Thank you for standing by. This is the conference operator. Welcome to the Endeavor Silver Second Quarter 2026 Financial Results Conference Call. As a reminder, all participants are on listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Allison Pettit, Vice President of Veterans Relations. Please go ahead.

Thank you, operator, and good morning, everyone. Before we get started, I ask that you view our MD&A precautionary 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, Endeavor Silver's CEO, and Elizabeth Senez, our CFO. Following Dan's formal remarks, we will open the call for questions. And now, over to Dan.

Thanks, Allison, and welcome everyone. Endeavor 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. Terranera's ramp-up and the higher throughput achieved at Colva, together with our strong cash position, gives us a solid base to continue advancing our growth plans, Thank you for joining us. 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. Barola's sustaining costs and identified product 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 periods. In Q2, Endeavor 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 ton. For example, for every $1 increase in silver ounce, costs per ton rise by about $0.90 at Terran Air, $3.80 if you want us to be, and $0.50 at Colpa. Due to the higher royalties, mining duties, third-party purchase, or and fairly required profit sharing. Direct operating costs per ton 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, Polka installed and commissioned a new three-stage pressure and ball mill, increasing plant capacity to 2,500 tons 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 Tulpa and has increased the 2026 budget by $18 million to bring projects forward and meet company and Peruvian recommendations. At Terranera, 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 to development, management expects an incremental decrease in turner's cost per ton throughout the second half of the year. Exploration and drilling also restarted at Terranera, 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 Terranera vein, and defining the limits of mineralization near historical workings to support mine design and long-term planning outlays. For more details, we released initial results on June 18th, and you can find them on our website. who want us to incur higher direct costs per ton this quarter, largely due to the higher volume and cost of third-party material purchased, which will become more expensive on a per-ton basis due to the 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 Guaranty City as well, focusing on underground diamond drilling in deeper parts of the Alondra Corridor Dose and El Malache areas, and we continued to tap Santa Cruz vein and look for additional extensions to the north. As of June 30, 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 PIT-3 feasibility study, which is expected at the end of Q3, with economic information being collected with drafts expected shortly for management. In closing, Endeavor delivered a strong second quarter, supported by higher production, record metal sales, improved mine operating cash flow, and strengthened balance sheet. With the full expansion now achieving higher throughput, Thank you for your continued support and engagement. And with that, I'm happy to open up for questions. Operators, please proceed to the Q&A session.

Thank you. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then two. The first question comes from Heiko Ehle with HC Wainwright. Please go ahead.

Hey, Dan and team. Thanks for taking my questions. Hey, Heiko. How are you? Not too bad. Not too bad. Good to hear. Good to hear. I went back on the Terranera environmental website this morning that you guys have set up, you know, terranera.com. Obviously, commissioning at the site began a month ago. And then you did mention an incremental decrease in costs during the second half. So 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 plants. Yep. Okay.

And then, to be clear, the LNG plan obviously supplies the land 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?

Yeah, no, that's a very good question, actually. So our lower platform is what we connected first, and that happened early June. End of June, we connected the upper platforms. so effectively the whole plant was connected by the end of the quarter and here in August it's coming up by August 15th we'll have the mine connected to the LNG generation system so right now the mine remains on its diesel gen sets and we just had boreholes go through and we're actually running the line this week so hopefully we're connected before mid-month but at this point it's ongoing Fair enough

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

Yeah, I mean, we often get that question, hey, so it's ultimately a resource allocation and what we do with that. There will be a time that we return money to shareholders 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. Our share price is at $12.45, and that gets converted, that gets converted. Ultimately, Pitharia 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 to build costs somewhere at $500-$600 million range and we don't have that CapEx number yet. Budget then is kind of expectation being around that that that cash flow that we're generating and the cash that we have in our balance sheet it will ultimately be earmarked for Dithria. Now Dithria if we can have that built by 2030 ultimately now you're a company of scale that can look at dividends or thereby that's when we start talking about returning capital to shareholders. Perfect. Okay.

I don't want to hold up the question to you too long here so thanks for taking the question and I'll get back in line.

Thanks for the question Tyco.

Next question comes from Wayne Lam with TD Securities. Please go ahead.

