Endeavor Silver Corp. (EXK): Análise de Pestle [Jan-2025 Atualizado]

A Endeavor Silver Corp. (EXK) navega em um cenário global complexo, onde as forças políticas, econômicas e tecnológicas convergem para moldar suas operações de mineração. Desde os terrenos acidentados do México até as salas de diretoria estratégicas do Canadá, esta potência de mineração de prata deve manobrar adequadamente através de intrincados desafios que variam de tensões geopolíticas a inovações tecnológicas. Mergulhe nessa análise abrangente de pestle para descobrir os fatores externos multifacetados que influenciam criticamente as decisões estratégicas da Silver Silver, a eficiência operacional e a sustentabilidade a longo prazo no mundo dinâmico da preciosa exploração de metais.

Endeavor Silver Corp. (EXK) - Análise de Pestle: Fatores Políticos

Os regulamentos de mineração do México impactam as operações da Endeavor Silver

A estrutura regulatória de mineração do México influencia diretamente o cenário operacional da Endeavor Silver. A partir de 2024, o governo mexicano impõe um 7,5% de realeza de mineração na preciosa produção de metais.

Aspecto regulatório	Detalhes específicos
Taxa de royalties de mineração	7,5% da receita bruta
Requisitos de conformidade ambiental	Mandatos de avaliação de impacto ambiental rigorosos
Restrições de investimento estrangeiro	Máximo de 49% de propriedade estrangeira em determinados setores de mineração

Tensões geopolíticas na América Latina

A dinâmica política latino -americana afeta significativamente o clima de investimento em mineração. Os riscos geopolíticos atuais incluem:

• Políticas de nacionalização em potencial
• Aumento do escrutínio regulatório em empresas de mineração estrangeira
• Potenciais modificações de política tributária

Políticas de mineração do governo canadense

Como empresa de sede no Canadá, a Endeavor Silver está sujeita a estruturas de governança de mineração canadenses. As principais considerações políticas incluem:

Área de Política	Impacto regulatório
Taxa de imposto corporativo	15% de taxa federal de imposto corporativo
Revisão do investimento estrangeiro	Investment Canada Act Supervisão
Requisitos de relatório ESG	Padrões obrigatórios de divulgação de sustentabilidade

Estabilidade política no México

O cenário político do México influencia diretamente a exploração e a produção de mineração. As métricas atuais de estabilidade política incluem:

• Índice de Estabilidade Política: 0,12 (Banco Mundial, 2023)
• Pontuação de eficácia da governança: 0,34 (Banco Mundial, 2023)
• Índice de Percepção de Corrupção: 31/100 (Transparency International, 2023)

Endeavor Silver Corp. (EXK) - Análise de pilão: Fatores econômicos

Volatilidade do preço da prata

Faixa de preço de prata para 2023: US $ 20,50 - US $ 25,80 por onça. A receita do Q3 2023 da Endeavor Silver se correlacionou diretamente com os preços do mercado de prata.

Ano	Preço médio de prata	Impacto de receita
2023	$ 23,15/oz	US $ 86,4 milhões
2022	$ 21,73/oz	US $ 79,2 milhões

Impacto global da recessão econômica

Demanda de prata industrial em 2023: 539,7 milhões de onças. A recessão potencial pode reduzir a demanda em 12 a 15%.

Flutuações da taxa de câmbio

Faixa de taxa de câmbio do USD/PESO mexicano em 2023: 16,85 - 17,45 pesos por dólar.

