Endeavour Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Endeavour Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com

Endeavour Silver Corp.

Condensed Consolidated Interim Financial Statements

Unaudited

Three and Nine Months Ended September 30, 2025 and 2024

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(unaudited)

(expressed in thousands of US dollars)

			September 30, 2025			December 31, 2024
	Notes

ASSETS

Current assets
Cash and cash equivalents		$	57,027		$	106,434
Other investments			1,096			1,070
Accounts and other receivables	5		19,925			5,166
Inventories	7		58,350			36,010
IVA receivables	6		59,043			5,119
Derivative assets	18		3,650			-
Prepaids and other current assets			8,840			3,848
Total current assets			207,931			157,647

Non-current income tax receivable			3,939			3,572
Non-current IVA receivable	6		1,761			31,301
Non-current derivative assets	18		644			-
Other non-current assets	8		8,677			20,524
Mineral properties, plant and equipment	8		794,074			506,205
Total assets		$	1,017,026		$	719,249

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable, accrued liabilities and other		$	109,565		$	53,943
Income taxes payable			25,725			9,457
Precious metal prepayments obligation	9		14,630			-
Loans payable	10		44,301			5,234
Copper stream liability	18		6,107			-
Derivative liabilities	18		63,661			10,232
Total current liabilities			263,989			78,866

Non-current loans payable	10		114,763			115,002
Provisions for reclamation and rehabilitation			23,760			11,635
Deferred income tax liability			21,368			10,315
Non-current copper stream liability	18		30,538			-
Non-current derivative liabilities	18		42,317			16,627
Contingent payment	4, 18		8,430			-
Other non-current liabilities			3,057			2,367
Total liabilities			508,222			234,812

Shareholders' equity
Common shares	11		971,435			850,986
Contributed surplus	11		4,842			5,606
Retained deficit			(467,473	)		(372,155	)
Total shareholders' equity			508,804			484,437
Total liabilities and shareholders' equity		$	1,017,026		$	719,249

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

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ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(unaudited)

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

			Three months ended						Nine months ended
			September 30,			September 30,			September 30,			September 30,
	Notes		2025			2024			2025			2024

Revenue	12	$	142,831		$	53,443		$	294,926		$	175,428

Cost of sales:
Direct production costs			93,913			28,704			188,335			99,112
Royalties			9,262			5,151			21,963			17,207
Share-based compensation	11(b)(c)		132			73			302			226
Depreciation			23,915			7,032			48,131			24,548
			127,222			40,960			258,731			141,093

Mine operating earnings			15,609			12,483			36,195			34,335

Expenses:
Exploration, evaluation and development	13		7,258			4,707			16,718			13,267
General and administrative	14		6,537			3,982			18,418			12,266
			13,795			8,689			35,136			25,533

Operating earnings			1,814			3,794			1,059			8,802

Finance costs			997			509			2,550			1,100

Other income (expense):
Foreign exchange gain (loss)			602			(3,070	)		300			(5,889	)
Loss on derivative contracts	18		(39,034	)		(19,379	)		(80,958	)		(28,632	)
Investment and other			156			5,875			2,288			6,478
			(38,276	)		(16,574	)		(78,370	)		(28,043	)

Loss before income taxes			(37,459	)		(13,289	)		(79,861	)		(20,341	)

Income tax expense:
Current income tax expense			10,663			4,523			25,036			13,068
Deferred income tax recovery			(6,166	)		(512	)		(9,579	)		(908	)
			4,497			4,011			15,457			12,160

Net loss		$	(41,956	)	$	(17,300	)	$	(95,318	)	$	(32,501	)

Basic loss per share		$	(0.14	)	$	(0.07	)	$	(0.34	)	$	(0.14	)
Diluted loss per share		$	(0.14	)	$	(0.07	)	$	(0.34	)	$	(0.14	)

Basic and diluted weighted average number of shares outstanding	11(e)		291,373,472			246,000,878			279,183,612			238,827,655

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

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(unaudited)

(expressed in thousands 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, 2023		217,245,492	$	722,695	$	4,556		$	(340,910	)	$	386,341

Public equity offerings, net of issuance costs		27,540,971		53,790		-			-			53,790
Exercise of options	11(b)	1,242,600		3,715		(1,201	)		-			2,514
Canceled options	11(b)	-		-		(231	)		231			-
Share-based compensation	11(b)	-		-		2,896			-			2,896
Loss for the period		-		-		-			(32,501	)		(32,501	)
Balance at September 30, 2024		246,029,063	$	780,200	$	6,020			($373,180	)	$	413,040

Public equity offerings, net of issuance costs		15,825,000		68,583		-			-			68,583
Exercise of options	11(b)	469,800		2,203		(760	)		-			1,443
Canceled options and performance share units	11(b)	-		-		-			-			-
Share-based compensation	11(b)	-		-		346			-			346
Loss for the period		-		-		-			1,025			1,025
Balance at December 31, 2024		262,323,863	$	850,986	$	5,606		$	(372,155	)	$	484,437

Public equity offerings, net of issuance costs	11(a)	15,523,915		61,339		-			-			61,339
Exercise of options	11(b)	2,057,355		10,437		(3,603	)		-			6,834
Redemption of deferred share units	11(c)	103,373		300		(300	)		-			-
Issued as part of business acquisition	4	14,075,357		48,373		-			-			48,373
Share-based compensation	11(b)	-		-		3,139			-			3,139
Loss for the period		-		-		-			(95,318	)		(95,318	)
Balance at September 30, 2025		294,083,863	$	971,435	$	4,842		$	(467,473	)	$	508,804

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

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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ENDEAVOUR SILVER CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(unaudited)

(expressed in thousands of US dollars)

			Three months ended						Nine months ended
			September 30,			September 30,			September 30,			September 30,
	Notes		2025			2024			2025			2024


Operating activities
Net loss for the period		$	(41,956	)	$	(17,300	)	$	(95,318	)	$	(32,501	)

