Thank you, Operator, and good morning, everyone. Before we get started, I ask that you view our MD&A for cautionary language regarding forward-looking statements and the risk factors pertaining to these statements.

Our MD&A and financial statements are available on our website at edrsilver.com. On today's call, we have Dan Dickson, Endeavour Silver's CEO, and Elizabeth Senez, our CFO.

Following Dan's formal remarks, we will open the call for questions. Now, over to Dan.

Thanks, Allison, and welcome, everyone. Endeavour Silver's second-quarter performance reflects the strength of our operations, with increased production, record metal sales, and a meaningful improvement in mine operating cash flow.

Terronera's ramp-up and the higher throughput achieved at Kolpa, together with our strong cash position, gives us a solid base to continue advancing our operating plans throughout the remainder of the year. In Q2, Endeavour produced nearly 2 million ounces of silver and over 10,000 ounces of gold, totaling 3 million silver equivalent ounces.

This represents a 36% increase compared to Q2 2025. We reported revenue of $212 million, an increase of 150% compared to prior year, with mine operating earnings of $74 million, again, higher than the $7 million in Q2 2025, and mine operating cash flow of $100 million before taxes, a 300% increase from Q2 2025.

Our all-in sustaining costs net of byproduct credits were $37 this quarter, representing a 47% increase from Q2 2025. Profitability has significantly increased our operating costs with increased royalties, purchased material, profit sharing, and mining taxes.

With increased profitability, we continue to invest in sustaining capital costs, especially compared to prior period. In Q2, Endeavour recognized an adjusted net earnings of $45 million or an adjusted net earnings per share of 15 cents.

Changes in the metal price have a meaningful impact on our direct costs per tonne. For example, for every $1 increase in silver ounce, costs per tonne rise by about 90 cents at Terronera, $3.18 at Guanaceví, and 50 cents at Kolpa due to the higher royalties, mining duties, third-party purchase ore, and federally required profit sharing.

Direct operating costs per tonne were 14% higher this quarter compared to Q2 last year as the Mexican peso has appreciated and put pressure on inputs, impacting our costs. During the first quarter, Kolpa installed and commissioned a new three-stage crusher and ball mill, increasing plant capacity to 2,500 tonnes per day.

Additional expansion expenditures remain, along with capital improvement initiatives, including the expansion of the tailings storage facility to accommodate the increased plant capacity, construction of a new water treatment plant, new power substations required to support current and future operating levels, as well as upgrades to the camp accommodations aimed at attracting and retaining skilled miners in Peru. Management continues to evaluate the long-term capital needs of Kolpa, and has increased the 2026 budget by $18 million to bring projects forward and meet company and Peruvian recommendations.

At Terronera, daily throughput remained consistent as the processing plant focused on metal recoveries. Silver grades were in line with plan for the quarter and are expected to increase during the second half of the year as mining operations access our higher-grade areas.

Further progress is expected on recoveries as the grinding circuit continues to find efficiencies and to meet the design criteria. With higher-grade areas and other ramp-up efficiency initiatives, such as the LNG plant commissioning and the waste dump 2 development, management expects an incremental decrease in Terronera's costs per tonne throughout the second half of the year.

Exploration drilling also restarted at Terronera, making it the first drill program at the mine since 2020, and aimed at expanding and better defining mineralization along strike and depth within the Terronera vein, and defining the limits of mineralization near historical workings to support mine design and long-term planning at optics. For more details, we released initial results on June 18th, and you can find them on our website.

Guanaceví incurred higher direct costs per tonne this quarter, largely due to higher volume and costs of third-party material purchased, which have become more expensive on a per-tonne basis due to higher prices. The higher metal prices also drove higher royalties, special mining duty payable for the period.

The higher prices have allowed the operating team to mine lower-grade zones, ultimately extending mine life, and we do expect higher-grade areas to come in line in the near future, increasing grades from current levels. Drilling continued throughout Q2 at Guanaceví as well, focusing on underground diamond drilling in deeper parts of the Alejandro Porvenir Dos and Malacate areas, and we continue to test Santa Cruz vein and look for additional extensions to the north.

As of June 30th, 2026, we had a cash position of $236 million, working capital of $214 million, providing a strong and stable foundation to advance our ongoing initiatives. We continue to advance the Pitarrilla feasibility study, which is expected at the end of Q3, with economic information being collected with drafts expected shortly for management.

