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Endeavour Silver Reports Solid 2022 Financial Results: Earnings Conference Call at 9am PST (12pm EST) Time

02.03.2023  |  GlobeNewswire

VANCOUVER, March 02, 2023 - Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce its financial and operating results for the year ended December 31, 2022. All dollar amounts are in US dollars (US$).

"Our strong and reliable operating performance resulted in robust 2022 financial results. We are especially pleased to have delivered against our all-in sustaining cost guidance of less than $20 per ounce, despite industrywide inflationary pressures, as a result of our strong production performance. Cost control will continue to be a key focus for the operations group in 2023, as we find pockets of cost moderation and business improvements," stated Dan Dickson, CEO of Endeavour Silver. "As silver prices rebounded in Q4, we were able to take advantage of the higher prices by selling almost half of the year's projected sales towards the end of the year, which resulted in robust cash flow to fund our growth plans."

Mr. Dickson added, "While the market anticipates the official construction decision at Terronera, our funding plan remains intact. We have been advancing development activities with our existing cash, while we confirm a viable debt financing package. We believe that project execution is the correct path for adding long-term value, as we position ourselves as a top silver investment vehicle for investors seeking industry leading growth."

2022 Highlights

  • Production Surpassed Guidance: Production of 5,963,445 ounces (oz) of silver and 37,548 oz of gold for 9.0 million oz silver equivalent (AgEq)1 as compared to upward revised guidance of 7.6-8.0 million oz AgEq.
  • Strong Revenue: Net revenue of $210.2 million from the sale of 6,464,869 oz of silver and 38,868 oz of gold at average realized prices of $22.07 per oz silver and $1,814 per oz gold.
  • Costs Per Ounce Relatively In-Line with Guidance, Despite Industry-Wide Inflation: Cash costs(2) of $10.65 per oz payable silver were slightly above guidance due to increased labour, power, consumables and royalty costs and all-in sustaining costs (2) of $19.97 per oz is below cost guidance due to the increased silver oz produced.
  • Healthy Balance Sheet: Cash position of $83.4 million and $93.6 million in working capital(2). Cash decreased in the 4th quarter, as funds were spent on development activities at Terronera.
  • Increased Cash Flow: $54.0 million in operating cash flow before working capital changes(2), and mine operating cash flow before taxes(2) of $78.5 million.
  • Net Income: Net earnings of $6.2 million, or $0.03 per share, were impacted by inflationary pressures and a reduction in the realized silver price as compared to the prior year.
  • Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)(2): Generated EBITDA of $51.9 million, 6% decrease from prior year due to the lower realized silver prices offset by the increased production.
  • Construction Preparation Advances at the Terronera Project: Progress on development activities include onsite delivery of mobile mining equipment, procurement of major equipment, and assembly of initial project infrastructure such as the temporary mine maintenance shop and a permanent camp facility. Earthworks included site clearing, road upgrades and underground mine access development.
  • Financial Due Diligence Continues on Financing the Terronera Project: The Company intends to make a formal construction decision subject to completion of a financing package and receipt of additional amended permits in the coming months.
  • Published Initial Mineral Resource Estimate for the Pitarrilla Project: One of the world's largest undeveloped silver projects, Pitarrilla will form the cornerstone of the Company's growth profile, together with Terronera and Parral (see News Release dated December 8, 2022).

Financial Overview (see appendix for consolidated financial statements)