Items not affecting cash:
Share-based compensation	11 (b)(c)		942			564			3,139			2,896
Depreciation	8		24,085			7,352			48,823			25,420
Deferred income tax recovery			(6,166	)		(664	)		(9,579	)		(908	)
Unrealized foreign exchange loss (gain)			(1,325	)		1,445			(3,852	)		3,777
Finance costs			997			509			2,550			1,100
Interest income			(273	)		(4,413	)		(1,838	)		(5,685	)
Accretion of loans receivable			(51	)		(72	)		(151	)		(206	)
Loss on remeasurement of contingent consideration	4,18		506			-			506			-
Loss on copper stream revaluation			2,157			-			3,416			-
Unrealized (gain) loss on derivatives	18		34,065			17,109			74,825			26,362
Unrealized (gain) loss on other investments			(501	)		(75	)		(822	)		1,228
Change in precious metal prepayments	9		1,129			-			14,630			-
Net changes in working capital	15		13,443			4,012			15,649			2,480
Cash from operating activities			27,052			8,467			51,978			23,963

Investing activities
Payment for mineral properties, plant and equipment	8		(34,649	)		(48,796	)		(130,384	)		(149,494	)
Net cash paid on business acquisition	4		-			-			(72,828	)		-
Proceeds from disposal of other investments			-			-			796			3,292
Proceeds from loans receivable			-			200			150			900
Interest received			273			4,413			1,838			5,685
Cash used in investing activities			(34,376	)		(44,183	)		(200,428	)		(139,617	)

Financing activities
Repayment of loans payable	10		(3,418	)		(860	)		(6,966	)		(3,019	)
Repayment of lease liabilities			(326	)		(98	)		(747	)		(299	)
Interest paid	10		(3,535	)		(1,611	)		(9,856	)		(1,862	)
Net proceeds from public equity offerings	11 (a)		14,777			-			61,339			53,790
Proceeds from exercise of options	11 (b)		5,955			367			6,834			2,514
Proceeds from loans payable	10		-			25,000			15,000			85,000
Proceeds from copper stream prepayment	18		-			-			35,000			-
Repayment of copper stream	18		(1,327	)		-			(1,771	)		-
Payment of deferred financing fees			-			(602	)		-			(1,333	)
Cash from financing activities			12,126			22,196			98,833			134,791

Effect of exchange rate change on cash and cash equivalents			25			357			210			511

Increase (decrease) in cash and cash equivalents			4,827			(13,163	)		(49,407	)		19,648
Cash and cash equivalents, beginning of the period			52,200			68,097			106,434			35,286
Cash and cash equivalents, end of the period		$	57,027		$	54,934		$	57,027		$	54,934
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

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ENDEAVOUR SILVER CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Three months and nine months ended September 30, 2025 and 2024
(unaudited)
(expressed in thousands 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 United States. On May 1, 2025, the Company completed its acquisition of Compañia Minera Kolpa S.A. ("Minera Kolpa"), which operates the Huachocolpa Uno Mine in Peru (Note 4). 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, 2024.

Certain comparative figures have been reclassified to conform with the current period's presentation (Note 6).

The Board of Directors approved these condensed consolidated interim financial statements for issue on November 6, 2025.

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 consolidated 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 including Minera Kolpa for the period May 1, 2025, to September 30, 2025, and as of September 30, 2025. The Company determined that the functional currency of Minera Kolpa is also US dollars. 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, 2024, except as described below.

In preparing these condensed consolidated interim financial statements, the significant judgements 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, 2024, except for:

- Estimates and judgements related to the valuation of assets acquired and liabilities assumed in the acquisition of Minera Kolpa (Note 4), including those related to contingent payment that is part of the consideration (Note 18); and

- Estimates and judgements related to the accounting treatment and valuation of the copper stream liability (Note 18).

The accounting policies below have been applied consistently to all periods presented and by all subsidiaries in the group.

Business acquisitions

During the period, the Company completed the acquisition of Minera Kolpa, which was accounted for as a business combination under IFRS 3 - Business Combinations (Note 4) using the acquisition method. The cost of an acquisition is measured as the aggregate of the fair values, at the date of exchange, of assets transferred, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquiree. The contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred. The identifiable assets acquired, and liabilities assumed are recognized at their fair values as of the acquisition date. Acquisition-related costs are expensed as incurred.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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The results of Minera Kolpa have been included in the condensed consolidated interim financial statements from May 1, 2025 (the "Acquisition Date"). The purchase price allocation is preliminary and subject to adjustment as the Company completes its assessment of the fair values of the assets acquired and liabilities assumed.

Copper stream liability

The Company has entered into a copper stream agreement effective April 1, 2025 (Note 18). The agreement is outside of the scope of IFRS 15 Revenue from contracts with customers, and the Company has determined that the copper stream represents a hybrid financial liability with embedded derivatives. The entire hybrid copper stream liability is designated as fair value through profit or loss under the fair value option. Fair value is determined using observable copper forward prices corresponding to the estimated production and delivery of copper ounces along with an estimate of credit-risk for similar instruments (level 3).

Restricted share units ("RSUs")

The Company has a Share Units Plan for employees and directors as part of its long-term incentive compensation. RSUs are granted in accordance with this plan and generally vest over a period of up to three years.

RSUs are measured at fair value on the grant date and recognized as a share-based compensation expense over the vesting period, with a corresponding increase in equity. The fair value of RSUs is determined based on the market price of the Company's common shares on the grant date. The number of RSUs expected to vest is estimated at each reporting date, and any changes in estimates are recognized prospectively.

Precious metal prepayments obligation

Precious metal prepayments obligation represents the Company's obligation to transfer goods or services to a customer for which consideration has been received. Prepayments obligations arise primarily from advance payments received in respect of future deliveries of metals.

Precious metal prepayments obligation is recognized when payment is received by the Company and is subsequently recognized as revenue when the related performance obligations to deliver metal are satisfied. The Company classifies precious metal prepayments obligation as current and does not adjust for the effects of a financing component when the timing of payment and performance is less than one year.

4. ACQUISITION OF MINERA KOLPA

On the Acquisition Date, the Company completed its acquisition of Minera Kolpa pursuant to a share purchase agreement entered into in April 2025 (the "Agreement"). As a result of the acquisition, Minera Kolpa became a wholly-owned subsidiary of the Company.

