Revenue jumps to $421.8M as Endeavour Silver (NYSE: EXK) turns profitable

Rhea-AI Filing Summary

Endeavour Silver Corp. reported sharply improved Q2 and first‑half 2026 results, driven by the ramp‑up of Terronera in Mexico and expanded Kolpa in Peru. Revenue reached $212.1 million in Q2 and $421.8 million year‑to‑date, while net earnings were $66.5 million and $131.4 million, respectively, compared with losses in 2025. Mine operating earnings were $74.0 million in Q2 and $167.5 million year‑to‑date. Silver equivalent production rose to 3,437,794 ounces in Q2 and 6,779,737 ounces in the first half.

Unit costs increased materially. Consolidated cash costs per silver ounce climbed to $23.52 in Q2 and $23.03 year‑to‑date, and all‑in sustaining costs to $36.89 and $36.96, reflecting higher royalties, third‑party ore purchases and inflation, particularly at Guanaceví. Terronera remained a low‑cost contributor with cash costs of $5.07 per ounce in Q2. Financially, cash and cash equivalents stood at $236.6 million, working capital at $214.4 million and total liabilities at $559.8 million at June 30 2026.

Positive

• H1 2026 revenue of $421.8 million, up from $152.1 million in 2025, with net earnings of $131.4 million versus a prior loss, driven by Terronera start‑up and expanded Kolpa output.
• Silver equivalent production rose 54% to 6,779,737 oz in H1 2026, supporting stronger cash generation and EBITDA of $223.5 million and adjusted EBITDA of $198.4 million.

Negative

• Cash costs per silver ounce jumped 48% to $23.03 in H1 2026 and all‑in sustaining costs rose 49% to $36.96, reflecting higher royalties, third‑party ore costs and inflationary pressures.
• Guanaceví’s unit costs more than doubled, with Q2 2026 cash costs of $40.17/oz and AISC of $52.20/oz, amid lower grades, stronger Mexican peso and more expensive third‑party feed.

Filing Explained

The amendment incorporates interim disclosures into an F-10 registration statement; Bolañitos consideration includes restricted shares and contingent payments.

Form 6-K is an interim report for a foreign private issuer; this amendment incorporates the company’s interim financial statements and management discussion into its Form F-10 registration statement.

The disclosed action is registration-related, so the amendment records incorporation of information into the registration statement rather than a reported issuance or sale of the company’s common shares by this amendment.

Separately, the incorporated statements report that the Bolañitos sale was completed on January 15, 2026, for upfront consideration comprising cash, Guanajuato Silver shares, and a working-capital adjustment.

As of June 30, 2026, the company held Guanajuato Silver shares subject to transfer restrictions; it also carried deferred consideration payable only if specified production milestones are reached.

The relevant follow-up is the restriction schedule on the Guanajuato Silver shares and the Bolañitos milestones of two million and four million silver-equivalent ounces, which determine when additional consideration may become payable.

Key Figures

Revenue Q2 2026: 212.1 Revenue H1 2026: 421.8 Net earnings H1 2026: 131.4 +5 more

8 metrics

Revenue Q2 2026 212.1 Revenue from operations in $ millions for the three months ended June 30, 2026

Revenue H1 2026 421.8 Revenue from operations in $ millions for the six months ended June 30, 2026

Net earnings H1 2026 131.4 Net earnings in $ millions for the six months ended June 30, 2026

Silver equivalent production H1 2026 6,779,737 Silver equivalent ounces produced in the six months ended June 30, 2026

Cash costs per silver ounce Q2 2026 23.52 Consolidated cash costs per silver ounce, three months ended June 30, 2026

All-in sustaining costs per ounce Q2 2026 36.89 Consolidated all-in sustaining costs per silver ounce, three months ended June 30, 2026

Cash and cash equivalents 236.6 Cash and cash equivalents in $ millions as of June 30, 2026

Total liabilities 559.8 Total liabilities in $ millions as of June 30, 2026

Key Terms

All-in sustaining costs, cash costs per silver ounce, silver equivalent ounces, convertible senior notes, +2 more

6 terms

All-in sustaining costs financial

"Consolidated All-in Sustaining Costs (AISC) per silver ounce in Q2 2026 were $36.89"

All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.

cash costs per silver ounce financial

"Consolidated cash costs per silver ounce, net of by-product credits, were $23.52 in Q2 2026"

silver equivalent ounces financial

"silver equivalent ounces produced (1) | 6,779,737 | 4,401,401 | 54%"

A measure that converts the production or reserves of various metals (like gold, lead, zinc) into the amount of silver they would be worth at current price ratios, so all metals are reported as ‘silver ounces.’ Think of it like converting different currencies into a single one to make totals easier to compare. Investors use it to get a single, comparable figure for output or value, but the number depends on the price ratios chosen and can change as metal prices move.

convertible senior notes financial

"offering of $350.0 aggregate principal amount of unsecured convertible senior notes"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

copper stream liability financial

"The copper stream liability is measured at fair value through profit or loss"

NI 43-101 regulatory

"governed by National Instrument 43-101 - Standards of Disclosure for Mineral Projects"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Endeavour Silver (EXK) perform financially in Q2 2026?

Endeavour Silver generated Q2 2026 revenue of $212.1 million and net earnings of $66.5 million. Mine operating earnings were $74.0 million, and basic earnings per share were $0.22, compared with a loss of $20.5 million and $(0.07) per share in Q2 2025.

What drove production growth for EXK in the first half of 2026?

Production growth was driven by Terronera’s first year of operations and the expanded Kolpa mine. Silver equivalent output reached 6,779,737 oz, up 54% from 4,401,401 oz, as throughput rose 88% to 966,232 tonnes across the portfolio.

How are EXK’s cash costs and all-in sustaining costs trending in 2026?

Consolidated cash costs per silver ounce rose to $23.52 in Q2 2026 from $15.35, while AISC increased to $36.89 from $25.16. For H1 2026, cash costs were $23.03 and AISC $36.96 per ounce, reflecting higher input costs and royalties.

What is Endeavour Silver’s (EXK) balance sheet position as of June 30, 2026?

As of June 30, 2026, Endeavour Silver held $236.6 million in cash and cash equivalents, total assets of $1,272.2 million and total liabilities of $559.8 million. Shareholders’ equity was $712.4 million, and working capital stood at $214.4 million.

What was the impact of the Bolañitos mine sale on EXK’s results?

The Bolañitos sale generated total upfront consideration of $56.8 million plus deferred consideration with a fair value of $7.6 million at closing. Endeavour recorded a gain on disposal of $36.5 million and remains entitled to up to $10.0 million in milestone payments.

How are EXK’s Kolpa and Terronera mines performing operationally in 2026?

In H1 2026, Kolpa produced 1,163,406 oz of silver plus lead, zinc and copper, with cash costs of $23.27/oz. Terronera produced 1,141,648 oz of silver and 16,144 oz of gold, achieving low cash costs of $1.70/oz and AISC of $24.50/oz.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K/A

Amendment No. 1

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2026

Commission File Number: 001-33153

ENDEAVOUR SILVER CORP.
(Translation of registrant's name into English)

#1130-609 Granville Street
Vancouver, British Columbia, Canada V7Y 1G5
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[   ] Form 20-F   [ x ] Form 40-F

Explanatory note:

The registrant files this amendment number one to its Foreign Issuer Report on Form 6-K, originally furnished to the Commission on July 29, 2026 (the "Original Report"), to incorporate by reference Exhibits 99.1 and 99.2 to the Original Report into the registrant's registration statement on Form F-10 (No. 333-287602).

SUBMITTED HEREWITH

Exhibit		Description
99.1		Condensed Consolidated Interim Financial Statements for the Period Ended June 30, 2026 (incorporated by reference to Exhibit 99.1 as filed with the registrant's Form 6-K as furnished to the Commission on July 29, 2026)
99.2		Management’s Discussion & Analysis for the Period Ended June 30, 2026 (incorporated by reference to Exhibit 99.2 as filed with the registrant's Form 6-K as furnished to the Commission on July 29, 2026)
99.3		Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
99.4		Form 52-109F2 Certification of Interim Filings Full Certificate - CFO

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Endeavour Silver Corp.
	(Registrant)
Date: July 29, 2026	By:	/s/ Daniel Dickson
		Daniel Dickson
	Title:	CEO

Endeavour Silver Corp.

Condensed Consolidated Interim Financial Statements
Unaudited
Three and Six Months Ended June 30, 2026 and 2025

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  1

ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(unaudited)

(expressed in millions of US dollars)

	Notes		June 30, 2026			December 31, 2025
ASSETS
Current assets
Cash and cash equivalents		$	236.6		$	215.4
Other investments	4		6.8			1.0
Accounts and other receivables	5		41.4			26.0
IVA receivables	6		69.5			63.8
Inventories	7		71.3			62.3
Derivative assets	18		0.9			1.1
Prepaids and other current assets			8.9			6.0
Assets held for sale			-			47.6
Total current assets			435.4			423.2
Non-current income tax receivable			5.5			5.4
Non-current IVA receivable	6		4.2			3.0
Deferred income tax asset			3.0			-
Non-current investments	4		6.0			-
Non-current derivative assets	18		10.2			8.0
Deferred consideration	4		7.8			-
Other non-current assets			8.9			10.2
Mineral properties, plant and equipment	8		791.2			785.9
Total assets		$	1,272.2		$	1,235.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable, accrued liabilities and other		$	109.5		$	120.4
Income taxes payable			26.4			24.3
Loans payable	10		2.7			8.8
Contingent payment liability	18		9.4			-
Copper stream liability	18		8.2			7.7
Derivative liabilities	18		64.8			94.1
Liabilities held for sale			-			21.5
Total current liabilities			221.0			276.8
Non-current loans payable	10		2.9			3.9
Provisions for reclamation and rehabilitation			24.2			22.3
Deferred income tax liability			30.7			38.2
Non-current copper stream liability	18		37.2			37.0
Non-current derivative liabilities	18		1.0			36.2
Convertible senior notes	9		241.2			231.2
Non-current contingent payment liability	18		-			8.8
Other non-current liabilities			1.6			2.2
Total liabilities			559.8			656.6
Shareholders' equity
Common shares	11		984.0			981.2
Contributed surplus	11		88.3			89.2
Retained deficit			(359.9	)		(491.3	)
Total shareholders' equity			712.4			579.1
Total liabilities and shareholders' equity		$	1,272.2		$	1,235.7

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Approved on behalf of the Board:

/s/    Margaret Beck		/s/    Daniel Dickson
Director		Director

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  2

ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(unaudited)

(expressed in millions of US dollars, except for shares and per share amounts)

			Three months ended						Six months ended
			June 30,			June 30,			June 30,			June 30,
	Notes		2026			2025			2026			2025
Revenue	12	$	212.1		$	88.6		$	421.8		$	152.1
Cost of sales:
Direct production costs			101.0			59.2			185.0			94.4
Royalties			11.2			6.5			22.4			12.7
Share-based compensation			0.2			0.2			0.4			0.2
Depreciation			25.7			15.0			46.5			24.2
			138.1			80.9			254.3			131.5
Mine operating earnings			74.0			7.7			167.5			20.6
Expenses:
Exploration, evaluation and development	13		6.4			4.9			11.5			9.5
General and administrative	14		2.9			7.6			7.5			11.9
			9.3			12.5			19.0			21.4
Operating earnings (loss)			64.7			(4.8	)		148.5			(0.8	)
Finance costs			5.7			1.1			11.5			1.6
Other income (expense):
Foreign exchange gain (loss)			0.6			0.7			0.3			(0.3	)
Gain (loss) on derivative liabilities	18		21.7			(10.0	)		(2.5	)		(41.9	)
Gain on sale of Bolañitos	4		0.9			-			36.5			-
Investment gains (losses) and other			(2.7	)		0.6			(5.9	)		2.2
			20.5			(8.7	)		28.4			(40.0	)
Earnings (loss) before income taxes			79.5			(14.6	)		165.4			(42.4	)
Income tax expense (recovery):
Current income tax expense			10.7			9.1			44.5			14.4
Deferred income tax expense (recovery)			2.3			(3.2	)		(10.5	)		(3.4	)
			13.0			5.9			34.0			11.0
Net earnings (loss) and comprehensive earnings (loss)		$	66.5		$	(20.5	)	$	131.4		$	(53.4	)
Basic earnings (loss) per share		$	0.22		$	(0.07	)	$	0.44		$	(0.20	)
Diluted earnings (loss) per share	11(d)	$	0.21		$	(0.07	)	$	0.42		$	(0.20	)
Basic weighted average number of shares outstanding ('000)			296,096			283,534			295,892			272,988
Diluted weighted average number of shares outstanding ('000)	11(d)		327,030			283,534			326,869			272,988

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  3

ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(unaudited)

(expressed in millions of US dollars, except for shares and per share amounts)

	Notes		Number of shares			Share Capital			Contributed Surplus			Retained Deficit			Total Shareholders' Equity
Balance at December 31, 2024			262,324		$	851.0		$	5.6		$	(372.2	)	$	484.4
Public equity offerings, net of issuance costs			12,885			46.6			-			-			46.6
Exercise of options	11(a)		443			1.3			(0.4	)		-			0.9
Redemption of deferred share units			103			0.3			(0.3	)		-			-
Issued as part of a business acquisition			14,075			48.4			-			-			48.4
Share-based compensation	11(a)(b)		-			-			2.2			-			2.2
Loss for the period			-			-			-			(53.4	)		(53.4	)
Balance at June 30, 2025			289,830		$	947.6		$	7.1		$	(425.6	)	$	529.1
Public equity offerings, net of issuance costs			3,839			23.9			-			-			23.9
Exercise of options	11(a)		1,741			9.7			(3.3	)		-			6.4
Conversion feature of the convertible senior notes	9		-			-			111.1			-			111.1
Deferred tax impact of convertible senior notes conversion feature recognized in equity			-			-			(27.4	)		-			(27.4	)
Share-based compensation	11(a)(b)		-			-			1.7			-			1.7
Loss for the period			-			-			-			(65.7	)		(65.7	)
Balance at December 31, 2025			295,410		$	981.2		$	89.2		$	(491.3	)	$	579.1
Exercise of options	11(a)		440			1.7			(0.5	)		-			1.2
Settlement of restricted and performance share units	11(b)		294			1.1			(2.7	)		-			(1.6	)
Share-based compensation	11(a)(b)		-			-			2.3			-			2.3
Earnings for the period			-			-			-			131.4			131.4
Balance at June 30, 2026			296,144		$	984.0		$	88.3		$	(359.9	)	$	712.4

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  4

ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(unaudited)

(expressed in millions of US dollars)

			Three months ended						Six months ended
			June 30,			June 30,			June 30,			June 30,
	Notes		2026			2025			2026			2025
Operating activities
Net earnings (loss) for the period		$	66.5		$	(20.5	)	$	131.4		$	(53.4	)
Items not affecting cash:
Share-based compensation	11(a)(b)		0.9			1.7			2.3			2.2
Depreciation	8		26.1			15.2			47.4			24.7
Deferred income tax (expense) recovery			2.3			(3.2	)		(10.5	)		(3.4	)
Unrealized foreign exchange loss (gain)			(3.0	)		(2.8	)		(2.4	)		(2.5	)
Finance costs			5.7			1.1			11.5			1.6
Interest income			(2.4	)		(0.6	)		(4.4	)		(1.6	)
Loss on copper stream revaluation	18		3.2			1.3			4.4			1.3
Unrealized (gain) loss on derivatives			(24.5	)		8.9			(0.3	)		40.8
Unrealized (gain) loss on other investments	4		4.3			(0.2	)		8.4			(0.3	)
Gain on sale of Bolañitos	4		(0.9	)		-			(36.5	)		-
Other non-cash adjustments			(1.6	)		(0.1	)		(1.3	)		(0.2	)
Change in precious metal prepayments			-			13.5			-			13.5
Repayment of derivative liabilities	18		(31.7	)		-			(66.2	)		-
Net changes in non-cash working capital	15		(5.1	)		7.2			(23.2	)		2.2
Cash from operating activities			39.8			21.5			60.6			24.9
Investing activities
Payment for mineral properties, plant and equipment	8		(29.1	)		(54.2	)		(67.0	)		(95.7	)
Proceeds from sale of Bolañitos, net of cash disposed	4		-			-			27.5			-
Net cash paid on business acquisition			-			(72.8	)		-			(72.8	)
Proceeds from disposal of other investments			-			0.8			-			0.8
Proceeds from loans receivable			-			0.2			-			0.1
Interest received			2.3			0.6			4.3			1.6
Cash used in investing activities			(26.8	)		(125.4	)		(35.2	)		(166.0	)
Financing activities
Repayment of loans payable	10		(5.9	)		(2.3	)		(7.0	)		(3.6	)
Repayment of lease liabilities			(0.4	)		(0.3	)		(0.7	)		(0.4	)
Interest paid	10		(0.3	)		(3.2	)		(0.5	)		(6.3	)
Net proceeds from public equity offerings			-			46.6			-			46.6
Proceeds from exercise of options	11(a)		0.2			0.9			1.2			0.9
Proceeds from loans payable	10		-			15.0			-			15.0
Proceeds from copper stream prepayment	18		-			35.0			-			35.0
Repayment of copper stream	18		(2.1	)		(0.5	)		(3.9	)		(0.4	)
Performance share units withholding tax settlement			-			-			(1.6	)		-
Cash from (used in) financing activities			(8.5	)		91.2			(12.5	)		86.8
Effect of exchange rate change on cash and cash equivalents			0.3			0.2			-			0.1
Increase (decrease) in cash and cash equivalents			4.8			(12.5	)		12.9			(54.2	)
Cash and cash equivalents, beginning of the period			231.8			64.7			215.4			106.4
Cash and cash equivalents, beginning of the period presented in assets held for sale			-			-			8.3			-
Cash and cash equivalents, end of the period		$	236.6		$	52.2		$	236.6		$	52.2

Supplemental cash flow information (Note 15)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  5

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

1. CORPORATE INFORMATION

Endeavour Silver Corp. (the "Company" or "Endeavour Silver") is a corporation governed by the Business Corporations Act (British Columbia). The Company is engaged in silver mining in Mexico and Peru and related activities including acquisition, exploration, development, extraction, processing, refining and reclamation. The Company is also engaged in exploration activities in Chile and the United States. On January 15, 2026, the Company completed the sale of Mina Bolañitos, S.A. de C.V. ("Bolañitos") (Note 4). The Company is listed on the Toronto Stock Exchange (the "TSX") (TSX: EDR), and the New York Stock Exchange (the "NYSE") (NYSE: EXK). The address of the registered office is Suite 3500, 1133 Melville Street, Vancouver, BC, Canada V6E 4E5.

2. BASIS OF PRESENTATION

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting and do not include all of the information required for full annual financial statements and should be read in conjunction with the Company's annual audited consolidated financial statements as at and for the year ended December 31, 2025.

The Board of Directors approved these condensed consolidated interim financial statements for issue on July 29, 2026.

The preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

These condensed consolidated interim financial statements are presented in the Company's functional currency of US dollars and include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany transactions and balances have been eliminated upon consolidation of these subsidiaries.

3. MATERIAL ACCOUNTING POLICIES

The accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the Company's annual audited consolidated financial statements as at and for the year ended December 31, 2025, except as described below:

Effective January 1, 2026, the Company adopted amendments to IFRS 9 Financial Instruments and related amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures related to the settlement of financial assets and financial liabilities through electronic payment systems. The amendments clarify the timing of recognition and derecognition of financial assets and financial liabilities settled electronically and introduce an optional exception for certain electronic payment arrangements. The adoption of these amendments did not have a material impact on the Company's consolidated financial statements.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the annual audited consolidated financial statements for the year ended December 31, 2025.

4. SALE OF BOLAÑITOS

On January 15, 2026, the Company completed the disposal of Bolañitos, pursuant to a definitive agreement with Guanajuato Silver Company Ltd. dated November 24, 2025. The transaction includes upfront consideration of (i) cash of $30.0; (ii) 36.9 million common shares of Guanajuato Silver, measured at their fair value of $20.2 based on the quoted share price of C$0.76 per share at the close of the agreement date; (iii) a working capital adjustment in the Company's favour of $6.6. As at June 30, 2026, the Company had received $30.0 in cash and a $3.4 preliminary working capital adjustment based on December 31, 2025 balances. The remaining working capital adjustment as at the date of sale was $3.1 and is recorded in accounts and other receivables. Subsequent to June 30, 2026, the Company received the remaining working capital adjustment receivable of $3.1.

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  6

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

The total upfront consideration for the sale of the Bolañitos consisted of the following components:

Cash consideration	$	30.0
Common shares received		20.2
Working capital adjustment		6.6
Total upfront consideration	$	56.8

As at June 30, 2026, the Company held 36.9 million common shares of Guanajuato Silver that are subject to transfer restrictions and carried at a fair value of $12.0 (December 31, 2025 - $nil). During the three and six months ended June 30, 2026, the shares were revalued with revaluation losses of $4.3 and $8.2, respectively, recorded in investment and other for the period. The shares are subject to transfer restrictions consisting of an initial 12-month prohibition on transfers followed by two successive 12-month periods during which transfers are permitted only up to specified thresholds. Based on the expected timing over which the restrictions lapse, $6.0 of the shares are classified within current assets and $6.0 within non-current assets as at June 30, 2026.

In addition to the upfront consideration, the Company is entitled to receive up to $10.0 of deferred consideration, payable in two installments of $5.0 each upon the Bolañitos mine achieving the cumulative production milestones of two million and four million silver-equivalent ounces. There is no requirement that such production be achieved within a specified period. The fair value of the deferred consideration at the disposal date was determined to be $7.6. The deferred consideration represents a financial asset measured at fair value through profit or loss and is re-measured at the end of each reporting period, with changes in fair value recognized in profit or loss. The fair value of the deferred consideration as at June  30, 2026, was determined to be $7.8, and the Company recognized a fair value adjustment of $0.2 in other income for the three and six months ended June 30, 2026.

