Endeavour Silver Corp. (EXK): Análisis PESTLE [Actualizado en Ene-2025]

Endeavoavor Silver Corp. (EXK) navega por un complejo panorama global donde las fuerzas políticas, económicas y tecnológicas convergen para dar forma a sus operaciones mineras. Desde los terrenos escarpados de México hasta las salas de juntas estratégicas en Canadá, esta potencia minera de plata debe maniobrar a través de desafíos intrincados que van desde tensiones geopolíticas hasta innovaciones tecnológicas. Sumérgete en este análisis integral de mano para descubrir los factores externos multifacéticos que influyen críticamente en las decisiones estratégicas de Silver, la eficiencia operativa y la sostenibilidad a largo plazo en el mundo dinámico de la exploración de metales preciosos.

Endeavour Silver Corp. (EXK) - Análisis de mortero: factores políticos

Las regulaciones mineras de México impactan en las operaciones de Endeavoaving Silver

El marco regulatorio minero de México influye directamente en el paisaje operativo del esfuerzo de Silver. A partir de 2024, el gobierno mexicano impone un 7.5% de regalías mineras sobre producción de metales preciosos.

Aspecto regulatorio	Detalles específicos
Tasa de regalías mineras	7.5% de los ingresos brutos
Requisitos de cumplimiento ambiental	Mandatos de evaluación de impacto ambiental estrictos
Restricciones de inversión extranjera	Máximo 49% de propiedad extranjera en ciertos sectores mineros

Tensiones geopolíticas en América Latina

La dinámica política latinoamericana impactan significativamente el clima de inversión minera. Los riesgos geopolíticos actuales incluyen:

• Políticas potenciales de nacionalización de recursos
• Mayor escrutinio regulatorio en corporaciones mineras extranjeras
• Modificaciones potenciales de la política fiscal

Políticas mineras del gobierno canadiense

Como una empresa con sede en canadiense, Endeavour Silver está sujeta a marcos de gobernanza minera canadiense. Las consideraciones clave de la política incluyen:

Área de política	Impacto regulatorio
Tasa de impuestos corporativos	15% de tasa federal de impuestos corporativos
Revisión de inversión extranjera	Supervisión de la Ley de Inversión en Canadá
Requisitos de informes de ESG	Normas de divulgación de sostenibilidad obligatoria

Estabilidad política en México

El panorama político de México influye directamente en la exploración y la producción minera. Las métricas actuales de estabilidad política incluyen:

• Índice de estabilidad política: 0.12 (Banco Mundial, 2023)
• Puntaje de efectividad de la gobernanza: 0.34 (Banco Mundial, 2023)
• Índice de percepción de corrupción: 31/100 (Transparencia Internacional, 2023)

Endeavour Silver Corp. (EXK) - Análisis de mortero: factores económicos

Volatilidad del precio de plata

Rango de precios de plata para 2023: $ 20.50 - $ 25.80 por onza. Los ingresos del tercer trimestre de Silver de Endeavovor Silver se correlacionaron directamente con los precios del mercado de plata.

Año	Precio promedio de plata	Impacto de ingresos
2023	$ 23.15/oz	$ 86.4 millones
2022	$ 21.73/oz	$ 79.2 millones

Impacto de la recesión económica global

Demanda de plata industrial en 2023: 539.7 millones de onzas. La recesión potencial podría reducir la demanda estimada del 12-15%.

Fluctuaciones del tipo de cambio

Rango de tipo de cambio de Peso USD/mexicano en 2023: 16.85 - 17.45 pesos por dólar.

