger by means of 27% to $210.2 million (2021: $165.3 million).

Product sales of $213.2 million in 2022 represented a 27% building up over the $167.3 million in 2021. Silver ounces bought larger by means of 68% with a 12% lower within the discovered silver worth, leading to a 47% building up in silver gross sales. Gold ounces bought larger by means of 1% with a 1% building up within the discovered gold worth, leading to a 1% building up in gold gross sales. Throughout the length, the Corporate bought 6,464,869 ounces silver and 38,868 ounces gold for discovered costs of $22.07 and $1,814 in keeping with ounces, respectively, in comparison to gross sales of three,856,883 ounces silver and 39,113 ounces gold for discovered costs of $25.22 and $1,790 in keeping with ounces, respectively, in 2021. In 2022, silver and gold London spot costs averaged $21.73 and $1,800, respectively.

The Corporate considerably lowered its completed items silver and gold stock to 530,250 ounces and 1,707 ounces, respectively, at December 31, 2022 in comparison to 1,082,610 ounces silver and three,674 ounces gold at December 31, 2021. The fee allotted to those completed items was once $6.1 million at December 31, 2022 in comparison to $15.6 million at December 31, 2021. At December 31, 2022, the completed items stock honest marketplace price was once $15.8 million, in comparison to $31.7 million at December 31, 2021. Income and different economic metrics, together with mine working cash waft ^{( 2)} , working cash waft ⁽²⁾ and EBITDA ⁽²⁾ have been definitely impacted by means of the lowered bullion stock held at 12 months finish.

After value of gross sales of $158.6 million (2021 – $128.9 million), an building up of 23%, mine working income have been $51.5 million (2021- $36.4 million). The rise in value of gross sales was once because of larger manufacturing, labour, energy and consumables prices and considerably upper royalty prices. Value of gross sales was once additionally impacted by means of the rise in oz bought right through 2022, because the Corporate held much less stock on the finish of 2022 than on the finish of 2021. Royalties larger 29% to $17.8 million because of larger mining of the high-grade Porvenir and Porvenir Cuatro extensions on the Guanaceví operation, that are topic to better royalty charges. Throughout 2022 the Corporate’s operations skilled upper than budgeted prices because of international provide constraints, inflationary force, fabrics shortages, labour prices monitoring upper than deliberate and larger bought ore on the Guanaceví operation.

The Corporate had working income of $23.5 million (2021: $22.3 million) after exploration and analysis prices of $16.2 million (2021: $17.9 million), basic and administrative prices of $10.6 million (2021: $10.1 million), care and upkeep value of $0.6 million (2021: $1.3 million), and a write-off of exploration houses of $0.7 million (2021: $0.7 million). In 2021, there was once additionally an impairment reversal of $16.8 million, attributable to the valuation review carried out for the El Cubo mine and comparable property upon classification as held on the market, and severance value of $0.7 million.

Income sooner than source of revenue taxes have been $25.0 million (2021: $29.7 million) after finance prices of $1.3 million (2021: $1.0 million), a foreign currency achieve of $1.9 million (2021: lack of $1.1 million), a web achieve on disposal of property of $2.5 million basically generated by means of the achieve at the sale of the El Compas mine of $2.7 million (2021: achieve at the sale of El Cubo mine and property of $5.8 million) and funding and different expense of $1.6 million (2021: funding and different source of revenue of $3.7 million).

The Corporate discovered web income for the length of $6.2 million (2021: $14.0 million) after an source of revenue tax expense of $18.8 million (2021: $15.7 million). Present source of revenue tax expense larger to $6.4 million (2021 – $3.5 million) because of larger profitability of the Guanacevi mine impacting each the present source of revenue tax and the particular mining responsibility, whilst deferred source of revenue tax expense of $12.4 million is basically because of the estimated use of loss carryforwards to scale back taxable source of revenue at Guanacevi (2021 – $12.2 million)

Direct working prices ^{( 2)} on a in keeping with tonne foundation larger to $130.80, up 13% when put next with 2021 because of upper working prices at Guanaceví and Bolañitos and a 6% lower in processed tonnes. Guanaceví and Bolañitos have observed larger labour, energy and consumables prices basically pushed by means of inflationary force and at Guanaceví, 3rd birthday celebration ore bought and working construction have larger in comparison to the prior 12 months. Direct prices in keeping with tonne ⁽²⁾ larger to $155.63, up 16% in comparison to 2021 because of the rise in direct working prices in addition to the rise in royalty prices.

