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El Compas //

El Compas is located in Zacatecas state, Mexico, about one kilometre south of the city of Zacatecas in the historic silver mining district of the same name, the fourth largest in Mexico. Our property covers approximately 3,990 hectares, and is well served by local infrastructure, including a paved highway, state electrical power, local labour, supplies and services. El Compas is characterized by two high-grade, low-sulfidation epithermal veins up to several hundred metres long by 200 metres deep and up to 10 metres thick, and multiple vein targets that have never been drilled.

El Compas is an example of a strategic acquisition made by Endeavour in 2016 for a purchase price of $6.7 million. When we acquired the asset, the mine was already permitted and a nearby 500 tonne-per-day government plant was leased for up to 10 years. We completed a PEA in March 2017 that featured positive project economics and low capex requirements, so management initiated development later that year.

Installation of project infrastructure continued through the first half of 2018 and initial commissioning took place during the summer using low grade ore. During commissioning, the project encountered a number of start-up issues that have now been resolved. In August 2018, commissioning of the plant was temporarily halted to allow the tailings area to be dewatered and excess clay removed for improved drainage. A second fine tailings area was excavated in September 2018 to improve overall settling of the fine tailings and allow the coarse tailings storage area to form a solid beach. The plant commissioning re-commenced in mid-October 2018, however in late December, the ball mill trunion failed which brought plant operations to a halt.

From mid-October to mid-December the plant processed 11,300 tonnes grading 4.59 g/t gold and 69 g/t silver, producing 1,096 gold ounces and 13,382 silver ounces during the commissioning process. Management re-commenced plant operations after a new trunion was installed in February 2019. El Compas attained commercial production in Q1, 2019.

El Compas 2018 Results

5. For full details, refer to the complete Reserves and Resources table provided on our website.