Pareja	Tasa promedio de 2023	Impacto financiero
USD/MXN	17.12	± 3.7% Variación de costos operativos

Ciclos de inversión del sector minero

2023 Presupuesto de exploración minera: $ 15.6 millones. Asignación de gastos de capital:

• Exploración: 45%
• Equipo: 35%
• Infraestructura: 20%

Categoría de inversión	Asignación de presupuesto 2023	Porcentaje
Exploración	$ 7.02 millones	45%
Equipo	$ 5.46 millones	35%
Infraestructura	$ 3.12 millones	20%

Endeavoavor Silver Corp. (EXK) - Análisis de mortero: factores sociales

Relaciones locales de la comunidad crítica para la sostenibilidad del proyecto minero

Endeavoavor Silver opera 3 minas activas de oro plateado en México: Guanaceví, Bolañitos y El Cubo, con una inversión comunitaria total de $ 1.2 millones en 2022. La tasa de empleo local en las regiones mineras es del 68% para la fuerza laboral mexicana.

Ubicación	Inversión comunitaria ($)	Empleo local %
Guanaceví	420,000	72%
Boláñitos	380,000	65%
El Cubo	400,000	69%

La creciente conciencia ambiental afecta la percepción de la industria minera

Las emisiones de carbono para la plata de esfuerzo en 2022 fueron 52,340 toneladas métricas CO2E. El uso de energía renovable en los sitios mineros alcanzó el 22% del consumo total de energía.

La dinámica del mercado laboral en las regiones mineras impacta el reclutamiento de la fuerza laboral

Salario anual promedio para trabajadores mineros en México: $ 45,600. Endeavor Silver emplea a 637 empleados directos a partir de 2022, con un 89% de participación de la fuerza laboral local.

Categoría de trabajo	Número de empleados	Salario promedio ($)
Personal técnico	187	62,400
Administrativo	145	38,700
Operaciones mineras	305	49,800

Compromiso de la comunidad indígena esencial para la legitimidad operativa

Endeavour Silver invirtió $ 780,000 en programas de desarrollo comunitario indígenas en 2022. Preservación del patrimonio cultural presupuesto: $ 250,000. Tasa de empleo indígena local: 42%.

• Programas de educación comunitaria: $ 180,000
• Soporte de atención médica: $ 220,000
• Desarrollo de infraestructura: $ 330,000

Endeavour Silver Corp. (EXK) - Análisis de mortero: factores tecnológicos

Las tecnologías de exploración avanzada mejoran la eficiencia del descubrimiento de minerales

Endeavour Silver utiliza Software de modelado geológico 3D con 92.4% de precisión en la identificación del depósito mineral. La compañía invirtió $ 3.2 millones en tecnologías geoespaciales durante 2023.

Tipo de tecnología	Inversión ($)	Mejora de la eficiencia (%)
Mapeo geológico de drones	1,450,000	37.6
Detección de minerales ai	875,000	44.2
Imágenes satelitales	650,000	28.9

Automatización y tecnologías digitales mejorando la productividad minera

Endeavour Silver implementado automatización de procesos robóticos En todas las operaciones mineras, lo que resulta en un aumento de la productividad del 22.7%. La tecnología gemela digital redujo el tiempo de inactividad operacional en un 16,3%.

Tecnología de automatización	Costo de implementación ($)	Ganancia de productividad (%)
Máquinas de perforación autónoma	2,100,000	27.5
Clasificación de mineral automatizado	1,750,000	19.8
Sistemas de monitoreo remoto	950,000	15.6

Innovaciones tecnológicas en la extracción de plata que reducen los costos operativos

Los procesos hidrometalúrgicos avanzados redujeron los costos de extracción de plata en un 18,4%. Las mejoras en la tecnología de lixiviación disminuyeron el consumo químico en un 22.7%.

Tecnología de extracción	Reducción de costos (%)	Mejora de la eficiencia química (%)
Lixiviación sin cianuro	15.6	24.3
Extracción de líquido iónico	22.1	19.7
Proceso de electrofinición	16.9	21.5

La integración de la energía renovable en las operaciones mineras se vuelve cada vez más importante

Endeavour Silver cometió $ 4.7 millones a la infraestructura de energía renovable en 2023. Las tecnologías solares y eólicas ahora constituyen el 37.6% del consumo total de energía.

