Organic Growth TSX : EDR | NYSE : EXK July y 9, 2020 1 - PowerPoint PPT Presentation

Driving Organic Growth TSX : EDR | NYSE : EXK July y 9, 2020 1

Cautionary Note This presentation contains “forward -looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward -looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include, but are not limited to, statements regarding Endeavour’s anticipated performance in 2020 and future years, including revenue, cash flow, operating and capital cost forecasts, silver and gold production, timing and expenditures to explore and develop new silver mines and mineralized zones, silver and gold grades and recoveries, cash and all-in sustaining costs per ounce, initial and sustaining capital expenditures, and the use of the Company’s working capital. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others: fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and U.S. dollar); fluctuations in the price of consumed commodities, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, reliability of calculation of mineral reserves and resources and precious metal recoveries, diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits, global market events and conditions and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. 2

Investor Highlights Mid-Tier Producer Three underground silver-gold mines located in Mexico; restarted operations following COVID-19 suspension Optimizing Operations Reducing operating costs, focus on free cash flow; raising productivity, improving safety Best organic growth profile in silver mining sector; Organic Growth Two potential new mines to drive growth Track record of virgin discoveries, our competitive Discovering Orebodies advantage; Brownfields exploration to extend mine lives Opportunistic mergers and acquisitions; Acquire core Acquiring Key Assets assets at low prices to expand project pipeline Pure precious metals producer with sector leading leverage Best Silver Leverage to silver in an emerging silver bull market 3

Core Assets MEXICO CHILE SANTIAGO OFFICE CERRO PARRAL MARQUEZ Guadalupe y Calvo B O L I V I A GUANACEVI MINE OPERATIONS M E X I C O DEVELOPMENT C H I L E EXPLORATION EL COMPAS MINE AIDA PALOMA Lourdes BOLANITOS MINE TERRONERA EL CUBO (1) LEON OFFICE Mexico City ▸ 3 operations 2,000 employees ▸ 1 development projects and contractors ▸ 6 exploration projects 1. See EDR news release dated November 21, 2019 regarding placing the El Cubo mine to care and maintenance effective November 30, 2019, while Management conducts evaluation of alternatives including final closure 4

Recent Highlights El Compas 13% H1 Abbreviated Production was 1.5 million oz Ag and 14,293 oz Guanacevi Au (2.6 million oz AgEq (1) or 2.9 million oz AgEq (2) ) Bolanitos 62% 25% Mining Operations Restarted in May after Mexican Government decree that municipalities with low COVID cases could return to work Q2 Operating Improvements Underway, Guanacevi Q1 2020 AgEq (1) Production 2.6 million oz outperformed plan, Bolanitos underperformed plan and El Compas close to plan De-risked Terronera Project by updating PFS and optimizing 55% Au internally to improve economics 7,454 oz Au sold 45% Ag Discovered New High Grade Mineralization at Bolanitos, 665,500 in Melladito vein, incl. 24.3 gpt Au & 787 gpt Ag over 1.5m oz Ag sold Discovered New High Grade Mineralization at Guanacevi, on El Curso property, incl. 1,085 gpt Ag & 3.25 gpt Au over 10m Q1, 2020 Revenue $21.9 million 1. Silver equivalent at an 80:1 gold: silver ratio (guidance) 2. Silver equivalent at a 100:1 gold: silver ratio (current) 5 5

Guanacevi Mine Durango 6

Guanacevi – Turnaround Nearing Completion Processed tonnes, silver and gold grades and recoveries all well above plan Operational turn-around nearing completion as new high grade mines scale up to fill the plant 450 412 g/t Ag Eq 350 g/t Ag Eq 312 g/t Ag Eq 400 Grades in June 1,051 tpd 350 286 g/t Ag Eq 292 g/t Ag Eq increased 56% 1,024 tpd and milled 1,004 tpd 300 tonnes 831 tpd 853 tpd increased 26% 250 since Q2, 2019 200 Q2, 2019 Q3, 2019 Q4, 2019 Q1, 2020 June , 2020 IMPROVED WORK CULTURE INCREASE IN PRODUCTIVITY REDUCTION IN DIRECT tonnes / employee / day in 2019 New supervisors and PRODUCTION management 1. Silver equivalents have been calculated using an 80:1 gold: silver ratio 7

Guanacevi – Outlook: Continue to Outperform Installed two refurbished core crushers in April ► Ramping up throughput to 1,200 tpd plant capacity in H2 ► Operating Costs (4,5) Decreasing Expanding production from SCS orebody to 2-300 tpd ► Replacing mining contractors with employees to reduce costs ► $30.00 Deliver free cash flow ► $25.00 $24.94 $20.00 $20.99 $19.48 $15.00 $14.61 Q2, 2020 (1) Q2, 2019 Change (%) $17.37 $10.00 $13.54 $12.83 Tonnes Produced (tpd) 684 831 18% $9.01 $5.00 Ag Grade (gpt) 304 242 26% $0.00 Q2, 2019 Q3, 2019 Q4, 2019 Q1, 2020 Au Grade (gpt) 1.05 0.62 69% AISC/ oz Cash Cost/ oz AgEq (2) Production (oz) 675,107 646,326 4% AgEq (3) Production (oz) 712,047 673,666 6% 21% Au 4,274 oz Q1, 2020 Cash Costs (4) $9.01 $21.06 57% 79% Ag Q1, 2020 All-in Sustaining Costs (4,5) $14.61 $27.56 47% 1,272,461 oz 1. Represents a partial period, as operations were suspended for more than half the quarter, as mandated by Mexican government to prevent spread of COVID-19 2. Silver equivalents are converted using a 80:1 silver: gold ratio (guidance) 3. Silver equivalents are converted using a 100:1 silver: gold ratio (current) H1, 2020 Production of 1.6 million AgEq (2) oz 4. Cash costs per ounce and AISC per ounce are examples of Non-IFRS measures. See disclosure in quarterly MD&A for information on “Non - GAAP” measures found on the company website. Costs are presented in US $, net of by-product credits. 5. All-in sustaining costs (AISC) include mining, processing, direct overhead, corporate G&A, on-site exploration, share-based compensation, reclamation, and sustaining capital net of gold credits. 8

Bolanitos Mine Guanajuato 9