SGS Geological Services

SGS Geological Services

1 SUMMARY

1.1 Introduction

SGS Geological Services Inc. ("SGS") was contracted by Endeavour Silver Corp. ("Endeavour" or the "Company") to prepare a National Instrument 43-101 ("NI 43-101") Technical Report for the Huachocolpa Uno Mine ("Huachocolpa Uno" or the "Property") located in the districts of Huachocolpa and Santa Ana, in the province and department of Huancavelica, 490 km southeast of Lima, Peru. Huachocolpa Uno is currently an operating mine.

Endeavour has announce that it has entered into a definitive share purchase agreement (the "Agreement") to acquire all of the outstanding shares of Compañia Minera Kolpa S.A., ("Kolpa") and its main asset the Huachocolpa Uno Mine, from subsidiaries of its shareholders Arias Resource Capital Management and Grupo Raffo (collectively, the "Shareholders") in exchange for total consideration of $145 million comprised of $80 million cash and $65 million payable in Endeavour shares (the "Transaction"). In addition, as part of the Transaction, Endeavour has agreed to pay up to an additional $10 million in contingent payments upon the occurrence of certain events and Endeavour will also assume approximately $20 million in net debt currently held by Kolpa.

The cash consideration will be funded through a combination of a new copper streaming agreement on copper produced from Kolpa ("Copper Stream") with Versamet Royalties Inc. ("Versamet"), a bought deal financing consisting of subscription receipts for common shares of the Company issuable upon closing of the Transaction (the "Subscription Receipts Financing") and cash on hand.

Endeavour is headquartered in Vancouver, British Columbia (1130 - 609 Granville Street Vancouver, B.C., Canada, V7Y 1G5) with management offices in Leon, Mexico and Durango, Mexico. The Company's common shares are listed on the Toronto Stock Exchange (TSX: EDR) and the New York Stock Exchange (NYSE: EXK).

The Company is engaged in silver mining in Mexico and related activities including property acquisition, exploration, development, mineral extraction, processing, refining and reclamation. The Company is also engaged in exploration activities in Chile and Nevada, USA. The Company's operations are comprised of the Guanaceví and Bolañitos mines located in Durango, Mexico and Guanajuato, Mexico respectively. The Company is developing the Terronera project located in Jalisco State, Mexico (the "Terronera Project"). The Company is advancing several other exploration projects in order to achieve its goal to become a premier senior producer in the silver mining sector.

The current technical report is authored by Allan Armitage, Ph.D., P. Geo., ("Armitage"), Ben Eggers, MAIG, P.Geo. ("Eggers"), and Henri Gouin, P.Eng. ("Gouin") of SGS, and Dale Mah, P.Geo. ("Mah") and Donald Gray, SME-RM ("Gray") of (collectively, the "Authors"). Armitage, Eggers and Gouin are independent Qualified Persons as defined by NI 43-101. Mah and Gray are qualified person as defined by NI 43-101. However, they are not independent of the Company. Mah is Vice President, Corporate Development for Endeavour and Gray is Chief Operating Officer for Endeavour.

The current Technical Report complies with all disclosure requirements set out in the NI 43-101 Standards of Disclosure for Mineral Projects. The current Technical Report will be used by Endeavour in fulfillment of their continuing disclosure requirements under Canadian securities laws, including National Instrument 43-101 - Standards of Disclosure for Mineral Projects. This Technical Report is written in support of the share purchase agreement to acquire all of the outstanding shares of Kolpa and its main asset the Huachocolpa Uno Mine.

1.2 Property Description, Location, Access, and Physiography

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The Property is located in Comihuasa, Huachocolpa District, Huancavelica Province, Huancavelica Department of Peru, approximately 490 km southeast of Lima and 74 km south of Huancavelica City. The approximate coordinates of the Mine are 501,780m E and 8,556,217m N, using the UTM_WGS84 datum, or Latitude 13°04' S and Longitude 74°59' W.

The current Property includes 144 mining rights consisting of: 1 beneficiation concession, 4 mining claims and 139 mining concessions. Kolpa wholly owns 100% in the mining rights. All Mining rights are in good standing as of the effective date of this report. The total effective area of the mining concessions is 25,176.85 ha, and the total effective area of the beneficiation concession is 366.23 ha. A total of 63 of the mining rights are part of the Economic Administrative Unit (EAU) "Huachocolpa Uno". The mining rights are in the districts of Huachocolpa and Santa Ana, provinces of Huancavelica and Castrovirreyna, respectively, and department of Huancavelica, Peru.

The current access from Lima is via the asphalted Carretera Central to Huancayo (302 km, 7 hours) and then via an asphalted road to Huancavelica (143 km, 3.5 hours), and finally from Huancavelica to Huachocolpa Uno (74 km, 2.5 hours).

An alternative from Lima is via the highway Panamericana Sur to San Clemente (227 km, 2.5 hours) and then via an asphalted road to Chonta (249 km, 5 hours), and finally from Chonta to Huachocolpa Uno (19 km, 1 hour).

The airport "Alfredo Mendivil Duarte" National Airport) is located nearest to the mine in Ayacucho in the department of Ayacucho, approximately 219 km to the east.

Ayacucho is a department of the Republic of Peru located in the south-central part of the country, in the Andean region, bordering Junín to the north, Cuzco to the northeast, Apurímac to the east, Arequipa to the south, Ica to the west and northwest with Huancavelica. With 14 inhabitants/km², it is the seventh least densely populated department, ahead of Pasco, Moquegua, Amazonas, Ucayali, Loreto and Madre de Dios. The Ayacucho department was founded on April 25, 1822.

With provinces on both sides of the Andes Mountain range (east and west), Ayacucho has an area of 43.8 thousand km², which in terms of extension is similar to that of Denmark or Estonia, and a population in 2007 of 613 thousand inhabitants.

Ayacucho (founded as San Juan de la Frontera de Huamanga on April 25, 1540, and called Huamanga until February 15, 1825) is a Peruvian city, is the capital of the Ayacucho district, of the province of Huamanga and of the department of Ayacucho. It is located on the eastern slope of the Andes Mountain range at an altitude of 2761 m above sea level and is characterized by a temperate and dry climate, with sunshine year-round. It has a total area of 100.37 km² and a total population (2020) of 228,427 inhabitants, with a density of 60 inhabitants/km².

Kolpa's operation includes the following main facilities.

• Approximately, 1,800 tonnes per day (tpd) underground mine

• Operational accesses

• Offices and warehouses

• Accommodations

• Tailings Deposit "D"

• Maintenance workshop

• Power transmission line, high voltage, 60 kV

• Kolpa's 60 kV to 22.9 kV electrical substation.

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• Water Treatment Plant (NCD) and Mine Water Treatment Plant

• Caudalosa Drinking Water Treatment Plant

• Comihuasa Drinking Water Treatment Plant

• Huachocolpa Uno processing stockpile platform

• Huachocolpa Uno processing plant with capacity of approximately 1,800 tpd

• Rublo waste dump

Huachocolpa Uno is in the eastern flank of the Western Cordillera of the Andes, or more precisely, in the inter-cordillera zone of the central Andes of Peru at an average elevation of 4,400 masl. The area is characterized by hillsides with steep to extremely steep slopes with frequent rocky outcrops, and colluvial or colluvial-alluvial deposits at the bottom of the slopes. Between the hillsides, there are flat-lying or sloping valley floor surfaces, formed by fluvial-glacial and morainic deposits.

The vegetation is present in lowlands with species such as Stipa, Festuca, Calamagrostis, Astragalus, Dystichia, and Scirpus with poor drainage and permanently wet soil formations (bofedales) with low potential for agricultural use, but generally used for grazing Andean camelids, sheep, and horses.

1.3 History

The first documented mining activity in the Huachocolpa District dates back to the chronicler Marco Jiménez de la Espada, 1586, who mentioned the Huachocolpa mine in Angaraes, with silver mineralization.

In the year 2000, the Raffo Group consolidated full ownership of the "Huachocolpa Uno" mining unit, including the administration and operation.

In 2016, the private equity fund Arias Resource Capital Management (ARCM), became a shareholder of Kolpa with an investment program of more than US$ 100 million. ARCM provided valuable experience and technical and financial skills specialized in capitalization and value creation associated with the responsible and sustainable operation of mining assets.

ARCM is a private equity fund that invests in mining companies globally with a special focus on Latin America. ARCM is a non-public fund registered with the U.S. Securities and Exchange Commission (SEC). Among the investments made by ARCM are: Largo Inc. and Sierra Metals Inc. Such information can be found in Canada's SEDI system.

In December 2016, Compañía Minera Kolpa S.A. acquired from Compañía de Minas Buenaventura S.A.A. fifteen mining concessions of the "Recuperada Mining Unit", which have geological resources covering an area of 2,674.71 hectares. Through this agreement, Kolpa acquired 100% title to those mining concessions, including the integral and accessory parts, and everything that in fact and by law corresponds or could correspond to them, without any reservation or limitation, and without any additional payment for these and other concepts other than those established in the transfer agreement. (Source: second clause of the transfer contract dated December 29, 2016).

Along with the acquisition of those mining concessions from Compañía de Minas Buenaventura S.A.A. (which resulted in Kolpa's acquisition of the Patara and Escopeta projects), Kolpa received relevant geological and other technical information, such as samplings of underground and surface channels data, diamond drill hole results, IP/resistivity geophysical study and geological mapping for both projects.

Kolpa has operated the Huachocolpa Mining Unit since 2015 with two production zones differentiated by mining method: Underground mine in the Bienaventurada mine and Yen open pit. Additionally, the operation has two new zones named Chonta/Escopeta that will contribute to production in the following years.

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Kolpa has operated the Huachocolpa Mining Unit since 2015 with two production zones differentiated by mining method: Underground mine in the Bienaventurada mine and Yen open pit. Additionally, the operation has two new zones named Chonta/Escopeta that will contribute to production in the following years.

Between 2012 to 2024, approximately 5.8 million tonnes of mineralization have been processed at the Huachocolpa Processing Plant.