Fuente de energía renovable	Inversión ($)	Contribución de energía (%)
Sistemas solares fotovoltaicos	2,350,000	22.4
Instalaciones de turbina eólica	1,750,000	15.2
Almacenamiento de energía híbrida	600,000	6.9

Endeavour Silver Corp. (EXK) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones mineras mexicanas y canadienses

Endeavor Silver Corp. mantiene el cumplimiento de los siguientes marcos regulatorios:

Jurisdicción	Cuerpos reguladores clave	Estado de cumplimiento
México	Secretaría de economía	Cumplimiento de la concesión minera 100% actual
Canadá	Recursos naturales Canadá	Adherencia regulatoria completa

Requisitos de permisos ambientales para la exploración y producción

Detalles de permisos ambientales para las operaciones de Endeavour Silver:

Ubicación	Permisos activos	Validez de permiso
Mina guanaceví, México	Autorización de impacto ambiental	Válido hasta 2025
Mina de Bolañitos, México	Certificado de cumplimiento ecológico	Válido hasta 2026

Regulaciones de comercio internacional que rigen la exportación mineral

Métricas de cumplimiento de la exportación:

• Código de tarifa de exportación de México: 2616.90.01
• Permisos de exportación anuales: 4 permisos activos
• Cumplimiento de la declaración aduanera: 100%

Desafíos legales potenciales relacionados con el uso de la tierra y los derechos indígenas

Ubicación de la mía	Comunidad indígena	Estado legal actual	Acuerdos de compromiso
Guanaceví, Durango	Comunidad indígena de Tepehuan	Proceso de consulta en curso	2 acuerdos comunitarios activos
El Cubo, Guanajuato	Propietarios de tierras de Ejido	Derechos de uso de la tierra establecidos	1 Acuerdo integral de uso de la tierra

Inversión de cumplimiento legal: CAD 2.3 millones anualmente

Endeavour Silver Corp. (EXK) - Análisis de mortero: factores ambientales

Prácticas mineras sostenibles

Endeavor Silver Corp. reportó emisiones totales de gases de efecto invernadero de 24,173 toneladas de CO2 equivalente en 2022. La tasa de reciclaje de agua en sus operaciones mineras alcanzó el 68,4% en 2022. El gasto total de cumplimiento ambiental fue de $ 1.2 millones en el mismo año fiscal.

Métrica ambiental	Datos 2022	Datos 2021
Emisiones totales de GEI (toneladas CO2E)	24,173	22,856
Tasa de reciclaje de agua (%)	68.4%	65.7%
Gasto de cumplimiento ambiental ($)	1,200,000	1,050,000

Gestión del agua y conservación

El consumo total de agua en las operaciones de Endeavour Silver fue de 542,000 m³ en 2022. La intensidad específica del agua fue de 0,42 m³ por tonelada de mineral procesado. La eficiencia del tratamiento de aguas residuales alcanzó el 92.6%.

Métricas de gestión del agua	Valor 2022
Consumo total de agua (M³)	542,000
Intensidad del agua (mineral procesado m³/tonelada)	0.42
Eficiencia del tratamiento de aguas residuales	92.6%

Reducción de la huella de carbono

Endeavour Silver implementó soluciones de energía renovable, reduciendo las emisiones de carbono en un 7,2% en 2022. La contribución de energía solar alcanzó el 15.3% del consumo total de energía. La inversión en tecnologías de eficiencia energética fue de $ 980,000.

Métricas de reducción de carbono	Datos 2022
Reducción de emisiones de carbono	7.2%
Contribución de energía solar	15.3%
Inversión de eficiencia energética ($)	980,000

Reclamación y rehabilitación

La asignación de fondos de recuperación fue de $ 3.2 millones en 2022. El total de la tierra rehabilitada alcanzó 42 hectáreas. La inversión en conservación de biodiversidad fue de $ 750,000.

