Endeavour Silver Corp 2025年度报告

EXPLANATORY NOTE Endeavour Silver Corp. (the "Company" or the "Registrant") is a Canadian issuer eligible to file its annual report pursuant to Section13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on Form 40-F pursuant to the multi-jurisdictionaldisclosure system of the Exchange Act (the "MJDS").The Company is a "foreign private issuer" as defined in Rule 3b-4 under theExchange Act.Equity securities of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the FORWARD-LOOKING STATEMENTS This annual report on Form 40-F and the exhibits attached hereto contain "forward-looking statements" within the meaning of thePrivate Securities Litigation Reform Act of 1995. Any statements that express or involve discussions with respect to predictions,expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words orphrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends",or stating that certain actions, events or results "may", "could", "would", "might" or "will" (or the negative and grammatical variationsof any of these terms and similar expressions) be taken, occur or be achieved,) are not statements of historical fact and may be NOTE TO UNITED STATES READERS-DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES The Company is permitted, under the multi-jurisdictional disclosure system adopted by the United States Securities and ExchangeCommission (the "SEC"), to prepare this annual report on Form 40-F in accordance with Canadian disclosure requirements, whichdiffer from those of the United States.The Company has prepared its audited consolidated financial statements, which are filed as MINERAL RESOURCE AND RESERVE ESTIMATES The Company's AIF filed as Exhibit 99.1 to this annual report on Form 40-F and management's discussion and analysis for the fiscalyear ended December 31, 2025 filed as Exhibit 99.3 have been prepared in accordance with the requirements of Canadian provincial As a result, the Company reports the mineral reserves and resources of the projects it has an interest in according to Canadianstandards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 -Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administratorsthat establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies undersubpart 1300 of Regulation S-K ("S-K 1300") under the Exchange Act. As an issuer that prepares and files its reports with the SECpursuant to the MJDS, the Company is not subject to the requirements of S-K 1300. Any mineral reserves and mineral resources CURRENCY Unless otherwise indicated, all dollar amounts in this annual report on Form 40-F are in United States dollars.The exchange rate ofCanadian dollars into United States dollars, on December 31, 2025, based upon the closing exchange rate as quoted by the Bank of ANNUAL INFORMATION FORM The Company's AIF for the fiscal year ended December 31, 2025 is filed as Exhibit 99.1 to this annual report on Form 40-F and isincorporated by reference herein. AUDITED ANNUAL FINANCIAL STATEMENTS The audited consolidated financial statements of the Company for the years ended December 31, 2025 and 2024, including theindependent registered public accounting firm's reports on the audited consolidated financial statements and effectiveness of internal MANAGEMENT'S DISCUSSION AND ANALYSIS The Company's management's discussion and analysis for the fiscal year ended December 31, 2025 ("MD&A") is filed as Exhibit 99.3to this annual report on Form 40-F and is incorporated by reference herein. TAX MATTERS Purchasing, holding, or disposing of the Company's securities may have tax consequences under the laws of the United States andCanada that are not described in this annual report on Form 40-F or the documents incorporated by reference herein. CONTROLS AND PROCEDURES Disclosure Controls and Procedures At the end of the period covered by this annual report on Form 40-F for the fiscal year ended December 31, 2025, an evaluation wascarried out under the supervision of, and with the participation of, the Company's management, including its Chief Executive Officer(CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the Company's disclosure controls andprocedures (as defined in Rule 13a-15(e) of the Exchange Act).Based upon that evaluation, the Company's CEO and CFO haveconcluded that the Company's disclosure controls and procedures were effective to give reasonable assurance that the information Management's