1.3.1 Historical Mineral Resource Estimates

The MREs presented below were prepared for Kolpa and are considered historical in nature with respect to Endeavour. A qualified person has not done sufficient work to classify the historical resource estimates as current mineral resources or reserves and Endeavour is not treating the historical resource estimates presented here as current mineral resources or reserves. There are no current MREs for the Property. The historical estimates were prepared prior to Endeavour's purchase agreement with Kolpa. Additional diamond drilling, underground channel sampling and mining has been conducted on the Property since the last historical MRE was completed. To upgrade historical estimates to current MREs, Endeavour will need to review all drill data and underground channel sampling completed to date, and revised all geological models, resource models and structural models as well as revised economic parameters for resource reporting. As well, Endeavour is planning on completing additional drilling on the Property before estimating new MREs.

The Property was the subject of an internal technical report in 2023 titled Huachocolpa Uno Preliminary Economic Assessment Project, Project Number 0094 which had an effective date of 31 March 2023 and a report date of 7 May 2024. The report was prepared for Kolpa. The technical report included open pit and underground MREs for 9 deposits on the Property, including Bienaventurada, EM Chonta, Tajo Yen, Escondida, Escopeta, Chonta, Teresita, Yen NE and Rublo. The combined MRE included a Measured + Indicated Mineral Resource of 5 Mt at 2.84 oz/t Ag, 3.07% Pb, 3.28% Zn and 0.24% Cu. In addition to the Measured + Indicated Mineral Resources, an Inferred Mineral Resource of 4.2 Mt at 3.16 oz/t Ag, 3.43% Pb, 3.25% Zn and 0.21% Cu is accounted for. The MRE was reported using all material (mineralization and waste) within resource shapes generated in MSO, and using geological criteria, resources were classified by mining method. NSR cut-off values of US$34.20/t for underground methods and US$23.30/t for Yen open cast resources, were used. Mineral resources are estimated using zinc price of US$1.59/lb, lead price of US$1.16/lb, copper price of US$5.36/lb, and silver price of US$31.20/oz. Metallurgical recoveries are based on recovery curves derived from historical processing data.

The MRE was revised in October 2024 (effective August 31, 2024) using an updated DDH and underground channel database (Table 1-1) and the same estimation methodology. The updated MRE included open pit and underground MREs for 11 deposits on the Property, including Bienaventurada, EM Poderosa, Tajo Yen, Escondida, Escopeta, Chonta, Teresita, Yen NE, Rublo, Coricancha and Pepito. Similar to the previous historical MRE, NSR cut-off values of US$34.20/t for underground methods and US$23.30/t for Yen open cast resources, were used.

Table 1-1 Summary of Historical Mineral Resources - Huachocolpa Uno, October 2024 (effective August 31, 2024)

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• The MRE was performed using MineSight (MS) and Leapfrog. 3D vein shells were constructed in Leapfrog Geo, using geological sections, assays results (underground channels and DDH's), lithological interpretation, underground mapping, and structural data. To determine the length of composites samples by domain, the statistic mode of the sample length was used. To correct outliers, the technique of dimensioning from Cumulative Probability Plot (CPP) graphs was applied.

• Rotated block models of 1 x 3 x 3m were used for the Bienaventurada, Escopeta, Escondida, Teresita, Rublo, Yen NE and Chonta veins coinciding with the vein direction. For Yen Open Cast, unrotated block model of size 1 x 1 x 1 m was used. The reported grades were estimated using Ordinary Kriging (OK). The block models were validated using industry standard techniques. The resource classification criteria include the distance to the nearest drill hole and the number of samples.

• High-grade assays were capped for Ag, Cu, Pb and Zn to limit the influence of a small number of outliers located in the upper tail of the grade distributions. The raw assays were limited prior to compositing. CPP plots commonly show outliers in the 98^th to 99^th percentile.

• The Ag, Cu, Pb and Zn grades were estimated using ordinary kriging (OK) in all block models. Inverse distance weighting (IDW) and Nearest neighbour (NN) methodologies were used for estimation comparison and validation. The estimation was performed in four passes, the first one equal to 100% of the variogram range, the second equal to 150% of the variogram range, the third equal to 200% the variogram range, the fourth equal to 1000% variogram range.

• In the block model, most of the veins were assigned the density value by interpolation by the ID method, while in the other veins that did not have a density measurement, the average density of the total data obtained was used (generally 2.90 to 3.00 9g/cm³).

• The classification of the MRE is consistent with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standard definitions for mineral resources and reserves dated May 10, 2014 (CIM definitions, 2014).

• For Bienaventurada Measured was estimated within drilling patterns 20m x 10m x 20m and includes channel sampling at 3m x 6m inside the mining developments levels and sublevels. Indicated was estimated within drilling patterns 40m x 20m x 40m and includes channel sampling at 6m x 12m for the mining development levels. Inferred was estimated with drilling patterns greater than 40m x 20m x 40m and maximum search distances at 70m x 46m x 13m in Bienaventurada.

• For Escondida the drilling pattern and the search distances were the same; however, Escondida did not have channel samples, but only drilling information. Chonta, Escopeta and Rublo were mostly explored by development and channel sampling; no drilling data was available. Measured was defined by development drifts inside the deposit, with channel samples collected 2m x 1m x 6m (levels and sublevels). Indicated was defined by development drifts inside the deposit, with channel samples collected 2m x 1m x 12m (levels). Inferred was estimated with the same channels as Indicated resource with extension search distances 91m x 50m x 10m.

1.4 Geology and Mineralization

The Huachocolpa mining district is located on the eastern part of the Cordillera Occidental Mountain range and has a varied geomorphology. Altitudes vary between 4,200 masl and 5,000 masl and are characterized by rugged relief such as mountains, cliffs, and moderate to gentle slopes.

The Andean Cordillera developed as a result of the subduction of the Nazca oceanic plate that produced a compression from east-northeast to west-southwest, which led to a complex sequence of folds and thrusts that stretches along the west coast of Peru. Mountain development initiated in the late Triassic and continues to the present day.

Regionally, the lithological sequences consist of a basement of moderately to strongly folded strata of Paleozoic age, such as pelitic sediments of the Excelsior Group (Devonian) to molasic sedimentation of the Mitu Group (Upper Permian); proceeding to Mesozoic sequences such as marine sedimentary sequences of the Pucara Group (Triassic-Jurassic) to continental and marine facies deposition of the Goyllarisquizga Group and the Chulec and Pariatambo formations, respectively; and, finally, affecting the early and middle Tertiary sequences which are unconformably overlain by late Tertiary volcanic and sedimentary rocks.

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In the Huachocolpa area, the late Tertiary rocks are evidence of an important volcanic and plutonic belt and consist of large volumes of andesite, dacite and rhyodacite type composition that form an interpenetrated complex of domes, plug domes, dikes, flows and composite volcanoes. The intrusive rocks of the belt are represented by bodies such as the Cordillera Blanca batholith in northern Peru. In many locations in the Huachocolpa District the middle and late Miocene and Pliocene volcanic rocks are moderately to strongly propylitized and are cut by a broadly distributed system of Pb-Zn-Ag veins, generally steeply dipping to the east-west, west-northwest or east-northeast. The domes, flows, and breccias also are cut by a distinctive suite of discontinuous and somewhat irregular north-south-trending dacite-rhyodacite dikes and plug domes. In contrast to the rocks that they intrude these dikes and domes are virtually unaltered.

Huachocolpa is sited within the Central Cordillera of Peru along the central part in the recognized Miocene Polymetallic Mineral Belt, including deposits like Yauricocha, Corihuarmi, Marta, Pucajaja, Palkawanka, Julcani, Caudalosa Grande and El Milagro.

The mineralized Huachocolpa Uno deposit is on a sequence of Cenozoic volcanic rocks, belonging to the Huachocolpa Group, locally two units are recognized. At Huachocolpa Uno, Mesozoic sedimentary rocks, Cenozoic igneous rocks, and Tertiary volcano-sedimentary sequences, travertine and Quaternary deposits are identified.

Local structural context predominantly includes sub-vertical structures resulting from compressive stresses relating to the Andean Orogeny. Amongst these we identify the Chonta fault, the Huachocolpa fault, and several other local minor lineaments. Structural controls on mineralization result in well-developed arrays of ENE to NE trending mineralized vein-sets (such as the Bienaventurada vein-set structures). The structural pattern can repeat and extend over other nearby sets of differently oriented structures, resulting in adjoining sequences over-lapping so as to produce a form of `structural pairing. Such structural settings are observed hosting polymetallic mineralization.

During the Tertiary Andean Orogeny Quechua III Stage (4th and final phase), volcanic centers formed, and late minor intrusions occurred, which favored the occurrence of mesothermal to epithermal mineralization, characterized by argillic alteration aureoles.

At Huachocolpa Uno, hydrothermal alteration has been identified adjacent to the mineralized structures from centimeter up to one-meter-wide scale. Argillization, occurs in hypogene and supergene types where hypogene argillization is characterized by the assemblage of feldspars pervasively substituted by clay minerals, especially within the matrix. Silicification, with quartz replacing feldspars, silicification occurs mainly in the Caudalosa 1, Caudalosa 2, Esperanza, Marisol, and Diana vein systems.

Phyllic with a quartz-sericite and potassic alteration assemblage, with variable intensities of strong, moderate, and weak and irregularly distributed throughout the mine area, mainly in association with the Bienaventurada vein. Propylitization, with an epidote-chlorite-pyrite alteration assemblage, mainly observed in the slightly altered areas of the host volcanic rocks.

The above represent the styles of hydrothermal alteration identified in the Bienaventurada and Yen zones, as well as in all the mineralized zones of Huachocolpa Uno.