Métricas de recuperación	Valor 2022
Asignación de fondos de recuperación ($)	3,200,000
Tierra rehabilitada (hectáreas)	42
Inversión de conservación de biodiversidad ($)	750,000

Endeavour Silver Corp. (EXK) - PESTLE Analysis: Social factors

You're looking at Endeavour Silver Corp.'s social landscape in 2025, and the takeaway is clear: the company is transitioning from a mid-tier producer to a larger player, which fundamentally raises the stakes on its community and labor relations. The successful commissioning of the Terronera mine in Jalisco, effective October 1, 2025, has doubled the company's production profile, but this growth anchors on managing local expectations and securing a stable, skilled workforce. One misstep on the social front can paralyze a multi-million-dollar asset.

Growing community opposition and social license to operate (SLO) challenges near new projects.

The concept of Social License to Operate (SLO) is the non-technical permission granted by local communities, and for Endeavour Silver, this is a continuous pressure point, especially with major projects coming online. The Terronera mine in Jalisco, a cornerstone asset, achieved commercial production in late 2025, a process that required constant focus on community relations and safety during its construction phase.

While the company has not reported major, paralyzing opposition in 2025, the risk remains a key factor in Mexico's mining sector. Endeavour Silver manages this risk through a formal Social Management System and a Grievance Mechanism, which is aligned with the standards of the International Finance Corporation and the United Nations Guiding Principles on Business and Human Rights. Honestly, a formal grievance system is a necessity today, not a differentiator.

Increased demand for local employment and social investment from mining operations.

Local communities near operations like Terronera in Jalisco and the development-stage Pitarrilla project place high demands on the company for economic benefit. Endeavour Silver has responded with concrete investment targets and hiring initiatives that directly support its operational needs.

Here's the quick math on community investment:

• The company exceeded its 2022-2024 community investment target of $2 million, reaching $2.4 million in total investments over that three-year period.
• The new social investment target for the 2025 fiscal year is to invest US$600,000 in community programs focused on education, local economic development, and public health.

The Terronera mine, for example, is projected to employ a workforce of 583 people once fully operational, a significant economic injection into the San Sebastián del Oeste region of Jalisco. The company actively conducts social studies to maximize local hiring and procurement, trying to keep the economic benefits close to home.

Focus on Indigenous rights and land use agreements in Jalisco and Zacatecas states.

In Mexico, securing and maintaining land use rights, particularly in areas with Indigenous communities, is a critical component of risk management. The company's operations are situated in states like Jalisco (Terronera) and Zacatecas (Guanaceví, Bolañitos), regions where Indigenous land rights and community consultation are paramount.

While the company adheres to a Human Rights Policy, the complexity of land tenure requires specific, robust agreements. For the Pitarrilla project, which is a major future growth asset, Endeavour Silver is focused on advancing technical studies and securing the final permits, such as the tailings dam permit. What this estimate hides is that the technical permitting process must run parallel to maintaining strong, clear land use agreements with local landowners and communities, especially in the municipalities of Santa María del Oro and Indé where Pitarrilla is located.

Workforce stability is key; labor shortages are a defintely concern in skilled roles.

Workforce stability is a major operational risk, and the broader Mexican labor market is tightening, which puts pressure on the mining sector. Approximately 70% of employers in Mexico reported challenges in filling job vacancies due to a lack of qualified talent in 2025, reflecting a significant skills gap.

For Endeavour Silver, this is a direct challenge as it ramps up a new, modern mine like Terronera and advances a complex project like Pitarrilla. The demand is highest for specialized, skilled roles, which is why the company was actively recruiting for positions like Jefe de Mina (Mine Manager), Oficial de Voladuras (Blasting Officer), and Ingeniero Jr. (Junior Engineer) for the Terronera operation in 2025, even holding recruitment events in Zacatecas to tap into the regional mining talent pool. Labor is a seller's market for skilled talent right now.