The total consideration for the acquisition was $134,265. The following table summarizes the consideration paid as part of the purchase price:

Cash consideration transferred to and on behalf of vendors as per the share purchase agreement	$	77,966
Company's common shares transferred (14,075,357 shares)		48,373
Fair value of the contingent payment payable in cash upon occurrence of certain events		7,926
Total consideration transferred as purchase price	$	134,265

Contingent payment is payable in cash up to an additional $10,000, in increments of $500 for each 1 million silver ounce equivalent defined above 100 million silver ounce equivalents, across proven, probable, measured, indicated and inferred categories in technical report prepared and filed by the Company with respect to Kolpa within 24 months of closing of the acquisition.

Primary reason for the acquisition of Minera Kolpa was to acquire their primary asset - Huachocolpa Uno Mine and related facilities, located in the districts of Huachocolpa and Santa Ana, approximately 490 kilometers southeast of Lima, Peru. Minera Kolpa has been in operation for 25 years and its assets include Huachocolpa Uno Mine, processing infrastructure, permits, and associated working capital. Management has concluded that Minera Kolpa constitutes a business, and therefore, the acquisition is accounted for in accordance with IFRS 3 - Business Combinations.

The Company has consolidated the operating results, cash flows, and net assets of Minera Kolpa from the Acquisition Date. The determination of the fair value of assets acquired and liabilities assumed is based on a detailed valuation utilizing income, market, and cost approaches, conducted with the assistance of an independent third party. The purchase price is allocated on a preliminary basis until the final valuation report is completed. This is based on management's best estimates at the time these condensed consolidated interim financial statements were prepared, using information available as of the Acquisition Date. Any future changes to the purchase price allocation may result in adjustments to identifiable assets and liabilities.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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The fair value of assets acquired, and liabilities assumed is subject to change for up to one year from the Acquisition Date. If new information arises that impacts management's assessment of fair value as of the Acquisition Date, any adjustments will be recognized retrospectively, and comparative information will be revised accordingly.

Allocation of Purchase Price

Cash and cash equivalents	$	5,138
Accounts and other receivables		8,813
Inventories		7,596
Sales tax receivables (IGV)		95
Prepaid expenses and other current assets		4,755
Mineral property, plant and equipment		189,203
Right-of-use assets		1,537
Other non-current assets		1,654
Accounts payable, accrued liabilities and other		(23,328	)
Income taxes payable		(3,089	)
Loans payable		(25,760	)
Lease obligations		(1,930	)
Reclamation liabilities		(9,787	)
Deferred income tax liabilities		(20,632	)
Net assets acquired	$	134,265

The Company determined the fair value of the mining interest using a discounted cash flow model. This model incorporated estimates of: future silver, lead, zinc, and copper prices; projected ore reserves and mineral resources; and anticipated production costs and capital expenditures, based on the life-of-mine plan as of the Acquisition Date. A discount rate of 15.8% was applied, reflecting the Company's assessment of country risk, project-specific risk, and other relevant factors.

The significant assumptions used in the determination of the fair value of the mining interests were as follows:

Average long-term prices:
Silver (USD/oz)	$	29.10
Lead (USD/lb)	$	1.18
Zinc (USD/lb)	$	0.91
Copper (USD/lb)	$	4.20

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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Pro Forma Financial Information

The following pro-forma financial information presents consolidated results assuming acquisition occurred on January 1, 2025:

		Three months ended			Nine months ended
		September 30, 2025			September 30, 2025
Revenue	$	142,831		$	341,952
Net Income (loss)	$	(41,956	)	$	(95,491	)

These pro forma amounts have been calculated after applying the Company's accounting policies and adjusting the results of Minera Kolpa to reflect the additional depreciation and depletion that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties had been applied from January 1, 2025.

5. ACCOUNTS AND OTHER RECEIVABLES

		September 30,		December 31,
		2025		2024

Trade receivables	$	14,121	$	3,310
Sales tax receivables (GST and IGV)		483		101
Other receivables		3,071		355
Current portion of loan receivable		2,250		1,400
	$	19,925	$	5,166

The trade receivables include receivables from concentrate sales. The fair value of receivables arising from concentrate sales that contain provisional pricing mechanisms is determined by using the appropriate period end closing prices 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 (Note 18).

6. IVA RECEIVABLES

As at September 30, 2025, total Mexican subsidiaries value added tax, Impuesto al Valor Agregado ("IVA") of $60,804 (December 31, 2024 - $36,420) has been allocated between the current portion of $59,043, and the non-current portion of $1,761 (December 31, 2024 - $5,119 and $31,301, respectively). The non-current portion relates to Pitarrilla's claims which will be eligible for submission upon generation of revenue (December 31, 2024 - $1,948). At December 31, 2024, $29,353 of non-current IVA tax receivables were related to Terronera's claims which have become eligible, have been submitted for reimbursement and have been reclassified to IVA receivables. During the current period, the Company has made a change in presentation within its statement of financial position to separately disclose IVA receivables from other receivables, in order to provide greater clarity and disaggregation of tax-related assets. As a result, the comparative figures for IVA receivables as at December 31, 2024 have been reclassified from other receivables to align with the current period presentation.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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7. INVENTORIES

		September 30,		December 31,
		2025		2024

Warehouse inventory	$	34,462	$	19,694
Stockpile inventory		13,854		7,349
Finished goods inventory		8,763		7,213
Work in process inventory		1,271		1,754
	$	58,350	$	36,010

The finished goods and stockpile inventory balance as of June 30, 2025 included a $1,192 provision in Terronera, for inventory produced at a cost above net realisable value. That inventory has been sold or consumed during the third quarter, and as of September 30, 2025 ending inventory balances are carried at cost as their net realizable value exceeds the carrying value.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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8. MINERAL PROPERTIES, PLANT AND EQUIPMENT AND OTHER NON-CURRENT ASSETS

		Exploration & evaluation assets			Mineral properties		Plant & Buildings			Machinery & equipment			Transport & office equipment			Total
Cost

Balance at December 31, 2023	$	80,231		$	575,916	$	159,164		$	117,977		$	15,036		$	948,324