Regionally, Huachocolpa Uno is localized in the Metallogenic Belt of Central Peru into the Western Polymetallic Sub-province, with more than 150 mining projects with possibilities of discovering Ag-Pb-Zn-Cu-(Au) mineralization. In addition, Huachocolpa Uno is a Polymetallic Epithermal Low Sulfidation deposit, with vetiform style of mineralization occurring as fracture filling by hydrothermal solutions. Geological characteristics (host rock, metallic contents, hydrothermal alterations) are similar to neighboring mineralized deposits such as Recuperada, San Genaro, Caudalosa Grande, El Palomo, Dorita, amongst others.

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Likewise, Huachocolpa Uno contains several systems and multiple structures with different styles of mineralization, including Polymetallic Low Sulfidation Epithermal (LS), Precious Au- Ag LS Epithermal and possibilities of Precious Au-Ag High Sulfidation Epithermal (HS) and Au- Ag-(Cu) Skarn.

The Bienaventurada Vein represents a brecciated structure with mineralization occurring in the form of massive bands, patches, veins, blebs and disseminations composed principally of sphalerite, galena and tetrahedrite. The mineralization generally forms a matrix encompassing sub-angular breccia fragments composed of altered host volcanic rock.

The economic mineralization is composed of filler sphalerite, galena, chalcopyrite and gray copper in the form of massive, crustified, irregular bands, nuclei and disseminations. The gangue comprises of milky quartz, hyaline quartz, kaolin, pyrite, realgar, orpiment, barite, calcite, stibnite and gypsum. Clasts and inclusions of silicified and argilized rock are observed within the mineralized zones. Mineragraphic studies and scanning electron microscope determine the presence of minerals such as: marcasite, pyrrhotite, melnikovite, varieties of lead sulfosalts (bournonite, seligmanite, dufrenoysite, jordanite, gratonite), gray copper (thenantite, tetrahedrite, freibergite, argentotennantite), silver sulfosalts, etc. Microtextures that stand out the most are those of replacement followed by filler, simultaneous growth and coliform indicators.

The host rock is a porphyritic andesitic volcanic, with plagioclase phenocrysts, selectively altered to clay, in some sectors with phyllic alteration and weak to moderate argillic alteration observed adjacent to the phyllic zones. According to microscopic studies, it would be a porphyritic volcanic rock that has undergone a process of hydrothermal alteration. They have generally been altered by hot fluids passing through them, with which the polymetallic mineralization is associated. Argillic alteration, followed to a lesser extent by silicification, predominates on the surface.

Inside the mine there are halos of hypogene alteration made up of sericitization, argilization, silicification and mild potassic-adularia that are distributed indistinctly throughout the mine. Propyllitic alteration occurs in the weakly altered host rocks.

A selected sample was taken in TJ 856 of the Bienaventurada Este Techo 1 vein. This vein is an offshoot (or splay) off the Bienaventurada vein. The sample was collected for the study of fluid inclusions to determine the continuity of the mineralization and to help determine the orientation of mineralized shoots below the elevation 4330 masl. The economic mineralization occurs as: galena, sphalerite (mainly of the blonde blende variety), gray coppers and a lesser proportion of chalcopyrite. Gangue minerals are generally milky quartz in massive compact form filling the available structures; and also, in smaller quantities, hyaline quartz crystallized in small geodes.

The Rublo vein is the master vein in all of the Yen mineralized system. Relative to the rest of the veins, it moved dextrally normal, forming sigmoid or tensional veins like for example: Leticia vein, Fortuna vein, Fortuna Norte vein, Tapada and Tapada Norte vein.

Yen's polymetallic mineralogy is similar across its length with variations in concentration. The hydrothermal fill concentrates massive white quartz and druse quartz, with barite and calcite. The observed mineralization textures of sphalerite, galena, argentiferous galena, chalcopyrite, pyrite, realgar, and orpiment, are massive, banded, stockwork and implosion breccia-like.

Mineralization at Huachocolpa Uno shows general geologic, structural and mineralogical characteristics of low sulfidation epithermal deposits.

1.5 Exploration

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Kolpa initiated exploration in 2016. Exploration methods have included geological mapping, surface channel sampling, and geophysics in addition to diamond drilling from surface and underground. Surface mapping programs were completed by Kolpa from 2018 to 2021, with surface geochemical sampling programs completed in 2019 to 2023, and a substantial geophysical program (resistivity, IP, magnetics) was completed in 2018. The Huachocolpa Uno Project has significant exploration potential with multiple exploration targets on the Property, classified as Near Mine, Brownfield, and Greenfield targets.

1.6 Drilling

The Huachocolpa Uno Project drilling database utilized for the estimation of historical resources has been limited to drilling completed between 2001 and 2024 by Compañía Minera Caudalosa S.A. and Compañía Minera Kolpa S.A. Effective December 31, 2024, the Huachocolpa Uno database contains results from over 716 drill holes totaling 187,131.71 m. All drill holes included in this dataset correspond to diamond core drilling methods.

Of the total drilling, over 594 holes were completed from underground workings within the Bienaventurada mine totaling 161,602.31 m, and over 112 holes were completed from surface at the Yen Project totaling 25,529.40 m. Compañía Minera Kolpa S.A. has completed over 556 holes for 153,45.65 m for diamond drilling. Only drilling annual meterage totals are available for 2023 and 2024 and exact drill hole counts are not currently available for these years.

In addition to diamond drilling, a total of 39,971 channel samples totaling 52,621 m were collected from 2004 to 2021. Of these, 38,677 channel samples (51,821 m, 96.8%) were collected at the Bienaventurada mine, 688 channel samples (533 m, 1.7%) were collected at the Chonta mine, 606 channel samples (267 m, 1.5%) were collected at the Escopeta project.

1.7 Mineral Processing and Metallurgical Testing

Metallurgical test work is limited for the Property. However, a process plant has been running successfully on the Property for a number of years. A summary of the processing plant performance since 2016 is provided in Table 1-2. The feed rate has increased since 2020. Concentrate production has accordingly increased.

The current process plant is suitable for continuing operations.

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Note : AgEq Calculated using (Pb tonnes x $1,984 + Zn tonnes x $2,755 + Cu tonnes x $9,369)/$26) + Ag oz

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1.8 Mineral Resource Estimate

There are no current Mineral Resource Estimates on the Property

1.9 Mineral Reserve Estimate

There are no current Mineral Reserve Estimates on the Property

1.10 Mining Methods

Kolpa has operated the Huachocolpa Uno mining property since 2015, with two distinct production areas: the Bienaventurada underground mine and the Yen open pit. Average production is approximately 1,200 tpd from underground operations and 300 tpd from the open pit.

Mine production at the Bienaventurada underground mine uses a combination of longhole stoping, with stope heights ranging from 8 to 11 m, and conventional cut-and-fill mining with 2 m vertical cuts. Mechanized equipment is used primarily for mucking material from development headings and stopes. Both methods are backfilled with waste rock generated from development and stoping activities, placed using mechanized equipment. Waste rock from development is sufficient to meet backfill requirements; no material is backhauled from the surface. Current underground operations reach depths of up to 500 m. Mineralization is hauled to surface and transported to the processing plant, located approximately 3 km from the portal.

The Yen open pit is mined using conventional mechanized methods with 15 m³ or 30-tonne dump trucks. The pit is designed with 5 m high benches, a 45° inter-ramp angle, and 6 m-wide one-way ramps. Two access ramps connect the pit to the processing plant for haulage.

The Property is an operating mine, and production is expected to continue. The mining methods in use are appropriate for sustained operations.

1.11  Recovery Methods

Kolpa conducts exploration, exploitation and beneficiation of polymetallic minerals with high contents of lead, silver, zinc and copper, to produce and market concentrates of copper (Cu), lead (Pb) and zinc (Zn).

New and replacement processing equipment procurement is progressing to expand milling capacity from 1,800 tpd to 2,500 tpd

The following sections describe the 1,800 tpd processing flowsheet and the flowsheet for the expansion to 2,500 tpd, including equipment, key consumables and utilities for the concentrator at the Huachocolpa Unit.

The existing concentrator plant beneficiates the polymetallic mineralized material using a conventional selective flotation process to obtain a bulk concentrate that is subsequently separated into lead-copper and zinc concentrates. The concentrator plant performs the following processes:

• Crushing.

• Grinding and classification to the pulp.

• Bulk flotation Cu-Pb-Ag.

• Separation Pb-Cu.

• Flotation Zn.

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• Thickening and filtering of the Zn, Pb and Cu concentrates.

• Classification, transport and tailings disposal.

The current process design is suitable for continued operation on the Property.

1.12 Project Infrastructure

The Huachocolpa Uno Mining Unit has sufficiently sized and maintained infrastructure to conduct mining activities responsibly and sustainably as well as socially and environmentally compliant.

1.12.1 Access and Roads

The Huachocolpa Uno Mining Unit is easily accessible from Lima and any other city on the Peruvian coast, also from the center of the country, through paved national public roads. The last stretch of 19 km is on a departmental road, which the Regional Government maintain in good condition, that reaches the Mining Unit entrance; Kolpa has constructed gravel roads and paved roads to access the Mine, Plant, tailing facilities, waste dumps and other facilities.

1.12.2 Power

The electricity is supplied via the national power grid form major producers through long-term contracts. These long-term supply contracts are being extended until December 2025.

To supply power to the Mining Unit, KOLPA acquired a 60-Kv line that transports energy from Huancavelica to the substation that Kolpa constructed and reduces energy from high voltage 60 Kv to medium voltage in 22.9 Kv. The average monthly electricity consumption of the Mining Unit is 5.5 KWH. The Mine consumes approximately 60% and the Concentrator Plant approximately 40%.

Three backup diesel generators with total 1.5 MW capacity of are maintained and available.

The existing power systems are suitable to meet the requirements for the 2,500 tpd expansion.

1.12.3 Water Supply

The project has four water-use licensesthat include consumption purposes (0.6 L/s and 0.55 L/s), mining (1,034 L/s) and industrial (15 L/s) mainly from springs (Bienaventurada 1, 2 Bienaventurada 3, Chipchilla, Poderosa, Rublo) and the Escalera River. In recent years the water for the mining operations is recirculated from the Centralized Pumping System inside the underground mine, where water infilrating into the operating areas is directed to the treatment sumps located at level NV 4230. In these sumps, the suspended solids are removed, and the pH is adjusted; some water is reused for the equipment operation, and for drilling, dust control and concrete and shotcrete supply some water is pumped to the surface t for treatment at mine water treatment plant (NCD Plant) to ensure effluent compliance limits are met.