Par de moeda	2023 taxa média	Impacto financeiro
USD/MXN	17.12	± 3,7% Variação de custo operacional

Ciclos de investimento do setor de mineração

2023 Orçamento de exploração de mineração: US $ 15,6 milhões. Alocação de despesas de capital:

• Exploração: 45%
• Equipamento: 35%
• Infraestrutura: 20%

Categoria de investimento	2023 Alocação orçamentária	Percentagem
Exploração	US $ 7,02 milhões	45%
Equipamento	US $ 5,46 milhões	35%
Infraestrutura	US $ 3,12 milhões	20%

Endeavor Silver Corp. (EXK) - Análise de pilão: Fatores sociais

Relacionamentos comunitários locais críticos para a sustentabilidade do projeto de mineração

A Endeavor Silver opera 3 minas de prata ativa no México: Guanaceví, Bolañitos e El Cubo, com o investimento total da comunidade de US $ 1,2 milhão em 2022. A taxa de emprego local em regiões de mineração é de 68% para a força de trabalho mexicana.

Localização	Investimento comunitário ($)	% De emprego local
Guanaceví	420,000	72%
Bolañitos	380,000	65%
El Cubo	400,000	69%

A crescente consciência ambiental afeta a percepção da indústria de mineração

As emissões de carbono para a prata de empreendimento em 2022 foram de 52.340 toneladas métricas. O uso de energia renovável nos locais de mineração atingiu 22% do consumo total de energia.

A dinâmica do mercado de trabalho nas regiões de mineração afeta o recrutamento da força de trabalho

Salário médio anual para trabalhadores de mineração no México: US $ 45.600. A Endeavor Silver emprega 637 funcionários diretos em 2022, com 89% de participação da força de trabalho local.

Categoria de trabalho	Número de funcionários	Salário médio ($)
Equipe técnica	187	62,400
Administrativo	145	38,700
Operações de mineração	305	49,800

Engajamento da comunidade indígena essencial para a legitimidade operacional

A Endeavor Silver investiu US $ 780.000 em programas de desenvolvimento comunitário indígenas em 2022. Orçamento de Preservação do Patrimônio Cultural: US $ 250.000. Taxa local de emprego indígena: 42%.

• Programas de educação comunitária: US $ 180.000
• Suporte de assistência médica: US $ 220.000
• Desenvolvimento de infraestrutura: US $ 330.000

Endeavor Silver Corp. (EXK) - Análise de pilão: Fatores tecnológicos

Tecnologias avançadas de exploração melhoram a eficiência da descoberta mineral

O Endeavor Silver utiliza Software de modelagem geológica 3D com precisão de 92,4% na identificação de depósitos minerais. A empresa investiu US $ 3,2 milhões em tecnologias geoespaciais durante 2023.

Tipo de tecnologia	Investimento ($)	Melhoria de eficiência (%)
Mapeamento geológico do drone	1,450,000	37.6
Detecção mineral da IA	875,000	44.2
Imagem por satélite	650,000	28.9

Automação e tecnologias digitais melhorando a produtividade de mineração

Endeavor Silver implementado Automação de processo robótico nas operações de mineração, resultando em 22,7% da produtividade. A tecnologia gêmea digital reduziu o tempo de inatividade operacional em 16,3%.

Tecnologia de automação	Custo de implementação ($)	Ganho de produtividade (%)
Máquinas de perfuração autônomas	2,100,000	27.5
Classificação automatizada de minério	1,750,000	19.8
Sistemas de monitoramento remoto	950,000	15.6

Inovações tecnológicas na extração de prata, reduzindo os custos operacionais

Os processos hidrometalúrgicos avançados reduziram os custos de extração de prata em 18,4%. As melhorias da tecnologia de lixiviação diminuíram o consumo químico em 22,7%.

Tecnologia de extração	Redução de custos (%)	Melhoria da eficiência química (%)
Lixiviação livre de cianeto	15.6	24.3
Extração iônica líquida	22.1	19.7
Processo de eletrowinning	16.9	21.5

Integração de energia renovável nas operações de mineração se tornando cada vez mais importante

A Endeavor Silver comprometeu US $ 4,7 milhões à infraestrutura de energia renovável em 2023. As tecnologias solares e eólicas agora constituem 37,6% do consumo total de energia.