The company must continue to expand its training and development programs to mitigate this risk, as relying solely on external recruitment in a tight market will drive up labor costs and increase the risk of high turnover. The table below summarizes key social metrics for the 2025 fiscal year:

Social Metric	2025 Fiscal Year Data/Target	Context/Implication
Community Investment Target	US$600,000	New annual target to foster resilient communities.
Terronera Workforce (Operational)	583 employees	Direct local employment impact in Jalisco state.
National Employer Talent Shortage	Approx. 70% of Mexican employers struggling	Indicates severe competitive pressure for skilled mining roles.
Terronera Commercial Production	Effective October 1, 2025	The major asset requiring immediate, stable, skilled workforce.

Endeavour Silver Corp. (EXK) - PESTLE Analysis: Technological factors

You're looking for the tech edge that separates a solid mining company from a truly efficient one. For Endeavour Silver Corp., the story in 2025 is all about the Terronera Project being a technological showcase, which is critical for their goal to become a senior silver producer. The company is strategically deploying modern, water-saving, and data-driven technologies to reduce costs and boost output.

This isn't just about buying new equipment; it's about embedding best-practice technology to fundamentally lower the cost profile, which is defintely a game changer for a mid-tier producer.

Adoption of modern, lower-emission mining fleet and automation at Terronera.

The new Terronera mine, which achieved commercial production on October 1, 2025, is built around a modern, high-efficiency design. While full-scale remote-controlled automation details are not public, the operation is engineered for high throughput and low emissions compared to legacy sites. The mine uses a combination of long-hole and cut-and-fill mining methods, which are inherently more mechanized and efficient than older, labor-intensive approaches.

The focus on a lower-carbon future is clear: Endeavour Silver has a 2025 target to maintain its emissions intensity below 0.080 at all operating sites. To sustain this, the company is investing in its mobile equipment. For example, the 2025 sustaining capital budget for the Bolañitos mine includes an allocation of $4.6 million specifically for upgrading the mining fleet and plant improvements.

Use of advanced geological modeling to optimize resource extraction and reduce waste.

The company is actively using detailed geological modeling, powered by extensive drilling programs, to convert resources into reserves and optimize mine planning. This is the intellectual capital that reduces waste by precisely targeting high-grade zones.

The 2025 exploration and development work at the Pitarrilla project, for instance, is focused on defining the geometry of multiple, sub-vertical, mineralized feeder structures. Between September 2024 and April 2025, this program completed 11,200 meters of drilling to provide the data needed to upgrade existing mineral resources. Similarly, the May 2025 acquisition of the Kolpa mine immediately triggered a new exploration program, with 2,343 meters of drilling completed near underground workings to establish new mineral resources. This is how you use technology to build a long-term pipeline.

Project	2025 Exploration Focus	Drilling/Development Metric (2024/2025)
Terronera	Mine development and stope preparation	Cumulative underground development reached 7,239 meters by Q4 2024.
Pitarrilla	Feasibility Study, define feeder structures	11,200 meters of drilling completed (Sept 2024-Apr 2025).
Kolpa	Brownfields exploration, resource establishment	2,343 meters of drilling completed since May 2025 acquisition.

Implementation of dry-stack tailings technology to improve water management.

The Terronera project is a prime example of adopting superior environmental technology, specifically the filtered dry-stack tailings (DST) facility. This is a crucial technological decision that addresses both environmental risk and water scarcity, especially in Mexico.

The DST process filters the tailings to recycle water back into the plant, significantly improving water management compared to conventional wet tailings ponds. The Terronera TSF main embankment reached an elevation of 1,185 meters by the end of 2024, ready to begin receiving filtered tailings. The installation of the tailing filter presses, which is the core of this technology, was completed in early Q2 2025, allowing for a safer, greener operation.

Need to integrate data analytics for predictive maintenance to cut downtime.

While the company emphasizes operational efficiency, the next major step is to fully integrate data analytics for predictive maintenance (PdM). The success of Terronera's commissioning phase, which saw only eight days of downtime over a 100-day period from July 1, 2025, is a strong operational indicator. But to sustain this, moving beyond reactive or scheduled maintenance is necessary.

