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Terronera //

Terronera is located in Jalisco state, Mexico, about 40 km northeast of Puerto Vallarta in the historic silver mining district of San Sebastián. The Terronera Project was optioned in 2010 and purchased in 2013 and the first discovery was made in 2012. Since then 100,000 meters of core drilling has been done to define a sizable orebody that is now development ready. Terronera has the potential to become Endeavour’s next core asset with average annual production of 2.9 million oz Ag and 28,000 oz Au or 5.1 million oz Ag Eq (using a 80:1 gold: silver ratio).

Over the years, we’ve increased the land package so our property represents a district scale opportunity, covering approximately 17,000 hectares, and is well served by local infrastructure, including a paved highway, gravel roads, state electrical power, local labour, supplies and services, and a company camp.

The Terronera property is characterized by multiple low sulfidation epithermal veins up to five kilometres long, 500 metres deep and up to 30 metres thick, averaging 5 meters thick. The average grade of the deposit is approximately 400 grams per tonne silver equivalent, which drives robust project economics.

In August 2018, Endeavour published an updated pre-feasibility study (PFS) on Terronera including an updated Mineral Resource and Reserve Estimate. The updated Mineral Resource and Reserve Estimates that formed the basis for the updated 2018 PFS reflected significantly higher tonnes, grades and contained silver, gold and silver equivalent ounces in each category due to positive exploration drill results in 2016 and the inclusion of the high grade La Luz vein. As a result, the 2018 PFS shows significantly higher revenues, free cash flow, mine life and NPV with significantly lower cash costs and all-in sustaining costs per silver oz. We will continue refining our studies with the goal to publish an updated PFS after the final tailings and dumps permits are approved.

Subject to receiving the remaining government mine permits, arranging appropriate debt financing, and completing certain optimization work on the updated PFS, management intends to seek approval from the Company’s board of directors to commence development of the Terronera mine and related facilities in 2019. A social impact study is currently underway and we are advancing the project by hiring key managers and positions.

Terronera 2018 Results

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