In closing, Endeavour delivered a strong second quarter, supported by higher production, record metal sales, improved mine operating cash flow, and strengthened balance sheet. With the Kolpa expansion now achieving higher throughput, Terronera continued advance through its ramp-up, and the advancement of the Pitarrilla feasibility study underway, we are well-positioned to build on this momentum through the second half of the year and into next year.

Thank you for your continued support and engagement, and with that, I'm happy to open for questions. Operator, let's please proceed to the Q&A session.

Hey, Dan and team, thanks for taking my questions.

Hey, Heiko, how are you?

Not too bad. I went back on the Terronera environmental website this morning that you guys have set up, terronera.com.

Obviously, commissioning at the site began a month ago, and then you did mention an incremental decrease in costs during the second half, just a couple of questions based on that. Were there any bottlenecks or costs that you didn't anticipate so far during the commissioning, or anything else that didn't come in as anticipated?

For our LNG plant, we commissioned it in June. I wouldn't say there was anything particularly unexpected.

Just going through permitting, it took a longer time, and if you recall, we might have talked about this on past calls or past meetings, but there was an LNG spill in Mexico City in November/December of 2025, and that impacted us having to put together additional emergency response plans for LNG to be transported to our site, which actually right now is coming out of the state of Chihuahua and eventually will come from Guadalajara. We had to do that, and then we actually had to increase our permit around storage, again, all related to some of the incidents that have happened around the country.

From a commissioning standpoint or actual LNG plant, it went very smoothly, just took longer than expected just because of the permitting.

Yup. Okay.

Then to be clear, the LNG plant obviously supplies the plant and the buildings, but then it also says that it gives loads to four portals of the mine water management system. All those are now connected, or what's the timeline to actually finish this off?

No, that's a very good question, actually. Our lower platform is what we connected first, and that happened early June, and end of June, we connected the upper platform, effectively the whole plant was connected by the end of the quarter.

Here in August, it's coming up, by August 15th, we'll have the mine connected to LNG generation systems. Right now, the mine remains on its diesel gensets, and we just had boreholes to go through, and we're actually running the line this week.

Hopefully we're connected for mid-month, but at this point, it's ongoing.

Fair enough. Then just conceptually, you guys got close to a quarter-billion in cash.

I remember when this company couldn't have a market cap of that size, and probably aging myself here a little bit. Just thinking out loud, what's the limit or what's the necessary bottom right now in regards to your cash balance, and then building on that, at what point should one even maybe think out loud and maybe even see a special dividend, especially once you're done with all the capital expenditures that are coming towards you over the next couple of quarters?

We often get that question, Heiko. It's ultimately resource allocation and what we do with that, and there'll be a time that we return money to shareholders either through a dividend, share buyback.

I think the growth plans that we have as a company over the next five years is still pretty substantial. We obviously have our convertible debt that sits long-term, and that's about $350 million, that one day will be paid back, or share prices at $12.45, and that gets converted.

Ultimately, Pitarrilla and the feasibility study that we have coming out, hopefully here by the end of September, and have information publicly for that, dictates what we're going to do with that capital, and that feasibility study we fully expect to be very positive, and we expect build costs somewhere $500, $600 million range, and we don't have that capex number yet, but just management's kind of expectations being around that, that cash flow that we're generating and the cash that we have on our balance sheet, it will ultimately be earmarked for Pitarrilla. Now, Pitarrilla, if we can have that built by 2030, ultimately nice, you're a company of scale that can look at dividends or share buybacks, and that's when we start talking about returning capital to shareholders.

Perfect. Okay.

That said, I don't want to hold up the question queue too long here, thanks for taking my questions, and I'll get back in line.

Thanks for the questions, Heiko.

Hey, thanks, guys. Maybe first question, just on the grades at Terronera.

Just want to get a bit more detail. If we look back to the commercial production announcement last October, you guys had guided to a six-month period where you're moving through the lower-grade development ore to get to the higher-grade zones.

Just wanting to know kind of what the expectation is now with the commentary that you're going to get to higher grades. Is that something that we should expect a step change immediately into Q3 or is there still more of a ramp-up?

Then just with the mine plan in year one having silver grades north of 200 g/t and gold grades at almost 4 g, should we kind of start to model that into the back half of the year, or just wondering if there's any additional commentary you can provide us in terms of what we should expect going forward and what you've seen so far through the month of July?

Yeah. I'll answer your second question first, Wayne.

As far as you're going back to that feasibility study when you have the 4 g gold that's coming through, and that's related to La Luz. In our feasibility study, from an IRR standpoint and payback periods, your highest-grade material starts on day one.