Water treated at the NCD Plant is used at the Concentrator Plant and any excess is discharged into the river, at the V-01 discharge point, complying with the standards and a permit limit approved by the environmental authorities. Due to the large amount of water reuse, wanter consumption from natural sources is very low and mainly for human consumption.

The plan is to increase the water treatment plant capacity to 120 L/s for the 2,500 tpd expansion.

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1.12.4 Waste Dump

The Project currently uses the Rublo Alto waste deposit to deposit waste material not used as backfill in the mine; this waste deposit has a capacity of 575,812 m³ and the DD-15 waste deposit has a storage capacity of 415,000 m³. Additionally, permits were applied for the construction and operation of DD-01 with a capacity of 791,340 m³ and DD-60 with a capacity 337,710 m³, DD-61 with a capacity 419,466 m³. The waste dump projects to meet the life-of-mine waste generation.

1.12.5 Mineral Stockpile

The mineral extracted from the Mine is transported to the stockpile area located in Comihuasa, for classification and blending prior to delivery to the concentrator plant. The stockpile location has an area of 10,000 m² and an approximate storage capacity of 30,000 tonnes.

1.12.6 Tailing Storage Facilities

The tailing storage facilities planned for the LOM are designated as "D" and "C". The tailing deposit "D" built in 2018 has been designed in five stages for a total life of 12 years at current production levels.

Engineering studies have been undertaken for each TSF project. The Stage IV study was completed in January 2022.

The tailing deposit "C" had a storage capacity for six (06) months with the current production levels. Deposit "C" has environmental permits and controls and serves as a contingency for the operation. The deposited tailings are thickened and cycloned.

Design concepts have been prepared for future expansions to phases VI, VII and VIII. The need for these expansions will include plans for using tailing to prepare backfill for the underground mine once the paste fill plant is constructed.

1.12.7 Buildings

The buildings and facilities for the Huachocolpa Uno Mining Unit are built along the Escalera River ravine, in two well-defined areas:

• In the area called Caudalosa, where the Bienaventurada mine is located, the facilities include warehouses, explosives magazines, workshops, offices, dining rooms, and camps. The Caudalosa camp will be expanded to accommodate a maximum 1,200 workers for the 2,500 tpd expansion.

• In the area called Comihuasa, facilities include the concentrator plant, tailings "D" and "C", mineral stockpile, Kolpa electrical substation, fuel station, water treatment plant, tailing thickener, drinking water treatment plant, workshops, medical center, chemical laboratory, metallurgical laboratory, offices and camps. The camp will be expanded to accommodate 500 workers for the 2,500 tpd expansion.

Current site infrastructure is suitable for continuing operations.

1.13 Market Studies and Contracts

Endeavour has reviewed market studies for commodities and price outlook. The long-term markets for lead, zinc, copper, and silver are influenced by demand growth in industries like construction, electronics, renewable energy, and electric vehicles (EVs), as well as supply constraints, geopolitical factors, and environmental regulations. The outlook for lead is likely to remain relatively stable, while zinc could see moderate increases due to supply constraints. Copper demand is expected to grow due to structural supply deficits and silver prices are likely to trend upwards in the long term due to industrial demand, and its role as a hedge against inflation. The Authors have reviewed the studies and analysis. It is the Authors's opinion that the results support the long-range pricing assumptions and other marketing premises used in this technical report.

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Zinc prices are currently in the range of US$ 1.30-1.47/lb, having reached a 2022 high of US$ 2/lb in April 2022.

Smelter treatment charges (TCs) have experienced a volatile market over the last 16 months, with zinc supplies in deficit, leading to lower smelter Spot treatment charges (and in some limited cases, negative TCs). As of the last quarter of 2024, zinc supply appears to be in a deficit situation for the near term and stabilizing in the longer term.

Existing sales agreements are expected to continue in the near term and may require updating upon expiry.

Lead prices are currently in the range of US$ 0.90 - 1.10/lb.

As stated above, although lead is not in the same supply deficit as zinc, treatment charges have experienced volatility to lower prices over the last 16 months, but existing sales agreements are expected to continue in the near term.

Transport and shipping costs are the same as those for the zinc concentrates. No lead smelter is currently operational in Peru, so it is presumed that the concentrates referred to in this study will be shipped to Asia.

Copper prices over the last 18 months range from US$ 4.00 - 5.05/lb.

Copper prices have shown a strong performance in international markets. The copper market is exhibiting a long-term supply deficit, and the same volatility exists in smelter charges as for zinc and lead.

The metal prices used for the mining inventory estimation are from projections considered reasonable by Kolpa. Table 19-1 presents the metal prices used in the economic analysis derived from JP Morgan data.

Kolpa has a number of contracts in place with international commodity traders.

Treatment and refining charges for lead-silver-gold concentrates as well as zinc concentrates have been estimated in accordance with Kolpa's current agreement with international traders.

The main assumptions are:

• Transportation Cost is $48/tonne of concentrate.

• Treatment Cost for the Concentrate of Zinc assumed for the LOM is $150 per tonne

• Treatment Cost for the Concentrate of Lead assumed for the LOM is $101 per tonne

• Refining Cost for the Silver in the Lead Concentrate assumed for the LOM is $32 per tonne

• Treatment Cost for the Concentrate of Copper is assumed for the LOM is $108 per tonne.

• Refining Cost for the Silver in the Copper Concentrate assumed for the LOM is $101 per tonne.

• Refining Cost for the Copper in the Copper Concentrate assumed for the LOM is $55 per tonne.

A summary of the payability factors, treatment/refining charges (TC/RC) and penalties for Zn concentrate,

Regarding concentrate quality, it is noted that the metal contents have generally been constant for the lead, copper and zinc.

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1.14 Environmental, Permitting and Social Considerations

Kolpa conducts its mining and production activities within the EAU, in full compliance with Peruvian environmental and metallurgical regulations. The company prioritizes health and safety, environmental protection, cultural heritage preservation, and sustainable development.

Mining in Huachocolpa Uno dates back to colonial times. In the mid-20th century, with support from the Mining Bank of Peru, the Huachocolpa Mineral Concentrator Plant S.A. (Comihuasa) was established, driven by contributions from small mining companies, including Caudalosa.

Today, Kolpa extracts polymetallic minerals from the Bienaventurada vein using underground mining methods such as Cut and Fill and Sublevel Stoping. The process includes exploration, drilling, blasting, hauling, and transportation from the Bienaventurada mine to the Comihuasa concentrator plant.

At the concentrator plant, the mill feed undergoes selective flotation through crushing, grinding, flotation, thickening, and filtering to produce lead, zinc, and copper concentrates with silver content. These concentrates are then transported in covered vehicles for commercialization.

Kolpa recognizes the importance of building transparent and trusting relationships with the local communities in its area of influence. The company is committed to fostering strategic alliances between Kolpa, the State, and local communities to promote sustainable development.

As part of this commitment, Kolpa prioritizes:

• Maintaining open dialogue and mutual respect with local communities.

• Fulfilling social commitments and continuously supporting community development programs.

• Delivering both short- and long-term benefits to the communities in its area of influence.

Focus on the Huachocolpa Community

Kolpa's mining operations take place in the Huachocolpa district, where surface lands are owned by the local community ("comunidad campesina"). This community consists of nine annexes and is governed by a central leadership body.

Given this structure, Kolpa's social programs are primarily focused on supporting the Huachocolpa community, including the successful implementation of several development initiatives.

1.15 Recommendations

The Huachocolpa Uno Mine property contains significant historical open pit and underground mineral resources that are associated with well-defined mineralized trends and geological models. The mine is currently in production and has been operated privately under fully consolidated ownership since 2000. Between 2012 to 2024, approximately 5.8 million tonnes of mineralization have been processed at the Huachocolpa Processing Plant.

Additional work is recommended to upgrade historical mineral resources to current NI 43-101 compliant mineral resources, and to optimize the operation and improve margins:

The Huachocolpa Uno Mine property contains significant historical open pit and underground mineral resources that are associated with well-defined mineralized trends and geological models. The mine is currently in production and has been operated privately under fully consolidated ownership since 2000. Between 2012 to 2024, approximately 5.8 million tonnes of mineralization have been processed at the Huachocolpa Processing Plant.

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Additional work is recommended to upgrade historical mineral resources to current NI 43-101 compliant mineral resources, and to optimize the operation and improve margins:

1.15.1 Mineral Resource Estimate

• Review the current drill hole and underground channel sampling data and QA/QC data completed to date, revise geologic models, mineral resource models and structural models, and estimate mineral resources using the updated data, models and updated metal prices, recoveries and economic parameters, such as current mining and processing costs and G&A costs.

1.15.2 Mining

• Complete infill drilling plans to convert Inferred resources to Indicated or Measured and possibly add new areas to the mining inventory.
• Evaluate increasing the Sub-level stoping percentage of total mine production. Trial mining had been undertaken in Bienaventurada to demonstrate the viability of increasing the sublevel designed height to 14 meters, which increases productivity while reducing operating costs. This concept can be applied to other veins as well.
• Complete a paste backfill study including tailing characterization and strength test work, paste plant design, reticulation system design, and capital and operating cost estimates.

• Complete a life of mine (LOM) plan that includes updated cut-off values, potential mineralized material sorting benefits, paste backfill, and incorporates geotechnical parameters developed in the ground control management plan for estimating mineral reserves.

• Complete an updated ground control management plan that defines level spacing and stope dimensions, development offsets, and ground support standards.

1.15.3 Metallurgy and Processing

• Complete a technical and economic evaluation of the mineralized material sorting concept to upgrade mill head grade.