The Company recognized a gain on disposal of $36.5, calculated as follows:

Upfront consideration	$	56.8
Deferred consideration		7.6
Less: costs of disposal		(0.1	)
Fair value less costs of disposal	$	64.3
Carrying value of net assets disposed	$	27.8
Gain on disposal	$	36.5

At January 15, 2026, the carrying amounts of the assets and liabilities relating to Bolañitos were as follows:

		January 15, 2026
Cash and cash equivalents	$	5.5
Accounts and other receivables		10.5
Inventories		4.5
Mineral properties, plant and equipment		26.2
Deferred income tax assets		0.5
Other assets		0.3
	$	47.5
Accounts payable and accrued liabilities	$	8.2
Income tax payable		6.1
Reclamation and closure provisions		4.1
Other liabilities		1.3
	$	19.7
Net assets	$	27.8

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  7

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

5. ACCOUNTS AND OTHER RECEIVABLES

		June 30,			December 31,
		2026			2025
Trade receivables	$	31.7		$	20.6
Sales tax receivables (GST and IGV)		0.3			0.9
Other receivables		6.8			2.2
Current portion of loan receivable		2.6			2.3
	$	41.4		$	26.0

The trade receivables include receivables from concentrate and doré sales. The fair value of receivables arising from concentrate and doré sales that contain provisional pricing mechanisms is determined by using the appropriate forward metal prices quoted at period end from the exchange that is the principal active market for the particular metal. As such, these receivables, which meet the definition of a derivative, are classified within Level 2 of the fair value hierarchy (Note 18).

6. IVA RECEIVABLES

As at June 30, 2026, the total receivable balance for the Company's Mexican subsidiaries' value added tax, Impuesto al Valor Agregado ("IVA") of $73.7 (December 31, 2025 - $66.8) has been allocated between the current portion of $69.5 and the non-current portion of $4.2 (December 31, 2025 - $63.8 and $3.0, respectively). The non-current portion relates to the $3.7 claim of Minera Pitarrilla, S.A. de C.V. that will be eligible for submission upon generation of revenue (December 31, 2025 - $1.9) and $0.5 of other disputed claims.

7. INVENTORIES

		June 30,			December 31,
		2026			2025
Warehouse inventory	$	35.0		$	31.0
Stockpile inventory		16.2			14.1
Finished goods inventory		17.7			14.9
Work in process inventory		2.4			2.3
	$	71.3		$	62.3

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  8

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

8. MINERAL PROPERTIES, PLANT AND EQUIPMENT

		Exploration & evaluation assets			Mineral properties			Plant & buildings			Machinery & equipment			Transport & office equipment			Total
Cost
Balance at December 31, 2024	$	83.7		$	694.3		$	229.6		$	149.7		$	16.6		$	1,173.9
Additions		1.3			23.9			147.9			15.2			2.4			190.7
Acquired in business combination		-			74.4			98.8			12.1			6.8			192.1
Reclassified to assets held for sale		-			(93.5	)		(23.8	)		(34.9	)		(2.6	)		(154.8	)
Disposals	-				-			(0.2	)		(3.5	)		(0.7	)		(4.4	)
Impairment of exploration properties		(0.4	)		-			-			-			-			(0.4	)
Balance at December 31, 2025	$	84.6		$	699.1		$	452.3		$	138.6		$	22.5		$	1,397.1
Additions		0.2			27.8			17.9			6.1			1.1			53.1
Disposals		-			-			(0.2	)		(0.3	)		(0.2	)		(0.7	)
Balance at June 30, 2026	$	84.8		$	726.9		$	470.0		$	144.4		$	23.4		$	1,449.5
Accumulated depreciation
Balance at December 31, 2024	$	-		$	489.3		$	97.6		$	69.3		$	11.5		$	667.7
Depreciation		-			38.0			22.7			12.7			2.5			75.9
Reclassified to assets held for sale		-			(85.0	)		(20.0	)		(21.6	)		(2.1	)		(128.7	)
Disposals		-			-			(0.1	)		(3.0	)		(0.6	)		(3.7	)
Balance at December 31, 2025	$	-		$	442.3		$	100.2		$	57.4		$	11.3		$	611.2
Depreciation		-			21.4			18.9			6.2			1.3			47.8
Disposals		-			-			(0.2	)		(0.3	)		(0.2	)		(0.7	)
Balance at June 30, 2026	$	-		$	463.7		$	118.9		$	63.3		$	12.4		$	658.3
Net book value
At December 31, 2025	$	84.6		$	256.8		$	352.1		$	81.2		$	11.2		$	785.9
At June 30, 2026	$	84.8		$	263.2		$	351.1		$	81.1		$	11.0		$	791.2

9. CONVERTIBLE SENIOR NOTES

On December 4, 2025, the Company completed an offering of $350.0 aggregate principal amount of unsecured convertible senior notes (the "Notes") due in 2031. The Notes bear interest at 0.25% per annum, payable semi-annually, and are convertible at the option of the holder into a fixed number of the Company's common shares at a conversion price defined in the offering agreement. The Company received net proceeds of $339.1 which were allocated between liability, equity and early redemption derivative components. The early redemption derivative asset embedded in the Notes is valued using a FINCAD model with key assumptions including underlying stock volatility and the Company's credit spread and is classified within Level 3 in the fair value hierarchy.

As at June 30, 2026, the carrying amount of the liability component of the instrument, net of allocated issuance costs, was $241.2 (December 31, 2025 - $231.2), reflecting interest accretion under the effective interest method of $5.1 and $10.0 during the three and six months ended June 30, 2026, respectively. The embedded derivative related to the early redemption option had a carrying amount of $10.2 as at June 30, 2026 (December 31, 2025 - $8.0). This movement reflects the remeasurement to fair value, resulting in a decrease of $0.5 and an increase of $2.2 for the three and six months ended June 30, 2026, respectively (Note 18).

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  9

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

10. LOANS PAYABLE

		Terronera Debt Facility			Equipment Financing			Kolpa Loans			Total
Loan currency		USD			USD			USD
Year of maturity		2031			2029			2028
Balance at December 31, 2024	$	114.7		$	7.9		$	-		$	122.6
Loan drawdowns		15.0			4.0			-			19.0
Assumed on business acquisition		-			1.1			24.7			25.8
Finance cost		18.4			0.7			1.4			20.5
Repayments of principal		(130.0	)		(5.3	)		(24.3	)		(159.6	)
Payments of interest		(13.1	)		(0.7	)		(1.8	)		(15.6	)
Balance at December 31, 2025	$	5.0		$	7.7		$	-		$	12.7
Finance cost		0.2			0.2			-			0.4
Repayments of principal		(5.0	)		(2.0	)		-			(7.0	)
Payments of interest		(0.2	)		(0.3	)		-			(0.5	)
Balance at June 30, 2026	$	-		$	5.6		$	-		$	5.6
Less: Current portion of loans payable		-			2.7			-			2.7
Balance: Non-current loans payable	$	-		$	2.9		$	-		$	2.9

Debt Facility

During June 2026, the Company repaid the final balance of the Debt Facility.

Equipment Financing

The equipment financing is secured by the underlying equipment purchased and is subject to various non-financial covenants, and as at June 30, 2026, the Company was in compliance with these covenants. As at June 30, 2026, the net book value of equipment included $10.7 (December 31, 2025 - $17.9) of assets pledged as security for the equipment financing.

11. SHARE CAPITAL

(a) Stock Options

Expressed in Canadian dollars		Six months ended						Year ended
		June 30, 2026						December 31, 2025
		Number of options			Weighted average exercise price			Number of options			Weighted average exercise price
Outstanding, beginning of period		1,671,794		$	4.13			3,181,491		$	4.13
Granted		-		$	-			763,530		$	5.36
Exercised		(439,770	)	$	3.58			(2,184,107	)	$	4.56
Expired and forfeited		(40,000	)	$	4.77			(89,120	)	$	4.21
Outstanding, end of period		1,192,024		$	4.31			1,671,794		$	4.13
Options exercisable at the end of the period		929,172		$	4.02			892,416		$	4.01

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  10

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

Expressed in Canadian dollars
		Options Outstanding									Options Exercisable
		Number			Weighted Average			Weighted Average			Number Exercisable			Weighted Average
Exercise		Outstanding			Remaining
Price		as at			Contractual Life			Exercise			as at			Exercise
Intervals		June 30, 2026			(Number of Years)			Price			June 30, 2026			Price
$2.00 - $2.99		443,900			2.7			$2.89			443,900			$2.89
$4.00 - $4.99		197,000			2.1			$4.23			180,000			$4.19
$5.00 - $5.99		491,930			3.7			$5.39			246,078			$5.39
$6.00 - $6.99		59,194			0.7			$6.24			59,194			$6.24
		1,192,024			2.9			$4.31			929,172			$4.02

During the three and six months ended June 30, 2026, the Company recognized share-based compensation expense of $0.1 and $0.2, respectively (June 30, 2025 - $0.6 and $0.8 respectively) based on the fair value of the vested portion of options.

(b) Share Units Plan

Performance Share Units (PSUs)

		Six months ended			Year ended
		June 30, 2026			December 31, 2025
		Number of units			Number of units
Outstanding, beginning of period		1,214,900			1,078,000
Granted		101,800			299,900
Cancelled		(62,440	)		(163,000	)
Settled for Shares		(177,006	)		-
Settled for Cash		(142,994	)		-
Outstanding, end of period		934,260			1,214,900

Performance criteria are based on the Company's share price performance relative to a representative group of other mining companies. On March 6, 2026, 320,000 PSUs issued in 2023 vested with a performance metric of 99%; the Company elected to pay employment taxes using cash and therefore, 176,251 shares were issued to settle the remaining balance. Of the outstanding PSUs, 595,000 vest on March 12, 2027, 237,460 vest on April 1, 2028, and 101,800 vest on March 1, 2029 once certain performance criteria are met.

During the three and six months ended June 30, 2026, the Company recognized share-based compensation expense of $0.3 and $0.7 respectively related to the PSUs (June 30, 2025 - $0.4 and $0.7 respectively).

Deferred share units (DSUs) - Equity Settled

		Six months ended			Year ended
		June 30, 2026			December 31, 2025
		Number of units			Number of units
Outstanding, beginning of period		598,437			564,841
Granted		43,456			136,969
Settled		-			(103,373	)
Outstanding, end of period		641,893			598,437

During the six months ended June 30, 2026, under the Share Units Plan, there were 43,456 DSUs granted (June 30, 2025 - 130,998). During the three and six months ended June 30, 2026, the Company recognized share-based compensation expense of $nil and $0.5, respectively, related to the DSUs (June 30, 2025 - $0.5 and $0.6 respectively).

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  11

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

Restricted Share Units (RSUs)

Expressed in Canadian dollars		Six months ended			Year ended
		June 30, 2026			December 31, 2025
		Number of Units			Number of Units
Outstanding, beginning of period		363,520			-
Granted		248,300			374,310
Vested		(117,843	)		-
Cancelled		(34,124	)		(10,790	)
Outstanding, end of period		459,853			363,520

During the three and six months ended June 30, 2026, the Company recognized share-based compensation expenses of $0.5 and $0.9 respectively related to the RSUs (June 30, 2025 - $nil and $nil respectively).

(c) Historical Cash Settled Deferred Share Units 

Expressed in Canadian dollars		Six months ended						Year ended
		June 30, 2026						December 31, 2025
		Number of Units			Weighted Average Grant Price			Number of Units			Weighted Average Grant Price
Outstanding, beginning of period		942,628		$	3.24			1,044,204		$	3.19
Settled		-			-			(101,576	)	$	2.74
Outstanding, end of period		942,628		$	3.24			942,628		$	3.24
Fair value at period end		942,628		$	11.77			942,628		$	12.91

During the three and six months ended June 30, 2026, the Company recognized a mark to market recovery on cash-settled Deferred Share Units related to director's compensation, which is included in general and administrative employee costs, of $1.0 and $1.1 respectively (June 30, 2025 - a mark to market expense of $0.6 and $1.2 respectively) based on the change in the fair value of the cash-settled Deferred Share Units. As of June 30, 2026, deferred share units outstanding have a fair market liability value of $7.8 (December 31, 2025 - $8.9) recognized in accounts payable, accrued liabilities and other.

(d) Diluted earnings (loss) per Share

		Three months ended						Six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net earnings (loss) – basic	$	66.5		$	(20.5	)	$	131.4		$	(53.4	)
Interest expense on convertible notes, net of tax		3.7			-			7.3			-
Net earnings (loss) – diluted	$	70.2		$	(20.5	)	$	138.7		$	(53.4	)
Basic weighted average number of shares outstanding		296,096			283,534			295,892			272,988
Effect of dilutive securities:
Stock options		797			-			840			-
Equity settled deferred share units		642			-			642			-
Convertible note		28,101						28,101
Equity settled deferred share units		460			-			460			-
Performance share units		934			-			934			-
Diluted weighted average number of share outstanding		327,030			283,534			326,869			272,988
Diluted earnings (loss) per share		0.21			(0.07	)		0.42			(0.20	)

As of June 30, 2026, there are no anti-dilutive potential ordinary shares (June 30, 2025 - 5,486,567).

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  12

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

12. REVENUE

		Three months ended						Six months ended
		June 30,			June 30,			June 30,			June 30,
		2026			2025			2026			2025
Silver sales	$	144.1		$	48.9		$	285.3		$	88.0
Gold sales		46.6			28.0			101.7			52.8
Lead sales		11.5			6.7			20.5			6.7
Zinc sales		11.4			5.6			18.4			5.6
Copper sales		1.5			0.6			2.2			0.6
Other metals sales		1.3			0.4			2.1			0.4
Less: smelting and refining costs		(4.3	)		(1.6	)		(8.4	)		(2.0	)
Revenue	$	212.1		$	88.6		$	421.8		$	152.1

Changes in fair value from provisional pricing are included in silver, gold, lead, zinc and copper sales. During the periods revenue per product was:

		Three months ended						Six months ended
		June 30,			June 30,			June 30,			June 30,
		2026			2025			2026			2025
Concentrate sales	$	143.6		$	43.8		$	288.6		$	60.7
Concentrate provisional pricing adjustments		(7.5	)		0.5			(7.7	)		0.7
Total revenue from concentrate sales		136.1			44.3			280.9			61.4
Refined metal sales		77.1			44.3			142.0			90.7
Refined metal provisional pricing adjustments		(1.1	)		-			(1.1	)		-
Total revenue	$	212.1		$	88.6		$	421.8		$	152.1

13. EXPLORATION, EVALUATION AND DEVELOPMENT

		Three months ended						Six months ended
		June 30,			June 30,			June 30,			June 30,
		2026			2025			2026			2025
Exploration expenditures
Depreciation	$	0.2		$	-		$	0.3		$	0.2
Share-based compensation		-			0.2			0.1			0.3
Employee costs		1.3			0.8			2.1			1.7
Direct exploration expenditures		3.0			2.9			6.1			5.0
Evaluation and development expenditures
Employee costs		0.1			0.7			0.1			1.4
Direct evaluation and development expenditures		1.8			0.3			2.8			0.9
	$	6.4		$	4.9		$	11.5		$	9.5

14. GENERAL AND ADMINISTRATIVE

		Three months ended						Six months ended
		June 30,			June 30,			June 30,			June 30,
		2026			2025			2026			2025
Depreciation	$	0.1		$	0.1		$	0.2		$	0.2
Share-based compensation		0.6			1.3			1.8			1.8
Salaries, wages and benefits		1.3			1.0			2.7			2.0
Directors' DSU liability expense (recovery)		(1.0	)		0.6			(1.1	)		1.2
Direct general and administrative expenditures		1.9			4.6			3.9			6.7
	$	2.9		$	7.6		$	7.5		$	11.9

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  13

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

15. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

		Three months ended						Six months ended
		June 30,			June 30,			June 30,			June 30,
		2026			2025			2026			2025
Net changes in non-cash working capital:
Accounts and other receivables	$	(4.7	)	$	1.7		$	(15.1	)	$	(4.5	)
Income tax receivable		(0.9	)		(0.4	)		(1.0	)		(0.5	)
Inventories		3.9			(11.8	)		(7.3	)		(14.1	)
Prepaids		0.1			0.6			(2.2	)		(0.6	)
Accounts payable, accrued liabilities and other		6.3			27.1			4.9			30.7
Income taxes payable		(3.9	)		5.2			2.7			6.5
IVA receivable		(5.9	)		(15.2	)		(5.2	)		(15.3	)
	$	(5.1	)	$	7.2		$	(23.2	)	$	2.2
Non-cash financing and investing activities:
Reclamation included in mineral properties, plant and equipment	$	1.5		$	-		$	1.5		$	-
Fair value of exercised options allocated to share capital		0.1			0.4			0.5			0.4
Fair value of restricted share units allocated to share capital		0.4			-			0.4			-
Other cash disbursements:
Income taxes paid	$	9.2		$	1.8		$	29.3		$	4.2
Special mining duty paid	$	1.3		$	-		$	5.8		$	3.9

16. SEGMENT DISCLOSURES

The Company's operating segments are based on internal management reports that are reviewed by the Company's executives (the chief operating decision makers) in assessing performance. The Company has three operating mining segments: Guanaceví and Terronera in Mexico, and Kolpa in Peru. The Company also reports Exploration and Corporate segments. Bolañitos was sold on January 15, 2026, and accordingly is no longer included as an operating segment as of June 30, 2026 (Note 4).

The Exploration segment consists of projects in the exploration and evaluation phases in Mexico, Chile and the USA. Exploration projects that are in the local district surrounding a mine are included in the mine's segments. Both mines located in Mexico produce silver and gold, while Kolpa produces silver, lead, zinc and copper. Refined metal sales come from Guanaceví while the other two mines sell metals in concentrate. The Corporate segment includes the gain on disposal of Bolañitos. 

Three months ended June 30			Revenue			Cost of sales - direct			Cost of sales - depreciation			Cost of sales - other			Mine operating earnings			Net earnings and comprehensive earnings
Guanaceví	2026	$	76.0		$	37.8		$	7.5		$	7.9		$	22.8		$	17.7
	2025		43.9			23.0			6.3			6.3			8.3			5.9
Bolañitos	2026		-			-			-			-			-			-
	2025		17.6			11.6			2.7			0.2			3.1			2.7
Terronera	2026		69.8			29.3			9.9			2.4			28.2			50.1
	2025		3.3			8.3			0.8			0.1			(5.9	)		(16.7	)
Kolpa	2026		66.3			33.9			8.3			1.1			23.0			16.1
	2025		23.8			16.3			5.2			0.1			2.2			(0.9	)
Exploration	2026		-			-			-			-			-			(6.4	)
	2025		-			-			-			-			-			(3.9	)
Corporate	2026		-			-			-			-			-			(11.0	)
	2025		-			-			-			-			-			(7.6	)
Consolidated	2026	$	212.1		$	101.0		$	25.7		$	11.4		$	74.0		$	66.5
	2025	$	88.6		$	59.2		$	15.0		$	6.7		$	7.7		$	(20.5	)

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  14

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

The Exploration segment included $0.3 of costs incurred in Chile for the three months ended June 30, 2026 (June 30, 2025 - $0.5) and $0.1 of costs incurred in USA (June 30, 2025 - $0.1).

Six months ended June 30			Revenue			Cost of sales - direct			Cost of sales - depreciation			Cost of sales - other			Mine operating earnings			Net earnings and comprehensive earnings
Guanaceví	2026	$	141.0		$	61.7		$	12.1		$	15.1		$	52.0		$	36.4
	2025		90.7			48.5			12.9			12.4			17.0			11.4
Bolañitos	2026		4.7			1.7			-			-			3.0			2.4
	2025		34.2			21.3			5.4			0.4			7.1			5.0
Terronera	2026		154.0			63.1			19.3			4.9			66.7			56.8
	2025		3.3			8.3			0.8			0.1			(5.9	)		(50.3	)
Kolpa	2026		122.1			58.4			15.1			2.8			45.8			34.1
	2025		23.8			16.3			5.1			-			2.4			(0.9	)
Exploration	2026		-			-			-			-			-			(11.5	)
	2025		-			-			-			-			-			(7.2	)
Corporate	2026		-			-			-			-			-			13.2
	2025		-			-			-			-			-			(11.4	)
Consolidated	2026	$	421.8		$	185.0		$	46.5		$	22.8		$	167.5		$	131.4
	2025		152.1			94.4			24.2			12.9			20.6			(53.4	)

The Exploration segment included $0.6 of costs incurred in Chile for the six months ended June 30, 2026 (June 30, 2025 - $0.8) and $0.1 of costs incurred in USA (June 30, 2025 - $0.1).

			Total assets			Total liabilities			Additions to fixed assets
Guanaceví	June 30, 2026	$	137.5		$	45.6		$	12.7
	December 31, 2025		117.2			55.7			19.6
Bolañitos	June 30, 2026		-			-			-
	December 31, 2025		47.6			21.5			10.4
Terronera	June 30, 2026		560.9			110.0			19.3
	December 31, 2025		553.4			184.1			130.3
Kolpa	June 30, 2026		249.1			79.3			16.2
	December 31, 2025		236.5			77.2			25.6
Exploration	June 30, 2026		114.8			3.5			4.9
	December 31, 2025		91.1			2.0			4.4
Corporate	June 30, 2026		209.9			321.4			-
	December 31, 2025		189.9			316.0			0.4
Consolidated	June 30, 2026	$	1,272.2		$	559.8		$	53.1
	December 31, 2025	$	1,235.7		$	656.5		$	190.7

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  15

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

17. COMMITMENTS & CONTINGENCIES

Commitments

As of June 30, 2026, the Company had $2.5 committed for capital equipment purchases.