Fonte de energia renovável	Investimento ($)	Contribuição energética (%)
Sistemas fotovoltaicos solares	2,350,000	22.4
Instalações de turbinas eólicas	1,750,000	15.2
Armazenamento de energia híbrida	600,000	6.9

Endeavor Silver Corp. (EXK) - Análise de Pestle: Fatores Legais

Conformidade com os regulamentos de mineração mexicanos e canadenses

A Endeavor Silver Corp. mantém a conformidade com as seguintes estruturas regulatórias:

Jurisdição	Principais órgãos regulatórios	Status de conformidade
México	Secretaría de Economía	100% de conformidade de concessão de mineração atual
Canadá	RECURSOS NATURAIS CANADÁ	Aderência regulatória total

Requisitos de permissão ambiental para exploração e produção

Detalhes da licença ambiental para operações da Endeavor Silver:

Localização	Permissões ativas	Validade de permissão
Mina de Guanaceví, México	Autorização de impacto ambiental	Válido até 2025
Bolañitos Mina, México	Certificado de conformidade ecológica	Válido até 2026

Regulamentos comerciais internacionais que regem a exportação mineral

Métricas de conformidade de exportação:

• Código da tarifa de exportação do México: 2616.90.01
• Permissões anuais de exportação: 4 licenças ativas
• Conformidade da Declaração Aduaneira: 100%

Desafios legais potenciais relacionados ao uso da terra e direitos indígenas

Localização da mina	Comunidade indígena	Status legal atual	Acordos de engajamento
Guanaceví, Durango	Comunidade indígena tepehuan	Processo de consulta em andamento	2 acordos comunitários ativos
El Cubo, Guanajuato	Proprietários de terras locais ejido	Direitos de uso da terra liquidados	1 Contrato de Uso da Terra

Investimento de conformidade legal: CAD 2,3 milhões anualmente

Endeavor Silver Corp. (EXK) - Análise de Pestle: Fatores Ambientais

Práticas de mineração sustentáveis

A Endeavor Silver Corp. relatou emissões totais de gases de efeito estufa de 24.173 toneladas de CO2 equivalente em 2022. A taxa de reciclagem de água em suas operações de mineração atingiu 68,4% em 2022. O gasto total de conformidade ambiental foi de US $ 1,2 milhão no mesmo ano fiscal.

Métrica ambiental	2022 dados	2021 dados
Emissões totais de GEE (toneladas CO2E)	24,173	22,856
Taxa de reciclagem de água (%)	68.4%	65.7%
Despesas de conformidade ambiental ($)	1,200,000	1,050,000

Gerenciamento e conservação da água

O consumo total de água nas operações da Endeavor Silver foi de 542.000 m³ em 2022. A intensidade específica da água foi de 0,42 m³ por tonelada de minério processado. A eficiência do tratamento de águas residuais atingiu 92,6%.

Métricas de gerenciamento de água	2022 Valor
Consumo total de água (m³)	542,000
Intensidade da água (minério processado da água (m³/tonelada)	0.42
Eficiência do tratamento de águas residuais	92.6%

Redução da pegada de carbono

A Endeavor Silver implementou soluções de energia renovável, reduzindo as emissões de carbono em 7,2% em 2022. A contribuição da energia solar atingiu 15,3% do consumo total de energia. O investimento em tecnologias de eficiência energética foi de US $ 980.000.

Métricas de redução de carbono	2022 dados
Redução de emissão de carbono	7.2%
Contribuição da energia solar	15.3%
Investimento de eficiência energética ($)	980,000

Recuperação e reabilitação

A alocação do fundo de recuperação foi de US $ 3,2 milhões em 2022. O total de reabilitação da terra atingiu 42 hectares. O investimento em conservação da biodiversidade foi de US $ 750.000.

Métricas de recuperação	2022 Valor
Alocação de fundos de recuperação ($)	3,200,000
Reabilitado da terra (hectares)	42
Investimento de conservação da biodiversidade ($)	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.