Endeavour Silver Corp. (EXK): Analyse de Pestle [Jan-2025 MISE À JOUR]

Endeavour Silver Corp. (EXK) navigue dans un paysage mondial complexe où les forces politiques, économiques et technologiques convergent pour façonner ses opérations minières. Des terrains accidentés du Mexique aux salles de conférence stratégiques au Canada, cette puissance d'extraction d'argent doit être habilement manœuvré à travers des défis complexes qui vont des tensions géopolitiques aux innovations technologiques. Plongez dans cette analyse complète du pilon pour découvrir les facteurs externes à multiples facettes qui influencent de manière critique les décisions stratégiques de Silver, l'efficacité opérationnelle et la durabilité à long terme dans le monde dynamique de l'exploration précieuse des métaux.

Endeavour Silver Corp. (EXK) - Analyse du pilon: facteurs politiques

Les réglementations minières du Mexique ont un impact sur les opérations d'Endeavour Silver

Le cadre réglementaire minier du Mexique influence directement le paysage opérationnel d'Endeavour Silver. En 2024, le gouvernement mexicain impose un 7,5% de redevance minière sur la production de métaux précieux.

Aspect réglementaire	Détails spécifiques
Taux de redevance minière	7,5% des revenus bruts
Exigences de conformité environnementale	OMSAUX ÉVALUATION D'AMPORT EN RETRICT
Restrictions d'investissement étranger	Maximum 49% de propriété étrangère dans certains secteurs miniers

Tensions géopolitiques en Amérique latine

La dynamique politique latino-américaine a un impact significatif sur le climat d'investissement minière. Les risques géopolitiques actuels comprennent:

• Politiques potentielles de nationalisation des ressources
• Examen réglementaire accru sur les sociétés minières étrangères
• Modifications potentielles de la politique fiscale

Politiques minières du gouvernement canadien

En tant qu'entreprise auprès de la tête canadienne, Endeavour Silver est soumis à des cadres de gouvernance miniers canadiens. Les principales considérations politiques comprennent:

Domaine politique	Impact réglementaire
Taux d'imposition des sociétés	15% du taux d'imposition des sociétés fédérales
Examen des investissements étrangers	Surveillance de la loi sur les investissements Canada
Exigences de rapport ESG	Normes obligatoires de divulgation de durabilité

Stabilité politique au Mexique

Le paysage politique du Mexique influence directement l'exploration et la production minières. Les mesures de stabilité politique actuelles comprennent:

• Indice de stabilité politique: 0,12 (Banque mondiale, 2023)
• Score d'efficacité de la gouvernance: 0,34 (Banque mondiale, 2023)
• Indice de perception de la corruption: 31/100 (Transparency International, 2023)

Endeavour Silver Corp. (EXK) - Analyse du pilon: facteurs économiques

Volatilité des prix en argent

Gamme de prix en argent pour 2023: 20,50 $ - 25,80 $ l'once. Endeavour, les revenus du troisième trimestre de Silver sont directement corrélés avec les prix du marché de l'argent.

Année	Prix ​​d'argent moyen	Impact sur les revenus
2023	23,15 $ / oz	86,4 millions de dollars
2022	21,73 $ / oz	79,2 millions de dollars

Impact mondial de la récession économique

Demande d'argent industrielle en 2023: 539,7 millions d'onces. La récession potentielle pourrait réduire la demande en estimant 12 à 15%.

Fluctuations de taux de change

Plage de taux de change en peso USD / mexicain en 2023: 16,85 - 17,45 pesos par dollar.