Contingencies

Due to the nature of the Company's activities, various legal and tax matters are outstanding from time to time. The Company is routinely subject to audit by tax authorities in the countries in which it operates and has received a number of tax assessments in various locations, which are currently at various stages of progress with the relevant authorities. The outcomes of these audits and assessments are uncertain, however, the Company is confident of its position on the various matters under review.

18. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Contingent payment on acquisition of Kolpa

The consideration is valued using a discounted cash flow model and it is classified as Level 3 in the fair value hierarchy. The key unobservable inputs used in the valuation include a discount rate of 15.0%, as well as assumptions about the silver equivalent ounces expected to be reported as Kolpa's mineral reserves and resources in a future technical report. The fair value of the contingent consideration payable as at June 30, 2026, was $9.4 (December 31, 2025 - $8.8).

Deferred consideration on sale of Bolañitos

The deferred consideration was measured at fair value using probability-weighted discounted cash flow models based on forecasted production from Bolañitos. Accordingly, it is classified within Level 3 of the fair value hierarchy. The key unobservable inputs used in the valuation include a discount rate of 13.5%, as well as assumptions about forecasted production from Bolañitos. The fair value of the deferred consideration as at June 30, 2026, was $7.8 (December 31, 2025 - $nil).

Commodity contracts

In connection with the Terronera Debt Facility (Note 10), the Company entered into gold forward swap contracts on March 28, 2024, at a forward price of $2,311 per ounce of gold. As of June 30, 2026, 33,461 oz remain outstanding with exposure to gold prices, with settlement scheduled through July 2027.

In 2025, in relation to the amendment to the Terronera Debt Facility, the Company implemented un-margined zero-cost collars for 968,000 ounces of silver with a price range of $31 to $42. As at June 30, 2026, the final settlement amount of the Company's silver collar contracts had been fixed at $2.3 and was included in current derivative liabilities. Accordingly, the Company had no silver collar ounces outstanding under the contracts. The liability was settled in cash on July 2, 2026.

Concurrently with the acquisition of Minera Kolpa on May 1, 2025, the Company entered into a ten-year copper stream agreement on copper produced from Kolpa with Versamet Royalties Corporation. The copper stream liability is measured at fair value through profit or loss using a discounted cash flow model based on market and operational assumptions, including discount rates and forward copper price curves and classified within Level 3 in the fair value hierarchy.

Foreign exchange contracts

The Company hedges a portion of expenditures incurred in Mexican pesos.  During the three and six months ended June 30, 2026, the Company settled $9.0 and $18.0 of MXN forward contracts, respectively, and recognized realized gains of $0.7 and $1.7, respectively. As of June 30, 2026, the Company had $24.0 Mexican peso forward contracts with a weighted average settlement exchange rate of 18.30 pesos per US dollar settling between July 2026 and June 2027.

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  16

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

Reconciliation of derivative assets, liabilities and gain (loss) on derivative contracts:

		Gold forward swaps			Silver Collars			Mexican Peso forwards			Copper stream liability			Convertible notes derivative			Total
Derivative asset (liability) at December 31, 2025	$	(110.1	)	$	(20.2	)	$	1.1		$	(44.7	)	$	8.0		$	(165.9	)
(Loss) gain on revaluation		46.7			17.8			(0.2	)		(4.4	)		2.2			62.1
Settled copper stream liability		-			-			-			3.7			-			3.7
Derivative asset (liability) at June 30, 2026	$	(63.4	)	$	(2.4	)	$	0.9		$	(45.4	)	$	10.2		$	(100.1	)
Presented in the statement of financial position:
Current derivative asset	$	-		$	-		$	0.9		$	-		$	-		$	0.9
Non-current derivative assets		-			-			-			-			10.2			10.2
Current derivative liabilities		(62.4	)		(2.4	)		-			-			-			(64.8	)
Non-current derivative liabilities		(1.0	)		-			-			-			-			(1.0	)
Current copper stream liability		-			-			-			(8.2	)		-			(8.2	)
Non-current copper stream liability		-			-			-			(37.2	)		-			(37.2	)
Derivative asset (liability) at June 30, 2026	$	(63.4	)	$	(2.4	)	$	0.9		$	(45.4	)	$	10.2		$	(100.1	)
(Loss) gain on revaluation	$	46.7		$	17.8		$	(0.2	)	$	(4.4	)	$	2.2		$	62.1
Realized (loss) gain on derivatives		(42.1	)		(24.1	)		1.6			-			-			(64.6	)
(Loss) gain on derivative contracts	$	4.6		$	(6.3	)	$	1.4		$	(4.4	)	$	2.2		$	(2.5	)

(a) Financial assets and liabilities

As at June 30, 2026, the carrying and fair values of the Company's financial instruments by category were as follows:

		Fair value through profit or loss			Amortized cost			Carrying value			Fair value
Financial assets:
Cash and cash equivalents	$	-		$	236.6		$	236.6		$	236.6
Other investments		12.8			-			12.8			12.8
Accounts and other receivables		31.7			7.0			38.7			38.7
Derivative assets		11.1			-			11.1			11.1
Loans receivable		-			2.6			2.6			2.6
Deferred consideration		7.8			-			7.8			7.8
Total financial assets	$	63.4		$	246.2		$	309.6		$	309.6
Financial liabilities:
Accounts payable, accrued liabilities and other current liabilities	$	7.8		$	101.7		$	109.5		$	109.5
Derivative liabilities		65.8			-			65.8			65.8
Copper stream liability		45.4			-			45.4			45.4
Contingent payment		9.4			-			9.4			9.4
Loans payable		-			5.6			5.6			5.6
Convertible senior notes		-			241.2			241.2			243.1
Total financial liabilities	$	128.4		$	348.5		$	476.9		$	478.8

As at June 30, 2026, fair value of convertible senior notes including the equity component and early redemption derivative asset, was $362.5 (December 31, 2025 - $386.2).

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  17

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

As at December 31, 2025, the carrying and fair values of the Company's financial instruments by category were as follows:

		Fair value through profit or loss			Amortized cost			Carrying value			Fair value
Financial assets:
Cash and cash equivalents	$	-		$	215.4		$	215.4		$	215.4
Other investments		1.0			-			1.0			1.0
Accounts and other receivables		20.6			3.1			23.8			23.8
Derivative assets		9.1			-			9.1			9.1
Loans receivable		-			2.6			2.6			2.6
Total financial assets	$	30.7		$	221.1		$	251.9		$	251.9
Financial liabilities:
Accounts payable, accrued liabilities and other current liabilities	$	8.9		$	111.5		$	120.4		$	120.4
Derivative liabilities		130.3			-			130.3			130.3
Copper stream liability		44.7			-			44.7			44.7
Contingent payment		8.8			-			8.8			8.8
Loans payable		-			12.7			12.7			12.7
Convertible senior notes		-			231.2			231.2			231.2
Total financial liabilities	$	192.7		$	355.4		$	548.1		$	548.1

(b) Fair value hierarchy

Assets and liabilities as at June 30, 2026 measured at fair value on a recurring basis include:

		Level 1			Level 2			Level 3			Total
Financial assets:
Other investments	$	12.7		$	-		$	0.1		$	12.8
Trade receivables		-			31.7			-			31.7
Derivative assets		-			0.9			10.2			11.1
Deferred consideration		-			-			7.8			7.8
Total financial assets	$	12.7		$	32.6		$	18.1		$	63.4
Financial liabilities:
Cash settled deferred share units	$	7.8		$	-		$	-		$	7.8
Derivative liability		-			65.8			-			65.8
Copper stream liability		-			-			45.4			45.4
Contingent payment		-			-			9.4			9.4
Total financial liabilities	$	7.8		$	65.8		$	54.8		$	128.4

Assets and liabilities as at December 31, 2025 measured at fair value on a recurring basis include:

		Level 1			Level 2			Level 3			Total
Financial assets:
Other investments	$	0.9		$	-		$	0.1		$	1.0
Trade receivables		-			20.6			-			20.6
Derivative assets		-			1.1			8.0			9.1
Total financial assets	$	0.9		$	21.7		$	8.1		$	30.7
Financial liabilities:
Cash settled deferred share units	$	8.9		$	-		$	-		$	8.9
Derivative liability		-			130.3			-			130.3
Copper stream liability		-			-			44.7			44.7
Contingent payment		-			-			8.8			8.8
Total financial liabilities	$	8.9		$	130.3		$	53.5		$	192.7

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  18

ENDEAVOUR SILVER CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Three months and six months ended June 30, 2026 and 2025

(unaudited)

(expressed in millions of US dollars, unless otherwise stated)

HEAD OFFICE	Suite 1130, 609 Granville Street Vancouver, BC, Canada   V7Y 1G5 Telephone: (604) 685-9775 1-877-685-9775 Website:  www.edrsilver.com
DIRECTORS	Margaret Beck Daniel Dickson Amy Jacobsen Angela Johnson Rex McLennan George Paspalas Kenneth Pickering Mario Szotlender
OFFICERS	Daniel Dickson – Chief Executive Officer Luis Castro – Chief Operating Officer Elizabeth Senez – Chief Financial Officer Greg Baylock – Vice President, Operations Gord Bussieres – Vice President, Projects Dale Mah – Vice President, Corporate Development Allison Pettit – Vice President, Investor Relations Alejandra Hincapie – Corporate Secretary
REGISTRAR AND TRANSFER AGENT	Computershare Trust Company of Canada 3rd Floor – 510 Burrard StreetVancouver, BC, Canada   V6C 3B9
AUDITORS	KPMG LLP 777 Dunsmuir StreetVancouver, BC, Canada   V7Y 1K3
SOLICITORS	Blake, Cassels & Graydon LLP Suite 3500, 1133 Melville StreetVancouver, BC, Canada   V6E 4E5
SHARES LISTED	Toronto Stock Exchange Trading Symbol – EDR New York Stock Exchange Trading Symbol – EXK

ENDEAVOUR SILVER CORP.   |   CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE  19

Endeavour Silver Corp.

Management's Discussion & Analysis
For the Three Months and Six Months Ended June 30, 2026 and 2025

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  1

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE PERIOD ENDED JUNE 30, 2026

This Management Discussion and Analysis ("MD&A") should be read in conjunction with the condensed consolidated interim financial statements of Endeavour Silver Corp. ("Endeavour" or "the Company") for the period ended June 30, 2026, and the related notes contained therein, which were prepared in accordance with IAS 34 - Interim Financial Reporting of the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The Company uses certain non-IFRS financial measures in this MD&A as described under "Non-IFRS Measures". Additional information relating to the Company, including the most recent Annual Information Form (the "Annual Information Form"), is available on SEDAR+ at www.sedarplus.com, and the Company's most recent annual report on Form 40-F which has been filed with the U.S. Securities and Exchange Commission (the "SEC") on EDGAR at www.sec.gov. This MD&A contains "forward-looking statements" that are subject to the risk factors set out in a cautionary note contained herein. All dollar ($) amounts are expressed in United States ("$") dollars and tabular amounts are expressed in millions of U.S. dollars unless Canadian dollars (CAN$), Mexican pesos (MXN) or Peruvian soles (PEN) are otherwise indicated. This MD&A is dated as of July 29, 2026, and all information contained herein is current as of July 29, 2026, unless otherwise stated.

Cautionary Note to U.S. Investors Regarding Mineral Reserves and Resources

This MD&A has been prepared in accordance with the requirements of Canadian provincial securities laws, which differ from the requirements of U.S. securities laws. As a result, the Company reports the mineral reserves and resources of the projects it has an interest in according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies under subpart 1300 of Regulation S-K ("S-K 1300") under the Exchange Act. As an issuer that prepares and files its reports with the SEC pursuant to the Multijurisdictional Disclosure System, the Company is not subject to the requirements of S-K 1300. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under or differ from those prepared in accordance with S-K 1300. Accordingly, information included or incorporated by reference in this MD&A concerning descriptions of mineralization and estimates of mineral reserves and resources under Canadian standards may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of S-K 1300.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  2

Forward-Looking Statements

This MD&A contains “forward-looking statements” within the meaning of the U.S. Securities Litigation Reform Act of 1995, as amended and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward‑looking statements and information include, but are not limited to, management evaluation of capital improvement initiatives at the Kolpa mine; management’s expectation that the costs at the Kolpa mine will moderate as operations stabilize; improvement of recoveries and increase in metal production at the Terronera project; ramp-up of the LNG plant in Terronera and related timing; impact of the LNG plant on costs; management’s expectations that costs will improve; management expectations that the pace of investment at Pitarrilla will ramp up; the reliability of mineral resource estimates; the continuation of exploration and mining operations; the Company’s future production and cost guidance announcements; the Company’s areas of focus at its properties; mineral resource estimations and life of mine plans; planned expansions, exploration and drilling activities, and the Company’s areas of focus for each of these; the Company’s plans for drilling and technical work; the Company’s annual outlook including anticipated performance in 2026, production and cost guidance and financial results, silver and gold grades and recoveries, cash costs per ounce (“oz”), anticipated operating costs, planned capital expenditures and sustaining capital, and the forecast price of gold and silver and the assumptions underlying the forecasts; planned capital allocation; working capital; growth capital; the Company’s capital requirements and the adequacy of the operating cash flow and existing working capital to meet capital requirements and the timing and results of various activities. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “forecast”, “project”, “intend”, “believe”, “anticipate”, “outlook” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward‑looking statements are based on the opinions and estimates of management at the dates the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

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 and are based on assumptions that may cause the actual results, level of activity, performance or achievements of the Company and its operations and related timeframes to be materially different from those expressed or implied by such statements. Such factors and assumptions include, among others: the ongoing effects of inflation and supply chain issues on project economics; fluctuations in the prices of silver and gold; fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar, Peruvian sol, and U.S. dollar); fluctuations in interest rates; effects of inflation and changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Peru and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including, but not limited to environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits; challenges to the Company's title to properties; as well as those factors described under "Risk Factors" in the Company's most recent Annual Information Form. 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.

Certain forward-looking statements and information in this MD&A may be considered "financial outlook" within the meaning of applicable Canadian securities legislation. Financial outlook is presented in this MD&A for the purpose of assisting investors and others in understanding certain key elements of the Company's financial results and business plan, as well as the objectives, strategic priorities and business outlook of the Company, and in obtaining a better understanding of the Company's anticipated operating environment. Readers are cautioned that such financial outlook may not be appropriate for other purposes.

Qualified Person

The scientific and technical information contained in this MD&A relating to the Company's mines and mineral projects has been reviewed and approved by Dale Mah, B.Sc., P.Geo., Vice President Corporate Development of Endeavour, a Qualified Person within the meaning of NI 43-101.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  3

Table of Contents

OVERVIEW OF THE BUSINESS	5
OPERATING HIGHLIGHTS	5
REVIEW OF OPERATING RESULTS	6
GUANACEVÍ	8
KOLPA	10
TERRONERA	11
BOLAÑITOS	12
EXPLORATION AND EVALUATION	13
CONSOLIDATED FINANCIAL RESULTS	14
KEY ECONOMIC TRENDS	16
ANNUAL OUTLOOK	18
LIQUIDITY AND CAPITAL RESOURCES	20
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	23
OUTSTANDING SHARE DATA	26
CHANGES IN ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES	27
CONTROLS AND PROCEDURES	27
QUARTERLY RESULTS AND TRENDS	28
NON-IFRS MEASURES	29

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  4

OVERVIEW OF THE BUSINESS

The Company is engaged in silver mining in Mexico and Peru and related activities, including property acquisitions, exploration, development, mineral extraction, processing, refining and reclamation. The Company is also engaged in exploration activities in Chile and Nevada, USA. The Company's operations are comprised of the Guanaceví mine ("Guanaceví") located in Durango, Mexico, the Terronera mine ("Terronera") in Jalisco, Mexico, and the Kolpa mine ("Kolpa") in Huancavelica, Peru. On January 15, 2026, the Company completed the sale of the Bolañitos mine ("Bolañitos"). The Company is advancing several exploration projects in order to achieve its goal of becoming a premier senior producer in the silver mining sector.

The Company's common shares are listed on the Toronto Stock Exchange (TSX: EDR) and the New York Stock Exchange (NYSE: EXK).

OPERATING HIGHLIGHTS

Three Months Ended June 30			Q2 2026 Highlights	Six Months Ended June 30
2026	20254	% Change		20263	20254	% Change
			Production
1,943,955	1,483,736	31%	Silver ounces produced	3,819,329	2,689,529	42%
10,474	7,755	35%	Gold ounces produced	22,215	16,093	38%
6,207	3,503	77%	Lead tonnes produced	11,146	3,503	218%
3,989	2,316	72%	Zinc tonnes produced	6,831	2,316	195%
3,437,794	2,528,562	36%	Silver equivalent ounces produced(1)	6,779,737	4,401,401	54%
23.52	15.35	53%	Cash costs per silver ounce ($)(2)	23.03	15.59	48%
36.69	25.25	45%	Total production costs per ounce ($)(2)	35.96	24.79	45%
36.89	25.16	47%	All-in sustaining costs per ounce ($)(2)	36.96	24.85	49%
509,576	303,828	68%	Processed tonnes	966,232	513,335	88%
161.73	142.00	14%	Direct operating costs per tonne ($)(2)	173.63	142.30	22%
219.62	201.24	9%	Direct costs per tonne ($)(2)	236.97	203.70	16%
			Financial
212.1	85.3	149%	Revenue from operations ($ millions)	421.8	148.8	183%
2,054,108	1,455,680	41%	Silver ounces sold	3,696,328	2,679,364	38%
10,823	7,706	40%	Gold ounces sold	21,766	16,244	34%
70.16	32.95	113%	Realized silver price per ounce ($)	77.18	32.52	137%
4,305	3,320	30%	Realized gold price per ounce ($)	4,672	3,110	50%
-	3.3	(100%)	Pre-operating production revenue ($ millions)	-	3.3	(100%)
66.5	(20.5)	425%	Net earnings (loss) ($ millions)	131.4	(53.4)	346%
44.8	(9.2)	589%	Adjusted net earnings (loss) ($ millions)(2)	104.0	(9.4)	1210%
74.0	7.7	855%	Mine operating earnings ($ millions)	167.5	20.6	714%
99.9	22.9	336%	Mine operating cash flow before taxes ($ millions)(2)	214.5	45.0	377%
45.0	14.4	213%	Operating cash flow before working capital changes(2)	83.8	22.7	269%
110.9	1.4	7807%	EBITDA ($ millions)(2)	223.5	(16.7)	1439%
90.0	10.8	736%	Adjusted EBITDA ($ millions)(2)	198.4	25.9	666%
214.4	(15.3)	1501%	Working capital ($ millions) (2)	214.4	(15.3)	1501%
			Shareholders
0.22	(0.07)	414%	Earnings (loss) per share - basic ($)	0.44	(0.20)	320%
0.15	(0.03)	600%	Adjusted earnings (loss) per share - basic ($)(2)	0.35	(0.03)	1267%
0.15	0.05	200%	Operating cash flow before working capital changes per share ($)(2)	0.28	0.08	250%
296,096	283,534	4%	Basic weighted average shares outstanding ('000)	295,892	272,988	8%

(1) Silver equivalents for 2026 are calculated using 90:1 Ag:Au, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratios. Silver equivalents for 2025 are calculated using 80:1 Ag:Au, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratios.

(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

(3) Bolañitos was sold January 15, 2026, and the 15 day period from January 1, 2026, to January 15, 2026, is included in the consolidated results above.

(4) Kolpa was acquired on May 1, 2025. Accordingly the three and six month periods ending June 30, 2025, include two months of operations at Kolpa.

The above highlights are key measures used by management, however they should not be the sole measures used in determining the performance of the Company's operations.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  5

REVIEW OF OPERATING RESULTS

Consolidated Production Results from Operations for the Three Months and Six Months Ended June 30, 2026 and 2025

Three Months Ended June 30			CONSOLIDATED	Six Months Ended June 30
2026	20254	% Change		20263	20254	% Change
509,576	303,828	68%	Processed tonnes	966,232	513,335	88%
1,943,955	1,483,736	31%	Total silver ounces produced	3,819,329	2,689,529	42%
10,474	7,755	35%	Total gold ounces produced	22,215	16,093	38%
6,207	3,503	77%	Total lead tonnes produced	11,146	3,503	218%
3,989	2,316	72%	Total zinc tonnes produced	6,831	2,316	195%
127	58	120%	Total copper tonnes produced	193	58	234%
3,437,794	2,528,562	36%	Silver equivalent ounces produced(1)	6,779,737	4,401,401	54%
23.52	15.35	53%	Cash costs per silver ounce ($)(2)	23.03	15.59	48%
36.69	25.25	45%	Total production costs per ounce ($)(2)	35.96	24.79	45%
36.89	25.16	47%	All in sustaining costs per ounce ($)(2)	36.96	24.85	49%
161.73	142.00	14%	Direct operating costs per tonne ($)(2)	173.63	142.30	22%
219.62	201.24	9%	Direct costs per tonne ($)(2)	236.97	203.70	16%

(1) Silver equivalents for 2026 are calculated using a 90:1 Ag:Au, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratios. Silver equivalents for 2025 are calculated using an 80:1 Ag:Au ratio, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratios.

(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

(3) Bolañitos was sold January 15, 2026, and the 15 day period from January 1, 2026 to January 15, 2026 is included in the consolidated results above.