• Perform multi-element analyses for different vein system to fully understand the mineralization.
• Conduct metallurgical testing for the different vein and mineral sources to improve recovery and understand how other metals such as gold could be recovered and improve the NSR and lower cut-off values.
• Conduct a comprehensive risk-based review of the tailing facility and plans to convert from a conventional subaerial deposition to a filtered tailing deposition.
• Update the existing tailing facility design and operating parameters to mitigate risks identified, ensure stability and maximize tailing storage volume using the current facility.

Table 1-3 summarized the estimated cost for the recommended future work on Huachocolpa.

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Technical Report – Huachocolpa Uno Mine Property, Huancavelica Province, Peru	Page 25

2025-2026
Item	Unit	Cost
Geological Compilation and Resource Estimation	1	$250,000 - $300,000
Paste Backfill Study	1	$300,000 - $500,000
LOM Plan	1	$200,000 - $300,000
Ground Control Management Plan	1	$300,000 - $350,000
Mineralized Material Sorting Economic Analysis	1	$80,000 - $120,000
Multi-Element Analyses	1	$100,000 - $150,000
Metallurgical Testing	1	$200,000 - $400,000
Tailing Facility Risk Review	1	$120,000 - $150,000
Tailing Facility Design	1	$600,000 - $800,000
Total:		$5,345,000 - $6,830,000

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2 INTRODUCTION

SGS Geological Services Inc. ("SGS") was contracted by Endeavour Silver Corp. ("Endeavour" or the "Company") to prepare a National Instrument 43-101 ("NI 43-101") Technical Report for the Huachocolpa Uno Mine ("Huachocolpa Uno" or the "Property") located in the districts of Huachocolpa and Santa Ana, in the province and department of Huancavelica, 490 km southeast of Lima, Peru. Huachocolpa is currently an operating mine.

Endeavour has announce that it has entered into a definitive share purchase agreement (the "Agreement") to acquire all of the outstanding shares of Compañia Minera Kolpa S.A., ("Kolpa") and its main asset the Huachocolpa Uno Mine, from subsidiaries of its shareholders Arias Resource Capital Management and Grupo Raffo (collectively, the "Shareholders") in exchange for total consideration of $145 million comprised of $80 million cash and $65 million payable in Endeavour shares (the "Transaction"). In addition, as part of the Transaction, Endeavour has agreed to pay up to an additional $10 million in contingent payments upon the occurrence of certain events and Endeavour will also assume approximately $20 million in net debt currently held by Kolpa.

Endeavour is headquartered in Vancouver, British Columbia (1130 - 609 Granville Street Vancouver, B.C., Canada, V7Y 1G5) with management offices in Leon, Mexico and Durango, Mexico. The Company's common shares are listed on the Toronto Stock Exchange (TSX: EDR) and the New York Stock Exchange (NYSE: EXK).

The Company is engaged in silver mining in Mexico and related activities including property acquisition, exploration, development, mineral extraction, processing, refining and reclamation. The Company is also engaged in exploration activities in Chile and Nevada, USA. The Company's operations are comprised of the Guanaceví and Bolañitos mines located in Durango, Mexico and Guanajuato, Mexico respectively. The Company is developing the Terronera project located in Jalisco State, Mexico (the "Terronera Project"). The Company is advancing several other exploration projects in order to achieve its goal to become a premier senior producer in the silver mining sector.

The current technical report is authored by Allan Armitage, Ph.D., P. Geo., ("Armitage"), Ben Eggers, MAIG, P.Geo. ("Eggers"), and Henri Gouin, P.Eng. ("Gouin") of SGS, and Dale Mah, P.Geo. ("Mah") and Donald Gray, SME-RM ("Gray") of (collectively, the "Authors"). Armitage, Eggers and Gouin are independent Qualified Persons as defined by NI 43-101. Mah and Gray are qualified person as defined by NI 43-101. However, they are not independent of the Company. Mah is Vice President, Corporate Development for Endeavour and Gray is Chief Operating Officer for Endeavour.

The current Technical Report complies with all disclosure requirements set out in the NI 43-101 Standards of Disclosure for Mineral Projects. The current Technical Report will be used by Endeavour in fulfillment of their continuing disclosure requirements under Canadian securities laws, including National Instrument 43-101 - Standards of Disclosure for Mineral Projects. This Technical Report is written in support of the share purchase agreement to acquire all of the outstanding shares of Kolpa and its main asset the Huachocolpa Uno Mine.

2.1 Sources of Information

In preparing the current technical report, the Authors utilized a digital database, provided to the Authors by Endeavour, internal technical reports and recent PowerPoint presentations provided by Endeavour, along with site visits and personal inspections to verify the current conditions on the Property. All background information regarding the Property has been sourced from a previous internal technical report (Laymen and Mc Iver, 2024) and revised or updated as required. As of the effective date of this report, Endeavour has yet to complete exploration on the Property and there are no current mineral resources or reserves on the Property.

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• The Property was the subject of a technical report in 2023 titled "Huachocolpa Uno Preliminary Economic Assessment Project, Project Number 0094", Effective Date 31 March 2023, Report Date 07 May 2024, prepared for Compañia Minera Kolpa.

The Authors have carefully reviewed all digital data and Property information and assumes that all information and technical documents reviewed and listed in the "References" are accurate and complete in all material aspects. Information regarding the Property accessibility, climate, local resources, infrastructure, and physiography, exploration history, historical mineral resource estimates, regional property geology, deposit type, recent exploration and drilling, metallurgical test work, and sample preparation, analyses, and security for previous drill programs, mining methods, recovery methods, capital and operating costs etc. (Sections 5-13 and 16-22) have been sourced from a recent internal technical report and updated where required. The Authors believe the information used to prepare the current Technical Report is valid and appropriate considering the status of the Property and the purpose of the Technical Report.

Historical Mineral Resource figures contained in this report, including any underlying assumptions, parameters and classifications, are quoted "as is" from the source.

The Author believes the information used to prepare the current Technical Report is valid and appropriate considering the status of the Property and the purpose of the Technical Report. By virtue of the Author's technical review of the Project, the Authors affirm that the work program and recommendations presented herein are in accordance with current NI 43-101 requirements (2014).

2.2 Qualified Persons

The Qualified Persons for the report are listed in Table 2-1. By virtue of their education, experience and professional association membership, they are considered Qualified Persons as defined by NI 43-101.

2.3 Site Visits and Scope of Personal Inspection

2.3.1 Site Inspection by Dale Mah, P.Geo.

The Kolpa Project was visited by Dale Mah on October 9, 2024, and January 12, 2025, for the purpose of:

• Inspection of selected drill sites and outcrops to review the drill and local geology

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• Reviewing current core sampling, QA/QC and core security procedures
• Inspection of drill core, drill logs, and assay certificates to validate sampling, confirm the presence of mineralization in drill core and underground workings.
• Inspection of the project site to access accessibility, topography, available infrastructure and proximity to towns and roads,

• The visit also included a general tour of the property to assess road conditions, surface water, power supply, process plant, tailings storage and mine portals

2.3.2 Site Inspection by Donald Gray, SME-RM.

The Kolpa Project property was visited by Donald Gray on January 12 and 13, 2025 for the purpose of:

• Inspection of the project site to assess accessibility, topography, available infrastructure and proximity to towns and roads,

• Review of underground mining methods, mine planning, mine stope design model with Kolpa technical staff

• Inspection of underground mine workings, surface mining activity, geotechnical conditions, process plant and tailings storage facility

• Review of the processing plant, infrastructure, tailings storage and active mine portals and workings.

2.4 Units and Abbreviations

Units used in the report are metric units unless otherwise noted. Monetary units are in United States dollars (US$) unless otherwise stated.

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Technical Report – Huachocolpa Uno Mine Property, Huancavelica Province, Peru	Page 29

ft	Feet	ppb	Parts per billion
ft2	Square feet	ppm	Parts per million
ft3	Cubic feet	QA	Quality Assurance
g	Grams	QC	Quality Control
GEMS	Geovia GEMS 6.8.3 Desktop	QP	Qualified Person
g/t or gpt	Grams per Tonne	RC	Reverse circulation drilling
GPS	Global Positioning System	RQD	Rock quality designation
Ha	Hectares	SD	Standard Deviation
HQ	Drill core size (6.3 cm in diameter)	SG	Specific Gravity
ICP	Induced coupled plasma	SLS	Sub-level stoping
ID2	Inverse distance weighting to the power of two	t.oz	Troy ounce (31.1035 grams)
ID3	Inverse distance weighting to the power of three	Ton	Short Ton
kg	Kilograms	Zn	Zinc
km	Kilometres	Tonnes or T	Metric tonnes
km2	Square kilometre	TPM	Total Platinum Minerals
kt	Kilo tonnes	US$	US Dollar
m	Metres	μm	Micron
		UTM	Universal Transverse Mercator

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3 RELIANCE ON OTHER EXPERTS

3.1 Property Ownership, Property Agreements, Mineral Tenure, Surface Rights and Royalties

Final verification of information concerning the Property status and ownership, which are presented in Section 4 below, have been provided to Armitage by Dale Mah for Endeavour, by way of E-mail on March 17, 2025. Armitage only reviewed the land tenure in a preliminary fashion and has not independently verified the legal status or ownership of the Property or any underlying agreements or obligations attached to ownership of the Property. However, Armitage has no reason to doubt that the title situation is other than what is presented in this technical report (Section 4). Armitage is not qualified to express any legal opinion with respect to Property titles or current ownership.

The Authors have relied upon previous internal technical reports, written for Kolpa, and annual corporate presentations by Kolpa regarding the Property with respect to Sections 16, 17, 18, 19 and 20. Huachocolpa Uno is currently an operating mine. However, there are no current resources or reserves for the Property with respect to Endeavour.

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4 PROPERTY DESCRIPTION AND LOCATION

The Property is located in Comihuasa, Huachocolpa District, Huancavelica Province, Huancavelica Department of Peru, approximately 490 km southeast of Lima and 74 km south of Huancavelica City (Figure 4-1). The approximate coordinates of the Mine are 501,780m E and 8,556,217m N, using the UTM_WGS84 datum, or Latitude 13°04' S and Longitude 74°59' W.

