• Barrick Gold for silver: Like Barrick Gold is a leading gold mining company, Endeavour Silver is an established producer focused primarily on silver.
• Newmont for silver: Similar to how Newmont is a major gold producer, Endeavour Silver operates as a prominent silver mining company.

• Silver: Mined and refined precious metal sold as dore bars or concentrate.
• Gold: Mined and refined precious metal, often produced as a co-product with silver, sold as dore bars or concentrate.

null

Dan Dickson, Chief Executive Officer
Dan Dickson was appointed CEO in May 2021, having previously served as the Chief Financial Officer of Endeavour Silver. In his CFO role, he was responsible for financial reporting, leading financing solutions, steering mergers and acquisitions (M&A), and overseeing IT, legal, and administration functions. Mr. Dickson was instrumental in building Endeavour's financial infrastructure over 15 years, during which the company grew from four employees to more than 2,000. Prior to joining Endeavour Silver in March 2007, he worked with KPMG LLP in the assurance group from 2001 to 2007, where he focused on publicly traded precious metals companies. He has assisted in raising over $300 million for Endeavour Silver.

Elizabeth Senez, Chief Financial Officer
Elizabeth Senez was appointed Chief Financial Officer, effective January 1, 2024. She brings over 20 years of extensive experience in accounting, corporate finance, and corporate treasury. Ms. Senez served as the Group Treasurer for First Quantum Minerals in their London office for eight years. Most recently, she held the position of Chief Financial Officer for a group of exploration companies headquartered in Vancouver, BC, which were formed through a series of acquisitions and spin-outs. She began her career at Deloitte and Touche LLP in the mining group in 2002.

Donald Gray, Chief Operating Officer
Donald Gray is a mining engineer with 40 years of experience across all aspects of mine engineering and operations, including strategic planning, budget oversight, economic evaluations, and corporate development. He has served as Chief Operating Officer of Endeavour since September 2020, and prior to that, he was Chief Operating Officer of Continental Gold Inc. from June 2015.

Luis R. Castro Valdez, Senior Vice President, Exploration
Luis R. Castro Valdez received his Geological Engineering degree from the Instituto Politecnico Nacional in Mexico City. His career includes working as an exploration manager for several private Mexican mining companies, such as Minera Zocalo and Minera Fuerte Mayo, from 1998 to 2003. Mr. Castro joined Endeavour as a Project Geologist in 2004, was promoted to Exploration Manager in 2008, and became Vice President, Exploration in 2012. He has been directly involved in guiding Endeavour's exploration programs and numerous new mineral discoveries within the company.

Dale Mah, Vice President, Corporate Development
Dale Mah is a professional geologist with over 25 years of experience in the mining industry, holding senior positions in mineral exploration, investment research, and project evaluation. His early career, between 1996 and 2009, focused on the exploration and discovery of mineral deposits for companies such as Cominco and BHP Billiton. He held senior technical and management roles with Tahera Diamond Corp and Olivut Resources from 2006 to 2010, and subsequently worked as a mining analyst for Mackie Research Capital and Dundee Capital Markets. In 2014, Mr. Mah joined a private equity group, Quintana Resources Capital, as Vice President of Geology.

The recently enacted changes to Mexico's mining law pose a clear emerging threat to Endeavour Silver. These reforms, which became effective in 2023, introduce stricter regulations, reduce the duration of mining concessions, prioritize water usage for human consumption over industrial activities, and impose additional obligations for social and environmental impact assessments. These changes are expected to increase operational costs, prolong permitting processes, and potentially limit the scope for new exploration and development in a key operating jurisdiction for Endeavour Silver, thus impacting the company's profitability and growth prospects.

Endeavour Silver Corp. (symbol: EXK) operates primarily in the precious metals mining sector, with its main products being silver and gold.

Addressable Market Sizes:

• Silver: The global silver market size was valued at USD 87.12 billion in 2024. It is projected to grow to USD 202.07 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 9.86% during the forecast period (2025-2033).
• Gold: The global gold market size is forecasted to be USD 5103.47 billion in 2024 and is expected to reach USD 5627.81 billion by 2033, with a CAGR of 1.23%. Another report valued the global gold market at USD 291.68 billion in 2024, projected to reach USD 457.91 billion by 2032, with a CAGR of 5.80% from 2024-2032.

Endeavour Silver (EXK): Key Revenue Growth Drivers for the Next 2-3 Years

Share Issuance

• Endeavour Silver's shares outstanding have increased significantly over the last few years, reaching approximately 290.17 million as of August 2025.
• The number of shares outstanding increased by 17.87% in one year.
• The company's basic average shares outstanding grew from 167.3 million in 2021 to 242.2 million in 2024, reflecting ongoing issuance.

Capital Expenditures

• Capital expenditures for the last 12 months amounted to approximately -$176.28 million.
• For the three months ended June 2025, capital expenditure was -$54.15 million.
• A primary focus of capital expenditures is the advancement of development projects, including the Terronera project, which is currently in the wet commissioning stage, aimed at increasing production and reducing costs.