Three Months Ended December 31 2022 Highlights
Year Ended December 31
2022 2021 % Change 2022 2021 % Change
Production
1,830,835 1,443,564 27% Silver ounces produced 5,963,445 4,870,787 22%
10,370 9,446 10% Gold ounces produced 37,548 42,262 (11%)
1,816,813 1,432,578 27% Payable silver ounces produced 5,912,509 4,826,681 22%
10,196 9,261 10% Payable gold ounces produced 36,901 41,438 (11%)
2,660,435 2,199,244 21% Silver equivalent ounces produced(1) 8,967,285 8,251,747 9%
11.65 8.65 35% Cash costs per silver ounce(2)(3) 10.65 9.31 14%
15.03 11.99 25% Total production costs per ounce(2)(4) 14.70 14.70 0%
19.38 19.48 (1%) All-in sustaining costs per ounce (2)(5) 19.97 20.34 (2%)
224,289 213,492 5% Processed tonnes 834,542 887,424 (6%)
135.71 112.91 20% Direct operating costs per tonne(2)(6) 130.80 115.36 13%
177.35 136.62 30% Direct costs per tonne(2)(6) 155.63 133.97 16%
14.86 13.41 11% Silver co-product cash costs(7) 14.35 15.11 (5%)
1,212 1,038 17% Gold co-product cash costs(7) 1,180 1,072 10%
Financial
82.0 48.5 69% Revenue ($ millions) 210.2 165.3 27%
2,816,882 1,413,699 99% Silver ounces sold 6,464,869 3,856,883 68%
11,843 8,715 36% Gold ounces sold 38,868 39,113 (1%)
21.86 23.41 (7%) Realized silver price per ounce 22.07 25.22 (12%)
1,783 1,811 (2%) Realized gold price per ounce 1,814 1,790 1%
8.0 (0.5) 1790% Net earnings (loss) ($ millions) 6.2 14.0 (56%)
8.1 4.6 74% Adjusted net earnings (loss) (11) ($ millions) 6.9 (6.5) 206%
21.7 12.2 77% Mine operating earnings ($ millions) 51.5 36.4 42%
30.7 18.2 68% Mine operating cash flow before taxes ($ millions)(8) 78.5 61.9 27%
22.5 10.7 110% Operating cash flow before working capital changes(9) 54.0 32.2 68%
22.7 10.7 111% EBITDA(10) ($ millions) 51.9 54.9 (6%)
93.6 121.2 (23%) Working capital (12) ($ millions) 93.6 121.2 (23%)
Shareholders
0.04 0.00 400% Earnings (loss) per share - basic ($) 0.03 0.08 (63%)
0.12 0.06 89% Operating cash flow before working capital changes per share(9) 0.30 0.19 53%
189,993,085 170,518,894 11% Weighted average shares outstanding 183,009,339 167,289,732 9%

(1) Silver equivalent (AgEq) is calculated using an 80:1 silver:gold ratio.

(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company's financial statements on SEDAR at www.sedar.com.

For the year ended December 31, 2022, net revenue, net of $3.0 million of smelting and refining costs, increased by 27% to $210.2 million (2021: $165.3 million).

Gross sales of $213.2 million in 2022 represented a 27% increase over the $167.3 million in 2021. Silver oz sold increased by 68% with a 12% decrease in the realized silver price, resulting in a 47% increase in silver sales. Gold oz sold increased by 1% with a 1% increase in the realized gold price, resulting in a 1% increase in gold sales. During the period, the Company sold 6,464,869 oz silver and 38,868 oz gold for realized prices of $22.07 and $1,814 per oz, respectively, compared to sales of 3,856,883 oz silver and 39,113 oz gold for realized prices of $25.22 and $1,790 per oz, respectively, in 2021. In 2022, silver and gold London spot prices averaged $21.73 and $1,800, respectively.

The Company significantly decreased its finished goods silver and gold inventory to 530,250 oz and 1,707 oz, respectively, at December 31, 2022 compared to 1,082,610 oz silver and 3,674 oz gold at December 31, 2021. The cost allocated to these finished goods was $6.1 million at December 31, 2022 compared to $15.6 million at December 31, 2021. At December 31, 2022, the finished goods inventory fair market value was $15.8 million, compared to $31.7 million at December 31, 2021. Earnings and other financial metrics, including mine operating cash flow(2), operating cash flow(2) and EBITDA(2) were positively impacted by the decreased bullion inventory held at year end.

After cost of sales of $158.6 million (2021 - $128.9 million), an increase of 23%, mine operating earnings were $51.5 million (2021- $36.4 million). The increase in cost of sales was due to increased production, labour, power and consumables costs and significantly higher royalty costs. Cost of sales was also impacted by the increase in ounces sold during 2022, as the Company held less inventory at the end of 2022 than at the end of 2021. Royalties increased 29% to $17.8 million due to increased mining of the high-grade Porvenir and Porvenir Cuatro extensions at the Guanaceví operation, which are subject to higher royalty rates. During 2022 the Company's operations experienced higher than budgeted costs due to global supply constraints, inflationary pressure, materials shortages, labour costs tracking higher than planned and increased purchased ore at the Guanaceví operation.

The Company had operating earnings of $23.5 million (2021: $22.3 million) after exploration and evaluation costs of $16.2 million (2021: $17.9 million), general and administrative costs of $10.6 million (2021: $10.1 million), care and maintenance cost of $0.6 million (2021: $1.3 million), and a write-off of exploration properties of $0.7 million (2021: $0.7 million). In 2021, there was also an impairment reversal of $16.8 million, resulting from the valuation assessment performed for the El Cubo mine and related assets upon classification as held for sale, and severance cost of $0.7 million.