Figure 4-1 Huachocolpa Uno Mining Unit Location in Peru

Source: KOLPA S.A Mining Company 2023

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The current Property includes 144 mining rights consisting of: 1 beneficiation concession, 4 mining claims and 139 mining concessions (Figure 4-2) (Table 4-1). Kolpa wholly owns 100% in the mining rights. All Mining rights are in good standing as of the effective date of this report. The total effective area of the mining concessions is 25,176.85 ha, and the total effective area of the beneficiation concession is 366.23 ha. A total of 63 (No. 1-63, Table 4-1) of the mining rights are part of the Economic Administrative Unit (EAU) "Huachocolpa Uno". The mining rights are in the districts of Huachocolpa and Santa Ana, provinces of Huancavelica and Castrovirreyna, respectively, and department of Huancavelica, Peru.

The EAU Huachocolpa Uno originally consisted of 69 mining concessions. On September 17, 2024, through Resolution 003763-2024-INGEMMET/PE/PM, the accumulation named "RUBLO" of seven (7) mining concessions (RUBLO, RUBLO PRIMERO, ULTIMA HORA N° 1, ULTIMA HORA N° 1-E, ULTIMA HORA N° 1-F, ULTIMA HORA N° 4, and ULTIMA HORA N° 404) was approved. This resulted in the EAU Huachocolpa Uno currently comprising 63 mining concessions.

Figure 4-2 Land Tenure of Compañia Minera Kolpa S.A.

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Technical Report – Huachocolpa Uno Mine Property, Huancavelica Province, Peru	Page 34

N°	Mining Right Name	Code	Type of Mining Right	Title Holder	Effective Area (ha)
57	ULTIMA HORA N° 416	06007074X01	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	0.0163
58	ULTIMA HORA N° 416-1A	0607074AX01	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	14.8726
59	ULTIMA HORA N° 417	06007075X01	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	5.8644
60	ULTIMA HORA N° 418	06007076X01	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	3.901
61	ULTIMA HORA N° 419	06007077X01	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	2.2666
62	ULTIMA HORA N° 420	06007078X01	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	1.9958
63	ACUMULACION RUBLO	010000723L	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	482.9957
64	AGILBERTITO 2017	10102317	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	660.16
65	AMELIA PRIMERA 2011	10308411	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	400
66	ANDREA 2020	10001620	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	21.6654
67	BOSSANOVA 2	10043610	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	875.1254
68	CARHUANCHO 2017	10102517	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	600
69	CATALINA 2015	10089216	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	800
70	CORICANCHA 5	10046810	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	1,000
71	ESCOPETA	10246512	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	990.736
72	GOLONDRINAS	10632908	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	11.1468
73	HALLAZGO PRIMERO 2017	10101917	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	771.714
74	HALLAZGO SEGUNDO 2016	10326616	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	958.989
75	HALLAZGO SEGUNDO 2017	10102117	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	300
76	HALLAZGO SEGUNDO 2017-FRACCIONADO	010102117A	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	50.995
77	HALLAZGO TERCERO 2017	10101717	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	1,000
78	HATUM 11	10044610	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	374.669
79	HATUM 12	10044510	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	82.6786
80	HATUM 13	10044410	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	55.3997
81	HATUM 2	10045110	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	600
82	HATUM 32	10044310	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	47.8697
83	HATUM 33	10044210	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	47.7007
84	HATUM 34	10044110	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	285.7332
85	HATUM 35	10044010	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	29.9385
86	HATUM 6	10045010	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	600
87	HATUM 7	10044910	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	139.7135
88	HATUM 8	10044810	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	239.5078
89	HATUM 9	10044710	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	399.1802
90	HUASCAR 2022	10159722	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	207.04
91	ICHUPATA 21	10043910	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	330.915
92	LAURITA 01 2021	10231321	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	322.774
93	LIZ 2020	10001520	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	181.994
94	MARIA GRACIA 2021	10154421	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	277.654
95	MICAELA 2015	10089316	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	1,000
96	MILLUPARA 2017	10102417	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	374.053
97	MILLUPARA 2017-FRACCIONADO	010102417A	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	10.8968
98	NUEVA ESPERANZA I 2021	10154321	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	100
99	OTORONGO UNO 2013	590000113	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	2
100	PLATA 4	10046610	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	67.9493
101	PLATA 5	10046510	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	120.0107
102	PLATA 6	10046410	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	87.8194
103	PLATA 60	10158911	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	424.241
104	PLATA 61	10159011	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	586.261
105	PLATA 7	10046310	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	399.1787
106	PROVICION INFINITA VII	10203010	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	100
107	RANRACUCHO 3	10043810	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	498.9766
108	RUBLO CHICO 2017	10102017	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	248.034
109	SAN ANTONIO	06000253X01	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	9.9781
110	SAN ANTONIO NÚMERO DOS	06003529X01	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	17.9632
111	TERESITA PRIMERA 2017	10101817	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	741.964
112	TERESITA SEGUNDA 2017	10102217	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	161.247
113	VANESSA 2020	10001720	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	109.683
114	ZORRITOS	10222914	CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	299.3839

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Technical Report – Huachocolpa Uno Mine Property, Huancavelica Province, Peru	Page 35

N°	Mining Right Name	Code	Type of Mining Right	Title Holder	Effective Area (ha)
115	ULTIMO MINUTO NUEVE 2015	10347415	CONCESSION	CONCESIONES LEON S.A.C.	193.5
116	MORADITO UNO 2015	10347515	CONCESSION	CONCESIONES LEON S.A.C.	187.162
117	PROLONGACION INES	10083824	MINING CLAIM	COMPAÑÍA MINERA KOLPA S.A.	100
118	SHANNA 2025	10003625	MINING CLAIM	COMPAÑÍA MINERA KOLPA S.A.	100
119	LUCIA 2025	10003825	MINING CLAIM	COMPAÑÍA MINERA KOLPA S.A.	400
120	GABRIELA 2025	10003725	MINING CLAIM	COMPAÑÍA MINERA KOLPA S.A.	100
121	PLANTA DE CONCENTRACIÓN HUACHOCOLPA	P0100754	PROCESSING/BENEFIT CONCESSION	COMPAÑÍA MINERA KOLPA S.A.	366.23
122	EMMITA CUARTA	06001452X01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	9.1551
123	ELSITA	06000824X01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	7.9819
124	HALCONES	010518706	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	57.1214
125	YOSI	010338106	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	54.3776
126	PEPE MACHO	010183206	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	56.9743
127	PEPITO	06000522Y01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	7.9822
128	SAN JOSE	06000540Y01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	69.8489
129	EMMITA Y CLARITA	06000558X01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	19.9554
130	EMMITA TERCERA	06001451X01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	14.969
131	ENMITA QUINTA	06002925X01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	3.9104
132	COQUITO	06000416Y01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	49.8913
133	GRULLAS	010518606	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	55.8855
134	CARLITA	010183306	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	133.3067
135	JOSE LUIS TERCERO	010183706	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	2.7941
136	CARMELA PRIMERA	010183806	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	6.5977
137	TIGRILLOS	010316507	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	498.9744
138	TATITO	010338206	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	4.9898
139	EMMITA SEGUNDA	06001137X01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	23.9505
140	LA TRANCA	06000878X01	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	23.9479
141	SEGUNDO VICTOR RAUL	010338306	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	7.6656
142	GUSTAVO ADOLFO	010183606	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	1.2391
143	ALBATROS 2007	010518806	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	156.341
144	LEOPARDOS	010316607	CONCESSION	SOCIEDAD MINERA CHONTA S.A.C.	410.9817

Note: Effective area excludes areas of overlap

4.1 Endeavour Agreement with Kolpa

Endeavour has announced that it has entered into a definitive share purchase agreement (the "Agreement") to acquire all of the outstanding shares of Compañia Minera Kolpa S.A., ("Kolpa") and its main asset the Huachocolpa Uno Mine, from subsidiaries of its shareholders Arias Resource Capital Management and Grupo Raffo (collectively, the "Shareholders") in exchange for total consideration of $145 million comprised of $80 million cash and $65 million payable in Endeavour shares (the "Transaction"). In addition, as part of the Transaction, Endeavour has agreed to pay up to an additional $10 million in contingent payments upon the occurrence of certain events and Endeavour will also assume approximately $20 million in net debt currently held by Kolpa.

The cash consideration will be funded through a combination of a new copper streaming agreement on copper produced from Kolpa ("Copper Stream") with Versamet Royalties Inc. ("Versamet"), a bought deal financing consisting of subscription receipts for common shares of the Company issuable upon closing of the Transaction (the "Subscription Receipts Financing") and cash on hand.

4.2 Type of Mineral Tenure

4.2.1 Introduction

Mineral rights (Item 4.2.2, 4.2.3 and 4.2.4), royalties (Item 4.5) and surface rights (Item 4.6) are to be read together.

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Technical Report – Huachocolpa Uno Mine Property, Huancavelica Province, Peru	Page 36

The principal statutes regulating mining in Perú are:

• General Mining Law approved by supreme decree nº 014-92-em (Updated to: August 2022).

• Regulation of Mining Procedures D.S. N° 020-2020-EM (Edited in: March 2023)

• Canon Law N° 27506 (Published on: July 09, 2001).

• Mining Activity Inspection Law No. 27474 (Published on May 24, 2001).

• General Environmental Law N° 28611 (Published on October 13, 2005).

• Occupational Health and Safety Regulations in Mining D.S. N° 023-2017-EM (Updated to: August 18, 2017).

• Mining Safety and Hygiene Regulation DS_046_2001_DM (Update to: July 25, 2001).

• Environmental Liabilities Law N° 28271 (Update to: July 2, 2004).

• Mine Closure Law and Regulations N° 28090 (Update to: 2023).

Other legislation that effects mining operations include the following:

• Regulation of Canon Law DS N° 005-2002-EF (Published on: January 14, 2002).

