Endeavour Silver : The World Silver Survey by The Silver Institute and Metal Focus

THE SILVER INSTITUTE

1400 I Street, NW, Suite 550

Washington, D.C. 20005

Tel: [phone] Email:[e-mail]

World Silver Survey 2022

The Silver Institute/ Metals Focus

Major Funding Companies of The Silver Institute

Asahi Refining

Cia. de Minas Buenaventura, S.A.A.

Coeur Mining, Inc. Endeavour Silver Corp.

Fresnillo plc

Gatos Silver Hecla Mining Company Hochschild Mining plc Industrias Peñoles, S.A.B. de C.V.

Pan American Silver Corp. Wheaton Precious Metals

Front and Back Cover Image: Courtesy of MKS PAMP

Notes & Definitions

Notes

World Silver Survey 2022

Throughout the tables, totals may not add up due to independent rounding.

Notes & Definitions

What one country reports as an export to another may be different to the imports reported by the receiving country for a variety of reasons, including conflicting rules of origin, classifications and timing. As a result, similar flows on different maps and/or tables may not be reciprocal due to reporting variations. The tonnage figures shown are fine weights calculated by Metals Focus from the data provided by each origin for exports and by each destination for imports.

Units

Troy ounce (oz)

Ton (t)

Grade (g/t)

Dollar ($)

Definitions

FabricationConsumptionRecyclingMineral ResourcesMineral ReservesBy-Product Costs

Total Cash Cost

Total Production CostAll-In Sustaining Cost

One troy ounce - 31.103 grams

One metric ton - 1,000 kilograms (kg) or 32,151 troy ounces Grams per metric ton of rock

US dollar unless otherwise stated

Captured in the country where the first transformation of silver bullion or grain into semi-finished and/or finished products takes place (such as silver nitrate or silver oxide).

The sum of domestic jewelry fabrication plus imports, less exports, adjusted for changes in trade stocks.

Covers the recovery of silver from fabricated products, including unused trade stocks. Excludes scrap generated during manufacturing (known as production or process scrap). The recycling is captured in the country where the scrap is generated, which may differ from where it is refined. The one exception to this is ethylene oxide, where the recycling of silver is measured at the point where it is recovered.

A concentration of material in, or on, the earth's crust of such grade or quantity where there is a reasonable prospect for economic extraction.

The economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study.

Revenue generated from additional metals produced at a mine alongside the primary metal. This revenue is subtracted from costs as a by-product credit.

Includes all direct and indirect mine site cash costs related directly to the physical activities of producing metals, including mining, ore processing on-site general and administrative costs, third-party refining expenses, royalties and production taxes, net of by-product revenues.

Total cash costs, plus depreciation, amortization and reclamation and closure cost obligations relating to each operating unit.

The sum of total cash costs plus community costs, sustaining capital expenses, corporate, general and administrative expenses (net of stock option expenses) and exploration expenses.

World Silver Survey 2022

Metals Focus

World Silver Survey 2022

PRODUCED FOR THE SILVER INSTITUTE BY THE METALS FOCUS TEAM:

Philip Newman Neil Meader Philip Klapwijk Junlu Liang

Elvis Chou, Taiwan Yiyi Gao, Shanghai Harshal Barot, Mumbai Simon Yau, Hong Kong Francesca Rey, Manila Jacob Smith

Mansi Belge, Mumbai Adarsh Diwe, Mumbai

WITH THE SUPPORT OF

Charles de Meester Lisa Mitchell

Erin Coyle

Nikos Kavalis Wilma Swarts Adam Webb Dale Munro Peter Ryan

Chirag Sheth, Mumbai

Çağdaş Küçükemiroglu, Istanbul Michael Bedford

Sarah Tomlinson Jie Gao, Shanghai Celine Zarate, Manila Ghananshu Karekar, MumbaiNeelan Patel Mirian Moreno Lynn Bullock

METALS FOCUS

6th Floor, Abbey House, 74-76 St John Street, London, EC1M 4DT

Telephone: [phone] Email:[e-mail]

Bloomberg Metals Focus Launch Page: MTFO Bloomberg chat: IB MFOCUS

Website:www.metalsfocus.com

1400 I Street, NW, Suite 550, Washington, D.C. 20005 Telephone: [phone] Email:[e-mail]:www.silverinstitute.org

The World Silver Survey has been published annually by The Silver Institute since 1990. Hard copies of previous editions can be obtained by contacting The Silver Institute at the address and telephone number on the opening page. All previous editions are available for download at The Silver Institute's website. For copies outside of North America, contact Metals Focus at the address on the page overleaf.