Thanks, guys. Maybe first question just on the grades of Terran era. Just wanted 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 in order to get to the higher grade zones. So I just wanted to know kind of what the expectation is now with the commentary that you're going to get into higher grades. Is that something that... We should expect a step change immediately into Q3 or is there still more of a ramp up? And then just with the mine plan in year one having silver grades north of 200 gram per ton and gold grades at almost 4 gram, 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?

Yep, I'll answer your second question first, if that's okay, Wayne. So, as far as you're going back to the feasibility study when you have the 4-gram goal that's coming through, and that's related to La Luz. In our feasibility study, from an IRR standpoint, payback period, your highest grade material starts in day one. From practicality standpoint, we obviously didn't go with that. Obviously, the price is completely different than what we did our feasibility study at, which was at $17 silver. We didn't want to have grade end up in our ounces end up in our tailings storage facility and made the decision mid-year last year that would 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 pushed that That's all designed around so we can properly mine design La Luz so we can be most efficient. And we've kind of gone back and forth between long wool 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. So that's why you've seen that gold run around too compared to the feasibility study that's running for. The 200-gram silver is really coming from that Terranera chute. A shoot that goes from southeast to northwest, plunging towards the northwest. That is our high-grade material. We put out drill results, as I said, on 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 still 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 to September. We still do have some great 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. So 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 or four weeks. It's a very small time period, but ultimately I would expect to see higher grades, silver grades in Q3 than we saw in Q2, which has always been the plan.

Okay, thanks. That's pretty good detail. Maybe just a little cost. Just wondering on the ASIC performance through H1, which you had noted some of the pressures that you've been seeing. But 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 and how should we be thinking about the improved efficiencies and the decline in sustained capital spend at the H2? Just wondering if that guidance is still realistic given the performance to date.

Yeah, it's a very difficult thing because the amount of variables that go into your all is the same cost. When we put out our guidance, we use $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 so we're sitting around that. Obviously, a huge change that's happened. We also provide all those cents to be using 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 Colpa, it's offset by the byproduct credits that we're getting from lead, zinc, silver, some of the efficiencies we're getting. So there's a lot going on. We haven't changed our guidance on our own sustaining costs, and clearly where we're sitting is much higher than our guidance, and that's going to continue because of the higher prices.

Okay, great. And 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? And then just with the higher cost at Guanacevi, 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 Guanacevi?

Hi, I'll take that one. So on the foreign exchange hedging, all of the foreign exchange hedges that we put in as part of those have been unwound. But yes, we are doing foreign exchange hedging for the operating costs that are denominated in PESO for Guanice B. And that also reflects on Terranera as well. With the stronger PESO, we've not put any in in the last three months. But that looks sitting pretty healthy for us. And our plan generally is to hedge PESO The peso, a small amount to tolerate any significant shifts in the price of the peso as it moves around On the metal hedging, as you know, the silver collars unwound in June and were paid out July 2nd And then the gold hedges stream out to the end of June of next year So we've got another year of gold hedges to pay out And at this time we have no plans to do any further metal hedging

Okay, great.

Thanks. Thanks for taking my questions.

Thanks for the questions, Wayne.

The next question comes from Cosmos Shoes with CIBC. Please go ahead.

Great. Thanks, Dan and team. Maybe, again, a question on the oil and sustaining cost. You know, Dan, as you said, it's quite complex in terms of forecasting and guiding to oil and sustaining costs. and we talked about the different variables in terms of commodity price assumptions. But how about inflation? Could you remind us, you know, what kind of inflationary assumptions you have made? I think kind of, you know, the realized inflation is kind of what you had expected or is it higher? And, you know, how should we factor that in as we look at our interceding cost?

Yeah, thanks, Kaz. Good question. And ultimately, the inflation that we looked at, obviously, is different for a lot of things. Our labor, we had a planned 5% increase in labor, and I think that was effectively where we settled maybe a little bit higher by a point. Our initial plan, when we go through our budgeting process, I think last year we had about 3% inflation. Obviously, everything is different with what's happening. 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're seeing 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 did maybe get into that here but ultimately I expect it to

Okay. You know, as I look at the individual on sustaining cost and the one that's, you know, much higher than what you had expected is going to be, I think, in large part due to a higher cost of purchasing third-party ore. Could you maybe talk about that strategy? Like, you know, how much is that the third party or how much is that actually adding to your own sustaining cost? Because your own sustaining cost is over $50 an ounce and that's almost touching.