Earnings before income taxes were $25.0 million (2021: $29.7 million) after finance costs of $1.3 million (2021: $1.0 million), a foreign exchange gain of $1.9 million (2021: loss of $1.1 million), a net gain on disposal of assets of $2.5 million primarily generated by the gain on the sale of the El Compas mine of $2.7 million (2021: gain on the sale of El Cubo mine and assets of $5.8 million) and investment and other expense of $1.6 million (2021: investment and other income of $3.7 million).

The Company realized net earnings for the period of $6.2 million (2021: $14.0 million) after an income tax expense of $18.8 million (2021: $15.7 million). Current income tax expense increased to $6.4 million (2021 - $3.5 million) due to increased profitability of the Guanacevi mine impacting both the current income tax and the special mining duty, while deferred income tax expense of $12.4 million is primarily due to the estimated use of loss carryforwards to reduce taxable income at Guanacevi (2021 - $12.2 million)

Direct operating costs(2) on a per tonne basis increased to $130.80, up 13% compared with 2021 due to higher operating costs at Guanaceví and Bolañitos and a 6% decrease in processed tonnes. Guanaceví and Bolañitos have seen increased labour, power and consumables costs primarily driven by inflationary pressure and at Guanaceví, third party ore purchased and operating development have increased compared to the prior year. Direct costs per tonne (2) increased to $155.63, up 16% compared to 2021 due to the increase in direct operating costs as well as the increase in royalty costs.

Consolidated cash costs per oz, net of by-product credits, increased to $10.65 primarily due to the higher direct costs per tonne partially offset by increased silver production due to increased silver grades. All-in sustaining costs decreased 2% to $19.97 per oz in 2022 due to the higher cash costs and a moderate increase in capital expenditures being allocated over the increased silver ozs produced. Actual cash cost metrics were slightly higher than 2022 cost guidance primarily due to the increased costs relating to labour, power, consumables, increased third party ore purchases, higher royalties and special mining duty offset by the higher ore grades mined at Guanacevi.

The complete financial statements and management's discussion & analysis can be viewed on the Company's website, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Investor Relations at 604-640-4804, toll free at 1-877- 685-9775 or by email at gmeleger@edrsilver.com

Conference Call

A conference call to discuss the Company's annual 2022 financial results will be held today at 9:00 a.m. PT / 12:00 p.m. ET. To participate in the conference call, please dial the numbers below.

Date & Time: Thursday, March 2, 2023 at 9:00 a.m. PT / 12:00 p.m. ET
Telephone: Toll-free in Canada and the US +1-800-319-4610
Local or International +1-604-638-5340
Please allow up to 10 minutes to be connected to the conference call.
Replay: A replay of the conference call will be available by dialing (toll-free)
+1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 9734#. The replay will also be available on the Company's website at www.edrsilver.com.

About Endeavour Silver - Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

Contact Information:

Galina Meleger, VP, Investor Relations Email: gmeleger@edrsilver.com Website: www.edrsilver.com

Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn

Endnotes

1 Silver equivalent (AgEq)

AgEq is calculated using an 80:1 silver:gold ratio.

2 Non-IFRS and Other Financial Measures and ratios

Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, all-in sustaining cost ("AISC") per ounce, direct operating costs per tonne, direct costs per tonne, silver co-product cash costs, gold co-product cash costs, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA per share and sustaining and growth capital.

Please see the December 31, 2022 MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards ("IFRS"), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section "Non-IFRS Measures" in the December 31, 2022 MD&A available on SEDAR at www.sedar.com.

