Endeavour Silver Completes Sale of Bolañitos Mine

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VANCOUVER, British Columbia, Jan. 15, 2026 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to announce the completion of the sale of the Bolañitos silver and gold mine (the “Bolañitos Mine”) to Guanajuato Silver Company Ltd. (“Guanajuato Silver”) (TSXV: GSVR) pursuant to a share purchase agreement (the “Agreement”) previously announced on November 24, 2025 (the “Sale”).

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“The sale of the Bolañitos Mine marks an exciting milestone for Endeavour as we continue to focus our resources on our core silver assets and strategic growth,” said Dan Dickson, Chief Executive Officer. “We are pleased that Guanajuato Silver is well-positioned to further develop Bolañitos, and we look forward to the continued success of both companies as we advance sustainable mining in the region.”

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Transaction Details

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Pursuant to the Agreement, Guanajuato Silver acquired all the issued and outstanding shares of Mina Bolañitos, S.A. de C.V. (“Mina Bolañitos”) from affiliates of the Company. Mina Bolañitos holds the Bolañitos Mine in Guanajuato, Mexico.

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The total upfront consideration for the Sale is US$40 million (the “Base Consideration”), consisting of US$30 million paid in cash and US$10 million paid in common shares of Guanajuato Silver (the “Base
Shares”) at a deemed price of US$0.2709413 (C$0.3815) per share, being the volume-weighted average price of Guanajuato Silver’s common shares (“Guanajuato Shares”) on the TSX Venture Exchange (“TSXV”) for the ten consecutive trading days (“10-day VWAP”) immediately preceding the date of the Agreement and converted to United States dollars using the average exchange rate posted by the Bank of Canada on November 20, 2025 (being the business day immediately preceding the date of the Agreement).

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In addition to the Base Consideration, Guanajuato Silver will make two contingent payments to Endeavour (the “Contingent Payments”), each being US$5 million, upon the production of two (2) million and four (4) million ounces of silver equivalent from the Bolañitos Mine, respectively. Each Contingent Payment will be satisfied 50% in cash and 50% in Guanajuato Shares (the “Contingent Shares”), subject to the Maximum Percentage (as defined herein).

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The Contingent Shares will be issued at a deemed price per Contingent Share (the “Contingent Share Issue Price”) equal to the greater of (i) the 10-day VWAP of the Guanajuato Shares on the TSXV as at the applicable milestone payment date (the “Market Price”), and (ii) the minimum price permitted by the TSXV after giving effect to the maximum discount permitted thereby, in each case converted to United States dollars using the average exchange rate posted by the Bank of Canada on the business day immediately preceding the applicable milestone payment date. If applicable, Guanajuato Silver will make an additional cash payment to the Company equal to any aggregate shortfall in value between the Market Price and the Contingent Share Issue Price with respect to each Contingent Payment.

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The number of Contingent Shares issuable to Endeavour is subject to a maximum ownership percentage of 9.9% of the issued and outstanding Guanajuato Shares (the “Maximum Percentage”). In the event that an issuance of Contingent Shares would result in the Company (and its affiliates) holding more than the Maximum Percentage, any remaining unpaid portion of the Contingent Payment amount (after issuing Contingent Shares up to the Maximum Percentage) will be payable in cash.