Consolidated cash prices in keeping with ounces, web of spinoff credit, larger to $10.65 basically because of the upper direct prices in keeping with tonne partly offset by means of larger silver manufacturing because of larger silver grades. All-in maintaining prices lowered 2% to $19.97 in keeping with ounces in 2022 because of the upper cash prices and a reasonable building up in capital expenditures being allotted over the larger silver ozs produced. Exact cash value metrics have been moderately upper than 2022 value steering basically because of the larger prices with regards to labour, energy, consumables, larger 3rd birthday celebration ore purchases, upper royalties and particular mining responsibility offset by means of the upper ore grades mined at Guanacevi.

Your entire economic statements and control’s dialogue & research may also be seen at the Corporate’s website online, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All shareholders can obtain a difficult reproduction of the Corporate’s entire audited economic statements without cost upon request. To obtain this subject material in onerous reproduction, please touch Investor Members of the family at 604-640-4804, toll loose at 1-877- 685-9775 or by means of e mail at gmeleger@edrsilver.com

Convention Name

A convention name to speak about the Corporate’s annual 2022 economic effects shall be held as of late at 9:00 a.m. PT / 12:00 p.m. ET. To take part within the convention name, please dial the numbers beneath.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier treasured metals mining corporate that operates two high-grade underground silver-gold mines in Mexico. Endeavour is lately advancing the Terronera mine mission against a construction choice, pending financing and ultimate allows and exploring its portfolio of exploration and construction tasks in Mexico, Chile and the USA to facilitate its purpose to change into a premier senior silver manufacturer. Our philosophy of company social integrity creates price for all stakeholders.

SOURCE Endeavour Silver Corp.

Touch Knowledge:

Galina Meleger, VP, Investor Members of the family Electronic mail: gmeleger@edrsilver.com Website online: www.edrsilver.com

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Endnotes

¹ Silver similar ( AgEq )

AgEq is calculated the use of an 80:1 silver:gold ratio.

² Non-IFRS and Different Monetary Measures and ratios

Sure non-IFRS and different non-financial measures and ratios are incorporated on this press liberate, together with cash prices in keeping with silver ounce, general manufacturing prices in keeping with ounce, all-in prices in keeping with ounce, all-in maintaining value (“AISC”) in keeping with ounce, direct working prices in keeping with tonne, direct prices in keeping with tonne, silver co-product cash prices, gold co-product cash prices, discovered silver worth in keeping with ounce, discovered gold worth in keeping with ounce, adjusted web income (loss) adjusted web income (loss) in keeping with proportion, mine working cash waft sooner than taxes, operating capital, working cash waft sooner than operating capital changes, working cash waft sooner than operating capital adjustments in keeping with proportion, income sooner than passion, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA in keeping with proportion and maintaining and enlargement capital.

Please see the December 31, 2022 MD&A for explanations and dialogue of those non-IFRS and different non-financial measures and ratios. The Corporate believes that those measures and ratios, along with typical measures and ratios ready in keeping with World Monetary Reporting Requirements (“IFRS”), supply control and buyers an stepped forward talent to judge the underlying efficiency of the Corporate. The non-IFRS and different non-financial measures and ratios are supposed to supply more information and must now not be thought to be in isolation or as an alternative to measures or ratios of efficiency ready in keeping with IFRS. Those measures and ratios wouldn’t have any standardized meaning prescribed underneath IFRS, and subsequently might not be similar to different issuers. Sure further disclosures for those non-IFRS measures had been included by means of reference and may also be discovered within the phase “Non-IFRS Measures” within the December 31, 2022 MD&A to be had on SEDAR at www.sedar.com .

