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Reserves and
Resources

Mineral Reserve and Resource Estimates at December 31, 2019

Silver-Gold Proven and Probable Mineral Reserves

Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz) Ag Eq (oz)
Guanaceví 155,000 276 0.70 1,374,000 3,500 1,654,000
Bolañitos 39,000 68 2.56 86,000 3,300 350,000
El Compas 42,000 64 3.65 87,000 5,000 487,000
Total Proven 236,000 203 1.54 1,547,000 11,800 2,491,000
Guanaceví 560,000 240 0.66 4,326,000 11,800 5,270,000
Bolañitos 327,000 43 2.44 455,000 25,700 2,511,000
El Compas 53,000 82 4.96 141,000 8,500 821,000
Terronera 5,587,000 208 2.33 37,440,000 419,000 70,960,000
Total Probable 6,527,000 202 2.22 42,362,000 465,000 79,562,000
Total P+P 6,763,000 202 2.19 43,909,000 476,800 82,053,000
Silver-Gold Measured and Indicated Mineral Resources

Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz) Ag Eq (oz)
Guanaceví 78,000 377 0.64 947,000 1,600 1,075,000
Bolañitos 33,000 124 1.89 131,000 2,000 291,000
El Cubo 19,000 224 1.89 140,000 1,200 236,000
El Compas 2,000 123 6.27 9,000 500 49,000
Total Measured 132,000 287 1.23 1,227,000 5,300 1,651,000
Guanaceví 1,062,000 331 0.85 11,305,000 29,100 13,633,000
Bolañitos 502,000 160 1.95 2,588,000 31,400 5,100,000
El Cubo 32,000 209 2.03 214,000 2,100 382,000
El Compas 32,000 69 4.79 64,000 6,400 576,000
Guadalupe y Calvo 1,861,000 119 2.38 7,120,000 142,400 18,512,000
Parral (new) 433,000 271 - 3,771,000 - 3,771,000
Total Indicated 3,922,000 199 1.68 25,062,000 211,400 41,974,000
Total M&I 4,054,000 202 1.68 26,289,000 216,700 43,625,000
Silver-Gold Inferred Mineral Resources

Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz) Ag Eq (oz)
Inferred
Guanaceví 778,000 406 0.99 10,155,000 24,900 12,147,000
Bolañitos 832,000 113 2.31 3,031,000 61,700 7,967,000
El Cubo 463,000 163 1.89 2,419,000 28,200 4,675,000
El Compas 81,000 90 6.77 232,000 17,500 1,632,000
Terronera 1,080,000 208 2.26 7,239,000 79,000 13,559,000
Guadalupe y Calvo 154,000 94 2.14 465,000 10,600 1,313,000
Parral (new) 3,160,000 324 0.21 32,930,000 21,800 34,674,000
Total Inferred 6,548,000 269 1.16 56,471,000 243,700 75,967,000
Silver-Gold-Lead-Zinc Mineral Resources

Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz) Pb% Zn% Ag Eq (oz)
Guanaceví 363,000 208 0.26 2,420,500 3,100 0.78 1.32 2,668,500
Parral (Cometa) 180,000 55 1.17 300,000 6,800 3.20 3.30 844,000
Total Indicated 543,000 156 0.57 2,720,500 9,900 1.58 1.98 3,512,500
Inferred
Guanacevi 488,000 132 0.16 2,076,000 2,500 1.36 2.54 2,276,000
Parral (Cometa) 880,000 74 1.45 2,100,000 41,000 3.27 3.24 5,380,000
Total Inferred 1,368,000 95 0.99 4,176,000 43,500 2.59 2.99 7,656,000
Notes:
  1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any or all part of the Mineral Resources will be converted into Mineral Reserves.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. The Mineral Resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
  4. Mineral Resources are exclusive of and in addition to Mineral Reserves.
  5. Guanacevi Mineral Resource and Mineral Reserve cut-off grades are based on a 182 g/t silver equivalent for Santa Cruz Sur of Guanacevi, 340 g/t silver equivalent for the El Curso concession of Guanacevi and 218 g/t silver equivalent for Santa Cruz, North Porvenir and Milache of Guanaceví; Metallurgical recoveries were 83.3% silver and 84.5% gold for Guanaceví
  6. Bolañitos, Mineral Resource and Mineral Reserve cut-off grades are based on a 166 g/t silver equivalent for the Lucero ramp, 206 g/t for the La Luz ramp and 168 g/t for San Miguel of Bolanitos. Metallurgical recoveries were 71.9% silver and 89.0% gold for Bolañitos
  7. El Cubo Mineral Resource cut-off grades are based on a 196 g/t silver equivalent for Area II (that comprises Dolores Mine) of El Cubo and 238 g/t silver equivalent for Areas I&IV (that comprise Santa Cecilia and San Nicolas Mines) of El Cubo.
  8. El Compas Mineral Resource and Mineral Reserve cut-off grades are based on a 3.46 g/t gold equivalent. Metallurgical recoveries were 70.0% silver and 82.5% gold for El Compas
  9. Mineral Resource cut-off grades for Terronera was 150 g/t silver equivalent and the Mineral Reserve cut-off grades for Terronera and La Luz Deposits were 165 g/t and 222 g/t silver equivalent respectively. Metallurgical recoveries were 84.6% silver and 80.4% gold for Terronera
  10. Mineral Resource cut-off grades are based on a 150 g/t silver equivalent for Guadalupe y Calvo
  11. Mineral Resource cut-off grades at Parral vary: 130 g/t silver equivalent for most veins, 200 g/t silver for Sierra Plata, and US$55/t NSR for Cometa.
  12. Mining recoveries of 93% were applied for Guanaceví, Bolañitos and El Compas and 95% for Terronera for Mineral Reserve Estimate calculations. Minimum mining widths were 0.8 metres for Mineral Reserve Estimate calculations.
  13. Dilution factors for Mineral Reserve Estimate calculations averaged 35% for Guanaceví, 33.66% for Bolañitos and 36.2% for El Compas and 11% for Terronera. Dilution factors are calculated based on internal stope dilution calculations and external dilution factors of 24% for cut and fill mining and 40% for long hole mining at Guanaceví and Bolañitos
  14. Silver equivalent grades and ounces are based on a 80:1 silver:gold ratio and calculated including only silver and gold.
  15. Probable Mineral Reserves for Terronera includes the Terronera and La Luz Deposits.
  16. Inferred Mineral Resources for Terronera includes the Terronera, La Luz and Real Alto Area.
  17. Indicated and Inferred Mineral Resources for "Parral (new)" includes the Colorada, Palmilla, San Patricio, and Sierra Plata areas.
  18. The La Colorada structure (Parral) does not contain gold on an economic scale.
  19. Price assumptions for Guanaceví, Bolañitos, El Compas and El Cubo are US$16.34/oz for silver, US$1,279/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc.
  20. Price assumptions for Terronera are US$17.50/oz for silver, US$1,275/oz for gold.
  21. Price assumptions for Parral are US$15/oz for silver, US$1,275/oz for gold.
  22. Figures in tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.
  23. Effective November 31, 2019, Endeavour Silver announced suspension of operations at the El Cubo Mine, while Management evaluates other alternatives including final closure. 2018 Reserve subtotals and totals include El Cubo for comparative purposes.
  24. See AIF for potential risks that can materially affect the development of the mineral resources or exploitation of reserves.

Godfrey Walton, M.Sc., P.Geo., President and COO of Endeavour, is the Qualified Person who reviewed and approved this technical information contained in these Mineral Reserve and Resource Estimates. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish.

The Mineral Reserve Estimate for Terronera in the technical report titled “Updated Technical Report for the Terronera Project, Jalisco State, Mexico” effective February 12, 2019 and signed April 30, 2019 were undertaken by Independent Qualified Persons Eugene Puritch, P.Eng., FEC, CET, Yungang Wu, P.Geo., David Burga, P.Geo., D. Gregory Robinson, P.Eng., Peter J Smith P. Eng, Eugenio Iasillo P.E., Humberto Preciado P.E., and Benjamin Peacock, P. Eng.

The Parral Mineral Resources disclosed have been estimated by Mr. Jose Texidor Carlsson, P.Geo., an employee of Roscoe Postle Associates (RPA) and independent of Endeavour. By virtue of his education and relevant experience, Mr. Texidor Carlsson is a “Qualified Person” for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014). Mr. Texidor Carlsson, P.Geo. has read and approved the contents as it pertains to the disclosed Parral Mineral Resource estimates.