(4) Kolpa was acquired on May 1, 2025. Accordingly the three and six month periods ending June 30, 2025 include two months of operations of Kolpa.

(1) Silver equivalents for 2026 are calculated using 90:1 Ag:Au, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratio. Silver equivalents for 2025 are calculated using 80:1 Ag:Au, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratios.

Consolidated Production

Three months ended June 30, 2026 (compared to the three months ended June 30, 2025)

Consolidated plant throughput for the quarter was 509,576 tonnes, 68% higher than 303,828 tonnes in Q2 2025. Plant throughput primarily increased due to the addition of production from Terronera which contributed 175,729 tonnes; and from Kolpa which contributed 233,408 tonnes, 114,512 more than the 118,896 tonnes processed in Q2 2025, which included only two months of production at Kolpa. Additionally, throughput increased by 3,605 tonnes (4%) at Guanaceví. These increases were partially offset by the sale of Bolañitos on January 15, 2026.

Consolidated silver production during Q2 2026 was 1,943,955 oz, 31% higher than 1,483,736 oz in Q2 2025. Terronera added 608,347 oz while Kolpa contributed 633,288 oz which is 252,650 oz (66%) more than in Q2 2025. These increases were partially offset by lower production at Guanaceví, which contributed 295,556 oz less than in the same period of 2025 due to lower grade, as well as the sale of Bolañitos, which produced 105,223 oz in Q2 2025.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  6

Gold production for the second quarter of 2026 totaled 10,474 oz, which was 2,719 oz more than in the same period of 2025. This increase was driven by 7,666 oz produced by Terronera, offset by the sale of Bolañitos, which produced 4,193 oz in Q2 2025, and 754 oz lower gold production at Guanaceví due to the lower grade.

Six months ended June 30, 2026 (compared to the six months ended June 30, 2025)

Plant throughput reached 966,232 tonnes for the six months ended June 30, 2026, an 88% increase over the 513,335 tonnes processed in the first six months of 2025. Consolidated silver production for the six months ended June 30, 2026, was 3,819,329 ounces, 42% higher than 2,689,529 ounces produced in the same period of 2025. Gold production for the six months ended June 30, 2026, totaled 22,215 oz, which was 6,122 oz higher than in the same period of 2025.

These increases in throughput, silver and gold production were primarily driven by the addition of production from Terronera and the inclusion of a full six months of production from Kolpa, for which the same period in 2025 included only two months of production. These increases were partially offset by lower production at Guanaceví due to the lower grades and by the lower production at Bolañitos following the sale of the mine on January 15, 2026.

Consolidated Operating Costs

Three months ended June 30, 2026 (compared to the three months ended June 30, 2025)

Consolidated direct operating costs per tonne in Q2 2026 were $161.73, 14% higher than $142.00 in Q2 2025. The increase in the average cost in Q2 2026 compared to Q2 2025 was driven by the inclusion of Terronera with direct operating costs per tonne higher than the average at $169.49 and higher costs at Guanaceví and Kolpa which are discussed in more detail below.

Consolidated cash costs per silver ounce, net of by-product credits, were $23.52 in Q2 2026, representing a 53% increase from $15.35 in Q2 2025 due to the higher metal prices causing higher royalties and third-party material costs. Each mine has different costs and produces different amounts of payable silver, which affects the consolidated cash cost per ounce depending on the mix of production. For the three months ended June 30, 2026, the cash costs per silver ounce were $22.23 for Kolpa, $40.17 for Guanaceví, and $5.07 for Terronera.

Consolidated All-in Sustaining Costs (AISC) per silver ounce in Q2 2026 were $36.89, 47% higher than $25.16 in Q2 2025, predominantly due to the higher AISC at Guanaceví and a slight increase at Kolpa driven by higher cash costs and somewhat higher sustaining capital expenditures. 

Six months ended June 30, 2026 (compared to the six months ended June 30, 2025)

Consolidated direct operating costs per tonne for the six months ended June 30, 2026, were $173.63, 22% higher than $142.30 in the same period of 2025. The increase in the average cost for the six months ended June 30, 2026, compared to the same period in 2025, was driven by the inclusion of Terronera, which has higher direct operating costs per tonne, higher operating costs at Guanaceví and higher operating costs at Kolpa which had a higher impact in the current period due to the comparative period including only two months of operations and increased capacity in 2026.

Consolidated cash costs per silver ounce, net of by-product credits, were $23.03 for the six months ended June 30, 2026, 48% higher than $15.59 in the same period of 2025. The increase was driven by higher costs at Guanaceví due to the higher cost of third-party purchases and fewer silver ounces produced, as well as higher costs at Kolpa due to inflationary and labor market pressures, partially offset by the addition of Terronera which at $1.70 per oz lowers the average consolidated cash cost per ounce.

Consolidated AISC in the first six months of 2026 was $36.96 per ounce, 49% higher than the first six months of 2025, driven by higher cash costs net of by-products as noted above, as well as higher mine site exploration, equipment loan repayment and sustaining capital expenditures.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  7

GUANACEVÍ

Production Results for the Three Months and Six Months Ended June 30, 2026 and 2025

Three Months Ended June 30			GUANACEVÍ	Six Months Ended June 30
2026	2025	% Change		2026	2025	% Change
100,439	96,834	4%	Ore tonnes processed	195,963	199,272	(2%)
235	362	(35%)	Average silver grade (g/t)	259	354	(27%)
92.4	88.6	4%	Silver recovery (%)	91.5	88.6	3%
702,320	997,875	(30%)	Total silver ounces produced	1,495,880	2,013,202	(26%)
691,401	994,882	(31%)	Payable silver ounces produced	1,476,895	2,007,163	(26%)
0.94	1.28	(27%)	Average gold grade (g/t)	0.98	1.29	(24%)
92.9	89.7	4%	Gold recovery (%)	90.6	91.3	(1%)
2,808	3,562	(21%)	Total gold ounces produced	5,577	7,551	(26%)
2,768	3,551	(22%)	Payable gold ounces produced	5,509	7,529	(27%)
955,070	1,282,853	(26%)	Silver equivalent ounces produced(1)	1,997,849	2,617,300	(24%)
40.17	19.91	102%	Cash costs per silver ounce ($)(2)	39.33	19.82	98%
49.65	26.55	87%	Total production costs per ounce ($) (2)	48.12	26.60	81%
52.20	26.81	95%	All in sustaining costs per ounce ($) (2)	50.22	26.65	88%
172.22	147.11	17%	Direct operating costs per tonne ($) (2)	204.43	166.30	23%
395.39	325.40	22%	Direct costs per tonne ($) (2)	425.53	317.75	34%

(1) Silver equivalents for 2026 are calculated using a 90:1 Ag:Auratio. Silver equivalents for 2025 are calculated using a 80:1 Ag:Au ratio.

(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

Guanaceví Production Results

Three months ended June 30, 2026 (compared to the three months ended June 30, 2025)

During the three months ended June 30, 2026, Guanaceví processed 100,439 tonnes of ore, 4% higher than 96,834 tonnes in the same period of 2025. Supplies of local third-party mill feed continued to supplement Guanaceví production, amounting to 30% of quarterly throughput. The average silver grade processed was 235 grams per tonne ("g/t") in Q2 2026, 35% lower than 362 g/t in Q2 2025, while silver recovery was 92.4%, up from 88.6% for the same period in the prior year. Lower silver grades were partially offset by the higher milled tonnes, resulting in a 30% net decrease in total silver production to 702,320 oz, compared to 997,875 oz in Q2 2025.

Gold production totaled 2,808 oz, 21% lower than 3,562 oz in Q2 2025. Lower gold production was primarily attributable to 27% lower gold grades, partially offset by higher throughput and higher recovery rates.

Lower silver and gold grades experienced during the period reflect typical variations between planned and actual grades, and from accessing different areas in the mine with higher than planned precious metal prices; ore grades were slightly lower than in Q1 and slightly lower than planned. Similarly, the higher precious metal prices resulted in lower grade material from third-party sources.

Six months ended June 30, 2026 (compared to the six months ended June 30, 2025)

During the six months ended June 30, 2026, Guanaceví processed 195,963 tonnes of ore, 2% lower than the 199,272 tonnes processed in the same period of 2025. The average silver grade processed was 259 g/t in 2026, down 27% from 354 g/t in 2025, while silver recovery was 91.5%, higher than 88.6% in the prior year period. Lower grades, partially offset by slightly higher recoveries, drove lower total silver production, which was 1,495,880 oz, 26% lower than 2,013,202 oz in 2025.

Gold production for the six months ended June 30, 2026, was 5,577 oz, 26% lower than 7,551 oz produced in the same period of 2025, primarily due to lower average grades, partially offset by slightly higher recoveries.

Lower silver and gold grades experienced during the period reflect typical variations between planned and actual grades, and from accessing different areas in the mine with higher than planned precious metal prices; ore grades were expected to decrease from the previous year, and grades experienced were slightly lower than planned. Similarly, the higher precious metal prices resulted in lower grade material from third-party sources.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  8

Guanaceví Operating Costs

Three months ended June 30, 2026 (compared to the three months ended June 30, 2025)

Direct operating costs per tonne for the three months ended June 30, 2026, were $172.22, a 17% increase compared to $147.11 in the same period in 2025, driven by $3.1 million higher direct operating costs and partially offset by slightly higher throughput. Direct operating costs were impacted by 12% stronger Mexican peso during the current period compared to the same period in 2025.

Including third-party material purchases, royalty and special mining duty costs, direct costs per tonne rose by 22% to $395.39 in Q2 2026 compared with $325.40 in Q2 2025. This increase in direct costs per tonne is due to a higher volume and cost of third-party material purchases which have become more expensive on a per tonne basis due to higher metal prices. Higher metal prices also drove higher royalties and special mining duties payable for the period.

The purchase of local third-party material contributed $151.38 per tonne during Q2 2026 compared to $103.14 per tonne in Q2 2025; the volume of purchased material was higher at 30,431 tonnes compared to 20,597 tonnes in the same period in 2025. The driver for purchasing third-party material is primarily the output from the mine which varies with the areas of the deposit being extracted for processing. The royalty and special mining duty contributed $78.27 per tonne during Q2 2026 compared to $64.00 per tonne in Q2 2025 and is driven by the realized silver price which was 110% higher during Q2 2026 compared to the same period in 2025.

The increase in cost per tonne driven by the reasons discussed above, in combination with lower metal grades which produced fewer ounces, drove higher cash costs per silver oz produced to $40.17 for the period, a 102% increase compared to $19.91 in Q2 2025. Total production costs per oz were $49.65, an 87% increase compared to $26.55 in Q2 2025, mostly due to 40% higher cash costs net of by-products, and 30% lower silver production. AISC per oz also rose by 95% to $52.2 compared to $26.81 in Q2 2025, primarily due to the 40% higher cash costs net of by-products, higher capital sustaining costs and 30% lower silver production. Higher sustaining capital expenditure is required due to the advancing age of the mine and the greater mine development efforts required to access the stopes.

Six months ended June 30, 2026 (compared to the six months ended June 30, 2025)

Direct operating costs per tonne for the six months ended June 30, 2026, were $204.43, 23% higher than $166.30 in the same period in 2025. Including third-party material purchases, royalty and special mining duty costs, direct costs per tonne were $425.53, 34% higher than $317.75 in 2025. This increase reflects the impact of higher cost of third-party material purchases and royalty costs which have become more expensive per tonne due to higher metal prices. The drivers of the higher costs are consistent with those noted above for the three month period, primarily the higher realized silver price which was 149% higher during the first half of 2026, compared to the first half of 2025. The Mexican peso was also 12% stronger during the first half of 2026 compared to the first half of 2025, putting further pressure on costs that are presented in US dollars.

Cash costs per silver ounce, net of by-product credits, were $39.33 for the six months ended June 30, 2026, 98% higher than $19.82 in 2025, driven by higher underlying cash costs net of by-product credits, and 26% lower silver production. AISC per ounce was $50.22, 88% higher than $26.65 in the same period of 2025, due to the same cost drivers and somewhat higher sustaining capital expenditures. As noted above, higher sustaining capital expenditures are experienced with the advancing age of the mine.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  9

KOLPA

Production Results for the Three Months and Six Months Ended June 30, 2026 and 2025

Three Months Ended June 30(3)			KOLPA	Six Months Ended June 30(3)
2026	2025	% Change		2026	2025	% Change
233,408	118,896	96%	Processed tonnes	405,135	118,896	241%
93.26	111.40	(16%)	Average silver grade (g/t)	98.63	111.40	(11%)
90.5	89.4	1%	Silver recovery (%)	90.6	89.4	1%
633,288	380,638	66%	Total silver ounces produced	1,163,406	380,638	206%
599,323	359,347	67%	Payable silver ounces produced	1,100,781	359,347	206%
2.80	3.13	(10%)	Average Pb grade (%)	2.90	3.13	(7%)
95.0	94.3	1%	Lead recovery (%)	94.7	94.3	0%
6,207	3,503	77%	Total lead tonnes produced	11,146	3,503	218%
5,884	3,318	77%	Payable lead tonnes produced	10,575	3,318	219%
2.03	2.25	(10%)	Average Zn grade (%)	2.01	2.25	(11%)
84.2	86.4	(3%)	Zinc recovery (%)	84.1	86.4	(3%)
3,989	2,316	72%	Total zinc tonnes produced	6,831	2,316	195%
3,385	1,957	73%	Payable zinc tonnes produced	5,794	1,957	196%
0.24	0.22	8%	Average Cu grade (%)	0.22	0.22	(0%)
22.9	22.1	4%	Copper recovery (%)	21.6	22.1	(2%)
127	58	120%	Total copper tonnes produced	193	58	234%
103	55	88%	Payable copper tonnes produced	161	55	192%
1,184,457	805,032	47%	Silver equivalent ounces produced(1)	2,124,507	805,032	164%
22.23	11.81	88%	Cash costs per silver ounce ($)(2)	23.27	11.81	97%
36.08	26.20	38%	Total production costs per ounce ($) (2)	37.15	26.20	42%
29.40	25.66	15%	All in sustaining costs per ounce ($) (2)	32.46	25.66	26%
151.38	145.95	4%	Direct operating costs per tonne ($) (2)	153.30	145.95	5%
164.68	147.20	12%	Direct costs per tonne ($) (2)	170.25	147.20	16%

(1) Silver equivalent ratios for 2026 are calculated using 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne. Silver equivalent ratios for 2025 are calculated using 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne.

(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

(3) The production results for the three and six months ended June 30, 2025, show only two months of operations, following its acquisition by the Company on May 1, 2025.

Kolpa Production Results

Three months ended June 30, 2026 (compared to the two months ended June 30, 2025)

During the three months ended June 30, 2026, Kolpa processed 233,408 tonnes, 96% higher than 118,896 tonnes in the same period of 2025. Higher throughput reflects the fact that 2025 included only two months of production following acquisition of Kolpa by the Company on May 1, 2025, as well as the plant expansion to 2,500 tonnes per day commissioned in late Q1 2026. The processed material in Q2 2026 averaged grades of 93 g/t silver, 2.80% lead, 2.03% zinc and 0.24% copper compared to 111 g/t silver, 3.13% lead, 2.25% zinc and 0.24% copper in Q2 2025. Recoveries were largely in line with the comparative period. Higher throughput, partially offset by lower grades, resulted in production of 633,288 oz, 66% higher than 380,638 oz in Q2 2025, as well as 77% higher lead, 72% higher zinc and 120% higher copper production. Throughput has been steadily increasing in 2026 but was offset by lower grades as the mining operations transition to different mine areas to optimize operations with the higher capacity plant.  Management continues to evaluate capital improvement initiatives, including the expansion of the tailing storage facility with the planned installation of a dry-stack tailings filter press, additional permitted areas and lifts, as well as upgrades to camp accommodations aimed at attracting and retaining skilled miners.

Six months ended June 30, 2026 (compared to the two months ended June 30, 2025)

During the six months ended June 30, 2026, Kolpa processed 405,135 tonnes, a 241% increase compared to the same period of 2025 as the prior year included only two months of production following acquisition on May 1, 2025, as well as due to the plant expansion. The average silver grade was 99 g/t, with a recovery of 90.6%, resulting in silver production of 1,163,406 oz. Lead production totaled 11,146 tonnes, based on an average grade of 2.90% and a recovery of 94.7%. Zinc production was 6,831 tonnes, with an average grade of 2.01% and a recovery of 84.1%. Copper production reached 193 tonnes, with an average grade of 0.22% and a recovery of 21.6%. As noted above, with the expansion of the processing plant from average throughput of 1,942 tpd for the first half of 2025 to 2,238 tpd for the first half of 2026, the mining complex used lower grade material to feed the higher throughput processing plant in order to maintain production with an offsetting reduction in average grades processed.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  10

Kolpa Operating Costs

Three months ended June 30, 2026 (compared to the two months ended June 30, 2025)

Direct operating costs per tonne were $151.38, slightly higher than the average costs of $145.95 per tonne incurred in the period of May 1, 2025 to June 30, 2025. Operating costs increased during the period due to higher labor costs resulting from a shortage of skilled mining personnel as well as increased employee participation costs. In addition, the operation continued to adapt to higher throughput capacity following the expansion, resulting in changes to haulage and operational processes, revised tailings management practices, and higher maintenance expenditures which did not qualify for capitalization and was expensed as incurred. Management expects these costs to moderate as operations stabilize at the higher throughput rate and operational efficiencies associated with the expanded capacity are realized. Direct costs per tonne were $164.68, 12% higher compared to $147.12 in Q2 2025, due to the drivers described above as well as the increase in cost of purchased third-party material, royalties, and Peruvian special mining tax as a consequence of a strengthening metal price environment in comparison to 2025.

During the three months ended June 30, 2026, Kolpa's cash costs were $22.23 per silver oz in comparison to $11.81 per oz incurred in the May to June 2025 period. Higher cash costs were driven by the lower grades of material processed in the period and higher costs per tonne. The higher cash costs per oz drove a higher AISC which was $29.40 per oz compared to $25.66 per oz during the May to June 2025 period partially offset by the somewhat lower sustaining capex costs.

Six months ended June 30, 2026

During the six months ended June 30, 2026 direct operating costs per tonne were $153.30, driven by the factors described above as well as due to the rainfall of unusual intensity experienced in Q1 2026 which led to increased water treatment costs, and the higher humidity of the material being processed. Direct cash cost per tonne were $153.30, slightly higher than the guided $140-$150 range driven by higher Q1 direct operating costs. During the six months ended June 30, 2026, Kolpa's cash costs were $23.27 per silver oz due to the mentioned cost factors and somewhat lower grades in the second quarter of 2026. Inclusive of depreciation and share-based compensation, total production costs were $37.15 per oz.  AISC includes additional exploration, general and administrative, and somewhat higher sustaining capital expenditures totaling $32.46 per oz, above the guided $22.00-$23.00 range predominantly due to the higher cash costs discussed above.

TERRONERA

Production Results for the Three Months and Six Months Ended June 30, 2026 and 2025

Three Months Ended June 30 (3)			TERRONERA	Six Months Ended June 30 (3)
2026	2025	% Change		2026	2025	% Change
175,729	-	-	Ore tonnes processed	351,147	-	-
126.16	-	-	Average silver grade (g/t)	119.37	-	-
85.4	-	-	Silver recovery (%)	84.7	-	-
608,347	-	-	Total silver ounces produced	1,141,648	-	-
582,043	-	-	Payable silver ounces produced	1,092,565	-	-
1.87	-	-	Average gold grade (g/t)	1.97	-	-
72.6	-	-	Gold recovery (%)	72.6	-	-
7,666	-	-	Total gold ounces produced	16,144	-	-
7,375	-	-	Payable gold ounces produced	15,532	-	-
1,298,268	-	-	Silver equivalent ounces produced(1)	2,594,616	-	-
5.07	-	-	Cash costs per silver ounce ($)(2)	1.70	-	-
21.93	-	-	Total production costs per ounce ($) (2)	19.47	-	-
26.42	-	-	All in sustaining costs per ounce ($) (2)	24.50	-	-
169.49	-	-	Direct operating costs per tonne ($) (2)	182.29	-	-
192.13	-	-	Direct costs per tonne ($) (2)	212.97	-	-

(1) Silver equivalent ratio is calculated using a 90:1 Ag:Au ratio.

(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

(3) As the asset was in development prior to October 1, 2025, no corresponding data is presented for those periods prior to that date. As such, year-over-year comparisons are not applicable and should be interpreted accordingly.

Terronera Production Results

Three months ended June 30, 2026

During the three months ended June 30, 2026, Terronera processed 175,729 tonnes of ore with average grades of 126 g/t silver and 1.87 g/t gold, producing 608,347 oz of silver and 7,666 oz of gold. Daily throughput during the quarter remained consistent with Q1 2026, as the processing plant focused on metal recoveries. Silver grades processed were in line with plan for the quarter and are expected to increase during the remainder of the year as the mining operations access higher grade areas. Terronera recoveries averaged 85.4% for silver and 72.6% for gold, with silver recoveries slightly above Q1 2026 and in line with plan. Recoveries are expected to continue to improve with higher silver grades and continued refinement of the plant processes.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  11

Six months ended June 30, 2026

During the six months ended June 30, 2026, Terronera processed 351,147 tonnes of ore with average grades of 119 g/t silver and 1.97 g/t gold, producing 1,141,648 oz of silver and 16,144 oz of gold. As noted above, average daily throughput remained largely consistent during this period. Terronera recoveries averaged 84.7% for silver and 72.6% for gold. Despite throughput being in line with the plan, silver and gold production were slightly below plan due to the slightly lower grades resulting from mining in different areas of the mine. Metal production is expected to increase during the remainder of the year as ongoing mine development provides access to higher-grade areas in the second half of 2026.