Reconciliation of Working Capital

Expressed in thousands US dollars As at December 31, 2022 As at December 31, 2021
Current assets $146,333 $161,762
Current liabilities 52,749 40,554
Working capital $93,584 $121,208

Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share

Expressed in thousands US dollars Three Months Ended December 31
Years Ended December 31
(except for share numbers and per share amounts) 2022 2021 2022 2021
Net earnings (loss) for the period per financial statements $7,961 ($471) $6,201 $13,955
Impairment (reversal) of non-current assets, net of tax - - - (16,791)
Gain on disposal of El Cubo mine and equipment, net of tax - - - (5,807)
Gain on disposal of El Compas mine and equipment, net of tax - - (2,733) -
Change in fair value of investments 104 5,103 3,470 2,117
Adjusted net earnings (loss) $8,065 $4,632 $6,938 ($6,526)
Basic weighted average share outstanding 189,993,085 170,518,894 183,009,339 167,289,732
Adjusted net earnings (loss) per share $0.04 $0.03 $0.04 ($0.04)

Note: The Company defines the adjusted earnings as net income adjusted to include certain non-cash and unusual item, and items that in the Company's judgement are subject to volatility as a result of factors which are unrelated to the Company's operation in the period. Certain items that become applicable in a period may be adjusted for, with the Company retroactively presenting comparable periods with an adjustment for such items and, conversely, items no longer applicable may be removed from the calculation. During the current period, the Company has included changes in the fair value of its investments in marketable securities and made retroactive adjustments to prior periods for the same.

Reconciliation of Mine Operating Cash Flow Before Taxes

Expressed in thousands US dollars Three Months Ended December 31
Years Ended December 31
2022 2021 2022 2021
Mine operating earnings per financial statements $21,655 $12,222 $51,525 $36,368
Share-based compensation 89 87 442 421
Amortization and depletion 8,945 5,014 25,179 23,977
Write down of inventory to net realizable value - 896 1,323 1,168
Mine operating cash flow before taxes $30,689 $18,219 $78,469 $61,934

Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share

Expressed in thousands US dollars Three Months Ended December 31
Years Ended December 31
(except for per share amounts) 2022 2021 2022 2021
Cash from (used in) operating activities per financial statements $44,391 $18,071 $54,993 $23,462
Net changes in non-cash working capital per financial statements 21,924 7,392 967 (8,776)
Operating cash flow before working capital changes $22,467 $10,679 $54,026 $32,238
Basic weighted average shares outstanding 189,993,085 170,518,894 183,009,339 167,289,732
Operating cash flow before working capital changes per share $0.12 $0.06 $0.30 $0.19

Reconciliation of EBITDA and Adjusted EBITDA

Expressed in thousands US dollars Three Months Ended December 31
Years Ended December 31
2022 2021 2022 2021
Net earnings (loss) for the period per financial statements $7,961 ($471) $6,201 $13,955
Depreciation and depletion - cost of sales 8,945 5,014 25,179 23,977
Depreciation and depletion - exploration 276 92 624 330
Depreciation and depletion - general & administration 58 63 214 165
Depreciation and depletion - care & maintenance - 30 71 55
Depreciation and depletion - inventory write down - - - 6
Finance costs 233 22 816 724
Current income tax expense 2,850 1,005 6,376 3,481
Deferred income tax expense 2,345 4,992 12,372 12,252
EBITDA $22,668 $10,747 $51,853 $54,945
Share based compensation 619 718 3,878 3,636
Impairment (reversal) of non-current assets, net of tax - - - (16,791)
Gain on disposal of El Cubo mine and equipment, net of tax - - - (5,807)
Gain on disposal of El Compas mine and equipment, net of tax - - (2,733) -
Change in fair value of investments 104 5,103 3,470 2,117
Adjusted EBITDA $23,391 $16,568 $56,468 $38,100

Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne

Expressed in thousands US dollars
Year Ended December 31, 2022 Year Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $74,423 $39,457 $113,880 $51,761 $28,896 $8,946 $89,603
Smelting and refining costs included in net revenue - 3,029 3,029 - 1,715 244 1,959
Opening finished goods (10,093) (2,857) (12,950) (1,509) (250) (642) (2,401)
Finished goods NRV adjustment - - - - - 266 266
Closing finished goods 4,953 245 5,198 10,093 2,857 - 12,950
Direct operating costs 69,283 39,874 109,157 60,345 33,218 8,814 102,377
Royalties 17,554 257 17,811 13,165 265 350 13,780
Special mining duty (1) 2,612 302 2,914 2,674 53 - 2,727
Direct costs 89,449 40,433 129,882 76,184 33,536 9,164 118,884
By-product gold sales (27,569) (42,932) (70,501) (22,639) (38,645) (8,738) (70,022)
Opening gold inventory fair market value 1,900 4,784 6,684 735 746 1,283 2,764
Closing gold inventory fair market value (2,740) (354) (3,094) (1,900) (4,784) - (6,684)
Cash costs net of by-product 61,040 1,931 62,971 52,380 (9,147) 1,709 44,942
Amortization and depletion 14,129 11,050 25,179 7,944 13,491 2,713 24,148
Share-based compensation 221 221 442 180 180 61 421
Opening finished goods depreciation and depletion (1,965) (635) (2,600) (271) (104) (804) (1,179)
NRV depreciation and depletion cost adjustment - - - - - 6 6
Closing finished goods depreciation and depletion 862 79 941 1,965 635 - 2,600
Total production costs $74,287 $12,646 $86,933 $62,198 $5,055 $3,685 $70,938


