Condensed Consolidated Interim Financial Statements

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# Q1

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# Q1
Endeavour Silver Corp.
Condensed Consolidated Interim Financial Statements
Unaudited
Three Months Ended March 31, 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)
March 31, December 31,
Notes 2026 2025
2025 2024
ASSETS
Current assets
Cash and cash equivalents $ 231.8 $ 215.4
Other investments 4 9.1 1.0
Accounts and other receivables 5 34.9 26.0
IVA receivables 6 62.9 63.8
Inventories 7 75.6 62.3
Derivative assets 18 0.3 1.1
Prepaids and other current assets 8.3 6.0
Assets held for sale - 47.6
Total current assets 422.9 423.2
Non-current income tax receivable 5.3 5.4
Non-current IVA receivable 6 3.0 3.0
Non-current investments 4 8.1 -
Non-current derivative assets 18 10.8 8.0
Deferred consideration 4 7.6 -
Other non-current assets 8 8.9 10.2
Mineral properties, plant and equipment 8 787.1 785.9
Total assets $ 1,253.7 $ 1,235.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable, accrued liabilities and other $ 105.3 $ 120.4
Income taxes payable 30.4 24.3
Loans payable 10 8.2 8.8
Copper stream liability 18 7.6 7.7
Derivative liabilities 18 98.0 94.1
Liabilities held for sale - 21.5
Total current liabilities 249.5 276.8
Non-current loans payable 10 3.4 3.9
Provisions for reclamation and rehabilitation 23.0 22.3
Deferred income tax liability 25.4 38.2
Non-current copper stream liability 18 36.6 37.0
Non-current derivative liabilities 18 23.8 36.2
Convertible senior notes 9 236.1 231.2
Contingent payment liability 18 9.1 8.8
Other non-current liabilities 2.1 2.2
Total liabilities 609.0 656.6
Shareholders' equity
Common shares 11 983.2 981.2
Contributed surplus 11 87.9 89.2
Retained deficit (426.4) (491.3)
Total shareholders' equity 644.7 579.1
Total liabilities and shareholders' equity $ 1,253.7 $ 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
March 31, March 31,
Notes 2026 2025
Revenue 12 $ 209.7 $ 63.5
Cost of sales:
Direct production costs 84.0 35.2
Royalties 11.2 6.2
Share-based payments 0.2 -
Depreciation 20.9 9.2
116.3 50.6
Mine operating earnings 93.5 12.9
Expenses:
Exploration, evaluation and development 13 5.0 4.5
General and administrative 14 4.7 4.3
9.7 8.8
Operating earnings 83.8 4.1
Finance costs 5.8 0.4
Other income (expense):
Foreign exchange gain (loss) (0.3) (1.0)
Loss on derivative liabilities 18 (24.2) (31.9)
Gain on sale of Bolañitos 4 35.6 -
Investment gains (losses) and other (3.2) 1.4
7.9 (31.5)
Earnings (loss) before income taxes 85.9 (27.8)
Income tax expense (recovery):
Current income tax expense 33.8 5.3
Deferred income tax recovery (12.8) (0.2)
21.0 5.1
Net earnings (loss) and comprehensive earnings (loss) $ 64.9 $ (32.9)
Basic earnings (loss) per share $ 0.23 $ (0.13)
Diluted earnings (loss) per share 11 $ 0.21 $ (0.13)
Basic weighted average number of shares outstanding (’000) 283,078 262,323
Diluted weighted average number of shares outstanding (‘000) 11 326,963 262,323
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)
Total
Number of Share Contributed Retained Shareholders'
Notes shares Capital Surplus Deficit Equity
Balance at December 31, 2024 262,324 $ 851.0 $ 5.6 $ (372.2) $ 484.4
Share-based compensation 11(b) - - 0.5 - 0.5
Loss for the period - - - (32.9) (32.9)
Balance at March 31, 2025 262,324 $ 851.0 $ 6.1 $ (405.1) $ 452.0
Public equity offerings, net of issuance costs 16,724 70.5 - - 70.5
Exercise of options 11(b) 2,184 11.0 (3.8) - 7.2
Redemption of deferred share units 103 0.3 (0.3) - -
Issued as part of business acquisition 14,075 48.4 - - 48.4
Conversion feature of the convertible senior notes - - 111.1 - 111.1
Deferred tax impact of convertible senior notes
- - (27.4) - (27.4)
conversion feature recognized in equity
Share-based compensation 11(b) - - 3.4 - 3.4
Loss for the period - - - (86.2) (86.2)
Balance at December 31, 2025 295,410 $ 981.2 $ 89.2 $ (491.3) $ 579.1
Exercise of options 11(a) 350 1.4 (0.5) - 0.9
Settlement of performance and deferred share units 11(b) 176 0.6 (2.2) - (1.6)
Share-based compensation 11(a)(b) - - 1.4 - 1.4
Earnings for the period - - - 64.9 64.9
Balance at March 31, 2026 295,936 $ 983.2 $ 87.9 $ (426.4) $ 644.7
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)
Periods ended
March 31, March 31,
Notes 2026 2025
Operating activities
Net earnings (loss) for the period $ 64.9 $ (32.9)
Items not affecting cash:
Share-based compensation 11 1.4 0.5
Depreciation 8 21.3 9.5
Deferred income tax expense (recovery) (12.8) (0.2)
Unrealized foreign exchange loss (gain) 0.6 0.3
Finance costs 5.8 0.4
Interest income (2.0) (1.0)
Loss on copper stream revaluation 1.2 -
Unrealized (gain) loss on derivatives 18 24.2 31.9
Unrealized (gain) loss on other investments 4 4.1 (0.1)
Gain from disposal of Bolañitos 4 (35.6) -
Other non-cash adjustments 0.3 -
Repayment of derivative liabilities 18 (34.6) -
Net changes in non-cash working capital 15 (18.1) (5.0)
Cash from operating activities 20.7 3.4
Investing activities
Payment for mineral properties, plant and equipment 8 (37.9) (41.6)
Proceeds from sale of Bolañitos, net of cash disposed 4 27.5 -
Interest received 2.0 1.0
Cash used in investing activities (8.4) (40.6)
Financing activities
Repayment of loans payable 10 (1.1) (1.2)
Repayment of lease liabilities (0.2) (0.1)
Interest paid 10 (0.3) (3.2)
Net proceeds from exercise of options 11 0.9 -
Repayment of copper stream 18 (1.7) -
Performance and deferred share units withholding tax settlement (1.6) -
Cash used in financing activities (4.0) (4.5)
Effect of exchange rate change on cash and cash equivalents (0.2) -
Increase (decrease) in cash and cash equivalents 8.1 (41.7)
Cash and cash equivalents, beginning of the period 215.4 106.4
Cash and cash equivalents, beginning of the period presented in
8.3 -
assets held for sale
Cash and cash equivalents, end of the period $ 231.8 $ 64.7
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 ended March 31, 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. (“Mina
Bolañitos” or “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 May 6, 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:
During the three months ended March 31, 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 Mina 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) an estimated working capital adjustment in the Company’s favour of $5.7. As
at March 31, 2026, the Company had received $30.0 in cash and a $3.0 preliminary working capital adjustment based on
December 31, 2025 balances. The remaining estimated working capital adjustment of $2.7 million is recorded in accounts and
other receivables.
ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 6
ENDEAVOUR SILVER CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Three months ended March 31, 2026 and 2025
(unaudited)
(expressed in millions of US dollars, unless otherwise stated)
The total upfront consideration for the sale of the Mina Bolañitos consisted of t

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