From a practicality standpoint, we obviously didn't go with that. Obviously prices completely different than what we did our feasibility study at, which was at $17 silver.

We didn't want to have ounces end up in our tailings storage facility, and made the decision mid-year last year that we'd go after lower-grade material, and that would happen until about mid-year this year. La Luz came out of that plan last year and now it's kind of earmarked for Q1, Q2 of next year.

Ultimately, we spent time drilling that out. We've pushed that resource to depth a little bit.

Our one rig that's been on site has been drilling Terronera, and it's going back to La Luz in August to see if we can continue to find the bottom of La Luz. That's all designed around so we can properly mine design La Luz so we can be most efficient.

We've kind of gone back and forth between long hole and cut-and-fill. A long way to say that ultimately that high-grade gold isn't in our plan for 2026.

It's in our plan for 2027. That's why you've seen that gold run around 2 compared to the feasibility study that's running 4.

The 200 g silver is really coming from that Terronera shoot. There's a shoot that goes from southeast northwest, plunging towards the northwest, that is our high-grade material.

We put out drill results, as I said, in June 18th that kind of pushed that plunging shoot towards the northwest, and we've actually come into that a little bit sooner. We are starting sill development now.

We've seen some of our grades come up already in July, but I think it's going to be incremental increases July, August, September. We still do have some grade in the low-grade zones.

We have some mineral that we're mining that's outside of our resource that if we don't take it, we're not going to get it. That's going to slightly impact it, but we should see an increase in silver grade in the second half of the year, and ultimately in Q3.

Specific timings on July, August, September, it's going to give or take three, four weeks. It's a very small time period, but ultimately I would expect to see higher-grade silver grades in Q3 than we saw in Q2, which has always been the plan.

Thanks. That's pretty good detail.

Maybe just shifting to costs, just wondering on the ASIC performance through H1, which you had noted some of the pressures that you've been seeing. Just curious, with the performance through the first half of the year, and with the silver price kind of pushing some of those factors higher, how are you thinking about your ASIC guidance?

How should we be thinking about the improved efficiencies and the decline in sustaining capital spend into H2? Just wondering if that guidance is still realistic given the performance to date.

It's a very difficult thing because the amount of variables that go into your all-in sustaining cost. When we put out our guidance, we used $38 silver price or $36 silver price, and ultimately build everything off that, and that actually steps back to when we start our process for planning in basically Q3 of 2025, and silver sitting around that.

Obviously, a huge change that's happened. We also provide all those sensitivities in that guidance, and so it's difficult for whatever price you guys are using, or different analysts have different prices, obviously.

Right now, with the increased sustaining capex that we have at Kolpa is offset by the byproduct credits that we're getting from lead-zinc, silver, some of the efficiencies we're getting. There's a lot going on.

We haven't changed our guidance on that all-in sustaining cost, and clearly where we're sitting is much higher than our guidance, and that's going to continue because of higher prices.

Great. Then maybe just lastly on the hedging strategy, can you give us a bit of detail on the go-forward hedging program on the Mexican peso?

Then just with the higher cost at Guanaceví, I know you have the hedging in place currently from the build, but is there any thought to hedging silver price a bit further out to protect the margins at Guanaceví?

Hi, I'll take that one. On the foreign exchange hedging, all of the foreign exchange hedges that we put in as part of the build have been unwound, but yes, we are doing foreign exchange hedging for the operating costs that are denominated in pesos for Guanaceví and that also reflects on Terronera as well.

With the stronger peso, we've not put any in the last three months, but our fix is sitting pretty healthy for us, and our plan generally is to hedge the peso a small amount to tolerate any significant shifts in the price of the peso as it moves around. On the metal hedging, all the silver collars unwound in June and were paid out July 2nd.

Then the gold hedges stream out to the end of June of next year, got another year of gold hedges to pay out, and at this time, we have no plans to do any further metal hedging.

Great. Thanks for taking my questions.

Thanks for the questions, Wayne.

Great, thanks, Dan and team. Maybe, again, a question on the all-in sustaining cost.

Dan, as you said, it's quite complex in terms of forecasting and guiding to all-in sustaining costs. We talked about the different variables in terms of commodity price assumptions, but how about inflation?

Could you remind us what kind of inflationary assumptions you have made? Are they kind of, the realized inflation is it kind of what you had expected or is it higher?

How should we factor that in as we look at all-in sustaining costs?

Thanks, Cos. Good question, and ultimately the inflation that we looked at is obviously different for a lot of things.

