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July, 2020

Guadalupe Y Calvo Gold-Silver Project Chihuahua State, Mexico

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GUADALUPE Y CALVO OVERVIEW

• Well located property, excellent road access, good local infrastructure

• Historic gold-silver mining district, multiple vein structures <3 km long

• Low sulfidation epithermal veins, high grade “bonanza” orebodies

• Prolific production history, 2 million oz gold, 28 million oz silver

• Encouraging historic drill results < 4.12 gpt gold, 281 gpt silver over 2.5 m

• Historic Indicated Resource of 142,500 oz gold, 7.1 million oz silver

• 1.86 million tonnes @ 2.4 gpt gold, 120 gpt silver

• Resource wide open beneath post-mineral tuffs

• Exploration targets untested and open along strike, at depth

• Endeavour is seeking a partner or buyer for the project

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GUADALUPE Y CALVO PROPERTY LOCATION AND ACCESS

• Located in the town of Guadalupe y

Calvo, southwestern Chihuahua State,

México, approximately 300 km south of

Chihuahua City.

• The Project is accessible by highway

from Chihuahua City through the city of

Hidalgo de Parral, a major mining

center about a 3 hour drive from GyC

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GUADALUPE Y CALVO CONCESSIONS

Concession NameTitle

NumberTerm of Mineral

ConcessionHectares

Guadalupe 159362 29/10/73 to 28/10/23 100.0000

Ampl. de Guadalupe 211461 31/05/00 to 30/05/50 28.0000

Guadalupe Tres 224250 22/04/05 to 21/04/55 148.7341

Guadalupe Tres 224430 10/05/05 to 09/05/55 159.8364

La Bufa 219036 31/01/03 to 30/01/53 1,040.7594

La Bufa 1 222724 27/08/04 to 26/08/54 485.0000

La Bufa 2 223165 28/10/04 to 27/10/54 765.5000

El Chapito 164161 05/03/79 to 04/03/29 20.0000

Guadalupe Tres Fraccion Dos 240131 13/04/12 to 12/04/62 0.4049

Guadalupe Tres Fraccion Dos 240132 13/04/12 to 12/04/62 2.2650

Total 2,750.4998

• In July, 2012, Endeavour Silver completed the acquisition of the Guadalupe y Calvo

Project from AuRico Gold Inc., which consisted of eight mineral concessions covering

54,856.1 hectares.

• In 2014, Endeavour Silver acquired four concessions controlled by Minera Lincoln de

Mexico, S.A. de C.V. (Lincoln), with 2,311.2594 hectares. These concessions cover the

extensions of the Rosario vein, both to the northwest and to the southwest.

• In July, 2018, Endeavour reduced the San Luis and San Luis NW claims (with 18,391.5

and 36,025.3177 hectares respectively) which were part of the original acquisition

• Currently, the Guadalupe y Calvo Project consists of ten mineral concessions covering

2,750.4998 hectares, including several old adits and shafts. Endeavour Silver and its

subsidiaries control 100% of the mineral properties comprising the Project and there are

no underlying royalty agreements on the mineral properties.

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GUADALUPE Y CALVO EARLY HISTORY

1554 Spanish exploration of northern Mexico begins.

1567 First significant mineral discovery in Chihuahua State.

1600-1700 Other major mineral discoveries in Mexico include: Parral, Batopilas, Santa Eulalia, Marguarichi, Dolores and Naica districts.

1820 Mexico gains independence from Spain and Mexican government encourages foreign investment to develop the economy – a revival of mining begins

1835 Bonanza gold was discovered on the site of the Rosario vein outcrop and in a short time the town of Zorrilla was founded Guadalupe y Calvo).

1835-1838 Ochoa family begin consolidating district and by 1928 have sole ownership of the northern Zorrilla and Pertenencia portions of the Rosario breccia/vein

complex. The southern San Francisco portion of Rosario remains in the hands of local small miners for many years.

1838-1949 Ochoa family lease their holdings to two English mining companies. During this time bonanza graded ores were produced from both open pit and

underground workings. Operations were restricted by lease agreements to approximately 100 meters below surface and above.