Year Ended December 31, 2022
Year Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 412,303 422,239 834,542 414,355 418,514 54,555 887,424
Payable silver ounces 5,324,531 587,978 5,912,509 4,320,567 462,700 43,414 4,826,681
Cash costs per silver ounce $11.46 $3.28 $10.65 $12.12 ($19.77) $39.37 $9.31
Total production costs per ounce $13.95 $21.51 $14.70 $14.40 $10.93 $84.88 $14.70
Direct operating costs per tonne $168.04 $94.43 $130.80 $145.64 $79.37 $161.56 $115.36
Direct costs per tonne $216.95 $95.76 $155.63 $183.86 $80.13 $167.98 $133.97


Expressed in thousands US dollars Three Months Ended December 31, 2022
Three Months Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements 33,586 9,235 42,821 18,689 7,329 (5) 26,013
Smelting and refining costs included in net revenue - 694 694 - 362 (4) 358
Opening finished goods (18,080) (195) (18,275) (12,910) (2,306) - (15,216)
Closing finished goods 4,953 245 5,198 10,093 2,857 - 12,950
Direct operating costs 20,459 9,979 30,438 15,872 8,242 (9) 24,105
Royalties 8,430 49 8,479 4,199 79 4 4,282
Special mining duty (1) 845 16 861 932 (152) - 780
Direct costs 29,734 10,044 39,778 21,003 8,169 (5) 29,167
By-product gold sales (11,591) (9,527) (21,118) (7,293) (8,380) (112) (15,785)
Opening gold inventory fair market value 5,368 240 5,608 2,127 3,560 - 5,687
Closing gold inventory fair market value (2,740) (354) (3,094) (1,900) (4,784) - (6,684)
Cash costs net of by-product 20,771 403 21,174 13,937 (1,435) (117) 12,385
Amortization and depletion 6,160 2,785 8,945 2,181 2,827 177 5,185
Share-based compensation 45 44 89 43 44 - 87
Opening finished goods depreciation and depletion (3,776) (60) (3,836) (1,920) (1,171) - (3,091)
Closing finished goods depreciation and depletion 862 79 941 1,965 635 - 2,600
Total production costs $24,062 $3,251 $27,313 $16,206 $900 $66 $17,172


Three Months Ended December 31, 2022 Three Months Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 119,305 104,984 224,289 108,334 105,158 N/A 213,492
Payable silver ounces 1,675,322 141,491 1,816,813 1,298,036 134,178 364 1,432,578
Cash costs per silver ounce $12.40 $2.85 $11.65 $10.74 ($10.69) N/A $8.65
Total production costs per ounce $14.36 $22.98 $15.03 $12.49 $6.71 N/A $11.99
Direct operating costs per tonne $171.48 $95.05 $135.71 $146.51 $78.38 N/A $112.91
Direct costs per tonne $249.23 $95.67 $177.35 $193.87 $77.68 N/A $136.62

Reconciliation of All-In Costs Per Ounce and AISC per ounce

Expressed in thousands US dollars Year Ended December 31, 2022 Year Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Cash costs net of by-product $61,040 $1,931 $62,971 $52,380 ($9,147) $1,709 $44,942
Operations share-based compensation 221 221 442 180 180 61 421
Corporate general and administrative 5,439 1,951 7,390 4,564 2,082 329 6,975
Corporate share-based compensation 2,214 795 3,009 1,912 873 138 2,923
Reclamation - amortization/accretion 268 211 479 100 83 9 192
Mine site expensed exploration 1,351 1,158 2,509 1,611 1,216 198 3,025
Intangible payments 30 11 41 250 114 18 382
Equipment loan payments 981 1,955 2,936 1,099 2,082 - 3,181
Capital expenditures sustaining 26,561 11,756 38,317 21,964 14,150 - 36,114
All-In-Sustaining Costs $98,105 $19,989 $118,094 $84,060 $11,633 $2,462 $98,155
Growth exploration and evaluation 12,626 14,277
Growth capital expenditures 35,450 7,872
All-In-Costs $166,170 $120,304