Our labor, we had in plan 5% increase in labor, and I think that was effectively where we settled, maybe a little bit higher by points. Our initial plan when we go through our budgeting process, I think last year we had about 3% inflation, and obviously everything is different with what's happened in the Strait of Hormuz and the impact on diesel prices, and not necessarily specific to us because we're captured a little bit in Mexico where PEMEX controls that a little bit, but obviously those prices impact our supplies and that gets passed down the chain.

We've seen a little bit more of that in the second quarter than obviously we saw in the first quarter. How long that continues, is that long-term inflation, short-term inflation, I don't think we need to get into that here, but ultimately we kind of expect it

to 4%. Sure.

As I look at the individual all-in sustaining costs, Dan, the one that's much higher than what you had expected is Guanaceví. I think, in large part, due to a higher cost of purchasing third-party ore.

Could you maybe talk about that strategy, how much is that actually adding to your all-in sustaining costs? Because your all-in sustaining costs is over $50 an ounce, and that's almost touching

spot. There's two parts to that, Cos.

Ultimately, our all-in sustaining costs at Guanaceví are higher because we're also seeing on a per-tonne basis, and I'll come back to the per-tonne basis base off it, but our grades have been lower than plan out of Guanaceví. Grades lower than plan mean on a per-ounce basis the cost goes up on a per-ounce basis, right?

We're getting 8 oz instead of 10 oz out of that tonne, and that's pretty straightforward, and ultimately we're going into lower-grade areas anywhere in El Soto, back into Porvenir Dos, and then ultimately we're actually moving towards Malacate where grades will come up. The idea of going after those lower-grade ounces is because we have a two-year mine life right now at Guanaceví, and obviously that extends mine life.

The idea of the purchased ore in that area, there's a number of different family-run operations in Guanaceví. It's a quilt system.

We control a large part of the claims at Guanaceví, but there's a lot of family claims and a couple small miners and mills in that area as well. Around us is also Frisco, which we obviously have the NSR, that's 16% NSR.

With higher prices, we pay higher royalties. That goes into our all-in sustaining costs.

The special mining duty, the profits that we're making at Guanaceví, go into our all-in sustaining costs. Of course, all that.

It's a little bit of everything at Guanaceví is why our all-in sustaining costs are higher than what we've guided. Lower grades, higher prices that drive profit sharing, purchase ore.

The purchase ore in this quarter, I think was 21%, maybe even a bit higher than that, but it has been increasing to about 11,000, 12,000 tonnes came through in the quarter. That's just, again, a function that higher prices mean more family operations and open up areas and they're making more profit, and they're delivering more material.

That material when you're buying it at $50 increases. Our cost per tonne on an all-in basis, we call it our direct costs, which includes royalties and purchase ore, was $400.

$130 of that $400 is purchase ore, right? Over 25% of our costs is related to purchase ore.

Now, we make about a 30% to 33% margin on that purchase ore. If we buy it for $100, we make 30 bucks, and it extends our mine life.

The Guanaceví plant was originally built by the Mexican government in 1981 or 1982. Under that plant, when it got sold, 10% of that plant needs to be available for family operations to toll their ore.

Some is in our control, some is out of our control, but ultimately us taking more allows us to continue to extend mine life, gives Luis and his exploration team time to continue to find resources as we move along, and hopefully we're at Guanaceví another three, five, 10 years. Okay.

I wasn't aware of that or maybe I forgot about that 30% profitability. You're actually making money off of it,

and

I guess it's beyond profitability as well. It sounds like it's probably agreement that you might have in place in terms of giving access to some of these families, so.

We have to give access, but it also has to be profitable. There are gating items in that agreement that protect us as well, but ultimately and there's a number of things with community relations, etc., etc.

There's a lot of positives that come out of us buying that purchase ore, and we do a lot of work around it to make sure those claims are legit claims, etc., etc. It is a profitable segment for us, and extends our mine life.

Okay. Then maybe one last question, Dan, talking about sort of unexpected costs.

I see that your capex has increased now from $157 for the year to 181, $181 million.

At Kolpa,

it's going to be $18 million additional capex. Would you categorize that as sort of unexpected costs or is there really a future benefit to it whereby it might equate to over 2,500 tonnes per day or lower costs later on in terms of per tonne?

Could you maybe talk about that?

No, that's very fair. In that $18 million, there's about $5 million of overruns from putting that ball mill in place, recommendations from Peruvian authorities of what we have to increase for power consumption and substations, and then lifts required on the current tailings facility.