1844 Output from these mining operations was large enough that the Mexican government erected a mint to coin the mines output.

1849 Properties reverted back to the Ochoa family, as mutually agreed terms for new leasehold agreements on the properties could not be reached.

1849-1865 District was worked primarily by small miners and gambosinos under agreements with the Ochoas.

1865 Henry Holderness, an American of British decent, purchases one half interest in the Ochoa properties. Holderness utilized the exploration shafts and

tunnels constructed by the English companies to develop and mine the Pertenencia and Zorrilla portions of the Rosario breccias/vein complex down to

approximately 200 meters below the surface. At this depth, dewatering the mine became too much of a problem so mining halted there

1871 Holderness deeded his interests back to the Ochoa family.

1871-879 Ochoas leased ground to gambosinos and mining and production continued in a haphazard fashion.

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GUADALUPE Y CALVO LATER HISTORY

1879-1888 Ochoas leased properties to various U.S. politicians and mining promoters; however, all these ventures failed due to the demands of the Ochoas family.

1888 Ochoa family lost claims by failure to perform minimal work requirements.

1889-1894 American mining group consolidated district and mining activities were limited to repossessing dump materials, a highly profitable venture.

1895 Tiburcio Garcia, a local merchant acquired all interests in district and sold them to Rosario Mining Company of Ft. Worth, Texas.

1895-1910 Rosario Mining operated the property and undertook extensive underground sampling programs until the property was sold to West Mexican Mines Ltd.

1910-1939 West Mexican operated a 50-ton per day mill with a cyanide recovery circuit and reported recoveries of 90 percent. In 1930s operations shifted from the

main Rosario breccias/vein complex to the east west striking Nankin structure. Known for almost 100 years, this was the first time any diligent

exploration and development has been taken on the structure.

1940 West Mexican continued production until they left the district in 1940.

1940-1978 Small miners and gambisinos operated mines at Guadalupe y Calvo.

1978 Compañia Minera Los Maples S.A. de C.V. acquired claims encompassing both the Rosario and Nankin structure, rehabilitated the old mill building and

installed a treatment plant with a flotation circuit, and used the recovery process Merrill Crowe circuit on a small heap leach. Production by Los Maples

was derived from a small open cut at the top of the Rosario outcrop and underground workings in the Nankin. Grades in the open cut were reported to

be 4.3 g/t gold and 312 g/t silver.

1980s CRM performed studies as part of the Mexican government’s program to stimulate mining. No exploration work was

performed. Contrastista Tormex S.A., a subsidiary of Lacana reviewed data with no actual exploration work performed.

1996 V-Fund Investments Ltd. acquired an option from Los Maples and performed limited mapping, sampling and bottle roll leach tests on surface samples.

1997 Minera Glamis S.A. de C.V., subsidiary of Glamis Gold Ltd., performed limited work of mapping and a surface and underground sampling program

1998-2000 Augusta Resource Corp. of Vancouver, BC, entered into an agreement with V-Fund and completed a small 9-hole RC drill program in 2000.

2006 Gammon Gold acquires Guadalupe y Calvo project in the context of an acquisition of Mexgold.

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GUADALUPE Y CALVO ENDEAVOUR EXPLORATION

• Exploration activities commenced in 2013 and concluded in 2018, focused on regional

exploration to add resources to those already detected in El Rosario mine.

• In 2016, an interpretation of ASTER-type satellite images was performed.

• At the end of 2016, an Aerial Flight of Geophysics was carried out over 3,000 linear kilometers

(including Magnetometry, Gamma Ray Spectrometry and VLF).

• Both surveys generated anomalies that were partially followed up by geological prospecting

• Approximately 4,600 geochemical samples were collected with respect to the properties.

• From these activities are highlighted the following prospective areas: San Carlos, Las

Truchas, Canoas, Nabogame, Milpillas, Mesa de la Reforma, Gallinas and El Chapito.

