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Press Release: Endeavour Silver Reports 2016 -3-

2 Mar 2017 11:55 am
                                            Earnings 
                                           (loss) per 
                                            share - 
  (0.04)         (1.33)         97%          basic           0.03          (1.47)         102% 
                                            Adjusted 
                                            earnings 
                                           (loss) per 
                                            share - 
  (0.04)         (0.02)        (100%)        basic           0.03          (0.11)         130% 
                                           Operating 
                                           cash flow 
                                             before 
                                            working 
                                            capital 
                                          changes per 
  (0.01)          0.06         (116%)        share           0.20           0.35         (41%) 
                                            Weighted 
                                            average 
                                             shares 
126,676,562    102,054,670      24%       outstanding     117,505,811    101,996,503      15% 
-----------    -----------    --------    ------------    -----------    -----------    -------- 
 
 
The above highlights are key measures used by management, 
 however they should not be the sole measures used 
 in determining the performance of the Company's operations. 
 The related definitions and reconciliations are contained 
 in the Management Discussion and Analysis. 
 
 
 
ENDEAVOUR SILVER CORP. 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(expressed in thousands of U.S. dollars) 
 
                                              Years Ended 
                                     December 31,     December 31, 
                                         2016             2015 
---------------------------------   --------------   -------------- 
 
Operating activities 
Net earnings (loss) for the year     $       3,910    $    (149,941) 
Items not affecting cash: 
 Share-based compensation                    3,482            2,885 
 Impairment of non-current assets                -          134,000 
 Depreciation and depletion                 14,261           40,599 
 Deferred income tax expense 
  (recovery)                                   (38)           1,174 
 Unrealized foreign exchange loss 
  (gain)                                       462              309 
 Loss on available for sale assets             269                - 
 Finance costs                               1,172            1,193 
 Write off of IVA receivable                   434                - 
 Write down of available-for-sale 
  financial assets                               -            4,785 
 Write down of inventory to net 
  realizable value                               -              234 
Net changes in non-cash working 
 capital                                      (983)          (2,591) 
---------------------------------       ----------       ---------- 
Cash from operating activities              22,969           32,647 
---------------------------------       ----------       ---------- 
 
Investing activites 
 Property, plant and equipment 
  expenditures                             (19,635)         (35,662) 
 Proceeds from disposition of 
  available for sale assets                    449                - 
 Redemption of long term deposits              120                - 
 ---------------------------------      ----------       ---------- 
Cash used in investing activities          (19,066)         (35,662) 
---------------------------------       ----------       ---------- 
 
Financing activities 
 Repayment of credit facility              (13,000)          (7,000) 
 Repayment of obligation under 
  finance lease                             (1,180)            (425) 
 Debt issuance costs                          (474)               - 
 Interest paid                                (779)            (928) 
 Public equity offerings                    55,353            1,146 
 Exercise of options                        10,548                - 
 Share issuance costs                       (2,005)            (101) 
 ---------------------------------      ----------       ---------- 
Cash used in financing activites            48,463           (7,308) 
---------------------------------       ----------       ---------- 
 
Effect of exchange rate change on 
 cash and cash equivalents                    (462)            (309) 
---------------------------------       ----------       ---------- 
 
Increase (decrease) in cash and 
 cash equivalents                           52,366          (10,323) 
Cash and cash equivalents, 
 beginning of year                          20,413           31,045 
---------------------------------       ----------       ---------- 
Cash and cash equivalents, end of 
 year                                $      72,317    $      20,413 
---------------------------------       ----------       ---------- 
 
 
This statement should be read in conjunction with 
 the audited consolidated financial statements for 
 the year ended December 31, 2016 and the related notes 
 contained therein. 
 
 
 
ENDEAVOUR SILVER CORP. 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 
(expressed in thousands of US dollars, except for 
 shares and per share amounts) 
 
                                            Years Ended 
                                    December 31,   December 31, 
                                        2016           2015 
---------------------------------   ------------   ------------ 
 
Revenue                             $    156,767   $    183,556 
Cost of sales: 
 Direct production costs                 101,896        124,840 
 Royalties                                 1,948          1,032 
 Share-based compensation                     78            432 
 Depreciation and depletion               13,952         40,278 
 Write down of inventory to net 
  realizable value                             -            234 
 ---------------------------------   -----------    ----------- 
                                         117,874        166,816 
Mine operating earnings                   38,893         16,740 
Expenses: 
 Exploration                              10,378          6,327 
 General and administrative                9,284          7,721 
 Impairment of non-current assets              -        134,000 
 ---------------------------------   -----------    ----------- 
                                          19,662        148,048 
Operating earnings (loss)                 19,231       (131,308) 
Finance costs                              1,172          1,368 
Other income (expense): 
 Write down of available-for-sale 
  financial assets                             -         (4,785) 
 Write off of IVA receivable                (434)             - 
 Foreign exchange                         (5,069)        (5,006) 
 Investment and other                       (237)           553 
 ---------------------------------   -----------    ----------- 
                                          (5,740)        (9,238) 
Earnings (loss) before income 
 taxes                                    12,319       (141,914) 
Income tax expense (recovery): 
 Current income tax expense                7,755          6,853 
 Deferred income tax expense 
  (recovery)                                 654          1,174 
 ---------------------------------   -----------    ----------- 
                                           8,409          8,027 
---------------------------------    -----------    ----------- 
Net earnings (loss) for the year           3,910       (149,941) 
---------------------------------    -----------    ----------- 
Other comprehensive income 
(loss), net of tax: 
 Unrealized gain (loss) on 
  available-for-sale financial 
  assets                                      80           (145) 
 Reclassification for realized 
  gain (loss) on 
  available-for-sale financial 
  assets                                    (269)             - 
 Available-for-sale financial 
  assets reclassified to net loss              -          4,785 
 ---------------------------------   -----------    ----------- 
Total other comprehensive income 
 (loss) for the year                        (189)         4,640 
---------------------------------    -----------    ----------- 
Comprehensive income (loss) for 
 the year                           $      3,721   $   (145,301) 
---------------------------------    -----------    ----------- 
 
Basic earnings (loss) per share 
 based on net earnings              $       0.03   $      (1.47) 
---------------------------------    -----------    ----------- 
Diluted earnings (loss) per share 
 based on net earnings              $       0.03   $      (1.47) 
---------------------------------    -----------    ----------- 
Basic weighted average number of 
 shares outstanding                  117,505,811    101,996,503 
---------------------------------    -----------    ----------- 
Diluted weighted average number 
 of shares outstanding               119,030,666    101,996,503 
---------------------------------    -----------    ----------- 
 
 
This statement should be read in conjunction with 
 the audited consolidated financial statements for 
 the year ended December 31, 2016 and the related notes 
 contained therein. 
 
 
 
ENDEAVOUR SILVER CORP. 
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 
(expressed in thousands of US dollars) 
 
                                     December 31,     December 31, 
                                         2016             2015 
---------------------------------   --------------   -------------- 
ASSETS 
Current assets 
 Cash and cash equivalents           $      72,317    $      20,413 
 Investments                                    85              614 
 Accounts receivable                        25,560           24,343 
 Inventories                                13,431           17,350 

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