Similarly, we've been running certain days at 2,600 all the way up to 2,800 tonnes per day, but obviously we don't have facility capability to continually run that for the next two or three years. By increasing the power substations, putting in a water treatment plant, and our tailing filters systems, we're going from conventional tailings to dry stack tailings, we're trying to push that forward.

That $18 million that we've added in is project expansions we expect to happen this year, but it could end up getting pushed into next year. We don't start that work now, we'll be racing come 2030 to get it all finished so we can continue to fill our tailings dam with ore.

As far as your question of what's expected, what's unexpected, some of it was unexpected, as I say, overruns, which is about 5 of the 18, and then $13 million is us bringing things forward from 2027. Inside that, there's $3 million for accommodations, the new camp, and that's, again, we're losing or having high turnover in Peru because of all the informal miners that have been popping up with high prices, we're building that out sooner than what we had planned to attract and retain talent.

It's something that we didn't take very lightly when we started looking at it, but also we see a lot of potential through our exploration program that we've done there that, hey, this is a long-term investment. It's not something we're going to be there well past the eight years that we thought we had and our effectively model when we purchased it.

We're going to be here 15, 20, 25 years, and we're going to make these investments now.

Great. Thanks, Dan, for answering all my questions, very good answers.

Thank you.

Thanks for the questions, Cos.

Hey, guys. A lot of good questions asked here already.

Maybe just a few follow-ups to dig into some of those. Starting with Kolpa, the additional spending here, this mine, I guess since you guys bought it, has been performing operationally, I think pretty well.

You get your expansion up, and production has been looking pretty good, but I think the offset has been there's been a bit more spending, at least than I anticipated. I'm just trying to get a sense of just spending this year.

How should I think about longer-term spending here? Is this kind of catch-up spending that maybe you kind of didn't anticipate, or is sustaining going to be a little higher on this project or this mine going forward?

Just trying to get a sense of longer-term expectations here. No,

that's a very fair question. I'd say it's more focused on one-time expenditures with regards to expansion of going from effectively 2,000 tonnes per day to 2,500 tonnes per day.

When our management team that we inherited came through with the program, there's definitely things they missed from a conceptual standpoint that we start peeling back the onion, go, 'Well, hold on. There's not enough capacity from a power standpoint here.

Hey, we're going to run out of tailings dam in 2029, 2030 if we don't start moving on that.' As we've taken control, now we've been in control for just over a year, there's things that we have recommendations on and things that they ultimately missed.

Most of that is actually one-time expenditures for the long-term viability of Kolpa, effectively putting the tailings storage filter presses in, going from wet stack to dry stack, that's a one-time thing, new accommodations, one time, new power substations, a new water treatment plant to bring their standards up. Some of these things that we from an acquisition standpoint, we felt like we could live with for a while, but at these prices, with these cash flows, it gives us the ability to make that investment now.

It's something we don't have to worry about in year three, year four, year five to push that out. Again, I point back to a lot of the work that Luis and his team's doing and opening up our Kolpa exploration team and what we're seeing, and I think our enthusiasm to get these investment projects done points to what we think the resource is ultimately going to be.

No,

that makes sense. Do you have an estimate on when an updated resource and mine plan would be out for Kolpa?

We expect it to be out by the end of the year.

End of year, okay, good. All right, and then just going back to Terronera, I know you talked about higher silver grades coming second half this year.

Any higher gold grades coming with those as well, or is it just...

No, we're staying in Terronera. There are some pockets in Terronera, like I say the drill results that we put out have 3, 4 g in some of that area, but ultimately gold should hover around 2.

It's the silver that will pick up.

Okay. Then just sticking with this one, you've had some really nice exploration results that you touched on earlier on the call and published, I guess, a couple weeks ago.

Are you still thinking of putting out a new updated plan here for Terronera? Obviously, the mine plan has changed quite a bit with these silver prices and exploration and...

Yeah. No, it is a very fair question.

We're not doing a new technical study, and new mine plan won't be in that. When we come out 2027, we'll have the guidance for the year with expected tonnes and ultimately grades, but we just put out ounces expected produced.

We'll have a new resource for Terronera coming out at the end of this year. Luis right now has continued to drill Terronera.

As I say, we've finished that up, we're going back over to La Luz, and then he'll bring that rig back to Terronera. It's just a question of when we cut off the Terronera drill results for the year-end resource.

Okay. Sounds good, thanks.

Thanks for the questions, Alex.

Thanks, team, for taking my question. Again, most of the questions have been answered, but just one on Kolpa.

