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Reserves and
Resources

Mineral Reserve and Resource Estimates at December 31, 2020

Silver-Gold Proven and Probable Mineral Reserves

Tonnes Ag (g/t) Au (g/t) Ag Eq (g/t) Ag (oz) Au (oz) Ag Eq (oz)
Guanaceví 141,000 319 0.82 385 1,445,000 3,700 1,742,000
Bolañitos 76,000 34 2.62 243 83,000 6,400 596,000
El Compas 10,000 53 3.30 317 17,000 1,100 103,000
Total Proven 227,000 212 1.53 334 1,546,000 11,200 2,441,000
Guanaceví 948,000 346 0.95 422 10,554,000 28,800 12,859,000
Bolañitos 237,000 53 2.51 254 405,000 19,100 1,930,000
El Compas 19,000 95 4.63 466 57,000 2,800 279,000
Terronera 5,563,000 201 2.29 380 36,013,000 410,000 68,813,000
Total Probable 6,766,000 216 2.12 382 47,029,000 460,700 83,882,000
Total P+P 6,994,000 216 2.10 380 48,574,000 471,900 86,323,000
Silver-Gold Measured and Indicated Mineral Resources

Tonnes Ag (g/t) Au (g/t) Ag Eq (g/t) Ag (oz) Au (oz) Ag Eq (oz)
Guanaceví 95,000 405 0.88 475 1,240,000 2,700 1,456,000
Bolañitos 35,000 76 2.37 265 85,000 2,600 296,000
El Cubo 19,000 224 1.89 375 140,000 1,200 235,000
Total Measured 150,000 305 1.36 413 1,465,000 6,500 1,987,000
Guanaceví 566,000 363 0.82 428 6,603,000 14,900 7,797,000
Bolañitos 433,000 166 2.27 347 2,314,000 31,600 4,840,000
El Cubo 32,000 209 2.03 371 214,000 2,100 380,000
El Compas 21,000 75 6.22 573 50,000 4,100 381,000
Guadalupe y Calvo 1,861,000 119 2.38 309 7,120,000 142,400 18,512,000
Parral 433,000 271 - 271 3,700,000 - 3,700,000
Total Indicated 3,346,000 187 1.81 332 20,001,000 195,100 35,610,000
Total M&I 3,496,000 192 1.79 335 21,466,000 201,600 37,597,000
Silver-Gold Inferred Mineral Resources

Tonnes Ag (g/t) Au (g/t) Ag Eq (g/t) Ag (oz) Au (oz) Ag Eq (oz)
Guanaceví 866,000 495 1.18 589 13,765,000 32,700 16,384,000
Bolañitos 625,000 120 2.52 322 2,411,000 50,700 6,470,000
El Cubo 463,000 163 1.89 314 2,419,000 28,200 4,672,000
El Compas 39,000 85 7.00 607 106,000 8,100 758,000
Terronera 1,080,000 208 2.26 389 7,239,000 79,000 13,559,000
Guadalupe y Calvo 154,000 94 2.14 265 465,000 10,600 1,313,000
Parral 3,180,000 322 0.21 339 32,900,000 21,900 34,677,000
Total Inferred 6,407,000 288 1.12 378 59,306,000 231,300 77,833,000
Silver-Gold-Lead-Zinc Mineral Resources