Year Ended December 31, 2022 Year Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 412,303 422,239 834,542 414,355 418,514 54,555 887,424
Payable silver ounces 5,324,531 587,978 5,912,509 4,320,567 462,700 43,414 4,826,681
Silver equivalent production (ounces) 6,599,353 2,367,932 8,967,285 5,398,927 2,463,572 389,248 8,251,747
Sustaining cost per ounce $18.43 $34.00 $19.97 $19.46 $25.14 $56.71 $20.34
All-In-costs per ounce $28.10 $24.92


Expressed in thousands US dollars Three Months Ended December 31, 2022
Three Months Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Cash costs net of by-product $20,771 $403 $21,174 $13,937 ($1,435) ($117) $12,385
Operations share-based compensation 45 44 89 43 44 - 87
Corporate general and administrative 1,771 506 2,277 1,538 578 22 2,138
Corporate share-based compensation 365 67 432 439 141 (11) 569
Reclamation - amortization/accretion 70 53 123 62 50 2 114
Mine site expensed exploration 323 295 618 251 448 - 699
Intangible payments - - - 72 26 - 98
Equipment loan payments 245 489 734 246 489 - 735
Capital expenditures sustaining 6,653 3,103 9,756 7,742 3,344 - 11,086
All-In-Sustaining Costs $30,243 $4,960 $35,203 $24,330 $3,685 ($104 $27,911
Growth exploration and evaluation 4,170 3,254
Growth capital expenditures 18,672 4,135
All-In-Costs $58,045 $35,300


Three Months Ended December 31, 2022
Three Months Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Throughput tonnes 119,305 104,984 224,289 108,334 105,158 N/A 213,492
Payable silver ounces 1,675,322 141,491 1,816,813 1,298,036 134,178 364 1,432,578
Silver equivalent production (ounces) 2,075,243 585,192 2,660,435 1,612,741 581,418 5,085 2,199,244
Sustaining cost per ounce $18.05 $35.06 $19.38 $18.74 $27.46 ($285.98) $19.48
All-In-costs per ounce $31.95 $24.64

Reconciliation of Sustaining Capital and Growth Capital

Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
2022 2021 2022 2021
Capital expenditures sustaining $9,756 $11,086 $38,317 $36,114
Growth capital expenditures 18,672 4,135 35,450 7,872
Acquisition capital expenditures (50) 10,106 35,948 10,106
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows $28,378 $25,327 $109,715 $54,092

Reconciliation of Silver Co-Product Cash Costs and Gold Co-Product Cash Costs

Expressed in thousands US dollars Year Ended December 31, 2022 Year Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $74,423 $39,457 $113,880 $51,761 $28,896 $8,946 $89,603
Smelting and refining costs included in net revenue - $3,029 $3,029 - 1,715 244 1,959
Royalties 17,554 257 17,811 13,165 265 350 13,780
Special mining duty (1) 2,612 302 2,914 2,674 53 - 2,727
Opening finished goods (10,093) (2,857) (12,950) (1,509) (250) (642) (2,401)
Finished goods NRV adjustment - - - - - 266 266
Closing finished goods 4,953 245 5,198 10,093 2,857 - 12,950
Direct costs 89,449 40,433 129,882 76,184 33,536 9,164 118,884


Year Ended December 31, 2022 Year Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Silver production (ounces) 5,340,553 622,892 5,963,445 4,333,567 491,412 45,808 4,870,787
Average realized silver price ($) 22.07 22.07 22.07 25.22 25.22 25.22 25.22
Silver value ($) 117,872,913 13,748,032 131,620,946 109,292,560 12,393,411 1,155,278 122,841,248
Gold production (ounces) 15,735 21,813 37,548 13,317 24,652 4,293 42,262
Average realized gold price ($) 1,814 1,814 1,814 1,790 1,790 1,790 1,790
Gold value ($) 28,541,042 39,565,666 68,106,709 23,837,430 44,127,080 7,684,470 75,648,980
Total metal value ($) 146,413,956 53,313,698 199,727,654 133,129,990 56,520,491 8,839,748 198,490,228
Pro-rated silver costs (%) 81% 26% 66% 82% 22% 13% 62%
Pro-rated gold costs (%) 19% 74% 34% 18% 78% 87% 38%
Pro-rated silver costs ($) 72,012 10,426 85,593 62,543 7,354 1,198 73,575
Pro-rated gold costs ($) 17,437 30,007 44,289 13,641 26,182 7,966 45,309
Silver co-product cash costs ($) 13.48 16.74 14.35 14.43 14.96 26.15 15.11
Gold co-product cash costs ($) 1,108 1,376 1,180 1,024 1,062 1,856 1,072