Yeah, there's two parts to that cost. Ultimately, our own sustaining cost at Gornosphere is higher because we're also seeing on a per ton basis, and I'll come back to the per ton basis based off it, but our grades have been lower than planned at a Gornosphere. Thank you for joining us. is because we have a two-year mine life right now at Guana City, and obviously that extends mine life. The idea of the purchase or in that area, there's a number of different family-run operations in Guana City. It's a quilt system. We control a large part of the claims at Guana City, but there's a lot of family claims and a couple of small miners and mills in that area as well. Around us is also Frisco, which we obviously have the NSR that's That goes into our all-in sustaining costs. The special mining duty, the profits that we're making at Guana City go into our all-in sustaining costs. Of course, all that. And so it's a little bit of everything at Guana City is why our all-in sustaining costs are higher than what we've guided. Lower grades, higher prices that drive profit sharing. The purchase or in this quarter, I think it was 21%, maybe even a bit higher than that. But it has been increasing to about 11,000, 12,000 tons came through in the quarter. And that's just, again, a function of the 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. So our cost per ton on an all-in basis, so we call it our direct cost, which includes royalties and purchase or, is $400. $130 of that $400 is purchase or. Right? So over 25% of our cost is related to purchase or. Now, we make about a 30% to 33% margin on that purchase or. So if we buy it for $100, we make $30. And it extends our mindless. One of the things, the Guantanamo City 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. So some of it's in our control, some of it's 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 one of three, another three, five, ten years.

Okay. Yeah, I wasn't aware of that, or maybe I forgot about that 30% profitability. So you're actually making money off of it. Absolutely. And I wasn't, you know, I guess it's beyond profitability as well. It sounds like you need to, it's part of the agreement that you might have in place in terms of, you know, giving access to some of these families.

Yeah, 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, community relations, etc., etc. There's a lot of qualitative aspects to buying that purchase for, and we do a lot of work around it to make sure those claims are legit claims, etc., etc., but it is a profitable segment for us and extends our mind line. Okay.

And then maybe one last question, Dan, talking about sort of unexpected cost. I see that your CapEx has increased now from 157 for the year to 181, $181 million. At Copa, it's going to be $18 million additional CapEx. So would you categorize that as sort of unexpected cost or is there really a benefit to it, a future benefit to it, whereby it might equate to over 2,500 tons per day or lower cost later on in terms of per ton? Could you maybe talk about that?

Yeah, no, that's very fair. So in that $18 million, there's about $5 million of overruns from putting that ball mill in place, recommendations from provident authorities on what we have to increase for power consumption. and substations and then lists required on the current tailings facility. Similarly, we've been running certain days at 2,600 all the way up to 2,800 tons per day, but obviously we don't have facility capabilities to continually run that for the next two or three years. By increasing the power of substations, putting in a water treatment plant and our tailing filter 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 expenses 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 caning sand with ore. So as far as your question of what's expected, what's unexpected, some of it was unexpected, as I say, overruns, which is about five of the 18, and then 13 million is us bringing things forward from 2027. There's another inside that, there's $3 million for accommodations, so 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 at high prices. so we're building that out sooner than what we had planned to attract and retain talent so 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 programs 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 8 years that we thought we had in our effectively model when we purchased it we're going to be there 15, 20, 25 years and we're going to make these investments now hmm

Great. Thanks, Dan, for answering all my questions. Very good answers. Thank you.

Thanks for the questions, guys.

The next question comes from Alex with National Bank. Please go ahead.

Hey, guys. Yeah, a lot of good questions asked here already. Maybe just a few follow-ups to dig into some of those. So, like you're saying with , the additional spending here, You know, this mine, I guess, since you guys bought it, has been performing operationally, I think, you know, pretty well. You get your expansion up and, you know, 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. So, I'm just trying to get a sense of the spending this year. I mean, how does that, should I, how should I think about longer-term spending here? Is this kind of cash-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 forward? Just trying to get a sense of longer-term expectations here.