Throughput was higher quarter-over-quarter, but I think the grades were slightly lower. Is that a sequencing as you ramp up to that 2,500 tonnes and achieve steady state, or how should we think about the grade and unit cost trending from here?

Soundarya, the grades actually quarter-over-quarter are relatively flat. Silver's down just a little bit, I would say that's under 5%, maybe 2% or 3%, and ultimately our grades going forward for Kolpa are pretty flat.

There's times where we have what we call the Yen pit, it's an open pit, where allows us to ultimately feed some lower-grade material through if we're short on tonnes, but again, generally I expect grades to be relatively flat for the next six months.

Thank you, that's helpful. One on Pitarrilla spending.

So $48 million budgeted, and I think roughly $5 million spent. What are the key areas that needs to be funded from here and is it back-half catch-up, or we can roll some of that into 2027 without affecting the...

Some of it's going to roll into 2027. We had always had a plan of having that feasibility study done in Q3.

Internally, that may mean the front end of Q3, and externally, that means the back end of Q3. Because we're not going to have that feasibility study done till the end of Q3, it pushes back some equipment purchase long-lead items deposits that would be required.

Again, the gating item for Pitarrilla isn't necessarily the feasibility study from our standpoint. It's permitting of the tailings storage facility that we're going through that process, and obviously Mexico has been very difficult to get things through permitting, but we're seeing that kind of unlock over the last six, seven months, and we hope that we can get the permitting of that TSF.

Again, we already have a MIA that's in place, and we have our underground permitted, plants permitted, to start storing in the storage facility, which is a dry stack, which is easier to ultimately get approved, it's the timing on all that, and we're definitely behind on what we expect to spend at this point in time.

Got it, that's helpful, guys. Thank you.

That's it for me.

Thanks for the question.

Congratulations on all the progress. Should we think of the $70 million of value-added tax refund like $70 million more cash, as though your cash balances are $300 million?

It's a very fair way to think about that. We expect to collect that in Q3 and it's on track.

We feel we've had a very good track record historically in Mexico in collecting our value-added tax back. We really haven't had any issues since 2010 or 2011 when we had to go through courts to receive it, but it's been pretty normal course over the last couple years.

There was a big build-up of value-added tax through the build of Terronera, but again, we expect to collect that in Q3.

How much of the cash balances are designated to finish Kolpa and finish Terronera? To one significant digit, how much do you think Pitarrilla's going to take?

Ultimately, the cash balance on our balance sheet is not needed for the sustaining capital program at Terronera or the expansion work at Kolpa. Kolpa's generating cash flow that covers off our capital expenditures.

Similarly at Terronera, we're generating cash flow that covers off some of these commissioning items with LNG or our waste development 2, and little jobs that need to get done, effectively our warehouse is going to get completed here in the second half. The cash balance should be growing, especially from this point forward, and not earmarked for any of that.

What's ultimately earmarked for and the cash flow that we're going to generate this year and next year and hopefully into next year is earmarked for the construction of Pitarrilla.

Do you know the rough magnitude of the capital Pitarrilla requires?

We don't have that yet internally from our external advisors who are putting together the feasibility study on Pitarrilla. We've always said publicly that we expect it to be somewhere between 500 and 600, but that's just a management estimate at this point.

How many tonnes per day is the mine and mill?

We expect the mill to be somewhere between 3,500 and 4,000 tonnes, but again, that will come out in our feasibility study.

Is it practical for me to root for you to buy in some stock at 7.50 to hold toward the conversion at 12.45, or to buy some of those bonds now when they might be depressed because your stock is depressed?

That's for you to determine. Ultimately, I can just talk to you about our business.

People's investment philosophies are different amongst everybody, and they have different wants and needs and criterias, and we'll let you make that assessment, John, as opposed to us giving advice.

I'm sorry. I'm not asking you for investment advice.

Do you want to buy in some of those bonds when your stock is down?

I believe in our company wholeheartedly, yes, I would always want to buy into our stock, especially with our price compared to our net asset value right now. There's a lot of things that factor into that, mostly for me is my wife and how much she spends, but what I want to do is always different based on what's happening in my life.

Thanks, and congratulations on your progress.

Thanks for the questions, John. I hope I dodged that last one well.

Thanks, Operator, and thanks to our shareholders for listening in today. I think we have a lot to deliver in the second half of the year.

We're well-positioned to do that, and I look forward to the further growth that we have in Endeavour Silver for this year and next year. Have a good day.