Additions		3,712			118,381		70,443			32,035			1,655			226,226
Impairment of exploration properties		(181	)		-		-			-			-			(181	)
Disposals		-			-		(42	)		(299	)		(129	)		(470	)
Balance at December 31, 2024	$	83,762		$	694,297	$	229,565		$	149,713		$	16,562		$	1,173,899

Additions		1,701			7,171		132,514			8,437			1,248			151,071
Disposals		-			-		-			(2,436	)		(137	)		(2,573	)
Acquired in business combination		-			70,564		102,814			10,349			5,476			189,203
Balance at September 30, 2025	$	85,463		$	772,032	$	464,893		$	166,063		$	23,149		$	1,511,600

Accumulated depreciation

Balance at December 31, 2023	$	-		$	466,704	$	95,378		$	61,484		$	10,101		$	633,667

Depreciation		-			22,582		$2,225			8,137			1,461			34,405
Disposals		-			-		($42)	)		(295	)		(41	)		(378	)
Balance at December 31, 2024	$	-		$	489,286	$	97,561		$	69,326		$	11,521		$	667,694

Depreciation	$	-			28,655		11,792			10,174			1,727			52,348
Disposals		-			-		-			(2,436	)		(80	)		(2,516	)
Balance at September 30, 2025	$	-		$	517,941	$	109,353		$	77,064		$	13,168		$	717,526

Net book value
At December 31, 2024	$	83,762		$	205,011	$	132,004		$	80,387		$	5,041		$	506,205
At September 30, 2025	$	85,463		$	254,091	$	355,540		$	88,999		$	9,981		$	794,074

At the end of the third quarter, following the completion of the commissioning phase of the Terronera Project, the Company assessed the grouping of the fully constructed assets and directly attributable development overhead costs.

As a result of this assessment, the Company determined that it was appropriate to group plant and buildings together, as this better reflected the nature of its mine site assets, including those at Terronera. Comparative figures have been re-presented accordingly to align with the revised asset groupings.

Included in mineral properties is $145,927 for acquisition and development costs of development properties (December 31, 2024 - $157,146). During the three and nine months periods ended September 30, 2025, the Company capitalized borrowing costs related to the Terronera Debt Facility in the amounts of $3,591 and $10,167 respectively, using a capitalization rate of 11.1%.

Other non-current assets include $3,647 (December 31, 2024 - $18,299) of deposits related to items of property, plant and equipment at Terronera.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 11

9. PRECIOUS METAL PREPAYMENTS OBLIGATION

On June 11, 2025, Refinadora Plata Guanaceví S.A. de C.V. ("Guanaceví"), a subsidiary of the Company entered into a prepayment agreement with Auramet International Inc.("Auramet") for an initial term ending May 31, 2026.

Under the agreement, Auramet advances prepayments of up to $15,000 to the Company in consideration for the future delivery of the Guanaceví's precious metal. The advances are repaid by deliveries adjusted for the interest equivalent to SOFR plus 3.75%. The Company may draw additional amounts under the agreement once prior amounts are settled.

The prepayments amount received is initially recognized as a revenue contract liability and is subsequently being recognized as revenue as control of the metal transfers to Auramet and related shipment's performance obligations have been satisfied.

During the three and nine months ended September 30, 2025 the Company has received $25,006 and $44,463 prepayments respectively under this agreement. Of the prepayments received during the three and nine months ended September 30, 2025, $23,877 and $29,833 respectively were recognized as revenue. The remaining $14,630 is presented as precious metals prepayments obligation in the statement of financial position at September 30, 2025.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 12

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, 2023	$	-		$	8,519		$	-		$	8,519

Loans drawdowns		120,000			3,470			-			123,470
Applied deferred financing fees		(8,770	)		-			-			(8,770	)
Finance cost		7,200			441			-			7,641
Repayments of principal		-			(4,081	)		-			(4,081	)
Payments of interest		(3,665	)		(438	)		-			(4,103	)
Balance at December 31, 2024	$	114,765		$	7,911		$	-		$	122,676

Loans drawdowns		15,000			3,452			-			18,452
Assumed on business acquisition		-			1,064			24,696			25,760
Finance cost		10,252			552			959			11,763
Repayments of principal		-			(3,851	)		(3,115	)		(6,966	)
Payments of interest		(8,115	)		(541	)		(1,101	)		(9,757	)
Balance at September 30, 2025	$	131,902		$	8,587		$	21,439		$	161,928

Less: Current portion of loans payable		31,000			4,363			8,938			44,301
Less: Accrued interest		2,864			-			-			2,864
Balance: Non-current loans payable	$	98,038		$	4,224		$	12,501		$	114,763

Terronera Debt Facility

The Debt Facility is secured through corporate guarantees from the Company, certain of the Company's subsidiaries and a first ranking security interest over the Terronera project. The Debt Facility is subject to certain customary covenants and, as at September 30, 2025, the Company was in compliance with these covenants. During the second quarter, the Company entered into an amendment of the Debt Facility agreement, increasing the facility for an additional $15 million to a total of $135 million. The additional tranche was drawn on June 23, 2025, and will be repayable over the 12 months following the date of the statement of financial position. The key terms of the original tranches of Debt Facility remain unchanged. Funds are to be used for completion and ramp up of the Terronera project.

Equipment Financing

The equipment financing is secured by the underlying equipment purchased and is subject to various non-financial covenants, and as at September 30, 2025, the Company was in compliance with these covenants. As at September 30, 2025, the net book value of equipment included $19,098 (December 31, 2024 - $15,661) of equipment pledged as security for the equipment financing.

Kolpa Loans

As part of the Kolpa acquisition, on May 1, 2025, the Company assumed two syndicated loans originally entered into by Minera Kolpa with Banco BTG Pactual S.A. - Cayman Branch and Banco Santander Perú S.A. As collateral for these loans, Minera Kolpa entered into trust agreements and issued promissory notes to the lender. Loans are subject to certain financial covenants, which are based on the Minera Kolpa's earnings before interest, taxes, depreciation, and amortization. The loans are structured as follows:

- A loan with original balance of $15 million at a variable interest rate of SOFR plus 5.5% for a period of 4.5 years starting May 5, 2022.

