TSX: EDR I NYSE: EXK I www.edrsilver.com Forecasting 20% Production Growth in 2018 March h 2018
Cautio utiona nary ry Not ote This presentation contains “forward - looking statements” within the meaning of the United States private securities litigation re form 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 2018 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 Informat ion 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 ope rate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and suc h 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 GROWTH WITH INTEGRITY
Investor In estor Hi Highligh hlights ts Mid Mid-tier er precious ious metals ls miner; guidin ing g 20% Endeavou deavour Silver lver Corp. rp. producti ction on growth th in 2018 to 5.8-6.4 million n oz oz Ag & 58,000-64,0 ,000 00 oz oz Au (10.2 0.2 – 11.2 2 million n oz oz Ag Eq Eq (1) ) Three e high-gra grade e silver-go gold ld mines located ted in Cor ore e Assets ets two historic ric mining g distric ricts ts of Mexico El Compas as gold-silver lver project, ct, acquire ired in 2016, 6, started ted devel elopm opment nt in 2017,pro ,produ ducti ction on in 2018, , PEA shows robust t econom omics ics Renewe ewed focus on reducin cing g operati ating ng costs; Operati tional onal Excellenc cellence new focus on near-te term rm growth th Terro ronera nera silver er-gold old discove overy ry still growin ing; g; PFS Explorati ploration on Exper pertis tise shows robust st econo nomics ics Buildin ing g new mines to fuel future re growt wth; ; best Focus ocus on n Growt owth organi nic growth wth profile le in silver r mining sector or 1. Silver equivalents based on a 75:1 gold: silver ratio 3 GROWTH WITH INTEGRITY
Cor ore e Assets ets Sierra Madre Occidental Silver & Gold Belt Chihuahua Guanac acev eví Parral Guada dalupe pe y y Calvo Durango Canada ada Zacatecas Bolañit itos os El Comp mpas as Lourde des Head d Offi fice Vancou ouver er Guanajuato El Cubo Terroner era Jalisco Mexic ico City Mexic ico Off ffic ice Leon Product duction ion Mines Exploration Development Chil ile Off ffic ice e Developmen opment Guan anac acev eví Parral El Compas pas Santiag iago Explora ration ion Bolañit itos os Terroner era Guada dalupe pe y Calvo Offi fice Lourde des El Cubo 4 GROWTH WITH INTEGRITY
Resumin uming g Prod oduc uction tion Grow owth h Annual Production (million oz) Strategic acquisitions during bear market will 15 fuel growth Ten years of production growth during bull market Foreca ecast sting ing Silver & Equivalent ounces (millions) +20% increase rease in Gold 2018 product duction ion Silver Silver equivalent 2013 10 Acquired 2012 Terronera acquired 2016 El Cubo Acquired El Compas & Parral 5 2007 acquired Bolañitos 2004 acquired Guanaceví 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (1) est. Mid-poin int of 1. Gold ounces converted to silver equivalent ounces on a 75:1 ratio in 2018 guidance 5 GROWTH WITH INTEGRITY
Red educ ucing ing Opera erating ting Cos osts ts Consolidated Cash Costs, net of gold by- product credits (US$/oz Sold) 10 $8.39 $8.31 $8.06 $7.87 Consolidated Direct Costs (US$/Tonne ) $6.78 120 $6.50 110 5 $96.81 $95.05 05 100 $92.17 90 $82.36 36 $80.18 80 $72.42 0 2013 2014 2015 2016 2017 2018 est. 70 Mid-point of guidance (2) 60 Consolidated AISC, net of gold by-product 50 30 credits (US$/oz Sold) 40 $18.31 31 20 30 $16.96 $16.79 $15.62 62 $15.50 $12.43 20 10 10 0 2012 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 2018 est. Mid-point of guidance (2) 1. 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 2. See EDR News Release dated January 25, 2018 for full disclosure on 2018 Guidance; 2018 costs forecasts reflect an 19:1 Mexican Peso per US Dollar exchange rate, $17/ oz Ag & $1,275/ oz Au price assumption 6 GROWTH WITH INTEGRITY
2017 17 Hi Highlights hlights 2017 Ag Eq Eq Product uctio ion n by Mine e (oz oz) ) Net t Earni ning ngs Increas eased ed 148% 8% – to $9.7 million ($0.08/ share) notwithstanding lower revenue and cashflow Guanacevi , El Cubo , 2.4 million oz, 27% 3.5 million oz, 40% Producti uction n Met t Revised ed Guidance ance – at 4.9 million oz Ag and 53,007 oz Au for 8.9 million oz Ag Eq (1) notwithstanding operating issues at Guanacevi Reserve erves Increas ased ed 228% 8% – to 57.1 million oz Ag Bolanitos , Eq, primarily due to resource conversion at 3.0 million oz, 33% Terronera El Compas as Positi tive e PEA – made production 2017 Reven enue ue of $150 50.5 .5 mill llion decision, commenced mine development, expanded mill capacity and mine plan by 30%, on track for initial production in Q2/18 and commercial production in Q3/18 From the sale Terrone nera Positi tive e PFS S – now being optimized, 44% Au of 51,460 460 oz oz received mine and plant permits, awaiting of gold, at an 56% Ag dumps and tailings permits average From the sale of 4.9 realized price millio ion n oz oz of silver, at Parral Maiden n Resour urce e – 32.3 million oz Ag Eq of $1,285 an average realized price of $17.24 with exploration upside Silver Sales Gold Sales 1. 2017 Silver Equivalents based on 75:1 gold:silver ratio 7 GROWTH WITH INTEGRITY
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