Terronera Operating Costs

Three months ended June 30, 2026

During the three months ended June 30, 2026, Terronera's direct operating costs were $169.49 per tonne, a significant decrease from $195.11 in Q1 2026 and $222.57 per tonne during Q4 2025 when Terronera commenced commercial operations. The decrease in costs reflects contractors' demobilization and workflow optimization finalized during Q1 2026, as well as the ongoing cost optimization efforts during the ramp-up of the mine's first year of operations. Management expects the costs to further improve in the second half of 2026, due to the effects of the cost and recoveries optimisation programs including the LNG plant commissioning, and the higher-grade material expected to be accessed later in the year.

Cash costs were $5.07 per silver oz, higher than the negative $2.14 in Q1 2026 driven by lower by-product gold credits which resulted from slightly lower gold grades and lower gold prices, partially offset by the lower cost per tonne as noted above and slightly higher silver production. AISC included additional exploration costs, as well as a higher allocation of general and administrative costs allocated to Terronera which is based upon production metrics. AISC in Q2 2026 was $26.42 per oz compared to $22.31 per oz in Q1 2026, reflecting higher underlying cash costs per oz relative to the first quarter of 2026 and with sustaining capex remaining relatively flat.

Six months ended June 30, 2026

During the six months ended June 30, 2026, direct operating costs per tonne were $182.29 and cash costs were $1.70 per silver oz. Inclusive of depreciation and share-based compensation, total production costs were $19.47 per oz. With sustaining capex, exploration, general and administrative costs remaining relatively flat throughout the period, AISC was $24.50 per ounce, .AISC remained below the guided range of $28.00 - $29.00 primarily due to the lower cash costs impacted by higher by-product credits.

BOLAÑITOS

On January 15, 2026, the Company completed the sale of Bolañitos; accordingly, the six months ended June 30, 2026, results include production and operating costs of Bolañitos only up to the disposal date. During the 15-day period ended January 15, 2026, production results and operating costs at Bolañitos were approximately in line with plan and past performance.

Production Results for the Three Months and Six Months Ended June 30, 2026 and 2025

Three Months Ended June 30			BOLAÑITOS	Six Months Ended June 30
2026(2)	2025	% Change		2026(2)	2025	% Change
-	88,098	-	Ore tonnes processed	13,988	195,167	(93%)
-	45	-	Average silver grade (g/t)	47	57	(17%)
-	82.4	-	Silver recovery (%)	86.2	82.8	4%
-	105,223	-	Total silver ounces produced	18,396	295,689	(94%)
-	100,183	-	Payable silver ounces produced	17,668	281,260	(94%)
-	1.68	-	Average gold grade (g/t)	1.27	1.54	(18%)
-	88.3	-	Gold recovery (%)	86.5	88.3	(2%)
-	4,193	-	Total gold ounces produced	493	8,542	(94%)
-	4,086	-	Payable gold ounces produced	476	8,298	(94%)
-	440,678	-	Silver equivalent ounces produced(1)	62,766	979,070	(94%)

(1) Silver equivalent ratio for 2026 is calculated using a 90:1 Ag:Au ratio. Silver equivalent ratio for 2025 is calculated using an 80:1 Ag:Au ratio.

(2) Only includes the 15-day period ended January 15, 2026.

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EXPLORATION AND EVALUATION

During the second quarter of 2026, the Company advanced exploration activities across its core assets, with a continued focus on expanding mineral resources, improving geological interpretations and supporting future mine planning. Across Guanaceví, Terronera, Pitarrilla and Kolpa, the Company completed 99 drill holes totaling 17,580 metres during Q2 2026. For the six months ended June 30, 2026, the Company completed 156 drill holes totaling 31,229 metres across these properties. Total exploration and evaluation expenditures were $6.4 million for the quarter and $11.5 million for the six months ended June 30, 2026.

At Terronera, during Q2 2026, the Company drilled 10 holes totaling 1,651 metres at a cost of $0.4 million, with activities focused on underground diamond drilling in the Terronera vein area. Results announced during the quarter included high-grade silver-gold intercepts in the Terronera vein, supporting ongoing work to expand and better define mineralization along strike and at depth and to refine mine design and long-term planning. At Terronera drilling has successfully extended mineralization along strike and at depth while supporting the continuity of high-grade silver and gold zones. For the six months ended June 30, 2026, the Company completed 16 drill holes totaling 2,701 metres at Terronera at an aggregate cost of $0.7 million.

At Guanaceví, during Q2 2026, the Company drilled 7 holes totaling 1,782 metres at a cost of $0.4 million, with activities focused on underground diamond drilling in the deep parts of the Alondra-Porvenir Dos and El Milache areas to continue testing the Santa Cruz vein. Activities also included geological mapping, sampling and topographic surveying over the Lluvia vein located at the northeast of the Porvenir North mine. For the six months ended June 30, 2026, the Company completed 14 drill holes totaling 4,136 metres at Guanaceví at an aggregate cost of $0.9 million. The drilling program supports continued testing of the Santa Cruz vein and related targets in the Guanaceví district.

At Kolpa, during Q2 2026, the Company drilled 69 holes totaling 9,623 metres at a cost of $1.0 million, with underground drilling focused on the Bienaventurada and Poderosa Oeste and Marian-Paola areas.  For the six months ended June 30, 2026, the Company completed 113 drill holes totaling 19,868 metres at Kolpa at an aggregate cost of $2.4 million. The drilling program supports continued resource definition and expansion work across key underground target areas.

In Chile, work progressed across Aida, Catalina, Cerro Azul, Genesis, Blanca and Karla during Q2 2026. Activities included permitting submissions, review of public project-area information, geophysical work, claim staking and field verification of proposed drilling platforms. During the quarter, the Company incurred $0.3 million of exploration costs in Chile. For the six months ended June 30, 2026, exploration activities in Chile incurred $0.6 million of costs.

At Parral and other properties, the Company incurred $0.3 million during Q2 2026, with activities focused on routine site care and maintenance, including monitoring activities at the Veta Colorada Mine. The Company also incurred $0.3 million in ongoing holding costs related to exploration concessions and properties across its portfolio, as well as in administrative and corporate costs associated with exploration activities during the period. For the six months period ended June 30, 2026, the Company incurred $0.9 million at Parral and various other exploration properties not discussed above and incurred $1.0 million in holding costs and administrative and corporate costs associated with exploration activities.

Pitarrilla Evaluation

At Pitarrilla during Q2 2026, the Company drilled 13 holes totaling 4,524 metres at a cost of $3.7 million, with activities focused on ramp development and underground hydrogeological drilling in the Pitarrilla ramp for piezometer installation and packer testing. The drilling was also intended to intersect structures of interest, including Palmito, Danna, Victoria, the Pitarrilla Fault and Manto Pitarrilla. Other activities included water availability work, groundwater and environmental monitoring, environmental baseline work, geophysical studies, preliminary access-road geotechnical and risk work, and permitting follow-up. As the Q1 activities focused on technical and site work, no drill holes and meters were completed in the period. For the six months ended June 30, 2026, the Company completed 13 drill holes totaling 4,524 metres at Pitarrilla at an aggregate cost of $5.5 million. The drilling and related technical work support ongoing hydrogeological, engineering, permitting and development planning for the project.

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CONSOLIDATED FINANCIAL RESULTS

Three months ended June 30, 2026 (compared to the three months ended June 30, 2025)

Revenue of $212.1 million in Q2 2026, net of $4.3 million of smelting and refining costs, has significantly increased compared to revenue of $88.6 million, net of $1.5 million of smelting and refining costs, in Q2 2025. Gross sales of $216.4 million in Q2 2026 are 140% higher than gross sales of $90.1 million for the same period in 2025.

The key drivers behind the higher gross revenue were the higher quantity of metal sold and the higher realized prices. During Q2 2026, the Company sold 2,054,108 oz silver and 10,823 oz gold, at realized prices of $70.16 and $4,305 per oz, respectively, compared to sales of 1,483,311 oz silver and 8,431 oz gold, at realized prices of $32.95 and $3,320 per oz, respectively, in the same period of 2025. As noted above, this represents 41% more silver oz sold, 40% more gold oz sold, 113% higher realized silver price and 30% higher gold realized price. For the three months ended June 30, 2026, the realized prices of silver were within 4% of the average market prices and gold prices were within 5% of market prices. Silver and gold market prices averaged $73.12 and $4,514 per oz, respectively, compared to $33.65 and $3,284 per oz in the comparative period. Additionally, the Company recorded $11.5 million from sales of lead, $11.4 million from sales of zinc, $1.5 million from sales of copper, and $1.2 million from sales of other metals including antimony. Base metal sales flow from Kolpa which was acquired on May 1, 2025.

As at June 30, 2026, the Company's finished goods inventory included 310,293 oz of silver and 1,299 oz of gold, compared to 491,747 oz of silver and 1,980 oz gold at March 31, 2026. The cost allocated to these finished goods, together with base metals, was $17.7 million as at June 30, 2026, compared to $25.7 million at March 31, 2026. As at June 30, 2026, the total finished goods inventory fair market value was $23.3 million, compared to $46.2 million at March 31, 2026. The volume of finished goods inventory varies due to timing of the planned shipment of concentrate and doré to customers.

Cost of sales for Q2 2026 was $138.1 million, an increase of 71% over the cost of sales of $80.9 million for Q2 2025. The increase in the cost of sales compared to the prior period was driven by $41.6 million from Terronera and higher costs at Kolpa and Guanaceví, partially offset by the sale of Bolañitos. Higher cost of sales at Kolpa are predominantly driven by the 96% higher throughput in Q2 2026 compared to 2025 where only two months of ownership were included, and lower daily throughput prior to the plant expansion in Q1 2026. Higher cost of sales at Guanaceví is predominantly caused by higher cost of material purchased by third parties, higher royalties and higher direct costs due to labor cost pressure and appreciation of the Mexican Peso. 

The Company's mine operating earnings were $74.0 million in Q2 2026, $66.3 million higher than $7.7 million in the comparative period. This increase is due to the $34.1 million operating earnings from Terronera that was not operational in Q2 2025, $20.5 million higher operating earnings from Kolpa, $14.6 million higher operating earnings from Guanaceví, partially offset by the disposal of Bolañitos. General and administrative expenses of $2.9 million in Q2 2026 were lower than the $7.6 million incurred in the same period in 2025 due to the $3.6 million Kolpa acquisition costs incurred in the comparative period and $1.5 million comparatively lower DSU mark to market revaluation expense. Exploration expenses were $6.4 million compared to $4.9 million in Q2 2025, due to additional exploration expenditures on advancing the Pitarrilla Project and additional exploration work at Kolpa, partially offset by lower exploration expenses at Terronera. In Q2 2025 the Company incurred certain project costs in relation to Terronera that were not eligible for capitalization, such as supervisory activities and allocated general and administrative costs; these did not recur in 2026 now that Terronera is in operation. As a result, the Company generated operating earnings of $64.7 million for the quarter (Q2 2025 - operating loss of $4.8 million).

The Company recognized a foreign exchange gain of $0.6 million in Q2 2026 compared to $0.7 million in Q2 2025 due to the revaluation of monetary assets and liabilities held in currencies other than the US dollar. The Company recognized a $21.7 million gain on derivative contract revaluations (Q2 2025 - loss of $10.1 million), primarily from the gain on revaluation of the gold forward swap contracts of $23.8 million due to the lower gold price at the end of June compared to the end of March (Q2 2025 - loss of $12.9 million) and $1.2 million gain on Mexican peso forward contracts (Q2 2025 - gain of $4.2 million) partially offset by $3.2 million loss on revaluation of copper stream liability mainly because the copper price has increased during the period (Q2 2025 - $1.3 million).

The Company incurred $5.7 million in finance charges (Q2 2025 - $1.1 million) primarily related to the finance charge on unwinding the discount relating to the senior convertible notes established in December 2025 of $5.1 million (Q2 2025 - $nil). Additionally, in Q2 2026 the Company recognized a loss of $2.7 million in investment and other income, compared to income of $0.6 million in Q2 2025, predominantly due to the loss on the revaluation of shares of Guanajuato Silver Company Ltd. ("Guanajuato Silver") received as part of the consideration on the sale of Bolañitos in January 2026. The Company also recognized a $0.9 million gain on the sale of Bolañitos following the finalization of the working capital adjustment associated with the transaction. This contributed to earnings before taxes for Q2 2026 of $79.5 million (Q2 2025 - loss of $14.6 million).

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Income tax expense was $13.0 million in Q2 2026 compared to $5.9 million in Q2 2025. The $13.0 million is comprised of $10.7 million current income tax expense (Q2 2025 - expense of $9.1 million) and $2.3 million in deferred income tax expense (Q2 2025 - recovery of $3.2 million). The current income tax expense consists of $2.2 million in special mining duty taxes (Q2 2025 - $1.7). The deferred income tax expense of $2.3 million (Q2 2025 - recovery of $3.2 million) primarily relates to temporary timing differences arising from differences in the recognition of revenue for accounting and tax purposes.

Six months ended June 30, 2026 (compared to the six months ended June 30, 2025)

Revenue of $421.8 million, net of $8.4 million of smelting and refining costs, increased by 177% compared to $152.1 million, net of $2.0 million of smelting and refining costs, for the six months ended June 30, 2025. Gross sales of $430.2 million in the period are 179% higher than $154.1 million during the same period in 2025. Gross sales have increased predominantly due to the $156.6 million of revenue contribution from Terronera, which achieved commercial production on October 1, 2025, and $100.6 million comparatively higher revenue from Kolpa, which was acquired on May 1, 2025, with the remaining increase caused by a $50.4 million increase in revenue from Guanaceví driven by higher metal prices partially offset by lower revenue from Bolañitos following its sale on January 15, 2026.

During the period, the Company sold 3,696,328 oz silver and 21,766 oz gold, at realized prices of $77.18 and $4,672 per oz, respectively, compared to sales of 2,706,995 oz silver and 16,696 oz gold, at realized prices of $32.52 and $3,110 per oz, respectively, in the same period of 2025. As noted above, this represents 38% more silver oz sold, 34% more gold oz sold, 137% higher realized silver price and 50% higher gold realized price. For the six months ended June 30, 2026, the realized prices of silver were within 2% of the average market prices and gold prices were within 1% of market prices. Silver and gold market prices averaged $78.57 and $4,687 per oz, respectively, compared to 32.76 and 3,071 per oz in the comparative period. Additionally, the Company recorded $20.5 million from sales of lead, $18.4 million from sales of zinc, $2.2 million from sales of copper, and $2.1 million from sales of other metals including antimony. Base metal sales flow from Kolpa which was acquired on May 1, 2025.

Cost of sales for the six months ended June 30, 2026, totaled $254.3 million, a 93% increase over $131.5 million in the same period in 2025. This increase was primarily driven by $87.3 million in cost of sales in Terronera which achieved commercial production on October 1, 2025, as well as by $54.8 million comparatively higher costs in Kolpa where only two months of ownership were included, and lower daily throughput prior to the plant expansion in Q1 2026, and $15.2 million higher costs at Guanaceví partially offset by the sale of Bolañitos. These changes resulted in mine operating earnings of $167.5 million (2025 - $20.6 million).

Exploration and evaluation expenses were $11.5 million, compared to $9.5 million incurred in the same period of 2025. General and administrative expenses of $7.5 million for the six months ended June 30, 2026, were 37% lower compared to the $11.9 million incurred for the same period of 2025, primarily due to the $3.6 million of Kolpa business acquisition costs which are ineligible to be capitalized in 2025, and $2.3 million comparatively lower loss on revaluation of directors DSU's carried at fair market value. These changes resulted in operating earnings of $148.5 million (2025 - loss of $0.8 million).

The Company incurred a loss on derivative valuation of $2.5 million (2025 - loss of $41.9 million) mostly driven by $6.3 million loss on silver collars (2025 - $nil) and $4.4 million loss on copper stream liability revaluation (2025 - loss of $1.3 million), partially offset by a $4.6 million gain on gold forward swap contracts (2025 - loss of $46.6 million), $2.2 million gain on note convertible early redemption derivative revaluation (2025 - $ nil) and $1.5 million gain on Mexican Peso forward contracts (2025 - gain of $5.9 million).

The Company recognized a foreign exchange gain of $0.3 million during the six-month period ended June 30, 2026, compared to a foreign exchange loss of $0.3 million in 2025. The Company incurred $11.5 million in finance charges primarily from $10.0 million from effective interest expense on convertible notes which were issued in December 2025. These finance charges are in comparison to $1.6 million for the same period in 2025 incurred primarily on loans payable, leases and retirement obligation accretion. The Company recognized a $5.9 million in investment and other loss compared to $2.2 million in investment and other income in 2025, resulting from recognizing an $8.4 million unrealized loss on marketable securities (2025 - gain of $0.3 million) predominantly due to the revaluation of shares of Guanajuato Silver Company Ltd. ("Guanajuato Silver"). This loss was partially offset by $4.3 million in interest income (2025 - $1.6 million), and $1.8 million of other various losses (2025 - income of $0.2 million) including loss on revaluation of contingent liabilities.

Income tax expense was $34.0 million for the six month period ended June 30, 2026, compared to $11.0 million for the same period in 2025. The $34.0 million tax expense is comprised of $44.5 million in current income tax expense (2025 - $14.4 million) and a recovery of $10.5 million in deferred income tax (2025 - recovery of $3.4 million). The current income tax expense includes $11.4 million in special mining duty taxes and is higher than the comparative period due to higher taxable earnings and the use of tax losses carried forward. The deferred income tax recovery of $10.5 million is derived from changes in temporary differences between the timing of deductions for accounting purposes compared to deductions for tax purposes.

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KEY ECONOMIC TRENDS

Precious Metal Price Trends

The prices of silver and gold are a critical factor in determining profitability and cash flow from operations. The financial performance of the Company has been, and is expected to continue to be, closely linked to the prices of silver and gold.

During the six months ended June 30, 2026, the average price of silver was $78.57 per oz, with silver trading between $57.37 and $118.45 per oz. This compares to an average of $32.76 per oz for the six months ended June 30, 2025, with a low of $29.41 and a high of $37.16 per oz. For the six months ended June 30, 2026, the Company realized an average price of $77.18 per silver oz compared with $32.52 per oz for the six months ended June 30, 2025.

During the six months ended June 30, 2026, the average price of gold was $4,687 per oz, with gold trading between $4,002 and $5,298 per oz. This compares to an average of $3,071 per oz for the six months ended June 30, 2025, with a low of $2,633 and a high of $3,433 per oz. For the six months ended June 30, 2026, the Company realized an average price of $4,672 per oz compared with $3,110 per oz for the six months ended June 30, 2025.

Several factors drove these large changes in gold and silver prices; global tensions, including ongoing conflicts in Ukraine, Iran and elsewhere in the Middle East, expectations of slower economic growth, concerns over U.S. trade policies, and tariffs pushed investors and central banks toward gold and silver to diversify away from the U.S. dollar and other fiat currencies. These dynamics propelled precious metals into record price territory, with gold and silver reaching all-time peaks of $5,298 per oz of gold in March 2026, and $118.45 per oz of silver in January 2026. Beyond the safe haven characteristics of silver, there has been a growing sense of optimism in the silver market, driven by industrial demand and supply constraints. The global push towards electrification, renewable energy, solid state batteries, and electric vehicles is expected to increase the demand for silver in industrial applications. Silver plays an indispensable role in solar panels, batteries, and other key technologies, positioning it as a strategic metal in the clean energy transition. Over this same period of industrial demand growth, the silver market has faced supply-demand deficits in recent years, with exploration, new discoveries and new production not keeping pace with mineral resource depletion. A lack of new major projects coming online is creating a supply-demand imbalance that has supported the rise in the silver price since the beginning of 2025 and especially noted in early 2026. While precious metal prices have softened during the second quarter of 2026, analyst consensus for the next year remains above $70 per oz of silver and $4,700 per oz of gold.

Currency Fluctuations

The Company's operations are located in Mexico and Peru, therefore a significant portion of operating costs and capital expenditures are denominated in Mexican pesos and Peruvian soles. The Company's corporate activities are based in Vancouver, Canada with a portion of these expenditures being denominated in Canadian dollars.

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During the six months ended June 30, 2026, the Mexican peso strengthened and then weakened toward the end of June, so much so that it ended the period with no significant net change against the U.S. dollar, creating minimal foreign exchange impact from peso balances revalued into U.S. dollars. The average foreign exchange rate was $17.48 Mexican pesos per U.S. dollar, with the peso trading within a range of $17.14 to $18.10. The average rate was 12% stronger than the comparative period in 2025 where the peso traded at an average of $19.95 peso per U.S. dollar, with a range of $18.83 to $20.88 Mexican pesos per U.S. dollar. This stronger Mexican peso in the six months ended June 30, 2026, compared to the same period in 2025 drove relatively higher costs when translated into U.S. dollars for financial reporting.

During the six months ended June 30, 2026, Peruvian sol experienced notable volatility and weakened somewhat against the U.S. dollar, primarily during Q1 of 2026. The average rate in Q2 2026, was 6% stronger than in Q2 2025, comparatively increasing costs denominated in soles. The average foreign exchange rate during the six months period was $3.43 Peruvian soles per U.S. dollar, with the sol trading within a range of $3.36 to $3.54. 