- A loan with original balance of $27 million at a variable interest rate called SOFR plus 5%, for a period of 4 years starting January 9, 2024.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 13

11. SHARE CAPITAL

(a) Common Shares

As of September 30, 2025, the Company had 294,083,863 common shares issued, issuable and outstanding, with no par value (December 31, 2024 - 262,323,863). In order to finance a portion of cash consideration paid on the acquisition of Minera Kolpa, the Company completed a $45 million bought equity financing. Financing was completed on April 8, 2025, issuing 11,600,000 common shares at $3.88 per share. On April 16, 2025, underwriters exercised their over-allotment option, issuing an additional 1,285,000 common shares at $3.88 per share. The Company has received gross proceeds of $49,994, less commission of $2,792 and recognized $574 of other transaction costs related to the financing as share issuance costs, which have been presented net within share capital.

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 $60,000 of shares through an at-the-market ("ATM") distributions ("ATM Facility"). During the three and nine months period ended September 30, 2025, the Company issued 2,638,915 common shares under the ATM Facility at an average price of $5.81 per share for gross proceeds of $15,333, less commission of $307 and $315 of other transaction costs recognized as share issuance costs, which have been presented net within share capital.

(b) Stock Options

Expressed in Canadian dollars

Nine months ended

Year ended

September 30,
2025

December 31,
2024

Number of
options

Weighted average
exercise price

Number of
options

Weighted average
exercise price

Outstanding, beginning of period

3,181,491

$4.13

3,488,291

$4.24

Granted

763,530

$5.36

1,994,000

$2.94

Exercised

(2,057,355

)

$4.57

(1,712,400

)

$3.17

Expired and forfeited

(89,120

)

$4.21

(588,400

)

$3.55

Outstanding, end of period

1,798,546

$4.15

3,181,491

$4.13

Options exercisable at the end of the period

873,442

$3.84

1,896,491

$4.82

Subsequent to September 30, 2025, an additional 93,636 common shares were issued on the exercise of 93,636 options, with a weighted average exercise price of CAN$3.71.

Expressed in Canadian dollars
	Options Outstanding				Options Exercisable
	Number	Weighted Average		Weighted Average	Number Exercisable		Weighted Average
Exercise	Outstanding	Remaining		Weighted Average	Number Exercisable		Weighted Average
Price	as at	Contractual Life		Exercise	as at		Exercise
Intervals	September 30, 2025	(Number of Years)		Price	September 30, 2025		Price

$2.00 - $2.99	843,700	3.4	$	2.89	501,900	$	2.89
$4.00 - $4.99	204,000	2.9	$	4.24	170,000	$	4.16
$5.00 - $5.99	654,652	4.5	$	5.39	105,348	$	5.40
$6.00 - $6.99	96,194	1.1	$	6.49	96,194	$	6.49
	1,798,546	3.6	$	4.15	873,442	$	3.84

During the three and nine months ended September 30, 2025, the Company recognized share-based compensation expense of $371 and $1,191 respectively (September 30, 2024 - $455 and $1,589 respectively) based on the fair value of the vested portion of options.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 14

The weighted-average fair values of stock options granted have been estimated using the Black-Scholes Option Pricing Model with the following assumptions:

		Nine months ended
		September 30, 2025		September 30, 2024
Weighted-average fair value of options in CAN$	$	2.53	$	1.40
Risk-free interest rate		2.48%		3.75%
Expected dividend yield		0%		0%
Expected share price volatility		63%		62%
Expected options life in years		3.63		3.52

(c) Share Units Plan

Performance Share Units (PSUs)

	Nine months ended		Year ended
	September 30, 2025		December 31, 2024
	Number of units		Number of units

Outstanding, beginning of period	1,078,000		878,000
Granted	299,900		635,000
Cancelled	(163,000	)	(435,000	)
Outstanding, end of period	1,214,900		1,078,000

Performance criteria are based on the Company's share price performance relative to a representative group of other mining companies. On March 24, 2025, 163,000 PSUs were cancelled as the performance criteria were not met. Of the outstanding PSUs, 320,000 vest on March 6, 2026, 595,000 vest on March 13, 2027, and 299,900 vest on April 2, 2028 once certain performance criteria are met.

During the three and nine months ended September 30, 2025, the Company recognized share-based compensation expense of $360 and $1,036 respectively related to the PSUs (September 30, 2024 - $91 and $854 respectively).

Deferred share units (DSUs) - Equity Settled

	Nine months ended		Year ended
	September 30, 2025		December 31, 2024
	Number of units		Number of units

Outstanding, beginning of period	564,841		330,078
Granted	134,297		234,763
Settled	(103,373	)	-
Outstanding, end of period	595,765		564,841

During the nine months ended September 30, 2025, under the Share Units Plan, there were 134,297 DSUs granted (September 30, 2024 - 217,170). During the three and nine months ended September 30, 2025, the Company recognized share-based compensation expense of $26 and $577 respectively related to the DSUs (September 30, 2024 - $18 and $453 respectively).

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 15

Restricted Share Units (RSUs)

The Company may award to its directors and employees non-transferable RSUs. The awards typically vest over a three-year period and at the election of the Company can be settled in equity upon vesting.

Expressed in Canadian dollars	Nine months ended		Year ended
	September 30, 2025		December 31, 2024
	Number of Units		Number of Units

Outstanding, beginning of period	-		-
Granted	374,310		-
Cancelled	(10,790	)	-
Outstanding, end of period	363,520		-

During the three and nine months ended September 30, 2025, the Company recognized share-based compensation expense of $185 and $335 respectively related to the RSUs (September 30, 2024 - $0).

(d) Historical Cash Settled Deferred Share Units

The Company previously had a deferred share unit plan whereby deferred share units were granted to independent directors of the Company. These cash settled deferred share units vested immediately and are redeemable for cash. They are redeemable based on the market value of the units upon certain circumstances, at the time of a director's retirement. Since the adoption of the share unit plan in March 2021, no new cash settled deferred share units have been granted.