• Supreme Decree that modifies the Environmental Protection and Management Regulations for Mining Exploitation, Beneficiation, General Labor, Transport and Storage Activities DS N° 026-2021 (Published on November 15, 2021).

• Regulations for the Inspection of Mining Activities (Published on September 5, 2001).

• Supreme Decree that approves the Regulation of Mining Procedures DS-020-2020-EM (Published on August 8, 2020).

• Supreme Decree No. 007-2021-EM Special measure related to the environmental management instruments of the Mining Sector (Published on April 1, 2021).

4.2.2 Mining Rights and Mining Claims

The term "mineral rights" refers to mining concessions and mining claims. Other rights under the General Mining Law, such as beneficiation concessions, mineral transportation concessions, and general labor concessions are not considered under said term.

According to Peruvian General Mining Law (the "Law"):

1. Mining concessions grant their holder the right to explore, develop, and exploit metallic or non-metallic minerals located within their internal boundaries.

2. A mining claim is an application to obtain a mining concession. Exploration, development, and exploitation rights are obtained once title to concession has been granted, except in those areas that overlap with pre-existing, or priority claims or concessions applied for before December 15, 1991. Upon completion of the title procedure, resolutions awarding title must be recorded with the Public Registry to create enforceability against third parties and the Peruvian State.

3. Mining rights are real estate properties different and separate from surface land rights. They are freely transferable.

4. A mining concession by itself does not authorize to carry out exploration or exploitation activities, but rather the titleholder must first:

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a. Obtain approval from the Ministry of Culture with regards to the applicable archaeological declarations, authorizations, or certificates.

b. Obtain the environmental certification issued by the competent environmental authority, subject to the rules of public participation.

c. Obtain permission for the use of land (i.e., obtain surface land rights) by agreement with the owner of the land or the completion of the administrative easement procedure, in accordance with the applicable regulation.

d. Obtain the applicable governmental licenses, permits, and authorizations, according to the nature and location of the activities to be undertaken.

e. Complete prior consultation proceeding with Indigenous Peoples, if applicable, should there be any communities affected by potential exploitation of the mining concessions, as per International Labor Organization (ILO) Convention 169.

5. Mining concessions titleholders must comply with the payment of an annual fee equal to US$ 3.00 per hectare per year, on or before June 30 of each year.

6. Titleholders of mining concessions must meet a Minimum Annual Production Target or spend the equivalent amount in exploration or investments before a statutory deadline. When such deadline is not met, a penalty must be paid as described below:

a. Mining concessions must meet a statutory Minimum Annual Production Target of 1 Tax Unit (UIT) per hectare per year for metallic concessions, within a statutory term of ten years since the concession is granted. The applicable penalty is 2% of the Minimum Annual Production Target per hectare per year as of the 11th year until the 15th year. Starting in the 16th year and until the 20th year, the applicable penalty is 5% of the Minimum Annual Production Target per year and starting in the 21st year and until the 30th year the applicable penalty is 10% of the Minimum Annual Production Target per year. After the 30th year, if the Minimum Annual Production Target is not met, the mining concession will lapse automatically.

7. Mining concessions may not be revoked if the titleholder complies with the Good Standing Obligations; however, mining concessions will lapse automatically if any of the following events take place:

(i) The annual fee is not paid for two years. The applicable penalty for not meeting minimum production levels is not paid for two consecutive years.

(ii) A concession expires if it does not reach the minimum production in the year 30 and cannot justify the non-compliance up to five additional years due to reasons of force majeure described in the current legislation.

8. Agreements involving mining concessions (such as an option to acquire, a mining lease or the transfer of a mining concession) must be formalized through a deed issued by a public notary and must be recorded with the Public Registry to create enforceability against third parties and the Peruvian State.

4.2.3 Land Tenure

Mineral rights in Peru include mining concessions and mineral claims. The mining concession grants its holder the right to explore and exploit the mineral resources granted, which are found within a solid of indefinite depth, limited by vertical planes corresponding to the sides of a square, rectangle or closed polygon, whose vertices defined using the Universal Transverse Mercator (UTM) coordinates.

Kolpa has title to, and registered, one hundred and nineteen (119) metallic mining concessions located in the department of Huancavelica within Peruvian territory totaling 28,537 hectares, with 69 mining concessions (5,921.6 hectares) comprising the UEA "Huachocolpa Uno" (code N° 01-00053-72-U); while the other 50 mining concessions (22,615.3 hectares) are located outside of the UEA "Huachocolpa Uno" area.

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Kolpa operates medium-scale underground mining activities, including exploration, exploitation, and beneficiation of lead (Pb), zinc (Zn), copper (Cu) and silver (Ag) minerals to produce and commercialize primarilhy Zn, Pb-Ag concentrates along with lesser amounts of Cu-Ag concentrates.

By means of Presidential Resolution No. 2841-2019-INGEMMET/PE/PM dated August 27, 2019, the Geological, Mining and Metallurgical Institute (INGEMMET) granted Kolpa 100% title to the UEA "Huachocolpa Uno" consisting of 69 (now 63) mining concessions covering 5,921.6 hectares, located in the districts of Huachocolpa and Santa Ana, provinces of Huancavelica and Castrovirreyna, respectively; and department of Huancavelica.

Pursuant to information provided by INGEMMET, there is no archaeological sites overlapping with the UEA "Huachocolpa Uno". Exploration and/or mining activities conducted in areas overlapping the archaeological sites are permitted under the following Certificate of Non- Existence of Archaeological Remains ("CIRA" for its acronym in Spanish):

• CIRA N° 2008-0466: Componets that are part of the Exceptional Environmental Impact Study (including expansion of the new tailings deposit and annexed works, pipeline network and effluent collection, NCD treatment plant, road bypass, easement of 50 m., Escalera River diversion tunnel entrance, road bypass overlay and tailings deposit).

• CIRA N° 326-2016-DDC-HVA-MC: Expansion II of the Huachocolpa Processing Plant from 800 tpd to 960 tpd, the New Tailings Deposit "D", the channeling of the Escalera River and the  Stockpile Platform and,

• CIRA N° 049-2019-DDC-HVA-MC: Modification of the Exceptional Environmental Impact Study for the Expansion of the Huachocolpa Processing Plant Processing to 800 tpd and Related Works for the New Tailings Deposit "D", Channeling of the Escalera River, Stockpile Platform and Increase of the Capacity of the Huachocolpa Processing Plant Processing from 800 to 960 tpd.

4.2.4 Beneficiation Concession

According to the Peruvian General Mining Law (the "Law"):

1. The beneficiation concession grants the right to use physical, chemical, and physical-chemical processes to concentrate minerals or purify, smelt, or refine metals.

2. As from the year in which the beneficiation concession was requested, the holder shall be obliged to pay the Mining Concession Fee in an annual amount according to its installed capacity, as follows:

• 350 tpd or less: 0.0014 of one UIT per tpd.

• From more than 350 tpd to 1,000 tpd: 1.00 UIT

• From 1,000 tpd to 5,000 tpd: 1.5 UIT

• For every 5,000 tpd in excess: 2.00 UIT

"TPD" refers to the tonnes per day installed treatment capacity. In the case of expansions, the payment that accompanies the application is based on the increase in capacity.

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4.3 Location of Property Boundaries

Figure 4-3 Property Boundaries

Source: Kolpa 2023, Internal Reports

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4.4 Location of Specific Items

Figure 4-4 Primary Infrastructure

Source: Kolpa 2023, Internal Reports

4.5 Royalties, Back-In Rights, Payments, Agreements, Encumbrances

4.5.1 Annual Fees and Penalties

As shown in Table 4-2, all annual fees applicable to the mining concessions, mining claims, and beneficiation concession associated with the Mine have been paid in full up to and including year-end 2024. The penalties shown for these concessions represent the annual amounts payable if the Minimum Annual Production Target is not met. All concessions are in good standing.

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Technical Report – Huachocolpa Uno Mine Property, Huancavelica Province, Peru	Page 41

N°	Mining Right Name	Code	Type of Mining Right	Good Standing Fees 2025 (USD)	Penalties (USD) (Year 2025)	STATUS
7	CAUDALOSA	06000100Y01	CONCESSION	$17.96	1,541.55	In good standing
8	CAUDALOSA 10	06004560X01	CONCESSION	$2.44	209.35	In good standing
9	CAUDALOSA 11	06004561X01	CONCESSION	$4.56	391.37	In good standing
10	CAUDALOSA ALTA	06000875X01	CONCESSION	$119.73	10,277.06	In good standing
11	CAUDALOSA CHICA DE HUACHOCOLPA N° 6	06006139X01	CONCESSION	$5.71	489.97	In good standing
12	CAUDALOSA OCTAVA	06004117X01	CONCESSION	$314.35	26,981.88	In good standing
13	CAUDALOSA SEPTIMA	06004118X01	CONCESSION	$659.50	56,607.00	In good standing
14	CORICANCHA 6	10046710	CONCESSION	$2,302.30	197,614.26	In good standing
15	DEMASIA CAUDALOSA CHICA	06001106X01	CONCESSION	$8.98	770.72	In good standing
16	DEMASIA RUBLO	06008394X01	CONCESSION	$272.18	23,362.46	In good standing
17	ELSITA 1RA	06000874X01	CONCESSION	$35.92	3,083.10	In good standing
18	ESPERANZA		CONCESSION	$11.97	1,027.71	In good standing
19	GAMA		CONCESSION	$3.97	340.96	In good standing
20	GLADYS PRIMERA	10091303	CONCESSION	$75.60	6,488.77	In good standing
21	GLADYS SEGUNDA	10595007	CONCESSION	$26.39	2,264.97	In good standing
22	JACOBA NUEVE	10001412	CONCESSION	$69.87	5,997.43	In good standing
23	KARLA 29	10043710	CONCESSION	$58.74	5,041.88	In good standing
24	MILLUPATA 10	10254196	CONCESSION	$32.36	2,777.70	In good standing
25	MILLUPATA 25	10528911	CONCESSION	$5.86	502.59	In good standing
26	MILLUPATA 26	10276312	CONCESSION	$5.27	452.04	In good standing
27	MILLUPATA 7	10172196	CONCESSION	$819.55	70,344.37	In good standing
28	MILLUPATA 8	10210596	CONCESSION	$711.61	61,080.03	In good standing
29	MIRAFLORES	06000876X01	CONCESSION	$29.93	2,569.26	In good standing
30	OTUNGO N° 1	06006505X01	CONCESSION	$11.98	1,027.89	In good standing
31	OTUNGO N° 2	06006506X01	CONCESSION	$23.95	2,055.80	In good standing
32	OTUNGO N° 3	06006507X01	CONCESSION	$5.99	513.92	In good standing
33	OTUNGO N° 4	06006508X01	CONCESSION	$5.99	513.94	In good standing
34	PEPITO 95	10424295	CONCESSION	$1,083.07	92,963.17	In good standing
35	PESETA PRIMERA	06007257X01	CONCESSION	$2.99	256.99	In good standing
36	PIA	10130809	CONCESSION	$66.84	5,737.10	In good standing
37	RUBLO A	06007146X01	CONCESSION	$17.96	1,541.78	In good standing
38	RUBLO B	06007147X01	CONCESSION	$71.85	6,167.33	In good standing
39	RUBLO C	06007148X01	CONCESSION	$5.99	513.97	In good standing
40	RUBLO D	06007149X01	CONCESSION	$2.99	257.01	In good standing
41	SANTA URSULA	06008295X01	CONCESSION	$59.86	5,138.21	In good standing
42	TORO MACHAY	06000552X01	CONCESSION	$5.99	513.89	In good standing
43	ULTIMA HORA N° 1-A	06007150X01	CONCESSION	$11.98	1,027.89	In good standing
44	ULTIMA HORA N° 1-G	06007156X01	CONCESSION	$17.96	1,541.78	In good standing
45	ULTIMA HORA N° 202	06007058X01	CONCESSION	$395.19	33,920.29	In good standing
46	ULTIMA HORA N° 403	06007061X01	CONCESSION	$129.17	11,087.20	In good standing

