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El Cubo ASSET

ASSET DESCRIPTION

ASSET NAME

El Cubo

ASSET TYPE

Operating

Operating METALS & MINERALS

Gold, Silver

DEPOSIT TYPE

Low-sulphidation epithermal veins.

OPERATOR

Endeavour Silver

SPECIFIC LOCATION

Guanajuato, Mexico

CURRENT ASSET STATUS

Producing

HISTORICAL OWNERSHIP

MINERAL RESOURCES AND RESERVES

Mineral Resources: NI 43-101

Metal	Measured				Indicated				Inferred			Attributable interests
Metal	Tonnage	Grade	Contained	CutOff	Tonnage	Grade	Contained	CutOff	Tonnage	Grade	Contained	Contained
Gold	737.7 k mt	2.5 g/t	65 k oz	0 g/t	1747 k mt	2.42 g/t	135.9 k oz	0 g/t	1782 k mt	1.83 g/t	104.9 k oz	0
Silver	737.7 k mt	171 g/t	4.06 m oz	0 g/t	1747 k mt	172 g/t	9.66 m oz	0 g/t	1782 k mt	134 g/t	7.68 m oz	0

Mineral Reserves: NI 43-101

Metal	Proven				Probable				Attributable interests
Metal	Tonnage	Grade	Contained	CutOff	Tonnage	Grade	Contained	CutOff	Contained
Gold	195.2 k mt	3.11 g/t	19.59 k oz	0 g/t	632.1 k mt	2.23 g/t	15.11 k oz	0 g/t	0
Silver	195.2 k mt	150 g/t	0.94 m oz	0 g/t	632.1 k mt	173 g/t	3.52 m oz	0 g/t	0

TOTAL CASH COST PER GOLD OUNCE

Amount in millions	Mining	Processing	Admin	Royalties	Total	%
Fuel	0	0	0	0	0	0 %
Maintenance	0	0	0	0	0	0 %
Labour	0	0	0	0	0	0 %
Insurance	0	0	0	0	0	0 %
Royalities	0	0	0	0	0	0 %
Reagents	0	0	0	0	0	0 %
Explosives	0	0	0	0	0	0 %
Contractors/consultants	0	0	0	0	0	0 %
Other*	0	0	0	0	0	0 %
Total US$ millions	0	0	0	0	0	0 %

PRODUCTION

PRODUCTION CYCLE	Annual	2026 Experiences				Expectations
PRODUCTION CYCLE	2025	Q1	Q2	Q3	Q4	2026	5 Year Avg	Remaining LOM
	0	0	0	0	0	0	0	0	Capital Expenditures	1	3
	0	0	0	0	0	0	0	0	Ore Tons Mined	2	3
	0	0	0	0	0	0	0	0	Mill Feed - Ore Tons Processed	3	3
	0	0	0	0	0	0	0	0	Gold (k oz) Produced	79	2
	0	0	0	0	0	0	0	0	Silver (m oz) Produced	93	2
	0	0	0	0	0	0	0	0	Gold (k oz) Sold	79	1
	0	0	0	0	0	0	0	0	Silver (m oz) Sold	93	1
	0	0	0	0	0	0	0	0	Gold Recovery (%)	79	4
	0	0	0	0	0	0	0	0	Silver Recovery (%)	93	4
	0	0	0	0	0	0	0	0	Cash Operating Cost	4	3
	0	0	0	0	0	0	0	0	All - in Sustaining Costs	5	3
	0	0	0	0	0	0	0	0	Strip Ratio – Waste:Ore	6	3

ARTICULATED HAULERS

US METRIC

MINING TRUCKS

US METRIC

POWER DEMAND

POWER AND ENGINEERING

Power Usage: total MWh per year

Peak power demand MW

Environmental Impact Assessment, man hours

Engineering firms

Local firms

AFTER TAX & ROYALTY NET PRESENT VALUE

Date of Assessment

Jun 13, 2026