Expressed in Canadian dollars

Nine months ended

Year ended

September 30,
2025

December 31,
2024

Number
of Units

Weighted
Average
Grant Price

Number
of Units

Weighted
Average
Grant Price

Outstanding, beginning of period

1,044,204

$3.19

1,044,204

$3.19

Settled

(101,576

)

$2.74

Outstanding, end of period

942,628

$3.24

1,044,204

$3.19

Fair value at period end

942,628

$10.90

1,044,204

$5.27

During the three and nine months ended September 30, 2025, the Company recognized a mark to market expense on cash-settled Deferred Share Units related to director's compensation, which is included in general and administrative employee costs, of $2,742 and $3,962 respectively (September 30, 2024 - a mark to market expense of $454 and $2,078 respectively) based on the change in the fair value of the cash-settled Deferred Share Units granted in prior years. On June 3, 2025, following the retirement of Ricardo Campoy, 101,576 units were settled. As of September 30, 2025, deferred share units outstanding have a fair market liability value of $7,791 (December 31, 2024 - $3,829) recognized in accounts payable, accrued liabilities and other.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 16

(e) Diluted loss per Share

		Three months ended						Nine months ended
		September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Net loss	$	(41,956	)	$	(17,300	)	$	(95,318	)	$	(32,501	)
Basic weighted average number of shares outstanding		291,373,472			246,000,878			279,183,612			238,827,655
Effect of potentially dilutive securities:
Stock options		-			-			-			-
Restricted share units		-			-			-			-
Equity settled deferred share units		-			-			-			-
Performance share units		-			-			-			-
Diluted weighted average number of share outstanding		291,373,472			246,000,878			279,183,612			238,827,655

As of September 30, 2025, there are a total of 3,972,731 stock options, equity settled deferred share units, restricted share units and performance share units that were anti-dilutive and excluded from the diluted earnings per share calculation (September 30, 2024 - 3,167,664)

12. REVENUE

		Three months ended						Nine months ended
		September 30,			September 30,			September 30,			September 30,
		2025			2024			2025			2024

Silver sales	$	76,194		$	30,145		$	164,218		$	106,601
Gold sales		49,158			23,794			101,930			70,264
Lead sales		10,460			-			17,195			-
Zinc sales		8,775			-			14,397			-
Copper sales		1,151			-			1,712			-
Other metals sales		231			-			589			-
Less: smelting and refining costs		(3,138	)		(496	)		(5,115	)		(1,437	)
Revenue	$	142,831		$	53,443		$	294,926		$	175,428

Changes in fair value from provisional pricing are included in silver, gold, lead, zinc and copper sales. Revenue per product type was as follows:

		Three months ended				Nine months ended
		September 30,		September 30,		September 30,		September 30,
		2025		2024		2025		2024
Concentrate sales	$	85,031	$	17,861	$	145,747	$	50,956
Provisional pricing adjustments		5,551		117		6,187		(511	)
Total revenue from concentrate sales		90,582		17,978		151,934		50,445
Refined metal sales		52,249		35,465		142,992		124,983
Total revenue	$	142,831	$	53,443	$	294,926	$	175,428

Provisional pricing adjustments on sales of concentrate are pricing adjustments made upon finalization of the sales contract. The Company's concentrate sales contracts are initially priced with provisional pricing periods lasting typically one to three months, with provisional pricing adjustments recorded to revenue as market prices vary.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 17

13. EXPLORATION, EVALUATION AND DEVELOPMENT

		Three months ended					Nine months ended
		September 30,		September 30,			September 30,		September 30,
		2025		2024			2025		2024

Depreciation	$	133	$	221		$	387	$	568
Share-based compensation		154		(204	)		416		74
Employee costs		995		657			2,659		1,954
Direct exploration expenditures		4,881		2,363			9,878		5,821
Evaluation and development employee costs		561		1,181			1,970		2,640
Direct evaluation and development expenditures		534		489			1,408		2,210
	$	7,258	$	4,707		$	16,718	$	13,267

14. GENERAL AND ADMINISTRATIVE

		Three months ended				Nine months ended
		September 30,		September 30,		September 30,		September 30,
		2025		2024		2025		2024

Depreciation	$	98	$	99	$	305	$	304
Share-based compensation		655		695		2,421		2,596
Employee costs		1,032		924		3,025		3,085
Directors' DSU expense		2,742		454		3,962		2,078
Direct general and administrative expenditures		2,010		1,810		5,103		4,203
Business acquisition costs		-		-		3,602		-
	$	6,537	$	3,982	$	18,418	$	12,266

15. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

		Three months ended						Nine months ended
		September 30,			September 30,			September 30,			September 30,
		2025			2024			2025			2024

Net changes in non-cash working capital:
Accounts and other receivables	$	(675	)	$	(62	)	$	(5,099	)	$	(5,725	)
Income tax receivable		(229	)		1,975			(744	)		3,836
Inventories		1,222			(303	)		(12,859	)		2,855
Prepaids		854			1,347			235			2,556
Accounts payable, accrued liabilities and other		9,336			(1,459	)		40,006			(4,831	)
Income taxes payable		6,683			2,514			13,179			3,789
IVA receivable		(3,748	)		-			(19,069	)		-
	$	13,443		$	4,012		$	15,649		$	2,480

Non-cash financing and investing activities:
Reclamation included in mineral properties, plant and equipment	$	-		$	(606	)		-		$	(1,156	)
Fair value of exercised options allocated to share capital	$	(3,176	)	$	(178	)	$	(3,603	)	$	(1,201	)
Fair value of capital assets acquired under finance leases	$	3,452			-		$	3,452			-

Other cash disbursements:
Income taxes paid	$	2,192		$	2,357		$	6,413		$	4,941
Special mining duty paid	$	-		$	-		$	3,913		$	2,574

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 18

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 which are located in Mexico (Guanaceví and Bolañitos) and in Peru, (Kolpa) and a development mine segment, Terronera, which reached commercial production in October 2025. The Company has Exploration and Corporate segments. 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. Revenues, cost of sales, exploration costs and income taxes are attributed to the operation in which they arise. General and administrative costs, foreign exchange gains and losses, and investment and other income are managed centrally and are presented within the Corporate segment. Gains and losses from remeasurement of assets and liabilities measured at fair value are attributed to the segment in which the related asset or liability resides. Segment results are presented net of intersegment transactions where services are performed on behalf of other Group entities. There are no amounts unallocated to reportable segments.