Cost Trends

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As discussed above, the impact of higher metal prices has a key impact on the Company's cost per tonne; a $1.00 per oz increase in the silver price increases cost per tonne by $0.50 at Kolpa, by $0.90 at Terronera, and by $3.80 at Guanaceví. The higher precious metal prices experienced during the six months ended June 30, 2026 had a negative impact on underlying cost per tonne due to the higher cost of purchased third-party material, higher royalties, higher special mining duties and higher profit participation payments to employees. Furthermore, the Company's profitability is subject to industry-wide cost pressures on development and operating costs with respect to labour, energy, consumables and capital expenditures. Underground mining is labour and energy intensive and approximately 30% of the Company's production costs are directly tied to labour; with a higher metal price environment more mining operations in Mexico and Peru have been re-started or expanded and there has been a resulting increase in skilled labour compensation. Furthermore, 10-15% of the Company's costs are tied to the cost of energy. Notably since the commissioning and ramp up of Terronera, the impact of diesel costs to power much of the mine and plant operations has been significant, with oil prices increasing during the period due to supply disruptions caused by the ongoing conflicts in the Middle East. At Terronera, the LNG plant began commissioning in June and is now operating, with ramp-up occurring across the mine complex through Q3 2026. The LNG plant is expected to reduce cost per tonne by approximately $7 once fully ramped up. To mitigate the impact of higher labour, power and consumable costs, the Company focuses on continuous improvement by promoting more efficient use of materials and supplies and by pursuing more advantageous pricing while increasing performance and without compromising operational integrity.

ANNUAL OUTLOOK

2026 Production and Cost Guidance

For the full year 2026, silver production from Terronera, Guanaceví, and Kolpa is projected to range between 8.3 and 8.9 million oz, while gold output from Terronera and Guanaceví is expected to range between 46,000 and 48,000 oz. During the first half of 2026, mine production at Terronera was from areas of the deposit with lower grades including stockwork, as mine development accesses higher-grade areas in the second half of 2026, which will improve grades.

		Terronera	Guanaceví	Kolpa	Consolidated
Tonnes per day	T	1,950 - 2,050	1,000 - 1,100	2,300 - 2,500	5,250 - 5,650
Silver Production	M oz	2.4 - 2.6	3.6 - 3.8	2.3 - 2.5	8.3 - 8.9
Gold Production	K oz	35.0 - 36.0	11.0 - 12.0	-	46.0 - 48.0
Lead Production	K t	-	-	22.0 - 24.0	22.0 - 24.0
Zinc Production	K t	-	-	16.0 - 18.0	16.0 - 18.0
Copper Production	T	-	-	650 - 750	650 - 750
Silver Eq Production(1)	M oz	5.6 - 5.8	4.6 - 4.9	4.4 - 4.9	14.6 - 15.6

⁽¹⁾ Silver equivalent for 2026 guidance is calculated using the following ratios: 90 silver oz to 1 gold oz; 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne.

During H1 2026 the Company produced 3,819,329 oz of silver and 22,215 oz of gold. Silver production was below the mid-point of production guidance as Terronera's planned production will increase throughout the year, and Kolpa's throughput being below the plan in Q1 2026, as well as due to lower grades of processed material at Guanaceví.

Consolidated cash costs in 2026 for Terronera, Guanaceví, and Kolpa are projected to range from $12.00 to $13.00 per payable silver oz, while AISC are estimated at $27.00 to $28.00 per oz, net of by-product credits.

		Terronera	Guanaceví	Kolpa	Consolidated
Direct operating costs per tonne	$/t	$130 - $140	$180 - $190	$130 - $140	$140 - $150
Direct costs per tonne	$/t	$150 - $160	$290 - $300	$140 - $150	$170 - $180
Cash costs, net of by-product credits	$/oz Ag	($2.00 - $1.00)	$21.00 - $22.00	$13.00 - $14.00	$12.00 - $13.00
AISC, net of by-product credits	$/oz Ag	$28.00 - $29.00	$29.00 - $30.00	$22.00 - $23.00	$27.00 - $28.00
Sustaining capital budget	$million	$56.7	$24.5	$9.8	$91.0
Growth capital budget	$million			$16.7	$16.7

Consolidated cash costs in Q2 2026 were $23.52 in line with Q1 2026 and higher than guided consolidated cost of $12.00-$13.00 due to the reasons discussed above. Management expects the costs to improve in the second half of 2026 due to higher grades at Guanacevi, the impact of ramp up efficiency programs at Terronera, including the LNG plant commissioning, and the higher-grade material that is expected to be accessed later in the year at Terronera.

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Consolidated Operating Costs

Direct operating costs per tonne for 2026 were projected to range between $140 and $150. Direct costs which include third-party material purchases, royalties, and special mining duties, are forecast to range between $170 and $180 per tonne.

Management's 2026 cost forecasts are based on a silver price of $36.00 per oz, a gold price of $3,240 per oz, an exchange rate of 18.50 Mexican pesos per U.S. dollar and 3.60 Peruvian soles per U.S. dollar, as well as annual inflation assumptions of 4% in Mexico and 2% in Peru. For every $1.00 increase in silver price per oz, direct costs per tonne would be expected to rise by approximately $0.90 at Terronera, $3.80 at Guanaceví, and $0.50 at Kolpa, reflecting the impact of royalties, duties, and third-party purchases.

Consolidated direct operating costs per tonne in Q2 and six months ended June 30, 2026, were $161.73 and $173.63 per tonne respectively. The consolidated cost per tonne realized by the Company was impacted by higher costs at each of the three operating mines driven by the stronger Mexican Peso, and higher labor costs driven by the labor shortage and higher employee labor participation as well as higher energy costs which are expected to decrease in the second half of the year due to the transition to LNG at Terronera mine.

2026 Planned Capital Expenditures

The Board of the Company has approved an expanded capital program for 2026, in light of current market conditions. As a result, the Company's expected sustaining and growth capital expenditure has increased to $181.4 million from the previously estimated plan of $157.8 million.

At Kolpa, $18.1 million additional capital expenditure includes $2.2 million for sustaining activities and $15.9 million for expansionary capital. This primarily relates to projects required following the plant's successful expansion to 2,500 tonnes per day, including expansion-related projects driven by increased requirements imposed by local authorities, expansion of the tailings facility to accommodate the increased plant capacity, construction of a new water treatment plant, expected to commence in 2026 and be completed in 2027 and new power substations required to support current operating levels and the anticipated additional demand from the waste plant and water treatment plant.

At Guanaceví, $5.5 million additional capital expenditure includes $1.0 for sustaining activities, and $4.5 million for expansionary activities. This is primarily to the expansion of the tailings facility and roads, projects which have been brought forward due to operating requirements and the potential addition of further mineral resources.

Project	Sustaining Mine Development	Sustaining Other Capital	Total Sustaining Capital	Growth Capital	Total Capital
Terronera	$32.9 million	$23.8 million	$56.7 million	-	$56.7 million
Guanaceví	$14.1 million	$11.4 million	$25.5 million	$4.5 million	$30.0 million
Kolpa	$3.0 million	$9.0 million	$12.0 million	$32.6 million	$44.6 million
Pitarrilla	-	-	-	$48.0 million	$48.0 million
Exploration	-	-	-	$1.8 million	$1.8 million
Corporate	-	-	-	$0.3 million	$0.3 million
Total	$50.0 million	$44.2 million	$94.2 million	$87.2 million	$181.4 million

Capital Investments

In 2026, Endeavour plans to invest $94.2 million in sustaining capital across its three operating mines. At budgeted metal prices, these investments are expected to be funded from operating cash flows.

At Terronera, $56.7 million is being allocated to capital projects, including $32.9 million for 9,000 metres of mine development at the Terronera vein. The remaining $23.8 million will support one-time mine and plant infrastructure enhancements, including the transition from diesel to LNG, construction of a new warehouse, expansion of accommodations by increasing bed capacity and other key initiatives designed to strengthen operational efficiency and sustainability.

At Guanaceví, $25.5 million is being invested in capital projects, with the largest component being 4,500 metres of mine development at El Curso and Milache for an estimated $14.1 million. An additional $8.8 million will be for mine infrastructure and equipment, $1.5 million for plant equipment and tailings storage facility expansion, and $1.1 million for various surface infrastructure and equipment upgrades.

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At Kolpa, $32.6 million is being invested in capital projects, including $3.1 million for 3,500 metres of mine development in the Bienaventurada and Poderosa areas. A further $9.0 million will be for mine infrastructure, equipment, and building improvements. Growth capital expenditures of $32.6 million will support the plant expansion to 2,500 tonnes per day, including the installation of a new ball mill, upgrades to flotation cells and expansion of the tailings storage facility. The $32.6 million includes the revised estimate discussed above.

The Company is also spending $2.1 million to maintain exploration concessions, acquire mobile exploration equipment, and support corporate infrastructure.

Pitarrilla

Endeavour will continue advancing the Pitarrilla project in 2026 with an estimated investment of $65.8 million, which includes $15.0 million for the feasibility study, $2.8 million for exploration work including 8,550 metres of drilling, and $48.0 million in capital expenditures. Capital spending includes $10.4 million for mine equipment, $4.0 million for additional equipment, $11.2 million for camp, warehouse, and surface infrastructure, $7.0 million to complete 1,300 metres of underground development, and $15.4 million in other indirect project costs, including contingency.

During the second quarter of 2026, the Company invested $4.4 million in Pitarrilla's property, plant and equipment. Project expenditures at Pitarrilla do not qualify for capitalization until the project formally transitions to the development stage and these costs are expensed through the statement of earnings and loss as exploration costs. Management expects the pace of investment to ramp up in the remainder of 2026, as permitting goals are achieved, and feasibility study work advances. 

LIQUIDITY AND CAPITAL RESOURCES

The Company has historically funded its acquisition, exploration and development activities through equity financings, debt facilities and convertible debt. In recent years, the Company has financed most of its acquisition, exploration, development and operating activities from production cash flows, treasury, equity and debt offerings. The Company may choose to undertake equity, debt, convertible debt or other financings, on an as-needed basis, in order to facilitate its growth.

Management of the Company believes that operating cash flow and existing current assets will be sufficient to cover capital requirements and meet its short-term obligations for at least the next twelve months. The Company continues to assess financing alternatives, including equity or debt or a combination of both, to fund future growth. As of June 30, 2026, the Company has $35.3 million of capacity available under the at-the-market distribution facility which remains available through the prospectus supplement dated July 10, 2025.

Expressed in millions of U.S. dollars		As at June 30, 2026			As at December 31, 2025
Current assets	$	435.4		$	423.2
Current liabilities	$	221.0		$	276.8
Working capital surplus	$	214.4		$	146.4

As at June 30, 2026, the Company had a working capital surplus of $214.4 million compared to $146.4 million as of December 31, 2025 (including $26.1 million of net current assets classified as held for sale). The $94.1 million increase of working capital during the period (excluding net assets classified as held for sale), was predominantly caused by $21.2 million increase in cash, $15.3 million increase in accounts and other receivables and $9.0 million increase in inventories, as well as  $29.3 million decrease in current derivative liabilities, $10.8 million decrease in accounts payable, accrued liabilities and other liabilities and $6.0 million decrease in loans payable together with $2.3 million other offsetting changes in current assets and liabilities. The higher cash, receivables and inventory balances are largely driven by higher production and profitability during 2026 compared to 2025. The decrease in current derivative liabilities is caused by a $66.2 million repayment during the period partially offset by the revaluation of the remaining liability as of June 30, 2026. The lower loans payable balance is predominantly caused by final repayment of the debt facility for Terronera (the "Debt Facility") in June 2026 and lower accounts payable, accrued and other liabilities are mainly a result of Terronera's project related spending declined at the end of 2025 and vendor accounts were settled. Working capital includes $69.5 million of Mexican value added tax "Impuesto al Valor Agregado" ("IVA") recoverable (December 31, 2025 - $63.8 million) which is expected to be recovered within twelve months.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  20

Three months ended June 30, 2026 (compared to the three months ended June 30, 2025)

Cash from operating activities

During Q2 2026, operating activities generated cash flow of $39.8 million compared to $21.5 million in Q2 2025, while the Company invested $5.1 million in working capital in Q2 2026 (Q2 2025 - released $7.2 million). Higher metal prices and metal production helped generate stronger cash flow and as a result cash flow from operations before working capital changes was $44.9 million in Q2 2026, compared to $14.3 million in Q2 2025. Operating cash flow in the period was negatively impacted by $31.7 million repayment of the gold forward swaps and silver collars while the comparative period was positively impacted by $13.5 million receipts of precious metal prepayments from customers.

Cash used in investing activities

During Q2 2026, investing activities used net cash of $26.8 million compared to $125.4 million in Q2 2025. Payments for mineral properties, plant and equipment totaled $29.1 million in Q2 2026 compared to $54.2 million in Q2 2025 due to higher capital growth investment at Terronera in 2025 during construction, which was partially offset by $2.3 million interest cash received during Q2 2026 compared to $0.6 million in 2025 as a result of higher cash balances on hand. In Q2 2025 the Company also used $72.8 million for acquisition of Kolpa offset by $1.0 million other receipts which have not recurred in 2026.

Of the $29.1 million invested in mineral properties, plant and equipment during Q2 2026, $12.0 million was at Terronera, most significant of which was $7.6 million on mine development, $2.4 million on equipment and infrastructure and $2.0 million on settlements of prior periods accounts payables related to mineral properties, plant and equipment. At Kolpa during the second quarter of 2026, $5.7 million was invested, primarily on equipment and infrastructure related to the plant capacity expansion. At Guanaceví, the Company invested $7.0 million, with $4.6 million spent on mine development and $2.4 million on equipment and infrastructure. $4.4 million of capital expenditure was related to Pitarrilla and the remainder was related to exploration activities.

Cash from (used in) financing activities

Financing activities for the three month period ended June 30, 2026, used $8.5 million, compared to providing $91.2 million in the same period of 2025. During Q2 2026, the Company paid $6.3 million in principal repayments on loans and lease liabilities, $2.1 million on repayment of copper stream liability, $0.3 million in interest payments and received $0.2 million of cash in other types of activities. By comparison, in Q2 2025, the Company paid $2.6 million in principal repayments on loans and lease liabilities, and $3.2 million in interest payments. Interest payments were higher in the comparative period as the Company had drawn the $120.0 million Debt Facility, in contrast during the current period only $5.0 million was outstanding on the Debt Facility. Additionally, in 2025 the Company received $46.6 million from public equity offerings, $35.0 million from copper stream prepayment and $15.0 million from draws of loans payable and $0.5 million from other activities.

Six months ended June 30, 2026 (compared to the six months ended June 30, 2025)

Cash from operating activities

During the six months ended June 30, 2026, operating activities generated cash flow of $60.6 million compared to $24.9 million in the same period of 2025, while the Company invested $23.2 million in working capital during the period (Q2 2025 - released $2.2 million). Higher metal prices and metal production helped generate stronger cash flow and as a result cash flow from operations before working capital changes in the first half of 2026 was $83.2 million, compared to $22.8 million in 2025. Operating cash flow in the current period was negatively impacted by $66.2 million repayment of the gold forward swaps and silver collars while in the comparative period being positively impacted by $13.5 million receipts of precious metal prepayments from customers.

Cash used in investing activities

During the first half of 2026, investing activities used net cash of $35.2 million compared to $166.0 million in 2025. Payments for mineral properties, plant and equipment totaled $67.0 million in 2026 compared to $95.7 million in 2025 due to higher capital growth investment at Terronera during construction in 2025. In 2026 the Company has received net proceeds of $27.5 million from the sale of Bolañitos, opposed to 2025 when the Company invested $72.8 million for acquisition of Kolpa.

Of the $67.0 million invested in mineral properties, plant and equipment during first half of 2026, $30.9 million was at Terronera, most significant of which was $15.9 million on mine development and $11.6 million settlements of prior periods accounts payables related to mineral properties, plant and equipment with remainder spent on mobile equipment and infrastructure. At Kolpa, during the first half of 2026, $18.3 million was invested, of which $14.1 million on equipment and infrastructure primarily related to the plant capacity expansion, with $2.0 million settlements of prior periods accounts payables related to mineral properties, plant and equipment, and remainder spent on buildings and mine development. At Guanaceví, the Company invested $12.7 million, with $8.3 million spent on mine development and $4.4 million on equipment and infrastructure. $4.6 million of capital expenditure was related to Pitarrilla and remaining $0.6 million was related to exploration activities, holding costs, corporate and Bolañitos.

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Cash from (used in) financing activities

Financing activities for the first half of 2026 used $12.5 million, compared to providing $86.7 million in the same period of 2025. During the first half of 2026, the Company paid $7.7 million in principal repayments on loans and lease liabilities, $3.8 million on repayment of copper stream liability, $0.5 million in interest payments and used $0.4 million of cash in other types of activities. By comparison, in the same period of 2025, the Company paid $4.0 million in principal repayments on loans and lease liabilities, $0.4 million on repayment of copper stream liability, and $6.3 million in interest payments. Interest payments were higher in the comparative period as the Company had fully drawn the $120.0 million Debt Facility, in contrast during the current period only $5.0 million was outstanding on this Debt Facility. Additionally, in 2025 the Company received $46.6 million from public equity offerings, $35.0 million from copper stream prepayment and $15.0 million from draws of loans payable and $0.5 million from other activities.

Equity financings

On May 27, 2025, the Company filed an updated Base Shelf prospectus, and on July 10, 2025, issued a prospectus supplement for an offering of up to $60.0 million of shares through an ATM facility of which $35.3 million remains available as of June 30, 2026.

On November 27, 2024, the Company completed a bought deal equity offering for the issuance of a total of 15,825,000 common shares at a price of $4.60 per share, which raised gross proceeds of $72.8 million. The net proceeds for this financing as at June 30, 2026, have been used as follows:

Use of proceeds (millions)
Net proceeds received	$	68.6
Advancing Pitarrilla project		19.5
Allocated to working capital	$	49.1

Debt financings

On October 6, 2023, the Company, through its wholly-owned subsidiary Terronera Precious Metals, S.A. de C.V. entered into a credit agreement with Société Generale and ING Capital LLC (together with ING Bank N.V.) for a senior secured debt facility for up to $120 million (the "Debt Facility"), subsequently amended to $135 million and fully drawn during 2025. $130 million of the Debt Facility was repaid in December 2025, with the final balance of the facility being repaid during June 2026.

Contingencies

The Company has a number of disputes with the Mexican tax authorities as disclosed in the MD&A for the year ended December 31, 2025, which are currently being addressed in the Mexican court process, and judgment is used to assess the likelihood of outcomes in favour of the Company and the recognition of any liabilities. The Company is also required to use judgment to determine certain tax treatments in calculating income tax expense and IVA. These judgments are subject to various uncertainties. From time to time, Mexican authorities may apply, re-interpret legislation or disregard precedents and it is possible that these uncertainties may be resolved unfavorably for the Company.

Capital Requirements

As of June 30, 2026, the Company held $236.6 million in cash and cash equivalents and had a working capital surplus including cash of $214.4 million. The Company may be required to raise additional funds through future debt or equity financings in order to carry out other business plans.

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Contractual Obligations

The Company had the following undiscounted contractual obligations including interest, as at June 30, 2026:

Payments due by period (in millions of U.S. dollars)
Contractual Obligations		Total			Less than 1 year			1 - 3 years			3 - 5 years			More than 5 years
Capital asset purchases	$	2.5		$	2.5		$	-		$	-		$	-
Accounts payable, accrued liabilities and other		109.5			109.5
Loans payable		6.2			3.1			3.1			-			-
Lease liabilities		1.4			0.8			0.6			-			-
Other contracts		0.2			0.1			0.1			-			-
Reclamation obligations		28.7			-			7.6			0.6			20.5
Gold forward swaps		66.4			65.2			1.1			-			-
Silver collar contracts		2.4			2.4			-			-			-
Copper stream liability		59.2			8.5			17.1			15.6			18.0
Contingent payment		10.0			10.0			-			-			-
Convertible note debenture		354.5			1.0			1.8			351.8			-
Total	$	641.0		$	203.1		$	31.4		$	368.0		$	38.5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

As at June 30, 2026, the carrying and fair values of the Company's financial instruments by category were as follows:

		As at June 30, 2026						As at December 31, 2025
Expressed in millions of U.S. dollars		Carrying value			Estimated Fair value			Carrying value			Estimated Fair value
Financial assets:
Cash and cash equivalents	$	236.6		$	236.6		$	215.4		$	215.4
Other investments		12.8			12.8			1.0			1.0
Trade and other receivables		38.7			38.7			23.8			23.8
Derivative assets		11.1			11.1			9.1			9.1
Loan receivable		2.6			2.6			2.6			2.6
Deferred consideration		7.8			7.8			-			-
Total financial assets	$	309.6		$	309.6		$	251.9		$	251.9
Financial liabilities:
Accounts payable, accrued liabilities and other current liabilities	$	109.5		$	109.5		$	120.4		$	120.4
Derivative liabilities		65.8			65.8			130.3			130.3
Copper stream liability		45.4			45.4			44.7			44.7
Contingent payment		9.4			9.4			8.8			8.8
Loans payable		5.6			5.6			12.7			12.7
Senior convertible notes		241.2			243.1			231.2			231.2
Total financial liabilities	$	476.9		$	478.8		$	548.1		$	548.1

Fair value hierarchy

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by no or little market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

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Assets and liabilities as at June 30, 2026 that are measured at fair value on a recurring basis include:

As at June 30, 2026
Expressed in millions of U.S. dollars		Total			Level 1			Level 2			Level 3
Financial Assets:
Other investments	$	12.8			12.7			-			0.1
Accounts and other receivables	$	31.7			-			31.7			-
Derivative assets	$	11.1			-			0.9			10.2
Deferred consideration	$	7.8			-			-			7.8
Total financial assets	$	63.4		$	12.7		$	32.6		$	18.1
Financial Liabilities:
Cash-settled deferred share units	$	7.8			7.8			-			-
Derivative liabilities	$	65.8			-			65.8			-
Copper stream liability	$	45.4			-			-			45.4
Contingent payment	$	9.4			-			-			9.4
Total financial liabilities	$	128.4		$	7.8		$	65.8		$	54.8

Other investments

The Company holds marketable securities classified as Level 1 and Level 3 in the fair value hierarchy. The fair values of Level 1 investments are determined based on a market approach reflecting the closing price of each particular security at the reporting date. The closing price is a quoted market price obtained from the stock exchange that is the principal active market for the particular security, being the market with the greatest volume and level of activity for the assets. For Level 3 investments, which consist of share purchase warrants where inputs are not observable, the estimated fair value is determined by using an option pricing model. Changes in fair value on available for sale marketable securities are recognized in earnings or loss.