Tonnes Ag (g/t) Au (g/t) Ag (oz) Au (oz) Pb% Zn% Cu% Ag Eq (oz)
Guanaceví 363,000 208 0.26 2,421,000 3,100 0.78 1.32 - 2,670,000
Parral (Cometa) 180,000 55 1.17 320,000 6,800 3.20 3.30 - 860,000
Calicanto (new) 360,000 146 0.97 1,690,000 11,000 3.19 4.17 0.11 2,600,000
Total Indicated 903,000 153 0.73 4,431,500 20,900 2.23 2.85 0.04 6,130,000
Guanacevi 488,000 132 0.16 2,076,000 2,500 1.36 2.54 - 2,272,000
Parral (Cometa) 880,000 74 1.45 2,100,000 41,000 3.27 3.24 - 5,376,000
Calicanto (new) 268,000 111 1.01 960,000 9,000 2.65 3.73 0.09 1,650,000
Total Inferred 1,636,000 97 0.99 5,136,000 52,500 2.59 3.11 0.02 9,298,000
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 225 g/t silver equivalent for Santa Cruz Sur of Guanacevi and 222 g/t silver equivalent for Santa Cruz, 237 g/t silver equivalent for Milache and 280 g/t silver equivalent for Ocampo and Porvenir Norte of Guanaceví; Metallurgical recoveries were 84.6% silver and 85.7% gold for Guanaceví. The cutoff grade applied for resource calculation at the regional polymetallic projects at Guanacevi (Noche Buena and Buena Fe) is 200g/t silver equivalent. The silver equivalent is based on the calculated NSR for each element based on the following price assumptions US$16.29/oz for silver, US$1,195/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc.
  6. Bolañitos, Mineral Resource and Mineral Reserve cut-off grades are based on 181 g/t silver equivalent for Lucero Ramp, Belen and Veta Madre, 173 g/t silver equivalent for La Luz Ramp and 181 g/t silver equivalent for San Miguel ramp area. Metallurgical recoveries were 84.7% silver and 88.9% gold for Bolañitos
  7. El Cubo Mineral Resource and Mineral Reserve cut-off grades are based on a 202 g/t silver equivalent for Area II (that comprises Dolores Mine) of El Cubo and 223 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 3.67 g/t gold equivalent. Metallurgical recoveries were 67.0% silver and 82.0% 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 100 g/t silver equivalent for Guadalupe y Calvo.
  11. Parral Mineral Resources are estimated at a cut-off grade of 130 g/t AgEq for Palmilla, Veta Colorada, and San Patricio, 200 g/t Ag for Sierra Plata, and an NSR cut-off value of US$55/t for El Cometa. The NSR and AgEq values are based on estimated metallurgical recoveries, assumed metal prices and smelter terms, which include payable factors, treatment charges, penalties, and refining charges. Metal price assumptions were: US$17/oz Ag, US$1,275/oz Au, US$1.15/lb Zn, and US$1.00/lb Pb. A minimum mining width of 1.5 m was used for Sierra Plata, and 1.75 m for all other veins.
  12. Calicanto Mineral Resources are estimated at a cut-off value of US$200 VIT (value in-situ) for Calicanto, Santa Fe and Misie veins areas. The VIT values are based on metal price assumptions of US$23.98/oz Ag, US$1,815/oz Au, US$3.5/lb Cu, US$0.94/lb Pb, and US$1.25/lb Zn. A minimum mining width of 1.0 m was used.
  13. 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.
  14. Dilution factors for Mineral Reserve Estimate calculations averaged 34.7% for Guanaceví, 34% for Bolañitos and 35.7% for El Compas, and 10% for Terronera. For current operations dilution factors are based on vein width diluted to width of drive for lateral sill preparation (generally >30%) and internal stope dilution calculations and external dilution factors of 15% for cut and fill mining and 30% for long hole mining.
  15. Silver equivalent grades and ounces are based on a 80:1 silver:gold ratio and calculated including only silver and gold.
  16. Probable Mineral Reserves for Terronera includes the Terronera and La Luz Deposits.
  17. Inferred Mineral Resources for Terronera includes the Terronera, La Luz and Real Alto Area.
  18. Indicated and Inferred Silver-Gold Mineral Resources for "Parral" includes the Colorada, Palmilla and San Patricio areas.
  19. The Veta Colorada structure (Parral) does not contain gold on an economic scale.
  20. Price assumptions for Guanaceví, Bolañitos, El Cubo and El Compas are US$16.51/oz for silver, US$1,465/oz for gold.
  21. Price assumptions for Terronera are US$17/oz for silver, US$1,275/oz for gold.
  22. Price assumptions for Parral are US$15/oz for silver, US$1,275/oz for gold.
  23. Figures in tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.

Dale Mah, P.Geo., Vice President Corporate Development of Endeavour, is the Qualified Person who reviewed and approved this news release and 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 Reserve Estimate for Terronera in the technical report titled “Endeavour Silver Corp, Terronera Project, Jalisco State, Mexico” effective July 31, 2020 were undertaken by Independent Qualified Persons from Ausenco Engineering Canada Inc - Robin Kalanchey, P.Eng., P&E Mining Consulting - Eugene Puritch, P.Eng. FEC. CET, David Burga P.Geo., Yungang Wu, P.Geo., D. Gregory Robinson P. Eng., Wood Engineering - Humberto Preciado, P.E., Eugenio Iasillo P.E., JDS Mining - Mike Levy P.E., P.Eng., Moose Mountain – Mike Petrina P.Eng..

The Parral Mineral Resources disclosed in this press release 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 of this press release as it pertains to the disclosed Parral Mineral Resource estimates.