Three months ended September 30			Revenue		Cost of sales - direct		Cost of sales - depreciation		Cost of sales - other		Mine operating earnings			Net earnings and comprehensive earnings

Guanaceví	2025	$	52,249	$	26,250	$	8,264	$	7,610	$	10,125		$	7,843
	2024		35,465		18,968		4,656		5,118		6,723			3,226
Bolañitos	2025		20,090		11,681		2,948		247		5,214			3,607
	2024		17,978		9,737		2,376		105		5,760			5,246
Terronera	2025		31,478		29,166		5,091		858		(3,637	)		(42,247	)
	2024		-		-		-		-		-			(21,048	)
Kolpa	2025		39,014		26,816		7,612		679		3,907			3,299
	2024		-		-		-		-		-			-
Exploration	2025		-		-		-		-		-			(6,163	)
	2024		-		-		-		-		-			(3,037	)
Corporate	2025		-		-		-		-		-			(8,295	)
	2024		-		-		-		-		-			(1,687	)
Consolidated	2025	$	142,831	$	93,913	$	23,915	$	9,394	$	15,609		$	(41,956	)
	2024	$	53,443	$	28,705	$	7,032	$	5,223	$	12,483		$	(17,300	)

The Exploration segment included $1,094 of costs incurred in Chile for the three months ended September 30, 2025 (September 30, 2024 - $212) and $16 of costs incurred in USA (September 30, 2024 - $9).

Nine months ended September 30			Revenue		Cost of sales - direct		Cost of sales - depreciation		Cost of sales - other		Mine operating earnings			Net earnings and comprehensive earnings

Guanaceví	2025	$	142,993	$	74,752	$	21,148	$	19,959	$	27,134		$	19,217
	2024		124,983		68,855		16,436		17,128		22,564			11,674
Bolañitos	2025		54,332		33,004		8,332		648		12,348			8,641
	2024		50,445		30,258		8,112		304		11,771			10,501
Terronera	2025		34,756		37,462		5,882		955		(9,543	)		(92,580	)
	2024		-		-		-		-		-			(33,482	)
Kolpa	2025		62,845		43,117		12,769		703		6,256			2,423
	2024		-		-		-		-		-			-
Exploration	2025		-		-		-		-		-			(13,340	)
	2024		-		-		-		-		-			(8,417	)
Corporate	2025		-		-		-		-		-			(19,679	)
	2024		-		-		-		-		-			(12,777	)
Consolidated	2025	$	294,926	$	188,335	$	48,131	$	22,265	$	36,195		$	(95,318	)
	2024	$	175,428	$	99,113	$	24,548	$	17,432	$	34,335		$	(32,501	)

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 19

The Exploration segment included $1,910 of costs incurred in Chile for the nine months ended September 30, 2025 (September 30, 2024 - $847) and $94 of costs incurred in USA (September 30, 2024 - $32).

			Total assets		Total liabilities		Additions to fixed assets

Guanaceví	September 30, 2025		130,430		64,050		13,216
	December 31, 2024		114,745		43,896		22,876
Bolañitos	September 30, 2025		42,896		17,030		7,473
	December 31, 2024		53,176		7,886		7,893
Terronera	September 30, 2025		514,201		280,703		114,312
	December 31, 2024		373,531		173,376		189,912
Kolpa	September 30, 2025		220,470		88,046		14,610
	December 31, 2024		-		-		-
Exploration	September 30, 2025		88,229		811		1,431
	December 31, 2024		86,579		1,326		1,571
Corporate	September 30, 2025		20,800		57,582		29
	December 31, 2024		91,218		8,328		3
Consolidated	September 30, 2025		1,017,026		508,222		151,071
	December 31, 2024	$	719,249	$	234,812	$	222,255

17. COMMITMENTS & CONTINGENCIES

Commitments

As of September 30, 2025, the Company had $4,587 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

Copper Stream liability

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 (the "Copper Stream ") with Versamet Royalties Corporation ("Versamet"). Under the Copper Stream agreement, Versamet provided a $35 million prepayment used to finance the cash consideration of Kolpa acquisition on May 1, 2025. In exchange Versamet will receive refined copper LME Warrants or copper credits in the amount greater of: (i) 95.8% of produced copper or (ii) 0.03 pounds of copper per pound of produced lead. After 6,000 tonnes are delivered, Versamet will purchase 71.85% of produced copper, decreasing to 47.9% after 10,500 tonnes until the end of the term of the agreement.

The purchase price is based on the spot price of refined copper. Untill the liability is repaid, Versamet will pay 10% in cash per tonne, with the remaining 90% offset against the prepayment. Once the prepayment is fully applied, Versamet will continue to pay 10% of the spot price. Versamet holds a right of first refusal on future royalties, streams, or similar interests from Kolpa. The agreement is secured by an equity pledge in Kolpa.

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 valuation include a discount rate of 8.6%, reflecting credit risk and asset-specific risk, a copper price forecasts, based on observable forward price curves over the expected production term. The valuation involves significant judgment related to the life-of-mine production schedule, including expected output timing and volumes.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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Contingent payment on business acquisition (Note 4)

The contingent payment is payable in cash within 24 months of closing of the acquisition, and is classified as level 3 in the fair value hierarchy and measured at fair value through profit or loss. Consideration is valued using a discounted cash flow model. The key unobservable inputs used in the valuation include a discount rate of 15.0%, as well as assumptions about future technical report's silver equivalent ounces contained in Kolpas reserves and resources.

Commodity contracts

In connection with the Terronera Debt Facility (Note 10), on March 28, 2024, the Company entered into gold forward swap contracts to hedge against the fluctuation in gold prices. These have been amended to reflect the current gold production profile with settlement of 68,000 oz from August 2025 to June 2027 with a forward price of $2,311 per ounce of gold. During the three months ended September 30, 2025 the Company settled 3,585 gold oz and as of September 30, 2025 had 64,415 gold oz outstanding under gold forward swap contracts.

In June 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, settling over the period from October 2025 to July 2026.