Expressed in thousands US dollars Three Months Ended December 31, 2022 Three Months Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Direct production costs per financial statements $33,586 $9,235 $42,821 $18,689 $7,329 ($5) $26,013
Smelting and refining costs included in net revenue - 694 694 - 362 (4) 358
Royalties 8,430 49 8,479 4,199 79 4 4,282
Special mining duty (1) 845 16 861 932 (152) - 780
Opening finished goods (18,080) (195) (18,275) (12,910) (2,306) - (15,216)
Closing finished goods 4,953 245 5,198 10,093 2,857 - 12,950
Direct costs $29,734 $10,044 $39,778 $21,003 $8,169 ($5) $29,167


Three Months Ended December 31, 2022 Three Months Ended December 31, 2021
Guanaceví Bolañitos Total Guanaceví Bolañitos El Compas Total
Silver production (ounces) 1,680,363 150,472 1,830,835 1,301,941 141,258 365 1,443,564
Average realized silver price ($) 21.86 21.86 21.86 23.41 23.41 23.41 23.41
Silver value ($) 36,725,566 3,288,676 40,014,242 30,478,439 3,306,850 8,545 33,793,833
Gold production (ounces) 4,936 5,434 10,370 3,885 5,502 59 9,446
Average realized gold price ($) 1,783 1,783 1,783 1,811 1,811 1,811 1,811
Gold value ($) 8,801,693 9,689,708 18,491,401 7,035,735 9,964,122 106,849 17,106,706
Total metal value ($) 45,527,258 12,978,384 58,505,642 37,514,174 13,270,972 115,394 50,900,539
Pro-rated silver costs (%) 81% 25% 68% 81% 25% 7% 66%
Pro-rated gold costs (%) 19% 75% 32% 19% 75% 93% 34%
Pro-rated silver costs ($) 23,986 2,545 27,206 17,064 2,036 - 19,365
Pro-rated gold costs ($) 5,748 7,499 12,572 3,939 6,133 (5) 9,802
Silver co-product cash costs ($) 14.27 16.91 14.86 13.11 14.41 (1.01) 13.41
Gold co-product cash costs ($) 1,165 1,380 1,212 1,014 1,115 (78) 1,038

Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce

Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
2022 2021 2022 2021
Gross silver sales $61,565 $33,090 $142,688 $97,257
Silver ounces sold 2,816,881 1,413,699 6,464,868 3,856,883
Realized silver price per ounces $21.86 $23.41 $22.07 $25.22


Expressed in thousands US dollars Three Months Ended December 31 Years Ended December 31
2022 2021 2022 2021
Gross gold sales $21,118 $15,786 $70,501 $70,022
Gold ounces sold 11,843 8,715 38,868 39,113
Realized gold price per ounces $1,783 $1,811 $1,814 $1,790

Cautionary Note Regarding Forward-Looking Statements

This news release 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 the development and financing of the Terronera project, including anticipated decisions on construction and financing, estimation of mineral resources at Pitarrilla, prospects for Terronera, Pitarrilla and Parral, Endeavour's anticipated performance in 2023 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs, and the timing and results of various activities. 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, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, 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, availability of debt financing for the Terronera Project, 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.

Appendix

Endeavour Silver Corp.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(expressed in thousands of US dollars, except for shares and per share amounts)
Years ended
December 31, December 31,
2022 2021
Revenue $ 210,160 $ 165,320
Cost of sales:
Direct production costs 113,880 89,603
Royalties 17,811 13,783
Share-based payments 442 421
Depreciation, depletion and amortization 25,179 23,977
Write down of inventory to net realizable value 1,323 1,168
158,635 128,952
Mine operating earnings 51,525 36,368
Expenses:
Exploration and evaluation 16,186 17,925
General and administrative 10,613 10,063
Care and maintenance costs 580 1,356
Impairment (reversal of impairment) of non-current assets, net - (16,791 )
Severance costs - 870
Write off of mineral properties 682 715
28,061 14,138
Operating earnings 23,464 22,230
Finance costs 1,300 985
Other income (expense):
Foreign exchange gain (loss) 1,853 (1,131 )
Gain on asset disposal 2,503 5,841
Investment and other (1,571 ) 3,733
2,785 8,443
Earnings before income taxes 24,949 29,688
Income tax expense:
Current income tax expense 6,376 3,481
Deferred income tax expense 12,372 12,252
18,748 15,733
Net earnings and comprehensive earnings for the year $ 6,201 $ 13,955
Basic earnings per share based on net earnings $ 0.03 $ 0.08
Diluted earnings per share based on net earnings $ 0.03 $ 0.08
Basic weighted average number of shares outstanding 183,009,339 167,289,732
Diluted weighted average number of shares outstanding 185,349,634 170,663,883