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GUADALUPE Y CALVO ASTER ANOMALIES

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GUADALUPE Y CALVO AEROMAGNETIC ANOMALIES

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GUADALUPE Y CALVO REGIONAL GEOLOGY

• The mining district of Guadalupe y Calvo is located within the

Sierra Madre Occidental metallogenic province, a north-

northwesterly trending linear volcanic belt (Figure 7.1). This

volcanic field, 1,500 km long and 200 km wide, is one of the

world’s largest epithermal precious metal terranes, hosting a

majority of Mexico’s gold and silver deposits. It extends from

south of Oaxaca and Chiapas to Arizona and New Mexico.

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GUADALUPE Y CALVO REGIONAL MINING DISTRICTS

• GyC lies in the heart of the Sierra Madre

Occidental gold-silver belt of low sulfidation,

epithermal mining districts

• Fresnillo’s San Julian mine lies 50 km to the

SE and Couer’s Palmerejo mine lies 150 km

to the NW

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GUADALUPE Y CALVO PROPERTY GEOLOGY

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GUADALUPE Y CALVO CORE TARGETS

Rosario

San Carlos

El Chapito

GYC

Exploration Targets

SAN CARLOS

▸ San Carlos

▸ Silvia

SAN CARLOS II

▸ El Martillo

▸ La Paz

▸ El Jabalí

▸ Las Arañas

▸ Los Venados

▸ La Escondida

ROSARIO

▸ Rosario-Nankin

EL CHAPITO

▸ El Chapito

▸ Santo Niño

▸ El Tejaban

▸ El Encino

▸ El Capulin

▸ La Manzanilla

▸ El Libramiento

▸ El Arroyo

▸ El Pinabete

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GUADALUPE Y CALVO MINERALIZATION

• The property covers the historic Rosario mine, with past production of 2 million ounces of

gold and 28 million ounces of silver. Historic operations were hindered by water

problems when the mine reached the valley floor which is why mining was not

pursued down dip.

• Guadalupe y Calvo is a classic gold-silver low sulfidation epithermal deposit with quartz-

adularia-sericite veins. The system contains veins, breccias and stockworks

hosting economically significant gold and silver sulfide mineralization with open-

space textures associated with volcanic related hydrothermal systems.

• The mine’s main structural feature is the northwest striking Rosario fault complex with a

total width of the mineralized zone up to 80 m. Historic underground mining widths

of high-grade gold-silver mineralization were up to 10 m.

• The second major vein is the east-west striking Nankin vein, which dips shallowly south

at 30°. This structure has an obvious deflection where it intersects the Rosario

vein, creating a complex pattern of stockwork and sheeted veinlets that provides a

possibility for bulk-mining either in open pit or large underground stopes.

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GUADALUPE Y CALVO ROCK SAMPLING

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GUADALUPE Y CALVO ROSARIO TREND

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GUADALUPE Y CALVO ROSARIO MINE GEOLOGY

• The wide hydrothermal

breccia of the Rosario Vein

system is covered by the

unconformable post-

mineral volcanics to the

southeast, and is down-

thrown by the Bufa Fault on

the order of 400 m vertically

to the northwest.

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GUADALUPE Y CALVOROSARIO VEINS

Schematic surface vein map of the Project, showing the main Veins.

Section 64-1 SW-NE (looking NW) - Typical transverse section showing the two major veins. The

section is drawn perpendicular to the Rosario Vein, but skew to the strike of the Nankin Vein which

is an E-W vein dipping approximately 30° south, that has suffered drag folding in the hanging wall of

the Rosario structure.

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GUADALUPE Y CALVO ROSARIO AREA

Photograph of cliffs formed by ignimbrites

of UVS with Exploration Camp shown in

valley bottom.

Typical outcrop of the Rosario Vein looking

NNW along strike, here showing an 11m

wide zone of strong veining and

hydrothermal breccias.

Outcrop of the Rosario VeinOpen stopes at the surface of the

Rosario vein, looking SE towards town.