Trade receivables

The trade receivables consist of receivables from provisional silver and gold sales. The fair value of receivables arising from concentrate and doré sale contracts that contain provisional pricing mechanisms is determined using the appropriate quoted closing price on the measurement date from the exchange that is the principal active market for the particular metal. As such, these receivables, which meet the definition of an embedded derivative, are classified within Level 2 of the fair value hierarchy.

Deferred consideration

As part of the sale of Bolañitos, the Company is entitled to receive up to $10.0 million of deferred consideration, payable in two installments of $5.0 million each upon Bolañitos achieving the cumulative production milestones of two million and four million silver-equivalent ounces respectively. The deferred consideration represents a financial asset measured at fair value through profit or loss and is re-measured at the end of each reporting period, with changes in fair value recognized in profit or loss. Deferred consideration is valued using a probability weighted discounted cash flows with key assumptions being likelihood and timing of the milestones being reached. It is classified as Level 3 in the fair value hierarchy.

Derivative assets

The Company hedges a portion of its operating expenditures incurred in Mexican pesos. The fair value of the foreign exchange forward contracts is determined using mark-to-market values provided by counterparties. These valuations are based on observable market inputs, including spot rates, forward foreign exchange rates and interest rate curves. Accordingly, the instruments are classified as Level 2 in the fair value hierarchy. Derivative assets further include an early redemption derivative asset embedded in the convertible senior notes, which is valued using a FINCAD model with key assumptions including underlying stock volatility and the Company's credit spread. This instrument is classified as Level 3 in the fair value hierarchy.

Deferred share units ("DSUs")

The Company previously issued DSUs to independent directors of the Company under a plan which has since been replaced. The DSUs vest immediately and are redeemable for cash based on the market value of the units at the time of a director's retirement. The DSUs are classified as Level 1 in the fair value hierarchy. The liability is determined based on a market approach reflecting the closing price of the Company's common shares at the reporting date. Changes in fair value are recognized in general and administrative expenses.

Copper stream liability

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The Company entered into a copper stream agreement on copper produced by Kolpa. Under the copper stream agreement, the Company received a $35 million prepayment used to finance the cash consideration of the Kolpa acquisition on May 1, 2025. The copper stream liability is classified as Level 3 in the fair value hierarchy and measured at fair value through profit or loss. The stream is valued using a discounted cash flow model based on current market and operational assumptions. The key unobservable inputs used in the valuations include a discount rate, reflecting credit risk and asset-specific risk, and copper price forecasts, based on observable forward price curves over the expected production term. Valuation involves significant management's judgment related to the life-of-mine production schedule, including expected output timing and volumes.

Contingent payment

Part of the consideration in the acquisition of Kolpa was a deferred payable totaling up to $10.0 million, contingent upon Kolpa'a future technical report's stated silver-equivalent ounces and payable upon filing of the technical report. Consideration is valued using a discounted cash flow model and it is classified as Level 3 in the fair value hierarchy.

Derivative liabilities

The Company holds certain gold forward swap contracts to hedge against the fluctuation in gold. The fair values of the gold forward swap contracts are determined using mark-to-market values provided by counterparties. These valuations are based on observable market inputs, including gold spot price, forward price curve and interest rate curves. Accordingly, the instruments are classified as Level 2 in the fair value hierarchy.

Financial Instrument Risk Exposure and Risk Management

The Company is exposed to a variety of financial instrument related risks. The board of directors approves and monitors the risk management process. The types of risk exposure and the way in which such exposure is managed are provided as follows:

Credit Risk

The Company is exposed to credit risk on its bank accounts, accounts receivable and loan receivable. Credit risk exposure on bank accounts is limited through maintaining the Company's balances with high-credit quality financial institutions, maintaining investment policies, assessing institutional exposure and continual discussion with external advisors. Value-added tax receivables are generated on the purchase of supplies and services to produce silver, which are refundable from the Mexican government. Trade receivables are generated on the sale of concentrate and doré inventory to reputable metal traders and other customers. The loan receivable relates to the remaining proceeds for the sale of the El Compas mine to Grupo ROSGO. There has been no indication of a change in the creditworthiness of the counterparty to the loan receivable since the initial recognition.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages its liquidity risk by continually monitoring forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support its normal operating requirements and development plans. The Company aims to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from operations, its holdings of cash and cash equivalents, and its committed and anticipated liabilities.

The Company's Mexican subsidiaries pay IVA on the purchase and sale of goods and services. The net amount paid is recoverable but is subject to review and assessment by the tax authorities. The Company regularly files the required IVA returns and all supporting documentation with the tax authorities, however, a smaller portion of IVA refund requests are denied from time to time based on the alleged lack of compliance with certain formal requirements and information returns by the Company's third-party suppliers. The Company takes necessary legal action on the delayed refunds as well as any denied refunds. The Company is in regular contact with the tax authorities in respect of its IVA filings and believes that the full amount of its IVA receivables will ultimately be received; however, the timing of recovery of these amounts and the nature and extent of any adjustments to the Company's IVA receivables remains uncertain.

Market Risk

The significant market risk exposures to which the Company is exposed are foreign currency risk, interest rate risk, and commodity price risk.

Foreign Currency Risk - The Company's operations in Mexico, Peru and Canada make it subject to foreign currency fluctuations. Certain of the Company's operating expenses are incurred in Mexican pesos, Peruvian soles and Canadian dollars; therefore, the fluctuation of the U.S. dollar in relation to these currencies will consequently impact the profitability of the Company and may also affect the value of the Company's assets and the amount of shareholders' equity. The Company hedges a portion of operating expenditures incurred in Mexican pesos. As of June 30, 2026, the Company had $24.0 million in Mexican peso forward contracts with a weighted average rate of 18.30 pesos per U.S. dollar.

Interest Rate Risk - The interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. All of the outstanding equipment financing obligations bear interest at fixed rates. The Company has no loan payable arrangements with exposure to changes in future cash flows attributable to changes in market interest rates as of June 30, 2026.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  25

The Company is exposed to interest rate risk on its cash and cash equivalents. The interest earned on cash and cash equivalents is based on bank account interest rates which may fluctuate. Based on the exposure as of June 30, 2026, a 1% change in the interest rates would result in an increase or decrease of approximately $2.4 million in interest earned by the Company at an annual level. The Company has not entered into any derivative contracts to manage the interest rate risk.

Commodity Price Risk - The Company is subject to commodity price risk related to silver, gold, lead, zinc, and copper. Fluctuations in the market prices of these metals can have a direct and immediate impact on the valuation of related financial instruments, non-financial assets, and overall net earnings. Gold and silver prices have historically fluctuated significantly and are affected by numerous factors outside of the Company's control, including, but not limited to, industrial and retail demand, central bank lending, forward sales by producers and speculators, levels of worldwide production, short-term changes in supply and demand because of speculative hedging activities and certain other factors.

As of June 30, 2026, unfinalized sales of 284,018 oz of silver and 2,963 oz of gold as well as trivial amounts of base metals, which do not have a final settlement price and the estimated revenues have been recognized using one month forward metal prices. As at June 30, 2026, with other variables unchanged, a 10% decrease in the market value of silver and gold would result in a reduction of revenue and the associated receivable of $2.8 million.

On March 28, 2024, the Company entered into gold forward swap contracts for 68,000 oz, a portion of the expected gold sales in the first three years of production, to hedge against the fluctuation in gold prices. As of June 30, 2026, 36,347 oz remains outstanding with forward price of $2,311 per oz of gold.

In September 2025, in relation to the amendment to the Debt Facility, the Company implemented un-margined zero cost collars for 968,000 oz of silver with a price range of $31 to $42. As at June 30, 2026, the final settlement amount of the Company's silver collar contracts had been fixed at $2.3 million and was included in current derivative liabilities. Accordingly, the Company had no silver collar ounces outstanding. The liability was settled in cash on July 2, 2026.

OUTSTANDING SHARE DATA

As of July 29, 2026, the Company had the following securities issued, issuable and outstanding:

• 296,144,479 common shares;
• 1,192,024 stock options;
• 934,260 performance share units;
• 641,893 equity settled DSUs.
• 459,853 restricted share units.
• Convertible senior notes with a potentially dilutive impact of 28,101,150 shares.

As at June 30, 2026, the Company's issued share capital was $984.0 million (December 31, 2025 - $981.2 million), representing 296,144,479 common shares (December 31, 2025 - 295,410,615). The Company also had options outstanding to purchase 1,192,024 common shares (December 31, 2025 - 1,671,794) with a weighted average exercise price of CAD$4.31 (December 31, 2025 - CAD$4.13), 934,260 performance share units (December 31, 2025 - 1,214,900), 641,893 equity settled DSUs (December 31, 2025 - 598,437), 459,853 restricted share units (December 31, 2025 - 363,520) as well as convertible senior notes with  $350.0 million aggregate principal value convertible into common shares based on an initial conversion rate of 80.2890 common shares per $1,000 principal amount of notes.

The Company considers the items included in the consolidated statement of shareholders' equity as capital. The Company's objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through private placements, prospectus offerings, convertible debentures, asset acquisitions or return capital to shareholders. The Company is not subject to externally imposed capital requirements.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  26

CHANGES IN ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES

Accounting standards adopted during the period

The accounting policies applied in the Company's condensed consolidated interim financial statements for the six months ended June 30, 2026, are the same as those applied in the Company's annual audited consolidated financial statements as at and for the year ended December 31, 2025, except as noted below:

Effective January 1, 2026, the Company adopted amendments to IFRS 9 Financial Instruments and related amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures related to the settlement of financial assets and financial liabilities through electronic payment systems. The amendments clarify the timing of recognition and derecognition of financial assets and financial liabilities settled electronically and introduce an optional exception for certain electronic payment arrangements. The adoption of these amendments did not have a significant impact on the Company's consolidated financial statements.

Critical Accounting Estimates

The preparation of financial statements requires the Company to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  There have been no significant changes to the critical accounting estimates and judgments disclosed in the Company's annual MD&A for the year ended December 31, 2025. 

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company's officers and management are responsible for establishing and maintaining disclosure controls and procedures for the Company. Disclosure controls and procedures are designed to provide reasonable assurance that material information required to be disclosed by the Company under securities legislation is recorded, processed, summarized and reported within the applicable time periods and to ensure that required information is gathered and communicated to the Company's management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as is appropriate to permit timely decisions regarding public disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Changes in Internal Control over Financial Reporting

Management, including the CEO and CFO, has evaluated the Company's internal controls over financial reporting to determine whether any changes occurred during the period that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

During the three and six months ended June 30, 2026, there have been no significant changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  27

QUARTERLY RESULTS AND TRENDS

The following table presents selected financial information for each of the most recent eight quarters:

Table in millions of U.S. dollars except for share numbers and per share amounts	2026		2025				2024
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Gross Sales	$216.3	$213.8	$176.4	$146.0	$90.1	$63.9	$42.7	$54.0
Smelting and refining costs included in revenue	4.3	4.0	3.8	3.1	1.5	0.4	0.5	0.5
Total Revenue	212.1	209.7	172.6	142.9	88.6	63.5	42.2	53.5
Direct production costs	101.0	84.0	92.0	93.9	59.2	35.2	25.4	28.7
Royalties	11.2	11.2	9.0	9.3	6.5	6.2	3.7	5.2
Mine operating cash flow before taxes	99.9	114.6	71.6	39.7	22.9	22.1	13.1	19.6
Share-based compensation	0.2	0.2	0.2	0.1	0.2	-	0.1	0.1
Depreciation	25.7	20.9	24.9	23.9	15.0	9.2	5.3	7.0
Mine operating earnings (loss)	74.0	93.5	46.6	15.7	7.7	12.9	7.7	12.5
Basic earnings (loss) per share	$0.22	$0.23	($0.08)	($0.14)	($0.07)	($0.13)	$0.00	($0.07)
Diluted earnings (loss) per share	$0.21	$0.21	($0.08)	($0.14)	($0.07)	($0.13)	$0.00	($0.07)
Weighted shares outstanding ('000)	296,096	295,687	294,636	291,373	283,534	262,324	252,170	246,001
Net earnings (loss)	66.5	64.9	(23.8)	(42.0)	(20.5)	(32.9)	1.0	(17.3)
Depreciation	26.0	21.1	25.1	24.1	15.1	9.6	5.7	7.4
Finance costs	5.4	5.6	11.6	0.7	0.8	0.2	0.3	0.4
Current income tax	10.7	33.8	11.6	10.7	9.1	5.3	(0.2)	4.5
Deferred income tax	2.3	(12.8)	(12.8)	(6.2)	(3.2)	(0.2)	(2.5)	(0.5)
EBITDA	110.9	112.6	11.7	(12.7)	1.3	(18.0)	4.3	(5.5)

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  28

The following table presents selected production and costs information for each of the most recent eight quarters:

Highlights	2026		2025				2024
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Processed tonnes	509,576	456,657	551,010	400,245	303,828	209,507	165,591	175,065
Terronera	175,729	175,418	154,180	-	-	-	-	-
Guanaceví	100,439	95,524	104,380	99,340	96,834	102,438	58,798	67,094
Bolañitos	-	13,988	93,620	105,153	88,098	107,069	106,793	107,971
Kolpa	233,408	171,727	198,830	195,752	118,896	-	-	-
Silver ounces	1,943,955	1,875,375	2,030,206	1,766,926	1,483,736	1,205,793	824,529	874,717
Terronera	608,347	533,301	352,002	-	-	-	-	-
Guanaceví	702,320	793,560	877,554	1,024,321	997,875	1,015,327	718,797	768,905
Bolañitos	-	18,396	168,783	143,916	105,223	190,466	105,732	105,812
Kolpa	633,288	530,118	631,867	598,689	380,638	-	-	-
Silver equivalent ounces(1)	3,437,794	3,341,943	3,767,713	3,037,156	2,528,562	1,872,833	1,550,529	1,617,925
Terronera	1,298,268	1,296,348	1,003,822	-	-	-	-	-
Guanaceví	955,070	1,042,779	1,117,703	1,279,860	1,282,853	1,334,447	928,557	995,146
Bolañitos	-	62,766	379,632	471,158	440,678	538,386	621,972	622,779
Kolpa	1,184,457	940,050	1,266,557	1,286,139	805,032	-	-	-
Cash costs per oz (2)	$23.52	$22.54	$19.05	$18.09	$15.35	$15.89	$13.68	$11.35
Terronera	$5.07	($2.14)	$4.76	-	-	-	-	-
Guanaceví	$40.17	$38.59	$31.18	$22.98	$19.91	$19.73	$20.25	$19.59
Bolañitos	-	($34.70)	$11.18	($11.47)	($17.26)	($5.60)	($33.11)	($51.38)
Kolpa	$22.23	$24.52	$11.42	$16.43	$11.81	-	-	-
AISC per oz (2)	$36.89	$37.03	$41.19	$30.53	$25.16	$24.48	$27.33	$25.82
Terronera	$26.42	$22.31	$65.70	-	-	-	-	-
Guanaceví	$52.20	$48.47	$42.31	$31.09	$26.81	$26.50	$32.40	$30.83
Bolañitos	-	($20.22)	$35.95	$27.22	$7.04	$13.16	($8.78)	($12.31)
Kolpa	$29.40	$36.12	$27.19	$30.31	$25.66	-	-	-
Direct costs per tonne (2)	$219.62	$256.33	$207.91	$192.78	$201.24	$207.27	$209.49	$189.85
Terronera	$192.13	$233.84	$230.35	-	-	-	-	-
Guanaceví	$395.39	$457.23	$383.98	$349.83	$325.40	$310.52	$365.23	$330.55
Bolañitos	-	$130.37	$136.00	$118.41	$137.72	$108.49	$123.73	$102.42
Kolpa	$164.68	$177.82	$131.93	$153.03	$147.20	-	-	-

(1) Silver equivalents for 2026 are calculated using 90:1 Ag:Au, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratios. Silver equivalents for 2025 are calculated using 80:1 Ag:Au, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratios.

(2) Cash cost per oz, AISC per oz and direct costs per tonne are non-IFRS measures.

NON-IFRS MEASURES

Non-IFRS and Other Financial Measures and Ratios

We have included certain non-IFRS financial measures and ratios in this MD&A, as discussed below. We believe that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Non-IFRS financial measures are defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112") as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation.

A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  29

Working capital is a non-IFRS measure that is a common measure of liquidity but does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is current assets and current liabilities. Working capital is calculated by deducting current liabilities from current assets. Working capital should not be considered in isolation or as a substitute from measures prepared in accordance with IFRS. The measure is intended to assist readers in evaluating our liquidity.

Expressed in millions of U.S. dollars		As at June 30, 2026			As at December 31, 2025
Current assets	$	435.4		$	423.2
Current liabilities		221.0			276.8
Working capital	$	214.4		$	146.4

Adjusted earnings and adjusted earnings per share are non-IFRS measures that supplement information to the Company's consolidated financial statements. The Company believes that, in addition to the conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's underlying core operating performance. The presentation of adjusted earnings and adjusted earnings per share is not meant to be a substitute for net income and net income per share presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures.

The Company defines the adjusted earnings as net income adjusted to include certain non-cash and unusual items, 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 unrealized foreign exchange (gain) loss, (gain) loss on derivatives, changes in the fair value of its investments in marketable securities and change in fair value of cash settled DSUs and made retroactive adjustments to prior periods for the same.

The following table provides a detailed reconciliation of net income as reported in the Company's financial statement to adjusted earnings and adjusted earnings per share.

Expressed in millions of U.S. dollars		Three Months Ended June 30						Six Months Ended June 30
		2026			2025			2026			2025
Net earnings (loss) for the period per financial statements	$	66.5			($20.5	)	$	131.4			($53.4	)
Unrealized foreign exchange (Gain) loss		(3.0	)		(2.8	)		(2.4	)		(2.5	)
(Gain) loss on derivatives, copper stream and contingent liabilities revaluations		(21.3	)		10.1			4.1			42.0
(Gain) on sale of Bolañitos		(0.9	)		-			(36.5	)		-
Acquisition costs		-			3.6			-			3.6
Change in fair value of investments		4.3			(0.2	)		8.4			(0.3	)
Change in fair value of cash settled DSUs		(1.0	)		0.6			(1.1	)		1.2
Adjusted net earnings (loss)	$	44.8			($9.2	)	$	104.0			($9.4	)
Basic weighted average share outstanding ('000)		296,096			283,534			295,892			272,988
Adjusted net earnings (loss) per share	$	0.15			($0.03	)	$	0.35			($0.03	)

Totals may not add up due to rounding

Mine operating cash flow before taxes is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Mine operating cash flow is calculated as revenue minus direct production costs and royalties. Mine operating cash flow is used by management to assess the performance of the mine operations, excluding corporate and exploration activities, and is provided to investors as a measure of the Company's operating performance.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  30

Expressed in millions of U.S. dollars		Three Months Ended June 30						Six Months Ended June 30
		2026			2025			2026			2025
Mine operating earnings per financial statements	$	74.0		$	7.7		$	167.5		$	20.6
Share-based compensation		0.2			0.2			0.4			0.2
Depreciation		25.7			15.0			46.5			24.2
Mine operating cash flow before taxes	$	99.9		$	22.9		$	214.4		$	45.0

Operating cash flow before working capital changes per share is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Operating cash flow per share is calculated by dividing cash from operating activities by the weighted average shares outstanding. Operating cash flow per share is used by management to assess operating performance on a per share basis, irrespective of working capital changes and is provided to investors as a measure of the Company's operating performance.

Expressed in millions of U.S. dollars		Three Months Ended June 30						Six Months Ended June 30
(except for per share amounts)		2026			2025			2026			2025
Cash from operating activities per financial statements	$	39.8		$	21.5		$	60.6		$	24.9
Net changes in non-cash working capital per financial statements		(5.1	)		7.2			(23.2	)		2.2
Operating cash flow before working capital changes	$	44.9		$	14.3		$	83.8		$	22.7
Basic weighted average shares outstanding ('000)		296,096			283,534			295,892			272,988
Operating cash flow before working capital changes per share	$	0.15		$	0.05		$	0.28		$	0.08

EBITDA is a non-IFRS financial measure, which excludes the following from net earnings:

• Income tax expense;
• Finance costs;
• Depreciation.

Adjusted EBITDA excludes the following additional items from EBITDA:

• Share based compensation;
• Non-recurring impairments (reversals);
• Unrealized foreign exchange (gain) loss;
• Change in fair value of investments;
• (Gain) loss on derivatives and copper stream revaluation;
• Change in fair value of cash settled DSUs;
• Significant non-routine items.

Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the basic weighted average number of shares outstanding for the period.

Management believes EBITDA is a valuable indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.

EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or "EBITDA multiple" based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a Company.

EBITDA is intended to provide additional information to investors and analysts. It does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS. EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined by IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  31

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.