Endeavour Silver Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(expressed in thousands of US dollars)
December 31, December 31,
2022 2021
ASSETS
Current assets
Cash and cash equivalents $ 83,391 $ 103,303
Other investments 8,647 11,200
Accounts and other receivables 13,136 14,462
Income tax receivable 4,024 177
Inventories 19,184 27,485
Prepaid expenses 16,951 5,135
Loans receivable 1,000 -
Total current assets 146,333 161,762
Non-current deposits 565 599
Non-current income tax receivable 3,570 3,570
Non-current other investments 1,388 -
Non-current IVA receivable 10,154 4,256
Non-current loans receivable 2,729 -
Deferred income tax asset - 936
Intangible assets - 40
Right-of-use leased assets 806 664
Mineral properties, plant and equipment 233,892 122,197
Total assets $ 399,437 $ 294,024


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 39,831 $ 31,991
Income taxes payable 6,616 4,228
Loans payable 6,041 4,128
Lease liabilities 261 207
Total current liabilities 52,749 40,554
Loans payable 8,469 6,366
Lease liabilities 812 794
Provision for reclamation and rehabilitation 7,601 7,397
Deferred income tax liability 12,944 1,506
Other non-current liabilities 968 -
Total liabilities 83,543 56,617
Shareholders' equity
Common shares, unlimited shares authorized, no par value, issued, issuable and outstanding 189,995,563 shares (Dec 31, 2021 - 170,537,307 shares) 657,866 585,406
Contributed surplus 6,115 6,331
Retained earnings (deficit) (348,087 ) (354,330 )
Total shareholders' equity 315,894 237,407
Total liabilities and shareholders' equity $ 399,437 $ 294,024


Endeavour Silver Corp.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in thousands of US dollars)
Years ended
December 31, December 31,
2022 2021
Operating activities
Net earnings (loss) for the year $ 6,201 $ 13,955
Items not affecting cash:
Share-based compensation 3,878 3,636
Depreciation, depletion and amortization 26,088 24,527
Impairment (reversal of impairment) of non-current assets, net - (16,791 )
Deferred income tax expense (recovery) 12,372 12,252
Unrealized foreign exchange loss (gain) 344 (176 )
Finance costs 1,300 985
Accretion of loans receivable (97 ) -
Long term employee benefits 968 -
Write off of mineral properties 682 715
Write down of warehouse inventory 1,323 894
Write down of inventory to net realizable value - 272
Loss (gain) on asset disposal (2,503 ) (5,914 )
Loss (gain) on other investments 3,470 (2,117 )
Net changes in non-cash working capital 967 (8,776 )
Cash from operating activities 54,993 23,462
Investing activities
Proceeds on disposal of property, plant and equipment 350 10,113
Mineral properties, plant and equipment (109,715 ) (54,092 )
Purchase of other investments (2,119 ) (3,307 )
Proceeds from disposal of other investments - 9,288
Redemption of (investment in) non-current deposits 34 (8 )
Cash used in investing activities (111,450 ) (38,006 )
Financing activities
Repayment of loans payable (5,054 ) (3,563 )
Repayment of lease liabilities (219 ) (179 )
Interest paid (790 ) (668 )
Public equity offerings 46,001 59,998
Exercise of options 1,607 4,719
Share issuance costs (2,885 ) (1,293 )
Performance and deferred share unit settlement (1,904 ) (2,363 )
Cash from financing activities 36,756 56,651
Effect of exchange rate change on cash and cash equivalents (211 ) 113
Increase in cash and cash equivalents
(19,701 ) 42,107
Cash and cash equivalents, beginning of the year 103,303 61,083
Cash and cash equivalents, end of the year $ 83,391 $ 103,303
Supplemental cash flow information (Note 19)


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