Yeah, no, that's a very fair question. I'd say it's more focused on one-time expenditures with regards to expansion going from effectively 2,000 tons per day to 2,500 tons per day. And when our management team that we inherited came through with the program, there's definitely things they missed from a conceptual standpoint. Thank you for joining us. effectively putting the tailing storage filter presses in, going from wet stack to dry stack. That's a one-time thing. New accommodations, one-time item, 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. And so we don't have to worry about in year three, year four, year five to push that out. And again, I'd point back to a lot of the work that Luis's team's doing and ultimately our Colpa 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.

Okay, good. That makes sense. And do you have an estimate on when an updated resource and mine plan would be out for Colpa?

Yeah, we expect it to be out by the end of the year. End of the year. Okay, good.

All right. And then just going back to Terra Nera, I know you talked about higher silver grades coming, you know, second half this year. Any higher gold grades coming with those as well?

No, we're staying in Terranera. There are some pockets in Terranera. Even like I say, the drill results that we put out have 3-4 grams in some of that area. But ultimately, gold should hover around too. It's the silver that will pick up.

Okay. And then just sticking with this one, you've had some really nice exploration results that you touched on. earlier in the call and he published I guess a couple weeks ago. Are you still thinking of putting out a new updated plan here for Terra Nera? I mean obviously the mine plant has changed quite a bit with these silver prices and exploration.

Yeah. It's a very fair question. We're not doing a new technical study and a new mine plant won't be in that. When we come out in 2027 we'll have the guidance for the year with expected tons and ultimately Thanks for the questions, Alex.

The next question comes from Sound Area IR with B-Rally Securities. Please go ahead.

Thanks, team, for taking my question. So, again, most of the questions have been answered, but just one on Colpa. I said the 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 tons and achieve steady state? Or how should we think about the grade and unit cost trending from here?

Yes, and the grade is actually quarter over quarter relatively flat. Silver is down just a little bit. I would say that's under 5%, maybe 2% or 3%. Ultimately, our grades going forward for Colper are pretty flat. There's times where we have... We call it the yen pit. It's an open pit where it allows us to ultimately feed some lower grade material through if we're ever short on tons. But again, generally I expect rates to be relatively flat for the next six months.

Thank you. That's helpful. And one on pit area spending. So 48 million budgeted and I think roughly 5 million spent. So what are the key areas that needs to be funded from here and Is it like back half catch up or we can roll some of that into 2027 without affecting the... Yeah, some of it's going to roll into 2027.

We'd always had a plan of having that feasibly say done in Q3. Thank you for joining us. that we're going through that process. And obviously in Mexico it's 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. So it's just our storage, standing storage facility, which is a dry sack, which is easier to ultimately get approved. It's a 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. Thank you.

Thanks for the question.

Once again, if you have a question, please press star then 1. The next question comes from John Tumazos with John Tumazos Independent Research. Please go ahead.

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

Yeah, it's a very fair way to think about that. We expect to collect that in Q3, and it's on track. So we feel we've got 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, of course, over the last couple of years. There was a big buildup of value-added tax through the build of Terranera, but again, we expect to collect that in Q3.

How much of the cash balances are designated to finish COPA and finish Terranera? And so one significant digit How much do you think Peter is going to take?

Ultimately, the cash balance on our balance sheet is not needed for the capital, sustaining capital program at Terra Nero, the expansion work at Colpa. Colpa is generating cash flow that covers off our capital expenditures. Similarly at Terranera we're generating cash flow that covers off some of these commission items with LNG or waste development too and little jobs that need to get done effectively our warehouse is going to get completed here in the second half so the cash balance should be growing especially from this point forward and not earmarked for any of that. What's ultimately earmarked for in 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 Pithorea

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

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

How many tons per day is the mine of milk?

We expect the mill to be somewhere between 3,500 and 4,000 tons, 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 7.5 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?

Well, that's for you to determine. I mean, 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 criteria, and we'll let you make that assessment, John, as opposed to us giving you 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. So 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, it's 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.

This concludes the question and answer session. I would like to turn the conference back over to Dale and Dickson for any closing remarks. Please go ahead.

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 Endeavor Silver for this year and next year. Have a good day.

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.