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Reserves and
Resources

Mineral Reserve and Resource Estimates at December 31, 2018

Silver-Gold Proven and Probable Mineral Reserves
Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz)
Proven
Guanaceví 74,000 244 0.53 580,000 1,300
Bolañitos 186,000 109 1.90 653,000 11,400
El Cubo 98,000 182 1.95 572,000 6,100
El Compas 38,000 90 3.99 109,000 4,800
Total Proven 396,000 150 1.86 1,914,000 23,600
Probable
Guanaceví 687,000 283 0.73 6,248,000 16,100
Bolañitos 146,000 97 1.96 454,000 9,200
El Cubo 136,000 157 1.40 687,000 6,100
El Compas 29,000 94 4.31 88,000 4,000
Terronera 5,587,000 206 2.05 37,003,000 368,200
Total Probable 6,443,000 214 1.95 44,415,000 403,100
Total P+P 6,838,000 211 1.94 46,330,000 426,700
Silver-Gold Measured and Indicated Mineral Resources
Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz)
Measured
Guanaceví 29,000 383 0.54 361,000 500
Bolañitos 136,000 136 1.86 595,000 8,200
El Cubo 69,000 184 2.12 412,000 4,700
El Compas 3,000 33 3.94 3,000 400
Total Measured 238,000 179 1.80 1,371,000 13,800
Indicated
Guanaceví 999,000 287 0.77 9,230,000 24,900
Bolañitos 551,000 163 1.95 2,880,000 34,500
El Cubo 251,000 161 1.54 1,298,000 12,500
El Compas 77,000 80 4.75 197,000 11,700
Guadalupe y Calvo 1,861,000 119 2.38 7,120,000 142,400
Parral (new) 37,000 184 0.27 216,000 300
Total Indicated 3,775,000 173 1.86 20,942,000 226,300
Total M&I 4,013,000 173 1.86 22,312,000 240,100
Silver-Gold Inferred Mineral Resources
Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz)
Inferred
Guanaceví 653,000 387 0.90 8,133,000 18,900
Bolañitos 783,000 133 2.12 3,352,000 53,300
El Cubo 845,000 149 2.20 4,042,000 59,700
El Compas 212,000 74 5.37 503,000 36,500
Terronera 1,080,000 208 2.26 7,239,000 79,000
Guadalupe y Calvo 154,000 94 2.14 465,000 10,600
Parral (new) 3,138,000 296 0.27 29,812,000 26,900
Total Inferred 6,864,000 241 1.19 53,273,000 261,900
Silver-Gold-Lead-Zinc Mineral Resources
Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz) Pb% Zn%
Indicated
Guanaceví 363,000 208 0.26 2,420,500 3,100 0.78 1.32
Parral (Cometa) 1,631,000 49 0.90 2,589,900 47,200 2.87 2.86
Total Indicated 1,994,000 78 0.78 5,010,400 50,300 2.49 2.58
Inferred
Guanacevi 488,000 132 0.16 2,076,000 2,500 1.36 2.54
Parral (Cometa) 1,303,000 63 0.88 2,658,900 36,900 2.55 2.28
Total Inferred 1,791,000 82 0.68 4,734,900 39,400 2.23 2.35
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. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  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 218 g/t silver equivalent for Santa Cruz Sur of Guanacevi and 222 g/t silver equivalent for Santa Cruz, Porvenir and Milache of Guanaceví; Metallurgical recoveries were 83.0% silver and 85.0% gold for Guanaceví.
  6. Bolañitos,Mineral Resource and Mineral Reserve cut-off grades are based on a 158 g/t silver equivalent. Metallurgical recoveries were 84.3% silver and 87.7% gold for Bolañitos
  7. El Cubo Mineral Resource and Mineral Reserve cut-off grades are based on a 196 g/t silver equivalent for Area II (that comprises Dolores Mine) of El Cubo and 217 g/t silver equivalent for Areas I&IV (that comprise Santa Cecilia and San Nicolas Mines) of El Cubo. Metallurgical recoveries were 87.0% silver and 86.7% gold for El Cubo.
  8. El Compas Mineral Resource and Mineral Reserve cut-off grades are based on a 3.38 g/t gold equivalent. Metallurgical recoveries were 83.0% silver and 85.0% 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 160 g/t and 216 g/t silver equivalent respectively.
  10. Mineral Resource and Mineral Reserve cut-off grades are based on a 150 g/t silver equivalent for Guadalupe y Calvo and Parral Properties.
  11. Mining recoveries of 93% were applied for Guanaceví, Bolañitos and El Compas, 88% for El Cubo and 95% for Terronera for Mineral Reserve Estimate calculations. Minimum mining widths were 0.8 metres for Mineral Reserve Estimate calculations.
  12. Dilution factors for Mineral Reserve Estimate calculations averaged 24% for Guanaceví, Bolañitos and El Compas, 53% for El Cubo and 10% for Terronera. Dilution factors are calculated based on internal stope dilution calculations and external dilution factors of 15% for cut and fill mining and 30% for long hole mining at Guanaceví, 28% and Bolañitos and 54% for long mining at El Cubo.
  13. Silver equivalent grades are based on a 75:1 silver:gold ratio and calculated including only silver and gold.
  14. Probable Mineral Reserves for Terronera includes the Terronera and La Luz Deposits.
  15. Inferred Mineral Resources for Terronera includes the Terronera, La Luz and Real Alto Area.
  16. Indicated and Inferred Mineral Resources for "Parral (new)" includes the Colorada, Palmilla and San Patricio areas.
  17. The La Colorada structure (Parral) does not contain gold on an economic scale.
  18. Price assumptions for Guanaceví, Bolañitos, El Cubo and El Compas are US$17.26/oz for silver, US$1,232/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc.
  19. Price assumptions for Terronera are US$17/oz for silver, US$1,275/oz for gold.
  20. Price assumptions for Parral are US$17/oz for silver, US$1,250/oz for gold.
  21. Figures in tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.

Godfrey Walton, M.Sc., P.Geo., President and COO of Endeavour, is the Qualified Person who reviewed and approved the 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 Resource Estimates for Terronera, and Parral were undertaken by Independent Qualified Persons Eugene Puritch, P.Eng., FEC, CET, Yungang Wu, P.Geo., and David Burga, P.Geo of P&E Mining Consultants Inc. Mr. Puritch has reviewed and approved the technical content of this press release with respect to the Terronera and new Parral.

The Cometa property in Parral which is part of the Lead-Zinc portion of the table is based on a Technical report titled NI 43-101 Technical Report audit of the Mineral Resource Estimate for the Parral Project, Chuhuahua State, Mexico and filed Dec 15, 2010 and authored by William Lewis, B.Sc., Charley Z. Murahwi M.Sc. MAusIMM and Dibya Kanti Mukhopadhyay M.Sc. MAusIMM. This report is separate from the Parral Properties described by P&E Mining Consultants Inc.