Foreign exchange contracts

The Company also hedges a portion of the estimated operating expenditures incurred in Mexican Pesos. As of September 30, 2025, the Company had $50,400 Mexican Peso forward contracts with a weighted average settlement exchange rate of 20.28 pesos for US dollar settling between October 2025 and December 2026.

Interest rate contracts

As part of the business acquisition the Company has acquired a fixed for variable interest rate swap in the amount of $8,308, maturing in April 2026 measured at fair value through profit and loss at $26 as of September 30, 2025.

		Gold forward swap			Silver collars			Mexican Peso forward			Copper stream liability			Total

Derivative liability at December 31, 2024	$	(24,618	)	$	-		$	(2,241	)	$	-		$	(26,859	)
Recognized at copper stream inception		-			-			-			(35,000	)		(35,000	)
(Loss) gain on revaluation		(76,867	)		(4,493	)		6,535			(3,416	)		(78,241	)
Settled copper stream liability		-			-			-			1,771			1,771
Derivative asset (liability) at September 30, 2025	$	(101,485	)	$	(4,493	)	$	4,294		$	(36,645	)	$	(138,329	)

Presented in the statement of financial position:
Derivative asset	$	-		$	-		$	3,650		$	-		$	3,650
Non-current derivative assets		-			-			644			-			644
Derivative liabilities		(59,168	)		(4,493	)		-			-			(63,661	)
Non-current derivative liabilities		(42,317	)		-			-			-			(42,317	)
Current copper stream liability		-			-			-			(6,107	)		(6,107	)
Non-current copper stream liability	$	-		$	-		$	-		$	(30,538	)	$	(30,538	)
Derivative asset (liability) at September 30, 2025	$	(101,485	)	$	(4,493	)	$	4,294		$	(36,645	)	$	(138,329	)

		Gold forward swap			Silver collars			Mexican Peso forward			Copper stream liability			Total
(Loss) gain on revaluation	$	(76,867	)	$	(4,493	)	$	6,535		$	(3,416	)	$	(78,241	)
Realized (loss) gain on derivatives		(3,772	)		-			1,055			-			(2,717	)
Loss on derivative contracts	$	(80,639	)	$	(4,493	)	$	7,590		$	(3,416	)	$	(80,958	)

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(a) Financial assets and liabilities

As at September 30, 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	$	-	$	57,027	$	57,027	$	57,027
Other investments		1,096		-		1,096		1,096
Trade and other receivables		14,121		3,554		17,675		17,675
Derivative assets		4,294		-		4,294		4,294
Loan receivable		-		3,006		3,006		3,006
Total financial assets	$	19,511	$	63,587	$	83,098	$	83,098

Financial liabilities:
Accounts payable, accrued liabilities and other	$	7,791	$	101,774	$	109,565	$	109,565
Derivative liabilities		105,978		-		105,978		105,978
Copper stream liability		36,645		-		36,645		36,645
Contingent payment		8,430		-		8,430		8,430
Loans payable		-		159,064		159,064		159,064
Total financial liabilities	$	158,844	$	260,838	$	419,682	$	419,682

As at December 31, 2024, 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	$	-	$	106,434	$	106,434	$	106,434
Other investments		1,070		-		1,070		1,070
Trade and other receivables		3,310		355		3,665		3,665
Loan receivable		-		2,556		2,556		2,556
Total financial assets	$	4,380	$	109,345	$	113,725	$	113,725

Financial liabilities:
Accounts payable, accrued liabilities and other	$	3,853	$	50,090	$	53,943	$	53,943
Derivative liabilities		26,859		-		26,859		26,859
Loans payable		-		120,236		120,236		120,236
Total financial liabilities	$	30,712	$	170,326	$	201,038	$	201,038

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(b) Fair value hierarchy

Assets and liabilities as at September 30, 2025 measured at fair value on a recurring basis include:

		Level 1		Level 2		Level 3		Total

Financial assets:
Other investments	$	1,034	$	-	$	62	$	1,096
Trade receivables		-		14,121		-		14,121
Derivative assets		-		4,294		-		4,294
Total financial assets	$	1,034	$	18,415	$	62	$	19,511

Financial liabilities:
Cash settled deferred share units	$	7,791	$	-	$	-	$	7,791
Derivative liabilities		-		105,978		-		105,978
Copper Stream liability		-		-		36,645		36,645
Contingent payment		-		-		8,430		8,430
Total financial liabilities	$	7,791	$	105,978	$	45,075	$	158,844

Assets and liabilities as at December 31, 2024 measured at fair value on a recurring basis include:

		Level 1		Level 2		Level 3		Total

Financial assets:
Other investments	$	1,050	$	-	$	20	$	1,070
Trade receivables		-		3,310		-		3,310
Total financial assets	$	1,050	$	3,310	$	20	$	4,380

Financial liabilities:
Cash settled deferred share units	$	3,829	$	-	$	-	$	3,829
Share appreciation rights		-		24		-		24
Derivative liability		-		26,859		-		26,859
Total financial liabilities	$	3,829	$	26,883	$	-	$	30,712

19. SUBSEQUENT EVENT

On October 1, 2025, the Company determined that commercial production had been achieved at the Terronera mine, as the operation met the defined criteria set forth by management, including sustained throughput level and recovery rates.

ENDEAVOUR SILVER CORP. | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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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

Kenneth Pickering

Mario Szotlender

OFFICERS Daniel Dickson - Chief Executive Officer

Donald Gray - Chief Operating Officer

Elizabeth Senez - Chief Financial Officer

Greg Baylock - Vice President, Operations

Luis Castro - Senior Vice President, Exploration

Dale Mah - Vice President, Corporate Development

Allison Pettit - Vice President, Investor Relations

Alejandra Hincapie - Corporate Secretary

REGISTRAR AND Computershare Trust Company of Canada

TRANSFER AGENT 3^rd Floor - 510 Burrard Street

Vancouver, BC, Canada V6C 3B9

AUDITORS KPMG LLP

777 Dunsmuir Street

Vancouver, BC, Canada V7Y 1K3

SOLICITORS Blake, Cassels & Graydon LLP

Suite 3500, 1133 Melville Street

Vancouver, 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

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