Investor Presentaiton

Endnotes (1) The mineral resource estimate used as the basis for the January 29, 2021 Behre Dolbear & Company (USA), Inc., PEA was derived from Endeavour's previous technical report for El Cubo titled "National Instrument 43-101 Technical Report: Updated Mineral Resource and Reserve Estimate for the El Cubo Project, Guanajuato, Mexico" dated March 3, 2017 and amended March 27, 2018 (effective December 31, 2016) by Hardrock Consulting LLC. and computer models developed by Endeavour and Guanajuato Silver Company's (the "company" of "GSilver") previous technical report for El Pinguico titled "NI 43-101 Technical Report for El Pinguico Project, Guanajuato Mining District, Mexico", dated effective February 28, 2017 by Carlos Cham Dominguez, C.P.G., copies of which have been filed by Endeavour and GSilver, respectively, under their profiles on SEDAR. Behre has reviewed the information, estimation methods and the estimates in such reports and is of the opinion that the estimates are reasonable and can be utilized for the PEA, subject to certain adjustments including those summarized below. (2) In 2012 a private company commissioned by the then owner of El Pinguico calculated the volume of the surface stockpile as 92,849.5 m3, with a surface of 15,769.40 m2. In January 2017, Findore S.A. DE C.V. ("Findore"), a private geological services company engaged by GSilver, dug 10 holes with a backhoe CAT machine in the stockpile at different locations and different depths, taking two samples from each hole (one at the top and one at bottom). The samples confirmed there was no movement of economic values from surface to bottom of the stockpile due to weathering and rains, with the average samples results as follows: Au ppm Top samples Bottom sample. 0.62 0.43 Ag ppm 80.6 61.1 AuEq ppm 1.78 1.31 Based on the foregoing, GSilver estimates the surface stockpile comprises approximately 175,000 to 185,000 tonnes of material grading between 0.45 gpt Au and 67 gpt Ag (100 gpt AgEq) and 0.52 gpt Au and 70 gpt Ag (110 gpt AgEq). The potential quantity and grade of the surface stockpile is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the stockpile being delineated as a mineral resource. (3) In 2012, "Servicio Geológico Mexicano" (SGM, the Mexican Geological Survey agency) took 56 samples from 19 trenches distributed over 300 meters of the underground stockpile to a depth of 1.5 meters with an average trench width of 6.95 meters. The grade of the top 5 meters of the stockpile was determined through trench sampling and tonnage was estimated by topographic survey and historic mine plans with no grades assigned to tonnes below 5 meters due to inaccessibility. None of the categories of classification assigned by SGM comply with those set out in NI 43-101 or CIM guidelines. Average grades are historic in nature, have not been verified and should not be relied upon. Additional work is required to verify the grade distribution throughout the whole stockpile before it can be applied to all of the available tonnage and qualify for current classification standards. A "qualified person" as defined under NI 43-101 has not done sufficient work to classify this historical estimate as current mineral resources or reserves and GSilver is not treating the historical estimate as current mineral reserves or resources. (4) Based on 57 samples taken by GSilver in 2017 from 20 trenches (mostly historic with a few new trenches) within the UG stockpile. All samples were collected, recorded, bagged and sent by GSilver's consulting geologist to ALS Laboratory in Guadalajara, Mexico for sample preparation. Gold, silver and multi-element ICP analysis was completed at the ALS laboratory in North Vancouver, Canada. Rock samples were fine crushed (70% passing a 2mm screen), pulverized (85% passing a 75 micron screen) and a pulp split separated for assaying by a riffle splitter. 30 gram portion of each sample was assayed for gold by standard fire assay and a 10 gram split was analysed for 35 elements by ICP method. Standard reference material and blank samples were inserted into the sample stream at a 5% insertion rate with pulped samples from the underground stockpile for quality control purposes. The results of the standards and blank samples were satisfactory. All data was collected with industry standard practices and assay results were verified by 'GSilver's consulting geologist. The Company is in the process of conducting further metallurgical testing to verify this and Endeavour Silver Corp's published metallurgical results. 17 TSX: GSVR OTЄMarkets: GSVRF A Guanajuato TSX venture EXCHANGE Silver

View entire presentation