Paire de devises	2023 Taux moyen	Impact financier
USD / MXN	17.12	± 3,7% Variation des coûts opérationnels

Cycles d'investissement du secteur minier

2023 Budget d'exploration minière: 15,6 millions de dollars. Attribution des dépenses en capital:

• Exploration: 45%
• Équipement: 35%
• Infrastructure: 20%

Catégorie d'investissement	2023 Attribution du budget	Pourcentage
Exploration	7,02 millions de dollars	45%
Équipement	5,46 millions de dollars	35%
Infrastructure	3,12 millions de dollars	20%

Endeavour Silver Corp. (EXK) - Analyse du pilon: facteurs sociaux

Relations communautaires locales critiques pour la durabilité du projet minier

Endeavour Silver exploite 3 mines en or argenté actives au Mexique: Guanaceví, Bolañitos et El Cubo, avec un investissement total communautaire de 1,2 million de dollars en 2022. Le taux d'emploi local dans les régions minières est de 68% pour la main-d'œuvre mexicaine.

Emplacement	Investissement communautaire ($)	Emploi local%
Guanaceví	420,000	72%
Bolañitos	380,000	65%
El Cubo	400,000	69%

La conscience environnementale croissante affecte la perception de l'industrie minière

Les émissions de carbone pour l'effort en argent en 2022 étaient de 52 340 tonnes métriques CO2E. La consommation d'énergie renouvelable sur les sites miniers a atteint 22% de la consommation totale d'énergie.

La dynamique du marché du travail dans les régions minières a un impact sur le recrutement de la main-d'œuvre

Salaire annuel moyen pour les travailleurs miniers au Mexique: 45 600 $. Endeavour Silver emploie 637 employés directs en 2022, avec une participation locale de 89%.

Catégorie d'emploi	Nombre d'employés	Salaire moyen ($)
Personnel technique	187	62,400
Administratif	145	38,700
Opérations minières	305	49,800

Engagement communautaire autochtone essentiel à la légitimité opérationnelle

Endeavour Silver a investi 780 000 $ dans des programmes de développement communautaire autochtones en 2022. Budget de préservation du patrimoine culturel: 250 000 $. Taux d'emploi indigène local: 42%.

• Programmes d'éducation communautaire: 180 000 $
• Support de santé: 220 000 $
• Développement des infrastructures: 330 000 $

Endeavour Silver Corp. (EXK) - Analyse du pilon: facteurs technologiques

Les technologies d'exploration avancées améliorent l'efficacité de la découverte des minéraux

Endeavour Silver utilise Logiciel de modélisation géologique 3D avec une précision de 92,4% dans l'identification des dépôts minéraux. La société a investi 3,2 millions de dollars dans les technologies géospatiales en 2023.

Type de technologie	Investissement ($)	Amélioration de l'efficacité (%)
Cartographie géologique du drone	1,450,000	37.6
Détection de minéraux AI	875,000	44.2
Imagerie par satellite	650,000	28.9

Automatisation et technologies numériques améliorant la productivité minière

Endeavour Silver mis en œuvre Automatisation de processus robotique À travers les opérations minières, entraînant une augmentation de la productivité de 22,7%. La technologie numérique jumelle a réduit les temps d'arrêt opérationnels de 16,3%.

Technologie d'automatisation	Coût de mise en œuvre ($)	Gain de productivité (%)
Machines de forage autonomes	2,100,000	27.5
Tri automatisé du minerai	1,750,000	19.8
Systèmes de surveillance à distance	950,000	15.6

Innovations technologiques dans l'extraction d'argent réduisant les coûts opérationnels

Les processus hydrométallurgiques avancés ont réduit les coûts d'extraction de l'argent de 18,4%. Les améliorations des technologies de lixiviation ont diminué la consommation chimique de 22,7%.

Technologie d'extraction	Réduction des coûts (%)	Amélioration de l'efficacité chimique (%)
La lixiviation sans cyanure	15.6	24.3
Extraction de liquide ionique	22.1	19.7
Processus d'électrowinning	16.9	21.5

L'intégration des énergies renouvelables dans les opérations minières devient de plus en plus importante

Endeavour Silver a engagé 4,7 millions de dollars dans les infrastructures d'énergie renouvelable en 2023. Les technologies solaires et éoliennes représentent désormais 37,6% de la consommation totale d'énergie.