The industry average shows that AI-powered predictive maintenance can reduce mining equipment downtime by up to 30% and cut maintenance costs by 20% by 2025. Endeavour Silver's maintenance teams currently monitor and streamline electricity consumption, but formalizing this into a PdM system-using embedded smart sensors and machine learning models-is the clear path to protect the 2,000 tonnes per day nameplate capacity at Terronera and improve the older Guanaceví and Bolañitos assets.

• Target: Reduce unplanned downtime by moving from scheduled to predictive maintenance.
• Action: Integrate real-time sensor data (Internet of Things) with machine learning to forecast equipment failure.
• Benefit: Protect the high throughput and metal recoveries, which exceeded 90% at Terronera since mid-August 2025.

Endeavour Silver Corp. (EXK) - PESTLE Analysis: Legal factors

You're operating in Mexico, a jurisdiction that has defintely tightened its regulatory grip on the mining sector, and that means your legal risk profile has changed significantly in 2025. The core takeaway here is that the 2023 Mining Law reform has reduced long-term concession certainty and drastically increased environmental and water-use compliance burdens, even for existing operations.

New mining law restricts concession duration to 30 years, impacting long-term planning.

The most direct impact of the May 2023 reform to the Mexican Mining Law is the reduction in concession tenure. For any new concessions, the maximum initial term is now 30 years, a sharp drop from the previous 50-year term. This new term is only subject to a single renewal for an additional 25 years, capping a project's total lifespan at 55 years, down from the prior potential of 100 years. This fundamentally alters the economics for long-life projects like Pitarrilla, where you need long-term stability to justify significant capital expenditure.

Here's the quick math on the change in concession tenure:

Concession Term	Pre-2023 Reform	Post-2023 Reform (New Concessions)
Initial Term	50 years	30 years
Single Renewal Term	50 years	25 years
Maximum Total Term	100 years	55 years

Strict environmental permitting process requires detailed impact statements.

The new legal framework has made environmental compliance a prerequisite for the entire business, not just a box to check. The reform requires that all necessary environmental, social, and labor authorizations must be secured before a concession is granted. While Endeavour Silver Corp.'s flagship Terronera project achieved commercial production on October 1, 2025, its construction and ramp-up occurred under this heightened scrutiny. Existing operations, like Guanaceví and Bolañitos, now face significantly greater environmental oversight, which translates directly into higher operating costs.

The rise in compliance costs is already visible in your 2025 financials. Consolidated direct operating costs per tonne for the nine months ended September 30, 2025, hit $145.91, a 6% increase over the same period in 2024, partly driven by these new compliance requirements.

Ongoing legal review of existing concessions under the new regulatory framework.

To be fair, the legal situation is still in flux. Many mining companies, including your peers, have initiated Amparo Proceedings-legal challenges arguing that applying the new law retroactively to existing concession rights is unconstitutional. As of late 2025, some Mexican courts have ruled in favor of these challenges regarding certain articles. This legal ambiguity means that while your existing concessions are not immediately revoked, the specific renewal terms (the old 50-year option) remain unclear, and the government's ability to impose new, stricter operating conditions on existing mines is a constant risk.

• Expect prolonged litigation to clarify existing rights.
• New regulations for the 2023 reform are still pending, which creates a legal bottleneck for new concession applications.

Increased scrutiny on water usage permits, a critical operational constraint.

Water is the most critical operational constraint now codified in law. The reform to the National Waters Law prioritizes water for human and domestic use above all else, including mining. This means that even if you hold a valid water concession, the National Water Commission (CONAGUA) has the legal right to reduce your allocated volume or even cancel the concession entirely to guarantee local human consumption.

New water concessions for mining are now also capped at a 30-year term, renewable for 25 years, mirroring the mining concession. Furthermore, the law mandates that mining concession holders must recycle at least 60 percent of the water used in their operations. This requires significant capital investment in water management infrastructure and technology. For a major project like Terronera, which is expected to produce 4 million oz silver and 38,000 oz gold annually, water security is paramount to achieving its projected annual free cash flow of $100-$200 million. Your consolidated cash costs per silver ounce, net of by-product credits, rose 29% to $16.58 in the first nine months of 2025, a trend that new water-related compliance costs will only exacerbate.