Expressed in millions of U.S. dollars		Three Months Ended June 30						Six Months Ended June 30
		2026			2025			2026			2025
Net earnings (loss) for the period per financial statements	$	66.5			($20.5	)	$	131.4			($53.4	)
Depreciation - cost of sales		25.7			15.0			46.5			24.2
Depreciation - exploration, evaluation and development		0.2			-			0.3			0.3
Depreciation - general & administration		0.1			0.1			0.2			0.2
Finance costs		5.4			0.8			10.9			1.0
Current income tax expense		10.7			9.1			44.5			14.4
Deferred income tax expense (recovery)		2.3			(3.2	)		(10.5	)		(3.4	)
EBITDA	$	110.9		$	1.4		$	223.5			($16.7	)
Share based compensation		0.9			1.7			2.3			2.2
Unrealized foreign exchange (gain) loss		(3.0	)		(2.8	)		(2.4	)		(2.5	)
(Gain) loss on derivatives, copper stream and contingent liabilities revaluations		(21.3	)		10.1			4.1			42.0
(Gain) on sale of Bolañitos		(0.9	)		-			(36.5	)		-
Change in fair value of investments		4.3			(0.2	)		8.4			(0.3	)
Change in fair value of cash settled DSUs		(1.0	)		0.6			(1.1	)		1.2
Adjusted EBITDA	$	90.0		$	10.8		$	198.4		$	25.9
Basic weighted average shares outstanding ('000)		296,096			283,534			295,892			272,988
Adjusted EBITDA per share	$	0.30		$	0.04		$	0.67		$	0.09

Totals may not add up due to rounding

Cash costs per silver oz, total production costs per oz, direct operating costs per tonne and direct costs per tonne are measures developed by precious metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-IFRS measures and ratios is similar to those reported by other mining companies. Cash costs per oz, total production costs per oz and direct costs per tonne are measures used by the Company to manage and evaluate operating performance at each of the Company's operating mining units. They are widely reported in the silver mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Direct operating costs include mining, processing (including smelting, refining, transportation and selling costs) and direct overhead at the operation sites. Direct costs include all direct operating costs plus royalties and special mining duty. Cash costs include all direct costs less by-product gold sales and changes in finished gold inventories.

Total production costs include all cash costs plus depreciation, changes in depreciation in finished goods inventory and site share-based compensation. Cash costs per silver ounce and total production costs per ounce are calculated by dividing cash costs and total production costs by the payable silver ounces produced. Direct operating costs per tonne and direct costs per tonne are calculated by dividing direct operating costs and direct costs by the number of processed tonnes. The following tables provide a detailed reconciliation of these measures to the Company's direct production costs, as reported in its consolidated financial statements.

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  32

Expressed in millions of U.S. dollars		Three Months Ended June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Direct production costs per financial statements	$	29.3		$	37.8		$	-		$	33.9		$	101.0
Purchase of the third-party material		-			(15.2	)		-			(0.9	)		(16.1	)
Smelting and refining costs included in revenue		1.4			-			-			2.9			4.3
Opening finished goods		(2.2	)		(17.6	)		-			(1.4	)		(21.3	)
Closing finished goods		1.3			12.3			-			0.9			14.5
Direct operating costs		29.8			17.3			-			35.3			82.4
Purchase of the third-party material		-			15.2			-			0.9			16.1
Royalties		2.3			7.9			-			1.1			11.2
Special mining duty (1)		1.7			(0.7	)		-			1.1			2.2
Direct costs		33.8			39.7			-			38.4			111.9
By-products sales		(31.8	)		(14.8	)		-			(25.6	)		(72.2	)
Opening by-products inventory fair market value		2.6			6.4			-			1.3			10.4
Closing by-products inventory fair market value		(1.6	)		(3.6	)		-			(0.8	)		(6.1	)
Cash costs net of by-products		3.0			27.8			-			13.3			44.0
Depreciation		9.9			7.4			-			8.3			25.7
Share-based compensation		0.1			-			-			0.1			0.2
Opening finished goods depreciation		(0.6	)		(3.5	)		-			(0.3	)		(4.4	)
Closing finished goods depreciation		0.4			2.6			-			0.2			3.1
Total production costs	$	12.8		$	34.3		$	-		$	21.6		$	68.7

		Three Months Ended June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Throughput tonnes		175,729			100,439			-			233,408			509,576
Payable silver ounces		582,043			691,401			-			599,323			1,872,767
Cash costs per silver ounce	$	5.07		$	40.17		$	-		$	22.23		$	23.52
Total production costs per ounce	$	21.93		$	49.65		$	-		$	36.08		$	36.69
Direct operating costs per tonne	$	169.49		$	172.22		$	-		$	151.38		$	161.73
Direct costs per tonne	$	192.13		$	395.39		$	-		$	164.68		$	219.62

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  33

Expressed in millions of U.S. dollars		Three Months Ended June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Direct production costs per financial statements	$	-		$	23.1		$	11.6		$	16.3		$	51.0
Purchase of the third-party material		-			(10.0	)		-			-			(10.0	)
Smelting and refining costs included in revenue		-			-			0.3			1.1			1.4
Opening finished goods		-			(4.8	)		(1.3	)		(0.6	)		(6.7	)
Closing finished goods		-			5.9			0.9			0.6			7.4
Direct operating costs		-			14.2			11.5			17.4			43.1
Purchase of the third-party material		-			10.0			-			-			10.0
Royalties		-			6.2			0.2			-			6.4
Special mining duty (1)		-			1.1			0.4			0.1			1.7
Direct costs		-			31.5			12.1			17.5			61.1
By-products sales		-			(11.6	)		(14.0	)		(13.3	)		(38.9	)
Opening by-products inventory fair market value		-			2.2			1.4			0.5			4.2
Closing by-products inventory fair market value		-			(2.3	)		(1.3	)		(0.5	)		(4.1	)
Cash costs net of by-products		-			19.8			(1.7	)		4.2			22.3
Depreciation		-			6.3			2.7			5.2			14.2
Share-based compensation		-			0.1			-			-			0.1
Opening finished goods depreciation		-			(1.6	)		(0.4	)		(0.1	)		(2.1	)
Closing finished goods depreciation		-			1.8			0.2			0.1			2.2
Total production costs	$	-		$	26.4		$	0.9		$	9.4		$	36.7

		Three Months Ended June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Throughput tonnes		-			96,834			88,098			118,896			303,828
Payable silver ounces		-			994,882			100,183			359,347			1,454,412
Cash costs per silver ounce	$	-		$	19.91			($17.26	)	$	11.81		$	15.35
Total production costs per ounce	$	-		$	26.55		$	8.92		$	26.20		$	25.25
Direct operating costs per tonne	$	-		$	147.11		$	131.06		$	145.95		$	142.00
Direct costs per tonne	$	-		$	325.40		$	137.72		$	147.20		$	201.24

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  34

Expressed in millions of U.S. dollars		Six Months Ended June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Direct production costs per financial statements	$	63.1		$	61.7		$	1.7		$	58.4		$	185.0
Purchase of the third-party material		-			(25.6	)		-			(1.9	)		(27.4	)
Smelting and refining costs included in revenue		2.6			0.2			-			5.5			8.3
Opening finished goods		(3.0	)		(8.6	)		(0.2	)		(0.8	)		(12.6	)
Closing finished goods		1.3			12.3			-			0.9			14.5
Direct operating costs		64.0			40.1			1.6			62.1			167.8
Purchase of the third-party material		-			25.6			-			1.9			27.4
Royalties		4.7			15.0			-			2.6			22.4
Special mining duty (1)		6.1			2.8			0.2			2.4			11.4
Direct costs		74.8			83.4			1.8			69.0			229.0
By-products sales		(74.3	)		(24.9	)		(2.5	)		(43.2	)		(144.8	)
Opening by-products inventory fair market value		3.0			3.2			0.1			0.6			6.9
Closing by-products inventory fair market value		(1.6	)		(3.6	)		-			(0.8	)		(6.1	)
Cash costs net of by-products		1.9			58.1			(0.6	)		25.6			85.0
Depreciation		19.4			12.1			-			15.1			46.5
Share-based compensation		0.2			0.1			-			0.2			0.4
Opening finished goods depreciation		(0.5	)		(1.8	)		-			(0.2	)		(2.4	)
Closing finished goods depreciation		0.4			2.6			-			0.2			3.1
Total production costs	$	21.3		$	71.1			($0.6	)	$	40.9		$	132.6

		Six Months Ended June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Throughput tonnes		351,147			195,963			13,988			405,135			966,232
Payable silver ounces		1,092,565			1,476,895			17,668			1,100,781			3,687,909
Cash costs per silver ounce	$	1.70		$	39.33			($34.70	)	$	23.27		$	23.03
Total production costs per ounce	$	19.47		$	48.12			($34.69	)	$	37.15		$	35.96
Direct operating costs per tonne	$	182.29		$	204.43		$	113.74		$	153.30		$	173.63
Direct costs per tonne	$	212.97		$	425.53		$	130.37		$	170.25		$	236.97

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  35

Expressed in millions of U.S. dollars		Six Months Ended June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Direct production costs per financial statements	$	-		$	48.5		$	21.3		$	16.3		$	86.1
Purchase of the third-party material		-			(15.9	)		-			-			(15.9	)
Smelting and refining costs included in revenue		-			-			0.8			1.1			1.9
Opening finished goods		-			(5.4	)		(0.5	)		(0.6	)		(6.5	)
Closing finished goods		-			5.9			0.9			0.6			7.4
Direct operating costs		-			33.1			22.6			17.4			73.0
Purchase of the third-party material		-			15.9			-			-			15.9
Royalties		-			12.3			0.3			-			12.6
Special mining duty (1)		-			2.1			0.9			0.1			3.1
Direct costs		-			63.3			23.7			17.5			104.6
By-products sales		-			(24.4	)		(26.0	)		(13.3	)		(63.7	)
Opening by-products inventory fair market value		-			3.2			0.8			0.5			4.5
Closing by-products inventory fair market value		-			(2.3	)		(1.3	)		(0.5	)		(4.1	)
Cash costs net of by-products		-			39.8			(2.7	)		4.0			41.3
Depreciation		-			12.9			5.4			5.2			23.4
Share-based compensation		-			0.1			0.1			-			0.2
Opening finished goods depreciation		-			(1.2	)		(0.1	)		(0.1	)		(1.4	)
Closing finished goods depreciation		-			1.8			0.2			0.1			2.2
Total production costs	$	-			53.4			2.8			9.4			65.6

(1) Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS. 

		Six Months Ended June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Throughput tonnes		-			199,272			195,167			118,896			513,335
Payable silver ounces		-			2,007,163			281,260			359,347			2,647,770
Cash costs per silver ounce	$	-		$	19.82			($9.75	)	$	11.81		$	15.59
Total production costs per ounce	$	-		$	26.60		$	10.04		$	26.20		$	24.79
Direct operating costs per tonne	$	-		$	166.30		$	115.56		$	145.95		$	142.30
Direct costs per tonne	$	-		$	317.75		$	121.69		$	147.20		$	203.70

Expressed in millions of U.S. dollars		June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Closing finished goods		1.3			12.3			-			0.9			14.5
Closing finished goods depreciation		0.4			2.6			-			0.2			3.1
Finished goods inventory	$	1.7		$	14.9			-		$	1.1		$	17.7

Expressed in millions of U.S. dollars		June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Closing finished goods		-			5.9			0.9			0.6			7.4
Closing finished goods depreciation		-			1.8			0.2			0.1			2.2
Finished goods inventory	$	-		$	7.8		$	1.1		$	0.7		$	9.6

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  36

AISC per oz and all-in costs per oz are measures developed by the World Gold Council (and used as a standard of the Silver Institute) in an effort to provide a comparable standard within the precious metal industry; however, there can be no assurance that the Company's reporting of these non-IFRS measures is similar to those reported by other mining companies. These measures are used by the Company to manage and evaluate operating performance at each of the Company's operating mining units and consolidated group, and are widely reported in the silver mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. The following tables provide a detailed reconciliation of these measures to the Company's cost of sales, as reported in the Company's consolidated financial statements.

Expressed in millions of U.S. dollars		Three Months Ended June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Cash costs net of by-products	$	3.0		$	27.8		$	-		$	13.3		$	44.0
Operations share-based compensation		0.1			-			-			0.1			0.2
Corporate general and administrative		0.8			0.6			-			0.8			2.1
Corporate share-based compensation		0.2			0.2			-			0.2			0.7
Reclamation - amortization/accretion		0.1			0.1			-			0.1			0.3
Mine site expensed exploration		0.4			0.4			-			1.0			1.9
Equipment loan payments		0.8			-			-			0.2			0.9
Capital expenditures sustaining		10.0			7.0			-			1.9			18.9
All-In-Sustaining Costs	$	15.4		$	36.1		$	-		$	17.6		$	69.1
Growth exploration, evaluation and development														4.3
Growth capital expenditures														8.9
All-In-Costs													$	82.3

		Three Months Ended June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Throughput tonnes		175,729			100,439			-			233,408			509,576
Payable silver ounces		582,043			691,401			-			599,323			1,872,767
Silver equivalent production (ounces)		1,298,268			955,070			-			1,184,457			3,437,794
All-in-Sustaining cost per ounce	$	26.42		$	52.20		$	-		$	29.40		$	36.89

Expressed in millions of U.S. dollars		Three Months Ended June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Cash costs net of by-products	$	-		$	19.8			($1.7	)	$	4.2		$	22.3
Operations share-based compensation		-			0.1			-			-			0.1
Corporate general and administrative		-			1.1			0.3			4.8			6.2
Acquisition costs		-			-			-			(3.6	)		(3.6	)
Corporate share-based compensation		-			0.8			0.3			0.3			1.4
Reclamation - amortization/accretion		-			0.2			0.1			-			0.3
Mine site expensed exploration		-			-			-			1.0			1.1
Equipment loan payments		-			-			-			0.1			0.1
Capital expenditures sustaining		-			4.8			1.7			2.3			8.8
All-In-Sustaining Costs	$	-		$	26.7		$	0.7		$	9.2		$	36.6
Acquisition costs														3.6
Growth exploration, evaluation and development														3.6
Growth capital expenditures														45.4
All-In-Costs													$	89.2

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  37

		Three Months Ended June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Throughput tonnes		-			96,834			88,098			118,896			303,828
Payable silver ounces		-			994,882			100,183			359,347			1,454,412
Silver equivalent production (ounces)		-			1,282,853			440,678			805,032			2,528,562
All-in-Sustaining cost per ounce	$	-		$	26.81		$	7.04		$	25.66		$	25.16

Expressed in millions of U.S. dollars		Six Months Ended June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Cash costs net of by-products	$	1.9		$	58.1			($0.6	)	$	25.6		$	85.0
Operations share-based compensation		0.2			0.1			-			0.2			0.4
Corporate general and administrative		2.1			1.6			0.1			1.7			5.5
Corporate share-based compensation		0.7			0.5			-			0.6			1.8
Reclamation - amortization/accretion		0.2			0.3			-			0.1			0.6
Mine site expensed exploration		0.7			0.9			-			2.4			4.0
Equipment loan payments		1.7			-			-			0.4			2.0
Capital expenditures sustaining		19.4			12.7			0.2			4.8			37.0
All-In-Sustaining Costs	$	26.8		$	74.2			($0.4	)	$	35.7		$	136.3
Growth exploration, evaluation and development														7.1
Growth capital expenditures														14.7
All-In-Costs													$	158.1

		Six Months Ended June 30, 2026
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Throughput tonnes		351,147			195,963			13,988			405,135			966,232
Payable silver ounces		1,092,565			1,476,895			17,668			1,100,781			3,687,909
Silver equivalent production (ounces)		2,594,616			1,997,849			62,766			2,124,507			6,779,737
All-in-Sustaining cost per ounce	$	24.50		$	50.22			($20.22	)	$	32.46		$	36.96

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  38

Expressed in millions of U.S. dollars		Six Months Ended June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Cash costs net of by-products	$	-		$	39.8			($2.7	)	$	4.2		$	41.3
Operations share-based compensation		-			0.1			0.1			-			0.2
Corporate general and administrative		-			3.8			1.4			4.8			9.9
Acquisition costs		-			-			-			(3.6	)		(3.6	)
Corporate share-based compensation		-			1.1			0.4			0.3			1.8
Reclamation - amortization/accretion		-			0.3			0.2			-			0.5
Mine site expensed exploration		-			0.3			0.2			1.0			1.5
Equipment loan payments		-			-			-			0.1			0.1
Capital expenditures sustaining		-			8.2			3.6			2.3			14.2
All-In-Sustaining Costs	$	-		$	53.5		$	3.1		$	9.2		$	65.8
Acquisition costs													$	3.6
Growth exploration, evaluation and development													$	7.4
Growth capital expenditures													$	81.6
All-In-Costs													$	158.4

		Six Months Ended June 30, 2025
		Terronera			Guanaceví			Bolañitos			Kolpa			Total
Throughput tonnes		-			199,272			195,167			118,896			513,335
Payable silver ounces		-			2,007,163			281,260			359,347			2,647,770
Silver equivalent production (ounces)		-			2,617,300			979,070			805,032			4,401,401
All-in-Sustaining cost per ounce	$	-		$	26.65		$	10.98		$	25.66		$	24.85

Expressed in millions of U.S. dollars		Three Months Ended June 30						Six Months Ended June 30
		2026			2025			2026			2025
Capital expenditures sustaining	$	18.9		$	8.8		$	37.0		$	14.2
Growth capital expenditures		8.9			45.4			14.7			81.6
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows	$	27.8		$	54.2		$	51.7		$	95.7

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  39

Expressed in millions of U.S. dollars		Three Months Ended June 30						Six Months Ended June 30
		2026			2025			2026			2025
Mine site expensed exploration	$	1.9		$	1.1		$	4.0		$	1.5
Growth exploration, evaluation and development		4.3			3.6			7.1			7.4
Total exploration, evaluation and development		6.2			4.7			11.0			8.9
Exploration, evaluation and development depreciation		0.2			-			0.3			0.3
Exploration, evaluation and development share-based compensation		-			0.2			0.1			0.3
Exploration, evaluation and development expense	$	6.4		$	4.9		$	11.5		$	9.5

Expressed in millions of U.S. dollars Unless otherwise stated		Three Months Ended June 30						Six Months Ended June 30
		2026			2025(1)			2026			2025(1)
Gross silver sales	$	144.1		$	48.9		$	285.3		$	88.0
Silver ounces sold		2,054,108			1,483,311			3,696,328			2,706,995
Realized silver price per ounce	$	70.16		$	32.95		$	77.18		$	32.52

¹⁾ inclusive of 212,691 oz of silver from pre-operating production at Terronera during three months and 240,321 oz during the six months period ended June 30, 2025.

Expressed in millions of U.S. dollars Unless otherwise stated		Three Months Ended June 30						Six Months Ended June 30
		2026			2025(1)			2026			2025(1)
Gross gold sales	$	46.6		$	28.0		$	101.7		$	52.8
Gold ounces sold		10,823			8,431			21,766			16,969
Realized gold price per ounce	$	4,305		$	3,320		$	4,672		$	3,110

¹⁾ inclusive of 6,386 oz of gold from pre-operating production at Terronera during three months and 7,094 oz during the six months ended June 30, 2025.

Expressed in millions of U.S. dollars Unless otherwise stated		Three Months Ended June 30						Six Months Ended June 30
		2026			2025			2026			2025
Gross lead sales	$	11.5		$	6.7		$	20.5		$	6.7
Lead tonnes sold		5,956			3,344			10,498			3,344
Realized lead price per tonne	$	1,938		$	2,014		$	1,950		$	2,014

Expressed in millions of U.S. dollars Unless otherwise stated		Three Months Ended June 30						Six Months Ended June 30
		2026			2025			2026			2025
Gross zinc sales	$	11.4		$	5.6		$	18.4		$	5.6
Zinc tonnes sold		3,454			1,974			5,749			1,974
Realized zinc price per tonne	$	3,299		$	2,847		$	3,208		$	2,847

Expressed in millions of U.S. dollars Unless otherwise stated		Three Months Ended June 30						Six Months Ended June 30
		2026			2025			2026			2025
Gross copper sales	$	1.5		$	0.6		$	2.2		$	0.6
Copper tonnes sold		111			57			167			57
Realized copper price per tonne	$	13,190		$	9,820		$	13,097		$	9,820

ENDEAVOUR SILVER CORP.   |   MANAGEMENT'S DISCUSSION & ANALYSIS PAGE  40

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Daniel Dickson, Chief Executive Officer of Endeavour Silver Corp., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Endeavour Silver Corp. (the "issuer") for the interim period ended June 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design:  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework:  The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (2013) (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design:  The issuer has disclosed in its interim MD&A

(a) the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of 

(i) N/A

(ii) N/A

(iii) a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and 

(b) Summary financial information about the proportionately consolidated entity, variable interest entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: July 29, 2026

"Daniel Dickson"

_______________________

Daniel Dickson

Chief Executive Officer

2

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Elizabeth Senez, Chief Financial Officer of Endeavour Silver Corp., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Endeavour Silver Corp. (the "issuer") for the interim period ended June 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design:  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework:  The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (2013) (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design:  The issuer has disclosed in its interim MD&A

(a) the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of 

(i) N/A

(ii) N/A

(iii) a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and 

(b) Summary financial information about the proportionately consolidated entity, variable interest entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: July 29, 2026

"Elizabeth Senez"

_______________________

Elizabeth Senez

Chief Financial Officer

2

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 1018.0 KB
• EX-99.2 EXHIBIT 99.2 1.1 MB
• EX-99.3 EXHIBIT 99.3 8.8 KB
• EX-99.4 EXHIBIT 99.4 8.8 KB