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Technical Report – Huachocolpa Uno Mine Property, Huancavelica Province, Peru	Page 42

N°	Mining Right Name	Code	Type of Mining Right	Good Standing Fees 2025 (USD)	Penalties (USD) (Year 2025)	STATUS
47	ULTIMA HORA N° 405	06007063X01	CONCESSION	$111.30	9,552.89	In good standing
48	ULTIMA HORA N° 406	06007064X01	CONCESSION	$53.89	4,625.42	In good standing
49	ULTIMA HORA N° 407	06007065X01	CONCESSION	$5.99	513.94	In good standing
50	ULTIMA HORA N° 408	06007066X01	CONCESSION	$8.98	770.93	In good standing
51	ULTIMA HORA N° 410	06007068X01	CONCESSION	$3.17	271.82	In good standing
52	ULTIMA HORA N° 410-A	0607068AX01	CONCESSION	$3.07	263.89	In good standing
53	ULTIMA HORA N° 411	06007069X01	CONCESSION	$2.45	209.94	In good standing
54	ULTIMA HORA N° 412	06007070X01	CONCESSION	$11.98	1,027.89	In good standing
55	ULTIMA HORA N° 413	06007071X01	CONCESSION	$5.99	513.94	In good standing
56	ULTIMA HORA N° 414	06007072X01	CONCESSION	$5.99	513.94	In good standing
57	ULTIMA HORA N° 416	06007074X01	CONCESSION	$0.05	4.2	In good standing
58	ULTIMA HORA N° 416-1A	0607074AX01	CONCESSION	$44.62	3,829.69	In good standing
59	ULTIMA HORA N° 417	06007075X01	CONCESSION	$17.59	1,510.08	In good standing
60	ULTIMA HORA N° 418	06007076X01	CONCESSION	$11.70	1,004.51	In good standing
61	ULTIMA HORA N° 419	06007077X01	CONCESSION	$6.80	583.65	In good standing
62	ULTIMA HORA N° 420	06007078X01	CONCESSION	$5.99	513.92	In good standing
63	ACUMULACION RUBLO	010000723L	CONCESSION	1,448.99 (2025)	-	In good standing
64	AGILBERTITO 2017	10102317	CONCESSION	$1,980.48	-	In good standing
65	AMELIA PRIMERA 2011	10308411	CONCESSION	$1,200.00	41,200.00	In good standing
66	ANDREA 2020	10001620	CONCESSION	$65.00	-	In good standing
67	BOSSANOVA 2	10043610	CONCESSION	$2,625.38	90,137.92	In good standing
68	CARHUANCHO 2017	10102517	CONCESSION	$1,800.00	-	In good standing
69	CATALINA 2015	10089216	CONCESSION	$2,400.00	-	In good standing
70	CORICANCHA 5	10046810	CONCESSION	$3,000.00	103,000.00	In good standing
71	ESCOPETA	10246512	CONCESSION	$2,972.21	102,045.81	In good standing
72	GOLONDRINAS	10632908	CONCESSION	$33.44	-	In good standing
73	HALLAZGO PRIMERO 2017	10101917	CONCESSION	$2,315.14	-	In good standing
74	HALLAZGO SEGUNDO 2016	10326616	CONCESSION	$2,957.97	-	In good standing
75	HALLAZGO SEGUNDO 2017	10102117	CONCESSION	$900.00	-	In good standing
76	HALLAZGO SEGUNDO 2017-FRACCIONADO	010102117A	CONCESSION	$152.99	-	In good standing
77	HALLAZGO TERCERO 2017	10101717	CONCESSION	$3,000.00	-	In good standing
78	HATUM 11	10044610	CONCESSION	$1,124.01	38,590.91	In good standing
79	HATUM 12	10044510	CONCESSION	$248.04	8,515.90	In good standing
80	HATUM 13	10044410	CONCESSION	$166.20	5,706.17	In good standing
81	HATUM 2	10045110	CONCESSION	$1,800.00	61,800.00	In good standing
82	HATUM 32	10044310	CONCESSION	$143.61	4,930.58	In good standing
83	HATUM 33	10044210	CONCESSION	$143.10	4,913.17	In good standing
84	HATUM 34	10044110	CONCESSION	$857.20	29,430.52	In good standing
85	HATUM 35	10044010	CONCESSION	$89.82	3,083.67	In good standing
86	HATUM 6	10045010	CONCESSION	$1,800.00	61,800.00	In good standing

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Technical Report – Huachocolpa Uno Mine Property, Huancavelica Province, Peru	Page 43

N°	Mining Right Name	Code	Type of Mining Right	Good Standing Fees 2025 (USD)	Penalties (USD) (Year 2025)	STATUS
87	HATUM 7	10044910	CONCESSION	$419.14	14,390.49	In good standing
88	HATUM 8	10044810	CONCESSION	$718.52	24,669.30	In good standing
89	HATUM 9	10044710	CONCESSION	$1,197.54	41,115.56	In good standing
90	HUASCAR 2022	10159722	CONCESSION	$621.12	-	In good standing
91	ICHUPATA 21	10043910	CONCESSION	$992.75	34,084.25	In good standing
92	LAURITA 01 2021	10231321	CONCESSION	$968.32	-	In good standing
93	LIZ 2020	10001520	CONCESSION	$545.98	-	In good standing
94	MARIA GRACIA 2021	10154421	CONCESSION	$832.96	-	In good standing
95	MICAELA 2015	10089316	CONCESSION	$3,000.00	-	In good standing
96	MILLUPARA 2017	10102417	CONCESSION	$1,122.16	-	In good standing
97	MILLUPARA 2017-FRACCIONADO	010102417A	CONCESSION	$32.69	-	In good standing
98	NUEVA ESPERANZA I 2021	10154321	CONCESSION	$300.00	-	In good standing
99	OTORONGO UNO 2013	590000113	CONCESSION	$6.00	206	In good standing
100	PLATA 4	10046610	CONCESSION	$203.85	6,998.78	In good standing
101	PLATA 5	10046510	CONCESSION	$360.03	12,361.10	In good standing
102	PLATA 6	10046410	CONCESSION	$263.46	9,045.40	In good standing
103	PLATA 60	10158911	CONCESSION	$1,272.72	43,696.82	In good standing
104	PLATA 61	10159011	CONCESSION	$1,758.78	60,384.88	In good standing
105	PLATA 7	10046310	CONCESSION	$1,197.54	41,115.41	In good standing
106	PROVICION INFINITA VII	10203010	CONCESSION	$300.00	10,300.00	In good standing
107	RANRACUCHO 3	10043810	CONCESSION	$1,496.93	51,394.59	In good standing
108	RUBLO CHICO 2017	10102017	CONCESSION	$744.10	-	In good standing
109	SAN ANTONIO	06000253X01	CONCESSION	$29.93	2,569.36	In good standing
110	SAN ANTONIO NÚMERO DOS	06003529X01	CONCESSION	$53.89	4,625.52	In good standing
111	TERESITA PRIMERA 2017	10101817	CONCESSION	$2,225.89	-	In good standing
112	TERESITA SEGUNDA 2017	10102217	CONCESSION	$483.74	-	In good standing
113	VANESSA 2020	10001720	CONCESSION	$329.05	-	In good standing
114	ZORRITOS	10222914	CONCESSION	$898.15	-	In good standing
115	ULTIMO MINUTO NUEVE 2015	10347415	CONCESSION	$580.50	-	In good standing
116	MORADITO UNO 2015	10347515	CONCESSION	$561.49	-	In good standing
117	PROLONGACION INES	10083824	MINING CLAIM	$300.00	-	In good standing
118	SHANNA 2025	10003625	MINING CLAIM	-	-	In good standing
119	LUCIA 2025	10003825	MINING CLAIM	-	-	In good standing
120	GABRIELA 2025	10003725	MINING CLAIM	-	-	In good standing
121	PLANTA DE CONCENTRACIÓN HUACHOCOLPA	P0100754	PROCESSING/BENEFIT CONCESSION	-	-	In good standing