Source d'énergie renouvelable	Investissement ($)	Contribution énergétique (%)
Systèmes solaires photovoltaïques	2,350,000	22.4
Installations d'éoliennes	1,750,000	15.2
Stockage d'énergie hybride	600,000	6.9

Endeavour Silver Corp. (EXK) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations minières mexicaines et canadiennes

Endeavour Silver Corp. maintient la conformité aux cadres réglementaires suivants:

Juridiction	Organes de réglementation clés	Statut de conformité
Mexique	Secrétaría de Economía	Conformité à la concession minière à 100%
Canada	Ressources naturelles Canada	Adhérence réglementaire complète

Exigences de permis environnemental pour l'exploration et la production

Détails du permis environnemental pour les opérations d'Endeavour Silver:

Emplacement	Permis actifs	Permettre la validité
Mine Guanaceví, Mexique	Autorisation d'impact environnemental	Valide jusqu'en 2025
Mine Bolañitos, Mexique	Certificat de conformité écologique	Valide jusqu'en 2026

Règlements sur le commerce international régissant l'exportation minérale

Exportation des mesures de conformité:

• Code tarifaire d'exportation du Mexique: 2616.90.01
• Permis d'exportation annuelle: 4 permis actifs
• Conformité de la Déclaration des douanes: 100%

Détes juridiques potentiels liés à l'utilisation des terres et aux droits autochtones

Lieu des mines	Communauté autochtone	Statut juridique actuel	Accords d'engagement
Guanaceví, Durango	Communauté indigène Tepehuan	Processus de consultation en cours	2 accords communautaires actifs
El Cubo, Guanajuato	Propriétaires fonciers locaux d'Ejido	Droits d'utilisation des terres réglées	1 accord complet d'utilisation des terres

Investissement de conformité juridique: 2,3 millions de CAD par an

Endeavour Silver Corp. (EXK) - Analyse du pilon: facteurs environnementaux

Pratiques minières durables

Endeavour Silver Corp. a rapporté des émissions totales de gaz à effet de serre de 24 173 tonnes de CO2 équivalent en 2022. Le taux de recyclage de l'eau à leurs opérations minières a atteint 68,4% en 2022.

Métrique environnementale	2022 données	2021 données
Émissions totales de GES (tonnes CO2E)	24,173	22,856
Taux de recyclage de l'eau (%)	68.4%	65.7%
Dépenses de conformité environnementale ($)	1,200,000	1,050,000

Gestion et conservation de l'eau

La consommation totale d'eau aux opérations d'Endeavour Silver était de 542 000 m³ en 2022. L'intensité de l'eau spécifique était de 0,42 m³ par tonne de minerai transformé. L'efficacité du traitement des eaux usées a atteint 92,6%.

Métriques de gestion de l'eau	Valeur 2022
Consommation totale d'eau (M³)	542,000
Intensité de l'eau (MINDE MINÉRIEUR TANNE / TONNE)	0.42
Efficacité du traitement des eaux usées	92.6%

Réduction de l'empreinte carbone

Endeavour Silver a mis en œuvre des solutions d'énergie renouvelable, réduisant les émissions de carbone de 7,2% en 2022. La contribution de l'énergie solaire a atteint 15,3% de la consommation totale d'énergie. L'investissement dans les technologies d'efficacité énergétique était de 980 000 $.

Métriques de réduction du carbone	2022 données
Réduction des émissions de carbone	7.2%
Contribution d'énergie solaire	15.3%
Investissement d'efficacité énergétique ($)	980,000

Reclamation et réhabilitation

L'allocation des fonds de remise en état était de 3,2 millions de dollars en 2022. Total des terres en réhabilitation ont atteint 42 hectares. L'investissement de conservation de la biodiversité était de 750 000 $.

Métriques de récupération	Valeur 2022
Attribution du fonds de récupération ($)	3,200,000
Terre réhabilitée (hectares)	42
Investissement de conservation de la biodiversité ($)	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.