Reconciliation of Running Capital

Reconciliation of Adjusted Web Income (Loss) and Adjusted Web Income (Loss) In step with Percentage

Notice : The Corporate defines the adjusted income as web source of revenue adjusted to incorporate positive non-cash and abnormal merchandise, and pieces that within the Corporate’s judgement are topic to volatility because of elements that are unrelated to the Corporate’s operation within the length. Sure pieces that change into acceptable in a length could also be adjusted for, with the Corporate retroactively presenting similar classes with an adjustment for such pieces and, conversely, pieces now not acceptable could also be got rid of from the calculation. Throughout the present length, the Corporate has incorporated adjustments within the honest price of its investments in marketable securities and made retroactive changes to prior classes for a similar.

Reconciliation of Mine Working Cash Glide Ahead of Taxes

Reconciliation of Working Cash Glide Ahead of Running Capital Adjustments and Working Cash Glide Ahead of Running Capital Adjustments In step with Percentage

Reconciliation of EBITDA and Adjusted EBITDA

Reconciliation of Cash Value In step with Silver Ounce, General Manufacturing Prices In step with Ounce, Direct Working Prices In step with Tonne, Direct Prices In step with Tonne

Reconciliation of All-In Prices In step with Ounce and AISC in keeping with ounce

Reconciliation of Maintaining Capital and Expansion Capital

Reconciliation of Silver Co-Product Cash Prices and Gold Co-Product Cash Prices

Reconciliation of Learned Silver Value In step with Ounce and Learned Gold Value In step with Ounce

Cautionary Notice Referring to Ahead-Taking a look Statements

This information liberate accommodates “forward-looking statements” inside the meaning of the USA non-public securities litigation reform act of 1995 and “forward-looking data” inside the meaning of acceptable Canadian securities law. Such forward-looking statements and data herein come with however are now not restricted to statements in regards to the construction and financing of the Terronera mission, together with expected choices on building and financing, estimation of mineral sources at Pitarrilla, potentialities for Terronera, Pitarrilla and Parral, Endeavour’s expected efficiency in 2023 together with adjustments in mining operations and forecasts of manufacturing ranges, expected manufacturing prices and all-in maintaining prices, and the timing and effects of quite a lot of actions. The Corporate does now not intend to and does now not suppose any legal responsibility to replace such forward-looking statements or data, as opposed to as required by means of acceptable legislation.

Ahead-looking statements or data contain recognized and unknown dangers, uncertainties and different elements that might reason the real effects, stage of process, manufacturing ranges, efficiency or achievements of Endeavour and its operations to be materially other from the ones expressed or implied by means of such statements. Such elements come with however aren’t restricted to without equal affect of the COVID 19 pandemic on operations and effects, adjustments in manufacturing and prices steering, nationwide and native governments, law, taxation, controls, rules and political or financial tendencies in Canada and Mexico; economic dangers due to treasured metals costs, working or technical difficulties in mineral exploration, construction and mining actions; dangers and hazards of mineral exploration, construction and mining; the speculative nature of mineral exploration and construction, dangers in acquiring vital licenses and allows, and demanding situations to the Corporate’s name to houses; in addition to the ones elements described within the phase “possibility elements” contained in the Corporate’s maximum contemporary shape 40F/Annual Knowledge Shape filed with the S.E.C. and Canadian securities regulatory government.

Ahead-looking statements are according to assumptions control believes to be cheap, together with however now not restricted to: the persevered operation of the Corporate’s mining operations, availability of debt financing for the Terronera Challenge, no subject material adversarial trade in the marketplace worth of commodities, mining operations will function and the mining merchandise shall be finished in keeping with control’s expectancies and succeed in their mentioned manufacturing results, and such different assumptions and elements as set out herein. Even if the Corporate has tried to determine essential elements that may reason exact effects to fluctuate materially from the ones contained in forward-looking statements or data, there could also be different elements that reason effects to be materially other from the ones expected, described, estimated, assessed or supposed. There may also be no assurance that any forward-looking statements or data will end up to be correct as exact effects and long run occasions may fluctuate materially from the ones expected in such statements or data. Accordingly, readers must now not position undue reliance on forward-looking statements or data.

Appendix