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GUADALUPE Y CALVO ROSARIO RESOURCE (Aurico Long

Section)

Longitudinal section of the Rosario Vein,

looking Northeast, showing the Silver /

Gold Ratio of mineralized intercepts in the

Rosario Vein drilled by Aurico. Although

there is no district-wide trend, there

appears to be “feeders” associated with

higher Ag / Au ratios. Ore deposits in the

Sierra Madre tend to have Ag – base metal

roots, and this could be evidence of such a

root to the system here.

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GUADALUPE Y CALVO ROSARIO RESOURCES (Aurico)

Longitudinal Section of Rosario Vein,

showing indicated resources blocks

Longitudinal Section of Rosario Vein, showing

inferred resources blocks

Longitudinal Section of Nankin Vein, showing

indicated resources blocks

Longitudinal Section of Nankin Vein, showing

inferred resources blocks

Classification Ton Ag Au Ag Oz Au Oz

Indicated Resources

1,861,000 119.5 2.4 7,147,300 142,500

Classification Ton Ag Au Ag Oz Au Oz

Inferred Resources

154,000 93.8 2.1 464,600 10,600

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GUADALUPE Y CALVO SAN CARLOS AREA

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GUADALUPE Y CALVO SAN CARLOS TARGETS

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GUADALUPE Y CALVO EL CHAPITO AREA

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GUADALUPE Y CALVO EL CHAPITO TARGETS

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GUADALUPE Y CALVOEL CHAPITO AREA

(Lincoln Drilling Program)

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GUADALUPE Y CALVOEL CHAPITO AREA

(Lincoln Significant Drill Intercepts)