ISSN: 1059-6992 (Print)

ISSN: 2372-2312 (Online)

ISBN: 978-1-9162526-9-1 (Print)

ISBN: 978-1-9168903-0-5 (Digital)

This is the thirty-second annual edition of the World Silver Survey produced for The Silver Institute. World Silver Survey 2022 was produced by the Metals Focus team. The information contained herein is based in part on the analysis of publicly available data such as hallmarking series, trade statistics, company reports and other public-domain information. More importantly, it is also based on a large series of interviews with the industry's main players, carried out over the year by the team. This work generates the essential data to allow the compilation of reliable estimates for world supply and demand and inform the analysis of market structures, and the degree of significance of any changes and developments.

Metals Focus is grateful to the many miners, refiners, bullion dealers, bankers and fabricators throughout the world who have contributed their time and information to ensuring that the picture of the industry described in the World Silver Survey is as complete and accurate as possible.

© Copyright April 2022. The Silver Institute and Metals Focus

We (and where relevant, any identified contributors or co-authors) are the owner or the licensee of all intellectual property rights in this document. This document is protected by copyright laws and treaties around the world. All such rights are reserved.

No organization or individual is permitted to reproduce or transmit all or part of this document (including without limitation extracts such as tables and graphs), whether by photocopying or storing in any medium by electronic means or otherwise, without the written permission of The Silver Institute and Metals Focus. In cases where we have provided our document electronically, only the authorized subscriber, in respect of whom an individual user license has been granted, may download a copy of this document. Additional user licenses may be purchased on request.

Your reproduction, transmission, printing off, copying or downloading (where relevant) of all or part of this document in breach of these terms may result in civil or criminal actions against you.

While every effort has been made to ensure the accuracy of the information in this document, the content of this document is provided without any guarantees, conditions or warranties as to its accuracy, completeness or reliability. It is not to be construed as a solicitation or an offer to buy or sell precious metal, related products, commodities, securities or related financial instruments. To the extent permitted by law, we, other members of our group of companies and third parties connected to us hereby expressly exclude:

• • All conditions, warranties and other terms which might otherwise be implied by statute, common law or the law of equity.

• • Any liability for any direct, indirect or consequential loss or damage incurred by any person or organization reading or relying on this document including (without limitation) loss of income or revenue, loss of business, loss of profits contracts, loss of anticipated savings, loss of goodwill and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.

About the Major Sponsors of World Silver Survey 2022

Coeur Mining, Inc.

Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip silver-zinc-lead development project in British Columbia and has interests in several precious metals exploration projects throughout North America.

Fresnillo plc

Fresnillo plc is the world's largest primary silver producer and Mexico's largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES.

Fresnillo plc has seven operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega (including Las Casas Rosario & Cluster Cebollitas), Herradura, Soledad-Dipolos1, Noche Buena and San Julián (Veins and Disseminated Ore Body), two development projects - the Pyrites Plant at Fresnillo and Juanicipio, both of which have been completed but approvals to operate are pending, and three advanced exploration projects - Orisyvo, Rodeo and Guanajuato, as well as a number of other long term exploration prospects.

Fresnillo plc has mining concessions and exploration projects in Mexico, Peru and Chile. Fresnillo plc has a strong and long tradition of exploring, mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost curve for silver. Fresnillo plc's goal is to maintain the Group's position as the world's largest primary silver company and Mexico's largest gold producer.

1 Operations at Soledad-Dipolos are currently suspended.

Industrias Peñoles, S.A.B. de C.V.

Peñoles is a mining group with integrated operations in smelting and refining non-ferrous metals, and producing chemicals. Peñoles is the world's top producer of refined silver, metallic bismuth and sodium sulfate, and the leading Latin American producer of refined gold and lead. The Company was founded in 1887 and it is part of "Grupo BAL", a privately held diversified group of independent Mexican companies. Peñoles' shares have traded on the Mexican Stock Exchange since 1968 under the ticker PE&OLES. Peñoles highlights:

• • Began operations in 1887 as a mining company.

• • Has integrated operations in the areas of exploration, mining, metallurgy and chemicals.

• • Listed on the Mexican Stock Exchange since 1968; the stock is included in the IPC index.

• • One of the largest net exporters in Mexico's private sector.