Endeavour Silver Corp. (EXK) - PESTLE Analysis: Environmental factors

Terronera's use of dry-stack tailings is a positive step for environmental footprint

You need to look closely at how a mining company manages its waste rock and tailings, which is often the single biggest environmental and safety risk. Endeavour Silver Corp. is mitigating this risk at its flagship Terronera project by using filtered tailings, the core technology for a dry-stack tailings facility (TSF).

This approach is a significant positive development for the Company's environmental profile, especially as the industry moves toward more stringent standards. The TSF main embankment at Terronera reached full height by early 2025, and the facility is prepared to receive the filtered tailing for the life of mine. This dry-stack method uses less water and offers greater geotechnical stability than traditional wet-slurry dams, reducing the risk of catastrophic failure and long-term water pollution.

In 2025, the Company's goal is to fully align with the Global Industry Standard on Tailings Management (GISTM), a crucial benchmark for investor confidence. That's a clear, actionable commitment.

High operational water consumption in semi-arid regions creates local tension

Water management is a core challenge, particularly since the Bolañitos and Terronera projects are located in areas classified as higher water risk ranges. While total water consumption across the Company's sites decreased by 12% in 2024 to 2.92 million $\text{m}^3$ (down from 3.33 million $\text{m}^3$ in 2023), the local context is what matters most.

The Terronera project, during its construction ramp-up in 2024, saw its water consumption rise by 145%, creating a potential flashpoint with local communities who share the same scarce resource. To be fair, the Company is offsetting this by maintaining a high water recycling rate, which was 88% in 2024-exceeding their target of 85%. They recycled 2,568,895 cubic meters of water in 2024. For Terronera, the plan is to use excess water pumped from underground mine workings and recovered from the tailings filter plant for 100% of the operations water demand, which is a key long-term mitigation strategy.

Need to meet stringent new standards for mine closure and reclamation planning

A mine's lifecycle doesn't end when the ore runs out; the closure and reclamation plan is a major financial and environmental liability. Investors are increasingly focused on the financial provision for this, which is why you see reclamation cost accretion factored into the All-In Sustaining Costs (AISC) guidance for 2025.

The regulatory and social pressure to restore land is defintely increasing. The Company has demonstrated a commitment to this, notably through its reforestation program in Mexico, which planted over 227,000 trees between 2021 and 2024 with a collective survival rate of 70%. This kind of concrete, measurable action is what reduces long-term closure liability and improves community relations.

Increased investor focus on Scope 1 and 2 carbon emissions reporting

Climate risk is now a financial risk. The investment community, driven by Task Force on Climate-related Financial Disclosures (TCFD) frameworks, demands clear reporting on direct (Scope 1) and indirect (Scope 2) greenhouse gas (GHG) emissions.

For Endeavour Silver, the primary carbon impact is electricity use, which accounts for 81% of total Scope 1 and 2 emissions at their operating sites. The Guanaceví operation is already above the Mexican regulatory threshold, meaning its GHG emissions are subject to external verification, which adds a layer of scrutiny and cost. The construction-stage Terronera project saw a massive increase in emissions in 2024, a temporary but notable trend.

Here's the quick math on the 2024 emissions performance, which will be the basis for 2025's investor scrutiny:

Site	2024 Scope 1 & 2 Emissions ($\text{tCO}_2\text{e}$)	Year-over-Year Change (2023 vs. 2024)	Primary Driver
Guanaceví & Bolañitos (Operating Mines)	53,913	-5.2% Reduction	Lower production at Guanaceví
Terronera Project (Construction)	8,994	+171% Increase	Increased construction activity, high diesel use
Total Water Recycled (2024)	2,568,895 $\text{m}^3$	N/A	Exceeded 85% target with 88% recycling rate

The immediate action is to monitor Terronera's emissions intensity as it moves into commercial production in late 2025, as this will be the new baseline for the Company's overall carbon footprint.