hole id dip

from to intercept core rec Au Ag Cu Pb Zn

(m) (m) (m) dia % gpt gptppm or

%

ppm or

%

ppm or

%

LB-DDH-001 -45 89.20 90.00 0.80 NTW 100 0.166 11.3 172 236 502

91.50 93.00 1.50 NTW 100 0.178 11.4 145 222 304

94.50 97.00 2.50 NTW 100 4.12 281 397 561 764

122.20 123.50 1.30 NTW 98 0.427 23.7 0.40% 0.23% 0.31%

256.03 259.08 3.05 NTW 99 0.513 2.29 65 75 306

348.73 351.73 3.00 BTW 99 0.775 5.1 11 434 74

LB-DDH-002 -45 65.50 68.60 3.05 NTW 100 0.257 17.4 138 505 415

73.15 76.20 3.05 NTW 100 1.067 5 161 96 309

82.30 83.80 1.50 NTW 100 0.188 7 74 362 528

89.21 94.50 5.28 NTW 100 0.186 7.8 305 0.11% 0.11%

107.68 108.60 0.92 NTW 100 0.266 13.7 86 0.13% 0.16%

LB-DDH-003 -45 172.22 173.72 1.50 NTW 97 10.7 516 0.50% 2.54% 2.42%

175.26 176.76 1.50 NTW 98 0.115 7.8 161 0.16% 0.26%

LB-DDH-004 -45 198.40 199.90 1.50 HQ 92 0.295 2.8 31 180 486

199.90 201.35 1.45 HQ 82 0.727 33.8 129 631 881

201.35 202.85 1.50 HQ 89 0.187 11 59 368 912

352.70 355.75 3.05 NTW 97 0.288 1.7 30 44 118

LB-DDH-005 -60 133.95 135.30 1.35 HQ 90 0.169 6.6 331 0.18% 0.33%

152.40 153.93 1.53 NTW 100 1.37 10.7 289 0.27% 0.41%

153.93 155.45 1.52 NTW 100 0.211 11.2 663 0.63% 0.87%

LB-DDH-006 -45 32.00 33.50 1.50 HQ 97 0.203 2.7 19 92 88

48.74 50.29 1.55 HQ 97 0.148 19.1 235 379 462

50.29 51.79 1.50 HQ 93 3.91 110 868 510 413

65.53 67.05 1.52 HQ 98 0.109 32.7 222 612 0.12%

LB-DDH-007 -60 128.59 130.30 1.71 NTW 100 0.015 5.4 971 0.24% 0.36%

251.82 252.98 1.16 NTW 94 0.014 7.5 775 0.56% 0.91%

278.00 279.40 1.40 BTW 98 0.007 4 336 0.47% 1.14%

279.40 281.10 1.70 BTW 100 0.02 6.8 759 0.35% 0.40%

286.51 287.71 1.20 BTW 100 0.015 5.5 411 0.60% 0.56%

hole id dip

from to intercept core rec Au Ag Cu Pb Zn

(m) (m) (m) dia % gpt gptppm or

%

ppm or

%

ppm or

%

LB-DDH-008 -45 134.11 137.16 3.05 HQ 97 0.094 7.6 0.10% 0.19% 0.38%

137.16 138.66 1.50 HQ 95 0.028 7.6 522 0.44% 0.64%

141.71 143.26 1.55 HQ 95 0.035 9.7 699 0.18% 0.22%

143.26 144.76 1.50 HQ 95 0.118 5.2 252 0.14% 780

147.80 149.35 1.55 HQ 98 0.402 6.6 555 0.24% 0.14%

210.31 213.36 3.05 HQ 97 0.237 1.6 42 80 120

213.36 216.41 3.05 HQ 98 0.043 4.7 116 0.13% 0.17%

LB-DDH-009 -60 86.80 89.85 3.05 HQ 99 0.106 5 27 130 283

262.25 263.55 1.30 HQ 100 0.261 8.5 373 0.15% 0.21%

LB-DDH-010 -60 10.64 12.19 1.55 HQ 99 0.123 7.6 27 83 48

19.79 21.34 1.55 HQ 100 0.985 25.8 39 126 66

51.82 54.86 3.04 HQ 98 0.186 1.7 33 69 77

192.02 193.52 1.50 HQ 88 0.014 7.7 19 0.82% 625

288.51 290.06 1.55 NTW 62 0.064 23.6 1.13% 3.69% 6.48%

294.13 297.18 3.05 NTW 98 0.016 2.5 100 375 0.12%

409.85 411.28 1.43 NTW 100 0.136 1.7 7 311 566

LB-DDH-011 -60 51.82 53.32 1.50 NTW 100 0.549 37.8 44 260 458

102.08 103.63 1.55 NTW 93 0.268 1.1 11 49 81

170.69 172.19 1.50 NTW 100 0.121 10.1 437 0.56% 0.47%

181.33 182.88 1.55 NTW 98 0.032 9.7 0.18% 0.28% 0.89%

182.88 183.99 1.11 NTW 97 0.03 23.6 0.42% 0.82% 3.27%

323.08 324.58 1.50 NTW 99 0.036 5.8 22 107 95

LB-DDH-012 -45 38.10 39.60 1.50 HQ 100 1.125 28.9 10 71 54

39.60 41.14 1.54 HQ 100 4.07 75 137 114 49

123.44 124.94 1.50 HQ 100 0.046 4.4 645 648 0.34%

124.94 126.49 1.55 HQ 100 0.088 10.9 0.21% 0.11% 0.39%

126.49 127.99 1.50 HQ 100 0.386 26.4 0.13% 0.22% 0.24%

217.93 219.43 1.50 HQ 99 0.023 2.2 304 624 0.15%

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GUADALUPE Y CALVO CONCLUSIONS

• The Guadalupe y Calvo project area is a famous and highly prospective highgrade gold-silver district in the Sierra Madres.

• The property contains the historic Rosario mine, with historic resourcesestimated by Aurico in the Rosario and Nankin veins of 1.861 milliontonnes indicated, grading 120 gpt silver and 2.4 gpt gold for 7.1 millionounces of silver and 142,000 ounces of gold; plus 0.154 million tonnesinferred grading 94 gpt silver and 2,1 gpt gold for 0.5 million oz silver and11,000 oz gold

• There is strong evidence of mineralization in other areas of the project, mainlyin San Carlos and El Chapito, that have not been drilled.

• Along the Rosario trend, there are another areas that need to be evaluated withmore field work, supported by the large database of the project and theregion, including geology, geochemistry, geophysics and drill core, whichgive a good potential to locate more resources.

• A 20 hole, 5,000 m drill program is recommended to test for bonanza mineralizationalong strike and at depth from the Rosario mine